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 |
811-0523 | |||||
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The Dreyfus Fund Incorporated |
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(Exact name of Registrant as specified in charter) |
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c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166 |
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(Address of principal executive offices) (Zip code) |
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Janette. E. Farragher, Esq. 200 Park Avenue New York, New York 10166 |
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(Name and address of agent for service) |
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Registrant's telephone number, including area code: |
(212) 922-6000 | |||||
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Date of fiscal year end:
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12/31 |
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Date of reporting period: |
09/30/2012 |
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STATEMENT OF INVESTMENTS |
The Dreyfus Fund Incorporated |
September 30, 2012 (Unaudited) |
Common Stocks--100.0% | Shares | Value ($) | |
Automobiles & Components--.6% | |||
Delphi Automotive | 184,540 | 5,720,740 | |
Banks--2.5% | |||
Wells Fargo & Co. | 766,880 | 26,480,366 | |
Capital Goods--6.2% | |||
Eaton | 136,650 | a | 6,458,079 |
General Electric | 1,361,440 | 30,918,302 | |
Stanley Black & Decker | 144,540 | 11,021,175 | |
Tyco International | 292,835 | 16,474,897 | |
64,872,453 | |||
Commercial & Professional Services--.7% | |||
Robert Half International | 280,310 | 7,464,655 | |
Consumer Durables & Apparel--3.4% | |||
Newell Rubbermaid | 526,030 | 10,041,913 | |
PVH | 103,290 | 9,680,339 | |
Toll Brothers | 254,680 | b | 8,463,016 |
Under Armour, Cl. A | 128,620 | a,b | 7,180,855 |
35,366,123 | |||
Consumer Services--.9% | |||
Carnival | 245,270 | 8,937,639 | |
Diversified Financials--8.6% | |||
Affiliated Managers Group | 106,776 | b | 13,133,448 |
American Express | 256,390 | 14,578,335 | |
Bank of America | 829,250 | 7,322,277 | |
Capital One Financial | 178,700 | 10,187,687 | |
Discover Financial Services | 232,760 | 9,247,555 | |
IntercontinentalExchange | 79,160 | b | 10,560,736 |
JPMorgan Chase & Co. | 142,080 | 5,751,398 | |
Moody's | 286,510 | 12,655,147 | |
T. Rowe Price Group | 87,690 | 5,550,777 | |
88,987,360 | |||
Energy--10.9% |
Anadarko Petroleum | 178,200 | 12,459,744 | |
Apache | 91,860 | 7,943,134 | |
Chevron | 248,500 | 28,965,160 | |
Ensco, Cl. A | 216,740 | 11,825,334 | |
EOG Resources | 72,610 | 8,135,950 | |
National Oilwell Varco | 251,860 | 20,176,505 | |
Occidental Petroleum | 154,210 | 13,271,313 | |
TransCanada | 234,230 | a | 10,657,465 |
113,434,605 | |||
Food & Staples Retailing--2.4% | |||
Wal-Mart Stores | 223,220 | 16,473,636 | |
Whole Foods Market | 91,981 | 8,958,949 | |
25,432,585 | |||
Food, Beverage & Tobacco--8.6% | |||
Coca-Cola | 483,620 | 18,343,707 | |
Coca-Cola Enterprises | 305,480 | 9,552,360 | |
ConAgra Foods | 311,720 | 8,600,355 | |
Kraft Foods, Cl. A | 317,590 | 13,132,347 | |
PepsiCo | 245,900 | 17,402,343 | |
Philip Morris International | 244,280 | 21,970,543 | |
89,001,655 | |||
Health Care Equipment & Services--4.8% | |||
Cigna | 147,650 | 6,964,650 | |
Covidien | 335,975 | 19,963,634 | |
McKesson | 105,730 | 9,095,952 | |
Zimmer Holdings | 209,970 | 14,198,171 | |
50,222,407 | |||
Household & Personal Products--.5% | |||
Avon Products | 338,840 | 5,404,498 | |
Insurance--1.5% | |||
American International Group | 218,160 | b | 7,153,466 |
Chubb | 109,470 | 8,350,372 | |
15,503,838 | |||
Materials--2.2% | |||
LyondellBasell Industries, Cl. A | 131,880 | 6,812,921 | |
Monsanto | 172,330 | 15,685,477 | |
22,498,398 | |||
Media--2.7% |
News, Cl. A | 563,120 | 13,813,334 | |
Viacom, Cl. B | 259,600 | 13,911,964 | |
27,725,298 | |||
Pharmaceuticals, Biotech & Life Sciences--10.0% | |||
Johnson & Johnson | 319,580 | 22,022,258 | |
Merck & Co. | 646,320 | 29,149,032 | |
Pfizer | 1,598,850 | 39,731,423 | |
Sanofi, ADR | 306,190 | 13,184,541 | |
104,087,254 | |||
Real Estate--1.1% | |||
CBRE Group, Cl. A | 619,970 | b | 11,413,648 |
Retailing--5.9% | |||
Amazon.com | 63,680 | b | 16,195,098 |
Dick's Sporting Goods | 170,270 | 8,828,499 | |
Dollar General | 135,970 | b | 7,007,894 |
Limited Brands | 187,590 | 9,240,683 | |
Macy's | 283,220 | 10,654,736 | |
Nordstrom | 173,240 | 9,559,383 | |
61,486,293 | |||
Semiconductors & Semiconductor Equipment--2.0% | |||
Broadcom, Cl. A | 258,770 | b | 8,948,267 |
Texas Instruments | 446,100 | 12,290,055 | |
21,238,322 | |||
Software & Services--9.2% | |||
Citrix Systems | 99,880 | b | 7,647,812 |
Google, Cl. A | 29,253 | b | 22,071,388 |
International Business Machines | 113,260 | 23,495,787 | |
Oracle | 551,868 | 17,378,323 | |
Red Hat | 121,190 | b | 6,900,559 |
Salesforce.com | 76,020 | b | 11,607,494 |
VMware, Cl. A | 72,290 | b | 6,993,335 |
