BNY Mellon Growth Fund Class I NCSR Certified 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)

	Bennett MacDougall, 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:		9/30/15

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 Diversified Emerging Markets Fund

-Dreyfus/Newton International Equity Fund

-Dreyfus Tax Sensitive Total Return Bond Fund

-Dreyfus/The Boston Company Small Cap Growth Fund

-Dreyfus/The Boston Company Small Cap Value Fund

-Dreyfus/The Boston Company Small/Mid Cap Growth Fund

FORM N-CSR

Item 1. Reports to Stockholders.

Dreyfus Diversified Emerging Markets Fund


		ANNUAL REPORT September 30, 2015

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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

FOR MORE INFORMATION

Back Cover


	Dreyfus Diversified Emerging Markets Fund		The Fund

A LETTER FROM THE PRESIDENT

Dear Shareholder:

We are pleased to present this annual report for Dreyfus Diversified Emerging Markets Fund, covering the 12-month period from October 1, 2014, through September 30, 2015. 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.

Financial markets proved volatile over the reporting period. For much of the year, a recovering U.S. economy enabled stocks to advance, but those gains were erased during the third quarter of 2015 when economic concerns in China, falling commodity prices, and a stronger U.S. dollar sparked sharp corrections in equity markets throughout the world. The emerging markets were especially hard hit. U.S. bonds generally fared better, rallying in late 2014 before reversing course in the spring as the domestic economy strengthened. Global economic instability sparked a renewed rally among U.S. government securities toward the reporting period’s end, but corporate-backed and inflation-linked securities lost value.

We expect market volatility to persist over the near term as investors vacillate between hopes that current turmoil represents a healthy correction and fears that further disappointments could trigger a full-blown bear market. Our investment strategists and portfolio managers are monitoring developments carefully, keeping a close watch on Chinese fiscal and monetary policy, expectations of higher short-term interest rates in the United States, liquidity factors affecting various asset classes, and other developments that could influence investor sentiment. Over the longer term, we remain confident that markets are likely to stabilize as the world adjusts to slower Chinese economic growth, abundant energy resources, and the eventual normalization of U.S. monetary policy. In our view, investors will continue to be well served under these circumstances by a long-term perspective and a disciplined investment approach.

Thank you for your continued confidence and support.

Sincerely,

J. Charles Cardona
President
The Dreyfus Corporation

October 15, 2015

DISCUSSION OF FUND PERFORMANCE

For the period of October 1, 2014, through September 30, 2015, as provided by Elizabeth Slover, Michelle Y. Chan, CFA, Gaurav Patankar, William S. Cazalet, CAIA, Ronald P. Gala, CFA, and Peter D. Goslin, CFA, Portfolio Managers

Fund and Market Performance Overview

For the 12-month period ended September 30, 2015, Dreyfus Diversified Emerging Markets Fund’s Class A shares produced a total return of -18.00%, Class C shares returned –18.44%, Class I shares returned -17.44%, and Class Y shares returned -17.44%.¹ In comparison, the fund’s benchmark, the Morgan Stanley Capital International Emerging Markets Index (the “MSCI EM Index”), produced a total return of -19.28% for the same period.²

Emerging-markets equities fell sharply amid volatile trading in response to a variety of economic and geopolitical concerns. Above-average results from three of the fund’s underlying strategies enabled it to outperform the benchmark.

The Fund’s Investment Approach

The fund seeks long-term capital growth. To pursue its goal, the fund invests at least 80% of its assets in equity securities (or other instruments with similar economic characteristics) of companies located, organized or with a majority of assets or business in countries considered to be emerging markets, including other investment companies that invest in such securities.

The fund uses a “manager of managers” approach by selecting one or more experienced investment managers to serve as subadvisers to the fund. The fund also uses a “fund of funds” approach by investing in one or more underlying funds. The fund currently allocates its assets among emerging market equity strategies employed by The Boston Company Asset Management, LLC (the TBCAM Strategy) and Mellon Capital Management Corporation (the Mellon Capital Strategy), each an affiliate of Dreyfus, and two affiliated underlying funds, Dreyfus Global Emerging Markets Fund (the Newton Fund), which is sub-advised by Newton Capital Management Limited, an affiliate of Dreyfus, and Dreyfus Strategic Beta Emerging Markets Equity Fund, added in early September 2015, which is sub-advised by Mellon Capital Management Corporations (the Mellon Capital Fund).

Global Economic Trends Undermined Emerging Markets

Emerging market equities proved highly volatile during the reporting period, with the MSCI EM Index rising and falling several times before moving sharply lower over the summer of 2015 amid renewed worries regarding slowing economic growth in China. Declining prices of petroleum and other commodities particularly undermined stock prices in materials-producing nations. Geopolitical developments caused further market deterioration in countries such as Russia, which saw Western sanctions imposed in response to its involvement with conflict in Ukraine; and in Brazil, where high-profile corporate and government scandals undermined investor sentiment. Furthermore, most emerging market currencies weakened significantly against the U.S. dollar, putting added pressure on the value of foreign currency-denominated investments for U.S. residents.

DISCUSSION OF FUND PERFORMANCE (continued)

Underlying Strategies Cushioned Market Weakness

Although we are never satisfied with negative absolute returns, particularly of the magnitude seen over the reporting period, we nonetheless are pleased that the TBCAM Strategy, the Mellon Capital Strategy, and the Newton Fund each produced higher returns than the MSCI EM Index during a highly challenging time for emerging-market equities. The Dreyfus Strategic Beta EM fund modestly underperformed for the month of September 2015.

Results from the TBCAM Strategy were buoyed by underweighted exposure to some of the weaker individual markets, particularly those, such as Malaysia, that are struggling with heavy debt loads and others, such as Mexico, where investor expectations seem unrealistically high. Instead, TBCAM focused on attractive intrinsic values, which led to relatively successful positions in Chinese automotive companies, industrial companies and state-owned banks. The Strategy’s fundamental approach further benefited from underweighted exposure to hard-hit metals-and-mining companies, energy producers, and semiconductor manufacturers. Conversely, overweighted exposure to India weighed on the Strategy’s relative performance.

The Mellon Capital Strategy’s quantitative stock selection process proved effective during the reporting period, as relative results were buoyed by individual holdings such as Korean cosmetics maker Amorepacific, electronics producer Pegatron in Taiwan, and China Merchant’s Bank. Relative performance was strongest in the energy and financials sectors, while telecommunications services and utilities holdings generally lagged market averages. From a country perspective, the Strategy fared well in Taiwan but encountered shortfalls in India and South Africa.

The Newton Fund also outperformed market averages over the reporting period. In China, the Fund benefited from a preference for U.S.-listed ADRs of structural growth companies over H-shares of banks, heavy industrials and property companies. A focus on India and the Philippines also proved beneficial, as did underweighted exposure to Brazil. Overweighted exposure to and successful stock selection in the consumer discretionary, consumer staples and materials sectors bolstered relative performance, but disappointing stock selections in the information technology and industrials sectors weighed to a degree on relative results.

Selectivity Is Key to Investment Success

Although market conditions in developing nations have remained volatile in the aggregate due to ongoing economic uncertainty, we believe that individual countries, market sectors and companies offer differentiated prospects for active portfolio managers. All of the fund’s underlying strategies have continued to find ample opportunities across a variety of individual markets. Moreover, in our analysis, recent market weakness may provide attractive opportunities to purchase at attractive values the stocks of high-quality companies with structural tailwinds, strong business fundamentals, and favorable growth prospects.

October 15, 2015

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.

The ability of the fund to achieve its investment goal depends, in part, on the ability of Dreyfus to allocate effectively the fund’s assets among investment strategies, subadvisers, and underlying funds. There can be no assurance that the actual allocations will be effective in achieving the fund’s investment goal or that an investment strategy, subadviser, or underlying fund will achieve its particular investment objective.

Each subadviser makes investment decisions independently, and it is possible that the investment styles of the subadvisers may not complement one another. As a result, the fund’s exposure to a given stock, industry, sector, market capitalization, geographic area, or investment style could unintentionally be greater or smaller than it would have been if the fund had a single adviser or investment strategy.

The risks of investing in other investment companies, including ETFs, typically reflect the risks associated with the types of instruments in which the investment companies and ETFs invest. When the fund or an underlying fund invests in another investment company or ETF, shareholders of the fund will bear indirectly their proportionate share of the expenses of the other investment company or ETF (including management fees) in addition to the expenses of the fund. ETFs are exchange-traded investment companies that are, in many cases, designed to provide investment results corresponding to an index. The value of the underlying securities can fluctuate in response to activities of individual companies or in response to general market and/or economic conditions.

¹Total 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, 2017, at which time it may be extended, terminated, or modified. Had these expenses not been absorbed, the fund’s returns would have been lower.

The fund changed its investment strategy on January 31, 2014. Prior to that date, the fund invested in individual securities using a bottom-up investment approach which emphasized individual stock selection through the use of proprietary computer models and fundamental analysis. The fund did not use a “manager of managers” or “fund of funds” approach. Different investment strategies may lead to different performance results. The fund’s performance for periods prior to January 31, 2014, reflects the investment strategy in effect prior to that date.

²SOURCE: LIPPER INC. – Reflects reinvestment of net dividends and, where applicable, capital gain distributions. The Morgan Stanley Capital International (MSCI) 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.

FUND PERFORMANCE

Comparison of change in value of $10,000 investment in Dreyfus Diversified Emerging Markets Fund Class A shares, Class C shares, Class I shares and Class Y shares and the Morgan Stanley Capital International Emerging Markets Index

^† Source: Lipper Inc.

^†† The total return figures presented for Class A and Class C shares of the fund reflect the performance of the fund’s Class I shares for the period prior to 3/31/09 (the inception date for Class A and Class C shares), adjusted to reflect the applicable sales load for Class A shares.

The total return figures presented for Class Y shares of the fund reflect the performance of the fund’s Class I shares for the period prior to 1/31/14 (the inception date for Class Y shares).

Past performance is not predictive of future performance.

The above graph compares a $10,000 investment made in each of the Class A, Class C, Class I and Class Y shares of Dreyfus Diversified Emerging Markets Fund on 7/10/06 (inception date) to a $10,000 investment made in the Morgan Stanley Capital International Emerging Markets 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 free float-adjusted market capitalization weighted index that is designed to measure the equity performance in global emerging markets. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. These factors can contribute to the Index potentially outperforming the fund. 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 9/30/15
	Inception	1 Year	5 Years		From
	Date	1 Year	5 Years		Inception
Class A shares
with maximum sales charge (5.75%)	3/31/09	-22.71%	-5.04%		2.55%	^††
without sales charge	3/31/09	-18.00%	-3.91%		3.21%	^††
Class C shares
with applicable redemption charge ^†	3/31/09	-19.25%	-4.61%		2.67%	^††
without redemption	3/31/09	-18.44%	-4.61%		2.67%	^††
Class I shares	7/10/06	-17.44%	-3.43%		3.59%
Class Y shares	1/31/14	-17.44%	-3.40%	^††	3.61%	^††
Morgan Stanley Capital International
Emerging Markets Index	6/30/06	-19.28%	-3.58%		3.07%	^†††

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. In addition to the performance of Class A shares shown with and without a maximum sales charge, the fund’s performance shown in the table takes into account all other applicable fees and expenses on all classes.

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

^††The total return performance figures presented for Class A and Class C shares of the fund reflect the performance of the fund’s Class I shares for the period prior to 3/31/09 (the inception date for Class A and Class C shares), adjusted to reflect the applicable sales load for Class A shares.

The total return performance figures presented for Class Y shares of the fund reflect the performance of the fund’s Class I shares for the period prior to 1/31/14 (the inception date for Class Y shares).

^††† The Index date is based on the life of Class I shares. For comparative purposes, the value of the Index as of the month end 6/30/06 is used as the beginning value on 7/10/06 (the inception date for Class I shares).

