-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Od69HJc28U8i3gwAE11ASNJ+GAvSWyixI+SriBcqKHl/T81prgdT/rmu4pECCjz/ 8LhDekiE8wlK88IUi3/8JA== 0000806176-10-000003.txt : 20100324 0000806176-10-000003.hdr.sgml : 20100324 20100324152810 ACCESSION NUMBER: 0000806176-10-000003 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100131 FILED AS OF DATE: 20100324 DATE AS OF CHANGE: 20100324 EFFECTIVENESS DATE: 20100324 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS STATE MUNICIPAL BOND FUNDS CENTRAL INDEX KEY: 0000806176 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04906 FILM NUMBER: 10701725 BUSINESS ADDRESS: STREET 1: C/O DREYFUS CORP STREET 2: 200 PARK AVE 8TH FL. W. CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2129226847 MAIL ADDRESS: STREET 1: C/O DREYFUS CORP STREET 2: 200 PARK AVE. , 8TH FL. W. CITY: NEW YORK STATE: NY ZIP: 10166 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS PREMIER STATE MUNICIPAL BOND FUND DATE OF NAME CHANGE: 19970506 FORMER COMPANY: FORMER CONFORMED NAME: PREMIER STATE MUNICIPAL BOND FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PREMIER SERIES TAX EXEMPT BOND FUND DATE OF NAME CHANGE: 19870224 0000806176 S000000343 Dreyfus Connecticut Fund C000000873 Class A PSCTX C000000874 Class B PMCBX C000000875 Class C PMCCX C000041029 Class Z DPMZX C000073390 Class I DTCIX 0000806176 S000000347 Dreyfus Maryland Fund C000000885 Class A PSMDX C000000886 Class B PMDBX C000000887 Class C PMDCX 0000806176 S000000348 Dreyfus Massachusetts Fund C000000888 Class A PSMAX C000000889 Class B PBMAX C000000890 Class C PCMAX C000007820 Class Z PMAZX 0000806176 S000000350 Dreyfus Minnesota Fund C000000894 Class A PSMNX C000000895 Class B PMMNX C000000896 Class C PMNCX 0000806176 S000000352 Dreyfus Ohio Fund C000000900 Class A PSOHX C000000901 Class B POHBX C000000902 Class C POHCX 0000806176 S000000353 Dreyfus Pennsylvania Fund C000000903 Class A PTPAX C000000904 Class B PPABX C000000905 Class C PPACX 0000806176 S000018822 Dreyfus Pennsylvania fnd C000052047 Class Z DPENX N-Q 1 form-064.htm QUARTERLY SCHEDULE form-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- 4906

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)

Michael A. Rosenberg, Esq.
200 Park Avenue
New York, New York 10166
(Name and address of agent for service)

Registrant's telephone number, including area code: (212) 922-6000
Date of fiscal year end: 4/30  
Date of reporting period: 1/31/10  



FORM N-Q

Item 1. Schedule of Investments.



STATEMENT OF INVESTMENTS
Dreyfus State Municipal Bond Funds, Dreyfus Connecticut Fund

January 31, 2010 (Unaudited)

Long-Term Municipal Coupon Maturity Principal  
Investments--96.1% Rate (%) Date Amount ($) Value ($)
Connecticut--71.8%        
Connecticut,        
General Airport Revenue        
(Bradley International        
Airport) (Insured; National        
Public Finance Guarantee Corp.) 5.25 10/1/13 5,530,000 5,751,034
Connecticut,        
General Airport Revenue        
(Bradley International        
Airport) (Insured; National        
Public Finance Guarantee Corp.) 5.25 10/1/16 4,470,000 4,581,303
Connecticut,        
General Airport Revenue        
(Bradley International        
Airport) (Insured; National        
Public Finance Guarantee Corp.) 5.25 10/1/17 2,275,000 2,321,979
Connecticut,        
GO 5.25 12/15/10 2,550,000 2,662,812
Connecticut,        
GO 5.00 12/15/22 4,855,000 5,351,424
Connecticut,        
GO 5.00 4/15/24 2,500,000 2,776,600
Connecticut,        
GO 5.00 11/1/27 2,000,000 2,198,320
Connecticut,        
GO 5.00 11/1/28 3,000,000 3,283,380
Connecticut,        
GO (Insured; Assured Guaranty        
Municipal Corp.) 5.00 10/15/21 3,500,000 3,830,260
Connecticut,        
GO (Prerefunded) 5.13 11/15/11 1,500,000 a 1,623,765
Connecticut,        
Special Tax Obligation        
(Transportation Infrastructure        
Purposes) 7.13 6/1/10 1,225,000 1,253,028
Connecticut,        
Special Tax Obligation        
(Transportation Infrastructure        
Purposes) (Insured; AMBAC) 5.25 7/1/19 3,395,000 3,948,181
Connecticut,        
Special Tax Obligation        
(Transportation Infrastructure        
Purposes) (Insured; Assured        
Guaranty Municipal Corp.) 5.50 11/1/12 4,180,000 4,691,005
Connecticut,        
Special Tax Obligation        
(Transportation Infrastructure        
Purposes) (Insured; Assured        
Guaranty Municipal Corp.) 5.38 7/1/20 2,000,000 2,171,420
Connecticut Development Authority,        



Airport Facility Revenue        
(Learjet Inc. Project) 7.95 4/1/26 2,300,000 2,485,863
Connecticut Development Authority,        
First Mortgage Gross Revenue        
(Church Homes Inc.,        
Congregational Avery Heights        
Project) 5.70 4/1/12 1,265,000 1,266,682
Connecticut Development Authority,        
First Mortgage Gross Revenue        
(Church Homes Inc.,        
Congregational Avery Heights        
Project) 5.80 4/1/21 3,000,000 2,852,970
Connecticut Development Authority,        
First Mortgage Gross Revenue        
(The Elim Park Baptist Home,        
Inc. Project) 5.38 12/1/11 1,765,000 1,824,304
Connecticut Development Authority,        
First Mortgage Gross Revenue        
(The Elim Park Baptist Home,        
Inc. Project) 5.38 12/1/18 2,300,000 2,300,115
Connecticut Development Authority,        
First Mortgage Gross Revenue        
(The Elim Park Baptist Home,        
Inc. Project) 5.75 12/1/23 1,000,000 975,710
Connecticut Development Authority,        
PCR (Connecticut Light and        
Power Company Project) 5.85 9/1/28 6,200,000 6,243,524
Connecticut Development Authority,        
PCR (Connecticut Light and        
Power Company Project) 5.95 9/1/28 4,445,000 4,465,225
Connecticut Development Authority,        
PCR (The United Illuminating        
Company Project) 5.75 2/1/12 1,250,000 1,318,650
Connecticut Development Authority,        
Revenue (Duncaster Project)        
(Insured; Radian) 5.50 8/1/11 1,645,000 1,682,753
Connecticut Development Authority,        
Solid Waste Disposal Facility        
Revenue (PSEG Power LLC        
Project) 5.75 11/1/37 7,000,000 6,903,750
Connecticut Development Authority,        
Water Facilities Revenue        
(Aquarion Water Company of        
Connecticut Project) (Insured;        
XLCA) 5.10 9/1/37 6,250,000 5,472,875
Connecticut Development Authority,        
Water Facilities Revenue        
(Bridgeport Hydraulic Company        
Project) 6.15 4/1/35 1,000,000 1,002,130
Connecticut Development Authority,        
Water Facilities Revenue        
(Bridgeport Hydraulic Company        
Project) (Insured; AMBAC) 6.15 4/1/35 2,750,000 2,755,857
Connecticut Health and Educational        
Facilities Authority, Revenue        
(Danbury Hospital Issue)        
(Insured; AMBAC) 5.75 7/1/29 3,000,000 3,001,050
Connecticut Health and Educational        
Facilities Authority, Revenue        
(Eastern Connecticut Health        



Network Issue) (Insured;        
Radian) 5.13 7/1/30 400,000 348,884
Connecticut Health and Educational        
Facilities Authority, Revenue        
(Fairfield University Issue) 5.00 7/1/25 1,340,000 1,416,313
Connecticut Health and Educational        
Facilities Authority, Revenue        
(Fairfield University Issue) 5.00 7/1/27 1,420,000 1,488,543
Connecticut Health and Educational        
Facilities Authority, Revenue        
(Fairfield University Issue) 5.00 7/1/34 4,000,000 4,063,040
Connecticut Health and Educational        
Facilities Authority, Revenue        
(Greenwich Academy Issue)        
(Insured; Assured Guaranty        
Municipal Corp.) 5.25 3/1/32 10,880,000 12,915,430
Connecticut Health and Educational        
Facilities Authority, Revenue        
(Griffin Hospital Issue)        
(Insured; Radian) 5.00 7/1/23 1,280,000 1,181,978
Connecticut Health and Educational        
Facilities Authority, Revenue        
(Hospital for Special Care        
Issue) (Insured; Radian) 5.25 7/1/32 3,500,000 3,027,780
Connecticut Health and Educational        
Facilities Authority, Revenue        
(Loomis Chaffee School Issue)        
(Insured; AMBAC) 5.25 7/1/28 1,760,000 2,034,771
Connecticut Health and Educational        
Facilities Authority, Revenue        
(Loomis Chaffee School Issue)        
(Prerefunded) 5.25 7/1/11 3,000,000 a 3,232,140
Connecticut Health and Educational        
Facilities Authority, Revenue        
(Loomis Chaffee School Issue)        
(Prerefunded) 5.50 7/1/11 2,150,000 a 2,323,978
Connecticut Health and Educational        
Facilities Authority, Revenue        
(Quinnipiac University Issue)        
(Insured; National Public        
Finance Guarantee Corp.) 5.75 7/1/33 5,000,000 5,441,250
Connecticut Health and Educational        
Facilities Authority, Revenue        
(Quinnipiac University Issue)        
(Insured; National Public        
Finance Guarantee Corp.) 5.00 7/1/37 2,000,000 2,044,060
Connecticut Health and Educational        
Facilities Authority, Revenue        
(Salisbury School Issue)        
(Insured; Assured Guaranty        
Municipal Corp.) 5.00 7/1/33 5,000,000 5,155,800
Connecticut Health and Educational        
Facilities Authority, Revenue        
(The William W. Backus        
Hospital Issue) (Insured;        
Assured Guaranty Municipal        
Corp.) 5.25 7/1/23 2,000,000 2,122,840
Connecticut Health and Educational        
Facilities Authority, Revenue        
(Trinity College Issue)        



(Insured; National Public        
Finance Guarantee Corp.) 5.00 7/1/22 1,000,000 1,017,410
Connecticut Health and Educational        
Facilities Authority, Revenue        
(University of Hartford Issue)        
(Insured; Radian) 5.00 7/1/17 1,220,000 1,259,150
Connecticut Health and Educational        
Facilities Authority, Revenue        
(University of Hartford Issue)        
(Insured; Radian) 5.50 7/1/22 1,750,000 1,764,245
Connecticut Health and Educational        
Facilities Authority, Revenue        
(University of Hartford Issue)        
(Insured; Radian) 5.63 7/1/26 4,000,000 4,006,760
Connecticut Health and Educational        
Facilities Authority, Revenue        
(University of Hartford Issue)        
(Insured; Radian) 5.25 7/1/36 5,070,000 4,453,589
Connecticut Health and Educational        
Facilities Authority, Revenue        
(Yale University Issue) 5.13 7/1/27 5,400,000 5,406,750
Connecticut Health and Educational        
Facilities Authority, Revenue        
(Yale University Issue) 5.00 7/1/42 5,000,000 5,224,400
Connecticut Health and Educational        
Facilities Authority, Revenue        
(Yale-New Haven Hospital        
Issue) (Insured; AMBAC) 5.00 7/1/31 2,500,000 2,513,525
Connecticut Higher Education        
Supplemental Loan Authority,        
Revenue (Family Education Loan        
Program) (Insured; AMBAC) 5.63 11/15/11 330,000 337,682
Connecticut Higher Education        
Supplemental Loan Authority,        
Senior Revenue (Connecticut        
Family Education Loan Program)        
(Insured; National Public        
Finance Guarantee Corp.) 4.50 11/15/20 1,740,000 1,685,764
Connecticut Higher Education        
Supplemental Loan Authority,        
Senior Revenue (Connecticut        
Family Education Loan Program)        
(Insured; National Public        
Finance Guarantee Corp.) 4.80 11/15/22 3,330,000 3,232,464
Connecticut Housing Finance        
Authority, Revenue (Housing        
Mortgage Finance Program) 4.45 5/15/14 1,000,000 1,020,040
Connecticut Housing Finance        
Authority, Revenue (Housing        
Mortgage Finance Program) 5.00 11/15/21 3,190,000 3,262,190
Connecticut Housing Finance        
Authority, Revenue (Housing        
Mortgage Finance Program) 5.05 11/15/21 4,925,000 4,988,582
Connecticut Housing Finance        
Authority, Revenue (Housing        
Mortgage Finance Program) 5.10 11/15/27 5,000,000 5,122,350
Connecticut Housing Finance        
Authority, Revenue (Housing        
Mortgage Finance Program) 5.45 11/15/29 5,805,000 5,811,153



