BNY Mellon Growth Fund Class I NCSRS Certified semi-annual shareholder report (management investment company)

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			811-04813

	Dreyfus Investment Funds
	(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 E. Farragher, 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:		9/30
Date of reporting period:		3/31/2012

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

-Dreyfus/The Boston Company Emerging Markets Core Equity Fund

-Dreyfus/The Boston Company Large Cap Core Fund

-Dreyfus/The Boston Company Small Cap Growth Fund

-Dreyfus/The Boston Company Small Cap Tax-Sensitive Equity Fund

-Dreyfus/The Boston Company Small Cap Value Fund

-Dreyfus/The Boston Company Small/Mid Growth Fund

-Dreyfus/Standish Intermediate Tax Exempt Bond Fund

-Dreyfus/Newton International Equity Fund

FORM N-CSR

Item 1. Reports to Stockholders.

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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	Understanding Your Fund’s Expenses
6	Comparing Your Fund’s Expenses With Those of Other Funds
7	Statement of Investments
12	Statement of Assets and Liabilities
13	Statement of Operations
14	Statement of Changes in Net Assets
16	Financial Highlights
19	Notes to Financial Statements
34	Information About the Renewal of the Fund’s Investment Advisory and Administration Agreements
	FOR MORE INFORMATION
	Back Cover

Dreyfus/The Boston
Company Emerging
Markets Core Equity Fund

The Fund

A LETTER FROM THE CHAIRMAN AND CEO

Dear Shareholder:

This semiannual report for Dreyfus/The Boston Company Emerging Markets Core Equity Fund covers the six-month period from October 1, 2011, through March 31, 2012.

International stock markets had faltered just prior to the reporting period in the midst of heightened volatility stemming from adverse macroeconomic developments ranging from the resurgence of a sovereign debt crisis in Europe to fears of a slowdown in China. Fortunately, better economic news in October helped to reverse the trend, and improving economic fundamentals during the first quarter of 2012 sparked steep rallies in many global equity markets as China appeared headed for a soft landing and European policymakers made credible progress toward resolving the region’s debt problems.

Our economic forecast calls for sluggish growth for the global economy over the remainder of 2012, but with sharp differences among individual markets. Accommodative monetary policies throughout the world should help avoid a full-blown global recession, but risks remain with regard to financial stresses in Europe, the Chinese property market and oil supply vulnerabilities in the Middle East. As always, we encourage you to talk with your financial adviser about how these developments may affect your investments.

Thank you for your continued confidence and support.

Jonathan R. Baum
Chairman and Chief Executive Officer
The Dreyfus Corporation
April 16, 2012

DISCUSSION OF FUND PERFORMANCE

For the period of October 1, 2011, through March 31, 2012, as provided by Sean P. Fitzgibbon and Jay Malikowski, Portfolio Managers

Fund and Market Performance Overview

For the six-month period ended March 31, 2012, Dreyfus/The Boston Company Emerging Markets Core Equity Fund’s Class A shares produced a total return of 18.28%, Class C shares returned 17.80% and Class I shares returned 18.74%.¹In comparison, the fund’s benchmark, the Morgan Stanley Capital International Emerging Markets Index (the “MSCI EM Index”), produced a total return of 19.13% for the same period.²Emerging market stocks rebounded sharply during the reporting period when fears of global financial instability eased and investors looked forward to better business conditions. The fund underperformed its benchmark, primarily due to our stock selections in India in the consumer staples and industrials sectors.

The Fund’s Investment Approach

The fund seeks long-term growth of capital. To pursue this goal, the fund normally invests at least 80% of its assets in equity securities of companies that are located in foreign countries represented in the MSCI EM Index. The fund may invest up to 20% of its net assets in fixed income securities and may invest in preferred stocks of any credit quality if common stocks of the relevant company are not available.The fund employs a “bottom-up” investment approach, which emphasizes individual stock selection.

Improving Fundamentals Buoyed Investor Sentiment

When the reporting period began, emerging markets were reeling from the impact of a sovereign debt crisis in Greece that threatened to spread to other members of the European Union, uncertainties regarding the strength and sustainability of the U.S. economy, and worries that inflation-fighting measures in China might dampen the region’s previously high growth rate. These concerns led investors to flock to traditional safe havens, often regardless of their underlying valuations. In addition, investors reduced their earnings expectations, and the stocks of many fundamentally sound companies were available at relatively attractive prices at the start of the reporting period.


The Fund	3

DISCUSSION OF FUND PERFORMANCE (continued)

Fortunately, most of investors’ concerns at the time did not materialize. After a series of volatile swings during the fall of 2011, emerging equity markets advanced steadily from late December through the end of the reporting period. The market was bolstered by credible measures to address the debt crisis in Europe, encouraging U.S. economic news, and signs of lower inflation and continued growth in China and other emerging markets.

Stock Selections Returned Mixed Results

Success in certain areas were offset by disappointments in other market sectors, and specifically, in India. In the traditionally defensive consumer staples sector, Indian sugar producer Shree Renuka Sugars fell steeply when results from an expansion into Brazil did not meet expectations, and Indonesia’s Indofood Sukses Makmur consolidated its gains after rallying in the previous reporting period.Among industrial companies, Indian building materials producer Sintex Industries was hurt by concerns regarding cuts in government spending on low income housing. Indeed, India proved to be the fund’s greatest laggard on a country basis during the reporting period.

Our investment process proved effective in the information technology sector during the reporting period. Overweighted exposure to global technology leaders such as Samsung Electronics,Taiwan Semiconductor Manufacturing, electronic components maker Pegatron and contract manufacturer Hon Hai Precision Industry enabled the fund to participate fully in the sector’s gains.These and other technology winners enabled Taiwan to rank as the fund’s top performer on a country basis for the reporting period.

Returns from the consumer discretionary sector benefited from an emphasis on companies levered to the recovering automotive industry, such as China’s Great Wall Motor. In addition, Chinese advertising firm Focus Media Holding rebounded from depressed levels when previous corporate governance concerns proved unfounded. In the telecommunications services sector, we added to a position in Russia’s Mobile Telesystems, which had been punished during the downturn despite a generous dividend and easing competitive pressures. The stock moved higher when global investors returned their focus to underlying company fundamentals.

Finding Attractive Opportunities Throughout the World

As economic and market sentiment improved, we reduced the fund’s exposure to the energy and materials sectors, where we have grown

concerned about the impact of intensifying government regulation on corporate profits. Conversely, we have identified more opportunities among financial companies, which raised the fund’s exposure to the financials sector from an underweighted posture to a market-neutral position.

As of the end of the reporting period, we were encouraged by clear evidence that investors have been paying greater attention to the company fundamentals that lie at the heart of our stock selection process. Moreover, emerging-market stocks remain attractively valued compared to recent norms, and currently reasonable earnings expectations could support further equity market gains. In our judgment, our bottom-up approach is particularly well suited to a market environment in which investors focus on long-term company fundamentals rather than the headlines of the moment.

