N-Q 1 lp1-064.htm FORM N-Q lp1-064.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

811-04906

 

 

 

Dreyfus State Municipal Bond 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)

 

 

 

 

 

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:

 

  04/30

 

Date of reporting period:

  07/31/18

 

             

 

 

 

FORM N-Q

Item 1.                         Schedule of Investments.

 

 

STATEMENT OF INVESTMENTS
Dreyfus State Municipal Bond Funds, Dreyfus Connecticut Fund
July 31, 2018 (Unaudited)

  Coupon  Maturity  Principal   
Description  Rate (%)  Date  Amount ($)  Value ($) 
Long-Term Municipal Investments - 98.6%         
Connecticut - 96.4%         
Connecticut,         
GO  5.00   10/15/25  1,645,000  1,814,830 
Connecticut,         
GO  5.00  3/1/26  5,000,000  5,512,900 
Connecticut,         
GO  5.00  11/1/27  5,000,000  5,329,350 
Connecticut,         
GO  5.00  11/1/27  2,000,000  2,014,940 
Connecticut,         
GO  5.00  11/1/28  5,000,000  5,319,750 
Connecticut,         
GO  5.00  11/1/31  2,500,000  2,647,925 
Connecticut,         
Special Tax Obligation Revenue Bonds         
(Transportation Infrastructure         
Purposes)  5.00  12/1/21  1,500,000  1,628,580 
Connecticut,         
Special Tax Obligation Revenue Bonds         
(Transportation Infrastructure         
Purposes)  5.00  10/1/24  2,730,000  3,040,401 
Connecticut,         
Special Tax Obligation Revenue Bonds         
(Transportation Infrastructure         
Purposes)  5.00  8/1/34  3,000,000  3,304,530 
Connecticut,         
Special Tax Obligation Revenue Bonds         
(Transportation Infrastructure         
Purposes)  4.00  9/1/35  5,000,000  5,135,500 
Connecticut,         
State Revolving Fund General Revenue         
Bonds  5.00  1/1/23  1,250,000  1,349,300 
Connecticut,         
State Revolving Fund General Revenue         
Bonds  5.00  7/1/24  2,145,000  2,394,635 
Connecticut Development Authority,         
PCR (The Connecticut Light and Power         
Company Project)  4.38  9/1/28  3,900,000  4,129,710 
Connecticut Development Authority,         
Water Facilities Revenue Bonds         
(Aquarion Water Company of         
Connecticut Project)  5.50  4/1/21  4,500,000  4,880,835 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 98.6% (continued)         
Connecticut - 96.4% (continued)           
Connecticut Health and Educational           
Facilities Authority,           
Revenue Bonds (Ascension Health           
Senior Credit Group)  5.00   11/15/40  10,000,000   10,396,900 
Connecticut Health and Educational           
Facilities Authority,           
Revenue Bonds (Bridgeport Hospital           
Issue)  5.00  7/1/25  3,625,000   4,000,695 
Connecticut Health and Educational           
Facilities Authority,           
Revenue Bonds (Connecticut College           
Issue)  4.00  7/1/46  2,000,000   2,010,740 
Connecticut Health and Educational           
Facilities Authority,           
Revenue Bonds (Fairfield University           
Issue)  5.00  7/1/46  1,000,000   1,105,060 
Connecticut Health and Educational           
Facilities Authority,           
Revenue Bonds (Fairfield University           
Issue) (Prerefunded)  5.00  7/1/20  1,000,000 a  1,061,480 
Connecticut Health and Educational           
Facilities Authority,           
Revenue Bonds (Greenwich Academy           
Issue) (Insured; Assured Guaranty           
Municipal Corp.)  5.25  3/1/32  9,880,000   12,209,012 
Connecticut Health and Educational           
Facilities Authority,           
Revenue Bonds (Hartford HealthCare           
Issue)  5.00  7/1/27  3,265,000   3,629,472 
Connecticut Health and Educational           
Facilities Authority,           
Revenue Bonds (Hartford HealthCare           
Issue)  5.00  7/1/32  1,000,000   1,066,620 
Connecticut Health and Educational           
Facilities Authority,           
Revenue Bonds (Hartford HealthCare           
Issue)  5.00  7/1/41  2,000,000   2,115,920 
Connecticut Health and Educational           
Facilities Authority,           
Revenue Bonds (Hartford HealthCare           
Issue)  5.00  7/1/45  2,500,000   2,683,975 
Connecticut Health and Educational           
Facilities Authority,           
Revenue Bonds (Healthcare Facility           
