N-CSR/A 1 amendformncsr327.htm AMENDED SEMI-ANNUAL REPORT amendformncsr327

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

FORM N-CSR/A

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)

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: 11/30/2007

-1-

FORM N-CSR

Item 1.    Reports to Stockholders. 

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

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

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

Contents
 
    THE FUND 
2    A Letter from the CEO 
3    Discussion of Fund Performance 
6    Understanding Your Fund’s Expenses 
6    Comparing Your Fund’s Expenses 
With Those of Other Funds
7    Statement of Investments 
14    Statement of Assets and Liabilities 
15    Statement of Operations 
16    Statement of Changes in Net Assets 
19    Financial Highlights 
24    Notes to Financial Statements 
FOR MORE INFORMATION
    Back Cover 

Dreyfus Premier 
Emerging Markets Fund 

The    Fund 

A LETTER FROM THE CEO

Dear Shareholder:

We are pleased to present this semiannual report for Dreyfus Premier Emerging Markets Fund, covering the six-month period from June 1, 2007, through November 30, 2007.

After an extended period of steady gains, turmoil in U.S. credit markets over the summer of 2007 led to bouts of heightened volatility in many international equity markets. Nonetheless, fundamentals in the global economy have remained relatively robust, and recent shifts in monetary policy from several major central banks helped spark market rebounds in many regions of the world.

While we expect the global expansion to continue, it seems reasonable to expect to see some moderation as U.S. consumer spending wanes and some high-flying emerging markets, notably China, continue to take steps to reduce unsustainably high growth rates.With regard to the currency markets, we have seen weakness in the U.S. dollar for most of the reporting period, making investments denominated in foreign currencies more valuable for U.S. residents. Lastly, a stubborn U.S. trade deficit and stronger economic growth in overseas markets continue to attract global capital away from U.S. markets and toward those with higher potential returns. As always, we encourage you to discuss these trends and opportunities with your financial advisor, who can help you consider if any portfolio adjustments might be right for your investment needs.

For information about how the fund performed during the reporting period, as well as market perspectives, we have provided a Discussion of Fund Performance given by the fund’s Portfolio Manager.

Thank you for your continued confidence and support.

2

DISCUSSION OF FUND PERFORMANCE

For the period of June 1, 2007, through November 30, 2007, as provided by D. Kirk Henry, Senior Portfolio Manager

Fund and Market Performance Overview

Stocks of companies based in the emerging markets continued to advance during the reporting period, primarily as a result of an expanding global economy and robust demand for natural resources.In addition, relatively low interest rates, benign inflation in many regions, rising disposable incomes and economic reforms have enabled many developing markets to become greater contributors to the global economy.Although the fund participated in the market’s gains to a degree,its returns fell short of the benchmark,due mainly to limited exposure to materials stocks and Chinese financials stocks that did not meet our value-oriented criteria.

For the six-month period ended November 30, 2007, Dreyfus Premier Emerging Markets Fund’s Class A shares produced a total return of 12.86%, Class B shares returned 12.36%, Class C shares returned 12.41%, Class I shares returned 12.89% and Class T shares returned 12.65% .1This compares with a 23.88% total return provided by the Morgan Stanley Capital International Emerging Markets Index (MSCI EM Index), the fund’s benchmark, for the same period.2

The Fund’s Investment Approach

The fund seeks long-term capital growth. In seeking to do so, the fund invests at least 80% of its assets in the stocks of companies organized, or with a majority of assets or business, in countries generally represented in the MSCI EM Index. Normally, the fund will not invest more than 25% of its total assets in any single emerging market country. We identify potential investments through quantitative and fundamental research, using a value-oriented approach that emphasizes individual stock selection over economic and industry trends.We assess how a stock is valued relative to its intrinsic worth, the company’s efficiency and profitability, and the presence of a catalyst that could trigger an increase in the stock’s price in the near- or intermediate term.

The Fund 3

DISCUSSION OF FUND PERFORMANCE (continued)

Emerging Markets Flourished Amid Strong Global Growth

Emerging equity markets posted attractive returns during the reporting period, with gains fueled by exports to developed nations as well as increased domestic consumption by a growing middle class. Gains were particularly robust among commodities producers, as a number of former third-world countries continued to build out their industrial infrastructures.While the fund benefited from these trends, we began to reduce its exposure to basic materials producers as their valuations reached richer levels. However, materials stocks continued to gain value, and the fund’s underweighted position prevented it from participating more fully in the sector’s gains.