Connecticut Housing Finance        
Authority, Revenue (Housing        
Mortgage Finance Program) 5.00 11/15/35 2,475,000 2,311,774
Connecticut Housing Finance        
Authority, Revenue (Housing        
Mortgage Finance Program) 5.15 11/15/36 5,000,000 5,006,300
Connecticut Housing Finance        
Authority, Revenue (Housing        
Mortgage Finance Program) 5.15 5/15/38 5,790,000 5,804,301
Connecticut Housing Finance        
Authority, Revenue (Housing        
Mortgage Finance Program) 6.00 11/15/38 5,900,000 6,341,261
Connecticut Housing Finance        
Authority, Revenue (Housing        
Mortgage Finance Program)        
(Insured; AMBAC) 5.10 11/15/33 2,500,000 2,469,250
Connecticut Resources Recovery        
Authority, Mid-Connecticut        
System Subordinated Revenue        
(Prerefunded) 5.50 11/15/10 1,000,000 a 1,041,060
Connecticut Resources Recovery        
Authority, RRR (American        
Ref-Fuel Company of        
Southeastern Connecticut        
Project) 5.50 11/15/15 1,000,000 964,280
Connecticut Resources Recovery        
Authority, RRR (American        
Ref-Fuel Company of        
Southeastern Connecticut        
Project) 5.50 11/15/15 3,250,000 3,133,910
Eastern Connecticut Resource        
Recovery Authority, Solid        
Waste Revenue (Wheelabrator        
Lisbon Project) 5.50 1/1/14 3,255,000 3,259,817
Eastern Connecticut Resource        
Recovery Authority, Solid        
Waste Revenue (Wheelabrator        
Lisbon Project) 5.50 1/1/20 7,000,000 7,001,470
Fairfield,        
GO 5.50 4/1/11 2,030,000 2,152,551
Greater New Haven Water Pollution        
Control Authority, Regional        
Wastewater System Revenue        
(Insured; Assured Guaranty        
Municipal Corp.) 5.00 11/15/37 1,800,000 1,829,322
Greater New Haven Water Pollution        
Control Authority, Regional        
Wastewater System Revenue        
(Insured; National Public        
Finance Guarantee Corp.) 5.00 11/15/30 5,000,000 5,115,700
Greater New Haven Water Pollution        
Control Authority, Regional        
Wastewater System Revenue        
(Insured; National Public        
Finance Guarantee Corp.) 5.00 8/15/35 2,000,000 2,016,860
Greenwich Housing Authority,        
MFHR (Greenwich Close        
Apartments) 6.25 9/1/17 4,115,000 4,199,481
Hamden,        



GO (Insured; National Public        
Finance Guarantee Corp.) 5.25 8/15/14 5,000 5,854
Hartford,        
Parking System Revenue        
(Prerefunded) 6.40 7/1/10 1,000,000 a 1,025,960
Hartford,        
Parking System Revenue        
(Prerefunded) 6.50 7/1/10 1,500,000 a 1,539,570
Meriden,        
GO (Insured; National Public        
Finance Guarantee Corp.) 5.00 8/1/16 2,090,000 2,439,887
New Britain,        
GO (Insured; Assured Guaranty        
Municipal Corp.) 5.00 4/1/24 4,500,000 5,100,525
New Haven,        
GO (Insured; Assured Guaranty        
Municipal Corp.) 5.00 3/1/29 1,000,000 1,053,710
South Central Connecticut Regional        
Water Authority, Water System        
Revenue (Insured; National        
Public Finance Guarantee Corp.) 5.25 8/1/31 2,000,000 2,118,320
Sprague,        
EIR (International Paper        
Company Project) 5.70 10/1/21 1,350,000 1,323,986
University of Connecticut,        
GO 5.00 2/15/25 1,000,000 1,105,130
University of Connecticut,        
GO 5.00 2/15/27 1,000,000 1,093,110
University of Connecticut,        
GO 5.00 2/15/28 1,000,000 1,087,510
University of Connecticut,        
GO (Insured; Assured Guaranty        
Municipal Corp.) 5.00 2/15/24 1,225,000 1,308,864
University of Connecticut,        
GO (Insured; FGIC)        
(Prerefunded) 5.75 3/1/10 1,000,000 a 1,014,970
University of Connecticut,        
GO (Insured; FGIC)        
(Prerefunded) 5.75 3/1/10 1,770,000 a 1,796,497
University of Connecticut,        
GO (Insured; FGIC)        
(Prerefunded) 5.75 3/1/10 2,500,000 a 2,537,425
University of Connecticut,        
Special Obligation Student Fee        
Revenue (Insured; FGIC)        
(Prerefunded) 5.75 11/15/10 2,500,000 a 2,635,250
University of Connecticut,        
Special Obligation Student Fee        
Revenue (Insured; FGIC)        
(Prerefunded) 6.00 11/15/10 2,425,000 a 2,560,994
University of Connecticut,        
Special Obligation Student Fee        
Revenue (Insured; FGIC)        
(Prerefunded) 6.00 11/15/10 2,000,000 a 2,112,160
U.S. Related--24.3%        
Children's Trust Fund of Puerto        
Rico, Tobacco Settlement        
Asset-Backed Bonds 5.50 5/15/39 3,000,000 2,588,100



Children's Trust Fund of Puerto        
Rico, Tobacco Settlement        
Asset-Backed Bonds 0.00 5/15/50 12,000,000 b 442,560
Children's Trust Fund of Puerto        
Rico, Tobacco Settlement        
Asset-Backed Bonds        
(Prerefunded) 5.75 7/1/10 1,500,000 a 1,534,950
Children's Trust Fund of Puerto        
Rico, Tobacco Settlement        
Asset-Backed Bonds        
(Prerefunded) 5.75 7/1/10 1,300,000 a 1,330,290
Children's Trust Fund of Puerto        
Rico, Tobacco Settlement        
Asset-Backed Bonds        
(Prerefunded) 5.75 7/1/10 4,000,000 a 4,093,200
Children's Trust Fund of Puerto        
Rico, Tobacco Settlement        
Asset-Backed Bonds        
(Prerefunded) 6.00 7/1/10 5,000,000 a 5,121,800
Government of Guam,        
LOR (Section 30) 5.63 12/1/29 1,000,000 1,010,830
Guam Economic Development        
Authority, Tobacco Settlement        
Asset-Backed Bonds 5.20 5/15/12 795,000 870,938
Guam Economic Development        
Authority, Tobacco Settlement        
Asset-Backed Bonds 5.45 5/15/16 1,445,000 1,697,398
Guam Economic Development        
Authority, Tobacco Settlement        
Asset-Backed Bonds        
(Prerefunded) 5.00 5/15/11 55,000 a 58,116
Guam Waterworks Authority,        
Water and Wastewater System        
Revenue 5.50 7/1/16 750,000 743,573
Puerto Rico Aqueduct and Sewer        
Authority, Senior Lien Revenue 6.00 7/1/38 6,000,000 6,086,700
Puerto Rico Commonwealth,        
Public Improvement GO 5.25 7/1/25 1,500,000 1,503,180
Puerto Rico Commonwealth,        
Public Improvement GO 6.00 7/1/38 2,000,000 2,036,900
Puerto Rico Commonwealth,        
Public Improvement GO        
(Insured; Assured Guaranty        
Municipal Corp.) 5.25 7/1/12 2,600,000 2,778,074
Puerto Rico Commonwealth,        
Public Improvement GO        
(Insured; FGIC) 5.50 7/1/16 3,270,000 3,460,772
Puerto Rico Commonwealth,        
Public Improvement GO        
(Insured; National Public        
Finance Guarantee Corp.) 5.50 7/1/13 8,000,000 8,679,840
Puerto Rico Commonwealth,        
Public Improvement GO        
(Insured; National Public        
Finance Guarantee Corp.) 5.25 7/1/14 4,925,000 5,259,752
Puerto Rico Commonwealth,        
Public Improvement GO        
(Insured; National Public        
Finance Guarantee Corp.) 5.65 7/1/15 3,000,000 3,237,690



Puerto Rico Commonwealth,        
Public Improvement GO        
(Insured; National Public        
Finance Guarantee Corp.) 6.00 7/1/15 2,000,000 2,192,260
Puerto Rico Electric Power        
Authority, Power Revenue        
(Insured; Assured Guaranty        
Municipal Corp.) (Prerefunded) 5.25 7/1/10 8,000,000 a 8,250,480
Puerto Rico Highways and        
Transportation Authority,        
Highway Revenue (Prerefunded) 5.50 7/1/16 5,000,000 a 5,998,000
Puerto Rico Highways and        
Transportation Authority,        
Highway Revenue (Insured;        
National Public Finance        
Guarantee Corp.) 5.50 7/1/13 4,590,000 4,980,058
Puerto Rico Highways and        
Transportation Authority,        
Transportation Revenue        
(Insured; National Public        
Finance Guarantee Corp.) 5.25 7/1/33 7,750,000 7,476,425
Puerto Rico Infrastructure        
Financing Authority, Special        
Tax Revenue (Insured; AMBAC) 0.00 7/1/35 5,500,000 b 906,730
Puerto Rico Sales Tax Financing        
Corporation, Sales Tax Revenue        
(First Subordinate Series) 5.38 8/1/39 1,500,000 c 1,481,400
Puerto Rico Sales Tax Financing        
Corporation, Sales Tax Revenue        
(First Subordinate Series) 6.00 8/1/42 3,450,000 3,563,471
Virgin Islands Public Finance        
Authority, Revenue (Virgin        
Islands Gross Receipts Taxes        
Loan Note) 5.63 10/1/10 150,000 153,578
Virgin Islands Public Finance        
Authority, Revenue (Virgin        
Islands Gross Receipts Taxes        
Loan Note) 6.38 10/1/19 5,000,000 5,099,100
Total Long-Term Municipal Investments        
(cost $357,515,115)       366,042,054
Short-Term Municipal Coupon Maturity Principal    
Investment--.4% Rate (%) Date Amount ($) Value ($)
Connecticut;        
Connecticut Health and Educational        
Facilities Authority, Revenue        
(Yale University Issue)        
(cost $1,500,000) 0.17 2/1/10 1,500,000 d 1,500,000
Total Investments (cost $359,015,115)     96.5% 367,542,054
Cash and Receivables (Net)     3.5% 13,264,264
Net Assets     100.0% 380,806,318

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 issued with a zero coupon. Income is recognized through the accretion of discount.
c Purchased on a delayed delivery basis.
d Variable rate demand note - rate shown is the interest rate in effect at January 31, 2010. Maturity date represents the
  next demand date, or the ultimate maturity date if earlier.



At January 31, 2010, the aggregate cost of investment securities for income tax purposes was $359,015,115. Net unrealized appreciation on investments was $8,526,939 of which $14,867,516 related to appreciated investment securities and $6,340,577 related to depreciated investment securities.

Summary of Abbreviations    
ABAG Association of Bay Area Governments ACA American Capital Access
AGC ACE Guaranty Corporation AGIC Asset Guaranty Insurance Company
AMBAC American Municipal Bond Assurance Corporation ARRN Adjustable Rate Receipt Notes
BAN Bond Anticipation Notes BPA Bond Purchase Agreement
CIFG CDC Ixis Financial Guaranty COP Certificate of Participation
CP Commercial Paper EDR Economic Development Revenue
EIR Environmental Improvement Revenue FGIC Financial Guaranty Insurance Company
FHA Federal Housing Administration FHLB Federal Home Loan Bank
FHLMC Federal Home Loan Mortgage Corporation FNMA Federal National Mortgage Association
GAN Grant Anticipation Notes GIC Guaranteed Investment Contract
GNMA Government National Mortgage Association GO General Obligation
HR Hospital Revenue IDB Industrial Development Board
IDC Industrial Development Corporation IDR Industrial Development Revenue
LOC Letter of Credit LOR Limited Obligation Revenue
LR Lease Revenue MFHR Multi-Family Housing Revenue
MFMR Multi-Family Mortgage Revenue PCR Pollution Control Revenue
PILOT Payment in Lieu of Taxes RAC Revenue Anticipation Certificates
RAN Revenue Anticipation Notes RAW Revenue Anticipation Warrants
RRR Resources Recovery Revenue SAAN State Aid Anticipation Notes
SBPA Standby Bond Purchase Agreement SFHR Single Family Housing Revenue
SFMR Single Family Mortgage Revenue SONYMA State of New York Mortgage Agency
SWDR Solid Waste Disposal Revenue TAN Tax Anticipation Notes
TAW Tax Anticipation Warrants TRAN Tax and Revenue Anticipation Notes
XLCA XL Capital Assurance    



Various inputs are used in determining the value of the fund's investments relating to Fair Value Measurements.

These inputs are summarized in the three broad levels listed below.
Level 1 - unadjusted quoted prices in active markets for identical investments.
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds,
credit risk, etc.)
Level 3 - significant unobservable inputs (including fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of January 31, 2010 in valuing the fund's investments:

  Level 1 -   Level 3 -  
  Unadjusted   Significant  
  Quoted Level 2 -             Other Significant Unobservable  
Assets ($) Prices Observable Inputs Inputs Total
Investments in Securities        
Municipal Bonds - 367,542,054 - 367,542,054



The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) has become 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 ASC has superseded all existing non-SEC accounting and reporting standards. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

Portfolio valuation: Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Board of Trustees. 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 fair value as determined by the Service, based on methods which include consideration of: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Options and financial futures on municipal and U.S.Treasury securities are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day.

The fund adopted the provisions of ASC Topic 815 “Derivatives and Hedging” which requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. The fund held no derivatives during the period ended January 31, 2010.These disclosures did not impact the notes to the financial statements.

