N-Q 1 lp1054.htm FORM NQ lp1054.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

811-02653

 

 

 

Dreyfus Bond Funds, Inc.

 

 

(Exact name of Registrant as specified in charter)

 

 

 

 

 

 

c/o The Dreyfus Corporation

200 Park Avenue

New York, New York  10166

 

 

(Address of principal executive offices)        (Zip code)

 

 

 

 

 

Bennett A. MacDougall, Esq.

200 Park Avenue

New York, New York  10166

 

 

(Name and address of agent for service)

 

 

Registrant's telephone number, including area code: 

(212) 922-6400

 

 

Date of fiscal year end:

 

  08/31

 

Date of reporting period:

  05/31/18

 

             

 

 

 

FORM N-Q

Item 1.                         Schedule of Investments.

 

 

STATEMENT OF INVESTMENTS
Dreyfus Municipal Bond Fund
May 31, 2018 (Unaudited)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.2%           
Alabama - 2.8%           
Birmingham Water Works Board,           
Water Revenue  5.00  1/1/33  5,775,000   6,699,289 
Black Belt Energy Gas District,           
Gas Prepay Revenue  2.18  12/1/23  5,000,000 a  5,000,000 
Jefferson County,           
Revenue, Refunding  5.00  9/15/35  2,500,000   2,848,150 
Jefferson County,           
Senior Lien Sewer Revenue Warrants           
(Insured; Assured Guaranty Municipal           
Corp.)  0/6.60  10/1/23  20,000,000 b  17,503,000 
Lower Alabama Gas District,           
Gas Project Revenue  5.00  9/1/28  3,300,000   3,827,604 
          35,878,043 
Arizona - .6%           
La Paz County Industrial Development           
Authority,           
Education Facility LR (Charter Schools           
Solutions-Harmony Public Schools           
Project)  5.00  2/15/46  1,500,000 c  1,560,120 
Maricopa County Industrial Development           
Authority,           
Revenue (Banner Health)  5.00  1/1/31  1,750,000   2,032,958 
Pima County Industrial Development           
Authority,           
IDR (Tucson Electric Power Company           
Project)  5.25  10/1/40  4,185,000   4,476,569 
          8,069,647 
California - 5.9%           
California,           
GO (Various Purpose)  6.50  4/1/33  6,875,000   7,148,625 
California,           
GO (Various Purpose) (Prerefunded)  6.50  4/1/19  2,125,000 d  2,212,996 
California County Tobacco Securitization           
Agency,           
Tobacco Settlement Asset-Backed           
Refunding Bonds (Kern County           
Tobacco Funding Corporation)  5.00  6/1/34  5,295,000   5,693,502 
California Health Facilities Financing           
Authority,           
Revenue (Sutter Health)  5.00  11/15/46  6,750,000   7,750,620 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.2% (continued)       
California - 5.9% (continued)           
California State Public Works Board,           
LR (Department of Corrections and           
Rehabilitation) (Various Correctional           
Facilities)  5.00  9/1/28  5,000,000   5,786,900 
California State Public Works Board,           
LR (Various Capital Projects)  5.00  12/1/25  5,000,000   5,865,700 
California State Public Works Board,           
LR (Various Capital Projects)  5.00  11/1/38  2,500,000   2,803,525 
Golden State Tobacco Securitization           
Corporation,           
Revenue  5.00  6/1/28  3,265,000   3,759,615 
Los Angeles Department of Airports,           
Senior Revenue (Los Angeles           
International Airport)  5.00  5/15/28  2,850,000   3,193,682 
Los Angeles Department of Airports,           
Senior Revenue (Los Angeles           
International Airport)  5.00  5/15/33  5,000,000   5,551,200 
San Diego County Regional Airport           
Authority,           
Senior Airport Revenue  5.00  7/1/43  6,000,000   6,566,820 
San Francisco City and County Airport           
Commission,           
Second Series Revenue (San Francisco           
International Airport)  5.00  5/1/41  12,500,000   14,191,625 
University of California Regents,           
Medical Center Pooled Revenue  5.00  5/15/43  5,000,000   5,551,200 
          76,076,010 
Colorado - 2.6%           
City and County of Denver,           
Airport System Subordinate Revenue  5.50  11/15/27  6,000,000   6,839,100 
City and County of Denver,           
Airport System Subordinate Revenue  5.25  11/15/43  6,000,000   6,600,840 
Colorado Health Facilities Authority,           
Revenue (Catholic Health Initiatives)  5.00  2/1/41  5,175,000   5,410,359 
Colorado Health Facilities Authority,           
Revenue (Catholic Health Initiatives)  5.25  1/1/45  4,315,000   4,625,896 
Denver City & County School District #1,           
GO  5.50  12/1/41  1,550,000   1,890,923 
Denver Convention Center Hotel           
