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 811-04813
Dreyfus Investment Funds
(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: 9/30
Date of reporting period: 12/31/12
The following N-
Q relates only to the Registrant’s series listed
below and does affect other series of the Registrant with a different fiscal year end and, therefore, different N-Q reporting requirements. A separate N-Q will be filed for those series, as appropriate.
|
-Dreyfus/The Boston Company Emerging Markets Core Equity Fund
|
-Dreyfus/The Boston Company Large Cap Core Fund
|
-Dreyfus/The Boston Company Small Cap Growth Fund
|
-Dreyfus/The Boston Company Small Cap Tax-Sensitive Equity Fund
|
-Dreyfus/The Boston Company Small Cap Value Fund
|
-Dreyfus/The Boston Company Small/Mid Cap Growth Fund
|
-Dreyfus/Standish Intermediate Tax Exempt Bond Fund
|
-Dreyfus/Newton International Equity Fund
|
FORM N-Q
Item 1. Schedule of Investments.
-2-
|
STATEMENT OF INVESTMENTS
|
Dreyfus/The Boston Company Emerging Markets Core Equity Fund
|
December 31, 2012 (Unaudited)
|
|
|
|
|
Common Stocks--95.6%
|
Shares
|
|
Value ($)
|
Brazil--4.4%
|
|
|
|
Arteris SA
|
4,800
|
|
44,508
|
Cia de Bebidas das Americas, ADR
|
1,240
|
|
52,068
|
Cia de Saneamento Basico do Estado de Sao Paulo
|
700
|
|
29,371
|
Embraer, ADR
|
740
|
|
21,097
|
Fleury
|
2,900
|
|
32,692
|
Rossi Residencial
|
8,600
|
|
19,494
|
Rossi Residencial, RCT
|
4,797
|
a
|
10,262
|
|
|
|
209,492
|
Chile--1.3%
|
|
|
|
ENTEL
|
2,880
|
|
59,527
|
China--14.1%
|
|
|
|
Bank of China, Cl. H
|
160,000
|
|
72,432
|
China BlueChemical, Cl. H
|
58,000
|
|
38,953
|
China Communications Construction, Cl. H
|
77,000
|
|
75,612
|
China Construction Bank, Cl. H
|
121,000
|
|
98,616
|
China Petroleum & Chemical, Cl. H
|
88,000
|
|
101,034
|
China Railway Construction, Cl. H
|
49,500
|
|
56,929
|
China Telecom, Cl. H
|
120,000
|
|
67,231
|
Great Wall Motor, Cl. H
|
25,250
|
|
80,925
|
Huaneng Power International, Cl. H
|
44,000
|
|
40,829
|
WuXi PharmaTech, ADR
|
2,510
|
a
|
39,532
|
|
|
|
672,093
|
Hong Kong--6.6%
|
|
|
|
AAC Technologies Holdings
|
13,500
|
|
47,735
|
China Mobile
|
2,500
|
|
29,285
|
China Overseas Land & Investment
|
18,000
|
|
54,525
|
China Resources Power Holdings
|
10,000
|
|
25,692
|
CNOOC
|
32,000
|
|
70,264
|
Focus Media Holding, ADR
|
1,080
|
|
27,734
|
Mindray Medical International, ADR
|
670
|
|
21,909
|
Shimao Property Holdings
|
13,000
|
|
24,998
|
Sino Biopharmaceutical
|
28,000
|
|
13,459
|
|
|
|
315,601
|
India--5.7%
|
|
|
|
Apollo Tyres
|
10,860
|
|
17,713
|
Cairn India
|
5,630
|
|
32,970
|
Grasim Industries, GDR
|
240
|
|
13,812
|
Hexaware Technologies
|
2,380
|
|
3,697
|
ICICI Bank
|
2,660
|
|
56,030
|
JSW Steel
|
1,360
|
|
20,327
|
NMDC
|
3,910
|
|
11,824
|
Oil & Natural Gas
|
5,740
|
|
28,430
|
Power Finance
|
6,230
|
|
23,291
|
Sterlite Industries India
|
28,540
|
|
61,180
|
|
|
|
269,274
|
Indonesia--1.7%
|
|
|
|
Indofood Sukses Makmur
|
49,000
|
|
29,786
|
|
|
|
|
Telekomunikasi Indonesia Persero
|
53,000
|
|
49,868
|
|
|
|
79,654
|
Malaysia--2.0%
|
|
|
|
AMMB Holdings
|
22,400
|
|
49,754
|
Malayan Banking
|
15,170
|
|
45,646
|
|
|
|
95,400
|
Mexico--4.2%
|
|
|
|
Alfa, Cl. A
|
22,800
|
|
48,470
|
Empresas ICA
|
9,800
|
a
|
24,465
|
Fomento Economico Mexicano, ADR
|
490
|
|
49,343
|
Grupo Financiero Banorte, Ser. O
|
11,900
|
|
76,843
|
|
|
|
199,121
|
Peru--.6%
|
|
|
|
Credicorp
|
200
|
|
29,312
|
Philippines--.8%
|
|
|
|
Metropolitan Bank & Trust
|
15,040
|
|
37,485
|
Russia--9.9%
|
|
|
|
Gazprom, ADR
|
8,330
|
|
78,802
|
Lukoil, ADR
|
2,230
|
|
147,514
|
MMC Norilsk Nickel, ADR
|
1,880
|
|
34,648
|
Mobile Telesystems, ADR
|
3,090
|
|
57,628
|
Sberbank of Russia, ADR
|
7,620
|
|
94,215
|
Surgutneftegas, ADR
|
6,460
|
|
57,594
|
|
|
|
470,401
|
South Africa--6.0%
|
|
|
|
AngloGold Ashanti
|
1,020
|
|
31,869
|
Anglovaal Industries
|
1,890
|
|
13,365
|
FirstRand
|
7,630
|
|
28,214
|
Growthpoint Properties
|
7,452
|
|
21,540
|
Imperial Holdings
|
1,760
|
|
41,755
|
MTN Group
|
4,614
|
|
96,979
|
Tiger Brands
|
1,280
|
|
49,287
|
|
|
|
283,009
|
South Korea--16.3%
|
|
|
|
BS Financial Group
|
2,430
|
a
|
30,192
|
Daelim Industrial
|
390
|
|
32,039
|
DGB Financial Group
|
2,970
|
|
40,524
|
Hana Financial Group
|
1,500
|
|
49,037
|
Hankook Tire
|
512
|
|
22,626
|
Hyundai Motor
|
708
|
|
145,725
|
KT
|
1,090
|
|
36,238
|
KT&G
|
622
|
|
47,170
|
Kukdo Chemical
|
400
|
|
16,044
|
Samsung Electronics
|
208
|
|
297,695
|
Youngone
|
1,886
|
|
58,266
|
|
|
|
775,556
|
Taiwan--8.6%
|
|
|
|
CTCI
|
18,000
|
|
35,644
|
E.Sun Financial Holding
|
47,000
|
|
26,389
|
Hon Hai Precision Industry
|
37,400
|
|
115,293
|
Mega Financial Holding
|
73,080
|
|
57,126
|
Taiwan Semiconductor Manufacturing, ADR
|
9,019
|
|
154,766
|
Zhen Ding Technology Holding
|
8,000
|
|
19,823
|
|
|
|
409,041
|
Thailand--7.3%
|
|
|
|
|
|
|
|
Airports of Thailand
|
13,900
|
|
44,403
|
Asian Property Development
|
111,340
|
|
31,075
|
Bangkok Bank
|
7,900
|
|
54,129
|
CP ALL
|
20,500
|
|
30,754
|
PTT
|
4,300
|
|
46,887
|
PTT Global Chemical
|
30,943
|
|
71,686
|
Siam Commercial Bank
|
5,300
|
|
31,545
|
Thanachart Capital
|
29,000
|
|
35,838
|
|
|
|
346,317
|
Turkey--4.8%
|
|
|
|
Aselsan Elektronik Sanayi Ve Ticaret
|
5,260
|
|
24,922
|
Kardemir Karabuk Demir Celik Sanayi ve Ticaret, Cl. D
|
32,470
|
|
23,010
|
Koza Altin Isletmeleri
|
1,110
|
|
26,806
|
Turkcell Iletisim Hizmetleri
|
3,710
|
a
|
24,004
|
Turkiye Garanti Bankasi
|
8,090
|
|
42,088
|
Turkiye Halk Bankasi
|
3,560
|
|
35,044
|
Turkiye Is Bankasi, Cl. C
|
15,070
|
|
52,380
|
|
|
|
228,254
|
United States--1.3%
|
|
|
|
iShares MSCI Emerging Markets Index Fund
|
1,350
|
|
59,872
|
Total Common Stocks
|
|
|
|
(cost $3,748,431)
|
|
|
4,539,409
|
|
Preferred Stocks--4.0%
|
Shares
|
|
Value ($)
|
Brazil
|
|
|
|
Bradespar
|
2,000
|
|
32,794
|
Cia de Bebidas das Americas
|
1,200
|
|
50,533
|
Cia de Saneamento de Minas Gerais
|
800
|
|
17,204
|
Vale
|
4,400
|
|
89,521
|
Total Preferred Stocks
|
|
|
|
(cost $148,465)
|
|
|
190,052
|
Total Investments
(cost $3,896,896)
|
99.6
|
%
|
4,729,461
|
Cash and Receivables (Net)
|
.4
|
%
|
17,053
|
Net Assets
|
100.0
|
%
|
4,746,514
|
|
ADR - American Depository Receipts
|
GDR - Global Depository Receipts
|
RCT - Receipt
|
|
a Non-income producing security.
|
At December 31, 2012, net unrealized appreciation on investments was $832,565, of which $968,825 related to appreciated investment securities and $136,260 related to depreciated investment securities. At December 31, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
|
|
Portfolio Summary (Unaudited) †
|
Value (%)
|
Financial
|
25.1
|
Information Technology
|
13.4
|
Energy
|
11.9
|
Materials
|
10.0
|
Consumer Discretionary
|
8.9
|
|
|
Telecommunication Services
|
8.9
|
Industrial
|
8.6
|
Consumer Staples
|
6.8
|
Utilities
|
2.4
|
Health Care
|
2.3
|
Exchange-Traded Funds
|
1.3
|
|
99.6
|
STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
December 31, 2012 (Unaudited)
|
|
|
|
|
Forward Foreign
|
Foreign
|
|
|
|
Currency Exchange
|
Currency
|
|
|
Unrealized
|
Contracts
|
Amounts
|
Cost ($)
|
Value ($)
|
Appreciation ($)
|
Purchases:
|
|
|
|
|
South African Rand,
|
|
|
|
|
Expiring
|
|
|
|
|
1/2/2013 a
|
86,075
|
10,152
|
10,154
|
2
|
Counterparty:
|
|
a
|
Credit Suisse First Boston
|
The following is a summary of the inputs used as of December 31, 2012 in valuing the fund's investments:
|
|
|
|
|
|
|
|
|
|
Level 3 -
|
|
|
Level 1 -
|
Level 2 - Other
|
|
Significant
|
|
|
Unadjusted Quoted
|
Significant
|
|
Unobservable
|
|
Assets ($)
|
Prices
|
Observable Inputs
|
|
Inputs
|
Total
|
Investments in Securities:
|
|
|
|
|
|
Equity Securities - Foreign Common Stocks+
|
783,141
|
3,696,396
|
++
|
-
|
4,479,537
|
Exchange-Traded Funds
|
59,872
|
-
|
|
-
|
59,872
|
Preferred Stocks+
|
-
|
190,052
|
++
|
-
|
190,052
|
Other Financial Instruments:
|
|
|
|
|
|
Forward Foreign Currency Exchange Contracts+++
|
-
|
2
|
|
-
|
2
|
|
+ See Statement of Investments for additional detailed categorizations.
|
++ Securities classified as Level 2 at period end as the values were determined pursuant to the fund's
|
fair valuation procedures.
|
+++ Amount shown represents unrealized appreciation at period end.
|
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 within 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.
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 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 gain or loss which occurred during the period is 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 typically limited to the unrealized gain on each open contract.
