-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WAjAyp801WanoxOqggUNtI6Gl/mCmsTtdUQlQt2ZLMX1CgdS7Dwon3+uqqcHO0qt hWXzrZ/t9KH/tSj3itIT3A== 0000897469-10-000007.txt : 20100427 0000897469-10-000007.hdr.sgml : 20100427 20100427132546 ACCESSION NUMBER: 0000897469-10-000007 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100228 FILED AS OF DATE: 20100427 DATE AS OF CHANGE: 20100427 EFFECTIVENESS DATE: 20100427 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS INTERNATIONAL FUNDS INC CENTRAL INDEX KEY: 0000897469 IRS NUMBER: 133718039 STATE OF INCORPORATION: MD FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07502 FILM NUMBER: 10772677 BUSINESS ADDRESS: STREET 1: 200 PARK AVENUE STREET 2: C/O DREYFUS CORPORATION CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2129226838 MAIL ADDRESS: STREET 1: DREYFUS CORP STREET 2: 200 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10166 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS INTERNATIONAL EQUITY FUND INC DATE OF NAME CHANGE: 19930212 0000897469 S000000293 Dreyfus Emerging Markets Fund C000000714 Class A DRFMX C000000715 Class B DBPEX C000000716 Class C DCPEX C000000717 Class I DRPEX 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: 2/28/10

The following N-Q relates only to the Registrant's series listed below and does not affect the other series of the Registrant, which has a different fiscal year end and, therefore, different N-Q reporting requirements. A separate N-Q Form will be filed for the remaining series as appropriate.

Dreyfus Emerging Markets Fund



FORM N-Q

Item 1. Schedule of Investments.



STATEMENT OF INVESTMENTS    
Dreyfus Emerging Markets Fund    
February 28, 2010 (Unaudited)    
 
Common Stocks--90.2% Shares Value ($)
Brazil--7.4%    
Banco Santander Brasil, ADR 723,240 8,649,950
Centrais Eletricas Brasileiras 141,462 1,831,730
Cielo 517,000 4,048,114
Cia de Saneamento Basico do Estado
de Sao Paulo
147,630 2,479,357
Cia de Saneamento Basico do Estado de
Sao Paulo, ADR
4,040 a 137,724
Cia de Saneamento de Minas Gerais 406,300 5,688,178
Empresa Brasileira de Aeronautica, ADR                      173,980 3,820,601
Grendene 824,120 4,218,305
Petroleo Brasileiro, ADR 163,600 6,977,540
Porto Seguro 545,600 5,449,509
Redecard 423,200 6,158,957
Tractebel Energia 243,230 2,787,424
Vale, ADR 612,230 17,056,728
    69,304,117
China--11.3%    
Anhui Expressway, Cl. H 1,510,000 999,903
Asia Cement China Holdings 8,818,500 4,680,690
Bosideng International Holdings 11,518,000 2,448,381
China Construction Bank, Cl. H 14,657,130 11,084,217
China Molybdenum, Cl. H 927,000 726,108
China Pacific Insurance Group, Cl. H 497,800 a 2,036,182
China Railway Construction, Cl. H 6,399,000 8,425,215
Fuqi International 237,980 a 4,390,731
Harbin Power Equipment, Cl. H 5,034,000 4,053,323
Huaneng Power International, ADR 67,790 1,616,791
Huaneng Power International, Cl. H 9,842,600 5,921,677
Industrial & Commercial Bank of China, Cl. H 11,243,000 7,951,930
Lumena Resources 12,570,000 3,692,224
PetroChina, ADR 44,810 5,015,135
PetroChina, Cl. H 12,220,000 13,649,234
Renhe Commercial Holdings 30,452,000 6,983,189
Sinotrans, Cl. H 20,252,500 5,479,184
Soho China 11,382,000 5,601,443
Sohu.com 24,190 a 1,238,770
TPV Technology 4,553,630 3,050,556
Weiqiao Textile, Cl. H 8,523,100 5,918,400
    104,963,283



