N-CSR 1 form.htm FORM NCSR form
    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 811-7502 
 
    Dreyfus International Funds, Inc. 
    (Exact name of Registrant as specified in charter) 
 
 
    c/o The Dreyfus Corporation 
    200 Park Avenue 
    New York, New York 10166 
    (Address of principal executive offices) (Zip code) 
 
    Mark N. Jacobs, 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:    5/31 
 
Date of reporting period:    11/30/04 


FORM N-CSR

Item 1. Reports to Stockholders.

Dreyfus Premier     
Emerging Markets Fund   

SEMIANNUAL REPORT November 30, 2004


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

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


Contents
 
    THE FUND 


2    Letter from the Chairman 
3    Discussion of Fund Performance 
6    Understanding Your Fund's Expenses 
6    Comparing Your Fund's Expenses 
With Those of Other Funds
7    Statement of Investments 
14    Statement of Assets and Liabilities 
15    Statement of Operations 
16    Statement of Changes in Net Assets 
18    Financial Highlights 
23    Notes to Financial Statements 
FOR MORE INFORMATION

    Back Cover 


  Dreyfus Premier
Emerging Markets Fund

The Fund

LETTER FROM THE CHAIRMAN

Dear Shareholder:

We are pleased to present this semiannual report for Dreyfus Premier Emerging Markets Fund, covering the six-month period from June 1, 2004, through November 30, 2004. Inside, you'll find valuable information about how the fund was managed during the reporting period, including a discussion with the fund's portfolio manager, D. Kirk Henry.

The global equity markets remained within a relatively narrow trading range during the reporting period due to uncertainties related to the potential impact of higher commodity prices, persistent geopolitical tension, a weaker U.S. dollar and the sustainability of China's tremendous economic expansion.Yet, these factors also have produced what we believe may be attractive valuations among individual stocks in both developed and developing markets, suggesting that improvements in global economic conditions could lead to higher stock prices.

Of course,the specific international investments that may be right for you depend on your current needs, future goals, tolerance for risk and the composition of your overall portfolio. As always, your financial advisor may be in the best position to recommend the most suitable investments that will satisfy your need for global diversification most effectively.

Thank you for your continued confidence and support.

Sincerely,

Stephen E. Canter 
Chairman and Chief Executive Officer 
The Dreyfus Corporation 
December 15, 2004 

2


DISCUSSION OF FUND PERFORMANCE

D. Kirk Henry, Portfolio Manager

How did Dreyfus Premier Emerging Markets Fund perform relative to its benchmark?

For the six-month period ended November 30, 2004, the fund produced total returns of 20.81% for its Class A shares, 20.29% for Class B shares, 20.31% for Class C shares, 21.00% for Class R shares and 20.49% for Class T shares.1 This compares with a 20.88% total return provided by the Morgan Stanley Capital International Emerging Markets Free Index (MSCI EMF Index), the fund's benchmark, for the same period.2

We attribute the fund and market's overall performance to an improving global economy,which fueled stock market rallies in many of the world's emerging markets. As local economic conditions improved, domestic demand for a variety of goods and services strengthened, supporting stock prices of companies serving consumers. As a result, the fund's returns were roughly in line with the MSCI EMF Index.

What is the fund's investment approach?

The fund seeks long-term capital growth.To pursue this goal, the fund normally invests at least 80% of its assets in the stocks of companies organized, or with a majority of assets or business, in emerging market countries."Emerging market" countries generally consist of all countries represented in the MSCI EMF Index. Normally, the fund will not invest more than 25% of its total assets in the securities of companies in any single emerging market country.

In selecting stocks, the portfolio manager identifies potential investments through extensive quantitative and fundamental research using a value-oriented, research-driven approach. Emphasizing individual stock selection rather than economic and industry trends, the fund focuses on three key factors: value, or how a stock is valued relative to its intrinsic worth based on traditional measures; business health, or a company's overall efficiency and profitability as measured by its return on assets

The Fund 3


DISCUSSION OF FUND PERFORMANCE (continued)

and return on equity; and business momentum, or the presence of a catalyst that will potentially trigger an increase in the stock's price in the near- or midterm.

What other factors influenced the fund's performance?

The emerging markets produced generally robust returns over the reporting period. Several factors contributed to that strength, including vigorous U.S. demand for local exports, industrial development in China and India, rising oil prices, improved corporate earnings and stronger demand for commodities.

The fund received particularly strong contributions to its performance from holdings in South Korea, India and South Africa. In South Korea, the fund's investment in Korea Electric Power Corporation (KEPCO), an electric utility, produced the most significant contribution to the fund's performance for the reporting period. In addition, iron and steel manufacturer POSCO fared well due to strong demand from China for raw materials used in industrial production. In India, a country we have emphasized for some time now, the fund scored successes with a number of stocks, most notably telecommunications services provider Mahanagar Telephone Nigam.

The fund also received strong contributions from South African financial stocks, which rallied on investors' expectations of rising lending activity and merger speculation. For example, Nedcor, a large retail banking firm that recently announced a restructuring program to improve cost man-agement,advanced during the period.Old Mutual also rallied with South African financial stocks. Energy stocks in a variety of markets also helped drive the fund's performance. As oil prices surged, holdings such as Brazil's Petroleo Brasileiro and South Africa's Sasol gained value.

