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

02/28/2014

 

             

 

 

 

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       
February 28, 2014 (Unaudited)       
 
 
Common Stocks--95.8%  Shares   Value ($) 
Brazil--14.1%       
Banco Santander Brasil, ADS  2,779,450   13,786,072 
BM&FBOVESPA  591,100   2,538,598 
Brasil Insurance Participacoes e Administracao  657,700   4,448,714 
Cia de Saneamento Basico do Estado de Sao Paulo, ADR  547,160   5,072,173 
EDP - Energias do Brasil  1,281,100   4,879,080 
Gerdau, ADR  387,420   2,421,375 
Grupo BTG Pactual  447,100   5,203,693 
Itau Unibanco Holding, ADR  961,065   12,801,386 
JBS  980,300   3,135,622 
Magnesita Refratarios  1,699,600   3,950,451 
Petroleo Brasileiro, ADR  2,170,460   24,309,152 
Sul America  424,862   2,712,521 
Telefonica Brasil, ADR  304,210   5,673,517 
Vale, ADR  311,140   4,408,854 
      95,341,208 
Chile--.1%       
Banco Santander Chile, ADR  21,790   470,228 
China--14.4%       
Air China, Cl. H  1,116,000   727,649 
Anhui Conch Cement, Cl. H  1,957,000   7,136,492 
Baoxin Auto Group  1,272,000   1,048,998 
Beijing Capital International Airport, Cl. H  9,158,000   6,938,817 
China Communications Services, Cl. H  8,202,000   3,857,626 
China Construction Bank, Cl. H  21,185,399   14,550,280 
China Life Insurance, Cl. H  1,930,000   5,645,347 
China Machinery Engineering, Cl. H  2,909,000   2,125,369 
China Railway Group, Cl. H  9,193,000   3,992,038 
China ZhengTong Auto Services Holdings  3,230,500 a  1,806,621 
CNOOC  4,652,000   7,624,903 
Dongfang Electric, Cl. H  3,035,400   4,857,860 

 



Dongfeng Motor Group, Cl. H  4,084,000   5,567,739 
Guangzhou Automobile Group, Cl. H  3,521,603   3,267,235 
Industrial & Commercial Bank of China, Cl. H  18,833,590   11,284,792 
Lianhua Supermarket Holdings, Cl. H  8,341,000   4,481,895 
PICC Property & Casualty, Cl. H  4,416,680   6,032,666 
Sinotrans, Cl. H  4,187,500   1,866,975 
Weiqiao Textile, Cl. H  2,673,100   1,439,789 
Zhejiang Expressway, Cl. H  3,594,000   3,153,789 
      97,406,880 
Hong Kong--8.7%       
China Mobile  807,500   7,673,828 
China Mobile, ADR  67,910   3,229,121 
China Power International Development  7,090,872   2,357,365 
China Resources Power Holdings  1,951,000   4,711,231 
COSCO Pacific  5,995,340   8,034,422 
Global Bio-Chem Technology Group  39,916,980 a  2,520,352 
iShares FTSE A50 China Index ETF  5,677,900   6,153,061 
NWS Holdings  4,832,789   7,584,948 
Parkson Retail Group  26,630,500   7,412,088 
Shanghai Industrial Holdings  2,591,000   8,830,811 
      58,507,227 
Hungary--1.3%       
OTP Bank  285,354   5,069,169 
Richter Gedeon  197,220   3,513,175 
      8,582,344 
India--11.8%       
Bharat Heavy Electricals  2,164,052   5,857,046 
Grasim Industries  24,020   974,757 
Hindustan Petroleum  1,273,195   5,405,506 
ICICI Bank  242,270   4,013,690 
ICICI Bank, ADR  52,734   1,881,549 
India Cements  7,417,229   6,630,074 
Jubilant Life Sciences  834,301   1,669,813 
Maruti Suzuki India  33,402   839,309 
NMDC  3,104,759   6,386,847 
Oriental Bank of Commerce  810,233   2,185,721 
Power Grid Corporation of India  4,774,041   7,271,880 
Punjab National Bank  388,493   3,461,211 

 



Reliance Industries  1,054,920   13,614,525 
Rolta India  2,776,356   3,395,414 
Sesa Sterlite  1,268,950   3,637,124 
State Bank of India  361,740   8,948,659 
Steel Authority of India  3,961,270   3,544,173 
      79,717,298 
Indonesia--.3%       
Aneka Tambang Persero  7,396,500   662,620 
Bank Negara Indonesia Persero  4,337,300   1,699,950 
      2,362,570 
Malaysia--.8%       
CIMB Group Holdings  2,488,623   5,438,285 
Mexico--1.5%       
Alpek  816,440   1,385,284 
America Movil, ADR, Ser. L  125,950   2,439,652 
Consorcio ARA  4,679,900   1,764,568 
Controladora Vuela Compania De Aviacion  485,085   4,501,589 
      10,091,093 
Poland--1.3%       
Asseco Poland  139,601   2,290,826 
Energa  648,130   3,784,638 
Powszechna Kasa Oszczednosci Bank Polski  182,806   2,677,754 
      8,753,218 
Russia--5.4%       
Gazprom, ADR  1,973,911   15,199,115 
JKX Oil & Gas  1,322,961 a  1,362,439 
Mobile Telesystems, ADR  248,010   4,270,732 
Rosneft, GDR  1,644,200   11,098,350 
Sberbank of Russia, ADR  425,070   4,382,472 
      36,313,108 
South Africa--2.8%       
AngloGold Ashanti  51,710   915,036 
Barclays Africa Group  673,506   8,292,913 
JD Group  1,418,063   2,993,297 
Murray & Roberts Holdings  1,150,602 a  2,671,284 
Standard Bank Group  354,828   4,059,932 
      18,932,462 
South Korea--20.3%       