Authority,           
Convention Center Hotel Senior           
Revenue  5.00  12/1/36  1,315,000   1,473,168 
E-470 Public Highway Authority,           
Senior Revenue (Insured; National           
Public Finance Guarantee Corp.)  0.00  9/1/20  6,740,000 e  6,440,205 
          33,280,491 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.2% (continued)       
Connecticut - 2.1%           
Connecticut,           
GO  5.00  10/15/25  10,600,000   11,664,876 
Connecticut,           
Special Tax Obligation Revenue           
(Transportation Infrastructure           
Purposes)  5.00  10/1/29  2,500,000   2,754,625 
Connecticut,           
Special Tax Obligation Revenue           
(Transportation Infrastructure           
Purposes)  5.00  9/1/33  6,000,000   6,563,760 
Hartford County Metropolitan District,           
Clean Water Project Revenue (Green           
Bonds)  5.00  11/1/34  5,025,000   5,597,548 
          26,580,809 
District of Columbia - 1.0%           
District of Columbia Tobacco Settlement           
Financing Corporation,           
Tobacco Settlement Asset-Backed           
Bonds  0.00  6/15/46  25,100,000 e  4,129,703 
Metropolitan Washington Airports           
Authority,           
Airport System Revenue  5.00  10/1/35  2,000,000   2,273,720 
Metropolitan Washington D. C. Airports           
Authority,           
Airport Systems Revenue  5.00  10/1/28  4,000,000   4,390,160 
Metropolitan Washington D. C. Airports           
Authority,           
Airport Systems Revenue  5.00  10/1/35  2,000,000   2,302,100 
          13,095,683 
Florida - 6.6%           
Broward County,           
Airport System Revenue  5.00  10/1/47  5,000,000   5,647,300 
Broward County,           
Port Facilities Revenue  5.00  9/1/22  6,000,000   6,467,940 
Central Expressway Authority,           
Revenue, Refunding (Insured; Build           
America Mutual Assurance Company)  5.00  7/1/38  2,500,000   2,892,450 
Citizens Property Insurance Corporation,           
Coastal Account Senior Secured           
Revenue  5.00  6/1/25  30,000,000   34,937,400 
Florida Department of Transportation,           
Turnpike Revenue  5.00  7/1/24  4,630,000   5,297,090 
Gainesville Utilities System,           
Revenue  5.00  10/1/37  2,000,000   2,337,380 
Jacksonville Electric Authority,           
Electric System Revenue, Refunding  5.00  10/1/27  795,000   897,722 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.2% (continued)       
Florida - 6.6% (continued)           
Jacksonville Electric Authority,           
Water and Sewer System Revenue,           
Refunding  5.00  10/1/29  1,220,000   1,394,289 
Miami Beach,           
Stormwater Revenue, Refunding  5.00  9/1/47  7,000,000   7,605,780 
Miami Beach Redevelopment Agency,           
Tax Increment Revenue (City           
Center/Historic Convention Village)  5.00  2/1/35  1,500,000   1,689,915 
Miami-Dade County,           
Aviation Revenue (Miami International           
Airport)  5.38  10/1/35  5,000,000   5,355,400 
Miami-Dade County,           
Seaport Revenue  5.50  10/1/42  3,500,000   3,914,715 
Orlando Utilities Commission Utility           
System,           
Revenue (Series 2018 Project)  5.00  10/1/38  3,000,000   3,500,730 
Pinellas County Health Facilities           
Authority,           
Health System Revenue (BayCare           
Health System Issue) (Insured; National           
Public Finance Guarantee Corp.)           
Auction-Based  2.63  11/15/23  2,250,000 a  2,250,000 
          84,188,111 
Georgia - 2.9%           
Atlanta,           
Water and Wastewater Revenue           
(Insured; Assured Guaranty Municipal           
Corp.)  5.25  11/1/34  1,190,000   1,243,931 
Main Street Natural Gas Incorporated,           
Gas Supply Revenue, 1 Month LIBOR +           
.75%  2.03  9/1/23  7,500,000 a  7,466,325 
Municipal Electric Authority of Georgia,           
Project One Subordinated Bonds  5.75  1/1/20  1,000,000   1,002,860 
Municipal Electric Authority of Georgia,           
Project One Subordinated Bonds  5.00  1/1/21  7,705,000   8,240,112 
Municipal Electric Authority of Georgia,           
Project One Subordinated Bonds  5.00  1/1/28  8,400,000   9,609,600 
Private Colleges & Universities Authority,           
Revenue (Emory University)  5.00  10/1/43  8,875,000   9,857,551 
          37,420,379 
Idaho - .6%           
Power County Industrial Development           
Corporation,           
SWDR (FMC Corporation Project)  6.45  8/1/32  7,625,000   7,654,356 
Illinois - 8.4%           
Chicago,           
General Airport Senior Lien Revenue           
(Chicago O'Hare International Airport)  5.00  1/1/29  6,185,000   6,906,295 