April 16, 2012


	Please note, the position in any security highlighted with italicized typeface was sold during the
	reporting period.
	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
	fund’s prospectus.
	The fund’s performance will be influenced by political, social and economic factors affecting
	investments in foreign companies.These special risks 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. Investments in foreign
	currencies are subject to the risk that those currencies will decline in value relative to the U.S.
	dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency
	being hedged.
	Emerging markets tend to be more volatile than the markets of more mature economies, and
	generally have less diverse and less mature economic structures and less stable political systems than
	those of developed 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.The fund’s returns reflect the absorption of certain fund
	expenses by The Dreyfus Corporation pursuant to an agreement in effect through February 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 Emerging Markets Index is
	a free float-adjusted market capitalization weighted index that is designed to measure the equity
	performance in global emerging markets.The index consists of select designated MSCI emerging
	market national indices. MSCI Indices reflect investable opportunities for global investors by taking
	into account local market restrictions on share ownership by foreigners. Investors cannot invest
	directly in any index.

The Fund 5

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/The Boston Company Emerging Markets Core Equity Fund from October 1, 2011 to March 31, 2012. 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 March 31, 2012
		Class A		Class C		Class I
Expenses paid per $1,000^†	$	12.28	$	16.34	$	8.20
Ending value (after expenses)	$	1,182.80	$	1,178.00	$	1,187.40

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 March 31, 2012
		Class A		Class C		Class I
Expenses paid per $1,000^†	$	11.33	$	15.08	$	7.57
Ending value (after expenses)	$	1,013.75	$	1,010.00	$	1,017.50

Expenses are equal to the fund’s annualized expense ratio of 2.25% for Class A, 3.00% for Class C and 1.50% for Class I, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS

March 31, 2012 (Unaudited)


Common Stocks—89.8%	Shares	Value ($)
Brazil—9.9%
Cia de Bebidas das Americas, ADR	880	36,362
Cielo	1,600	54,246
Embraer, ADR	1,290	41,254
Fleury	3,900	51,489
Itau Unibanco Holding, ADR	4,590	88,082
Obrascon Huarte Lain Brasil	1,400	59,046
Rossi Residencial	8,600	46,452
Tim Participacoes	9,061	57,827
Vale, ADR	1,780	41,527
		476,285
Chile—3.0%
Cencosud	6,680	44,160
Enersis, ADR	1,900	38,361
ENTEL	3,210	64,903
		147,424
China—11.5%
Baidu, ADR	350 ^a	51,020
China BlueChemical, Cl. H	36,000	27,259
China Communications Construction, Cl. H	70,000	70,220
China Construction Bank, Cl. H	105,000	81,128
China Petroleum & Chemical, Cl. H	82,000	89,333
Focus Media Holding, ADR	1,740	43,709
Great Wall Motor, Cl. H	35,250	68,543
Industrial & Commercial Bank of China, Cl. H	134,000	86,451
WuXi PharmaTech, ADR	2,700 ^a	38,880
		556,543
Colombia—.5%
Bancolombia, ADR	360	23,278


The Fund	7

STATEMENT OF INVESTMENTS (Unaudited) (continued)


Common Stocks (continued)	Shares	Value ($)
Hong Kong—6.3%
China Agri-Industries Holdings	105,481	69,546
China Mobile	8,000	88,030
China Vanadium Titano-Magnetite Mining	84,000	19,471
CNOOC	14,000	28,773
Guangdong Investment	34,000	23,687
Lenovo Group	34,000	30,604
Yingde Gases	39,500	44,864
		304,975
Hungary—.6%
MOL Hungarian Oil and Gas	350 ^a	29,167
India—4.3%
Apollo Tyres	15,220	23,796
Hexaware Technologies	14,960	34,372
Oil & Natural Gas	5,740	30,235
Sintex Industries	21,290	36,044
Sterlite Industries India	16,760	36,534
Tata Motors	8,710	47,059
		208,040
Indonesia—1.0%
Indofood Sukses Makmur	92,000	48,797
Malaysia—2.3%
AMMB Holdings	28,800	59,320
Genting	14,200	50,246
		109,566
Mexico—2.6%
Alfa, Cl. A	400	5,759
America Movil, ADR, Ser. L	1,580	39,231
Fomento Economico Mexicano, ADR	980	80,625
		125,615


Common Stocks (continued)	Shares	Value ($)
Peru—1.4%
Credicorp	520	68,546
Russia—7.9%
Gazprom, ADR	9,690	118,218
Lukoil, ADR	2,040	122,808
MMC Norilsk Nickel, ADR	582	10,651
Mobile Telesystems, ADR	3,090	56,671
Sberbank of Russia, ADR	4,060	52,080
Sberbank-Sponsored, ADR	1,480	19,817
		380,245
South Africa—9.0%
ABSA Group	2,760	56,128
AngloGold Ashanti	1,020	37,550
Aveng	4,580	23,339
Barloworld	740	9,645
Exxaro Resources	1,930	49,849
FirstRand	16,800	51,905
Growthpoint Properties	21,992	57,338
MTN Group	2,174	38,265
Nedbank Group	2,920	62,427
Sasol	1,050	50,714
		437,160
South Korea—14.7%
BS Financial Group	4,210	49,418
Daelim Industrial	615	66,491
DGB Financial Group	2,970	38,925
Dongbu Insurance	890	38,450
Hana Financial Group	1,290	48,615
Hyundai Motor	403	82,873
KT&G	622	44,136


The Fund	9

STATEMENT OF INVESTMENTS (Unaudited) (continued)


Common Stocks (continued)	Shares	Value ($)
South Korea (continued)
Kukdo Chemical	400	17,863
LG Display	1,600	37,421
Samsung Electronics	215	241,935
Youngone	2,096	39,957
		706,084
Taiwan—9.5%
Asia Cement	18,931	23,059
CHIPBOND Technology	26,000	33,695
CTCI	20,000	33,102
Hon Hai Precision Industry	32,000	124,142
Pegatron	30,000	46,757
Taishin Financial Holdings	87,395	34,941
Taiwan Semiconductor
Manufacturing, ADR	10,839	165,620
		461,316
Thailand—3.2%
Asian Property Development	143,740	28,422
Bangkok Bank	6,500	40,875
PTT	1,900	21,802
PTT Global Chemical	28,643	65,921
		157,020
Turkey—.8%
Turk Telekomunikasyon	8,930	38,780
United States—1.3%
iShares MSCI Emerging Markets Index Fund	1,470	63,122
Total Common Stocks
(cost $3,711,058)		4,341,963


Preferred Stocks—9.9%		Shares		Value ($)
Brazil
Banco Bradesco		3,375		58,960
Banco do Estado do Rio Grande do Sul, Cl. B		5,100		55,039
Bradespar		2,000		38,193
Cia de Bebidas das Americas		900		37,248
Cia de Saneamento de Minas Gerais		800		18,656
Cia Paranaense de Energia, Cl. B		3,400		79,624
Petroleo Brasileiro		5,100		65,236
Randon Participacoes		3,600		23,192
Vale, Cl. A		4,400		99,934
Total Preferred Stocks
(cost $370,270)				476,082
Total Investments (cost $4,081,328)		99.7	%	4,818,045
Cash and Receivables (Net)		.3	%	15,589
Net Assets		100.0	%	4,833,634

ADR—American Depository Receipts
a Non-income producing security.


Portfolio Summary (Unaudited)^†
	Value (%)			Value (%)
Financial	22.8	Industrial		7.6
Information Technology	17.0	Consumer Staples		7.5
Energy	11.5	Utilities		3.3
Materials	10.6	Health Care		1.9
Consumer Discretionary	8.3	Exchange Traded Funds		1.3
Telecommunication Services	7.9			99.7

† Based on net assets.
See notes to financial statements.


