N-Q 1 formnq-327.htm FORM N-Q formnq-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:

 

  5/31

 

Date of reporting period:

 2/28/2011 

 

             

 

 


 

 

FORM N-Q

Item 1.                        Schedule of Investments.

 


 

STATEMENT OF INVESTMENTS     
Dreyfus Emerging Markets Fund     
February 28, 2011 (Unaudited)     
 
Common Stocks--95.6%  Shares  Value ($) 
Brazil--14.8%     
Banco Santander Brasil, ADS  1,275,630  15,537,173 
Brasil Telecom, ADR  115,536  2,663,105 
Centrais Eletricas Brasileiras  349,462  4,935,904 
Cia de Saneamento de Minas Gerais  520,600  9,074,047 
Cielo  1,082,200  8,540,261 
Fibria Celulose, ADR  534,400a  7,700,704 
Gerdau, ADR  529,010  7,141,635 
Grendene  729,705  4,122,627 
Itau Unibanco Holding, ADR  722,736  16,059,194 
JBS  2,779,900  10,425,878 
Magnesita Refratarios  1,280,300a  6,379,184 
Petroleo Brasileiro, ADR  693,070  24,375,272 
Petroleo Brasileiro, ADR  855,680  34,081,734 
Porto Seguro  201,110  3,203,158 
Redecard  1,028,400  13,289,217 
Tele Norte Leste Participacoes, ADR  569,780  8,996,826 
Vale, ADR  499,420  17,095,147 
    193,621,066 
China--13.6%     
Asia Cement China Holdings  11,032,000  5,736,980 
Beijing Capital International Airport, Cl. H  18,944,000  9,437,946 
China Coal Energy, Cl. H  5,606,000  7,990,062 
China Construction Bank, Cl. H  11,214,809  9,806,478 
China Dongxiang Group  30,578,000  11,582,576 
China Pacific Insurance Group, Cl. H  759,800  3,073,151 
China Petroleum & Chemical, ADR  40,411  4,146,169 
China Railway Construction, Cl. H  5,899,000  6,597,366 
China Railway Group, Cl. H  9,758,000  6,202,119 
China Shenhua Energy, Cl. H  1,582,500  6,563,270 
Guangzhou Automobile Group, Cl. H  7,636,603  9,805,602 
Huaneng Power International, ADR  179,380  4,034,256 
Huaneng Power International, Cl. H  10,513,600  5,872,388 
Industrial & Commercial Bank of China, Cl. H  31,182,590  23,943,488 
Maanshan Iron & Steel, Cl. H  6,736,000  3,442,383 
Perfect World, ADR  368,950a  7,829,119 

 


 

PetroChina, ADR  41,720  5,687,688 
PetroChina, Cl. H  13,014,000  17,712,943 
Renhe Commercial Holdings  80,022,000  12,021,795 
Shanda Games, ADR  300,995a  1,836,070 
Sinotrans, Cl. H  23,073,500  6,310,549 
TPV Technology  4,599,630  2,704,970 
Weiqiao Textile, Cl. H  7,250,600  6,582,145 
    178,919,513 
Hong Kong--4.2%     
BYD Electronic International  13,667,500  8,686,970 
China Mobile  2,015,500  18,905,017 
China Mobile, ADR  148,690  7,028,576 
China Power International Development  30,299,872  5,991,500 
Global Bio-Chem Technology Group  47,676,980a  6,795,255 
NWS Holdings  4,919,248  7,655,532 
    55,062,850 
India--9.7%     
Bank of India  982,833  9,409,096 
Bharti Airtel  1,517,966  10,949,947 
Glenmark Pharmaceuticals  927,603  5,160,067 
Hindustan Petroleum  989,500  6,989,989 
India Cements  6,021,288  11,426,679 
Jubilant Industries  17,797a  70,197 
Jubilant Life Sciences  1,616,678  5,857,400 
Mahanagar Telephone Nigam  3,550,200a  3,176,474 
NMDC  1,456,211  8,454,998 
Patni Computer Systems  523,643  5,176,853 
Reliance Industries  1,320,990  28,127,528 
Rolta India  2,490,350  7,691,393 
State Bank of India  251,560  14,616,781 
State Bank of India, GDR  47,230b  5,577,863 
Sterlite Industries India  1,168,730  4,219,314 
Sterlite Industries India, ADR  1,010  14,887 
    126,919,466 
Indonesia--1.4%     
Indosat  8,511,000  4,872,250 
International Nickel Indonesia  800,000  457,972 
Medco Energi Internasional  14,745,000  4,889,092 
Telekomunikasi Indonesia  8,961,000  7,567,812 
    17,787,126 
Israel--.2%     
Teva Pharmaceutical Industries, ADR  54,850  2,747,985 

