lp1-092.htm - Generated by SEC Publisher for SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number			811- 6490

	Dreyfus Premier Investment Funds, Inc.
	(Exact name of Registrant as specified in charter)

	c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166
	(Address of principal executive offices) (Zip code)

	Janette Farrager, Esq. 200 Park Avenue New York, New York 10166
	(Name and address of agent for service)

Registrant's telephone number, including area code:				(212) 922-6000

Date of fiscal year end:		10/31
Date of reporting period:		10/31/11

The following N-CSR relates only to the Registrant’s series listed below and does not affect the other series of the Registrant, which has a different fiscal year end and, therefore, different N-CSR reporting requirements. A separate N-CSR Form will be filed for this series, as appropriate.

DREYFUS PREMIER INVESTMENT FUNDS, INC.

- Dreyfus Diversified International Fund

- Dreyfus Diversified Large Cap Fund

- Dreyfus Emerging Asia Fund

- Dreyfus Greater China Fund

- Dreyfus India Fund

- Dreyfus Satellite Alpha Fund

Save time. Save paper. View your next shareholder report online as soon as it’s available. Log into www.dreyfus.com and sign up for Dreyfus eCommunications. It’s simple and only takes a few minutes.

The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views.These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

	Contents
	THE FUND
2	A Letter from the Chairman and CEO
3	Discussion of Fund Performance
6	Fund Performance
8	Understanding Your Fund’s Expenses
8	Comparing Your Fund’s Expenses With Those of Other Funds
9	Statement of Investments
10	Statement of Assets and Liabilities
11	Statement of Operations
12	Statement of Changes in Net Assets
14	Financial Highlights
17	Notes to Financial Statements
26	Report of Independent Registered Public Accounting Firm
27	Important Tax Information
28	Proxy Results
29	Information About the Renewal of the Fund’s Management Agreement
33	Board Members Information
35	Officers of the Fund
	FOR MORE INFORMATION
	Back Cover

Dreyfus
Diversified
International Fund

The Fund

A LETTER FROM THE CHAIRMAN AND CEO

Dear Shareholder:

We present to you this annual report for Dreyfus Diversified International Fund, covering the 12-month period from November 1, 2010, through October 31, 2011. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.

Investors were encouraged by expectations of a more robust economic recovery during the final months of 2010, but sentiment deteriorated in 2011 due to disappointing global economic data, rising commodity prices, an escalating sovereign debt crisis in Europe and a contentious debate regarding taxes, spending and borrowing in the United States. International stocks proved sensitive to these macroeconomic developments, often regardless of underlying company fundamentals, and most international equity market indices ended the reporting period with mildly negative absolute returns.

The global economic outlook currently remains clouded by market turbulence and political infighting, but we believe that a continued subpar global expansion is more likely than a return to recession. Although Europe continues to struggle with a debt crisis, inflationary pressures appear to be waning in most countries as energy prices recently have retreated from their highs. In Asia, China seems to have averted an economic contraction after implementing measures to dampen inflationary pressures. In the United States, moderately low core inflation and an accommodative monetary policy could help support near-trend growth despite ongoing deleveraging activity in the private sector.To assess the potential impact of these and other developments on your investments, we encourage you, as always, to speak with your financial advisor.

Thank you for your continued confidence and support.

Jonathan R. Baum
Chairman and Chief Executive Officer
The Dreyfus Corporation
November 15, 2011

DISCUSSION OF FUND PERFORMANCE

For the period of November 1, 2010, through October 31, 2011, as provided by Richard B. Hoey, A. Paul Disdier, Christopher E. Sheldon, CFA, and Keith L. Stransky, CFA, Portfolio Managers

Fund and Market Performance Overview

For the 12-month period ended October 31, 2011, Dreyfus Diversified International Fund’s Class A shares produced a total return of –6.47%, Class C shares returned –7.01% and Class I shares returned –6.33%.¹This compares with a –4.08% total return for the fund’s benchmark, the Morgan Stanley Capital International Europe,Australasia, Far East Index (the “MSCI EAFE Index” or the “Index”), during the same period.²

Strong corporate earnings drove international stocks higher over the reporting period’s first half, but macroeconomic challenges later drove the MSCI EAFE Index into negative territory. The fund produced lower returns than its benchmark, primarily due to the constructive investment posture maintained by some underlying mutual funds during the market downturn.

The Fund’s Investment Approach

The fund seeks long-term capital appreciation. To pursue its goal, the fund normally allocates its assets among other mutual funds advised by The Dreyfus Corporation (Dreyfus), or its affiliates, that invest primarily in stocks issued by foreign companies.The underlying funds are selected by the Dreyfus Investment Committee based on their investment objectives and management policies, portfolio holdings, risk/reward profiles, historical performance and other factors. The Dreyfus Investment Committee will rebalance the fund’s investments in the underlying funds at least annually, but may do so more often in response to market condi-tions.As of October 31, 2011, the fund’s assets were allocated as follows:


Underlying Funds	(%)
International Stock Fund	30
Dreyfus International Equity Fund	25
Dreyfus International Value Fund	15
Dreyfus/Newton International Equity Fund	20
Dreyfus Emerging Markets Fund	8
Dreyfus Emerging Asia Fund	2


The Fund	3

DISCUSSION OF FUND PERFORMANCE (continued)

Macroeconomic Developments Challenged Global Growth

Positive market sentiment generally prevailed through the first quarter of 2011 amid expectations of continued global economic recovery. In addition, a weaker U.S. dollar supported exports from the United States, fueling corporate earnings growth for companies deriving a percentage of their revenues from overseas.

While global markets continued to advance over the first few months of 2011, investors grew increasingly concerned about a sovereign debt crisis in Europe, inflationary pressures in China and rising energy prices stemming from political unrest in the Middle East. In March, catastrophic natural and nuclear disasters struck Japan, disrupting the global industrial supply chain. However, most equity markets rebounded quickly, and the MSCI EAFE Index hit new highs for the reporting period in April.

By May, investor sentiment began to deteriorate in earnest. U.S. economic growth proved more sluggish than expected, and investors worried about a contentious debate regarding U.S. government spending, borrowing and taxes. In Europe, the debt problems facing Ireland, Portugal, Spain and Italy intensified, and Greece faced the possibility of default. Consequently, international markets lost all of the ground they had gained earlier, ending the reporting period with a mild loss. In a reversal of the trend over the past several years, developed markets represented in the MSCI EAFE Index generally fared better than emerging markets.

Constructive Positions Dampened Relative Performance

The fund’s allocation strategy positioned it relatively well for the reporting period’s macroeconomic developments, as an emphasis on large-cap stocks over their mid- and small-cap counterparts seemed likely to cushion the brunt of market declines when economic sentiment deteriorated. However, the benefits of our allocation strategy were more than offset by the more constructive investment postures maintained by certain underlying mutual funds, including Dreyfus International Value Fund and Dreyfus International Equity Fund. An emphasis on some of the market’s more economically sensitive industry groups and individual companies undermined these funds’ relative performance during the market downturn over the summer of 2011.

We responded to deteriorating market conditions with several allocation shifts over the second half of the reporting period.The portfolio managers reduced the fund’s exposure to Dreyfus International Value

Fund in June, shifting assets to Dreyfus/Newton International Equity Fund, which had constructed a more defensive portfolio. In July, we redeployed assets from Dreyfus International Value Fund into Dreyfus International Equity Fund.

Maintaining a Cautious Approach

As of the reporting period’s end, we have maintained a generally cautious outlook. Although a return to global recession looks unlikely at this point, inflation-fighting efforts in the emerging markets have dampened a major engine of global growth and Europe has continued to struggle with its sovereign debt crisis.Therefore, we have maintained the fund’s exposure to the emerging markets at approximately 10% of total assets, a position we consider neutral. We have focused primarily on developed markets through overweighted positions in International Stock Fund and Dreyfus/Newton International Equity Fund, both of which currently maintain relatively defensive investment postures. In our judgment, these are prudent strategies until the European debt crisis moves closer to a resolution and the direction of the global economy becomes clearer.

November 15, 2011


	Equity funds are subject generally to market, market sector, market liquidity, issuer and investment
	style risks, among other factors, to varying degrees, all of which are more fully described in the
	prospectus of the fund and that of each underlying fund.
	The ability of the fund to achieve its investment goal depends, in part, on the ability of the
	Dreyfus Investment Committee to allocate effectively the fund’s assets among the underlying
	funds.There can be no assurance that the actual allocations will be effective in achieving the fund’s
	investment goal.
	Each underlying fund’s performance will be influenced by political, social and economic factors
	affecting investments in foreign companies. Special risks associated with such companies include
	exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack
	of comprehensive company information, political instability and differing auditing and legal
	standards.These risks are higher in emerging market countries.
1	Total return includes reinvestment of dividends and any capital gains paid, and does not take into
	consideration the maximum initial sales charge in the case of Class A shares, or the applicable
	contingent deferred sales charge imposed on redemptions in the case of Class C shares. Had these
	charges been reflected, returns would have been lower. Past performance is no guarantee of future
	results. Share price and investment return fluctuate such that upon redemption, fund shares may be
	worth more or less than their original cost. Return figures provided reflect the absorption of certain
	fund expenses pursuant to an agreement by The Dreyfus Corporation through March 1, 2013, at
	which time it may be extended, terminated or modified. Had these expenses not been absorbed,
	the fund’s returns would have been lower.
2	SOURCE: LIPPER INC. — Reflects reinvestment of net dividends and, where applicable,
	capital gain distributions.The Morgan Stanley Capital International Europe,Australasia, Far
	East (MSCI EAFE) Index is an unmanaged index composed of a sample of companies
	representative of the market structure of European and Pacific Basin countries.


