N-Q 1 lp1-327.htm FORM N-Q lp1-327.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: 8/31/2012

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 Emerging Markets Fund



FORM N-Q

Item 1. Schedule of Investments.



STATEMENT OF INVESTMENTS 
Dreyfus Emerging Markets Fund 
August 31, 2012 (Unaudited) 

 

Common Stocks--97.8%  Shares   Value ($) 
Brazil--16.2%       
Banco Santander Brasil, ADS  2,068,870   15,682,035 
Brasil Insurance Participacoes e Administracao  872,000   8,376,767 
Centrais Eletricas Brasileiras  1,302,362   8,353,492 
Diagnosticos da America  538,500   3,398,288 
EDP - Energias do Brasil  1,001,400   6,398,423 
Fibria Celulose  22,400 a  174,243 
Fibria Celulose, ADR  793,500 a  6,133,755 
Gerdau, ADR  626,510   5,594,734 
Itau Unibanco Holding, ADR  773,436   12,228,023 
JBS  1,907,400 a  5,421,793 
Magnesita Refratarios  1,280,300   4,566,418 
Oi, ADR  1,629,761   6,062,711 
Oi, ADR, Cl. C  143,081   633,849 
Petroleo Brasileiro, ADR  1,570,280   33,195,719 
Petroleo Brasileiro, ADR, Cl. A  541,470   11,143,453 
Porto Seguro  863,320   7,970,155 
Sul America  832,546   5,914,239 
Vale, ADR  749,550   12,270,134 
      153,518,231 
China--14.4%       
Anhui Conch Cement, Cl. H  2,465,000   6,153,005 
Asia Cement China Holdings  2,839,500   1,061,707 
Beijing Capital International Airport, Cl. H  9,622,000   6,575,158 
BYD Electronic International  18,703,000   3,785,959 
China Coal Energy, Cl. H  10,207,000   8,501,501 
China Communications Services, Cl. H  7,518,000   4,177,771 
China Construction Bank, Cl. H  18,626,809   12,248,239 
China Dongxiang Group  21,835,000   2,167,749 
China Life Insurance, Cl. H  4,956,000   13,259,111 
China Railway Construction, Cl. H  1,400,500   1,058,146 
China Railway Group, Cl. H  12,845,000   4,835,952 

 



Dongfeng Motor Group, Cl. H  728,000  942,389 
Guangzhou Automobile Group, Cl. H  14,205,603  9,908,820 
Huaneng Power International, ADR  130,200  3,602,634 
Huaneng Power International, Cl. H  3,901,600  2,691,296 
Industrial & Commercial Bank of China, Cl. H  30,892,590  16,728,947 
Lianhua Supermarket Holdings, Cl. H  8,474,000  7,374,919 
Minth Group  4,648,000  5,177,795 
PetroChina, ADR  14,990  1,803,297 
PetroChina, Cl. H  7,786,000  9,386,226 
Sinotrans, Cl. H  28,529,500  3,862,322 
TPV Technology  6,619,630  1,254,631 
Weiqiao Textile, Cl. H  9,512,100  3,299,086 
Zhejiang Expressway, Cl. H  9,064,000  5,983,494 
    135,840,154 
Czech Republic--.5%     
Komercni Banka  23,000  4,462,133 
Egypt--.6%     
Commercial International Bank  1,105,991  5,454,972 
Hong Kong--5.5%     
China Mobile  1,213,000  12,949,594 
China Mobile, ADR  85,960  4,615,192 
China Power International Development  17,501,872  4,671,107 
COSCO Pacific  4,826,819  5,955,770 
Global Bio-Chem Technology Group  29,090,980  2,888,112 
iShares FTSE A50 China Index ETF  5,190,100  6,109,582 
NWS Holdings  4,446,399  7,085,849 
Shanghai Industrial Holdings  2,923,000  8,027,373 
    52,302,579 
Hungary--.1%     
Richter Gedeon  7,717  1,315,490 
India--9.2%     
Bank of India  612,938  2,813,179 
Bharat Heavy Electricals  941,330  3,608,784 
Hindustan Petroleum  426,823  2,282,480 
ICICI Bank  71,540  1,132,029 
ICICI Bank, ADR  134,764  4,383,873 
India Cements  4,363,108  6,555,907 
Jubilant Life Sciences  1,774,502  5,989,443 

 



NMDC  1,175,031   4,015,701 
Oriental Bank of Commerce  1,487,506   6,000,833 
Reliance Industries  1,736,580   23,926,560 
Rolta India  3,193,707   3,703,265 
State Bank of India  325,460   10,750,273 
Steel Authority of India  2,792,050   3,925,183 
Sterlite Industries India  4,653,770   8,044,224 
Sterlite Industries India, ADR  1,010   7,131 
      87,138,865 
Indonesia--1.8%       
Aneka Tambang Persero  10,948,500   1,423,822 
Bank Negara Indonesia Persero  15,460,000   6,039,696 
Indosat  10,484,000   5,607,593 
Medco Energi Internasional  24,203,000   4,264,399 
      17,335,510 
Malaysia--.1%       
Tenaga Nasional  416,437   911,643 
Mexico--1.6%       
America Movil, ADR, Ser. L  312,640   8,000,458 
Consorcio ARA  7,354,100 a  1,988,377 
Desarrolladora Homex, ADR  423,128 a  4,747,496 
      14,736,331 
Netherlands--1.1%       
VimpelCom, ADR  1,019,150   10,833,565 
Poland--1.6%       
Asseco Poland  364,824   4,882,960 
Bank Pekao  88,973   4,042,885 
Polski Koncern Naftowy Orlen  386,834 a  4,557,785 
Polskie Gornictwo Naftowe I Gazownictwo  1,588,480 a  1,950,672 
      15,434,302 
Russia--5.0%       
Gazprom, ADR  2,560,040   24,742,787 
Lukoil, ADR  272,955   15,503,844 
Pharmstandard, GDR  461,477 a  6,670,789 
      46,917,420 
South Africa--5.4%       
Adcock Ingram Holdings  486,820   3,331,209 
Anglo American Platinum  219,760   10,956,355 