On the other hand, returns from certain Taiwan technology stocks hindered the fund's performance when such stocks suffered a broad sell-off in late September and early October. In addition, the fund's small position in Yukos, the Russian oil firm, proved disappointing due

4


to the Kremlin's high-profile investigation of possible tax evasion. Government officials have theoretically nationalized the oil giant's key assets. Less exposure to Russia and Yukos reduced the portfolio's capital loss relative to the MSCI EMF Index. Finally, the fund did not own a top performing MSCI EMF Index holding in the Mexican telecommunications sector due to its high valuation.This lack of exposure hurt the fund's relative performance when the company gained value during the reporting period.

What is the fund's current strategy?

As of the end of the reporting period, fear of softer demand for the world's commodities caused metals prices to retreat from recent record levels.After having trimmed the fund's mining exposure in expectation of a possible correction,we took advantage of the price drop to purchase pure play metal companies.We also sold the fund's position in Russian oil firm Yukos, and have reduced exposure to energy-related holdings in Thailand and Poland. Conversely, due to persistent price weakness and expectations of stronger flat screen television and notebook computer sales, we recently added to the fund's technology companies in Taiwan and South Korea.We also initiated positions in certain Chinese car manufacturers, which declined after the People's Bank of China hiked interest rates.

December 15, 2004

1    Total return includes reinvestment of dividends and any capital gains paid and does not take into 
    consideration the maximum initial sales charges in the case of Class A and Class T shares, or the 
    applicable contingent deferred sales charges imposed on redemptions in the case of Class B and 
    Class C shares. Had these charges been reflected, returns would have been lower. Past performance 
    is no guarantee of future results. Share price, yield and investment return fluctuate such that upon 
    redemption, fund shares may be worth more or less than their original cost. 
2    SOURCE: LIPPER INC. — Reflects reinvestment of gross dividends and, where applicable, 
    capital gain distributions.The Morgan Stanley Capital International Emerging Markets Free 
    (MSCI EMF) Index is a market capitalization-weighted index composed of companies 
    representative of the market structure of 26 emerging market countries in Europe, Latin America 
    and the Pacific Basin. 

The Fund 5


U N D E R S TA N D I N G YO U R F U N D ' S E X P E N S E S ( U n a u d i t e d )

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 Premier Emerging Markets Fund from June 1, 2004 to November 30, 2004. 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 November 30, 2004         
    Class A    Class B    Class C    Class R    Class T 






Expenses paid per $1,000     $ 10.35    $ 15.13    $ 14.64    $ 8.37    $ 13.04 
Ending value (after expenses)    $1,208.10    $1,202.90    $1,203.10    $1,210.00    $1,204.90 

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 November 30, 2004

    Class A    Class B    Class C    Class R    Class T 






Expenses paid per $1,000     $ 9.45    $ 13.82    $ 13.36    $ 7.64    $ 11.91 
Ending value (after expenses)    $1,015.69    $1,011.33    $1,011.78    $1,017.50    $1,013.24 

Expenses are equal to the fund's annualized expense ratio of 1.87% for Class A, 2.74% for Class B, 2.65% for Class C, 1.51% for Class R and 2.36% for Class T; multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

6

STATEMENT OF INVESTMENTS
November 30, 2004 (Unaudited)
Common Stocks—92.6%    Shares        Value ($) 




Brazil—5.7%             
Banco Itau, ADR    113,050        7,287,203 
Brasil Telecom Participacoes, ADR    155,700        5,806,053 
Companhia de Bebidas das Americas, ADR    72,130        1,858,069 
Companhia de Saneamento Basico             
do Estado de Sao Paulo    115,474        6,197,398 
Companhia de Saneamento Basico             
do Estado de Sao Paulo, ADR    176,000        2,384,800 
Empresa Brasileira de Aeronautica, ADR    318,730        8,914,878 
Petroleo Brasileiro, ADR    570,119        21,755,741 
Telecomunicacoes Brasileiras, ADR    154,920        4,769,987 
Telecomunicacoes Brasileiras, ADR (Rights)    4        7 
Tim Participacoes, ADR    211,097        3,219,229 
            62,193,365 
Chile—.3%             
Banco Santander Chile, ADR    101,800        3,028,550 
China—1.6%             
China Telecom, Cl. H    11,072,800        4,094,549 
Huadian Power International, Cl. H    21,338,300        7,341,662 
Qingling Motors, Cl. H    15,364,000        2,134,218 
Sinopec Yizheng Chemical Fibre, Cl. H    18,577,400        4,062,044 
            17,632,473 
Croatia—.5%             
Pliva, GDR    394,800    a    5,217,953 
Egypt—.8%             
Commercial International Bank, GDR    853,200    a    5,161,860 
Suez Cement, GDR    345,931    a    3,597,683 
            8,759,543 
Hong Kong—4.3%             
Beijing Enterprises    834,000        1,008,335 
Brilliance China Automotive    8,654,000        1,736,410 
China Mobile (Hong Kong)    7,805,400        25,600,363 
China Resources Enterprise    5,427,400        7,958,064 
Denway Motors    4,951,800        1,767,408 
Shanghai Industrial    3,898,500        7,972,700 
Texwinca    511,500        470,395 
            46,513,675 

The Fund 7


S T A T E M E N T O F I N V E S T M E N T S ( U n a u d i t e d ) (continued)

Common Stocks (continued)    Shares        Value ($) 




