N-Q 1 lp1085.htm FORM N-Q lp1085.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

811-03940

 

 

 

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)

 

 

 

 

 

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:

 

  11/30

 

Date of reporting period:

  02/28/18

 

             

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

 

Dreyfus Select Managers Small Cap Value Fund

Dreyfus U.S. Equity Fund

Dreyfus Global Stock Fund

Dreyfus International Stock Fund

 

 

 


 

FORM N-Q

Item 1.                         Schedule of Investments.

 


 

STATEMENT OF INVESTMENTS
Dreyfus Select Managers Small Cap Value Fund
February 28, 2018 (Unaudited)

Description  Shares   Value ($) 
Common Stocks - 97.5%       
Automobiles & Components - 2.2%       
Dorman Products  21,830 a  1,506,270 
Gentherm  6,000 a  184,800 
Goodyear Tire & Rubber  64,800   1,875,312 
LCI Industries  17,420   1,904,006 
Motorcar Parts of America  14,400 a,b  293,472 
Stoneridge  119,230 a  2,594,445 
Thor Industries  53,200   6,862,800 
Visteon  14,090 a  1,744,906 
Winnebago Industries  60,120 b  2,618,226 
      19,584,237 
Banks - 13.1%       
Banc of California  295,796 b  5,901,130 
Bancorp  43,600 a  460,852 
Bank of Hawaii  90,540 b  7,425,185 
BankUnited  38,470   1,547,263 
Banner  107,170 b  5,924,358 
BofI Holding  10,400 a,b  386,776 
Boston Private Financial Holdings  26,900   392,740 
Brookline Bancorp  175,040   2,774,384 
Bryn Mawr Bank  50,990 b  2,220,614 
Camden National  21,980 b  927,996 
Centerstate Banks  356,732   9,717,380 
City Holding  27,340   1,841,896 
CoBiz Financial  17,590   333,506 
Columbia Banking System  68,285   2,852,947 
Commerce Bancshares  30,473 b  1,760,425 
Community Bank System  32,535 b  1,734,441 
Customers Bancorp  16,690 a,b  489,685 
CVB Financial  75,170 b  1,728,910 
Eagle Bancorp  50,660 a  3,092,793 
Essent Group  98,870 a  4,458,048 
First Bancorp  10,275   355,823 
First Busey  14,450   428,443 
First Financial Bancorp  69,160   1,881,152 
First Financial Bankshares  89,480 b  4,116,080 
First Foundation  15,000 a  273,900 
Great Southern Bancorp  35,810   1,733,204 
Heartland Financial USA  44,060 b  2,350,601 
HomeStreet  12,500 a  358,750 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description  Shares   Value ($) 
Common Stocks - 97.5% (continued)       
Banks - 13.1% (continued)       
Huntington Bancshares  130,580   2,050,106 
Independent Bank  36,640   2,542,816 
Investors Bancorp  134,540   1,816,290 
Lakeland Financial  43,820   1,985,484 
MB Financial  128,643   5,275,649 
Nationstar Mortgage Holdings  18,200 a,b  311,584 
Pinnacle Financial Partners  16,422   1,060,040 
Popular  6,600   277,266 
Provident Financial Services  68,180   1,696,318 
Radian Group  17,500   359,100 
Renasant  82,295   3,436,639 
Republic First Bancorp  28,500 a,b  240,825 
Simmons First National, Cl. A  16,100   458,045 
South State  74,519 b  6,460,797 
Southside Bancshares  55,593   1,856,806 
Stock Yards Bancorp  48,325   1,696,208 
TCF Financial  95,550   2,130,765 
Texas Capital Bancshares  86,661 a,b  7,816,822 
TriCo Bancshares  61,440   2,294,784 
Triumph Bancorp  61,679 a  2,525,755 
Wintrust Financial  54,555   4,610,443 
      118,371,824 
Capital Goods - 15.2%       
AAON  25,990   955,133 
Actuant, Cl. A  54,885   1,245,890 
Aerojet Rocketdyne Holdings  90,710 a,b  2,449,170 
Aerovironment  18,250 a,b  907,390 
Albany International, Cl. A  35,700   2,272,305 
Allied Motion Technologies  41,408   1,298,141 
American Woodmark  30,371 a  3,899,636 
Apogee Enterprises  9,900 b  427,086 
Atkore International Group  89,595 a  1,947,795 
Babcock & Wilcox Enterprises  109,900 a,b  698,964 
Columbus McKinnon  56,720   2,013,560 
Comfort Systems USA  8,300   340,715 
Dycom Industries  3,300 a,b  360,492 
EMCOR Group  26,090   1,990,928 
EnerSys  5,300   369,357 
Esterline Technologies  29,660 a  2,191,874 
Franklin Electric  127,419   4,988,454 
FreightCar America  86,250   1,275,638 
GATX  26,780 b  1,846,213 
Graco  109,950   4,876,282 
Great Lakes Dredge and Dock  375,460 a,b  1,708,343 

 


 

