N-Q 1 form327nq.htm FORM NQ form327nq.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:

 

5/31

 

Date of reporting period:

8/31/13

 

             

 

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, 2013 (Unaudited)     
 
 
Common Stocks--95.4%  Shares  Value ($) 
Brazil--16.0%     
Banco Santander Brasil, ADS  2,986,990  17,234,932 
Brasil Insurance Participacoes e Administracao  511,600  4,095,459 
Cia de Saneamento Basico do Estado de Sao Paulo, ADR  458,500  3,911,005 
Cia Energetica de Minas Gerais, ADR  19,450  154,628 
Diagnosticos da America  780,200  3,626,404 
EDP - Energias do Brasil  1,281,100  5,745,204 
Gerdau, ADR  841,280  6,040,390 
Itau Unibanco Holding, ADR  1,130,575  13,759,098 
JBS  2,280,700  7,035,333 
Magnesita Refratarios  1,280,300  3,428,872 
Petroleo Brasileiro, ADR  2,221,460  30,034,139 
Porto Seguro  168,320  1,813,746 
Sul America  650,762  3,818,466 
Telefonica Brasil, ADR  304,210  6,002,063 
Vale, ADR  584,620  8,424,374 
    115,124,113 
China--13.7%     
Anhui Conch Cement, Cl. H  2,854,000  9,219,571 
Asia Cement China Holdings  2,316,000  1,105,069 
Beijing Capital International Airport, Cl. H  8,366,000  5,480,631 
China Communications Services, Cl. H  4,058,000  2,726,458 
China Construction Bank, Cl. H  17,237,809  12,626,396 
China Life Insurance, Cl. H  1,910,000  4,689,746 
China Railway Group, Cl. H  6,368,000  3,268,399 
China Shenhua Energy, Cl. H  1,870,500  5,813,314 
Dongfang Electric, Cl. H  2,446,600  3,420,119 
Dongfeng Motor Group, Cl. H  2,800,000  3,878,031 
Guangzhou Automobile Group, Cl. H  5,923,603  6,042,427 
Industrial & Commercial Bank of China, Cl. H  19,636,590  12,889,405 
Lianhua Supermarket Holdings, Cl. H  9,238,000  4,884,395 
PICC Property & Casualty, Cl. H  5,884,680  8,195,880 
Sinotrans, Cl. H  23,188,500  5,741,467 
Weichai Power, Cl. H  209,000  757,359 
Weiqiao Textile, Cl. H  4,064,100  2,300,795 
Zhejiang Expressway, Cl. H  6,582,000  5,508,731 
    98,548,193 
Czech Republic--.5%     
Komercni Banka  15,280  3,295,251 
Hong Kong--8.9%     
China Mobile  878,500  9,442,704 
China Mobile, ADR  67,910  3,665,103 
China Power International Development  4,942,872  1,816,658 
China Resources Power Holdings  1,272,000  2,919,820 
CNOOC  4,090,000  8,122,562 
COSCO Pacific  5,971,118  8,778,282 

 