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.
|
STATEMENT OF INVESTMENTS
|
Dreyfus/The Boston Company Large Cap Core Fund
|
December 31, 2012 (Unaudited)
|
|
|
|
|
Common Stocks--100.6%
|
Shares
|
|
Value ($)
|
Automobiles & Components--1.0%
|
|
|
|
Delphi Automotive
|
1,750
|
a
|
66,938
|
Banks--2.7%
|
|
|
|
Wells Fargo & Co.
|
5,480
|
|
187,306
|
Capital Goods--5.6%
|
|
|
|
Eaton
|
1,660
|
|
89,972
|
Fluor
|
1,820
|
|
106,907
|
General Electric
|
9,160
|
|
192,268
|
|
|
|
389,147
|
Commercial & Professional Services--3.2%
|
|
|
|
ADT
|
1,298
|
|
60,344
|
Robert Half International
|
3,290
|
|
104,688
|
Tyco International
|
2,057
|
|
60,167
|
|
|
|
225,199
|
Consumer Durables & Apparel--1.6%
|
|
|
|
PVH
|
970
|
|
107,680
|
Diversified Financials--11.3%
|
|
|
|
Affiliated Managers Group
|
758
|
a
|
98,654
|
American Express
|
1,810
|
|
104,039
|
Ameriprise Financial
|
1,620
|
|
101,461
|
Bank of America
|
10,440
|
|
121,104
|
Capital One Financial
|
1,260
|
|
72,992
|
IntercontinentalExchange
|
560
|
a
|
69,334
|
JPMorgan Chase & Co.
|
2,620
|
|
115,201
|
Moody's
|
1,280
|
|
64,410
|
T. Rowe Price Group
|
620
|
|
40,381
|
|
|
|
787,576
|
Energy--13.4%
|
|
|
|
Anadarko Petroleum
|
1,220
|
|
90,658
|
Apache
|
650
|
|
51,025
|
Chevron
|
2,102
|
|
227,310
|
Ensco, Cl. A
|
1,530
|
|
90,698
|
EOG Resources
|
830
|
|
100,256
|
National Oilwell Varco
|
2,390
|
|
163,356
|
Occidental Petroleum
|
790
|
|
60,522
|
Schlumberger
|
980
|
|
67,904
|
TransCanada
|
1,650
|
|
78,078
|
|
|
|
929,807
|
Exchange-Traded Funds--2.2%
|
|
|
|
Standard & Poor's Depository
|
|
|
|
Receipts S&P 500 ETF Trust
|
1,060
|
|
150,955
|
Food, Beverage & Tobacco--8.2%
|
|
|
|
Beam
|
1,200
|
|
73,308
|
ConAgra Foods
|
1,170
|
|
34,515
|
Dean Foods
|
3,390
|
a
|
55,969
|
Philip Morris International
|
2,440
|
|
204,082
|
|
|
|
|
Unilever, ADR
|
5,190
|
|
200,957
|
|
|
|
568,831
|
Health Care Equipment & Services--3.6%
|
|
|
|
Cigna
|
1,000
|
|
53,460
|
Covidien
|
2,377
|
|
137,248
|
McKesson
|
620
|
|
60,115
|
|
|
|
250,823
|
Insurance--2.6%
|
|
|
|
American International Group
|
2,190
|
a
|
77,307
|
Chubb
|
1,410
|
|
106,201
|
|
|
|
183,508
|
Materials--2.9%
|
|
|
|
LyondellBasell Industries, Cl. A
|
1,660
|
|
94,769
|
Monsanto
|
1,160
|
|
109,794
|
|
|
|
204,563
|
Media--2.9%
|
|
|
|
CBS, Cl. B
|
1,460
|
|
55,553
|
Walt Disney
|
2,920
|
|
145,387
|
|
|
|
200,940
|
Pharmaceuticals, Biotech & Life Sciences--12.2%
|
|
|
|
Eli Lilly & Co.
|
2,150
|
|
106,038
|
Johnson & Johnson
|
2,820
|
|
197,682
|
Merck & Co.
|
2,000
|
|
81,880
|
Pfizer
|
10,320
|
|
258,826
|
Sanofi, ADR
|
4,290
|
|
203,260
|
|
|
|
847,686
|
Real Estate--2.0%
|
|
|
|
American Tower
|
710
|
|
54,862
|
CBRE Group, Cl. A
|
4,260
|
a
|
84,774
|
|
|
|
139,636
|
Retailing--2.8%
|
|
|
|
Cabela's
|
1,920
|
a
|
80,160
|
Dollar General
|
1,860
|
a
|
82,007
|
Foot Locker
|
1,070
|
|
34,368
|
|
|
|
196,535
|
Semiconductors & Semiconductor Equipment--1.4%
|
|
|
|
Skyworks Solutions
|
4,670
|
a
|
94,801
|
Software & Services--7.0%
|
|
|
|
Alliance Data Systems
|
600
|
a
|
86,856
|
Cognizant Technology Solutions,
|
|
|
|
Cl. A
|
1,240
|
a
|
91,822
|
International Business Machines
|
420
|
|
80,451
|
Oracle
|
4,880
|
|
162,602
|
VMware, Cl. A
|
660
|
a
|
62,132
|
|
|
|
483,863
|
Technology Hardware & Equipment--9.9%
|
|
|
|
Apple
|
510
|
|
271,845
|
Ciena
|
5,120
|
a
|
80,384
|
EMC
|
5,540
|
a
|
140,162
|
QUALCOMM
|
2,630
|
|
163,113
|
Vishay Intertechnology
|
2,680
|
a
|
28,488
|
|
|
|
683,992
|
|
|
|
|
Transportation--4.1%
|
|
|
|
FedEx
|
1,230
|
|
112,816
|
JB Hunt Transport Services
|
1,140
|
|
68,069
|
Union Pacific
|
820
|
|
103,090
|
|
|
|
283,975
|
Total Common Stocks
|
|
|
|
(cost $6,726,573)
|
|
|
6,983,761
|
|
Other Investment--.7%
|
|
|
|
Registered Investment Company;
|
|
|
|
Dreyfus Institutional Preferred
|
|
|
|
Plus Money Market Fund
|
|
|
|
(cost $48,599)
|
48,599
|
b
|
48,599
|
Total Investments
(cost $6,775,172)
|
101.3
|
%
|
7,032,360
|
Liabilities, Less Cash and Receivables
|
(1.3
|
%)
|
(87,165
)
|
Net Assets
|
100.0
|
%
|
6,945,195
|
ADR - American Depository Receipts
|
|
a
|
Non-income producing security.
|
b
|
Investment in affiliated money market mutual fund.
|
At December 31, 2012, net unrealized appreciation on investments was $257,188 of which $537,237 related to appreciated investment securities and $280,049 related to depreciated investment securities. At December 31, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
|
|
Portfolio Summary (Unaudited) †
|
Value (%)
|
Energy
|
13.4
|
Pharmaceuticals, Biotech & Life Sciences
|
12.2
|
Diversified Financials
|
11.3
|
Technology Hardware & Equipment
|
9.9
|
Food, Beverage & Tobacco
|
8.2
|
Software & Services
|
7.0
|
Capital Goods
|
5.6
|
Transportation
|
4.1
|
Health Care Equipment & Services
|
3.6
|
Commercial & Professional Services
|
3.2
|
Materials
|
2.9
|
Media
|
2.9
|
Retailing
|
2.8
|
Banks
|
2.7
|
Insurance
|
2.6
|
Exchange-Traded Funds
|
2.2
|
Real Estate
|
2.0
|
Consumer Durables & Apparel
|
1.6
|
Semiconductors & Semiconductor Equipment
|
1.4
|
Automobiles & Components
|
1.0
|
Money Market Investment
|
.7
|
|
101.3
|
The following is a summary of the inputs used as of December 31, 2012 in valuing the fund's investments:
|
|
|
|
|
|
|
|
Level 3 -
|
|
|
Level 1 -
|
Level 2 - Other
|
Significant
|
|
|
Unadjusted Quoted
|
Significant
|
Unobservable
|
|
Assets ($)
|
Prices
|
Observable Inputs
|
Inputs
|
Total
|
Investments in Securities:
|
|
|
|
|
Equity Securities - Domestic Common Stocks+
|
6,259,813
|
-
|
-
|
6,259,813
|
Equity Securities - Foreign Common Stocks+
|
572,993
|
-
|
-
|
572,993
|
Exchange-Traded Funds
|
150,955
|
-
|
-
|
150,955
|
Mutual Funds
|
48,599
|
-
|
-
|
48,599
|
|
+ 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 within 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.
|
STATEMENT OF INVESTMENTS
|
Dreyfus/The Boston Company Small Cap Growth Fund
|
December 31, 2012 (Unaudited)
|
|
|
|
|
Common Stocks--98.7%
|
Shares
|
|
Value ($)
|
Automobiles & Components--1.1%
|
|
|
|
Drew Industries
|
24,400
|
|
786,900
|
Thor Industries
|
12,430
|
|
465,255
|
|
|
|
1,252,155
|
Banks--2.0%
|
|
|
|
Oritani Financial
|
39,660
|
|
607,591
|
PrivateBancorp
|
51,210
|
|
784,537
|
Prosperity Bancshares
|
19,220
|
|
807,240
|
|
|
|
2,199,368
|
Capital Goods--10.3%
|
|
|
|
Applied Industrial Technologies
|
20,410
|
|
857,424
|
Beacon Roofing Supply
|
20,390
|
a
|
678,579
|
Crane
|
23,660
|
|
1,094,985
|
DXP Enterprises
|
17,630
|
a
|
865,104
|
EMCOR Group
|
19,750
|
|
683,548
|
Foster Wheeler
|
57,000
|
a
|
1,386,240
|
Hexcel
|
55,400
|
a
|
1,493,584
|
Middleby
|
7,300
|
a
|
935,933
|
MRC Global
|
28,230
|
|
784,229
|
Teledyne Technologies
|
22,225
|
a
|
1,446,181
|
Triumph Group
|
18,250
|
|
1,191,725
|
|
|
|
11,417,532
|
Commercial & Professional Services--4.1%
|
|
|
|
Corporate Executive Board
|
20,891
|
|
991,487
|
Encore Capital Group
|
18,160
|
a,b
|
556,059
|
Exponent
|
11,020
|
a
|
615,247
|
InnerWorkings
|
67,440
|
a,b
|
929,323
|
Interface
|
49,000
|
|
787,920
|
TrueBlue
|
42,420
|
a
|
668,115
|
|
|
|
4,548,151
|
Consumer Durables & Apparel--3.1%
|
|
|
|
Jarden
|
12,460
|
a
|
644,182
|
La-Z-Boy
|
50,220
|
|
710,613
|
Oxford Industries
|
29,600
|
|
1,372,256
|
Steven Madden
|
15,960
|
a
|
674,629
|
|
|
|
3,401,680
|
Consumer Services--4.6%
|
|
|
|
Bloomin' Brands
|
37,140
|
|
580,870
|
Buffalo Wild Wings
|
13,150
|
a
|
957,583
|
Cheesecake Factory
|
27,300
|
|
893,256
|
Papa John's International
|
11,860
|
a
|
651,588
|
SHFL Entertainment
|
64,510
|
a
|
935,395
|
Six Flags Entertainment
|
17,620
|
|
1,078,344
|
|
|
|
5,097,036
|
Energy--7.6%
|
|
|
|
Diamondback Energy
|
32,850
|
|
628,092
|
|
|
|
|
Dril-Quip
|
20,300
|
a
|
1,482,915
|
Exterran Holdings
|
45,160
|
a
|
989,907
|
Geospace Technologies
|
7,310
|
a
|
649,640
|
Lufkin Industries
|
10,120
|
b
|
588,276
|
McDermott International
|
104,560
|
a
|
1,152,251
|
Oasis Petroleum
|
49,880
|
a
|
1,586,184
|
Oil States International
|
7,750
|
a
|
554,435
|
PDC Energy
|
22,530
|
a
|
748,221
|
|
|
|
8,379,921
|
Exchange-Traded Funds--1.5%
|
|
|
|
iShares Russell 2000 Growth Index
|
|
|
|
Fund
|
17,090
|
|
1,628,848
|
Food & Staples Retailing--3.6%
|
|
|
|
Casey's General Stores
|
20,660
|
|
1,097,046
|
Chefs' Warehouse
|
29,100
|
a
|
460,071
|
Harris Teeter Supermarkets
|
25,160
|
|
970,170
|
United Natural Foods
|
28,270
|
a
|
1,514,989
|
|
|
|
4,042,276
|
Food, Beverage & Tobacco--.7%
|
|
|
|
Smart Balance
|
62,280
|
a,b
|
803,412
|
Health Care Equipment & Services--10.1%
|
|
|
|
Acadia Healthcare
|
51,690
|
a
|
1,205,928
|
Accuray
|
79,850
|
a
|
513,435
|
Air Methods
|
23,580
|
|
869,866
|
Analogic
|
15,130
|
|
1,124,159
|
athenahealth
|
13,660
|
a,b
|
1,003,327
|
Catamaran
|
34,456
|
a
|
1,623,222
|
Centene
|
27,710
|
a
|
1,136,110
|
HMS Holdings
|
47,710
|
a
|
1,236,643
|
Merit Medical Systems
|
69,290
|
a
|
963,131
|
Natus Medical
|
52,660
|
a
|
588,739
|
WellCare Health Plans
|
18,490
|
a
|
900,278
|
|
|
|
11,164,838
|
Household & Personal Products--2.4%
|
|
|
|
Elizabeth Arden
|
30,050
|
a
|
1,352,551
|