Description  Shares   Value ($) 
Common Stocks - 97.5% (continued)       
Capital Goods - 15.2% (continued)       
Harsco  70,400 a  1,425,600 
Hexcel  119,291   8,025,898 
Hillenbrand  172,897   7,590,178 
Houston Wire & Cable  82,830 a,b  575,669 
ITT  65,700   3,296,826 
John Bean Technologies  18,785   2,080,439 
KBR  109,140   1,652,380 
Kennametal  46,345   1,909,414 
KEYW Holding  196,630 a,b  1,476,691 
Lincoln Electric Holdings  34,420   3,013,127 
Manitowoc Company  30,012 a,b  891,957 
Masonite International  32,500 a  1,984,125 
Mercury Systems  31,890 a,b  1,465,983 
Milacron Holdings  405,775 a  8,695,758 
Miller Industries  38,120   928,222 
Moog, Cl. A  22,270 a  1,866,894 
MRC Global  16,938 a,b  279,985 
NCI Building Systems  19,300 a  314,590 
Nexeo Solutions  222,390 a  2,066,003 
Primoris Services  81,470   2,028,603 
RBC Bearings  52,900 a,b  6,374,450 
Regal Beloit  28,500   2,060,550 
Rexnord  261,759 a  7,585,776 
Simpson Manufacturing  33,790   1,869,263 
SiteOne Landscape Supply  112,790 a,b  7,764,464 
Spirit AeroSystems Holdings, Cl. A  30,810   2,812,645 
Standex International  22,545   2,166,575 
Teledyne Technologies  7,440 a  1,383,468 
Textainer Group Holdings  14,300 a,b  233,090 
Triumph Group  135,110 b  3,776,324 
Tutor Perini  122,900 a,b  2,968,035 
Twin Disc  32,980 a  788,882 
Valmont Industries  7,400   1,088,540 
Wabash National  88,320 b  1,929,792 
Watsco  29,830   4,932,987 
ZAGG  12,100 a  182,105 
      137,548,654 
Commercial & Professional Services - 4.4%       
ABM Industries  180,211   6,336,219 
Casella Waste Systems, Cl. A  121,917 a  3,099,130 
Clean Harbors  32,000 a  1,597,760 
Covanta Holding  123,440 b  1,845,428 
Deluxe  23,400 b  1,661,400 
Heritage-Crystal Clean  116,170 a,b  2,323,400 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description  Shares   Value ($) 
Common Stocks - 97.5% (continued)       
Commercial & Professional Services - 4.4% (continued)       
Interface  110,890   2,683,538 
Kelly Services, Cl. A  26,600   784,434 
Kimball International, Cl. B  78,550   1,290,577 
McGrath RentCorp  92,750   4,695,005 
MSA Safety  88,259 b  7,116,323 
Navigant Consulting  18,900 a  375,732 
SP Plus  7,100 a  255,600 
Steelcase, Cl. A  161,110   2,199,151 
UniFirst  14,400   2,236,320 
US Ecology  30,947   1,637,096 
      40,137,113 
Consumer Durables & Apparel - 3.0%       
Bassett Furniture Industries  33,290 b  1,071,938 
Crocs  76,870 a  940,889 
CSS Industries  60,270   1,109,571 
Deckers Outdoor  26,100 a,b  2,468,538 
G-III Apparel Group  118,248 a  4,364,534 
LGI Homes  25,675 a  1,452,948 
M.D.C. Holdings  51,022   1,412,289 
M/I Homes  78,540 a  2,281,587 
Malibu Boats, Cl. A  55,045 a  1,764,192 
Oxford Industries  2,900   231,768 
Steven Madden  42,900   1,883,310 
TRI Pointe Group  101,375 a  1,554,079 
Under Armour, Cl. C  33,200 a,b  499,660 
Unifi  76,020 a,b  2,660,700 
Vista Outdoor  231,240 a,b  3,984,265 
      27,680,268 
Consumer Services - 1.6%       
Bloomin' Brands  19,000   438,710 
Cheesecake Factory  145,100 b  6,745,699 
Dave & Buster's Entertainment  3,800 a  170,126 
Marriott Vacations Worldwide  11,815   1,660,008 
Red Robin Gourmet Burgers  5,700 a,b  305,805 
SeaWorld Entertainment  316,100 a,b  4,624,543 
The Stars Group  15,800 a  433,710 
      14,378,601 
Diversified Financials - 4.0%       
Artisan Partners Asset Management, Cl.       
A  313,104 b  10,567,260 
Cannae Holdings  121,460 a  2,232,435 
Cowen Group, Cl. A  19,450 a,b  279,108 
Evercore Partners, Cl. A  76,001   7,071,893 
FirstCash  53,210   3,921,577 

 


 

