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)

 

 

 

 

 

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:

 

8/31

 

Date of reporting period:

5/31/2012

 

             

 

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 Brazil Equity Fund

 


 

 

FORM N-Q

Item 1.                        Schedule of Investments.

 


 

STATEMENT OF INVESTMENTS     
Dreyfus Brazil Equity Fund     
May 31, 2012 (Unaudited)     
 
 
Common Stocks--64.8%  Shares  Value ($) 
Consumer Discretionary--8.8%     
Autometal  67,490  465,137 
Localiza Rent a Car  62,568  992,724 
Mahle-Metal Leve  32,700  343,724 
Positivo Informatica  64,300a  188,738 
Santos Brasil Participacoes  32,850  488,633 
Technos  75,531  630,658 
    3,109,614 
Consumer Staples--5.0%     
Marfrig Alimentos  150,398a  678,594 
Natura Cosmeticos  50,571  1,085,715 
    1,764,309 
Energy--4.2%     
Petroleo Brasileiro, ADR  79,530  1,503,117 
Financial--12.2%     
Aliansce Shopping Centers  96,810  840,010 
Banco Bradesco, ADR  79,240  1,160,074 
Banco do Brasil  113,271  1,123,247 
Porto Seguro  65,516  581,144 
Sonae Sierra Brasil  43,365  623,539 
    4,328,014 
Materials--12.0%     
Gerdau, ADR  23,700  188,415 
Ultrapar Participacoes, ADR  132,960  2,715,043 
Vale, ADR  74,138  1,343,381 
    4,246,839 
Telecommunication Services--8.6%     
Oi, ADR  100,597  1,211,188 
Telefonica Brasil, ADR  78,210  1,847,320 
    3,058,508 
Utilities--14.0%     
AES Tiete  104,539  1,269,386 

 



Cia Paranaense de Energia, ADR  82,100  1,668,272 
EDP - Energias do Brasil  154,341  987,182 
Tractebel Energia  62,069  1,029,431 
    4,954,271 
Total Common Stocks     
  (cost $25,561,826)    22,964,672 
 
Preferred Stocks--33.6%     
Consumer Discretionary--5.7%     
Alpargatas  111,182  702,864 
Lojas Americanas  219,202  1,320,527 
    2,023,391 
Energy--3.5%     
Petroleo Brasileiro  129,360  1,226,991 
Financial--9.9%     
Banco Bradesco  56  822 
Bradespar  56,500  884,121 
Itausa - Investimentos Itau  600,307  2,622,260 
    3,507,203 
Materials--9.6%     
Gerdau  177,727  1,397,600 
Metalurgica Gerdau  47,910  473,910 
Suzano Papel e Celulose, Cl. A  114,325  284,558 
Vale  69,184  1,259,606 
    3,415,674 
Telecommunication Services--2.0%     
Oi  175,852  697,531 
Telefonica Brasil  457  10,876 
    708,407 
Utilities--2.9%     
Cia de Gas de Sao Paulo, Cl. A  28,540  594,333 
Cia Paranaense de Energia, Cl. B  21,448  436,223 
    1,030,556 
Total Preferred Stocks     
  (cost $15,277,955)    11,912,222 
 
Other Investment--1.1%     
Registered Investment Company;     

 



Dreyfus Institutional Preferred     
Plus Money Market Fund     
(cost $393,000)  393,000b  393,000 
Total Investments (cost $41,232,781)  99.5%  35,269,894 
Cash and Receivables (Net)  .5%  177,214 
Net Assets  100.0%  35,447,108 
 
ADR - American Depository Receipts     

 

a     

Non-income producing security.

b     

Investment in affiliated money market mutual fund.

At May 31, 2012, net unrealized depreciation on investments was $5,962,887 of which $2,478,676 related to appreciated investment securities and $8,441,563 related to depreciated investment securities. At May 31, 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  22.1 
Materials  21.6 
Utilities  16.9 
Consumer Discretionary  14.5 
Telecommunication Services  10.6 
Energy  7.7 
Consumer Staples  5.0 
Money Market Investment  1.1 
  99.5 
† Based on net assets.   

 



The following is a summary of the inputs used as of May 31, 2012 in valuing the fund's investments:

      Level 3 -   
    Level 2 - Other  Significant   
  Level 1 - Unadjusted  Significant  Unobservable   
Assets ($)  Quoted Prices  Observable Inputs  Inputs  Total 
Investments in Securities:         
Equity Securities - Foreign+  34,876,894   -  -  34,876,894 
Mutual Funds  393,000   -  -  393,000 
+ See Statement of Investments for additional detailed categorizations.       

 

For the period ended May 31, 2012, there were no transfers of exchange traded equity securities between Level 1 and Level 2



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.

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:

July 24, 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:

July 24, 2012

 

By: /s/ James Windels

James Windels

Treasurer

 

Date:

July 24, 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)