Expansion Issue - Church Home of           
Hartford Inc., Project)  5.00  9/1/46  1,000,000 b  1,043,160 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 98.6% (continued)       
Connecticut - 96.4% (continued)           
Connecticut Health and Educational           
Facilities Authority,           
Revenue Bonds (Healthcare Facility           
Expansion Issue - Church Home of           
Hartford Inc., Project)  5.00  9/1/53  1,500,000 b  1,557,495 
Connecticut Health and Educational           
Facilities Authority,           
Revenue Bonds (Loomis Chaffee School           
Issue) (Insured; AMBAC)  5.25  7/1/28  1,760,000   2,114,094 
Connecticut Health and Educational           
Facilities Authority,           
Revenue Bonds (Quinnipiac University           
Issue)  5.00  7/1/36  5,000,000   5,544,300 
Connecticut Health and Educational           
Facilities Authority,           
Revenue Bonds (Quinnipiac University           
Issue)  5.00  7/1/36  200,000   221,596 
Connecticut Health and Educational           
Facilities Authority,           
Revenue Bonds (Quinnipiac University           
Issue)  5.00  7/1/45  3,000,000   3,277,980 
Connecticut Health and Educational           
Facilities Authority,           
Revenue Bonds (Stamford Hospital           
Issue)  5.00  7/1/30  6,750,000   7,091,820 
Connecticut Health and Educational           
Facilities Authority,           
Revenue Bonds (Stamford Hospital           
Issue)  4.00  7/1/46  2,000,000   1,925,000 
Connecticut Health and Educational           
Facilities Authority,           
Revenue Bonds (Trinity Health Credit           
Group)  5.00  12/1/45  7,500,000   8,384,175 
Connecticut Health and Educational           
Facilities Authority,           
Revenue Bonds (Western Connecticut           
Health Network Issue)  5.38  7/1/41  1,000,000   1,071,260 
Connecticut Health and Educational           
Facilities Authority,           
Revenue Bonds (Yale New Haven           
Health Issue)  5.00  7/1/27  3,960,000   4,491,709 
Connecticut Health and Educational           
Facilities Authority,           
Revenue Bonds, Refunding (Fairfield           
University)  5.00  7/1/32  1,000,000   1,141,110 
Connecticut Health and Educational           
Facilities Authority,           
Revenue Bonds, Refunding (Sacred           
Heart University)  5.00  7/1/42  2,000,000   2,236,080 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal   
Description  Rate (%)  Date  Amount ($)  Value ($) 
Long-Term Municipal Investments - 98.6% (continued)     
Connecticut - 96.4% (continued)         
Connecticut Health and Educational         
Facilities Authority,         
Revenue Bonds, Refunding (University         
of New Haven) Ser. K-1  5.00  7/1/36  1,000,000  1,104,410 
Connecticut Health and Educational         
Facilities Authority,         
State Supported Child Care Revenue         
Bonds  5.00  7/1/25  1,490,000  1,599,679 
Connecticut Higher Education         
Supplemental Loan Authority,         
State Supported Revenue Bonds         
(Connecticut Health and Educational         
Facilities Authority Loan Program)  5.00   11/15/21  1,450,000  1,560,766 
Connecticut Higher Education         
Supplemental Loan Authority,         
State Supported Revenue Bonds         
(Connecticut Health and Educational         
Facilities Authority Loan Program)  5.00   11/15/22  1,400,000  1,525,888 
Connecticut Higher Education         
Supplemental Loan Authority,         
State Supported Revenue Bonds         
(Connecticut Health and Educational         
Facilities Authority Loan Program)  5.00   11/15/23  1,400,000  1,540,896 
Connecticut Municipal Electric Energy         
Cooperative,         
Power Supply System Revenue Bonds  5.00  1/1/38  3,000,000  3,287,850 
Connecticut Municipal Electric Energy         
Cooperative,         
Transmission Services Revenue Bonds  5.00  1/1/22  1,505,000  1,654,296 
Connecticut Revolving Fund,         
General Revenue Bonds (Green Bonds)  5.00  3/1/29  2,500,000  2,908,325 
Connecticut Transmission Municipal         
Electric Energy Cooperative,         
Transmission System Revenue Bonds  5.00  1/1/42  3,000,000  3,243,900 
Eastern Connecticut Resource Recovery         
Authority,         
