0000318478-11-000009.txt : 20110525 0000318478-11-000009.hdr.sgml : 20110525 20110525114034 ACCESSION NUMBER: 0000318478-11-000009 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110331 FILED AS OF DATE: 20110525 DATE AS OF CHANGE: 20110525 EFFECTIVENESS DATE: 20110525 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS APPRECIATION FUND INC CENTRAL INDEX KEY: 0000318478 IRS NUMBER: 133088846 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-03081 FILM NUMBER: 11870014 BUSINESS ADDRESS: STREET 1: THE DREYFUS CORPORATION STREET 2: 200 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2129226785 MAIL ADDRESS: STREET 1: C/O DREYFUS CORP STREET 2: 200 PARK AVENUE, 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10166 FORMER COMPANY: FORMER CONFORMED NAME: GENERAL COMMON STOCK FUND INC DATE OF NAME CHANGE: 19831103 FORMER COMPANY: FORMER CONFORMED NAME: FUND FOR COMMON STOCKS INC DATE OF NAME CHANGE: 19830418 0000318478 S000000008 DREYFUS APPRECIATION FUND INC C000000012 DREYFUS APPRECIATION FUND INC DGAGX N-Q 1 formnq-141.htm FORM N-Q formnq-141.htm - Generated by SEC Publisher for SEC Filing

 

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

Investment Company Act file number

811-3081

 

 

 

Dreyfus Appreciation Fund, Inc.

 

 

(Exact name of Registrant as specified in charter)

 

 

 

 

 

 

c/o The Dreyfus Corporation

200 Park Avenue

New York, New York  10166

 

 

(Address of principal executive offices)        (Zip code)

 

 

 

 

 

Michael A. Rosenberg, 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:

 

12/31

 

Date of reporting period:

3/31/11

 
             

 

 

 

 

FORM N-Q

Item 1.                        Schedule of Investments.

 

 

STATEMENT OF INVESTMENTS     
Dreyfus Appreciation Fund, Inc.     
March 31, 2011 (Unaudited)     
 
 
Common Stocks--97.8%  Shares  Value ($) 
Consumer Discretionary--9.3%     
Christian Dior  293,500  41,315,942 
McDonald's  1,294,700  98,513,723 
McGraw-Hill  657,000a  25,885,800 
News, Cl. A  2,212,308a  38,848,128 
News, Cl. B  166,900  3,107,678 
Target  1,284,100  64,217,841 
Walt Disney  800,000  34,472,000 
    306,361,112 
Consumer Staples--27.6%     
Altria Group  2,673,700a  69,596,411 
Coca-Cola  2,500,000  165,875,000 
Estee Lauder, Cl. A  317,900a  30,632,844 
Kraft Foods, Cl. A  1,200,568  37,649,813 
Nestle, ADR  1,921,150  110,427,702 
PepsiCo  1,009,300  65,009,013 
Philip Morris International  2,923,700  191,882,431 
Procter & Gamble  1,667,300a  102,705,680 
Wal-Mart Stores  1,159,100a  60,331,155 
Walgreen  1,722,200  69,129,108 
Whole Foods Market  157,500a  10,379,250 
    913,618,407 
Energy--22.6%     
Chevron  1,467,400  157,642,782 
ConocoPhillips  1,406,700  112,339,062 
Exxon Mobil  2,668,598  224,509,150 
Occidental Petroleum  896,600  93,685,734 
Royal Dutch Shell, ADR  1,151,800a  83,920,148 
Total, ADR  1,234,900a  75,291,853 
    747,388,729 
Financial--5.6%     
Berkshire Hathaway, Cl. A  322b  40,346,600 

 

 

