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:

 

  05/31

 

Date of reporting period:

  08/31/18

 

             

 


 

FORM N-Q

Item 1.             Schedule of Investments.

 


 

STATEMENT OF INVESTMENTS
Dreyfus Emerging Markets Fund
August 31, 2018 (Unaudited)

Description  Shares   Value ($) 
Common Stocks - 96.3%       
Brazil - 4.3%       
Banco do Brasil  113,000   842,000 
BRF  93,400 a  462,517 
BRF, ADR  157,187 a  784,363 
Cia Energetica de Minas Gerais, ADR  412,755   738,831 
Gerdau, ADR  270,918   1,056,580 
MRV Engenharia e Participacoes  176,600   566,251 
Petroleo Brasileiro  116,400   631,854 
      5,082,396 
Cambodia - .6%       
NagaCorp  648,000   679,476 
Chile - .7%       
Itau CorpBanca  86,392,233   815,221 
China - 33.2%       
Alibaba Group Holding, ADR  15,582 a  2,727,006 
Baidu, ADR  6,846 a  1,550,482 
China Communications Services, Cl. H  2,686,000   2,224,431 
China Conch Venture Holdings  277,000   952,891 
China Construction Bank, Cl. H  4,559,399   4,037,308 
China Life Insurance, Cl. H  829,000   1,873,733 
China Machinery Engineering  1,872,000   911,106 
China ZhengTong Auto Services       
Holdings  2,132,000   1,306,567 
CNOOC, ADR  18,458   3,280,171 
ENN Energy Holdings  67,000   610,352 
Geely Automobile Holdings  377,000   801,193 
Guangzhou Automobile Group, Cl. H  658,000   714,274 
Hengan International Group  126,500   1,138,681 
Industrial & Commercial Bank of China,       
Cl. H  4,837,090   3,562,144 
Lianhua Supermarket Holdings, Cl. H  1,002,000 a  255,327 
Midea Group  47,100   286,892 
Parkson Retail Group  7,174,452 a  776,975 
PetroChina, ADR  3,980 a  294,759 
PetroChina, Cl. H  3,184,000   2,369,111 
PICC Property & Casualty, Cl. H  1,140,000   1,283,975 
Ping An Insurance Group Company of       
China, Cl. H  202,000   1,945,686 
Semiconductor Manufacturing       
International  669,500 a  789,880 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description  Shares   Value ($) 
Common Stocks - 96.3% (continued)       
China - 33.2% (continued)       
Shanghai Pharmaceuticals Holding, Cl. H  487,000   1,278,191 
Tencent Holdings  89,900   3,894,378 
      38,865,513 
Colombia - 1.0%       
Bancolombia, ADR  26,206   1,136,292 
Greece - 1.0%       
Hellenic Telecommunications       
  Organization  95,045   1,212,455 
Hong Kong - 5.2%       
Beijing Enterprises Water Group  3,332,369 a  1,817,173 
China Everbright International  979,000   824,487 
China Overseas Land & Investment  396,000   1,253,779 
China Resources Power Holdings  751,989   1,354,754 
Shanghai Industrial Holdings  363,000   864,864 
      6,115,057 
Hungary - 1.2%       
Richter Gedeon  71,771   1,410,361 
India - 7.7%       
Aurobindo Pharma  87,295   877,242 
Coal India  295,592   1,191,724 
ICICI Bank  221,253   1,068,734 
ICICI Bank, ADR  56,687   545,896 
India Cements  443,651   790,645 
Indian Oil  349,626   766,773 
Mahindra & Mahindra  45,390   617,754 
Reliance Industries  53,295   932,994 
State Bank of India  366,439 a  1,599,542 
Tata Steel  74,371   629,665 
      9,020,969 
Indonesia - 2.0%       
Astra International  2,003,000   985,862 
Telekomunikasi Indonesia  5,812,100   1,377,069 
      2,362,931 
Mexico - 5.3%       
Alpek  622,740   917,230 
Cemex  440,900 a  312,468 
Cemex, ADR  219,242 a  1,554,426 
Gentera  733,600   744,534 
Grupo Financiero Banorte, Cl. O  256,700   1,750,858 
Mexichem  273,585   923,203 
      6,202,719 
Philippines - .8%       
Metropolitan Bank & Trust  708,195   970,212 

 


 