The Fund	11

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2012 (Unaudited)


		Cost	Value
Assets ($):
Investments in securities—See Statement of Investments		4,081,328	4,818,045
Cash denominated in foreign currencies		38,304	38,267
Receivable for investment securities sold			33,388
Dividends receivable			9,894
Prepaid expenses			29,444
			4,929,038
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 3(c)			28,443
Cash overdraft due to Custodian			12,614
Payable for investment securities purchased			23,491
Unrealized depreciation on forward foreign
currency exchange contracts—Note 4			61
Accrued expenses			30,795
			95,404
Net Assets ($)			4,833,634
Composition of Net Assets ($):
Paid-in capital			5,213,916
Accumulated distributions in excess of investment income—net			(37,849)
Accumulated net realized gain (loss) on investments			(1,078,961)
Accumulated net unrealized appreciation (depreciation)
on investments and foreign currency transactions			736,528
Net Assets ($)			4,833,634


Net Asset Value Per Share
	Class A	Class C	Class I
Net Assets ($)	149,482	83,737	4,600,415
Shares Outstanding	7,188	4,181	224,101
Net Asset Value Per Share ($)	20.80	20.03	20.53

See notes to financial statements.

STATEMENT OF OPERATIONS

Six Months Ended March 31, 2012 (Unaudited)


Investment Income ($):
Income:
Cash dividends (net of $3,365 foreign taxes withheld at source):
Unaffiliated issuers	52,322
Affiliated issuers	8
Total Income	52,330
Expenses:
Investment advisory fee—Note 3(a)	31,350
Custodian fees—Note 3(c)	25,154
Auditing fees	19,911
Registration fees	18,165
Legal fees	9,281
Prospectus and shareholders’ reports	6,073
Administration fee—Note 3(a)	2,850
Shareholder servicing costs—Note 3(c)	2,381
Distribution fees—Note 3(b)	519
Trustees’ fees and expenses—Note 3(d)	464
Interest expense—Note 2	137
Loan commitment fees—Note 2	55
Miscellaneous	8,411
Total Expenses	124,751
Less—expense reimbursement from The Dreyfus
Corporation due to undertaking—Note 3(a)	(80,343)
Less—reduction in fees due to earnings credits—Note 3(c)	(1)
Net Expenses	44,407
Investment Income—Net	7,923
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments and foreign currency transactions	(586,414)
Net realized gain (loss) on forward foreign currency exchange contracts	(9,843)
Net Realized Gain (Loss)	(596,257)
Net unrealized appreciation (depreciation) on
investments and foreign currency transactions	1,803,973
Net unrealized appreciation (depreciation) on
forward foreign currency exchange contracts	(1,218)
Net Unrealized Appreciation (Depreciation)	1,802,755
Net Realized and Unrealized Gain (Loss) on Investments	1,206,498
Net Increase in Net Assets Resulting from Operations	1,214,421

See notes to financial statements.


The Fund	13

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended
	March 31, 2012	Year Ended
	(Unaudited)	September 30, 2011
Operations ($):
Investment income—net	7,923	129,678
Net realized gain (loss) on investments	(596,257)	3,308,227
Net unrealized appreciation
(depreciation) on investments	1,802,755	(5,001,113)
Net Increase (Decrease) in Net Assets
Resulting from Operations	1,214,421	(1,563,208)
Dividends to Shareholders from ($):
Investment income—net:
Class A Shares	(517)	(603)
Class C Shares	(200)	—
Class I Shares	(64,392)	(62,615)
Net realized gain on investments:
Class A Shares	(27,294)	—
Class C Shares	(33,777)	—
Class I Shares	(808,941)	—
Total Dividends	(935,121)	(63,218)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Class A Shares	25,194	172,455
Class C Shares	55,738	11,090
Class I Shares	267,605	189,858
Dividends reinvested:
Class A Shares	27,812	512
Class C Shares	33,977	—
Class I Shares	442,938	4,708
Cost of shares redeemed:
Class A Shares	(56,563)	(125,263)
Class C Shares	(151,101)	(73,795)
Class I Shares	(4,496,724)	(6,535,360)
Increase (Decrease) in Net Assets from
Beneficial Interest Transactions	(3,851,124)	(6,355,795)
Total Increase (Decrease) in Net Assets	(3,571,824)	(7,982,221)
Net Assets ($):
Beginning of Period	8,405,458	16,387,679
End of Period	4,833,634	8,405,458
Undistributed (distributions in excess of)
investment income—net	(37,849)	19,337


	Six Months Ended
	March 31, 2012	Year Ended
	(Unaudited)	September 30, 2011
Capital Share Transactions:
Class A
Shares sold	1,170	6,009
Shares issued for dividends reinvested	1,572	18
Shares redeemed	(2,784)	(4,446)
Net Increase (Decrease) in Shares Outstanding	(42)	1,581
Class C
Shares sold	2,581	394
Shares issued for dividends reinvested	1,989	—
Shares redeemed	(7,794)	(2,766)
Net Increase (Decrease) in Shares Outstanding	(3,224)	(2,372)
Class I
Shares sold	13,504	6,684
Shares issued for dividends reinvested	25,412	169
Shares redeemed	(185,607)	(232,400)
Net Increase (Decrease) in Shares Outstanding	(146,691)	(225,547)

See notes to financial statements.


The Fund	15

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.


Six Months Ended
	March 31, 2012	Year Ended September 30,
Class A Shares	(Unaudited)	2011	2010	2009^a
Per Share Data ($):
Net asset value, beginning of period	21.86	26.99	22.70	13.55
Investment Operations:
Investment income (loss)—net^b	(.07)	.09	.17	.14
Net realized and unrealized
gain (loss) on investments	3.31	(5.14)	4.12	9.01
Total from Investment Operations	3.24	(5.05)	4.29	9.15
Distributions:
Dividends from investment income—net	(.08)	(.08)	—	—
Dividends from net realized
gain on investments	(4.22)	—	—	—
Total Distributions	(4.30)	(.08)	—	—
Net asset value, end of period	20.80	21.86	26.99	22.70
Total Return (%)^c	18.28^d	(18.77)	18.85	67.60^d
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	5.17^e	3.66	3.69	11.21^e
Ratio of net expenses to average net assets	2.25^e	2.25	2.25	2.00^e
Ratio of net investment income
(loss) to average net assets	(.64)^e	.30	.71	1.56^e
Portfolio Turnover Rate	32.24^d	75.59	102.30	157.45
Net Assets, end of period ($ x 1,000)	149	158	152	25


a	From March 31, 2009 (commencement of initial offering) to September 30, 2009.
b	Based on average shares outstanding at each month end.
c	Exclusive of sales charge.
^d	Not annualized.
e	Annualized.
See notes to financial statements.


Six Months Ended
	March 31, 2012	Year Ended September 30,
Class C Shares	(Unaudited)	2011	2010	2009^a
Per Share Data ($):
Net asset value, beginning of period	21.23	26.36	22.62	13.55
Investment Operations:
Investment (loss)—net^b	(.16)	(.16)	(.13)	(.03)
Net realized and unrealized
gain (loss) on investments	3.21	(4.97)	4.17	9.10
Total from Investment Operations	3.05	(5.13)	4.04	9.07
Distributions:
Dividends from investment income—net	(.03)	—	(.30)	—
Dividends from net realized
gain on investments	(4.22)	—	—	—
Total Distributions	(4.25)	—	(.30)	—
Net asset value, end of period	20.03	21.23	26.36	22.62
Total Return (%)^c	17.80^d	(19.43)	17.95	66.94^d
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	5.53^e	3.92	4.18	3.80^e
Ratio of net expenses to average net assets	3.00^e	3.00	3.00	2.75^e
Ratio of net investment (loss)
to average net assets	(1.52)^e	(.58)	(.57)	(.35)^e
Portfolio Turnover Rate	32.24^d	75.59	102.30	157.45
Net Assets, end of period ($ x 1,000)	84	157	258	178


a	From March 31, 2009 (commencement of initial offering) to September 30, 2009.
b	Based on average shares outstanding at each month end.
c	Exclusive of sales charge.
d	Not annualized.
e	Annualized.
See notes to financial statements.


