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 | |||||
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Dreyfus State Municipal Bond Funds |
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(Exact name of Registrant as specified in charter) |
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c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166 |
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(Address of principal executive offices) (Zip code) |
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Michael A. Rosenberg, Esq. 200 Park Avenue New York, New York 10166 |
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(Name and address of agent for service) |
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Registrant's telephone number, including area code: |
(212) 922-6000 | |||||
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Date of fiscal year end:
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4/30 |
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Date of reporting period: |
1/31/11 |
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-1-
STATEMENT OF INVESTMENTS |
Dreyfus State Municipal Bond Funds, Dreyfus Connecticut Fund |
January 31, 2011 (Unaudited) |
Long-Term Municipal | Coupon | Maturity | Principal | ||
Investments--97.0% | Rate (%) | Date | Amount ($) | Value ($) | |
Connecticut--73.2% | |||||
Connecticut, | |||||
General Airport Revenue | |||||
(Bradley International | |||||
Airport) (Insured; National | |||||
Public Finance Guarantee Corp.) | 5.25 | 10/1/13 | 5,530,000 | 5,621,909 | |
Connecticut, | |||||
General Airport Revenue | |||||
(Bradley International | |||||
Airport) (Insured; National | |||||
Public Finance Guarantee Corp.) | 5.25 | 10/1/16 | 4,470,000 | 4,541,699 | |
Connecticut, | |||||
General Airport Revenue | |||||
(Bradley International | |||||
Airport) (Insured; National | |||||
Public Finance Guarantee Corp.) | 5.25 | 10/1/17 | 2,275,000 | 2,311,218 | |
Connecticut, | |||||
GO | 5.00 | 12/1/16 | 5,000,000 | 5,742,000 | |
Connecticut, | |||||
GO | 5.00 | 12/15/22 | 4,855,000 | 5,158,340 | |
Connecticut, | |||||
GO | 5.00 | 4/15/24 | 2,500,000 | 2,651,175 | |
Connecticut, | |||||
GO | 5.00 | 11/1/27 | 2,000,000 | 2,078,620 | |
Connecticut, | |||||
GO | 5.00 | 11/1/28 | 3,000,000 | 3,098,010 | |
Connecticut, | |||||
GO (Insured; Assured Guaranty | |||||
Municipal Corp.) (Prerefunded) | 5.00 | 10/15/12 | 3,500,000 | a | 3,765,265 |
Connecticut, | |||||
GO (Prerefunded) | 5.13 | 11/15/11 | 1,000,000 | a | 1,038,030 |
Connecticut, |
Special Tax Obligation | |||||
(Transportation Infrastructure | |||||
Purposes) | 5.00 | 11/1/22 | 5,000,000 | 5,393,800 | |
Connecticut, | |||||
Special Tax Obligation | |||||
(Transportation Infrastructure | |||||
Purposes) (Insured; AMBAC) | 5.25 | 7/1/19 | 3,395,000 | 3,863,510 | |
Connecticut, | |||||
Special Tax Obligation | |||||
(Transportation Infrastructure | |||||
Purposes) (Insured; Assured | |||||
Guaranty Municipal Corp.) (Prerefunded) | 5.38 | 7/1/12 | 2,000,000 | a | 2,136,120 |
Connecticut, | |||||
Special Tax Obligation | |||||
(Transportation Infrastructure | |||||
Purposes) (Insured; Assured | |||||
Guaranty Municipal Corp.) | 5.50 | 11/1/12 | 4,180,000 | 4,528,946 | |
Connecticut Development Authority, | |||||
Airport Facility Revenue | |||||
(Learjet Inc. Project) | 7.95 | 4/1/26 | 2,300,000 | 2,384,180 | |
Connecticut Development Authority, | |||||
First Mortgage Gross Revenue | |||||
(The Elim Park Baptist Home, | |||||
Inc. Project) | 5.38 | 12/1/11 | 1,765,000 | 1,796,699 | |
Connecticut Development Authority, | |||||
First Mortgage Gross Revenue | |||||
(The Elim Park Baptist Home, | |||||
Inc. Project) | 5.38 | 12/1/18 | 2,025,000 | 1,984,338 | |
Connecticut Development Authority, | |||||
First Mortgage Gross Revenue | |||||
(The Elim Park Baptist Home, | |||||
