N-Q 1 form327.htm FORM N-Q form327
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT 
INVESTMENT COMPANY

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) 

Michael A. Rosenberg, 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:    2/29/2008 


FORM N-Q

Item 1.    Schedule of Investments. 

STATEMENT OF INVESTMENTS             
Dreyfus Premier Emerging Markets Fund             
February 29, 2008 (Unaudited)             
 
Common Stocks--94.0%    Shares        Value ($) 




Brazil--10.0%             
Aracruz Celulose, ADR    90,128        6,528,872 
Banco Itau Holding Financeira, ADR    229,020        5,803,367 
Banco Nossa Caixa    340,000        4,926,662 
Centrais Eletricas Brasileiras    364,562        5,362,347 
Cia Brasileira de Distribuicao Grupo Pao de Acucar, ADR    144,410        6,265,950 
Cia de Saneamento Basico do Estado de Sao Paulo    86,430        2,054,936 
Cia de Saneamento Basico do Estado de Sao Paulo, ADR    17,510        820,343 
Cia Energetica de Minas Gerais, ADR    258,500        4,919,255 
CPFL Energia    44,300        969,423 
Empresa Brasileira de Aeronautica, ADR    60,040        2,660,973 
Grendene    792,500        9,538,310 
Petroleo Brasileiro, ADR    38,408        4,506,795 
Petroleo Brasileiro, ADR (Preferred)    457,680        44,820,602 
Tam, ADR    262,261        5,491,745 
Tele Norte Leste Participacoes, ADR    604,700        15,135,641 
Unibanco - Uniao de Bancos Brasileiros, GDR    80,310        10,891,642 
Votorantim Celulose e Papel, ADR    12,170        382,868 
            131,079,731 
Chile--.8%             
Banco Santander Chile, ADR    123,970        6,416,687 
Compania Cervecerias Unidas, ADR    139,080        4,620,238 
            11,036,925 
China--7.0%             
Anhui Expressway, Cl. H    3,412,000        2,854,928 
Bank of China, Cl. H    32,038,000        13,405,969 
Bosideng International Holdings    13,858,000 a      2,742,226 
China Telecom, Cl. H    11,875,800        8,824,853 
Huaneng Power International, Cl. H    10,488,600        8,587,530 
Industrial & Commercial Bank of China, Cl. H    7,102,000        4,917,033 
PetroChina, ADR    2,590        380,264 
PetroChina, Cl. H    14,272,000        21,000,532 
Sinopec Shanghai Petrochemical, Cl. H    12,146,000        5,727,857 
Sinotrans, Cl. H    12,343,500        3,838,015 
TPV Technology    13,154,000        7,865,061 
Weiqiao Textile, Cl. H    8,886,100        12,304,157 
            92,448,425 
Czech Republic--.5%             
Komercni Banka    29,380        7,242,809 
Hong Kong--5.1%             
Brilliance China Automotive Holdings    25,312,000 a      5,012,807 
China Mobile    459,000        6,900,644 
China Mobile, ADR    20,250        1,511,055 
China Netcom Group    1,979,500        6,034,900 
China Power International Development    30,343,400        11,438,924 
Cosco Pacific    2,838,000        5,997,176 
Denway Motors    13,073,300        6,578,668 


