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

 

12/31

 

Date of reporting period:

03/31/11

 

             

 

 


 

 

FORM N-Q

Item 1.                        Schedule of Investments.

 


 

STATEMENT OF INVESTMENTS
Dreyfus BASIC California Municipal Money Market Fund

March 31, 2011 (Unaudited)

  Coupon    Maturity  Principal    
Short-Term Investments--104.1%  Rate (%)    Date  Amount ($)   Value ($) 
California--101.4%             
Alameda Unified School District,             
GO Notes, TRAN    2.00  6/30/11  1,000,000   1,002,440 
California Department of Water             
Resources, Water System Revenue             
(Central Valley Project)    5.00  12/1/11  390,000   401,031 
California Enterprise Development             
Authority, IDR (JBR, Inc.             
Project) (LOC; U.S. Bank NA)    0.28  4/7/11  6,000,000 a  6,000,000 
California Enterprise Development             
Authority, Recovery Zone             
Facility Revenue (Regional             
Properties, Inc. Project)             
(LOC; FHLB)    0.28  4/7/11  5,000,000 a  5,000,000 
California Infrastructure and             
Economic Development Bank, IDR             
(Bonny Doon Winery, Inc.             
Project) (LOC; Comerica Bank)    0.40  4/7/11  2,850,000 a  2,850,000 
California Pollution Control             
Financing Authority, SWDR             
(Athens Services Project)             
(LOC; Wells Fargo Bank)    0.25  4/7/11  3,165,000 a  3,165,000 
California Pollution Control             
Financing Authority, SWDR             
(Crown Disposal Company, Inc.             
Project) (LOC; Union Bank NA)    0.35  4/7/11  2,825,000 a  2,825,000 
California Pollution Control             
Financing Authority, SWDR             
(GreenWaste Recovery, Inc.             
Project) (LOC; Comerica Bank)    0.35  4/7/11  2,200,000 a  2,200,000 
California Pollution Control             
Financing Authority, SWDR             
(Metropolitan Recycling Inc.)             
(LOC; Comerica Bank)    0.35  4/7/11  2,495,000 a  2,495,000 
California Pollution Control             
Financing Authority, SWDR             
(Northern Recycling and Waste             
Services, LLC Project) (LOC;             
Union Bank NA)    0.39  4/7/11  2,730,000 a  2,730,000 
California Pollution Control             
Financing Authority, SWDR             
(Pena's Disposal, Inc.             
Project) (LOC; Comerica Bank)    0.35  4/7/11  1,920,000 a  1,920,000 
California Pollution Control             
Financing Authority, SWDR             
(South Tahoe Refuse Company,             
Inc. Project) (LOC; Union Bank             
NA)    0.39  4/7/11  1,055,000 a  1,055,000 
California Pollution Control             
Financing Authority, SWDR             
(Sunset Waste Paper, Inc.             

 


 

Project) (LOC; Comerica Bank)  0.35  4/7/11  3,000,000 a  3,000,000 
California Pollution Control           
Financing Authority, SWDR           
(Valley Vista Services, Inc.           
Project) (LOC; Comerica Bank)  0.35  4/7/11  1,800,000 a  1,800,000 
California School Cash Reserve           
Program Authority, Revenue  2.00  6/1/11  3,100,000   3,105,945 
California School Cash Reserve           
Program Authority, Revenue  2.50  1/31/12  5,000,000   5,059,300 
California Statewide Communities           
Development Authority, Revenue           
(Goodwill of Santa Cruz) (LOC;           
Wells Fargo Bank)  0.29  4/7/11  700,000 a  700,000 
California Statewide Communities           
Development Authority,           
Revenue, CP (Kaiser Permanente)  0.37  7/8/11  2,400,000   2,400,000 
California Statewide Communities           
Development Authority,           
Revenue, CP (Kaiser Permanente)  0.38  7/18/11  4,000,000   4,000,000 
California Statewide Communities           
Development Authority, TRAN           
(County of Yolo)  2.00  6/30/11  2,300,000   2,305,613 
California Transit Finance           
Authority, Revenue (California           
Transit Finance Program)           
(Insured; Assured Guaranty           
Municipal Corp. and Liquidity           
Facility; Dexia Credit Locale)  0.30  4/7/11  6,750,000 a  6,750,000 
Concord,           
MFMR (Arcadian Apartments)           
(LOC; FNMA)  0.29  4/7/11  3,800,000 a  3,800,000 
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)  0.25  4/7/11  5,900,000 a,b  5,900,000 
Dublin Unified School District,           
GO Notes, TRAN  2.00  8/31/11  1,000,000   1,004,134 
Golden State Tobacco           
Securitization Corporation,           
Enhanced Tobacco Settlement           
Asset-Backed Bonds (Insured;           
Berkshire Hathaway Assurance           
Corporation and Liquidity           
Facility; Citibank NA)  0.26  4/7/11  5,505,000 a,b  5,505,000 
Los Angeles,           
GO Notes, TRAN  2.00  6/30/11  5,400,000   5,417,343 
Orange County Sanitation District,           
COP, Refunding (Liquidity           
Facility; Lloyds TSB Bank PLC)  0.25  4/1/11  5,800,000 a  5,800,000 
Poway Unified School District           
Public Financing Authority, LR           
(Insured; Assured Guaranty           
Municipal Corp. and Liquidity           
Facility; Dexia Credit Locale)  0.50  4/7/11  2,000,000 a  2,000,000 
Puttable Floating Option Tax           

