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

811-07502

 

 

 

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)

 

 

 

 

 

Bennett A. MacDougall, Esq.

200 Park Avenue

New York, New York  10166

 

 

(Name and address of agent for service)

 

 

Registrant's telephone number, including area code: 

(212) 922-6400

 

 

Date of fiscal year end:

 

  5/31

 

Date of reporting period:

 02/29/2016

 

             

 

 

 

 


 

FORM N-Q

Item 1.                         Schedule of Investments.


 

STATEMENT OF INVESTMENTS
Dreyfus Emerging Markets Fund
February 29, 2016 (Unaudited)

Common Stocks - 96.5%  Shares   Value ($) 
Brazil - 8.3%       
BM&FBovespa  364,000   1,053,325 
Cia de Saneamento Basico do Estado de Sao Paulo, ADR  31,050   172,948 
Cia Hering  213,600   704,278 
Duratex  548,200   830,037 
Gerdau, ADR  561,404   494,035 
Hypermarcas  81,700 a  512,717 
Itau Unibanco Holding, ADR  235,297   1,482,371 
JBS  261,900   743,525 
Magnesita Refratarios  98,380 a  376,806 
Mills Estruturas e Servicos de Engenharia  153,500 a  89,450 
Petroleo Brasileiro, ADR  336,546 a  1,211,566 
Telefonica Brasil, ADR  140,027   1,341,459 
Vale, ADR  212,261   456,361 
      9,468,878 
Cambodia - .6%       
NagaCorp  1,162,000   637,466 
Chile - 1.6%       
Cencosud  449,783   975,242 
ENTEL Chile  98,535   828,592 
      1,803,834 
China - 16.9%       
Anhui Conch Cement, Cl. H  611,000   1,210,492 
Baoxin Auto Group  956,600   599,441 
China Communications Services, Cl. H  5,284,000   2,123,794 
China Construction Bank, Cl. H  6,486,399   3,805,263 
China Life Insurance, Cl. H  486,000   1,061,107 
China Railway Construction, Cl. H  564,500   533,631 
China Shenhua Energy, Cl. H  538,500   754,185 
China ZhengTong Auto Services Holdings  528,000   184,391 
CNOOC  1,550,000   1,632,895 
Guangzhou Automobile Group, Cl. H  653,603   568,690 
Industrial & Commercial Bank of China, Cl. H  5,880,590   2,911,292 
Lianhua Supermarket Holdings, Cl. H  2,277,000 a  695,962 
Ping An Insurance Group Company of China, Cl. H  295,000   1,247,806 
Weichai Power, Cl. H  1,363,000   1,240,798 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks - 96.5% (continued)  Shares   Value ($) 
China - 16.9% (continued)       
Zhejiang Expressway, Cl. H  752,000   665,465 
      19,235,212 
Hong Kong - 13.7%       
Brilliance China Automotive Holdings  960,000   782,510 
China Mobile  295,500   3,130,249 
China Resources Cement Holdings  1,592,000   394,317 
China Resources Power Holdings  1,037,989   1,678,814 
COSCO Pacific  3,605,228   3,765,543 
Galaxy Entertainment Group  330,000   1,105,370 
Lee & Man Paper Manufacturing  1,009,000   586,561 
NWS Holdings  289,262   410,305 
Parkson Retail Group  12,086,452   1,427,706 
Shanghai Industrial Holdings  1,051,000   2,265,321 
      15,546,696 
Hungary - 1.0%       
Richter Gedeon  65,216   1,157,321 
India - 9.3%       
Bank of India  676,251   822,416 
ICICI Bank  263,461   738,575 
India Cements  1,119,829 a  1,087,626 
NMDC  444,458   528,963 
NTPC  625,673   1,093,000 
Oriental Bank of Commerce  287,452   320,757 
Power Grid Corporation of India  412,609   783,836 
Punjab National Bank  383,609   398,370 
Reliance Industries  176,195   2,487,465 
Rolta India  397,903   399,489 
State Bank of India  590,345   1,368,217 
Steel Authority of India  779,254   398,357 
Vedanta  171,795   177,867 
      10,604,938 
Indonesia - .8%       
Astra Agro Lestari  200   222 
Astra International  1,745,100   887,121 
Bank Mandiri  16,400   11,709 
      899,052 
Malaysia - .7%       
CIMB Group Holdings  697,053   749,154 
Mexico - 2.4%       
Alpek  400,040   599,288 