The fund achieved better results from energy stocks as oil prices surged toward $100 per barrel. Brazil’s Petrobras, Gazprom in Russia, CNOOC in China and Oil & Natural Gas (ONGC) in India represented some of the fund’s top energy holdings during the reporting period. In addition, two major, state-owned Indian oil refiners, BPCL and HPCL, advanced on rumors of a significant domestic fuel price increase to offset the high price of crude oil.

Other positive contributors to the fund’s relative performance included financials stocks such as Turkiye Is Bankasi, which rallied sharply after the re-election of Turkey’s business-friendly prime minister and a subsequent reduction in interest rates.The State Bank of India also gained value as interest rates on the sub-continent appeared to peak while credit demand and economic forecasts remained above trend.

The fund’s health care stocks also fared well, due mainly to Teva Pharmaceutical Industries, the world’s leading generic pharmaceutical manufacturer and Israel’s largest index component, and the fund’s limited exposure to Indian pharmaceutical stocks that sold off sharply.A number of telecommunications stocks also gained value, including TurkCell Iletisim Hizmetleri,Turkey’s dominant mobile phone operator.

On the other hand, the fund received disappointing results from its underweighted position in Chinese financials stocks. Many of China’s

4

banks fared well due to robust lending in an expanding domestic economy, and insurance companies benefited from an increase in sales in life insurance policies, a relatively new phenomenon in China, and the performance of cross shareholdings. The fund’s performance also was hindered by its relatively high exposure to underperforming South Korean financial stocks as well as its limited exposure to dry bulk shippers and large construction firms in China, Korea and India.

Our Long-Term Outlook Favors Smaller-Cap Stocks

As of the end of the reporting period,we believe that a number of short-term factors have created concerns among investors in the emerging markets, including the unknown magnitude of the U.S. sub-prime mortgage crisis, recent weakness of the U.S. dollar, rising oil and food prices, and lofty equity valuations in China and India.

Over the longer term, however, our current outlook for the emerging markets remains positive, as many of the world’s developing economies, in our view, appear to be fiscally sound and politically stable. In such an environment, we may see well-established, large-cap stocks return to more reasonable valuations. Should this occur, we believe the fund’s emphasis on smaller, attractively valued companies could potentially position the fund to benefit from a change in market leadership.

December 17, 2007

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 (MSCI 
    EM) 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

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 Premier Emerging Markets Fund from June 1, 2007 to November 30, 2007. 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, 2007         
    Class A    Class B    Class C    Class I    Class T 
Expenses paid per $1,000+    $ 9.21    $ 13.54    $ 13.22    $ 8.62    $ 11.16 
Ending value (after expenses)    $1,128.60    $1,123.60    $1,124.10    $1,128.90    $1,126.50 

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, 2007 
    Class A    Class B    Class C    Class I    Class T 
Expenses paid per $1,000+    $ 8.72    $ 12.83    $ 12.53    $ 8.17    $ 10.58 
Ending value (after expenses)    $1,016.35    $1,012.25    $1,012.55    $1,016.90    $1,014.50 

† Expenses are equal to the fund’s annualized expense ratio of 1.73% for Class A, 2.55% for Class B, 2.49% for Class C, 1.62% for Class I and 2.10% for Class T; multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

