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

811-3940

 

 

 

Strategic 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:

 

 11/30 

 

Date of reporting period:

2/28/2011

 

             

 

 

The following N-Q relates only to the Registrant’s series listed below and does not affect the other series of the Registrant, which have different fiscal year ends and, therefore, different N-Q reporting requirements.  Separate N-Q Forms will be filed for these series, as appropriate.

 

Dreyfus Select Managers Small Cap Value Fund

Dreyfus U.S. Equity Fund

Global Stock Fund

International Stock Fund

-1- 

 

 

FORM N-Q

Item 1.                        Schedule of Investments.

-2- 

 

STATEMENT OF INVESTMENTS     
Dreyfus Select Managers Small Cap Value Fund     
February 28, 2011 (Unaudited)     
 
 
Common Stocks--97.4%  Shares  Value ($) 
Consumer Discretionary--15.7%     
Advance Auto Parts  19,800  1,241,064 
Ambassadors Group  100,320  1,068,408 
Asbury Automotive Group  28,950a  534,127 
Ascena Retail Group  43,997a  1,374,466 
Avery Dennison  34,400  1,373,248 
Barrett Business Services  31,848  464,662 
Brink's  27,600  852,012 
Cabela's  50,730a  1,376,305 
Capella Education  3,473a  200,288 
Carter's  52,200a  1,496,052 
CEC Entertainment  8,324  322,056 
Cheesecake Factory  13,900a  403,656 
Chico's FAS  48,900  671,886 
Cinemark Holdings  43,900  881,512 
Coinstar  16,200a  691,416 
Convergys  57,700a  811,839 
Cooper  9,300  574,926 
Corinthian Colleges  137,500a  720,500 
Cracker Barrel Old Country Store  19,349  964,354 
CSS Industries  44,100  771,750 
Diebold  29,700  1,044,252 
Digital River  22,800a  765,624 
Drew Industries  42,562  984,458 
FTI Consulting  53,028a  1,749,394 
G-III Apparel Group  10,800a  424,656 
Genesco  22,356a  883,509 
Gentex  24,775  750,187 
Grand Canyon Education  11,737a  188,731 
Helen of Troy  46,380a  1,295,393 
Interval Leisure Group  77,660a  1,313,231 

 

 

JOS. A. Bank Clothiers  28,729a  1,324,694 
Kirkland's  36,350a  555,428 
Korn/Ferry International  21,656a  495,056 
Lifetime Brands  61,645a  740,356 
LKQ  19,400a  460,944 
M/I Homes  51,930a  693,265 
Meredith  23,192  817,750 
Nobel Learning Communities  62,100a  588,708 
Nu Skin Enterprises, Cl. A  19,130  610,630 
OfficeMax  109,000a  1,497,660 
PEP Boys-Manny Moe & Jack  126,685  1,587,363 
Polypore International  15,050a  879,522 
Quiksilver  133,800a  576,678 
Red Robin Gourmet Burgers  1,050a  25,053 
Rent-A-Center  69,906  2,311,092 
Ruth's Hospitality Group  84,763a  424,663 
Sally Beauty Holdings  81,600a  1,058,352 
Shuffle Master  73,300a  689,753 
Shutterfly  19,100a  815,570 
Snap-On  7,830  449,677 
Stein Mart  7,587  62,138 
Talbots  11,900a  74,375 
TNS  27,842a  524,822 
True Religion Apparel  32,000a  760,640 
Universal Technical Institute  75,030  1,380,552 
Valassis Communications  25,900a  730,898 
ValueClick  63,200a  943,576 
Warner Music Group  112,200a  674,322 
    47,947,499 
Consumer Staples--2.6%     
Andersons  23,100  1,109,724 
Constellation Brands, Cl. A  70,200a  1,426,464 
Flowers Foods  39,400  1,048,040 
Nash Finch  21,906  884,345 
Overhill Farms  41,025a  255,996 
Pantry  41,050a  646,948 
Sensient Technologies  28,422  948,726 

 

 

