N-Q 1 lp1nq327.htm FORM NQ lp1nq327.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:

5/31/2014

 

             

 

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 Brazil Equity Fund

 

 

 

 


 

 

FORM N-Q

Item 1.                         Schedule of Investments.

 


 

STATEMENT OF INVESTMENTS       
Dreyfus Brazil Equity Fund       
May 31, 2014 (Unaudited)       
 
 
Common Stocks--64.0%  Shares   Value ($) 
Consumer Discretionary--5.3%       
Autometal  51,833   434,506 
Positivo Informatica  22,119   21,425 
Santos Brasil Participacoes  37,302   343,665 
      799,596 
Consumer Staples--3.8%       
Marfrig Global Foods  245,664 a  581,181 
Energy--6.8%       
Petroleo Brasileiro, ADR  69,230   1,033,604 
Financial--20.0%       
Aliansce Shopping Centers  62,691   506,778 
Banco Bradesco, ADR  53,354   744,288 
BB Seguridade Participacoes  61,955   788,161 
BM&FBovespa  151,568   742,855 
Itau Unibanco Holding, ADR  2,500   38,750 
Sonae Sierra Brasil  27,265   215,048 
      3,035,880 
Industrial--1.1%       
Embraer  109   992 
Embraer, ADR  4,400   159,456 
      160,448 
Materials--9.7%       
Gerdau, ADR  42,200   250,668 
Ultrapar Participacoes, ADR  28,829   695,932 
Vale, ADR  46,500   533,820 
      1,480,420 
Telecommunication Services--4.5%       
Telefonica Brasil, ADR  34,310   689,974 
Utilities--12.8%       
AES Tiete  38,393   246,779 
Cia Paranaense de Energia, ADR,       
     Cl. P  70,600   1,025,112 
EDP - Energias do Brasil  96,014   402,434 
Tractebel Energia  18,553   274,945 
      1,949,270 

 


 

Total Common Stocks       
(cost $11,297,789)      9,730,373 
 
Preferred Stocks--33.7%       
Consumer Discretionary--4.3%       
Lojas Americanas  111,778   663,091 
Energy--2.8%       
Petroleo Brasileiro  57,208   426,194 
Financial--12.6%       
Banco Bradesco  273   3,803 
Bradespar  34,819   289,083 
Itau Unibanco Holding  28,276   440,491 
Itausa - Investimentos Itau  310,968   1,185,406 
      1,918,783 
Materials--13.1%       
Gerdau  67,673   402,661 
Metalurgica Gerdau  69,301   504,530 
Suzano Papel e Celulose, Cl. A  282,341   1,017,048 
Vale  5,615   64,263 
      1,988,502 
Utilities--.9%       
Cia de Gas de Sao Paulo, Cl. A  6,021   132,041 
Total Preferred Stocks       
(cost $5,082,956)      5,128,611 
 
  Number of    
Rights--.0%  Rights   Value ($) 
Utilities       
Cia De Gas De Sao Paulo       
(cost $463)  103 a  0 
 
Other Investment--1.3%  Shares   Value ($) 
Registered Investment Company;       
Dreyfus Institutional Preferred       
Plus Money Market Fund       
(cost $195,000)  195,000 b  195,000 
Total Investments (cost $16,576,208)  99.0 %  15,053,984 
Cash and Receivables (Net)  1.0 %  146,400 
Net Assets  100.0 %  15,200,384 
 
ADR - American Depository Receipts       

 


 

a  Non-income producing security. 
b  Investment in affiliated money market mutual fund. 

 

At May 31, 2014, net unrealized depreciation on investments was $1,522,224 of which $1,736,140 related to appreciated investment securities and $3,258,364 related to depreciated investment securities. At May 31, 2014, 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  32.6 
Materials  22.8 
Utilities  13.7 
Consumer Discretionary  9.6 
Energy  9.6 
Telecommunication Services  4.5 
Consumer Staples  3.8 
Money Market Investment  1.3 
Industrial  1.1 
  99.0 

 

  Based on net assets. 

 


 

The following is a summary of the inputs used as of May 31, 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+  9,730,373  -  -  9,730,373 
Equity Securities - Foreign Preferred Stocks+  5,128,611  -  -  5,128,611 
Mutual Funds  195,000  -  -  195,000 
Rights+  0  -  -  0 

 

+ 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 fund's Board. 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 21, 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:    July 21, 2014

 

By:       /s/James Windels

            James Windels

            Treasurer

 

Date:    July 21, 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)