N-Q 1 form-dfi.htm FORM N-Q form-dfi.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

811-1018

 

 

 

Dreyfus 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:

 

12/31

 

Date of reporting period:

03/31/2011

 

             

 

 

 

 

FORM N-Q

Item 1.                        Schedule of Investments.

 

 

STATEMENT OF INVESTMENTS
Dreyfus Equity Growth Fund
March 31, 2011 (Unaudited)

Common Stocks--99.2%  Shares  Value ($) 
Consumer Discretionary--16.5%     
Abercrombie & Fitch, Cl. A  43,850  2,573,995 
Amazon.com  32,500a  5,854,225 
Carnival  67,274  2,580,631 
Dick's Sporting Goods  67,280a  2,689,854 
DIRECTV, Cl. A  95,400a  4,464,720 
Guess?  46,760  1,840,006 
Johnson Controls  62,070  2,580,250 
Limited Brands  100,270  3,296,878 
Lowe's  108,230  2,860,519 
Macy's  174,850  4,241,861 
Netflix  14,020a,b  3,327,367 
Newell Rubbermaid  207,390  3,967,371 
Nordstrom  106,030  4,758,626 
Omnicom Group  76,140  3,735,428 
Priceline.com  6,110a  3,094,348 
Stanley Black & Decker  41,980  3,215,668 
Staples  172,980  3,359,272 
Walt Disney  106,070  4,570,556 
    63,011,575 
Consumer Staples--9.6%     
Dr. Pepper Snapple Group  80,610  2,995,468 
Energizer Holdings  27,840a  1,981,094 
Kraft Foods, Cl. A  103,020  3,230,707 
Lorillard  19,550  1,857,446 
PepsiCo  102,090  6,575,617 
Philip Morris International  126,830  8,323,853 
Procter & Gamble  50,550  3,113,880 
Walgreen  109,470  4,394,126 
Whole Foods Market  64,590  4,256,481 
    36,728,672 
Energy--12.2%     
Cameron International  65,420a  3,735,482 
Chevron  7,790  836,880 
ENSCO, ADR  42,380b  2,451,259 
Exxon Mobil  262,880  22,116,094 
Halliburton  77,300  3,852,632 
Occidental Petroleum  38,460  4,018,685 
Schlumberger  104,490  9,744,737 
    46,755,769 
Financial--3.2%     
Capital One Financial  61,810  3,211,648 
Charles Schwab  158,410b  2,856,132 
Hartford Financial Services Group  127,100  3,422,803 
Janus Capital Group  214,190b  2,670,949 
    12,161,532 
Health Care--10.5%     
Agilent Technologies  60,580a  2,712,772 
Alexion Pharmaceuticals  24,900a  2,457,132 
Allergan  34,150  2,425,333 
Allscripts Healthcare Solutions  96,010a  2,015,250 
Amgen  34,860a  1,863,267 
Covidien  74,880  3,889,267 
Dendreon  58,540a,b  2,191,152 
HCA Holdings  61,000  2,066,070 
Hospira  37,340a  2,061,168 
Illumina  27,860a,b  1,952,150 
McKesson  39,350  3,110,618 
Pfizer  153,464  3,116,854 
St. Jude Medical  71,640  3,672,266 
Vertex Pharmaceuticals  53,210a,b  2,550,355 
Warner Chilcott, Cl. A  82,840  1,928,515 
Watson Pharmaceuticals  41,680a  2,334,497 

 

 

    40,346,666 
Industrial--12.8%     
Caterpillar  110,710  12,327,559 
Cooper Industries  83,350  5,409,415 
Cummins  50,150  5,497,443 
Dover  69,161  4,546,644 
Eaton  95,220  5,278,997 
General Electric  292,450  5,863,623 
Ingersoll-Rand  146,150b  7,060,507 
Owens Corning  80,470a,b  2,896,115 
    48,880,303 
Information Technology--30.3%     
Alcatel-Lucent, ADR  402,480a,b  2,338,409 
Apple  59,974a  20,897,940 
Atmel  214,360a  2,921,727 
BMC Software  85,500a  4,252,770 
Corning  183,300  3,781,479 
Electronic Arts  133,740a  2,611,942 
Google, Cl. A  19,886a  11,657,372 
Informatica  46,760a  2,442,275 
International Business Machines  78,920  12,869,484 
Motorola Mobility Holdings  83,510a  2,037,644 
NetApp  100,920a  4,862,326 
OmniVision Technologies  100,500a,b  3,570,765 
Oracle  348,030  11,613,761 
Paychex  133,640  4,190,950 
QUALCOMM  227,300  12,462,859 
Salesforce.com  22,180a,b  2,962,804 
Teradata  81,010a  4,107,207 
Trimble Navigation  79,100a  3,997,714 
VMware, Cl. A  28,870a,b  2,354,060 
    115,933,488 
Materials--4.1%     
Air Products & Chemicals  44,790  4,039,162 
Crown Holdings  78,270a  3,019,657 
Freeport-McMoRan Copper & Gold  82,520  4,583,986 
Mosaic  51,030  4,018,613 
    15,661,418 
Total Common Stocks     
(cost $284,206,524)    379,479,423 
 