Inter Parfums
|
67,940
|
|
1,322,112
|
|
|
|
2,674,663
|
Materials--1.2%
|
|
|
|
Innophos Holdings
|
15,490
|
|
720,285
|
KapStone Paper and Packaging
|
29,640
|
|
657,712
|
|
|
|
1,377,997
|
Media--1.9%
|
|
|
|
DreamWorks Animation SKG, Cl. A
|
48,190
|
a,b
|
798,508
|
Lions Gate Entertainment
|
82,580
|
a,b
|
1,354,312
|
|
|
|
2,152,820
|
Pharmaceuticals, Biotech & Life Sciences--11.7%
|
|
|
|
Affymax
|
33,110
|
a
|
629,090
|
Alexion Pharmaceuticals
|
12,220
|
a
|
1,146,358
|
Alkermes
|
81,950
|
a
|
1,517,714
|
Alnylam Pharmaceuticals
|
39,290
|
a,b
|
717,042
|
ARIAD Pharmaceuticals
|
48,090
|
a
|
922,366
|
Charles River Laboratories
|
|
|
|
|
|
|
|
International
|
15,610
|
a
|
584,907
|
Cubist Pharmaceuticals
|
31,690
|
a
|
1,332,881
|
Jazz Pharmaceuticals
|
18,270
|
a
|
971,964
|
Nektar Therapeutics
|
82,340
|
a,b
|
610,139
|
NPS Pharmaceuticals
|
90,770
|
a
|
826,007
|
Onyx Pharmaceuticals
|
16,730
|
a
|
1,263,617
|
Pharmacyclics
|
15,750
|
a
|
911,925
|
Puma Biotechnology
|
29,150
|
|
546,563
|
Salix Pharmaceuticals
|
21,420
|
a
|
867,082
|
|
|
|
12,847,655
|
Real Estate--3.7%
|
|
|
|
Hudson Pacific Properties
|
49,100
|
c
|
1,034,046
|
LaSalle Hotel Properties
|
30,870
|
c
|
783,789
|
Mid-America Apartment Communities
|
15,910
|
c
|
1,030,173
|
Potlatch
|
31,740
|
c
|
1,243,891
|
|
|
|
4,091,899
|
Retailing--4.8%
|
|
|
|
Asbury Automotive Group
|
26,350
|
a
|
843,990
|
Francesca's Holdings
|
40,690
|
a,b
|
1,056,312
|
Lumber Liquidators Holdings
|
9,470
|
a,b
|
500,300
|
Rent-A-Center
|
22,830
|
|
784,439
|
Select Comfort
|
56,400
|
a
|
1,475,988
|
Tilly's, Cl. A
|
12,210
|
|
164,713
|
Tractor Supply
|
5,760
|
|
508,954
|
|
|
|
5,334,696
|
Semiconductors & Semiconductor Equipment--3.6%
|
|
|
|
ATMI
|
51,430
|
a
|
1,073,858
|
Cypress Semiconductor
|
48,930
|
a
|
530,401
|
Entegris
|
68,330
|
a
|
627,269
|
Power Integrations
|
17,500
|
|
588,175
|
Silicon Image
|
243,100
|
a
|
1,205,776
|
|
|
|
4,025,479
|
Software & Services--10.4%
|
|
|
|
AVG Technologies
|
44,300
|
|
701,269
|
Brightcove
|
88,740
|
|
802,210
|
ExlService Holdings
|
4,100
|
a
|
108,650
|
Imperva
|
20,070
|
a
|
632,807
|
Infoblox
|
43,780
|
|
786,727
|
Jive Software
|
95,720
|
b
|
1,390,812
|
LogMeIn
|
11,820
|
a
|
264,886
|
MAXIMUS
|
20,030
|
|
1,266,297
|
Mentor Graphics
|
109,710
|
a
|
1,867,264
|
Millennial Media
|
96,540
|
b
|
1,209,646
|
Qualys
|
49,000
|
|
724,710
|
SolarWinds
|
10,471
|
a
|
549,204
|
Yelp
|
32,270
|
b
|
608,290
|
Zynga, Cl. A
|
248,200
|
|
588,234
|
|
|
|
11,501,006
|
Technology Hardware & Equipment--6.3%
|
|
|
|
Acme Packet
|
29,050
|
a
|
642,586
|
Arris Group
|
56,600
|
a
|
845,604
|
Aruba Networks
|
78,620
|
a,b
|
1,631,365
|
|
|
|
|
Fusion-io
|
24,930
|
a,b
|
571,645
|
NETGEAR
|
37,540
|
a
|
1,479,827
|
RADWARE
|
25,310
|
a
|
835,230
|
Vishay Intertechnology
|
92,970
|
a
|
988,271
|
|
|
|
6,994,528
|
Transportation--4.0%
|
|
|
|
Allegiant Travel
|
15,770
|
|
1,157,676
|
Forward Air
|
34,630
|
|
1,212,396
|
Landstar System
|
23,070
|
|
1,210,252
|
Werner Enterprises
|
39,470
|
|
855,315
|
|
|
|
4,435,639
|
Total Common Stocks
|
|
|
|
(cost $90,500,851)
|
|
|
109,371,599
|
Investment of Cash Collateral for
|
|
|
|
Securities Loaned--10.4%
|
|
|
|
Registered Investment Company;
|
|
|
|
Dreyfus Institutional Cash
|
|
|
|
Advantage Fund
|
|
|
|
(cost $11,509,270)
|
11,509,270
|
d
|
11,509,270
|
Total Investments
(cost $102,010,121)
|
109.1
|
%
|
120,880,869
|
Liabilities, Less Cash and Receivables
|
(9.1
|
%)
|
(10,116,550
)
|
Net Assets
|
100.0
|
%
|
110,764,319
|
|
|
a
|
Non-income producing security.
|
b
|
Security, or portion thereof, on loan. At December 31, 2012, the value of the fund's securities on loan was
|
|
$11,506,923 and the value of the collateral held by the fund was $11,509,270.
|
c
|
Investment in real estate investment trust.
|
d
|
Investment in affiliated money market mutual fund.
|
At December 31, 2012, net unrealized appreciation on investments was $18,870,748 of which $21,253,062 related to appreciated investment securities and $2,382,314 related to depreciated investment securities. At December 31, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
|
|
Portfolio Summary (Unaudited) †
|
Value (%)
|
Pharmaceuticals, Biotech & Life Sciences
|
11.7
|
Money Market Investment
|
10.4
|
Software & Services
|
10.4
|
Capital Goods
|
10.3
|
Health Care Equipment & Services
|
10.1
|
Energy
|
7.6
|
Technology Hardware & Equipment
|
6.3
|
Retailing
|
4.8
|
Consumer Services
|
4.6
|
Commercial & Professional Services
|
4.1
|
Transportation
|
4.0
|
Real Estate
|
3.7
|
Food & Staples Retailing
|
3.6
|
Semiconductors & Semiconductor Equipment
|
3.6
|
|
|
Consumer Durables & Apparel
|
3.1
|
Household & Personal Products
|
2.4
|
Banks
|
2.0
|
Media
|
1.9
|
Exchange-Traded Funds
|
1.5
|
Materials
|
1.2
|
Automobiles & Components
|
1.1
|
Food, Beverage & Tobacco
|
.7
|
|
109.1
|
The following is a summary of the inputs used as of December 31, 2012 in valuing the fund's investments:
|
|
|
|
|
|
|
|
Level 3 -
|
|
|
Level 1 -
|
Level 2 - Other
|
Significant
|
|
|
Unadjusted Quoted
|
Significant
|
Unobservable
|
|
Assets ($)
|
Prices
|
Observable Inputs
|
Inputs
|
Total
|
Investments in Securities:
|
|
|
|
|
Equity Securities - Domestic Common Stocks+
|
106,206,252
|
-
|
-
|
106,206,252
|
Equity Securities - Foreign Common Stocks+
|
1,536,499
|
-
|
-
|
1,536,499
|
Exchange-Traded Funds
|
1,628,848
|
-
|
-
|
1,628,848
|
Mutual Funds
|
11,509,270
|
-
|
-
|
11,509,270
|
|
+ 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 within 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.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It
is the fund’s policy that, at origination, all loans are secured by collateral
of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager, U.S. Government and Agency securities or letters of credit. The fund is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.
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.
|
STATEMENT OF INVESTMENTS
|
Dreyfus/The Boston Company Small Cap Tax-Sensitive Equity Fund
|
December 31, 2012 (Unaudited)
|
|
|
|
|
Common Stocks--.9%
|
Shares
|
|
Value ($)
|
Retailing--.3%
|
|
|
|
Tilly's, Cl. A
|
2,950
|
|
39,795
|
Software & Services--.6%
|
|
|
|
ExlService Holdings
|
1,000
|
a
|
26,500
|
LogMeIn
|
2,270
|
a
|
50,871
|
|
|
|
77,371
|
Total Investments
(cost $130,971)
|
.9
|
%
|
117,166
|
Cash and Receivables (Net)
|
99.1
|
%
|
12,789,861
|
Net Assets
|
100.0
|
%
|
12,907,027
|
|
|
a
|
Non-income producing security.
|
At December 31, 2012, net unrealized depreciation on investments was $13,805 of which $153 related to appreciated investment securities and $13,958 related to depreciated investment securities. At December 31, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
|
|
Portfolio Summary (Unaudited) †
|
Value (%)
|
Software & Services
|
.6
|
Retailing
|
.3
|
|
.9
|
The following is a summary of the inputs used as of December 31, 2012 in valuing the fund's investments:
|
|
|
|
|
|
|
|
Level 3 -
|
|
|
Level 1 -
|
Level 2 - Other
|
Significant
|
|
|
Unadjusted Quoted
|
Significant
|
Unobservable
|
|
Assets ($)
|
Prices
|
Observable Inputs
|
Inputs
|
Total
|
Investments in Securities:
|
|
|
|
|
Equity Securities - Domestic Common Stocks+
|
117,166
|
-
|
-
|
117,166
|
|
+ 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 within 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.
|
STATEMENT OF INVESTMENTS
|
Dreyfus/The Boston Company Small Cap Value Fund
|
December 31, 2012 (Unaudited)
|
|
|
|
|
Common Stocks--99.9%
|
Shares
|
|
Value ($)
|
Automobiles & Components--2.7%
|
|
|
|
Dana Holding
|
378,020
|
|
5,900,892
|
Drew Industries
|
56,360
|
|
1,817,610
|
Thor Industries
|
124,600
|
|
4,663,778
|
|
|
|
12,382,280
|
Banks--14.0%
|
|
|
|
Associated Banc-Corp
|
276,590
|
|
3,628,861
|
Bancorp
|
143,990
|
a
|
1,579,570
|
BancorpSouth
|
173,850
|
|
2,527,779
|
Brookline Bancorp
|
328,550
|
|
2,792,675
|
Cardinal Financial
|
144,060
|
|
2,343,856
|
City National
|
67,967
|
|
3,365,726
|
CoBiz Financial
|
126,350
|
|
943,834
|
CVB Financial
|
394,450
|
|
4,102,280
|
First Horizon National
|
473,310
|
b
|
4,690,502
|
First Midwest Bancorp
|
266,840
|
|
3,340,837
|
Hancock Holding
|
115,427
|
|
3,663,653
|
Lakeland Financial
|
35,590
|
|
919,646
|
MB Financial
|
231,600
|
|
4,574,100
|
National Penn Bancshares
|
306,230
|
|
2,854,064
|
PacWest Bancorp
|
125,330
|
|
3,105,677
|
Provident Financial Services
|
205,130
|
|
3,060,540
|
SCBT Financial
|
29,260
|
|
1,175,667
|
Synovus Financial
|
928,420
|
|
2,274,629
|
Washington Trust Bancorp
|
35,780
|
|
941,372
|
Webster Financial
|
193,470
|
|
3,975,809
|
Western Alliance Bancorp
|
321,040
|
a
|
3,380,551
|
Wintrust Financial
|
137,620
|
|
5,050,654
|
|
|
|
64,292,282
|
Capital Goods--6.9%
|
|
|
|
Aerovironment
|
148,500
|
a
|
3,228,390
|
Apogee Enterprises
|
110,380
|
|
2,645,809
|
Armstrong World Industries
|
93,790
|
|
4,757,967
|
Astec Industries
|
90,900
|
|
3,029,697
|
Comfort Systems USA
|
153,660
|
|
1,868,506
|
FreightCar America
|
72,220
|
|
1,619,172
|
GrafTech International