The Fund	5

FUND PERFORMANCE

^†Source: Lipper Inc.

Past performance is not predictive of future performance.

The above graph compares a $10,000 investment made in Class A, Class C and Class I shares of Dreyfus Diversified

International Fund on 12/18/07 (inception date) to a $10,000 investment made in the Morgan Stanley Capital

International Europe,Australasia, Far East Index (the “Index”) on that date.All dividends and capital gain

distributions are reinvested.

The fund’s performance shown in the line graph above takes into account the maximum initial sales charge on Class A

shares and all other applicable fees and expenses on all classes.The Index is an unmanaged index composed of a sample

of companies representative of the market structure of European and Pacific Basin countries. Unlike a mutual fund, the

Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information

relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights

section of the prospectus and elsewhere in this report.


Average Annual Total Returns as of 10/31/11

	Inception		From
	Date	1Year	Inception
Class A shares
with maximum sales charge (5.75%)	12/18/07	–11.85%	–6.86%
without sales charge	12/18/07	–6.47%	–5.42%
Class C shares
with applicable redemption charge ^†	12/18/07	–7.93%	–6.14%
without redemption	12/18/07	–7.01%	–6.14%
Class I shares	12/18/07	–6.33%	–5.27%
Morgan Stanley Capital International
Europe, Australasia, Far East Index	12/31/07	–4.08%	–7.25%^††

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.


†	The maximum contingent deferred sales charge for Class C shares is 1% for shares redeemed within one year of the
	date of purchase.
^††	For comparative purposes, the value of the Index as of 12/31/07 is used as the beginning value on 12/18/07.


The Fund	7

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Diversified International Fund from May 1, 2011 to October 31, 2011. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

Expenses and Value of a $1,000 Investment
assuming actual returns for the six months ended October 31, 2011


		Class A		Class C		Class I
Expenses paid per $1,000^†	$	.97	$	2.92	$	.19
Ending value (after expenses)	$	839.00	$	837.10	$	839.10

COMPARING YOUR FUND’S EXPENSES

WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses

The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds.All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.

Expenses and Value of a $1,000 Investment
assuming a hypothetical 5% annualized return for the six months ended October 31, 2011


	Class A	Class C	Class I
Expenses paid per $1,000^†	$1.07	$3.21	$.20
Ending value (after expenses)	$1,024.15	$1,022.03	$1,025.00

† Expenses are equal to the fund’s annualized expense ratio of .21% for Class A, .63% for Class C and .04% for

Class I, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half

year period).

STATEMENT OF INVESTMENTS

October 31, 2011


Registered Investment Companies—100.1%	Shares	Value ($)
Dreyfus Emerging Asia Fund, Cl. I	1,090,766^a,b	9,271,508
Dreyfus Emerging Markets Fund, Cl. I	3,324,557^a	37,334,770
Dreyfus International Equity Fund, Cl. I	4,669,019^a	121,861,408
Dreyfus International Value Fund, Cl. I	6,971,221^a	72,430,987
Dreyfus/Newton International Equity Fund, Cl. I	6,041,091^a	96,234,584
International Stock Fund, Cl. I	11,531,696^a	148,758,880

Total Investments (cost $481,469,622)	100.1%	485,892,137
Liabilities, Less Cash and Receivables	(.1%)	(455,880)
Net Assets	100.0%	485,436,257


a	Investment in affiliated mutual fund.
b	Non-income producing security.


Portfolio Summary (Unaudited)^†
	Value (%)
Mutual Funds: Foreign	100.1
† Based on net assets.
See notes to financial statements.


The Fund	9

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2011


		Cost	Value
Assets ($):
Investments in affiliated issuers—See Statement of
Investments—Note 1(c)		481,469,622	485,892,137
Cash			109,114
Receivable for shares of Common Stock subscribed			38
Prepaid expenses			30,590
Due from The Dreyfus Corporation and affiliates—Note 3(c)			944
			486,032,823
Liabilities ($):
Payable for shares of Common Stock redeemed			500,591
Interest payable—Note 2			50
Accrued expenses			95,925
			596,566
Net Assets ($)			485,436,257
Composition of Net Assets ($):
Paid-in capital			486,389,237
Accumulated net realized gain (loss) on investments			(5,375,495)
Accumulated net unrealized appreciation
(depreciation) on investments			4,422,515
Net Assets ($)			485,436,257


Net Asset Value Per Share
	Class A	Class C	Class I
Net Assets ($)	10,310,430	108,827	475,017,000
Shares Outstanding	1,099,725	11,637	50,567,089
Net Asset Value Per Share ($)	9.38	9.35	9.39

See notes to financial statements.

STATEMENT OF OPERATIONS

Year Ended October 31, 2011


Investment Income ($):
Income:
Cash dividends from affiliated issuers	5,240,698
Expenses:
Directors’ fees and expenses—Note 3(d)	61,689
Registration fees	59,875
Auditing fees	39,613
Shareholder servicing costs—Note 3(c)	38,636
Legal fees	18,894
Prospectus and shareholders’ reports	7,440
Loan commitment fees—Note 2	5,146
Custodian fees—Note 3(c)	4,050
Distribution fees—Note 3(b)	792
Interest expense—Note 2	93
Miscellaneous	12,888
Total Expenses	249,116
Less—reduction in expenses due to undertaking—Note 3(a)	(43,841)
Less—reduction in fees due to earnings credits—Note 3(c)	(14)
Net Expenses	205,261
Investment Income—Net	5,035,437
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments in affiliated issuers	(3,596,273)
Capital gain distributions from affiliated issuers	1,104,886
Net Realized Gain (Loss)	(2,491,387)
Net unrealized appreciation (depreciation) on investments in affiliated issuers	(45,253,453)
Net Realized and Unrealized Gain (Loss) on Investments	(47,744,840)
Net (Decrease) in Net Assets Resulting from Operations	(42,709,403)
See notes to financial statements.


The Fund	11

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2011	2010
Operations ($):
Investment income—net	5,035,437	2,960,831
Net realized gain (loss) on
investments in affiliated issuers	(2,491,387)	(1,644,695)
Net unrealized appreciation (depreciation)
on investments in affiliated issuers	(45,253,453)	28,289,798
Net Increase (Decrease) in Net Assets
Resulting from Operations	(42,709,403)	29,605,934
Dividends to Shareholders from ($):
Investment income—net:
Class A Shares	(104,433)	(72,453)
Class C Shares	(292)	(131)
Class I Shares	(5,921,143)	(2,978,422)
Net realized gain on investments:
Class A Shares	—	(68,683)
Class C Shares	—	(729)
Class I Shares	—	(2,489,492)
Total Dividends	(6,025,868)	(5,609,910)
Capital Stock Transactions ($):
Net proceeds from shares sold:
Class A Shares	4,777,705	4,769,147
Class C Shares	118,251	47,254
Class I Shares	238,791,647	198,182,248
Dividends reinvested:
Class A Shares	104,360	140,848
Class C Shares	292	860
Class I Shares	973,208	1,815,986
Cost of shares redeemed:
Class A Shares	(1,369,169)	(2,224,129)
Class C Shares	(63,143)	(68,338)
Class I Shares	(69,062,457)	(35,031,521)
Increase (Decrease) in Net Assets
from Capital Stock Transactions	174,270,694	167,632,355
Total Increase (Decrease) in Net Assets	125,535,423	191,628,379
Net Assets ($):
Beginning of Period	359,900,834	168,272,455
End of Period	485,436,257	359,900,834
Undistributed investment income—net	—	1,620

FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class for the fiscal periods indicated.All information (except portfolio turnover rate) reflects financial results for a single fund share.Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions.These figures have been derived from the fund’s financial statements.


		Year Ended October 31,
Class A Shares	2011	2010	2009	2008^a
Per Share Data ($):
Net asset value, beginning of period	10.16	9.45	7.59	12.50
Investment Operations:
Investment income (loss)—net^b	.09	.09	.16	(.01)
Net realized and unrealized
gain (loss) on investments	(.73)	.86	1.96	(4.90)
Total from Investment Operations	(.64)	.95	2.12	(4.91)
Distributions:
Dividends from investment income—net	(.14)	(.12)	(.26)	—
Dividends from net realized
gain on investments	—	(.12)	—	—
Total Distributions	(.14)	(.24)	(.26)	—
Net asset value, end of period	9.38	10.16	9.45	7.59
Total Return (%)^c	(6.47)	10.18	28.80	(39.28)^d
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets^e	.40	.40	1.89	14.57^f
Ratio of net expenses
to average net assets^e	.24	.30	.37	.31^f
Ratio of net investment income
(loss) to average net assets^e	.90	.92	2.01	(.13)^f
Portfolio Turnover Rate	16.15	20.78	36.68	25.65^d
Net Assets, end of period ($ x 1,000)	10,310	7,701	4,578	1,646


a	From December 18, 2007 (commencement of operations) to October 31, 2008.
b	Based on average shares outstanding at each month end.
c	Exclusive of sales charge.
d	Not annualized.
e	Amounts do not include the activity of the underlying funds.
f	Annualized.