  6
STATEMENT OF INVESTMENTS 
November 30, 2007 (Unaudited) 

Common Stocks—95.1%    Shares    Value ($) 
Argentina—.3%         
Petrobras Energia Participaciones, ADR    393,920    4,447,357 
Brazil—9.7%         
Aracruz Celulose, ADR    59,500    4,558,890 
Banco Itau Holding Financeira, ADR    190,960    5,259,038 
Banco Nossa Caixa    340,000    5,203,116 
Braskem, ADR    69,200    1,235,220 
Centrais Eletricas Brasileiras    364,562    5,071,814 
Cia Brasileira de Distribuicao Grupo Pao de Acucar, ADR    377,750    12,473,305 
Cia de Saneamento Basico do Estado de Sao Paulo    27,970    682,051 
Cia Energetica de Minas Gerais, ADR    38,100    798,195 
CPFL Energia    131,000    2,566,055 
Empresa Brasileira de Aeronautica, ADR    145,120    6,324,329 
Grendene    792,500    9,922,788 
Petroleo Brasileiro, ADR    78,178    7,528,541 
Petroleo Brasileiro, ADR (Preferred)    480,280    38,984,328 
Tam, ADR    314,621    8,910,067 
Tele Norte Leste Participacoes, ADR    828,740    17,337,241 
Unibanco—Uniao de Bancos Brasileiros, GDR    80,310    12,024,013 
Votorantim Celulose e Papel, ADR    147,310    4,893,638 
        143,772,629 
Chile—.8%         
Banco Santander Chile, ADR    143,470    6,900,907 
Compania Cervecerias Unidas, ADR    142,780    5,090,107 
        11,991,014 
China—6.1%         
Anhui Expressway, Cl. H    3,858,000    3,017,469 
Bank of China, Cl. H    32,038,000    16,664,171 
China Telecom, Cl. H    15,707,800    12,507,495 
Huaneng Power International, Cl. H    5,202,600    5,525,725 
Industrial & Commercial Bank of China, Cl. H    7,102,000    5,618,555 
PetroChina, Cl. H    9,348,000    18,032,333 
Sinopec Shanghai Petrochemical, Cl. H    8,496,000    5,281,085 
Sinotrans, Cl. H    7,211,500    3,537,955 
TPV Technology    14,256,000    9,044,570 
Weiqiao Textile, Cl. H    7,236,600    10,595,043 
        89,824,401 

The Fund 7

Other Investment—.5%    Shares    Value ($) 
Registered Investment Company;         
Dreyfus Institutional Preferred Plus Money Market Fund         
(cost $8,000,000)    8,000,000 c    8,000,000 
Total Investments (cost $1,117,272,360)    97.9%    1,444,334,259 
Cash and Receivables (Net)    2.1%    30,897,305 
Net Assets    100.0%    1,475,231,564 

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 November 30, 2007, these 
securities amounted to $28,753,155 or 1.9% of net assets. 
c Investment in affiliated money market mutual fund. 

Portfolio Summary (Unaudited) †         
 
    Value (%)        Value (%) 
Financial    21.8    Consumer Staples    6.2 
Energy    15.7    Utilities    4.9 
Information Technology    11.9    Industrial    4.6 
Consumer Discretionary    10.3    Health Care    1.7 
Telecommunication Services    10.2    Money Market Investment    .5 
Materials    10.1        97.9 

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

The Fund 13

STATEMENT OF OPERATIONS 
Six Months Ended November 30, 2007 (Unaudited) 

Investment Income ($):     
Income:     
Cash dividends (net of $2,436,120 foreign taxes withheld at source):     
Unaffiliated issuers    14,783,100 
Affiliated issuers    237,155 
Interest    74,581 
Total Income    15,094,836 
Expenses:     
Management fee—Note 3(a)    9,436,181 
Shareholder servicing costs—Note 3(c)    2,197,935 
Custodian fees—Note 3(c)    1,134,008 
Directors’ fees and expenses—Note 3(d)    52,354 
Distribution fees—Note 3(b)    50,101 
Prospectus and shareholders’ reports    41,517 
Professional fees    37,720 
Registration fees    26,175 
Loan commitment fees—Note 2    10,847 
Miscellaneous    51,203 
Total Expenses    13,038,041 
Less—reduction in custody fees     
due to earnings credits—Note 1(c)    (98,777) 
Net Expenses    12,939,264 
Investment Income—Net    2,155,572 
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($): 
Net realized gain (loss) on investments and foreign currency transactions    270,075,852 
Net realized gain (loss) on forward currency exchange contracts    (1,215,945) 
Net Realized Gain (Loss)    268,859,907 
Net unrealized appreciation (depreciation) on     
investments and foreign currency transactions    (86,802,283) 
Net Realized and Unrealized Gain (Loss) on Investments    182,057,624 
Net Increase in Net Assets Resulting from Operations    184,213,196 

See notes to financial statements.