United Natural Foods  12,125a  514,706 
USANA Health Sciences  2,510a  87,398 
Wendy's/Arby's Group, Cl. A  151,200  719,712 
Zhongpin  23,500a  436,865 
    8,078,924 
Energy--6.5%     
Atmos Energy  22,656  766,226 
Berry Petroleum, Cl. A  16,127  838,443 
Brigham Exploration  68,730a  2,514,143 
Cal Dive International  68,411a  470,668 
GenOn Energy  183,600a  743,580 
Georesources  19,280a  606,742 
Global Industries  90,700a  814,486 
GMX Resources  31,047a  161,134 
Gulfport Energy  47,950a  1,418,840 
Holly  24,100  1,377,074 
Itron  8,100a  459,351 
Newpark Resources  111,200a  776,176 
Northern Oil and Gas  83,100a  2,640,087 
Ormat Technologies  14,500  363,225 
Southern Union  36,700  1,046,684 
Tetra Technologies  106,400a  1,469,384 
TransGlobe Energy  25,600a  372,736 
USEC  57,800a  307,496 
Venoco  58,900a  1,086,705 
Whiting Petroleum  25,340a  1,655,716 
    19,888,896 
Financial--21.6%     
Alterra Capital Holdings  36,200  783,006 
Altisource Portfolio Solutions  37,233a  1,124,064 
American Equity Investment Life     
Holding  118,190  1,560,108 
Ares Capital  52,846  942,244 
Asta Funding  60,630  524,450 
Baldwin & Lyons, Cl. B  8,875  216,461 
BancorpSouth  19,525  311,228 
Bank of Hawaii  21,050  992,718 

 

 

BioMed Realty Trust  45,700b  829,455 
Brandywine Realty Trust  50,300b  618,690 
Broadridge Financial Solutions  47,600  1,090,992 
Bryn Mawr Bank  53,520  1,121,244 
Capstead Mortgage  52,400b  688,536 
Cash America International  25,900  1,106,189 
CBIZ  94,093a  666,178 
Center Financial  41,091a  327,495 
City Holding  18,300  626,775 
Columbia Banking System  89,725  1,780,144 
Community Bank System  70,047  1,762,383 
CoreLogic  52,900  986,585 
Cullen/Frost Bankers  15,049  881,269 
CVB Financial  125,100  1,045,836 
Delphi Financial Group, Cl. A  53,866  1,667,691 
Deluxe  49,807  1,272,569 
Donegal Group, Cl. A  26,230  334,695 
EastGroup Properties  16,157b  735,628 
Euronet Worldwide  35,000a  632,450 
F.N.B.  66,512  667,115 
FBL Financial Group, Cl. A  18,221  569,224 
Financial Engines  2,701  65,931 
First Bancorp  20,700  305,118 
First Cash Financial Services  22,300a  730,102 
First Financial Bankshares  1,400  70,280 
First Niagara Financial Group  53,300  771,784 
First Potomac Realty Trust  32,750b  528,257 
Glimcher Realty Trust  99,751b  917,709 
Hallmark Financial Services  104,000a  936,000 
Hancock Holding  32,710  1,134,056 
Harleysville Group  18,041  659,399 
HCC Insurance Holdings  40,136  1,249,835 
Horace Mann Educators  42,100  713,595 
Huntington Bancshares  109,900  751,716 
IBERIABANK  15,800  905,182 
Investment Technology Group  35,856a  686,642 
Knight Capital Group, Cl. A  61,692a  864,305 

 

 

LaSalle Hotel Properties  37,700b  1,063,517 
Lender Processing Services  31,900  1,086,833 
Medical Properties Trust  68,519b  803,728 
MGIC Investment  83,900a  720,701 
National Western Life Insurance  6,100  1,066,768 
Net 1 UEPS Technologies  43,300a  441,660 
Ocwen Financial  329,950a  3,490,871 
Omega Healthcare Investors  78,647b  1,885,169 
Park National  14,625  962,764 
Parkway Properties  46,536b  754,349 
Platinum Underwriters Holdings  16,100  671,370 
Portfolio Recovery Associates  6,123a  510,352 
Primerica  17,000  437,920 
PS Business Parks  13,000b  819,520 
RLI  16,800  964,488 
SLM  68,400a  1,013,688 
Sterling Bancorp  39,000  391,560 
Sterling Bancshares  200,300  1,812,715 
Suffolk Bancorp  13,500  277,965 
SVB Financial Group  33,933a  1,838,490 
TCF Financial  56,400  915,372 
Texas Capital Bancshares  34,600a  873,304 
Tower Group  73,915  2,009,010 
Umpqua Holdings  71,300  815,672 
Waddell & Reed Financial, Cl. A  12,052  486,660 
Wintrust Financial  31,000  1,040,980 
World Acceptance  32,202a  1,926,002 
    66,236,761 
Health Care--6.9%     
Abaxis  10,598a  281,059 
Affymetrix  61,700a  302,947 
Allscripts Healthcare Solutions  18,600a  397,110 
Amedisys  15,600a  560,352 
AmSurg  39,284a  928,281 
AngioDynamics  20,800a  349,856 
Bio-Reference Laboratories  10,525a  220,183 
Cambrex  154,682a  847,657 