Inc. Project) | 5.75 | 12/1/23 | 1,000,000 | 999,910 | |
Connecticut Development Authority, | |||||
PCR (Connecticut Light and | |||||
Power Company Project) | 5.85 | 9/1/28 | 6,200,000 | 6,194,234 | |
Connecticut Development Authority, | |||||
PCR (Connecticut Light and | |||||
Power Company Project) | 5.95 | 9/1/28 | 4,445,000 | 4,447,222 | |
Connecticut Development Authority, | |||||
PCR (The United Illuminating | |||||
Company Project) | 5.75 | 2/1/12 | 1,250,000 | 1,290,987 |
Connecticut Development Authority, | ||||
Revenue (Duncaster Project) | ||||
(Insured; Radian) | 5.50 | 8/1/11 | 845,000 | 853,670 |
Connecticut Development Authority, | ||||
Solid Waste Disposal Facility | ||||
Revenue (PSEG Power LLC | ||||
Project) | 5.75 | 11/1/37 | 9,250,000 | 8,561,430 |
Connecticut Development Authority, | ||||
Water Facilities Revenue | ||||
(Aquarion Water Company of | ||||
Connecticut Project) (Insured; | ||||
XLCA) | 5.10 | 9/1/37 | 6,250,000 | 5,098,688 |
Connecticut Development Authority, | ||||
Water Facilities Revenue | ||||
(Bridgeport Hydraulic Company | ||||
Project) | 6.15 | 4/1/35 | 1,000,000 | 949,940 |
Connecticut Development Authority, | ||||
Water Facilities Revenue | ||||
(Bridgeport Hydraulic Company | ||||
Project) (Insured; AMBAC) | 6.15 | 4/1/35 | 2,750,000 | 2,612,335 |
Connecticut Health and Educational | ||||
Facilities Authority, Revenue | ||||
(Ascension Health Senior | ||||
Credit Group) | 5.00 | 11/15/40 | 12,000,000 | 10,881,000 |
Connecticut Health and Educational | ||||
Facilities Authority, Revenue | ||||
(Danbury Hospital Issue) | ||||
(Insured; AMBAC) | 5.75 | 7/1/29 | 3,000,000 | 2,801,370 |
Connecticut Health and Educational | ||||
Facilities Authority, Revenue | ||||
(Fairfield University Issue) | 5.00 | 7/1/25 | 1,340,000 | 1,337,213 |
Connecticut Health and Educational | ||||
Facilities Authority, Revenue | ||||
(Fairfield University Issue) | 5.00 | 7/1/27 | 1,420,000 | 1,381,191 |
Connecticut Health and Educational | ||||
Facilities Authority, Revenue | ||||
(Fairfield University Issue) | 5.00 | 7/1/34 | 4,000,000 | 3,723,320 |
Connecticut Health and Educational | ||||
Facilities Authority, Revenue | ||||
(Fairfield University Issue) | 5.00 | 7/1/35 | 2,000,000 | 1,858,820 |
Connecticut Health and Educational | |||||
Facilities Authority, Revenue | |||||
(Fairfield University Issue) | 5.00 | 7/1/40 | 2,500,000 | 2,291,500 | |
Connecticut Health and Educational | |||||
Facilities Authority, Revenue | |||||
(Greenwich Academy Issue) | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.25 | 3/1/32 | 10,880,000 | 11,912,947 | |
Connecticut Health and Educational | |||||
Facilities Authority, Revenue | |||||
(Griffin Hospital Issue) | |||||
(Insured; Radian) | 5.00 | 7/1/23 | 1,280,000 | 1,168,998 | |
Connecticut Health and Educational | |||||
Facilities Authority, Revenue | |||||
(Hospital for Special Care | |||||
Issue) (Insured; Radian) | 5.25 | 7/1/32 | 3,500,000 | 3,034,080 | |
Connecticut Health and Educational | |||||
Facilities Authority, Revenue | |||||
(Loomis Chaffee School Issue) | |||||
(Insured; AMBAC) | 5.25 | 7/1/28 | 1,760,000 | 1,870,933 | |
Connecticut Health and Educational | |||||
Facilities Authority, Revenue | |||||
(Loomis Chaffee School Issue) | |||||
(Prerefunded) | 5.25 | 7/1/11 | 3,000,000 | a | 3,090,000 |
Connecticut Health and Educational | |||||
Facilities Authority, Revenue | |||||
(Loomis Chaffee School Issue) | |||||
(Prerefunded) | 5.50 | 7/1/11 | 2,150,000 | a | 2,216,736 |
Connecticut Health and Educational | |||||
Facilities Authority, Revenue | |||||
(Quinnipiac University Issue) | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.75 | 7/1/33 | 5,000,000 | 5,068,950 | |
Connecticut Health and Educational | |||||
Facilities Authority, Revenue | |||||
(Quinnipiac University Issue) | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.00 | 7/1/37 | 2,000,000 | 1,848,380 | |