Solid Waste Revenue Bonds         
(Wheelabrator Lisbon Project)  5.50  1/1/20  3,195,000  3,246,535 
Greater New Haven Water Pollution         
Control Authority,         
Regional Wastewater System Revenue         
Bonds  5.00  8/15/26  700,000  798,742 
Greater New Haven Water Pollution         
Control Authority,         
Regional Wastewater System Revenue         
Bonds  5.00  8/15/27  1,250,000  1,418,075 
Greater New Haven Water Pollution         
Control Authority,         
Regional Wastewater System Revenue         
Bonds  5.00  8/15/29  1,500,000  1,690,065 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 98.6% (continued)       
Connecticut - 96.4% (continued)           
Greater New Haven Water Pollution           
Control Authority,           
Regional Wastewater System Revenue           
Bonds (Insured; National Public           
Finance Guarantee Corp.)  5.00  8/15/35  25,000   25,076 
Harbor Point Infrastructure Improvement           
District,           
Special Obligation Revenue Bonds,           
Refunding (Harbor Point Project)  5.00  4/1/39  4,000,000 b  4,269,000 
Hartford County Metropolitan District,           
Clean Water Project Revenue Bonds  5.00  4/1/31  3,510,000   3,825,584 
Hartford County Metropolitan District,           
Clean Water Project Revenue Bonds           
(Green Bonds)  5.00  11/1/42  2,000,000   2,205,860 
Hartford County Metropolitan District,           
GO  5.00  7/15/34  2,065,000   2,381,565 
New Britain,           
GO (Insured; Assured Guaranty Corp.)  5.00  4/1/24  3,600,000   4,006,476 
New Haven,           
GO (Insured; Build America Municipal           
Assurance Company)  5.00  8/15/26  1,250,000   1,428,800 
New Haven,           
GO (Insured; Build America Municipal           
Assurance Company)  5.00  8/15/27  750,000   848,055 
Norwalk,           
GO  5.00  7/15/24  1,000,000   1,116,290 
South Central Connecticut Regional Water           
Authority,           
Water System Revenue Bonds  5.00  8/1/27  3,000,000   3,406,110 
South Central Connecticut Regional Water           
Authority,           
Water System Revenue Bonds  5.00  8/1/32  1,370,000   1,507,192 
South Central Connecticut Regional Water           
Authority,           
Water System Revenue Bonds  5.00  8/1/33  1,500,000   1,647,195 
South Central Connecticut Regional Water           
Authority,           
Water System Revenue Bonds  5.00  8/1/37  3,430,000   3,946,112 
South Central Connecticut Regional Water           
Authority,           
Water System Revenue Bonds  5.00  8/1/38  3,500,000   4,021,255 
South Central Connecticut Regional Water           
Authority,           
Water System Revenue Bonds  5.00  8/1/39  1,500,000   1,684,545 
South Central Connecticut Regional Water           
Authority,           
Water System Revenue Bonds (Insured;           
National Public Finance Guarantee           
Corp.)  5.25  8/1/24  2,000,000   2,342,200 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 98.6% (continued)       
Connecticut - 96.4% (continued)           
South Central Regional Water Authority,           
Water Systems Revenue Bonds,           
Refunding (Thirty Third)  5.00  8/1/41  2,445,000   2,848,596 
University of Connecticut,           
GO  5.00  2/15/25  1,000,000   1,016,990 
University of Connecticut,           
Revenue Bonds  5.25   11/15/47  4,000,000   4,581,480 
University of Connecticut,           
Special Obligation Student Fee Revenue           
Bonds  5.00   11/15/24  5,000,000   5,554,350 
Waterbury,           
GO  5.00   11/15/38  2,500,000   2,797,100 
          209,922,097 
U.S. Related - 2.2%           
Children's Trust Fund of Puerto Rico,           
Tobacco Settlement Asset-Backed           
Bonds  0.00  5/15/50  12,000,000 c  1,329,000 
Puerto Rico Highway & Transportation           
Authority,           
Highway Revenue Bonds, Refunding           
(Insured; Assured Guaranty Municipal           
Corporation) Series 2007 CC  5.25  7/1/34  1,500,000   1,736,460 
Virgin Islands Port Authority,           
Marine Revenue Bonds  5.00  9/1/44  2,000,000   1,740,000 
          4,805,460 
Total Investments (cost $211,193,411)      98.6 %  214,727,557 
Cash and Receivables (Net)      1.4 %  3,021,520 
Net Assets      100.0 %  217,749,077 

