N-Q 1 formnq327.htm FORM N-Q formnq327.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:

02/28/2013

 

             

 

 

 

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.

-2- 

 


 

STATEMENT OF INVESTMENTS       
Dreyfus Emerging Markets Fund       
February 28, 2013 (Unaudited)       
 
 
Common Stocks--95.3%  Shares   Value ($) 
Brazil--16.4%       
Banco Santander Brasil, ADS  3,316,820   24,245,954 
Brasil Insurance Participacoes e Administracao  866,400   9,169,991 
Cia Energetica de Minas Gerais, ADR  349,330   4,157,027 
Diagnosticos da America  688,800   4,749,985 
EDP - Energias do Brasil  1,428,600   8,668,024 
Gerdau, ADR  956,830   7,960,826 
Itau Unibanco Holding, ADR  1,186,146   20,947,338 
JBS  2,459,800 a  8,524,921 
Magnesita Refratarios  1,280,300   5,109,816 
Petroleo Brasileiro, ADR  2,633,480   38,633,152 
Petroleo Brasileiro, ADR, Cl. A  6,270   104,897 
Porto Seguro  443,220   5,877,804 
Sul America  649,146   6,188,433 
Telefonica Brasil SA,       
   ADR  304,080   8,015,549 
Vale, ADR  639,820   12,150,182 
      164,503,899 
China--13.6%       
Anhui Conch Cement, Cl. H  1,226,500   4,483,377 
Asia Cement China Holdings  2,839,500   1,534,053 
Beijing Capital International Airport, Cl. H  5,154,000   4,053,768 
BYD Electronic International  16,997,000   6,136,418 
China Coal Energy, Cl. H  9,307,000   9,228,278 
China Communications Services, Cl. H  7,058,000   4,413,753 
China Construction Bank, Cl. H  18,626,809   15,371,032 
China Life Insurance, Cl. H  2,923,000   8,781,513 
China Railway Group, Cl. H  8,024,000   4,355,696 
Datang International Power Generation, Cl. H  1,748,000   759,549 
Dongfeng Motor Group, Cl. H  2,172,000   3,181,433 
Guangzhou Automobile Group, Cl. H  12,869,603   10,719,691 
Huaneng Power International, ADR  77,240   3,139,806 
Huaneng Power International, Cl. H  1,291,600   1,328,971 
Industrial & Commercial Bank of China, Cl. H  23,552,590   16,915,252 
Lianhua Supermarket Holdings, Cl. H  9,238,000   8,504,735 
PetroChina, ADR  7,940   1,087,621 
PetroChina, Cl. H  7,104,000   9,764,382 
PICC Property & Casualty, Cl. H  3,570,000   5,127,882 
Sinotrans, Cl. H  30,352,500   5,909,572 
Weiqiao Textile, Cl. H  7,629,600   3,974,365 
Zhejiang Expressway, Cl. H  9,064,000   7,608,262 
      136,379,409 
Czech Republic--.5%       
Komercni Banka  22,400   4,558,575 
Hong Kong--6.1%       
China Mobile  1,180,500   13,006,566 

 



China Mobile, ADR  67,910   3,721,468 
China Power International Development  15,038,872   4,847,746 
COSCO Pacific  5,278,819   8,453,625 
Global Bio-Chem Technology Group  33,658,980   3,862,563 
iShares FTSE A50 China Index ETF  6,504,900   9,578,364 
NWS Holdings  4,539,768   8,639,818 
Shanghai Industrial Holdings  2,636,000   8,599,051 
      60,709,201 
Hungary--.5%       
Richter Gedeon  29,370   4,489,915 
India--10.8%       
Bharat Heavy Electricals  3,024,100   11,180,529 
Hindustan Petroleum  1,239,712   6,597,225 
ICICI Bank, ADR  69,084   2,896,001 
India Cements  5,677,369   8,832,763 
Jubilant Life Sciences  1,183,781   3,682,657 
NMDC  4,301,531   10,835,857 
Oriental Bank of Commerce  1,244,815   6,291,001 
Punjab National Bank  388,493   5,625,832 
Reliance Industries  1,546,570   23,135,300 
Rolta India  3,193,707   3,845,011 
State Bank of India  324,730   12,365,922 
Steel Authority of India  4,006,820   5,221,644 
Sterlite Industries India  4,175,500   7,210,518 
      107,720,260 
Indonesia--1.1%       
Aneka Tambang Persero  10,948,500   1,461,537 
Bank Negara Indonesia Persero  11,885,500   5,657,712 
Medco Energi Internasional  24,203,000   4,207,693 
      11,326,942 
Malaysia--1.0%       
CIMB Group Holdings  937,400   2,183,880 
Genting  2,660,000   8,168,063 
      10,351,943 
Mexico--1.8%       
America Movil, ADR, Ser. L  404,370   8,447,289 
Consorcio ARA  7,354,100 a  2,857,628 
Desarrolladora Homex, ADR  600,134 a  7,141,595 
      18,446,512 
Poland--.8%       
Asseco Poland  290,734   3,950,329 
Bank Pekao  88,973   4,491,776 
      8,442,105 
Russia--5.4%       
Gazprom, ADR  2,715,060   24,164,034 
Lukoil, ADR  157,315   10,178,280 
Pharmstandard, GDR  533,664 a  10,849,389 
Sberbank of Russia, ADR  89,250   1,230,757 
VimpelCom, ADR  639,580   7,636,585 
      54,059,045 
South Africa--5.7%       
ABSA Group  240,856   4,341,842 

 