Connecticut Health and Educational | |||||
Facilities Authority, Revenue | |||||
(Salisbury School Issue) |
(Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.00 | 7/1/33 | 5,000,000 | 4,884,500 |
Connecticut Health and Educational | ||||
Facilities Authority, Revenue | ||||
(Stamford Hospital Issue) | 5.00 | 7/1/30 | 6,750,000 | 6,419,587 |
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 | 2,074,460 |
Connecticut Health and Educational | ||||
Facilities Authority, Revenue | ||||
(Trinity College Issue) | ||||
(Insured; National Public | ||||
Finance Guarantee Corp.) | 5.00 | 7/1/22 | 1,000,000 | 1,024,540 |
Connecticut Health and Educational | ||||
Facilities Authority, Revenue | ||||
(University of Hartford Issue) | ||||
(Insured; Radian) | 5.00 | 7/1/17 | 1,220,000 | 1,264,408 |
Connecticut Health and Educational | ||||
Facilities Authority, Revenue | ||||
(University of Hartford Issue) | ||||
(Insured; Radian) | 5.50 | 7/1/22 | 1,750,000 | 1,723,715 |
Connecticut Health and Educational | ||||
Facilities Authority, Revenue | ||||
(University of Hartford Issue) | ||||
(Insured; Radian) | 5.63 | 7/1/26 | 4,000,000 | 3,823,160 |
Connecticut Health and Educational | ||||
Facilities Authority, Revenue | ||||
(University of Hartford Issue) | ||||
(Insured; Radian) | 5.25 | 7/1/36 | 5,070,000 | 4,270,005 |
Connecticut Health and Educational | ||||
Facilities Authority, Revenue | ||||
(Wesleyan University Issue) | 5.00 | 7/1/35 | 5,000,000 | 4,968,400 |
Connecticut Health and Educational | ||||
Facilities Authority, Revenue | ||||
(Wesleyan University Issue) | 5.00 | 7/1/39 | 6,500,000 | 6,407,505 |
Connecticut Health and Educational | ||||
Facilities Authority, Revenue | ||||
(Yale University Issue) | 5.00 | 7/1/40 | 5,000,000 | 5,072,500 |
Connecticut Health and Educational | ||||
Facilities Authority, Revenue | ||||
(Yale-New Haven Hospital Issue) | 5.75 | 7/1/34 | 4,000,000 | 3,979,400 |
Connecticut Health and Educational | ||||
Facilities Authority, Revenue | ||||
(Yale-New Haven Hospital | ||||
Issue) (Insured; AMBAC) | 5.00 | 7/1/31 | 2,500,000 | 2,387,500 |
Connecticut Higher Education | ||||
Supplemental Loan Authority, | ||||
Revenue (Family Education Loan | ||||
Program) (Insured; AMBAC) | 5.63 | 11/15/11 | 315,000 | 319,353 |
Connecticut Higher Education | ||||
Supplemental Loan Authority, | ||||
Senior Revenue (Connecticut | ||||
Family Education Loan Program) | ||||
(Insured; National Public | ||||
Finance Guarantee Corp.) | 4.50 | 11/15/20 | 1,715,000 | 1,652,866 |
Connecticut Higher Education | ||||
Supplemental Loan Authority, | ||||
Senior Revenue (Connecticut | ||||
Family Education Loan Program) | ||||
(Insured; National Public | ||||
Finance Guarantee Corp.) | 4.80 | 11/15/22 | 3,115,000 | 2,984,513 |
Connecticut Housing Finance | ||||
Authority, Revenue (Housing | ||||
Mortgage Finance Program) | 5.00 | 11/15/21 | 3,190,000 | 3,213,510 |
Connecticut Housing Finance | ||||
Authority, Revenue (Housing | ||||
Mortgage Finance Program) | 5.45 | 11/15/29 | 4,550,000 | 4,533,165 |
Connecticut Housing Finance | ||||
Authority, Revenue (Housing | ||||
Mortgage Finance Program) | 5.00 | 11/15/35 | 2,475,000 | 2,225,124 |
Connecticut Housing Finance | ||||
Authority, Revenue (Housing | ||||
Mortgage Finance Program) | 6.00 | 11/15/38 | 3,785,000 | 3,932,350 |
Connecticut Housing Finance | ||||
Authority, Revenue (Housing | ||||
Mortgage Finance Program) | ||||
(Insured; AMBAC) | 5.10 | 11/15/33 | 2,500,000 | 2,346,100 |
Connecticut Resources Recovery | ||||
Authority, RRR (American |
Ref-Fuel Company of | ||||
Southeastern Connecticut | ||||
Project) | 5.50 | 11/15/15 | 1,000,000 | 965,740 |
Connecticut Resources Recovery | ||||
Authority, RRR (American | ||||
Ref-Fuel Company of | ||||
Southeastern Connecticut | ||||
Project) | 5.50 | 11/15/15 | 3,250,000 | 3,146,325 |