|
86,650
|
a,b
|
813,644
|
Granite Construction
|
170,264
|
|
5,724,276
|
II-VI
|
149,450
|
a
|
2,730,452
|
MRC Global
|
68,860
|
|
1,912,931
|
Titan International
|
147,220
|
b
|
3,197,618
|
|
|
|
31,528,462
|
Commercial & Professional Services--5.6%
|
|
|
|
Brink's
|
136,960
|
|
3,907,469
|
Interface
|
270,800
|
|
4,354,464
|
|
|
|
|
Korn/Ferry International
|
250,720
|
a
|
3,976,419
|
McGrath RentCorp
|
95,500
|
|
2,771,410
|
Steelcase, Cl. A
|
414,270
|
|
5,277,800
|
Tetra Tech
|
85,460
|
a
|
2,260,417
|
TrueBlue
|
193,390
|
a
|
3,045,893
|
|
|
|
25,593,872
|
Consumer Durables & Apparel--6.5%
|
|
|
|
Brunswick
|
171,610
|
|
4,992,135
|
Cavco Industries
|
30,932
|
a,b
|
1,545,981
|
Deckers Outdoor
|
60,440
|
a,b
|
2,433,919
|
Ethan Allen Interiors
|
128,010
|
b
|
3,291,137
|
KB Home
|
221,460
|
b
|
3,499,068
|
M/I Homes
|
153,080
|
a
|
4,056,620
|
Meritage Homes
|
94,090
|
a
|
3,514,261
|
Skechers USA, Cl. A
|
177,030
|
a
|
3,275,055
|
Standard Pacific
|
259,130
|
a,b
|
1,904,605
|
True Religion Apparel
|
47,140
|
|
1,198,299
|
|
|
|
29,711,080
|
Consumer Services--1.4%
|
|
|
|
Grand Canyon Education
|
100,070
|
a,b
|
2,348,643
|
WMS Industries
|
231,190
|
a
|
4,045,825
|
|
|
|
6,394,468
|
Diversified Financials--2.8%
|
|
|
|
Duff & Phelps, Cl. A
|
180,330
|
|
2,816,755
|
E*TRADE Financial
|
691,660
|
a
|
6,190,357
|
Piper Jaffray
|
112,540
|
a
|
3,615,910
|
|
|
|
12,623,022
|
Energy--5.9%
|
|
|
|
Approach Resources
|
135,710
|
a,b
|
3,394,107
|
Cloud Peak Energy
|
188,150
|
a
|
3,636,939
|
Gulfport Energy
|
73,960
|
a
|
2,826,751
|
Helix Energy Solutions Group
|
162,270
|
a
|
3,349,253
|
Matrix Service
|
123,590
|
a
|
1,421,285
|
McDermott International
|
341,950
|
a
|
3,768,289
|
Tesco
|
335,880
|
a
|
3,825,673
|
Unit
|
104,570
|
a
|
4,710,879
|
|
|
|
26,933,176
|
Food & Staples Retailing--1.9%
|
|
|
|
Casey's General Stores
|
76,943
|
|
4,085,673
|
Harris Teeter Supermarkets
|
122,030
|
|
4,705,477
|
|
|
|
8,791,150
|
Food, Beverage & Tobacco--1.8%
|
|
|
|
Dole Food
|
319,720
|
a
|
3,667,188
|
Flowers Foods
|
96,390
|
|
2,242,995
|
Lancaster Colony
|
32,650
|
|
2,259,053
|
|
|
|
8,169,236
|
Health Care Equipment & Services--5.5%
|
|
|
|
Computer Programs & Systems
|
28,790
|
|
1,449,289
|
Haemonetics
|
107,640
|
a
|
4,396,018
|
Hanger
|
156,400
|
a
|
4,279,104
|
HealthSouth
|
219,430
|
a
|
4,632,167
|
ICU Medical
|
51,310
|
a
|
3,126,318
|
|
|
|
|
LifePoint Hospitals
|
86,030
|
a
|
3,247,632
|
Natus Medical
|
96,260
|
a
|
1,076,187
|
Omnicell
|
205,200
|
a
|
3,051,324
|
|
|
|
25,258,039
|
Insurance--3.7%
|
|
|
|
First American Financial
|
260,320
|
|
6,271,109
|
ProAssurance
|
78,660
|
|
3,318,665
|
Protective Life
|
154,650
|
|
4,419,897
|
RLI
|
45,370
|
|
2,933,624
|
|
|
|
16,943,295
|
Materials--6.8%
|
|
|
|
AMCOL International
|
104,930
|
b
|
3,219,252
|
Buckeye Technologies
|
114,760
|
|
3,294,760
|
Carpenter Technology
|
103,710
|
|
5,354,547
|
Coeur d'Alene Mines
|
184,610
|
a
|
4,541,406
|
Cytec Industries
|
92,370
|
|
6,357,827
|
KapStone Paper and Packaging
|
169,790
|
|
3,767,640
|
Louisiana-Pacific
|
255,370
|
a
|
4,933,748
|
|
|
|
31,469,180
|
Media--1.6%
|
|
|
|
DreamWorks Animation SKG, Cl. A
|
171,270
|
a,b
|
2,837,944
|
John Wiley & Sons, Cl. A
|
43,410
|
|
1,689,951
|
Sinclair Broadcast Group, Cl. A
|
204,080
|
|
2,575,490
|
|
|
|
7,103,385
|
Pharmaceuticals, Biotech & Life Sciences--1.3%
|
|
|
|
Bruker
|
151,520
|
a
|
2,313,710
|
Salix Pharmaceuticals
|
87,210
|
a
|
3,530,261
|
|
|
|
5,843,971
|
Real Estate--6.7%
|
|
|
|
Corporate Office Properties Trust
|
104,900
|
c
|
2,620,402
|
CubeSmart
|
64,760
|
c
|
943,553
|
DCT Industrial Trust
|
354,740
|
b,c
|
2,302,263
|
EastGroup Properties
|
42,630
|
c
|
2,293,920
|
Education Realty Trust
|
171,740
|
c
|
1,827,314
|
First Potomac Realty Trust
|
237,090
|
c
|
2,930,432
|
Getty Realty
|
131,890
|
b,c
|
2,381,933
|
LaSalle Hotel Properties
|
152,260
|
c
|
3,865,881
|
Lexington Realty Trust
|
95,350
|
b,c
|
996,407
|
National Health Investors
|
78,970
|
c
|
4,464,174
|
Pebblebrook Hotel Trust
|
159,450
|
c
|
3,683,295
|
Urstadt Biddle Properties, Cl. A
|
116,600
|
c
|
2,294,688
|
|
|
|
30,604,262
|
Retailing--5.4%
|
|
|
|
Aeropostale
|
164,720
|
a
|
2,143,007
|
Children's Place Retail Stores
|
62,720
|
a
|
2,777,869
|
Express
|
171,440
|
a
|
2,587,030
|
Finish Line, Cl. A
|
196,520
|
|
3,720,124
|
Guess?
|
112,470
|
|
2,760,014
|
OfficeMax
|
383,430
|
|
3,742,277
|
PEP Boys-Manny Moe & Jack
|
292,910
|
|
2,879,305
|
Saks
|
400,030
|
a,b
|
4,204,315
|
|
|
|
24,813,941
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment--3.8%
|
|
|
|
|
ATMI
|
143,960
|
a
|
3,005,885
|
|
Kulicke & Soffa Industries
|
248,170
|
a
|
2,975,558
|
|
MKS Instruments
|
108,170
|
|
2,788,623
|
|
Power Integrations
|
41,810
|
|
1,405,234
|
|
Semtech
|
123,970
|
a
|
3,588,931
|
|
Teradyne
|
203,650
|
a
|
3,439,649
|
|
|
|
|
17,203,880
|
|
Software & Services--4.6%
|
|
|
|
|
CoreLogic
|
238,150
|
a
|
6,410,998
|
|
MAXIMUS
|
58,710
|
|
3,711,646
|
|
Monotype Imaging Holdings
|
231,580
|
|
3,700,648
|
|
Parametric Technology
|
133,420
|
a
|
3,003,284
|
|
Take-Two Interactive Software
|
379,950
|
a
|
4,183,250
|
|
|
|
|
21,009,826
|
|
Technology Hardware & Equipment--5.1%
|
|
|
|
|
Cognex
|
82,680
|
|
3,044,278
|
|
Extreme Networks
|
595,930
|
a
|
2,169,185
|
|
FARO Technologies
|
60,600
|
a
|
2,162,208
|
|
FEI
|
46,690
|
|
2,589,427
|
|
Ixia
|
190,650
|
a
|
3,237,237
|
|
NETGEAR
|
118,890
|
a
|
4,686,644
|
|
Vishay Intertechnology
|
497,210
|
a
|
5,285,342
|
|
|
|
|
23,174,321
|
|
Transportation--1.9%
|
|
|
|
|
Atlas Air Worldwide Holdings
|
73,390
|
a
|
3,251,911
|
|
Landstar System
|
53,860
|
|
2,825,496
|
|
Werner Enterprises
|
117,450
|
|
2,545,142
|
|
|
|
|
8,622,549
|
|
Utilities--4.0%
|
|
|
|
|
El Paso Electric
|
92,500
|
|
2,951,675
|
|
Hawaiian Electric Industries
|
181,040
|
|
4,551,346
|
|
NorthWestern
|
93,770
|
|
3,256,632
|
|
Portland General Electric
|
151,990
|
|
4,158,446
|
|
WGL Holdings
|
91,650
|
|
3,591,764
|
|
|
|
|
18,509,863
|
|
Total Common Stocks
|
|
|
|
|
(cost $402,944,645)
|
|
|
456,975,540
|
|
|
Other Investment--.6%
|
Shares
|
|
Value ($)
|
|
Registered Investment Company;
|
|
|
|
|
Dreyfus Institutional Preferred
|
|
|
|
|
Plus Money Market Fund
|
|
|
|
|
(cost $2,826,531)
|
2,826,531
|
d
|
2,826,531
|
|
Investment of Cash Collateral for
|
|
|
|
|
Securities Loaned--5.3%
|
Shares
|
|
Value ($)
|
|
Registered Investment Company;
|
|
|
|
|
Dreyfus Institutional Cash
|
|
|
|
|
Advantage Fund
|
|
|
|
|
(cost $24,483,877)
|
24,483,877
|
d
|
24,483,877
|
|
Total Investments
(cost $430,255,053)
|
105.8
|
%
|
484,285,948
|
|
Liabilities, Less Cash and Receivables
|
(5.8
|
)
|
(26,712,900
|
)
|
|
|
|
|
Net Assets
|
100.0
|
%
|
457,573,048
|
|
a Non-income producing security.
|
b Security, or portion thereof, on loan. At December 31, 2012, the value of the fund's securities on loan was $24,481,687 and
|
the value of the collateral held by the fund was $24,483,877.
|
c Investment in real estate investment trust.
|
d Investment in affiliated money market mutual fund.
|
At December 31, 2012, net unrealized appreciation on investments was $54,030,895 of which $64,362,977 related to appreciated investment securities and $10,332,082 related to depreciated investment securities. At December 31, 2012, the cost of investments for federal income tax purposes was subtantially the same as the cost for financial reporting purposes.
|
|
Portfolio Summary (Unaudited) †
|
Value (%)
|
Banks
|
14.0
|
Capital Goods
|
6.9
|
Materials
|
6.8
|
Real Estate
|
6.7
|
Consumer Durables & Apparel
|
6.5
|
Short-Term/Money Market Investments
|
5.9
|
Energy
|
5.9
|
Commercial & Professional Services
|
5.6
|
Health Care Equipment & Services
|
5.5
|
Retailing
|
5.4
|
Technology Hardware & Equipment
|
5.1
|
Software & Services
|
4.6
|
Utilities
|
4.0
|
Semiconductors & Semiconductor Equipment
|
3.8
|
Insurance
|
3.7
|
Diversified Financials
|
2.8
|
Automobiles & Components
|
2.7
|
Food & Staples Retailing
|
1.9
|
Transportation
|
1.9
|
Food, Beverage & Tobacco
|
1.8
|
Media
|
1.6
|
Consumer Services
|
1.4
|
Pharmaceuticals, Biotech & Life Sciences
|
1.3
|
|
105.8
|
The following is a summary of the inputs used as of December 31, 2012 in valuing the fund's investments:
|
|
|
|
|
|
|
|
Level 3 -
|
|
|
Level 1 -
|
Level 2 - Other
|
Significant
|
|
|
Unadjusted Quoted
|
Significant
|
Unobservable
|
|
Assets ($)
|
Prices
|
Observable Inputs
|
Inputs
|
Total
|
Investments in Securities:
|
|
|
|
|
Equity Securities - Domestic Common Stocks+
|
456,975,540
|
-
|
-
|
456,975,540
|
Mutual Funds
|
27,310,408
|
-
|
-
|
27,310,408
|
|
+ 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 within 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.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It
is the fund’s policy that, at origination, all loans are secured by collateral
of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager, U.S. Government and Agency securities or letters of credit. The fund is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.