Global Bio-Chem Technology Group    21,592,700        8,898,272 
Hopson Development Holdings    2,264,000        3,796,806 
NWS Holdings    1,385,479        4,038,608 
Texwinca Holdings    8,587,300        6,617,781 
            66,825,641 
Hungary--.5%             
Magyar Telekom Telecommunications    1,238,933        5,992,533 
India--7.3%             
Andhra Bank    1,646,433        3,641,918 
Bharat Petroleum    894,752        10,104,399 
Hindalco Industries    2,116,200        10,489,201 
Hindustan Petroleum    1,406,363        10,277,944 
India Cements    1,079,250        5,550,364 
Jet Airways India    112,162        2,034,620 
Mahanagar Telephone Nigam    1,232,450        3,567,527 
Mahindra & Mahindra    290,732        4,948,312 
Oil & Natural Gas    428,474        10,540,799 
Satyam Computer Services    526,770        5,575,034 
State Bank of India    106,680        5,531,056 
State Bank of India, GDR    120,150 b      13,126,388 
Tata Consultancy Services    233,250        5,054,814 
Tata Motors    361,833        6,206,332 
            96,648,708 
Indonesia--.7%             
Gudang Garam    6,201,500        5,362,842 
Kalbe Farma    16,746,000        1,912,263 
Telekomunikasi Indonesia    2,114,500        2,245,738 
            9,520,843 
Israel--2.0%             
Bank Leumi Le-Israel    720,270        3,398,150 
Israel Discount Bank, Cl. A    3,748,138 a      9,843,181 
Teva Pharmaceutical Industries, ADR    260,770        12,795,984 
            26,037,315 
Malaysia--3.5%             
AMMB Holdings    5,372,475        6,179,710 
Gamuda    899,900        1,096,037 
Malayan Banking    7,629,250        21,571,079 
Resorts World    5,424,900        6,283,417 
Tenaga Nasional    4,079,900        11,430,475 
            46,560,718 
Mexico--4.7%             
Cemex (Units)    3,195,951 a      8,770,578 
Cemex, ADR    138,660 a      3,820,083 
Consorcio ARA    2,184,300        2,271,320 
Controladora Comercial Mexicana (Units)    2,849,900        7,315,485 
Embotelladoras Arca    1,627,500        6,380,447 
Gruma, Cl. B    1,675,500        4,827,940 
Grupo Continental    4,372,050        10,814,633 
Grupo Modelo, Ser. C    1,524,400        6,970,873 
Kimberly-Clark de Mexico, Cl. A    882,700        3,644,273 
Telefonos de Mexico, ADR, Ser. L    225,950        7,501,540 
            62,317,172 


Philippines--1.0%             
ABS-CBN Holdings    2,800,000        1,919,927 
Bank of the Philippine Islands    4,552,381        6,165,697 
Manila Electric    1,498,560        2,881,961 
Metropolitan Bank & Trust    53,800        56,596 
Union Bank of the Philippines    1,900,900        1,706,643 
            12,730,824 
Poland--1.2%             
Polski Koncern Naftowy Orlen    314,950 a      5,405,811 
Telekomunikacja Polska    1,063,383        9,952,374 
            15,358,185 
Russia--6.9%             
Gazprom, ADR    968,345        49,191,926 
LUKOIL, ADR    395,655        29,357,601 
MMC Norilsk Nickel, ADR    220,700        6,356,822 
Surgutneftegaz, ADR    55,500        2,586,300 
VTB Bank, GDR    484,600 a,b      3,673,268 
            91,165,917 
South Africa--7.6%             
African Bank Investments    33,636        132,385 
AngloGold Ashanti, ADR    377,580        13,638,190 
Aspen Pharmacare Holdings    2,062,859        8,142,842 
Bidvest Group    384,876        5,697,987 
Gold Fields, ADR    501,920        7,122,245 
JD Group    807,390        4,372,154 
Nampak    3,416,621        8,030,966 
Nedbank Group    1,066,837        15,995,894 
Sanlam    1,882,201        4,491,408 
Sappi    803,269        9,966,039 
Sasol    146,100        7,498,516 
Standard Bank Group    263,977        3,178,887 
Steinhoff International Holdings    2,415,687        5,461,028 
Telkom    380,660        6,816,885 
            100,545,426 
South Korea--17.0%             
Cheil Industries    62,410        2,797,771 
Hana Financial Group    171,693        7,622,754 
Hanwha Chemical    384,564        7,053,412 
Hynix Semiconductor    137,490 a      3,533,662 
Hyundai Mobis    175,035        13,459,656 
Hyundai Motor    169,418        11,870,427 
Kookmin Bank    326,294        20,159,074 
Kookmin Bank, ADR    73,062        4,473,586 
Korea Electric Power    361,605        12,697,049 
Korea Electric Power, ADR    31,600        546,996 
Korea Zinc    42,482        6,402,488 
KT    21,010        1,033,534 
KT, ADR    552,680        13,424,597 
Kumho Tire    672,610        7,916,578 
Lotte Shopping    34,665        11,760,981 
Nong Shim    39,762        8,097,720 
POSCO    26,594        14,597,238 