 

 

  Coupon  Maturity  Principal   
Description  Rate (%)  Date  Amount ($)  Value ($) 
Long-Term Municipal Investments - 99.2% (continued)     
Illinois - 8.4% (continued)         
Chicago,         
Second Lien Water Revenue  5.00  11/1/27  2,695,000  2,988,809 
Chicago,         
Second Lien Water Revenue  5.00  11/1/28  7,200,000  8,131,608 
Chicago Board of Education,         
GO (Insured; Assured Guaranty         
Municipal Corporation)  5.00  12/1/34  1,000,000  1,118,650 
Chicago Board of Education,         
GO (Insured; Assured Guaranty         
Municipal Corporation)  5.00  12/1/35  1,000,000  1,115,870 
Chicago Park District,         
Limited Tax GO  5.00  1/1/27  3,000,000  3,328,770 
Cook County,         
Sales Tax Revenue, Refunding  5.00  11/15/36  7,000,000  8,020,180 
Greater Chicago Metropolitan Water         
Reclamation District,         
GO Unlimited Tax Capital Improvement         
Bonds  5.00  12/1/44  5,000,000  5,505,300 
Illinois,         
Sales Tax Revenue  5.00  6/15/24  5,000,000  5,540,000 
Illinois Finance Authority,         
Revenue (Advocate Health Care         
Network)  5.00  6/1/29  9,500,000  10,537,400 
Illinois Finance Authority,         
Revenue (Advocate Health Care         
Network)  5.00  6/1/30  10,305,000  11,415,055 
Illinois Finance Authority,         
Revenue (OSF Healthcare System)  5.00  11/15/45  2,500,000  2,733,650 
Illinois Finance Authority,         
Revenue (Rehabilitation Institute of         
Chicago)  6.00  7/1/43  3,250,000  3,629,502 
Illinois Municipal Electric Agency,         
Power Supply System Revenue  5.00  2/1/32  5,000,000  5,629,400 
Illinois Toll Highway Authority,         
Toll Highway Senior Revenue  5.00  1/1/36  1,500,000  1,696,470 
Metropolitan Pier and Exposition         
Authority,         
Revenue (McCormick Place Expansion         
Project)  5.00  6/15/42  13,090,000  13,548,019 
Railsplitter Tobacco Settlement         
Authority,         
Revenue  5.00  6/1/26  4,290,000  4,945,040 
University of Illinois Board of Trustees,         
Auxiliary Facilities System Revenue         
(University of Illinois)  5.00  4/1/27  5,000,000  5,485,950 
University of Illinois Board of Trustees,         
Auxiliary Facilities System Revenue         
(University of Illinois)  5.00  4/1/44  5,000,000  5,424,800 
        107,700,768 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.2% (continued)       
Indiana - 1.5%           
Indiana Finance Authority,           
Hospital Revenue (Community Health           
Network)  5.00  5/1/42  12,460,000   13,523,959 
Indiana Municipal Power Agency,           
Power Supply System Revenue  5.00  1/1/37  2,500,000   2,875,500 
Indianapolis Local Public Improvement           
Bond Bank,           
Revenue (Indianapolis Airport           
Authority Project)  5.00  1/1/26  2,000,000   2,301,360 
          18,700,819 
Iowa - .7%           
Iowa Finance Authority,           
Health Facilities Revenue (UnityPoint           
Health)  5.00  8/15/32  2,500,000   2,813,825 
Iowa Finance Authority,           
Healthcare Revenue (Genesis Health           
System)  5.00  7/1/25  5,910,000   6,645,972 
          9,459,797 
Kentucky - 1.6%           
Kentucky Public Energy Authority,           
Gas Supply Revenue  4.00  4/1/24  10,000,000 a  10,707,200 
Kentucky Public Energy Authority,           
Gas Supply Revenue  4.00  4/1/24  2,780,000   2,989,028 
Louisville/Jefferson County Metro           
Government,           
Health System Revenue (Norton           
Healthcare, Inc.)  5.75  10/1/42  6,000,000   6,774,660 
          20,470,888 
Louisiana - 3.7%           
East Baton Rouge Sewerage Commission,           
Revenue  5.00  2/1/39  8,000,000   8,979,360 
Louisiana Public Facilities Authority,           
Hospital Revenue (Franciscan           
Missionaries of Our Lady Health System           
Project)  5.00  7/1/47  4,250,000   4,703,560 
Louisiana Public Facilities Authority,           
Revenue (CHRISTUS Health Obligated           
Group)  6.00  7/1/29  5,000,000   5,232,950 
New Orleans Aviation Board,           
General Airport Revenue (North           
Terminal Project)  5.00  1/1/40  7,825,000   8,581,051 
New Orleans Aviation Board,           
General Airport Revenue (North           
Terminal Project)  5.00  1/1/45  5,000,000   5,467,700 
New Orleans Aviation Board,           
Gulf Opportunity Zone Customer           
Facility Charge Revenue (Consolidated           
Rental Car Project)  6.25  1/1/30  5,000,000   5,120,200 

 

 