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 Emerging Markets Fund from April 1, 2015 to September 30, 2015. 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 September 30, 2015

	Class A		Class C		Class I		Class Y
Expenses paid per $1,000^†		$6.36		$9.49		$4.57		$4.29
Ending value (after expenses)		$839.20		$837.10		$841.50		$841.70

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 September 30, 2015

	Class A		Class C		Class I		Class Y
Expenses paid per $1,000^†		$6.98		$10.40		$5.01		$4.71
Ending value (after expenses)		$1,018.15		$1,014.74		$1,020.10		$1,020.41

^†Expenses are equal to the fund’s annualized expense ratio of 1.38% for Class A, 2.06% for Class C, .99% for Class I and .93% for Class Y, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS

September 30, 2015


Common Stocks - 54.4%	Shares	Value ($)
Brazil - 1.5%
AMBEV	48,700	238,556
Banco Bradesco	12,100	72,090
Banco do Brasil	4,900	18,787
BM&FBovespa	179,800	502,506
BR Malls Participacoes	4,200	11,081
BRF	16,400	292,011
Cia de Saneamento Basico do Estado de Sao Paulo	89,000	355,596
EDP - Energias do Brasil	109,100	315,921
Grupo BTG Pactual	58,600	389,780
JBS	125,000	529,701
M Dias Branco	900	13,190
		2,739,219
Chile - .4%
Cia Cervecerias Unidas	4,334	47,805
Enersis	226,838	57,033
ENTEL Chile	60,724	571,614
		676,452
China - 11.8%
Air China, Cl. H	142,000	113,142
Anhui Conch Cement, Cl. H	76,500	226,512
ANTA Sports Products	323,000	841,012
Bank of China, Cl. H	1,190,000	515,079
Beijing Capital International Airport, Cl. H	950,000	886,994
Belle International Holdings	291,000	254,140
China Construction Bank, Cl. H	3,258,000	2,182,362
China Galaxy Securities	53,000	37,580
China International Marine Containers Group, Cl. H	69,200	122,252
China Life Insurance, Cl. H	330,000	1,151,896
China Longyuan Power Group, Cl. H	593,000	640,954
China Merchants Bank, Cl. H	134,500	327,718
China National Building Material, Cl. H	220,000	127,647
China Shenhua Energy, Cl. H	37,500	57,687
China Southern Airlines Company, Cl. H	568,000	417,535
China Vanke, Cl. H	17,000	36,496
Chongqing Changan Automobile, Cl. B	105,356	178,807
Chongqing Rural Commercial Bank, Cl. H	583,000	331,567
CNOOC	1,031,000	1,065,864
Country Garden Holdings	46,000	16,681

STATEMENT OF INVESTMENTS (continued)


Common Stocks - 54.4% (continued)	Shares		Value ($)
China - 11.8% (continued)
Evergrande Real Estate Group	62,000		35,431
Fosun International	162,000		280,220
Geely Automobile Holdings	565,000		272,437
GF Securities	261,400	^a	477,307
Huaneng Power International, Cl. H	448,000		486,104
Huatai Securities	136,400	^a,b	272,313
Industrial & Commercial Bank of China, Cl. H	3,367,000		1,952,048
Jiangsu Expressway, Cl. H	126,000		161,546
Lenovo Group	620,000		526,441
Longfor Properties	11,500		14,564
PetroChina, Cl. H	82,000		57,132
PICC Property & Casualty, Cl. H	624,000		1,223,574
Ping An Insurance Group Company of China, Cl. H	161,500		805,013
Shanghai Pharmaceuticals Holding, Cl. H	394,300		829,741
Sihuan Pharmaceutical Holdings Group	690,000	^c	273,781
Sino-Ocean Land Holdings	35,500		19,525
Sinopharm Group, Cl. H	30,400		106,932
Tencent Holdings	219,900		3,698,396
Vipshop Holdings, ADR	17,837	^a	299,662
WuXi PharmaTech, ADR	10,534	^a	455,174
Zhejiang Expressway, Cl. H	304,000		332,088
			22,111,354
Czech Republic - .3%
Komercni banka	2,300		498,934
Hong Kong - 2.5%
China Everbright	132,000		303,891
China Mobile	194,000		2,315,409
China Overseas Land & Investment	46,000		140,382
China Resources Cement Holdings	448,000		205,144
China Resources Land	176,000		416,188
COSCO Pacific	371,056	^c	469,256
PAX Global Technology	434,000		454,584
Shimao Property Holdings	15,500		23,481
Sino Biopharmaceutical	368,000		458,156	��
			4,786,491
Hungary - .6%
OTP Bank	22,625		436,542
Richter Gedeon	38,043		604,983
			1,041,525


Common Stocks - 54.4% (continued)	Shares		Value ($)
India - 6.7%
Ambuja Cements	37,800		118,790
Bank of India	440,500		914,420
Bharat Petroleum	33,256		424,893
Bharti Infratel	125,704		675,873
DCB Bank	184,907	^a	401,524
Dr. Reddy's Laboratories	7,867		479,490
HCL Technologies	76,016		1,116,966
ICICI Bank	159,839		661,138
Idea Cellular	181,402		413,821
Infosys	19,963		347,064
IRB Infrastructure Developers	153,396		557,395
ITC	108,751		546,772
JSW Steel	9,303		126,445
Lupin	14,200		440,661
Mahindra & Mahindra	25,950		499,496
Max India	64,250		489,333
Power Finance	100,543		353,528
Praj Industries	328,449		408,060
Redington India	233,883		388,284
Rural Electrification	117,811		493,453
State Bank of India	257,535		934,381
Tata Consultancy Services	1,158		45,710
Tata Motors	135,028	^a	616,286
UPL	150,161		1,051,885
Vedanta	35,122		45,000
			12,550,668
Indonesia - .5%
Bank Mandiri	269,100		146,005
Bank Negara Indonesia	1,270,100		359,792
Bank Rakyat Indonesia	613,300		364,293
United Tractors	115,900		138,946
			1,009,036
Malaysia - .5%
Astro Malaysia Holdings	173,400		111,350
British American Tobacco Malaysia	12,200		167,670
DiGi.Com	319,300		403,185
Hong Leong Financial Group	15,300		48,791
Telekom Malaysia	161,900		246,571
			977,567

STATEMENT OF INVESTMENTS (continued)


Common Stocks - 54.4% (continued)	Shares		Value ($)
Mexico - 2.3%
Alfa, Cl. A	306,300		595,753
America Movil, Ser. L	401,000		333,279
Arca Continental	162,800		916,809
Controladora Vuela Compania de Aviacion, ADR	58,135	^a	867,374
Fibra Uno Administracion	19,200		39,650
Gruma, Cl. B	36,900		507,501
Grupo Aeroportuario del Pacifico, Cl. B	29,400		255,654
Grupo Financiero Inbursa, Ser. O	111,300		229,975
OHL Mexico	125,800	^a	162,227
PLA Administradora Industrial	234,800	^a	428,351
			4,336,573
Peru - .2%
Credicorp	4,130		439,267
Philippines - .7%
Ayala Land	836,100		610,087
Globe Telecom	8,885		448,337
SM Prime Holdings	68,000		30,124
Universal Robina	79,540		327,385
			1,415,933
Poland - 1.0%
Bank Millennium	79,003	^a	122,473
KGHM Polska Miedz	5,826		125,988
Orange Polska	87,599		167,801
Polski Koncern Naftowy Orlen	21,175		369,512
Polskie Gornictwo Naftowe i Gazownictwo	205,386		352,870
Powszechna Kasa Oszczednosci Bank Polski	93,139	^a	722,732
			1,861,376
Russia - 2.0%
Gazprom, ADR	110,813		447,283
Lukoil, ADR	28,140		957,695
MMC Norilsk Nickel, ADR	40,778		585,980
Rosneft, GDR	139,366		515,754
Sberbank of Russia, ADR	168,690		834,757
Severstal, GDR	7,979		84,676
Sistema, GDR	9,057		62,467
Tatneft, ADR	12,447		349,004
			3,837,616
South Africa - 3.2%
Barclays Africa Group	51,559		634,525
Barloworld	18,103		98,698


Common Stocks - 54.4% (continued)	Shares	Value ($)
South Africa - 3.2% (continued)
Clicks Group	69,045	447,780
Coronation Fund Managers	46,700	220,570
FirstRand	110,243	391,887
Growthpoint Properties	25,090	46,488
Kumba Iron Ore	23,560	134,002
Liberty Holdings	24,813	226,363
Mediclinic International	106,952	853,756
Mondi	24,070	505,182
MTN Group	49,875	642,099
Redefine Properties	30,173	25,516
Resilient Property Income Fund	3,309	27,755
SPAR Group	10,200	136,333
Steinhoff International Holdings	63,300	388,988
Telkom	69,773	335,382
Truworths International	35,800	220,100
Woolworths Holdings	90,646	634,467
		5,969,891
South Korea - 8.7%
BGF Retail	1,400	239,691
BNK Financial Group	38,238	443,719
CJ	1,045	232,103
Coway	11,416	809,009
DGB Financial Group	8,819	78,423
Dongbu Insurance	2,696	139,468
E-Mart	3,021	588,266
Hanwha	2,800	92,316
Hyosung	3,619	346,044
Hyundai Development Co-Engineering & Construction	4,600	212,937
Industrial Bank of Korea	30,106	346,896
Kangwon Land	14,974	531,179
KB Financial Group	22,851	678,320
Korea Electric Power	17,919	737,695
Korea Investment Holdings	362	18,587
KT&G	6,246	588,882
LG Chem	2,166	526,309
LG Display	18,164	346,105
LG Household & Health Care	901	650,861
Lotte Chemical	4,468	1,026,287
Lotte Shopping	2,165	524,840

STATEMENT OF INVESTMENTS (continued)


Common Stocks - 54.4% (continued)	Shares	Value ($)
South Korea - 8.7% (continued)
Mirae Asset Securities	6,390	151,675
NCSoft	673	107,914
Samsung Electronics	4,241	4,078,556
Samsung Fire & Marine Insurance	2,416	566,942
Shinsegae	1,383	276,686
SK Hynix	23,296	665,738
SK Telecom	2,476	548,427
S-Oil	13,562	723,114
		16,276,989
Taiwan - 5.3%
Advanced Semiconductor Engineering	721,000	788,727
Cathay Financial Holding	492,000	673,177
Chailease Holding	78,688	123,433
China Development Financial Holding	2,899,000	781,169
Compal Electronics	529,000	300,824
CTBC Financial Holding	895,873	462,114
E.Sun Financial Holding	240,298	141,446
Far EasTone Telecommunications	180,000	388,514
Foxconn Technology	79,770	230,345
Hon Hai Precision Industry	373,228	976,257
Innolux	546,000	171,320
Largan Precision	9,000	706,555
Mega Financial Holding	737,000	511,466
Nan Ya Plastics	192,000	325,651
Pegatron	445,000	1,095,937
Pou Chen	218,000	329,212
Ruentex Industries	84,000	149,176
SinoPac Financial Holdings	797,434	250,562
Taiwan Semiconductor Manufacturing	309,000	1,233,066
Zhen Ding Technology Holding	132,000	380,024
		10,018,975
Thailand - 1.5%
Advanced Info Service, NVDR	60,600	377,868
PTT	81,300	539,681
PTT Exploration & Production, NVDR	67,400	130,637
PTT Global Chemical, NVDR	268,400	398,830
Siam Cement, NVDR	5,050	64,687
Thai Beverage	1,123,000	542,374
Thai Oil	263,800	384,650