Hong Kong--5.7%    
China Mobile 1,619,000 15,976,939
China Mobile, ADR 145,410 7,187,616
China Power International Development 20,500,872 a 4,991,742
China Unicom Hong Kong 1,577,198 1,891,707
CNOOC 1,756,000 2,769,006
CNOOC, ADR 3,560 559,952
Cosco Pacific 2,219,062 3,459,177
Denway Motors 9,831,300 5,496,910
Global Bio-Chem Technology Group                  16,664,700 4,508,528
NWS Holdings 3,605,348 6,121,820
    52,963,397
Hungary--.4%    
MOL Hungarian Oil and Gas 40,040 a 3,598,644
 
India--8.1%    
Ambuja Cements 665,860 1,499,260
Andhra Bank 1,032,353 2,213,385
Bank of India 664,533 4,796,918
Bharat Petroleum 263,467 3,096,194
Bharti Airtel 1,891,856 11,458,320
Glenmark Pharmaceuticals 921,160 4,968,822
Hindustan Petroleum 670,801 4,993,268
India Cements 3,282,005 8,356,472
Indian Bank 1,213,128 4,309,953
Jet Airways India 167,422 a 1,463,785
Mahanagar Telephone Nigam 2,475,650 3,858,051
Reliance Industries 479,510 10,114,308
Rolta India 577,910 2,215,939
State Bank of India 118,960 5,096,382
State Bank of India, GDR 81,740 b 7,062,336
    75,503,393
Indonesia--1.2%    
Indosat 5,943,500 3,247,118
Medco Energi Internasional 2,109,000 559,162
PT International Nickel Indonesia 9,027,500 3,650,649
Telekomunikasi Indonesia 3,856,500 3,428,918
    10,885,847
Israel--1.1%    
Bank Hapoalim 232,970 a 967,266
Makhteshim-Agan Industries 848,300 4,323,434
Teva Pharmaceutical Industries, ADR 87,820 5,270,078
    10,560,778
Malaysia--3.6%    



Gamuda 6,823,700 5,550,330
Genting Malaysia 11,505,380 9,189,439
Malayan Banking 8,116,630 16,612,219
Tenaga Nasional 981,150 2,293,335
    33,645,323
Mexico--2.9%    
America Movil, ADR, Ser. L                        166,980 7,442,299
Consorcio ARA 3,968,400 a 2,708,042
Desarrolladora Homex, ADR 135,420 a 3,702,383
Embotelladoras Arca 1,791,800 5,868,249
Grupo Continental 1,974,850 5,254,562
Industrias CH, Ser. B  552,100 a 1,797,358
    26,772,893
Philippines--.4%    
Bank of the Philippine Islands                        2,104,457 2,144,379
Metropolitan Bank & Trust 500,600 482,964
Union Bank of the Philippines 1,432,106 1,164,314
    3,791,657
Poland--1.1%    
Asseco Poland 225,728 4,321,589
Bank Pekao 23,400 a 1,271,678
Telekomunikacja Polska 832,640 4,450,253
    10,043,520
Russia--4.2%    
Gazprom, ADR 1,071,365 23,827,158
LUKOIL, ADR 205,155 10,770,637
MMC Norilsk Nickel, ADR 292,151 a 4,408,559
    39,006,354
South Africa--9.6%    
Anglo Platinum 38,820 a 3,591,698
AngloGold Ashanti, ADR 173,756 6,321,243
ArcelorMittal South Africa 394,905 5,966,147
Barloworld 948,860 4,963,929
FirstRand 2,537,410 5,976,755
Gold Fields, ADR 323,570 3,717,819
JD Group 829,894 4,599,477
MTN Group 804,140 11,652,090
Murray & Roberts Holdings 1,536,354 7,679,283
Nampak 2,914,703 6,189,852
Nedbank Group 298,529 4,638,845
Sappi 1,057,033 a 4,039,242
Sasol 244,960 8,943,538
Sasol, ADR 24,950 913,918
Standard Bank Group 206,300 2,870,702