The Fund 15

STATEMENT OF CHANGES IN NET ASSETS

    Six Months Ended     
    November 30, 2007    Year Ended 
    (Unaudited) a    May 31, 2007 
Operations ($):         
Investment income—net    2,155,572    12,249,388 
Net realized gain (loss) on investments    268,859,907    279,457,759 
Net unrealized appreciation         
(depreciation) on investments    (86,802,283)    98,573,278 
Net Increase (Decrease) in Net Assets     
Resulting from Operations    184,213,196    390,280,425 
Dividends to Shareholders from ($):         
Investment income—net:         
Class A shares    —    (5,120,080) 
Class I shares    —    (1,129,278) 
Class T shares    —    (79) 
Net realized gain on investments:         
Class A shares    —    (299,237,078) 
Class B shares    —    (986,733) 
Class C shares    —    (1,989,363) 
Class I shares    —    (35,402,940) 
Class T shares    —    (19,841) 
Total Dividends    —    (343,885,392) 
Capital Stock Transactions ($):         
Net proceeds from shares sold:         
Class A shares    96,233,144    219,278,182 
Class B shares    75,248    109,886 
Class C shares    1,789    268,038 
Class I shares    28,401,815    300,542,908 

16

    Six Months Ended     
    November 30, 2007    Year Ended 
    (Unaudited) a    May 31, 2007 
Capital Stock Transactions ($) (continued):     
Dividends reinvested:         
Class A shares    —    270,974,480 
Class B shares    —    889,139 
Class C shares    —    1,710,596 
Class I shares    —    32,828,014 
Class T shares    —    19,920 
Cost of shares redeemed:         
Class A shares    (238,524,046)    (731,133,062) 
Class B shares    (654,899)    (1,115,233) 
Class C shares    (627,679)    (1,433,467) 
Class I shares    (92,151,113)    (55,260,579) 
Class T shares    —    (2,820) 
Increase (Decrease) in Net Assets         
from Capital Stock Transactions    (207,245,741)    37,676,002 
Total Increase (Decrease) in Net Assets    (23,032,545)    84,071,035 
Net Assets ($):         
Beginning of Period    1,498,264,109    1,414,193,074 
End of Period    1,475,231,564    1,498,264,109 
Undistributed investment income—net    15,060,847    12,905,275 

The Fund 17

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.

On July 1,2007,Mellon Financial Corporation (“Mellon Financial”) and The Bank of New York Company, Inc. merged, forming The Bank of New York Mellon Corporation (“BNY Mellon”). As part of this transaction, Dreyfus became a wholly-owned subsidiary of BNY Mellon.

The fund’s Board of Directors approved the redesignation of the fund’s Class R shares to Class I shares, effective June 1, 2007. The eligibility requirements for Class I shares remained the same as for Class R shares.

MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Manager, is the distributor of the fund’s shares.The fund is authorized to issue 100 million shares of $.001 par value Common Stock in each of the following classes of shares: Class A, Class B, Class C, Class I 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.The fund does not offer Class B shares, except in connection with dividend reinvestment and permitted exchanges of Class B shares. Class C shares are subject to a CDSC on Class C shares redeemed within one year of purchase. Class I shares are sold at net asset value per share only to institutional investors. Other differences between the classes include the services offered to and the expenses borne by each class 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.

24

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’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 available. Registered open-end investment companies that are not traded on an exchange are valued at their net asset value.When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Directors. Fair valuing of securities may be determined with the assistance of a

The Fund 25

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 Board of Directors, certain 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.

The Financial Accounting Standards Board (“FASB”) released Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (“FAS 157”). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair-value measurements.The application of FAS 157 is required for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. Management does not believe that the application of this standard will have a material impact on the financial statements of the fund.

(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 gains or losses on 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 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 in securities, resulting from changes in exchange

26

rates. Such gains and losses are included with net realized and unrealized gains or losses 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.

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

(e) Dividends to shareholders: Dividends are recorded on the ex-dividend date. Dividends from investment income-net and dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”).To the extent that net realized capital gains can be offset by capital loss carryovers, if any, 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 U.S. generally accepted accounting principles.

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

The Fund 27

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The FASB released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year.Adoption of FIN 48 is required for fiscal years beginning after December 15,2006 and is to be applied to all open tax years as of the effective date. Management does not believe that the application of this standard will have a material impact on the financial statements of the fund.