POSCO, ADR    12,500    1,691,250 
S-Oil    80,168    5,668,804 
Samsung Electronics    65,951    38,717,421 
Shinhan Financial Group    185,717    10,013,043 
SK Telecom, ADR    879,460    19,699,904 
        223,237,945 
Taiwan--12.2%         
AU Optronics, ADR    123,990    2,365,729 
Chi Mei Optoelectronics    1,355,000    1,798,052 
China Motor    7,721,107    5,844,189 
China Steel    1,420,000    2,123,947 
Chinatrust Financial Holding    12,189,456    10,991,800 
Chunghwa Telecom, ADR    457,827    11,235,075 
Compal Electronics    12,884,496    11,602,397 
Compal Electronics, GDR    952,377 b    4,238,078 
First Financial Holding    8,539,474    7,734,075 
Mega Financial Holding    9,374,000    6,695,082 
Nan Ya Printed Circuit Board    984,614    4,865,717 
Nien Hsing Textile    5,348,000    3,463,902 
Powerchip Semiconductor    15,012,601    6,022,965 
Powertech Technology    634,000    2,132,087 
Quanta Computer    13,391,994    17,673,349 
Radiant Opto-Electronics    4,119,705    5,098,652 
SinoPac Financial Holdings    36,567,103    15,943,658 
Taiwan Semiconductor Manufacturing    5,130,688    10,030,579 
Taiwan Semiconductor Manufacturing, ADR    518,155    5,046,830 
United Microelectronics    23,502,819    13,713,805 
United Microelectronics, ADR    1,913,604    6,123,532 
Yageo    19,057,200    5,860,371 
        160,603,871 
Thailand--4.6%         
Bangkok Bank    3,191,600    13,474,088 
Charoen Pokphand Foods    54,245,600    8,020,815 
Delta Electronics Thai    1,829,100    1,354,896 
Italian-Thai Development    5,922,800 a    1,687,123 
Kasikornbank    3,214,200    9,134,382 
Krung Thai Bank    23,357,900    7,948,998 
Siam Cement    1,430,600    9,784,188 
Siam Makro    355,700    1,121,028 
Thai Airways International    4,568,700    4,689,560 
Thai Union Frozen Products    6,007,700    3,932,290 
        61,147,368 
Turkey--1.4%         
Petrol Ofisi    0 a    2 
Turk Sise ve Cam Fabrikalari    3,996,798    6,209,909 
Turkiye Is Bankasi, Cl. C    2,623,070    12,097,684 
        18,307,595 
Total Common Stocks         
(cost $1,074,371,200)        1,238,807,951 


Preferred Stocks--2.4%         



Brazil         
Braskem, Cl. A    1,047,500    8,884,049 
Centrais Eletricas Brasileiras, Cl. B    354,174    5,194,887 
Cia de Tecidos do Norte de Minas - Coteminas    1,153,848    6,517,180 
Cia Energetica de Minas Gerais    300,832    5,729,117 
Telemig Celular Participacoes    168,774    5,240,499 
Total Preferred Stocks         
(cost $18,366,959)        31,565,732 
 
Other Investment--2.0%         



Registered Investment Company;         
Dreyfus Institutional Preferred Plus Money Market Fund     
(cost $25,740,000)    25,740,000 c    25,740,000 
 
Total Investments (cost $1,118,478,159)    98.4%    1,296,113,683 
Cash and Receivables (Net)    1.6%    21,164,505 
Net Assets    100.0%    1,317,278,188 

ADR - American Depository Receipts 
GDR - Global Depository Receipts 
a    Non-income producing security. 
b    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. At February 29, 2008, these 
    securities amounted to $21,037,734 or 1.6% of net assets. 
c    Investment in affiliated money market mutual fund. 

Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.


                Unrealized 
    Foreign            Appreciation/ 
Forward Currency    Currency            (Depreciation) 
Exchange Contracts    Amounts    Cost ($)    Value ($)    at 2/29/2008 ($) 





Buys:                 
Hong Kong Dollar (HKD),                 
Expiring 02/29/2008    1,583,658    203,449    203,529    80 
Phillippines Peso (PHP) ,                 
Expiring 03/03/2008    1,727,127    43,232    42,751    (481) 
South African Rand. (ZAR),             
Expiring 02/29/2008    2,106,383    282,452    269,296    (13,155) 
 
Sells:                 
Hong Kong Dollar (HKD),                 
Expiring 03/03/2008    (6,305)    810    (810)    0 
Philippines Peso (PHP),                 
Expiring 03/04/2008    (248,891)    6,238    (6,161)    77 
South African Rand. (ZAR),             
Expiring 03/03/2008    (6,465,241)    856,652    (826,567)    30,085 
 
Total                16,606 


Item 2.    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-Q 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-Q 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 Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3.    Exhibits. 

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

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FORM N-Q

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/ J. David Officer 
    J. David Officer 
    President
 
Date:    April 22, 2008 

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/ J. David Officer 
    J. David Officer 
    President
 
Date:    April 22, 2008 

By:    /s/ James Windels 
    James Windels 
    Treasurer
 
Date:    April 22, 2008 

EXHIBIT INDEX

(a) 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)

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