Telkom 679,790 2,953,312
Vodacom Group 624,894 4,349,376
    89,367,226
South Korea--16.6%    
CJ Cheiljedang 15,093 2,726,083
Hyundai Development 244,480 7,039,945
Hyundai Motor 24,727 2,451,595
Jinro 30,860 945,834
Kangwon Land 630,760 8,972,791
KB Financial Group 211,600 8,893,439
KB Financial Group, ADR 6,398 267,884
Korea Electric Power 228,005 7,292,858
Korean Reinsurance 471,420 4,267,532
KT & G 102,117 5,652,135
KT, ADR 304,090 5,832,446
LG Electronics 38,256 3,529,090
Lotte Chilsung Beverage 1,298 a 907,559
Lotte Shopping 16,221 4,461,160
Nong Shim 23,624 4,460,433
OCI 33,034 5,026,727
POSCO 21,167 9,671,963
POSCO, ADR 9,740 1,124,580
S-Oil 139,138 6,525,655
Samsung Electronics 46,169 29,614,394
Samsung Fire & Marine Insurance 34,521 5,491,098
Shinhan Financial Group 174,258 6,227,256
SK Telecom 21,064 3,132,632
SK Telecom, ADR 434,070 7,240,288
Tong Yang Life Insurance 492,650 5,882,578
Yuhan 53,974 7,584,931
    155,222,886
Taiwan--11.6%    
Asia Cement 4,201,000 3,850,944
Asustek Computer 2,080,452 3,671,481
AU Optronics, ADR 150,170 1,557,263
Catcher Technology 2,678,000 5,469,140
Chang Hwa Commercial Bank 9,078,000 4,005,104
China Steel 7,104,186 7,132,428
Chinatrust Financial Holding 9,962,518 5,404,874
Compal Electronics 964,432 1,383,237
CTCI 1,527,000 1,509,265
First Financial Holding 15,365,683 8,264,340
HON HAI Precision Industry 1,089,550 4,314,377
HTC 621,000 6,273,412



Mega Financial Holding 3,223,000 1,783,717
Nan Ya Printed Circuit Board 1,581,866 6,214,518
Quanta Computer 3,955,000 8,077,091
SinoPac Financial Holdings 20,530,103 a 6,625,195
Taiwan Semiconductor Manufacturing 6,653,638 12,198,423
Taiwan Semiconductor Manufacturing, ADR 251,610 2,453,197
Tatung 32,122,000 a 6,710,341
Transcend Information 143,090 484,068
United Microelectronics 16,759,445 a 8,073,378
Yageo 8,857,200 3,037,780
    108,493,573
Thailand--3.2%    
Bangkok Bank 1,397,960 5,010,079
Kasikornbank 2,920,600 7,949,614
Krung Thai Bank 15,999,200 4,838,712
PTT 1,312,500 9,209,134
Siam Cement 114,370 792,098
Thai Union Frozen Products 2,364,021 2,466,618
    30,266,255
Turkey--1.7%    
Anadolu Efes Biracilik ve Malt Sanayii 119,940 1,209,870
Turk Sise ve Cam Fabrikalari 2,573,258 a 2,995,062
Turkcell Iletisim Hizmet 640,740 3,749,562
Turkcell Iletisim Hizmet, ADR 185,700 2,750,217
Turkiye Is Bankasi, Cl. C 1,967,930 5,446,325
    16,151,036
United Kingdom--.1%    
JKX Oil & Gas 340,163 1,303,451
 
Total Common Stocks    
(cost $784,645,997)   841,843,633
 
Preferred Stocks--7.0%    
Brazil    
Braskem, Cl. A 821,500 a 5,809,573
Cia de Tecidos do Norte de Minas - Coteminas 875,348 3,167,848
Cia Energetica de Minas Gerais 567,870 9,335,925
Cia Energetica de Minas Gerais, ADR 76,689 1,255,399
Itau Unibanco Holding, ADR 650,366 12,981,305
Petroleo Brasileiro, ADR (Preferred) 693,070 26,613,888
Tele Norte Leste Participacoes, ADR 332,850 5,781,605
Total Preferred Stocks    
(cost $47,860,030)   64,945,543



Other Investment--1.2%    
Registered Investment Company;    
Dreyfus Institutional Preferred Plus Money Market Fund    
(cost $11,000,000) 11,000,000 c 11,000,000
 
Total Investments (cost $843,506,027) 98.4% 917,789,176
Cash and Receivables (Net) 1.6% 15,216,685
Net Assets 100.0% 933,005,861

ADR - American Depository Receipts

GDR - Global Depository Receipts

a     

Non-income producing security.

b     

Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2010, this security had a total market value of $7,062,336 or .8% of net assets.

c     

Investment in affiliated money market mutual fund.