Franklin Resources  300,000  37,524,000 
HSBC Holdings, ADR  418,166a  21,660,999 
JPMorgan Chase & Co.  1,858,400  85,672,240 
    185,203,839 
Health Care--10.1%     
Abbott Laboratories  1,351,300a  66,281,265 
Intuitive Surgical  91,200a,b  30,411,552 
Johnson & Johnson  1,815,900  107,592,075 
Medtronic  709,500  27,918,825 
Merck & Co.  1,034,000  34,132,340 
Novo Nordisk, ADR  258,500  32,371,955 
Roche Holding, ADR  1,008,400  36,251,980 
    334,959,992 
Industrial--4.2%     
Caterpillar  612,500  68,201,875 
General Electric  1,877,400  37,641,870 
United Technologies  376,600  31,879,190 
    137,722,935 
Information Technology--12.0%     
Apple  424,200b  147,812,490 
Automatic Data Processing  672,800  34,521,368 
Intel  3,014,500  60,802,465 
International Business Machines  525,000a  85,611,750 
QUALCOMM  302,000  16,558,660 
Texas Instruments  1,552,200  53,644,032 
    398,950,765 
Materials--6.4%     
Air Products & Chemicals  225,000  20,290,500 
Freeport-McMoRan Copper & Gold  1,451,200  80,614,160 
Praxair  550,100  55,890,160 
Rio Tinto, ADR  764,200a  54,349,904 
    211,144,724 
Total Common Stocks     
(cost $2,086,223,761)    3,235,350,503 
 
Other Investment--1.9%     
Registered Investment Company;     
Dreyfus Institutional Preferred     

 

 

Plus Money Market Fund         
(cost $62,223,000)  62,223,000 c  62,223,000  
 
Investment of Cash Collateral for         
Securities Loaned--3.2%         
Registered Investment Company;         
Dreyfus Institutional Cash         
Advantage Fund         
(cost $103,954,123)  103,954,123 c  103,954,123  
 
Total Investments (cost $2,252,400,884)  102.9 %  3,401,527,626  
Liabilities, Less Cash and Receivables  (2.9 %)  (94,525,199 ) 
Net Assets  100.0 %  3,307,002,427  
 
ADR - American Depository Receipts         

 

a     

Security, or portion thereof, on loan. At March 31, 2011, the value of the fund's securities on loan was $101,373,517 and the value of the collateral held by the fund was $103,954,123.

b     

Non-income producing security.

c     

Investment in affiliated money market mutual fund.

At March 31, 2011, the aggregate cost of investment securities for income tax purposes was $2,252,400,884.

Net unrealized appreciation on investments was $1,149,126,742 of which $1,161,399,314 related to appreciated investment securities and $12,272,572 related to depreciated investment securities.

Portfolio Summary (Unaudited) †  Value (%) 
Consumer Staples  27.6 
Energy  22.6 
Information Technology  12.0 
Health Care  10.1 
Consumer Discretionary  9.3 
Materials  6.4 
Financial  5.6 
Money Market Investment  5.1 
Industrial  4.2 
  102.9 
† Based on net assets.   
See notes to financial statements.   

 

 

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. 
The following is a summary of the inputs used as of March 31, 2011 in valuing the fund's investments: 

 

    Level 2 - Other     
  Level 1 - Unadjusted  Significant Observable  Level 3 -Significant   
Assets ($)  Quoted Prices  Inputs  Unobservable Inputs  Total 
Investments in Securities:         
Equity Securities - Domestic+  2,779,760,020  -  -  2,779,760,020 
Equity Securities - Foreign+  455,590,483  -  -  455,590,483 
Mutual Funds  166,177,123  -  -  166,177,123 
+ 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.

Portfolio valuation: 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.

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. 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. 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. For other securities that are fair valued by the Board of Directors, certain factors may be considered 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.

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.

 

 

 

Item 2.                        Controls and Procedures.

(a)        The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b)        There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. 

Item 3.                        Exhibits.

(a)        Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

 

 

 

FORM N-Q

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dreyfus Appreciation Fund, Inc.

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:

May 24, 2011

 

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:

May 24, 2011

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:

May 24, 2011

 

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)

 

 
 EX-99.CERT 2 certification141.htm CERTIFICATION certification141.htm - Generated by SEC Publisher for SEC Filing

 

SECTION 302 CERTIFICATION

I, Bradley J. Skapyak, certify that:

1.  I have reviewed this report on Form N-Q of Dreyfus Appreciation Fund, Inc.;

2.  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.  The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

5.  The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

Date:    May 24, 2011

 

 

 

SECTION 302 CERTIFICATION

I, James Windels, certify that:

1.  I have reviewed this report on Form N-Q of Dreyfus Appreciation Fund, Inc.;

2.  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.  The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

5.  The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

By:       /s/ James Windels

            James Windels

            Treasurer

Date:    May 24, 2011