The Fund	17

FINANCIAL HIGHLIGHTS (continued)


Six Months Ended
March 31, 2012			Year Ended September 30,
Class I Shares	(Unaudited)	2011	2010	2009^a	2008	2007
Per Share Data ($):
Net asset value,
beginning of period	21.82	26.79	22.67	21.33	33.24	20.55
Investment Operations:
Investment income—net^b	.04	.25	.18	.24	.35	.31
Net realized and unrealized
gain (loss) on investments	3.23	(5.11)	4.26	2.21	(8.86)	12.62
Total from Investment Operations	3.27	(4.86)	4.44	2.45	(8.51)	12.93
Distributions:
Dividends from
investment income—net	(.34)	(.11)	(.32)	(.26)	(.26)	(.24)
Dividends from net realized
gain on investments	(4.22)	—	—	(.85)	(3.14)	—
Total Distributions	(4.56)	(.11)	(.32)	(1.11)	(3.40)	(.24)
Net asset value, end of period	20.53	21.82	26.79	22.67	21.33	33.24
Total Return (%)	18.74^c	(18.27)	19.73	14.90	(28.51)	63.25
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets	4.33^d	2.83	3.07	3.50	2.74	3.18
Ratio of net expenses
to average net assets	1.50^d	1.50	1.50	1.43	1.45	1.45
Ratio of net investment income
to average net assets	.35^d	.90	.75	1.43	1.21	1.15
Portfolio Turnover Rate	32.24^c	75.59	102.30	157.45	128	76
Net Assets, end of period
($ x 1,000)	4,600	8,090	15,978	16,585	15,328	13,671


a	The fund commenced offering three classes of shares on March 31, 2009.The existing shares were redesignated as
	Class I shares.
b	Based on average shares outstanding at each month end.
c	Not annualized.
d	Annualized.
See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1—Significant Accounting Policies:

Dreyfus/The Boston Company Emerging Markets Core Equity Fund (the “fund”) is a separate diversified series of Dreyfus Investment Funds (the “Trust”), 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 eleven series, including the fund.The fund’s investment objective is to seek long-term growth of capital. 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 an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class A, Class C and Class I. Class A and Class C shares are sold primarily to retail investors through financial intermediaries and bear a distribution fee and/or shareholder services fee. 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 primarily to bank trust departments and other financial service providers (including The Bank of NewYork Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no distribution or shareholder services fees. Class I shares are offered without a front-end sales charge or CDSC. 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


The Fund	19

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 Trust 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 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.

(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.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are categorized within Level 1 of the fair value hierarchy.


The Fund	21

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers.These securities are either categorized as Level 2 or 3 depending on the relevant inputs used.

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized within Level 3 of the fair value hierarchy.

Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange. Forward foreign currency exchange contracts (“forward contracts”) are valued at the forward rate. These securities are generally categorized within Level 2 of the fair value hierarchy.

The following is a summary of the inputs used as of March 31, 2012 in valuing the fund’s investments:


			Level 2—Other	Level 3—
		Level 1—	Significant	Significant
		Unadjusted	Observable	Unobservable
		Quoted Prices	Inputs	Inputs	Total
Assets ($)
Investments in Securities:
Equity Securities—
	Foreign^†	4,754,923	—	—	4,754,923
Exchange
	Traded Funds	63,122	—	—	63,122
Liabilities ($)
Other Financial
	Instruments:
Forward Foreign
	Currency Exchange
	Contracts^††	—	(61)	—	(61	)

†	See Statement of Investments for additional detailed categorizations.
^††	Amount shown represents unrealized depreciation at period end.


The Fund	23

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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.

(b) Foreign currency transactions: The fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized on securities transactions between trade and settlement date and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments resulting from changes in exchange rates. Foreign currency gains and losses on investments are included with net realized and unrealized gain or loss on investments.

(c) 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.

Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and capital, and adverse political and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls and delayed settlements, and their prices may be more volatile than those of comparable securities in the U.S.

(d) Affiliated issuers: Other investment companies advised by Dreyfus are considered to be “affiliated” with the fund.

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 March 31, 2012 were as follows:


Affiliated
Investment	Value				Value		Net
Company	9/30/2011	($)	Purchases ($)	Sales ($)	3/31/2012	($)	Assets (%)
Dreyfus
Institutional
Preferred
Plus Money
Market Fund	13,098		1,092,421	1,105,519	—		—

(e) 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.


The Fund	25

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

(f) 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 March 31, 2012, 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 three-year period ended September 30, 2011 remains subject to examination by the Internal Revenue Service and state taxing authorities.

The tax character of distributions paid to shareholders during the fiscal year ended September 30, 2011 was as follows: ordinary income $63,218.The tax character of current year distributions will be determined at the end of the current fiscal year.

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 (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.

The average amount of borrowings outstanding under the Facilities during the period ended March 31, 2012 was approximately $23,000, with a related weighted average annualized interest rate of 1.20%.

NOTE 3—Investment Advisory Fee and Other Transactions with Affiliates:

(a) Pursuant to an investment advisory agreement with the Manager, the investment advisory fee is computed at the annual rate of 1.10% of the value of the fund’s average daily net assets and is payable monthly. The Manager has agreed, until February 1, 2013, to waive receipt of its fees and/or assume the expenses of the fund, so that the direct expenses of Class A, Class C and Class I shares (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings, acquired fund fees and extraordinary expenses) do not exceed 2.00%, 2.00% and 1.50%, respectively, of the value of the respective class’ average daily net assets.The expense reimbursement, pursuant to the undertaking, amounted to $80,343 during the period ended March 31, 2012.

The Trust entered into a Fund Accounting and Administration Agreement (the “Administration Agreement”) with Dreyfus, whereby Dreyfus performs administrative, accounting and recordkeeping services for the fund.The fund has agreed to compensate Dreyfus for providing accounting services, administration, compliance monitoring, regulatory and shareholder reporting, as well as related facilities, equipment and clerical help.The fee is based on the fund’s average daily net assets and computed at the following annual rates: .10% of the first $500 million, .065% of the next $500 million and .02% in excess of $1 billion.

In addition, after applying any expense limitations or fee waivers that reduce the fees paid to Dreyfus for this service, Dreyfus has contractually agreed in writing to waive any remaining fees for this service to the extent that they exceed both Dreyfus’ costs in providing these services and a reasonable allocation of the costs incurred by Dreyfus and its affiliates related to the support and oversight of these services.The fund also reimburses Dreyfus for the out-of-pocket expenses Dreyfus incurs


The Fund	27

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

in performing this service for the fund. Pursuant to the Administration Agreement, the fund was charged $2,850 during the period ended March 31, 2012.

(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 March 31, 2012, Class C shares were charged $519 pursuant to the Plan.

