N-Q 1 dltf-form.htm FORM N-Q dltf-form.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

811-3700

 

 

 

The Dreyfus/Laurel Tax-Free Municipal 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)

 

 

 

 

 

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:

 

06/30

 

Date of reporting period:

09/30/10

 

 

 


 

 

FORM N-Q

Item 1.                        Schedule of Investments.

-2-


 

STATEMENT OF INVESTMENTS
Dreyfus BASIC California Municipal Money Market Fund

September 30, 2010 (Unaudited)

  Coupon    Maturity  Principal   
Short-Term Investments--99.7%  Rate (%)    Date  Amount ($)  Value ($) 
California--95.7%           
Alameda Unified School District,           
GO Notes, TRAN    2.00  6/30/11  1,000,000  1,007,376 
California,           
GO Notes (LOC; Landesbank           
Hessen-Thuringen Girozentrale)    0.30  10/1/10  3,600,000 a  3,600,000 
California Department of Water           
Resources, Power Supply           
Revenue (Insured; Assured Guaranty           
Municipal Corp. and Liquidity Facility;           
Dexia Credit Locale)    0.31  10/7/10  390,000 a  390,000 
California Educational Facilities           
Authority, Revenue (Chapman           
University) (LOC; Bank of           
America)    0.30  10/1/10  100,000 a  100,000 
California Educational Facilities           
Authority, Revenue, CP           
(Stanford University)    0.30  11/19/10  2,100,000  2,100,000 
California Infrastructure and           
Economic Development Bank, IDR           
(Bonny Doon Winery, Inc.           
Project) (LOC; Comerica Bank)    0.45  10/7/10  2,850,000 a  2,850,000 
California Infrastructure and           
Economic Development Bank,           
Revenue (The J. Paul Getty           
Trust)    0.23  10/1/10  1,800,000 a  1,800,000 
California Municipal Finance           
Authority, PCR, Refunding           
(Chevron U.S.A. Inc. Project)    0.27  10/1/10  3,600,000 a  3,600,000 
California Pollution Control           
Financing Authority, PCR,           
Refunding (Pacific Gas and           
Electric Company) (LOC; Bank           
One NA)    0.25  10/1/10  7,500,000 a  7,500,000 
California Pollution Control           
Financing Authority, SWDR           
(Crown Disposal Company, Inc.           
Project) (LOC; Union Bank of           
California)    0.32  10/7/10  2,825,000 a  2,825,000 
California Pollution Control           
Financing Authority, SWDR           
(GreenWaste Recovery, Inc.           
Project) (LOC; Comerica Bank)    0.39  10/7/10  2,200,000 a  2,200,000 
California Pollution Control           
Financing Authority, SWDR           
(Metropolitan Recycling Inc.)           
(LOC; Comerica Bank)    0.39  10/7/10  2,495,000 a  2,495,000 
California Pollution Control           
Financing Authority, SWDR           
(Northern Recycling and Waste           
Services, LLC Project) (LOC;           

 