Global Bio-Chem Technology Group  35,430,980 a  2,878,543 
iShares FTSE A50 China Index ETF  5,677,900   6,882,791 
NWS Holdings  3,869,768   5,778,864 
Parkson Retail Group  11,147,000   4,384,366 
Shanghai Industrial Holdings  2,900,000   9,499,062 
      64,168,755 
Hungary--1.0%       
Richter Gedeon  437,700   7,029,412 
India--9.5%       
Bharat Heavy Electricals  2,640,270   4,755,443 
Grasim Industries  24,020   821,278 
Hindustan Petroleum  1,495,907   3,798,069 
ICICI Bank  242,270   2,947,246 
ICICI Bank, ADR  52,734   1,372,139 
India Cements  5,977,369   4,166,155 
Jubilant Life Sciences  1,183,781   1,290,925 
Maruti Suzuki India  108,012   2,032,970 
NMDC  3,822,781   6,885,287 
Oriental Bank of Commerce  1,196,523   2,300,866 
Power Grid Corporation of India  1,944,192   2,864,704 
Punjab National Bank  388,493   2,527,527 
Reliance Industries  1,072,660   13,852,566 
Rolta India  2,776,356   2,611,632 
Sesa Goa  1,623,804   4,638,913 
State Bank of India  301,480   6,931,028 
Steel Authority of India  6,023,790   4,212,646 
      68,009,394 
Indonesia--.8%       
Aneka Tambang Persero  10,948,500   1,333,471 
Bank Negara Indonesia Persero  8,307,500   2,928,926 
Medco Energi Internasional  6,150,000   1,323,489 
      5,585,886 
Malaysia--1.1%       
CIMB Group Holdings  921,600   2,042,544 
Genting  2,047,300   5,815,148 
      7,857,692 
Mexico--1.0%       
America Movil, ADR, Ser. L  204,710   3,950,903 
Consorcio ARA  4,931,800 a  1,974,787 
Grupo Financiero Banorte, Ser. O  164,800   1,014,752 
      6,940,442 
Poland--1.0%       
Asseco Poland  231,174   3,273,722 
Bank Pekao  52,282   2,814,643 
Powszechna Kasa Oszczednosci Bank Polski  98,230   1,164,336 
      7,252,701 
Russia--5.6%       
Gazprom, ADR  2,184,670   17,171,506 
JKX Oil & Gas  1,322,961 a  1,378,746 
Lukoil, ADR  8,725   505,614 
Mobile Telesystems, ADR  248,010   5,247,892 
Rosneft Oil, GDR  1,360,320   9,998,352 

 



Sberbank of Russia, ADR  571,290   6,021,397 
      40,323,507 
South Africa--4.4%       
Adcock Ingram Holdings  152,720   981,840 
AngloGold Ashanti  160,230   2,181,802 
Barclays Africa Group  495,786   6,606,301 
JD Group  1,418,063   3,792,903 
Murray & Roberts Holdings  2,056,322 a  5,180,055 
Standard Bank Group  896,258   9,981,184 
Telkom  1,352,262 a  3,011,895 
      31,735,980 
South Korea--20.1%       
Hite Jinro  234,265   5,307,657 
Hyundai Development  209,760   4,062,736 
Hyundai Mobis  10,710   2,691,852 
Hyundai Motor  37,660   8,447,674 
KB Financial Group  505,030   16,242,125 
Korea Electric Power  647,005 a  17,893,837 
KT  12,200   396,757 
KT, ADR  284,650   4,574,326 
LG Electronics  130,356   8,502,116 
Mando  678   76,043 
Mirae Asset Securities  156,370   4,500,718 
NongShim  15,366   3,308,386 
POSCO  26,068   7,573,470 
POSCO, ADR  8,280   596,326 
Samsung Electronics  23,792   29,320,712 
Samsung Fire & Marine Insurance  28,058   6,319,085 
Shinhan Financial Group  237,020   8,733,046 
Shinsegae  39,116   7,065,229 
SK Telecom  17,498   3,491,561 
SK Telecom, ADR  126,790   2,780,505 
Tongyang Life Insurance  287,485   2,784,076 
      144,668,237 
Taiwan--9.3%       
Advanced Semiconductor Engineering  4,668,000   4,126,004 
Compal Electronics  1,744,000   1,174,342 
CTBC Financial Holding  7,550,526   4,756,217 
First Financial Holding  15,961,535   9,227,708 
Hon Hai Precision Industry  4,988,018   13,534,965 
Nan Ya Printed Circuit Board  5,223,220 a  5,707,674 
Powertech Technology  1,233,000   2,253,842 
Siliconware Precision Industries  927,000   1,040,860 
Siliconware Precision Industries, ADR  495,310   2,719,252 
Simplo Technology  794,000   3,794,282 
Taiwan Semiconductor Manufacturing  2,394,638   8,042,277 
Transcend Information  1,058,940   3,124,677 
United Microelectronics  13,101,845   5,385,309 
Young Fast Optoelectronics  1,459,504   2,014,320 
      66,901,729 
Thailand--1.3%       
Bangkok Bank  1,011,060   5,685,053 