Common Stocks - 54.4% (continued)	Shares		Value ($)
Thailand - 1.5% (continued)
Thai Union Group, NVDR	712,700		362,250
			2,800,977
Turkey - 1.8%
Emlak Konut Gayrimenkul Yatirim Ortakligi	431,125		357,778
Eregli Demir ve Celik Fabrikalari	276,652		341,296
TAV Havalimananlari Holdings	50,203		394,397
Tofas Turk Otomobil Fabrikasi	29,814		177,253
Tupras Turkiye Petrol Rafinerileri	43,012	^a	1,053,563
Turk Hava Yollari	160,843	^a	424,041
Turkiye Halk Bankasi	119,654		399,638
Turkiye Is Bankasi, Cl. C	156,376		243,552
			3,391,518
United Arab Emirates - .7%
Abu Dhabi Commercial Bank	91,571		190,835
Dubai Islamic Bank	236,847		434,139
Emaar Properties	361,369		636,434
First Gulf Bank	33,478		127,278
			1,388,686
United States - 2.2%
iShares China Large-Cap ETF	22,626		802,544
iShares MSCI Brazil Capped ETF	34,738		762,499
iShares MSCI Indonesia ETF	45,844		810,980
iShares MSCI Mexico Capped ETF	17,741		914,726
Market Vectors Russia ETF	55,568		872,418
			4,163,167
Total Common Stocks (cost $114,369,346)			102,292,214
Preferred Stocks - 1.3%
Brazil - 1.2%
AES Tiete	9,800		34,780
Banco Bradesco	46,620		251,886
Banco do Estado do Rio Grande do Sul, Cl. B	133,200		187,478
Cia Energetica de Minas Gerais	121,300		213,870
Cia Energetica de Sao Paulo, Cl. B	33,800		129,675
Cia Paranaense de Energia, Cl. B	16,400		135,022
Itau Unibanco Holding	73,990		494,760
Suzano Papel e Celulose, Cl. A	74,800		363,953
Telefonica Brasil	36,900		341,310
			2,152,734
Chile - .0%
Sociedad Quimica y Minera de Chile, Cl. B	5,220		75,746

STATEMENT OF INVESTMENTS (continued)


Preferred Stocks - 1.3% (continued)	Shares		Value ($)
Colombia - .1%
Banco Davivienda	7,437		57,756
Grupo Aval Acciones y Valores	190,623		72,538
			130,294
South Korea - .0%
Samsung Electronics	93		72,463
Total Preferred Stocks (cost $4,245,891)			2,431,237
Rights - .0%	Number of Rights		Value ($)
China - .0%
Fosun International	18,144	^a	0
South Korea - .0%
Mirae Asset Securities	5,567	^a	24,821
Total Rights (cost $35,222)			24,821
Other Investment - 42.2%	Shares		Value ($)
Registered Investment Company - 42.2%
Dreyfus Global Emerging Markets Fund, Cl. Y	5,310,332	^d	63,777,089
Dreyfus Strategic Beta Emerging Markets Fund, Cl. Y	1,591,548	^e	15,406,187
			79,183,276
Total Other Investment (cost $86,448,841)
Total Investments (cost $205,099,300)	97.9%		183,931,548
Cash and Receivables (Net)	2.1%		4,011,645
Net Assets	100.0%		187,943,193

ADR—American Depository Receipt

ETF—Exchange-Traded Fund

GDR—Global Depository Receipt

NVDR—Non-Voting Depository Receipt

^a Non-income producing security.

^b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2015, this security was valued at $272,313, or 0.1% of net assets.

^c The valuation of these securities has been determined in good faith by management under the direction of the Board of Trustees. At September 30, 2015, the value of these securities amounted to $743,037 or 0.4% of net assets.

^d The fund's investment in the Dreyfus Global Emerging Markets Fund represents 34.0% of the fund's total investments. The Dreyfus Global Emerging Markets Fund seeks to provide long-term capital appreciation.

^e The fund's investment in the Dreyfus Strategic Beta Emerging Markets Fund represents 8.2% of the fund's total investments. Dreyfus Strategic Beta Emerging Markets Fund seeks to provide long-term capital appreciation.


Portfolio Summary (Unaudited) ^†	Value (%)
Mutual Fund: Foreign	42.2
Financials	16.6
Information Technology	9.3
Telecommunication Services	4.4
Energy	4.3
Consumer Discretionary	3.8
Consumer Staples	3.8
Industrials	3.8
Materials	3.4
Health Care	2.4
Exchange-Traded Funds	2.2
Utilities	1.7
	97.9

^†Based on net assets.

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2015


	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments:
Unaffiliated issuers	118,650,459	104,748,272
Affiliated issuers	86,448,841	79,183,276
Cash		2,995,396
Cash denominated in foreign currency	1,244,666	1,239,962
Receivable for investment securities sold		543,765
Receivable for shares of Beneficial Interest subscribed		509,843
Dividends receivable		231,021
Unrealized appreciation on forward foreign currency exchange contracts—Note 4		641
Prepaid expenses		27,385
		189,479,561
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 3(c)		188,596
Payable for investment securities purchased		841,489
Payable for shares of Beneficial Interest redeemed		464,704
Accrued expenses		41,579
		1,536,368
Net Assets ($)		187,943,193
Composition of Net Assets ($):
Paid-in capital		220,158,240
Accumulated undistributed investment income—net		939,779
Accumulated net realized gain (loss) on investments		(11,956,624)
Accumulated net unrealized appreciation (depreciation) on investments and foreign currency transactions		(21,198,202)
Net Assets ($)		187,943,193


Net Asset Value Per Share	Class A	Class C	Class I	Class Y
Net Assets ($)	1,153,287	291,487	2,839,658	183,658,761
Shares Outstanding	66,947	17,663	165,509	10,688,768
Net Asset Value Per Share ($)	17.23	16.50	17.16	17.18

See notes to financial statements.

STATEMENT OF OPERATIONS

Year Ended September 30, 2015




Investment Income ($):
Income:
Cash dividends (net of $384,252 foreign taxes withheld at source):
Unaffiliated issuers					3,321,678
Affiliated issuers					205,369
Total Income					3,527,047
Expenses:
Investment advisory fee—Note 3(a)					1,366,262
Custodian fees—Note 3(c)					176,312
Administration fee—Note 3(a)					112,938
Registration fees					60,977
Professional fees					42,673
Prospectus and shareholders’ reports					19,920
Trustees' fees and expenses—Note 3(d)					12,758
Shareholder servicing costs—Note 3(c)					4,707
Loan commitment fees—Note 2					2,024
Distribution fees—Note 3(b)					1,259
Miscellaneous					58,037
Total Expenses					1,857,867
Less—reduction in fees due to earnings credits—Note 3(c)					(3)
Net Expenses					1,857,864
Investment Income—Net					1,669,183
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments and foreign currency transactions:
Unaffiliated issuers					(10,543,706)
Affiliated issuers					(890,949)
Net realized gain (loss) on forward foreign currency exchange contracts					(95,621)
Capital gain distributions from affiliated issuers					526,094
Net Realized Gain (Loss)					(11,004,182)
Net unrealized appreciation (depreciation) on investments and foreign currency transactions:
Unaffiliated issuers					(16,796,845)
Affiliated issuers					(12,942,351)
Net unrealized appreciation (depreciation) on forward foreign currency exchange contracts					4,373
Net Unrealized Appreciation (Depreciation)					(29,734,823)
Net Realized and Unrealized Gain (Loss) on Investments					(40,739,005)
Net (Decrease) in Net Assets Resulting from Operations					(39,069,822)

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS



	Year Ended September 30,
	2015	2014	^a
Operations ($):
Investment income—net	1,669,183	984,444
Net realized gain (loss) on investments	(11,004,182)	1,584,567
Net unrealized appreciation (depreciation) on investments	(29,734,823)	8,125,999
Net Increase (Decrease) in Net Assets Resulting from Operations	(39,069,822)	10,695,010
Dividends to Shareholders from ($):
Investment income—net:
Class A	(1,232)	(1,321)
Class I	(16,426)	(38,708)
Class Y	(1,538,438)	-
Net realized gain on investments:
Class A	(1,947)	-
Class C	(673)	-
Class I	(18,839)	-
Class Y	(1,764,369)	-
Total Dividends	(3,341,924)	(40,029)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Class A	1,342,600	129,686
Class C	296,721	84,928
Class I	4,261,358	1,802,991
Class Y	110,725,943	186,859,039
Dividends reinvested:
Class A	3,179	1,321
Class C	673	-
Class I	27,489	7,090
Class Y	1,232,674	-
Cost of shares redeemed:
Class A	(183,344)	(53,303)
Class C	(10,139)	(95,379)
Class I	(1,781,281)	(4,484,417)
Class Y	(74,465,022)	(9,568,065)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions	41,450,851	174,683,891
Total Increase (Decrease) in Net Assets	(960,895)	185,338,872
Net Assets ($):
Beginning of Period	188,904,088	3,565,216
End of Period	187,943,193	188,904,088
Undistributed investment income—net	939,779	573,672



	Year Ended September 30,
	2015	2014	^a
Capital Share Transactions:
Class A
Shares sold	66,158	5,929
Shares issued for dividends reinvested	157	64
Shares redeemed	(9,169)	(2,515)
Net Increase (Decrease) in Shares Outstanding	57,146	3,478
Class C
Shares sold	14,765	4,201
Shares issued for dividends reinvested	35	-
Shares redeemed	(492)	(4,703)
Net Increase (Decrease) in Shares Outstanding	14,308	(502)
Class I^b
Shares sold	218,705	90,912
Shares issued for dividends reinvested	1,371	350
Shares redeemed	(89,902)	(220,231)
Net Increase (Decrease) in Shares Outstanding	130,174	(128,969)
Class Y^b
Shares sold	5,632,680	9,318,728
Shares issued for dividends reinvested	61,388	-
Shares redeemed	(3,865,948)	(458,080)
Net Increase (Decrease) in Shares Outstanding	1,828,120	8,860,648
^aEffective January 31, 2014, the fund commenced offering Class Y shares.
^bDuring the period ended September 30, 2014, 12,340 Class I shares representing $272,093 were exchanged for 12,317 Class Y shares.

See notes to financial statements.

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 September 30,
Class A Shares	2015		2014		2013	2012	2011
Per Share Data ($):
Net asset value, beginning of period	21.34		20.58		19.78	21.86	26.99
Investment Operations:
Investment income—net^a	.09		.05		.23	.07	.09
Net realized and unrealized gain (loss) on investments	(3.88)		.98		.57	2.15	(5.14)
Total from Investment Operations	(3.79)		1.03		.80	2.22	(5.05)
Distributions:
Dividends from investment income—net	(.13)		(.28)		–	(.08)	(.08)
Dividends from net realized gain on investments	(.20)		—		—	(4.22)	—
Total Distributions	(.33)		(.28)		—	(4.30)	(.08)
Proceeds from redemption fees^b	.01		.01		—	—	—
Net asset value, end of period	17.23		21.34		20.58	19.78	21.86
Total Return (%)^c	(18.00)		5.14		3.99	12.48	(18.77)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.42	^d	4.80	^d	6.20	5.55	3.66
Ratio of net expenses to average net assets	1.42	^d	1.60	^d	1.60	2.25	2.25
Ratio of net investment income to average net assets	.47	^d	.22	^d	1.10	.36	.30
Portfolio Turnover Rate	78.32		128.76		67.74	70.79	75.59
Net Assets, end of period ($ x 1,000)	1,153		209		130	107	158

^a Based on average shares outstanding.

^b See Note 3(e).

^c Exclusive of sales charge.

^d Amount does not include the expenses of the underlying funds.

See notes to financial statements.



	Year Ended September 30,
Class C Shares	2015		2014		2013	2012	2011
Per Share Data ($):
Net asset value, beginning of period	20.44		19.60		18.98	21.23	26.36
Investment Operations:
Investment income (loss)—net^a	.04		(.16)		.04	(.14)	(.16)
Net realized and unrealized gain (loss) on investments	(3.79)		.99		.58	2.14	(4.97)
Total from Investment Operations	(3.75)		.83		.62	2.00	(5.13)
Distributions:
Dividends from investment income—net	—		—		—	(.03)	—
Dividends from net realized gain on investments	(.20)		—		—	(4.22)	—
Total Distributions	(.20)		—		—	(4.25)	—
Proceeds from redemption fees^b	.01		.01		—	—	—
Net asset value, end of period	16.50		20.44		19.60	18.98	21.23
Total Return (%)^c	(18.44)		4.34		3.21	11.63	(19.43)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	2.08	^d	6.10	^d	6.62	5.79	3.92
Ratio of net expenses to average net assets	2.08	^d	2.35	^d	2.35	3.00	3.00
Ratio of net investment income (loss) to average net assets	.22	^d	(.77)	^d	.22	(.69)	(.58)
Portfolio Turnover Rate	78.32		128.76		67.74	70.79	75.59
Net Assets, end of period ($ x 1,000)	291		69		76	91	157

^a Based on average shares outstanding.

^b See Note 3(e).

^c Exclusive of sales charge.