Union Bank of California)  0.36  10/7/10  2,730,000 a  2,730,000 
California Pollution Control         
Financing Authority, SWDR         
(Pena's Disposal, Inc.         
Project) (LOC; Comerica Bank)  0.39  10/7/10  2,125,000 a  2,125,000 
California Pollution Control         
Financing Authority, SWDR         
(South Tahoe Refuse Company         
Project) (LOC; Union Bank of         
California)  0.36  10/7/10  1,150,000 a  1,150,000 
California Pollution Control         
Financing Authority, SWDR         
(Sunset Waste Paper, Inc.         
Project) (LOC; Comerica Bank)  0.39  10/7/10  3,400,000 a  3,400,000 
California Pollution Control         
Financing Authority, SWDR         
(Valley Vista Services, Inc.         
Project) (LOC; Comerica Bank)  0.39  10/7/10  2,000,000 a  2,000,000 
California School Cash Reserve         
Program Authority, Revenue  2.50  12/30/10  5,000,000  5,018,310 
California Statewide Communities         
Development Authority, Revenue         
(John Muir Health) (LOC; Wells         
Fargo Bank)  0.27  10/1/10  4,000,000 a  4,000,000 
California Statewide Communities         
Development Authority, TRAN         
(County of Yolo)  2.00  6/30/11  2,300,000  2,316,963 
California Transit Finance         
Authority, Revenue (California         
Transit Finance Program)         
(Insured; Assured Guaranty         
Municipal Corp. and Liquidity         
Facility; Dexia Credit Locale)  0.34  10/7/10  5,000,000 a  5,000,000 
Concord,         
MFMR (Arcadian Apartments)         
(LOC; FNMA)  0.30  10/7/10  200,000 a  200,000 
Deutsche Bank Spears/Lifers Trust         
(Anaheim Redevelopment Agency,         
Tax Allocation Revenue,         
Refunding (Anaheim Merged         
Redevelopment Project Area))         
(Liquidity Facility; Deutsche         
Bank AG and LOC; Deutsche Bank         
AG)  0.28  10/7/10  5,900,000 a,b  5,900,000 
Golden State Tobacco         
Securitization Corporation,         
Enhanced Tobacco Settlement         
Asset-Backed Bonds (Insured;         
Berkshire Hathaway Assurance         
Corporation and Liquidity         
Facility; Citibank NA)  0.27  10/7/10  5,505,000 a,b  5,505,000 
Irvine Assessment District Number         
04-20, Limited Obligation         
Improvement Bonds (LOC; KBC         
Bank)  0.29  10/1/10  1,000,000 a  1,000,000 
Irvine Assessment District Number         
94-13, Limited Obligation         
Improvement Bonds (LOC; State         
Street Bank and Trust Co.)  0.29  10/1/10  3,000,000 a  3,000,000 

 



Irvine Assessment District Number         
97-17, Limited Obligation         
Improvement Bonds (LOC; State         
Street Bank and Trust Co.)  0.29  10/1/10  9,200,000 a  9,200,000 
Los Angeles County Metropolitan         
Transportation Authority,         
Proposition C Sales Tax         
Revenue, Refunding (Liquidity         
Facility; Bank of Nova Scotia)  0.29  10/1/10  2,800,000 a  2,800,000 
Los Angeles County Metropolitan         
Transportation Authority,         
Proposition C Sales Tax         
Revenue, Refunding (Liquidity         
Facility; Bank of Nova Scotia)  0.29  10/1/10  2,300,000 a  2,300,000 
Los Angeles Department of Water         
and Power, Power System         
Revenue (Liquidity Facility;         
Bank of America)  0.29  10/1/10  2,200,000 a  2,200,000 
Orange County Sanitation District,         
COP, Refunding (Liquidity         
Facility; Lloyds TSB Bank PLC)  0.30  10/1/10  1,000,000 a  1,000,000 
Puttable Floating Option Tax         
Exempt Receipts (California         
Statewide Communities         
Development Authority, MFHR         
(La Mision Village Apartments         
Project)) (Liquidity Facility;         
FHLMC and LOC; FHLMC)  0.43  10/7/10  2,250,000 a,b  2,250,000 
Ravenswood City School District,         
GO Notes, TRAN  1.75  7/1/11  1,600,000  1,608,281 
Roseville Joint Union High School         
District, COP (Insured;         
Assured Guaranty Municipal         
Corp. and Liquidity Facility;         
Dexia Credit Locale)  0.45  10/7/10  1,150,000 a  1,150,000 
Sacramento County Housing         
Authority, MFHR, Refunding         
(Stonebridge Apartments) (LOC;         
FNMA)  0.39  10/7/10  400,000 a  400,000 
San Jose Redevelopment Agency,         
MFHR (101 San Fernando         
Apartments) (Liquidity         
Facility; Citibank NA and LOC;         
Citibank NA)  0.37  10/7/10  4,225,000 a,b  4,225,000 
San Pablo Redevelopment Agency,         
Subordinate Tax Allocation         
Revenue (Tenth Township         
Redevelopment Project) (LOC;         
Union Bank of California)  0.33  10/1/10  3,105,000 a  3,105,000 
West Covina Public Financing         
Authority, LR, Refunding         
(Public Facilities Project)         
(LOC; California State         
Teachers Retirement System)  0.33  10/7/10  1,000,000 a  1,000,000 
 
