N-Q 1 fornnq327.htm FORM N-Q fornnq327
  UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
  QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
  FORM N-Q

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:    5/31/08 
Date of reporting period:    8/31/08 


FORM N-Q

Item 1. Schedule of Investments.

STATEMENT OF INVESTMENTS 
Dreyfus Premier Emerging Markets Fund 
August 31, 2008 (Unaudited) 

Common Stocks--94.6%    Shares    Value ($) 



Brazil--11.1%         
Banco Itau Holding Financeira, ADR    264,025    5,016,475 
Centrais Eletricas Brasileiras    339,462    6,143,637 
Cia de Saneamento Basico do Estado de Sao Paulo    86,430    1,956,075 
Cia de Saneamento Basico do Estado de Sao Paulo, ADR    12,910    578,368 
Cia de Saneamento de Minas Gerais    216,200    3,269,528 
Cia Energetica de Minas Gerais, ADR    58,939    1,271,904 
Cia Vale do Rio Doce, ADR    99,670    2,646,238 
Empresa Brasileira de Aeronautica, ADR    102,830    3,491,078 
Grendene    766,300    7,192,877 
Medial Saude    141,500    1,063,420 
Petroleo Brasileiro (Preferred), ADR    985,770    42,358,537 
Petroleo Brasileiro, ADR    37,530    1,979,332 
Tam, ADR    266,601    5,188,056 
Tele Norte Leste Participacoes, ADR    523,210    12,148,936 
Unibanco - Uniao de Bancos Brasileiros, GDR    63,120    7,546,627 
Votorantim Celulose e Papel, ADR    265,100    5,598,912 
        107,450,000 
Chile--.4%         
Banco Santander Chile, ADR    48,670    2,141,967 
Cia Cervecerias Unidas, ADR    43,720    1,512,275 
        3,654,242 
China--7.8%         
Aluminum Corp. of China, Cl. H    744,700    659,949 
Anhui Expressway, Cl. H    3,648,000    2,283,979 
Bank of China, Cl. H    21,572,000    9,301,146 
Bosideng International Holdings    24,566,000    3,904,296 
China Molybdenum, Cl. H    1,027,000    670,553 
China Telecom, Cl. H    6,879,800    3,514,560 
Dongfang Electric, Cl. H    1,572,000    4,865,302 
Huaneng Power International, ADR    35,247    1,057,410 
Huaneng Power International, Cl. H    9,932,600    7,448,158 
PetroChina, ADR    28,130    3,634,396 
PetroChina, Cl. H    14,206,000    18,338,473 
Sinopec Shanghai Petrochemical, Cl. H    11,206,000    3,526,849 
Sinotrans, Cl. H    15,872,500    3,592,459 
TPV Technology    11,348,000    5,555,823 
Weiqiao Textile, Cl. H    8,962,100    7,114,340 
        75,467,693 
Czech Republic--.4%         
Komercni Banka    16,140    3,568,086 
 
Hong Kong--6.3%         
Brilliance China Automotive Holdings    30,638,000 a    3,161,486 
China Mobile    678,500    7,713,947 
China Mobile, ADR    47,350    2,685,692 
China Netcom Group    3,088,000    7,356,014 
China Power International Development    28,237,292    8,672,965 
CNOOC    1,763,000    2,745,021 
CNOOC, ADR    5,580    869,141 
Cosco Pacific    6,128,000    9,352,095 
Denway Motors    10,103,300    3,602,871 
Global Bio-Chem Technology Group    10,130,700    3,837,864 
Hopson Development Holdings    2,161,557    2,149,183 
NWS Holdings    960,481    2,124,437 
Shanghai Industrial Holdings    950,000    2,562,904 
Texwinca Holdings    4,661,300    4,002,902 
        60,836,522 
Hungary--1.2%         
Richter Gedeon    26,560    5,263,298 
Magyar Telekom Telecommunications    1,142,933    5,874,606 
        11,137,904 
India--8.1%         
Andhra Bank    1,519,033    1,922,735 
Bharat Petroleum    1,150,373    7,859,229 