^d Amount does not include the expenses of the underlying funds.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)



	Year Ended September 30,
Class I Shares	2015		2014		2013	2012	2011
Per Share Data ($):
Net asset value, beginning of period	21.16		20.45		19.60	21.82	26.79
Investment Operations:
Investment income (loss)—net^a	.16		(.30)		.26	.24	.25
Net realized and unrealized gain (loss) on investments	(3.79)		1.34		.59	2.10	(5.11)
Total from Investment Operations	(3.63)		1.04		.85	2.34	(4.86)
Distributions:
Dividends from investment income—net	(.18)		(.34)		—	(.34)	(.11)
Dividends from net realized gain on investments	(.20)		—		—	(4.22)	—
Total Distributions	(.38)		(.34)		—	(4.56)	(.11)
Proceeds from redemption fees^b	.01		.01		—	—	—
Net asset value, end of period	17.16		21.16		20.45	19.60	21.82
Total Return (%)	(17.44)		5.32		4.23	13.36	(18.27)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.99	^c	3.57	^c	5.39	4.66	2.83
Ratio of net expenses to average net assets	.99	^c	1.35	^c	1.35	1.50	1.50
Ratio of net investment income (loss) to average net assets	.83	^c	(.63)	^c	1.27	1.19	.90
Portfolio Turnover Rate	78.32		128.76		67.74	70.79	75.59
Net Assets, end of period ($ x 1,000)	2,840		748		3,359	4,291	8,090

^a Based on average shares outstanding.

^b See Note 3(e).

^c Amount does not include the expenses of the underlying funds.

See notes to financial statements.



	Year Ended September 30,
Class Y Shares	2015	2014	^a
Per Share Data ($):
Net asset value, beginning of period	21.20	19.03
Investment Operations:
Investment income—net^b	.17	.14
Net realized and unrealized gain (loss) on investments	(3.82)	2.02
Total from Investment Operations	(3.65)	2.16
Distributions:
Dividends from investment income—net	(.18)	—
Dividends from net realized gain on investments	(.20)	—
Total Distributions	(.38)	—
Proceeds from redemption fees^c	.01	.01
Net asset value, end of period	17.18	21.20
Total Return (%)	(17.44)	11.40	^d
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets^e	.93	1.29	^f
Ratio of net expenses to average net assets^e	.93	1.29	^f
Ratio of net investment income to average net assets^e	.84	1.03	^f
Portfolio Turnover Rate	78.32	128.76
Net Assets, end of period ($ x 1,000)	183,659	187,879

^a From the close of business on January 31, 2014 (commencement of initial offering) to September 30, 2014.

^b Based on average shares outstanding.

^c See Note 3(e).

^d Not annualized.

^e Amount does not include the expenses of the underlying funds.

^f Annualized.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Dreyfus Diversified Emerging Markets 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 seven 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. Mellon Capital Management Corporation (“Mellon Capital”) and The Boston Company Asset Management, LLC (“TBCAM”), each a wholly-owned subsidiary of BNY Mellon and an affiliate of Dreyfus, serve as the fund’s sub-investment advisers.

MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, 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, Class I and Class Y. Class A and Class C shares are sold primarily to retail investors through financial intermediaries and bear Distribution and/or Shareholder Services Plan fees. Class A shares generally 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, and its affiliates), 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 Plan fees. Class Y shares are sold at net asset value per share generally to institutional investors, and bear no Distribution or Shareholder Services Plan fees. Class I and Class Y 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.

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 (“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.

(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.

NOTES TO FINANCIAL STATEMENTS (continued)

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. For open short positions, asked prices are 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 generally categorized within Level 1 of the fair value hierarchy.

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. These securities are generally categorized within Level 2 of the fair value hierarchy.

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 financial futures. 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 Trust’s Board of Trustees (the “Board”). 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 within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally 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 and are generally categorized within Level 2 of the fair value hierarchy.

The following is a summary of the inputs used as of September 30, 2015 in valuing the fund’s investments:


Assets ($)	Level 1 Unadjusted Quoted Prices	Level 2 - Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs	Total
Investments in Securities:
Equity Securities - Foreign Common Stocks^†	2,647,457	94,738,553	^††	743,037	98,129,047
Equity Securities - Foreign Preferred Stocks^†	—	2,431,237	^††	—	2,431,237
Exchange-Traded Funds	4,163,167	-		—	4,163,167
Mutual Funds	79,183,276	-		—	79,183,276
Rights^†	—	24,821	^††	—	24,821
Other Financial Instruments:
Forward Foreign Currency Exchange Contracts^†††	—	641		—	641

^† See Statement of Investments for additional detailed categorizations.

^†† Securities classified within Level 2 at period end as the values were determined pursuant to the fund’s fair valuation procedures. See note above for additional information.

^†††Amount shown represents unrealized appreciation at period end.

At September 30, 2014, no exchange traded foreign equity securities were classified within Level 2 of the fair value hierarchy.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine the fair value:

NOTES TO FINANCIAL STATEMENTS (continued)


	Equity Securities - Foreign Common Stocks ($)
Balance as of 9/30/2014	—
Realized gain (loss)	—
Change in unrealized appreciation (depreciation)	(137,832)
Purchases	—
Sales	—
Transfer into Level 3^†	880,869
Transfer out of Level 3	—
Balance as of 9/30/2015	743,037
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to investments still held at 9/30/2015	(137,832)

^† Transfers into or out of Level 3 represent the value at the date of transfer. The transfer into Level 3 for the current period was due to the extended trading halt of foreign common stocks.

(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 the 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 foreign currency transactions are also 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.

(d) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” under the Act. Investments in affiliated investment companies during the period ended September 30, 2015 were as follows:


Affiliated Investment Company	Value 9/30/2014 ($)	Purchases ($)	^†	Sales ($)	Net Realized Gain (Loss) ($)
Dreyfus Global Emerging Markets Fund, Cl. Y	64,803,821	21,675,144		9,168,292	(892,117)
Dreyfus Strategic Beta Emerging Markets Fund, Cl. Y	—	16,089,587		383,684	1,168
Total	64,803,821	37,764,731		9,551,976	(890,949)



Affiliated Investment Company	Change in Net Unrealized Appreciation (Depreciation) ($)	Value 9/30/2015 ($)	Net Assets (%)	Dividends/ Distributions ($)
Dreyfus Global Emerging Markets Fund, Cl. Y	(12,641,467)	63,777,089	34.0	731,463
Dreyfus Strategic Beta Emerging Markets Fund, Cl. Y	(300,884)	15,406,187	8.2	—
Total	(12,942,351)	79,183,276	42.2	731,463

^† Includes reinvested dividends/distributions.

(e) Risk: 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.

(f) 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.

(g) 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.

NOTES TO FINANCIAL STATEMENTS (continued)

As of and during the period ended September 30, 2015, 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 ended September 30, 2015, the fund did not incur any interest or penalties.

Each tax year in the four-year period ended September 30, 2015 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At September 30, 2015, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $959,398 and unrealized depreciation $23,871,378. In addition, the fund had $9,303,067 of capital losses realized after October 31, 2014, which were deferred for tax purposes to the first day of the following fiscal year.

The tax character of distributions paid to shareholders during the fiscal periods ended September 30, 2015 and September 30, 2014 were as follows: ordinary income $3,181,778 and $40,029, and long term capital gains $160,146 and $0, respectively.

During the period ended September 30, 2015, as a result of permanent book to tax differences, primarily due to the tax treatment for foreign currency gains and losses, passive foreign investment companies, foreign capital gain taxes, short-term capital gains distributions from regulated investment company holdings and dividend reclassification, the fund increased accumulated undistributed investment income-net by $253,020 and decreased accumulated net realized gain (loss) on investments by the same amount. 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 $430 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. Prior to October 8, 2014, the unsecured credit facility with Citibank, N.A. was $265 million. 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 September 30, 2015, the fund did not borrow under the Facilities.

NOTE 3—Investment Advisory Fee, Sub-Investment Advisory Fee, Administration Fee and Other Transactions with Affiliates:

(a) Pursuant to an investment advisory agreement with Dreyfus, the fund has agreed to pay an investment advisory fee at the annual rate of 1.10% of the value of the fund’s average daily net assets other than assets allocated to investments in other investment companies (other underlying funds, which may consist of affiliated funds, mutual funds and exchange traded funds) and is payable monthly. Dreyfus had contractually agreed, from October 1, 2014 through October 31, 2014 to waive receipt of its fees and/or assume the expenses of the fund so that the direct expenses of the fund (excluding Rule 12b-1 Distribution Plan fees, Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings, acquired fund fees and expenses of the underlying fund and extraordinary expenses) did not exceed 1.35% of the fund’s average daily net assets. Dreyfus has also contractually agreed, from November 1, 2014 through February 1, 2016, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the expenses of Class A, C, I and Y shares (excluding certain expenses as described above) do not exceed 1.35%, 1.35%, 1.35% and 1.30% of the value of the respective class’ average daily net assets. During the period ended September 30, 2015, there was no reduction in expenses pursuant to the undertaking.

Pursuant to separate sub-investment advisory agreements between Dreyfus, TBCAM and Mellon Capital, each serves as the fund’s sub-investment adviser responsible for the day-to–day management of a portion of the fund’s portfolio. Dreyfus pays each sub-investment adviser a monthly fee at an annual percentage of the value of the fund’s average daily net assets. Dreyfus has obtained an exemptive order from the SEC (the “Order”), upon which the fund may rely, to use a manager of managers approach that permits Dreyfus, subject to certain conditions and approval by the Board, to enter into and materially amend sub-investment advisory agreements with one or more sub-investment advisers who are either unaffiliated with Dreyfus or are wholly-owned subsidiaries (as defined under the Act) of Dreyfus’ ultimate parent company, BNY Mellon, without obtaining shareholder approval. The Order also allows the fund to disclose the sub-investment advisory fee paid by Dreyfus to any unaffiliated sub-investment adviser in the aggregate with other unaffiliated sub-investment advisers in documents filed with the SEC and provided to shareholders. In addition, pursuant to the Order, it is not necessary to disclose the sub-investment advisory fee payable by Dreyfus separately to a sub-investment adviser that is a wholly-owned subsidiary of BNY Mellon in documents filed with the SEC and provided to shareholders; such fees

NOTES TO FINANCIAL STATEMENTS (continued)

are to be aggregated with fees payable to Dreyfus. Dreyfus has ultimate responsibility (subject to oversight by the Board) to supervise any sub-investment adviser and recommend the hiring, termination, and replacement of any sub-investment adviser to the Board.

The fund has a Fund Accounting and Administrative Services 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 and recordkeeping 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 incurred in performing this service for the fund. Pursuant to the Administration Agreement, the fund was charged $112,938 during the period ended September 30, 2015.

During the period ended September 30, 2015, the Distributor retained $228 from commissions earned on sales of the fund's Class A shares.

(b) Under the Distribution 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 its average daily net assets. During the period ended September 30, 2015, Class C shares were charged $1,259 pursuant to the Distribution 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 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 (securities dealers, financial institutions or other industry professionals) with respect to these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended

September 30, 2015, Class A and Class C shares were charged $1,103 and $419, respectively, pursuant to the Shareholder Services Plan.

Under its terms, the Distribution 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 the Trust and who have no direct or indirect financial interest in the operation of or in any agreement related to the Distribution Plan or Shareholder Services Plan.

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

The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the fund. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended September 30, 2015, the fund was charged $2,135 for transfer agency services and $80 for cash management services. These fees are included in Shareholder servicing costs in the Statement of Operations. Cash management fees were partially offset by earnings credits of $3.

The fund compensates The Bank of New York Mellon under a custody agreement for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended September 30, 2015, the fund was charged $176,312 pursuant to the custody agreement.

During the period ended September 30, 2015, the fund was charged $11,078 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 $97,384, administration fees $9,456, Distribution Plan fees $180, Shareholder Services Plan fees $288, custodian fees $78,119, Chief Compliance Officer fees $2,606 and transfer agency fees $563.

(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.

NOTES TO FINANCIAL STATEMENTS (continued)

(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 certain exceptions, including redemptions made through use of the fund’s exchange privilege. During the period ended September 30, 2015, redemption fees charged and retained by the fund amounted to $73,018.