U.S. Related--4.0%         
Puttable Floating Option Tax         
Exempt Receipts (Puerto Rico         
Highways and Transportation         

 



Authority, Highway Revenue)         
(Liquidity Facility; Dexia         
Credit Locale and LOC; Dexia         
Credit Locale)  0.46  10/7/10  4,440,000 a,b  4,440,000 
 
 
Total Investments (cost $109,490,930)      99.7%  109,490,930 
Cash and Receivables (Net)      .3%  282,665 
Net Assets      100.0%  109,773,595 

 

a Variable rate demand note - rate shown is the interest rate in effect at September 30, 2010. Maturity date represents the next 
demand date, or the ultimate maturity date if earlier. 
b Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in 
transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2010, these 
securities amounted to $22,320,000 or 20.3 of net assets. 

 

At September 30, 2010, 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  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 
LOC  Letter of Credit  LOR  Limited Obligation Revenue 
LR  Lease Revenue  MFHR  Multi-Family Housing Revenue 
MFMR  Multi-Family Mortgage Revenue  PCR  Pollution Control Revenue 
PILOT  Payment in Lieu of Taxes  PUTTERS  Puttable Tax-Exempt Receipts 
RAC  Revenue Anticipation Certificates  RAN  Revenue Anticipation Notes 
RAW  Revenue Anticipation Warrants  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  SWDR  Solid Waste Disposal Revenue 
TAN  Tax Anticipation Notes  TAW  Tax Anticipation Warrants 
TRAN  Tax and Revenue Anticipation Notes  XLCA  XL Capital Assurance 

 



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 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. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the inputs used as of September 30, 2010 in valuing the fund's investments:

Valuation Inputs  Short-Term Investments ($)+ 
Level 1 - Unadjusted Quoted Prices  - 
Level 2 - Other Significant Observable Inputs  109,490,930 
Level 3 - Significant Unobservable Inputs  - 
Total  109,490,930 

 

+ 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.

It is the fund’s policy to maintain a continuous net asset value per share of $1.00 for the fund; the fund has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that the fund will be able to maintain a stable net asset value per share of $1.00.

Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 of the Act, which has been determined by the Board of Directors to represent the fair value of the fund’s investments.

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 BASIC Massachusetts Municipal Money Market Fund

September 30, 2010 (Unaudited)