 

 

Celera  58,100a  369,516 
Cepheid  34,800a  922,548 
Charles River Laboratories     
International  25,900a  943,796 
Chemed  20,350  1,331,704 
Gentiva Health Services  14,739a  416,082 
Health Management Associates, Cl.     
A  103,000a  1,030,000 
HealthSpring  37,600a  1,415,264 
Hill-Rom Holdings  28,325  1,078,333 
IPC The Hospitalist  6,950a  283,560 
Magellan Health Services  32,900a  1,578,542 
Medical Action Industries  10,642a  87,903 
Medicis Pharmaceutical, Cl. A  24,100  773,369 
Mednax  7,300a  473,989 
MEDTOX Scientific  5,675  85,920 
Neogen  12,300a  459,897 
Owens & Minor  34,740  1,083,888 
Quality Systems  3,175  253,683 
Questcor Pharmaceuticals  65,796a  852,716 
RehabCare Group  14,714a  546,625 
SXC Health Solutions  21,600a  1,065,960 
Symmetry Medical  89,078a  805,265 
Techne  4,725  338,735 
Theragenics  179,200a  313,600 
West Pharmaceutical Services  20,050  824,255 
    21,222,595 
Industrial--15.3%     
AAON  24,675  757,522 
Aerovironment  20,800a  603,408 
Allegiant Travel  15,270  630,193 
American Reprographics  188,820a  1,680,498 
Apogee Enterprises  56,940  778,370 
Beacon Roofing Supply  18,000a  381,780 
CAI International  46,610a  987,200 
CoStar Group  4,100a  232,347 
Covanta Holding  55,800  944,136 

 

 

Crown Holdings  42,200a  1,623,856 
Curtiss-Wright  34,510  1,273,419 
Danaos  128,400a  642,000 
Dresser-Rand Group  26,700a  1,315,776 
Echo Global Logistics  6,033a  71,310 
EnerNOC  6,903a  133,090 
ESCO Technologies  13,400  513,086 
Forward Air  6,725  199,262 
Franklin Electric  12,035  511,488 
Glatfelter  73,466  904,366 
Global Power Equipment Group  35,960a  808,021 
Granite Construction  23,456  668,496 
Hexcel  55,975a  1,038,336 
Hubbell, Cl. B  14,400  972,144 
Innerworkings  26,800a  218,956 
John Bean Technologies  42,400  804,328 
KBR  35,000  1,148,000 
Knoll  80,445  1,662,798 
L.B. Foster, Cl. A  23,195a  974,190 
Lydall  99,300a  887,742 
Manitowoc  46,000  911,260 
McGrath Rentcorp  51,200  1,408,512 
Miller Industries  24,950  414,669 
Mobile Mini  8,300a  188,742 
Navistar International  23,500a  1,456,530 
Pall  19,990  1,086,656 
Park Electrochemical  30,806  979,631 
Parker Drilling  117,352a  617,272 
Resources Connection  17,750  342,398 
Ritchie Brothers Auctioneers  20,894  532,797 
Rollins  34,687  680,559 
Ryder System  22,400  1,071,392 
School Specialty  73,560a  1,129,146 
Seaspan  26,300  421,326 
SkyWest  48,209  795,449 
Sonoco Products  23,887  861,843 
Standex International  55,410  1,898,901 

 

 