See notes to financial statements.


		Year Ended October 31,
Class C Shares	2011	2010	2009	2008^a
Per Share Data ($):
Net asset value, beginning of period	10.10	9.38	7.54	12.50
Investment Operations:
Investment income (loss)—net^b	.01	.08	.14	(.05)
Net realized and unrealized
gain (loss) on investments	(.71)	.78	1.90	(4.91)
Total from Investment Operations	(.70)	.86	2.04	(4.96)
Distributions:
Dividends from investment income—net	(.05)	(.02)	(.20)	—
Dividends from net realized
gain on investments	—	(.12)	—	—
Total Distributions	(.05)	(.14)	(.20)	—
Net asset value, end of period	9.35	10.10	9.38	7.54
Total Return (%)^c	(7.01)	9.21	27.73	(39.68)^d
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets^e	1.48	1.63	3.33	15.79^f
Ratio of net expenses
to average net assets^e	.70	1.07	1.12	1.06^f
Ratio of net investment income
(loss) to average net assets^e	.13	.85	1.76	(.51)^f
Portfolio Turnover Rate	16.15	20.78	36.68	25.65^d
Net Assets, end of period ($ x 1,000)	109	69	84	39


a	From December 18, 2007 (commencement of operations) to October 31, 2008.
b	Based on average shares outstanding at each month end.
c	Exclusive of sales charge.
d	Not annualized.
e	Amounts do not include the activity of the underlying funds.
f	Annualized.

See notes to financial statements.


The Fund	15

FINANCIAL HIGHLIGHTS (continued)


		Year Ended October 31,
Class I Shares	2011	2010	2009	2008^a
Per Share Data ($):
Net asset value, beginning of period	10.18	9.47	7.61	12.50
Investment Operations:
Investment income—net^b	.11	.11	.01	.05
Net realized and unrealized
gain (loss) on investments	(.74)	.86	2.12	(4.94)
Total from Investment Operations	(.63)	.97	2.13	(4.89)
Distributions:
Dividends from investment income—net	(.16)	(.14)	(.27)	—
Dividends from net realized
gain on investments	—	(.12)	—	—
Total Distributions	(.16)	(.26)	(.27)	—
Net asset value, end of period	9.39	10.18	9.47	7.61
Total Return (%)	(6.33)	10.34	28.89	(39.12)^c
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets^d	.05	.05	.24	14.86^e
Ratio of net expenses
to average net assets^d	.04	.04	.08	.06^e
Ratio of net investment income
to average net assets^d	1.07	1.10	.16	.54^e
Portfolio Turnover Rate	16.15	20.78	36.68	25.65^c
Net Assets, end of period ($ x 1,000)	475,017	352,131	163,611	30


a	From December 18, 2007 (commencement of operations) to October 31, 2008.
b	Based on average shares outstanding at each month end.
c	Not annualized.
d	Amounts do not include the activity of the underlying funds.
e	Annualized.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Dreyfus Diversified International Fund (the “fund”) is a separate diversified series of Dreyfus Premier Investment Funds, Inc. (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently offering nine series, including the fund. The fund’s investment objective is to seek long-term capital appreciation.The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary ofThe Bank of NewYork Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser.

MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Manager, is the distributor of the fund’s shares.The fund is authorized to issue 400 million shares of $.001 par value Common Stock.The fund currently offers three classes of shares: Class A (200 million shares authorized), Class C (100 million shares authorized) and Class I (100 million shares authorized). Class A shares are subject to a sales charge imposed at the time of purchase. Class C shares are subject to a contingent deferred sales charge (“CDSC”) imposed on Class C shares redeemed within one year of purchase. Class I shares are sold at net asset value per share only to institutional investors. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

The Company accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authorita-


The Fund	17

NOTES TO FINANCIAL STATEMENTS (continued)

tive U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions.Actual results could differ from those estimates.

The Company enters into contracts that contain a variety of indemnifications.The fund’s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.

(a) Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value.This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements.These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Investments are valued at the net asset value of each underlying fund determined as of the close of the NewYork Stock Exchange (generally 4 p.m., Eastern time) on the valuation date and are generally categorized within Level 1 of the fair value hierarchy.

The following is a summary of the inputs used as of October 31, 2011 in valuing the fund’s investments:


		Level 2—Other	Level 3—
	Level 1—	Significant	Significant
	Unadjusted	Observable	Unobservable
	Quoted Prices	Inputs	Inputs	Total
Assets ($)
Investments in Securities:
Mutual Funds	485,892,137	—	—	485,892,137

In May 2011, FASB issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in GAAP and International Financial Reporting Standards (“IFRS”)” (“ASU 2011-04”). ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between GAAP and IFRS.ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011.At this time, management is evaluating the implications of ASU 2011-04 and its impact on the financial statements.


The Fund	19

NOTES TO FINANCIAL STATEMENTS (continued)

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.

(c) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” in the Act.

The fund may invest in shares of certain affiliated investment companies also advised or managed by Dreyfus. Investments in affiliated investment companies for the period ended October 31, 2011 were as follows:


Affiliated
Investment		Value					Net Realized
Company		10/31/2010	($)	Purchases ($)^†		Sales ($)	Gain/(Loss) ($)
Dreyfus Emerging
Asia Fund, Cl. I		9,514,187		4,738,103		515,571	(175,975	)
Dreyfus Emerging
Markets Fund, Cl. I		28,886,826		16,312,055		1,752,942	(304,019	)
Dreyfus International
Equity Fund, Cl. I		81,590,207		55,244,599		4,824,045	(704,561	)
Dreyfus International
Value Fund, Cl. I		84,625,520		45,635,042		47,784,166	(1,498,712	)
Dreyfus/Newton
International
Equity Fund, Cl. I		70,565,026		50,608,202		15,400,305	(308,433	)
International
Stock Fund, Cl. I		84,312,923		78,595,034		5,608,832	(604,573	)
Total		359,494,689		251,133,035		75,885,861	(3,596,273	)

† Includes reinvested dividends/distributions.

		Change in Net
Affiliated		Unrealized
Investment		Appreciation		Value		Net	Dividends/
Company	(Depreciation) ($)			10/31/2011	($)	Assets (%) Distributions ($)
Dreyfus Emerging
Asia Fund, Cl. I		(4,289,236	)	9,271,508		1.9	—
Dreyfus Emerging
Markets Fund, Cl. I		(5,807,150	)	37,334,770		7.7	202,503
Dreyfus International
Equity Fund, Cl. I		(9,444,792	)	121,861,408		25.1	2,029,590


	Change in Net
Affiliated	Unrealized
Investment	Appreciation	Value	Net	Dividends/
Company	(Depreciation) ($)	10/31/2011($)	Assets (%) Distributions ($)
Dreyfus International
Value Fund, Cl. I	(8,546,697)	72,430,987	14.9	1,388,191
Dreyfus/Newton
International Equity
Fund, Cl. I	(9,229,906)	96,234,584	19.8	1,998,234
International
Stock Fund, Cl. I	(7,935,672)	148,758,880	30.7	727,066
Total	(45,253,453)	485,892,137	100.1	6,345,584

(d) Dividends to shareholders: Dividends are recorded on the ex-dividend date. Dividends from investment income-net and dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”).To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

(e) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes.

As of and during the period ended October 31, 2011, the fund did not have any liabilities for any uncertain tax positions.The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period, the fund did not incur any interest or penalties.

Each of the tax years in the four-year period ended October 31, 2011 remains subject to examination by the Internal Revenue Service and state taxing authorities.


The Fund	21

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2011, the components of accumulated earnings on a tax basis were as follows: accumulated capital losses $1,359,589 and unrealized appreciation $406,609.

The accumulated capital loss carryover is available for federal income tax purposes to be applied against future net securities profits, if any, realized subsequent to October 31, 2011. If not applied, $415,833 of the carryover expires in fiscal 2018 and $943,756 expires in fiscal 2019.

Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the “2010 Act”), the fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) for an unlimited period. However, the 2010 Act requires post-enactment losses to be utilized before the utilization of losses incurred in taxable years prior to the effective date of the 2010 Act. As a result of this ordering rule, capital loss carryovers related to taxable years beginning prior to the effective date of the 2010 Act may be more likely to expire unused.

The tax character of distributions paid to shareholders during the fiscal periods ended October 31, 2011 and October 31, 2010 were as follows: ordinary income $6,025,868 and $5,609,910, respectively.

During the period ended October 31, 2011, as a result of permanent book to tax differences, primarily due to the tax treatment for short-term capital gain distributions from regulated investment company holdings, the fund increased accumulated undistributed investment income-net by $988,811, decreased accumulated net realized gain (loss) on investments by $922,003 and decreased paid-in capital by $66,808. Net assets and net asset value per share were not affected by this reclassification.

NOTE 2—Bank Lines of Credit:

purposes, including the financing of redemptions. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing.

The average amount of borrowings outstanding under the Facilities during the period ended October 31, 2011, was $6,575 with a related weighted average annualized interest rate of 1.41%.