  Coupon    Maturity  Principal   
Short-Term Investments--99.7%  Rate (%)    Date  Amount ($)  Value ($) 
Holyoke,           
GO Notes, BAN    1.50  2/25/11  697,530  700,083 
Hull,           
GO Notes, BAN    1.25  2/15/11  2,900,000  2,908,270 
Massachusetts Department of           
Transportation, Metropolitan           
Highway System Senior Revenue           
(LOC; Wells Fargo Bank)    0.24  10/7/10  3,500,000 a  3,500,000 
Massachusetts Department of           
Transportation, Metropolitan           
Highway System Subordinated           
Revenue (Commonwealth Contract           
Assistance Secured) (Liquidity           
Facility; Barclays Bank PLC)    0.24  10/7/10  3,300,000 a  3,300,000 
Massachusetts Development Finance           
Agency, Higher Education           
Revenue, Refunding (Smith           
College Issue)    0.23  10/7/10  3,600,000 a,b  3,600,000 
Massachusetts Development Finance           
Agency, Revenue (Babson           
College Issue) (LOC; FHLB)    0.23  10/7/10  2,000,000 a,b  2,000,000 
Massachusetts Development Finance           
Agency, Revenue (Boston           
University Issue) (LOC; BNP           
Paribas)    0.26  10/7/10  6,000,000 a,b  6,000,000 
Massachusetts Development Finance           
Agency, Revenue (Boston           
University Issue) (LOC; BNP           
Paribas)    0.26  10/7/10  2,000,000 a,b  2,000,000 
Massachusetts Development Finance           
Agency, Revenue (Exploration           
School, Inc. Issue) (LOC; TD           
Bank)    0.25  10/7/10  2,500,000 a,b  2,500,000 
Massachusetts Development Finance           
Agency, Revenue (Fay School           
Issue) (LOC; TD Bank)    0.25  10/7/10  3,800,000 a,b  3,800,000 
Massachusetts Development Finance           
Agency, Revenue (Harvard           
University Issue)    0.17  10/7/10  2,000,000 a,b  2,000,000 
Massachusetts Development Finance           
Agency, Revenue (Justice           
Resource Institute Issue)           
(LOC; Bank of America)    0.26  10/7/10  2,000,000 a  2,000,000 
Massachusetts Development Finance           
Agency, Revenue (Saint           
Peter-Marian Issue) (LOC; Bank           
of America)    0.55  10/7/10  910,000 a  910,000 
Massachusetts Development Finance           
Agency, Senior Living Facility           
Revenue (New England Deaconess           
Association) (LOC: Banco           

 



Santander)  0.26  10/7/10  6,500,000 a  6,500,000 
Massachusetts Health and         
Educational Facilities         
Authority, Revenue (Amherst         
College Issue)  0.22  10/7/10  3,800,000 a,b  3,800,000 
Massachusetts Health and         
Educational Facilities         
Authority, Revenue (Bentley         
College Issue) (LOC; JPMorgan         
Chase Bank)  0.23  10/7/10  6,200,000 a,b  6,200,000 
Massachusetts Health and         
Educational Facilities         
Authority, Revenue (Boston         
University Issue) (LOC; State         
Street Bank and Trust Co.)  0.22  10/7/10  415,000 a,b  415,000 
Massachusetts Health and         
Educational Facilities         
Authority, Revenue         
(Dana-Farber Cancer Institute         
Issue) (LOC; JPMorgan Chase         
Bank)  0.26  10/7/10  1,500,000 a  1,500,000 
Massachusetts Health and         
Educational Facilities         
Authority, Revenue (Great         
Brook Valley Health Center         
Issue) (LOC; TD Bank)  0.27  10/7/10  1,925,000 a  1,925,000 
Massachusetts Health and         
Educational Facilities         
Authority, Revenue (Partners         
HealthCare System Issue) (LOC;         
Citibank NA)  0.24  10/7/10  3,300,000 a  3,300,000 
Massachusetts Health and         
Educational Facilities         
Authority, Revenue (Peabody         
Essex Museum Issue) (LOC; Bank         
of America)  0.25  10/7/10  2,135,000 a  2,135,000 
Massachusetts Health and         
Educational Facilities         
Authority, Revenue (Tufts         
University Issue) (Liquidity         
Facility; Bank of America)  0.22  10/1/10  400,000 a,b  400,000 
Massachusetts Health and         
Educational Facilities         
Authority, Revenue (Wellesley         
College Issue)  0.20  10/7/10  3,475,000 a,b  3,475,000 
Massachusetts Health and         
Educational Facilities         
Authority, Revenue (Williams         
College Issue)  0.22  10/7/10  2,295,000 a,b  2,295,000 
Massachusetts Health and         
Educational Facilities         
Authority, Revenue (Williams         
College Issue)  0.29  10/7/10  1,000,000 a,b  1,000,000 
Massachusetts Health and         
Educational Facilities         
Authority, Revenue (Williams         
College Issue)  0.45  4/7/11  1,500,000 b  1,500,000 
Massachusetts Water Resources         
Authority, Multi-Modal         
Subordinated General Revenue         