Hungary—2.2%             
Gedeon Richter    70,041        8,629,243 
MOL Magyar Olaj-es Gazipari    80,651        5,437,735 
Magyar Tavkozlesi    2,437,833        10,363,645 
            24,430,623 
India—11.4%             
Bharat Petroleum    858,222        7,507,944 
Dr. Reddy's Laboratories    83,582        1,477,648 
Dr. Reddy's Laboratories, ADR    444,500        7,872,095 
Gail India    455,840        2,167,852 
Gail India, GDR    276,400    a    8,070,880 
Hindalco Industries    182,327        5,355,087 
Hindalco Industries, GDR    220,900    a    6,461,325 
Hindustan Lever    2,742,630        8,857,491 
Hindustan Petroleum    1,120,341        8,514,373 
ICICI Bank    1,072,195        8,126,785 
ICICI Bank, ADR    139,900        2,592,347 
ITC    291,446        8,415,913 
Mahanagar Telephone Nigam    3,685,150        13,430,606 
Mahanagar Telephone Nigam, ADR    181,521        1,588,309 
NIIT    73,463        253,121 
NIIT Technologies    110,195        388,778 
Oil and Natural Gas    247,002        4,424,357 
Reliance Industries    1,472,319        17,043,473 
State Bank of India    248,500        2,959,663 
State Bank of India, GDR    245,900    a    7,844,210 
            123,352,257 
Indonesia—2.4%             
PT Astra Agro Lestari    3,712,000        1,356,845 
PT Bank Mandiri    20,633,000        4,170,938 
PT Gudang Garam    4,456,900        6,590,564 
PT Indofood Sukses Makmur    67,758,000        5,628,987 
PT Telekomunikasi Indonesia    15,514,000        8,592,158 
            26,339,492 

8

Common Stocks (continued)    Shares    Value ($) 



Israel—.9%         
Bank Hapoalim    1,967,693    5,744,365 
Supersol    1,306,791 b    3,066,347 
Taro Pharmaceutical Industries    33,000 b    978,120 
        9,788,832 
Malaysia—3.4%         
Gamuda    6,261,500    8,733,145 
Genting    1,892,700    9,214,460 
Kuala Lumpur Kepong    1,529,000    2,776,342 
Malaysia International Shipping    164,000    634,421 
Proton Holdings    912,000    2,184,000 
Resorts World    991,700    2,518,396 
Sime Darby    7,059,000    11,238,671 
        37,299,435 
Mexico—6.9%         
Cemex    783,298    5,045,443 
Coca-Cola Femsa, ADR    727,900    15,882,778 
Consorcio ARA    216,000 b    635,124 
Controladora Comercial Mexicana    6,136,500    6,868,075 
Desc, Ser. B    13,464,500 b    3,641,644 
Grupo Continental    2,998,450    4,908,495 
Kimberly-Clark de Mexico, Cl. A    3,912,000    13,051,601 
Telefonos de Mexico, ADR    719,070    25,174,641 
        75,207,801 
Philippines—.8%         
ABS-CBN Broadcasting    4,130,600    1,360,201 
Bank of the Philippine Islands    4,462,068    4,050,649 
Manila Electric, Cl. B    5,810,464 b    2,559,790 
SM Prime Holdings    4,486,000    598,879 
        8,569,519 
Poland—1.9%         
Bank Przemyslowo-Handlowy    29,108    4,155,911 
KGHM Polska Miedz    331,130 b    3,361,939 
Powszechna Kasa Oszczednosci Bank Polski    190,000    1,507,075 

The Fund 9


S T A T E M E N T O F I N V E S T M E N T S ( U n a u d i t e d ) (continued)

Common Stocks (continued)    Shares    Value ($) 



Poland (continued)         
Telekomunikacja Polska    2,087,223    11,357,280 
        20,382,205 
Russia—1.6%         
LUKOIL, ADR    136,650    17,044,088 
South Africa—14.5%         
Alexander Forbes    395,000    726,977 
Anglo American    642,246    15,587,933 
Aveng    3,047,956    6,160,082 
Bidvest Group    767,266    9,832,006 
Illovo Sugar    2,196,979    3,060,912 
Impala Platinum Holdings    92,000    7,851,925 
Imperial Holdings    151,611 b    2,659,934 
Metoz Holdings    13,082,293    4,612,938 
Nampak    4,957,101    12,747,026 
Nedcor    2,077,481    27,157,549 
Old Mutual    5,812,234    14,578,936 
Sanlam    2,868,011    5,954,263 
Sappi    1,042,129    14,110,374 
Sasol    688,502    13,986,048 
Shoprite Holdings    2,022,629    4,679,273 
Steinhoff International Holdings    4,451,100    9,110,752 
Tongaat-Hulett Group    477,956    4,110,530 
        156,927,458 
South Korea—18.4%         
CJ    105,030    6,961,931 
Hyundai Department Store    140,250    4,474,356 
Hyundai Development    257,980    4,219,702 
Hyundai Motor    192,570    9,476,979 
INI Steel    200,470    2,638,518 
Industrial Bank of Korea    647,000    4,751,454 
KT, ADR    782,050    16,931,383 
Kangwon Land    793,011    10,512,974 
Kia Motors    530,120    5,050,929 
Kookmin Bank    285,640 b    10,869,848 

10

Common Stocks (continued)    Shares    Value ($) 



