N-Q 1 lp1-035.htm FORM N-Q lp1-035.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

811-02192

 

 

 

The Dreyfus Sustainable U.S. Equity Fund, 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)

 

 

 

 

 

Bennett A. MacDougall, Esq.

200 Park Avenue

New York, New York  10166

 

 

(Name and address of agent for service)

 

 

Registrant's telephone number, including area code: 

(212) 922-6400

 

 

Date of fiscal year end:

 

  05/31

 

Date of reporting period:

  02/28/19

 

             

 


 

FORM N-Q

Item 1.                  Schedule of Investments.

 


 

STATEMENT OF INVESTMENTS
The Dreyfus Sustainable U.S. Equity Fund, Inc.
February 28, 2019 (Unaudited)

Description  Shares   Value ($) 
Common Stocks - 96.9%       
Banks - 4.9%       
Citigroup  123,002   7,869,668 
First Republic Bank  64,566   6,778,139 
      14,647,807 
Capital Goods - 3.8%       
Acuity Brands  28,469   3,704,386 
Ferguson  47,964 a  3,321,446 
General Electric  404,541   4,203,181 
Wabtec  2,173   159,179 
      11,388,192 
Consumer Durables & Apparel - 4.5%       
Lennar, Cl. A  53,109   2,548,170 
NIKE, Cl. B  60,977   5,227,558 
PulteGroup  110,153   2,974,131 
Under Armour, Cl. A  124,302 a  2,803,010 
      13,552,869 
Diversified Financials - 2.5%       
Goldman Sachs Group  21,443   4,217,838 
Redwood Trust  222,063 b  3,397,564 
      7,615,402 
Food & Staples Retailing - 3.4%       
Costco Wholesale  23,127   5,058,800 
Walgreens Boots Alliance  74,723   5,319,530 
      10,378,330 
Food, Beverage & Tobacco - 2.5%       
PepsiCo  64,155   7,418,884 
Health Care Equipment & Services - 6.9%       
Abbott Laboratories  144,391   11,207,629 
Medtronic  106,174   9,608,747 
      20,816,376 
Household & Personal Products - 4.0%       
Colgate-Palmolive  154,384   10,169,274 
Coty  170,096   1,871,056 
      12,040,330 
Insurance - 4.7%       
Intact Financial  142,952   11,949,329 
Principal Financial Group  42,936   2,260,151 
      14,209,480 
Materials - 4.7%       
Ecolab  52,919   8,938,548 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description      Shares   Value ($) 
Common Stocks - 96.9% (continued)           
Materials - 4.7% (continued)           
International Flavors & Fragrances      40,253   5,132,257 
          14,070,805 
Media & Entertainment - 4.9%           
Alphabet, Cl. A      13,062 a  14,714,996 
Pharmaceuticals Biotechnology & Life Sciences - 8.4%           
Gilead Sciences      151,124   9,826,083 
Merck & Co.      192,062   15,612,720 
          25,438,803 
Retailing - 8.6%           
Amazon. com      5,501 a  9,020,705 
Dollar General      64,067   7,589,377 
eBay      169,072   6,281,025 
The TJX Companies      59,450   3,049,191 
          25,940,298 
Semiconductors & Semiconductor Equipment - 3.0%           
Applied Materials      162,100   6,214,914 
Qualcomm      51,140   2,730,365 
          8,945,279 
Software & Services - 11.4%           
Accenture      64,006 a  10,329,288 
Intuit      14,739   3,642,449 
Microsoft      181,354   20,317,089 
          34,288,826 
Technology Hardware & Equipment - 8.9%           
Apple      61,067   10,573,751 
Cisco Systems      252,894   13,092,322 
Samsung SDI, GDR      59,453 c  3,138,637 
          26,804,710 
Telecommunication Services - 2.3%           
Verizon Communications      120,633   6,866,430 
Transportation - 2.0%           
C.H. Robinson Worldwide      67,804   6,128,126 
Utilities - 5.5%           
CMS Energy      139,617   7,595,165 
Eversource Energy      126,371   8,821,960 
          16,417,125 
Total Common Stocks (cost $249,059,647)          291,683,068 
  1-Day       
  Yield (%)        
Investment Companies - 3.1%           
Registered Investment Companies - 3.1%           
Dreyfus Institutional Preferred           
Government Plus Money Market Fund           
(cost $9,408,279)  2.41   9,408,279 d  9,408,279 

 


 

Total Investments (cost $258,467,926)  100.0 %  301,091,347 
Cash and Receivables (Net)  .0 %  9,153 
Net Assets  100.0 %  301,100,500 

 

GDR—Global Depository Receipt

a     

Non-income producing security.

b     

Investment in real estate investment trust.

c     

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2019, these securities were valued at $3,138,637 or 1.04% of net assets.

d     

Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.


 

STATEMENT OF INVESTMENTS
The Dreyfus Sustainable U.S. Equity Fund, Inc.
February 28, 2019 (Unaudited)

The following is a summary of the inputs used as of February 28, 2019 in valuing the fund’s investments:

      Level 3 -   
  Level 1 -  Level 2 - Other  Significant   
  Unadjusted  Significant   Unobservable   
  Quoted Prices   Observable Inputs  Inputs  Total 
Assets ($)         
Investments in Securities:         
Equity Securities - Common         
   Stocks  291,683,068  -  -  291,683,068 
Investment Company  9,408,279  -  -  9,408,279 

 

  See Statement of Investments for additional detailed categorizations. 

 


 

NOTES

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is 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 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.

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

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 the 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.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

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. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not


 

NOTES

traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

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. U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by an independent pricing service (the “Service”) approved by the Board Members (“Board”). These securities are generally categorized within Level 2 of the fair value hierarchy.

The Service’s procedures are reviewed by Dreyfus under the general supervision of the Board.

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 American Depository Receipts and futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to accurately reflect 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. Certain factors may be considered when fair valuing investments 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. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.

At February 28, 2019, accumulated net unrealized appreciation on investments was $42,623,421, consisting of $50,057,867 gross unrealized appreciation and $7,434,446 gross unrealized depreciation.

At February 28, 2019, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC 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.

The Dreyfus Sustainable U.S. Equity Fund, Inc.

By:         /s/ Bradley J. Skapyak

               Bradley J. Skapyak

               President

 

Date:      April 16, 2019

 

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 16, 2019

 

By:         /s/ James Windels

               James Windels

               Treasurer

 

Date:      April 16, 2019

 

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)