 



(LOC; Landesbank         
Hessen-Thuringen Girozentrale)  0.26  10/7/10  200,000 a  200,000 
Massachusetts Water Resources         
Authority, Multi-Modal         
Subordinated General Revenue,         
Refunding (LOC; Landesbank         
Baden-Wurttemberg)  0.31  10/1/10  850,000 a  850,000 
Massachusetts Water Resources         
Authority, Multi-Modal         
Subordinated General Revenue,         
Refunding (LOC; Landesbank         
Hessen-Thuringen Girozentrale)  0.30  10/1/10  3,000,000 a  3,000,000 
Nahant,         
GO Notes, BAN  1.50  10/13/10  1,566,000  1,566,383 
Stoughton,         
GO Notes, BAN  1.50  5/13/11  2,500,000  2,513,723 
 
 
Total Investments (cost $77,793,459)      99.7%  77,793,459 
Cash and Receivables (Net)      .3%  207,673 
Net Assets      100.0%  78,001,132 

 

a Variable rate demand note - rate shown is the interest rate in effect at September 30, 2010. Maturity date represents the 
next demand date, or the ultimate maturity date if earlier. 
b At September 30, 2010, the fund had $40,985,000 or 52.5% of net assets invested in securities whose payment of principal 
and interest is dependent upon revenues generated from education. 

 

At September 30, 2010, 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  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 
LOC  Letter of Credit  LOR  Limited Obligation Revenue 
LR  Lease Revenue  MFHR  Multi-Family Housing Revenue 
MFMR  Multi-Family Mortgage Revenue  PCR  Pollution Control Revenue 
PILOT  Payment In Lieu of Taxes  PUTTERS  Puttable Tax-Exempt Receipts 
RAC  Revenue Anticipation Certificates  RAN  Revenue Anticipation Notes 
RAW  Revenue Anticipation Warrants  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  SWDR  Solid Waste Disposal Revenue 
TAN  Tax Anticipation Notes  TAW  Tax Anticipation Warrants 
TRAN  Tax and Revenue Anticipation Notes  XLCA  XL Capital Assurance 

 



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 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. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the inputs used as of September 30, 2010 in valuing the fund's investments:

Valuation Inputs  Short-Term Investments ($)+ 
Level 1 - Unadjusted Quoted Prices  - 
Level 2 - Other Significant Observable Inputs  77,793,459 
Level 3 - Significant Unobservable Inputs  - 
Total  77,793,459 

 

+ 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.

It is the fund’s policy to maintain a continuous net asset value per share of $1.00 for the fund; the fund has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that the fund will be able to maintain a stable net asset value per share of $1.00.

Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 of the Act, which has been determined by the Board of Directors to represent the fair value of the fund’s investments.

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 BASIC New York Municipal Money Market Fund

September 30, 2010 (Unaudited)