Teledyne Technologies  19,500a  1,021,215 
Textainer Group Holdings  36,945  1,306,006 
Textron  54,600  1,479,114 
Thomas & Betts  34,553a  1,913,891 
Tutor Perini  42,670  1,016,399 
Twin Disc  18,200  588,952 
Xerium Technologies  56,975a  1,223,253 
    46,712,031 
Information Technology--16.0%     
Acacia Research  41,800a  1,225,576 
Accelrys  88,100a  762,946 
American Software, Cl. A  72,907  489,935 
ANSYS  7,500a  422,400 
Arris Group  85,700a  1,131,240 
AXT  59,700a  442,974 
Benchmark Electronics  40,718a  767,941 
Black Box  29,038  1,108,961 
Brocade Communications Systems  204,600a  1,303,302 
Cabot Microelectronics  8,312a  405,792 
CACI International, Cl. A  17,882a  1,060,760 
Cadence Design Systems  102,700a  1,021,865 
Cardtronics  38,600a  731,470 
Cass Information Systems  6,400  249,920 
Ciena  38,900a  1,072,473 
Comtech Telecommunications  22,800  616,740 
Comverse Technology  71,300a  516,925 
Concur Technologies  3,850a  200,315 
Constant Contact  6,536a  189,086 
CTS  84,680  1,004,305 
DDI  120,340  1,247,926 
DealerTrack Holdings  12,500a  252,250 
Digi International  29,100a  322,137 
DST Systems  25,500  1,300,500 
Echelon  24,579a  215,312 
Electronics for Imaging  85,645a  1,321,502 
Fair Isaac  32,700  913,965 
Fairchild Semiconductor     

 

 

International  88,215a  1,553,466 
FARO Technologies  6,500a  231,725 
Forrester Research  8,500  307,530 
Guidance Software  13,850a  105,953 
IEC Electronics  31,862a  269,871 
Ikanos Communications  96,000a  120,960 
Infinera  98,800a  791,388 
Integrated Silicon Solution  35,483a  347,024 
International Rectifier  4,484a  144,116 
Intersil, Cl. A  69,900  894,021 
ION Geophysical  89,800a  1,151,236 
Keynote Systems  51,000  897,090 
MAXIMUS  5,650  418,100 
MEMC Electronic Materials  65,900a  894,263 
Mercury Computer Systems  33,400a  633,932 
Multi-Fineline Electronix  18,100a  518,022 
Napco Security Technologies  11,250a  26,437 
National Instruments  23,475  730,777 
Plantronics  23,300  812,937 
Plexus  14,723a  462,744 
Power Integrations  9,700  386,448 
Power-One  64,200a  528,366 
Powerwave Technologies  213,500a  787,815 
Premiere Global Services  57,653a  386,852 
RF Micro Devices  119,700a  897,750 
Scientific Games, Cl. A  101,200a  906,752 
SeaChange International  74,100a  699,504 
Semtech  21,500a  509,120 
Sierra Wireless  54,000a  569,160 
Silicon Image  98,300a  790,332 
SMART Modular Technologies  46,000a  318,780 
Standard Microsystems  30,200a  801,206 
Stratasys  6,884a  312,396 
Tekelec  92,500a  709,475 
TeleCommunication Systems, Cl. A  82,600a  352,702 
Telvent GIT  6,650a  192,251 
TIBCO Software  33,300a  819,846 

 

 

Ultimate Software Group  12,200a  651,968 
Ultratech  38,700a  956,664 
Verigy  46,000a  596,620 
Verint Systems  56,575a  1,945,049 
Vishay Intertechnology  139,160a  2,428,342 
Zoran  85,700a  960,697 
    49,118,205 
Materials--5.7%     
Arch Chemicals  39,300  1,412,835 
Boise  112,700  1,012,046 
Chemtura  37,000a  601,990 
Cytec Industries  11,000  625,130 
Harry Winston Diamond  42,100a  515,304 
Horsehead Holding  59,100a  977,514 
Innophos Holdings  14,200  608,186 
KapStone Paper and Packaging  54,980a  942,907 
Landec  136,350a  838,553 
LSB Industries  22,379a  677,636 
Mercer International  39,950  554,107 
Omnova Solutions  171,220a  1,205,389 
PolyOne  58,430a  811,008 
Royal Gold  9,300  461,466 
RPM International  36,110  829,447 
RTI International Metals  41,710a  1,188,735 
Schulman (A.)  36,800  819,168 
Schweitzer-Mauduit International  13,204  723,975 
Solutia  107,270a  2,489,737 
    17,295,133 
Producer Durables--5.6%     
Actuant, Cl. A  41,000  1,160,300 
Atlas Air Worldwide Holdings  17,600a  1,201,728 
Bristow Group  40,289a  1,930,649 
Ceradyne  49,250a  1,882,828 
Curtiss-Wright  18,700  690,030 
EnerSys  49,264a  1,748,872 
Ennis  20,319  330,184 
Force Protection  106,300a  535,752 