South Korea (continued)         
Kookmin Bank, ADR    136,334 b    5,107,072 
Korea Electric Power    1,195,720    29,878,745 
Korea Fine Chemical    43,156    417,772 
LG Chem    111,020    4,605,980 
LG Electronics    79,090    4,774,818 
LG Household & Health Care    142,790    3,690,614 
POSCO    53,370    9,951,202 
POSCO, ADR    94,990    4,487,328 
SK Telecom    25,200    4,758,798 
SK Telecom, ADR    285,600    6,428,856 
Samsung    98,500    1,437,339 
Samsung Electro-Mechanics    446,510 b    11,625,868 
Samsung Electronics    44,100    18,275,107 
Samsung Fire & Marine Insurance    164,450    12,312,184 
Samsung SDI    62,820    6,440,772 
        200,080,529 
Taiwan—11.8%         
Accton Technology    4,310,260 b    1,753,009 
Advanced Semiconductor Engineering    2,567,000 b    1,904,728 
Asustek Computer    3,198,862    7,398,796 
Asustek Computer, GDR    3,261,500 a    7,664,525 
Benq    4,918,000    5,114,964 
China Motor    4,570,000    5,065,166 
Chunghwa Telecom, ADR    177,200    3,694,620 
Compal Electronics    2,220,560    2,130,248 
Compal Electronics, GDR    2,856,368 a    13,224,984 
Delta Electronics    3,776,100    5,861,689 
Elan Microelectronics    2,954,544    1,614,405 
First Financial    8,750,000 b    7,226,017 
Nien Hsing Textile    3,954,000    3,817,740 
Quanta Computer    6,644,299    10,829,733 
Quanta Computer, GDR    55,021 a    453,923 
SinoPac Financial Holdings    20,341,103    11,304,121 
Taiwan Cellular    3,835,429    4,108,112 

The Fund 11


S T A T E M E N T O F I N V E S T M E N T S ( U n a u d i t e d ) (continued)

Common Stocks (continued)    Shares    Value ($) 



Taiwan (continued)         
United Microelectronics    22,400,564 b    14,048,165 
United Microelectronics, ADR    4,098,313 b    14,344,096 
Yageo    19,504,200 b    6,660,857 
        128,219,898 
Thailand—2.6%         
C.P. 7-Eleven    707,000    892,382 
Charoen Pokphand Foods    27,340,000    2,455,502 
Delta Electronics    2,889,000    1,224,059 
Kasikornbank    5,059,500 b    7,380,978 
Krung Thai Bank    27,465,700    6,097,295 
Siam Commercial Bank    5,915,900    7,579,676 
Siam Makro    1,801,800    2,331,392 
        27,961,284 
Turkey—.6%         
Tupras-Turkiye Petrol Rafinerileri    640,705,200    6,489,854 
Total Common Stocks         
(cost $735,204,533)        1,005,438,834 



 
Preferred Stocks—3.4%         



Brazil:         
Banco Bradesco    83,560    5,468,265 
Companhia de Tecidos Norte de Minas    62,399    6,008,217 
Companhia Energetica de Minas Gerais    289,131    6,712,724 
Companhia Paranaense de Energia-Copel    1,094,657    5,038,641 
Duratex    94,038    4,148,718 
Telecomunicacoes de Sao Paulo    182,062    3,253,028 
Telemar Norte Leste    161,400    3,771,538 
Telemig Celular Participacoes    1,533,695    2,215,964 
Total Preferred Stocks         
(cost $22,781,835)        36,617,095 

12

    Principal     
Short-Term Investments—2.6%    Amount ($)    Value ($) 



U.S. Treasury Bills:         
1.81%, 12/2/2004    8,107,000    8,106,595 
1.83%, 12/9/2004    17,007,000    16,999,857 
1.88%, 12/16/2004    3,002,000    2,999,568 
1.95%, 12/23/2004    800,000    799,024 
Total Short-Term Investments         
(cost $28,905,365)        28,905,044 



Total Investments (cost $786,891,733)    98.6%    1,070,960,973 
Cash and Receivables (Net)    1.4%    15,061,761 
Net Assets    100.0%    1,086,022,734 

a Securities exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in 
transactions exempt from registration, normally to qualified institutional buyers.These securities have been determined 
to be liquid by the Board of Trustees.At November 30, 2004, these securities amounted to $57,697,343 or 5.3% 
of net assets. 
b Non-income producing. 

Portfolio Summary (Unaudited)          
 
    Value (%)    Value (%) 



Telecommunications    12.5    Multi-Industry    3.4 
Banking    9.0    Food & Household Products    2.8 
Electronic Components    8.1    Capital Goods    2.7 
Utilities    6.0    Building Materials    2.6 
Energy    5.1    Miscellaneous Materials    2.6 
Financial Services    4.8    Short-Term/Money Market Investments    2.6 
Beverages & Tobacco    4.3    Insurance    2.5 
Energy Equipment & Services    4.0    Automobiles    2.3 
Healthcare    4.0    Other    15.6 
Metals    3.7        98.6 

Based on net assets.
See notes to financial statements.

The Fund 13


  STATEMENT OF ASSETS AND LIABILITIES
November 30, 2004 (Unaudited)
    Cost    Value 



Assets ($):         
Investments in securities—See Statement of Investments    786,891,733    1,070,960,973 
Cash        3,308,286 
Cash denominated in foreign currencies    10,204,378    10,467,719 
Receivable for investment securities sold        10,449,092 
Dividends receivable        1,665,558 
Receivable for shares of Common Stock subscribed        1,246,272 
Unrealized appreciation on forward         
currency exchange contracts—Note 4        391 
Prepaid expenses        47,637 
        1,098,145,928 



Liabilities ($):         
Due to The Dreyfus Corporation and affiliates—Note 3(c)        1,330,599 
Payable for investment securities purchased        9,000,577 
Payable for shares of Common Stock redeemed        861,632 
Unrealized depreciation on forward         
currency exchange contracts—Note 4        17,428 
Accrued expenses        912,958 
        12,123,194 



Net Assets ($)        1,086,022,734 



Composition of Net Assets ($):         
Paid-in capital        715,428,365 
Accumulated undistributed investment income—net        5,520,953 
Accumulated net realized gain (loss) on investments        80,747,379 
Accumulated net unrealized appreciation (depreciation)         
on investments and foreign currency transactions        284,326,037 



Net Assets ($)        1,086,022,734 

Net Asset Value Per Share                 
    Class A    Class B    Class C    Class R    Class T 






Net Assets ($)    1,049,845,416    3,916,399    8,477,810    23,711,966    71,143 
Shares Outstanding    51,817,225    195,999    423,539    1,165,792    3,549 






Net Asset Value                     
Per Share ($)    20.26    19.98    20.02    20.34    20.05 

See notes to financial statements.