Description  Shares   Value ($) 
Common Stocks - 97.5% (continued)       
Diversified Financials - 4.0% (continued)       
Green Dot, Cl. A  4,500 a  293,085 
OM Asset Management  172,950   2,651,323 
Stifel Financial  142,104   9,076,182 
      36,092,863 
Energy - 3.8%       
Basic Energy Services  15,200 a  245,936 
Callon Petroleum  467,806 a,b  4,944,709 
Core Laboratories  55,530 b  5,717,369 
Delek US Holdings  10,800   368,496 
Energen  32,250 a  1,764,398 
Era Group  128,970 a  1,218,767 
Forum Energy Technologies  68,540 a  774,502 
Halcon Resources  304,520 a,b  1,842,346 
ION Geophysical  12,524 a  351,924 
Laredo Petroleum  241,653 a  2,027,469 
McDermott International  118,120 a,b  862,276 
Oasis Petroleum  121,180 a  954,898 
Oil States International  149,483 a  3,677,282 
Overseas Shipholding Group, Cl. A  424,710 a  751,737 
PDC Energy  13,780 a  723,863 
Ring Energy  30,500 a,b  413,885 
RPC  71,710   1,408,384 
SEACOR Holdings  88,510 a  3,674,050 
SilverBow Resources  34,180 a  949,179 
Solaris Oilfield Infrastructure, Cl. A  60,045   1,010,557 
TETRA Technologies  163,290 a  592,743 
      34,274,770 
Exchange-Traded Funds - 1.8%       
iShares Russell 2000 ETF  109,883 b  16,520,909 
Food & Staples Retailing - .3%       
Andersons  58,200   2,039,910 
Casey's General Stores  3,100 b  348,161 
Chefs' Warehouse  23,000 a,b  518,650 
United Natural Foods  4,800 a,b  204,816 
      3,111,537 
Food, Beverage & Tobacco - 2.2%       
Darling Ingredients  241,400 a  4,391,066 
Hain Celestial Group  10,300 a  358,234 
Hostess Brands  283,201 a,b  3,466,380 
Landec  147,480 a,b  1,917,240 
MGP Ingredients  28,800   2,416,896 
National Beverage  62,493 b  6,120,564 
TreeHouse Foods  27,600 a,b  1,049,352 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description  Shares   Value ($) 
Common Stocks - 97.5% (continued)       
Food, Beverage & Tobacco - 2.2% (continued)       
Turning Point Brands  8,400 b  175,560 
      19,895,292 
Health Care Equipment & Services - 3.6%       
Acadia Healthcare  41,000 a,b  1,562,100 
Accuray  250,890 a  1,392,440 
Addus HomeCare  37,520 a  1,288,812 
Allscripts Healthcare Solutions  182,860 a  2,536,268 
AMN Healthcare Services  35,085 a,b  1,952,480 
Analogic  17,200   1,436,200 
Anika Therapeutics  103,094 a  5,366,043 
AtriCure  43,400 a,b  766,878 
BioTelemetry  13,400 a  432,820 
Encompass HealthSouth  34,260   1,824,688 
Envision Healthcare  40,300 a  1,551,550 
Globus Medical, Cl. A  24,425 a  1,163,607 
Haemonetics  14,700 a  1,042,230 
Halyard Health  90,816 a  4,484,494 
Molina Healthcare  17,900 a,b  1,294,170 
Natus Medical  37,240 a  1,160,026 
OraSure Technologies  7,400 a  127,724 
Patterson  94,550 b  2,985,889 
Tivity Health  6,300 a,b  242,865 
      32,611,284 
Household & Personal Products - .7%       
Central Garden & Pet  58,240 a  2,249,811 
Orchids Paper Products  50,410 a,b  539,387 
WD-40  26,380   3,289,586 
      6,078,784 
Insurance - 2.9%       
American Financial Group  17,700   1,996,560 
AMERISAFE  27,270   1,527,120 
Argo Group International Holdings  6,050   352,413 
Federated National Holding  13,200 b  203,940 
Genworth Financial, Cl. A  49,000 a  133,280 
Greenlight Capital Re, Cl. A  15,800 a,b  259,120 
Horace Mann Educators  140,016   5,761,658 
James River Group Holdings  7,500   245,325 
MBIA  31,300 a,b  250,087 
Navigators Group  42,580 b  2,295,062 
Primerica  98,946   9,647,235 
RLI  62,200 b  3,781,760 
Stewart Information Services  5,100   204,663 
      26,658,223 

 


 