96,094,698 | |||
Technology Hardware & Equipment--8.7% | |||
Apple | 96,936 | 64,681,515 | |
F5 Networks | 52,020 | b | 5,446,494 |
QUALCOMM | 327,830 | 20,486,097 | |
90,614,106 | |||
Telecommunication Services--3.3% |
AT&T | 904,440 | 34,097,388 | ||
Transportation--3.3% | ||||
FedEx | 139,940 | 11,841,723 | ||
JB Hunt Transport Services | 160,550 | 8,355,022 | ||
Union Pacific | 121,180 | 14,384,066 | ||
34,580,811 | ||||
Total Common Stocks | ||||
(cost $831,270,129) | 1,040,665,140 | |||
Other Investment--.0% | ||||
Registered Investment Company; | ||||
Dreyfus Institutional Preferred | ||||
Plus Money Market Fund | ||||
(cost $163,651) | 163,651 | c | 163,651 | |
Investment of Cash Collateral for | ||||
Securities Loaned--2.1% | ||||
Registered Investment Company; | ||||
Dreyfus Institutional Cash | ||||
Advantage Fund | ||||
(cost $22,318,259) | 22,318,259 | c | 22,318,259 | |
Total Investments (cost $853,752,039) | 102.1 | % | 1,063,147,050 | |
Liabilities, Less Cash and Receivables | (2.1 | %) | (22,240,610 | ) |
Net Assets | 100.0 | % | 1,040,906,440 | |
ADR - American Depository Receipts |
a |
Security, or portion thereof, on loan. At September 30, 2012, the value of the fund's securities on loan was $21,750,006 and the value of the collateral held by the fund was $22,318,259. |
b |
Non-income producing security. |
c |
Investment in affiliated money market mutual fund. |
At September 30, 2012, net unrealized appreciation on investments was $209,395,011 of which $219,995,403 related to appreciated investment securities and $10,600,392 related to depreciated investment securities. At September 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Portfolio Summary (Unaudited) † | Value (%) |
Energy | 10.9 |
Pharmaceuticals, Biotech & Life Sciences | 10.0 |
Software & Services | 9.2 |
Technology Hardware & Equipment | 8.7 |
Diversified Financials | 8.6 |
Food, Beverage & Tobacco | 8.6 |
Capital Goods | 6.2 |
Retailing | 5.9 |
Health Care Equipment & Services | 4.8 |
Consumer Durables & Apparel | 3.4 |
Telecommunication Services | 3.3 |
Transportation | 3.3 |
Media | 2.7 |
Banks | 2.5 |
Food & Staples Retailing | 2.4 |
Materials | 2.2 |
Money Market Investments | 2.2 |
Semiconductors & Semiconductor Equipment | 2.0 |
Insurance | 1.5 |
Real Estate | 1.1 |
Consumer Services | .9 |
Commercial & Professional Services | .7 |
Automobiles & Components | .6 |
Household & Personal Products | .5 |
102.1 | |
† Based on net assets. |
The following is a summary of the inputs used as of September 30, 2012 in valuing the fund's investments:
Level 3 - | |||||
Level 2 - Other | Significant | ||||
Level 1 - Unadjusted | Significant | Unobservable | |||
Assets ($) | Quoted Prices | Observable Inputs | Inputs | Total | |
Investments in Securities: | |||||
Equity Securities - Domestic Common Stocks+ | 1,004,997,800 | - | - | 1,004,997,800 | |
Equity Securities - Foreign Common Stocks+ | 35,667,340 | - | - | 35,667,340 | |
Mutual Funds | 22,481,910 | - | - | 22,481,910 | |
+ 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 funds investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below: Level 1unadjusted quoted prices in active markets for identical investments.
Level 2other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3significant unobservable inputs (including the funds 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 funds investments are as follows: Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All preceding securities are categorized as Level 1 of the fair value hierarchy.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and
duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized as Level 2 or 3 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the funds 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.
The Dreyfus Fund Incorporated
By: /s/ Bradley J. Skapyak | |
Bradley J. Skapyak President
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Date: |
November 20, 2012 |
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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. | |
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By: /s/ Bradley J. Skapyak | |
Bradley J. Skapyak President
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Date: |
November 20, 2012 |
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By: /s/ James Windels | |
James Windels Treasurer
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Date: |
November 20, 2012 |
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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)
SECTION 302 CERTIFICATION
I, Bradley J. Skapyak, certify that:
1. I have reviewed this report on Form N-Q of The Dreyfus Fund Incorporated;
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: November 20, 2012 |
SECTION 302 CERTIFICATION
I, James Windels, certify that:
1. I have reviewed this report on Form N-Q of The Dreyfus Fund Incorporated;
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: November 20, 2012 |