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 September 30, 2015, amounted to $190,629,385 and $152,700,857, respectively.

Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. The fund enters into International Swaps and Derivatives Association, Inc. Master Agreements or similar agreements (collectively, “Master Agreements”) with its over-the-counter (“OTC”) derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties. Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under a Master Agreement, the fund may offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment in the event of default or termination.

Each type of derivative instrument that was held by the fund during the period ended September 30, 2015 is discussed below.

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 generally limited to the unrealized gain on each open contract. This risk may be mitigated by Master Agreements, if any, between the fund and the counterparty and the posting of collateral, if any, by the counterparty to the fund to cover the fund’s exposure to the counterparty. The following summarizes open forward contracts at September 30, 2015:


Forward Foreign Currency Exchange Contracts	Foreign Currency Amounts	Cost ($)	Value ($)	Unrealized Appreciation ($)
Purchases:
Northern Trust Bank
Turkish Lira,
Expiring
10/1/2015	1,211,986	399,969	400,610	641
Gross Unrealized Appreciation				641

The provisions of ASC Topic 210 “Disclosures about Offsetting Assets and Liabilities” require disclosure on the offsetting of financial assets and liabilities. These disclosures are required for certain investments, including derivative financial instruments subject to Master Agreements which are eligible for offsetting in the Statement of Assets and Liabilities and require the fund to disclose both gross and net information with respect to such investments. For financial reporting purposes, the fund does not offset derivative assets and derivative liabilities that are subject to Master Agreements in the Statement of Assets and Liabilities.

At September 30, 2015, derivative assets and liabilities (by type) on a gross basis are as follows:


Derivative Financial Instruments:	Assets ($)	Liabilities ($)
Forward contracts	641	-
Total gross amount of derivative
assets and liabilities in the
Statement of Assets and Liabilities	641	-
Derivatives not subject to
Master Agreements	-	-
Total gross amount of assets
and liabilities subject to
Master Agreements	641	-

NOTES TO FINANCIAL STATEMENTS (continued)

The following table presents derivative assets net of amounts available for offsetting under Master Agreements and net of related collateral received or pledged, if any, as of September 30, 2015:


			Financial
			Instruments
			and Derivatives
	Gross Amount of		Available	Collateral	Net Amount of
Counterparty	Assets ($)	¹	for Offset ($)	Received ($)	Assets ($)
Northern Trust Bank	641		-	-	641


¹Absent a default event or early termination, OTC derivative assets and liabilities are presented at gross amounts and are not offset in the Statement of Assets and Liabilities.

The following summarizes the average market value of derivatives outstanding during the period ended September 30, 2015:


				Average Market Value ($)
Forward contracts				485,589

At September 30, 2015, the cost of investments for federal income tax purposes was $207,772,476; accordingly, accumulated net unrealized depreciation on investments was $23,840,928, consisting of $4,192,216 gross unrealized appreciation and $28,033,144 gross unrealized depreciation.

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of
Dreyfus Investment Funds

We have audited the accompanying statement of assets and liabilities of Dreyfus Diversified Emerging Markets Fund (the “Fund”), a series of Dreyfus Investment Funds, including the statement of investments, as of September 30, 2015, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or period in the five-year period then ended. 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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2015, by correspondence with the custodian and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. 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 Emerging Markets Fund as of September 30, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or period in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York
November 25, 2015

IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund elects to provide each shareholder with their portion of the fund's income sourced from foreign countries and taxes paid from foreign countries. The fund reports the maximum amount allowable but not less than $3,694,873 as income sourced from foreign countries for the fiscal year ended September 30, 2015 in accordance with Section 853(c)(2) of the Internal Revenue Code and also the fund reports the maximum amount allowable but not less than $526,513 as taxes paid from foreign countries for the fiscal year ended September 30, 2015 in accordance with Section 853(a) of the Internal Revenue Code. Where required by federal tax law rules, shareholders will receive notification of their proportionate share of foreign sourced income and foreign taxes paid for the 2015 calendar year with Form 1099-DIV which will be mailed in early 2016. Also the fund reports the maximum amount allowable, but not less than $1,856,646 as ordinary income dividends paid during the fiscal year ended September 30, 2015 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. The fund reports the maximum amount allowable but not less than $.0186 per share as a long-term capital gain dividend in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. The fund reports the maximum amount allowable but not less than $.1821 per share as a short-term capital gain dividend in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.

BOARD MEMBERS INFORMATION (Unaudited)

INDEPENDENT BOARD MEMBERS

Joseph S. DiMartino (71)

Chairman of the Board (2008)

Principal Occupation During Past 5 Years:

· Corporate Director and Trustee (1995-present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies, Director (1997-present)

· 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: 142

———————

Francine J. Bovich (64)

Board Member (2011)

Principal Occupation During Past 5 Years:

· Trustee, The Bradley Trusts, private trust funds (2011-present)

· Managing Director, Morgan Stanley Investment Management (1993-2010)

Other Public Company Board Memberships During Past 5 Years:

· Annaly Capital Management, Inc., Board Member (May 2014-present)

No. of Portfolios for which Board Member Serves: 80

———————

Kenneth A. Himmel (69)

Board Member (2008)

Principal Occupation During Past 5 Years:

· Managing Partner, Gulf Related, an international real estate development company (2010-present)

· President and CEO, Related Urban Development, a real estate development company (1996-present)

· President and CEO, Himmel & Company, a real estate development company (1980-present)

· CEO, American Food Management, a restaurant company (1983-present)

No. of Portfolios for which Board Member Serves: 30

———————

BOARD MEMBERS INFORMATION (Unaudited) (continued)
INDEPENDENT BOARD MEMBERS (continued)

Stephen J. Lockwood (68)

Board Member (2008)

Principal Occupation During Past 5 Years:

· Chairman of the Board, Stephen J. Lockwood and Company LLC, a real estate investment company (2000-present)

No. of Portfolios for which Board Member Serves: 30

———————

Roslyn M. Watson (65)

Board Member (2008)

Principal Occupation During Past 5 Years:

· Principal, Watson Ventures, Inc., a real estate investment company (1993-present)

No. of Portfolios for which Board Member Serves: 66

———————

Benaree Pratt Wiley (69)

Board Member (2008)

Principal Occupation During Past 5 Years:

· Principal, The Wiley Group, a firm specializing in strategy and business development (2005-present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies, Director (2008-present)

No. of Portfolios for which Board Member Serves: 66

———————

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 c/o The Dreyfus Corporation, 200 Park Avenue, New York, New York 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.

James M. Fitzgibbons, Emeritus Board Member
J. Tomlinson Fort, 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, Chairman of Dreyfus Transfer, Inc., an affiliate of the Manager and the transfer agent of the funds, since May 2011 and Executive Vice President of the Distributor since June 2007. 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 68 investment companies (comprised of 142 portfolios) managed by the Manager. He is 56 years old and has been an employee of the Manager since February 1988.

BENNETT A. MACDOUGALL, Chief Legal Officer since October 2015

Chief Legal Officer of the Manager since June 2015; from June 2005 to June 2015, Director and Associate General Counsel of Deutsche Bank – Asset & Wealth Management Division, and Chief Legal Officer of Deutsche Investment Management Americas Inc. He is an officer of 69 investment companies (comprised of 167 portfolios) managed by the Manager. He is 44 years old and has been an employee of the Manager since June 2015.

JANETTE E. FARRAGHER, Vice President and Secretary since December 2011.

Assistant General Counsel of BNY Mellon, and an officer of 69 investment companies (comprised of 167 portfolios) managed by the Manager. She is 52 years old and has been an employee of the Manager since February 1984.

JAMES BITETTO, Vice President and Assistant Secretary since December 2008.

Managing Counsel of BNY Mellon and Secretary of the Manager, and an officer of 69 investment companies (comprised of 167 portfolios) managed by the Manager. He is 49 years old and has been an employee of the Manager since December 1996.

JONI LACKS CHARATAN, Vice President and Assistant Secretary since December 2008.

Managing Counsel of BNY Mellon, and an officer of 69 investment companies (comprised of 167 portfolios) managed by the Manager. She is 59 years old and has been an employee of the Manager since October 1988.

JOSEPH M. CHIOFFI, Vice President and Assistant Secretary since December 2008.

Managing Counsel of BNY Mellon, and an officer of 69 investment companies (comprised of 167 portfolios) managed by the Manager. He is 53 years old and has been an employee of the Manager since June 2000.

JOHN B. HAMMALIAN, Vice President and Assistant Secretary since December 2008.

Senior Managing Counsel of BNY Mellon, and an officer of 69 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 1991.

MAUREEN E. KANE, Vice President and Assistant Secretary since April 2015.

Managing Counsel of BNY Mellon since July 2014; from October 2004 until July 2014, General Counsel, and from May 2009 until July 2014, Chief Compliance Officer of Century Capital Management. She is an officer of 69 investment companies (comprised of 167 portfolios) managed by the Manager. She is 53 years old and has been an employee of the Manager since July 2014.

SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.

Senior Counsel of BNY Mellon, and an officer of 69 investment companies (comprised of 167 portfolios) managed by the Manager; from August 2005 to March 2013, Associate General Counsel of Third Avenue Management. She is 40 years old and has been an employee of the Manager since March 2013.

JEFF PRUSNOFSKY, Vice President and Assistant Secretary since December 2008.

Senior Managing Counsel of BNY Mellon, and an officer of 69 investment companies (comprised of 167 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since October 1990.

JAMES WINDELS, Treasurer since December 2008.

Director – Mutual Fund Accounting of the Manager, and an officer of 69 investment companies (comprised of 167 portfolios) managed by the Manager. He is 57 years old and has been an employee of the Manager since April 1985.

OFFICERS OF THE FUND (Unaudited) (continued)

RICHARD CASSARO, Assistant Treasurer since December 2008.

Senior Accounting Manager – Money Market and Municipal Bond Funds of the Manager, and an officer of 69 investment companies (comprised of 167 portfolios) managed by the Manager. He is 56 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 69 investment companies (comprised of 167 portfolios) managed by the Manager. He is 47 years old and has been an employee of the Manager since April 1991.

ROBERT S. ROBOL, Assistant Treasurer since December 2008.

Senior Accounting Manager – Fixed Income Funds of the Manager, and an officer of 69 investment companies (comprised of 167 portfolios) managed by the Manager. He is 51 years old and has been an employee of the Manager since October 1988.

ROBERT SALVIOLO, Assistant Treasurer since December 2008.

Senior Accounting Manager – Equity Funds of the Manager, and an officer of 69 investment companies (comprised of 167 portfolios) managed by the Manager. He is 48 years old and has been an employee of the Manager since June 1989.

ROBERT SVAGNA, Assistant Treasurer since December 2008.

JOSEPH W. CONNOLLY, Chief Compliance Officer since December 2008.

Chief Compliance Officer of the Manager and The Dreyfus Family of Funds (69 investment companies, comprised of 167 portfolios). He is 58 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.

NOTES

For More Information

Dreyfus Diversified Emerging Markets Fund

200 Park Avenue
New York, NY 10166

Manager

The Dreyfus Corporation
200 Park Avenue
New York, NY 10166

Sub-Investment Adviser

Mellon Capital Management Corporation
50 Fremont Street, Suite 3900
San Francisco, CA 94105

The Boston Company Asset Management, LLC
BNY Mellon Center One Boston Place
Boston, MA 02108

Custodian

The Bank of New York Mellon
225 Liberty Street
New York, NY 10286

Transfer Agent &
Dividend Disbursing Agent

Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166

Distributor

MBSC Securities Corporation
200 Park Avenue
New York, NY 10166


Ticker Symbols:	Class A: DBEAX Class C: DBECX Class I: SBCEX Class Y: SBYEX

Telephone Call your financial representative or 1-800-DREYFUS

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

E-mail Send your request to info@dreyfus.com

Internet Information can be viewed online or downloaded at www.dreyfus.com

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 www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (phone 1-800-SEC-0330 for information).

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 www.dreyfus.com and on the SEC’s website at www.sec.gov and without charge, upon request, by calling 1-800-DREYFUS.