 


 

Common Stocks - 96.5% (continued)  Shares   Value ($) 
Mexico - 2.4% (continued)       
Consorcio ARA  625,549   190,114 
Controladora Vuela Compania de Aviacion, ADR  22,462 a  439,357 
Grupo Financiero Santander Mexico, Cl. B, ADR  192,335   1,536,757 
      2,765,516 
Philippines - .3%       
Metropolitan Bank & Trust  226,380   359,726 
Poland - 2.5%       
Powszechna Kasa Oszczednosci Bank Polski  253,337 a  1,546,270 
Powszechny Zaklad Ubezpieczen  151,631   1,302,912 
      2,849,182 
Russia - 4.1%       
Gazprom, ADR  241,454   889,396 
Lukoil, ADR  37,894   1,335,281 
MegaFon, GDR  61,562   718,879 
Rosneft, GDR  136,552   511,171 
Sberbank of Russia, ADR  193,425   1,173,281 
      4,628,008 
South Africa - 1.9%       
Barclays Africa Group  100,068   851,636 
Imperial Holdings  101,235   760,034 
Shoprite Holdings  23,254   225,241 
The Foschini Group  42,289   310,517 
      2,147,428 
South Korea - 19.4%       
E-Mart  10,405   1,479,273 
Hyundai Engineering & Construction  29,587   905,887 
Hyundai Marine & Fire Insurance  16,513   410,196 
Hyundai Mobis  4,512   906,669 
Hyundai Motor  17,944   2,145,764 
KB Financial Group  84,525   2,025,010 
Korea Electric Power  23,412   1,113,079 
KT  24,507   572,234 
KT, ADR  49,747   593,482 
LG Chem  2,669   646,020 
LG Display  44,466   882,547 
LG Electronics  12,510   654,725 
Lotte Shopping  7,725   1,558,046 
POSCO  8,286   1,338,982 
Samsung Electronics  6,061   5,761,733 
Shinhan Financial Group  31,593   967,380 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks - 96.5% (continued)  Shares   Value ($) 
South Korea - 19.4% (continued)       
Shinsegae  464   79,563 
      22,040,590 
Taiwan - 9.1%       
Advanced Semiconductor Engineering  693,840   786,534 
Casetek Holdings  106,000   573,416 
Compal Electronics  1,785,000   1,047,270 
Hon Hai Precision Industry  624,340   1,462,632 
MediaTek  185,000   1,303,450 
Mega Financial Holding  545,000   358,659 
Radiant Opto-Electronics  314,570   620,564 
Shin Kong Financial Holding  4,377,713   822,000 
Simplo Technology  217,000   693,812 
Taiwan Semiconductor Manufacturing  597,638   2,690,014 
      10,358,351 
Thailand - 2.2%       
Bangkok Bank  419,760   1,955,441 
Thai Oil  271,500   483,837 
Thai Union Group  177,100   98,856 
      2,538,134 
Turkey - .9%       
Turkiye Halk Bankasi  301,608   1,016,288 
Turkiye Sise ve Cam Fabrikalari  1   1 
      1,016,289 
United Arab Emirates - .8%       
Emaar Properties  546,216   870,004 
Total Common Stocks (cost $118,766,343)      109,675,779 
Preferred Stocks - 1.8%  Shares   Value ($) 
Brazil - 1.8%       
Banco do Estado do Rio Grande do Sul, Cl. B  646,000   900,898 
Itausa - Investimentos Itau  161,368   274,067 
Marcopolo  931,100   477,660 
Randon Participacoes  804,400   430,691 
(cost $3,124,354)      2,083,316 
  Number of    
Rights - .0%  Rights   Value ($) 
Brazil - .0%       
Duratex SA       
(cost $13,850)  18,707 a  12,252 