NOTE 3—Management Fee and Other Transactions with Affiliates:

(a) Pursuant to a management agreement with the Manager, there is no management fee paid to the Manager. The fund invests in other mutual funds advised by the Manager. All fees and expenses of the underlying funds are reflected in the underlying funds’ net asset value.

The Manager has contractually agreed, until March 1, 2013, to assume the expenses of the fund so that the total annual fund’s and underlying funds’ operating expenses of none of the classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings, underlying fund expenses and extraordinary expenses) exceed 1.20% of the value of the fund’s average daily net assets.The reduction in expenses, pursuant to the undertaking, amounted to $43,841 during the period ended October 31, 2011.

During the period ended October 31, 2011, the Distributor retained $365 from commissions earned on sales of the fund’s Class A shares.

(b) Under the Distribution Plan (the “Plan”) adopted pursuant to Rule 12b-1 under the Act, Class C shares pay the Distributor for distributing its shares at an annual rate of .75% of the value of the average daily net assets of Class C shares. During the period ended October 31, 2011, Class C shares were charged $792 pursuant to the Plan.

(c) Under the Shareholder Services Plan, Class A and Class C shares pay the Distributor at an annual rate of .25% of the value of their aver-


The Fund	23

NOTES TO FINANCIAL STATEMENTS (continued)

age daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (a securities dealer, financial institution or other industry professional) in respect of these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended October 31, 2011, Class A and Class C shares were charged $24,046 and $263, respectively, pursuant to the Shareholder Services Plan.

The fund compensates DreyfusTransfer, Inc., a wholly-owned subsidiary of the Manager, under a transfer agency agreement for providing personnel and facilities to perform transfer agency services for the fund. During the period ended October 31, 2011, the fund was charged $4,040 pursuant to the transfer agency agreement, which is included in Shareholder servicing costs in the Statement of Operations.

The fund has arrangements with the custodian and cash management bank whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset custody and cash management fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.

The fund compensates The Bank of New York Mellon under cash management agreements for performing cash management services related to fund subscriptions and redemptions. During the period ended October 31, 2011, the fund was charged $347 pursuant to the cash management agreements, which is included in Shareholder servicing costs in the Statement of Operations.These fees were partially offset by earnings credits of $14.

The fund also compensates The Bank of New York Mellon under a custody agreement for providing custodial services for the fund. During the period ended October 31, 2011, the fund was charged $4,050 pursuant to the custody agreement.

During the period ended October 31, 2011, the fund was charged $6,751 for services performed by the Chief Compliance Officer.

The components of “Due from The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: Rule 12b-1 distribution plan fees $70, shareholder services plan fees $2,153, custodian fees $1,292, chief compliance officer fees $4,246 and transfer agency per account fees $810, which are offset against an expense reimbursement currently in effect in the amount of $9,515.

(d) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

(e) A 2% redemption fee is charged and retained by the fund on certain shares redeemed within sixty days following the date of issuance, subject to exceptions, including redemptions made through the use of the fund’s exchange privilege. During the period ended October 31, 2011, there were no redemption fees charged and retained by the fund.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended October 31, 2011, amounted to $251,133,035 and $75,885,861, respectively.

At October 31, 2011, the cost of investments for federal income tax purposes was $485,485,528; accordingly, accumulated net unrealized appreciation on investments was $406,609, consisting of $11,032,654 gross unrealized appreciation and $10,626,045 gross unrealized depreciation.


The Fund	25

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

Shareholders and Board of Directors Dreyfus Diversified International Fund

We have audited the accompanying statement of assets and liabilities, including the statement of investments, of Dreyfus Diversified International Fund (one of the series comprising Dreyfus Premier Investment Funds, Inc.) as of October 31, 2011, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended and financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement.We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2011 by correspondence with the custodian and others.We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Dreyfus Diversified International Fund at October 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the indicated periods, in conformity with U. S. generally accepted accounting principles.

New York, New York
December 29, 2011

INFORMATION ABOUT THE RENEWAL OF THE

FUND’S MANAGEMENT AGREEMENT (Unaudited)

At a meeting of the fund’s Board of Directors held on July 12, 2011, the Board considered the renewal of the fund’s Management Agreement pursuant to which Dreyfus provides the fund with investment advisory and administrative services (the “Agreement”). The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from Dreyfus representatives. In considering the renewal of the Agreement, the Board considered all factors that it believed to be relevant, including those discussed below.The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

Analysis of Nature, Extent, and Quality of Services Provided to the Fund.The Board considered information previously provided to them in presentations from Dreyfus representatives regarding the nature, extent, and quality of the services provided to funds in the Dreyfus fund complex, and Dreyfus representatives confirmed that there had been no material changes in this information. Dreyfus provided the number of open accounts in the fund, the fund’s asset size and the allocation of fund assets among distribution channels. Dreyfus also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the Dreyfus fund complex and Dreyfus’ corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each distribution channel, including the distribution channel(s) for the fund.

The Board also considered research support available to, and portfolio management capabilities of, the fund’s portfolio management personnel and that Dreyfus also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements.The Board also considered Dreyfus’ extensive administrative, accounting, and compliance infrastructures. The Board also considered portfolio management’s brokerage policies and practices (including policies and practices regarding soft dollars) and the standards applied in seeking best execution.


The Fund	29

INFORMATION ABOUT THE RENEWAL OF THE FUND’S

MANAGEMENT AGREEMENT (Unaudited) (continued)

Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board reviewed reports prepared by Lipper, Inc. (“Lipper”), an independent provider of investment company data, which included information comparing (1) the fund’s performance with the performance of a group of comparable funds (the “Performance Group”) and with a broader group of funds (the “Performance Universe”), all for various periods ended May 31, 2011, and (2) the fund’s actual and contractual management fees and total expenses with those of a group of comparable funds (the “Expense Group”) and with a broader group of funds (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Lipper as of May 31, 2011. Dreyfus previously had furnished the Board with a description of the methodology Lipper used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

Dreyfus representatives stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations that may be applicable to the fund and comparison funds.They also noted that performance generally should be considered over longer periods of time, although it is possible that long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to affect disproportionately long-term performance. The Board discussed the results of the comparisons and noted that the fund’s total return performance was below the Performance Group and Performance Universe medians for the one- and two-year periods and at and slightly below the Performance Group and Performance Universe medians, respectively, for the three-year period. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index, and it was noted that the fund outperformed the benchmark in each of the past three calendar years.

The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense

Universe funds and discussed the results of the comparisons.The Board noted that, like other funds in the Expense Group, the fund’s management fees are paid only at the underlying funds’ level. They further noted that the fund’s total expense ratio was below the Expense Group and Expense Universe medians.

Dreyfus representatives noted that Dreyfus has contractually agreed until March 1, 2013, to assume the expenses of the fund so that the total annual fund’s and underlying funds’ operating expenses of none of the classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings, underlying fund expenses and extraordinary expenses) exceed 1.20% of the fund’s average daily net assets.

Dreyfus representatives reviewed with the Board the management or investment advisory fees (1) paid by funds advised or administered by Dreyfus that are in the same Lipper category as the fund and (2) paid to Dreyfus or the Dreyfus-affiliated primary employer of the fund’s primary portfolio manager for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (the “Similar Clients”), and explained the nature of the Similar Clients.They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness and reasonableness of the fund’s management fee.

Analysis of Profitability and Economies of Scale. Dreyfus does not have direct profits from the fund’s management fee, since the fund pays no direct management fee. Similarly, economies of scale were not relevant. The Board considered potential benefits to Dreyfus from acting as investment adviser and noted that there were no soft dollar arrangements in effect for trading the fund’s investments.


The Fund	31

INFORMATION ABOUT THE RENEWAL OF THE FUND’S

MANAGEMENT AGREEMENT (Unaudited) (continued)

At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.

The Board concluded that the nature, extent and quality of the services provided by Dreyfus are adequate and appropriate.
The Board generally was satisfied with the fund’s performance.
Since the fund does not pay a direct management fee, profitability and economies of scale are not relevant.

The Board considered these conclusions and determinations, along with information received on a routine and regular basis throughout the year. In addition, it should be noted that the Board’s consideration of the contractual fee arrangements for this fund had the benefit of a number of years of reviews of prior or similar agreements during which lengthy discussions took place between the Board and Dreyfus representatives. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on their consideration of the same or similar arrangements in prior years. The Board determined that renewal of the Agreement was in the best interests of the fund and its shareholders.