  Coupon  Maturity  Principal   
Description  Rate (%)  Date  Amount ($)  Value ($) 
Long-Term Municipal Investments - 99.2% (continued)     
Louisiana - 3.7% (continued)         
Tobacco Settlement Financing         
Corporation of Louisiana,         
Tobacco Settlement Asset-Backed         
Bonds  5.25  5/15/35  9,140,000  9,909,405 
        47,994,226 
Maine - .4%         
Maine Health and Higher Educational         
Facilities Authority,         
Revenue (Maine General Medical         
Center Issue)  7.50  7/1/32  5,000,000  5,593,550 
Maryland - 1.2%         
Baltimore Convention Center Hotel,         
Revenue (Convention Center Hotel         
Project)  5.00  9/1/46  3,500,000  3,841,705 
Maryland Health and Higher Educational         
Facilities Authority,         
Revenue (MedStar Health Issue)  5.00  8/15/38  4,000,000  4,440,960 
Maryland Stadium Authority,         
Revenue (Construction & Revitalization         
Program)  5.00  5/1/38  5,815,000  6,761,973 
        15,044,638 
Massachusetts - 1.3%         
Massachusetts Development Finance         
Agency,         
Revenue (Partners HealthCare System         
Issue)  5.00  7/1/44  4,000,000  4,389,720 
Massachusetts Educational Financing         
Authority,         
Education Loan Revenue (Issue K)  5.25  7/1/29  3,725,000  3,970,477 
Massachusetts Port Authority,         
Revenue, Refunding  5.00  7/1/28  2,500,000  2,933,650 
Massachusetts School Building Authority,         
Senior Dedicated Sales Tax Revenue  5.00  10/15/35  5,000,000  5,412,500 
        16,706,347 
Michigan - 3.8%         
Great Lakes Water Authority,         
Water Supply System Second Lien         
Revenue  5.00  7/1/46  10,000,000  11,076,600 
Karegnondi Water Authority,         
Revenue  5.00  11/1/45  4,690,000  5,221,799 
Kent Hospital Finance Authority,         
Revenue (Spectrum Health System)  5.50  11/15/25  7,710,000  8,506,906 
Michigan Finance Authority,         
Hospital Revenue, Refunding (Trinity         
Health Credit Group)  5.00  12/1/42  1,000,000  1,143,700 
Michigan Finance Authority,         
HR (Sparrow Obligated Group)  5.00  11/15/34  2,965,000  3,312,646 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal   
Description  Rate (%)  Date  Amount ($)  Value ($) 
Long-Term Municipal Investments - 99.2% (continued)     
Michigan - 3.8% (continued)         
Michigan Finance Authority,         
Local Government Loan Program         
Revenue (Detroit Water and Sewerage         
Department, Sewage Disposal System         
Revenue Senior Lien Local Project         
Bonds) (Insured; Assured Guaranty         
Municipal Corp.)  5.00  7/1/30  6,000,000  6,754,020 
Michigan Finance Authority,         
Local Government Loan Program         
Revenue (Detroit Water and Sewerage         
Department, Sewage Disposal System         
Revenue Senior Lien Local Project         
Bonds) (Insured; Assured Guaranty         
Municipal Corp.)  5.00  7/1/32  5,000,000  5,610,500 
Michigan Strategic Fund,         
SWDR (Genesee Power Station Project)  7.50  1/1/21  1,250,000  1,232,475 
Wayne County Airport Authority,         
Airport Revenue (Detroit Metropolitan         
Wayne County Airport)  5.00  12/1/45  5,000,000  5,542,600 
        48,401,246 
Minnesota - .3%         
Minneapolis-Saint Paul Metropolitan         
Airports Commission,         
Senior Airport Revenue  5.00  1/1/36  1,650,000  1,918,158 
Western Minnesota Municipal Power         
Agency,         
Power Supply Revenue  5.00  1/1/30  1,565,000  1,772,629 
        3,690,787 
Missouri - 1.8%         
Kansas City,         
General Improvement Airport Revenue  5.00  9/1/22  8,380,000  9,115,429 
Missouri Health and Educational Facilities         
Authority,         
Health Facilities Revenue (CoxHealth)  5.00  11/15/29  3,770,000  4,285,962 
Missouri Health and Educational Facilities         
Authority,         
Health Facilities Revenue (CoxHealth)  5.00  11/15/30  3,725,000  4,224,150 
Missouri Joint Municipal Electric Utility         
Commission,         
Power Project Revenue (Iatan 2         
Project)  5.00  1/1/33  2,200,000  2,445,762 
Saint Louis County Industrial         
Development Authority,         
Senior Living Facilities Revenue,         
Refunding (Friendship Village St. Louis)  5.00  9/1/48  2,250,000  2,444,018 
        22,515,321 
Nebraska - .5%         
Nebraska Public Power District,         
General Revenue  5.00  1/1/34  2,975,000  3,378,886 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.2% (continued)       
Nebraska - .5% (continued)           
Public Power Generation Agency of           
Nebraska,           
Revenue (Whelan Energy Center Unit           
2)  5.00  1/1/41  3,050,000   3,419,446 
          6,798,332 
Nevada - 2.6%           
Clark County,           
Airport System Revenue  5.00  7/1/40  19,000,000   21,418,700 
Clark County,           
GO  5.00  11/1/38  10,945,000   12,232,789 
          33,651,489 
New Jersey - 4.9%           
Essex County Improvement Authority,           
SWDR (Covanta Project)  5.25  7/1/45  5,000,000 c  5,061,450 
New Jersey Economic Development           
Authority,           
Cigarette Tax Revenue  5.00  6/15/28  2,250,000   2,400,233 
New Jersey Economic Development           
Authority,           
Revenue  5.25  6/15/27  5,000,000   5,560,850 
New Jersey Economic Development           
Authority,           
School Facilities Construction Revenue  5.00  3/1/28  3,250,000   3,450,915 
New Jersey Economic Development           
Authority,           
School Facilities Construction Revenue  5.25  6/15/29  3,130,000   3,450,293 
New Jersey Economic Development           
Authority,           
School Facilities Construction Revenue  5.25  6/15/31  7,550,000   8,288,163 
New Jersey Health Care Facilities           
Financing Authority,           
Revenue (Virtua Health Issue)  5.00  7/1/28  3,000,000   3,363,090 
New Jersey Higher Education Student           
Assistance Authority,           