14


STATEMENT OF OPERATIONS
Six Months Ended November 30, 2004 (Unaudited)
Investment Income ($):     
Income:     
Cash dividends (net of $1,243,191     
foreign taxes withheld at source)    10,938,327 
Interest    130,837 
Total Income    11,069,164 
Expenses:     
Management fee—Note 3(a)    5,898,948 
Shareholder servicing costs—Note 3(c)    1,856,881 
Custodian fees    833,003 
Prospectus and shareholders' reports    55,608 
Directors' fees and expenses—Note 3(d)    52,082 
Registration fees    44,420 
Distribution fees—Note 3(b)    43,434 
Professional fees    31,292 
Loan commitment fees—Note 2    5,021 
Interest expense—Note 2    2,452 
Miscellaneous    45,834 
Total Expenses    8,868,975 
Investment Income—Net    2,200,189 


Realized and Unrealized Gain (Loss) on Investments—Note 4 ($): 
Net realized gain (loss) on investments and     
foreign currency transactions    47,990,866 
Net realized gain (loss) on forward currency exchange contracts    (878,192) 
Net Realized Gain (Loss)    47,112,674 
Net unrealized appreciation (depreciation)     
on investments and foreign currency transactions    136,001,250 
Net Realized and Unrealized Gain (Loss) on Investments    183,113,924 
Net Increase in Net Assets Resulting from Operations    185,314,113 

See notes to financial statements.

The Fund 15


STATEMENT OF CHANGES IN NET ASSETS

    Six Months Ended     
    November 30, 2004    Year Ended 
    (Unaudited)    May 31, 2004 



Operations ($):         
Investment income—net    2,200,189    8,043,809 
Net realized gain (loss) on investments    47,112,674    83,605,684 
Net unrealized appreciation         
(depreciation) on investments    136,001,250    134,714,570 
Net Increase (Decrease) in Net Assets         
Resulting from Operations    185,314,113    226,364,063 



Dividends to Shareholders from ($):         
Investment income—net:         
Class A shares        (5,523,574) 
Class B shares        (13,831) 
Class C shares        (39,237) 
Class R shares        (76,407) 
Class T shares        (431) 
Total Dividends        (5,653,480) 



Capital Stock Transactions ($):         
Net proceeds from shares sold:         
Class A shares    109,082,746    447,410,509 
Class B shares    199,886    2,548,916 
Class C shares    1,174,106    9,392,044 
Class R shares    13,360,809    4,531,624 
Class T shares        82,623 
Dividends reinvested:         
Class A shares        4,537,239 
Class B shares        12,327 
Class C shares        18,427 
Class R shares        29,186 
Class T shares        431 
Cost of shares redeemed:         
Class A shares    (145,440,516)    (303,948,757) 
Class B shares    (179,204)    (543,066) 
Class C shares    (3,046,035)    (4,244,226) 
Class R shares    (796,044)    (1,231,172) 
Class T shares    (18,559)    (23,917) 
Increase (Decrease) in Net Assets         
from Capital Stock Transactions    (25,662,811)    158,572,188 
Total Increase (Decrease) in Net Assets    159,651,302    379,282,771 



Net Assets ($):         
Beginning of Period    926,371,432    547,088,661 
End of Period    1,086,022,734    926,371,432 
Undistributed investment income—net    5,520,953    3,320,764 

16


    Six Months Ended     
    November 30, 2004    Year Ended 
    (Unaudited)    May 31, 2004 



Capital Share Transactions:         
Class A a         
Shares sold    6,120,437    28,790,070 
Shares issued for dividends reinvested        270,718 
Shares redeemed    (8,336,680)    (19,266,068) 
Net Increase (Decrease) in Shares Outstanding    (2,216,243)    9,794,720 



Class B a         
Shares sold    10,746    183,551 
Shares issued for dividends reinvested        741 
Shares redeemed    (10,232)    (32,770) 
Net Increase (Decrease) in Shares Outstanding    514    151,522 



Class C         
Shares sold    67,725    661,277 
Shares issued for dividends reinvested        1,105 
Shares redeemed    (182,132)    (265,760) 
Net Increase (Decrease) in Shares Outstanding    (114,407)    396,622 



Class R         
Shares sold    733,976    326,318 
Shares issued for dividends reinvested        1,740 
Shares redeemed    (46,395)    (73,641) 
Net Increase (Decrease) in Shares Outstanding    687,581    254,417 



Class T         
Shares sold        5,652 
Shares issued for dividends reinvested        26 
Shares redeemed    (1,080)    (1,449) 
Net Increase (Decrease) in Shares Outstanding    (1,080)    4,229 

a    During the period ended November 30, 2004, 188 Class B shares representing $3,159 were automatically 
    converted to 186 Class A shares and during the period ended May 31, 2004, 639 Class B shares representing 
    $11,198 were automatically converted to 634 Class A shares. 
See notes to financial statements. 