BOARD MEMBERS INFORMATION (Unaudited)

Joseph S. DiMartino (68)

Chairman of the Board (1995)

Principal Occupation During Past 5Years:

• Corporate Director and Trustee

Other Public Company Board Memberships During Past 5Years:

• CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small

and medium size companies, Director (1997-present)

• Sunair Services Corporation, a provider of certain outdoor-related services to homes and

businesses, Director (2005-2009)

• The Newark Group, a provider of a national market of paper recovery facilities, paperboard

mills and paperboard converting plants, Director (2000-2010)

No. of Portfolios for which Board Member Serves: 167

———————

Gordon J. Davis (70)

Board Member (1993)

Principal Occupation During Past 5Years:

• Partner in the law firm of Dewey & LeBoeuf LLP

Other Public Company Board Memberships During Past 5Years:

• Consolidated Edison, Inc., a utility company, Director (1997-present)

• The Phoenix Companies Inc., a life insurance company, Director (2000-present)

No. of Portfolios for which Board Member Serves: 44

———————

David P. Feldman (71)

Board Member (1991)

Principal Occupation During Past 5Years:

• Corporate Director and Trustee

Other Public Company Board Memberships During Past 5Years:

• BBH Mutual Funds Group (4 registered mutual funds), Director (1992-present)

• QMed Inc., a healthcare company, Director (1999-2007)

No. of Portfolios for which Board Member Serves: 50


The Fund	33

BOARD MEMBERS INFORMATION (Unaudited) (continued)

Lynn Martin (71)

Board Member (1993)

Principal Occupation During Past 5Years:

• President of The Martin Hall Group LLC, a human resources consulting firm, from January

2005-present

• Advisor to the international accounting firm of Deloitte &Touche, LLP and Chair to its Council

for the Advancement of Women from March 1993-September 2005

Other Public Company Board Memberships During Past 5Years:

• AT&T Inc., a telecommunications company, Director (1999-present)

• Ryder System, Inc., a supply chain and transportation management company, Director (1993-present)

• The Proctor & Gamble Co., a consumer products company, Director (1994-present)

• Constellation Energy Group Inc., Director (2003-present)

No. of Portfolios for which Board Member Serves: 15

———————

Robin A. Melvin (48)

Board Member (2011)

Principal Occupation During Past 5Years:

• Director, Boisi Family Foundation, a private family foundation that supports youth-serving

organizations that promote the self sufficiency of youth from disadvantaged circumstances

(1995-present)

• SeniorVice President, Mentor, a national non-profit youth mentoring organization (1992-2005)

No. of Portfolios for which Board Member Serves: 54

———————

Philip L. Toia (78)

Board Member (1997)

Principal Occupation During Past 5Years:

• Private Investor

No. of Portfolios for which Board Member Serves: 25

———————

Once elected all Board Members serve for an indefinite term, but achieve Emeritus status upon reaching age 80.The address of the Board Members and Officers is in c/o The Dreyfus Corporation, 200 Park Avenue, NewYork, NewYork 10166.Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-DREYFUS.

Daniel Rose, Emeritus Board Member
Sander Vanocur, Emeritus Board Member

OFFICERS OF THE FUND (Unaudited)

BRADLEY J. SKAPYAK, President since January 2010.

Chief Operating Officer and a director of the Manager since June 2009. From April 2003 to June 2009, Mr. Skapyak was the head of the Investment Accounting and Support Department of the Manager. He is an officer of 75 investment companies (comprised of 167 portfolios) managed by the Manager. He is 52 years old and has been an employee of the Manager since February 1988.

MICHAEL A. ROSENBERG, Vice President and Secretary since August 2005.

Assistant General Counsel of BNY Mellon, and an officer of 76 investment companies (comprised of 192 portfolios) managed by the Manager. He is 51 years old and has been an employee of the Manager since October 1991.

KIESHA ASTWOOD, Vice President and Assistant Secretary since January 2010.

Counsel of BNY Mellon, and an officer of 76 investment companies (comprised of 192 portfolios) managed by the Manager. She is 38 years old and has been an employee of the Manager since July 1995.

JAMES BITETTO, Vice President and Assistant Secretary since August 2005.

Senior Counsel of BNY Mellon and Secretary of the Manager, and an officer of 76 investment companies (comprised of 192 portfolios) managed by the Manager. He is 45 years old and has been an employee of the Manager since December 1996.

JONI LACKS CHARATAN, Vice President and Assistant Secretary since August 2005.

Senior Counsel of BNY Mellon, and an officer of 76 investment companies (comprised of 192 portfolios) managed by the Manager. She is 55 years old and has been an employee of the Manager since October 1988.

JOSEPH M. CHIOFFI, Vice President and Assistant Secretary since August 2005.

Senior Counsel of BNY Mellon, and an officer of 76 investment companies (comprised of 192 portfolios) managed by the Manager. He is 49 years old and has been an employee of the Manager since June 2000.

KATHLEEN DENICHOLAS, Vice President and Assistant Secretary since January 2010.

Managing Counsel of BNY Mellon, and an officer of 76 investment companies (comprised of 192 portfolios) managed by the Manager. She is 37 years old and has been an employee of the Manager since February 2001.

JANETTE E. FARRAGHER, Vice President and Assistant Secretary since August 2005.

Assistant General Counsel of BNY Mellon, and an officer of 76 investment companies (comprised of 192 portfolios) managed by the Manager. She is 48 years old and has been an employee of the Manager since February 1984.

JOHN B. HAMMALIAN, Vice President and Assistant Secretary since August 2005.

Senior Managing Counsel of BNY Mellon, and an officer of 76 investment companies (comprised of 192 portfolios) managed by the Manager. He is 48 years old and has been an employee of the Manager since February 1991.

M. CRISTINA MEISER, Vice President and Assistant Secretary since January 2010.

Senior Counsel of BNY Mellon, and an officer of 76 investment companies (comprised of 192 portfolios) managed by the Manager. She is 41 years old and has been an employee of the Manager since August 2001.


The Fund	35

OFFICERS OF THE FUND (Unaudited) (continued)

ROBERT R. MULLERY, Vice President and Assistant Secretary since August 2005.

Managing Counsel of BNY Mellon, and an officer of 76 investment companies (comprised of 192 portfolios) managed by the Manager. He is 59 years old and has been an employee of the Manager since May 1986.

JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.

Senior Managing Counsel of BNY Mellon, and an officer of 76 investment companies (comprised of 192 portfolios) managed by the Manager. He is 46 years old and has been an employee of the Manager since October 1990.

JAMES WINDELS, Treasurer since November 2001.

Director – Mutual Fund Accounting of the Manager, and an officer of 76 investment companies (comprised of 192 portfolios) managed by the Manager. He is 53 years old and has been an employee of the Manager since April 1985.

RICHARD CASSARO, Assistant Treasurer since January 2008.

Senior Accounting Manager – Money Market and Municipal Bond Funds of the Manager, and an officer of 76 investment companies (comprised of 192 portfolios) managed by the Manager. He is 52 years old and has been an employee of the Manager since September 1982.

GAVIN C. REILLY, Assistant Treasurer since December 2005.

Tax Manager of the Investment Accounting and Support Department of the Manager, and an officer of 76 investment companies (comprised of 192 portfolios) managed by the Manager. He is 43 years old and has been an employee of the Manager since April 1991.

ROBERT ROBOL, Assistant Treasurer since December 2002.

Senior Accounting Manager – Fixed Income Funds of the Manager, and an officer of 76 investment companies (comprised of 192 portfolios) managed by the Manager. He is 47 years old and has been an employee of the Manager since October 1988.

ROBERT SALVIOLO, Assistant Treasurer since July 2007.

Senior Accounting Manager – Equity Funds of the Manager, and an officer of 76 investment companies (comprised of 192 portfolios) managed by the Manager. He is 44 years old and has been an employee of the Manager since June 1989.

ROBERT SVAGNA, Assistant Treasurer since December 2002.

JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.

Chief Compliance Officer of the Manager and The Dreyfus Family of Funds (76 investment companies, comprised of 192 portfolios). From November 2001 through March 2004, Mr. Connolly was first Vice-President, Mutual Fund Servicing for Mellon Global Securities Services. In that capacity, Mr. Connolly was responsible for managing Mellon’s Custody, Fund Accounting and Fund Administration services to third-party mutual fund clients.

He is 54 years old and has served in various capacities with the Manager since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.

STEPHEN J. STOREN, Anti-Money Laundering Compliance Officer since May 2011.

Chief Compliance Officer of the Distributor, and the Anti-Money Laundering Compliance Officer of 72 investment companies (comprised of 188 portfolios) managed by the Manager. He is 57 years old and has been an employee of the Distributor since October 1999.


The Fund	37

For More Information

Telephone Call your financial representative or 1-800-DREYFUS

Mail The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at http://www.dreyfus.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-DREYFUS.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

	Contents
	THE FUND
2	A Letter from the Chairman and CEO
3	Discussion of Fund Performance
6	Fund Performance
8	Understanding Your Fund’s Expenses
8	Comparing Your Fund’s Expenses With Those of Other Funds
9	Statement of Investments
10	Statement of Assets and Liabilities
11	Statement of Operations
12	Statement of Changes in Net Assets
14	Financial Highlights
17	Notes to Financial Statements
26	Report of Independent Registered Public Accounting Firm
27	Important Tax Information
28	Proxy Results
29	Information About the Renewal of the Fund’s Management Agreement
33	Board Members Information
35	Officers of the Fund
	FOR MORE INFORMATION
	Back Cover

Dreyfus
Diversified Large Cap Fund

The Fund

A LETTER FROM THE CHAIRMAN AND CEO

Dear Shareholder:

We present to you this annual report for Dreyfus Diversified Large Cap Fund, covering the 12-month period from November 1, 2010, through October 31, 2011. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.

Investors were encouraged by expectations of a more robust economic recovery into the first quarter of 2011, but sentiment subsequently deteriorated due to disappointing economic data, rising commodity prices, an escalating sovereign debt crisis in Europe and a contentious debate regarding taxes, spending and borrowing in the United States. Stocks have been sensitive to these macroeconomic developments, often regardless of underlying company fundamentals. Indeed, market declines were particularly severe during August and September after a major credit rating agency downgraded U.S. long-term debt, while October ranked as one of the best months of the past decade.