Eastern Connecticut Resource | ||||
Recovery Authority, Solid | ||||
Waste Revenue (Wheelabrator | ||||
Lisbon Project) | 5.50 | 1/1/14 | 2,565,000 | 2,571,361 |
Eastern Connecticut Resource | ||||
Recovery Authority, Solid | ||||
Waste Revenue (Wheelabrator | ||||
Lisbon Project) | 5.50 | 1/1/20 | 7,000,000 | 7,006,510 |
Fairfield, | ||||
GO | 5.50 | 4/1/11 | 2,030,000 | 2,047,661 |
Greater New Haven Water Pollution | ||||
Control Authority, Regional | ||||
Wastewater System Revenue | ||||
(Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.00 | 11/15/37 | 1,800,000 | 1,692,450 |
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 | 4,864,900 |
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 | 1,886,700 |
Greenwich Housing Authority, | ||||
MFHR (Greenwich Close | ||||
Apartments) | 6.25 | 9/1/17 | 3,715,000 | 3,773,028 |
Hamden, | ||||
GO (Insured; National Public | ||||
Finance Guarantee Corp.) | 5.25 | 8/15/14 | 5,000 | 5,704 |
Meriden, | ||||
GO (Insured; National Public |
Finance Guarantee Corp.) | 5.00 | 8/1/16 | 2,090,000 | 2,411,254 | |
New Britain, | |||||
GO (Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.00 | 4/1/24 | 4,500,000 | 4,806,900 | |
New Haven, | |||||
GO (Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.00 | 3/1/29 | 1,000,000 | 967,590 | |
South Central Connecticut Regional | |||||
Water Authority, Water System | |||||
Revenue (Insured; National | |||||
Public Finance Guarantee Corp.) | 5.25 | 8/1/31 | 2,000,000 | 2,021,260 | |
University of Connecticut, | |||||
GO | 5.00 | 2/15/25 | 1,000,000 | 1,052,200 | |
University of Connecticut, | |||||
GO | 5.00 | 2/15/27 | 1,000,000 | 1,031,690 | |
University of Connecticut, | |||||
GO | 5.00 | 2/15/28 | 1,000,000 | 1,024,240 | |
University of Connecticut, | |||||
GO (Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.00 | 2/15/24 | 1,225,000 | 1,268,904 | |
U.S. Related--23.8% | |||||
Children's Trust Fund of Puerto | |||||
Rico, Tobacco Settlement | |||||
Asset-Backed Bonds | 5.50 | 5/15/39 | 3,000,000 | 2,569,140 | |
Children's Trust Fund of Puerto | |||||
Rico, Tobacco Settlement | |||||
Asset-Backed Bonds | 0.00 | 5/15/50 | 12,000,000 | b | 244,440 |
Government of Guam, | |||||
LOR (Section 30) | 5.63 | 12/1/29 | 1,000,000 | 965,590 | |
Guam Economic Development | |||||
Authority, Tobacco Settlement | |||||
Asset-Backed Bonds | 5.20 | 5/15/12 | 795,000 | 840,188 | |
Guam Economic Development | |||||
Authority, Tobacco Settlement | |||||
Asset-Backed Bonds | 5.45 | 5/15/16 | 1,445,000 | 1,681,590 | |
Guam Economic Development | |||||
Authority, Tobacco Settlement | |||||
Asset-Backed Bonds | |||||
(Prerefunded) | 5.00 | 5/15/11 | 55,000 | a | 55,713 |
Guam Power Authority, | |||||
Revenue | 5.50 | 10/1/30 | 1,750,000 | 1,665,108 | |
Guam Waterworks Authority, | |||||
Water and Wastewater System | |||||
Revenue | 5.50 | 7/1/16 | 750,000 | 750,255 | |
Guam Waterworks Authority, | |||||
Water and Wastewater System | |||||
Revenue | 5.63 | 7/1/40 | 2,000,000 | 1,741,900 | |
Puerto Rico Aqueduct and Sewer | |||||
Authority, Senior Lien Revenue | 6.00 | 7/1/38 | 6,000,000 | 5,647,140 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | 5.25 | 7/1/25 | 1,500,000 | 1,417,260 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | 6.00 | 7/1/38 | 2,000,000 | 1,962,960 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.25 | 7/1/12 | 2,600,000 | 2,733,874 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | |||||
(Insured; FGIC) | 5.50 | 7/1/16 | 3,270,000 | 3,416,725 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.50 | 7/1/13 | 8,000,000 | 8,520,640 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.25 | 7/1/14 | 4,925,000 | 5,189,719 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | 5.25 | 7/1/28 | 5,000,000 | 4,795,950 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | 5.25 | 7/1/40 | 3,000,000 | 2,642,070 | |