Description  Shares   Value ($) 
Common Stocks - 96.3% (continued)       
Poland - 1.5%       
Bank Polska Kasa Opieki  55,703   1,755,981 
Russia - 3.9%       
LUKOIL  22,035   1,534,594 
Lukoil, ADR  11,642   803,298 
Sberbank of Russia  553,080   1,490,960 
Sberbank of Russia, ADR  65,269   708,495 
      4,537,347 
South Africa - 4.9%       
Absa Group  71,413   789,941 
Aspen Pharmacare Holdings  47,300   938,017 
Barloworld  91,691   779,951 
Sasol  39,334   1,541,775 
Sasol, ADR  19,738   774,914 
The Foschini Group  82,323   978,072 
      5,802,670 
South Korea - 14.3%       
CJ CheilJedang  5,150   1,584,580 
Hankook Tire  31,212   1,308,036 
Hyundai Engineering & Construction  13,607   733,432 
Hyundai Mobis  5,645   1,135,948 
KB Financial Group  20,544   954,161 
KB Financial Group, ADR  6,652   304,728 
LG Chem  2,966   975,211 
POSCO  466   136,683 
POSCO, ADR  17,320   1,255,873 
Samsung Electronics  110,695   4,818,014 
Samsung Fire & Marine Insurance  4,670   1,111,755 
Shinhan Financial Group  26,397   1,033,921 
SK Telecom  855   201,624 
SK Telecom, ADR  44,204   1,149,746 
      16,703,712 
Taiwan - 7.3%       
ASE Technology Holding  440,048 a  1,078,809 
Fubon Financial Holding  726,000   1,203,106 
Taiwan Semiconductor Manufacturing  630,638   5,256,172 
Yuanta Financial Holding  2,043,000   1,034,304 
      8,572,391 
Thailand - 1.4%       
Krung Thai Bank  2,716,000   1,609,850 
Total Common Stocks (cost $101,461,620)      112,855,553 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Exchange-Traded Funds - 1.5%           
United States - 1.5%           
iShares MSCI Emerging Markets ETF           
(cost $1,732,116)      40,532   1,749,766 
  Preferred        
  Dividend        
  Yield (%)        
Preferred Stocks - 1.2%           
Brazil - 1.2%           
Banco do Estado do Rio Grande do Sul,           
Cl. B  7.14   164,800   597,198 
Cia Brasileira de Distribuicao  1.13   38,200   764,544 
Total Preferred Stocks (cost $1,077,909)          1,361,742 
      Number of    
      Rights    
Rights - .0%           
Hong Kong - .0%           
China Everbright International           
(cost $0)      362,592   28,181 
  7-Day        
  Yield (%)        
Investment Companies - .8%           
Registered Investment Companies - .8%           
Dreyfus Institutional Preferred           
Government Plus Money Market Fund           
(cost $910,484)  1.91   910,484 b  910,484 
Total Investments (cost $105,182,129)      99.8 %  116,905,726 
Cash and Receivables (Net)      .2 %  221,228 
Net Assets      100.0 %  117,126,954 

 

ADR—American Depository Receipt
ETF—Exchange-Traded Fund

a Non-income producing security. 
b Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the 
respective investment company’s prospectus. 

 


 

STATEMENT OF INVESTMENTS
Dreyfus Emerging Markets Fund
August 31, 2018 (Unaudited)

The following is a summary of the inputs used as of August 31, 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 ($)             
Investments in Securities:             
Equity Securities - Foreign             
Common Stocks  108,220,149  4,635,404   -  112,855,553  
Equity Securities - Foreign             
Preferred Stocks  1,361,742  -   -  1,361,742  
Exchange-Traded Fund  1,749,766  -   -  1,749,766  
Registered Investment             
Company  910,484  -   -  910,484  
Rights  -  28,181   -  28,181  
Other Financial Instruments:             
Forward Foreign Currency             
Exchange Contracts††  -  64   -  64  
Liabilities ($)             
Other Financial Instruments:             
Forward Foreign Currency             
Exchange Contracts††  -  (624 )  -  (624 ) 

 

  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 appreciation (depreciation) at period end. 

 


 

STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE
CONTRACTS
Dreyfus Emerging Markets Fund
August 31, 2018 (Unaudited)

Counterparty/  Purchased    Sold    Unrealized  
Purchased  Currency  Currency  Currency Settlement  Appreciation  
Currency  Amounts  Sold  Amounts  Date   (Depreciation)($)  
Citigroup             
United States             
Dollar  28,617  Brazilian Real  118,990  9/4/18  (587 ) 
Morgan Stanley             
    United States         
Hong Kong Dollar  6,506,319  Dollar  828,971  9/4/18  64  
UBS Securities             
United States             
Dollar  239,993 Hong Kong Dollar 1,883,765  9/4/18  (37 ) 
Gross Unrealized Appreciation        64  
Gross Unrealized Depreciation        (624 ) 

 

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 not to 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 such securities 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 August 31, 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 August 31, 2018, accumulated net unrealized appreciation on investments was $11,723,597, consisting of $18,458,863 gross unrealized appreciation and $6,735,266 gross unrealized depreciation.

At August 31, 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:    October 19, 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:    October 19, 2018

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    October 19, 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)