 


 

Exempt Receipts (California             
Statewide Communities             
Development Authority, MFHR             
(La Mision Village Apartments             
Project)) (Liquidity Facility;             
FHLMC and LOC; FHLMC)  0.41  4/7/11  2,250,000 a,b  2,250,000  
Ravenswood City School District,             
GO Notes, TRAN  1.75  7/1/11  1,600,000   1,602,761  
Roseville Joint Union High School             
District, COP (Insured;             
Assured Guaranty Municipal             
Corp. and Liquidity Facility;             
Dexia Credit Locale)  0.50  4/7/11  1,125,000 a  1,125,000  
Sacramento County Housing             
Authority, MFHR, Refunding             
(Stonebridge Apartments) (LOC;             
FNMA)  0.35  4/7/11  3,900,000 a  3,900,000  
San Jose Redevelopment Agency,             
MFHR (101 San Fernando             
Apartments) (Liquidity             
Facility; Citibank NA and LOC;             
Citibank NA)  0.33  4/7/11  4,225,000 a,b  4,225,000  
Southern California Public Power             
Authority, Transmission             
Project Revenue, Refunding             
(Southern Transmission             
Project) (Insured; Assured             
Guaranty Municipal Corp. and             
Liquidity Facility; Dexia             
Credit Locale)  0.33  4/7/11  550,000 a  550,000  
Vacaville,             
MFMR (Quail Run Apartments)             
(Liquidity Facility; FNMA and             
LOC; FNMA)  0.26  4/7/11  400,000 a  400,000  
West Covina Public Financing             
Authority, LR, Refunding             
(Public Facilities Project)             
(LOC; California State             
Teachers Retirement System)  0.30  4/7/11  1,000,000 a  1,000,000  
 
U.S. Related--2.7%             
Puttable Floating Option Tax             
Exempt Receipts (Puerto Rico             
Electric Power Authority,             
Power Revenue) (Liquidity             
Facility; Bank of America and             
LOC; Bank of America)  0.36  4/7/11  2,800,000 a,b  2,800,000  
 
 
Total Investments (cost $108,043,567)      104.1 %  108,043,567  
Liabilities, Less Cash and Receivables      (4.1 %)  (4,257,855 ) 
Net Assets      100.0 %  103,785,712  

 

a  Variable rate demand note - rate shown is the interest rate in effect at March 31, 2011. 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 March 31, 2011, these securities 
  amounted to $20,680,000 or 19.9% of net assets. 

