N-Q 1 form-327.htm FORM N-Q form-327.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

811-7502

 

 

 

Dreyfus International Funds, Inc.

 

 

(Exact name of Registrant as specified in charter)

 

 

 

 

 

 

c/o The Dreyfus Corporation

200 Park Avenue

New York, New York  10166

 

 

(Address of principal executive offices)        (Zip code)

 

 

 

 

 

Michael A. Rosenberg, Esq.

200 Park Avenue

New York, New York  10166

 

 

(Name and address of agent for service)

 

 

Registrant's telephone number, including area code: 

(212) 922-6000

 

 

Date of fiscal year end:

 

8/31

 

Date of reporting period:

11/30/2010

 

 

 

 

 

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

 

 

Dreyfus Brazil Equity Fund

 

 

 

FORM N-Q

Item 1.                        Schedule of Investments.

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STATEMENT OF INVESTMENTS     
Dreyfus Brazil Equity Fund     
November 30, 2010 (Unaudited)     
 
Common Stocks--60.6%  Shares  Value ($) 
Brazil     
AES Tiete  82,300  1,013,750 
Aliansce Shopping Centers  71,510  583,891 
Banco Bradesco, ADR  69,540  1,394,972 
Banco do Brasil  36,457  699,542 
BR Malls Participacoes  22,164  218,460 
Brasil Telecom, ADR  66,200 a  1,359,748 
BRF-Brasil Foods  34,700  516,068 
Cia Paranaense de Energia, ADR  58,900  1,474,856 
EDP - Energias do Brasil  20,982  447,884 
Gerdau, ADR  13,000  151,060 
Light  65,000  833,256 
Localiza Rent a Car  55,248  907,374 
Marfrig Alimentos  76,351  581,115 
Natura Cosmeticos  38,671  1,039,286 
Petroleo Brasileiro, ADR  56,130  1,643,486 
Positivo Informatica  49,000  314,645 
Telecomunicacoes de Sao Paulo, ADR  31,800  756,840 
Tim Participacoes, ADR  48,300  1,553,328 
Tractebel Energia  72,100  1,138,731 
Ultrapar Participacoes, ADR  35,890  2,123,253 
Vale, ADR  76,600  2,174,674 
Vivo Participacoes, ADR  10,200  294,474 
Total Common Stocks     
    (cost $19,465,876)    21,220,693 
 
Preferred Stocks--32.5%  Shares  Value ($) 
Brazil     
Banco Bradesco  56  1,096 
Banco do Estado do Rio Grande do Sul  82,834  941,581 
Bradespar  41,700  1,031,191 
Brasil Telecom  17,784 a  124,569 

 


Cia de Gas de Sao Paulo, Cl. A  26,500  588,855 
Confab Industrial  278,076  990,928 
Gerdau  2,800  31,844 
Itausa - Investimentos Itau  375,577  2,838,842 
Lojas Americanas  106,700  1,011,242 
Metalurgica Gerdau  30,400  412,224 
Petroleo Brasileiro  100,451  1,440,622 
Sao Paulo Alpargatas  56,300  323,431 
Suzano Papel e Celulose  86,225  754,330 
Telecomunicacoes de Sao Paulo  3,812  89,175 
Tim Participacoes  13,800  44,508 
Usinas Siderurgicas de Minas Gerais, Cl. A  68,080  742,503 
Vale, Cl. A  800  22,396 
Vivo Participacoes  200  5,753 
Total Preferred Stocks     
     (cost $10,765,991)    11,395,090 
 
Other Investment--6.2%     
Registered Investment Company;     
Dreyfus Institutional
Preferred Plus Money Market Fund 		    
     (cost $2,176,000)  2,176,000 b  2,176,000 
Total Investments (cost $32,407,867)  99.3%  34,791,783 
Cash and Receivables (Net)  .7%  236,548 
Net Assets  100.0%  35,028,331 
 
ADR - American Depository Receipts     

 

a     

Non-income producing security.

b     

Investment in affiliated money market mutual fund.

At November 30, 2010, the aggregate cost of investment securities for income tax purposes was $32,407,867. Net unrealized appreciation on investments was $2,383,916 of which $3,705,544 related to appreciated investment securities and $1,321,628 related to depreciated investment securities.

 

 


Portfolio Summary (Unaudited) †                Value (%)
Materials  21.1 
Financial  20.0 
Utilities  15.7 
Telecommunication Services  12.1 
Consumer Discretionary  9.4 
Money Market Investment  6.2 
Consumer Staples  5.1 
Energy  8.8 
Manufacturing-Diversified  .9 
  99.3 
† Based on net assets.   

 


 
 
 
Various inputs are used in determining the value of the fund's investments relating to fair value measurements. 
These inputs are summarized in the three broad levels listed below. 
 
Level 1 - unadjusted quoted prices in active markets for identical investments. 
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, 
credit risk, etc.). 
Level 3 - significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments). 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing
in those securities. 
The following is a summary of the inputs used as of November 30, 2010 in valuing the fund's investments: 

 

  Level 1 -Unadjusted  Level 2 - Other Significant  Level 3 -Significant   
Assets ($)  Quoted Prices  Observable Inputs  Unobservable Inputs  Total 
Investments in Securities:         
Equity Securities - Foreign+  32,615,783   - -  32,615,783 
Mutual Funds  2,176,000   - -   2,176,000 
+ See Statement of Investments for country and industry classification.     

 


The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

Portfolio valuation: Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available.

Registered investment companies that are not traded on an exchange are valued at their net asset value. When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Directors. Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. For other securities that are fair valued by the Board of Directors, certain factors may be considered such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. Financial futures are valued at the last sales price. Investments denominated in foreign currencies are translated to U.S. dollars at the


prevailing rates of exchange. Forward foreign currency exchange contracts (“forward contracts”) are valued at the forward rate.

The fund invests primarily in equity investments in Brazilian issuers. Concentration of the investments of the fund in issuers located in a particular country or region will subject the fund, to a greater extent than if investments were less concentrated, to the risks of adverse securities markets, exchange rates, currency restrictions and social, political, regulatory or economic events which may occur in a given country or region.

The fund adopted the provisions of ASC Topic 815 “Derivatives and Hedging” which requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. The fund held no derivatives during the period ended November 30, 2010.

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

 

Item 2.                        Controls and Procedures.

(a)        The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b)        There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. 

Item 3.                        Exhibits.

(a)        Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

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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 International Funds, Inc.

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:    January 24, 2011

 

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

 

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:    January 24, 2011

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    January 24, 2011

 

EXHIBIT INDEX

(a)        Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.  (EX-99.CERT)

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