Hindalco Industries    1,567,590    4,343,129 
Hindalco Industries (Rights)    671,824 a    405,220 
Hindustan Petroleum    1,564,173    7,079,635 
ICICI Bank, ADR    138,820    4,306,196 
India Cements    1,557,740    4,857,362 
Jet Airways India    234,602    2,495,758 
Mahanagar Telephone Nigam    2,090,740    4,690,806 
Mahanagar Telephone Nigam, ADR    128,690    599,695 
Mahindra & Mahindra    469,610    6,121,545 
Oil & Natural Gas    324,424    7,501,095 
Satyam Computer Services    340,080    3,214,823 
State Bank of India    91,580    2,899,785 
State Bank of India, GDR    82,010 b    5,207,635 
Steel Authority of India    1,285,488    4,523,570 
Sterlite Industries (India)    155,220    2,197,444 
Sterlite Industries (India), ADR    205,920    2,928,183 
Tata Consultancy Services    223,740    4,098,897 
Tata Motors    88,762    884,063 
        78,136,805 
Indonesia--1.9%         
Gudang Garam    6,201,500    4,356,747 
Kalbe Farma    45,334,600    3,704,710 
Telekomunikasi Indonesia    11,811,000    10,298,789 
        18,360,246 
Israel--1.1%         
Bank Hapoalim    672,400    2,636,495 
Israel Discount Bank, Cl. A    3,457,938 a    5,705,248 
Teva Pharmaceutical Industries, ADR    38,290    1,812,649 
        10,154,392 
Malaysia--4.7%         
AMMB Holdings    2,439,875    2,189,381 
Gamuda    8,878,900    6,731,671 
Genting    1,513,200    2,595,669 
Malayan Banking    6,731,300    15,516,108 
Resorts World    5,845,400    4,652,040 
Sime Darby    3,064,600    6,127,970 
Tenaga Nasional    3,223,800    7,469,136 
        45,281,975 
Mexico--4.3%         
Cemex (Units)    2,407,407 a    4,825,232 
Cemex, ADR    37,136 a    744,577 
Consorcio ARA    4,454,600    3,509,009 
Controladora Comercial Mexicana (Units)    1,524,900    3,806,782 
Embotelladoras Arca    1,351,600    4,653,098 
Gruma, Cl. B    1,845,192 a    5,212,888 
Grupo Continental    2,928,450    7,119,812 
Grupo Modelo, Ser. C    858,200    4,112,082 
Kimberly-Clark de Mexico, Cl. A    770,700    3,369,037 
Telefonos de Mexico, ADR, Ser. L    61,450    1,509,827 
Telmex Internacional, ADR    162,110    2,287,372 
        41,149,716 
Philippines--.9%         
ABS-CBN Holdings    2,707,500    1,040,871 
Bank of the Philippine Islands    4,777,157    4,811,414 
Manila Electric    996,960    1,205,004 
Metropolitan Bank & Trust    865,000    709,298 
Union Bank of the Philippines    1,821,906    1,249,244 
        9,015,831 
Poland--1.4%         
Bank Pekao    47,730    3,810,078 
Polski Koncern Naftowy Orlen    411,060    5,983,464 
Telekomunikacja Polska    389,293    3,918,298 
        13,711,840 
Russia--6.8%         
Gazprom, ADR    882,245    34,407,555 
LUKOIL, ADR    294,545    21,884,693 
MMC Norilsk Nickel, ADR    253,900    5,016,150 
Surgutneftegaz, ADR    256,100    1,843,920 
VTB Bank, GDR    468,600 b    2,619,474 
        65,771,792 