The economic outlook currently remains clouded by market turbulence and political infighting, but we believe that a continued subpar global expansion is more likely than a return to recession. Although Europe continues to struggle with a debt crisis, inflationary pressures appear to be waning in most countries as energy prices recently have retreated from their highs. In the United States, moderately low core inflation and an accommodative monetary policy could help support near-trend growth despite ongoing deleveraging activity in the private sector.To assess the potential impact of these and other developments on your investments, we encourage you, as always, to speak with your financial advisor.

Thank you for your continued confidence and support.

Jonathan R. Baum
Chairman and Chief Executive Officer
The Dreyfus Corporation
November 15, 2011

DISCUSSION OF FUND PERFORMANCE

For the period of November 1, 2010, through October 31, 2011, as provided by Richard B. Hoey, A. Paul Disdier, Christopher E. Sheldon, CFA, and Keith L. Stransky, CFA, Portfolio Managers

Fund and Market Performance Overview

For the 12-month period ended October 31, 2011, Dreyfus Diversified Large Cap Fund’s Class A shares produced a total return of 6.26%, Class C shares returned 5.44% and Class I shares returned 6.25%.¹In comparison, the total return of the Standard & Poor’s 500 Composite Stock Price Index (“S&P 500 Index”), the fund’s benchmark, was 8.07% for the same period.²

Although U.S. stocks rallied through the first quarter of 2011 as an economic recovery appeared to gain traction, renewed macroeconomic concerns later caused the market to give back many of its previous gains. The fund produced lower returns than its benchmark, primarily due to the constructive investment posture maintained by some underlying mutual funds during the market downturn over the reporting period’s second half.

The Fund’s Investment Approach

The fund seeks long-term capital appreciation.To pursue its goal, the fund normally allocates its assets among other mutual funds advised by The Dreyfus Corporation (Dreyfus), or its affiliates, that invest primarily in stocks issued by large-cap companies.The underlying funds are selected by the Dreyfus Investment Committee based on their investment objectives and management policies, portfolio holdings, risk/reward profiles, historical performance and other factors. The Dreyfus Investment Committee will rebalance the fund’s investments in the underlying funds at least annually, but may do so more often in response to market conditions.As of October 31, 2011, the fund’s assets were allocated as follows:


Underlying Funds	(%)
Dreyfus Strategic Value Fund	31
Dreyfus Research Growth Fund	23
Dreyfus U.S. Equity Fund	18
Dreyfus/The Boston Company Large Cap Core Fund	16
Dreyfus Appreciation Fund	12


The Fund	3

DISCUSSION OF FUND PERFORMANCE (continued)

Global Economic Concerns Weighed on Equities

Gains in employment, consumer spending and corporate earnings supported a U.S. stock market rally over the first several months of the reporting period as investors looked forward to better business conditions. However, the market rally was interrupted in February 2011 when political unrest in the Middle East led to sharply rising crude oil prices, and again in March when catastrophic natural and nuclear disasters in Japan disrupted the global industrial supply chain and derailed one of the world’s larger economies. Nonetheless, investors proved resilient, and stocks rebounded quickly from these unexpected shocks.

Investor sentiment began to deteriorate in earnest in May when Greece appeared headed for default on its sovereign debt and pressures mounted on the banking systems of other members of the European Union. In addition, U.S. economic data proved more disappointing than expected, and investors reacted cautiously to a contentious political debate regarding U.S. government spending, borrowing and taxes. Stocks suffered bouts of heightened volatility when newly risk-averse investors shifted their focus from relatively speculative market sectors to industry groups that historically have held up well under uncertain economic conditions. Volatility was particularly severe in August and September, after a major credit-rating agency downgraded its assessment of long-term U.S. government debt. In contrast, the market rebounded strongly in October when some macroeconomic worries seemed to ease.

Constructive Positions Dampened Relative Performance

The fund’s allocation strategy positioned it relatively well for the reporting period’s macroeconomic developments, as an emphasis on large-cap stocks over their mid- and small-cap counterparts seemed likely to cushion the brunt of market volatility when economic sentiment deteriorated. However, the benefits of our allocation strategy were more than offset by the more constructive investment postures maintained by certain underlying mutual funds, including Dreyfus Strategic Value Fund, Dreyfus Research Growth Fund and Dreyfus/The Boston Company Large Cap Core Fund. An emphasis on some of the market’s more economically sensitive industry groups and individual companies undermined these funds’ relative performance during the market downturn over the summer of 2011.

We anticipated deteriorating market conditions with allocation shifts early in the reporting period.The portfolio managers reduced the fund’s exposure to Dreyfus Research Growth Fund in January 2011, shifting assets to Dreyfus Appreciation Fund, which placed greater emphasis on large, dividend-paying multinational companies. Although this change bolstered the fund’s relative performance to a degree, it was not enough to fully offset weakness in other underlying funds.

Maintaining a Cautious Approach

As of the reporting period’s end, we have adopted a generally cautious outlook.Although a return to recession seems unlikely at this point in time, U.S. unemployment remains elevated, inflation-fighting efforts in the emerging markets have dampened a major engine of global growth and Europe continues to struggle with its sovereign debt crisis. Therefore, we have attempted to mitigate heightened market volatility through a focus on underlying funds that favor well-established, fundamentally strong companies with dominant brands and a global presence. In our judgment, these are prudent strategies until the direction of the U.S. and global economies becomes clearer.

November 15, 2011


	Equity funds are subject generally to market, market sector, market liquidity, issuer and investment
	style risks, among other factors, to varying degrees, all of which are more fully described in the
	prospectus of the fund and that of each underlying fund.
	The ability of the fund to achieve its investment goal depends, in part, on the ability of the
	Dreyfus Investment Committee to allocate effectively the fund’s assets among the underlying
	funds.There can be no assurance that the actual allocations will be effective in achieving the fund’s
	investment goal.
1	Total return includes reinvestment of dividends and any capital gains paid, and does not take into
	consideration the maximum initial sales charge in the case of Class A shares, or the applicable
	contingent deferred sales charge imposed on redemptions in the case of Class C shares. Had these
	charges been reflected, returns would have been lower. Past performance is no guarantee of future
	results. Share price and investment return fluctuate such that upon redemption, fund shares may be
	worth more or less than their original cost. Return figures provided reflect the absorption of certain fund
	expenses pursuant to an agreement byThe Dreyfus Corporation in effect until March 1, 2013, at
	which time it may be extended, terminated or modified. Had these expenses not been absorbed, the
	fund’s returns would have been lower.
2	SOURCE: LIPPER INC. — Reflects the monthly reinvestment of dividends and, where
	applicable, capital gain distributions.The Standard & Poor’s 500 Composite Stock Price Index is
	a widely accepted, unmanaged index of U.S. stock market performance. Investors cannot invest
	directly in any index.


The Fund	5

FUND PERFORMANCE

^†Source: Lipper Inc.

Past performance is not predictive of future performance.

The above graph compares a $10,000 investment made in Class A, Class C and Class I shares of Dreyfus Diversified

Large Cap Fund on 8/31/09 (inception date) to a $10,000 investment made in the Standard & Poor’s 500

Composite Stock Price Index (the “Index”) on that date.All dividends and capital gain distributions are reinvested.

The fund’s performance shown in the line graph above takes into account the maximum initial sales charge on Class A

shares and all other applicable fees and expenses on all classes.The Index is a widely accepted, unmanaged index of U.S.

stock market performance. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors

cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements,

if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.


Average Annual Total Returns as of 10/31/11

	Inception		From
	Date	1Year	Inception
Class A shares
with maximum sales charge (5.75%)	8/31/09	0.17%	7.67%
without sales charge	8/31/09	6.26%	10.64%
Class C shares
with applicable redemption charge ^†	8/31/09	4.44%	9.83%
without redemption	8/31/09	5.44%	9.83%
Class I shares	8/31/09	6.25%	10.67%
Standard & Poor’s 500
Composite Stock Price Index	8/31/09	8.07%	12.15%

† The maximum contingent deferred sales charge for Class C shares is 1% for shares redeemed within one year of the

date of purchase.


The Fund	7

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Diversified Large Cap Fund from May 1, 2011 to October 31, 2011. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

Expenses and Value of a $1,000 Investment
assuming actual returns for the six months ended October 31, 2011


	Class A	Class C	Class I
Expenses paid per $1,000^†	$1.77	$5.31	$1.72
Ending value (after expenses)	$900.30	$897.00	$900.30

COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses

Expenses and Value of a $1,000 Investment
assuming a hypothetical 5% annualized return for the six months ended October 31, 2011


	Class A	Class C	Class I
Expenses paid per $1,000^†	$1.89	$5.65	$1.84
Ending value (after expenses)	$1,023.34	$1,019.61	$1,023.39

† Expenses are equal to the fund’s annualized expense ratio of .37% for Class A, 1.11% for Class C and .36%

for Class I, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half

year period).