 

 

Greif, Cl. A  10,492  678,413 
Hawaiian Holdings  101,800a  675,952 
Intermec  64,900a  728,827 
Old Dominion Freight Line  33,750a  1,038,825 
Orbital Sciences  44,784a  796,707 
Rent-A-Center  31,600  1,044,696 
RSC Holdings  29,950a  408,218 
Sealed Air  51,600  1,420,032 
Tennant  22,400  910,560 
    17,182,573 
Utilities--1.5%     
Cleco  31,700  1,025,495 
Hawaiian Electric Industries  45,151  1,090,397 
Portland General Electric  31,185  730,353 
Southwest Gas  20,800  808,496 
UniSource Energy  26,300  958,898 
    4,613,639 
 
Total Investments (cost $240,268,222)  97.4%  298,296,256 
Cash and Receivables (Net)  2.6%  8,076,997 
Net Assets  100.0%  306,373,253 

 

a     

Non-income producing security.

b     

Investment in real estate investment trust.

At February 28, 2011 the aggregate cost of investment securities for income tax purposes was $240,266,222.

Net unrealized appreciation on investments was $58,028,034 of which $64,258,175 related to appreciated investment securities and $6,230,141 related to depreciated investment securities.

Portfolio Summary (Unaudited) †  Value (%) 
Financial  21.6 
Information Technology  16.0 
Consumer Discretionary  15.7 
Industrial  15.3 
Health Care  6.9 
Energy  6.5 

 

 

Materials  5.7 
Producer Durables  5.6 
Consumer Staples  2.6 
Utilities  1.5 
  97.4 
† 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 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 February 28, 2011 in valuing the fund's investments: 

 

  Level 1 - Unadjusted Quoted  Level 2 - Other Significant  Level 3 -Significant   
Assets ($)  Prices  Observable Inputs  Unobservable Inputs  Total 
Investments in Securities:         
Equity Securities - Domestic+  293,021,430  -  -  293,021,430 
Equity Securities - Foreign+  5,274,826  -  -  5,274,826 
 
+ 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 American Depository Receipts 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.

 

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 fund held no derivatives during the period ended February 28, 2011.

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 U.S. Equity Fund     
February 28, 2011 (Unaudited)     
 
 
Common Stocks--95.7%  Shares  Value ($) 
Consumer Discretionary--14.4%     
Family Dollar Stores  107,700  5,393,616 
McDonald's  65,000  4,919,200 
NIKE, Cl. B  53,200  4,736,396 
Panera Bread, Cl. A  45,500a  5,312,125 
Starbucks  154,800  5,105,304 
TJX  96,200  4,797,494 
Tractor Supply  99,400  5,175,758 
    35,439,893 
Consumer Staples--7.4%     
Colgate-Palmolive  55,100  4,326,452 
PepsiCo  66,400  4,211,088 
Wal-Mart Stores  86,200  4,480,676 
Walgreen  117,300  5,083,782 
    18,101,998 
Energy--10.7%     
Apache  38,700  4,822,794 
CARBO Ceramics  46,300  5,739,811 
EOG Resources  45,560  5,116,843 
Occidental Petroleum  49,600  5,057,712 
Schlumberger  59,150  5,525,793 
    26,262,953 
Health Care--17.8%     
Abbott Laboratories  96,000  4,617,600 
C.R. Bard  32,450  3,172,312 
Celgene  77,000a  4,088,700 
Gilead Sciences  117,200a  4,568,456 
Johnson & Johnson  69,100  4,245,504 
Medtronic  116,600  4,654,672 
Meridian Bioscience  193,500  4,173,795 
Resmed  146,800a  4,638,880 

 

 