Adcock Ingram Holdings  1,022,890   6,340,865 
Anglo American Platinum  201,000   9,476,504 
JD Group  1,664,143   7,247,765 
Murray & Roberts Holdings  3,634,712 a  10,084,326 
Standard Bank Group  1,147,279   14,825,893 
Telkom  2,654,932 a  4,476,722 
      56,793,917 
South Korea--19.0%       
Hite Jinro  208,355 a  6,561,453 
Hyundai Development  324,650 a  7,420,486 
KB Financial Group  585,720   21,366,278 
KB Financial Group, ADR  20,398   722,701 
Kia Motors  138,165   7,132,661 
Korea Electric Power  723,745 a  21,822,801 
Korea Electric Power, ADR  60,280   901,789 
Korea Exchange Bank  422,040 a  2,962,163 
KT  12,200   403,352 
KT, ADR  284,650   4,605,637 
LG Electronics  187,234   13,539,050 
Mando  55,289   6,688,855 
Mirae Asset Securities  205,310   8,238,376 
NongShim  17,875   4,754,231 
POSCO  33,021   10,780,065 
POSCO, ADR  12,900   1,040,901 
Samsung Electronics  14,847   21,170,335 
Samsung Fire & Marine Insurance  71,784   15,114,863 
Shinhan Financial Group  276,770   10,901,337 
Shinsegae  56,709   11,862,109 
SK Telecom  40,188   6,624,854 
SK Telecom, ADR  142,030   2,580,685 
Tongyang Life Insurance  294,155   2,988,207 
      190,183,189 
Taiwan--8.9%       
Chinatrust Financial Holding  15,577,729   9,215,416 
First Financial Holding  11,688,000   7,446,217 
Hon Hai Precision Industry  7,363,018   20,277,369 
Nan Ya Printed Circuit Board  6,117,220   7,000,476 
Novatek Microelectronics  225,000   940,455 
Powertech Technology  3,494,000   5,082,032 
Siliconware Precision Industries  4,623,000   4,963,260 
Siliconware Precision Industries, ADR  495,310   2,620,190 
Simplo Technology  898,000   3,980,483 
SinoPac Financial Holdings  3,881,736   1,766,418 
Taiwan Semiconductor Manufacturing  1,565,638   5,514,947 
Tatung  6,957,380 a  1,873,813 
Transcend Information  1,796,940   5,118,279 
United Microelectronics  23,112,445   8,647,739 
Young Fast Optoelectronics  2,146,504   4,066,321 
      88,513,415 
Thailand--.8%       
Bangkok Bank  1,033,060   8,056,132 
Turkey--1.0%       

 



Asya Katilim Bankasi  2,521,620 a  3,097,968 
Turk Sise ve Cam Fabrikalari  459,440   750,898 
Turkcell Iletisim Hizmetleri  45,714 a  303,684 
Turkcell Iletisim Hizmetleri, ADR  93,950 a  1,551,114 
Turkiye Garanti Bankasi  641,740   3,068,051 
Turkiye Halk Bankasi  160,490   1,588,082 
      10,359,797 
United Arab Emirates--.7%       
Emaar Properties  4,745,680   6,847,837 
 
United Kingdom--.7%       
African Barrick Gold  1,195,471   4,766,142 
JKX Oil & Gas  1,754,871 a  1,790,359 
      6,556,501 
United States--.5%       
iShares MSCI Emerging Markets Index Fund  118,930   5,138,965 
Total Common Stocks       
(cost $1,002,016,554)      953,437,559 
 
Preferred Stocks--1.7%       
Brazil--.5%       
Gerdau  163,300   1,357,121 
Itau Unibanco Holding  196,800   3,486,802 
      4,843,923 
South Korea--1.2%       
Samsung Electronics  14,798   12,026,172 
Total Preferred Stocks       
(cost $16,633,317)      16,870,095 
  Number of    
Rights--.0%  Rights   Value ($) 
Taiwan       
Chinatrust Financial Holding       
(cost $110,750)  1,338,249 a  115,030 
 
Other Investment--1.6%  Shares   Value ($) 
Registered Investment Company;       
Dreyfus Institutional Preferred Plus Money Market Fund       
(cost $16,110,000)  16,110,000 b  16,110,000 
 
Total Investments (cost $1,034,870,621)  98.6 %  986,532,684 
Cash and Receivables (Net)  1.4 %  13,986,518 
Net Assets  100.0 %  1,000,519,202 

 

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 28, 2013, net unrealized depreciation on investments was $48,337,937 of which $111,475,219 related to appreciated investment securities and $159,813,156 related to depreciated investment securities. At February 28, 2013, 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  28.4 
Information Technology  12.9 
Energy  12.8 
Materials  9.2 
Industrial  7.7 
Consumer Discretionary  7.1 
Telecommunication Services  6.6 
Utilities  4.6 
Consumer Staples  3.2 
Health Care  3.0 
Money Market Investment  1.6 
Exchange-Traded Funds  1.5 
  98.6 

 

  Based on net assets. 

 



The following is a summary of the inputs used as of February 28, 2013 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 Common Stocks+  938,720,230  -  -  938,720,230 
Exchange Traded Funds  14,717,329  -  -  14,717,329 
Mutual Funds  16,110,000  -  -  16,110,000 
Preferred Stocks+  16,870,095  -  -  16,870,095 
Rights+  115,030  -  -  115,030 

 

+ 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 within 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.

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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:

April 25, 2013

 

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 25, 2013

 

By: /s/ James Windels

James Windels

Treasurer

 

Date:

April 25, 2013

 

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)