Student Loan Revenue (Insured;           
Assured Guaranty Corp.)  6.13  6/1/30  4,805,000   4,805,000 
New Jersey Tobacco Settlement Financing           
Corp.,           
Revenue, Refunding, Ser. A  5.00  6/1/37  5,000,000   5,618,800 
New Jersey Tobacco Settlement Financing           
Corp.,           
Revenue, Refunding, Ser. A  5.00  6/1/46  6,000,000   6,593,940 
New Jersey Tobacco Settlement Financing           
Corp.,           
Revenue, Refunding, Ser. A  5.25  6/1/46  7,350,000   8,281,245 
New Jersey Turnpike Authority,           
Turnpike Revenue  5.00  1/1/24  5,000,000   5,608,400 
          62,482,379 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.2% (continued)       
New York - 11.0%           
Long Island Power Authority,           
Electric System Revenue  5.00  9/1/34  1,000,000   1,159,460 
Metropolitan Transportation Authority,           
Transportation Revenue  5.00  11/15/30  6,170,000   7,174,661 
New York City,           
GO  5.00  3/1/25  5,000,000   5,724,950 
New York City,           
GO  5.00  8/1/25  5,380,000   6,102,211 
New York City,           
GO  5.00  10/1/36  11,505,000   12,478,093 
New York City Industrial Development           
Agency,           
Senior Airport Facilities Revenue           
(Transportation Infrastructure           
Properties, LLC Obligated Group)  5.00  7/1/21  6,150,000   6,642,061 
New York City Transitional Finance           
Authority,           
Future Tax Secured Subordinate           
Revenue  5.00  2/1/35  10,055,000   10,750,907 
New York Counties Tobacco Trust V,           
Revenue (Tobacco Settlement Pass-           
Through Bonds)  0.00  6/1/50  40,260,000 e  5,137,579 
New York Liberty Development           
Corporation,           
Liberty Revenue (4 World Trade Center           
Project)  5.00  11/15/31  5,000,000   5,446,600 
New York Liberty Development           
Corporation,           
Revenue (3 World Trade Center           
Project)  5.00  11/15/44  7,500,000 c  7,974,900 
New York Liberty Development           
Corporation,           
Revenue (Goldman Sachs Headquarters           
Issue)  5.25  10/1/35  1,000,000   1,257,220 
New York State Dormitory Authority,           
Revenue (New York University)           
(Insured; National Public Finance           
Guarantee Corp.)  5.75  7/1/27  9,500,000   11,331,695 
New York State Dormitory Authority,           
State Personal Income Tax Revenue           
(General Purpose)  5.00  2/15/31  7,500,000   8,579,700 
New York State Dormitory Authority,           
State Personal Income Tax Revenue           
(General Purpose)  5.00  3/15/32  7,100,000   8,037,342 
New York State Dormitory Authority,           
State Personal Income Tax Revenue           
(General Purpose)  5.00  2/15/43  11,500,000   12,643,100 
New York State Thruway Authority,           
General Revenue  5.00  1/1/27  5,000,000   5,688,450 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.2% (continued)       
New York - 11.0% (continued)           
New York Transportation Development           
Corporation,           
Special Facility Revenue (American           
Airlines, Inc. John F. Kennedy           
International Airport Project)  5.00  8/1/21  1,100,000   1,182,632 
New York Transportation Development           
Corporation,           
Special Facility Revenue (American           
Airlines, Inc. John F. Kennedy           
International Airport Project)  5.00  8/1/26  1,500,000   1,587,375 
New York Transportation Development           
Corporation,           
Special Facility Revenue (Delta Air           
Lines - Laguardia Airport Terminals           
C&D Revenue)  5.00  1/1/24  6,000,000   6,686,700 
New York Transportation Development           
Corporation,           
Special Facility Revenue (LaGuardia           
Airport Terminal B Redevelopment           
Project)  5.00  7/1/46  6,500,000   7,055,165 
Port Authority of New York and New           
Jersey,           
(Consolidated Bonds, 183rd Series)  5.00  12/15/26  4,125,000   4,746,266 
TSASC, Inc. of New York,           
Senior Tobacco Settlement Bonds  5.00  6/1/31  3,000,000   3,366,720 
          140,753,787 
North Carolina - .5%           
North Carolina Medical Care Commission,           
Health Care Facilities Revenue (Duke           
University Health System)  5.00  6/1/28  3,250,000   3,945,207 
North Carolina Turnpike Authority,           
Revenue (Insured; Assured Guaranty           
Municipal Corp.)  5.00  1/1/39  2,000,000   2,279,320 
          6,224,527 
Ohio - 1.8%           
Allen County,           
Hospital Facilities Revenue (Catholic           
Health Partners)  5.00  5/1/42  4,465,000   4,802,152 
Buckeye Tobacco Settlement Financing           
Authority,           
Tobacco Settlement Asset-Backed           
Bonds  0.00  6/1/47  38,000,000 e  3,155,520 
Cuyahoga County Hospital,           
Hospital Revenue (The Metrohealth           
System)  5.25  2/15/47  2,500,000   2,691,325 
Hamilton County,           
Sewer System Revenue (The           
Metropolitan Sewer District of the           
Greater Cincinnati)  5.00  12/1/29  2,250,000   2,576,430 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal   
Description  Rate (%)  Date  Amount ($)  Value ($) 
Long-Term Municipal Investments - 99.2% (continued)     
Ohio - 1.8% (continued)         
Ohio Adult Correctional Capital Facilities,         
Revenue, Refunding (Lease         
Appropriations-Adult Correctional         
Building Fund Projects)  5.00  10/1/33  1,500,000  1,759,710 
Ohio Higher Educational Facility         
Commission,         
HR (Cleveland Clinic Health System         
Obligated Group)  5.00  1/1/38  5,000,000  5,421,300 
Ohio Turnpike and Infrastructure         
Commission,         
Junior Lien Turnpike Revenue         
(Infrastructure Projects)  5.25  2/15/39  3,000,000  3,319,890 
        23,726,327 
Pennsylvania - 5.7%         
Berks County Industrial Development         