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



STATEMENT OF INVESTMENTS
Dreyfus State Municipal Bond Funds, Dreyfus Maryland Fund

January 31, 2010 (Unaudited)

Long-Term Municipal Coupon Maturity Principal  
Investments--97.9% Rate (%) Date Amount ($) Value ($)
Maryland--87.1%        
Anne Arundel County,        
EDR (Anne Arundel Community        
College Project) 5.00 9/1/17 2,255,000 2,363,105
Baltimore,        
Port Facilities Revenue        
(Consolidated Coal Sales        
Company Project) 6.50 12/1/10 4,090,000 4,110,532
Baltimore,        
Project Revenue (Wastewater        
Projects) (Insured; National        
Public Finance Guarantee Corp.) 5.00 7/1/22 630,000 675,152
Baltimore,        
Subordinate Project Revenue        
(Water Projects) 5.75 7/1/39 750,000 812,925
Frederick County,        
Educational Facilities Revenue        
(Mount Saint Mary's University) 4.50 9/1/25 3,000,000 2,537,460
Gaithersburg,        
Hospital Facilities        
Improvement Revenue (Shady        
Grove Adventist Hospital)        
(Insured; Assured Guaranty        
Municipal Corp.) 6.50 9/1/12 5,645,000 6,146,840
Harford County,        
MFHR (Affinity Old Post        
Apartments Projects)        
(Collateralized; GMNA) 5.00 11/20/25 1,460,000 1,465,738
Howard County,        
COP 8.15 2/15/20 605,000 847,847
Howard County,        
GO (Metropolitan District        
Project) 5.25 8/15/19 1,545,000 1,617,136
Hyattsville,        
Special Obligation Revenue        
(University Town Center        
Project) 5.75 7/1/34 3,000,000 2,601,510
Maryland,        
GO (State and Local Facilities        
Loan) (Prerefunded) 5.00 8/1/13 5,000,000 a 5,696,750
Maryland Community Development        
Administration, Department of        
Housing and Community        
Development (Single Family        
Program) 4.95 4/1/15 3,980,000 4,033,133
Maryland Community Development        
Administration, Department of        
Housing and Community        
Development, Housing Revenue 5.95 7/1/23 1,050,000 1,050,640



Maryland Community Development        
Administration, Department of        
Housing and Community        
Development, Housing Revenue        
(Collateralized; GNMA) 5.05 7/1/47 2,550,000 2,331,133
Maryland Community Development        
Administration, Department of        
Housing and Community        
Development, Residential        
Revenue 5.38 9/1/22 1,215,000 1,220,139
Maryland Community Development        
Administration, Department of        
Housing and Community        
Development, Residential        
Revenue 4.80 9/1/32 3,000,000 2,860,620
Maryland Community Development        
Administration, Department of        
Housing and Community        
Development, Residential        
Revenue 4.85 9/1/37 2,970,000 2,856,308
Maryland Community Development        
Administration, Department of        
Housing and Community        
Development, Residential        
Revenue 4.95 9/1/38 1,245,000 1,217,000
Maryland Community Development        
Administration, Department of        
Housing and Community        
Development, Residential        
Revenue 4.85 9/1/47 4,175,000 3,823,173
Maryland Economic Development        
Corporation, EDR        
(Transportation Facilities        
Project) 5.75 6/1/35 1,000,000 1,013,920
Maryland Economic Development        
Corporation, LR (Maryland        
Aviation Administration        
Facilities) (Insured; Assured        
Guaranty Municipal Corp.) 5.50 6/1/16 3,120,000 3,319,212
Maryland Economic Development        
Corporation, LR (Maryland        
Aviation Administration        
Facilities) (Insured; Assured        
Guaranty Municipal Corp.) 5.50 6/1/18 2,535,000 2,653,080
Maryland Economic Development        
Corporation, LR (Maryland        
Aviation Administration        
Facilities) (Insured; Assured        
Guaranty Municipal Corp.) 5.38 6/1/19 9,530,000 9,886,613
Maryland Economic Development        
Corporation, LR (Montgomery        
County Wayne Avenue Parking        
Garage Project) 5.25 9/15/16 2,940,000 3,215,331
Maryland Economic Development        
Corporation, PCR (Potomac        
Electric Project) 6.20 9/1/22 2,500,000 2,854,125
Maryland Economic Development        



Corporation, Senior Student        
Housing Revenue (Morgan State        
University Project) 6.00 7/1/22 2,950,000 2,678,069
Maryland Economic Development        
Corporation, Senior Student        
Housing Revenue (Towson        
University Project) 5.00 7/1/39 695,000 589,360
Maryland Economic Development        
Corporation, Student Housing        
Revenue (University of        
Maryland, College Park        
Projects) 5.75 6/1/33 1,000,000 1,012,460
Maryland Economic Development        
Corporation, Student Housing        
Revenue (University Village at        
Sheppard Pratt) (Insured; ACA) 5.88 7/1/21 1,750,000 1,580,233
Maryland Economic Development        
Corporation, Student Housing        
Revenue (University Village at        
Sheppard Pratt) (Insured; ACA) 6.00 7/1/33 1,750,000 1,462,265
Maryland Health and Higher        
Educational Facilities        
Authority, Revenue (Anne        
Arundel Health System Issue) 5.00 7/1/32 1,000,000 b 984,070
Maryland Health and Higher        
Educational Facilities        
Authority, Revenue (Anne        
Arundel Health System Issue) 6.75 7/1/39 2,500,000 2,813,400
Maryland Health and Higher        
Educational Facilities        
Authority, Revenue (Peninsula        
Regional Medical Center Issue) 5.00 7/1/36 3,350,000 3,384,673
Maryland Health and Higher        
Educational Facilities        
Authority, Revenue (University        
of Maryland Medical System        
Issue) (Insured; National        
Public Finance Guarantee Corp.) 7.00 7/1/22 4,560,000 5,310,348
Maryland Health and Higher        
Educational Facilities        
Authority, Revenue (University        
of Maryland Medical System        
Issue) (Prerefunded) 6.00 7/1/12 1,000,000 a 1,123,850
Maryland Health and Higher        
Educational Facilities        
Authority, Revenue (University        
of Maryland Medical System        
Issue) (Prerefunded) 6.00 7/1/12 3,000,000 a 3,371,550
Maryland Health and Higher        
Educational Facilities        
Authority, Revenue (Upper        
Chesapeake Hospitals Issue) 6.00 1/1/38 3,005,000 3,137,521
Maryland Health and Higher        
Educational Facilities        
Authority, Revenue (Washington        
Christian Academy Issue) 5.25 7/1/18 500,000 239,995
Maryland Health and Higher        



Educational Facilities        
Authority, Revenue (Washington        
Christian Academy Issue) 5.50 7/1/38 3,540,000 1,699,165
Maryland Health and Higher        
Educational Facilities        
Authority, Revenue (Washington        
County Hospital Issue) 5.75 1/1/38 2,500,000 2,396,125
Maryland Industrial Development        
Financing Authority, EDR        
(Medical Waste Associates        
Limited Partnership Facility) 8.75 11/15/10 630,000 582,964
Maryland Industrial Development        
Financing Authority, EDR (Our        
Lady of Good Counsel High        
School Facility) 6.00 5/1/35 1,600,000 1,467,920
Montgomery County,        
Consolidated Public        
Improvement GO 5.25 10/1/15 2,000,000 2,169,020
Montgomery County,        
Special Obligation Revenue        
(West Germantown Development        
District) (Insured; Radian) 5.38 7/1/20 500,000 489,255
Montgomery County,        
Special Obligation Revenue        
(West Germantown Development        
District) (Insured; Radian) 5.50 7/1/27 2,975,000 2,806,228
Montgomery County Housing        
Opportunities Commission, SFMR 0.00 7/1/28 34,670,000 c 12,442,370
Montgomery County Housing        
Opportunities Commission, SFMR 0.00 7/1/33 3,060,000 c 785,165
Montgomery County Housing        
Opportunities Commission, SFMR 5.00 7/1/36 1,940,000 1,900,909
Northeast Waste Disposal        
Authority, RRR (Hartford        
County Resource Recovery        
Facility) (Insured; AMBAC) 5.25 3/15/13 1,400,000 1,440,922
Northeast Waste Disposal        
Authority, RRR (Hartford        
County Resource Recovery        
Facility) (Insured; AMBAC) 5.25 3/15/14 1,220,000 1,250,878
Northeast Waste Disposal        
Authority, Solid Waste Revenue        
(Montgomery County Solid Waste        
Disposal System) (Insured;        
AMBAC) 5.50 4/1/15 7,000,000 7,467,040
Northeast Waste Disposal        
Authority, Solid Waste Revenue        
(Montgomery County Solid Waste        
Disposal System) (Insured;        
AMBAC) 5.50 4/1/16 8,000,000 8,423,920
Prince Georges County,        
Special Obligation Revenue        
(National Harbor Project) 5.20 7/1/34 4,000,000 3,396,880
Washington Metropolitan Area        
Transit Authority, Gross        
Transit Revenue 5.25 7/1/29 1,750,000 1,888,880



Washington Suburban Sanitary        
District, General Construction        
Revenue 5.00 6/1/15 2,500,000 2,668,025
U.S. Related--10.8%        
Guam Waterworks Authority,        
Water and Wastewater System        
Revenue 6.00 7/1/25 1,000,000 1,004,070
Puerto Rico Aqueduct and Sewer        
Authority, Senior Lien Revenue 6.00 7/1/44 1,000,000 1,013,120
Puerto Rico Aqueduct and Sewer        
Authority, Senior Lien Revenue        
(Insured; Assured Guaranty        
Municipal Corp.) 5.00 7/1/28 2,000,000 2,045,440
Puerto Rico Commonwealth,        
Public Improvement GO 5.25 7/1/26 2,000,000 1,993,380
Puerto Rico Commonwealth,        
Public Improvement GO 5.00 7/1/28 1,830,000 1,741,062
Puerto Rico Commonwealth,        
Public Improvement GO 6.00 7/1/38 1,000,000 1,018,450
Puerto Rico Commonwealth,        
Public Improvement GO        
(Insured; Assured Guaranty        
Municipal Corp.) 5.13 7/1/30 100,000 100,284
Puerto Rico Electric Power        
Authority, Power Revenue 5.50 7/1/38 3,500,000 3,537,415
Puerto Rico Electric Power        
Authority, Power Revenue        
(Insured; National Public        
Finance Guarantee Corp.) 5.25 7/1/30 1,110,000 1,128,093
Puerto Rico Infrastructure        
Financing Authority, Special        
Tax Revenue 5.00 7/1/25 1,250,000 1,193,025
Puerto Rico Sales Tax Financing        
Corporation, Sales Tax Revenue        
(First Subordinate Series) 6.00 8/1/42 2,500,000 2,582,225
Puerto Rico Sales Tax Financing        
Corporation, Sales Tax Revenue        
(First Subordinate Series) 6.50 8/1/44 1,500,000 1,605,300
Total Investments (cost $170,413,386)     97.9% 171,134,746
Cash and Receivables (Net)     2.1% 3,739,282
Net Assets     100.0% 174,874,028

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 Purchased on a delayed delivery basis.
c Security issued with a zero coupon. Income is recognized through the accretion of discount.

At January 31, 2010, the aggregate cost of investment securities for income tax purposes was $170,413,386. Net unrealized appreciation on investments was $721,360 of which $6,332,099 related to appreciated investment securities and $5,610,739 related to depreciated investment securities.



Summary of Abbreviations    
ABAG Association of Bay Area Governments ACA American Capital Access
AGC ACE Guaranty Corporation AGIC Asset Guaranty Insurance Company
AMBAC American Municipal Bond Assurance Corporation ARRN Adjustable Rate Receipt Notes
BAN Bond Anticipation Notes BPA Bond Purchase Agreement
CIFG CDC Ixis Financial Guaranty COP Certificate of Participation
CP Commercial Paper EDR Economic Development Revenue
EIR Environmental Improvement Revenue FGIC Financial Guaranty Insurance Company
FHA Federal Housing Administration FHLB Federal Home Loan Bank
FHLMC Federal Home Loan Mortgage Corporation FNMA Federal National Mortgage Association
GAN Grant Anticipation Notes GIC Guaranteed Investment Contract
GNMA Government National Mortgage Association GO General Obligation
HR Hospital Revenue IDB Industrial Development Board
IDC Industrial Development Corporation IDR Industrial Development Revenue
LOC Letter of Credit LOR Limited Obligation Revenue
LR Lease Revenue MFHR Multi-Family Housing Revenue
MFMR Multi-Family Mortgage Revenue PCR Pollution Control Revenue
PILOT Payment in Lieu of Taxes RAC Revenue Anticipation Certificates
RAN Revenue Anticipation Notes RAW Revenue Anticipation Warrants
RRR Resources Recovery Revenue SAAN State Aid Anticipation Notes
SBPA Standby Bond Purchase Agreement SFHR Single Family Housing Revenue
SFMR Single Family Mortgage Revenue SONYMA State of New York Mortgage Agency
SWDR Solid Waste Disposal Revenue TAN Tax Anticipation Notes
TAW Tax Anticipation Warrants TRAN Tax and Revenue Anticipation Notes
XLCA XL Capital Assurance    



Various inputs are used in determining the value of the fund's investments relating to fair value measurements.

These inputs are summarized in the three broad levels listed below.

Level 1 - unadjusted quoted prices in active markets for identical investments.
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds,
credit risk, etc.).
Level 3 - significant unobservable inputs (including 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.

The following is a summary of the inputs used as of January 31, 2010 in valuing the fund's investments:

    Level 2 - Other Level 3 -Significant  
  Level 1 - Unadjusted Significant Unobservable  
Assets ($) Quoted Prices Observable Inputs Inputs Total
Investments in Securities:        
Municipal Bonds - 171,134,746 - 171,134,746



The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) has become 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 ASC has superseded all existing non-SEC accounting and reporting standards. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

Portfolio valuation: Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Board of Trustees. 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 fair value as determined by the Service, based on methods which include consideration of: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Options and financial futures on municipal and U.S.Treasury securities are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day.

The fund adopted the provisions of ASC Topic 815 “Derivatives and Hedging” which requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. The fund held no derivatives during the period ended January 31, 2010.These disclosures did not impact the notes to the financial statements.