  Coupon    Maturity  Principal   
Short-Term Investments--100.0%  Rate (%)    Date  Amount ($)  Value ($) 
New York--97.1%           
Albany Housing Authority,           
Revenue (Nutgrove Garden           
Apartments Project) (LOC;           
Citizens Bank of Massachusetts)    0.52  10/7/10  1,390,000 a  1,390,000 
Albany Industrial Development           
Agency, Civic Facility Revenue           
(Corning Preserve/Hudson           
Riverfront Development           
Project) (LOC; Key Bank)    0.47  10/7/10  1,110,000 a  1,110,000 
Albany Industrial Development           
Agency, Civic Facility Revenue           
(Renaissance Corporation of           
Albany Project) (LOC; M&T Bank)    0.32  10/7/10  2,000,000 a  2,000,000 
Belfast Central School District,           
GO Notes, BAN    1.75  5/17/11  1,660,000  1,666,653 
Broome County Industrial           
Development Agency, Civic           
Facility Revenue (James G.           
Johnston Memorial Nursing Home           
Project) (LOC; Banco Santander)    0.33  10/7/10  1,620,000 a  1,620,000 
Broome County Industrial           
Development Agency, IDR           
(Parlor City Paper Box           
Company, Inc. Facility) (LOC;           
U.S. Bank NA)    0.40  10/7/10  2,710,000 a  2,710,000 
Dutchess County Industrial           
Development Agency, Civic           
Facility Revenue, Refunding           
(Lutheran Center at           
Poughkeepsie, Inc. Project)           
(LOC; Key Bank)    0.47  10/7/10  1,700,000 a  1,700,000 
East Rochester Housing Authority,           
Housing Revenue (Park Ridge           
Nursing Home, Inc. Project)           
(LOC; JPMorgan Chase Bank)    0.29  10/7/10  4,375,000 a  4,375,000 
Elmira City School District,           
GO Notes, BAN    1.50  6/30/11  2,200,000  2,205,672 
Erie County Industrial Development           
Agency, IDR (Luminescent           
System, Inc. Project) (LOC;           
HSBC Bank USA)    0.45  10/7/10  2,945,000 a  2,945,000 
Evans,           
GO Notes, BAN    1.25  10/6/11  1,000,000 b  1,001,970 
Forestville Central School           
District, GO Notes, BAN    2.00  7/14/11  1,400,000  1,409,432 
Hamburg Central School District,           
GO Notes, RAN    1.25  11/18/10  1,600,000  1,601,038 
Lancaster Industrial Development           
Agency, IDR (Jiffy-Tite           
Company, Inc. Project) (LOC;           

 



Key Bank)  0.55  10/7/10  910,000 a  910,000 
Long Island Power Authority,         
Electric System Subordinated         
Revenue (LOC: Bayerische         
Landesbank and Westdeutsche         
Landesbank)  0.30  10/1/10  1,800,000 a  1,800,000 
Metropolitan Transportation         
Authority, Dedicated Tax Fund         
Revenue (Insured; Assured         
Guaranty Municipal Corp. and         
Liquidity Facility; Dexia         
Credit Locale)  0.24  10/7/10  5,000,000 a  5,000,000 
Metropolitan Transportation         
Authority, RAN  2.00  12/31/10  3,000,000  3,012,022 
Metropolitan Transportation         
Authority, Transportation         
Revenue, Refunding (Insured;         
Assured Guaranty Municipal         
Corp. and Liquidity Facility;         
Dexia Credit Locale)  0.27  10/7/10  2,000,000 a  2,000,000 
Metropolitan Transportation         
Authority, Transportation         
Revenue, Refunding (Insured;         
Assured Guaranty Municipal         
Corp. and Liquidity Facility;         
Westdeutsche Landesbank)  0.29  10/7/10  15,500,000 a  15,500,000 
Monroe County Industrial         
Development Agency, Civic         
Facility Revenue (YMCA of         
Greater Rochester Project)         
(LOC; M&T Bank)  0.32  10/7/10  2,400,000 a  2,400,000 
Monroe County Industrial         
Development Agency, Civic         
Facility Revenue (YMCA of         
Greater Rochester Project)         
(LOC; M&T Bank)  0.32  10/7/10  5,040,000 a  5,040,000 
Monroe County Industrial         
Development Agency, IDR         
(Mercury Print Productions,         
Inc. Facility) (LOC; M&T Bank)  1.33  10/7/10  105,000 a  105,000 
Nassau County Industrial         
Development Agency, Civic         
Facility Revenue (North Shore         
Hebrew Academy High School         
Project) (LOC; Banco Santander)  0.42  10/7/10  4,480,000 a  4,480,000 
Nassau County Industrial         
Development Agency, Housing         
Revenue (Rockville Centre         
Housing Associates, L.P.         
Project) (LOC; M&T Bank)  0.37  10/7/10  8,000,000 a  8,000,000 
New York City,         
GO Notes (Liquidity Facility;         
Landesbank Hessen-Thuringen         
Girozentrale)  0.30  10/1/10  4,000,000 a  4,000,000 
New York City,         
GO Notes (LOC; Bank of America)  0.27  10/7/10  11,000,000 a  11,000,000 
New York City,         
GO Notes (LOC; Landesbank         
Baden-Wurttemberg)  0.30  10/1/10  3,950,000 a  3,950,000 

