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

811-04813

 

 

 

Dreyfus Investment Funds

 

 

(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:

 

  12/31

 

Date of reporting period:

  03/31/17

 

             

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/Standish Global Fixed Income Fund

 

 

 

FORM N-Q

Item 1.                         Schedule of Investments.

 

 

STATEMENT OF INVESTMENTS
Dreyfus/Standish Global Fixed Income Fund
March 31, 2017 (Unaudited)

    Coupon  Maturity  Principal    
Bonds and Notes - 96.6%    Rate (%)  Date  Amount ($)a   Value ($) 
Argentina - 1.5%             
Argentine Government,             
Sr. Unscd. Notes    6.88  1/26/27  11,200,000 b  11,348,400 
Argentine Government,             
Unscd. Bonds  ARS   21.20  9/19/18  205,775,000   14,141,807 
Buenos Aires Province,             
Sr. Unscd. Notes    5.75  6/15/19  7,050,000 b  7,292,872 
Buenos Aires Province,             
Sr. Unscd. Notes    9.13  3/16/24  6,800,000 b  7,556,500 
            40,339,579 
Australia - 2.9%             
Australian Government,             
Sr. Unscd. Bonds, Ser. 143  AUD  2.75   10/21/19  98,800,000   77,204,247 
Bahrain - .3%             
Bahraini Government,             
Sr. Unscd. Bonds    7.00 10/12/28  6,600,000 b  6,902,247 
Belgium - .9%             
Belgium Government,             
Unscd. Bonds, Ser. 74  EUR  0.80  6/22/25  22,900,000 b  25,011,418 
Brazil - .6%             
Brazilian Government,             
Unscd. Notes  BRL   10.00  1/1/21  49,250,000   16,240,560 
Canada - 4.4%             
BMW Canada Auto Trust,             
Ser. 2016-1A, Cl. A1  CAD  1.37  9/20/18  2,944,146 b  2,216,373 
BMW Canada Auto Trust,             
Ser. 2017-1A, Cl. A2  CAD  1.68  5/20/20  12,350,000 b  9,298,834 
Canadian Government,             
Unscd. Bonds  CAD  0.75  9/1/20  65,710,000   49,091,895 
Canadian Government,             
Unscd. Bonds  CAD  3.50  12/1/45  12,360,000   11,505,205 
CNH Capital Canada Receivables Trust,             
Ser. 2014-1A, Cl. A2  CAD  1.80   10/15/20  1,203,903 b  909,240 
CNH Capital Canada Receivables Trust,             
Ser. 2017-1A, Cl. A2  CAD  1.71  5/15/23  11,025,000 b  8,307,155 
GMF Canada Leasing Trust,             
Ser. 16-1A, Cl. A1  CAD  1.38  8/20/18  2,943,880 b  2,214,423 
GMF Canada Leasing Trust,             
Ser. 16-1A, Cl. A2  CAD  1.64  3/20/19  5,050,000 b  3,801,370 
GMF Canada Leasing Trust,             
Ser. 16-1A, Cl. A3  CAD  1.83  6/21/21  5,800,000 b  4,365,581 
MBARC Credit Canada,             
Ser. 2016-AA, Cl. A1  CAD  1.26  9/17/18  11,720,806 b  8,820,152 
MBARC Credit Canada,             
Ser. 2016-AA, Cl. A2  CAD  1.53  6/17/19  11,025,000 b  8,302,430 
MBARC Credit Canada,             
Ser. 2016-AA. Cl. A3  CAD  1.72  7/15/21  3,350,000 b  2,526,462 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

    Coupon  Maturity  Principal    
Bonds and Notes - 96.6% (continued)  Rate (%)   Date  Amount ($)a   Value ($) 
Canada - 4.4% (continued)             
Teck Resources,             
Gtd. Notes    6.25  7/15/41  3,575,000   3,736,590 
            115,095,710 
Colombia - .6%             
Colombian Government,             
Sr. Unscd. Bonds, Ser. B  COP   10.00  7/24/24 37,206,900,000    15,554,598 
Czech Republic - .1%             
Czech Republic Government,             
Bonds, Ser. 100  CZK  0.25  2/10/27  70,500,000   2,603,203 
France - .7%             
AXA,             
Sub. Notes  EUR  5.25  4/16/40  3,500,000 c  4,164,417 
Numericable-SFR,             
Sr. Scd. Notes    7.38  5/1/26  3,375,000 b  3,488,906 
Societe Generale,             
Gtd. Notes    2.75   10/12/17  4,510,000   4,535,788 
Societe Generale,             
Sr. Unscd. Notes  EUR  2.38  2/28/18  5,300,000   5,786,396 
            17,975,507 
Germany - 1.6%             
Allianz,             
Jr. Sub. Bonds  EUR  3.38   12/31/49  3,100,000 c  3,463,790 
Allianz,             
Sub. Notes  EUR  5.63   10/17/42  4,300,000 c  5,500,461 
Driver thirteen,             
Ser. 13, Cl. A  EUR  0.00  2/22/21  1,802,270 c  1,925,964 
Globaldrive Auto Receivables,             
Ser. 16-A, Cl. A  EUR  0.00  1/20/24  3,612,732 c  3,864,842 
Globaldrive Auto Receivables,             
Ser. 16-B, Cl. A  EUR  0.13  8/20/24  11,806,589 c  12,670,552 
KFW,             
Govt. Gtd. Notes  AUD  4.00  1/16/19  18,050,000   14,250,550 
            41,676,159 
Hungary - .1%             
Hungarian Development Bank,             
Govt. Gtd. Notes    6.25   10/21/20  1,400,000 b  1,542,803 
Iceland - 1.0%             
Icelandic Government,             
Unscd. Notes    5.88  5/11/22  22,425,000   25,356,800 
Indonesia - .5%             
Indonesian Government,             
Sr. Unscd. Notes  EUR  3.75  6/14/28  11,975,000 b  13,703,198 
Ireland - .4%             
AerCap Ireland Capital,             
Gtd. Notes    4.50  5/15/21  4,550,000   4,773,578 
AerCap Ireland Capital,             
Gtd. Notes    5.00  10/1/21  2,000,000   2,142,806 
Irish Government,             
Unscd. Bonds  EUR  2.00  2/18/45  2,150,000   2,261,943 
Park Aerospace Holdings,             
Gtd. Notes    5.50  2/15/24  2,225,000 b  2,319,563 
            11,497,890 

 

 