Puerto Rico Highways and | |||||
Transportation Authority, | |||||
Highway Revenue (Prerefunded) | 5.50 | 7/1/16 | 5,000,000 | a | 5,954,900 |
Puerto Rico Highways and | |||||
Transportation Authority, | |||||
Highway Revenue (Insured; |
National Public Finance | |||||
Guarantee Corp.) | 5.50 | 7/1/13 | 3,615,000 | 3,775,145 | |
Puerto Rico Highways and | |||||
Transportation Authority, | |||||
Transportation Revenue | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.25 | 7/1/33 | 7,750,000 | 6,976,628 | |
Puerto Rico Infrastructure | |||||
Financing Authority, Special | |||||
Tax Revenue (Insured; AMBAC) | 0.00 | 7/1/35 | 5,500,000 | b | 901,395 |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 5.38 | 8/1/39 | 1,500,000 | 1,382,295 | |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 6.00 | 8/1/39 | 4,000,000 | 4,005,720 | |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 6.00 | 8/1/42 | 3,450,000 | 3,454,106 | |
Virgin Islands Public Finance | |||||
Authority, Revenue (Virgin | |||||
Islands Gross Receipts Taxes | |||||
Loan Note) | 6.38 | 10/1/19 | 5,000,000 | 5,052,500 | |
Virgin Islands Public Finance | |||||
Authority, Revenue (Virgin | |||||
Islands Matching Fund Loan | |||||
Note) | 5.00 | 10/1/25 | 5,000,000 | 4,823,300 | |
Total Long-Term Municipal Investments | |||||
(cost $348,685,821) | 338,805,042 | ||||
Short-Term Municipal | Coupon | Maturity | Principal | ||
Investment--.0% | Rate (%) | Date | Amount ($) | Value ($) | |
Connecticut; | |||||
Connecticut Health and Educational | |||||
Facilities Authority, Revenue | |||||
(Edgehill Issue) (LOC; | |||||
JPMorgan Chase Bank) | |||||
(cost $100,000) | 0.29 | 2/1/11 | 100,000 | c | 100,000 |
Total Investments (cost $348,785,821) | 97.0 | % | 338,905,042 | ||
Cash and Receivables (Net) | 3.0 | % | 10,496,536 | ||
Net Assets | 100.0 | % | 349,401,578 |
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 |
Variable rate demand note - rate shown is the interest rate in effect at January 31, 2011. Maturity date represents the next demand date, or the ultimate maturity date if earlier. |
At January 31, 2011, the aggregate cost of investment securities for income tax purposes was $348,785,821. Net unrealized depreciation on investments was $9,880,779 of which $6,245,255 related to appreciated investment securities and $16,126,034 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 | PUTTERS | Puttable Tax-Exempt Receipts |
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes |
RAW | Revenue Anticipation Warrants | RRR | Resources Recovery Revenue |
SAAN | State Aid Anticipation Notes | SBPA | Standby Bond Purchase Agreement |
SFHR | Single Family Housing Revenue | SFMR | Single Family Mortgage Revenue |
SONYMA | State of New York Mortgage Agency | SWDR | Solid Waste Disposal Revenue |
TAN | Tax Anticipation Notes | TAW | Tax Anticipation Warrants |
TRAN | Tax and Revenue Anticipation Notes | XLCA | XL Capital Assurance |
Various inputs are used in determining the value of the fund's investments relating to fair value measurements. |
These inputs are summarized in the three broad levels listed below. |
Level 1 - unadjusted quoted prices in active markets for identical investments. |
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, |
credit risk, etc.). |
Level 3 - significant unobservable inputs (including 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, 2011 in valuing the fund's investments: |
Level 1 - Unadjusted Quoted | Level 2 - Other Significant | Level 3 -Significant | ||
Assets ($) | Prices | Observable Inputs | Unobservable Inputs | Total |
Investments in Securities: | ||||
Municipal Bonds | - | 338,905,042 | - | 338,905,042 |
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
Portfolio valuation: Investments in securities are valued 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, 2011.