(c) Under the Shareholder Services Plan, Class A and Class C shares pay the Distributor at the 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. During the period ended March 31, 2012, Class A and Class C shares were charged $183 and $173, respectively, pursuant to the Shareholder Services Plan.

Under its terms, the Plan and Shareholder Services Plan shall remain in effect from year to year, provided such continuance is approved annually by a vote of a majority of those Trustees who are not “interested persons” of theTrust and who have no direct or indirect financial interest in the operation of or in any agreement related to the Plan or Shareholder Services Plan.

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 March 31, 2012, the fund was charged $484 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 March 31, 2012, the fund was charged $42 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 $1.

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 March 31, 2012, the fund was charged $25,154 pursuant to the custody agreement.

During the period ended March 31, 2012, the fund was charged $3,183 for services performed by the Chief Compliance Officer and his staff.

The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: investment advisory fees $6,621, administration fees $413, Rule 12b-1 distribution plan fees $54, shareholder services plan fees $50, custodian fees $19,045, chief compliance officer fees $1,591, Private Wealth sub-accounting fees $481 and transfer agency per account fees $188.


The Fund	29

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

for separate in-person committee meetings attended which were not held in conjunction with a regularly scheduled Board meeting and $2,000 for Board meetings and separate committee meetings attended that were conducted by telephone. The Board Group Open-End Funds also reimbursed each Trustee who is not an “interested person” of the Trust (as defined in the Act) for travel and out-of-pocket expenses. With respect to Board meetings, the Chair of the Board received an additional 25% of such compensation (with the exception of reimbursable amounts).The Chair of each of the Board’s committees, unless the Chair also served as Chair of the Board, received $1,350 per applicable committee meeting. In the event that there was an in-person joint committee meeting or a joint telephone meeting of the Board Group Open-End Funds and Dreyfus High Yield Strategies Fund (“DHF”), $2,500 was allocated between the Board Group Open-End Funds and DHF.

also serves as Chair of the Board, receives $1,500 per applicable committee meeting. Each Emeritus Trustee is entitled to receive an annual retainer of one-half the amount paid as a retainer at the time the Trustee became Emeritus and a per meeting attended fee of one-half the amount paid to Trustees.The Board Group Funds also reimburse each Independent Trustee and Emeritus Trustees for travel and out-of-pocket expenses.These fees and expenses are charged and allocated to each series 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 March 31, 2012, 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 and forward contracts, during the period ended March 31, 2012, amounted to $1,887,291 and $6,654,856, respectively.


The Fund	31

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed.The fund realizes a gain if the value of the contract increases between those dates. Any realized gain or loss which occurred during the period is reflected in the Statement of Operations.The fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. The fund is also exposed to credit risk associated with counterparty nonperformance on these forward contracts, which is typically limited to the unrealized gain on each open contract.The following summarizes open forward contracts at March 31, 2012:


Forward Foreign
Currency		Number	Foreign
Exchange		of	Currency			Unrealized
Contracts		Contracts	Amounts	Cost ($)	Value ($) (Depreciation) ($)
Purchases:
Mexican
New Peso,
Expiring
4/3/2012	^a	1	17,843	1,397	1,394	(3	)
Thai Baht,
Expiring
4/2/2012	^b	1	251,796	8,170	8,162	(8	)
Sales:				Proceeds ($)
Brazilian Real,
Expiring:
4/3/2012	^a	1	3,497	1,913	1,916	(3	)
4/4/2012	^a	1	7,085	3,868	3,881	(13	)
Hungarian Forint,
Expiring:
4/2/2012	^a	1	1,119,968	5,047	5,073	(26	)
4/3/2012	^c	1	2,593,998	11,740	11,748	(8	)
Gross Unrealized
Depreciation						(61	)

Counterparties:
a Citigroup
b HSBC
c Bank of America

The following summarizes the average market value of derivatives outstanding during the period ended March 31, 2012:


	Average Market Value ($)
Forward contracts	17,428

At March 31, 2012, accumulated net unrealized appreciation on investments was $736,717, consisting of $908,392 gross unrealized appreciation and $171,675 gross unrealized depreciation.

At March 31, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).


The Fund	33

INFORMATION ABOUT THE RENEWAL OF THE

FUND’S INVESTMENT ADVISORY AND

ADMINISTRATION AGREEMENTS (Unaudited)

At a meeting of the fund’s Board of Trustees held on February 15-16, 2012, the Board considered the renewal of the fund’s Investment Advisory Agreement and Administration Agreement pursuant to which Dreyfus provides the fund with investment advisory services and administrative services (together, 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 representatives of Dreyfus. 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.

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 December 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 the date of its analysis. 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 variously above and below the Performance Group and Performance Universe medians for the various periods. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.


The Fund	35

INFORMATION ABOUT THE RENEWAL OF THE FUND’S INVESTMENT

ADVISORY AND ADMINISTRATION AGREEMENTS (Unaudited) (continued)

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 the fund’s contractual management fee was above the Expense Group median, the fund’s actual management fee was below the Expense Group and Expense Universe medians and the fund’s total expense ratio was slightly above the Expense Group and Expense Universe medians.

Dreyfus representatives noted that Dreyfus has contractually agreed to waive receipt of its fees and/or assume the expenses of the fund, until February 1, 2013, so that annual direct fund operating expenses of Class A, Class C and Class I shares (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest expenses, brokerage commissions, acquired fund fees and extraordinary expenses) do not exceed 2.00%, 2.00% and 1.50%, respectively, of the fund’s average daily net assets. Dreyfus representatives also noted that, in connection with the Administration Agreement and its related fees, Dreyfus had contractually agreed to waive any fees to the extent that such fees exceed Dreyfus’ costs in providing the services contemplated under the Administration Agreement.

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(s) 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 representatives reviewed the expenses allocated and profit received by Dreyfus and the resulting profitability percentage for managing the fund, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not unreasonable, given the services rendered and service levels provided by Dreyfus.The Board also noted the expense limitation arrangement and its effect on Dreyfus’ profitability.The Board previously had been provided with information prepared by an independent consulting firm regarding Dreyfus’ approach to allocating costs to, and determining the profitability of, individual funds and the entire Dreyfus fund complex.The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.

The Board’s counsel stated that the Board should consider the profitability analysis (1) as part of their evaluation of whether the fees under the Agreement bear a reasonable relationship to the mix of services provided by Dreyfus, including the nature, extent and quality of such services, and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Dreyfus representatives noted that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the possibility that Dreyfus may have realized any economies of scale would be less. Dreyfus representatives also noted that, as a result of shared and allocated costs among funds in the Dreyfus fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from,


The Fund	37

INFORMATION ABOUT THE RENEWAL OF THE FUND’S INVESTMENT

ADVISORY AND ADMINISTRATION AGREEMENTS (Unaudited) (continued)

changes in the fund’s asset level. The Board also considered potential benefits to Dreyfus from acting as investment adviser and noted the soft dollar arrangements in effect for trading the fund’s investments.

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 overall performance.
The Board concluded that the fees payable to Dreyfus were reason- able in light of the considerations described above.
The Board determined that the economies of scale which may accrue to Dreyfus and its affiliates in connection with the management of the fund had been adequately considered by Dreyfus in connection with the fee rate charged to the fund pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.

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.