 



JD Group  1,343,343   7,160,340 
Murray & Roberts Holdings  3,634,712 a  9,433,901 
Sappi  256,899 a  718,449 
Standard Bank Group  1,240,115   16,381,383 
Telkom  1,466,712 a  3,353,033 
      51,334,670 
South Korea--20.8%       
Grand Korea Leisure  151,480   3,851,667 
Hite Jinro  477,625   9,387,276 
Hyundai Development  310,920   5,713,502 
KB Financial Group  564,720   18,291,030 
KB Financial Group, ADR  20,398   660,079 
Korea Electric Power  742,285 a  16,093,609 
Korea Electric Power, ADR  60,280 a  645,599 
Korea Exchange Bank  574,890 a  4,332,100 
KT  109,980   3,334,416 
KT, ADR  449,910   6,798,140 
LG Electronics  216,163   13,412,251 
Mando  48,374   6,864,130 
Mirae Asset Securities  297,480   8,101,471 
NongShim  37,118   8,178,473 
POSCO  33,021   10,739,010 
POSCO, ADR  30,370   2,475,155 
Samsung Electronics  24,711   26,853,509 
Samsung Fire & Marine Insurance  46,441   9,577,785 
Shinhan Financial Group  185,250   5,763,424 
Shinsegae  56,709   11,295,568 
SK Telecom  90,205   11,567,547 
SK Telecom, ADR  250,940   3,598,480 
Tong Yang Life Insurance  230,815   2,064,799 
Yuhan  57,658   6,809,450 
      196,408,470 
Taiwan--10.5%       
AU Optronics  7,940,000 a  2,409,756 
AU Optronics, ADR  1,406,930 a  4,262,998 
Chinatrust Financial Holding  10,386,700   6,207,537 
Hon Hai Precision Industry  7,634,019   21,614,129 
Nan Ya Printed Circuit Board  4,746,220   7,606,376 

 



Novatek Microelectronics  1,260,000   4,059,631 
Powertech Technology  3,494,000   6,591,132 
Siliconware Precision Industries  4,623,000   5,217,101 
Siliconware Precision Industries, ADR  325,970   1,815,653 
SinoPac Financial Holdings  25,442,790   10,108,818 
Taiwan Semiconductor Manufacturing  1,848,638   5,141,449 
Tatung  6,957,380 a  1,421,628 
Transcend Information  2,237,940   5,872,995 
United Microelectronics  28,880,445   11,571,077 
Young Fast Optoelectronics  2,146,504   5,360,706 
      99,260,986 
Thailand--.5%       
Bangkok Bank  716,360   4,412,238 
Turkey--1.5%       
Asya Katilim Bankasi  3,685,420 a  3,889,625 
Turkcell Iletisim Hizmetleri  670,940 a  3,983,153 
Turkcell Iletisim Hizmetleri, ADR  126,860 a  1,877,528 
Turkiye Garanti Bankasi  1,119,020   4,797,909 
      14,548,215 
United Arab Emirates--.6%       
Emaar Properties  6,523,050   5,878,382 
United Kingdom--.8%       
African Barrick Gold  775,366   5,467,624 
JKX Oil & Gas  1,219,871 a  1,646,433 
      7,114,057 
Total Common Stocks       
    (cost $1,104,945,781)      925,158,213 
 
Preferred Stocks--.4%       
Brazil       
Cia de Tecidos do Norte de Minas - Coteminas  609,954 a  826,333 
Gerdau  44,200   390,852 
Itau Unibanco Holding  136,200   2,126,972 
Total Preferred Stocks       
    (cost $4,800,763)      3,344,157 
 
Other Investment--.6%       
Registered Investment Company;       

 



Dreyfus Institutional Preferred Plus Money Market Fund       
(cost $5,850,000)  5,850,000 b  5,850,000 
 
Total Investments (cost $1,115,596,544)  98.8%   934,352,370 
Cash and Receivables (Net)  1.2% 11,355,754 
Net Assets  100.0% 945,708,124 
 
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 August 31, 2012, net unrealized depreciation on investments was $181,244,174 of which $61,863,686 related to appreciated investment securities and $243,107,860 related to depreciated investment securities. At August 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  25.4 
Energy  13.8 
Information Technology  12.9 
Materials  12.1 
Telecommunication Services  8.9 
Consumer Discretionary  7.6 
Industrial  6.6 
Utilities  3.9 
Consumer Staples  3.5 
Health Care  2.9 
Exchange Traded Funds  .6 
Money Market Investment  .6 
  98.8 
† Based on net assets.   

 



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

      Level 3 -   
  Level 1 -  Level 2 - Other  Significant   
  Unadjusted Quoted  Significant  Unobservable   
Assets ($)  Prices  Observable Inputs  Inputs  Total 
Investments in Securities:         
Equity Securities - Foreign+  919,048,631  -  -  919,048,631 
Exchange Traded Funds  6,109,582  -  -  6,109,582 
Mutual Funds  5,850,000  -  -  5,850,000 
Preferred Stocks+  3,344,157  -  -  3,344,157 
+ See Statement of Investments for additional detailed categorizations.       

 



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:  October 22, 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:  October 22, 2012 
 
By:  /s/ James Windels 
James Windels
  Treasurer 
 
Date:  October 22, 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)