 


 

Other Investment - 1.0%  Shares   Value ($) 
Registered Investment Company;       
Dreyfus Institutional Preferred Plus Money Market Fund       
(cost $1,086,361)  1,086,361 b  1,086,361 
Total Investments (cost $122,990,908)  99.3 %  112,857,708 
Cash and Receivables (Net)  .7 %  782,779 
Net Assets  100.0 %  113,640,487 

 

ADR—American Depository Receipt
GDR—Global Depository Receipt

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

 

 

 

Portfolio Summary (Unaudited)  Value (%) 
Financials  28.5 
Information Technology  14.8 
Consumer Discretionary  11.7 
Industrials  9.5 
Energy  8.2 
Telecommunication Services  8.2 
Materials  8.0 
Utilities  4.3 
Consumer Staples  4.2 
Health Care  1.0 
Money Market Investment  .9 
  99.3 

 

 

† Based on net assets. 
See notes to financial statements. 

 

STATEMENT OF INVESTMENTS
Dreyfus Emerging Markets Fund
February 29, 2016 (Unaudited)

The following is a summary of the inputs used as of February 29, 2016 in valuing the fund’s investments:

    Level 2 - Other   Level 3 -   
  Level 1 -  Significant   Significant   
  Unadjusted  Observable   Unobservable   
  Quoted Prices  Inputs   Inputs  Total 
Assets ($)           
Investments in Securities:           
Equity Securities - Foreign Common           
Stocks†  8,617,732  101,058,047 ††  -    109,675,779  
Equity Securities - Foreign Preferred           
Stocks†  -  2,083,316 ††  -  2,083,316 
 
Mutual Funds  1,086,361  -   -  1,086,361 
Rights†  -  12,252 ††  -  12,252 
Other Financial Instruments:           
Forward Foreign Currency Exchange           
Contracts†††  -  100   -  100 

 

  See Statement of Investments for additional detailed categorizations. 
††  Securities classified within Level 2 at period end as the values were determined pursuant to the fund's fair valuation procedures. See 
  note above for additional information. 
††† Amount shown represents unrealized appreciation at period end. 

 


 

NOTES

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. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not


 

NOTES

traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

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. These securities are generally categorized within Level 2 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 American Depository Receiptsand financial futures. 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 Members (the "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 of the fair value hierarchy depending on the relevant inputs used.

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.

Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange.

Forward foreign currency exchange contracts ("forward contracts") are valued at the forward rate and are generally categorized within Level 2 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 at February 29, 2016 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


 

NOTES

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 or unrealized gains or losses which occurred during the period are 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 generally limited to the unrealized gain on each open contract. This risk may be mitigated by Master Agreements, if any, between the fund and the counterparty and the posting of collateral, if any, by the counterparty to the fund to cover the fund’s exposure to the counterparty. The following summarizes open forward contracts at February 29, 2016.

Forward Foreign         
Currency         
Exchange  Foreign Currency  Cost/    Unrealized 
Contracts  Amounts  Proceeds ($)  Value ($)  Appreciation ($) 
Sales:         
UBS         
Hong Kong Dollar         
Expiring         
3/1/2016  1,633,104  210,063  209,963  100 
Gross Unrealized Appreciation      100 

 

At February 29, 2016, accumulated net unrealized depreciation on investments was $10,133,200, consisting of $13,621,143 gross unrealized appreciation and $23,754,343 gross unrealized depreciation.

At February 29, 2016, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC 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 25, 2016

 

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 25, 2016

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    April 25, 2016

 

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)