The Fund 17


FINANCIAL HIGHLIGHTS

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

Six Months Ended                     
November 30, 2004        Year Ended May 31,     



Class A Shares    (Unaudited)    2004    2003 a    2002    2001    2000 







Per Share Data ($):                         
Net asset value,                         
beginning of period    16.77    12.25    13.07    11.65    13.61    12.55 
Investment Operations:                         
Investment income—net b    .04    .16    .10    .25    .13    .22 
Net realized and unrealized                         
gain (loss) on investments    3.45    4.47    (.83)    1.33    (.37)    1.95 
Total from Investment Operations 3.49    4.63    (.73)    1.58    (.24)    2.17 
Distributions:                         
Dividends from                         
investment income—net        (.11)    (.10)    (.16)    (.13)    (.11) 
Dividends from net realized                         
gain on investments                    (1.59)    (1.01) 
Total Distributions        (.11)    (.10)    (.16)    (1.72)    (1.12) 
Redemption fee added                         
to paid-in capital            .01    .00c    .00c    .01 
Net asset value, end of period    20.26    16.77    12.25    13.07    11.65    13.61 







Total Return (%)    20.81d,e    37.65d    (5.39)d    13.80    (.99)    16.54 







Ratios/Supplemental Data (%):                     
Ratio of total expenses                         
to average net assets    .94e    1.86    1.96    1.82    1.79    1.85 
Ratio of net investment income                     
to average net assets    .24e    .97    .90    2.18    1.02    1.48 
Portfolio Turnover Rate    20.74e    47.45    48.52    62.10    78.00    105.84 







Net Assets, end of period                         
($ x 1,000)    1,049,845 906,065    542,076    529,455    257,183    226,031 

a    The fund changed to a five class fund on November 15, 2002.The existing shares were redesignated Class A shares. 
b    Based on average shares outstanding at each month end. 
c    Amount represents less than $.01 per share. 
d    Exclusive of sales charge. 
e    Not annualized. 
See notes to financial statements. 

18

    Six Months Ended         
    November 30, 2004    Year Ended May 31, 

Class B Shares    (Unaudited)    2004    2003 a 




Per Share Data ($):             
Net asset value, beginning of period    16.61    12.20    10.84 
Investment Operations:             
Investment income (loss)—net b    (.03)    .02    .10 
Net realized and unrealized             
gain (loss) on investments    3.40    4.46    1.36 
Total from Investment Operations    3.37    4.48    1.46 
Distributions:             
Dividends from investment income—net        (.07)    (.10) 
Net asset value, end of period    19.98    16.61    12.20 




Total Return (%) c    20.29d    36.70    13.56d 




Ratios/Supplemental Data (%):             
Ratio of total expenses to average net assets    1.37d    2.63    1.46d 
Ratio of net investment income             
(loss) to average net assets    (.20)d    .11    1.06d 
Portfolio Turnover Rate    20.74d    47.45    48.52 




Net Assets, end of period ($ x 1,000)    3,916    3,246    536 

a    From November 15, 2002 (commencement of initial offering) to May 31, 2003. 
b    Based on average shares outstanding at each month end. 
c    Exclusive of sales charge. 
d    Not annualized. 
See notes to financial statements. 

The Fund 19


FINANCIAL HIGHLIGHTS (continued)

    Six Months Ended         
    November 30, 2004    Year Ended May 31, 

Class C Shares    (Unaudited)    2004    2003 a 




Per Share Data ($):             
Net asset value, beginning of period    16.63    12.22    10.84 
Investment Operations:             
Investment income (loss)—net b    (.02)    .02    .11 
Net realized and unrealized             
gain (loss) on investments    3.41    4.46    1.37 
Total from Investment Operations    3.39    4.48    1.48 
Distributions:             
Dividends from investment income—net        (.07)    (.10) 
Net asset value, end of period    20.02    16.63    12.22 




Total Return (%) c    20.31d    36.72    13.75d 




Ratios/Supplemental Data (%):             
Ratio of total expenses to average net assets    1.33d    2.58    1.47d 
Ratio of net investment income             
(loss) to average net assets    (.10)d    .11    1.11d 
Portfolio Turnover Rate    20.74d    47.45    48.52 




Net Assets, end of period ($ x 1,000)    8,478    8,947    1,726 

a    From November 15, 2002 (commencement of initial offering) to May 31, 2003. 
b    Based on average shares outstanding at each month end. 
c    Exclusive of sales charge. 
d    Not annualized. 
See notes to financial statements. 

20


    Six Months Ended         
    November 30, 2004    Year Ended May 31, 

Class R Shares    (Unaudited)    2004    2003 a 




Per Share Data ($):             
Net asset value, beginning of period    16.80    12.27    10.84 
Investment Operations:             
Investment income—net b    .00c    .21    .14 
Net realized and unrealized             
gain (loss) on investments    3.54    4.47    1.40 
Total from Investment Operations    3.54    4.68    1.54 
Distributions:             
Dividends from investment income—net        (.15)    (.11) 
Net asset value, end of period    20.34    16.80    12.27 




Total Return (%)    21.00d    38.19    14.32d 




Ratios/Supplemental Data (%):             
Ratio of total expenses to average net assets    .76d    1.52    .89d 
Ratio of net investment income             
to average net assets    .02d    1.26    1.61d 
Portfolio Turnover Rate    20.74d    47.45    48.52 




Net Assets, end of period ($ x 1,000)    23,712    8,036    2,745 

a    From November 15, 2002 (commencement of initial offering) to May 31, 2003. 
b    Based on average shares outstanding at each month end. 
c    Amount represents less than $.01 per share. 
d    Not annualized. 
See notes to financial statements. 