 



New York City Housing Development         
Corporation, MFHR (Liquidity         
Facility; Citibank NA)  0.29  10/7/10  6,700,000 a,c  6,700,000 
New York City Industrial         
Development Agency, Civic         
Facility Revenue (Birch Wathen         
Lenox School Project) (LOC; TD         
Bank)  0.32  10/7/10  3,100,000 a  3,100,000 
New York City Industrial         
Development Agency, Civic         
Facility Revenue (Hewitt         
School Project) (LOC; TD Bank)  0.32  10/7/10  3,900,000 a  3,900,000 
New York City Industrial         
Development Agency, IDR         
(Novelty Crystal Corporation         
Project) (LOC; Commerce Bank         
NA)  0.47  10/7/10  3,385,000 a  3,385,000 
New York City Industrial         
Development Agency, IDR         
(Super-Tek Products, Inc.         
Project) (LOC; Citibank NA)  0.47  10/7/10  4,615,000 a  4,615,000 
New York Liberty Development         
Corporation, Multi-Modal         
Liberty Revenue (World Trade         
Center Project)  0.50  1/18/11  8,000,000  8,000,000 
New York Local Government         
Assistance Corporation, GO         
Notes (LOC: Bayerische         
Landesbank and Westdeutsche         
Landesbank)  0.32  10/7/10  9,000,000 a  9,000,000 
New York State Dormitory         
Authority, Revenue (Mount         
Saint Mary College) (LOC;         
JPMorgan Chase Bank)  0.26  10/7/10  3,600,000 a  3,600,000 
New York State Dormitory         
Authority, Revenue (Park Ridge         
Hospital, Inc.) (LOC; JPMorgan         
Chase Bank)  0.29  10/7/10  6,930,000 a  6,930,000 
New York State Housing Finance         
Agency, Housing Revenue         
(Baisley Park Gardens) (LOC;         
Citibank NA)  0.28  10/7/10  4,700,000 a  4,700,000 
New York State Housing Finance         
Agency, Housing Revenue         
(Gateway to New Cassel         
Project) (LOC; JPMorgan Chase         
Bank)  0.30  10/7/10  3,800,000 a  3,800,000 
Newburgh Industrial Development         
Agency, Civic Facility Revenue         
(Community Development         
Properties Dubois Street II,         
Inc. Project) (LOC; Key Bank)  0.47  10/7/10  9,990,000 a  9,990,000 
Olean,         
GO Notes, BAN  1.50  8/11/11  1,700,000  1,702,801 
Otsego County Industrial         
Development Agency, Civic         
Facility Revenue (Noonan         
Community Service Corporation         
Project) (LOC; FHLB)  0.34  10/7/10  1,685,000 a  1,685,000 
Otsego County Industrial         

 