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2011


		Cost	Value
Assets ($):
Investments in affiliated issuers—See Statement
of Investments—Note 1(c)		4,449,061	4,685,752
Cash			27,918
Prepaid expenses			17,883
Due from The Dreyfus Corporation and affiliates—Note 3(c)			3,517
			4,735,070
Liabilities ($):
Accrued expenses			49,132
Net Assets ($)			4,685,938
Composition of Net Assets ($):
Paid-in capital			4,480,227
Accumulated undistributed investment income—net			4,940
Accumulated net realized gain (loss) on investments			(35,920)
Accumulated net unrealized appreciation
(depreciation) on investments			236,691
Net Assets ($)			4,685,938


Net Asset Value Per Share
	Class A	Class C	Class I
Net Assets ($)	328,999	37,340	4,319,599
Shares Outstanding	21,189	2,438.32	277,990
Net Asset Value Per Share ($)	15.53	15.31	15.54

See notes to financial statements.

STATEMENT OF OPERATIONS

Year Ended October 31, 2011


Investment Income ($):
Income:
Cash dividends from affiliated issuers	16,698
Expenses:
Registration fees	48,315
Auditing fees	39,235
Prospectus and shareholders’ reports	10,199
Legal fees	9,521
Shareholder servicing costs—Note 3(c)	2,132
Custodian fees—Note 3(c)	1,982
Directors’ fees and expenses—Note 3(d)	858
Loan commitment fees—Note 2	310
Distribution fees—Note 3(b)	284
Miscellaneous	13,331
Total Expenses	126,167
Less—reduction in expenses due to undertaking—Note 3(a)	(111,323)
Less—waiver of shareholder servicing fees—Note 3(c)	(624)
Less—reduction in fees due to earnings credits—Note 3(c)	(2)
Net Expenses	14,218
Investment Income—Net	2,480
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments in affiliated issuers	1,764
Capital gain distributions from affiliated issuers	2,230
Net Realized Gain (Loss)	3,994
Net unrealized appreciation (depreciation) on investments in affiliated issuers	10,427
Net Realized and Unrealized Gain (Loss) on Investments	14,421
Net Increase in Net Assets Resulting from Operations	16,901
See notes to financial statements.


The Fund	11

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2011	2010
Operations ($):
Investment income—net	2,480	5,856
Net realized gain (loss) on
investments in affiliated issuers	3,994	(37,683)
Net unrealized appreciation (depreciation)
on investments in affiliated issuers	10,427	223,287
Net Increase (Decrease) in Net Assets
Resulting from Operations	16,901	191,460
Dividends to Shareholders from ($):
Investment income—net:
Class A Shares	(295)	—
Class I Shares	(6,711)	—
Total Dividends	(7,006)	—
Capital Stock Transactions ($):
Net proceeds from shares sold:
Class A Shares	255,987	53,980
Class C Shares	17,098	—
Class I Shares	3,191,119	3,447,648
Dividends reinvested:
Class A Shares	147	—
Class I Shares	1,647	—
Cost of shares redeemed:
Class A Shares	(42,157)	(8,184)
Class C Shares	(9,798)	—
Class I Shares	(975,078)	(1,550,717)
Increase (Decrease) in Net Assets
from Capital Stock Transactions	2,438,965	1,942,727
Total Increase (Decrease) in Net Assets	2,448,860	2,134,187
Net Assets ($):
Beginning of Period	2,237,078	102,891
End of Period	4,685,938	2,237,078
Undistributed investment income—net	4,940	6,713

FINANCIAL HIGHLIGHTS


	Year Ended October 31,
Class A Shares	2011	2010	2009^a
Per Share Data ($):
Net asset value, beginning of period	14.65	12.86	12.50
Investment Operations:
Investment income (loss)—net^b	(.00)^c	.02	(.01)
Net realized and unrealized gain
(loss) on investments	.92	1.77	.37
Total from Investment Operations	.92	1.79	.36
Distributions:
Dividends from investment income—net	(.04)	—	—
Net asset value, end of period	15.53	14.65	12.86
Total Return (%)^d	6.26	13.92	2.88^e
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets^f	3.82	9.75	226.76^g
Ratio of net expenses
to average net assets^f	.36	.33	.36^g
Ratio of net investment income
(loss) to average net assets^f	(.03)	.12	(.36)^g
Portfolio Turnover Rate	29.48	97.93	—^e
Net Assets, end of period ($ x 1,000)	329	108	51


a	From August 31, 2009 (commencement of operations) to October 31, 2009.
b	Based on average shares outstanding at each month end.
c	Amounts represents less than $.01 per share.
d	Exclusive of sales charge.
e	Not annualized.
f	Amounts do not include the activity of the underlying funds.
g	Annualized.

See notes to financial statements.


	Year Ended October 31,
Class C Shares	2011	2010	2009^a
Per Share Data ($):
Net asset value, beginning of period	14.53	12.85	12.50
Investment Operations:
Investment (loss)—net^b	(.10)	(.06)	(.02)
Net realized and unrealized
gain (loss) on investments	.88	1.74	.37
Total from Investment Operations	.78	1.68	.35
Net asset value, end of period	15.31	14.53	12.85
Total Return (%)^c	5.44	13.07	2.80^d
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets^e	4.46	10.61	227.92^f
Ratio of net expenses
to average net assets^e	1.11	1.08	1.11^f
Ratio of net investment (loss)
to average net assets^e	(.67)	(.44)	(1.11)^f
Portfolio Turnover Rate	29.48	97.93	—^d
Net Assets, end of period ($ x 1,000)	37	29	26


a	From August 31, 2009 (commencement of operations) to October 31, 2009.
b	Based on average shares outstanding at each month end.
c	Exclusive of sales charge.
d	Not annualized.
e	Amounts do not include the activity of the underlying funds.
f	Annualized.

See notes to financial statements.


The Fund	15

FINANCIAL HIGHLIGHTS (continued)


	Year Ended October 31,
Class I Shares	2011	2010	2009^a
Per Share Data ($):
Net asset value, beginning of period	14.66	12.87	12.50
Investment Operations:
Investment income (loss)—net^b	.01	.05	(.00)^c
Net realized and unrealized
gain (loss) on investments	.91	1.74	.37
Total from Investment Operations	.92	1.79	.37
Distributions:
Dividends from investment income—net	(.04)	—	—
Net asset value, end of period	15.54	14.66	12.87
Total Return (%)	6.25	13.91	2.96^d
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets^e	3.20	9.80	227.09^f
Ratio of net expenses
to average net assets^e	.36	.32	.11^f
Ratio of net investment income
(loss) to average net assets^e	.08	.35	(.11)^f
Portfolio Turnover Rate	29.48	97.93	—^d
Net Assets, end of period ($ x 1,000)	4,320	2,100	26


a	From August 31, 2009 (commencement of operations) to October 31, 2009.
b	Based on average shares outstanding at each month end.
c	Amount represents less than $.01 per share.
d	Not annualized.
e	Amounts do not include the activity of the underlying funds.
f	Annualized.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Dreyfus Diversified Large Cap Fund (the “fund”) is a separate diversified series of Dreyfus Premier Investment Funds, Inc. (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently offering nine series, including the fund. The fund’s investment objective is to seek long-term capital appreciation. The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser.

MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Manager, is the distributor of the fund’s shares.The fund is authorized to issue 50 million shares of $.001 par value Common Stock in each of the following classes of shares: Class A, Class C and Class I. Class A shares are subject to a sales charge imposed at the time of purchase. Class C shares are subject to a contingent deferred sales charge (“CDSC”) imposed on Class C shares redeemed within one year of purchase. Class I shares are sold at net asset value per share only to institutional investors. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

As of October 31, 2011, MBC Investments Corp., an indirect subsidiary of BNY Mellon, held 2,000 Class A and 2,000 Class C shares of the fund.


The Fund	17

NOTES TO FINANCIAL STATEMENTS (continued)

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants.The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The Company enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements.These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of October 31, 2011 in valuing the fund’s investments:


		Level 2—Other	Level 3—
	Level 1—	Significant	Significant
	Unadjusted	Observable	Unobservable
	Quoted Prices	Inputs	Inputs	Total
Assets ($)
Investments in Securities:
Mutual Funds	4,685,752	—	—	4,685,752


The Fund	19

NOTES TO FINANCIAL STATEMENTS (continued)

measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011.At this time, management is evaluating the implications of ASU 2011-04 and its impact on the financial statements.

(c) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” in the Act.


Affiliated
Investment	Value			Net Realized
Company	10/31/2010($)	Purchases ($)^†	Sales ($)	Gain/(Loss) ($)
Dreyfus
Appreciation Fund	—	619,645	78,634	(2,117)
Dreyfus Research
Growth Fund, Cl. Z	781,518	790,513	531,929	29,760
Dreyfus Strategic
Value Fund, Cl. I	709,537	1,071,355	267,571	(14,800)
Dreyfus U.S. Equity
Fund, Cl. I	381,479	550,840	137,840	(3,739)
Dreyfus/The Boston
Company Large Cap
Core Fund, Cl. I	370,585	551,902	137,839	(7,340)
Total	2,243,119	3,584,255	1,153,813	1,764


†	Includes reinvested dividends/distributions.