Authority,         
Health Systems Revenue, Refunding         
(Tower Health Project)  5.00  11/1/47  4,950,000  5,523,853 
Berks County Industrial Development         
Authority,         
Healthcare Facilities Revenue,         
Refunding (The Highlands at         
Wyomissing)  5.00  5/15/48  1,000,000  1,085,480 
Commonwealth Financing Authority of         
Pennsylvania,         
Revenue  5.00  6/1/31  1,250,000  1,429,613 
Commonwealth Financing Authority of         
Pennsylvania,         
Revenue  5.00  6/1/35  3,500,000  3,958,360 
Lancaster County Hospital Authority,         
Health System Revenue (University of         
Pennsylvania Health System)  5.00  8/15/42  5,240,000  5,915,122 
Pennsylvania Turnpike Commission,         
Oil Franchise Tax Revenue  5.25  12/1/48  16,855,000  19,586,690 
Pennsylvania Turnpike Commission,         
Turnpike Revenue  5.00  12/1/24  5,000,000  5,222,350 
Pennsylvania Turnpike Commission,         
Turnpike Revenue  5.00  12/1/34  2,160,000  2,443,284 
Pennsylvania Turnpike Commission,         
Turnpike Revenue  5.00  12/1/42  5,000,000  5,439,200 
Pennsylvania Turnpike Commission,         
Turnpike Subordinate Revenue  5.00  6/1/28  4,500,000  5,084,100 
Philadelphia School District,         
GO  5.25  9/1/23  5,000,000  5,303,350 
Philadelphia School District,         
GO  5.00  9/1/27  5,000,000  5,713,400 
Philadelphia School District,         
GO  5.00  9/1/43  5,280,000  5,922,629 
        72,627,431 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.2% (continued)       
South Carolina - 2.8%           
Columbia,           
Waterworks and Sewer System           
Revenue  5.00  2/1/36  8,000,000   8,570,800 
South Carolina Public Service Authority,           
Revenue Obligations (Santee Cooper)  5.00  12/1/36  10,000,000   10,472,200 
South Carolina Public Service Authority,           
Revenue Obligations (Santee Cooper)  5.13  12/1/43  16,000,000   17,099,040 
          36,142,040 
South Dakota - .7%           
South Dakota Health and Educational           
Facilities Authority,           
Revenue (Avera Health Issue)  5.00  7/1/44  5,000,000   5,478,750 
South Dakota Health and Educational           
Facilities Authority,           
Revenue (Sanford)  5.00  11/1/35  3,000,000   3,357,780 
          8,836,530 
Tennessee - .5%           
Chattanooga Health Educational and           
Housing Board,           
Revenue (Catholic Health Initiatives)  5.25  1/1/40  1,500,000   1,611,360 
Johnson City Health and Educational           
Facilities Board,           
HR (Mountain States Health Alliance)           
(Prerefunded)  6.00  7/1/20  5,000,000 d  5,339,050 
          6,950,410 
Texas - 9.8%           
Austin,           
Water & Waste Water Systems Revenue  5.00  11/15/43  10,500,000   11,580,555 
Austin Convention Enterprises,           
Convention Center Revenue (1st Tier-           
Convention Center Hotel)  5.00  1/1/29  1,880,000   2,152,788 
Corpus Christi,           
Utility System Junior Lien Improvement           
Revenue  5.00  7/15/40  5,000,000   5,558,300 
Dallas and Fort Worth,           
Joint Revenue (Dallas-Fort Worth           
International Airport)  5.00  11/1/22  3,000,000   3,329,670 
Fort Worth,           
Water and Sewer System Revenue  5.00  2/15/27  5,320,000   6,156,623 
Houston,           
Combined Utility System First Lien           
Revenue  5.00  11/15/28  4,000,000   4,597,120 
Houston Community College System,           
Limited Tax GO  5.00  2/15/29  4,000,000   4,461,120 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal   
Description  Rate (%)  Date  Amount ($)  Value ($) 
Long-Term Municipal Investments - 99.2% (continued)     
Texas - 9.8% (continued)         
Love Field Airport Modernization         
Corporation,         
Special Facilities Revenue (Southwest         
Airlines Company - Love Field         
Modernization Program Project)  5.00  11/1/28  4,450,000  4,837,817 
Lower Colorado River Authority,         
Revenue  5.00  5/15/39  6,750,000  7,418,385 
Lower Colorado River Authority,         
Transmission Contract Revenue (Lower         
Colorado River Authority Transmission         
Services Corporation Project)  5.00  5/15/31  7,895,000  8,773,082 
North Texas Tollway Authority,         
First Tier System Revenue  5.00  1/1/39  14,250,000  16,054,905 
Northside Independent School District,         
GO (Insured; Texas Permanent School         
Fund Guarantee Program)  5.00  8/15/43  8,000,000  8,878,160 
Plano Independent School District,         
Unlimited Tax Bonds (Permanent         
School Fund Guarantee Program)  5.00  2/15/25  4,150,000  4,833,256 
San Antonio,         
Electric and Gas Systems Junior Lien         
Revenue  5.00  2/1/43  9,275,000  10,105,020 
Socorro Independent School District,         
Unlimited Tax Bonds (Permanent         
School Fund Guarantee Program)  5.00  8/15/29  4,080,000  4,707,667 
Tarrant County Cultural Education         
Facilities Finance Corporation,         
HR (Baylor Scott and White Health         
Project)  5.00  11/15/45  2,500,000  2,798,625 
Texas A&M University,         
Financing Systems Revenue, Refunding  5.00  5/15/47  2,485,000  2,868,212 
Texas Municipal Power Agency,         
Revenue, Refunding  5.00  9/1/42  1,750,000  1,851,028 
Texas Transportation Commission,         
Central Texas Turnpike System First         
Tier Revenue  5.00  8/15/41  3,530,000  3,807,776 
Texas Transportation Commission,         
Central Texas Turnpike System Second         
Tier Revenue  5.00  8/15/31  5,000,000  5,516,850 
Wichita Falls,         
Water and Sewer System Revenue  5.00  8/1/24  4,195,000  4,787,460 
        125,074,419 
Utah - 1.3%         
Metropolitan Water District of Salt Lake         
and Sandy,         
Water Revenue Project Bonds  5.00  7/1/37  3,000,000  3,290,010 
Salt Lake City,         
Airport Revenue (Salt Lake         
International Airport)  5.00  7/1/37  4,500,000  5,106,960 