    Coupon  Maturity  Principal    
Bonds and Notes - 96.6% (continued)    Rate (%)  Date  Amount ($)a   Value ($) 
Israel - .1%             
Israel Government,             
Bonds, Ser. 0327  ILS  2.00  3/31/27  12,975,000   3,531,457 
Italy - .9%             
Enel,             
Sr. Unscd. Bonds  EUR  4.88  2/20/18  2,165,000   2,410,673 
Intesa Sanpaolo,             
Gtd. Notes    3.88  1/15/19  15,308,000   15,676,708 
Intesa Sanpaolo,             
Sr. Unscd. Notes    3.88  1/16/18  3,585,000   3,634,086 
Intesa Sanpaolo,             
Sr. Unscd. Notes  EUR  3.00  1/28/19  1,075,000   1,205,393 
            22,926,860 
Japan - 16.4%             
Development Bank of Japan,             
Govt. Gtd. Bonds  JPY  1.70  9/20/22  325,000,000   3,183,780 
Japanese Government,             
Sr. Unscd. Bonds, Ser. 118  JPY  0.20  6/20/19  3,147,850,000   28,527,189 
Japanese Government,             
Sr. Unscd. Bonds, Ser. 128  JPY  0.10  6/20/21 14,474,750,000    131,370,480 
Japanese Government,             
Sr. Unscd. Bonds, Ser. 156  JPY  0.40  3/20/36  6,425,050,000   55,802,653 
Japanese Government,             
Sr. Unscd. Bonds, Ser. 19  JPY  0.10  9/10/24  5,811,000,000 d  54,328,761 
Japanese Government,             
Sr. Unscd. Bonds, Ser. 20  JPY  0.10  3/10/25  6,182,700,000 d  58,072,863 
Japanese Government,             
Sr. Unscd. Bonds, Ser. 21  JPY  0.10  3/10/26  3,189,000,000   30,011,756 
Japanese Government,             
Sr. Unscd. Bonds, Ser. 307  JPY  1.30  3/20/20  3,206,400,000   30,064,990 
Japanese Government,             
Sr. Unscd. Bonds, Ser. 336  JPY  0.50   12/20/24  3,779,400,000   35,306,786 
Japanese Government,             
Sr. Unscd. Bonds, Ser. 44  JPY  1.70  9/20/44  513,000,000   5,641,304 
            432,310,562 
Kuwait - .7%             
Kuwait Internationl Bond,             
Sr. Unscd. Notes    3.50  3/20/27  17,000,000 b  17,203,575 
Luxembourg - .6%             
Altice Financing,             
Sr. Scd. Bonds    7.50  5/15/26  3,575,000 b  3,807,375 
E-Carat,             
Ser. 16-1, Cl. A  EUR  0.08   10/18/24  7,784,645 c  8,338,617 
Volkswagen Car Lease,             
Ser. 22, Cl. A  EUR  0.25  8/21/21  4,302,448 c  4,604,925 
            16,750,917 
Mexico - 3.2%             
Banco Nacional de Comercio Exterior,             
Sr. Unscd. Notes    4.38   10/14/25  7,100,000 b  7,233,125 
Mexican Government,             
Bonds, Ser. M  MXN  8.00  11/7/47  384,000,000   21,785,566 
Mexican Government,             
Sr. Unscd. Bonds, Ser. M  MXN  7.75   11/13/42  473,000,000   26,161,184 
Mexican Government,             
Sr. Unscd. Bonds, Ser. S  MXN  4.50  12/4/25  84,975,000 e  28,268,616 
            83,448,491 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

    Coupon  Maturity  Principal    
Bonds and Notes - 96.6% (continued)    Rate (%)  Date  Amount ($)a   Value ($) 
Morocco - 2.0%             
Moroccan Government,             
Sr. Unscd. Bonds  EUR  3.50  6/19/24  28,760,000   33,249,497 
Moroccan Government,             
Sr. Unscd. Notes  EUR  4.50  10/5/20  9,950,000   11,900,131 
Moroccan Government,             
Sr. Unscd. Notes    4.25   12/11/22  6,695,000   6,946,062 
            52,095,690 
Netherlands - 3.7%             
ABN AMRO Bank,             
Sub. Notes    4.75  7/28/25  9,350,000 b  9,648,302 
ABN AMRO Bank,             
Sub. Notes  EUR  2.88  1/18/28  3,700,000 c  4,205,273 
Equate Petrochemical,             
Gtd. Notes    3.00  3/3/22  7,225,000 b  7,073,997 
Iberdrola International,             
Gtd. Notes  EUR  1.13  1/27/23  1,400,000   1,528,515 
Iberdrola International,             
Gtd. Notes  EUR  5.75  2/27/49  800,000 c  894,792 
ING BANK,             
Sub. Notes  EUR  3.00  4/11/28  2,500,000 c  2,818,027 
Lukoil International Finance,             
Gtd. Notes    4.75  11/2/26  12,950,000 b  13,172,740 
Mylan,             
Gtd. Notes    2.50  6/7/19  6,125,000   6,155,705 
Petrobras Global Finance,             
Gtd. Notes    6.13  1/17/22  4,640,000 f  4,876,640 
Rabobank Nederland,             
Sub. Bonds  EUR  2.50  5/26/26  6,180,000 c  6,907,151 
Schaeffler Finance,             
Sr. Scd. Notes    4.75  5/15/23  3,375,000 b  3,484,687 
Shell International Finance,             
Gtd. Notes    3.75  9/12/46  13,750,000   12,673,196 
Teva Pharmaceutical Finance Netherlands             
III,             
Gtd. Notes    2.80  7/21/23  3,200,000   3,040,944 
Teva Pharmaceutical Finance Netherlands             
III,             
Gtd. Notes    3.15  10/1/26  5,600,000 f  5,170,306 
Vonovia Finance,             
Gtd. Notes    3.20  10/2/17  1,585,000 b  1,594,209 
Vonovia Finance,             
Gtd. Notes  EUR  1.63   12/15/20  9,000,000   10,032,718 
WPC,             
Gtd. Bonds  EUR  2.25  7/19/24  4,325,000   4,718,872 
            97,996,074 
New Zealand - 1.7%             
New Zealand Government,             
Sr. Unscd. Bonds, Ser. 0925  NZD  2.00  9/20/25  61,208,000 g  44,955,719 
Norway - .3%             
Norwegian Government,             
Unscd. Bonds, Ser. 474  NOK  3.75  5/25/21  61,700,000 b  8,008,310 
Peru - .4%             
Peruvian Government,             
Sr. Unscd. Bonds  EUR  2.75  1/30/26  6,125,000   7,190,037 

 

 

