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

 

 

 

 

 

John Pak, 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:

 

6/30

 

Date of reporting period:

03/31/14

 

             

 

 


 

 

FORM N-Q

Item 1.                         Schedule of Investments.

                        (INSERT SCHEDULE OF INVESTMENTS HERE)

 

 


 

STATEMENT OF INVESTMENTS           
Dreyfus BASIC New York Municipal Money Market Fund         
March 31, 2014 (Unaudited)           
 
  Coupon  Maturity  Principal    
Short-Term Investments--99.8%  Rate (%)  Date  Amount ($)   Value ($) 
Ausable Valley Central School           
District, GO Notes, BAN  1.00  6/26/14  3,200,000   3,203,461 
Brocton Central School District,           
GO Notes, BAN  1.25  7/11/14  1,013,029   1,014,418 
Deutsche Bank Spears/Lifers Trust           
(Series DBE-1152) (TSASC,           
Inc., Tobacco Settlement           
Asset-Backed Bonds) (Liquidity           
Facility: Deutsche Bank AG and           
LOC; Deutsche Bank AG)  0.16  4/7/14  3,000,000 a,b,c   3,000,000 
Deutsche Bank Spears/Lifers Trust           
(Series DBE-1162) (Westchester           
County Industrial Development           
Agency, IDR (Ardsley Housing           
Associates, LLC Facility))           
(Liquidity Facility; Deutsche           
Bank AG and LOC; Deutsche Bank           
AG)  0.26  4/7/14  7,000,000 a,b,c   7,000,000 
East Rochester Housing Authority,           
Housing Revenue (Park Ridge           
Nursing Home, Inc. Project)           
(LOC; JPMorgan Chase Bank)  0.10  4/7/14  4,065,000 a  4,065,000 
Erie County Industrial Development           
Agency, IDR (Luminescent           
System, Inc. Project) (LOC;           
HSBC Bank USA)  0.20  4/7/14  1,545,000 a  1,545,000 
Gloversville City School District,           
GO Notes, BAN  1.50  1/16/15  1,000,000   1,008,063 
Hamburg Central School District,           
GO Notes, BAN  2.00  6/13/14  4,600,000   4,613,910 
Holley Central School District,           

 



GO Notes, BAN  1.25  6/19/14  1,300,000   1,302,012 
Monroe County Industrial           
Development Agency, Civic           
Facility Revenue (YMCA of           
Greater Rochester Project)           
(LOC; M&T Trust)  0.11  4/7/14  4,500,000 a  4,500,000 
Monroe County Industrial           
Development Corporation,           
Revenue (Saint Ann's Home for           
the Aged Project) (LOC; HSBC           
Bank USA)  0.08  4/7/14  1,605,000 a  1,605,000 

 



Nassau County Industrial           
Development Agency, Housing           
Revenue (Rockville Centre           
Housing Associates, L.P.           
Project) (LOC; M&T Trust)  0.16  4/7/14  4,500,000 a  4,500,000 
New York City,           
GO Notes (Liquidity Facility;           
Landesbank Hessen-Thuringen           
Girozentrale)  0.09  4/7/14  1,500,000 a  1,500,000 
New York City,           
GO Notes (LOC; Bayerische           
Landesbank)  0.08  4/7/14  3,100,000 a  3,100,000 
New York City Capital Resource           
Corporation, Recovery Zone           
Facility Revenue (Arverne by           
the Sea Project) (LOC; TD Bank)  0.08  4/7/14  2,900,000 a  2,900,000 
New York City Capital Resource           
Corporation, Revenue (Loan           
Enhanced Assistance Program -           
Cobble Hill Health Center,           
Inc. Project) (LOC; Bank of           
America)  0.17  4/7/14  5,500,000 a  5,500,000 
New York City Industrial           
Development Agency, IDR           
(Novelty Crystal Corporation           
Project) (LOC; TD Bank)  0.20  4/7/14  2,745,000 a  2,745,000 
New York City Industrial           
Development Agency, IDR           
(Super-Tek Products, Inc.           
Project) (LOC; Citibank NA)  0.31  4/7/14  3,460,000 a  3,460,000 
New York City Municipal Water           
Finance Authority, Water and           
Sewer System Revenue           
(Liquidity Facility; Mizuho           
Bank Ltd.)  0.06  4/1/14  3,900,000 a  3,900,000 
New York City Municipal Water           
Finance Authority, Water and           