Stryker  83,300  5,269,558 
Varian Medical Systems  63,100a  4,371,568 
    43,801,045 
Industrial--13.6%     
Boeing  63,800  4,594,238 
C.H. Robinson Worldwide  60,000  4,343,400 
Donaldson  92,300  5,196,490 
Fastenal  77,100  4,790,223 
MSC Industrial Direct, Cl. A  79,300  5,010,967 
Precision Castparts  34,360  4,870,530 
Rockwell Collins  73,600  4,742,784 
    33,548,632 
Materials--5.9%     
Ecolab  99,100  4,820,224 
Monsanto  65,800  4,730,362 
Praxair  50,000  4,969,000 
    14,519,586 
Technology--25.9%     
Adobe Systems  140,700a  4,854,150 
Amphenol, Cl. A  100,500  5,776,740 
Automatic Data Processing  115,900  5,795,000 
Cisco Systems  222,400a  4,127,744 
Dolby Laboratories, Cl. A  78,400a  3,964,688 
FLIR Systems  145,800  4,709,340 
Google, Cl. A  7,260a  4,453,284 
Intel  209,500  4,497,965 
MasterCard, Cl. A  20,770  4,996,431 
Microsoft  154,400  4,103,952 
Oracle  164,900  5,425,210 
Paychex  148,200  4,983,966 
QUALCOMM  99,900  5,952,042 
    63,640,512 
Total Common Stocks     
(cost $211,498,442)    235,314,619 
 
Other Investment--5.6%     
Registered Investment Company;     

 

 

Dreyfus Institutional Preferred     
Plus Money Market Fund     
(cost $13,802,000)  13,802,000b  13,802,000 
Total Investments (cost $225,300,442)  101.3%  249,116,619 
Liabilities, Less Cash and Receivables  (1.3%)  (3,103,073) 
Net Assets  100.0%  246,013,546 

 

a     

Non-income producing security.

b     

Investment in affiliated money market mutual fund.

At February 28, 2011, the aggregate cost of investment securities for income tax purposes was $225,300,442. Net unrealized appreciation on investments was $23,816,177 of which $26,021,887 related to appreciated investment securities and $2,205,710 related to depreciated investment securities.

Portfolio Summary (Unaudited) †  Value (%) 
Technology  25.9 
Health Care  17.8 
Consumer Discretionary  14.4 
Industrial  13.6 
Energy  10.7 
Consumer Staples  7.4 
Materials  5.9 
Money Market Investment  5.6 
  101.3 
† 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 February 28, 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+  235,314,619   - -  235,314,619 
Mutual Funds  13,802,000   - -  13,802,000 
+ 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 American Depository Receipts 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.

 

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 fund held no derivatives during the period ended February 28, 2011.

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     
Global Stock Fund     
February 28, 2011 (Unaudited)     
 
Common Stocks--97.4%  Shares  Value ($) 
Australia--3.5%     
CSL  237,500  8,608,489 
Woodside Petroleum  201,638  8,741,609 
    17,350,098 
Brazil--2.0%     
Petroleo Brasileiro (Preferred), ADR  282,500  9,935,525 
Canada--2.3%     
Suncor Energy  235,700  11,077,209 
Denmark--2.0%     
Novo Nordisk, Cl. B  79,000  9,949,935 
France--3.2%     
Cie Generale d'Optique Essilor International  115,000  8,212,472 
L'Oreal  66,100  7,683,968 
    15,896,440 
Hong Kong--6.1%     
China Mobile  938,000  8,798,266 
CLP Holdings  940,500  7,662,394 
CNOOC  3,993,000  9,064,746 
Hong Kong & China Gas  1,916,255  4,291,151 
    29,816,557 
Japan--18.3%     
Canon  157,800  7,600,171 
Chugai Pharmaceutical  371,100  7,122,144 
Daikin Industries  183,200  6,185,421 
Denso  246,500  9,205,519 
FANUC  64,400  9,982,177 
Honda Motor  234,800  10,175,002 
Hoya  180,000  4,292,892 
Keyence  20,870  5,673,844 
Mitsubishi Estate  477,000  9,726,007 
Nintendo  34,000  9,962,472 
Shin-Etsu Chemical  169,200  9,710,825 
    89,636,474 
Singapore--1.2%     
DBS Group Holdings  531,000  5,920,412 

 

 