© 2015 MBSC Securities Corporation 6919AR0915

Dreyfus/Newton International Equity Fund


		ANNUAL REPORT September 30, 2015

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

Contents

THE FUND

FOR MORE INFORMATION

Back Cover


	Dreyfus/Newton International Equity Fund		The Fund

A LETTER FROM THE PRESIDENT

Dear Shareholder:

We are pleased to present this annual report for Dreyfus/Newton International Equity Fund, covering the 12-month period from October 1, 2014, through September 30, 2015. 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.

Thank you for your continued confidence and support.

Sincerely,

J. Charles Cardona
President
The Dreyfus Corporation

October 15, 2015

DISCUSSION OF FUND PERFORMANCE

For the period of October 1, 2014, through September 30, 2015, as provided by Paul Markham, Lead Portfolio Manager of Newton Capital Management Limited, Sub-Investment Adviser

Fund and Market Performance Overview

For the 12-month period ended September 30, 2015, Dreyfus/Newton International Equity Fund’s Class A shares produced a total return of -5.58%, Class C shares returned -6.39%, Class I shares returned -5.37%, and Class Y shares returned -5.32%.¹ In comparison, the fund’s benchmark, the Morgan Stanley Capital International Europe, Australasia, Far East Index (“MSCI EAFE Index”), produced a total return of -8.66% for the same period.²

Developed equity markets lost ground during the reporting period amid heightened volatility stemming from global economic instability. The fund outperformed its benchmark, mainly due to strong contributions from consumer discretionary stocks and the Eurozone.

The Fund’s Investment Approach

The fund normally invests at least 80% of its assets in common stocks, securities convertible into common stocks of foreign companies, and in depositary receipts evidencing ownership in such securities. The process of selecting investments begins with Newton’s core list of global investment themes. These themes are based on observable economic, industrial, or social trends (typically global) that Newton believes will positively or negatively affect certain sectors or industries. The list of themes is discussed and updated on a regular basis. For instance, Newton’s Debt Burden theme asserts that excessive debt is weighing on economic activity, and that the way in which deleveraging occurs is critical to the outlook for economics and financial markets. Elsewhere, Newton’s Net Effects theme focuses upon the opportunities and risks inherent in the growth of information technology networks around the world.

International Equities Declined amid Volatility

Despite lackluster global macroeconomic data, monetary intervention by central banks helped push stock prices higher over the reporting period’s first half. A ramped-up quantitative easing program from the Bank of Japan in late October 2014 and new stimulative measures from the European Central Bank in January 2015 helped the MSCI EAFE Index rally from previous weakness.

In mid-May 2015, rebounding oil prices stoked inflation fears, and international stocks retreated, on average. This pattern continued throughout June, with international equities coming under particular pressure when Greece’s debt crisis intensified. Over the summer, disappointing economic data and dramatic stock market declines in China further eroded investor sentiment, and these fears were exacerbated in August when policymakers devalued the Chinese renminbi. Consequently, international equities fell into negative territory, led lower by Asian and emerging markets.

Fund Strategies Helped Cushion Market’s Decline

Our theme-driven investment process proved especially effective in the consumer discretionary sector, where successful stock selections included Japanese discount retailer Don Quijote Holdings, Chinese furniture manufacturer Man Wah Holdings, and Japanese

DISCUSSION OF FUND PERFORMANCE (continued)

restaurant chain Skylark. The fund also fared well due to underweighted exposure to and strong stock selections in the materials sector, as U.K.-based building materials company CRH ranked as one of the fund’s top-performing stocks and the fund avoided weakness in mining companies BHP Billiton and Glencore. In the industrials sector, Japan Airlines and Italian toll-road operator Atlantia added value. Underweighted exposure to the hard-hit energy sector also supported relative results.

On a geographic level, the Eurozone generated a significant portion of the fund’s outperformance over the reporting period. Stock selections in Germany, Italy, and the Netherlands produced favorable relative results. For example, German property developer LEG Immobilien’s generous dividend yield attracted investor attention early in the reporting period, and the company gained additional value after receiving a takeover bid. The fund’s underweighted position in the Asia Pacific ex-Japan region also proved beneficial, as did strong stock selections such as Hong Kong-listed insurer AIA Group and Chinese footwear retailer Belle International Holdings.

On a more negative note, holdings such as Softbank Group and TeliaSonera in the telecommunications services sector weighed on relative results, more than offsetting the positive effects of an overweighted sector position. Likewise, the benefits of overweighted exposure to the health care sector were undermined by detrimental stock selections, such as Topcon and Sanofi. From a country allocation perspective, our stock selection strategies in Brazil and the Philippines generally detracted from relative performance.

At times during the reporting period, the fund employed forward contracts to hedge its exposure to certain foreign currencies.

A Cautious and Selective Approach

Despite central banks’ aggressively accommodative monetary policies, we have seen a palpable loss of momentum in global economic activity. Given the structural challenges of ever-larger debt burdens, evidence of a shift from globalization to protectionism, and generally unpromising demographics, the global economy appears more fragile than policymakers suggest.

Consequently, we have maintained a focus on businesses with structural tailwinds-such as strong balance sheets, pricing power, and cost flexibility-at a price that affords some margin of safety. In broad terms, our approach continues to emphasize the importance of being highly selective, of thoroughly understanding the constituents of portfolios, and, most importantly, of knowing why we hold them.

October 15, 2015

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

Investing internationally involves special risks, including changes in currency exchange rates, political, economic and social instability, a lack of comprehensive company information, differing auditing and legal standards, and less market liquidity.

The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets. Derivatives can be highly volatile, illiquid, and difficult to value, and there is the risk that changes in the value of a derivative held by the fund will not correlate with the underlying instruments or the fund’s other investments.

results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.

²SOURCE: 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 Index does not take into account fees and expenses to which the fund is subject. Investors cannot invest directly in any index.

FUND PERFORMANCE

Comparison of change in value of $10,000 investment in Dreyfus/Newton International Equity Fund Class A shares, Class C shares, Class I shares and Class Y shares and the Morgan Stanley Capital International Europe Australasia Far East Index

^†Source: Lipper Inc.

^††The total return figures presented for Class A and Class C shares of the fund reflect the performance of the fund’s Class I shares for the period prior to 3/31/08 (the inception date for Class A and Class C shares), adjusted to reflect the applicable sales load for Class A shares.

The total return figures presented for Class Y shares of the fund reflect the performance of the fund’s Class I shares for the period prior to 7/1/13 (the inception date for Class Y shares).

Past performance is not predictive of future performance.

The above graph compares a $10,000 investment made in each of the Class A, Class C, Class I and Class Y shares of Dreyfus/Newton International Equity Fund on 12/21/05 (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. These factors can contribute to the Index potentially outperforming the fund. 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 9/30/15
	Inception			From
	Date	1 Year	5 Years	Inception
Class A shares
with maximum sales charge (5.75%)	3/31/08	-11.03%	3.32%	1.66%^††
without sales charge	3/31/08	-5.58%	4.54%	2.28%^††
Class C shares
with applicable redemption charge^†	3/31/08	-7.29%	3.72%	1.74%^††
without redemption	3/31/08	-6.39%	3.72%	1.74%^††
Class I shares	12/21/05	-5.37%	4.84%	2.49%
Class Y shares	7/1/13	-5.32%	4.88%^††	2.51%^††
Morgan Stanley Capital International
Europe Australasia Far East Index	12/31/05	-8.66%	3.98%	2.62%^†††

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

^††The total return performance figures presented for Class A and Class C shares of the fund reflect the performance of the fund’s Class I shares for the period prior to 3/31/08 (the inception date for Class A and Class C shares), adjusted to reflect the applicable sales load for Class A shares.

The total return performance figures presented for Class Y shares of the fund reflect the performance of the fund’s Class I shares for the period prior to 7/1/13 (the inception date for Class Y shares).

^†††The Index date is based on the life of Class I shares. For comparative purposes, the value of the Index as of the month end 12/31/05 is used as the beginning value on 12/21/05 (the inception date for Class I shares).

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/Newton International Equity Fund from April 1, 2015 to September 30, 2015. 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 September 30, 2015

	Class A	Class C	Class I	Class Y
Expenses paid per $1,000^†	$ 5.87	$ 9.51	$ 4.29	$ 4.24
Ending value (after expenses)	$919.60	$916.00	$920.90	$921.00

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 September 30, 2015

	Class A	Class C	Class I	Class Y
Expenses paid per $1,000^†	$ 6.17	$ 10.00	$ 4.51	$ 4.46
Ending value (after expenses)	$1,018.95	$1,015.14	$1,020.61	$1,020.66

^† Expenses are equal to the fund's annualized expense ratio of 1.22% for Class A, 1.98% for Class C, .89% for Class I and .88% for Class Y, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS

September 30, 2015


Common Stocks - 96.4%	Shares			Value ($)
Australia - .6%
Dexus Property Group	1,227,364		6,171,143
Belgium - 1.7%
Anheuser-Busch InBev	151,320		16,072,403
Brazil - .1%
International Meal Company Alimentacao, Cl. A	547,388	^a	650,321
China - 1.1%
China Biologic Products	118,814	^a	10,671,873
France - 5.1%
Air Liquide	141,916		16,816,936
Sanofi	174,767		16,649,383
Vivendi	623,947		14,771,993
			48,238,312
Georgia - .5%
TBC Bank, GDR	512,646	^a	4,716,343
Germany - 13.3%
Bayer	124,261		15,881,669
Brenntag	301,894		16,246,753
Commerzbank	1,339,955	^a	14,104,603
Hella KGaA Hueck & Co	230,429		8,326,580
Infineon Technologies	1,631,725		18,337,580
LEG Immobilien	346,205	^a	28,543,543
SAP	152,195		9,846,522
Telefonica Deutschland Holding	2,407,644		14,694,075
			125,981,325
Hong Kong - 2.8%
AIA Group	3,057,512		15,919,071
Man Wah Holdings	10,943,000		10,748,659
			26,667,730
India - 1.1%
HDFC Bank, ADR	170,407		10,410,164
Ireland - 1.9%
CRH	663,663		17,534,820
Italy - 2.8%
Atlantia	587,649		16,453,291
Pirelli & C.	604,268		10,112,350
			26,565,641
Japan - 25.8%
Don Quijote Holdings	672,400		25,442,306

STATEMENT OF INVESTMENTS (continued)


Common Stocks - 96.4% (continued)	Shares				Value ($)
Japan - 25.8% (continued)
FANUC		72,100		11,115,599
Japan Airlines		552,286		19,496,994
Japan Tobacco		671,000		20,873,351
LIXIL Group		392,000		7,972,530
M3		375,700		7,495,038
NGK Spark Plug		437,000		10,034,801
Nomura Holdings		1,917,500		11,125,758
Recruit Holdings		398,771		11,995,328
Sawai Pharmaceutical		121,600		7,102,328
Skylark		1,169,900		15,270,331
SoftBank		359,500		16,540,741
Stanley Electric		400,600		8,024,748
Sugi Holdings		321,600		14,489,777
Suntory Beverage & Food		323,600		12,453,224
TechnoPro Holdings		371,300		9,879,710
Tokyo Electron		34,600		1,635,413
TOPCON		546,800		7,149,639
Toyota Motor		443,900		26,107,687
				244,205,303
Mexico - .5%
Grupo Financiero Santander Mexico, Cl. B, ADR		592,065		4,345,757
Netherlands - 3.8%
RELX		938,250		15,318,489
Wolters Kluwer		658,565		20,304,932
				35,623,421
Norway - 1.0%
DNB		718,353		9,361,564
Philippines - .5%
Energy Development		41,894,600		4,951,705
Portugal - .6%
Galp Energia		608,194		6,000,014
Switzerland - 12.8%
Actelion		77,330	^a	9,836,959
Credit Suisse Group		882,674	^a	21,235,101
Nestle		343,124		25,839,468
Novartis		271,558		25,014,497
Roche Holding		77,458		20,476,333
Zurich Insurance Group		76,440	^a	18,805,797
				121,208,155


Common Stocks - 96.4% (continued)	Shares				Value ($)
United Kingdom - 20.4%
Associated British Foods		318,975		16,165,954
Barclays		6,816,152		25,199,597
British American Tobacco		341,343		18,864,822
Centrica		4,558,376		15,840,240
Dixons Carphone		1,532,520		9,862,292
GlaxoSmithKline		785,282		15,053,588
Just Eat		2,128,297	^a	13,238,552
Merlin Entertainments		1,496,722	^b	8,431,702
Next		107,882		12,451,033
Prudential		898,412		18,992,874
Vodafone Group		7,484,339		23,665,699
Wolseley		268,524		15,708,407
				193,474,760
Total Common Stocks (cost $860,226,850)				912,850,754
Other Investments - 4.9%
Registered Investment Company;
Dreyfus Institutional Preferred Plus Money Market Fund		45,994,333	^c	45,994,333
(cost $45,994,333)
Total Investments (cost $906,221,183)		101.3%		958,845,087
Liabilities, Less Cash and Receivables		(1.3%)		(11,893,746)
Net Assets		100.0%		946,951,341

ADR—American Depository Receipt

GDR—Global Depository Receipt

^a Non-income producing security.