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.
|
STATEMENT OF INVESTMENTS
|
Dreyfus/The Boston Company Small/Mid Cap Growth Fund
|
December 31, 2012 (Unaudited)
|
|
|
|
|
Common Stocks--99.2%
|
Shares
|
|
Value ($)
|
Banks--1.6%
|
|
|
|
First Republic Bank
|
182,480
|
|
5,981,694
|
Prosperity Bancshares
|
106,700
|
|
4,481,400
|
|
|
|
10,463,094
|
Capital Goods--13.1%
|
|
|
|
AMETEK
|
171,304
|
|
6,435,891
|
B/E Aerospace
|
137,423
|
a
|
6,788,696
|
Crane
|
116,270
|
|
5,380,976
|
EMCOR Group
|
174,080
|
|
6,024,909
|
Fortune Brands Home & Security
|
335,450
|
a
|
9,801,849
|
Foster Wheeler
|
208,840
|
a
|
5,078,989
|
Hexcel
|
314,450
|
a
|
8,477,572
|
Jacobs Engineering Group
|
309,380
|
a
|
13,170,307
|
Middleby
|
40,580
|
a
|
5,202,762
|
Roper Industries
|
45,375
|
|
5,058,405
|
Teledyne Technologies
|
99,140
|
a
|
6,451,040
|
Triumph Group
|
122,730
|
|
8,014,269
|
|
|
|
85,885,665
|
Commercial & Professional Services--1.8%
|
|
|
|
Corporate Executive Board
|
118,862
|
|
5,641,191
|
Waste Connections
|
187,443
|
|
6,333,699
|
|
|
|
11,974,890
|
Consumer Durables & Apparel--3.2%
|
|
|
|
Harman International Industries
|
146,670
|
|
6,547,349
|
Jarden
|
88,430
|
a
|
4,571,831
|
Steven Madden
|
133,050
|
a
|
5,624,023
|
Under Armour, Cl. A
|
82,310
|
a,b
|
3,994,504
|
|
|
|
20,737,707
|
Consumer Services--3.3%
|
|
|
|
Bloomin' Brands
|
310,955
|
|
4,863,336
|
Buffalo Wild Wings
|
72,800
|
a
|
5,301,296
|
Cheesecake Factory
|
151,590
|
|
4,960,025
|
Six Flags Entertainment
|
103,560
|
|
6,337,872
|
|
|
|
21,462,529
|
Diversified Financials--.8%
|
|
|
|
Affiliated Managers Group
|
40,470
|
a
|
5,267,170
|
Energy--7.0%
|
|
|
|
Dril-Quip
|
112,650
|
a
|
8,229,082
|
Exterran Holdings
|
302,570
|
a
|
6,632,334
|
Lufkin Industries
|
86,640
|
b
|
5,036,383
|
McDermott International
|
483,976
|
a
|
5,333,416
|
Oasis Petroleum
|
208,140
|
a
|
6,618,852
|
Oil States International
|
65,414
|
a
|
4,679,718
|
QEP Resources
|
307,150
|
|
9,297,430
|
|
|
|
45,827,215
|
|
|
|
|
Exchange-Traded Funds--6.4%
|
|
|
|
iShares Russell 2000 Growth Index
|
|
|
|
Fund
|
320,020
|
b
|
30,501,106
|
iShares Russell 2000 Index Fund
|
135,950
|
b
|
11,463,304
|
|
|
|
41,964,410
|
Food & Staples Retailing--3.7%
|
|
|
|
Casey's General Stores
|
102,570
|
|
5,446,467
|
Harris Teeter Supermarkets
|
110,770
|
|
4,271,291
|
United Natural Foods
|
155,080
|
a
|
8,310,737
|
Whole Foods Market
|
69,860
|
|
6,380,314
|
|
|
|
24,408,809
|
Health Care Equipment & Services--10.2%
|
|
|
|
Acadia Healthcare
|
225,180
|
a
|
5,253,449
|
AmerisourceBergen
|
92,170
|
|
3,979,901
|
athenahealth
|
74,980
|
a,b
|
5,507,281
|
Catamaran
|
211,094
|
a
|
9,944,638
|
Centene
|
159,920
|
a
|
6,556,720
|
HMS Holdings
|
275,410
|
a
|
7,138,627
|
Hologic
|
310,987
|
a
|
6,229,070
|
MEDNAX
|
104,910
|
a
|
8,342,443
|
Universal Health Services, Cl. B
|
182,330
|
|
8,815,656
|
WellCare Health Plans
|
106,660
|
a
|
5,193,275
|
|
|
|
66,961,060
|
Insurance--1.0%
|
|
|
|
Fidelity National Financial, Cl. A
|
283,600
|
|
6,678,780
|
Materials--2.1%
|
|
|
|
Cytec Industries
|
75,300
|
|
5,182,899
|
Innophos Holdings
|
115,120
|
|
5,353,080
|
Reliance Steel & Aluminum
|
54,780
|
|
3,401,838
|
|
|
|
13,937,817
|
Media--2.8%
|
|
|
|
DreamWorks Animation SKG, Cl. A
|
273,300
|
a,b
|
4,528,581
|
Interpublic Group of Cos.
|
558,850
|
|
6,158,527
|
Lions Gate Entertainment
|
485,095
|
a,b
|
7,955,558
|
|
|
|
18,642,666
|
Pharmaceuticals, Biotech & Life Sciences--9.0%
|
|
|
|
Alexion Pharmaceuticals
|
69,520
|
a
|
6,521,671
|
Alkermes
|
432,510
|
a
|
8,010,085
|
ARIAD Pharmaceuticals
|
284,600
|
a
|
5,458,628
|
Charles River Laboratories
|
|
|
|
International
|
129,740
|
a
|
4,861,358
|
Cubist Pharmaceuticals
|
204,880
|
a
|
8,617,253
|
Jazz Pharmaceuticals
|
120,570
|
a,b
|
6,414,324
|
Nektar Therapeutics
|
88,510
|
a,b
|
655,859
|
Onyx Pharmaceuticals
|
111,670
|
a
|
8,434,435
|
Pharmacyclics
|
84,340
|
a
|
4,883,286
|
Salix Pharmaceuticals
|
117,430
|
a
|
4,753,566
|
|
|
|
58,610,465
|
Real Estate--2.8%
|
|
|
|
LaSalle Hotel Properties
|
162,950
|
c
|
4,137,301
|
Mid-America Apartment Communities
|
110,740
|
c
|
7,170,415
|
Potlatch
|
184,180
|
c
|
7,218,014
|
|
|
|
|
|
|
|
18,525,730
|
Retailing--5.5%
|
|
|
|
American Eagle Outfitters
|
58,403
|
|
1,197,846
|
Dick's Sporting Goods
|
95,830
|
|
4,359,307
|
GNC Holdings, Cl. A
|
217,170
|
|
7,227,418
|
Groupon
|
1,050,958
|
a,b
|
5,128,675
|
Rent-A-Center
|
138,180
|
|
4,747,865
|
Urban Outfitters
|
333,450
|
a
|
13,124,592
|
|
|
|
35,785,703
|
Semiconductors & Semiconductor Equipment--2.1%
|
|
|
|
Entegris
|
525,890
|
a
|
4,827,670
|
Skyworks Solutions
|
432,400
|
a
|
8,777,720
|
|
|
|
13,605,390
|
Software & Services--14.1%
|
|
|
|
Akamai Technologies
|
330,180
|
a
|
13,507,664
|
Electronic Arts
|
430,681
|
a
|
6,257,795
|
ExlService Holdings
|
17,501
|
a
|
463,776
|
Infoblox
|
141,010
|
|
2,533,950
|
Jive Software
|
530,300
|
b
|
7,705,259
|
MAXIMUS
|
111,790
|
|
7,067,364
|
Mentor Graphics
|
557,830
|
a
|
9,494,267
|
Millennial Media
|
643,863
|
b
|
8,067,603
|
Nuance Communications
|
341,280
|
a
|
7,617,370
|
SolarWinds
|
91,930
|
a
|
4,821,729
|
Synopsys
|
321,660
|
a
|
10,241,654
|
Total System Services
|
194,480
|
|
4,165,762
|
Vantiv, Cl. A
|
476,320
|
|
9,726,454
|
|
|
|
91,670,647
|
Technology Hardware & Equipment--6.9%
|
|
|
|
Acme Packet
|
221,800
|
a
|
4,906,216
|
Arris Group
|
342,606
|
a
|
5,118,534
|
Aruba Networks
|
432,390
|
a,b
|
8,972,093
|
F5 Networks
|
94,380
|
a
|
9,169,017
|
Fusion-io
|
142,800
|
a,b
|
3,274,404
|
NETGEAR
|
214,370
|
a
|
8,450,465
|
Vishay Intertechnology
|
486,970
|
a
|
5,176,491
|
|
|
|
45,067,220
|
Transportation--1.8%
|
|
|
|
Landstar System
|
131,790
|
|
6,913,703
|
Werner Enterprises
|
233,350
|
|
5,056,694
|
|
|
|
11,970,397
|
Total Common Stocks
|
|
|
|
(cost $565,475,730)
|
|
|
649,447,364
|
|
Other Investment--1.9%
|
|
|
|
Registered Investment Company;
|
|
|
|
Dreyfus Institutional Preferred
|
|
|
|
Plus Money Market Fund
|
|
|
|
(cost $12,509,901)
|
12,509,901
|
d
|
12,509,901
|
Investment of Cash Collateral for
|
|
|
|
Securities Loaned--13.1%
|
|
|
|
Registered Investment Company;
|
|
|
|
|
|
|
|
Dreyfus Institutional Cash
|
|
|
|
Advantage Fund
|
|
|
|
(cost $85,663,074)
|
85,663,074
|
d
|
85,663,074
|
Total Investments
(cost $663,648,705)
|
114.2
|
%
|
747,620,339
|
Liabilities, Less Cash and Receivables
|
(14.2
|
%)
|
(93,178,059
)
|
Net Assets
|
100.0
|
%
|
654,442,280
|
|
|
a
|
Non-income producing security.
|
b
|
Security, or portion thereof, on loan. At December 31, 2012, the value of the fund's securities on loan was
|
|
$85,756,636 and the value of the collateral held by the fund was $85,663,074.
|
c
|
Investment in real estate investment trust.
|
d
|
Investment in affiliated money market mutual fund.
|
At December 31, 2012, net unrealized appreciation on investments was $83,971,634 of which $94,467,693 related to appreciated investment securities and $10,496,059 related to depreciated investment securities. At December 31, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
|
|
Portfolio Summary (Unaudited) †
|
Value (%)
|
Money Market Investments
|
15.0
|
Software & Services
|
14.1
|
Capital Goods
|
13.1
|
Health Care Equipment & Services
|
10.2
|
Pharmaceuticals, Biotech & Life Sciences
|
9.0
|
Energy
|
7.0
|
Technology Hardware & Equipment
|
6.9
|
Exchange-Traded Funds
|
6.4
|
Retailing
|
5.5
|
Food & Staples Retailing
|
3.7
|
Consumer Services
|
3.3
|
Consumer Durables & Apparel
|
3.2
|
Media
|
2.8
|
Real Estate
|
2.8
|
Materials
|
2.1
|
Semiconductors & Semiconductor Equipment
|
2.1
|
Commercial & Professional Services
|
1.8
|
Transportation
|
1.8
|
Banks
|
1.6
|
Insurance
|
1.0
|
Diversified Financials
|
.8
|
|
114.2
|
The following is a summary of the inputs used as of December 31, 2012 in valuing the fund's investments:
|
|
|
|
|
|
|
|
Level 3 -
|
|
|
Level 1 -
|
Level 2 - Other
|
Significant
|
|
|
Unadjusted Quoted
|
Significant
|
Unobservable
|
|
Assets ($)
|
Prices
|
Observable Inputs
|
Inputs
|
Total
|
Investments in Securities:
|
|
|
|
|
Equity Securities - Domestic Common Stocks+
|
607,482,954
|
-
|
-
|
607,482,954
|
Exchange-Traded Funds
|
41,964,410
|
-
|
-
|
41,964,410
|
Mutual Funds
|
98,172,975
|
-
|
-
|
98,172,975
|
|
+ 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 within 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.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It
is the fund’s policy that, at origination, all loans are secured by collateral
of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager, U.S. Government and Agency securities or letters of credit. The fund is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.
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.
|
STATEMENT OF INVESTMENTS
|
Dreyfus/Standish Intermediate Tax Exempt Bond Fund
|
December 31, 2012 (Unaudited)
|
|
|
|
|
|
Long-Term Municipal
|
Coupon
|
Maturity
|
Principal
|
|
Investments--96.5%
|
Rate (%)
|
Date
|
Amount ($)
|
Value ($)
|
Alabama--.8%
|
|
|
|
|
Birmingham Water Works Board,
|
|
|
|
|
Water Revenue (Insured;
|
|
|
|
|
Assured Guaranty Municipal
|
|
|
|
|
Corp.)
|
5.00
|
1/1/17
|
1,000,000
|
1,143,130
|
Alaska--.8%
|
|
|
|
|
Alaska Student Loan Corporation,
|
|
|
|
|
Education Loan Revenue
|
5.25
|
6/1/14
|
1,000,000
|
1,062,170
|
Arizona--.4%
|
|
|
|
|
Pima County Industrial Development
|
|
|
|
|
Authority, Education Revenue
|
|
|
|
|
(American Charter Schools
|
|
|
|
|
Foundation Project)
|
5.13
|
7/1/15
|
545,000
|
549,256
|
California--14.8%
|
|
|
|
|
California,
|
|
|
|
|
Economic Recovery Bonds
|
5.00
|
7/1/18
|
1,500,000
|
1,819,410
|
California,
|
|
|
|
|
GO (Insured; AMBAC)
|
6.00
|
4/1/16
|
1,000,000
|
1,163,600
|
California,
|
|
|
|
|
GO (Insured; AMBAC)
|
6.00
|
2/1/17
|
1,000,000
|
1,198,270
|
California,
|
|
|
|
|
GO (Various Purpose)
|
5.00
|
10/1/17
|
1,500,000
|
1,769,760
|
California Health Facilities
|
|
|
|
|
Financing Authority, Revenue
|
|
|
|
|
(Sutter Health)
|
5.00
|
8/15/18
|
1,030,000
|
1,239,924
|
California Housing Finance Agency,
|
|
|
|
|
Home Mortgage Revenue
|
|
|
|
|
(Insured; Assured Guaranty
|
|
|
|
|
Municipal Corp.)