Spain--1.3%     
Inditex  89,800  6,500,853 
Sweden--1.6%     
Hennes & Mauritz, Cl. B  239,000  7,811,197 
Switzerland--4.7%     
Nestle  150,000  8,492,089 
Novartis  100,600  5,641,223 
SGS  5,000  8,701,970 
    22,835,282 
United Kingdom--11.0%     
BG Group  455,800  11,088,609 
HSBC Holdings  861,200  9,492,044 
Reckitt Benckiser Group  181,000  9,327,470 
Standard Chartered  326,025  8,623,121 
Tesco  1,515,000  9,954,856 
WM Morrison Supermarkets  1,200,500  5,401,996 
    53,888,096 
United States--40.2%     
Abbott Laboratories  211,000  10,149,100 
Adobe Systems  297,500a  10,263,750 
Amphenol, Cl. A  165,400  9,507,192 
Automatic Data Processing  194,600  9,730,000 
C.R. Bard  79,700  7,791,472 
Cisco Systems  446,300a  8,283,328 
EOG Resources  93,000  10,444,830 
Fastenal  105,000  6,523,650 
FLIR Systems  151,500  4,893,450 
Gilead Sciences  248,500a  9,686,530 
Google, Cl. A  13,900a  8,526,260 
Intel  445,300  9,560,591 
Johnson & Johnson  145,600  8,945,664 
MasterCard, Cl. A  35,500  8,539,880 
Medtronic  197,600  7,888,192 
Microsoft  284,900  7,572,642 
NIKE, Cl. B  94,300  8,395,529 
Oracle  273,300  8,991,570 
Precision Castparts  56,800  8,051,400 
Schlumberger  103,200  9,640,944 
TJX  199,500  9,949,065 
Wal-Mart Stores  122,200  6,351,956 

 

 

Walgreen  175,800  7,619,172 
    197,306,167 
Total Common Stocks                              
(cost $394,452,968)    477,924,245 

 

Other Investment--2.2%     
Registered Investment Company;     
Dreyfus Institutional Preferred Plus Money Market Fund     
(cost $10,940,000)  10,940,000b  10,940,000 
Total Investments (cost $405,392,968)  99.6%  488,864,245 
Cash and Receivables (Net)  .4%  2,107,092 
Net Assets  100.0%  490,971,337 

 

ADR--American Depository Receipt

a     

Non-income producing security.

b     

Investment in affiliated money market mutual fund.

At February 28, 2011, the aggregate cost of investment securities for income tax purposes was $405,392,968. Net unrealized appreciation on investments was $83,471,277 of which $86,919,637 related to appreciated investment securities and $3,448,360 related to depreciated investment securities.

Portfolio Summary (Unaudited) †  Value (%) 
Technology  23.1 
Health Care  17.1 
Energy  14.3 
Consumer Staples  11.2 
Consumer Discretionary  10.6 
Industrial  8.0 
Financial Services  6.9 
Utilities  2.4 
Money Market Investment  2.2 
Materials  2.0 
Telecommunication Services  1.8 
  99.6 
† 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 February 28, 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+  197,306,167  -  -  197,306,167 
Equity Securities - Foreign+  280,618,078  -  -  280,618,078 
Mutual Funds  10,940,000  -  -  10,940,000 

 

+ 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. 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 fund held no derivatives during the period ended February 28, 2011.

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     
International Stock Fund     
February 28, 2011 (Unaudited)     
 
Common Stocks--97.0%  Shares  Value ($) 
Australia--6.2%     
Cochlear  280,800  22,111,317 
CSL  595,900  21,599,153 
Woodside Petroleum  517,300  22,426,498 
    66,136,968 
Belgium--2.0%     
Colruyt  428,600  21,543,558 
Brazil--2.2%     
Petroleo Brasileiro (Preferred), ADR  675,000  23,739,750 
Canada--2.3%     
Suncor Energy  523,000  24,579,466 
Denmark--2.3%     
Novo Nordisk, Cl. B  193,200  24,333,259 
France--6.9%     
Cie Generale d'Optique Essilor International  286,000  20,424,061 
Danone  343,800  21,553,327 
L'Oreal  188,800  21,947,550 
Vallourec  101,000  10,462,934 
    74,387,872 
Germany--4.2%     
Adidas  331,300  21,258,866 
SAP  397,000  23,951,701 
    45,210,567 
Hong Kong--8.1%     
China Mobile  2,284,500  21,428,188 
CLP Holdings  2,137,500  17,414,532 
CNOOC  9,380,000  21,294,094 
Esprit Holdings  4,378,534  21,476,631 
Hong Kong & China Gas  2,558,105  5,728,473 
    87,341,918 
Japan--31.6%     
Aeon Mall  521,600  13,855,349 
Canon  451,200  21,731,288 
Chugai Pharmaceutical  628,000  12,052,564 
Daikin Industries  361,800  12,215,532 

 

 

