N-Q 1 formnq-327.htm FORM N-Q formnq-327.htm - Generated by SEC Publisher for SEC Filing

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:  2/28/09 


FORM N-Q

Item 1. Schedule of Investments.

 


STATEMENT OF INVESTMENTS 
Dreyfus Emerging Markets Fund 
February 28, 2009 (Unaudited) 

Common Stocks--94.8%  Shares  Value ($) 
Brazil--11.7%     
Banco Itau Holding Financeira, ADR  235,495  2,161,844 
Centrais Eletricas Brasileiras  256,762  2,813,065 
Cia de Saneamento Basico do Estado de Sao Paulo  126,030  1,266,940 
Cia de Saneamento de Minas Gerais  316,400  2,750,672 
Cia Energetica de Minas Gerais, ADR  44,041  601,600 
Cia Vale do Rio Doce, ADR  316,580  4,080,716 
Empresa Brasileira de Aeronautica, ADR  70,500  762,105 
Grendene  479,000  2,373,568 
Medial Saude  364,300  1,029,802 
Petroleo Brasileiro (Preferred), ADR  727,070  16,271,827 
Tele Norte Leste Participacoes, ADR  558,870  6,773,504 
Telemig Celular Participacoes (Rights)  287 a  744 
Unibanco - Uniao de Bancos Brasileiros, ADR  60,850  3,184,280 
Votorantim Celulose e Papel, ADR       299,050 a  1,429,459 
    45,500,126 
China--9.6%     
Aluminum Corp. of China, Cl. H  1,002,700  470,348 
Anhui Expressway, Cl. H  4,434,000  1,787,112 
Bank of China, Cl. H  22,593,000  6,210,861 
Bosideng International Holdings  27,966,000  1,888,208 
China Molybdenum, Cl. H  2,067,000  756,342 
China Telecom, Cl. H  4,531,800  1,509,587 
Dongfang Electric, Cl. H  1,072,200  1,940,536 
Huaneng Power International, Cl. H  5,596,600  3,621,057 
PetroChina, ADR  28,930  2,050,269 
PetroChina, Cl. H  10,214,000  7,245,041 
Sinopec Shanghai Petrochemical, Cl. H  7,342,000  1,638,785 
Sinotrans, Cl. H  14,768,500  2,182,107 
TPV Technology  8,588,000  2,217,573 
Weiqiao Textile, Cl. H  8,526,600  2,218,612 
Yanzhou Coal Mining, ADR  4,200  23,856 
Yanzhou Coal Mining, Cl. H  2,800,000  1,568,761 
    37,329,055 
Hong Kong--9.5%     
Belle International Holdings  582,000  245,046 
China Mobile  931,500  8,017,532 
China Mobile, ADR  71,980  3,120,333 
China Power International Development  23,270,292  4,515,477 
China Unicom (Hong Kong)  3,691,198  3,261,423 
CNOOC  2,078,000  1,794,592 


CNOOC, ADR  28,370  2,437,834 
Cosco Pacific  5,202,000  3,762,276 
Denway Motors  9,995,300  2,982,061 
Global Bio-Chem Technology Group  11,872,700  1,317,824 
Nine Dragons Paper Holdings  5,989,000  1,597,905 
NWS Holdings  926,898  1,177,710 
Shanghai Industrial Holdings  615,030  1,385,227 
Texwinca Holdings  2,883,300  1,254,417 
    36,869,657 
Hungary--1.1%     
Magyar Telekom Telecommunications  843,988  1,955,761 
Richter Gedeon  21,250  2,206,001 
    4,161,762 
India--7.0%     
Andhra Bank  1,294,321  1,080,068 
Bharat Petroleum  50,448  385,313 
Dr. Reddy's Laboratories  94,540  714,367 
Hindalco Industries  1,285,030  960,792 
Hindustan Petroleum  311,511  1,692,333 
ICICI Bank, ADR  39,650  494,039 
India Cements  1,293,230  2,442,939 
Jet Airways India       200,852 a  551,038 
Mahanagar Telephone Nigam  2,279,450  2,839,852 
Mahindra & Mahindra  359,110  2,155,239 
Oil & Natural Gas  180,184  2,419,311 
Reliance Industries  66,940  1,636,181 
State Bank of India  81,370  1,620,205 
State Bank of India, GDR  81,740 b  3,302,296 
Steel Authority of India  882,058  1,296,646 
Sterlite Industries (India)  86,920  411,665 
Sterlite Industries (India), ADR  254,940  1,172,724 
Tata Consultancy Services  243,510  2,268,697 
    27,443,705 
Indonesia--1.8%     
Gudang Garam  5,099,500  2,180,833 
Kalbe Farma  33,029,600  1,771,573 
Telekomunikasi Indonesia  6,257,500  3,260,006 
    7,212,412 
Israel--.8%     
Bank Hapoalim       874,700 a  1,555,255 
Israel Discount Bank, Cl. A  2,664,958  1,784,099 
    3,339,354 
Malaysia--5.7%     
AMMB Holdings  428,375  284,504 
Gamuda  5,664,300  3,002,734 
Genting  3,733,500  3,466,359 


