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)

 

 

 

 

 

Janette E. Farragher, 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:

2/29/2012

 

             

 

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 Emerging Markets Fund

 


 

 

FORM N-Q

Item 1.                        Schedule of Investments.

SSL-DOCS2 70180139v2

 


 

STATEMENT OF INVESTMENTS     
Dreyfus Emerging Markets Fund     
February 29, 2012 (Unaudited)     
 
 
Common Stocks--96.1%  Shares  Value ($) 
Brazil--15.3%     
Banco Santander Brasil, ADS  1,962,560  20,960,141 
Brasil Insurance Participacoes e Administracao  407,200  4,837,315 
Centrais Eletricas Brasileiras  1,302,362  14,166,908 
Fibria Celulose, ADR  780,400  7,187,484 
Gerdau, ADR  997,640  10,375,456 
Grendene  729,705  3,866,831 
Itau Unibanco Holding, ADR  597,356  12,574,344 
JBS  3,150,300a  13,391,871 
Magnesita Refratarios  1,280,300a  5,517,088 
Petroleo Brasileiro, ADR  2,015,850  59,421,979 
Porto Seguro  448,520  5,615,478 
SUL America  197,714  2,176,034 
Tele Norte Leste Participacoes, ADR  1,059,785  11,382,091 
Vale, ADR  624,670  15,704,204 
    187,177,224 
China--18.7%     
Asia Cement China Holdings  2,839,500  1,596,171 
Beijing Capital International Airport, Cl. H  18,790,000  9,375,377 
BYD Electronic International  18,249,500a  7,435,138 
China Coal Energy, Cl. H  7,135,000  9,153,097 
China Construction Bank, Cl. H  16,804,809  14,126,422 
China Dongxiang Group  44,046,000  8,404,641 
China Life Insurance, Cl. H  5,873,000  18,324,257 
China Mobile  1,387,500  14,820,966 
China Mobile, ADR  87,080  4,616,111 
China Power International Development  27,053,872  6,731,901 
China Railway Construction, Cl. H  5,823,000  4,579,601 
China Railway Group, Cl. H  16,452,000  6,681,597 
Cosco Pacific  2,568,000  3,893,618 
Global Bio-Chem Technology Group  15,462,980  4,166,683 
Guangzhou Automobile Group, Cl. H  11,782,603  13,899,953 

 



Huaneng Power International, ADR  130,200  3,309,684 
Huaneng Power International, Cl. H  14,737,600  9,443,525 
Industrial & Commercial Bank of China, Cl. H  29,486,590  21,631,559 
Lianhua Supermarket Holdings, Cl. H  5,548,000  7,839,674 
Mindray Medical International, ADR  52,130  1,595,699 
Minth Group  1,006,000  1,243,849 
PetroChina, ADR  27,400  4,116,302 
PetroChina, Cl. H  9,314,000  14,097,929 
Renhe Commercial Holdings  63,278,000  7,587,290 
Shanghai Industrial Holdings  2,636,000  9,566,979 
Sinotrans, Cl. H  26,073,500  5,445,846 
TPV Technology  6,619,630  2,031,242 
Weiqiao Textile, Cl. H  9,512,100  5,911,184 
Zhejiang Expressway, Cl. H  9,064,000  6,883,133 
    228,509,428 
Czech Republic--.4%     
Komercni Banka  23,000  4,504,410 
Egypt--.5%     
Commercial International Bank  1,484,274  6,130,791 
Hong Kong--1.1%     
iShares FTSE A50 China Index  3,952,700  6,044,071 
NWS Holdings  4,256,791  7,057,880 
    13,101,951 
Hungary--.2%     
Richter Gedeon  12,488  2,243,747 
India--10.0%     
Bank of India  770,548  5,783,103 
Glenmark Pharmaceuticals  793,266  4,987,796 
Hindustan Petroleum  1,264,273  8,080,604 
ICICI Bank  86,990  1,564,966 
ICICI Bank, ADR  151,154  5,486,890 
India Cements  5,650,328  11,626,925 
Jubilant Life Sciences  1,774,502  6,843,066 
NMDC  1,456,211  5,345,284 
Oriental Bank of Commerce  1,691,686  9,697,669 
Reliance Industries  1,809,570  30,301,020 
Rolta India  3,193,707  6,812,886 
State Bank of India  308,150  14,039,133 

