N-Q 1 lp1327.htm FORM N-Q lp1327.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:     02/28/2015

 

 

 

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, 2015 (Unaudited)       
 
 
Common Stocks--96.0%  Shares   Value ($) 
Brazil--9.7%       
BM&FBovespa  2,010,600   7,111,026 
Brasil Insurance Participacoes e Administracao  783,900   856,042 
Cia de Saneamento Basico do Estado de Sao Paulo, ADR  815,393   4,810,819 
Cia Hering  376,100   2,359,609 
Duratex  980,000   2,620,238 
EDP - Energias do Brasil  1,298,600   4,121,668 
Gerdau, ADR  1,286,270   4,591,984 
Grupo BTG Pactual  65,700   631,137 
Itau Unibanco Holding, ADR  574,102   7,337,024 
Magnesita Refratarios  2,801,600   1,865,266 
Oi, ADR  429,768 a  898,215 
Petroleo Brasileiro, ADR  1,633,781   10,831,968 
Sul America  208,900   962,541 
Telefonica Brasil, ADR  277,160   5,138,546 
Vale, ADR  993,300   6,426,651 
      60,562,734 
Chile--1.6%       
Cencosud  2,086,459   5,139,686 
ENTEL Chile  490,534   5,206,277 
      10,345,963 
China--18.1%       
Air China, Cl. H  1,274,000   1,130,137 
Anhui Conch Cement, Cl. H  2,350,000   7,984,025 
Baoxin Auto Group  3,741,100   2,488,986 
Beijing Capital International Airport, Cl. H  5,652,000   5,327,126 
China Communications Services, Cl. H  19,382,000   8,896,557 
China Construction Bank, Cl. H  22,691,399   18,870,977 
China Life Insurance, Cl. H  1,269,000   5,440,348 
China Railway Construction, Cl. H  1,670,500   2,039,717 
China ZhengTong Auto Services Holdings  4,006,000   2,107,388 
CNOOC  6,553,000   9,412,365 
Dongfang Electric, Cl. H  1,532,200   3,097,668 
Guangzhou Automobile Group, Cl. H  4,869,603   4,671,323 
Industrial & Commercial Bank of China, Cl. H  19,896,590   14,520,062 
Lianhua Supermarket Holdings, Cl. H  10,570,000 a  4,906,264 
Ping An Insurance Group Company of China, Cl. H  764,000   8,496,222 
Weichai Power, Cl. H  1,236,000   5,019,985 
West China Cement  25,202,000   3,281,934 
Wumart Stores, Cl. H  7,781,000   5,658,325 
      113,349,409 
Greece--.4%       
National Bank of Greece  1,536,797 a  2,304,456 
Hong Kong--7.4%       
China Mobile  535,000   7,270,559 
China Mobile, ADR  41,176   2,789,674 

 


 

China Resources Power Holdings  2,161,000   5,725,850 
COSCO Pacific  6,883,832   9,923,057 
Global Bio-Chem Technology Group  33,916,980 a  997,069 
NWS Holdings  288,306   521,908 
Parkson Retail Group  32,939,500   7,092,623 
Shanghai Industrial Holdings  4,061,000   12,304,791 
      46,625,531 
Hungary--1.6%       
OTP Bank  286,252   4,531,729 
Richter Gedeon  393,676   5,716,050 
      10,247,779 
India--11.6%       
Bank of India  1,277,083 a  4,868,001 
Bharat Heavy Electricals  421,873   1,843,695 
ICICI Bank  806,127   4,369,111 
IDFC  499,742   1,338,132 
India Cements  5,206,845 a  8,439,841 
NMDC  2,258,576   5,225,732 
NTPC  1,685,921   4,240,820 
Oriental Bank of Commerce  301,843   1,177,239 
Power Grid Corporation of India  1,404,012   3,568,810 
Punjab National Bank  1,388,815 a  3,733,543 
Reliance Industries  1,052,115   14,563,714 
Rolta India  1,620,076   4,646,201 
Sesa Sterlite  869,430   3,055,419 
South Indian Bank  1,694,651   756,773 
State Bank of India  1,445,297   7,013,099 
Steel Authority of India  3,392,870   3,859,215 
      72,699,345 
Indonesia--.1%       
Aneka Tambang Persero  4,186,800   325,550 
Malaysia--.9%       
CIMB Group Holdings  3,409,355   5,628,652 
Mexico--2.0%       
Alpek  1,828,040 a  2,207,976 
Consorcio ARA  3,253,000 a  1,545,052 
Controladora Vuela Compania de Aviacion, ADR  612,875 a  6,159,394 
Grupo Financiero Banorte, Ser. O  477,600   2,584,527 
      12,496,949 
Poland--1.2%       
Powszechna Kasa Oszczednosci Bank Polski  872,720   7,675,161 
Qatar--.4%       
Commercial Bank of Qatar  120,923   2,291,498 
Russia--4.7%       
Gazprom, ADR  2,345,371   11,703,401 
MegaFon, GDR  159,095   2,801,663 
Moscow Exchange MICEX-RTS  3,244,773 b  4,036,984 
Rosneft, GDR  1,068,983   4,618,007 
Sberbank of Russia, ADR  1,178,780   5,991,739 
      29,151,794 
South Africa--1.5%       
Aveng  1,505,298 a  2,014,118 