|
5.13
|
8/1/18
|
1,250,000
|
1,330,225
|
California State Public Works
|
|
|
|
|
Board, LR (Judicial Council of
|
|
|
|
|
California) (Various Judicial
|
|
|
|
|
Council Projects)
|
5.00
|
12/1/17
|
1,015,000
|
1,177,014
|
California State University
|
|
|
|
|
Trustees, Systemwide Revenue
|
5.00
|
11/1/22
|
1,000,000
|
1,213,440
|
Golden State Tobacco
|
|
|
|
|
Securitization Corporation,
|
|
|
|
|
Enhanced Tobacco Settlement
|
|
|
|
|
Asset-Backed Bonds (Insured;
|
|
|
|
|
AMBAC)
|
5.00
|
6/1/20
|
500,000
|
501,140
|
Golden State Tobacco
|
|
|
|
|
Securitization Corporation,
|
|
|
|
|
Enhanced Tobacco Settlement
|
|
|
|
|
Asset-Backed Bonds (Insured;
|
|
|
|
|
AMBAC)
|
4.60
|
6/1/23
|
750,000
|
814,448
|
|
|
|
|
|
Sacramento County,
|
|
|
|
|
Airport System Senior Revenue
|
5.00
|
7/1/22
|
1,275,000
|
1,497,819
|
San Diego County Water Authority,
|
|
|
|
|
Water Revenue
|
5.00
|
5/1/21
|
1,000,000
|
1,260,870
|
Southern California Public Power
|
|
|
|
|
Authority, Revenue (Canyon
|
|
|
|
|
Power Project)
|
5.00
|
7/1/22
|
2,000,000
|
2,370,020
|
Southern California Public Power
|
|
|
|
|
Authority, Revenue (Windy
|
|
|
|
|
Point/Windy Flats Project)
|
5.00
|
7/1/23
|
1,000,000
|
1,195,670
|
Stockton Unified School District,
|
|
|
|
|
GO (Insured; Assured Guaranty
|
|
|
|
|
Municipal Corp.)
|
4.00
|
7/1/16
|
500,000
|
543,625
|
Tuolumne Wind Project Authority,
|
|
|
|
|
Revenue (Tuolumne Company
|
|
|
|
|
Project)
|
5.00
|
1/1/18
|
1,000,000
|
1,171,410
|
Colorado--.9%
|
|
|
|
|
Colorado Housing and Finance
|
|
|
|
|
Authority, Single Family
|
|
|
|
|
Program Senior and Subordinate
|
|
|
|
|
Bonds
|
6.80
|
2/1/31
|
785,000
|
826,118
|
Colorado Housing and Finance
|
|
|
|
|
Authority, Single Family
|
|
|
|
|
Program Senior and Subordinate
|
|
|
|
|
Bonds (Collateralized; FHA)
|
6.60
|
8/1/32
|
440,000
|
467,091
|
Florida--10.0%
|
|
|
|
|
Citizens Property Insurance
|
|
|
|
|
Corporation, High-Risk Account
|
|
|
|
|
Senior Secured Revenue
|
|
|
|
|
(Insured; National Public
|
|
|
|
|
Finance Guarantee Corp.)
|
5.00
|
3/1/14
|
1,000,000
|
1,049,850
|
Citizens Property Insurance
|
|
|
|
|
Corporation, High-Risk Account
|
|
|
|
|
Senior Secured Revenue
|
|
|
|
|
(Insured; National Public
|
|
|
|
|
Finance Guarantee Corp.)
|
5.00
|
3/1/15
|
2,000,000
|
2,164,680
|
Citizens Property Insurance
|
|
|
|
|
Corporation, Personal Lines
|
|
|
|
|
Account/Commercial Lines
|
|
|
|
|
Account Senior Secured Revenue
|
5.00
|
6/1/20
|
1,500,000
|
1,765,395
|
Lakeland,
|
|
|
|
|
Energy System Revenue
|
|
|
|
|
(Insured; Assured Guaranty
|
|
|
|
|
Municipal Corp.)
|
5.00
|
10/1/17
|
1,000,000
|
1,168,020
|
Miami-Dade County,
|
|
|
|
|
Aviation Revenue (Miami
|
|
|
|
|
International Airport)
|
5.25
|
10/1/23
|
1,000,000
|
1,192,000
|
Miami-Dade County,
|
|
|
|
|
Water and Sewer System Revenue
|
|
|
|
|
(Insured; Assured Guaranty
|
|
|
|
|
Municipal Corp.)
|
5.25
|
10/1/19
|
2,000,000
|
2,464,540
|
Orlando Utilities Commission,
|
|
|
|
|
|
|
|
|
|
Utility System Revenue
|
5.00
|
10/1/14
|
100,000
|
107,949
|
Orlando-Orange County Expressway
|
|
|
|
|
Authority, Revenue (Insured;
|
|
|
|
|
Assured Guaranty Municipal
|
|
|
|
|
Corp.)
|
5.00
|
7/1/18
|
1,000,000
|
1,190,510
|
South Miami Health Facilities
|
|
|
|
|
Authority, HR (Baptist Health
|
|
|
|
|
South Florida Obligated Group)
|
5.00
|
8/15/18
|
750,000
|
872,400
|
Tampa,
|
|
|
|
|
Capital Improvement Cigarette
|
|
|
|
|
Tax Allocation Revenue (H. Lee
|
|
|
|
|
Moffitt Cancer Center Project)
|
5.00
|
9/1/23
|
500,000
|
590,950
|
Tampa,
|
|
|
|
|
Health System Revenue (BayCare
|
|
|
|
|
Health System Issue)
|
5.00
|
11/15/18
|
1,000,000
|
1,193,600
|
Georgia--6.7%
|
|
|
|
|
Atlanta,
|
|
|
|
|
Airport General Revenue
|
5.00
|
1/1/16
|
1,000,000
|
1,121,560
|
Atlanta,
|
|
|
|
|
Airport General Revenue
|
5.00
|
1/1/22
|
1,000,000
|
1,179,060
|
Atlanta,
|
|
|
|
|
Water and Wastewater Revenue
|
6.00
|
11/1/20
|
1,000,000
|
1,279,320
|
Georgia State Road and Tollway
|
|
|
|
|
Authority, Guaranteed Revenue
|
5.00
|
3/1/19
|
1,175,000
|
1,455,308
|
Municipal Electric Authority of
|
|
|
|
|
Georgia, GO (Project One
|
|
|
|
|
Subordinated Bonds)
|
5.00
|
1/1/21
|
1,000,000
|
1,212,130
|
Private Colleges and Universities
|
|
|
|
|
Authority, Revenue (Emory
|
|
|
|
|
University)
|
5.00
|
9/1/16
|
2,500,000
|
2,889,925
|
Hawaii--.8%
|
|
|
|
|
Honolulu City and County Board of
|
|
|
|
|
Water Supply, Water System
|
|
|
|
|
Revenue (Insured; National
|
|
|
|
|
Public Finance Guarantee Corp.)
|
5.00
|
7/1/14
|
1,000,000
|
1,068,570
|
Illinois--7.3%
|
|
|
|
|
Chicago,
|
|
|
|
|
General Airport Third Lien
|
|
|
|
|
Revenue (Chicago O'Hare
|
|
|
|
|
International Airport)
|
|
|
|
|
(Insured; Assured Guaranty
|
|
|
|
|
Municipal Corp.)
|
5.00
|
1/1/20
|
1,000,000
|
1,138,240
|
Chicago,
|
|
|
|
|
GO (Insured; Assured Guaranty
|
|
|
|
|
Municipal Corp.)
|
5.50
|
1/1/19
|
2,000,000
|
2,415,920
|
Cook County Community High School
|
|
|
|
|
District Number 219, GO School
|
|
|
|
|
Bonds (Insured; FGIC)
|
7.88
|
12/1/14
|
100,000
|
114,324
|
Cook County Community High School
|
|
|
|
|
District Number 219, GO School
|
|
|
|
|
Bonds (Insured; National
|
|
|
|
|
Public Finance Guarantee Corp.)
|
7.88
|
12/1/14
|
650,000
|
739,368
|
|
|
|
|
|
Illinois,
|
|
|
|
|
GO
|
5.00
|
8/1/22
|
500,000
|
583,010
|
Illinois,
|
|
|
|
|
Sales Tax Revenue
|
5.00
|
6/15/15
|
1,000,000
|
1,108,100
|
Illinois Finance Authority,
|
|
|
|
|
Revenue (DePaul University)
|
5.00
|
10/1/16
|
1,000,000
|
1,087,140
|
Northern Illinois University Board
|
|
|
|
|
of Trustees, Auxiliary
|
|
|
|
|
Facilities System Revenue
|
|
|
|
|
(Insured; Assured Guaranty
|
|
|
|
|
Municipal Corp.)
|
5.00
|
4/1/17
|
1,500,000
|
1,673,670
|
Railsplitter Tobacco Settlement
|
|
|
|
|
Authority, Tobacco Settlement
|
|
|
|
|
Revenue
|
5.00
|
6/1/17
|
1,000,000
|
1,144,600
|
Indiana--2.4%
|
|
|
|
|
Indianapolis Local Public
|
|
|
|
|
Improvement Bond Bank, Revenue
|
5.00
|
6/1/17
|
1,625,000
|
1,855,718
|
Knox County,
|
|
|
|
|
EDR (Good Samaritan Hospital
|
|
|
|
|
Project)
|
5.00
|
4/1/23
|
1,300,000
|
1,487,135
|
Kansas--1.0%
|
|
|
|
|
Kansas Development Finance
|
|
|
|
|
Authority, Revolving Funds
|
|
|
|
|
Revenue (Kansas Department of
|
|
|
|
|
Health and Environment)
|
5.00
|
3/1/21
|
1,150,000
|
1,418,019
|
Kentucky--.9%
|
|
|
|
|
Louisville and Jefferson County
|
|
|
|
|
Metropolitan Sewer District,
|
|
|
|
|
Sewer and Drainage System
|
|
|
|
|
Revenue
|
5.00
|
5/15/23
|
1,000,000
|
1,228,340
|
Louisiana--1.1%
|
|
|
|
|
Parish of Orleans Parishwide
|
|
|
|
|
School District, GO (Insured;
|
|
|
|
|
Assured Guaranty Municipal
|
|
|
|
|
Corp.)
|
4.00
|
9/1/14
|
1,500,000
|
1,573,800
|
Maryland--2.1%
|
|
|
|
|
Maryland,
|
|
|
|
|
GO (State and Local Facilities
|
|
|
|
|
Loan)
|
5.00
|
8/1/16
|
1,500,000
|
1,736,220
|
Maryland Economic Development
|
|
|
|
|
Corporation, EDR
|
|
|
|
|
(Transportation Facilities
|
|
|
|
|
Project)
|
5.13
|
6/1/20
|
1,000,000
|
1,162,710
|
Massachusetts--2.0%
|
|
|
|
|
Massachusetts Department of
|
|
|
|
|
Transportation, Metropolitan
|
|
|
|
|
Highway System Senior Revenue
|
5.00
|
1/1/15
|
1,500,000
|
1,626,150
|
Massachusetts Health and
|
|
|
|
|
Educational Facilities
|
|
|
|
|
Authority, Revenue (Lahey
|
|
|
|
|
Clinic Medical Center Issue)
|
|
|
|
|
(Insured; National Public
|
|
|
|
|
|
|
|
|
|
Finance Guarantee Corp.)
|
5.00
|
8/15/14
|
1,000,000
|
1,061,770
|
Michigan--4.5%
|
|
|
|
|
Detroit,
|
|
|
|
|
Sewage Disposal System Second
|
|
|
|
|
Lien Revenue (Insured;
|
|
|
|
|
National Public Finance
|
|
|
|
|
Guarantee Corp.)
|
5.00
|
7/1/13
|
1,000,000
|
1,017,070
|
Detroit,
|
|
|
|
|
Sewage Disposal System Senior
|
|
|
|
|
Lien Revenue (Insured; Assured
|
|
|
|
|
Guaranty Municipal Corp.)
|
5.25
|
7/1/19
|
1,000,000
|
1,153,670
|
Detroit School District,
|
|
|
|
|
School Building and Site
|
|
|
|
|
Improvement Bonds (Insured;
|
|
|
|
|
Assured Guaranty Municipal
|
|
|
|
|
Corp.)
|
5.00
|
5/1/14
|
1,000,000
|
1,053,820
|
Michigan Finance Authority,
|
|
|
|
|
Unemployment Obligation
|
|
|
|
|
Assessment Revenue
|
5.00
|
7/1/21
|
1,500,000
|
1,772,520
|
Wayne County Airport Authority,
|
|
|
|
|
Airport Revenue (Detroit
|
|
|
|
|
Metropolitan Wayne County
|
|
|
|
|
Airport)
|
5.00
|
12/1/16
|
1,000,000
|
1,128,490
|
Nebraska--.8%
|
|
|
|
|
Nebraska Public Power District,
|
|
|
|
|
General Revenue
|
5.00
|
1/1/15
|
1,000,000
|
1,088,290
|
New Jersey--3.5%
|
|
|
|
|
New Jersey Economic Development
|
|
|
|
|
Authority, Water Facilities
|
|
|
|
|
Revenue (New Jersey - American
|
|
|
|
|
Water Company, Inc. Project)
|
5.10
|
6/1/23
|
1,000,000
|
1,136,190
|
New Jersey Educational Facilities
|
|
|
|
|
Authority, Revenue (Rowan
|
|
|
|
|
University Issue)
|
5.00
|
7/1/18
|
1,225,000
|
1,418,268
|
New Jersey Higher Education
|
|
|
|
|
Student Assistance Authority,
|
|
|
|
|
Senior Student Loan Revenue
|
5.00
|
12/1/18
|
1,000,000
|
1,134,570
|
New Jersey Transportation Trust
|
|
|
|
|
Fund Authority (Transportation
|
|
|
|
|
System)
|
5.00
|
12/15/16
|
1,000,000
|
1,154,290
|
New Mexico--.1%
|
|
|
|
|
Jicarilla,
|
|
|
|
|
Apache Nation Revenue
|
5.00
|
9/1/13
|
165,000
|
169,300
|
New York--7.0%
|
|
|
|
|
Metropolitan Transportation
|
|
|
|
|
Authority, Transportation
|
|
|
|
|
Revenue
|
5.25
|
11/15/14
|
1,000,000
|
1,088,670
|
New York City,
|
|
|
|
|
GO
|
5.00
|
8/1/16
|
1,300,000
|
1,490,541
|
New York City,
|
|
|
|
|
GO
|
5.00
|
8/1/21
|
2,000,000
|
2,411,060
|
New York City Health and Hospitals
|
|
|
|
|
|
|
|
|
|
Corporation, Health System
|
|
|
|
|
Revenue
|
5.00
|
2/15/19
|
1,000,000
|
1,195,000
|
New York City Industrial
|
|
|
|
|
Development Agency, Special
|
|
|
|
|
Facility Revenue (Terminal One
|
|
|
|
|
Group Association, L.P.