At February 28, 2010, the aggregate cost of investment securities for income tax purposes was $843,506,027.

Net unrealized appreciation on investments was $74,283,149 of which $119,559,506 related to appreciated investment securities and $45,276,357 related to depreciated investment securities.



At February 28, 2010, the fund held the following forward foreign currency exchange contracts:

  Foreign     Unrealized
Forward Foreign Currency Currency     (Depreciation)
Exchange Contracts Amounts Proceeds ($) Value ($) at 2/28/2010 ($)
Sales:        
Hong Kong Dollar,        
Expiring 3/1/2010 2,193,679 282,590 282,612 (22)
Philippines Peso,        
Expiring 3/1/2010 2,302,816 49,683 49,925 (242)
Philippines Peso,        
Expiring 3/2/2010 2,833,540 61,332 61,432 (100)
South African Rand,        
Expiring 3/1/2010 2,460,985 311,900 318,677 (6,777)
        (7,141)



Various inputs are used in determining the value of the fund's investments relating to fair value measurements.
These inputs are summarized in the three broad levels listed below.
 
Level 1 - unadjusted quoted prices in active markets for identical investments.
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds,
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 February 28, 2010 in valuing the fund's investments:

      Level 3 -  
  Level 1 - Level 2 - Other Significant  
  Unadjusted Significant Observable Unobservable  
Assets ($) Quoted Prices Inputs Inputs Total
Investments in Securities:        
Equity Securities - Foreign+ 906,789,176 - - 906,789,176
Mutual Funds 11,000,000 - - 11,000,000
Other Financial Instruments++ - - - -
Liabilities ($)        
Other Financial Instruments++ - (7,141) - (7,141)
+ See Statement of Investments for country classification.      
++ Other financial instruments include derivative instruments, such as futures, forward foreign currency  
exchange contracts, swap contracts and options contracts. Amounts shown represent unrealized appreciation (depreciation),
or in the case of options, market value at period end.
     



The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) has become the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The ASC has superseded all existing non-SEC accounting and reporting standards. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

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 sales 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 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 acc urately 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 pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs 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 issue rs. 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 foreign currency exchange contracts (“forward contracts”) are valued at the forward rate.

The fund adopted the provisions of ASC Topic 815 “Derivatives and Hedging” which requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. The disclosure requirements distinguish between derivatives, which are accounted for as “hedges” and those that do not qualify for hedge accounting. Because investment companies value their derivatives at fair value and recognize changes in fair value through the Statement of Operations, they do not qualify for such accounting. Accordingly, even though a fund’s investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for purposes of this disclosure.

Forward Foreign Currency Exchange Contracts: The fund enters into forward contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of its investment strategy. When executing forward 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 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 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 exposed to foreign currency risk as a result of changes in value of underlying financial instruments. The fund is also exposed to credit risk associated with counterparty nonperformance on these forward contracts, which is typically limited to the unrealized gain on each open contract.

Additional 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.



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/ Bradley J. Skapyak
  Bradley J. Skapyak
  President
 
Date: April 22, 2010

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/ Bradley J. Skapyak
  Bradley J. Skapyak
  President
 
Date: April 22, 2010
 
By: /s/ James Windels
James Windels
  Treasurer
 
Date: April 22, 2010

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)


EX-99 2 certification327.htm CERTIFIATION certification327.htm - Generated by SEC Publisher for SEC Filing

SECTION 302 CERTIFICATION

I, Bradley J. Skapyak, certify that:

1. I have reviewed this report on Form N-Q of Dreyfus International Funds, Inc.-Dreyfus Emerging Markets Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By: /s/ Bradley J. Skapyak
  Bradley J. Skapyak
  President
Date: April 22, 2010



SECTION 302 CERTIFICATION

I, James Windels, certify that:

1. I have reviewed this report on Form N-Q of Dreyfus International Funds, Inc.-Dreyfus Emerging Markets Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By: /s/ James Windels
  James Windels
Treasurer
Date: April 22, 2010


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