N-Q 1 lp1-327.htm FORM N-Q lp1-327.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:

  02/28/19

 

             

 


 

FORM N-Q

Item 1.                  Schedule of Investments.

 


 

STATEMENT OF INVESTMENTS
Dreyfus Emerging Markets Fund
February 28, 2019 (Unaudited)

Description  Shares   Value ($) 
Common Stocks - 96.8%       
Brazil - 8.0%       
Banco do Brasil  52,300   704,546 
BRF  177,500 a  972,998 
BRF, ADR  157,187 a  861,385 
Cia Energetica de Minas Gerais, ADR  246,225   940,579 
Gerdau, ADR  232,273   940,706 
Klabin  214,700   1,035,732 
MRV Engenharia e Participacoes  95,300   342,772 
Oi  1,399,600 a  670,708 
Petroleo Brasileiro, ADR  80,306   1,150,785 
Vale  88,100 a  1,103,550 
      8,723,761 
China - 28.7%       
Alibaba Group Holding, ADR  25,260 a  4,623,338 
China Communications Services, Cl. H  1,224,000 a  1,230,276 
China Conch Venture Holdings  241,000 a  804,382 
China Construction Bank, Cl. H  3,636,399 a  3,233,487 
China Life Insurance, Cl. H  803,000 a  2,209,599 
CNOOC, ADR  19,275 a  3,348,260 
ENN Energy Holdings  152,000 a  1,568,458 
Geely Automobile Holdings  396,000 a  743,596 
Guangzhou Automobile Group, Cl. H  606,000 a  744,979 
Hengan International Group  126,500 a  1,022,507 
Industrial & Commercial Bank of China,       
Cl. H  3,477,090 a  2,675,451 
Midea Group, Cl. A  94,900 a  678,160 
PetroChina, ADR  3,980 a  262,123 
PetroChina, Cl. H  1,280,000 a  846,294 
Ping An Insurance Group Company of       
   China, Cl. H  84,000   884,436 
Semiconductor Manufacturing       
   International  997,000 a  1,009,733 
Shanghai Pharmaceuticals Holding, Cl. H  503,200 a  1,130,794 
Tencent Holdings  103,550 a  4,429,707 
      31,445,580 
Colombia - 1.2%       
Bancolombia, ADR  26,206   1,266,798 
Czech Republic - .5%       
Moneta Money Bank  163,080 a,b  577,536 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description  Shares   Value ($) 
Common Stocks - 96.8% (continued)       
Greece - 1.2%       
Hellenic Telecommunications       
Organization  99,739 a  1,264,947 
Hong Kong - 6.6%       
Beijing Enterprises Water Group  2,288,369 a  1,370,150 
China Everbright International  1,296,928 a  1,268,882 
China Mobile, ADR  27,036 a  1,424,527 
China Overseas Land & Investment  380,000 a  1,399,025 
China Resources Power Holdings  411,989 a  780,967 
Shanghai Industrial Holdings  433,000 a  970,833 
      7,214,384 
Hungary - 1.3%       
Richter Gedeon  73,412 a  1,421,459 
India - 7.8%       
Adani Ports & Special Economic Zone  189,128 a  866,450 
Aurobindo Pharma  63,429   634,992 
Bank of Baroda  208,819 a  296,525 
Chennai Super Kings Cricket  5,440,206 a,c  0 
Coal India  281,052   902,118 
ICICI Bank  148,461 a  730,864 
ICICI Bank, ADR  34,830 a  343,424 
India Cements  443,651 a  546,718 
Maruti Suzuki India  5,893 a  565,859 
Reliance Industries  84,951 a  1,470,328 
State Bank of India  416,644 a  1,576,043 
Tata Steel  93,479 a  657,726 
      8,591,047 
Indonesia - 1.7%       
Telekomunikasi Indonesia  4,332,400 a  1,188,773 
Vale Indonesia  2,483,600 a  660,292 
      1,849,065 
Mexico - 2.6%       
Alpek  305,740 a  448,111 
Cemex, ADR  162,982 a  790,463 
Grupo Financiero Banorte, Cl. O  148,900 a  810,705 
Mexichem  344,685   838,232 
      2,887,511 
Peru - .5%       
Cia de Minas Buenaventura, ADR  31,701 a  527,505 
Philippines - 1.0%       
Metropolitan Bank & Trust  779,885   1,146,003 
Poland - 1.4%       
Bank Pekao  51,978   1,556,359 
Russia - 5.0%       
Gazprom, ADR  59,289 a  281,267 

 


 