Development Agency, Civic         
Facility Revenue (Saint James         
Retirement Community Project)         
(LOC; M&T Bank)  0.32  10/7/10  1,820,000 a  1,820,000 
Port Authority of New York and New         
Jersey, Equipment Notes  0.33  10/7/10  4,000,000 a  4,000,000 
Port Authority of New York and New         
Jersey, Special Obligation         
Revenue (Versatile Structure         
Obligations) (LOC; Bayerische         
Landesbank)  0.31  10/1/10  1,300,000 a  1,300,000 
Ravena-Coeymans-Selkirk Central         
School District, GO Notes, RAN  1.00  10/15/10  1,240,000  1,240,117 
Rockland County Industrial         
Development Agency, IDR         
(Intercos America, Inc.         
Project) (LOC; HSBC Bank USA)  0.45  10/7/10  3,200,000 a  3,200,000 
Rockland County Industrial         
Development Authority, Revenue         
(Northern Manor Multicare         
Center, Inc. Project) (LOC;         
M&T Bank)  0.37  10/7/10  2,790,000 a  2,790,000 
Rome,         
GO Notes, BAN  1.25  1/20/11  1,500,000  1,501,130 
Sag Harbor Union Free School         
District, GO Notes, TAN  1.50  6/23/11  1,400,000  1,404,013 
Schenectady,         
GO Notes, BAN  1.50  5/20/11  5,000,000  5,007,775 
Sullivan County,         
GO Notes, BAN  1.50  3/10/11  2,295,000  2,301,989 
Ticonderoga Central School         
District, GO Notes, BAN  2.00  6/24/11  2,100,000  2,112,831 
Tompkins County Industrial         
Development Agency, Civic         
Facility Revenue (Tompkins         
Cortland Community College         
Foundation, Inc. Project)         
(LOC; Citizens Bank of         
Massachusetts)  0.39  10/7/10  3,520,000 a  3,520,000 
Triborough Bridge and Tunnel         
Authority, General Revenue         
(Liquidity Facility; Dexia         
Credit Locale)  0.31  10/7/10  2,200,000 a  2,200,000 
Wappingers Central School         
District, GO Notes, TAN  1.00  10/29/10  1,000,000  1,000,312 
 
U.S. Related--2.9%         
Puerto Rico Industrial, Tourist,         
Educational, Medical and         
Environmental Control         
Facilities Financing         
Authority, Environmental         
Control Facilities Revenue         
(Bristol-Myers Squibb Company         
Project)  0.37  10/7/10  4,400,000 a  4,400,000 
Puerto Rico Sales Tax Financing         
Corporation, Sales Tax Revenue         
(Liquidity Facility; Citibank         
NA)  0.28  10/7/10  1,550,000 a,c  1,550,000 

 



Total Investments (cost $203,387,755)  100.0%  203,387,755 
Cash and Receivables (Net)  .0%  100,581 
Net Assets  100.0%  203,488,336 

 

a Variable rate demand note - rate shown is the interest rate in effect at September 30, 2010. Maturity date represents the 
next demand date, or the ultimate maturity date if earlier. 
b Purchased on a delayed delivery basis. 
c Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in 
transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2010, these 
securities amounted to $8,250,000 or 4.1% of net assets. 

 

At September 30, 2010, 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  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 
LOC  Letter of Credit  LOR  Limited Obligation Revenue 
LR  Lease Revenue  MFHR  Multi-Family Housing Revenue 
MFMR  Multi-Family Mortgage Revenue  PCR  Pollution Control Revenue 
PILOT  Payment in Lieu of Taxes  PUTTERS  Puttable Tax-Exempt Receipts 
RAC  Revenue Anticipation Certificates  RAN  Revenue Anticipation Notes 
RAW  Revenue Anticipation Warrants  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  SWDR  Solid Waste Disposal Revenue 
TAN  Tax Anticipation Notes  TAW  Tax Anticipation Warrants 
TRAN  Tax and Revenue Anticipation Notes  XLCA  XL Capital Assurance 

 



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 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. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the inputs used as of September 30, 2010 in valuing the fund's investments:

Valuation Inputs  Short-Term Investments ($)+ 
Level 1 - Unadjusted Quoted Prices  - 
Level 2 - Other Significant Observable Inputs  203,387,755 
Level 3 - Significant Unobservable Inputs  - 
Total  203,387,755 

 

+ 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.

It is the fund’s policy to maintain a continuous net asset value per share of $1.00 for the fund; the fund has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that the fund will be able to maintain a stable net asset value per share of $1.00.

Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 of the Act, which has been determined by the Board of Directors to represent the fair value of the fund’s investments.

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.

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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/Laurel Tax-Free Municipal Funds

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:    November 22, 2010

 

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:    November 22, 2010

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    November 22, 2010

 

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)

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