Description  Shares   Value ($) 
Common Stocks - 97.5% (continued)       
Materials - 7.4%       
American Vanguard  123,480   2,407,860 
Ampco-Pittsburgh  56,000 b  571,200 
AptarGroup  20,650   1,846,523 
Avery Dennison  47,450   5,606,217 
Cleveland-Cliffs  188,930 a,b  1,328,178 
Commercial Metals  75,610   1,837,323 
Compass Minerals International  4,200 b  253,260 
Crown Holdings  50,800 a  2,531,872 
Eagle Materials  13,150   1,318,025 
Ferro  157,785 a  3,375,021 
Ferroglobe  30,150 a  487,224 
H.B. Fuller  61,849   3,116,571 
Ingevity  116,945 a,b  8,760,350 
Kaiser Aluminum  37,647   3,778,629 
KMG Chemicals  32,780   1,965,817 
Materion  47,360   2,386,944 
Mercer International  185,747   2,451,860 
PolyOne  172,413   7,122,381 
Rayonier Advanced Materials  134,020 b  2,729,987 
Scotts Miracle-Gro  63,690 b  5,721,910 
Stepan  24,490   1,961,649 
Summit Materials, Cl. A  50,167 a  1,586,782 
Valvoline  82,510 b  1,890,304 
Westlake Chemical  18,400   1,991,984 
      67,027,871 
Media - 1.8%       
AMC Entertainment Holdings, Cl. A  13,700 b  205,500 
Cinemark Holdings  144,700 b  6,158,432 
John Wiley & Sons, Cl. A  33,230   2,135,028 
Loral Space & Communications  34,590 a,b  1,532,337 
Meredith  90,663 b  5,194,990 
MSG Networks  38,000 a  927,200 
New Media Investment Group  16,341   281,882 
      16,435,369 
Pharmaceuticals, Biotechnology & Life Sciences - 3.1%       
ACADIA Pharmaceuticals  40,710 a  1,014,290 
Aerie Pharmaceuticals  37,700 a  1,928,355 
Array BioPharma  54,750 a  948,270 
Charles River Laboratories International  94,049 a,b  10,026,564 
Clovis Oncology  24,110 a  1,400,068 
Esperion Therapeutics  21,670 a  1,742,485 
FibroGen  25,365 a  1,397,612 
Fluidigm  248,625 a,b  1,683,191 
Impax Laboratories  77,300 a  1,576,920 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description  Shares   Value ($) 
Common Stocks - 97.5% (continued)       
Pharmaceuticals, Biotechnology & Life Sciences - 3.1%       
(continued)       
Insmed  38,825 a  939,953 
Intersect ENT  28,200 a  1,039,170 
Lannett  8,400 a,b  134,400 
Loxo Oncology  7,845 a  872,521 
Luminex  65,900   1,292,299 
NanoString Technologies  58,200 a  373,062 
Portola Pharmaceuticals  32,040 a  1,355,933 
Puma Biotechnology  7,115 a  464,965 
Syneos Health  7,700 a,b  322,630 
      28,512,688 
Real Estate - 4.5%       
Columbia Property Trust  17,800 c  370,774 
CoreCivic  10,400 c  216,216 
Corporate Office Properties Trust  200,063 c  4,993,572 
Education Realty Trust  149,058 b,c  4,641,666 
Equity Commonwealth  15,300 a,c  450,126 
Healthcare Realty Trust  134,369 c  3,567,497 
HFF, Cl. A  125,500   5,730,330 
InfraREIT  44,600 c  831,344 
MGM Growth Properties, Cl. A  225,290 c  5,913,862 
RE/MAX Holdings, Cl. A  111,850   6,185,305 
Retail Opportunity Investments  21,400 c  367,224 
Rexford Industrial Realty  96,135 c  2,595,645 
RLJ Lodging Trust  21,863 c  433,106 
Spirit Realty Capital  48,100 c  375,180 
Terreno Realty  90,185 c  3,004,062 
Uniti Group  58,000 b,c  890,300 
      40,566,209 
Retailing - .7%       
American Eagle Outfitters  16,900   325,663 
Boot Barn Holdings  15,750 a,b  277,515 
Express  71,470 a  516,013 
New York & Co.  64,180 a  171,361 
Office Depot  207,888   546,745 
Party City Holdco  49,900 a,b  721,055 
Sally Beauty Holdings  185,450 a,b  3,122,978 
The Michaels Companies  11,400 a  262,314 
      5,943,644 
Semiconductors & Semiconductor Equipment - 4.8%       
Advanced Energy Industries  20,355 a  1,349,944 
Amkor Technology  370,240 a  3,720,912 
Brooks Automation  157,860   4,216,441 
Cabot Microelectronics  19,535   1,990,617 

 


 