NOTES

	Contents
	THE FUND
2	A Letter from the Chairman and CEO
3	Discussion of Fund Performance
6	Understanding Your Fund’s Expenses
6	Comparing Your Fund’s Expenses With Those of Other Funds
7	Statement of Investments
11	Statement of Assets and Liabilities
12	Statement of Operations
13	Statement of Changes in Net Assets
15	Financial Highlights
18	Notes to Financial Statements
30	Information About the Renewal of the Fund’s Investment Advisory and Administration Agreements
	FOR MORE INFORMATION
	Back Cover

Dreyfus/The Boston
Company Large Cap
Core Fund

The Fund

A LETTER FROM THE CHAIRMAN AND CEO

Dear Shareholder:

This semiannual report for Dreyfus/The Boston Company Large Cap Core Fund covers the six-month period from October 1, 2011, through March 31, 2012. 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.

U.S. stock markets had faltered in the months prior to the reporting period, due primarily to the resurgence of a sovereign debt crisis in Europe and an unprecedented downgrade of long-term U.S. debt.These factors triggered a rally among traditional safe havens, while riskier assets such as stocks plunged. Fortunately, better economic news in the fall helped to reverse the downward trend, and improving economic fundamentals during the first quarter of 2012 sparked rallies in equity markets, enabling them to post significant gains for the reporting period overall.

Our economic forecast anticipates that the United States will continue to post better economic data than most of the rest of the developed world. An aggressively accommodative monetary policy, pent-up demand in several industry groups and gradual improvement in housing prices appear likely to offset risks stemming from the ongoing European debt crisis and volatile energy prices.As always, we encourage you to talk with your financial adviser about how these developments may affect your investments.

Thank you for your continued confidence and support.

Jonathan R. Baum
Chairman and Chief Executive Officer
The Dreyfus Corporation
April 16, 2012

DISCUSSION OF FUND PERFORMANCE

For the period of October 1, 2011, through March 31, 2012, as provided by Sean P. Fitzgibbon and Jeffrey D. McGrew, Portfolio Managers

Market and Fund Performance Overview

For the six-month period ended March 31, 2012, Dreyfus/The Boston Company Large Cap Core Fund’s Class A shares produced a total return of 25.41%, Class C shares returned 24.97% and Class I shares returned 25.60%.¹In comparison, the fund’s benchmark, the Standard & Poor’s 500 Composite Stock Price Index (“S&P 500 Index”), produced a total return of 25.86% for the same period.²

Improving economic fundamentals drove stocks broadly higher over the reporting period.The fund’s Class A and I shares produced returns that were roughly in line with the benchmark, as strong stock selections in the industrials, energy and consumer discretionary sectors were balanced by shortfalls in the consumer staples, materials and utilities sectors.

The Fund’s Investment Approach

The fund seeks long-term growth of capital.The fund normally invests at least 80% of its assets in equity securities of large cap companies that appear to be undervalued relative to underlying business fundamentals. The fund currently considers large cap companies to be those with total market capitalizations, at the time of purchase, that are greater than the market capitalizations of companies in the bottom 5% of the capitalization range represented in the S&P 500 Index.The portfolio managers employ a core investment style that incorporates both growth and value criteria in managing the fund’s portfolio.The portfolio managers use a combination of quantitative and fundamental research to identify portfolio candidates.

Improving Economic Fundamentals Buoyed U.S. Stocks

The Fund 3

DISCUSSION OF FUND PERFORMANCE (continued)

Greece might spread to other members of the European Union and uncertainties regarding the sustainability of the U.S. economic recovery. As a result, many stocks began the reporting period at relatively depressed levels.

Fortunately, most of these worries failed to materialize. During the fall of 2011, European policymakers took credible steps toward addressing the region’s financial problems, and U.S. economic data showed clear signs of improvement. In addition, corporate earnings generally were stronger than expected, and equity investors saw more attractive valuations in the wake of the downturn.These positive developments lifted stock prices, including those of large-cap companies.The rally gathered momentum over the first quarter of 2012 as investors continued to grow more tolerant of risks.

Security Selections Produced Mixed Results

The market’s vacillations between safety and growth during the final months of 2011 created a challenging market environment, but the fund fared better when investors began to refocus on fundamentals over the first quarter of 2012.

The fund achieved especially strong results in the industrials sector, where HVAC and electrical components specialist Thomas & Betts received an acquisition offer at a premium to its stock price at the time, and engine maker Cummins reported better-than-expected financial results as truck sales improved in North America. In the energy sector, companies engaged in the exploration, drilling and production of oil benefited from rising commodity prices. National-Oilwell Varco achieved record order volumes as its customers ramped up drilling activity in this environment. Among consumer discretionary companies, retailers serving middle- and high-income consumers fared especially well, including Michael Kors Holdings, which reported better-than-expected earnings after its initial public offering in 2011. In addition, broadcaster CBS gained value amid strong program ratings and higher advertising revenues.

Disappointments during the reporting period were contained primarily in the health care sector, where overweighted exposure to an under-performing market segment hurt relative performance.While we had identified a number of companies with strong long-term potential,

investors primarily rewarded companies showing current growth. For example, bioscience and medication delivery specialist Baxter International lost value despite the prospect of a turnaround driven by a stabilizing market environment and new products from its research-and-development pipeline. Generic drugmaker Watson Pharmaceuticals encountered competitive pressures despite patent expirations on some major branded drugs, and biotechnology firm Vertex Pharmaceuticals appeared to lose its competitive advantage with regard to a treatment for Hepatitis C. The fund also suffered a shortfall in the materials sector, where an underweighted position prevented the fund from participating in the segment’s gains. Unfortunate timing in trimming exposure to the utilities sector also weighed on relative results to a degree.

A Positive View of the Market

Although we are aware that risks remain, encouraging U.S. economic data and progress in Europe have led us to adopt a positive view of the market’s prospects. Our bottom-up investment process has identified a relatively large number of opportunities meeting our investment criteria in the information technology, consumer discretionary, health care and financials sectors, but fewer in the traditionally defensive telecommunications services and utilities sectors.

April 16, 2012

Please note, the position in any security highlighted with italicized typeface was sold during the reporting period.

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 fund’s prospectus.


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.The fund’s returns reflect the absorption of certain fund
	expenses by The Dreyfus Corporation pursuant to an agreement in effect through February 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. Index return does not
	reflect fees and expenses associated with operating a mutual fund. Investors cannot invest
	directly in any index.

The Fund 5

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/The Boston Company Large Cap Core Fund from October 1, 2011 to March 31, 2012. 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 March 31, 2012


		Class A		Class C		Class I
Expenses paid per $1,000^†	$	6.48	$	10.69	$	5.08
Ending value (after expenses)	$	1,254.10	$	1,249.70	$	1,256.00

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 March 31, 2012


		Class A		Class C		Class I
Expenses paid per $1,000^†	$	5.81	$	9.57	$	4.55
Ending value (after expenses)	$	1,019.25	$	1,015.50	$	1,020.50

† Expenses are equal to the fund’s annualized expense ratio of 1.15% for Class A, 1.90% for Class C, and .90%

for Class I, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half

year period).