 

a 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. 
b 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 July 31, 2018, these securities were valued at 
$6,869,655 or 3.15% of net assets. 
c Security issued with a zero coupon. Income is recognized through the accretion of discount. 

 

 

STATEMENT OF INVESTMENTS
Dreyfus State Municipal Bond Funds, Dreyfus Connecticut Fund
July 31, 2018 (Unaudited)

The following is a summary of the inputs used as of July 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†  -  214,727,557  -  214,727,557 

 

†  See Statement of Investments for additional detailed categorizations. 

 

 

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

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 not to 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.

At July 31, 2018, accumulated net unrealized appreciation on investments was $3,534,146, consisting of $5,913,955 gross unrealized appreciation and $2,379,809 gross unrealized depreciation.

At July 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.

 

STATEMENT OF INVESTMENTS
Dreyfus State Municipal Bond Funds, Dreyfus Massachusetts Fund
July 31, 2018 (Unaudited)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 98.1%           
Massachusetts - 96.0%           
Boston Housing Authority,           
Capital Program Revenue Bonds           
(Insured; Assured Guaranty Municipal           
Corp.)  5.00  4/1/24  1,895,000   1,900,685 
Commonwealth of Massachusetts,           
GO  5.00  4/1/47  3,250,000   3,684,200 
Martha's Vineyard Land Bank,           
Revenue Bonds (Green Bonds)           
(Insured; Build America Mutual           
Assurance Company)  5.00  5/1/33  500,000   578,080 
Massachusetts,           
Revenue Bonds, 3 Month LIBOR + .55%  2.13  11/1/25  5,000,000 a  4,984,600 
Massachusetts,           
Federal Highway GAN (Accelerated           
Bridge Program)  5.00  6/15/23  1,325,000   1,478,554 
Massachusetts,           
GO (Insured; AMBAC)  5.50  8/1/30  1,750,000   2,216,252 
Massachusetts,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  5.25  9/1/23  1,000,000   1,156,250 
Massachusetts,           
Special Obligation Dedicated Tax           
Revenue Bonds (Insured; National           
Public Finance Guarantee Corp.)  5.50  1/1/23  3,000,000   3,430,500 
Massachusetts,           
Transportation Fund Revenue Bonds           
(Rail Enhancement and Accelerated           
Bridge Programs)  5.00  6/1/41  1,500,000   1,707,915 
Massachusetts Bay Transportation           
Authority,           
GO (General Transportation System)  7.00  3/1/21  395,000   427,062 
Massachusetts Bay Transportation           
Authority,           
Senior Sales Tax Revenue Bonds  5.00  7/1/40  2,000,000   2,261,360 
Massachusetts Bay Transportation           
Authority,           
Senior Sales Tax Revenue Bonds           
(Insured; National Public Finance           
Guarantee Corp.)  5.50  7/1/27  3,000,000   3,723,210 
Massachusetts Clean Energy Cooperative           
Corporation,           
Massachusetts Clean Energy           
Cooperative Revenue Bonds  5.00  7/1/24  2,580,000   2,910,833 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 98.1% (continued)       
Massachusetts - 96.0% (continued)           
Massachusetts College Building Authority,           
Project Revenue Bonds  5.00  5/1/27  2,000,000   2,212,460 
Massachusetts College Building Authority,           
Project Revenue Bonds (Insured;           
National Public Finance Guarantee           
Corp.) (Escrowed to Maturity)  0.00  5/1/26  5,385,000 b  4,364,704 
Massachusetts College Building Authority,           
Project Revenue Bonds (Insured; XLCA)  5.50  5/1/28  1,450,000   1,720,932 
Massachusetts Department of           
Transportation,           
Metropolitan Highway System Senior           
Revenue Bonds  5.00  1/1/27  4,000,000   4,175,560 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Baystate Medical           
Center Issue)  5.00  7/1/34  1,475,000   1,622,825 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Berklee College of           
Music Issue)  5.00  10/1/31  1,000,000   1,083,820 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Berklee College of           
Music Issue)  5.00  10/1/46  750,000   842,850 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Boston College Issue)  5.00  7/1/42  1,000,000   1,146,960 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Boston Medical Center           
Issue)  5.00  7/1/37  1,000,000   1,089,170 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Boston University           
Issue)  4.00  10/1/46  2,000,000   2,053,220 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Brandeis University           
Issue)  5.00  10/1/26  1,250,000   1,299,825 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Brandeis University           
Issue)  5.00  10/1/29  1,475,000   1,532,923 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (CareGroup Issue)  5.00  7/1/33  500,000   550,850 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (CareGroup Issue)  5.00  7/1/37  1,500,000   1,656,495 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 98.1% (continued)       
Massachusetts - 96.0% (continued)           
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Caregroup)  5.00  7/1/43  1,295,000   1,432,477 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Children's Hospital           
Issue)  5.00  10/1/33  4,000,000   4,506,920 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (College of the Holy           
Cross Issue)  5.00  9/1/41  800,000   906,672 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Dana-Farber Cancer           
Institute Issue)  5.00  12/1/46  2,000,000   2,247,340 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Dana-Farber Cancer           
Institute Issue)  5.00  12/1/41  1,000,000   1,127,550 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Lahey Health System           
Obligated Group Issue)  5.00  8/15/40  2,000,000   2,190,860 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (North Hill           
