N-Q 1 lp1.htm FORM N-Q lp1.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:

 

  05/31

 

Date of reporting period:

  02/28/18

 

             

 


 

FORM N-Q

Item 1.                        Schedule of Investments.

                       

 


 

STATEMENT OF INVESTMENTS
Dreyfus Emerging Markets Fund
February 28, 2018 (Unaudited)

Description  Shares   Value ($) 
Common Stocks - 95.9%       
Brazil - 8.7%       
Banco do Brasil  190,400   2,451,175 
BB Seguridade Participacoes  66,400   595,103 
BRF  31,200 a  287,506 
BRF, ADR  107,372 a  986,749 
Cia Energetica de Minas Gerais  52,738 a  132,377 
Cia Energetica de Minas Gerais, ADR  412,755   1,031,888 
Cia Paranaense de Energia, ADR  116,878   917,492 
Duratex  340,971   1,196,113 
Embraer, ADR  35,038   936,215 
Gerdau, ADR  246,535   1,232,675 
Klabin  60,100   331,328 
Petroleo Brasileiro  44,400 a  316,567 
Petroleo Brasileiro, ADR  141,956 a  1,993,062 
      12,408,250 
Cambodia - .7%       
NagaCorp  1,044,000   945,206 
Chile - 1.7%       
Empresa Nacional de       
Telecomunicaciones  90,593   1,055,193 
Itau CorpBanca  131,487,308   1,341,572 
      2,396,765 
China - 23.0%       
Baidu, ADR  6,774 a  1,709,351 
Bank of China, Cl. H  3,136,000   1,690,649 
China Communications Services, Cl. H  3,004,000   1,781,007 
China Conch Venture Holdings  544,000   1,627,924 
China Construction Bank, Cl. H  4,321,399   4,444,330 
China Life Insurance, Cl. H  477,000   1,402,855 
China Machinery Engineering, Cl. H  1,427,000   862,843 
China ZhengTong Auto Services       
Holdings  1,468,500   1,318,793 
ENN Energy Holdings  125,000   962,310 
Haitong Securities, Cl. H  1,090,400   1,550,910 
Industrial & Commercial Bank of China,       
Cl. H  4,291,090   3,663,084 
Lianhua Supermarket Holdings, Cl. H  1,613,000 a  526,056 
NetEase, ADR  8,734   2,562,119 
Parkson Retail Group  8,221,452   946,941 
PetroChina, Cl. H  2,220,000   1,538,807 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)       
 
 
Description  Shares   Value ($) 
Common Stocks - 95.9% (continued)       
China - 23.0% (continued)       
PICC Property & Casualty, Cl. H  760,000   1,492,523 
Ping An Insurance Group Company of       
China, Cl. H  172,000   1,810,828 
Shanghai Pharmaceuticals Holding, Cl. H  553,100   1,383,598 
Sinotrans, Cl. H  3,115,000   1,714,660 
      32,989,588 
Czech Republic - .5%       
Moneta Money Bank  185,819 b  747,494 
Greece - .5%       
Hellenic Telecommunications       
Organization  55,536   785,507 
Hong Kong - 5.7%       
Beijing Enterprises Water Group  1,816,369 a  1,173,033 
Brilliance China Automotive Holdings  436,000   1,168,140 
China Everbright International  813,000   1,247,000 
China Mobile  217,000   2,018,784 
China Resources Power Holdings  889,989   1,540,022 
Shanghai Industrial Holdings  363,000   1,011,004 
      8,157,983 
India - 7.7%       
Adani Ports & Special Economic Zone  143,248   893,236 
Apollo Tyres  172,622   721,665 
Chennai Super Kings Cricket  5,440,206 a,c  0 
Coal India  189,249   892,850 
ICICI Bank  72,575   346,379 
India Cements  306,853   744,868 
Infosys  88,382   1,581,306 
Mahindra & Mahindra  88,245   982,862 
NTPC  402,948   1,006,763 
Punjab National Bank  236,841 a  364,766 
Reliance Industries  69,784   1,016,974 
State Bank of India  424,183   1,732,229 
Steel Authority of India  602,669 a  762,443 
      11,046,341 
Indonesia - 2.1%       
Astra Agro Lestari  885,066   925,693 
Astra International  1,702,700   995,320 
Semen Indonesia Persero  1,290,100   1,041,222 
      2,962,235 
Malaysia - .7%       
Malayan Banking  387,738   1,030,946 
Mexico - 4.3%       
Alpek  1,078,140   1,399,532 
Cemex, ADR  210,902 a  1,381,408 