    Coupon  Maturity  Principal    
Bonds and Notes - 96.6% (continued)    Rate (%)  Date  Amount ($)a   Value ($) 
Peru - .4% (continued)             
Peruvian Government,             
Sr. Unscd. Bonds    4.13  8/25/27  3,625,000 f  3,915,000 
            11,105,037 
Poland - 2.1%             
Polish Government,             
Bonds, Ser. 0727  PLN  2.50  7/25/27  157,500,000   36,514,487 
Polish Government,             
Sr. Unscd. Notes  EUR  3.00  1/15/24  5,175,000   6,288,637 
Polish Government,             
Unscd. Notes  EUR  2.00   10/25/46  12,080,000   12,022,163 
            54,825,287 
Portugal - 2.3%             
Portgual Government,             
Sr. Unscd. Bonds  EUR  2.88  7/21/26  26,450,000   26,561,033 
Portgual Government,             
Sr. Unscd. Bonds  EUR  4.13  4/14/27  30,200,000   32,662,477 
            59,223,510 
Romania - 1.0%             
Romanian Government,             
Sr. Unscd. Notes  EUR  2.75   10/29/25  7,670,000 b  8,658,939 
Romanian Government,             
Unscd. Notes  EUR  2.88  5/26/28  16,450,000 b  18,047,653 
            26,706,592 
Russia - .6%             
Russian Government,             
Unscd. Bonds, Ser. 6215  RUB  7.00  8/16/23  996,225,000   16,975,522 
Serbia - .2%             
Serbian Government,             
Sr. Unscd. Notes    7.25  9/28/21  3,600,000   4,111,816 
South Africa - .2%             
South African Government,             
Bonds, Ser. R186  ZAR   10.50   12/21/26  65,800,000   5,427,810 
South Korea - 2.0%             
Republic of Korea,             
Sr. Unscd. Bonds, Ser. 2506  KRW  2.25  6/10/25  6,341,600,000   5,728,257 
Republic of Korea,             
Sr. Unscd. Bonds, Ser. 2512  KRW  2.25  12/10/25  51,793,000,000    46,674,233 
            52,402,490 
Spain - 3.6%             
BBVA Subordinated Capital,             
Gtd. Notes  EUR  3.50  4/11/24  10,000,000 c  11,216,956 
Driver Espana,             
Ser. 3, Cl. A  EUR  0.68   12/21/26  5,271,329 c  5,677,281 
Spanish Government,             
Unscd. Bonds  EUR  1.50  4/30/27  69,100,000   72,707,813 
Telefonica Emisiones,             
Gtd. Notes  EUR  1.53  1/17/25  5,300,000   5,710,145 
            95,312,195 
Sri Lanka - .5%             
Sri Lankan Government,             
Sr. Unscd. Bonds    5.75  1/18/22  12,075,000 b  12,419,633 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

    Coupon  Maturity  Principal    
Bonds and Notes - 96.6% (continued)    Rate (%)  Date  Amount ($)a   Value ($) 
Supranational - 3.9%             
European Investment Bank,             
Sr. Unscd. Bonds  CAD  1.25  11/5/20  15,050,000 b  11,259,009 
European Investment Bank,             
Sr. Unscd. Notes  CAD  1.13  9/16/21  8,500,000   6,299,166 
International Bank for Reconstruction &             
Development,             
Sr. Unscd. Notes    1.88  4/21/20  4,500,000   4,524,462 
International Bank for Reconstruction &             
Development,             
Sr. Unscd. Notes  NZD  3.50  1/22/21  69,975,000   49,809,380 
International Finance Corporation,             
Sr. Unscd. Notes  INR  6.30   11/25/24  328,130,000   5,066,199 
Nordic Investment Bank,             
Sr. Unscd. Notes  NOK  1.38  7/15/20  215,000,000   25,245,610 
            102,203,826 
Switzerland - .3%             
Credit Suisse Group,             
Sr. Unscd. Notes    4.28  1/9/28  8,725,000 b  8,700,762 
Thailand - .3%             
Thailand Government,             
Sr. Unscd. Bonds  THB  2.13   12/17/26  257,000,000   7,130,670 
Turkey - .6%             
Turkish Government,             
Unscd. Bonds  TRY  2.00  9/18/24  47,525,000   15,481,894 
United Kingdom - 5.9%             
Barclays,             
Jr. Sub. Bonds    7.88   12/31/49  6,000,000 c  6,259,302 
Barclays,             
Sub. Notes    5.20  5/12/26  8,100,000   8,319,235 
HSBC Holdings,             
Sub. Notes    4.38   11/23/26  5,800,000   5,855,831 
International Game Technology,             
Sr. Scd. Notes    6.25  2/15/22  3,275,000 b  3,512,437 
Lloyds Banking Group,             
Sr. Unscd. Notes    3.10  7/6/21  4,000,000   4,036,452 
Lloyds Banking Group,             
Sr. Unscd. Notes    3.75  1/11/27  8,500,000   8,372,117 
Royal Bank of Scotland Group,             
Sr. Unscd. Notes    3.88  9/12/23  28,725,000   28,346,117 
Santander UK Group Holdings,             
Sr. Unscd. Notes    3.57  1/10/23  6,525,000   6,532,445 
United Kingdom Gilt,             
Unscd. Bonds  GBP  1.50  1/22/21  15,600,000   20,430,576 
United Kingdom Gilt,             
Unscd. Bonds  GBP  3.25  1/22/44  34,550,000   56,898,956 
Vodafone Group,             
Sr. Unscd. Notes  EUR  1.25  8/25/21  5,400,000   5,949,713 
            154,513,181 
United States - 27.5%             
21st Century Fox America,             
Gtd. Notes    3.70   10/15/25  2,600,000   2,643,051 
A10 Term Asset Financing,             
Ser. 2013-2, Cl. A    2.62   11/15/27  262,999 b  262,417 
Abbott Laboratories,             
Sr. Unscd. Notes    3.75   11/30/26  2,850,000   2,851,830 

 

 