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



STATEMENT OF INVESTMENTS
Dreyfus State Municipal Bond Funds, Dreyfus Massachusetts Fund

January 31, 2010 (Unaudited)

Long-Term Municipal Coupon Maturity Principal    
Investments--98.8% Rate (%) Date Amount ($) Value ($)
Massachusetts--89.2%        
Bellingham,        
GO (Insured; AMBAC) 5.00 3/1/17 1,945,000 2,054,815
Bellingham,        
GO (Insured; AMBAC) 5.00 3/1/18 2,040,000 2,146,060
Bellingham,        
GO (Insured; AMBAC) 5.00 3/1/19 2,140,000 2,251,259
Bellingham,        
GO (Insured; AMBAC) 5.00 3/1/20 2,245,000 2,361,718
Boston,        
Convention Center Loan,        
Special Obligation Bonds        
(Insured; AMBAC) 5.00 5/1/16 1,750,000 1,890,052
Boston Housing Authority,        
Capital Program Revenue        
(Insured; Assured Guaranty        
Municipal Corp.) 5.00 4/1/24 1,900,000 2,037,389
Boston Industrial Development        
Financing Authority, Sewage        
Facility Revenue (Harbor        
Electric Energy Company        
Project) 7.38 5/15/15 1,305,000 1,309,920
Boston Water and Sewer Commission,        
Revenue 5.00 11/1/20 2,000,000 2,163,320
Brookline,        
GO 5.25 4/1/20 3,860,000 3,912,728
Holliston,        
GO (Insured; National Public        
Finance Guarantee Corp.) 5.25 4/1/20 1,655,000 1,796,916
Holyoke,        
Gas and Electric Department        
Revenue (Insured; National        
Public Finance Guarantee Corp.) 5.38 12/1/15 1,245,000 1,315,056
Hopkinton,        
GO 5.00 9/1/17 1,735,000 1,863,945
Hopkinton,        
GO 5.00 9/1/18 1,735,000 1,857,092
Hopkinton,        
GO 5.00 9/1/19 1,735,000 1,857,092
Hopkinton,        
GO 5.00 9/1/20 1,735,000 1,857,092
Marblehead,        
GO 5.00 8/15/23 1,835,000 1,962,661
Marblehead,        
GO 5.00 8/15/24 1,925,000 2,051,395
Massachusetts,        
GO 5.25 8/1/22 2,650,000 3,126,152



Massachusetts,        
GO 0.74 11/1/25 5,000,000 a 4,181,250
Massachusetts,        
GO (Insured; Assured Guaranty        
Municipal Corp.) 5.25 9/1/23 1,000,000 1,173,350
Massachusetts,        
Special Obligation Dedicated        
Tax Revenue (Insured; National        
Public Finance Guarantee Corp.) 5.50 1/1/23 3,000,000 3,405,030
Massachusetts Bay Transportation        
Authority, Assessment Revenue 5.00 7/1/21 2,400,000 2,617,416
Massachusetts Bay Transportation        
Authority, Assessment Revenue 5.25 7/1/34 2,500,000 2,689,100
Massachusetts Bay Transportation        
Authority, GO (General        
Transportation Systems) 6.20 3/1/16 2,055,000 2,387,622
Massachusetts Bay Transportation        
Authority, GO (General        
Transportation Systems) 7.00 3/1/21 1,000,000 1,243,520
Massachusetts Bay Transportation        
Authority, Senior Sales Tax        
Revenue 5.00 7/1/21 1,000,000 1,156,530
Massachusetts Bay Transportation        
Authority, Senior Sales Tax        
Revenue (Insured; National        
Public Finance Guarantee Corp.) 5.50 7/1/27 3,000,000 3,602,700
Massachusetts College Building        
Authority, Project Revenue 5.00 5/1/28 1,540,000 1,654,330
Massachusetts College Building        
Authority, Project Revenue        
(Insured; National Public        
Finance Guarantee Corp.) 0.00 5/1/26 5,385,000 b 2,731,272
Massachusetts Development Finance        
Agency, Higher Education        
Revenue (Emerson College Issue) 5.00 1/1/22 1,000,000 1,012,210
Massachusetts Development Finance        
Agency, Revenue (Assumption        
College Issue) (Insured;        
Radian) 6.00 3/1/30 1,905,000 1,912,277
Massachusetts Development Finance        
Agency, Revenue (Landmark        
School Issue) (Insured; Radian) 5.25 6/1/29 1,100,000 916,927
Massachusetts Development Finance        
Agency, Revenue (Milton        
Academy Issue) 5.00 9/1/30 2,000,000 2,112,780
Massachusetts Development Finance        
Agency, Revenue (Mount Holyoke        
College Issue) 5.25 7/1/31 4,000,000 4,043,480
Massachusetts Development Finance        
Agency, Revenue (Neville        
Communities Home, Inc.        
Project) (Collateralized; GNMA) 5.75 6/20/22 600,000 649,140
Massachusetts Development Finance        
Agency, Revenue (Neville        
Communities Home, Inc.        



Project) (Collateralized; GNMA) 6.00 6/20/44 1,500,000 1,575,780
Massachusetts Development Finance        
Agency, Revenue (Wheelock        
College Issue) 5.25 10/1/37 2,500,000 2,232,725
Massachusetts Development Finance        
Agency, RRR (Ogden Haverhill        
Project) 5.50 12/1/19 1,200,000 1,113,744
Massachusetts Development Finance        
Agency, RRR (SEMASS System)        
(Insured; National Public        
Finance Guarantee Corp.) 5.63 1/1/14 2,000,000 2,078,020
Massachusetts Development Finance        
Agency, SWDR (Dominion Energy        
Brayton Point Issue) 5.00 2/1/36 2,000,000 1,816,360
Massachusetts Educational        
Financing Authority, Education        
Loan Revenue (Insured; AMBAC) 5.70 7/1/11 10,000 10,024
Massachusetts Educational        
Financing Authority, Education        
Loan Revenue (Insured; AMBAC) 5.00 1/1/13 1,440,000 1,452,600
Massachusetts Educational        
Financing Authority, Education        
Loan Revenue (Insured; AMBAC) 4.70 1/1/27 10,000,000 9,177,400
Massachusetts Educational        
Financing Authority, Education        
Loan Revenue (Insured;        
National Public Finance        
Guarantee Corp.) 5.13 12/1/14 315,000 315,447
Massachusetts Health and        
Educational Facilities        
Authority, Healthcare System        
Revenue (Covenant Health        
Systems Obligated Group Issue) 6.50 7/1/17 1,175,000 1,236,993
Massachusetts Health and        
Educational Facilities        
Authority, Healthcare System        
Revenue (Covenant Health        
Systems Obligated Group Issue) 6.00 7/1/22 4,030,000 4,161,136
Massachusetts Health and        
Educational Facilities        
Authority, Healthcare System        
Revenue (Covenant Health        
Systems Obligated Group Issue)        
(Prerefunded) 6.00 1/1/12 1,070,000 c 1,190,065
Massachusetts Health and        
Educational Facilities        
Authority, Healthcare System        
Revenue (Covenant Health        
Systems Obligated Group Issue)        
(Prerefunded) 6.50 1/1/12 310,000 c 347,742
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Boston        
Medical Center Issue) 5.75 7/1/31 2,000,000 1,937,700
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Community        



Colleges Program Issue)        
(Insured; AMBAC) 5.25 10/1/26 2,845,000 2,878,030
Massachusetts Health and        
Educational Facilities        
Authority, Revenue        
(Dana-Farber Cancer Institute        
Issue) 5.25 12/1/27 1,000,000 1,058,620
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Hallmark        
Health System Issue) (Insured;        
Assured Guaranty Municipal        
Corp.) 5.25 7/1/10 2,055,000 2,071,933
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Harvard        
University Issue) 5.00 7/15/22 2,945,000 3,071,517
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Harvard        
University Issue) 5.00 12/15/24 2,350,000 2,655,994
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Harvard        
University Issue) (Prerefunded) 6.00 7/1/10 2,500,000 c 2,586,625
Massachusetts Health and        
Educational Facilities        
Authority, Revenue        
(Massachusetts Institute of        
Technology Issue) 5.25 7/1/33 4,000,000 4,728,400
Massachusetts Health and        
Educational Facilities        
Authority, Revenue        
(Milford-Whitinsville Regional        
Hospital Issue) (Prerefunded) 6.50 7/15/12 2,250,000 c 2,564,685
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Partners        
HealthCare System Issue) 6.00 7/1/16 1,520,000 1,622,144
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Partners        
HealthCare System Issue) 6.00 7/1/17 45,000 48,024
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Partners        
HealthCare System Issue) 5.25 7/1/29 2,000,000 2,085,980
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Partners        
HealthCare System Issue) 5.75 7/1/32 60,000 61,591
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Partners        
HealthCare System Issue) 5.00 7/1/47 4,950,000 4,902,629
Massachusetts Health and        
Educational Facilities        



Authority, Revenue (Partners        
HealthCare System Issue)        
(Insured; National Public        
Finance Guarantee Corp.) 5.13 7/1/11 1,000,000 1,003,730
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Partners        
HealthCare System Issue)        
(Prerefunded) 5.75 7/1/11 1,290,000 c 1,399,147
Massachusetts Health and        
Educational Facilities        
Authority, Revenue        
(Springfield College Issue)        
(Insured; Radian) 5.13 10/15/23 1,100,000 1,073,996
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Suffolk        
University Issue) 6.00 7/1/24 1,000,000 1,068,170
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Tufts        
University Issue) 5.50 8/15/18 1,625,000 1,913,893
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Tufts        
University Issue) 5.38 8/15/38 3,000,000 3,227,400
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (UMass        
Memorial Issue) 5.25 7/1/25 1,895,000 1,842,243
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (UMass        
Memorial Issue) 5.00 7/1/33 1,070,000 947,303
Massachusetts Housing Finance        
Agency, Housing Development        
Revenue (Insured; National        
Public Finance Guarantee Corp.) 5.40 6/1/20 345,000 345,873
Massachusetts Housing Finance        
Agency, Housing Revenue 5.00 12/1/24 1,160,000 1,167,563
Massachusetts Housing Finance        
Agency, Housing Revenue 5.00 12/1/26 1,200,000 1,199,916
Massachusetts Housing Finance        
Agency, Housing Revenue 5.00 12/1/28 2,000,000 1,983,000
Massachusetts Housing Finance        
Agency, Housing Revenue 5.00 6/1/30 1,295,000 1,302,938
Massachusetts Housing Finance        
Agency, Housing Revenue 5.25 12/1/33 1,350,000 1,300,158
Massachusetts Housing Finance        
Agency, Housing Revenue 5.10 6/1/37 3,000,000 2,835,150
Massachusetts Housing Finance        
Agency, Housing Revenue 5.10 12/1/37 2,130,000 2,012,019
Massachusetts Housing Finance        
Agency, Housing Revenue 5.20 12/1/37 2,000,000 1,973,780
Massachusetts Housing Finance        



Agency, Rental Housing        
Mortgage Revenue (Insured;        
AMBAC) 5.70 7/1/20 1,195,000 1,200,581
Massachusetts Housing Finance        
Agency, SFHR 4.75 12/1/30 1,315,000 1,250,118
Massachusetts Industrial Finance        
Agency, RRR (Ogden Haverhill        
Project) 5.60 12/1/19 2,500,000 2,355,400
Massachusetts Industrial Finance        
Agency, Water Treatment        
Revenue        
(Massachusetts-American        
Hingham Project) 6.95 12/1/35 2,790,000 2,727,169
Massachusetts Municipal Wholesale        
Electric Company, Power Supply        
Project Revenue (Nuclear        
Project Number 4 Issue)        
(Insured; National Public        
Finance Guarantee Corp.) 5.25 7/1/14 2,000,000 2,110,380
Massachusetts Water Pollution        
Abatement Trust (Pool Program) 5.38 8/1/27 3,065,000 3,091,482
Massachusetts Water Pollution        
Abatement Trust, State        
Revolving Fund Bonds 5.00 8/1/27 1,535,000 1,686,597
Massachusetts Water Resources        
Authority, General Revenue        
(Insured; National Public        
Finance Guarantee Corp.) 5.25 8/1/21 1,500,000 1,672,260
Massachusetts Water Resources        
Authority, General Revenue        
(Insured; National Public        
Finance Guarantee Corp.) 5.25 8/1/26 2,000,000 2,171,520
Massachusetts Water Resources        
Authority, General Revenue        
(Insured; National Public        
Finance Guarantee Corp.)        
(Prerefunded) 5.20 8/1/11 1,000,000 c 1,078,560
Medford,        
GO (Insured; AMBAC) 5.00 3/15/19 1,155,000 1,208,708
Narragansett Regional School        
District, GO (Insured; AMBAC)        
(Prerefunded) 6.50 6/1/10 1,205,000 c 1,241,548
Pittsfield,        
GO (Insured; National Public        
Finance Guarantee Corp.) 5.13 4/15/22 1,500,000 1,564,170
Sandwich,        
GO (Insured; National Public        
Finance Guarantee Corp.) 5.00 7/15/19 1,000,000 1,095,030
Triton Regional School District,        
GO (Insured; National Public        
Finance Guarantee Corp.) 5.25 4/1/19 1,420,000 1,503,098
Triton Regional School District,        
GO (Insured; National Public        
Finance Guarantee Corp.) 5.25 4/1/20 1,420,000 1,503,098
Westfield,        
GO (Insured; FGIC)        



(Prerefunded) 6.50 5/1/10 1,000,000 c 1,026,200
U.S. Related--9.6%        
Children's Trust Fund of Puerto        
Rico, Tobacco Settlement        
Asset-Backed Bonds 5.38 5/15/33 1,860,000 1,794,026
Children's Trust Fund of Puerto        
Rico, Tobacco Settlement        
Asset-Backed Bonds 5.50 5/15/39 1,245,000 1,074,061
Children's Trust Fund of Puerto        
Rico, Tobacco Settlement        
Asset-Backed Bonds 0.00 5/15/50 5,000,000 b 184,400
Puerto Rico Aqueduct and Sewer        
Authority, Senior Lien Revenue 6.00 7/1/38 2,000,000 2,028,900
Puerto Rico Commonwealth,        
Public Improvement GO 5.25 7/1/25 1,500,000 1,503,180
Puerto Rico Commonwealth,        
Public Improvement GO        
(Insured; Assured Guaranty        
Municipal Corp.) 5.25 7/1/14 1,000,000 1,107,580
Puerto Rico Commonwealth,        
Public Improvement GO        
(Insured; National Public        
Finance Guarantee Corp.) 6.00 7/1/27 1,000,000 1,048,390
Puerto Rico Commonwealth,        
Public Improvement GO        
(Insured; XLCA) 5.25 7/1/17 1,460,000 1,515,787
Puerto Rico Infrastructure        
Financing Authority, Special        
Tax Revenue (Insured; AMBAC) 0.00 7/1/35 6,840,000 b 1,127,642
Puerto Rico Infrastructure        
Financing Authority, Special        
Tax Revenue (Insured; FGIC) 5.50 7/1/19 1,225,000 1,285,539
Puerto Rico Public Buildings        
Authority, Guaranteed        
Government Facilities Revenue 5.75 7/1/22 1,900,000 1,969,977
Puerto Rico Public Buildings        
Authority, Guaranteed        
Government Facilities Revenue        
(Insured; AMBAC) 6.25 7/1/15 1,100,000 1,314,401
Puerto Rico Sales Tax Financing        
Corporation, Sales Tax Revenue        
(First Subordinate Series) 5.38 8/1/39 1,000,000 d 987,600
Puerto Rico Sales Tax Financing        
Corporation, Sales Tax Revenue        
(First Subordinate Series) 6.00 8/1/42 2,000,000 2,065,780
Virgin Islands Public Finance        
Authority, Revenue (Virgin        
Islands Gross Receipts Taxes        
Loan Note) 5.63 10/1/10 250,000 255,963
Virgin Islands Water and Power        
Authority, Electric System        
Revenue (Insured; Radian) 5.13 7/1/11 1,000,000 1,007,370
Total Long-Term Municipal Investments        
(cost $206,472,435)       209,638,298
Short-Term Municipal Coupon Maturity Principal  



Investment--.2% Rate (%) Date Amount ($) Value ($)
Massachusetts;        
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Harvard        
University Issue)        
(cost $400,000) 0.17 2/1/10 400,000 e 400,000
Total Investments (cost $206,872,435)     99.0% 210,038,298
Cash and Receivables (Net)     1.0% 2,218,948
Net Assets     100.0% 212,257,246

a Variable rate security--interest rate subject to periodic change.
b Security issued with a zero coupon. Income is recognized through the accretion of discount.
c 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.
d Purchased on a delayed delivery basis.
e Variable rate demand note - rate shown is the interest rate in effect at January 31, 2010. Maturity date represents the
  next demand date, or the ultimate maturity date if earlier.