Description  Shares   Value ($) 
Common Stocks - 97.5% (continued)       
Semiconductors & Semiconductor Equipment - 4.8%       
(continued)       
CEVA  24,530 a  901,478 
Cypress Semiconductor  117,565 b  2,053,861 
Entegris  103,380   3,432,216 
FormFactor  46,050 a  603,255 
Impinj  27,400 a,b  349,076 
Integrated Device Technology  38,830 a  1,178,102 
MACOM Technology Solutions Holdings  76,275 a,b  1,627,709 
MaxLinear  31,150 a  708,040 
Mellanox Technologies  46,790 a,b  3,219,152 
Microsemi  115,466 a  7,493,743 
Monolithic Power Systems  20,670   2,419,630 
Rambus  199,580 a  2,536,662 
Semtech  10,000 a  336,500 
Silicon Laboratories  32,255 a  3,015,842 
Veeco Instruments  67,700 a  1,228,755 
Versum Materials  31,315   1,159,281 
      43,541,216 
Software & Services - 6.2%       
8x8  107,590 a  1,963,518 
ACI Worldwide  16,900 a  399,685 
Acxiom  79,500 a  2,175,915 
American Software, Cl. A  191,300   2,379,772 
Blackbaud  10,020   1,027,250 
Blackhawk Network Holdings  10,700 a,b  478,825 
Booz Allen Hamilton Holdings  164,300   6,231,899 
CACI International, Cl. A  2,500 a  372,625 
Cass Information Systems  80,319   4,703,481 
Conduent  100,700 a  1,903,230 
CoreLogic  70,030 a  3,186,365 
ExlService Holdings  36,600 a  2,086,932 
Fair Isaac  12,525   2,128,499 
FireEye  129,700 a,b  2,151,723 
InterXion Holding  22,235 a  1,251,831 
Jack Henry & Associates  38,770 b  4,547,721 
Manhattan Associates  56,300 a,b  2,370,230 
MAXIMUS  23,795   1,593,789 
Net 1 UEPS Technologies  20,000 a,b  205,000 
Nuance Communications  165,550 a  2,658,733 
Pegasystems  34,135   1,979,830 
RealPage  23,245 a  1,214,551 
Seachange International  134,920 a  415,554 
TiVo  143,629   2,154,435 
Unisys  71,300 a,b  798,560 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description  Shares   Value ($) 
Common Stocks - 97.5% (continued)       
Software & Services - 6.2% (continued)       
VASCO Data Security International  52,300 a  630,215 
Verint Systems  88,568 a  3,445,301 
Zendesk  36,330 a  1,568,729 
      56,024,198 
Technology Hardware & Equipment - 6.2%       
ARRIS International  102,380 a  2,610,690 
Badger Meter  118,350 b  5,633,460 
Belden  99,794 b  7,258,018 
Ciena  213,230 a  4,940,539 
Diebold  61,700 b  968,690 
Electronics For Imaging  135,610 a  3,714,358 
Finisar  10,500 a,b  189,000 
II-VI  20,430 a  786,555 
Infinera  221,220 a  2,201,139 
Itron  23,330 a  1,633,100 
Kimball Electronics  50,970 a  884,330 
Littelfuse  42,313 b  8,779,947 
Maxwell Technologies  107,600 a,b  612,244 
Methode Electronics  6,800 b  268,260 
Mitel Networks  73,800 a  603,684 
Novanta  33,365 a  1,863,435 
Oclaro  41,000 a,b  293,970 
OSI Systems  19,010 a,b  1,200,291 
Quantum  40,503 a,b  148,241 
Ribbon Communications  125,300 a  811,944 
Rogers  31,095 a,b  4,269,965 
Super Micro Computer  6,400 a  115,840 
VeriFone Systems  83,460 a,b  1,385,436 
Viavi Solutions  113,700 a  1,093,794 
Vishay Intertechnology  231,560 b  4,260,704 
      56,527,634 
Telecommunication Services - .0%       
Vonage Holdings  42,200 a  428,330 
Transportation - 2.0%       
Air Transport Services Group  15,700 a  415,579 
Avis Budget Group  47,500 a,b  2,146,050 
Danaos  113,801 a  147,941 
Forward Air  25,355   1,369,170 
Hawaiian Holdings  29,795   1,072,620 
Heartland Express  98,160   1,916,083 
Hertz Global Holdings  56,800 a,b  1,033,192 
Hub Group, Cl. A  42,720 a  1,864,728 
Landstar System  46,840   5,096,192 
Ryder System  23,970   1,734,709 

 


 

Description  Shares   Value ($)  
Common Stocks - 97.5% (continued)         
Transportation - 2.0% (continued)         
Saia  10,195 a  740,667  
YRC Worldwide  24,400 a  212,768  
      17,749,699  
Utilities - 2.0%         
ALLETE  56,082   3,821,988  
American States Water  33,960 b  1,803,955  
Atlantic Power  403,600 a,b  847,560  
Black Hills  19,725   1,001,833  
Dynegy  104,820 a,b  1,281,949  
NorthWestern  28,880   1,475,190  
Ormat Technologies  31,050 b  1,943,109  
Portland General Electric  11,200   444,976  
SJW Group  17,710 b  937,567  
Spire  72,594   4,921,873  
      18,480,000  
Total Common Stocks (cost $721,420,624)      884,181,217  
 
Preferred Stocks - .1%         
Utilities - .1%         
Dynegy         
(cost $828,168)  8,100   662,661  
 
Master Limited Partnerships - .2%         
Materials - .2%         
Ciner Resources LP         
(cost $1,934,135)  71,020   1,965,123  
 
Investment of Cash Collateral for Securities Loaned - 9.1%         
Registered Investment Company;         
Dreyfus Institutional Preferred         
Government Money Market Fund,         
Institutional Shares         
(cost $82,443,588)  82,443,588 d  82,443,588  
Total Investments (cost $806,626,515)  106.9 %  969,252,589  
Liabilities, Less Cash and Receivables  (6.9 %)  (62,968,433 ) 
Net Assets  100.0 %  906,284,156  

 

ETF—Exchange-Traded Fund
LP—Limited Partnership

a Non-income producing security. 
b Security, or portion thereof, on loan. At February 28, 2018, the value of the fund’s securities on loan was $162,278,045 and the 
value of the collateral held by the fund was $168,634,417, consisting of cash collateral of $82,443,588 and U.S. Government & 
Agency securities valued at $86,190,829. 
c Investment in real estate investment trust. 
d Investment in affiliated money market mutual fund. 

 


 

STATEMENT OF INVESTMENTS
Dreyfus Select Managers Small Cap Value Fund
February 28, 2018 (Unaudited)

The following is a summary of the inputs used as of February 28, 2018 in valuing the fund’s investments:

  Level 1 -  Level 2 - Other Level 3 -Significant   
  Unadjusted Quoted  Significant  Unobservable   
  Prices Observable Inputs  Inputs  Total 
Assets ($)         
Investments in Securities:       
Equity Securities—         
Domestic Common         
Stocks  861,110,264  -  -  861,110,264 
Equity Securities—         
Domestic Preferred         
Stocks  662,661  -  -  662,661 
Equity Securities—         
Foreign Common         
Stocks  6,550,044  -  -  6,550,044 
Exchange-Traded         
Funds  16,520,909  -  -  16,520,909 
Master Limited         
Partnerships  1,965,123  -  -  1,965,123 
Registered Investment         
Company  82,443,588  -  -  82,443,588 

 

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 to not 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 are generally categorized within Level 3 of the fair value hierarchy.