 



Kasikornbank  705,900   3,486,738 
      9,171,791 
Turkey--.8%       
Asya Katilim Bankasi  2,521,620 a  2,201,586 
Turkiye Garanti Bankasi  988,460   3,413,248 
Turkiye Sise ve Cam Fabrikalari  1   1 
      5,614,835 
United Arab Emirates--.4%       
Emaar Properties  1,737,230   2,719,595 
Total Common Stocks       
  (cost $776,822,918)      684,947,513 
 
Preferred Stocks--.3%       
Brazil       
Gerdau  159,500   1,146,472 
Itau Unibanco Holding  90,480   1,099,738 
Total Preferred Stocks       
(cost $2,477,064)      2,246,210 
 
Other Investment--3.1%       
Registered Investment Company;       
Dreyfus Institutional Preferred Plus Money Market Fund       
    (cost $22,470,000)  22,470,000 b  22,470,000 
 
Total Investments (cost $801,769,982)  98.8 %  709,663,723 
Cash and Receivables (Net)  1.2 %  8,957,068 
Net Assets  100.0 %  718,620,791 

 

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, 2013, net unrealized depreciation on investments was $92,106,259 of which $56,875,619 related to appreciated investment securities and $148,981,878 related to depreciated investment securities. At August 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  28.2 
Information Technology  13.4 
Energy  12.8 
Industrial  8.7 
Materials  8.6 
Consumer Discretionary  6.7 
Telecommunication Services  6.3 
Utilities  4.9 
Consumer Staples  3.3 
Money Market Investment  3.1 
Health Care  1.8 
Exchange-Traded Funds  1.0 
  98.8 

 

  Based on net assets. 

 



STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS       
August 31, 2013 (Unaudited)          
 
 
  Foreign      Unrealized  
Forward Foreign Currency Currency      Appreciation  
Exchange Contracts Amounts  Proceeds ($)  Value ($)  (Depreciation) ($)  
Sales:          
 
Czech Koruna,          
Expiring          
9/3/2013 a 3,080,019  158,356  158,150  206  
 
Hong Kong Dollar,          
Expiring          
9/3/2013 b 8,378,516  1,080,308  1,080,478  (170 ) 
 
 
Gross Unrealized Appreciation       206  
Gross Unrealized Depreciation       (170 ) 

 

Counterparties:

a  Citigroup 
b  Morgan Stanley Capital Services 

 



The following is a summary of the inputs used as of August 31, 2013 in valuing the fund's investments:

      Level 3 -   
  Level 1 -  Level 2 - Other Significant   
  Unadjusted Quoted  Significant Unobservable   
Assets ($)  Prices  Observable Inputs Inputs  Total
Investments in Securities:         
Equity Securities - Foreign Common Stocks+  678,064,722  - -  678,064,722
Exchange-Traded Funds  6,882,791  - -  6,882,791
Mutual Funds  22,470,000  - -  22,470,000
Preferred Stocks+  2,246,210  - -  2,246,210
Other Financial Instruments:         
Forward Foreign Currency Exchange Contracts++  -  206 -  206
Liabilities ($)         
Other Financial Instruments:         
Forward Foreign Currency Exchange Contracts++  -  (170) -  (170)

 

+ See Statement of Investments for additional detailed categorizations. 
++ Amount shown represents unrealized appreciation (depreciation) 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 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.

Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund during the period ended August 31, 2013 is discussed below.

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:

October 22, 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:

October 22, 2013

 

By: /s/ James Windels

      James Windels

      Treasurer

 

Date:

October 22, 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)