 


 

Standard Bank Group  560,817   7,331,265 
      9,345,383 
South Korea--20.9%       
E-Mart  19,585   3,827,600 
Hite Jinro  81,329 a  1,693,196 
Hyundai Engineering & Construction  78,846   3,548,806 
Hyundai Mobis  23,078   5,246,195 
Hyundai Motor  73,545   10,754,838 
KB Financial Group  467,080   16,597,075 
Korea Electric Power  247,676   10,087,119 
Korean Reinsurance  97,679   925,572 
KT  108,690 a  3,030,308 
KT, ADR  324,782   4,550,196 
LG Chem  27,799   5,825,493 
LG Electronics  118,490   6,671,844 
Lotte Shopping  22,149   5,045,100 
NongShim  20,013   4,622,382 
POSCO  24,722   6,025,361 
POSCO, ADR  18,330   1,111,531 
Samsung Electronics  21,350   26,396,930 
Shinhan Financial Group  144,124   5,738,435 
Shinsegae  41,308   6,492,306 
Tongyang Life Insurance  235,547   2,553,878 
      130,744,165 
Taiwan--9.1%       
Advanced Semiconductor Engineering  1,689,840   2,276,078 
Compal Electronics  9,738,000   7,565,904 
First Financial Holding  5,442,939   3,214,982 
Hon Hai Precision Industry  3,591,277   9,960,205 
Nan Ya Printed Circuit Board  2,722,020 a  3,839,691 
Radiant Opto-Electronics  1,915,570   6,313,055 
Shin Kong Financial Holding  23,243,763   6,675,967 
Simplo Technology  614,000   3,049,960 
Taiwan Semiconductor Manufacturing  1,885,638   9,036,412 
United Microelectronics  9,453,845   4,816,479 
      56,748,733 
Thailand--3.1%       
Bangkok Bank  1,598,960   9,100,174 
PTT Global Chemical  4,117,000   7,131,209 
Thai Oil  1,955,300   3,175,170 
      19,406,553 
Turkey--.6%       
Turkiye Halk Bankasi  645,336   3,845,726 
Turkiye Sise ve Cam Fabrikalari  1   1 
      3,845,727 
United Arab Emirates--.5%       
Emaar Properties  1,620,764   3,331,682 
United States--.6%       
iShares MSCI Emerging Markets ETF  87,040   3,546,010 
Total Common Stocks       
(cost $637,952,824)      600,673,074 

 


 

Preferred Stocks--2.0%       
Brazil       
Banco do Estado do Rio Grande do Sul, Cl. B  902,900   4,048,936 
Gerdau  731,300   2,619,928 
Itau Unibanco Holding  2,700   34,716 
Itausa - Investimentos Itau  998,600   3,549,405 
Metalurgica Gerdau  132,600   521,291 
Randon Participacoes  1,223,400   1,663,522 
Total Preferred Stocks       
(cost $16,885,127)      12,437,798 
  Number of    
Rights--.0%  Rights   Value ($) 
Brazil       
Itausa - Investimentos Itau       
(cost $9,007)  7,329 a  8,778 
 
Other Investment--.7%  Shares   Value ($) 
Registered Investment Company;       
Dreyfus Institutional Preferred Plus Money Market Fund       
(cost $4,270,000)  4,270,000 c  4,270,000 
 
Total Investments (cost $659,116,958)  98.7 %  617,389,650 
Cash and Receivables (Net)  1.3 %  8,418,937 
Net Assets  100.0 %  625,808,587 
 
ADR-- American Depository Receipts       
ETF -- Exchange-Traded Fund       
GDR -- Global Depository Receipts       
MICEX -- Moscow Interbank Currency Exchange       
RTS -- Russian Trading System       

 

a  Non-income producing security. 
b  The valuation of this security has been determined in good faith by management under the direction 
  of the Board of Directors. At February 28, 2015, the value of this security amounted to $4,036,984 
  or 0.6% of net assets. 
c  Investment in affiliated money market mutual fund. 

 

At February 28, 2015, net unrealized depreciation on investments was $41,727,308 of which $73,748,772 related to appreciated investment securities and $115,476,080 related to depreciated investment securities. At February 28, 2015, the cost of investments for federal income tax purposes was substantially the same as the costfor financial reporting purposes.

Portfolio Summary (Unaudited) †  Value (%) 
Financial  30.2 
Information Technology  13.5 
Materials  11.7 
Energy  8.7 
Industrial  8.5 
Consumer Discretionary  7.9 
Telecommunication Services  6.5 
Utilities  5.2 
Consumer Staples  4.3 

 


 

Health Care  .9 
Money Market Investment  .7 
Exchange-Traded Funds  .6 
  98.7 
† Based on net assets.   

 


 

The following is a summary of the inputs used as of February 28, 2015 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+  593,090,080  4,036,984  -  597,127,064 
Equity Securities - Foreign Preferred Stocks+  12,437,798  -  -  12,437,798 
Exchange-Traded Funds  3,546,010  -  -  3,546,010 
Mutual Funds  4,270,000  -  -  4,270,000 
Rights+  8,778  -  -  8,778 
+ 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:    April 20, 2015

 

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 20, 2015

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    April 20, 2015

 

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)