The Fund 21


FINANCIAL HIGHLIGHTS (continued)

    Six Months Ended         
    November 30, 2004    Year Ended May 31, 

Class T Shares    (Unaudited)    2004    2003 a 




Per Share Data ($):             
Net asset value, beginning of period    16.63    12.19    10.84 
Investment Operations:             
Investment income—net b    .01    .07    .06 
Net realized and unrealized             
gain (loss) on investments    3.41    4.47    1.39 
Total from Investment Operations    3.42    4.54    1.45 
Distributions:             
Dividends from investment income—net        (.10)    (.10) 
Net asset value, end of period    20.05    16.63    12.19 




Total Return (%) c    20.49d    37.33    13.47d 




Ratios/Supplemental Data (%):             
Ratio of total expenses to average net assets    1.18d    2.24    1.49d 
Ratio of net investment income             
to average net assets    .04d    .45    .52d 
Portfolio Turnover Rate    20.74d    47.45    48.52 




Net Assets, end of period ($ x 1,000)    71    77    5 

a    From November 15, 2002 (commencement of initial offering) to May 31, 2003. 
b    Based on average shares outstanding at each month end. 
c    Exclusive of sales charge. 
d    Not annualized. 
See notes to financial statements. 

22


NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1—Significant Accounting Policies:

Dreyfus Premier Emerging Markets Fund (the "fund") is a separate non-diversified series of Dreyfus International Funds, Inc. (the "Company"), which is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company and operates as a series company that offers one series, the fund.The fund's investment objective is long-term capital growth. The Dreyfus Corporation (the "Manager" or "Dreyfus") serves as the fund's investment adviser.The Manager is a wholly-owned subsidiary of Mellon Financial Corporation ("Mellon Financial").

Dreyfus Service Corporation (the "Distributor"), a wholly-owned subsidiary of the Manager, is the distributor of the fund's shares.The fund is authorized to issue 100 million shares of $.001 par value Common Stock in each of the following classes of shares: Class A, Class B, Class C, Class R and Class T. Class A and Class T shares are subject to a sales charge imposed at the time of purchase. Class B shares are subject to a contingent deferred sales charge ("CDSC") imposed on Class B share redemptions made within six years of purchase and automatically convert to Class A shares after six years.Class C shares are subject to a CDSC on Class C shares redeemed within one year of purchase. Class R shares are sold at net asset value per share only to institutional investors. Other differences between the classes include the services offered to and the expenses borne by each class and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

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

The Fund 23


NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The fund's financial statements are prepared in accordance with U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

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

(a) Portfolio valuation: 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 sale price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is avail-able.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 fund's Board of Directors. 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 ADR's and futures contracts. For other securities that are fair valued by the funds Board of Directors, cer-

24


tain factors may be considered 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. Financial futures are valued at the last sales price. Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange. Forward currency exchange contracts are valued at the forward rate.

(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 from investments.

Net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized on securities transactions and the difference between the amount 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 in securities, resulting from changes in exchange rates. Such gains and losses are included with net realized and unrealized gain or loss on investments.

(c) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gain and loss 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.

The Fund 25


NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The fund has an arrangement with the custodian bank whereby the fund receives earnings credits from the custodian when positive cash balances are maintained, which are used to offset custody fees. For financial reporting purposes, the fund includes net earnings credits, if any, as an expense offset in the Statement of Operations.

(d) Dividends to shareholders: Dividends are recorded on the ex-dividend date. Dividends from investment income-net and dividends from net realized capital gain, 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 gain can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gain. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.

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

The tax character of distributions paid to shareholders during the fiscal year ended May 31, 2004 was as follows: ordinary income $5,653,480. The tax character of current year distributions, if any, will be determined at the end of the current fiscal year.

NOTE 2—Bank Line of Credit:

The fund participates with other Dreyfus-managed funds in a $350 million redemption credit facility (the "Facility") to be utilized for temporary or emergency purposes, including the financing of redemptions. In connection therewith, the fund has agreed to pay commitment fees on its pro rata portion of the Facility. Interest is charged to the fund at rates based on prevailing market rates in effect at the time of borrowings.

26


The average daily amount of borrowings outstanding under Facility during the period ended November 30, 2004 was approxi mately $160,300, with a related weighted average annualized interest rate of 1.53% .

NOTE 3—Management Fee and Other Transactions With Affiliates:

(a) Pursuant to a management agreement with the Manager, the management fee is computed at the annual rate of 1.25% of the value of the fund's average daily net assets and is payable monthly.

During the period ended November 30, 2004, the Distributor retained $9,980 from commissions earned on sales of the fund's Class A shares and $3,689 and $7,579 from contingent deferred sales charges on redemptions of the fund's Class B and Class C shares, respectively.

(b) Under a Distribution Plan (the "Plan") adopted pursuant to Rule 12b-1 under the Act, Class B, Class C and Class T shares pay the Distributor for distributing their shares at the annual rates of .75 of 1% of the value of the average daily net assets of Class B and Class C shares and .25 of 1% of the value of the average daily net assets of Class T shares. During the period ended November 30, 2004, Class B, Class C and Class T shares were charged $12,705, $30,639 and $90, respectively, pursuant to the Plan.

(c) Under the Shareholder Services Plan, Class A, Class B, Class C and Class T shares pay the Distributor at an annual rate of .25 of 1% of the value of their average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (a securities dealer, financial institution or other industry professional) in respect of these services.