|
|
|
|
|
Project)
|
5.50
|
1/1/14
|
1,000,000
|
1,041,700
|
New York City Transitional Finance
|
|
|
|
|
Authority, Future Tax Secured
|
|
|
|
|
Subordinate Revenue
|
5.00
|
11/1/18
|
1,000,000
|
1,216,350
|
New York State Dormitory
|
|
|
|
|
Authority, Revenue (New York
|
|
|
|
|
State Department of Health)
|
5.00
|
7/1/17
|
1,000,000
|
1,168,370
|
Ohio--1.9%
|
|
|
|
|
Franklin County,
|
|
|
|
|
Revenue (Trinity Health Credit
|
|
|
|
|
Group)
|
5.00
|
6/1/14
|
1,340,000
|
1,421,861
|
University of Toledo,
|
|
|
|
|
General Receipts Bonds
|
5.00
|
6/1/17
|
1,050,000
|
1,195,814
|
Pennsylvania--3.3%
|
|
|
|
|
Pennsylvania Economic Development
|
|
|
|
|
Financing Authority,
|
|
|
|
|
Unemployment Compensation
|
|
|
|
|
Revenue
|
5.00
|
7/1/22
|
2,000,000
|
2,271,960
|
Pennsylvania Intergovernmental
|
|
|
|
|
Cooperation Authority, Special
|
|
|
|
|
Tax Revenue (City of
|
|
|
|
|
Philadelphia Funding Program)
|
5.00
|
6/15/17
|
1,000,000
|
1,178,950
|
Philadelphia School District,
|
|
|
|
|
GO
|
5.00
|
9/1/14
|
1,000,000
|
1,072,520
|
South Dakota--2.1%
|
|
|
|
|
South Dakota Conservancy District,
|
|
|
|
|
Revenue (State Revolving Fund
|
|
|
|
|
Program)
|
5.00
|
8/1/17
|
2,370,000
|
2,814,588
|
Texas--11.8%
|
|
|
|
|
Comal Independent School District,
|
|
|
|
|
Unlimited Tax Bonds (Permanent
|
|
|
|
|
School Fund Guarantee Program)
|
5.00
|
2/1/18
|
1,500,000
|
1,797,225
|
Dallas Independent School
|
|
|
|
|
District, Unlimited Tax School
|
|
|
|
|
Building Bonds (Permament
|
|
|
|
|
School Fund Guarantee Program)
|
5.25
|
2/15/16
|
1,000,000
|
1,142,610
|
Houston,
|
|
|
|
|
Combined Utility System First
|
|
|
|
|
Lien Revenue
|
5.00
|
11/15/18
|
1,355,000
|
1,651,244
|
Houston Convention and
|
|
|
|
|
Entertainment Facilities
|
|
|
|
|
Department, Hotel Occupancy
|
|
|
|
|
Tax and Special Revenue
|
5.00
|
9/1/20
|
1,000,000
|
1,179,590
|
Love Field Airport Modernization
|
|
|
|
|
Corporation, Special
|
|
|
|
|
Facilities Revenue (Southwest
|
|
|
|
|
|
|
|
|
|
|
Airlines Company - Love Field
|
|
|
|
|
|
Modernization Program Project)
|
5.00
|
11/1/15
|
1,000,000
|
|
1,080,200
|
Midlothian Development Authority,
|
|
|
|
|
|
Tax Increment Contract Revenue
|
|
|
|
|
|
(Insured; Radian)
|
5.00
|
11/15/13
|
530,000
|
|
543,298
|
Sam Rayburn Municipal Power
|
|
|
|
|
|
Agency, Power Supply System
|
|
|
|
|
|
Revenue
|
5.00
|
10/1/20
|
1,210,000
|
|
1,441,134
|
San Manuel Entertainment
|
|
|
|
|
|
Authority, Public Improvement
|
|
|
|
|
|
Revenue
|
4.50
|
12/1/16
|
1,000,000
|
|
1,004,310
|
Stafford Economic Development
|
|
|
|
|
|
Corporation, Sales Tax Revenue
|
|
|
|
|
|
(Insured; National Public
|
|
|
|
|
|
Finance Guarantee Corp.)
|
6.00
|
9/1/15
|
525,000
|
|
592,930
|
Tarrant Regional Water District,
|
|
|
|
|
|
Water Transmission Facilities
|
|
|
|
|
|
Contract Revenue (City of
|
|
|
|
|
|
Dallas Project)
|
5.00
|
9/1/18
|
1,000,000
|
|
1,215,820
|
Texas,
|
|
|
|
|
|
GO (College Student Loan)
|
5.00
|
8/1/17
|
1,000,000
|
|
1,164,340
|
Texas Municipal Power Agency,
|
|
|
|
|
|
Revenue (Insured; National
|
|
|
|
|
|
Public Finance Guarantee Corp.)
|
0.00
|
9/1/16
|
10,000
|
a
|
9,751
|
Texas Transportation Commission,
|
|
|
|
|
|
State Highway Fund First Tier
|
|
|
|
|
|
Revenue
|
5.00
|
4/1/16
|
1,000,000
|
|
1,139,830
|
Texas Transportation Commission,
|
|
|
|
|
|
State Highway Fund First Tier
|
|
|
|
|
|
Revenue
|
5.00
|
4/1/20
|
1,905,000
|
|
2,213,743
|
Utah--.0%
|
|
|
|
|
|
Utah Housing Finance Agency,
|
|
|
|
|
|
SMFR (Collateralized; FHA)
|
5.40
|
7/1/20
|
20,000
|
|
20,042
|
Virginia--2.3%
|
|
|
|
|
|
Virginia Beach,
|
|
|
|
|
|
Public Improvement GO
|
5.00
|
4/1/22
|
2,500,000
|
|
3,204,550
|
Washington--2.9%
|
|
|
|
|
|
Energy Northwest,
|
|
|
|
|
|
Electric Revenue (Columbia
|
|
|
|
|
|
Generating Station)
|
5.50
|
7/1/15
|
1,000,000
|
|
1,123,400
|
King County,
|
|
|
|
|
|
Sewer Revenue
|
5.00
|
1/1/17
|
1,500,000
|
|
1,745,265
|
NJB Properties,
|
|
|
|
|
|
LR (King County, Washington
|
|
|
|
|
|
Project)
|
5.00
|
12/1/14
|
1,000,000
|
|
1,084,560
|
West Virginia--1.0%
|
|
|
|
|
|
West Virginia University Board of
|
|
|
|
|
|
Governors, University
|
|
|
|
|
|
Improvement Revenue (West
|
|
|
|
|
|
Virginia University Projects)
|
5.00
|
10/1/17
|
1,135,000
|
|
1,335,952
|
Wyoming--.7%
|
|
|
|
|
|
Wyoming Community Development
|
|
|
|
|
|
|
|
|
|
|
|
Authority, Housing Revenue
|
5.50
|
12/1/17
|
850,000
|
|
910,282
|
U.S. Related--2.6%
|
|
|
|
|
|
Puerto Rico Electric Power
|
|
|
|
|
|
Authority, Power Revenue
|
|
|
|
|
|
(Insured; XLCA)
|
5.50
|
7/1/16
|
500,000
|
|
536,765
|
Puerto Rico Highways and
|
|
|
|
|
|
Transportation Authority,
|
|
|
|
|
|
Transportation Revenue
|
5.00
|
7/1/13
|
1,360,000
|
|
1,379,870
|
Puerto Rico Sales Tax Financing
|
|
|
|
|
|
Corporation, Sales Tax Revenue
|
|
|
|
|
|
(First Subordinate Series)
|
5.50
|
8/1/22
|
1,500,000
|
|
1,671,720
|
Total Long-Term Municipal Investments
|
|
|
|
|
|
(cost $124,509,231)
|
|
|
|
|
132,416,704
|
Short-Term Municipal
|
Coupon
|
Maturity
|
Principal
|
|
|
Investments--1.6%
|
Rate (%)
|
Date
|
Amount ($)
|
|
Value ($)
|
Iowa--.7%
|
|
|
|
|
|
Iowa Finance Authority,
|
|
|
|
|
|
Midwestern Disaster Area
|
|
|
|
|
|
Revenue (Iowa Fertilizer
|
|
|
|
|
|
Company Project)
|
0.18
|
4/12/13
|
1,000,000
|
|
1,000,330
|
Massachusetts--.5%
|
|
|
|
|
|
Massachusetts Health and
|
|
|
|
|
|
Educational Facilities
|
|
|
|
|
|
Authority, Revenue (Baystate
|
|
|
|
|
|
Medical Center Issue) (LOC;
|
|
|
|
|
|
Wells Fargo Bank)
|
0.08
|
1/2/13
|
700,000
|
b
|
700,000
|
Pennsylvania--.4%
|
|
|
|
|
|
Geisinger Authority,
|
|
|
|
|
|
Health System Revenue
|
|
|
|
|
|
(Geisinger Health System)
|
|
|
|
|
|
(Liquidity Facility; JPMorgan
|
|
|
|
|
|
Chase Bank)
|
0.08
|
1/2/13
|
500,000
|
b
|
500,000
|
Total Short-Term Municipal Investments
|
|
|
|
|
|
(cost $2,200,000)
|
|
|
|
|
2,200,330
|
Total Investments
(cost $126,709,231)
|
|
|
98.1
|
%
|
134,617,034
|
Cash and Receivables (Net)
|
|
|
1.9
|
%
|
2,578,870
|
Net Assets
|
|
|
100.0
|
%
|
137,195,904
|
|
|
a
|
Security issued with a zero coupon. Income is recognized through the accretion of discount.
|
b
|
Variable rate demand note - rate shown is the interest rate in effect at December 31, 2012. Maturity date represents the
|
|
next demand date, or the ultimate maturity date if earlier.
|
At December 31, 2012, net unrealized appreciation on investments was $7,907,803 of which $7,939,712 related to appreciated investment securities and $31,909 related to depreciated investment securities. At December 31, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
|
|
|
|
Summary of Abbreviations
|
|
|
ABAG
|
Association of Bay Area Governments
|
ACA
|
American Capital Access
|
AGC
|
ACE Guaranty Corporation
|
AGIC
|
Asset Guaranty Insurance Company
|
|
|
|
|
AMBAC
|
American Municipal Bond Assurance Corporation
|
ARRN
|
Adjustable Rate Receipt Notes
|
BAN
|
Bond Anticipation Notes
|
BPA
|
Bond Purchase Agreement
|
CIFG
|
CDC Ixis Financial Guaranty
|
COP
|
Certificate of Participation
|
CP
|
Commercial Paper
|
DRIVERS
|
Derivative Inverse Tax-Exempt Receipts
|
EDR
|
Economic Development Revenue
|
EIR
|
Environmental Improvement Revenue
|
FGIC
|
Financial Guaranty Insurance Company
|
FHA
|
Federal Housing Administration
|
FHLB
|
Federal Home Loan Bank
|
FHLMC
|
Federal Home Loan Mortgage Corporation
|
FNMA
|
Federal National Mortgage Association
|
GAN
|
Grant Anticipation Notes
|
GIC
|
Guaranteed Investment Contract
|
GNMA
|
Government National Mortgage Association
|
GO
|
General Obligation
|
HR
|
Hospital Revenue
|
IDB
|
Industrial Development Board
|
IDC
|
Industrial Development Corporation
|
IDR
|
Industrial Development Revenue
|
LIFERS
|
Long Inverse Floating Exempt Receipts
|
LOC
|
Letter of Credit
|
LOR
|
Limited Obligation Revenue
|
LR
|
Lease Revenue
|
MERLOTS
|
Municipal Exempt Receipt Liquidity Option
|
|
|
|
Tender
|
MFHR
|
Multi-Family Housing Revenue
|
MFMR
|
Multi-Family Mortgage Revenue
|
PCR
|
Pollution Control Revenue
|
P-FLOATS
|
Puttable Floating Option Tax-Exempts Receipts
|
PILOT
|
Payment in Lieu of Taxes
|
PUTTERS
|
Puttable Tax-Exempt Receipts
|
RAC
|
Revenue Anticipation Certificates
|
RAN
|
Revenue Anticipation Notes
|
RAW
|
Revenue Anticipation Warrants
|
ROCS
|
Reset Option Certificates
|
RRR
|
Resources Recovery Revenue
|
SAAN
|
State Aid Anticipation Notes
|
SBPA
|
Standby Bond Purchase Agreement
|
SFHR
|
Single Family Housing Revenue
|
SFMR
|
Single Family Mortgage Revenue
|
SONYMA
|
State of New York Mortgage Agency
|
SPEARS
|
Short Puttable Exempt Adjustable Receipts
|
SWDR
|
Solid Waste Disposal Revenue
|
TAN
|
Tax Anticipation Notes
|
TAW
|
Tax Anticipation Warrants
|
TRAN
|
Tax and Revenue Anticipation Notes
|
XLCA
|
XL Capital Assurance
|
The following is a summary of the inputs used as of December 31, 2012 in valuing the fund's investments:
|
|
|
|
|
|
|
|
Level 3 -
|
|
|
Level 1 -
|
Level 2 - Other
|
Significant
|
|
|
Unadjusted Quoted
|
Significant
|
Unobservable
|
|
Assets ($)
|
Prices
|
Observable Inputs
|
Inputs
|
Total
|
Investments in Securities:
|
|
|
|
|
Municipal Bonds
|
-
|
134,617,034
|
-
|
134,617,034
|
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.