  Coupon  Maturity  Principal    
Bonds and Notes - 96.6% (continued)  Rate (%)  Date  Amount ($)a   Value ($) 
United States - 27.5% (continued)           
Abbott Laboratories,           
Sr. Unscd. Notes  4.90   11/30/46  10,800,000   11,241,731 
AbbVie,           
Sr. Unscd. Bonds  EUR    1.38 5/17/24  8,250,000   8,922,864 
Ally Financial,           
Gtd. Notes  3.50  1/27/19  3,310,000   3,343,100 
Ally Financial,           
Gtd. Notes  8.00  11/1/31  3,425,000   4,110,000 
AMC Networks,           
Gtd. Notes  5.00  4/1/24  2,759,000   2,769,346 
American Homes 4 Rent,           
Ser. 2014-SFR3, Cl. A  3.68   12/17/36  2,545,970 b  2,625,128 
AmeriCredit Automobile Receivables Trust,           
Ser. 2013-1, Cl. D  2.09  2/8/19  2,760,000   2,765,986 
AmeriCredit Automobile Receivables Trust,           
Ser. 2013-4, Cl. C  2.72  9/9/19  879,739   883,228 
Amgen,           
Sr. Unscd. Notes  4.40  5/1/45  2,825,000   2,752,143 
Antero Resources,           
Gtd. Notes  5.63  6/1/23  915,000   940,163 
Antero Resources,           
Gtd. Notes  5.00  3/1/25  2,775,000 b  2,733,375 
Apple,           
Sr. Unscd. Notes  3.25  2/23/26  8,895,000   8,994,846 
Aventura Mall Trust,           
Ser. 2013-AVM, Cl. A  3.87  12/5/32  2,305,000 b,c  2,426,374 
BAE Systems Holdings,           
Gtd. Bonds  3.80  10/7/24  1,301,000   1,336,802 
BAE Systems Holdings,           
Gtd. Bonds  3.80  10/7/24  2,800,000 b  2,877,053 
Barclays Commercial Mortgage Securities           
Trust,           
Ser. 2013-TYSN, Cl. A2  3.76  9/5/32  1,245,000 b  1,304,649 
Bear Stearns ALT-A Trust,           
Ser. 2004-2, Cl. 2A1  3.31  3/25/34  679,936 c  673,520 
Bear Stearns Commercial Mortgage           
Securities Trust,           
Ser. 2005-PWR10, Cl. AJ  5.59   12/11/40  228,499 c  248,709 
Bear Stearns Commercial Mortgage           
Securities Trust,           
Ser. 2006-PWR14, Cl. AJ  5.27   12/11/38  3,210,369   3,222,100 
Bear Stearns Commercial Mortgage           
Securities Trust,           
Ser. 2007-PWR16, Cl. AJ  5.87  6/11/40  7,218,309 c  7,245,378 
Bear Stearns Commercial Mortgage           
Securities Trust,           
Ser. 2007-PWR17, Cl. AJ  6.09  6/11/50  2,000,000 c  2,029,297 
Bear Stearns Commercial Mortgage           
Securities Trust,           
Ser. 2007-PWR18, Cl. AJ  6.43  6/11/50  950,000 c  955,452 
Branch Banking & Trust,           
Sub. Bonds  3.80   10/30/26  10,890,000   11,324,816 
Branch Banking & Trust,           
Sub. Notes  3.63  9/16/25  7,850,000   8,049,680 
Bway Holding,           
Sr. Scd. Notes  5.50  4/15/24  6,656,000 b  6,722,560 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Bonds and Notes - 96.6% (continued)  Rate (%)  Date  Amount ($)a   Value ($) 
United States - 27.5% (continued)           
Capital Auto Receivables Asset Trust,           
Ser. 2013-3, Cl. D  3.69  2/20/19  855,000   862,373 
Capital Auto Receivables Asset Trust,           
Ser. 2014-1, Cl. D  3.39  7/22/19  900,000   912,501 
Capital Auto Receivables Asset Trust,           
Ser. 2014-2, Cl. C  2.41  5/20/19  2,275,000   2,287,311 
Capital Auto Receivables Asset Trust,           
Ser. 2014-3, Cl. D  3.14  2/20/20  2,850,000   2,891,879 
Capital Auto Receivables Asset Trust,           
Ser. 2015-2, Cl. B  2.29  5/20/20  6,000,000   6,034,902 
Capital Auto Receivables Asset Trust,           
Ser. 2015-2, Cl. D  3.16   11/20/20  7,275,000   7,359,094 
Capital One Financial,           
Sub. Notes  3.75  7/28/26  15,000,000   14,537,340 
CarMax Auto Owner Trust,           
Ser. 2014-4, Cl. D  3.04  5/17/21  2,625,000   2,634,872 
CarMax Auto Owner Trust,           
Ser. 2015-2, Cl. D  3.04   11/15/21  1,000,000   1,004,989 
CCO Holdings,           
Sr. Unscd. Notes  5.88  4/1/24  3,420,000 b  3,616,650 
Chrysler Capital Auto Receivables Trust,           
Ser. 2013-AA, Cl. D  2.93  8/17/20  5,100,000 b  5,120,915 
Chrysler Capital Auto Receivables Trust,           
Ser. 2013-BA, Cl. C  2.24  9/16/19  1,135,000 b  1,140,075 
Chrysler Capital Auto Receivables Trust,           
Ser. 2015-AA, Cl. D  3.15  1/18/22  3,100,000 b  3,071,823 
Chrysler Capital Auto Receivables Trust,           
Ser. 2015-BA, Cl. C  3.26  4/15/21  3,500,000 b  3,526,062 
Citigroup,           
Sr. Unscd. Notes  4.65  7/30/45  7,920,000   8,295,067 
Citigroup,           
Sub. Bonds  4.40  6/10/25  5,870,000   5,990,717 
Citizens Bank,           
Sr. Unscd. Notes  2.25  3/2/20  7,775,000   7,769,208 
Cobalt CMBS Commercial Mortgage Trust,           
Ser. 2007-C3, Cl. AJ  5.99  5/15/46  5,280,981 c  5,380,191 
Colony American Homes,           
Ser. 2014-1A, Cl. C  2.79  5/17/31  1,625,000 b,c  1,625,973 
Colony Starwood Homes,           
Ser. 2016-2A, Cl. A  2.19   12/17/23  12,496,349 b,c  12,595,366 
Commercial Mortgage Trust,           
Ser. 2006-C8, Cl. AJ  5.38   12/10/46  10,875,871   10,924,812 
Commercial Mortgage Trust,           
Ser. 2013-WWP, Cl. B  3.73  3/10/31  1,225,000 b  1,260,815 
Countrywide Alternative Loan Trust,           
Ser. 2004-18CB, Cl. 4A1  5.50  9/25/34  610,333   625,232 
Cox Communications,           
Sr. Unscd. Notes  3.35  9/15/26  3,250,000 b  3,150,261 
Crown Castle International,           
Sr. Unscd. Notes  2.25  9/1/21  4,675,000   4,549,032 
Daimler Finance North America,           
Gtd. Notes  1.50  7/5/19  8,225,000 b  8,110,755 
Davita Healthcare Partners,           
Gtd. Notes  5.00  5/1/25  3,600,000   3,597,768 
Dell Equipment Finance Trust,           
Ser. 2015-1, Cl. C  2.42  3/23/20  6,880,000 b  6,917,440 