 


 

Description  Shares   Value ($) 
Common Stocks - 95.9% (continued)       
Mexico - 4.3% (continued)       
Gentera  533,900   436,452 
Grupo Financiero Banorte, Cl. O  230,600   1,382,451 
Mexichem  273,585   764,560 
Nemak  1,183,900 b  844,717 
      6,209,120 
Netherlands - .6%       
VEON, ADR  318,333   919,982 
Peru - .6%       
Cia de Minas Buenaventura, ADR  52,202   811,741 
Philippines - .7%       
Metropolitan Bank & Trust  517,100   969,902 
Poland - 1.5%       
Bank Pekao  55,703   2,143,481 
Qatar - .5%       
Qatar National Bank  21,191   693,773 
Russia - 2.2%       
Lukoil, ADR  6,432   430,674 
Rosneft Oil  461,063 d  2,709,713 
      3,140,387 
South Africa - 4.0%       
Aspen Pharmacare Holdings  33,689   768,101 
Pioneer Foods Group  79,578   892,862 
PPC  1,883,457 a  1,326,173 
Sasol  22,692   791,762 
Sasol, ADR  585   20,165 
Standard Bank Group  38,561   708,817 
The Foschini Group  68,363   1,232,397 
      5,740,277 
South Korea - 15.4%       
CJ CheilJedang  4,451   1,377,708 
Doosan Bobcat  38,850   1,213,393 
Hankook Tire  23,870   1,298,807 
Hyundai Heavy Industries  8,466 a  1,014,718 
Hyundai Mobis  7,160   1,499,593 
KB Financial Group  14,188   835,085 
Korea Electric Power  38,957   1,188,223 
Korea Electric Power, ADR  15,582   234,353 
LG Chem  2,487   868,479 
Mirae Asset Daewoo  124,332   1,057,077 
POSCO, ADR  15,003   1,233,847 
Samsung Electronics  2,893   6,270,056 
Samsung Fire & Marine Insurance  4,670   1,239,218 
Shinhan Financial Group  29,953   1,299,416 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)       
 
 
Description    Shares   Value ($) 
Common Stocks - 95.9% (continued)         
South Korea - 15.4% (continued)         
SK Innovation    7,870   1,484,696 
        22,114,669 
Taiwan - 10.2%         
Advanced Semiconductor Engineering    1,012,096   1,369,561 
Casetek Holdings    359,833   1,164,789 
Fubon Financial Holding    693,000   1,217,779 
Hon Hai Precision Industry    557,074   1,650,790 
Inventec    1,472,000   1,170,429 
MediaTek    88,000   887,690 
Quanta Computer    570,000   1,146,789 
Taiwan Semiconductor Manufacturing    555,638   4,563,271 
Yuanta Financial Holding    3,352,000   1,491,595 
        14,662,693 
Thailand - 1.5%         
Bangkok Bank    182,560   1,333,430 
Krung Thai Bank    1,192,300   769,205 
        2,102,635 
Turkey - 2.6%         
Coca-Cola Icecek    104,292   1,010,794 
Tupras Turkiye Petrol Rafinerileri    20,455   627,574 
Turkcell Iletisim Hizmetleri    253,539   1,018,111 
Turkiye Halk Bankasi    435,333   1,093,876 
Turkiye Is Bankasi, Cl. C        0 
Turkiye Sise ve Cam Fabrikalari        0 
        3,750,355 
United States - .5%         
iShares MSCI Emerging Markets ETF    15,768   757,179 
Total Common Stocks (cost $111,057,117)        137,486,509 
  Preferred       
  Dividend       
Preferred Stocks - 2.7%         
Brazil - 2.6%         
Banco do Estado do Rio Grande do Sul,         
Cl. B  4.8  216,600   1,210,783 
Cia Energetica de Minas Gerais  2.76  288,000   728,227 
Cia Paranaense de Energia, Cl. B  11.15  58,700   458,297 
Randon Implementos e Participacoes  0.5  478,901   1,365,802 
        3,763,109 
South Korea - .1%         
Mirae Asset Daewoo    24,612 a,d  113,639 
Total Preferred Stocks (cost $2,453,133)        3,876,748 