STATEMENT OF INVESTMENTS

March 31, 2012 (Unaudited)


Common Stocks—99.9%	Shares	Value ($)
Consumer Discretionary—11.1%
Autoliv	3,390	227,300
Cabela’s	3,120^a	119,028
Carnival	8,160	261,773
CBS, Cl. B	9,530	323,162
Delphi Automotive	6,970	220,252
DIRECTV, Cl. A	6,100^a	300,974
Foot Locker	5,260	163,323
McDonald’s	3,380	331,578
Melco Crown Entertainment, ADR	12,980^a	176,658
PVH	3,390	302,829
		2,426,877
Consumer Staples—9.3%
Coca-Cola Enterprises	12,000	343,200
Lorillard	2,040	264,139
Philip Morris International	6,880	609,637
Ralcorp Holdings	3,230^a	239,311
Unilever, ADR	17,170	567,469
		2,023,756
Energy—11.8%
Anadarko Petroleum	3,410	267,139
Apache	1,850	185,814
Chevron	5,992	642,582
ENSCO, ADR	4,380	231,833
EOG Resources	2,390	265,529
National Oilwell Varco	6,960	553,111
Occidental Petroleum	2,240	213,315
TransCanada	4,710	202,530
		2,561,853
Financial—17.6%
Affiliated Managers Group	2,498^a	279,301
American Express	5,210	301,451
Ameriprise Financial	4,660	266,226
Bank of America	16,740	160,202

The Fund 7

STATEMENT OF INVESTMENTS (Unaudited) (continued)


Common Stocks (continued)	Shares	Value ($)
Financial (continued)
Capital One Financial	3,610	201,221
CBRE Group, Cl. A	12,180^a	243,113
Chubb	2,230	154,115
Citigroup	8,159	298,211
Discover Financial Services	4,680	156,031
IntercontinentalExchange	1,600^a	219,872
JPMorgan Chase & Co.	9,580	440,488
Moody’s	3,880	163,348
T. Rowe Price Group	4,600	300,380
Wells Fargo & Co.	19,000	648,660
		3,832,619
Health Care—13.8%
Amylin Pharmaceuticals	4,480^a	111,821
Baxter International	3,860	230,751
Cigna	6,650	327,513
Covidien	6,787	371,113
McKesson	2,820	247,511
Omnicare	2,960	105,287
Pfizer	29,120	659,859
Sanofi, ADR	12,240	474,300
St. Jude Medical	4,670	206,928
Zimmer Holdings	4,250	273,190
		3,008,273
Industrial—11.0%
Caterpillar	2,350	250,322
Cooper Industries, Cl.A	3,900	249,405
Cummins	1,360	163,254
Eaton	4,840	241,177
FedEx	2,860	263,006


Common Stocks (continued)	Shares	Value ($)
Industrial (continued)
General Electric	26,990	541,689
JB Hunt Transport Services	3,250	176,703
Robert Half International	5,720	173,316
Thomas & Betts	2,360^a	169,708
Tyco International	3,037	170,619
		2,399,199
Materials—.5%
LyondellBasell Industries, Cl. A	2,630	114,799
Information Technology—22.2%
Alliance Data Systems	1,090^a	137,296
Analog Devices	3,700	149,480
Apple	2,370^a	1,420,744
Cognizant Technology Solutions, Cl. A	3,580^a	275,481
Electronic Arts	8,810^a	145,189
EMC	12,310^a	367,823
Informatica	3,820^a	202,078
International Business Machines	1,760	367,224
Intuit	4,110	247,134
NetApp	5,910^a	264,591
Oracle	10,790	314,636
QUALCOMM	6,150	418,323
Skyworks Solutions	4,330^a	119,725
Teradata	3,461^a	235,867
Vishay Intertechnology	13,350^a	162,336
		4,827,927
Telecommunication Services—2.6%
AT&T	18,000	562,140
Total Common Stocks
(cost $18,786,259)		21,757,443

The Fund 9

STATEMENT OF INVESTMENTS (Unaudited) (continued)


Other Investment—.2%	Shares	Value ($)
Registered Investment Company;
Dreyfus Institutional Preferred
Plus Money Market Fund
(cost $48,200)	48,200^b	48,200

Total Investments (cost $18,834,459)	100.1%	21,805,643
Liabilities, Less Cash and Receivables	(.1%)	(19,468)
Net Assets	100.0%	21,786,175


ADR—American Depository Receipts
a	Non-income producing security.
b	Investment in affiliated money market mutual fund.


Portfolio Summary (Unaudited)^†

	Value (%)		Value (%)
Information Technology	22.2	Consumer Staples	9.3
Financial	17.6	Telecommunication Services	2.6
Health Care	13.8	Materials	.5
Energy	11.8	Money Market Investment	.2
Consumer Discretionary	11.1
Industrial	11.0		100.1

† Based on net assets.

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2012 (Unaudited)


		Cost	Value
Assets ($):
Investments in securities—See Statement of Investments:
Unaffiliated issuers		18,786,259	21,757,443
Affiliated issuers		48,200	48,200
Cash			11,797
Receivable for investment securities sold			189,100
Dividends receivable			24,895
Prepaid expenses			23,982
			22,055,417
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 3(c)			18,257
Payable for investment securities purchased			219,936
Accrued expenses			31,049
			269,242
Net Assets ($)			21,786,175
Composition of Net Assets ($):
Paid-in capital			29,561,395
Accumulated undistributed investment income—net			86,426
Accumulated net realized gain (loss) on investments			(10,832,830)
Accumulated net unrealized appreciation
(depreciation) on investments			2,971,184
Net Assets ($)			21,786,175


Net Asset Value Per Share
	Class A	Class C	Class I
Net Assets ($)	334,767	27,182	21,424,226
Shares Outstanding	9,096	739	579,913
Net Asset Value Per Share ($)	36.80	36.78	36.94

See notes to financial statements.

The Fund 11


STATEMENT OF OPERATIONS
Six Months Ended March 31, 2012 (Unaudited)




Investment Income ($):
Income:
Cash dividends (net of $641 foreign taxes withheld at source):
Unaffiliated issuers	191,111
Affiliated issuers	75
Total Income	191,186
Expenses:
Investment advisory fee—Note 3(a)	57,368
Registration fees	19,221
Auditing fees	14,448
Shareholder servicing costs—Note 3(c)	10,600
Administration fee—Note 3(a)	6,884
Prospectus and shareholders’ reports	6,299
Custodian fees—Note 3(c)	3,836
Trustees’ fees and expenses—Note 3(d)	1,708
Legal fees	1,390
Interest expense—Note 2	491
Distribution fees—Note 3(b)	92
Miscellaneous	287
Total Expenses	122,624
Less—reduction in investment advisory fee due to undertaking—Note 3(a)	(18,375)
Less—reduction in fees due to earnings credits—Note 3(c)	(1)
Net Expenses	104,248
Investment Income—Net	86,938
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments	1,076,008
Net unrealized appreciation (depreciation) on investments	4,055,457
Net Realized and Unrealized Gain (Loss) on Investments	5,131,465
Net Increase in Net Assets Resulting from Operations	5,218,403

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended
	March 31, 2012	Year Ended
	(Unaudited)	September 30, 2011
Operations ($):
Investment income—net	86,938	251,048
Net realized gain (loss) on investments	1,076,008	4,372,021
Net unrealized appreciation
(depreciation) on investments	4,055,457	(4,756,534)
Net Increase (Decrease) in Net Assets
Resulting from Operations	5,218,403	(133,465)
Dividends to Shareholders from ($):
Investment income—net:
Class A Shares	(2,758)	(447)
Class I Shares	(227,706)	(275,220)
Total Dividends	(230,464)	(275,667)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Class A Shares	1,939	318,243
Class C Shares	—	22,020
Class I Shares	1,116,873	4,188,092
Dividends reinvested:
Class A Shares	2,530	339
Class I Shares	183,602	195,227
Cost of shares redeemed:
Class A Shares	(16,721)	(29,950)
Class C Shares	—	(13,242)
Class I Shares	(7,323,775)	(12,764,826)
Increase (Decrease) in Net Assets from
Beneficial Interest Transactions	(6,035,552)	(8,084,097)
Total Increase (Decrease) in Net Assets	(1,047,613)	(8,493,229)
Net Assets ($):
Beginning of Period	22,833,788	31,327,017
End of Period	21,786,175	22,833,788
Undistributed investment income—net	86,426	229,952