Portfolio valuation: 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 each business day by an independent
pricing service (the “Service”) approved by the Board of
Directors. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All preceding securities are categorized as Level 2 in the 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 Directors. 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 in the 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.
|
STATEMENT OF INVESTMENTS
|
Dreyfus/Newton International Equity Fund
|
December 31, 2012 (Unaudited)
|
|
|
|
Common Stocks--97.3%
|
Shares
|
Value ($)
|
Australia--2.8%
|
|
|
Newcrest Mining
|
191,167
|
4,463,186
|
Santos
|
395,490
|
4,631,813
|
WorleyParsons
|
136,819
|
3,375,231
|
|
|
12,470,230
|
Belgium--2.2%
|
|
|
Anheuser-Busch InBev
|
112,073
|
9,793,956
|
Brazil--2.5%
|
|
|
CCR
|
270,836
|
2,568,326
|
International Meal Co. Holdings
|
269,217
|
3,329,892
|
Vale, ADR
|
252,396
|
5,290,220
|
|
|
11,188,438
|
Canada--1.6%
|
|
|
Barrick Gold
|
113,706
|
3,980,339
|
Nexen
|
117,969
|
3,151,137
|
|
|
7,131,476
|
China--2.3%
|
|
|
China Mobile
|
615,365
|
7,208,295
|
Mindray Medical International, ADR
|
98,776
|
3,229,975
|
|
|
10,438,270
|
France--4.3%
|
|
|
Air Liquide
|
58,714
|
7,357,874
|
L'Oreal
|
32,922
|
4,598,904
|
Total
|
136,850
|
7,083,057
|
|
|
19,039,835
|
Germany--4.8%
|
|
|
Bayer
|
83,964
|
7,973,476
|
Brenntag
|
27,305
|
3,587,289
|
Fresenius Medical Care & Co.
|
76,912
|
5,314,047
|
Gerry Weber International
|
90,845
|
4,384,310
|
|
|
21,259,122
|
Hong Kong--6.4%
|
|
|
AIA Group
|
1,786,512
|
7,120,035
|
Belle International Holdings
|
2,717,255
|
6,000,826
|
Biostime International Holdings
|
1,202,504
|
3,769,984
|
Jardine Matheson Holdings
|
125,200
|
7,786,285
|
Man Wah Holdings
|
4,520,000
|
3,849,543
|
|
|
28,526,673
|
Italy--2.2%
|
|
|
Eni
|
280,559
|
6,921,299
|
Intesa Sanpaolo
|
1,708,739
|
2,956,140
|
|
|
9,877,439
|
Japan--26.2%
|
|
|
Asahi Group Holdings
|
221,200
|
4,688,811
|
CALBEE
|
27,500
|
1,935,696
|
Daiichi Sankyo
|
173,573
|
2,662,524
|
Don Quijote
|
215,200
|
7,883,759
|
FANUC
|
31,300
|
5,820,668
|
INPEX
|
595
|
3,175,427
|
Japan Airlines
|
65,793
|
2,816,075
|
|
|
|
|
Japan Tobacco
|
303,400
|
|
8,553,356
|
Lawson
|
57,800
|
|
3,928,860
|
Makita
|
166,900
|
|
7,762,912
|
Mitsubishi Estate
|
329,000
|
|
7,865,176
|
NGK Spark Plug
|
252,000
|
|
3,348,915
|
Nissan Motor
|
806,900
|
|
7,658,649
|
Nomura Holdings
|
1,689,200
|
|
9,973,500
|
Shiseido
|
395,100
|
|
5,556,082
|
Softbank
|
179,200
|
|
6,557,239
|
Sugi Holdings
|
154,500
|
|
5,428,164
|
Towa Pharmaceutical
|
87,100
|
|
4,557,238
|
Toyota Motor
|
360,500
|
|
16,826,903
|
|
|
|
116,999,954
|
Mexico--.7%
|
|
|
|
Grupo Financiero Santander Mexico, Cl. B, ADR
|
199,059
|
a
|
3,220,775
|
Norway--1.6%
|
|
|
|
DNB
|
545,742
|
|
6,956,532
|
Philippines--.6%
|
|
|
|
Energy Development
|
17,307,900
|
|
2,848,335
|
Poland--.1%
|
|
|
|
Telekomunikacja Polska
|
67,152
|
a
|
266,008
|
Sweden--1.2%
|
|
|
|
TeliaSonera
|
808,670
|
|
5,508,261
|
Switzerland--12.9%
|
|
|
|
Actelion
|
57,109
|
a
|
2,743,169
|
Nestle
|
219,380
|
|
14,297,897
|
Novartis
|
191,751
|
|
12,140,046
|
Roche Holding
|
74,220
|
|
15,120,462
|
Syngenta
|
19,640
|
|
7,922,443
|
Zurich Insurance Group
|
19,575
|
a
|
5,234,192
|
|
|
|
57,458,209
|
Thailand--3.5%
|
|
|
|
Bangkok Bank
|
1,423,400
|
|
9,752,800
|
Bangkok Dusit Medical Services
|
1,537,483
|
|
5,732,013
|
|
|
|
15,484,813
|
United Kingdom--21.4%
|
|
|
|
Aberdeen Asset Management
|
979,660
|
|
5,809,286
|
Associated British Foods
|
159,700
|
|
4,065,017
|
BHP Billiton
|
349,303
|
|
12,274,393
|
British American Tobacco
|
158,995
|
|
8,056,321
|
Centrica
|
1,506,491
|
|
8,183,891
|
Compass Group
|
296,907
|
|
3,511,465
|
GlaxoSmithKline
|
335,755
|
|
7,289,809
|
Imagination Technologies Group
|
514,411
|
a
|
3,335,595
|
Ophir Energy
|
447,559
|
a
|
3,728,577
|
Prudential
|
339,847
|
|
4,742,004
|
Rio Tinto
|
193,186
|
|
11,257,477
|
Royal Bank of Scotland Group
|
1,224,776
|
a
|
6,596,523
|
SSE
|
237,317
|
|
5,484,680
|
Standard Chartered
|
232,128
|
|
5,884,164
|
Wolseley
|
107,339
|
|
5,101,965
|
|
|
|
95,321,167
|
Total Common Stocks
|
|
|
|
(cost $337,528,062)
|
|
|
433,789,493
|
|
Preferred Stocks--.9%
|
Shares
|
|
Value ($)
|
|
|
|
|
Brazil
|
|
|
|
Petroleo Brasileiro
|
|
|
|
(cost $5,353,596)
|
391,963
|
|
3,791,853
|
|
Other Investment--1.0%
|
Shares
|
|
Value ($)
|
Registered Investment Company;
|
|
|
|
Dreyfus Institutional Preferred Plus Money Market Fund
|
|
|
|
(cost $4,301,829)
|
4,301,829
|
b
|
4,301,829
|
Total Investments
(cost $347,183,487)
|
99.2
|
%
|
441,883,175
|
Cash and Receivables (Net)
|
.8
|
%
|
3,746,859
|
Net Assets
|
100.0
|
%
|
445,630,034
|
ADR - American Depository Receipts
|
|
a
|
Non-income producing security.
|
b
|
Investment in affiliated money market mutual fund.
|
At December 31, 2012, net unrealized depreciation on investments was $94,699,688 of which $98,859,771 related to appreciated investment securities and $4,160,083 related to depreciated investment securities. At December 31, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
|
|
Portfolio Summary (Unaudited) †
|
Value (%)
|
Financial
|
18.8
|
Consumer Staples
|
16.8
|
Health Care
|
15.0
|
Consumer Discretionary
|
12.7
|
Materials
|
11.8
|
Energy
|
8.0
|
Industrial
|
6.2
|
Telecommunication Services
|
4.4
|
Utilities
|
3.7
|
Money Market Investment
|
1.0
|
Information Technology
|
.8
|
|
99.2
|
STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
December 31, 2012 (Unaudited)
|
|
|
|
|
|
|
|
|
Foreign
|
|
|
Unrealized
|
|
Forward Foreign Currency
|
Currency
|
|
|
Appreciation
|
|
Exchange Contracts
|
Amounts
|
Cost ($)
|
Value ($)
|
(Depreciation) ($)
|
|
Purchases:
|
|
|
|
|
|
|
|
Euro,
|
|
|
|
|
|
|
Expiring
|
|
|
|
|
|
|
6/14/2013
|
a
|
6,677,386
|
8,789,157
|
8,827,385
|
38,228
|
|
|
Singapore Dollar,
|
|
|
|
|
|
Expiring
|
|
|
|
|
|
|
3/15/2013
|
b
|
10,714,329
|
8,785,838
|
8,770,447
|
(15,391
|
)
|
|
Swedish Krona,
|
|
|
|
|
|
Expiring
|
|
|
|
|
|
|
5/15/2013
|
c
|
58,616,718
|
8,805,606
|
8,987,834
|
182,228
|
|
|
|
|
Sales:
|
|
|
Proceeds ($)
|
|
|
|
|
|
Japanese Yen,
|
|
|
|
|
|
Expiring:
|
|
|
|
|
|
|
3/15/2013
|
b
|
734,403,000
|
8,785,838
|
8,482,047
|
303,791
|
|
4/15/2013
|
b
|
734,403,000
|
8,778,372
|
8,484,309
|
294,063
|
|
5/15/2013
|
c
|
734,403,000
|
8,805,606
|
8,486,477
|
319,129
|
|
6/14/2013
|
a
|
734,403,000
|
8,789,157
|
8,488,647
|
300,510
|
|
|
|
Polish Zloty,
|
|
|
|
|
|
|
Expiring
|
|
|
|
|
|
|
1/3/2013
|
c
|
63,596
|
20,531
|
20,547
|
(16
|
)
|
|
|
|
|
Gross Unrealized Appreciation
|
|
|
|
1,437,949
|
|
Gross Unrealized Depreciation
|
|
|
|
(15,407
|
)
|
Counterparties:
|
|
a
|
Barclays Bank
|
b
|
JP Morgan Chase & Co.
|
c
|
Royal Bank of Scotland
|
The following is a summary of the inputs used as of December 31, 2012 in valuing the fund's investments:
|
|
|
|
|
|
|
|
Level 3 -
|
|
|
Level 1 -
|
Level 2 - Other
|
Significant
|
|
|
Unadjusted Quoted
|
Significant
|
Unobservable
|
|
Assets ($)
|
Prices
|
Observable Inputs
|
Inputs
|
Total
|
Investments in Securities:
|
|
|
|
|
Equity Securities - Foreign Common Stocks+
|
11,740,970
|
422,048,523
++
|
-
|
433,789,493
|
Mutual Funds
|
4,301,829
|
-
|
-
|
4,301,829
|
Preferred Stocks+
|
-
|
3,791,853
++
|
-
|
3,791,853
|
Other Financial Instruments:
|
|
|
|
|
Forward Foreign Currency Exchange Contracts+++
|
-
|
1,437,949
|
-
|
1,437,949
|
Liabilities ($)
|
|
|
|
|
Other Financial Instruments:
|
|
|
|
|
Forward Foreign Currency Exchange Contracts+++
|
-
|
(15,407
)
|
-
|
(15,407
)
|
|
+ See Statement of Investments for additional detailed categorizations.
|
++ Securities classified as 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.
|
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 within 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.
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 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 gain or loss which occurred during the period is 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 typically limited to the unrealized gain on each open contract.
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.
-3-
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 Investment Funds
|
|
By:
|
/s/ Bradley J. Skapyak
|
|
Bradley J. Skapyak
|
|
President
|
|
Date:
|
February 26, 2013
|
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:
|
February 26, 2013
|
|
By:
|
/s/ James Windels
|
|
James Windels
|
|
Treasurer
|
|
Date:
|
February 26, 2013
|
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)
-4-
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