Other Investment--.7%     
Registered Investment Company;     
Dreyfus Institutional Preferred     
Plus Money Market Fund     
(cost $2,733,000)  2,733,000c  2,733,000 
 
Investment of Cash Collateral for     
Securities Loaned--5.3%     
Registered Investment Company;     
Dreyfus Institutional Cash     
Advantage Fund     
(cost $20,340,115)  20,340,115c  20,340,115 
 
Total Investments (cost $307,279,639)  105.2%  402,552,538 
Liabilities, Less Cash and Receivables  (5.2%)  (19,833,031) 
Net Assets  100.0%  382,719,507 

 

ADR - American Depository Receipts

a Non-income producing security. 
b Security, or portion thereof, on loan. At March 31, 2011, the value of the fund's securities on loan was $19,840,895 and the 
value of the collateral held by the fund was $20,340,115. 
c Investment in affiliated money market mutual fund. 

 

At March 31, 2011, the aggregate cost of investment securities for income tax purposes was $307,279,639.

Net unrealized appreciation on investments was $95,272,899 of which $97,316,579 related to appreciated investment securities and $2,043,680 related to depreciated investment securities.

 

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.

The following is a summary of the inputs used as of March 31, 2011 in valuing the fund's investments:

    Level 2 - Other  Significant   
  Level 1 - Unadjusted  Significant  Unobservable   
Assets ($)  Quoted Prices  Observable Inputs  Inputs  Total 
Investments in Securities:         
Equity Securities - Domestic+  374,689,755    -  - 374,689,755 
Equity Securities - Foreign+  4,789,668    -  - 4,789,668 
Mutual Funds  23,073,115    -  - 23,073,115 

 

+ See Statement of Investments for additional detailed categorizations.

 

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

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 accurately 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 issuers.

Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager, U.S. Government and Agency securities or letters of credit. The fund is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.

 

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.

 

STATEMENT OF INVESTMENTS
Dreyfus Mid-Cap Growth Fund
March 31, 2011 (Unaudited)

Common Stocks--98.1%  Shares  Value ($) 
Consumer Discretionary--12.9%     
Bed Bath & Beyond  64,380a  3,107,623 
CBS, Cl. B  112,730  2,822,759 
DreamWorks Animation SKG, Cl. A  76,990a,b  2,150,331 
Guess?  51,110  2,011,178 
Nordstrom  88,500  3,971,880 
Warnaco Group  51,610a,b  2,951,576 
Williams-Sonoma  70,630  2,860,515 
    19,875,862 
Consumer Staples--6.3%     
Estee Lauder, Cl. A  25,310  2,438,872 
Hansen Natural  39,630a  2,386,915 
Mead Johnson Nutrition  35,530  2,058,253 
Whole Foods Market  43,720  2,881,148 
    9,765,188 
Energy--10.9%     
Consol Energy  45,950  2,464,298 
Denbury Resources  193,860a,b  4,730,184 
Nabors Industries  84,360a  2,562,857 
Oil States International  30,990a  2,359,579 
Plains Exploration & Production  62,740a  2,273,070 
Range Resources  42,820b  2,503,257 
    16,893,245 
Financial--10.2%     
Green Dot, Cl. A  46,890b  2,012,050 
Huntington Bancshares  336,470  2,234,161 
KeyCorp  406,680  3,611,318 
New York Community Bancorp  197,390  3,406,951 
Och-Ziff Capital Management Group,     
Cl. A  127,240b  2,076,557 
Signature Bank  44,090a  2,486,676 
    15,827,713 
Health Care--15.0%     
Alexion Pharmaceuticals  26,380a  2,603,178 
Allscripts Healthcare Solutions  186,370a  3,911,906 
AmerisourceBergen  56,290  2,226,832 
CareFusion  82,890a  2,337,498 
Cooper  33,690  2,339,770 
SXC Health Solutions  51,460a  2,820,008 
United Therapeutics  35,400a,b  2,372,508 
Universal Health Services, Cl. B  47,570  2,350,434 
Watson Pharmaceuticals  40,283a  2,256,251 
    23,218,385 
Industrial--15.1%     
AMETEK  72,793  3,193,429 
Cummins  24,690  2,706,518 
Dover  35,700  2,346,918 
Equifax  30,830  1,197,746 
IDEX  84,360  3,682,314 
Jacobs Engineering Group  50,220a,b  2,582,815 
Rockwell Automation  24,760b  2,343,534 
Roper Industries  32,769b  2,833,208 
Thomas & Betts  42,020a  2,498,929 
    23,385,411 
Information Technology--24.6%     
Akamai Technologies  60,100a  2,283,800 
Avago Technologies  78,600  2,444,460 
Baidu, ADR  27,140a  3,740,163 
BMC Software  74,700a  3,715,578 
Broadcom, Cl. A  74,970  2,952,319 
Cypress Semiconductor  105,310a  2,040,908 
Harris  62,000  3,075,200 
Jabil Circuit  108,130  2,209,096 
LSI  126,260a  858,568 
NetApp  63,690a  3,068,584 
PMC-Sierra  262,950a  1,972,125 