Malayan Banking  4,955,400  6,777,390 
Resorts World  454,300  269,551 
Sime Darby  2,882,600  4,368,268 
Tenaga Nasional  2,285,800  3,955,895 
    22,124,701 
Mexico--3.4%     
America Movil, ADR, Ser. L  183,120  4,665,898 
Consorcio ARA  4,144,700  1,020,527 
Embotelladoras Arca  1,329,100  2,138,079 
Gruma, Cl. B  1,489,592 a  477,295 
Grupo Continental  2,074,850  2,929,040 
Grupo Modelo, Ser. C  730,700  1,894,638 
    13,125,477 
Philippines--.8%     
ABS-CBN Holdings  2,186,400  568,067 
Bank of the Philippine Islands  2,104,457  1,472,922 
Metropolitan Bank & Trust  679,300  285,426 
Union Bank of the Philippines  1,520,706  643,777 
    2,970,192 
Poland--.8%     
Bank Pekao  49,320  1,045,744 
Polski Koncern Naftowy Orlen  199,260  1,123,022 
Telekomunikacja Polska  203,690  986,379 
    3,155,145 
Russia--5.5%     
Cherepovets MK Severstal, GDR  87,420 b  317,335 
Gazprom, ADR  789,565  10,256,449 
LUKOIL, ADR  190,665  6,108,907 
MMC Norilsk Nickel, ADR  387,341 a  1,820,503 
Mobile Telesystems, ADR  105,640  2,502,612 
VTB Bank, GDR  367,990 b  393,749 
    21,399,555 
South Africa--7.6%     
AngloGold Ashanti, ADR  215,146  6,417,805 
FirstRand  3,676,780  4,384,483 
Gold Fields, ADR  137,260  1,397,307 
JD Group  485,511  1,417,855 
Nampak  2,314,703  2,954,940 
Nedbank Group  472,992  3,522,281 
Sanlam  658,221  995,311 
Sappi  992,113  1,865,428 
Sasol  105,130  2,621,748 
Sasol, ADR  16,330  410,373 
Standard Bank Group  105,470  678,431 
Steinhoff International Holdings  293,822  326,243 
Telkom  275,248  2,698,547 