 


 

At March 31, 2011, 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 March 31 , 2011 in valuing the fund's investments:

Valuation Inputs  Short-Term Investments ($)+ 
Level 1 - Unadjusted Quoted Prices  - 
Level 2 - Other Significant Observable Inputs  108,043,567 
Level 3 - Significant Unobservable Inputs  - 
Total  108,043,567 

 

+ 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; 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 Trustees 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

March 31, 2011 (Unaudited)

  Coupon    Maturity  Principal    
Short-Term Investments--99.1%  Rate (%)    Date  Amount ($)   Value ($) 
Massachusetts--94.3%             
Easton,             
GO Notes, BAN    1.25  8/26/11  1,400,000   1,404,250 
Massachusetts,             
GO Notes (Central Artery/Ted             
Williams Tunnel Infrastructure             
Loan Act of 2000) (Liquidity             
Facility; Landesbank             
Baden-Wurttemberg)    0.28  4/1/11  4,000,000 a  4,000,000 
Massachusetts,             
GO Notes (Central Artery/Ted             
Williams Tunnel Infrastructure             
Loan Act of 2000) (Liquidity             
Facility; State Street Bank             
and Trust Co.)    0.22  4/1/11  500,000 a  500,000 
Massachusetts,             
GO Notes, Refunding (Liquidity             
Facility; State Street Bank             
and Trust Co.)    0.19  4/7/11  6,300,000 a  6,300,000 
Massachusetts,             
Special Obligation Refunding             
Notes (Federal Highway Grant             
Anticipation Note Program)    5.00  12/15/11  400,000   411,967 
Massachusetts Bay Transportation             
Authority, Senior Sales Tax             
Revenue, Refunding    5.00  7/1/11  300,000   303,402 
Massachusetts Department of             
Transportation, Metropolitan             
Highway System Senior Revenue             
(LOC; Wells Fargo Bank)    0.22  4/7/11  6,000,000 a  6,000,000 
Massachusetts Department of             
Transportation, Metropolitan             
Highway System Subordinated             
Revenue (Commonwealth Contract             
Assistance Secured) (Liquidity             
Facility; Barclays Bank PLC)    0.18  4/7/11  7,000,000 a  7,000,000 
Massachusetts Development Finance             
Agency, Education Revenue (The             
Tabor Academy Issue) (LOC;             
FHLB)    0.23  4/7/11  3,500,000 a,b  3,500,000 
Massachusetts Development Finance             
Agency, Revenue (Babson             
College Issue) (LOC; FHLB)    0.19  4/7/11  3,000,000 a,b  3,000,000 
Massachusetts Development Finance             
Agency, Revenue (Boston             
University Issue) (LOC; BNP             
Paribas)    0.20  4/7/11  6,000,000 a,b  6,000,000 
Massachusetts Development Finance             
Agency, Revenue (Boston             
University Issue) (LOC; FHLB)    0.19  4/7/11  1,460,000 a,b  1,460,000 
Massachusetts Development Finance             
Agency, Revenue (Exploration             

 


 

School, Inc. Issue) (LOC; TD           
Bank)  0.23  4/7/11  2,500,000 a,b  2,500,000 
Massachusetts Development Finance           
Agency, Revenue (Fay School           
Issue) (LOC; TD Bank)  0.23  4/7/11  3,800,000 a,b  3,800,000 
Massachusetts Development Finance           
Agency, Revenue (Justice           
Resource Institute Issue)           
(LOC; Bank of America)  0.26  4/7/11  1,920,000 a  1,920,000 
Massachusetts Development Finance           
Agency, Revenue (New Bedford           
Whaling Museum Issue) (LOC;           
Bank of America)  0.45  4/7/11  1,200,000 a  1,200,000 
Massachusetts Health and           
Educational Facilities           
Authority, Revenue (Great           
Brook Valley Health Center           
Issue) (LOC; TD Bank)  0.25  4/7/11  2,445,000 a  2,445,000 
Massachusetts Health and           
Educational Facilities           
Authority, Revenue (Partners           
HealthCare System Issue)           
(Prerefunded)  5.75  7/1/11  845,000 c  864,955 
Massachusetts Health and           
Educational Facilities           
Authority, Revenue (Partners           
HealthCare System, Capital           
Asset Program Issue)           
(Liquidity Facility; JPMorgan           
Chase Bank)  0.22  4/7/11  3,300,000 a  3,300,000 
Massachusetts Health and           
Educational Facilities           
Authority, Revenue (Peabody           
Essex Museum Issue) (LOC; Bank           
of America)  0.24  4/7/11  2,210,000 a  2,210,000 
Massachusetts Health and           
Educational Facilities           
Authority, Revenue (Williams           
College Issue)  0.45  4/7/11  1,500,000 b  1,500,000 
Massachusetts Water Pollution           
Abatement Trust, Pool Program           
Bonds  5.00  8/1/11  250,000   253,408 
Massachusetts Water Pollution           
Abatement Trust, Pool Program           
Bonds  5.50  8/1/11  525,000   533,306 
Massachusetts Water Pollution           
Abatement Trust, State           
Revolving Fund Revenue,           
Refunding  3.00  8/1/11  100,000   100,797 
Massachusetts Water Resources           
Authority, Subordinated           
General Revenue (LOC;           
Landesbank Hessen-Thuringen           
Girozentrale)  0.22  4/7/11  800,000 a  800,000 
Norwood,           
GO Notes, BAN  1.50  1/18/12  2,200,000   2,217,512 
Stoughton,           
GO Notes, BAN  1.50  5/13/11  2,500,000   2,502,573 
Templeton,           