 


 

  Number of    
  Rights    
Rights - .0%       
Taiwan - .0%       
Fubon Financial       
(cost $0)  31,984 a  0 
 
Other Investment - 1.2%       
Registered Investment Company;       
Dreyfus Institutional Preferred       
Government Plus Money Market Fund       
(cost $1,770,055)  1,770,055 e  1,770,055 
Total Investments (cost $115,280,305)  99.8 %  143,133,312 
Cash and Receivables (Net)  .2 %  228,553 
Net Assets  100.0 %  143,361,865 
ADR—American Depository Receipt       
ETF—Exchange-Traded Fund       

 

a Non-income producing security. 
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in 
transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2018, these securities were valued 
at $1,592,211 or 1.11% of net assets.
c The fund held Level 3 securities at February 28, 2018, these securities were valued at $ or .0% of net assets. 
d The valuation of this security has been determined in good faith by management under the direction of the Board of Directors. At 
February 28, 2018, the value of this security amounted to $2,823,352 or 1.97% of net assets. 
e Investment in affiliated money market mutual fund. 

 


 

STATEMENT OF INVESTMENTS
Dreyfus Emerging Markets Fund
February 28, 2018 (Unaudited)

The following is a summary of the inputs used as of February 28, 2018 in valuing the fund’s investments:

    Level 2 - Other   Level 3 -     
  Level 1 -  Significant   Significant     
  Unadjusted  Observable   Unobservable     
  Quoted Prices  Inputs   Inputs  Total  
Assets ($)             
Investments in Securities:             
Equity Securities - Foreign             
Common Stocks  15,971,047  120,758,283   0  136,729,330  
Equity Securities - Foreign             
Preferred Stocks  -  3,876,748   -  3,876,748  
Exchange-Traded Fund  757,179  -   -  757,179  
Registered Investment             
Company  1,770,055  -   -  1,770,055  
Rights  -  -   -  -  
Liabilities ($)             
Other Financial Instruments:             
Forward Foreign Currency             
Exchange Contracts††  -  (451 )  -  (451 ) 

 

†  Securities classified within Level 2 at period end as the values were determined pursuant to the fund’s fair valuation procedures.

Amount shown represents unrealized (depreciation) at period end.

 

STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE
CONTRACTS
Dreyfus Emerging Markets Fund
February 28, 2018 (Unaudited)

Counterparty/  Purchased    Sold     
Purchased  Currency  Currency  Currency Settlement  Unrealized  
Currency  Amounts  Sold  Amounts Date (Depreciation)($)  
Citigroup           
Mexican New    United States       
Peso  2,730,816  Dollar  145,317 3/1/18  (451 ) 
Gross Unrealized Depreciation      (451 ) 
 
See notes to financial statements.           

 


 

NOTES

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 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 Receipts and 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 to not accurately reflect 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 28, 2018 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.

At February 28, 2018, accumulated net unrealized appreciation on investments was $27,853,007, consisting of $33,010,472 gross unrealized appreciation and $5,157,465 gross unrealized depreciation.

At February 28, 2018, 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 16, 2018

 

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 16, 2018

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    April 16, 2018

 

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)