At February 28, 2018, accumulated net unrealized appreciation on investments was $162,626,074, consisting of $198,151,972 gross unrealized appreciation and $35,525,898 gross unrealized depreciation.

At February 28, 2018, 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.


 

STATEMENT OF INVESTMENTS
Dreyfus U.S. Equity Fund
February 28, 2018 (Unaudited)

Description  Shares   Value ($) 
Common Stocks - 96.6%       
Capital Goods - 7.8%       
Donaldson  114,900   5,453,154 
Emerson Electric  151,100   10,737,166 
Fastenal  214,200 a  11,721,024 
Flowserve  210,500 a  8,914,675 
Toro  73,800   4,691,466 
      41,517,485 
Consumer Durables & Apparel - 2.1%       
NIKE, Cl. B  165,100   11,066,653 
Consumer Services - 4.0%       
McDonald's  65,700   10,363,518 
Starbucks  197,100   11,254,410 
      21,617,928 
Energy - 7.3%       
EOG Resources  96,020   9,738,349 
Halliburton  103,800   4,818,396 
Occidental Petroleum  150,300   9,859,680 
Pioneer Natural Resources  28,700   4,885,601 
Schlumberger  147,150   9,658,926 
      38,960,952 
Health Care Equipment & Services - 14.2%       
Cerner  166,200 b  10,663,392 
Edwards Lifesciences  95,200 b  12,725,384 
Henry Schein  154,600 b  10,232,974 
Intuitive Surgical  27,100 b  11,556,795 
ResMed  107,100   10,203,417 
Stryker  75,400   12,226,864 
Varian Medical Systems  69,500 b  8,294,130 
      75,902,956 
Household & Personal Products - 4.4%       
Colgate-Palmolive  146,500   10,104,105 
Estee Lauder, Cl. A  96,900   13,414,836 
      23,518,941 
Materials - 7.9%       
Ecolab  88,100   11,492,645 
FMC  112,500   8,829,000 
International Flavors & Fragrances  75,900   10,720,875 
Praxair  73,600   11,021,600 
      42,064,120 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description  Shares   Value ($) 
Common Stocks - 96.6% (continued)       
Media - 1.9%       
Walt Disney  97,200   10,027,152 
Pharmaceuticals, Biotechnology & Life Sciences - 8.8%       
Biogen  37,300 b  10,779,327 
Gilead Sciences  106,300   8,368,999 
Johnson & Johnson  76,300   9,909,844 
Mettler-Toledo International  12,100 b  7,456,262 
Waters  52,200 b  10,682,208 
      47,196,640 
Retailing - 5.8%       
O'Reilly Automotive  38,500 b  9,401,315 
The TJX Companies  151,200   12,501,216 
Tractor Supply  139,500   9,057,735 
      30,960,266 
Software & Services - 21.8%       
Adobe Systems  58,700 b  12,275,931 
Alphabet, Cl. C  9,906 b  10,943,455 
Automatic Data Processing  94,900   10,943,868 
Cognizant Technology Solutions, Cl. A  141,200   11,581,224 
Jack Henry & Associates  90,400   10,603,920 
Manhattan Associates  247,500 b  10,419,750 
Mastercard, Cl. A  70,800   12,443,808 
Microsoft  147,200   13,802,944 
Oracle  257,000   13,022,190 
Paychex  159,000   10,355,670 
      116,392,760 
Technology Hardware & Equipment - 6.4%       
Amphenol, Cl. A  125,500   11,469,445 
Cisco Systems  273,100   12,229,418 
IPG Photonics  43,900 b  10,783,596 
      34,482,459 
Telecommunication Services - 2.1%       
TE Connectivity  110,300   11,370,827 
Transportation - 2.1%       
Expeditors International of Washington  173,300   11,257,568 
Total Common Stocks (cost $312,233,382)      516,336,707 
 
Other Investment - 3.3%       
Registered Investment Company;       
Dreyfus Institutional Preferred       
Government Plus Money Market Fund       
  (cost $17,667,047)  17,667,047 c  17,667,047 

 


 

Investment of Cash Collateral for Securities Loaned - .0%       
Registered Investment Company;       
Dreyfus Institutional Preferred       
Government Money Market Fund,       
Institutional Shares       
(cost $5,650)  5,650 c  5,650 
Total Investments (cost $329,906,079)  99.9 %  534,009,404 
Cash and Receivables (Net)  .1 %  592,483 
Net Assets  100.0 %  534,601,887 

 

a Security, or portion thereof, on loan. At February 28, 2018, the value of the fund’s securities on loan was $12,759,969 and the 
value of the collateral held by the fund was $13,196,684, consisting of cash collateral of $5,650 and U.S. Government & Agency 
securities valued at $13,191,034. 
b Non-income producing security. 
c Investment in affiliated money market mutual fund. 