 



Hite Jinro  281,775   6,203,009 
Hyundai Development Co-Engineering & Construction  104,870   2,873,487 
Hyundai Mobis  4,783   1,404,656 
Hyundai Motor  48,497   11,130,459 
KB Financial Group  466,440   17,434,151 
Kia Motors  76,435   3,966,744 
Korea Electric Power  499,065   17,297,803 
KT  37,370   1,062,463 
KT, ADR  284,650   4,007,872 
LG Electronics  118,987   6,788,111 
Mirae Asset Securities  107,740   3,830,195 
NongShim  11,366   3,183,545 
POSCO  26,414   7,027,237 
POSCO, ADR  18,330   1,220,045 
Samsung Electronics  21,813   27,565,093 
Samsung Fire & Marine Insurance  20,537   4,530,645 
Shinhan Financial Group  146,430   6,097,249 
Shinsegae  33,391   7,053,556 
SK Telecom  1,418   287,585 
SK Telecom, ADR  70,890   1,586,518 
Tongyang Life Insurance  287,485   2,719,999 
      137,270,422 
Taiwan--9.1%       
Advanced Semiconductor Engineering  4,794,840   4,747,680 
Compal Electronics  7,145,000   4,834,395 
CTBC Financial Holding  599,276   386,687 
First Financial Holding  14,774,535   8,801,913 
Hon Hai Precision Industry  3,546,819   9,833,415 
Nan Ya Printed Circuit Board  5,223,220 a  6,344,132 
Powertech Technology  588,000   820,925 
Radiant Opto-Electronics  413,600   1,679,081 
Shin Kong Financial Holding  8,298,620   2,738,999 
Siliconware Precision Industries, ADR  428,450   2,716,373 
Simplo Technology  833,000   3,752,871 
Taiwan Semiconductor Manufacturing  1,967,638   7,013,826 
Transcend Information  908,940   2,772,000 
United Microelectronics  13,101,845   5,318,922 
      61,761,219 

 



Thailand--2.5%       
Bangkok Bank  1,539,160   8,090,910 
Kasikornbank  1,292,100   6,851,595 
Thai Oil  1,259,800   2,007,957 
      16,950,462 
Turkey--1.0%       
Asya Katilim Bankasi  2,470,130 a  1,329,920 
Turkiye Garanti Bankasi  1,151,070   3,155,971 
Turkiye Halk Bankasi  398,080   1,954,154 
Turkiye Sise ve Cam Fabrikalari  1   1 
      6,440,046 
United Arab Emirates--.4%       
Emaar Properties  1,182,470   2,929,615 
Total Common Stocks       
     (cost $704,396,785)      647,267,685 
 
Preferred Stocks--.5%       
Brazil       
Bradespar  250,300   2,274,824 
Gerdau  159,500   982,271 
Total Preferred Stocks       
     (cost $3,503,254)      3,257,095 
 
Other Investment--2.6%       
Registered Investment Company;       
Dreyfus Institutional Preferred Plus Money Market Fund       
     (cost $17,830,000)  17,830,000 b  17,830,000 
 
Total Investments (cost $725,730,039)  98.9 %  668,354,780 
Cash and Receivables (Net)  1.1 %  7,586,182 
Net Assets  100.0 %  675,940,962 
 
ADR - American Depository Receipts       
ADS - American Depository Shares       
ETF - Exchange-Traded Fund       
GDR - Global Depository Receipts       

 

a Non-income producing security.



b Investment in affiliated money market mutual fund.

At February 28, 2014, net unrealized depreciation on investments was $57,375,259 of which $60,124,921 related to
appreciated investment securities and $117,500,180 related to depreciated investment securities. At February 28, 2014,
the cost of investments for federal income tax purposes was substantially the same as the cost for reporting purposes.

Portfolio Summary (Unaudited) †  Value (%) 
Financial  30.0 
Information Technology  13.3 
Energy  11.9 
Industrial  9.5 
Materials  7.9 
Consumer Discretionary  7.4 
Utilities  6.7 
Telecommunications  5.0 
Consumer Staples  2.9 
Money Market Investment  2.6 
Exchange-Traded Funds  .9 
Health Care  .8 
  98.9 

 



STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS     
February 28, 2014 (Unaudited)          
 
 
    Foreign       
Forward Foreign Currency   Currency      Unrealized 
Exchange Contracts   Amounts  Cost ($)  Value ($)  Appreciation ($) 
Purchases:          
 
Hong Kong Dollar,          
Expiring          
3/3/2014a   1,227,566  158,165  158,180  15 
 
Sales:     Proceeds ($)     
 
South African Rand,          
Expiring:          
3/3/2014b   4,479,594  416,660  416,000  660 
3/3/2014c   4,075,650  380,484  378,488  1,996 
 
 
Gross Unrealized Appreciation         2,671 

 

Counterparties:

a Citigroup
b Goldman Sachs International
c Morgan Stanley Capital Services



The following is a summary of the inputs used as of February 28, 2014 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+  641,114,624  -  -  641,114,624 
Equity Securities - Foreign Preferred Stocks+  3,257,095  -  -  3,257,095 
Exchange-Traded Funds  6,153,061  -  -  6,153,061 
Mutual Funds  17,830,000  -  -  17,830,000 
Other Financial Instruments:         
Forward Foreign Currency Exchange Contracts++  -  2,671  -  2,671 

 

+ See Statement of Investments for additional detailed categorizations.
++ Amount shown represents unrealized appreciation 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 deriv-
ative instrument that was held by the fund at period end
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:

April 24, 2014

 

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 24, 2014

 

By: /s/ James Windels

James Windels

Treasurer

 

Date:

April 24, 2014

 

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)