NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus International Funds, Inc. (the "Company") is registered under the Investment Company Act of 1940
("Act") as a non-diversified open-end management investment company and operates as a series company
currently offering two series, including the Dreyfus Emerging Markets Fund (the "Fund") which commenced
operations on June 28, 1996. The Fund's investment objective is long-term capital appreciation. The Dreyfus
Corporation ("Manager") serves as the Fund's investment adviser. The Manager is a direct subsidiary of Mellon
Bank, N.A., which is a wholly-owned subsidiary of Mellon Bank Corporation. Premier Mutual Fund Services,
Inc. (the "Distributor") acts as the distributor of the Fund's shares, which are sold to the public without a sales
charge. The Fund's fiscal year end is May 31.
As of November 30, 1996, APT Holdings Corporation, an indirect subsidiary of Mellon Bank Corporation, held
400,000 shares of the Fund.
The Company accounts separately for the assets, liabilities and operations of each fund. Expenses directly
attributable to each fund are charged to that fund's operations; expenses which are applicable to all funds are
allocated among them on a pro rata basis.
The Fund's financial statements are prepared in accordance with generally accepted accounting principles which
may require the use of management estimates and assumptions. Actual results could differ from those estimates.
(A) PORTFOLIO VALUATION: The Fund's investments in securities (including options and financial futures)
are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the
last sales price on the national securities market. 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