At January 31, 2010, the aggregate cost of investment securities for income tax purposes was $206,872,435. Net unrealized appreciation on investments was $3,165,863 of which $7,614,947 related to appreciated investment securities and $4,449,084 related to depreciated investment securities.

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



MFMR Multi-Family Mortgage Revenue PCR Pollution Control Revenue
PILOT Payment in Lieu of Taxes RAC Revenue Anticipation Certificates
RAN Revenue Anticipation Notes RAW Revenue Anticipation Warrants
RRR Resources Recovery Revenue SAAN State Aid Anticipation Notes
SBPA Standby Bond Purchase Agreement SFHR Single Family Housing Revenue
SFMR Single Family Mortgage Revenue SONYMA State of New York Mortgage Agency
SWDR Solid Waste Disposal Revenue TAN Tax Anticipation Notes
TAW Tax Anticipation Warrants TRAN Tax and Revenue Anticipation Notes
XLCA XL Capital Assurance    



Various inputs are used in determining the value of the fund's investments relating to fair value measurements.

These inputs are summarized in the three broad levels listed below.

Level 1 - unadjusted quoted prices in active markets for identical investments.
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds,
credit risk, etc.).
Level 3 - significant unobservable inputs (including 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.

The following is a summary of the inputs used as of January 31, 2010 in valuing the fund's investments:

  Level 1 - Unadjusted Level 2 - Other Significant Level 3 -Significant  
Assets ($) Quoted Prices Observable Inputs Unobservable Inputs Total
Investments in Securities:        
Municipal Bonds - 210,038,298 - 210,038,298



The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) has become 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 ASC has superseded all existing non-SEC accounting and reporting standards. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

Portfolio valuation: Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Board of Trustees. 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 fair value as determined by the Service, based on methods which include consideration of: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Options and financial futures on municipal and U.S.Treasury securities are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day.

The fund adopted the provisions of ASC Topic 815 “Derivatives and Hedging” which requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. The fund held no derivatives during the period ended January 31, 2010.These disclosures did not impact the notes to the financial statements.

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



STATEMENT OF INVESTMENTS
Dreyfus State Municipal Bond Funds, Dreyfus Minnesota Fund

January 31, 2010 (Unaudited)

Long-Term Municipal Coupon Maturity Principal    
Investments--96.3% Rate (%) Date Amount ($) Value ($)
Minnesota--92.5%        
Andover Economic Development        
Authority, Public Facility LR        
(City of Andover Community        
Center) 5.20 2/1/34 885,000 984,217
Andover Economic Development        
Authority, Public Facility LR        
(City of Andover Community        
Center) 5.20 2/1/34 615,000 683,948
Blooming Prairie Independent        
School District Number 756, GO        
School Building Bonds        
(Minnesota School District        
Credit Enhancement Program)        
(Insured; National Public        
Finance Guarantee Corp.) 4.75 1/1/27 1,900,000 1,987,115
Bloomington Independent School        
District Number 271, GO School        
Building Bonds (Minnesota        
School District Credit        
Enhancement Program) (Insured;        
Assured Guaranty Municipal        
Corp.) 5.13 2/1/24 2,000,000 2,153,280
Chaska,        
Electric Revenue (Generating        
Facilities) 5.00 10/1/30 1,135,000 1,159,073
Chaska,        
Electric Revenue (Generating        
Facilities) (Prerefunded) 6.00 10/1/10 3,000,000 a 3,114,840
Columbia Heights,        
MFHR (Crest View Opportunity        
Neighborhood Development        
Corporation 1 Project)        
(Collateralized; GNMA)        
(Prerefunded) 6.63 10/20/12 1,485,000 a 1,782,445
Coon Rapids,        
Multifamily Rental Housing        
Revenue (GNMA Collateralized        
Mortgage Loan - Mississippi        
View Apartments Project)        
(Collateralized; FHA) 4.95 10/20/41 2,700,000 2,583,333
Dakota County Community        
Development Agency, MFHR        
(Grande Market Place Project)        
(Collateralized; GNMA) 5.40 11/20/43 3,000,000 3,009,810
Dakota County Community        
Development Agency, SFMR        
(Mortgage-Backed Securities        
Program) (Collateralized:        
FHLMC, FNMA and GNMA) 5.30 12/1/39 786,873 814,956



Falcon Heights,        
LR (Kaleidoscope Charter        
School Project) 6.00 11/1/27 400,000 342,988
Falcon Heights,        
LR (Kaleidoscope Charter        
School Project) 6.00 11/1/37 400,000 322,864
Hennepin County,        
Second Lien Sales Tax Revenue        
(Ballpark Project) 5.00 12/15/29 1,500,000 1,604,100
Lake Superior Independent School        
District Number 381, GO School        
Building Bonds (Minnesota        
School District Credit        
Enhancement Program) (Insured;        
Assured Guaranty Municipal        
Corp.) 5.00 4/1/20 2,510,000 2,750,809
Lake Superior Independent School        
District Number 381, GO School        
Building Bonds (Minnesota        
School District Credit        
Enhancement Program) (Insured;        
Assured Guaranty Municipal        
Corp.) 5.00 4/1/21 2,640,000 2,893,282
Lakeville Independent School        
District Number 194, GO School        
Building Bonds (Minnesota        
School District Credit        
Enhancement Program) (Insured;        
FGIC) 5.50 2/1/24 8,700,000 9,663,612
Mahtomedi Independent School        
District Number 832, GO School        
Building Bonds (Minnesota        
School District Credit        
Enhancement Program) (Insured;        
National Public Finance        
Guarantee Corp.) 0.00 2/1/17 1,275,000 b 1,034,650
Minneapolis,        
GO 0.00 12/1/14 1,825,000 b 1,673,507
Minneapolis,        
Health Care System Revenue        
(Fairview Health Services)        
(Insured; Assured Guaranty        
Municipal Corp.) 6.50 11/15/38 3,000,000 3,341,610
Minneapolis,        
MFHR (Sumner Field Phase II,        
L.P. Project) (Collateralized;        
GNMA) 5.15 2/20/45 1,575,000 1,542,413
Minneapolis,        
Revenue (Blake School Project) 5.45 9/1/21 2,000,000 2,036,940
Minneapolis,        
Tax Increment Revenue (Saint        
Anthony Falls Project) 5.75 2/1/27 1,000,000 883,180
Minneapolis and Saint Paul Housing        
and Redevelopment Authority,        
Health Care Facility Revenue        
(HealthPartners Obligated        
Group Project) 6.00 12/1/18 1,000,000 1,034,810



Minneapolis and Saint Paul Housing        
and Redevelopment Authority,        
Health Care Facility Revenue        
(HealthPartners Obligated        
Group Project) 6.00 12/1/20 2,290,000 2,349,632
Minneapolis and Saint Paul Housing        
and Redevelopment Authority,        
Health Care System Revenue        
(Allina Health System) 5.25 11/15/29 1,000,000 998,700
Minneapolis and Saint Paul        
Metropolitan Airports        
Commission, Senior Airport        
Revenue 5.00 1/1/22 2,000,000 2,022,880
Minnesota,        
Retirement System Building        
Revenue 6.00 6/1/30 1,475,000 1,491,063
Minnesota Agricultural and        
Economic Development Board,        
Health Care System Revenue        
(Fairview Health Care Systems) 6.38 11/15/29 150,000 152,275
Minnesota Agricultural and        
Economic Development Board,        
Health Care System Revenue        
(Fairview Health Care Systems)        
(Prerefunded) 6.38 11/15/10 2,850,000 a 3,018,321
Minnesota Agricultural and        
Economic Development Board,        
Revenue (Evangelical Lutheran        
Project) 6.00 2/1/22 1,130,000 1,162,194
Minnesota Agricultural and        
Economic Development Board,        
Revenue (Evangelical Lutheran        
Project) 6.00 2/1/27 1,750,000 1,786,435
Minnesota Higher Education        
Facilities Authority, Revenue        
(Augsburg College) 5.00 5/1/36 1,500,000 1,412,190
Minnesota Higher Education        
Facilities Authority, Revenue        
(University of Saint Thomas) 5.00 4/1/29 1,000,000 1,024,140
Minnesota Higher Education        
Facilities Authority, Revenue        
(University of Saint Thomas) 5.00 10/1/29 1,500,000 1,557,015
Minnesota Higher Education        
Facilities Authority, Revenue        
(University of Saint Thomas) 5.00 10/1/39 1,700,000 1,706,358
Minnesota Housing Finance Agency,        
Residential Housing Finance        
Revenue 5.00 1/1/20 2,690,000 2,722,657
Minnesota Housing Finance Agency,        
Residential Housing Finance        
Revenue 4.65 7/1/22 2,330,000 2,311,267
Minnesota Housing Finance Agency,        
Residential Housing Finance        
Revenue 4.85 7/1/31 2,000,000 1,920,100
Minnesota Housing Finance Agency,        
Residential Housing Finance        



Revenue 5.00 1/1/37 655,000 672,037
Minnesota Housing Finance Agency,        
Residential Housing Finance        
Revenue 5.10 7/1/38 2,000,000 1,938,660
Minnesota Housing Finance Agency,        
SFMR (Insured; National Public        
Finance Guarantee Corp.) 5.45 1/1/22 365,000 383,794
Minnesota Municipal Power Agency,        
Electric Revenue 5.00 10/1/35 1,500,000 1,513,905
Minnesota Municipal Power Agency,        
Electric Revenue 5.00 10/1/37 2,000,000 2,013,800
Northfield,        
HR 5.38 11/1/31 2,240,000 2,053,139
Northfield,        
HR (Prerefunded) 6.00 11/1/11 2,000,000 a 2,179,260
Ramsey,        
LR (Pact Charter School        
Project) 6.75 12/1/33 1,000,000 920,780
Rosemount-Apple Valley-Eagan        
Independent School District        
Number 196, GO School Building        
Bonds (Minnesota School        
District Credit Enhancement        
Program) (Insured; National        
Public Finance Guarantee Corp.) 0.00 4/1/14 2,960,000 b 2,747,324
Saint Cloud,        
Health Care Revenue        
(CentraCare Health System) 5.13 5/1/30 1,000,000 c 993,070
Saint Cloud,        
Health Care Revenue        
(CentraCare Health System        
Project) (Insured; Assured        
Guaranty Municipal Corp.) 5.50 5/1/39 2,000,000 2,048,920
Saint Cloud Housing and        
Redevelopment Authority,        
Revenue (State University        
Foundation Project) 5.13 5/1/18 1,500,000 1,565,415
Saint Louis Park,        
Health Care Facilities Revenue        
(Park Nicollet Health Services) 5.75 7/1/30 1,000,000 1,007,910
Saint Louis Park,        
Health Care Facilities Revenue        
(Park Nicollet Health Services) 5.75 7/1/39 3,000,000 2,995,620
Saint Paul Housing and        
Redevelopment Authority, MFHR        
(Wellington Project)        
(Collateralized; FHLMC) 5.10 2/1/24 2,000,000 2,012,640
Saint Paul Housing and        
Redevelopment Authority,        
Parking Revenue (Block 19        
Ramp) (Insured; Assured        
Guaranty Municipal Corp.) 5.25 8/1/23 3,395,000 3,465,718
Saint Paul Housing and        
Redevelopment Authority,        
Recreational Facility LR        
(Jimmy Lee Recreational Center) 5.00 12/1/32 750,000 760,635



Southern Minnesota Municipal Power Agency,        
Power Supply System Revenue        
(Insured; National Public        
Finance Guarantee Corp.) 0.00 1/1/25 4,505,000 b 2,278,719
Southern Minnesota Municipal Power Agency,        
Power Supply System Revenue        
(Insured; National Public        
Finance Guarantee Corp.) 0.00 1/1/26 4,625,000 b 2,203,905
Todd, Morrison, Cass and Wadena        
Counties United Hospital        
District, Health Care Facility        
Revenue (Lakewood Health        
System) 5.00 12/1/21 1,000,000 1,045,340
Washington County Housing and        
Redevelopment Authority,        
Annual Appropriation Limited        
Tax and Gross Revenue        
(Insured; National Public        
Finance Guarantee Corp.) 5.50 2/1/32 2,000,000 2,034,100
Washington County Housing and        
Redevelopment Authority,        
Hospital Facility Revenue        
(HealthEast Project) (Insured;        
ACA) 5.38 11/15/18 2,215,000 2,092,466
Willmar,        
HR (Rice Memorial Hospital        
Project) (Insured; Assured        
Guaranty Municipal Corp.) 5.00 2/1/32 4,000,000 4,065,760
Winona,        
Health Care Facilities Revenue        
(Winona Health Obligated Group) 5.15 7/1/31 1,500,000 1,342,335
Winona,        
Health Care Facilities Revenue        
(Winona Health Obligated Group) 6.00 7/1/34 2,500,000 2,434,300
U.S. Related--3.8%        
Government of Guam,        
GO 6.75 11/15/29 500,000 520,050
Puerto Rico Electric Power        
Authority, Power Revenue 5.50 7/1/38 2,000,000 2,021,380
Puerto Rico Sales Tax Financing        
Corporation, Sales Tax Revenue        
(First Subordinate Series) 6.00 8/1/42 2,250,000 2,324,002
Total Long-Term Municipal Investments        
(cost $118,260,924)       124,667,993
Short-Term Municipal Coupon Maturity Principal    
Investments--1.0% Rate (%) Date Amount ($) Value ($)
Minnesota;        
Minneapolis,        
Revenue (Guthrie Theater on        
the River Project) (LOC; Wells        
Fargo Bank) 0.18 2/7/10 70,000 d 70,000
Minneapolis,        
Revenue (Minnehaha Academy        
Project) (LOC; Firstar Bank NA) 0.20 2/1/10 900,000 d 900,000
Saint Paul Housing and        
Redevelopment Authority,        



Revenue (Minnesota Public        
Radio Project) (LOC; Allied        
Irish Banks) 0.33 2/1/10 330,000 d 330,000
Total Short-Term Municipal Investments        
(cost $1,300,000)       1,300,000
Total Investments (cost $119,560,924)     97.3% 125,967,993
Cash and Receivables (Net)     2.7% 3,485,963
Net Assets     100.0% 129,453,956

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 issued with a zero coupon. Income is recognized through the accretion of discount.
c Purchased on a delayed delivery basis.
d Variable rate demand note - rate shown is the interest rate in effect at January 31, 2010. Maturity date represents the
  next demand date, or the ultimate maturity date if earlier.