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, 2011 (Unaudited) |
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments--98.6% | Rate (%) | Date | Amount ($) | Value ($) |
Maryland--84.1% | ||||
Anne Arundel County, | ||||
EDR (Anne Arundel Community | ||||
College Project) | 5.00 | 9/1/17 | 2,255,000 | 2,342,877 |
Baltimore, | ||||
Project Revenue (Wastewater | ||||
Projects) (Insured; National | ||||
Public Finance Guarantee Corp.) | 5.00 | 7/1/22 | 630,000 | 660,152 |
Baltimore, | ||||
Subordinate Project Revenue | ||||
(Water Projects) | 5.75 | 7/1/39 | 750,000 | 783,772 |
Frederick County, | ||||
Educational Facilities Revenue | ||||
(Mount Saint Mary's University) | 4.50 | 9/1/25 | 3,000,000 | 2,474,580 |
Gaithersburg, | ||||
Hospital Facilities | ||||
Improvement Revenue (Shady | ||||
Grove Adventist Hospital) | ||||
(Insured; Assured Guaranty | ||||
Municipal Corp.) | 6.50 | 9/1/12 | 2,750,000 | 2,911,700 |
Harford County, | ||||
MFHR (Affinity Old Post | ||||
Apartments Projects) | ||||
(Collateralized; GNMA) | 5.00 | 11/20/25 | 1,460,000 | 1,429,997 |
Howard County, | ||||
COP | 8.15 | 2/15/20 | 605,000 | 819,067 |
Howard County, | ||||
GO (Metropolitan District | ||||
Project) | 5.25 | 8/15/19 | 1,545,000 | 1,609,071 |
Hyattsville, | ||||
Special Obligation Revenue | ||||
(University Town Center | ||||
Project) | 5.75 | 7/1/34 | 3,000,000 | 2,522,760 |
Maryland, | |||||
GO (State and Local Facilities | |||||
Loan) (Prerefunded) | 5.00 | 8/1/13 | 2,000,000 | a | 2,206,560 |
Maryland Community Development | |||||
Administration, Department of | |||||
Housing and Community | |||||
Development, Housing Revenue | 5.95 | 7/1/23 | 705,000 | 705,240 | |
Maryland Community Development | |||||
Administration, Department of | |||||
Housing and Community | |||||
Development, Housing Revenue | |||||
(Collateralized; GNMA) | 5.05 | 7/1/47 | 2,550,000 | 2,196,340 | |
Maryland Community Development | |||||
Administration, Department of | |||||
Housing and Community | |||||
Development, Residential | |||||
Revenue | 5.38 | 9/1/22 | 1,090,000 | 1,090,327 | |
Maryland Community Development | |||||
Administration, Department of | |||||
Housing and Community | |||||
Development, Residential | |||||
Revenue | 4.80 | 9/1/32 | 3,000,000 | 2,725,860 | |
Maryland Community Development | |||||
Administration, Department of | |||||
Housing and Community | |||||
Development, Residential | |||||
Revenue | 4.95 | 9/1/38 | 1,245,000 | 1,138,938 | |
Maryland Community Development | |||||
Administration, Department of | |||||
Housing and Community | |||||
Development, Residential | |||||
Revenue | 4.85 | 9/1/47 | 4,175,000 | 3,670,535 | |
Maryland Economic Development | |||||
Corporation, EDR (Terminal | |||||
Project) | 5.75 | 6/1/35 | 2,000,000 | 1,849,780 | |
Maryland Economic Development | |||||
Corporation, EDR | |||||
(Transportation Facilities | |||||
Project) | 5.75 | 6/1/35 | 1,000,000 | 915,670 | |
Maryland Economic Development | |||||
Corporation, LR (Maryland |
Aviation Administration | ||||
Facilities) (Insured; Assured | ||||
Guaranty Municipal Corp.) | 5.50 | 6/1/16 | 3,120,000 | 3,288,605 |
Maryland Economic Development | ||||