		Change in Net
Affiliated		Unrealized
Investment		Appreciation	Value	Net	Dividends/
Company	(Depreciation) ($)		10/31/2011($)	Assets (%) Distributions ($)
Dreyfus
Appreciation Fund		8,273	547,167	11.7	59
Dreyfus Research
Growth Fund, Cl. Z		14,882	1,084,744	23.1	3,740
Dreyfus Strategic
Value Fund, Cl. I		(46,845)	1,451,676	31.0	7,977
Dreyfus U.S. Equity
Fund, Cl. I		43,850	834,590	17.8	3,044
Dreyfus/The Boston
Company Large Cap
Core Fund, Cl. I		(9,733)	767,575	16.4	4,108
Total		10,427	4,685,752	100.0	18,928


The Fund	21

NOTES TO FINANCIAL STATEMENTS (continued)

Each of the tax years in the three-year period ended October 31, 2011 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At October 31, 2011, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $23,133, undistributed capital gains $2,053 and unrealized appreciation $180,525.

The tax character of distributions paid to shareholders during the fiscal periods ended October 31, 2011 and October 31, 2010 were as follows: ordinary income $7,006 and $0, respectively.

During the period ended October 31, 2011, as a result of permanent book to tax differences, primarily due to short-term capital gain distributions from regulated investment company holdings and excise tax paid, the fund increased accumulated undistributed investment income-net by $2,753, decreased accumulated gain (loss) on investments by $2,231 and decreased paid-in capital by $522. Net assets and net asset value per share were not affected by this reclassification.

NOTE 2—Bank Lines of Credit:

The fund participates with other Dreyfus-managed funds in a $225 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus (each, a “Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended on October 31, 2011, the fund did not borrow under the Facilities.

NOTE 3—Management Fee and Other Transactions with Affiliates:

(a) Pursuant to a management agreement with the Manager, there is no management fee paid to the Manager. The fund invests in other

mutual funds advised by the Manager. All fees and expenses of the underlying funds are reflected in the underlying funds’ net asset value.

During the period ended October 31, 2011, the Distributor retained $7 from commissions earned on sales of the fund’s Class A shares.

(c) Under the Shareholder Services Plan, Class A and Class C shares pay the Distributor at an annual rate of .25% of the value of their average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (a securities dealer, financial institution or other industry professional) in respect of these services. The Distributor determines the amounts to be paid to Service Agents. Fees paid to the Distributor will be waived to the extent that the fund invests in an underlying affiliated fund with a Shareholder Services Plan. During the period ended October 31, 2011, Class A and Class C shares were charged $530 and $94, respectively, pursuant to the Shareholder Services Plan, all of which was waived due to the fund’s investment in certain of the underlying funds.


The Fund	23

NOTES TO FINANCIAL STATEMENTS (continued)

The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the Manager, under a transfer agency agreement for providing personnel and facilities to perform transfer agency services for the fund. During the period ended October 31, 2011, the fund was charged $776 pursuant to the transfer agency agreement, which is included in Shareholder servicing costs in the Statement of Operations.

The fund compensates The Bank of New York Mellon under a cash management agreement for performing cash management services related to fund subscriptions and redemptions. During the period ended October 31, 2011, the fund was charged $59 pursuant to the cash management agreement, which is included in Shareholder servicing costs in the Statement of Operations.These fees were partially offset by earnings credits of $2.

During the period ended October 31, 2011, the fund was charged $6,751 for services performed by the Chief Compliance Officer.

The components of “Due from The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: Rule 12b-1 distribution plan fees $25, shareholder services plan fees $74, custodian fees $300, chief compliance officer fees $4,246 and transfer agency per account fees $144, which are offset against an expense reimbursement currently in effect in the amount of $8,306.

(d) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended October 31, 2011, amounted to $3,584,255 and $1,153,813, respectively.

At October 31, 2011, the cost of investments for federal income tax purposes was $4,505,227; accordingly, accumulated net unrealized appreciation on investments was $180,525, consisting of $239,147 gross unrealized appreciation and $58,622 gross unrealized depreciation.


The Fund	25

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

Shareholders and Board of Directors
Dreyfus Diversified Large Cap Fund

We have audited the accompanying statement of assets and liabilities, including the statement of investments, of Dreyfus Diversified Large Cap Fund (one of the series comprising Dreyfus Premier Investment Funds, Inc.) as of October 31, 2011, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended and financial highlights for each of the periods indicated therein.These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement.We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2011 by correspondence with the custodian and others. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Dreyfus Diversified Large Cap Fund at October 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for the each of the indicated periods, in conformity with U.S. generally accepted accounting principles.

New York, New York
December 29, 2011

INFORMATION ABOUT THE RENEWAL OF THE

FUND’S MANAGEMENT AGREEMENT (Unaudited)

Analysis of Nature, Extent, and Quality of Services Provided to the Fund. The Board considered information previously provided to them in presentations from Dreyfus representatives regarding the nature, extent, and quality of the services provided to funds in the Dreyfus fund complex, and Dreyfus representatives confirmed that there had been no material changes in this information. Dreyfus provided the number of open accounts in the fund, the fund’s asset size and the allocation of fund assets among distribution channels. Dreyfus also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the Dreyfus fund complex and Dreyfus’ corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each distribution channel, including the distribution channel(s) for the fund.

The Board also considered research support available to, and portfolio management capabilities of, the fund’s portfolio management personnel and that Dreyfus also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements.The Board also considered Dreyfus’ extensive administrative, accounting, and compliance infrastructures.The Board also considered portfolio management’s brokerage policies and practices (including policies and practices regarding soft dollars) and the standards applied in seeking best execution.


The Fund	29

INFORMATION ABOUT THE RENEWAL OF THE FUND’S

MANAGEMENT AGREEMENT (Unaudited) (continued)

Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board reviewed reports prepared by Lipper, Inc. (“Lipper”), an independent provider of investment company data, which included information comparing (1) the fund’s performance with the performance of a group of comparable funds (the “Performance Group”) and with a broader group of funds (the “Performance Universe”), for the one-year period ended May 31, 2011, and (2) the fund’s actual and contractual management fees and total expenses with those of a group of comparable funds (the “Expense Group”) and with a broader group of funds (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Lipper as of May 31, 2011. Dreyfus previously had furnished the Board with a description of the methodology Lipper used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

Dreyfus representatives stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations that may be applicable to the fund and comparison funds. The Board discussed the results of the comparisons and noted that the fund’s total return performance was above the Performance Group and Performance Universe medians for the one-year period ended May 31, 2011. Dreyfus also provided a comparison of the fund’s calendar year total return to the return of the fund’s benchmark index.

The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board noted that, like other funds in the Expense Group, the fund’s management fees are paid only at the underlying funds’ level.They further noted that the fund’s total expense ratio was below the Expense Group and Expense Universe medians.

Dreyfus representatives noted that Dreyfus has contractually agreed until March 31, 2013, assume the expenses of the fund so that the total

annual fund’s and underlying funds’ operating expenses of none of the classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings, underlying fund expenses and extraordinary expenses) exceed 1.20% of the fund’s average daily net assets.

The Board concluded that the nature, extent and quality of the services provided by Dreyfus are adequate and appropriate.


The Fund	31

INFORMATION ABOUT THE RENEWAL OF THE FUND’S

MANAGEMENT AGREEMENT (Unaudited) (continued)

The Board was satisfied with the fund’s performance.
Since the fund does not pay a direct management fee, profitability and economies of scale are not relevant.

BOARD MEMBERS INFORMATION (Unaudited)

Joseph S. DiMartino (68)

Chairman of the Board (1995)

Principal Occupation During Past 5Years:

• Corporate Director and Trustee

Other Public Company Board Memberships During Past 5Years:

• CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small

and medium size companies, Director (1997-present)

• Sunair Services Corporation, a provider of certain outdoor-related services to homes and busi-

nesses, Director (2005-2009)

• The Newark Group, a provider of a national market of paper recovery facilities, paperboard mills

and paperboard converting plants, Director (2000-2010)

No. of Portfolios for which Board Member Serves: 167

———————

Gordon J. Davis (70)

Board Member (1993)

Principal Occupation During Past 5Years:

• Partner in the law firm of Dewey & LeBoeuf LLP

Other Public Company Board Memberships During Past 5Years:

• Consolidated Edison, Inc., a utility company, Director (1997-present)

• The Phoenix Companies Inc., a life insurance company, Director (2000-present)

No. of Portfolios for which Board Member Serves: 44

———————

David P. Feldman (71)

Board Member (1991)

Principal Occupation During Past 5Years:

• Corporate Director and Trustee

Other Public Company Board Memberships During Past 5Years:

• BBH Mutual Funds Group (4 registered mutual funds), Director (1992-present)

• QMed Inc., a healthcare company, Director (1999-2007)

No. of Portfolios for which Board Member Serves: 50


The Fund	33

BOARD MEMBERS INFORMATION (Unaudited) (continued)

Lynn Martin (71)

Board Member (1993)

Principal Occupation During Past 5Years:

• President of The Martin Hall Group LLC, a human resources consulting firm, from

January 2005-present

• Advisor to the international accounting firm of Deloitte & Touche, LLP and Chair to its

Council for the Advancement of Women from March 1993-September 2005

Other Public Company Board Memberships During Past 5Years:

• AT&T Inc., a telecommunications company, Director (1999-present)

• Ryder System, Inc., a supply chain and transportation management company, Director

(1993-present)