At January 31, 2010, the aggregate cost of investment securities for income tax purposes was $119,560,924. Net unrealized appreciation on investments was $6,407,069 of which $7,411,725 related to appreciated investment securities and $1,004,656 related to depreciated investment securities.

Summary of Abbreviations    
ABAG Association of Bay Area Governments ACA American Capital Access
AGC ACE Guaranty Corporation AGIC Asset Guaranty Insurance Company
AMBAC American Municipal Bond Assurance Corporation ARRN Adjustable Rate Receipt Notes
BAN Bond Anticipation Notes BPA Bond Purchase Agreement
CIFG CDC Ixis Financial Guaranty COP Certificate of Participation
CP Commercial Paper EDR Economic Development Revenue
EIR Environmental Improvement Revenue FGIC Financial Guaranty Insurance Company
FHA Federal Housing Administration FHLB Federal Home Loan Bank
FHLMC Federal Home Loan Mortgage Corporation FNMA Federal National Mortgage Association
GAN Grant Anticipation Notes GIC Guaranteed Investment Contract
GNMA Government National Mortgage Association GO General Obligation
HR Hospital Revenue IDB Industrial Development Board
IDC Industrial Development Corporation IDR Industrial Development Revenue
LOC Letter of Credit LOR Limited Obligation Revenue
LR Lease Revenue MFHR Multi-Family Housing Revenue
MFMR Multi-Family Mortgage Revenue PCR Pollution Control Revenue



PILOT Payment in Lieu of Taxes RAC Revenue Anticipation Certificates
RAN Revenue Anticipation Notes RAW Revenue Anticipation Warrants
RRR Resources Recovery Revenue SAAN State Aid Anticipation Notes
SBPA Standby Bond Purchase Agreement SFHR Single Family Housing Revenue
SFMR Single Family Mortgage Revenue SONYMA State of New York Mortgage Agency
SWDR Solid Waste Disposal Revenue TAN Tax Anticipation Notes
TAW Tax Anticipation Warrants TRAN Tax and Revenue Anticipation Notes
XLCA XL Capital Assurance    



Various inputs are used in determining the value of the fund's investments relating to Fair Value Measurements.

These inputs are summarized in the three broad levels listed below.

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of January 31, 2010 in valuing the fund's investments:

  Level 1 -   Level 3 -  
  Unadjusted   Significant  
  Quoted Level 2 - Other Significant Unobservable  
Assets ($) Prices Observable Inputs Inputs Total
Investments in Securities:        
Municipal Bonds - 125,967,993 - 125,967,993



The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) has become 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 ASC has superseded all existing non-SEC accounting and reporting standards. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

Portfolio valuation: Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Board of Trustees. 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 fair value as determined by the Service, based on methods which include consideration of: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general conditions. Options and financial futures on municipal and U.S.Treasury securities are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day.

The fund adopted the provisions of ASC Topic 815 “Derivatives and Hedging” which requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and about credit-risk-related contingent features in derivative agreements. The fund held no derivatives during the period ended January 31, 2010.These disclosures did not impact the notes to the financial statements.

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



STATEMENT OF INVESTMENTS
Dreyfus State Municipal Bond Funds, Dreyfus Ohio Fund

January 31, 2010 (Unaudited)

Long-Term Municipal Coupon Maturity Principal    
Investments--103.4% Rate (%) Date Amount ($) Value ($)
Ohio--92.1%        
Akron,        
GO 6.00 12/1/12 1,035,000 1,185,065
Akron,        
GO (Insured; National Public        
Finance Guarantee Corp.) 5.50 12/1/20 1,460,000 a 1,507,173
Blue Ash,        
Tax Increment Financing        
Revenue (Duke Realty Ohio        
Project) 5.00 12/1/16 900,000 889,740
Blue Ash,        
Tax Increment Financing        
Revenue (Duke Realty Ohio        
Project) 5.00 12/1/21 730,000 673,359
Blue Ash,        
Tax Increment Financing        
Revenue (Duke Realty Ohio        
Project) 5.00 12/1/25 500,000 441,450
Blue Ash,        
Tax Increment Financing        
Revenue (Duke Realty Ohio        
Project) 5.00 12/1/30 400,000 328,056
Blue Ash,        
Tax Increment Financing        
Revenue (Duke Realty Ohio        
Project) 5.00 12/1/35 1,000,000 770,290
Buckeye Tobacco Settlement        
Financing Authority, Tobacco        
Settlement Asset-Backed Bonds 5.13 6/1/24 2,500,000 2,323,200
Cincinnati,        
EDR (Baldwin 300 Project) 5.00 11/1/28 2,565,000 2,647,413
Cincinnati City School District,        
GO School Improvement Bonds        
(Insured; National Public        
Finance Guarantee Corp.)        
(Prerefunded) 5.38 12/1/11 6,560,000 a,b 7,135,115
Cincinnati State Technical and        
Community College, General        
Receipts Bonds (Insured; AMBAC) 5.25 10/1/22 2,375,000 2,418,581
Clermont County,        
Hospital Facilities Revenue        
(Mercy Health System)        
(Insured; AMBAC) 5.63 9/1/16 4,250,000 4,253,400
Cleveland,        
Waterworks Revenue (Insured;        
National Public Finance        
Guarantee Corp.) 5.50 1/1/21 8,000,000 a 9,152,320
Cleveland-Cuyahoga County Port        



Authority, Senior Special        
Assessment/Tax Increment        
Revenue (University Heights -        
Public Parking Garage Project) 7.00 12/1/18 2,040,000 2,066,336
Cleveland-Cuyahoga County Port        
Authority, Senior Special        
Assessment/Tax Increment        
Revenue (University Heights -        
Public Parking Garage Project) 7.35 12/1/31 3,655,000 3,655,548
Cuyahoga County,        
Hospital Facilities Revenue        
(UHHS/CSAHS-Cuyahoga, Inc. and        
CSAHS/UHHS-Canton, Inc.        
Project) 7.50 1/1/30 6,250,000 6,322,125
Fairfield City School District,        
GO School Improvement Bonds        
(Insured; National Public        
Finance Guarantee Corp.) 5.38 12/1/19 1,860,000 a 1,995,631
Fairfield City School District,        
GO School Improvement Bonds        
(Insured; National Public        
Finance Guarantee Corp.) 5.38 12/1/20 1,400,000 a 1,502,088
Franklin County,        
Hospital Improvement Revenue        
(Nationwide Children's        
Hospital Project) 5.00 11/1/34 1,000,000 1,005,290
Franklin County,        
HR (Holy Cross Health System        
Corporation) 5.80 6/1/16 260,000 260,515
Hamilton County,        
EDR (King Highland Community        
Urban Redevelopment        
Corporation - University of        
Cincinnati, Lessee, Project)        
(Insured; National Public        
Finance Guarantee Corp.) 5.00 6/1/33 2,000,000 a 2,026,960
Hamilton County,        
Sales Tax Revenue (Insured;        
AMBAC) 0.00 12/1/27 17,940,000 c 7,130,074
Highland Local School District,        
GO School Improvement Bonds        
(Insured; Assured Guaranty        
Municipal Corp.) (Prerefunded) 5.75 12/1/11 2,020,000 b 2,210,930
Hilliard City School District,        
GO School Improvement Bonds        
(Insured; National Public        
Finance Guarantee Corp.) 0.00 12/1/13 1,655,000 a,c 1,530,362
Hilliard City School District,        
GO School Improvement Bonds        
(Insured; National Public        
Finance Guarantee Corp.) 0.00 12/1/14 1,655,000 a,c 1,466,893
Kent State University,        
General Receipts Bonds (A        
State University of Ohio)        
(Insured; Assured Guaranty        
Municipal Corp.) 5.00 5/1/25 2,000,000 2,116,340
Kent State University,        



General Receipts Bonds (A        
State University of Ohio)        
(Insured; Assured Guaranty        
Municipal Corp.) 5.00 5/1/29 1,000,000 1,033,610
Lebanon City School District,        
GO (School Facilities        
Construction and Improvement)        
(Insured; Assured Guaranty        
Municipal Corp.) (Prerefunded) 5.50 12/1/11 4,050,000 b 4,414,298
Mason City School District,        
GO Unlimited Tax Bonds        
(Insured; Assured Guaranty        
Municipal Corp.) 5.25 12/1/31 5,000,000 5,808,250
Massillon City School District,        
GO (Various Purpose        
Improvement) (Insured;        
National Public Finance        
Guarantee Corp.) 5.00 12/1/25 1,150,000 a 1,211,525
Milford Exempt Village School        
District, GO School        
Improvement Bonds (Insured;        
Assured Guaranty Municipal        
Corp.) (Prerefunded) 6.00 12/1/11 1,910,000 b 2,096,760
Montgomery County,        
Revenue (Miami Valley Hospital) 6.25 11/15/33 2,500,000 2,632,625
New Albany Community Authority,        
Community Facilities Revenue        
(Insured; AMBAC) 5.20 10/1/24 2,000,000 2,044,320
Ohio,        
GO (Insured; Assured Guaranty        
Municipal Corp.) 5.00 3/15/20 15,520,000 d,e 16,331,851
Ohio,        
PCR (Standard Oil Company        
Project) (Guaranteed; British        
Petroleum Company PLC) 6.75 12/1/15 2,700,000 3,321,837
Ohio Higher Educational Facility        
Commission, Higher Educational        
Facility Revenue (Xavier        
University Project) (Insured;        
FGIC) (Prerefunded) 5.00 5/1/13 2,000,000 b 2,242,240
Ohio State University,        
General Receipts Bonds 5.25 6/1/23 2,625,000 2,860,751
Ohio Turnpike Commission,        
Turnpike Revenue, Highway        
Improvements 5.50 2/15/26 3,565,000 3,618,725
Ohio Turnpike Commission,        
Turnpike Revenue, Highway        
Improvements (Prerefunded) 5.50 2/15/11 4,000,000 b 4,214,360
Ohio Water Development Authority,        
Water Pollution Control Loan        
Fund Revenue (Water Quality        
Series) 5.00 12/1/23 2,000,000 2,241,960
Port of Greater Cincinnati        
Development Authority, Special        
Obligation Development Revenue        
(Cooperative Public Parking        



and Infrastructure Project) 6.30 2/15/24 2,215,000 1,822,834
Port of Greater Cincinnati        
Development Authority, Special        
Obligation Development Revenue        
(Cooperative Public Parking        
and Infrastructure Project) 6.40 2/15/34 2,500,000 1,922,200
Port of Greater Cincinnati        
Development Authority, Tax        
Increment Development Revenue        
(Fairfax Village Red Bank        
Infrastructure Project) 5.50 2/1/25 2,145,000 e 1,695,494
Richland County,        
GO (Correctional Facilities        
Bonds) (Insured; Assured        
Guaranty Municipal Corp.) 6.00 12/1/28 400,000 448,912
Strongsville,        
GO Library Improvement Bonds        
(Insured; National Public        
Finance Guarantee Corp.) 5.50 12/1/20 1,700,000 a 1,827,806
Summit County Port Authority,        
Development Revenue (Bond Fund        
Program-Twinsburg Township        
Project) 5.13 5/15/25 480,000 398,438
Summit County Port Authority,        
Revenue (Civic Theatre        
Project) (Insured; AMBAC) 5.50 12/1/26 1,000,000 1,004,080
Toledo-Lucas County Port        
Authority, Development Revenue        
(Northwest Ohio Bond Fund -        
Midwest Terminals Project) 6.00 11/15/27 1,720,000 1,477,600
Toledo-Lucas County Port        
Authority, Development Revenue        
(Northwest Ohio Bond Fund -        
Toledo Express Airport Project) 6.38 11/15/32 2,425,000 2,190,212
University of Cincinnati,        
General Receipts Bonds        
(Insured; FGIC) (Prerefunded) 5.75 6/1/11 1,000,000 b 1,080,250
University of Cincinnati,        
General Receipts Bonds        
(Insured; National Public        
Finance Guarantee Corp.) 5.00 6/1/21 3,040,000 a 3,106,394
Warren,        
Waterworks Revenue (Insured;        
National Public Finance        
Guarantee Corp.) 5.50 11/1/15 1,450,000 a 1,574,236
West Muskingum Local School        
District, GO (School        
Facilities Construction and        
Improvement) (Insured;        
National Public Finance        
Guarantee Corp.) 5.00 12/1/30 2,945,000 a 2,848,551
Youngstown,        
GO Pension Bonds (Insured;        
AMBAC) (Prerefunded) 5.38 12/1/10 2,195,000 b 2,312,081
Youngstown,        
GO Pension Bonds (Insured;        