 



Sewer System Second General           
Resolution Revenue (Liquidity           
Facility; Bank of Nova Scotia)  0.08  4/1/14  2,000,000 a  2,000,000 
New York Liberty Development           
Corporation, Liberty Revenue,           
Refunding (3 World Trade           
Center Project) (LOC; JPMorgan           
Chase Bank)  0.10  4/7/14  6,005,000 a  6,005,000 
New York Liberty Development           
Corporation, Recovery Zone           
Revenue (3 World Trade Center           
Project) (LOC; JPMorgan Chase           
Bank)  0.10  4/7/14  1,490,000 a  1,490,000 

 



New York State Dormitory           
Authority, Revenue (Le Moyne           
College) (LOC; TD Bank)  0.06  4/7/14  3,100,000 a  3,100,000 
New York State Dormitory           
Authority, Revenue (Saint           
John's University) (LOC; U.S.           
Bank NA)  0.05  4/7/14  1,800,000 a  1,800,000 
New York State Housing Finance           
Agency, Housing Revenue (505           
West 37th Street) (LOC;           
Landesbank Hessen-Thuringen           
Girozentrale)  0.09  4/1/14  1,000,000 a  1,000,000 
New York State Housing Finance           
Agency, Housing Revenue           
(Baisley Park Gardens) (LOC;           
Citibank NA)  0.09  4/7/14  5,000,000 a  5,000,000 
New York State Housing Finance           
Agency, Housing Revenue           
(Taconic West 17th Street)           
(LOC; FNMA)  0.06  4/7/14  2,000,000 a  2,000,000 
Northern Adirondack Central School           
District at Ellenburg, GO           
Notes, BAN  2.00  6/26/14  3,000,000   3,010,351 
Peekskill City School District,           
GO Notes, BAN  1.00  2/25/15  1,000,000   1,004,493 
Port Authority of New York and New           
Jersey, Equipment Notes  0.11  4/7/14  4,000,000 a  4,000,000 
Port Chester,           
GO Notes, BAN  1.00  2/25/15  1,500,000   1,508,368 
Rockland County Industrial           
Development Agency, IDR           
(Intercos America, Inc.           
Project) (LOC; HSBC Bank USA)  0.20  4/7/14  2,200,000 a  2,200,000 
Rockland County Industrial           
Development Authority, Revenue           
(Northern Manor Multicare           
Center, Inc. Project) (LOC;           

 



M&T Trust)  0.16  4/7/14  2,000,000 a  2,000,000 
Rome,           
GO Notes, BAN  1.00  9/5/14  1,500,000   1,502,571 
Saratoga County Capital Resource           
Corporation, Revenue (The           
Saratoga Hospital Project)           
(LOC; HSBC Bank USA)  0.07  4/7/14  1,725,000 a  1,725,000 
Triborough Bridge and Tunnel           
Authority, General Revenue,           
Refunding (MTA Bridges and           
Tunnels) (LOC; California           
Public Employees Retirement           
System)  0.07  4/1/14  3,260,000 a  3,260,000 

 



Wallkill,           
GO Notes, BAN  1.25  1/16/15  1,000,000   1,004,974 
 
 
Total Investments (cost $104,072,621)      99.8 %  104,072,621 
Cash and Receivables (Net)      .2 %  237,391 
Net Assets      100.0 %  104,310,012 

 

a Variable rate demand note - rate shown is the interest rate in effect at March 31, 2014. Maturity date represents the
next demand date, or the ultimate maturity date if earlier.
b Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be
resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2014, these
securities amounted to $10,000,000 or 9.6% of net assets.
c The fund does not directly own the municipal security indicated; the fund owns an interest in a special purpose entity
that, in turn, owns the underlying municipal security. The special purpose entity permits the fund to own interests in
underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g.,
enhanced liquidity, yields linked to short-term rates).

At March 31, 2014, the cost of investments for federal income tax purposes was substantially the same as the cost for financial
reporting purposes.