Communities Issue) (Prerefunded)  6.50  11/15/23  2,000,000 c,d  2,434,680 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Partners HealthCare           
System Issue)  5.00  7/1/32  5,070,000   5,776,859 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Partners HealthCare           
System Issue)  5.00  7/1/47  1,500,000   1,666,365 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Partners HealthCare           
System Issue)  5.00  7/1/39  2,000,000   2,181,440 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Partners HealthCare           
System Issue) (Prerefunded)  5.38  7/1/20  4,000,000 d  4,281,880 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Provident           
Commonwealth Education Resources           
Issue) (UMass Boston Student Housing           
Project)  5.00  10/1/48  1,000,000   1,082,040 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 98.1% (continued)       
Massachusetts - 96.0% (continued)           
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Seven Hills           
Foundation & Affiliates)  5.00  9/1/45  1,500,000   1,573,725 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (South Shore Hospital           
Issue)  5.00  7/1/41  1,000,000   1,089,880 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Suffolk University           
Issue)  5.00  7/1/30  1,000,000   1,042,980 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Suffolk University           
Issue)  6.00  7/1/24  330,000   341,306 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Suffolk University)  5.00  7/1/36  755,000   840,443 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Suffolk University)  5.00  7/1/35  1,000,000   1,116,420 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (UMass Memorial           
Health Care Obligated Group Issue)  5.00  7/1/46  1,000,000   1,089,170 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (WGBH Educational           
Foundation Issue)  5.00  1/1/40  1,000,000   1,123,450 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Whitehead Institute           
for Biomedical Research Issue)  5.00  6/1/23  1,350,000   1,466,708 
Massachusetts Development Finance           
Agency,           
Revenue Bonds, Refunding (NewBridge           
Charles)  5.00  10/1/57  1,500,000 c  1,592,760 
Massachusetts Development Finance           
Agency,           
Revenue Bonds, Refunding (NewBridge           
Charles)  5.00  10/1/47  1,000,000 c  1,068,910 
Massachusetts Development Finance           
Agency,           
Revenue Bonds, Refunding (The Broad           
Institute Inc.)  5.00  4/1/37  1,000,000   1,157,430 
Massachusetts Development Finance           
Agency,           
Revenue Bonds, Refunding (Tufts           
Medical Center Issue)  5.50  1/1/22  595,000   642,362 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 98.1% (continued)       
Massachusetts - 96.0% (continued)           
Massachusetts Development Finance           
Agency,           
Revenue Bonds, Refunding (Umass           
Memorial Health Care)  5.50  7/1/31  25,000   26,927 
Massachusetts Educational Financing           
Authority,           
Education Loan Revenue Bonds (Issue           
I)  5.00  1/1/25  1,500,000   1,701,900 
Massachusetts Educational Financing           
Authority,           
Education Loan Revenue Bonds (Issue           
K)  5.25  7/1/29  1,300,000   1,386,424 
Massachusetts Health and Educational           
Facilities Authority,           
Revenue Bonds (Wheaton College           
Issue) (Prerefunded)  5.00  1/1/20  1,000,000 d  1,046,610 
Massachusetts Port Authority,           
Revenue Bonds  5.00  7/1/45  1,000,000   1,101,700 
Massachusetts Port Authority,           
Revenue Bonds  5.00  7/1/35  2,055,000   2,361,298 
Massachusetts Port Authority,           
Revenue Bonds, Refunding  4.00  7/1/46  2,500,000   2,545,825 
Massachusetts Port Authority,           
Revenue Bonds, Refunding  5.00  7/1/42  1,000,000   1,126,220 
Massachusetts Port Authority,           
Revenue Bonds, Refunding  5.00  7/1/25  1,500,000   1,671,570 
Massachusetts Port Authority,           
Revenue Bonds, Refunding  5.00  7/1/27  5,475,000   5,816,914 
Massachusetts Port Authority,           
Revenue Bonds, Refunding  5.00  7/1/25  1,500,000   1,731,690 
Massachusetts School Building Authority,           
Senior Dedicated Sales Tax Revenue           
Bonds  5.00  8/15/37  3,000,000   3,394,260 
Massachusetts School Building Authority,           
Senior Dedicated Sales Tax Revenue           
Bonds  5.00  8/15/21  3,000,000   3,284,250 
Massachusetts School Building Authority,           
Senior Dedicated Sales Tax Revenue           
Bonds  5.00  8/15/22  1,000,000   1,119,890 
Massachusetts School Building Authority,           
Senior Dedicated Sales Tax Revenue           
Bonds  5.00   10/15/35  4,000,000   4,330,200 
Massachusetts Water Resources           
Authority,           
General Revenue Bonds  5.00  8/1/25  2,000,000   2,182,260 
Metropolitan Boston Transit Parking           
Corporation,           
Systemwide Senior Lien Parking           
Revenue Bonds  5.00  7/1/24  1,320,000   1,432,306 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 98.1% (continued)       
Massachusetts - 96.0% (continued)           
Springfield Water and Sewer           
Commission,           
Revenue Bonds  5.00  4/15/37  650,000   752,128 
          136,805,094 
U.S. Related - 2.1%           
Children's Trust Fund of Puerto Rico,           
Tobacco Settlement Asset-Backed           
Bonds  0.00  5/15/50  5,000,000 b  553,750 
Puerto Rico Highway & Transportation           
Authority,           
Highway Revenue Bonds (Insured;           
Assured Guaranty Municipal           
Corporation)  5.25  7/1/33  1,000,000   1,156,590 
Virgin Islands Port Authority,           
Marine Revenue Bonds  5.00  9/1/44  1,500,000   1,305,000 
          3,015,340 
Total Long-Term Municipal Investments           
(cost $135,928,198)          139,820,434 
 