 


 

GO Notes, BAN  1.25  11/2/11  600,000   601,571 
Wells Fargo Stage Trust           
(Massachusetts Development           
Finance Agency, Revenue           
(Harvard University Issue))           
(Liquidity Facility; Wells           
Fargo Bank)  0.25  4/7/11  2,000,000 a,b,d   2,000,000 
 
U.S. Related--4.8%           
Puerto Rico Sales Tax Financing           
Corporation, Sales Tax Revenue           
(Liquidity Facility; Citibank           
NA)  0.26  4/7/11  3,500,000 a,d  3,500,000 
 
 
Total Investments (cost $72,128,741)      99.1 %  72,128,741 
Cash and Receivables (Net)      .9 %  624,885 
Net Assets      100.0 %  72,753,626 

 

a Variable rate demand note - rate shown is the interest rate in effect at March 31, 2011. Maturity date represents the 
next demand date, or the ultimate maturity date if earlier. 
b At March 31, 2011, the fund had $23,760,000 or 32.7% of net assets invested in securities whose payment of principal and 
interest is dependent upon revenues generated from education. 
c This security are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are 
collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the 
municipal issue and to retire the bonds in full at the earliest refunding date. 
d 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 March 31, 2011, these securities 
amounted to $5,500,000 or 7.6% of net assets. 

 

At March 31, 2011, 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 March 31, 2011 in valuing the fund's investments:

Valuation Inputs  Short-Term Investments ($)+ 
Level 1 - Unadjusted Quoted Prices  - 
Level 2 - Other Significant Observable Inputs  72,128,741 
Level 3 - Significant Unobservable Inputs  - 
Total  72,128,741 

 

+ 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; 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 Trustees 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

March 31, 2011 (Unaudited)

  Coupon    Maturity  Principal    
Short-Term Investments--96.0%  Rate (%)    Date  Amount ($)   Value ($) 
New York--90.5%             
Albany Housing Authority,             
Revenue (Nutgrove Garden             
Apartments Project) (LOC; RBS             
Citizens NA)    0.40  4/7/11  1,330,000 a  1,330,000 
Albany Industrial Development             
Agency, Civic Facility Revenue             
(Renaissance Corporation of             
Albany Project) (LOC; M&T             
Trust)    0.30  4/7/11  2,000,000 a  2,000,000 
Albany Industrial Development             
Agency, Civic Facility Revenue             
(The College of Saint Rose             
Project) (LOC; Bank of America)    0.28  4/1/11  1,660,000 a  1,660,000 
Belfast Central School District,             
GO Notes, BAN    1.75  5/17/11  1,660,000   1,661,342 
Broome County Industrial             
Development Agency, IDR             
(Parlor City Paper Box             
Company, Inc. Facility) (LOC;             
U.S. Bank NA)    0.37  4/7/11  2,535,000 a  2,535,000 
Capital District Regional             
Off-Track Betting Corporation,             
GO Notes (LOC; Bank of America)    0.47  4/7/11  1,370,000 a  1,370,000 
East Rochester Housing Authority,             
Housing Revenue (Park Ridge             
Nursing Home, Inc. Project)             
(LOC; JPMorgan Chase Bank)    0.26  4/7/11  4,270,000 a  4,270,000 
Elmira City School District,             
GO Notes, BAN    1.50  6/30/11  2,200,000   2,201,877 
Elmira City School District,             
GO Notes, BAN    1.75  2/15/12  4,000,000   4,020,622 
Erie County Industrial Development             
Agency, IDR (Luminescent             
System, Inc. Project) (LOC;             
HSBC Bank USA)    0.45  4/7/11  2,595,000 a  2,595,000 
Evans,             
GO Notes, BAN    1.25  10/6/11  1,000,000   1,001,015 
Forestville Central School             
District, GO Notes, BAN    2.00  7/14/11  1,400,000   1,403,430 
Metropolitan Transportation             
Authority, Dedicated Tax Fund             
Revenue (Insured; Assured             
Guaranty Municipal Corp. and             
Liquidity Facility; Dexia             
Credit Locale)    0.33  4/7/11  1,000,000 a  1,000,000 
Metropolitan Transportation             
Authority, Transportation             
Revenue, Refunding (Insured;             
Assured Guaranty Municipal             
Corp. and Liquidity Facility;             