Summary of Abbreviations     
ABAG  Association of Bay Area Governments  ACA  American Capital Access 
AGC  ACE Guaranty Corporation  AGIC  Asset Guaranty Insurance Company 
AMBAC  American Municipal Bond Assurance Corporation  ARRN  Adjustable Rate Receipt Notes 
BAN  Bond Anticipation Notes  BPA  Bond Purchase Agreement 
CIFG  CDC Ixis Financial Guaranty  COP  Certificate of Participation 
CP  Commercial Paper  DRIVERS  Derivative Inverse Tax-Exempt Receipts 
EDR  Economic Development Revenue  EIR  Environmental Improvement Revenue 
FGIC  Financial Guaranty Insurance Company  FHA  Federal Housing Administration 
FHLB  Federal Home Loan Bank  FHLMC  Federal Home Loan Mortgage Corporation 
FNMA  Federal National Mortgage Association  GAN  Grant Anticipation Notes 
GIC  Guaranteed Investment Contract  GNMA  Government National Mortgage Association 
GO  General Obligation  HR  Hospital Revenue 
IDB  Industrial Development Board  IDC  Industrial Development Corporation 
IDR  Industrial Development Revenue  LIFERS  Long Inverse Floating Exempt Receipts 

 



LOC  Letter of Credit  LOR  Limited Obligation Revenue 
LR  Lease Revenue  MERLOTS  Municipal Exempt Receipts Liquidity Option Tender 
MFHR  Multi-Family Housing Revenue  MFMR  Multi-Family Mortgage Revenue 
PCR  Pollution Control Revenue  P-FLOATS  Puttable Floating Option Tax-Exempt Receipts 
PILOT  Payment in Lieu of Taxes  PUTTERS  Puttable Tax-Exempt Receipts 
RAC  Revenue Anticipation Certificates  RAN  Revenue Anticipation Notes 
RAW  Revenue Anticipation Warrants  RIB  Residual Interest Bonds 
ROCS  Reset Option Certificates  RRR  Resources Recovery Revenue 
SAAN  State Aid Anticipation Notes  SBPA  Standby Bond Purchase Agreement 
SFHR  Single Family Housing Revenue  SFMR  Single Family Mortgage Revenue 
SONYMA  State of New York Mortgage Agency  SPEARS  Short Puttable Exempt Adjustable Receipts 
SWDR  Solid Waste Disposal Revenue  TAN  Tax Anticipation Notes 
TAW  Tax Anticipation Warrants  TRAN  Tax and Revenue Anticipation Notes 
XLCA  XL Capital Assurance     

 



The following is a summary of the inputs used as of March 31, 2014 in valuing the fund's investments:

Valuation Inputs  Short-Term Investments ($)+ 
Level 1 - Unadjusted Quoted Prices  - 
Level 2 - Other Significant Observable Inputs  104,072,621 
Level 3 - Significant Unobservable Inputs  - 
Total  104,072,621 

 

+ See Statement of Investments for additional detailed categorizations.



The Financial Accounting Standards Board (“FASB”) Accounting
Standards Codification (“ASC”) is the exclusive reference of
authoritative U.S. generally accepted accounting principles (“GAAP”)
recognized by the FASB to be applied by nongovernmental entities.
Rules and interpretive releases of the Securities and Exchange
Commission (“SEC”) under authority of federal laws are also sources
of authoritative GAAP for SEC registrants. The fund's
financial statements are prepared in accordance with GAAP, which
may require the use of management estimates and assumptions. Actual
results could differ from those estimates.

Portfolio valuation: Investments in securities are valued at amortized
cost in accordance with Rule 2a-7 under the Act. If amortized cost is
determined not to approximate market value, the fair value of the portfolio
securities will be determined by procedures established by and under
the general supervision of the Board of Trustees.
The fair value of a financial instrument is the amount that would be
received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date (i.e. the
exit price). GAAP establishes a fair value hierarchy that prioritizes the
inputs of valuation techniques used to measure fair value. This hierarchy
gives the highest priority to unadjusted quoted prices in active
markets for identical assets or liabilities (Level 1 measurements) and the
lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the
volume and activity in a market has decreased significantly and
whether such a decrease in activity results in transactions that are not
orderly. GAAP requires enhanced disclosures around valuation inputs
and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments
relating to fair value measurements. These inputs are summarized
in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for
identical investments.
Level 2—other significant observable inputs (including quoted
prices for similar investments, interest rates, prepayment speeds,
credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s
own assumptions in determining the fair value of investments).



The inputs or methodology used for valuing securities are not necessarily
an indication of the risk associated with investing in those
securities. For example, money market securities are valued using
amortized cost, in accordance with rules under the Act. 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.

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 22, 2014

 

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 22, 2014

 

By: /s/ James Windels

James Windels

Treasurer

 

Date:

May 22, 2014

 

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)