Short-Term Municipal Investments - .7%           
Massachusetts - .7%           
Massachusetts Health and Educational           
Facilities Authority,           
Revenue Bonds (Baystate Medical           
Center Issue) (LOC; JPMorgan Chase           
Bank)           
(cost $1,000,000)  1.50   7/1/2044  1,000,000 e  1,000,000 
Total Investments (cost $136,928,198)      98.8 %  140,820,434 
Cash and Receivables (Net)      1.2 %  1,767,924 
Net Assets      100.0 %  142,588,358 

 

LIBOR—London Interbank Offered Rate

a Variable rate security—rate shown is the interest rate in effect at period end. 
b Security issued with a zero coupon. Income is recognized through the accretion of discount. 
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 July 31, 2018, these securities were valued at 
$5,096,350 or 3.57% 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 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 State Municipal Bond Funds, Dreyfus Massachusetts Fund
July 31, 2018 (Unaudited)

The following is a summary of the inputs used as of July 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†  -  142,893,202  -  142,893,202 

 

†  See Statement of Investments for additional detailed categorizations. 

 

 

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 not to 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.

At July 31, 2018, accumulated net unrealized appreciation on investments was $3,892,236, consisting of $5,171,046 gross unrealized appreciation and $1,278,810 gross unrealized depreciation.

At July 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.

 

STATEMENT OF INVESTMENTS
Dreyfus State Municipal Bond Funds, Dreyfus Pennsylvania Fund
July 31, 2018 (Unaudited)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.1%           
Pennsylvania - 98.2%           
Adams County Industrial Development           
Authority,           
Revenue Bonds (Gettysburg College)  5.00  8/15/25  1,000,000   1,059,760 
Allegheny County,           
GO  5.00  12/1/31  1,040,000   1,168,003 
Allegheny County,           
GO  5.00  12/1/34  1,000,000   1,118,780 
Allegheny County,           
GO  5.00  12/1/34  3,000,000   3,295,560 
Allentown Neighborhood Improvement           
Zone Development Authority,           
Tax Revenue Bonds (City Center           
Project)  5.00  5/1/33  500,000 a  552,325 
Allentown Neighborhood Improvement           
Zone Development Authority,           
Tax Revenue Bonds (City Center           
Project)  5.00  5/1/42  1,000,000 a  1,079,270 
Beaver County Hospital Authority,           
Revenue Bonds (Heritage Valley Health           
System, Inc.)  5.00  5/15/28  1,575,000   1,685,549 
Berks County Industrial Development           
Authority,           
Healthcare Facilities Revenue Bonds           
(Highlands at Wyomissing)  5.00  5/15/42  500,000   542,490 
Berks County Industrial Development           
Authority,           
Healthcare Facilities Revenue Bonds           
(Highlands at Wyomissing)  5.00  5/15/47  600,000   648,666 
Berks County Industrial Development           
Authority,           
Healthcare Facilities Revenue Bonds,           
Refunding (The Highlands at           
Wyomissing)  5.00  5/15/38  415,000   452,255 
Berks County Industrial Development           
Authority,           
Healthcare Facilities Revenue Bonds,           
Refunding (The Highlands at           
Wyomissing)  5.00  5/15/43  500,000   543,000 
Bethlehem Authority,           
Guaranteed Water Revenue Bonds           
(Insured; Build America Mutual           
Assurance Company)  5.00  11/15/31  2,000,000   2,192,560 
Boyertown Area School District,           
GO  5.00  10/1/37  2,050,000   2,250,531 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.1% (continued)       
Pennsylvania - 98.2% (continued)           
Bucks County Water and Sewer           
Authority,           
Sewer System Revenue Bonds (Insured;           
Assured Guaranty Municipal Corp.)  5.00  12/1/37  500,000   563,700 
Canonsburg-Houston Joint Authority,           
Sewer Revenue Bonds  5.00  12/1/40  2,000,000   2,204,640 
Centre County Hospital Authority,           
HR (Mount Nittany Medical Center           
Project)  5.00  11/15/41  750,000   824,295 
Charleroi Area School Authority,           
School Revenue Bonds (Insured;           
National Public Finance Guarantee           
Corp.)  0.00  10/1/20  2,000,000 b  1,901,000 
Clairton Municipal Authority,           
Sewer Revenue Bonds  5.00  12/1/37  2,000,000   2,135,240 
Commonwealth Financing Authority of           
Pennsylvania,           
Revenue Bonds  5.00  6/1/34  1,000,000   1,122,040 
Cumberland County Municipal Authority,           
Revenue Bonds (Diakon Lutheran           
Social Ministries Project)  5.00  1/1/38  1,000,000   1,082,490 
Dauphin County General Authority,           
Health System Revenue Bonds           
(Pinnacle Health System Project)  5.00  6/1/42  3,030,000   3,261,280 
Delaware County Authority,           
Revenue Bonds (Cabrini University)  5.00  7/1/42  1,000,000   1,067,370 
Delaware County Authority,           
Revenue Bonds (Villanova University)  5.00  8/1/40  2,170,000   2,445,004 
Delaware River Joint Toll Bridge           
Commission,           
Bridge System Revenue Bonds  5.00  7/1/32  1,000,000   1,168,170 
Delaware River Port Authority,           
Revenue Bonds  5.00  1/1/30  1,500,000   1,564,545 
Delaware River Port Authority,           
Revenue Bonds  5.00  1/1/37  3,000,000   3,311,880 
Delaware Valley Regional Finance           
Authority,           
Revenue Bonds (Insured; CNTY Gtd.)           
Series 2018 B, MUNIPSA + .42%  1.36  9/1/48  2,000,000 c  2,000,600 
East Hempfield Township Industrial           
Development Authority,           
Revenue Bonds (Willow Valley           
Communities Project)  5.00  12/1/39  600,000   654,072 
Geisinger Authority,           
Health System Revenue Bonds           
(Geisinger Health System)  5.00  6/1/41  2,500,000   2,733,350 
Lancaster County Hospital Authority,           
Health Center Revenue Bonds (Masonic           
Villages Project)  5.00  11/1/35  1,000,000   1,096,960 