 

 

  Coupon  Maturity  Principal    
Bonds and Notes - 96.6% (continued)  Rate (%)  Date  Amount ($)a   Value ($) 
United States - 27.5% (continued)           
Dell Equipment Finance Trust,           
Ser. 2016-1, Cl. A2  1.43  9/24/18  9,825,000 b  9,826,511 
Digital Euro Finco,           
Gtd. Bonds  EUR   2.63  4/15/24  2,864,000   3,190,947 
DISH DBS,           
Gtd. Notes  5.88   11/15/24  3,425,000   3,609,094 
Drive Auto Receivables Trust,           
Ser. 2015-AA, Cl. C  3.06  5/17/21  5,750,000 b  5,786,650 
Drive Auto Receivables Trust,           
Ser. 2016-CA, Cl. C  3.02   11/15/21  7,850,000 b  7,949,061 
Drive Auto Receivables Trust,           
Ser. 2016-CA, Cl. D  4.18  3/15/24  8,000,000 b  8,164,734 
DT Auto Owner Trust,           
Ser. 2014-1A, Cl. D  3.98  1/15/21  2,641,393 b  2,665,944 
DT Auto Owner Trust,           
Ser. 2014-3A, Cl. D  4.47   11/15/21  2,425,000 b  2,475,397 
DT Auto Owner Trust,           
Ser. 2015-3A, Cl. B  2.46   11/15/19  4,700,000 b  4,715,110 
DT Auto Owner Trust,           
Ser. 2016-1A, Cl. C  3.54   10/15/21  865,000 b  874,987 
Duke Energy,           
Sr. Unscd. Notes  2.65  9/1/26  2,800,000 f  2,603,560 
Duke Energy,           
Sr. Unscd. Notes  3.75  9/1/46  5,375,000   4,864,439 
Dynegy,           
Gtd. Notes  7.38  11/1/22  1,955,000   1,945,225 
Dynegy,           
Gtd. Notes  7.63  11/1/24  1,770,000 f  1,696,988 
Energy Transfer Partners,           
Sr. Unscd. Notes  4.75  1/15/26  2,865,000   2,953,222 
Energy Transfer Partners,           
Sr. Unscd. Notes  4.20  4/15/27  2,050,000   2,029,258 
Federal Home Loan Mortgage Corporation,           
Structured Agency Credit Risk Debt           
Notes,  3.18  8/25/24  300,577 c,h  301,940 
Federal National Mortgage Association           
Connecticut Avenue Securities,           
Ser. 2014-C04, Ser. 1M1  2.73   11/25/24  237,650 c,h  238,008 
First Data,           
Scd. Notes  5.75  1/15/24  3,425,000 b  3,545,731 
First Franklin Mortgage Loan Asset Backed           
Certificates,           
Ser. 2004-FF4, Cl. M1  1.63  6/25/34  2,119,134 c  2,057,978 
Flagship Credit Auto Trust,           
Ser. 2015-2, Cl. A  1.98   10/15/20  1,178,763 b  1,180,866 
Ford Credit Auto Owner Trust,           
Ser. 2014-A, Cl. B  1.71  5/15/19  1,750,000   1,752,084 
Ford Credit Floorplan Master Owner Trust           
A,           
Ser. 2015-1, Cl. A1  1.42  1/15/20  8,355,000   8,352,788 
Ford Motor Credit,           
Sr. Unscd. Notes  3.00  6/12/17  4,620,000   4,633,292 
Ford Motor Credit,           
Sr. Unscd. Notes  2.55  10/5/18  1,700,000   1,714,020 
Ford Motor Credit,           
Sr. Unscd. Notes  3.34  3/18/21  3,475,000   3,517,204 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

    Coupon  Maturity  Principal    
Bonds and Notes - 96.6% (continued)    Rate (%)  Date  Amount ($)a   Value ($) 
United States - 27.5% (continued)             
Freeport-McMoRan,             
Gtd. Notes    5.45  3/15/43  4,275,000   3,623,062 
GAHR Commercial Mortgage Trust,             
Ser. 2015-NRF, Cl. EFX    3.49   12/15/19  3,620,000 b,c  3,591,518 
General Electric,             
Jr. Sub. Debs., Ser. D    5.00   12/31/49  3,085,000 c  3,254,675 
General Motors Financial,             
Gtd. Notes    3.10  1/15/19  4,475,000   4,548,829 
General Motors Financial,             
Gtd. Notes    2.35  10/4/19  9,650,000   9,667,080 
Genesis Energy,             
Gtd. Notes    6.75  8/1/22  2,100,000   2,175,600 
GM Financial Automobile Leasing Trust,             
Ser. 2015-1, Cl. D    3.01  3/20/20  3,350,000   3,377,972 
Goldman Sachs Group,             
Sr. Unscd. Notes    3.50   11/16/26  10,380,000   10,182,469 
Goldman Sachs Group,             
Sub. Notes    4.25   10/21/25  6,710,000   6,851,105 
Great Plains Energy,             
Sr. Unscd. Notes    3.90  4/1/27  3,075,000   3,106,525 
GS Mortgage Securities Trust,             
Ser. 2016-GS2, Cl. A2    2.64  5/10/49  4,200,000   4,244,768 
Hyundai Auto Receivables Trust,             
Ser. 2015-A, Cl. C    1.98  7/15/20  1,320,000   1,311,904 
Icahn Enterprises,             
Gtd. Notes    5.88  2/1/22  3,765,000   3,840,300 
JP Morgan Chase Commercial Mortgage             
Securities Trust,             
Ser. 2006-CB17, Cl. AM    5.46   12/12/43  344,351   344,158 
JP Morgan Chase Commercial Mortgage             
Securities Trust,             
Ser. 2006-LDP9, Cl. AM    5.37  5/15/47  3,531,572   3,528,718 
JP Morgan Chase Commercial Mortgage             
Securities Trust,             
Ser. 2007-LDPX, Cl. AM    5.46  1/15/49  8,716,179 c  8,709,057 
JPMorgan Chase & Co.,             
Sr. Unscd. Notes    3.30  4/1/26  9,610,000   9,431,590 
KeyCorp Student Loan Trust,             
Ser. 1999-B, Cl. CTFS    1.83   11/25/36  15,379 c  14,863 
Kinder Morgan,             
Gtd. Notes    4.30  6/1/25  1,950,000   1,995,279 
Kinder Morgan,             
Gtd. Notes    5.55  6/1/45  2,891,000   2,974,512 
Kraft Heinz Foods,             
Gtd. Notes  EUR  2.00  6/30/23  5,300,000   5,896,102 
Kraft Heinz Foods,             
Gtd. Notes  EUR  2.25  5/25/28  13,575,000   14,547,283 
Kubota Credit Owner Trust,             
Ser. 2016-1A, Cl. A3    1.50  7/15/20  4,900,000 b  4,866,704 
Metropolitan Life Global Funding I,             
Scd. Notes    1.50  1/10/18  4,605,000 b  4,597,319 
Morgan Stanley,             
Sr. Unscd. Notes    4.00  7/23/25  3,450,000   3,565,102 
Morgan Stanley Capital I Trust,             
Ser. 2007-IQ14, Cl. AM    5.89  4/15/49  5,387,406 c  5,379,699 
Morgan Stanley Mortgage Loan Trust,             
Ser. 2005-1, Cl. 4A1    1.08  3/25/35  239,351 c  218,947 