 


 

Dexia Credit Locale)  0.33  4/7/11  2,000,000 a  2,000,000 
Metropolitan Transportation           
Authority, Transportation           
Revenue, Refunding (Insured;           
Assured Guaranty Municipal           
Corp. and Liquidity Facility;           
Westdeutsche Landesbank)  0.33  4/7/11  15,500,000 a  15,500,000 
Mexico Central School District,           
GO Notes, BAN  1.25  8/5/11  1,700,000   1,702,319 
Monroe County Industrial           
Development Agency, Civic           
Facility Revenue (YMCA of           
Greater Rochester Project)           
(LOC; M&T Trust)  0.30  4/7/11  2,400,000 a  2,400,000 
Monroe County Industrial           
Development Agency, Civic           
Facility Revenue (YMCA of           
Greater Rochester Project)           
(LOC; M&T Trust)  0.30  4/7/11  4,925,000 a  4,925,000 
Monroe County Industrial           
Development Agency, IDR           
(Mercury Print Productions,           
Inc. Facility) (LOC; M&T Trust)  1.30  4/7/11  45,000 a  45,000 
Nassau County Industrial           
Development Agency, Housing           
Revenue (Rockville Centre           
Housing Associates, L.P.           
Project) (LOC; M&T Trust)  0.35  4/7/11  4,800,000 a  4,800,000 
New York City,           
GO Notes  2.00  8/1/11  655,000   658,286 
New York City,           
GO Notes  5.00  8/1/11  450,000   456,254 
New York City,           
GO Notes (LOC; Bank of America)  0.25  4/7/11  11,000,000 a  11,000,000 
New York City,           
GO Notes (LOC; Bayerische           
Landesbank)  0.23  4/1/11  1,500,000 a  1,500,000 
New York City Capital Resource           
Corporation, Recovery Zone           
Facility Revenue (Arverne by           
the Sea Project) (LOC; TD Bank)  0.26  4/7/11  3,100,000 a  3,100,000 
New York City Housing Development           
Corporation, MFHR (Liquidity           
Facility; Citibank NA)  0.26  4/7/11  6,700,000 a,b  6,700,000 
New York City Industrial           
Development Agency, Civic           
Facility Revenue (Birch Wathen           
Lenox School Project) (LOC; TD           
Bank)  0.28  4/7/11  3,000,000 a  3,000,000 
New York City Industrial           
Development Agency, Civic           
Facility Revenue (Hewitt           
School Project) (LOC; TD Bank)  0.28  4/7/11  3,800,000 a  3,800,000 
New York City Industrial           
Development Agency, IDR           
(Novelty Crystal Corporation           
Project) (LOC; Commerce Bank           
NA)  0.43  4/7/11  3,190,000 a  3,190,000 
New York City Industrial           

 


 