 

 

  Coupon  Maturity  Principal   
Description  Rate (%)  Date  Amount ($)  Value ($) 
Long-Term Municipal Investments - 99.1% (continued)     
Pennsylvania - 98.2% (continued)         
Lancaster County Hospital Authority,         
Health System Revenue Bonds         
(University of Pennsylvania Health         
System)  5.00  8/15/42  1,800,000  2,040,246 
Lancaster County Hospital Authority,         
Revenue Bonds (Brethren Village         
Project)  5.13  7/1/37  1,000,000  1,094,610 
Montgomery County Higher Education &         
Health Authority,         
Revenue Bonds (Philadelphia         
Presbytery Homes Project)  5.00  12/1/47  1,000,000  1,095,310 
Montgomery County Industrial         
Development Authority,         
Health System Revenue Bonds         
(Jefferson Health System)  5.00  10/1/41  4,000,000  4,272,600 
Montgomery County Industrial         
Development Authority,         
Retirement Community Revenue Bonds         
(Adult Communities Total Services, Inc.         
Retirement - Life Communities, Inc.         
Obligated Group)  5.00  11/15/36  3,200,000  3,537,664 
Pennsylvania,         
CP, Refunding, Ser. A  5.00  7/1/34  1,000,000  1,120,280 
Pennsylvania,         
GO  5.00  10/15/29  4,000,000  4,443,600 
Pennsylvania Economic Development         
Financing Authority,         
Sewage Sludge Disposal Revenue Bonds         
(Philadelphia Biosolids Facility Project)  6.25  1/1/32  1,000,000  1,045,340 
Pennsylvania Higher Educational         
Facilities Authority,         
Health System Revenue Bonds         
(University of Pennsylvania)  5.00  8/15/40  1,500,000  1,677,900 
Pennsylvania Higher Educational         
Facilities Authority,         
Revenue Bonds (Drexel University)  5.00  5/1/35  1,750,000  1,954,365 
Pennsylvania Higher Educational         
Facilities Authority,         
Revenue Bonds (Thomas Jefferson         
University)  5.00  9/1/30  1,170,000  1,315,454 
Pennsylvania Higher Educational         
Facilities Authority,         
Revenue Bonds (Thomas Jefferson         
University)  5.00  9/1/45  1,500,000  1,655,295 
Pennsylvania Higher Educational         
Facilities Authority,         
Revenue Bonds (University of the         
Sciences in Philadelphia)  5.00  11/1/31  1,000,000  1,125,200 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.1% (continued)       
Pennsylvania - 98.2% (continued)           
Pennsylvania Higher Educational           
Facilities Authority,           
Revenue Bonds, Refunding (Drexel           
University)  5.00  5/1/41  1,000,000   1,120,090 
Pennsylvania Housing Finance Agency,           
Capital Fund Securitization Revenue           
Bonds (Insured; Assured Guaranty           
Municipal Corp.)  5.00  12/1/25  1,210,000   1,213,860 
Pennsylvania Turnpike Commission,           
Motor License Fund-Enhanced           
Turnpike Subordinate Special Revenue           
Bonds  5.00  12/1/36  3,000,000   3,345,540 
Pennsylvania Turnpike Commission,           
Oil Franchise Tax Revenue Bonds,           
Series 2018 B  5.25  12/1/48  1,000,000   1,144,030 
Pennsylvania Turnpike Commission,           
Oil Franchise Tax Senior Revenue           
Bonds  5.00  12/1/32  3,000,000   3,429,750 
Pennsylvania Turnpike Commission,           
Turnpike Revenue Bonds  5.00  12/1/36  1,605,000   1,795,706 
Pennsylvania Turnpike Commission,           
Turnpike Revenue Bonds  5.00  12/1/42  1,000,000   1,089,520 
Pennsylvania Turnpike Commission,           
Turnpike Revenue Bonds  5.00  12/1/43  2,500,000   2,747,100 
Pennsylvania Turnpike Commission,           
Turnpike Subordinate Revenue Bonds           
(Prerefunded)  5.25  6/1/19  65,000 d  67,014 
Philadelphia,           
Airport Revenue Bonds  5.25  6/15/25  1,500,000   1,587,840 
Philadelphia,           
Airport Revenue Bonds  5.00  6/15/35  2,000,000   2,209,960 
Philadelphia,           
Gas Works Revenue Bonds  5.00  8/1/31  1,250,000   1,406,737 
Philadelphia,           
Gas Works Revenue Bonds  5.00  8/1/32  1,000,000   1,122,040 
Philadelphia,           
Revenue Bonds, Refunding  5.00  7/1/47  1,500,000   1,663,695 
Philadelphia Authority for Industrial           
Development,           
Housing Revenue Bonds (Housing-           
University Square Apartments Project)  5.00  12/1/37  1,250,000   1,349,700 
Philadelphia Authority for Industrial           
Development,           
HR (The Children's Hospital of           
Philadelphia Project)  5.00  7/1/42  3,000,000   3,326,280 
Philadelphia Authority for Industrial           
Development,           
Revenue Bonds (Independence Charter           
School Project)  5.50  9/15/37  1,700,000   1,700,867 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.1% (continued)       
Pennsylvania - 98.2% (continued)           
Philadelphia Authority for Industrial           
Development,           