 

 

  Coupon  Maturity  Principal   
Description  Rate (%)  Date  Amount ($)  Value ($) 
Long-Term Municipal Investments - 99.2% (continued)     
Utah - 1.3% (continued)         
Utah Charter School Finance Authority,         
Charter School Revenue  5.00  10/15/48  1,200,000  1,342,536 
Utah County,         
HR (Intermountain Health Care Health         
Services, Inc.)  4.00  5/15/47  3,250,000  3,354,162 
Utah Transit Authority,         
Subordinated Sales Tax Revenue  5.00  6/15/35  2,645,000  2,997,764 
        16,091,432 
Virginia - .8%         
Danville Industrial Development         
Authority,         
HR (Danville Regional Medical Center)         
(Insured; AMBAC) (Escrowed to         
Maturity)  5.25  10/1/28  1,500,000  1,688,160 
Virginia College Building Authority,         
Educational Facilities Revenue (21st         
Century College Program)  5.00  2/1/31  4,000,000  4,722,880 
Virginia Small Business Financing         
Authority,         
Revenue  5.00  7/1/34  3,400,000  3,640,754 
        10,051,794 
Washington - 2.7%         
Central Puget Sound Regional Transit         
Authority,         
Sales Tax and Motor Vehicle Excise Tax         
Revenue (Green Bonds)  5.00  11/1/34  2,000,000  2,335,720 
Central Puget Sound Regional Transit         
Authority,         
Sales Tax and Motor Vehicle Excise Tax         
Revenue (Green Bonds)  5.00  11/1/35  2,795,000  3,255,029 
Grant County Public Utility District #2,         
Electric Systems Revenue, Refunding  5.00  1/1/47  3,400,000  3,916,358 
Washington,         
GO (Various Purpose)  5.00  8/1/35  10,000,000  11,424,700 
Washington Health Care Facilities         
Authority,         
Revenue (Providence Health and         
Services)  5.00  10/1/42  12,375,000  13,539,611 
        34,471,418 
Wisconsin - 3.4%         
Public Finance Authority of Wisconsin,         
HR (Renown Regional Medical Center         
Project)  5.00  6/1/40  6,000,000  6,613,920 
Public Finance Authority of Wisconsin,         
Lease Development Revenue (KU         
Campus Development Corporation -         
Central District Development Project)  5.00  3/1/46  5,000,000  5,536,650 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.2% (continued)       
Wisconsin - 3.4% (continued)           
Tender Option Bond Trust Receipts           
(Series 2017-XF2418), 11/15/43,           
Revenue (Ascension Health Alliance           
Senior Credit Group) (Series 2017           
XF2418) Recourse  5.00  5/15/21  10,000,000a,c,f   11,010,550 
Wisconsin Environmental Improvement           
Fund,           
Revenue  5.00  6/1/32  3,205,000   3,729,466 
Wisconsin Health and Educational           
Facilities Authority,           
Revenue (Aurora Health Care, Inc.)  5.50  4/15/29  5,000,000   5,280,750 
Wisconsin Health and Educational           
Facilities Authority,           
Revenue (Aurora Health Care, Inc.)  5.25  4/15/35  3,000,000   3,256,560 
Wisconsin Health and Educational           
Facilities Authority,           
Revenue (ProHealth Care, Inc.           
Obligated Group)  5.00  8/15/39  6,100,000   6,683,770 
Wisconsin Transportation,           
Transportation Revenue  5.00  7/1/33  1,550,000   1,760,568 
          43,872,234 
U.S. Related - .4%           
Puerto Rico Highway & Transportation           
Authority,           
Transportation Revenue (Puerto Rico           
Highway and Transportation           
Authority) (Insured; AMBAC Indemnity           
Corporation)  5.25  7/1/41  4,900,000   5,425,917 
Total Long-Term Municipal Investments           
(cost $1,230,338,940)          1,271,702,382 
 