The Fund 27


NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The Distributor determines the amounts to be paid to Service Agents. During the period ended November 30, 2004, Class A, Class B, Class C and Class T shares were charged $1,150,831, $4,235, $10,213 and $90, respectively, pursuant to the Shareholder Services Plan.

The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the Manager, under a transfer agency agreement for providing personnel and facilities to perform transfer agency services for the fund. During the period ended November 30, 2004, the fund was charged $130,500 pursuant to the transfer agency agreement.

The components of Due to The Dreyfus Corporation and affiliates in the Statement of Assets and Liabilities consist of: management fees $1,070,387, Rule 12b-1 distribution plan fees $7,358, shareholder services plan fees $209,380 and transfer agency per account fees $43,474.

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

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities and forward currency exchange contracts, during the period ended November 30, 2004, amounted to $192,018,037 and $241,509,405, respectively.

The fund enters into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings and to settle foreign currency transac-tions.When executing forward currency exchange 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 currency exchange contracts, the fund would incur 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 currency exchange contracts, the fund would incur

28


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. The fund is also exposed to credit risk associated with counterparty nonperformance on these forward currency exchange contracts which is typically limited to the unrealized gain on each open contract. The following summarizes open forward currency exchange contracts at November 30, 2004:

At November 30, 2004, accumulated net unrealized appreciation on investments was $284,069,240, consisting of $304,738,338 gross unrealized appreciation and $20,669,098 gross unrealized depreciation.

At November 30, 2004, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

NOTE 5—Legal Matters:

Two class actions have been filed against Mellon Financial, Mellon Bank, N.A., Dreyfus Founders Asset Management LLC and the directors of all or substantially all of the Dreyfus funds, on behalf of a purported class and derivatively on behalf of said funds, alleging violations

The Fund 29


NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

of the Investment Company Act of 1940, the Investment Advisers Act of 1940, and the common law. The complaints alleged, among other things, (i) that 12b-1 fees and directed brokerage were improperly used to pay brokers to recommend Dreyfus funds over other funds, (ii) that such payments were not disclosed to investors, (iii) that economies of scale and soft-dollar benefits were not passed on to investors and (iv) that 12b-1 fees charged to certain funds that were closed to new investors were also improper. The complaints sought compensatory and punitive damages, rescission of the advisory contracts and an accounting and restitution of any unlawful fees, as well as an award of attorneys' fees and litigation expenses. On April 22, 2004, the actions were consolidated under the caption In re Dreyfus Mutual Funds Fee Litigation, and a consolidated amended complaint was filed on September 13, 2004.While adding new parties and claims under state and federal law, the allegations in the consolidated amended complaint essentially track the allegations in the prior complaints pertaining to 12b-1 fees, directed brokerage, soft dollars and revenue sharing. Dreyfus and the funds believe the allegations to be totally without merit and intend to defend the action vigorously.

Additional lawsuits arising out of these circumstances and presenting similar allegations and requests for relief may be filed against the defendants in the future. Neither Dreyfus nor the Dreyfus funds believe that any of the pending actions will have a material adverse effect on the Dreyfus funds or Dreyfus' ability to perform its contracts with the Dreyfus funds.

30


NOTES


For More    Information 


 
Dreyfus Premier    Transfer Agent & 
Emerging Markets Fund    Dividend Disbursing Agent 
200 Park Avenue     
    Dreyfus Transfer, Inc. 
New York, NY 10166     
    200 Park Avenue 
Manager    New York, NY 10166 
The Dreyfus Corporation    Distributor 
200 Park Avenue     
    Dreyfus Service Corporation 
New York, NY 10166     
    200 Park Avenue 
Custodian    New York, NY 10166 
The Bank of New York     
One Wall Street     
New York, NY 10286     

Telephone Call your financial representative or 1-800-554-4611

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

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

A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the 12-month period ended June 30, 2004, is available through the fund's website at http://www.dreyfus.com and on the SEC's website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-645-6561.

© 2005 Dreyfus Service Corporation 0327SA1104


Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable. [CLOSED-END FUNDS ONLY]

Item 9. Submission of Matters to a Vote of Security Holders.

The Registrant has a Nominating Committee (the "Committee"), which is responsible for selecting and nominating persons for election or appointment by the Registrant's Board as Board members. The Committee has adopted a Nominating Committee Charter (the "Charter"). Pursuant to the Charter, the Committee will consider recommendations for nominees from shareholders submitted to the Secretary of the Registrant, c/o The Dreyfus Corporation Legal Department, 200 Park Avenue, 8th Floor West, New York, New York 10166. A nomination submission must include information regarding the recommended nominee as specified in the Charter. This information includes all information relating to a recommended nominee that is required to be disclosed in solicitations or proxy statements for the election of Board members, as well as information sufficient to evaluate the factors to be considered by the Committee, including character and integrity, business and professional experience, and whether the person has the ability to apply sound and independent business judgment and would act in the interests of the Registrant and its shareholders.

Nomination submissions are required to be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders, and such additional information must be provided regarding the recommended nominee as reasonably requested by the Committee.


Item 10. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 11. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(a)(3) Not applicable.

(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dreyfus International Funds, Inc.

By:    /s/ Stephen E. Canter 

    Stephen E. Canter 
    President 
Date:    February 2, 2005 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:    /s/ Stephen E. Canter 

    Stephen E. Canter 
    Chief Executive Officer 
Date:    February 2, 2005 
 
By:    /s/ James Windels 

James Windels
    Chief Financial Officer 
Date:    February 2, 2005 

EXHIBIT INDEX

(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)

(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)