Revenue Bonds (Temple University)  5.00  4/1/45  1,500,000   1,666,515 
Philadelphia Authority for Industrial           
Development,           
Revenue Bonds (Thomas Jefferson           
University)  5.00  9/1/47  1,000,000   1,106,420 
Philadelphia Housing Authority,           
Capital Fund Program Revenue Bonds           
(Insured; Assured Guaranty Municipal           
Corp.)  5.00  12/1/21  1,685,000   1,690,611 
Philadelphia School District,           
GO  5.00  9/1/38  1,000,000   1,102,540 
Philadelphia School District,           
GO  5.00  9/1/43  1,000,000   1,108,530 
Philadelphia School District,           
GO (Prerefunded)  6.00  9/1/18  25,000 d  25,094 
Philadelphia School District,           
GO (Prerefunded)  6.00  9/1/18  5,000 d  5,019 
Philadelphia School District,           
GO (Prerefunded)  6.00  9/1/18  5,000 d  5,019 
Philadelphia School District,           
GO (Prerefunded)  6.00  9/1/18  5,000 d  5,019 
Pittsburgh,           
GO (Insured; Build America Mutual           
Assurance Company)  5.00  9/1/30  1,585,000   1,786,232 
Pittsburgh Urban Redevelopment           
Authority,           
MFHR (West Park Court Project)           
(Collateralized; GNMA)  4.90  11/20/47  1,165,000   1,168,775 
Reading Area Water Authority,           
Water Revenue Bonds  5.00  12/1/31  2,000,000   2,162,760 
State Public School Building Authority,           
College Revenue Bonds (Montgomery           
County Community College)  5.00  5/1/38  1,115,000   1,219,130 
State Public School Building Authority,           
School Revenue Bonds (The School           
District of the City of Harrisburg           
Project) (Insured; Assured Guaranty           
Municipal Corp.)  5.00  12/1/32  2,000,000   2,264,480 
Susquehanna Area Regional Airport           
Authority,           
Systems Revenue Bonds  4.00  1/1/33  1,300,000   1,308,866 
West Shore Area Authority,           
Revenue Bonds (Holy Spirit Hospital of           
the Sisters of Christian Charity Project)  6.00  1/1/26  995,000   1,096,002 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.1% (continued)       
Pennsylvania - 98.2% (continued)           
Westmoreland County Industrial           
Development Authority,           
Health System Revenue Bonds (Excela           
Health Project)  5.00  7/1/25  1,000,000   1,050,250 
Westmoreland County Municipal           
Authority,           
Municipal Service Revenue Bonds           
(Insured; Build America Mutual           
Assurance Company)  5.00  8/15/26  1,000,000   1,153,400 
Westmoreland County Municipal           
Authority,           
Municipal Service Revenue Bonds           
(Insured; Build America Mutual           
Assurance Company)  5.00  8/15/42  1,000,000   1,111,260 
Wilkes-Barre Finance Authority,           
Revenue Bonds (University of           
Scranton)  5.00  11/1/34  1,000,000   1,116,930 
York County,           
GO  5.00  6/1/31  1,500,000   1,706,010 
          126,281,840 
U.S. Related - .9%           
Puerto Rico Highway & Transportation           
Authority,           
Highway Revenue Bonds, Refunding           
(Insured; Assured Guaranty Municipal           
Corporation) Series 2007 CC  5.25  7/1/34  1,000,000   1,157,640 
Total Investments (cost $124,937,519)      99.1 %  127,439,480 
Cash and Receivables (Net)      0.9 %  1,194,462 
Net Assets      100.0 %  128,633,942 

 

MUNIPSA—SIFMA Municipal Swap Index Yield

a 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 July 31, 2018, these securities were valued at 
$1,631,595 or 1.27% of net assets. 
b Security issued with a zero coupon. Income is recognized through the accretion of discount. 
c Variable rate security—rate shown is the interest rate in effect at period end. 
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. 

 

 

STATEMENT OF INVESTMENTS
Dreyfus State Municipal Bond Funds, Dreyfus Pennsylvania Fund
July 31, 2018 (Unaudited)

The following is a summary of the inputs used as of July 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†  -  127,439,480  -  127,439,480 

 

†  See Statement of Investments for additional detailed categorizations. 

 

 

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 not to 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.

At July 31, 2018, accumulated net unrealized appreciation on investments was $2,501,961, consisting of $3,283,264 gross unrealized appreciation and $781,303 gross unrealized depreciation.

At July 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 State Municipal Bond Funds

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:    September 17, 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:    September 17, 2018

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    September 17, 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)