Corporation, LR (Maryland | ||||
Aviation Administration | ||||
Facilities) (Insured; Assured | ||||
Guaranty Municipal Corp.) | 5.50 | 6/1/18 | 2,535,000 | 2,625,905 |
Maryland Economic Development | ||||
Corporation, LR (Maryland | ||||
Aviation Administration | ||||
Facilities) (Insured; Assured | ||||
Guaranty Municipal Corp.) | 5.38 | 6/1/19 | 9,530,000 | 9,783,498 |
Maryland Economic Development | ||||
Corporation, LR (Montgomery | ||||
County Wayne Avenue Parking | ||||
Garage Project) | 5.25 | 9/15/16 | 2,940,000 | 3,119,252 |
Maryland Economic Development | ||||
Corporation, PCR (Potomac | ||||
Electric Project) | 6.20 | 9/1/22 | 2,500,000 | 2,783,975 |
Maryland Economic Development | ||||
Corporation, Port Facilities | ||||
Revenue (CNX Marine Terminals | ||||
Inc. Port of Baltimore | ||||
Facility) | 5.75 | 9/1/25 | 2,000,000 | 1,870,620 |
Maryland Economic Development | ||||
Corporation, Senior Student | ||||
Housing Revenue (Towson | ||||
University Project) | 5.00 | 7/1/39 | 450,000 | 370,499 |
Maryland Economic Development | ||||
Corporation, Student Housing | ||||
Revenue (University of | ||||
Maryland, College Park | ||||
Projects) | 5.75 | 6/1/33 | 1,000,000 | 927,680 |
Maryland Economic Development | ||||
Corporation, Student Housing | ||||
Revenue (University Village at | ||||
Sheppard Pratt) (Insured; ACA) | 5.88 | 7/1/21 | 1,750,000 | 1,593,917 |
Maryland Economic Development | ||||
Corporation, Student Housing | ||||
Revenue (University Village at |
Sheppard Pratt) (Insured; ACA) | 6.00 | 7/1/33 | 1,750,000 | 1,444,170 |
Maryland Health and Higher | ||||
Educational Facilities | ||||
Authority, Revenue (Anne | ||||
Arundel Health System Issue) | 5.00 | 7/1/32 | 1,000,000 | 933,910 |
Maryland Health and Higher | ||||
Educational Facilities | ||||
Authority, Revenue (Anne | ||||
Arundel Health System Issue) | 6.75 | 7/1/39 | 2,500,000 | 2,701,150 |
Maryland Health and Higher | ||||
Educational Facilities | ||||
Authority, Revenue | ||||
(Charlestown Community Issue) | 6.13 | 1/1/30 | 1,250,000 | 1,215,188 |
Maryland Health and Higher | ||||
Educational Facilities | ||||
Authority, Revenue (Doctors | ||||
Community Hospital Issue) | 5.75 | 7/1/38 | 1,000,000 | 846,310 |
Maryland Health and Higher | ||||
Educational Facilities | ||||
Authority, Revenue (Mercy | ||||
Medical Center Issue) | 5.50 | 7/1/42 | 1,000,000 | 865,530 |
Maryland Health and Higher | ||||
Educational Facilities | ||||
Authority, Revenue (Peninsula | ||||
Regional Medical Center Issue) | 5.00 | 7/1/26 | 1,630,000 | 1,571,369 |
Maryland Health and Higher | ||||
Educational Facilities | ||||
Authority, Revenue (Peninsula | ||||
Regional Medical Center Issue) | 5.00 | 7/1/36 | 3,350,000 | 3,057,947 |
Maryland Health and Higher | ||||
Educational Facilities | ||||
Authority, Revenue (The Johns | ||||
Hopkins Health System | ||||
Obligated Group Issue) | 5.00 | 5/15/40 | 4,945,000 | 4,704,030 |
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 | 5,165,021 |
Maryland Health and Higher |
Educational Facilities | |||||
Authority, Revenue (University | |||||
of Maryland Medical System | |||||
Issue) (Prerefunded) | 6.00 | 7/1/12 | 1,000,000 | a | 1,077,170 |