 


 

STATEMENT OF INVESTMENTS
Dreyfus U.S. Equity Fund
February 28, 2018 (Unaudited)

The following is a summary of the inputs used as of February 28, 2018 in valuing the fund’s investments:

  Level 1 -  Level 2 - Other Level 3 -Significant   
  Unadjusted Quoted  Significant  Unobservable   
  Prices Observable Inputs  Inputs  Total 
Assets ($)         
Investments in Securities:       
Equity Securities—         
Domestic Common         
Stocks  516,336,707  -  -  516,336,707 
Registered Investment         
Company  17,672,697  -  -  17,672,697 

 

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 to not 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 fund's Board (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 are generally categorized within Level 3 of the fair value hierarchy.

Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, 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 Dreyfus or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the


 

NOTES

benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral.

Effective July 1, 2015, the fund adopted new accounting guidance under Accounting Standards Update No. 2014-11, which requires expanded disclosures related to financial assets pledged in secured financing transactions (such as securities lending) and the related contractual maturity terms of these secured transactions. The type of securities loaned for which cash collateral was received, is indicated in the Statement of Investments. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis.

At February 28, 2018, accumulated net unrealized appreciation on investments was $204,103,325, consisting of $219,416,845 gross unrealized appreciation and $15,313,520 gross unrealized depreciation.

At February 28, 2018, 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.


 

STATEMENT OF INVESTMENTS
Global Stock Fund
February 28, 2018 (Unaudited)

Description  Shares  Value ($) 
Common Stocks - 98.2%     
Australia - 2.1%     
CSL  205,500  25,838,633 
Canada - 1.0%     
Alimentation Couche Tard, Cl. B  258,900  12,587,883 
China - 2.0%     
CNOOC  17,775,000  25,323,925 
Denmark - 2.0%     
Novo Nordisk, Cl. B  491,500  25,338,448 
Finland - 1.0%     
Kone, Cl. B  235,400  12,183,153 
France - 6.0%     
Essilor International  186,700  24,455,657 
L'Oreal  115,000  24,785,531 
LVMH Moet Hennessy Louis Vuitton  86,200  25,754,675 
    74,995,863 
Hong Kong - 6.4%     
AIA Group  3,995,200  33,173,897 
China Mobile  2,255,000  20,978,607 
CLP Holdings  1,301,000  13,111,452 
Hong Kong & China Gas  6,687,989  13,188,201 
    80,452,157 
Japan - 8.5%     
Denso  338,700  19,767,905 
FANUC  96,300  24,282,185 
Keyence  63,214  38,232,243 
Shin-Etsu Chemical  222,300  23,322,589 
    105,604,922 
Spain - 1.9%     
Industria de Diseno Textil  801,500  24,255,696 
Switzerland - 7.9%     
Nestle  320,400  25,503,888 
Novartis  305,500  25,560,404 
Roche Holding  107,500  24,925,880 
SGS  8,700  22,136,287 
    98,126,459 
Taiwan - 2.4%     
Taiwan Semiconductor Manufacturing,     
ADR  692,000  29,998,200 
United Kingdom - 4.8%     
Compass Group  1,127,884  23,988,339 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description  Shares   Value ($) 
Common Stocks - 98.2% (continued)       
United Kingdom - 4.8% (continued)       
Experian  698,400   14,910,181 
Reckitt Benckiser Group  271,700   21,541,388 
      60,439,908 
United States - 52.2%       
Adobe Systems  136,500 a  28,546,245 
Alphabet, Cl. C  26,297 a  29,051,085 
Amphenol, Cl. A  277,500   25,360,725 
Automatic Data Processing  174,900   20,169,468 
Cerner  419,400 a  26,908,704 
Cisco Systems  663,400   29,707,052 
Cognizant Technology Solutions, Cl. A  371,700   30,486,834 
Colgate-Palmolive  358,100   24,698,157 
Edwards Lifesciences  172,500 a  23,058,075 
EOG Resources  341,000   34,584,220 
Fastenal  381,900   20,897,568 
Gilead Sciences  262,000   20,627,260 
Intuitive Surgical  59,900 a  25,544,355 
Johnson & Johnson  186,200   24,183,656 
Mastercard, Cl. A  199,900   35,134,424 
Microsoft  292,000   27,380,840 
NIKE, Cl. B  374,900   25,129,547 
Oracle  545,400   27,635,418 
Praxair  162,900   24,394,275 
Schlumberger  351,600   23,079,024 
Starbucks  468,116   26,729,424 
Stryker  181,100   29,367,176 
The TJX Companies  338,400   27,978,912 
Tractor Supply  264,100   17,148,013 
Walt Disney  240,500   24,809,980 
      652,610,437 
Total Common Stocks (cost $702,123,582)      1,227,755,684 
 
Other Investment - 1.6%       
Registered Investment Company;       
Dreyfus Institutional Preferred       
Government Plus Money Market Fund       
   (cost $19,954,216)  19,954,216 b  19,954,216 
Total Investments (cost $722,077,798)  99.8 %  1,247,709,900 
Cash and Receivables (Net)  .2 %  2,147,761 
Net Assets  100.0 %  1,249,857,661 

 

ADR—American Depository Receipt

a Non-income producing security.
b Investment in affiliated money market mutual fund.


 

STATEMENT OF INVESTMENTS
Global Stock Fund
February 28, 2018 (Unaudited)

The following is a summary of the inputs used as of February 28, 2018 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 - Domestic           
Common Stocks  652,610,437  -   -  652,610,437 
Equity Securities - Foreign           
Common Stocks  29,998,200  545,147,047   -  575,145,247 
Registered Investment Company  19,954,216  -   -  19,954,216 

 

Securities classified within Level 2 at period end as the values were determined pursuant to the fund’s fair valuation procedures.