AMBAC) (Prerefunded) 6.00 12/1/10 2,370,000 b 2,508,835
U.S. Related--11.3%        
Children's Trust Fund of Puerto        
Rico, Tobacco Settlement        
Asset-Backed Bonds 0.00 5/15/50 12,500,000 c 461,000
Government of Guam,        
GO 6.75 11/15/29 500,000 520,050
Guam Waterworks Authority,        
Water and Wastewater System        
Revenue 5.88 7/1/35 900,000 879,867
Puerto Rico Commonwealth,        
Public Improvement GO 5.25 7/1/17 1,000,000 1,033,790
Puerto Rico Electric Power        
Authority, Power Revenue 5.50 7/1/38 2,500,000 2,526,725
Puerto Rico Electric Power        
Authority, Power Revenue        
(Insured; National Public        
Finance Guarantee Corp.) 5.50 7/1/15 1,000,000 a 1,108,430
Puerto Rico Electric Power        
Authority, Power Revenue        
(Insured; National Public        
Finance Guarantee Corp.) 5.00 7/1/23 2,000,000 a 2,012,920
Puerto Rico Highways and        
Transportation Authority,        
Highway Revenue (Insured;        
Assured Guaranty Municipal        
Corp.) 5.50 7/1/31 3,370,000 3,647,924
Puerto Rico Sales Tax Financing        
Corporation, Sales Tax Revenue        
(First Subordinate Series) 5.38 8/1/39 1,000,000 f 987,600
Puerto Rico Sales Tax Financing        
Corporation, Sales Tax Revenue        
(First Subordinate Series) 6.00 8/1/42 1,750,000 1,807,558
Virgin Islands Public Finance        
Authority, Revenue (Virgin        
Islands Gross Receipts Taxes        
Loan Note) 6.38 10/1/19 3,000,000 3,059,460
Total Investments (cost $160,567,767)     103.4% 165,350,613
Liabilities, Less Cash and Receivables     (3.4%) (5,397,555)
Net Assets     100.0% 159,953,058

a At January 31, 2010, 25.0% of the fund's net assets are insured by National Public Finance Guarantee Corporation.
b 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.
c Security issued with a zero coupon. Income is recognized through the accretion of discount.
d Collateral for floating rate borrowings.
e Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in
  transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2010, these securities
  had a total market value of $18,027,345 or 11.3% of net assets.
f Purchased on a delayed delivery basis.

At January 31, 2010, the aggregate cost of investment securities for income tax purposes was $160,567,767. Net unrealized appreciation on investments was $4,782,846 of which $8,337,394 related to appreciated investment securities and $3,554,548 related to depreciated investment securities.



Summary of Abbreviations    
ABAG Association of Bay Area Governments ACA American Capital Access
AGC ACE Guaranty Corporation AGIC Asset Guaranty Insurance Company
AMBAC American Municipal Bond Assurance Corporation ARRN Adjustable Rate Receipt Notes
BAN Bond Anticipation Notes BPA Bond Purchase Agreement
CIFG CDC Ixis Financial Guaranty COP Certificate of Participation
CP Commercial Paper EDR Economic Development Revenue
EIR Environmental Improvement Revenue FGIC Financial Guaranty Insurance Company
FHA Federal Housing Administration FHLB Federal Home Loan Bank
FHLMC Federal Home Loan Mortgage Corporation FNMA Federal National Mortgage Association
GAN Grant Anticipation Notes GIC Guaranteed Investment Contract
GNMA Government National Mortgage Association GO General Obligation
HR Hospital Revenue IDB Industrial Development Board
IDC Industrial Development Corporation IDR Industrial Development Revenue
LOC Letter of Credit LOR Limited Obligation Revenue
LR Lease Revenue MFHR Multi-Family Housing Revenue
MFMR Multi-Family Mortgage Revenue PCR Pollution Control Revenue
PILOT Payment in Lieu of Taxes RAC Revenue Anticipation Certificates
RAN Revenue Anticipation Notes RAW Revenue Anticipation Warrants
RRR Resources Recovery Revenue SAAN State Aid Anticipation Notes
SBPA Standby Bond Purchase Agreement SFHR Single Family Housing Revenue
SFMR Single Family Mortgage Revenue SONYMA State of New York Mortgage Agency
SWDR Solid Waste Disposal Revenue TAN Tax Anticipation Notes
TAW Tax Anticipation Warrants TRAN Tax and Revenue Anticipation Notes
XLCA XL Capital Assurance    



Various inputs are used in determining the value of the fund's investments relating to Fair Value Measurements.

These inputs are summarized in the three broad levels listed below.

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of January 31, 2010 in valuing the fund's investments:

  Level 1 -   Level 3 -  
  Unadjusted   Significant  
  Quoted Level 2 - Other Significant Unobservable  
Assets ($) Prices Observable Inputs Inputs Total
Investments in Securities:        
Municipal Bonds - 165,350,613 - 165,350,613



The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) has become 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 ASC has superseded all existing non-SEC accounting and reporting standards. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

Portfolio valuation: Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Board of Trustees. 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 fair value as determined by the Service, based on methods which include consideration of: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Options and financial futures on municipal and U.S.Treasury securities are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day.

The fund adopted the provisions of ASC Topic 815 “Derivatives and Hedging” which requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. The fund held no derivatives during the period ended January 31, 2010.These disclosures did not impact the notes to the financial statements.

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



STATEMENT OF INVESTMENTS
Dreyfus State Municipal Bond Funds, Dreyfus Pennsylvania Fund

January 31, 2010 (Unaudited)

Long-Term Municipal Coupon Maturity Principal    
Investments--98.1% Rate (%) Date Amount ($) Value ($)
Pennsylvania--90.7%        
Allegheny County Hospital        
Development Authority, HR        
(South Hills Health System) 5.13 5/1/29 1,100,000 964,656
Allegheny County Sanitary        
Authority, Sewer Revenue        
(Insured; National Public        
Finance Guarantee Corp.) 5.00 12/1/19 1,900,000 1,939,140
Bethel Park School District,        
GO 5.00 8/1/29 3,000,000 3,105,570
Butler County Industrial        
Development Authority, Health        
Care Facilities Revenue (Saint        
John Lutheran Care Center        
Project) (Collateralized; GNMA) 5.80 4/20/29 5,635,000 5,804,444
Butler County Industrial        
Development Authority, MFHR        
(Greenview Gardens Apartments) 6.00 7/1/23 475,000 445,835
Butler County Industrial        
Development Authority, MFHR        
(Greenview Gardens Apartments) 6.25 7/1/33 880,000 795,142
Centre County Hospital Authority,        
HR (Mount Nittany Medical        
Center Project) (Insured;        
Assured Guaranty Municipal        
Corp.) 6.13 11/15/39 2,000,000 2,075,800
Charleroi Area School Authority,        
School Revenue (Insured;        
National Public Finance        
Guarantee Corp.) 0.00 10/1/20 2,000,000 a 1,236,740
Chester County Industrial        
Development Authority, Revenue        
(Avon Grove Charter School        
Project) 6.38 12/15/37 1,600,000 1,428,896
Chester County School Authority,        
School LR (Chester County        
Intermediate Unit Project)        
(Insured; AMBAC) 5.00 4/1/25 2,195,000 2,260,345
Cumberland County Municipal        
Authority, College Revenue        
(Messiah College) (Insured;        
AMBAC) 5.13 10/1/15 45,000 45,160
Cumberland County Municipal        
Authority, Revenue        
(Presbyterian Homes Obligated        
Group Project) 5.35 1/1/20 515,000 513,017
Cumberland County Municipal        
Authority, Revenue        
(Presbyterian Homes Obligated        



Group Project) 5.45 1/1/21 885,000 880,646
Dauphin County General Authority,        
Office and Parking Revenue        
(Riverfront Office Center        
Project) 6.00 1/1/25 3,000,000 2,472,450
Delaware County Industrial        
Development Authority, Water        
Facilities Revenue (Aqua        
Pennsylvania, Inc. Project)        
(Insured; National Public        
Finance Guarantee Corp.) 5.00 11/1/37 5,165,000 4,806,084
Erie Higher Education Building        
Authority, College Revenue        
(Mercyhurst College Project) 5.35 3/15/28 1,000,000 981,730
Harrisburg Authority,        
University Revenue (The        
Harrisburg University of        
Science and Technology Project) 6.00 9/1/36 2,000,000 1,808,840
Harrisburg Redevelopment        
Authority, Guaranteed Revenue        
(Insured; Assured Guaranty        
Municipal Corp.) 0.00 11/1/16 1,000,000 a 800,880
Harrisburg Redevelopment        
Authority, Guaranteed Revenue        
(Insured; Assured Guaranty        
Municipal Corp.) 0.00 5/1/18 2,750,000 a 1,977,772
Harrisburg Redevelopment        
Authority, Guaranteed Revenue        
(Insured; Assured Guaranty        
Municipal Corp.) 0.00 11/1/18 2,750,000 a 1,925,247
Harrisburg Redevelopment        
Authority, Guaranteed Revenue        
(Insured; Assured Guaranty        
Municipal Corp.) 0.00 11/1/19 2,750,000 a 1,793,110
Harrisburg Redevelopment        
Authority, Guaranteed Revenue        
(Insured; Assured Guaranty        
Municipal Corp.) 0.00 5/1/20 2,750,000 a 1,704,312
Harrisburg Redevelopment        
Authority, Guaranteed Revenue        
(Insured; Assured Guaranty        
Municipal Corp.) 0.00 11/1/20 2,500,000 a 1,508,900
McKeesport Area School District,        
GO (Insured; AMBAC) 0.00 10/1/21 2,915,000 a 1,868,865
Monroe County Hospital Authority,        
HR (Pocono Medical Center)        
(Insured; Radian) 5.50 1/1/12 750,000 779,385
Monroe County Hospital Authority,        
HR (Pocono Medical Center)        
(Insured; Radian) 5.50 1/1/22 1,455,000 1,459,918
Monroeville Municipal Authority,        
Sanitary Sewer Revenue        
(Insured; National Public        
Finance Guarantee Corp.) 5.25 12/1/15 1,035,000 1,072,094
Monroeville Municipal Authority,        
Sanitary Sewer Revenue        



(Insured; National Public        
Finance Guarantee Corp.) 5.25 12/1/16 50,000 51,237
Mount Lebanon School District,        
GO 5.00 2/15/28 1,470,000 1,591,642
Neshaminy School District,        
GO (Insured; National Public        
Finance Guarantee Corp.) 5.00 4/15/16 1,250,000 1,368,200
Norristown,        
GO (Insured; Radian) 0.00 12/15/11 1,465,000 a 1,409,037
Norristown,        
GO (Insured; Radian) 0.00 12/15/13 735,000 a 658,611
North Allegheny School District,        
GO (Insured; National Public        
Finance Guarantee Corp.) 5.00 5/1/15 1,625,000 1,788,524
North Allegheny School District,        
GO (Insured; National Public        
Finance Guarantee Corp.) 5.05 11/1/21 1,455,000 1,547,218
Northampton County Industrial        
Development Authority,        
Mortgage Revenue (Moravian        
Hall Square Project) (Insured;        
Radian) 5.00 7/1/17 1,890,000 1,853,221
Pennsylvania Economic Development        
Financing Authority, Sewage        
Sludge Disposal Revenue        
(Philadelphia Biosolids        
Facility Project) 6.25 1/1/32 1,000,000 1,027,460
Pennsylvania Finance Authority,        
Guaranteed Revenue (Penn Hills        
Project) (Insured; FGIC)        
(Prerefunded) 5.45 12/1/10 445,000 b 464,576
Pennsylvania Finance Authority,        
Guaranteed Revenue (Penn Hills        
Project) (Insured; National        
Public Finance Guarantee Corp.) 5.25 12/1/13 1,105,000 1,113,796
Pennsylvania Finance Authority,        
Guaranteed Revenue (Penn Hills        
Project) (Insured; National        
Public Finance Guarantee Corp.) 5.45 12/1/19 2,170,000 2,184,452
Pennsylvania Finance Authority,        
Guaranteed Revenue (Penn Hills        
Project) (Insured; National        
Public Finance Guarantee Corp.) 0.00 12/1/22 1,200,000 a 643,104
Pennsylvania Finance Authority,        
Guaranteed Revenue (Penn Hills        
Project) (Insured; National        
Public Finance Guarantee Corp.) 0.00 12/1/23 3,790,000 a 1,906,256
Pennsylvania Finance Authority,        
Guaranteed Revenue (Penn Hills        
Project) (Insured; National        
Public Finance Guarantee Corp.) 0.00 12/1/24 3,790,000 a 1,792,784
Pennsylvania Finance Authority,        
Guaranteed Revenue (Penn Hills        
Project) (Insured; National        
Public Finance Guarantee Corp.) 0.00 12/1/25 3,790,000 a 1,685,981
Pennsylvania Higher Educational        



