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)

 

 

 

 

 

John Pak, 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:

5/31/2013

 

             

 

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 Brazil Equity Fund

 

 

 

 


 

 

FORM N-Q

Item 1.                        Schedule of Investments.

 


 

STATEMENT OF INVESTMENTS
Dreyfus Brazil Equity Fund
May 31, 2013 (Unaudited)

Common Stocks--65.3%  Shares   Value ($) 
Consumer Discretionary--13.0%       
Autometal  53,590   512,931 
Cia Hering  40,532   721,015 
Localiza Rent a Car  52,361   802,119 
Mahle-Metal Leve Industria e       
Comercio  26,000   321,692 
Positivo Informatica  38,368   86,882 
Santos Brasil Participacoes  47,779   682,621 
Technos  58,147   567,950 
      3,695,210 
Consumer Staples--5.5%       
Marfrig Alimentos  259,130 a  901,353 
Natura Cosmeticos  27,496   646,383 
      1,547,736 
Energy--4.4%       
Petroleo Brasileiro, ADR  66,530   1,240,119 
Financial--15.4%       
Aliansce Shopping Centers  79,466   801,784 
Banco Bradesco, ADR  72,484   1,169,167 
BB Seguridade Participacoes  135,127   1,141,936 
BM&FBOVESPA  120,244   775,876 
Sonae Sierra Brasil  34,665   460,948 
      4,349,711 
Industrial--4.7%       
Embraer  83,651   754,570 
Embraer, ADR  15,600   565,812 
      1,320,382 
Materials--6.0%       
Gerdau, ADR  42,600   260,286 
Ultrapar Participacoes, ADR  57,229   1,443,888 
      1,704,174 
Telecommunication Services--6.5%       
Oi, ADR  274,891   514,046 
Telefonica Brasil, ADR  54,210   1,339,529 
      1,853,575 
Utilities--9.8%       
AES Tiete  49,128   471,370 
Cia Paranaense de Energia, ADR,       
Cl. P  69,900   1,088,343 
EDP - Energias do Brasil  123,041   715,795 
Tractebel Energia  29,293   498,246 
      2,773,754 
Total Common Stocks       
(cost $19,385,017)      18,484,661 
 
Preferred Stocks--33.2%       
Consumer Discretionary--5.5%       
Alpargatas  79,949   556,187 
Lojas Americanas  126,436   1,004,735 
      1,560,922 
Energy--4.9%       
Petroleo Brasileiro  149,105   1,395,118 

 



Financial--10.9%       
Bradespar  45,000   462,228 
Itausa - Investimentos Itau  605,467   2,629,024 
      3,091,252 
Materials--8.8%       
Gerdau  130,100   791,485 
Metalurgica Gerdau  38,310   294,954 
Suzano Papel e Celulose, Cl. A  390,044   1,393,144 
      2,479,583 
Telecommunication Services--1.4%       
Oi  208,273   387,996 
Utilities--1.7%       
Cia de Gas de Sao Paulo, Cl. A  15,739   389,544 
Cia Paranaense de Energia, Cl. B  6,648   101,809 
      491,353 
Total Preferred Stocks       
(cost $10,148,558)      9,406,224 
 
Total Investments (cost $29,533,575)  98.5 %  27,890,885 
Cash and Receivables (Net)  1.5 %  414,356 
Net Assets  100.0 %  28,305,241 
 
ADR - American Depository Receipts       
 
a Non-income producing security.     

 

At May 31, 2013, net unrealized depreciation on investments was $1,642,690 of which $3,803,206 related to appreciated investment securities and $5,445,896 related to depreciated investment securities. At May 31, 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  26.3 
Consumer Discretionary  18.5 
Materials  14.8 
Utilities  11.5 
Energy  9.3 
Telecommunication Services  7.9 
Consumer Staples  5.5 
Industrial  4.7 
  98.5 

 

  Based on net assets. 

 



The following is a summary of the inputs used as of May 31, 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+  18,484,661  -    -  18,484,661 
Preferred Stocks+  9,406,224  -    -  9,406,224 

 

+ 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.

 


 

 

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, 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:

July 24, 2013

 

By: /s/James Windels

James Windels

Treasurer

 

Date:

July 24, 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)