Description  Shares   Value ($) 
Common Stocks - 96.8% (continued)       
Russia - 5.0% (continued)       
Lukoil  18,345 d  1,530,651 
Lukoil, ADR  6,307   524,742 
Moscow Exchange MICEX-RTS  673,730 a,d  932,165 
Sberbank of Russia  521,058 a  1,644,329 
Sberbank of Russia, ADR  40,962 a  522,675 
      5,435,829 
South Africa - 3.8%       
Barloworld  94,821   848,452 
Sasol  40,290   1,228,904 
Sasol, ADR  19,738   602,798 
Standard Bank Group  53,281   732,504 
The Foschini Group  57,562   701,669 
      4,114,327 
South Korea - 13.3%       
CJ CheilJedang  2,468   706,585 
E-MART  5,688   910,323 
Hankook Tire  19,023   723,067 
Hyundai Engineering & Construction  10,799   549,216 
Hyundai Heavy Industries  4,398 a  514,214 
Hyundai Mobis  6,475   1,269,438 
KB Financial Group  23,171   913,696 
KB Financial Group, ADR  6,652   261,623 
Korea Electric Power  16,696   517,343 
Korea Electric Power, ADR  11,232   171,962 
POSCO, ADR  17,320   1,009,756 
Samsung Electronics  102,827   4,123,320 
Samsung Fire & Marine Insurance  1,846   494,860 
Shinhan Financial Group  26,397   1,024,477 
SK Innovation  4,882   816,054 
SK Telecom, ADR  24,619   630,246 
      14,636,180 
Taiwan - 8.5%       
ASE Technology Holding  440,048 a  899,356 
Delta Electronics  258,000 a  1,286,793 
Fubon Financial Holding  761,000 a  1,125,063 
Quanta Computer  309,000 a  574,295 
Taiwan Semiconductor Manufacturing  582,638 a  4,524,572 
Yuanta Financial Holding  1,572,000 a  891,310 
      9,301,389 
Thailand - 1.1%       
Krung Thai Bank  1,943,900   1,190,552 
Turkey - 1.4%       
Cola-Cola Icecek  106,215   668,538 
Turkcell Iletisim Hizmetleri  255,471   684,351 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description      Shares   Value ($) 
Common Stocks - 96.8% (continued)           
Turkey - 1.4% (continued)           
Turkcell Iletisim Hizmetleri, ADR      36,358   239,963 
          1,592,852 
United Arab Emirates - 1.2%           
DP World      36,172 a  579,114 
Dubai Islamic Bank      558,758   794,097 
          1,373,211 
Total Common Stocks (cost $93,598,245)          106,116,295 
 
Exchange-Traded Funds - 1.1%           
United States - 1.1%           
iShares MSCI Emerging Markets ETF           
(cost $1,151,336)      28,470   1,208,267 
  Preferred        
  Dividend        
  Yield (%)        
Preferred Stocks - .6%           
Brazil - .6%           
Banco do Estado do Rio Grande do Sul,           
Cl. B           
(cost $145,002)  8.24   102,400   679,368 
  1-Day       
  Yield (%)        
Investment Companies - 1.1%           
Registered Investment Companies - 1.1%           
Dreyfus Institutional Preferred           
Government Plus Money Market Fund           
(cost $1,166,780)  2.41   1,166,780 e  1,166,780 
Total Investments (cost $96,061,363)      99.6 %  109,170,710 
Cash and Receivables (Net)      .4 %  445,227 
Net Assets      100.0 %  109,615,937 

 

ADR—American Depository Receipt
ETF—Exchange-Traded Fund
MICEX—Moscow Interbank Currency Exchange

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, 2019, these securities were valued at $577,536 or .53% of net assets.

c     

The fund held Level 3 securities at February 28, 2019, these securities were valued at $0 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, 2019, the value of this security amounted to $2,462,816 or 2.25% of net assets.

e     

Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.


 

STATEMENT OF INVESTMENTS
Dreyfus Emerging Markets Fund
February 28, 2019 (Unaudited)

The following is a summary of the inputs used as of February 28, 2019 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 - Common           
Stocks  103,653,479  2,462,816   -  106,116,295 
Equity Securities - Preferred           
Stocks  679,368  -   -  679,368 
Exchange-Traded Funds  1,208,267  -   -  1,208,267 
Investment Company  1,166,780  -   -  1,166,780 

 

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

 


 

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.

At February 28, 2019, accumulated net unrealized appreciation on investments was $13,109,347, consisting of $17,097,408 gross unrealized appreciation and $3,988,061 gross unrealized depreciation.

At February 28, 2019, 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, 2019

 

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, 2019

 

By:         /s/ James Windels

               James Windels

               Treasurer

 

Date:      April 16, 2019

 

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)