 

 

  Coupon  Maturity  Principal    
Bonds and Notes - 96.6% (continued)  Rate (%)  Date  Amount ($)a   Value ($) 
United States - 27.5% (continued)           
Newell Brands,           
Sr. Unscd. Notes  2.60  3/29/19  737,000   746,411 
Occidental Petroleum,           
Sr. Unscd. Notes  3.00  2/15/27  6,675,000   6,447,443 
OneMain Financial Issuance Trust,           
Ser. 2014-2A, Cl. A  2.47  9/18/24  3,149,322 b  3,158,356 
OneMain Financial Issuance Trust,           
Ser. 2015-1A, Cl. A  3.19  3/18/26  5,344,000 b  5,407,331 
OneMain Financial Issuance Trust,           
Ser. 2015-1A, Cl. B  3.85  3/18/26  3,250,000 b  3,266,679 
OneMain Financial Issuance Trust,           
Ser. 2015-2A, Cl. A  2.57  7/18/25  6,225,000 b  6,245,468 
Oracle,           
Sr. Unscd. Notes  4.00  7/15/46  11,100,000   10,613,121 
OSCAR US Funding Trust,           
Ser. 2017-1A, Cl. A2A  2.30  5/11/20  2,950,000 b  2,958,402 
OSCAR US Funding Trust,           
Ser. 2017-1A, Cl. A4  3.30  5/10/24  3,560,000 b  3,569,630 
Prime Security Services Borrower,           
Scd. Notes  9.25  5/15/23  3,300,000 b  3,625,875 
Prudential Financial,           
Sr. Unscd. Notes  5.38  6/21/20  2,200,000   2,414,641 
Prudential Financial,           
Sr. Unscd. Notes  4.50   11/15/20  4,000,000   4,294,904 
Reynolds Group,           
Gtd. Notes  7.00  7/15/24  3,345,000 b  3,587,512 
Santander Drive Auto Receivables Trust,           
Ser. 2015-5, Cl. D  3.65   12/15/21  886,000   903,470 
Scientific Games International,           
Gtd. Notes  10.00  12/1/22  3,105,000   3,322,350 
SoFi Consumer Loan Program Trust,           
Ser. 2016-3, Cl. A  3.05   12/26/25  864,831 b  866,399 
Southern,           
Sr. Unscd. Notes  3.25  7/1/26  9,275,000   8,864,739 
Springleaf Funding Trust,           
Ser. 2015-AA, Cl. A  3.16   11/15/24  9,175,000 b  9,265,685 
Springleaf Funding Trust,           
Ser. 2016-AA, Cl. A  2.90   11/15/29  12,150,000 b  12,225,210 
Sprint Communications,           
Sr. Unscd. Notes  7.00  8/15/20  4,050,000 f  4,358,812 
Sprint Spectrum,           
Sr. Scd. Notes  3.36  3/20/23  9,800,000 b  9,824,500 
SunTrust Auto Receivables Trust,           
Ser. 2015-15A, Cl. A3  1.42  9/16/19  5,785,864 b  5,787,406 
Targa Resources Partners,           
Gtd. Notes  5.13  2/1/25  3,425,000 b  3,540,594 
T-Mobile USA,           
Gtd. Notes  6.00  3/1/23  2,900,000   3,103,870 
Tricon American Homes,           
Ser. 2016-SFR1, Cl. A  2.59   11/17/33  13,190,000 b  12,869,909 
U.S. Treasury Inflation Protected Securities,           
Notes  0.63  1/15/26  42,405,115 i  43,209,964 
U.S. Treasury Inflation Protected Securities,           
Notes  0.38  1/15/27  35,882,427 i  35,755,906 
Verizon Communications,           
Sr. Unscd. Notes  4.13  3/16/27  3,750,000   3,822,101 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal      
Bonds and Notes - 96.6% (continued)  Rate (%)  Date  Amount ($)a   Value ($)  
United States - 27.5% (continued)             
Verizon Owner Trust,             
Ser. 2016-1A, Cl. A  1.42  1/20/21  8,000,000 b  7,960,844  
Visa,             
Sr. Unscd. Notes  2.20   12/14/20  9,250,000   9,289,951  
Volkswagen Group of America Finance,             
Gtd. Notes  1.25  5/23/17  4,175,000 b  4,172,967  
Walgreens Boots Alliance,             
Sr. Unscd. Notes  1.75  5/30/18  5,550,000   5,558,075  
Wells Fargo & Co.,             
Sr. Unscd. Notes  3.00  4/22/26  6,125,000   5,871,995  
Wells Fargo & Co.,             
Sub. Notes  4.30  7/22/27  1,675,000   1,742,543  
Westlake Automobile Receivables Trust,             
Ser. 2014-2A, Cl. D  2.86  7/15/21  2,125,000 b  2,134,180  
Zayo Group,             
Gtd. Notes  5.75  1/15/27  1,760,000 b  1,860,848  
ZFS Finance (USA) Trust V,             
Jr. Sub. Cap. Secs.  6.50  5/9/67  9,046,000 b,c  9,057,307  
          722,244,597  
Total Bonds and Notes             
(cost $2,546,595,260)          2,538,716,396  
Yield at
  Date of  Maturity  Principal      
Short-Term Investments - 1.5%  Purchase (%)  Date  Amount ($)   Value ($)  
U.S. Treasury Bills             
(cost $39,712,177)  0.62  4/27/17  39,730,000 j  39,710,810  
Other Investment - 1.5%      Shares   Value ($)  
Registered Investment Company;             
Dreyfus Institutional Preferred Government             
Plus Money Market Fund             
(cost $39,179,077)      39,179,077 k  39,179,077  
Investment of Cash Collateral for             
Securities Loaned - .6%             
Registered Investment Company;             
Dreyfus Institutional Preferred Money             
Market Fund, Hamilton Shares             
(cost $16,590,740)      16,590,740 k  16,590,740  
 