Development Agency, IDR           
(Super-Tek Products, Inc.           
Project) (LOC; Citibank NA)  0.43  4/7/11  4,340,000 a  4,340,000 
New York City Transitional Finance           
Authority, Future Tax Secured           
Revenue (Liquidity Facility;           
Dexia Credit Locale)  0.28  4/7/11  4,000,000 a  4,000,000 
New York City Transitional Finance           
Authority, Revenue (New York           
City Recovery) (Liquidity           
Facility; Bayerische           
Landesbank)  0.23  4/1/11  1,815,000 a  1,815,000 
New York Liberty Development           
Corporation, Liberty Revenue           
(World Trade Center Project)  0.35  8/4/11  10,000,000   10,000,000 
New York Liberty Development           
Corporation, Recovery Zone           
Revenue (3 World Trade Center           
Project)  0.42  1/19/12  4,000,000   4,000,000 
New York Local Government           
Assistance Corporation, GO           
Notes (LOC; Landesbank           
Hessen-Thuringen Girozentrale)  0.26  4/7/11  9,500,000 a  9,500,000 
New York State Dormitory           
Authority, Revenue (Mount           
Saint Mary College) (LOC;           
JPMorgan Chase Bank)  0.24  4/7/11  3,600,000 a  3,600,000 
New York State Thruway Authority,           
General Revenue, BAN  2.50  7/15/11  6,060,000   6,101,618 
New York State Thruway Authority,           
General Revenue, BAN  3.00  7/15/11  100,000   100,432 
New York State Thruway Authority,           
General Revenue, BAN  4.00  7/15/11  350,000   353,016 
Olean,           
GO Notes, BAN  1.50  8/11/11  1,700,000   1,701,177 
Otsego County Industrial           
Development Agency, Civic           
Facility Revenue (Noonan           
Community Service Corporation           
Project) (LOC; FHLB)  0.31  4/7/11  2,010,000 a  2,010,000 
Otsego County Industrial           
Development Agency, Civic           
Facility Revenue (Saint James           
Retirement Community Project)           
(LOC; M&T Trust)  0.30  4/7/11  1,820,000 a  1,820,000 
Port Authority of New York and New           
Jersey, Equipment Notes  0.31  4/7/11  4,000,000 a  4,000,000 
Rockland County Industrial           
Development Agency, IDR           
(Intercos America, Inc.           
Project) (LOC; HSBC Bank USA)  0.45  4/7/11  3,000,000 a  3,000,000 
Rockland County Industrial           
Development Authority, Revenue           
(Northern Manor Multicare           
Center, Inc. Project) (LOC;           
M&T Trust)  0.35  4/7/11  2,565,000 a  2,565,000 
Sag Harbor Union Free School           
District, GO Notes, TAN  1.50  6/23/11  1,400,000   1,401,257 
Schenectady,           

 


 

GO Notes, BAN  1.50  5/20/11  5,000,000   5,001,649 
Springs Union Free School           
District, GO Notes, TAN  1.50  6/30/11  1,100,000   1,102,433 
Ticonderoga Central School           
District, GO Notes, BAN  2.00  6/24/11  2,100,000   2,104,052 
Tompkins County Industrial           
Development Agency, Civic           
Facility Revenue (Tompkins           
Cortland Community College           
Foundation, Inc. Project)           
(LOC; RBS Citizens NA)  0.37  4/7/11  3,295,000 a  3,295,000 
 
U.S. Related--5.5%           
Puerto Rico Industrial, Tourist,           
Educational, Medical and           
Environmental Control           
Facilities Financing           
Authority, Environmental           
Control Facilities Revenue           
(Bristol-Myers Squibb Company           
Project)  0.35  4/7/11  4,400,000 a  4,400,000 
Puerto Rico Sales Tax Financing           
Corporation, Sales Tax Revenue           
(Liquidity Facility; Citibank           
NA)  0.26  4/7/11  1,550,000 a,b  1,550,000 
Puttable Floating Option Tax           
Exempt Receipts (Puerto Rico           
Highways and Transportation           
Authority, Highway Revenue)           
(Liquidity Facility; Dexia           
Credit Locale and LOC; Dexia           
Credit Locale)  0.42  4/7/11  4,000,000 a,b  4,000,000 
 
 
Total Investments (cost $173,585,779)      96.0 %  173,585,779 
Cash and Receivables (Net)      4.0 %  7,208,035 
Net Assets      100.0 %  180,793,814 

 

a  Variable rate demand note - rate shown is the interest rate in effect at March 31, 2011. 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 March 31, 2011, these securities 
  amounted to $12,250,000 or 6.8% of net assets. 

 

At March 31, 2011, 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 March 31, 2011 in valuing the fund's investments:

Valuation Inputs  Short-Term Investments ($)+ 
Level 1 - Unadjusted Quoted Prices  - 
Level 2 - Other Significant Observable Inputs  173,585,779 
Level 3 - Significant Unobservable Inputs  - 
Total  173,585,779 

 

+ 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; 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 Trustees 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.

 


 

 

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:    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)