    29,690,752 
South Korea--12.7%     
Hana Financial Group  81,073  951,797 
Hanwha Chemical  365,250  1,607,280 
Hyundai Motor  73,007  2,308,397 
Kangwon Land  203,370  1,635,550 
KB Financial Group  275,525 a  5,237,198 
KB Financial Group, ADR  11,260  211,913 
Korea Electric Power  256,595 a  3,977,467 
KT  12,830  311,450 
KT, ADR  437,620  5,260,192 
Kumho Tire  327,750 a  769,130 
Lotte Shopping  30,124  3,184,501 
POSCO  18,406  3,726,034 
Samsung Electronics  41,939  12,963,991 
Shinhan Financial Group  98,467 a  1,468,593 
Shinhan Financial Group (Rights)  14,301 a  29,843 
SK Telecom  4,433  539,196 
SK Telecom, ADR  397,010  5,315,964 
    49,498,496 
Taiwan--10.0%     
China Motor  3,639,107  1,178,575 
Chinatrust Financial Holding  9,761,690  2,923,466 
Compal Electronics  11,157,758  6,281,999 
First Financial Holding  2,299,935  904,534 
HON HAI Precision Industry  1,750,000  3,454,129 
Mega Financial Holding  7,895,000  2,118,253 
Nan Ya Printed Circuit Board  1,406,614  2,754,520 
Nien Hsing Textile  2,491,000  541,817 
Quanta Computer  2,805,163  2,815,864 
SinoPac Financial Holdings  20,590,103  3,364,167 
Taiwan Semiconductor Manufacturing  4,330,313  5,428,924 
United Microelectronics  23,028,445  5,031,409 
Yageo  13,260,200  2,000,579 
    38,798,236 
Thailand--5.2%     
Bangkok Bank  968,900  1,975,437 
Charoen Pokphand Foods  37,452,600  3,484,783 
Delta Electronics Thai  277,874  80,940 
Kasikornbank  3,484,000  4,244,227 
Krung Thai Bank  29,814,300  3,387,566 
Siam Cement  1,137,500  3,084,873 
Thai Airways International  5,016,744  1,055,562 
Thai Oil  1,574,700  1,034,866 
Thai Union Frozen Products  3,598,521  1,913,850 
    20,262,104 


Turkey--1.4%     
Petrol Ofisi  0 a  1 
Turk Sise ve Cam Fabrikalari  3,303,828 a  1,846,148 
Turkcell Iletisim Hizmet  394,290  1,959,738 
Turkiye Garanti Bankasi  1,020,400 a  1,242,414 
Turkiye Is Bankasi, Cl. C  144,025  277,867 
    5,326,168 
United Kingdom--.2%     
JKX Oil & Gas  321,583  954,133 
 
Total Common Stocks     
(cost $662,757,925)    369,161,030 
 
Preferred Stocks--2.5%     
Brazil     
Braskem, Cl. A  952,400  2,142,641 
Centrais Eletricas Brasileiras, Cl. B  32,874  333,359 
Cia de Tecidos do Norte de Minas - Coteminas  875,348 a  1,244,536 
Cia Energetica de Minas Gerais  288,316  4,008,743 
Cia Paranaense de Energia, Cl. B  200,900  1,873,409 
Telemig Celular Participacoes  3,654  69,981 
Total Preferred Stocks     
(cost $13,595,508)    9,672,669 
 
Other Investment--1.1%     
Registered Investment Company;     
Dreyfus Institutional Preferred Plus Money Market Fund     
       (cost $4,500,000)  4,500,000 c  4,500,000 
 
Total Investments (cost $680,853,433)  98.4%  383,333,699 
Cash and Receivables (Net)  1.6%  6,248,314 
Net Assets  100.0%  389,582,013 
 
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 28, 2009, these securities amounted to $4,013,380 or 1.0% of net assets.
c      Investment in affiliated money market mutual fund.

At February 28, 2009 , the aggregate cost of investment securities for income tax purposes was $680,853,433.
Net unrealized depreciation on investments was $297,519,734 of which $10,795,467 related to appreciated investment securities and $308,315,201 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 2/28/2009 ($) 
Buys:         
Poland Zloty  158,383  43,099  43,332  233 
 Expiring 3/2/2009         
Poland Zloty  1,024,557  276,863  280,309  3,446 
 Expiring 3/3/2009         
 
Sells:         
Hong Kong Dollar         
 Expiring 3/2/2009  (52,006)  6,706  (6,706)  0 
South African Rand         
 Expiring 3/2/2009  (206,581)  20,985  (20,443)  542 
South African Rand         
 Expiring 3/3/2009  (566,039)  55,991  (56,016)  (25) 
 
Total        4,196 




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:  April 23, 2009 

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 23, 2009 
 
By:  /s/ James Windels 
  James Windels 
Treasurer
 
Date:  April 23, 2009 

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)