The tax characters of distributions paid to shareholders during the fiscal year ended May 31, 2007 was as follows: ordinary income $66,930,653 and long-term capital gains $276,954,739.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 borrowing. During the period ended November 30, 2007, the fund did not borrow under the Facility.

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.

28

During the period ended November 30, 2007, the Distributor retained $3,078 from commissions earned on sales of the fund’s Class A shares and $761 and $295 from CDSC 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 the value of the average daily net assets of Class B and Class C shares and .25% of the value of the average daily net assets of Class T shares. During the period ended November 30, 2007, Class B, Class C and Class T shares were charged $15,374, $34,598 and $129, 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 the value of their average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (a securities dealer, financial institution or other industry professional) in respect of these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended November 30, 2007, Class A, Class B, Class C and Class T shares were charged $1,459,541, $5,125, $11,533 and $129, 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, 2007, the fund was charged $105,724 pursuant to the transfer agency agreement.

Effective July 1, 2007, the fund’s custodian, The Bank of New York, became an affiliate of the Manager. Under the fund’s pre-existing cus-

The Fund 29

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

tody agreement with The Bank of New York, the fund was charged $939,158 for providing custodial services for the fund for the five months ended November 30, 2007. Prior to becoming an affiliate,The Bank of New York was paid $194,850 for custody services to the fund for the one month ended June 30, 2007.

During the period ended November 30, 2007, the fund was charged $2,411 for services performed by the Chief Compliance Officer.

The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $1,535,190, Rule 12b-1 distribution plan fees $8,279, shareholder services plan fees $239,762, custodian fees $1,248,395 chief compliance officer fees $3,214 and transfer agency per account fees $37,034.

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

(e) A 1% redemption fee is charged and retained by the fund on certain shares redeemed within six months following the date of their issuance, including redemptions made through the use of the fund’s exchange privilege. During the period ended November 30, 2007, redemption fees charged and retained by the fund amounted to $22,000. Effective December 1, 2007, the fund’s redemption fee will increase from 1% to 2% and decrease in the redemption-fee holding period from six months to sixty days.

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, 2007, amounted to $432,052,046 and $645,443,345, 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-

30

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 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, 2007:

    Foreign            Unrealized 
Forward Currency    Currency            Appreciation 
Exchange Contracts    Amounts    Cost ($)    Value ($)    (Depreciation) ($) 
Purchases:                 
South African Rand,                 
expiring 12/3/2007    6,993,103    1,023,896    1,027,628    3,732 
Sales:        Proceeds ($)         
Hong Kong Dollar,                 
expiring 12/3/2007    9,755,953    1,252,779    1,252,948    (169) 
South African Rand,                 
expiring 12/4/2007    9,131,471    1,343,891    1,341,857    2,034 
Poland Zloty,                 
expiring 12/4/2007    2,708,708    1,102,086    1,098,333    3,753 
Total                9,350 

At November 30, 2007, accumulated net unrealized appreciation on investments was $327,061,899, consisting of $360,293,085 gross unrealized appreciation and $33,231,186 gross unrealized depreciation.

The Fund 31

NOTES

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. 

(a)    Not applicable. 

(b) The following information is provided in accordance with the Section 13(c) of the Investment Company Act of 1940, as amended, with respect to the noted securities:

Securities Divested             
Name of Issuer    Ticker Symbol    Cusip/Sedol    Shares Divestment Dates 
Petrochina    857 HK    6226576    582,000    1/25/2008 
 
Securities held on date of filing (January 25, 2008)         
Name of Issuer    Ticker Symbol    Cusip/Sedol    Shares 
Petrochina    857 HK    6226576    10,946,000 

Item 7.    Disclosure of Proxy Voting Policies and Procedures for Closed-End Management 
    Investment Companies. 
    Not applicable. 
Item 8.    Portfolio Managers of Closed-End Management Investment Companies. 
    Not applicable. 
Item 9.    Purchases of Equity Securities by Closed-End Management Investment Companies and 
    Affiliated Purchasers. 
    Not applicable. [CLOSED END FUNDS ONLY] 

Item 10. 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 East, 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 11.    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 12.    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.

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.

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)