Daito Trust Construction  289,900  23,637,101 
Denso  576,200  21,518,135 
FANUC  143,400  22,227,394 
Hirose Electric  93,000  10,618,177 
Honda Motor  500,000  21,667,380 
Hoya  588,300  14,030,601 
INPEX  3,230  22,545,443 
Keyence  76,200  20,716,191 
Komatsu  726,500  22,157,784 
Mitsubishi Estate  1,066,000  21,735,689 
Nintendo  68,400  20,042,149 
Shimamura  159,900  15,441,721 
Shin-Etsu Chemical  379,400  21,774,745 
Tokio Marine Holdings  659,100  21,584,609 
    339,551,852 
Luxembourg--.9%     
Tenaris, ADR  211,100  9,579,718 
Singapore--1.2%     
DBS Group Holdings  1,139,512  12,705,048 
Spain--1.8%     
Inditex  273,800  19,821,086 
Sweden--2.0%     
Hennes & Mauritz, Cl. B  668,300  21,841,938 
Switzerland--7.5%     
Nestle  382,500  21,654,827 
Novartis  378,000  21,196,642 
Roche Holding  19,000  2,946,830 
SGS  8,290  14,427,866 
Synthes  148,000  20,309,977 
    80,536,142 
United Kingdom--17.8%     
BG Group  947,000  23,038,422 
Burberry Group  529,000  10,311,002 
Cairn Energy  3,219,000a  22,349,951 
Centrica  3,937,200  21,768,081 
HSBC Holdings  1,857,700  20,475,349 
Reckitt Benckiser Group  407,600  21,004,844 
Smith & Nephew  1,812,000  20,958,448 
Standard Chartered  814,500  21,542,925 
Tesco  3,169,400  20,825,690 

 

 

WM Morrison Supermarkets         1,945,000  8,752,089 
    191,026,801 
Total Common Stocks                               
(cost $889,354,806)    1,042,335,943 
 
Other Investment--3.4%    Value ($) 

 

Registered Investment Company;     
Dreyfus Institutional Preferred Plus Money Market Fund     
(cost $36,500,000)  36,500,000b  36,500,000 
Total Investments (cost $925,854,806)  100.4%  1,078,835,943 
Liabilities, Less Cash and Receivables  (.4%)  (3,856,419) 
Net Assets  100.0%  1,074,979,524 

 

ADR - American Depository Receipts

a     

Non-income producing security.

b     

Investment in affiliated money market mutual fund.

At February 28, 2011, the aggregate cost of investment securities for income tax purposes was $925,854,806. Net unrealized appreciation on investments was $152,981,137 of which $161,027,019 related to appreciated investment securities and $8,045,882 related to depreciated investment securities.

Portfolio Summary (Unaudited) †  Value (%) 
Energy  15.8 
Health Care  15.4 
Consumer Discretionary  14.3 
Consumer Staples  12.8 
Financial Services  12.6 
Technology  10.3 
Industrial  7.6 
Utilities  4.2 
Money Market Investment  3.4 
Materials  2.0 
Telecommunication Services  2.0 
  100.4 
† Based on net assets.   

 

 

At February 28, 2011, the fund held the following forward foreign currency exchange contracts: (Unaudited)

        Unrealized 
Forward Foreign Currency  Foreign      Appreciation 
Exchange Contracts  Currency Amount  Cost ($)  Value ($)  (Depreciation) ($) 
Purchases:         
Australian Dollar,         
Expiring 3/1/2011  6,664,076  6,705,274  6,785,054  79,780 
British Pound,         
Expiring 3/1/2011  825,732  1,328,272  1,342,348  14,076 
Euro,         
Expiring 3/1/2011  2,470,550  3,405,159  3,409,254  4,095 
Japanese Yen,         
Expiring 3/1/2011  457,124,167  5,587,673  5,587,973  300 
        98,251 

 

 

 
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 February 28, 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 - Foreign+  1,042,335,943  -  -  1,042,335,943 
Mutual Funds  36,500,000  -  -  36,500,000 
Other Financial Instruments:         
Forward Foreign Currency Exchange Contracts++  -  98,251  -  98,251 
+ See Statement of Investments for additional detailed categorizations.       
++ Amount shown represents unrealized appreciation at period end.       

 

 

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. 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 provisions of ASC Topic 815 “Derivatives and Hedging” require 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 incurs 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 incurs 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. Any realized gain or loss which occurred during the period is reflected in the Statement of Operations. 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.

-3- 

 

 

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.

Strategic Funds, Inc.

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:    April 26, 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:    April 26, 2011

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    April 26, 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)

-4-