 

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 to not 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 are generally categorized within Level 3 of the fair value hierarchy.

At February 28, 2018, accumulated net unrealized appreciation on investments was $525,632,102, consisting of $541,734,490 gross unrealized appreciation and $16,102,388 gross unrealized depreciation.

At February 28, 2018, 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.


 

STATEMENT OF INVESTMENTS
International Stock Fund
February 28, 2018 (Unaudited)

Description  Shares  Value ($) 
Common Stocks - 96.9%     
Australia - 3.7%     
Cochlear  431,100  61,237,724 
CSL  733,200  92,189,226 
    153,426,950 
Canada - 1.9%     
Alimentation Couche-Tard, Cl. B  1,629,700  79,237,050 
China - 2.2%     
CNOOC  63,804,000  90,901,135 
Denmark - 6.6%     
Coloplast, Cl. B  1,008,251  85,108,274 
Novo Nordisk, Cl. B  1,920,600  99,013,271 
Novozymes, Cl. B  1,719,212  88,524,042 
    272,645,587 
Finland - 1.9%     
Kone, Cl. B  1,552,000  80,323,929 
France - 10.7%     
Air Liquide  809,200  101,124,990 
Essilor International Cie Generale     
     d'Optique  578,500  75,777,171 
L'Oreal  391,900  84,464,780 
LVMH Moet Hennessy Louis Vuitton  302,059  90,248,625 
Total  1,587,776  90,651,102 
    442,266,668 
Germany - 4.8%     
adidas  471,500  104,934,650 
SAP  902,200  94,789,072 
    199,723,722 
Hong Kong - 9.2%     
AIA Group  13,613,400  113,038,028 
China Mobile  7,324,500  68,140,933 
CLP Holdings  6,249,000  62,977,298 
Hang Lung Properties  25,615,000  60,783,529 
Hong Kong & China Gas  38,961,201  76,828,497 
    381,768,285 
Japan - 25.7%     
Daito Trust Construction  554,500  92,079,595 
Denso  1,474,600  86,063,636 
FANUC  409,400  103,230,806 
Inpex  5,109,600  61,057,002 
Kao  1,351,600  98,733,462 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description  Shares  Value ($) 
Common Stocks - 96.9% (continued)     
Japan - 25.7% (continued)     
Keyence  280,040  169,370,035 
Murata Manufacturing  497,600  69,330,165 
Rakuten  6,898,400  62,731,182 
Shimano  479,200  69,104,247 
Shin-Etsu Chemical  850,400  89,219,658 
SMC  264,200  110,232,582 
Sysmex  620,900  51,421,663 
    1,062,574,033 
Netherlands - 1.4%     
ASML Holding  285,400  55,754,061 
Spain - 2.2%     
Industria de Diseno Textil  3,054,100  92,425,853 
Switzerland - 11.3%     
Givaudan  37,900  86,442,978 
Kuehne + Nagel International  489,100  79,641,165 
Nestle  879,000  69,968,532 
Novartis  996,500  83,374,607 
Roche Holding  353,450  81,953,974 
SGS  26,500  67,426,623 
    468,807,879 
Taiwan - 3.1%     
Taiwan Semiconductor Manufacturing,     
   ADR  2,982,300  129,282,705 
United Kingdom - 12.2%     
Compass Group  3,911,346  83,188,248 
Diageo  2,429,000  82,324,484 
Experian  3,928,700  83,874,036 
Intertek Group  678,100  45,762,115 
Reckitt Benckiser Group  895,900  71,030,289 
Smith & Nephew  4,500,000  78,170,812 
Whitbread  1,153,800  61,468,132 
    505,818,116 
Total Common Stocks (cost $2,892,861,410)    4,014,955,973 

 


 

Other Investment - 2.8%       
Registered Investment Company;       
Dreyfus Institutional Preferred       
Government Plus Money Market Fund       
(cost $113,915,811)  113,915,811 a  113,915,811 
Total Investments (cost $3,006,777,221)  99.7 %  4,128,871,784 
Cash and Receivables (Net)  .3 %  12,918,063 
Net Assets  100.0 %  4,141,789,847 

 

ADR—American Depository Receipt

a Investment in affiliated money market mutual fund.


 

STATEMENT OF INVESTMENTS
International Stock Fund
February 28, 2018 (Unaudited)

The following is a summary of the inputs used as of February 28, 2018 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 - Foreign           
Common Stocks  129,282,705  3,885,673,268   -  4,014,955,973 
Registered Investment Company  113,915,811  -   -  113,915,811 

 

Securities classified within Level 2 at period end as the values were determined pursuant to the fund’s fair valuation procedures.


 

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 to not 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 are generally categorized within Level 3 of the fair value hierarchy.

At February 28, 2018, accumulated net unrealized appreciation on investments was $1,122,094,563, consisting of $1,223,086,783 gross unrealized appreciation and $100,992,220 gross unrealized depreciation.

At February 28, 2018, 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.

Strategic Funds, Inc.

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:    April 16, 2018

 

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, 2018

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    April 16, 2018

 

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)