Total Investments (cost $2,642,077,254)      100.2 %  2,634,197,023  
Liabilities, Less Cash and Receivables      (0.2 %)  (5,008,739 ) 
Net Assets      100.0 %  2,629,188,284  

 

a Principal amount stated in U.S. Dollars unless otherwise noted.
ARS—Argentine Peso
AUD—Australian Dollar
BRL—Brazilian Real
CAD—Canadian Dollar
COP—Colombian Peso
EUR—Euro
GBP—British Pound
INR—Indian Rupee
JPY—Japanese Yen
KRW—South Korean Won
MXN—Mexican Peso

 

NOK—Norwegian Krone
NZD—New Zealand Dollar
PLN—Polish Zloty
RUB—Russian Ruble
THB—Thai Baht
TRY—Turkish Lira
ZAR—South African Rand

b     

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2017, these securities were valued at $504,466,005 or 19.19% of net assets.

c     

Variable rate security—rate shown is the interest rate in effect at period end.

d     

Principal amount for accrual purposes is periodically adjusted based on changes in the Japanese Consumer Price Index.

e     

Principal amount for accrual purposes is periodically adjusted based on changes in the Mexican Consumer Price Index.

f     

Security, or portion thereof, on loan. At March 31, 2017, the value of the fund’s securities on loan was $19,253,280 and the value of the collateral held by the fund was $20,089,297, consisting of cash collateral of $16,590,740 and U.S. Government & Agency securities valued at $3,498,557.

g     

Principal amount for accrual purposes is periodically adjusted based on changes in the New Zealand Consumer Price Index.

h     

The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.

i     

Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

j     

Held by or on behalf of a counterparty for open futures contracts.

k     

Investment in affiliated money market mutual fund.

Portfolio Summary (Unaudited)†  Value (%) 
Foreign/Governmental  55.1 
Corporate Bonds  24.9 
Asset-Backed  11.2 
Short-Term/Money Market Investments  3.6 
U.S. Government  3.0 
Commercial Mortgage-Backed  2.3 
Residential Mortgage-Backed  .1 
  100.2 

 

† Based on net assets.
See notes to financial statements.

 

STATEMENT OF INVESTMENTS
Dreyfus/Standish Global Fixed Income Fund
March 31, 2017 (Unaudited)

The following is a summary of the inputs used as of March 31, 2017 in valuing the fund’s investments:

          Level 3 -     
  Level 1 -   Level 2 - Other   Significant     
  Unadjusted   Significant   Unobservable     
  Quoted Prices   Observable Inputs    Inputs  Total  
Assets ($)               
Investments in Securities:               
Asset-Backed  -   294,096,640   -  294,096,640  
Commercial               
Mortgage-Backed  -   61,058,112   -  61,058,112  
Corporate Bonds†  -   653,663,969   -  653,663,969  
Foreign Government  -   1,448,874,158   -  1,448,874,158  
Registered Investment Companies  55,769,817   -   -  55,769,817  
Residential               
Mortgage-Backed  -   2,057,647   -  2,057,647  
U.S. Treasury  -   118,676,680   -  118,676,680  
Other Financial Instruments:               
Financial Futures††  5,555,625   -   -  5,555,625  
Forward Foreign Currency               
Exchange Contracts††  -   16,320,743   -  16,320,743  
Liabilities ($)               
Other Financial Instruments:               
Financial Futures††  (3,050,890 )  -   -  (3,050,890 ) 
Forward Foreign Currency               
Exchange Contracts††  -   (8,830,682 )  -  (8,830,682 ) 

 

†  See Statement of Investments for additional detailed categorizations. 
††  Amount shown represents unrealized appreciation (depreciation) at period end. 

 

 

STATEMENT OF FINANCIAL FUTURES
Dreyfus/Standish Global Fixed Income Fund
March 31, 2017 (Unaudited)

    Market Value     Unrealized  
    Covered by     Appreciation  
  Contracts  Contracts ($)   Expiration  (Depreciation) ($)  
Futures Long             
Australian 3 Year Bond  3,732  318,615,485   June 2017  1,401,353  
Canadian 10 year Bond  657  67,841,666   June 2017  635,280  
Euro BTP Italian Government             
Bond  555  77,378,384   June 2017  1,320,720  
Japanese 10 Year Bond  48  64,793,317   June 2017  167,922  
Long Gilt  235  37,563,490   June 2017  590,512  
Long Term French Governemnt             
Future  560  87,843,137   June 2017  (42,476 ) 
U.S. Treasury 10 Year Notes  743  92,549,937   June 2017  1,139,559  
U.S. Treasury 5 Year Notes  2,849  335,402,977   June 2017  (139,790 ) 
Futures Short             
Australian 10 Year Bond  470  (46,123,083 )  June 2017  (977,553 ) 
Euro 30 Year Bond  78  (14,025,987 )  June 2017  (363,197 ) 
Euro-Bobl  454  (63,834,517 )  June 2017  144,766  
Euro-Bond  1,213  (208,882,693 )  June 2017  (1,428,590 ) 
Euro-Schatz  29  (3,472,556 )  June 2017  2,750  
U.S. Treasury Long Bond  58  (8,748,938 )  June 2017  (99,284 ) 
U.S. Treasury Ultra Long Bond  180  (28,912,500 )  June 2017  152,763  
Gross Unrealized Appreciation          5,555,625  
Gross Unrealized Depreciation          (3,050,890 ) 

 

See notes to financial statements.