 



Steel Authority of India  1,931,680  4,065,554 
Sterlite Industries India  3,116,540  7,914,104 
Sterlite Industries India, ADR  1,010  10,019 
    122,559,019 
Indonesia--2.5%     
Aneka Tambang  10,948,500  2,379,053 
Astra Agro Lestari  44,500  110,017 
Bank Negara Indonesia Persero  11,768,500  4,925,287 
Indosat  11,827,000  7,146,026 
Medco Energi Internasional  24,203,000  6,171,497 
Telekomunikasi Indonesia  11,993,500  9,374,077 
    30,105,957 
Malaysia--1.0%     
Malayan Banking  854,868  2,497,111 
Tenaga Nasional  4,800,637  10,064,430 
    12,561,541 
Mexico--2.1%     
America Movil, ADR, Ser. L  428,440  10,256,854 
Consorcio ARA  6,666,400  2,159,629 
Desarrolladora Homex, ADR  386,608a  6,974,408 
Grupo Financiero Banorte, Cl. O  1,608,600  6,513,971 
    25,904,862 
Poland--1.2%     
Asseco Poland  508,592  8,815,387 
Bank Pekao  115,164  5,739,335 
    14,554,722 
Russia--5.6%     
Gazprom, ADR  2,502,780  33,161,835 
Lukoil, ADR  298,415  19,143,322 
Pharmstandard, GDR  170,491a  3,102,936 
VimpelCom, ADR  1,112,930  13,544,358 
    68,952,451 
South Africa--6.0%     
Anglo American Platinum  238,340  18,784,947 
JD Group  1,073,913  6,919,294 
Murray & Roberts Holdings  3,069,694a  11,850,602 
Sappi  791,039a  2,778,975 
Standard Bank Group  1,851,385  27,248,468 

 



Telkom  1,611,322  5,542,710 
    73,124,996 
South Korea--16.7%     
Grand Korea Leisure  392,800  6,583,387 
Hite Jinro  422,725a  9,446,580 
Hyundai Development  360,120a  7,967,079 
KB Financial Group  564,720  20,797,304 
KB Financial Group, ADR  51,408  1,894,385 
Korea Electric Power  591,115a  13,262,407 
Korea Electric Power, ADR  54,510  607,786 
Korea Exchange Bank  1,909,760  13,912,752 
KT  48,480  1,412,723 
KT, ADR  449,910  6,618,176 
LG Electronics  190,437  14,537,370 
Mirae Asset Securities  297,480  10,609,803 
NongShim  40,194  8,712,637 
POSCO  27,899  10,374,296 
POSCO, ADR  25,140  2,325,450 
Samsung Electronics  25,684  27,687,684 
Samsung Fire & Marine Insurance  46,918  8,849,090 
Shinsegae  46,049  10,805,035 
SK Telecom  93,421  12,150,221 
SK Telecom, ADR  250,940  3,626,083 
Tong Yang Life Insurance  238,585  3,007,038 
Yuhan  85,525  9,135,612 
    204,322,898 
Taiwan--10.6%     
AU Optronics  7,940,000  4,294,666 
AU Optronics, ADR  1,406,930  7,470,798 
Chinatrust Financial Holding  5,302,742  3,607,798 
Compal Electronics  1,866,000  2,209,035 
Hon Hai Precision Industry  7,033,017  24,523,209 
KGI Securities  8,960,982  4,023,846 
Nan Ya Printed Circuit Board  5,027,220  12,638,167 
Novatek Microelectronics  2,629,000  7,870,186 
Powertech Technology  2,247,000  5,151,987 
Siliconware Precision Industries  4,623,000  5,449,277 
Siliconware Precision Industries, ADR  325,970  1,880,847 

 



SinoPac Financial Holdings  35,554,934  13,304,677 
Taiwan Semiconductor Manufacturing  2,259,638  6,234,067 
Tatung  11,595,380a  3,912,987 
Transcend Information  2,504,940  7,490,278 
United Microelectronics  25,152,445  13,262,447 
Young Fast Optoelectronics  2,146,504  6,250,536 
    129,574,808 
Tanzania--.6%     
African Barrick Gold  930,936  6,960,767 
 