Facilities Authority, Revenue        
(Carnegie Mellon University) 5.00 8/1/21 3,000,000 3,345,030
Pennsylvania Higher Educational        
Facilities Authority, Revenue        
(Edinboro University        
Foundation Student Housing        
Project at Edinboro University        
of Pennsylvania) 5.88 7/1/38 2,000,000 1,855,820
Pennsylvania Higher Educational        
Facilities Authority, Revenue        
(University of Pennsylvania        
Health System) 6.00 8/15/26 2,500,000 2,789,800
Pennsylvania Higher Educational        
Facilities Authority, Revenue        
(UPMC Health System) 6.00 1/15/13 1,995,000 2,082,780
Pennsylvania Higher Educational        
Facilities Authority, Revenue        
(UPMC Health System) 6.00 1/15/14 1,580,000 1,644,116
Pennsylvania Higher Educational        
Facilities Authority, Revenue        
(UPMC Health System) 6.00 1/15/22 5,000,000 5,156,250
Pennsylvania Housing Finance        
Agency, Capital Fund        
Securitization Revenue        
(Insured; Assured Guaranty        
Municipal Corp.) 5.00 12/1/25 2,285,000 2,351,356
Pennsylvania Housing Finance        
Agency, SFMR 5.10 10/1/20 1,775,000 1,790,744
Pennsylvania Housing Finance        
Agency, SFMR 4.70 10/1/25 965,000 943,172
Pennsylvania Housing Finance        
Agency, SFMR 4.60 10/1/27 5,000,000 4,744,300
Pennsylvania Housing Finance        
Agency, SFMR 4.88 10/1/31 3,000,000 2,896,620
Pennsylvania Housing Finance        
Agency, SFMR 4.88 10/1/34 1,000,000 1,003,970
Pennsylvania Housing Finance        
Agency, SFMR 4.70 10/1/37 2,085,000 1,895,056
Pennsylvania Industrial        
Development Authority, EDR 5.50 7/1/23 1,000,000 1,096,960
Pennsylvania Turnpike Commission,        
Oil Franchise Tax Senior        
Revenue (Insured; AMBAC) 5.25 12/1/18 4,325,000 4,363,319
Pennsylvania Turnpike Commission,        
Turnpike Revenue (Insured;        
AMBAC) 5.00 12/1/22 1,815,000 1,937,730
Pennsylvania Turnpike Commission,        
Turnpike Subordinate Revenue 5.25 6/1/39 3,530,000 3,571,301
Pennsylvania Turnpike Commission,        
Turnpike Subordinate Revenue        
(Insured; Assured Guaranty        
Municipal Corp.) 6.00 6/1/28 3,000,000 3,365,190
Philadelphia,        
Airport Revenue (Insured;        
Assured Guaranty Municipal        



Corp.) 5.00 6/15/11 2,155,000 2,256,781
Philadelphia,        
Airport Revenue (Insured;        
National Public Finance        
Guarantee Corp.) 5.00 6/15/25 510,000 491,421
Philadelphia,        
Gas Works Revenue (Insured;        
Assured Guaranty Municipal        
Corp.) 5.50 7/1/15 1,550,000 1,568,709
Philadelphia,        
Gas Works Revenue (Insured;        
Assured Guaranty Municipal        
Corp.) 5.25 8/1/22 2,000,000 2,091,660
Philadelphia,        
GO (Insured; Assured Guaranty        
Municipal Corp.) 5.25 12/15/23 1,500,000 1,607,595
Philadelphia,        
GO (Insured; XLCA) 5.25 2/15/14 2,000,000 2,117,820
Philadelphia,        
Water and Wastewater Revenue        
(Insured; National Public        
Finance Guarantee Corp.) 5.60 8/1/18 800,000 927,448
Philadelphia Authority for        
Industrial Development,        
Revenue (Independence Charter        
School Project) 5.50 9/15/37 1,700,000 1,437,197
Philadelphia Authority for        
Industrial Development,        
Revenue (Russell Byers Charter        
School Project) 5.15 5/1/27 1,230,000 1,063,261
Philadelphia Authority for        
Industrial Development,        
Revenue (Russell Byers Charter        
School Project) 5.25 5/1/37 1,715,000 1,397,931
Philadelphia Hospitals and Higher        
Education Facilities        
Authority, Health System        
Revenue (Jefferson Health        
System) 5.00 5/15/11 4,500,000 4,537,665
Philadelphia Housing Authority,        
Capital Fund Program Revenue        
(Insured; Assured Guaranty        
Municipal Corp.) 5.00 12/1/21 1,685,000 1,738,398
Philadelphia Municipal Authority,        
LR (Insured; Assured Guaranty        
Municipal Corp.) 5.25 11/15/15 2,115,000 2,279,166
Philadelphia Redevelopment        
Authority, Revenue        
(Philadelphia Neighborhood        
Transformation Initiative)        
(Insured; National Public        
Finance Guarantee Corp.) 5.50 4/15/18 3,600,000 3,760,524
Philadelphia School District,        
GO 6.00 9/1/38 1,000,000 1,068,360
Pittsburgh Urban Redevelopment        
Authority, MFHR (West Park        



Court Project)        
(Collateralized; GNMA) 4.90 11/20/47 1,280,000 1,193,126
Sayre Health Care Facilities        
Authority, Revenue (Guthrie        
Health Issue) 6.25 12/1/13 470,000 500,038
Sayre Health Care Facilities        
Authority, Revenue (Guthrie        
Health Issue) 6.25 12/1/14 250,000 264,938
Sayre Health Care Facilities        
Authority, Revenue (Guthrie        
Health Issue) 5.75 12/1/21 1,165,000 1,189,931
Sayre Health Care Facilities        
Authority, Revenue (Guthrie        
Health Issue) (Prerefunded) 5.75 12/1/11 3,585,000 b 3,954,614
Sayre Health Care Facilities        
Authority, Revenue (Guthrie        
Health Issue) (Prerefunded) 5.85 12/1/11 3,000,000 b 3,314,790
Sayre Health Care Facilities        
Authority, Revenue (Guthrie        
Health Issue) (Prerefunded) 6.25 12/1/11 750,000 b 834,173
Sayre Health Care Facilities        
Authority, Revenue (Guthrie        
Health Issue) (Prerefunded) 6.25 12/1/11 1,330,000 b 1,479,266
Schuylkill County Industrial        
Development Authority, Revenue        
(Charity Obligation Group) 5.00 11/1/14 1,495,000 1,505,301
Scranton School District,        
GO (Insured; National Public        
Finance Guarantee Corp.) 5.00 4/1/18 1,390,000 1,416,619
Scranton School District,        
GO (Insured; National Public        
Finance Guarantee Corp.) 5.00 4/1/19 2,710,000 2,755,772
Spring-Ford Area School District,        
GO (Insured; Assured Guaranty        
Municipal Corp.) 5.00 4/1/21 1,015,000 1,086,182
State Public School Building        
Authority, Community College        
Revenue (Community College of        
Philadelphia Project) 6.00 6/15/28 3,000,000 3,250,800
State Public School Building        
Authority, Revenue (Central        
Montgomery County Area        
Vocational Technical School)        
(Insured; National Public        
Finance Guarantee Corp.) 5.25 5/15/17 1,055,000 1,134,283
State Public School Building        
Authority, Revenue (Central        
Montgomery County Area        
Vocational Technical School)        
(Insured; National Public        
Finance Guarantee Corp.) 5.25 5/15/18 1,110,000 1,148,239
State Public School Building        
Authority, School Revenue        
(School District of Haverford        
Township Project) (Insured;        
XLCA) 5.25 3/15/25 3,360,000 3,508,109



State Public School Building        
Authority, School Revenue        
(York School District Project)        
(Insured; Assured Guaranty        
Municipal Corp.) 5.00 5/1/18 545,000 581,128
Susquehanna Area Regional Airport        
Authority, Airport System        
Revenue 6.50 1/1/38 1,625,000 1,508,975
University Area Joint Authority,        
Sewer Revenue (Insured;        
National Public Finance        
Guarantee Corp.) 5.00 11/1/17 1,660,000 1,692,154
University Area Joint Authority,        
Sewer Revenue (Insured;        
National Public Finance        
Guarantee Corp.) 5.00 11/1/18 2,010,000 2,038,683
University of Pittsburgh of the        
Commonwealth System of Higher        
Education, GO (University        
Capital Project) 5.00 9/15/35 1,000,000 1,049,430
Washington County Industrial        
Development Authority, PCR        
(West Penn Power Company        
Mitchell Station Project)        
(Insured; AMBAC) 6.05 4/1/14 3,000,000 3,004,080
Wayne Memorial Hospital and Health        
Facilities Authority, County        
Guaranteed HR (Wayne Memorial        
Hospital Project) (Insured;        
National Public Finance        
Guarantee Corp.) 5.25 7/1/16 2,135,000 2,181,458
West Mifflin Area School District,        
GO (Insured; Assured Guaranty        
Municipal Corp.) 5.00 10/1/22 710,000 752,813
Wilson Area School District,        
GO (Insured; National Public        
Finance Guarantee Corp.) 5.13 3/15/16 1,300,000 1,421,810
U.S. Related--7.4%        
Guam Waterworks Authority,        
Water and Wastewater System        
Revenue 5.50 7/1/16 320,000 317,258
Guam Waterworks Authority,        
Water and Wastewater System        
Revenue 6.00 7/1/25 1,000,000 1,004,070
Puerto Rico Aqueduct and Sewer        
Authority, Senior Lien Revenue 6.00 7/1/44 2,500,000 2,532,800
Puerto Rico Commonwealth,        
Public Improvement GO 5.25 7/1/23 1,000,000 1,005,910
Puerto Rico Commonwealth,        
Public Improvement GO 5.00 7/1/28 3,000,000 2,854,200
Puerto Rico Commonwealth,        
Public Improvement GO        
(Insured; National Public        
Finance Guarantee Corp.) 6.00 7/1/27 1,000,000 1,048,390
Puerto Rico Electric Power        
Authority, Power Revenue 5.00 7/1/26 1,000,000 1,001,800



Puerto Rico Electric Power        
Authority, Power Revenue 5.50 7/1/38 1,185,000 1,197,668
Puerto Rico Sales Tax Financing        
Corporation, Sales Tax Revenue        
(First Subordinate Series) 6.00 8/1/42 1,500,000 1,549,335
Puerto Rico Sales Tax Financing        
Corporation, Sales Tax Revenue        
(First Subordinate Series) 6.50 8/1/44 2,500,000 2,675,500
Total Long-Term Municipal Investments        
(cost $194,540,298)       200,672,170
Short-Term Municipal Coupon Maturity Principal    
Investment--.4% Rate (%) Date Amount ($) Value ($)
Pennsylvania;        
Philadelphia Authority for        
Industrial Development,        
Revenue (Fox Chase Cancer        
Obligated Group) (LOC;        
Citizens Bank of Pennsylvania)        
(cost $800,000) 0.30 2/1/10 800,000 c 800,000
Total Investments (cost $195,340,298)     98.5% 201,472,170
Cash and Receivables (Net)     1.5% 3,063,565
Net Assets     100.0% 204,535,735

a Security issued with a zero coupon. Income is recognized through the accretion of discount.
b 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.
c Variable rate demand note - rate shown is the interest rate in effect at January 31, 2010. Maturity date represents the
  next demand date, or the ultimate maturity date if earlier.

At January 31, 2010, the aggregate cost of investment securities for income tax purposes was $195,340,298. Net unrealized appreciation on investments was $6,131,872 of which $8,891,565 related to appreciated investment securities and $2,759,693 related to depreciated investment securities.

Summary of Abbreviations    
ABAG Association of Bay Area Governments ACA American Capital Access
AGC ACE Guaranty Corporation AGIC Asset Guaranty Insurance Company
AMBAC American Municipal Bond Assurance Corporation ARRN Adjustable Rate Receipt Notes
BAN Bond Anticipation Notes BPA Bond Purchase Agreement
CIFG CDC Ixis Financial Guaranty COP Certificate of Participation
CP Commercial Paper EDR Economic Development Revenue
EIR Environmental Improvement Revenue FGIC Financial Guaranty Insurance Company
FHA Federal Housing Administration FHLB Federal Home Loan Bank
FHLMC Federal Home Loan Mortgage Corporation FNMA Federal National Mortgage Association



GAN Grant Anticipation Notes GIC Guaranteed Investment Contract
GNMA Government National Mortgage Association GO General Obligation
HR Hospital Revenue IDB Industrial Development Board
IDC Industrial Development Corporation IDR Industrial Development Revenue
LOC Letter of Credit LOR Limited Obligation Revenue
LR Lease Revenue MFHR Multi-Family Housing Revenue
MFMR Multi-Family Mortgage Revenue PCR Pollution Control Revenue
PILOT Payment in Lieu of Taxes RAC Revenue Anticipation Certificates
RAN Revenue Anticipation Notes RAW Revenue Anticipation Warrants
RRR Resources Recovery Revenue SAAN State Aid Anticipation Notes
SBPA Standby Bond Purchase Agreement SFHR Single Family Housing Revenue
SFMR Single Family Mortgage Revenue SONYMA State of New York Mortgage Agency
SWDR Solid Waste Disposal Revenue TAN Tax Anticipation Notes
TAW Tax Anticipation Warrants TRAN Tax and Revenue Anticipation Notes
XLCA XL Capital Assurance    



Various inputs are used in determining the value of the fund's investments relating to Fair Value Measurements.

These inputs are summarized in the three broad levels listed below.

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of January 31, 2010 in valuing the fund's investments:

  Level 1 -   Level 3 -  
  Unadjusted   Significant  
  Quoted Level 2 - Other Significant Unobservable  
Assets ($) Prices Observable Inputs Inputs Total
Investments in Securities:        
Municipal Bonds - 201,472,170 - 201,472,170



The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) has become 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 ASC has superseded all existing non-SEC accounting and reporting standards. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

Portfolio valuation: Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Board of Trustees. 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 fair value as determined by the Service, based on methods which include consideration of: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Options and financial futures on municipal and U.S.Treasury securities are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day.

The fund adopted the provisions of ASC Topic 815 “Derivatives and Hedging” which requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. The fund held no derivatives during the period ended January 31, 2010.These disclosures did not impact the notes to the financial statements.

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



Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

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



FORM N-Q

SIGNATURES

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

Dreyfus State Municipal Bond Funds

By: /s/ Bradley J. Skapyak
  Bradley J. Skapyak
  President
 
Date: March 23, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ Bradley J. Skapyak
  Bradley J. Skapyak
  President
 
Date: March 23, 2010
 
By: /s/ James Windels
James Windels
  Treasurer
 
Date: March 23, 2010

EXHIBIT INDEX

(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)


EX-99 2 nq302-064.htm EXHIBIT 302 nq302-064.htm - Generated by SEC Publisher for SEC Filing

SECTION 302 CERTIFICATION

I, Bradley J. Skapyak, certify that:

1. I have reviewed this report on Form N-Q of Dreyfus State Municipal Bond Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By: /s/ Bradley J. Skapyak
  Bradley J. Skapyak
  President
Date: March 23, 2010



SECTION 302 CERTIFICATION

I, James Windels, certify that:

1. I have reviewed this report on Form N-Q of Dreyfus State Municipal Bond Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By: /s/ James Windels
  James Windels
Treasurer
Date: March 23, 2010


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