^c Investment in affiliated money market mutual fund.

STATEMENT OF INVESTMENTS (continued)


Portfolio Summary (Unaudited) ^†	Value (%)
Consumer Discretionary	21.2
Financials	20.0
Health Care	14.3
Consumer Staples	13.2
Industrials	11.3
Telecommunication Services	5.8
Money Market Investment	4.9
Information Technology	4.2
Materials	3.6
Utilities	2.2
Energy	.6
	101.3

^†Based on net assets.

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES

September 30, 2015


	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments:
Unaffiliated issuers	860,226,850	912,850,754
Affiliated issuers	45,994,333	45,994,333
Cash		2,374,234
Cash denominated in foreign currency	306,537	305,993
Receivable for investment securities sold		12,661,662
Dividends receivable		3,051,094
Receivable for shares of Beneficial Interest subscribed		2,132,087
Unrealized appreciation on forward foreign currency exchange contracts—Note 4		21,167
Prepaid expenses		27,906
		979,419,230
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 3(c)		792,123
Payable for investment securities purchased		30,969,829
Payable for shares of Beneficial Interest redeemed		614,218
Unrealized depreciation on forward foreign currency exchange contracts—Note 4		13,485
Accrued expenses		78,234
		32,467,889
Net Assets ($)		946,951,341
Composition of Net Assets ($):
Paid-in capital		917,528,796
Accumulated undistributed investment income—net		9,763,942
Accumulated net realized gain (loss) on investments		(32,970,745)
Accumulated net unrealized appreciation (depreciation) on investments and foreign currency transactions		52,629,348
Net Assets ($)		946,951,341


Net Asset Value Per Share	Class A	Class C	Class I	Class Y
Net Assets ($)	6,965,112	1,417,229	43,538,477	895,030,523
Shares Outstanding	375,778	78,295	2,366,966	48,879,419
Net Asset Value Per Share ($)	18.54	18.10	18.39	18.31

See notes to financial statements.

STATEMENT OF OPERATIONS

Year Ended September 30, 2015




Investment Income ($):
Income:
Cash dividends (net of $1,647,396 foreign taxes withheld at source):
Unaffiliated issuers					18,972,911
Affiliated issuers					22,352
Total Income					18,995,263
Expenses:
Investment advisory fee—Note 3(a)					6,883,311
Custodian fees—Note 3(c)					294,955
Administration fee—Note 3(a)					186,930
Registration fees					76,084
Professional fees					56,578
Trustees' fees and expenses—Note 3(d)					53,054
Shareholder servicing costs—Note 3(c)					22,442
Distribution fees—Note 3(b)					8,945
Loan commitment fees—Note 2					8,703
Prospectus and shareholders’ reports					7,878
Interest expense—Note 2					2,268
Miscellaneous					51,576
Total Expenses					7,652,724
Less—reduction in fees due to earnings credits—Note 3(c)					(5)
Net Expenses					7,652,719
Investment Income—Net					11,342,544
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments and foreign currency transactions					(26,776,004)
Net realized gain (loss) on forward foreign currency exchange contracts					5,950,082
Net Realized Gain (Loss)					(20,825,922)
Net unrealized appreciation (depreciation) on investments and foreign currency transactions					(46,003,743)
Net unrealized appreciation (depreciation) on forward foreign currency exchange contracts					(3,952,907)
Net Unrealized Appreciation (Depreciation)					(49,956,650)
Net Realized and Unrealized Gain (Loss) on Investments					(70,782,572)
Net (Decrease) in Net Assets Resulting from Operations					(59,440,028)

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS



	Year Ended September 30,
	2015		2014
Operations ($):
Investment income—net	11,342,544		17,247,820
Net realized gain (loss) on investments	(20,825,922)		23,673,501
Net unrealized appreciation (depreciation) on investments	(49,956,650)		(20,186,096)
Net Increase (Decrease) in Net Assets Resulting from Operations	(59,440,028)		20,735,225
Dividends to Shareholders from ($):
Investment income—net:
Class A	(45,244)		(142,170)
Class C	(19,617)		(13,199)
Class I	(826,604)		(9,907,582)
Class Y	(24,124,094)		(20)
Net realized gain on investments:
Class A	(41,568)		-
Class C	(18,505)	��	-
Class I	(540,048)		-
Class Y	(13,319,218)		-
Total Dividends	(38,934,898)		(10,062,971)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Class A	6,034,240		1,547,595
Class C	730,359		393,985
Class I	35,984,384		262,132,680
Class Y	319,351,626		806,497,402
Dividends reinvested:
Class A	84,769		141,362
Class C	38,122		13,199
Class I	1,248,485		4,475,491
Class Y	19,737,631		-
Cost of shares redeemed:
Class A	(786,295)		(8,997,862)
Class C	(436,089)		(142,573)
Class I	(18,271,886)		(802,856,212)
Class Y	(114,873,841)		(23,042,278)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions	248,841,505		240,162,789
Total Increase (Decrease) in Net Assets	150,466,579		250,835,043
Net Assets ($):
Beginning of Period	796,484,762		545,649,719
End of Period	946,951,341		796,484,762
Undistributed investment income—net	9,763,942		17,969,957

STATEMENT OF CHANGES IN NET ASSETS (continued)


	Year Ended September 30,
	2015	2014
Capital Share Transactions:
Class A
Shares sold	297,171	75,834
Shares issued for dividends reinvested	4,536	7,216
Shares redeemed	(39,761)	(435,987)
Net Increase (Decrease) in Shares Outstanding	261,946	(352,937)
Class C
Shares sold	36,131	19,615
Shares issued for dividends reinvested	2,073	680
Shares redeemed	(22,382)	(7,038)
Net Increase (Decrease) in Shares Outstanding	15,822	13,257
Class I^a
Shares sold	1,796,337	12,979,452
Shares issued for dividends reinvested	67,340	229,512
Shares redeemed	(943,910)	(38,385,605)
Net Increase (Decrease) in Shares Outstanding	919,767	(25,176,641)
Class Y^a
Shares sold	16,257,122	38,558,130
Shares issued for dividends reinvested	1,070,951	-
Shares redeemed	(5,902,266)	(1,104,571)
Net Increase (Decrease) in Shares Outstanding	11,425,807	37,453,559
^aDuring the period ended September 30, 2014, 35,884,139 Class I shares representing $751,546,493 were exchanged for 35,901,286 Class Y shares.

See notes to financial statements.

FINANCIAL HIGHLIGHTS



	Year Ended September 30,
Class A Shares		2015	2014	2013	2012	2011
Per Share Data ($):
Net asset value, beginning of period		20.41	20.15	16.96	14.74	16.80
Investment Operations:
Investment income—net^a		.19	.47	.21	.18	.19
Net realized and unrealized gain (loss) on investments		(1.33)	.10	3.19	2.52	(1.82)
Total from Investment Operations		(1.14)	.57	3.40	2.70	(1.63)
Distributions:
Dividends from investment income—net		(.38)	(.31)	(.21)	(.23)	(.17)
Dividends from net realized gain on investments		(.35)	-	-	(.25)	(.26)
Total Distributions		(.73)	(.31)	(.21)	(.48)	(.43)
Net asset value, end of period		18.54	20.41	20.15	16.96	14.74
Total Return (%)^b		(5.58)	2.88	20.24	18.92	(10.10)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets		1.19	1.30	1.34	1.32	1.32
Ratio of net expenses to average net assets		1.19	1.30	1.34	1.32	1.32
Ratio of net investment income to average net assets		.97	2.22	1.11	1.14	1.06
Portfolio Turnover Rate		36.37	39.45	55.27	57.88	63.28
Net Assets, end of period ($ x 1,000)		6,965	2,324	9,404	7,300	9,766

^a Based on average shares outstanding.

^bExclusive of sales charge.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)



	Year Ended September 30,
Class C Shares		2015	2014	2013	2012	2011
Per Share Data ($):
Net asset value, beginning of period		20.10	19.90	16.70	14.54	16.59
Investment Operations:
Investment income—net^a		.02	.29	.05	.07	.05
Net realized and unrealized gain (loss) on investments		(1.30)	.14	3.17	2.47	(1.79)
Total from Investment Operations		(1.28)	.43	3.22	2.54	(1.74)
Distributions:
Dividends from investment income—net		(.37)	(.23)	(.02)	(.13)	(.05)
Dividends from net realized gain on investments		(.35)	-	-	(.25)	(.26)
Total Distributions		(.72)	(.23)	(.02)	(.38)	(.31)
Net asset value, end of period		18.10	20.10	19.90	16.70	14.54
Total Return (%)^b		(6.39)	2.18	19.31	17.92	(10.79)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets		2.01	2.04	2.13	2.16	2.07
Ratio of net expenses to average net assets		2.01	2.04	2.13	2.16	2.07
Ratio of net investment income to average net assets		.10	1.43	.28	.42	.31
Portfolio Turnover Rate		36.37	39.45	55.27	57.88	63.28
Net Assets, end of period ($ x 1,000)		1,417	1,256	979	722	924

^a Based on average shares outstanding.

^b Exclusive of sales charge.

See notes to financial statements.



	Year Ended September 30,
Class I Shares		2015	2014	2013	2012	2011
Per Share Data ($):
Net asset value, beginning of period		20.37	20.10	16.92	14.77	16.84
Investment Operations:
Investment income—net^a		.26	.61	.26	.24	.26
Net realized and unrealized gain (loss) on investments		(1.35)	.03	3.18	2.49	(1.86)
Total from Investment Operations		(1.09)	.64	3.44	2.73	(1.60)
Distributions:
Dividends from investment income—net		(.54)	(.37)	(.26)	(.33)	(.21)
Dividends from net realized gain on investments		(.35)	-	-	(.25)	(.26)
Total Distributions		(.89)	(.37)	(.26)	(.58)	(.47)
Net asset value, end of period		18.39	20.37	20.10	16.92	14.77
Total Return (%)		(5.37)	3.25	20.62	19.27	(9.90)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets		.90	.96	1.01	1.04	1.05
Ratio of net expenses to average net assets		.90	.96	1.01	1.04	1.05
Ratio of net investment income to average net assets		1.32	2.95	1.42	1.54	1.48
Portfolio Turnover Rate		36.37	39.45	55.27	57.88	63.28
Net Assets, end of period ($ x 1,000)		43,538	29,479	535,265	430,297	484,349

^a Based on average shares outstanding.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)



	Year Ended September 30,
Class Y Shares		2015	2014	2013^a
Per Share Data ($):
Net asset value, beginning of period		20.38	20.11	18.74
Investment Operations:
Investment income—net^b		.26	.22	.06
Net realized and unrealized gain (loss) on investments		(1.34)	.43	1.31
Total from Investment Operations		(1.08)	.65	1.37
Distributions:
Dividends from investment income—net		(.64)	(.38)	-
Dividends from net realized gain on investments		(.35)	-	-
Total Distributions		(.99)	(.38)	-
Net asset value, end of period		18.31	20.38	20.11
Total Return (%)		(5.32)	3.33	6.29^c
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets		.89	.91	.94^d
Ratio of net expenses to average net assets		.89	.91	.94^d
Ratio of net investment income to average net assets		1.32	1.10	1.19^d
Portfolio Turnover Rate		36.37	39.45	55.27
Net Assets, end of period ($ x 1,000)		895,031	763,426	1

^a From July 1, 2013, (commencement of initial offering) to September 30, 2013.