Thailand--.8%     
Bangkok Bank  983,560  6,304,663 
Kasikornbank  817,700  4,012,174 
    10,316,837 
Turkey--2.0%     
Asya Katilim Bankasi  4,746,730a  4,938,575 
Turkcell Iletisim Hizmetleri  948,420a  5,204,843 
Turkcell Iletisim Hizmetleri, ADR  126,860a  1,725,296 
Turkiye Is Bankasi, Cl. C  5,520,991  13,129,436 
    24,998,150 
Ukraine--.8%     
Emaar Properties  8,692,430  7,478,377 
JKX Oil & Gas  1,008,331  2,125,487 
    9,603,864 
Total Common Stocks     
(cost $1,202,399,027)    1,175,208,423 
 
Preferred Stocks--.5%     
Brazil     
Cia de Tecidos do Norte de Minas - Coteminas  973,648  2,228,235 
Cia Paranaense de Energia, Cl. B  15,900  400,266 
Gerdau  56,400  589,536 
Itau Unibanco Holding  136,200  2,918,713 
Total Preferred Stocks     
(cost $6,485,707)    6,136,750 
 
Rights--.0%     
Taiwan     

 



Chinatrust Financial Holding       
(cost $26,021)  265,137 a  33,372 
 
Other Investment--2.2%       
Registered Investment Company;       
Dreyfus Institutional Preferred Plus Money Market Fund       
    (cost $27,000,000)  27,000,000 b  27,000,000 
 
Total Investments (cost $1,235,910,755)  98.8 %  1,208,378,545 
Cash and Receivables (Net)  1.2 %  15,103,812 
Net Assets  100.0 %  1,223,482,357 
 
ADR - American Depository Receipts       
ADS - American Depository Shares       
GDR - Global Depository Receipts       

 

a     

Non-income producing security.

b     

Investment in affiliated money market mutual fund.

At February 29, 2012, net unrealized appreciation on investments was $27,532,210 of which $111,360,897 related to appreciated investment securities and $138,893,107 related to depreciated investment securities. At February 29, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

Portfolio Summary (Unaudited) †  Value (%) 
Financial  26.2 
Energy  15.2 
Information Technology  14.1 
Materials  9.3 
Telecommunication Services  8.8 
Consumer Discretionary  5.9 
Industrial  6.0 
Utilities  4.7 
Consumer Staples  3.6 
Health Care  2.3 
Money Market Investment  2.2 
Exchange Traded Funds  .5 
† Based on net assets.  98.8 

 



STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS     
February 29, 2012 (Unaudited)         
 
 
  Number  Foreign       
Forward Currency of  Currency      Unrealized 
Exchange Contracts Contracts  Amounts  Proceeds ($)  Value ($)  Appreciation ($) 
Sales:          
Hong Kong Dollar,          
Expiring          
3/1/2012  a 1  5,555,620  716,380  716,281  99 
 
South African Rand,          
Expiring          
3/2/2012  b 1  22,602,172  3,036,293  3,008,828  27,465 
 
 
          27,564 
 
 
Counterparties:          

 

a     

Deutsche Bank

b     

UBS



The following is a summary of the inputs used as of February 29, 2012 in valuing the fund's investments:

    Level 2 - Other  Level 3 -   
  Level 1 -  Significant  Significant   
  Unadjusted Quoted  Observable  Unobservable   
Assets ($)  Prices  Inputs  Inputs  Total 
Investments in Securities:         
Equity Securities - Foreign+  1,175,301,102  -  -  1,175,301,102 
Mutual Funds/Exchange Traded Funds  33,044,071  -  -  33,044,071 
Rights+  33,372  -  -  33,372 
Other Financial Instruments:         
Forward Foreign Currency Exchange Contracts++  -  27,564  -  27,564 
+ See Statement of Investments for additional detailed categorizations.       
++ Amount shown represents unrealized appreciation at period end.       

 



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

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. 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. All preceding securities are categorized as Level 1 of the fair value hierarchy.

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. 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 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 Trustees. 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 as Level 2 or 3 depending on the relevant inputs used.

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.

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 23, 2012

 

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 23, 2012

 

By: /s/ James Windels

James Windels

Treasurer

 

Date:

April 23, 2012

 

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)