N-Q 1 formnq-327.htm FORM N-Q formnq-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

811-7502

 

 

 

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)

 

 

 

 

 

Janette E. Farragher, 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:

 

8/31

 

Date of reporting period:

11/30/2011

 

             

 

 

 

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 Brazil Equity Fund

 

 


 

 

FORM N-Q

Item 1.                        Schedule of Investments.

 


 

STATEMENT OF INVESTMENTS     
Dreyfus Brazil Equity Fund     
November 30, 2011 (Unaudited)     
 
 
Common Stocks--61.4%  Shares  Value ($) 
Consumer Discretionary--9.9%     
Autometal  70,290  530,571 
Localiza Rent a Car  66,668  1,010,149 
Mahle-Metal Leve SA Industria e     
Comercio  18,697  436,317 
Natura Cosmeticos  53,971  1,083,390 
Positivo Informatica  68,500  201,521 
Santos Brasil Participacoes  34,950  444,521 
Technos  74,931  609,111 
    4,315,580 
Consumer Staples--1.0%     
Marfrig Alimentos  95,137  432,453 
Energy--5.5%     
Petroleo Brasileiro, ADR  96,030  2,407,472 
Financial--11.5%     
Aliansce Shopping Centers  100,910  786,812 
Banco Bradesco, ADR  85,840  1,416,360 
Banco do Brasil  129,219  1,729,256 
Porto Seguro  47,000  487,063 
Sonae Sierra Brasil  45,265  586,729 
    5,006,220 
Materials--12.6%     
Gerdau, ADR  33,900  260,352 
Ultrapar Participacoes  15,800  278,019 
Ultrapar Participacoes, ADR  185,860  3,302,732 
Vale, ADR  77,338  1,691,382 
    5,532,485 
Telecommunication Services--9.1%     
Brasil Telecom, ADR  100,597  1,792,638 
Telefonica Brasil, ADR  80,210  2,163,264 
    3,955,902 
Utilities--11.8%     
AES Tiete  113,739  1,349,131 
Cia Paranaense de Energia, ADR  84,000  1,692,600 

 



EDP - Energias do Brasil  43,081  919,582 
Tractebel Energia  76,370  1,191,783 
    5,153,096 
Total Common Stocks     
  (cost $28,531,020)    26,803,208 
 
Preferred Stocks--32.8%     
Consumer Discretionary--5.2%     
Alpargatas  120,605  731,627 
Lojas Americanas  182,567  1,524,463 
    2,256,090 
Energy--3.2%     
Petroleo Brasileiro  114,360  1,394,441 
Financial--10.5%     
Banco Bradesco  12,756  209,008 
Bradespar  58,900  1,079,733 
Itausa - Investimentos Itau  568,634  3,317,438 
    4,606,179 
Materials--9.0%     
Confab Industrial  413,035  863,368 
Gerdau  205,927  1,537,321 
Metalurgica Gerdau  51,110  483,868 
Suzano Papel e Celulose  121,925  482,751 
Vale, Cl. A  25,162  543,077 
    3,910,385 
Telecommunication Services--2.0%     
Brasil Telecom  83,384  497,994 
Telefonica Brasil  14,276  385,251 
    883,245 
Utilities--2.9%     
Cia de Gas de Sao Paulo, Cl. A  37,000  736,583 
Cia Paranaense de Energia, Cl. B  26,148  527,631 
    1,264,214 
Total Preferred Stocks     
  (cost $17,162,609)    14,314,554 
 
Other Investment--5.7%     
Registered Investment Company;     
Dreyfus Institutional Preferred     
Plus Money Market Fund     

 



  (cost $2,496,000)  2,496,000a  2,496,000 
 
Total Investments (cost $48,189,629)  99.9%  43,613,762 
Cash and Receivables (Net)  .1%  48,201 
Net Assets  100.0%  43,661,963 
 
ADR - American Depository Receipts     
a   Investment in affiliated money market mutual fund.     

 

At November 30, 2011, the aggregate cost of investment securities for income tax purposes was $48,189,628. 
Net unrealized depreciation on investments was $4,575,867 of which $1,943,568 related to 
appreciated investment securities and $6,519,435 related to depreciated investment securities. 

 

Portfolio Summary (Unaudited) †  Value (%) 
Financial  22.0 
Materials  21.6 
Utilities  14.7 
Consumer Discretionary  15.1 
Telecommunication Services  11.1 
Energy  8.7 
Money Market Investment  5.7 
Consumer Staples  1.0 
  99.9 
† Based on net assets.   

 



The following is a summary of the inputs used as of November 30, 2011 in valuing the fund's investments:   
 
      Level 3 -   
    Level 2 - Other  Significant   
  Level 1 - Unadjusted  Significant  Unobservable   
Assets ($)  Quoted Prices  Observable Inputs  Inputs  Total 
Investments in Securities:         
Equity Securities - Foreign+  41,117,762   -  - 41,117,762 
Mutual Funds  2,496,000   -  - 2,496,000 
+ 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 Board of Trustees. 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 as 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:

January 17, 2012

 

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:

January 17, 2012

 

By: /s/ James Windels

James Windels

Treasurer

 

Date:

January 17, 2012

 

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)