 

STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE
CONTRACTS

Dreyfus/Standish Global Fixed Income Fund

March 31, 2017 (Unaudited)

Forward Foreign           
Currency        Unrealized  
Exchange  Foreign Currency  Cost/    Appreciation  
Contracts  Amounts  Proceeds ($)  Value ($)  (Depreciation)($)  
Purchases:           
Bank of America           
Taiwan Dollar,           
Expiring           
4/7/2017  860,845,000  28,401,353  28,378,882  (22,471 ) 
Citigroup           
Brazilian Real,           
Expiring           
4/4/2017  72,715,000  22,986,793  23,203,670  216,877  
Indonesian Rupiah,           
Expiring           
6/15/2017  332,197,165,000  24,818,615  24,719,135  (99,480 ) 
Mexican New Peso,           
Expiring           
4/3/2017  668,840,000  35,341,612  35,707,378  365,766  
South African Rand,           
Expiring           
4/3/2017  75,450,000  5,849,971  5,620,949  (229,022 ) 
Goldman Sachs International         
Euro,           
Expiring           
4/3/2017  1,207,972  1,290,260  1,288,669  (1,591 ) 
Mexican New Peso,           
Expiring           
4/3/2017  239,780,000  11,436,066  12,801,141  1,365,075  
Swedish Krona,           
Expiring           
4/28/2017  464,075,000  52,995,352  51,857,719  (1,137,633 ) 
JP Morgan Chase Bank           
Indian Rupee,           
Expiring           
6/15/2017  941,290,000  14,291,419  14,345,398  53,979  
Turkish Lira,           
Expiring           
6/15/2017  36,380,000  9,840,970  9,790,343  (50,627 ) 
Sales:           
Bank of America           
Australian Dollar,           
Expiring           
4/28/2017  122,865,000  93,822,785  93,822,805  (20 ) 

 

 

Forward Foreign           
Currency        Unrealized  
Exchange  Foreign Currency  Cost/    Appreciation  
Contracts  Amounts  Proceeds ($)  Value ($) (Depreciation)($)   
Sales: (continued)           
Bank of America (continued)         
Mexican New Peso,           
Expiring           
4/3/2017  68,560,000  3,440,248  3,660,214  (219,966 ) 
South Korean Won,           
Expiring           
6/15/2017  63,554,335,000  56,756,090  56,882,747  (126,657 ) 
Taiwan Dollar,           
Expiring           
6/15/2017  860,845,000  28,506,689  28,470,392  36,297  
Thai Baht,           
Expiring           
6/15/2017  244,260,000  7,054,848  7,104,285  (49,437 ) 
Barclays Bank           
Euro,           
Expiring           
4/28/2017  950,000  1,033,790  1,014,735  19,055  
South African Rand,           
Expiring           
4/3/2017  75,450,000  5,737,163  5,620,949  116,214  
Citigroup           
Brazilian Real,           
Expiring           
6/2/2017  49,205,000  15,496,662  15,485,883  10,779  
Euro,           
Expiring           
4/28/2017  48,647,000  52,953,816  51,961,902  991,914  
Mexican New Peso,           
Expiring           
6/15/2017  668,840,000  34,959,231  35,302,178  (342,947 ) 
South African Rand,           
Expiring           
6/15/2017  75,450,000  5,776,961  5,548,790  228,171  
Goldman Sachs International         
Czech Koruna,           
Expiring           
6/15/2017  67,100,000  2,706,300  2,676,794  29,506  
Euro,           
Expiring           
4/28/2017  120,382,000  130,973,248  128,585,067  2,388,181  
Polish Zloty,           
Expiring           
6/14/2017  145,050,000  36,720,583  36,551,946  168,637  
HSBC           
British Pound,           
Expiring           
4/28/2017  59,445,000  74,788,646  74,527,281  261,365  

 

 

STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
(Unaudited) (continued)

Forward Foreign           
Currency        Unrealized  
Exchange  Foreign Currency  Cost/    Appreciation  
Contracts  Amounts  Proceeds ($)  Value ($) (Depreciation)($)   
Sales: (continued)           
HSBC (continued)           
Canadian Dollar,           
Expiring           
4/28/2017  206,950,000  154,691,152  155,682,475  (991,323 ) 
Euro,           
Expiring           
4/28/2017  68,185,000  74,176,416  72,831,260  1,345,156  
Japanese Yen,           
Expiring           
4/28/2017  45,046,168,000  409,511,363  405,076,472  4,434,891  
Mexican New Peso,           
Expiring           
4/3/2017  395,935,000  20,105,609  21,137,792  (1,032,183 ) 
New Zealand Dollar,           
Expiring           
4/28/2017  174,050,000  122,683,320  121,923,219  760,101  
JP Morgan Chase Bank           
Brazilian Real,           
Expiring           
4/4/2017  72,715,000  23,230,408  23,203,670  26,738  
Euro,           
Expiring           
4/28/2017  107,024,000  116,430,446  114,316,826  2,113,620  
Israeli Shekel           
Expiring           
6/15/2017  12,670,000  3,518,702  3,506,265  12,437  
Mexican New Peso,           
Expiring           
4/3/2017  444,125,000  20,601,688  23,710,513  (3,108,825 ) 
Taiwan Dollar,           
Expiring           
4/7/2017  860,845,000  26,960,382  28,378,882  (1,418,500 ) 
UBS           
Euro,           
Expiring           
4/28/2017  48,647,000  52,921,222  51,961,902  959,320  
Norwegian Krone,           
Expiring           
4/28/2017  295,690,000  34,864,581  34,447,917  416,664  
Gross Unrealized Appreciation      16,320,743  
Gross Unrealized Depreciation      (8,830,682 ) 

 

See notes to financial statements.

 

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:

Registered investment companies that are not traded on an exchange are valued at their net asset value and are generally categorized within Level 1 of the fair value hierarchy.

Investments in securities, excluding short-term investments (other than U.S. Treasury Bills), financial futures and forward foreign currency exchange contracts ("forward contracts") are valued each business day by an independent pricing service (the “Service”) approved by the fund's Board Members (the "Board") Investments for which quoted bid prices are readily available and are representative of the bid side of the

 

NOTES

market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are valued as determined by the Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. These securities are generally categorized within Level 2 of the fair value hierarchy.

U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by the Service. These securities are generally categorized within Level 2 of the fair value hierarchy.

The Service is engaged under the general supervision of the Board.

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. 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.

Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange.

Financial futures, which are traded on an exchange, are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 of the fair value hierarchy. Forward contracts are valued at the forward rate and are generally categorized within Level 2 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,

 

NOTES

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 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.

Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund at March 31, 2017 is discussed below.

Futures: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default.

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 or unrealized gains or losses which occurred

 

NOTES

during the period are 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 generally limited to the unrealized gain on each open contract. This risk may be mitigated by Master Agreements, if any, between the fund and the counterparty and the posting of collateral, if any, by the counterparty to the fund to cover the fund’s exposure to the counterparty.

At March 31, 2017, accumulated net unrealized depreciation on investments was $7,880,231, consisting of $40,871,446 gross unrealized appreciation and $48,751,677 gross unrealized depreciation.

At March 31, 2017, 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.

Dreyfus Investment Funds

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:    May 15, 2017

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:    May 15, 2017

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    May 15, 2017

 

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)