 

 

QLogic  113,910 a  2,113,030 
Salesforce.com  18,160 a  2,425,813 
SuccessFactors  64,100 a,b  2,505,669 
Teradata  51,980 a  2,635,386 
      38,040,699 
Materials--3.1%       
CF Industries Holdings  16,780   2,295,336 
Reliance Steel & Aluminum  43,760   2,528,453 
      4,823,789 
Total Common Stocks       
(cost $129,244,004)      151,830,292 
 
Other Investment--2.0%       
Registered Investment Company;       
Dreyfus Institutional Preferred       
Plus Money Market Fund       
(cost $3,063,000)  3,063,000 c  3,063,000 
 
Investment of Cash Collateral for       
Securities Loaned--7.3%       
Registered Investment Company;       
Dreyfus Institutional Cash       
Advantage Fund       
(cost $11,382,341)  11,382,341 c  11,382,341 
 
Total Investments (cost $143,689,345)  107.4 %  166,275,633 
Liabilities, Less Cash and Receivables  (7.4 %)  (11,459,381) 
Net Assets  100.0 %  154,816,252 

 

ADR - American Depository Receipts

a Non-income producing security. 
b Security, or portion thereof, on loan. At March 31, 2011, the value of the fund's securities on loan was $11,231,447 and the 
value of the collateral held by the fund was $11,382,341. 
c Investment in affiliated money market mutual fund. 

 

At March 31, 2011, the aggregate cost of investment securities for income tax purposes was $143,689,345. Net unrealized appreciation on investments was $22,586,288 of which $24,452,212 related to appreciated investment securities and $1,865,924 related to depreciated investment securities.

Portfolio Summary (Unaudited) †  Value (%) 
Information Technology  24.6 
Health Care  15.0 
Industrial  15.1 
Consumer Discretionary  12.9 
Energy  10.9 
Financial  10.2 
Money Market Investment  9.3 
Consumer Staples  6.3 
Materials  3.1 
  107.4 

 

† Based on net assets.

 

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 securities, 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.

The following is a summary of the inputs used as of March 31, 2011 in valuing the fund's investments:

  Level 1 -Unadjusted  Level 2 - Other Significant  Level 3 -Significant   
Assets ($)  Quoted Prices  Observable Inputs  Unobservable Inputs  Total 
Investments in Securities:         
Equity Securities - Domestic+  148,090,129  -  -  148,090,129 
Equity Securities - Foreign+  3,740,163  -  -  3,740,163 
Mutual Funds  14,445,341  -  -  14,445,341 

 

'+ See Statement of Investments for additional detailed categorizations.

 

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

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 accurately 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 issuers.

Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager, U.S. Government and Agency securities or letters of credit. The fund is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.

 

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 Funds, Inc.

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:    May 24, 2011

 

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:    May 24, 2011

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    May 24, 2011

 

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)