^b Based on average shares outstanding.

^c Not annualized.

^dAnnualized.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Dreyfus/Newton International 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 seven 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. Newton Capital Management Limited (“Newton”), serves as the fund’s sub-investment adviser.

The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that

NOTES TO FINANCIAL STATEMENTS (continued)

series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

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:

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 Trust's Board of Trustees (the “Board”). 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 within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

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

NOTES TO FINANCIAL STATEMENTS (continued)

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 and are generally categorized within Level 2 of the fair value hierarchy.

The following is a summary of the inputs used as of September 30, 2015 in valuing the fund’s investments:


	Level 1 - Unadjusted Quoted Prices	Level 2 - Other Significant Observable Inputs		Level 3 -Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:
Equity Securities - Domestic Common Stocks^†	30,144,137	-		-	30,144,137
Equity Securities - Foreign Common Stocks^†	-	882,706,617	^††	-	882,706,617
Mutual Funds	45,994,333	-		-	45,994,333
Other Financial Instruments:
Forward Foreign Currency Exchange Contracts^†††	-	21,167		-	21,167
Liabilities ($)
Other Financial Instruments:
Forward Foreign Currency Exchange Contracts^†††	-	(13,485)		-	(13,485)

^†See Statement of Investments for additional detailed categorizations.

^††Securities classified within Level 2 at period end as the values were determined pursuant to the fund's fair valuation procedures. See note above for additional information.

^†††Amount shown represents unrealized appreciation (depreciation) at period end.

At September 30, 2014, $5,632,642 of exchange traded foreign equity securities were classified within Level 2 of the fair value hierarchy pursuant to the fund’s fair valuation procedures.


Affiliated Investment Company	Value 9/30/2014 ($)	Purchases ($)	Sales ($)	Value 9/30/2015 ($)	Net Assets (%)
Dreyfus Institutional Preferred Plus Money Market Fund	9,880,074	371,174,894	335,060,635	45,994,333	4.9

NOTES TO FINANCIAL STATEMENTS (continued)

and their prices may be more volatile than those of comparable securities in the U.S.

Each tax year in the four-year period ended September 30, 2015 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At September 30, 2015, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $9,752,210, accumulated capital losses $25,245,083 and unrealized appreciation $44,915,418.

Under the Regulated Investment Company Modernization Act of 2010, the fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.

The accumulated capital loss carryover is available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to September 30, 2015. The fund has $14,560,632 of short-term capital losses and $10,684,451 of long-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal periods ended September 30, 2015 and September 30, 2014 were as

follows: ordinary income $27,721,796 and $10,062,971, and long-term capital gains $11,213,102 and $0, respectively.

During the period ended September 30, 2015, as a result of permanent book to tax differences, primarily due to the tax treatment for foreign currency gains and losses and dividend reclassification, the fund increased accumulated undistributed investment income-net by $5,467,000 and decreased accumulated net realized gain (loss) on investments by the same amount. Net assets and net asset value per share were not affected by this reclassification.

NOTE 2—Bank Lines of Credit:

The average amount of borrowings outstanding under the Facilities during the period ended September 30, 2015, was approximately $215,600 with a related weighted average annualized interest rate of 1.05%.

NOTE 3—Investment Advisory Fee, Sub-Investment Advisory Fee, Administration Fee and Other Transactions with Affiliates:

(a) Pursuant to a investment advisory agreement with Dreyfus, the investment advisory fee is computed at the annual rate of .80% of the value of the fund's average daily net assets and is payable monthly.

Pursuant to a sub-investment advisory agreement between Dreyfus and Newton, Dreyfus pays Newton a monthly fee at an annual percentage rate of the value of the fund’s average daily net assets.

NOTES TO FINANCIAL STATEMENTS (continued)

of the first $500 million, .065% of the next $500 million and .02% in excess of $1 billion.

During the period ended September 30, 2015, the Distributor retained $158 from commissions earned on sales of the fund's Class A shares.

For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.

The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the fund. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended September 30, 2015, the fund was charged $3,518 for transfer agency services and $114 for cash management services. These fees are included in Shareholder servicing costs in the Statement of Operations. Cash management fees were partially offset by earnings credits of $5.

During the period ended September 30, 2015, the fund was charged $11,078 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 $620,295, administration fees $16,123, Distribution Plan fees $887, Shareholder Services Plan fees $1,734, custodian fees $147,939, Chief Compliance Officer fees $2,606 and transfer agency fees $2,539.

(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:

NOTES TO FINANCIAL STATEMENTS (continued)

include provisions for general obligations, representations, collateral and events of default or termination. Under a Master Agreement, the fund may offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment in the event of default or termination.

Each type of derivative instrument that was held by the fund during the period ended September 30, 2015 is discussed below.

Forward Foreign Currency Exchange Contracts: The fund enters into forward contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of its investment strategy. When executing forward contracts, the fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, the fund incurs a loss if the value of the contract increases 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 decreases between those dates. With respect to purchases of forward contracts, the fund incurs a loss if the 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 or unrealized gains or losses which occurred during the period are 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 generally limited to the unrealized gain on each open contract. This risk may be mitigated by Master Agreements, if any, between the fund and the counterparty and the posting of collateral, if any, by the counterparty to the fund to cover the fund’s exposure to the counterparty. The following summarizes open forward contracts at September 30, 2015:


Forward Foreign Currency Exchange Contracts	Foreign Currency Amounts	Cost ($)	Value ($)	Unrealized Appreciation (Depreciation)($)
Purchases:
JP Morgan Chase Bank
British Pound,
Expiring
10/2/2015	5,870,314	8,880,612	8,880,288	(324)


Forward Foreign Currency Exchange Contracts	Foreign Currency Amounts	Cost ($)	Value ($)	Unrealized Appreciation (Depreciation)($)
Purchases:
Royal Bank of Scotland
British Pound,
Expiring
10/1/2015	240,126	363,618	363,250	(368)
UBS
Euro,
Expiring
10/2/2015	9,050,300	10,105,384	10,112,858	7,474
Norwegian Krone,
Expiring
10/2/2015	3,810,133	446,549	447,556	1,007
Swiss Franc,
Expiring
10/2/2015	5,588,004	5,722,013	5,733,638	11,625
Sales:		Proceeds ($)
JP Morgan Chase Bank
Japanese Yen,
Expiring
10/1/2015	8,353,800	69,590	69,636	(46)
10/2/2015	346,378,912	2,888,394	2,887,333	1,061
Royal Bank of Scotland
Japanese Yen,
Expiring
10/5/2015	682,883,257	5,679,607	5,692,354	(12,747)
Gross Unrealized Appreciation				21,167
Gross Unrealized Depreciation				(13,485)

NOTES TO FINANCIAL STATEMENTS (continued)

derivative assets and derivative liabilities that are subject to Master Agreements in the Statement of Assets and Liabilities.

At September 30, 2015, derivative assets and liabilities (by type) on a gross basis are as follows:


Derivative Financial Instruments:	Assets ($)	Liabilities ($)
Forward contracts	21,167	(13,485)
Total gross amount of derivative
assets and liabilities in the
Statement of Assets and Liabilities	21,167	(13,485)
Derivatives not subject to
Master Agreements	-	-
Total gross amount of assets
and liabilities subject to
Master Agreements	21,167	(13,485)

The following tables present derivative assets and liabilities net of amounts available for offsetting under Master Agreements and net of related collateral received or pledged, if any, as of September 30, 2015:


			Financial
			Instruments
			and Derivatives
	Gross Amount of		Available	Collateral	Net Amount of
Counterparty	Assets ($)	¹	for Offset ($)	Received ($)	Assets ($)
JP Morgan Chase Bank	1,061		(370)	-	691
UBS	20,106		-	-	20,106
Total	21,167		(370)	-	20,797

			Financial
			Instruments
			and Derivatives
	Gross Amount of		Available	Collateral	Net Amount of
Counterparty	Liabilities ($)	¹	for Offset ($)	Pledged ($)	Liabilities ($)
JP Morgan Chase Bank	(370)		370	-	-
Royal Bank of Scotland	(13,115)		-	-	(13,115)
Total	(13,485)		370	-	(13,115)

¹Absent a default event or early termination, OTC derivative assets and liabilities are presented at gross amounts and are not offset in the Statement of Assets and Liabilities.

The following summarizes the average market value of derivatives outstanding during the period ended September 30, 2015:


					Average Market Value ($)
Forward contracts					48,136,600

At September 30, 2015, the cost of investments for federal income tax purposes was $913,946,845; accordingly, accumulated net unrealized appreciation on investments was $44,898,242, consisting of $113,032,533 gross unrealized appreciation and $68,134,291 gross unrealized depreciation.

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of
Dreyfus Investment Funds

We have audited the accompanying statement of assets and liabilities of Dreyfus/Newton International Equity Fund (the “Fund”), a series of Dreyfus Investment Funds, including the statement of investments, as of September 30, 2015, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or period in the five-year period then ended. 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.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Dreyfus/Newton International Equity Fund as of September 30, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or period in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York
November 25, 2015

IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund elects to provide each shareholder with their portion of the fund's income sourced from foreign countries and taxes paid from foreign countries. The fund reports the maximum amount allowable but not less than $20,630,599 as income sourced from foreign countries for the fiscal year ended September 30, 2015 in accordance with Section 853(c)(2) of the Internal Revenue Code and also the fund reports the maximum amount allowable but not less than $1,575,205 as taxes paid from foreign countries for the fiscal year ended September 30, 2015 in accordance with Section 853(a) of the Internal Revenue Code. Where required by federal tax rules, shareholders will receive notification of their proportionate share of foreign sourced income and foreign taxes paid for the 2015 calendar year with Form 1099-DIV which will be mailed in early 2016. Also the fund reports the maximum amount allowable, but not less than $27,009,621 as ordinary income dividends paid during the fiscal year ended September 30, 2015 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. The fund reports the maximum amount allowable but not less than $.2843 per share as a capital gain dividend in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. The fund reports the maximum amount allowable but not less than $.0685 per share as a short-term capital gain dividend in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.

BOARD MEMBERS INFORMATION (Unaudited)

INDEPENDENT BOARD MEMBERS

Joseph S. DiMartino (71)

Chairman of the Board (2008)

Principal Occupation During Past 5 Years:

· Corporate Director and Trustee (1995-present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies, Director (1997-present)

· 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: 142

———————

Francine J. Bovich (64)

Board Member (2011)

Principal Occupation During Past 5 Years:

· Trustee, The Bradley Trusts, private trust funds (2011-present)

· Managing Director, Morgan Stanley Investment Management (1993-2010)

Other Public Company Board Memberships During Past 5 Years:

· Annaly Capital Management, Inc., Board Member (May 2014-present)

No. of Portfolios for which Board Member Serves: 80

———————

Kenneth A. Himmel (69)

Board Member (2008)

Principal Occupation During Past 5 Years:

· Managing Partner, Gulf Related, an international real estate development company (2010-present)

· President and CEO, Related Urban Development, a real estate development company (1996-present)

· President and CEO, Himmel & Company, a real estate development company (1980-present)

· CEO, American Food Management, a restaurant company (1983-present)

No. of Portfolios for which Board Member Serves: 30

———————

Stephen J. Lockwood (68)

Board Member (2008)

Principal Occupation During Past 5 Years:

· Chairman of the Board, Stephen J. Lockwood and Company LLC, a real estate investment company (2000-present)

No. of Portfolios for which Board Member Serves: 30

———————

Roslyn M. Watson (65)

Board Member (2008)

Principal Occupation During Past 5 Years:

· Principal, Watson Ventures, Inc., a real estate investment company (1993-present)

No. of Portfolios for which Board Member Serves: 66

———————

Benaree Pratt Wiley (69)

Board Member (2008)

Principal Occupation During Past 5 Years:

· Principal, The Wiley Group, a firm specializing in strategy and business development (2005-present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies, Director (2008-present)

No. of Portfolios for which Board Member Serves: 66

———————

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 c/o The Dreyfus Corporation, 200 Park Avenue, New York, New York 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.

James M. Fitzgibbons, Emeritus Board Member