Short-Term Municipal Investments - 1.9%           
New York - 1.9%           
Metropolitan Transportation Authority,           
Revenue, Refunding (LOC; TD Bank NA)  0.85  6/1/18  8,000,000 g  8,000,000 
New York City Municipal Water Finance           
Authority,           
Water and Sewer System Second           
General Resolution Revenue (Liquidity           
Facility; State Street Bank and Trust           
Co.)  1.00  6/1/18  16,035,000 g  16,035,000 
Total Short-Term Municipal Investments           
(cost $24,035,000)          24,035,000 

 

 

Total Investments (cost $1,254,373,940)  101.1 %  1,295,737,382  
Liabilities, Less Cash and Receivables  (1.1 %)  (13,917,592 ) 
Net Assets  100.0 %  1,281,819,790  
LIBOR—London Interbank Offered Rate         

 

a Variable rate security—rate shown is the interest rate in effect at period end. 
b Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. 
c Security 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 May 31, 2018, these securities were valued at 
$25,607,020 or 2.0% of net assets. 
d These securities 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. 
e Security issued with a zero coupon. Income is recognized through the accretion of discount. 
f Collateral for floating rate borrowings. 
g The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and 
may, but need not, be established by reference to one or more financial indices. 

 

 

STATEMENT OF INVESTMENTS
Dreyfus Municipal Bond Fund
May 31, 2018 (Unaudited)

The following is a summary of the inputs used as of May 31, 2018 in valuing the fund’s investments:

    Level 2 - Other   Level 3 -     
  Level 1 -  Significant   Significant     
  Unadjusted  Observable   Unobservable     
  Quoted Prices  Inputs   Inputs  Total  
Assets ($)             
Investments in Securities:             
 
Municipal Bonds†  -  1,295,737,382   -  1,295,737,382  
Liabilities ($)             
Floating Rate Notes††  -  (5,000,000 )  -  (5,000,000 ) 

 

†  See Statement of Investments for additional detailed categorizations. 
††  Certain of the fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. 

 

 

NOTES

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

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the 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.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows: Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the fund's Board Members (the "Board") Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at

 

NOTES

fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.

The Service is engaged under the general supervision of the Board.

When market quotations or official closing prices are not readily available, or are determined to not accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.

Inverse Floater Securities: The fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust (the “Inverse Floater Trust”). The Inverse Floater Trust typically issues two variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals (“Trust Certificates”). A residual interest tax-exempt security is also created by the Inverse Floater Trust, which is transferred to the fund, and is paid interest based on the remaining cash flows of the Inverse Floater Trust, after payment of interest on the other securities and various expenses of the Inverse Floater Trust. An Inverse Floater Trust may be collapsed without the consent of the fund due to certain termination events such as bankruptcy, default or other credit event.

The fund accounts for the transfer of bonds to the Inverse Floater Trust as secured borrowings, with the securities transferred remaining in the fund’s investments, and the Trust Certificates reflected as fund liabilities in the Statement of Assets and Liabilities.

The fund may invest in inverse floater securities on either a non-recourse or recourse basis. These securities are typically supported by a liquidity facility provided by a bank or other financial institution (the “Liquidity Provider”) that allows the holders of the Trust Certificates to tender their certificates in exchange for payment from the Liquidity Provider of par plus accrued interest on any business day prior to a termination event. When the fund invests in inverse floater securities on a non-recourse basis, the Liquidity

 

NOTES

Provider is required to make a payment under the liquidity facility due to a termination event to the holders of the Trust Certificates. When this occurs, the Liquidity Provider typically liquidates all or a portion of the municipal securities held in the Inverse Floater Trust. A liquidation shortfall occurs if the Trust Certificates exceed the proceeds of the sale of the bonds in the Inverse Floater Trust (“Liquidation Shortfall”). When a fund invests in inverse floater securities on a recourse basis, the fund typically enters into a reimbursement agreement with the Liquidity Provider where the fund is required to repay the Liquidity Provider the amount of any Liquidation Shortfall. As a result, a fund investing in a recourse inverse floater security bears the risk of loss with respect to any Liquidation Shortfall.

At May 31, 2018, accumulated net unrealized appreciation on investments was $41,363,442, consisting of $46,924,796 gross unrealized appreciation and $5,561,354 gross unrealized depreciation.

At May 31, 2018, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.

 

Item 2.             Controls and Procedures.

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

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

Item 3.             Exhibits.

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

 

FORM N-Q

SIGNATURES

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

Dreyfus Bond Funds, Inc.

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:    July 23, 2018

 

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:    July 23, 2018

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    July 23, 2018

 

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)