 


 

Malaysia--2.6%     
Genting Malaysia  10,547,180  11,444,408 
Malayan Banking  3,748,462  10,592,277 
Petronas Chemicals Group  2,289,200  4,727,736 
Tenaga Nasional  3,654,937  7,548,305 
    34,312,726 
Mexico--1.8%     
Consorcio ARA  6,160,100  3,634,217 
Desarrolladora Homex, ADR  253,810a  6,911,246 
Grupo Continental  1,390,837  4,786,479 
Grupo Financiero Banorte, Cl. O  1,460,300  6,624,290 
Industrias CH, Ser. B  569,600a  2,259,103 
    24,215,335 
Philippines--.5%     
Bank of the Philippine Islands  4,656,980  5,945,422 
 
Poland--1.7%     
Asseco Poland  567,894  10,147,152 
Bank Pekao  66,360  3,803,568 
Telekomunikacja Polska  1,325,830  7,992,191 
    21,942,911 
Russia--5.6%     
Gazprom, ADR  1,372,225  40,370,860 
LUKOIL, ADR  198,465  14,041,399 
Rosneft Oil, GDR  605,900b  5,719,696 
VimpelCom, ADR  985,300  13,912,436 
    74,044,391 
South Africa--8.0%     
Anglo Platinum  179,640a  17,467,329 
AngloGold Ashanti, ADR  32,056  1,565,615 
ArcelorMittal South Africa  431,565  5,589,115 
JD Group  927,984  6,957,381 
MTN Group  461,890  8,153,146 
Murray & Roberts Holdings  2,293,534  8,235,311 
Nedbank Group  601,620  11,043,021 
Sappi  1,220,491a  6,478,901 
Sasol  110,360  6,038,614 
Sasol, ADR  8,250  452,678 
Standard Bank Group  1,947,015  27,922,362 
Telkom  1,029,507  5,241,799 
    105,145,272 
South Korea--15.5%     
CJ Cheiljedang  51,052  9,023,944 

 


 

Grand Korea Leisure  533,820  8,939,173 
Hite Brewery  64,585a  5,808,158 
Hyundai Development  187,710a  5,089,200 
Jinro  111,260  3,060,845 
KB Financial Group  343,430  16,796,470 
KB Financial Group, ADR  51,408  2,506,140 
Korea Electric Power  243,015a  5,942,687 
Korea Electric Power, ADR  54,510  665,022 
Korea Exchange Bank  1,469,940  11,890,801 
Korean Reinsurance  558,448  5,665,379 
KT&G  203,450  10,328,875 
KT, ADR  238,730  4,724,467 
LG Electronics  30,675  3,016,812 
Lotte Chilsung Beverage  1,606a  1,307,681 
Nong Shim  63,783  11,726,374 
POSCO  30,940  12,610,109 
POSCO, ADR  13,040  1,344,163 
Samsung Electronics  34,964  28,593,250 
Samsung Fire & Marine Insurance  40,100  7,940,770 
Shinhan Financial Group  121,538  5,071,935 
Shinsegae  16,194  3,579,855 
SK Chemicals  68,276  3,557,018 
SK Telecom  53,654  7,748,728 
SK Telecom, ADR  354,120  6,228,971 
Tong Yang Life Insurance  922,080  10,334,747 
Yuhan  71,075  9,571,967 
    203,073,541 
Taiwan--11.4%     
Asia Cement  5,817,350  5,837,493 
Asustek Computer  680,817  6,156,580 
AU Optronics  3,473,000a  3,140,609 
AU Optronics, ADR  1,164,830a  10,460,173 
Chinatrust Financial Holding  11,332,807  8,838,576 
First Financial Holding  4,184,775  3,397,395 
HON HAI Precision Industry  3,040,016  11,139,333 
KGI Securities  8,787,000  4,209,324 
Nan Ya Printed Circuit Board  3,557,486  12,676,691 
Powertech Technology  1,722,000  5,991,428 
Quanta Computer  7,799,000  15,232,524 
Siliconware Precision Industries  2,610,000  3,588,564 
SinoPac Financial Holdings  29,516,103  12,154,915 
Taiwan Semiconductor Manufacturing  4,227,638  10,019,447 
Taiwan Semiconductor Manufacturing, ADR  83,230  1,022,897 

 


 