South Africa--8.6%         
AngloGold Ashanti, ADR    454,226    12,227,764 
Aspen Pharmacare Holdings    219,349 a    1,332,194 
Bidvest Group    360,371    5,337,096 
FirstRand    4,482,850    9,562,637 
Gold Fields, ADR    463,120    4,214,392 
JD Group    846,065    3,308,419 
Nampak    4,234,163    8,086,027 
Nedbank Group    670,572    9,077,441 
Sanlam    1,867,201    4,308,086 
Sappi    699,265    7,335,583 
Sappi, ADR    100    1,060 
Sasol    108,510    5,990,429 
Standard Bank Group    243,577    2,847,924 
Steinhoff International Holdings    2,000,587    4,795,171 
Telkom    247,908    4,489,880 
        82,914,103 
South Korea--14.8%         
Hana Financial Group    142,033    5,004,476 
Hanwha Chemical    484,260    4,560,676 
Hyundai Mobis    78,215    6,496,711 
Hyundai Motor    99,480    6,488,826 
Kookmin Bank    328,694    18,033,026 
Kookmin Bank, ADR    12,062    660,998 
Korea Electric Power    348,305    10,534,302 
KT    21,010    860,205 
KT, ADR    457,740    9,319,586 
Kumho Tire    641,710    4,830,093 
Lotte Shopping    32,071    8,712,865 
Nong Shim    9,034    1,816,186 
POSCO    25,594    10,996,817 
POSCO, ADR    16,000    1,713,600 
S-Oil    71,771    4,254,756 
Samsung Electronics    54,234    25,471,103 
Shinhan Financial Group    150,217    6,874,253 
SK Telecom, ADR    827,030    16,871,412 
        143,499,891 
Taiwan--9.5%         
China Motor    4,633,107    2,714,535 
Chinatrust Financial Holding    10,533,456    6,767,050 
Compal Electronics    12,514,758    11,186,529 
First Financial Holding    3,327,936    2,506,210 
Mega Financial Holding    9,746,000    6,118,181 
Nan Ya Printed Circuit Board    1,074,614    5,012,049 
Nien Hsing Textile    3,172,000    1,215,693 
Powerchip Semiconductor    13,906,601 a    2,442,966 
Quanta Computer    10,443,164    15,666,009 
SinoPac Financial Holdings    28,883,103    10,038,205 
Taiwan Semiconductor Manufacturing    4,510,310    8,344,931 
Taiwan Semiconductor Manufacturing, ADR    149,122    1,447,975 
United Microelectronics    24,560,446    10,279,801 
United Microelectronics, ADR    1,412,008    3,289,979 
Yageo    17,581,200    5,207,250 
        92,237,363 
Thailand--3.7%         
Bangkok Bank    738,800    2,519,906 
Charoen Pokphand Foods    51,755,900    5,870,564 
Delta Electronics Thai    353,874    180,591 
Kasikornbank    3,797,200    7,884,885 
Krung Thai Bank    32,284,800    7,128,397 
Siam Cement    1,383,400    6,788,647 
Thai Airways International    5,859,444    2,474,755 
Thai Union Frozen Products    6,111,321    3,304,749 
        36,152,494 
Turkey--1.8%         
Petrol Ofisi    0.43 a    2 
Turk Sise ve Cam Fabrikalari    4,017,688 a    5,460,474 
Turkcell Iletisim Hizmet    399,080    2,678,276 
Turkcell Iletisim Hizmet, ADR    54,470    901,479 
Turkiye Garanti Bankasi    1,127,350 a    3,387,950 


Turkiye Is Bankasi, Cl. C    1,011,223    4,865,752 
        17,293,933 
United Kingdom--.1%         
JKX Oil & Gas    133,960    1,059,783 
Total Common Stocks         
       (cost $972,068,187)        916,854,611 
 
Preferred Stocks--2.2%         



Brazil         
Braskem, Cl. A    891,000    6,384,589 
Centrais Eletricas Brasileiras, Cl. B    151,174    2,322,329 
Cia de Tecidos do Norte de Minas - Coteminas    1,064,548 a    4,147,165 
Cia Energetica de Minas Gerais    281,616    6,079,796 
Telemig Celular Participacoes    73,956    1,887,466 
Total Preferred Stocks         
       (cost $17,571,135)        20,821,345 
 
Other Investment--1.6%         



Registered Investment Company;         
Dreyfus Institutional Preferred Plus Money Market Fund     
       (cost $15,000,000)    15,000,000 c    15,000,000 
 
Total Investments (cost $1,004,639,322)    98.7%    952,675,956 
Cash and Receivables (Net)    1.3%    14,353,312 
Net Assets    100.0%    967,029,268 

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 August 31, 2008, these 
    securities amounted to $7,827,109 or .8% of net assets. 
c    Investment in affiliated money market mutual fund. 

At August 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,004,639,322.

Net unrealized depreciation on investments was $51,963,366 of which $108,146,183 related to appreciated investment securities and $160,109,549 related to depreciated investment securities.

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.


100-227-96                 
 
                Unrealized 
    Foreign            Appreciation/ 
Forward Currency    Currency            Depreciation 
   Exchange Contracts    Amounts    Cost ($)    Value ($)    at 8/31/2008 ($) 





Sells:                 
Philippines Peso                 
 Expiring 9/2/2008    (7,948,079)    173,729    (173,104)    624 
 
Total                624 


Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard No. 157 (FAS Fair Value Measurements.

           These inputs are summarized in the three broad levels listed below. 
           Level 1 - quoted prices in active markets for identical securities. 
           Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speed 
           credit risk, etc.) 
           Level 3 - significant unobservable inputs (including fund's own assumptions in determining the fair value of investments). 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing 
in those securities. 

The following is a summary of the inputs used as of August 31, 2008 in valuing the fund's investments carried at fair value:

                                         Valuation Inputs    Investments in Securities ($)    Other Financial Instruments* ($) 



Level 1 - Quoted Prices    448,684,256    0 



Level 2 - Other Significant Observable Inputs    503,991,700    624 



Level 3 - Significant Unobservable Inputs    0    0 



Total    952,675,956    624 



*Other financial instruments include derivative instruments, such as futures, forward currency 
exchange contracts and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. 


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.


  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:    October 27, 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:    October 27, 2008 
 
By:    /s/ James Windels 
    James Windels 
    Treasurer
 
Date:    October 27, 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)