The Fund 13

STATEMENT OF CHANGES IN NET ASSETS (continued)


	Six Months Ended
	March 31, 2012	Year Ended
	(Unaudited)	September 30, 2011
Capital Share Transactions:
Class A
Shares sold	37	8,911
Shares issued for dividends reinvested	82	10
Shares redeemed	(530)	(979)
Net Increase (Decrease) in Shares Outstanding	(411)	7,942
Class C
Shares sold	—	621
Shares redeemed	—	(367)
Net Increase (Decrease) in Shares Outstanding	—	254
Class I
Shares sold	33,374	119,747
Shares issued for dividends reinvested	5,982	5,778
Shares redeemed	(217,111)	(362,891)
Net Increase (Decrease) in Shares Outstanding	(177,755)	(237,366)

See notes to financial statements.

FINANCIAL HIGHLIGHTS


Six Months Ended
	March 31, 2012	Year Ended September 30,
Class A Shares	(Unaudited)	2011	2010	2009^a
Per Share Data ($):
Net asset value, beginning of period	29.64	31.35	27.93	20.60
Investment Operations:
Investment income—net^b	.09	.24	.16	.09
Net realized and unrealized
gain (loss) on investments	7.38	(1.73)	3.35	7.43
Total from Investment Operations	7.47	(1.49)	3.51	7.52
Distributions:
Dividends from investment income—net	(.31)	(.22)	(.09)	(.19)
Net asset value, end of period	36.80	29.64	31.35	27.93
Total Return (%)^c	25.41^d	(4.83)	12.58	36.67^d
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.21^e	1.76	1.43	4.43^e
Ratio of net expenses to average net assets	1.15^e	1.15	1.15	1.15^e
Ratio of net investment income
to average net assets	.52^e	.67	.53	.74^e
Portfolio Turnover Rate	43.60^d	85.58	82.28	116.21
Net Assets, end of period ($ x 1,000)	335	282	49	16


a	From March 31, 2009 (commencement of initial offering) to September 30, 2009.
b	Based on average shares outstanding at each month end.
c	Exclusive of sales charge.
d	Not annualized.
e	Annualized.

See notes to financial statements.

The Fund 15

FINANCIAL HIGHLIGHTS (continued)


Six Months Ended
	March 31, 2012	Year Ended September 30,
Class C Shares	(Unaudited)	2011	2010	2009^a
Per Share Data ($):
Net asset value, beginning of period	29.44	31.14	27.87	20.60
Investment Operations:
Investment income (loss)—net^b	(.04)	(.05)	(.06)	.00^c
Net realized and unrealized
gain (loss) on investments	7.38	(1.65)	3.33	7.41
Total from Investment Operations	7.34	(1.70)	3.27	7.41
Distributions:
Dividends from investment income—net	—	—	—	(.14)
Net asset value, end of period	36.78	29.44	31.14	27.87
Total Return (%)^d	24.97^e	(5.49)	11.73	36.16^e
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	2.71^f	2.28	2.40	3.45^f
Ratio of net expenses to average net assets	1.90^f	1.90	1.90	1.90^f
Ratio of net investment income
(loss) to average net assets	(.23)^f	(.15)	(.19)	.01^f
Portfolio Turnover Rate	43.60^e	85.58	82.28	116.21
Net Assets, end of period ($ x 1,000)	27	22	15	14


a	From March 31, 2009 (commencement of initial offering) to September 30, 2009.
b	Based on average shares outstanding at each month end.
c	Amount represents less than $.01 per share.
d	Exclusive of sales charge.
e	Not annualized.
f	Annualized.

See notes to financial statements.


Six Months Ended
March 31, 2012			Year Ended September 30,
Class I Shares	(Unaudited)	2011	2010	2009^a	2008	2007
Per Share Data ($):
Net asset value,
beginning of period	29.74	31.42	27.95	30.39	43.28	37.58
Investment Operations:
Investment income—net^b	.13	.29	.24	.34	.43	.43
Net realized and unrealized
gain (loss) on investments	7.41	(1.69)	3.35	(2.38)	(9.32)^c	7.01^c
Total from Investment Operations	7.54	(1.40)	3.59	(2.04)	(8.89)	7.44
Distributions:
Dividends from
investment income—net	(.34)	(.28)	(.12)	(.40)	(.53)	(.33)
Dividends from net realized
gain on investments	—	—	—	—	(3.47)	(1.41)
Total Distributions	(.34)	(.28)	(.12)	(.40)	(4.00)	(1.74)
Net asset value, end of period	36.94	29.74	31.42	27.95	30.39	43.28
Total Return (%)	25.60^d	(4.56)	12.87	(6.43)	(22.41)	20.27
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets	1.07^e	1.23	1.23	1.23	.84	.80^f
Ratio of net expenses
to average net assets	.90^e	.90	.90	.91	.84	.80^f
Ratio of net investment income
to average net assets	.76^e	.86	.81	1.43	1.17	1.05
Portfolio Turnover Rate	43.60^d	85.58	82.28	116.21	61	59^g
Net Assets, end of period
($ x 1,000)	21,424	22,530	31,263	34,562	59,996	122,591

a The fund commenced offering three classes of shares on March 31, 2009.The existing shares were redesignated as

Class I shares.

b Based on average shares outstanding at each month end.

c Amounts include litigation proceeds received by the fund amounting to $.02 and $.04 per share for the year ended

September 30, 2008 and 2007, respectively.

d Not annualized.

e Annualized.

f For the period October 1, 2006 to September 19, 2007, the ratio includes the fund’s share of the TBC Large Cap

Core Portfolio’s (the “Portfolio”) allocated expenses.

g On September 19, 2007 the fund, which owned 100% of the Portfolio on such date, withdrew entirely from the

Portfolio and received the Portfolio’s securities and cash in exchange for its interest in the Portfolio. Effective

September 20, 2007, the fund began investing directly in securities.Portfolio turnover represents combined investment

activity of the fund and the Portfolio for the year ended September 30, 2007.

See notes to financial statements.

The Fund 17

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1—Significant Accounting Policies:

Dreyfus/The Boston Company Large Cap Core Fund (the “fund”) is a separate diversified series of Dreyfus Investment Funds (the “Trust”), 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 eleven series, including the fund.The fund’s investment objective is to seek long-term growth of capital. 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 an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class A, Class C, and Class I. Class A and Class C shares are sold primarily to retail investors through intermediaries and bear a distribution fee and/or shareholder services fee. 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 primarily to bank trust departments and other financial service providers (including The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus), acting on behalf of customers having a qualified trust or investment account or relationship at such institution, and bear no distribution or shareholder services fees. Class I shares are offered without a front-end sales charge or CDSC. 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 March 31, 2012, MBC Investments Corp., an indirect subsidiary of BNY Mellon, held 485 Class A and Class C shares of the fund.

TheTrust 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 Fund 19