Tatung  27,522,000a  6,393,150 
Transcend Information  2,942,940  7,716,722 
United Microelectronics  25,152,445  13,021,402 
United Microelectronics, ADR  132,650  371,420 
Young Fast Optoelectronics  981,000  8,607,288 
    149,975,931 
Thailand--1.5%     
Bangkok Bank  1,106,860  5,918,941 
Kasikornbank  2,048,900  8,108,484 
PTT Exploration & Production  948,300  5,644,827 
    19,672,252 
Turkey--1.8%     
Asya Katilim Bankasi  3,581,770  5,780,120 
Turk Sise ve Cam Fabrikalari  1a  2 
Turkcell Iletisim Hizmet  640,740  3,590,949 
Turkcell Iletisim Hizmet, ADR  91,370  1,285,576 
Turkiye Is Bankasi, Cl. C  4,139,421  12,894,021 
    23,550,668 
United Kingdom--1.3%     
African Barrick Gold  1,431,750  13,476,335 
JKX Oil & Gas  608,128  3,003,370 
    16,479,705 
Total Common Stocks     
  (cost $1,161,221,519)    1,253,416,160 
 
Preferred Stocks--1.5%     
Brazil     
Cia de Tecidos do Norte de Minas - Coteminas  973,648  2,867,457 
Cia Energetica de Minas Gerais  705,057  11,717,049 
Gerdau  56,400  745,424 
Itau Unibanco Holding  170,900  3,800,517 
 
Total Preferred Stocks     
  (cost $13,945,785)    19,130,447 
 
Other Investment--1.8%     
Registered Investment Company;     
Dreyfus Institutional Preferred Plus Money Market Fund     
  (cost $24,000,000)  24,000,000c  24,000,000 
 
Total Investments (cost $1,199,167,304)  98.9%  1,296,546,607 
Cash and Receivables (Net)  1.1%  14,907,827 

 


 

Net Assets  100.0 %  1,311,454,434 
 
ADR - American Depository Receipts       
ADS - American Depository Shares       
GDR - Global Depository Receipts       

 

a     

Non-income producing security.

b     

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2011, these securities had a value of $11,297,559 or .9% of net assets.

c     

Investment in affiliated money market mutual fund.

At February 28, 2011, the aggregate cost of investment securities for income tax purposes was $1,199,167,304.

Net unrealized appreciation on investments was $97,379,303 of which $159,074,304 related to appreciated investment securities and $61,695,001 related to depreciated investment securities.

Portfolio Summary (Unaudited) †  Value (%) 
Financial  23.2 
Energy  16.5 
Information Technology  15.5 
Materials  11.3 
Telecommunication Services  9.9 
Consumer Discretionary  5.8 
Consumer Staples  4.6 
Industrial  4.3 
Utilities  4.2 
Health Care  1.8 
Money Market Investment  1.8 
  98.9 
† Based on net assets.   
See notes to financial statements.   

 


 

STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
February 28, 2011 (Unaudited)

  Foreign       
Forward Foreign Currency  Currency      Unrealized 
Exchange Contracts  Amounts  Costs ($)  Value ($)  Appreciation ($) 
Purchase;         
South African Rand,         
Expiring 3/1/2011  3,316,898  473,978  476,395  2,417 
Sale;    Proceeds ($)     
South African Rand,         
Expiring 3/2/2011  1,616,740  232,357  232,207  150 
        2,567 

 


 

Various inputs are used in determining the value of the fund's investments relating to fair value measurements.

These inputs are summarized in the three broad levels listed below.

Level 1 - unadjusted quoted prices in active markets for identical investments.

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds,
credit risk, etc.).

Level 3 - significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of February 28, 2011 in valuing the fund's investments:



 

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, GDRs 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 provisions of ASC Topic 815 “Derivatives and Hedging” require qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. The disclosure requirements distinguish between derivatives, which are accounted for as “hedges” and those that do not qualify for hedge accounting. Because investment companies value their derivatives at fair value and recognize changes in fair value through the Statement of Operations, they do not qualify for such accounting. Accordingly, even though a fund’s investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for purposes of this disclosure.

Forward Foreign Currency Exchange Contracts: The fund enters into forward contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of its investment strategy.

When executing forward contracts, the fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, the fund incurs a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, the fund incurs a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract increases between those dates. Any realized gain or loss which occurred during the period is reflected in the Statement of Operations. The fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. The fund is also exposed to credit risk associated with counterparty nonperformance on these forward contracts, which is typically limited to the unrealized gain on each open contract.

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


 

 

 

Item 2.                        Controls and Procedures.

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

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

Item 3.                        Exhibits.

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

 


 

 

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:

April 26, 2011

 

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

 

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:

April 26, 2011

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:

April 26, 2011

 

EXHIBIT INDEX

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