Maryland Health and Higher | |||||
Educational Facilities | |||||
Authority, Revenue (Upper | |||||
Chesapeake Hospitals Issue) | 6.00 | 1/1/38 | 3,005,000 | 3,040,369 | |
Maryland Health and Higher | |||||
Educational Facilities | |||||
Authority, Revenue (Washington | |||||
Christian Academy Issue) | 5.25 | 7/1/18 | 500,000 | b | 199,995 |
Maryland Health and Higher | |||||
Educational Facilities | |||||
Authority, Revenue (Washington | |||||
Christian Academy Issue) | 5.50 | 7/1/38 | 3,540,000 | b | 1,415,965 |
Maryland Health and Higher | |||||
Educational Facilities | |||||
Authority, Revenue (Washington | |||||
County Hospital Issue) | 5.75 | 1/1/38 | 2,500,000 | 2,286,550 | |
Maryland Industrial Development | |||||
Financing Authority, EDR | |||||
(Medical Waste Associates | |||||
Limited Partnership Facility) | 8.75 | 5/15/11 | 630,000 | b | 346,815 |
Maryland Industrial Development | |||||
Financing Authority, EDR (Our | |||||
Lady of Good Counsel High | |||||
School Facility) | 6.00 | 5/1/35 | 1,600,000 | 1,482,656 | |
Montgomery County, | |||||
Consolidated Public | |||||
Improvement GO | 5.25 | 10/1/15 | 2,000,000 | 2,084,200 | |
Montgomery County, | |||||
Special Obligation Revenue | |||||
(West Germantown Development | |||||
District) (Insured; Radian) | 5.38 | 7/1/20 | 500,000 | 508,350 | |
Montgomery County, | |||||
Special Obligation Revenue | |||||
(West Germantown Development | |||||
District) (Insured; Radian) | 5.50 | 7/1/27 | 2,975,000 | 2,965,302 | |
Montgomery County Housing | |||||
Opportunities Commission, SFMR | 0.00 | 7/1/28 | 34,670,000 | c | 13,135,076 |
Montgomery County Housing | |||||
Opportunities Commission, SFMR | 0.00 | 7/1/33 | 3,060,000 | c | 783,666 |
Montgomery County Housing | |||||
Opportunities Commission, SFMR | 5.00 | 7/1/36 | 1,595,000 | 1,482,329 | |
Northeast Waste Disposal | |||||
Authority, RRR (Hartford | |||||
County Resource Recovery | |||||
Facility) (Insured; AMBAC) | 5.25 | 3/15/13 | 1,400,000 | 1,406,020 | |
Northeast Waste Disposal | |||||
Authority, RRR (Hartford | |||||
County Resource Recovery | |||||
Facility) (Insured; AMBAC) | 5.25 | 3/15/14 | 1,220,000 | 1,224,538 | |
Northeast Waste Disposal | |||||
Authority, Solid Waste Revenue | |||||
(Montgomery County Solid Waste | |||||
Disposal System) (Insured; | |||||
AMBAC) | 5.50 | 4/1/15 | 7,000,000 | 7,485,170 | |
Northeast Waste Disposal | |||||
Authority, Solid Waste Revenue | |||||
(Montgomery County Solid Waste | |||||
Disposal System) (Insured; | |||||
AMBAC) | 5.50 | 4/1/16 | 8,000,000 | 8,554,480 | |
Prince Georges County, | |||||
Special Obligation Revenue | |||||
(National Harbor Project) | 5.20 | 7/1/34 | 4,000,000 | 3,299,680 | |
Washington Metropolitan Area | |||||
Transit Authority, Gross | |||||
Transit Revenue | 5.25 | 7/1/29 | 1,750,000 | 1,783,285 | |
Washington Suburban Sanitary | |||||
District, General Construction | |||||
Revenue | 5.00 | 6/1/15 | 2,500,000 | 2,561,500 | |
U.S. Related--14.5% | |||||
Guam Power Authority, | |||||
Revenue | 5.50 | 10/1/30 | 1,000,000 | 951,490 | |
Guam Waterworks Authority, | |||||
Water and Wastewater System | |||||
Revenue | 6.00 | 7/1/25 | 1,000,000 | 997,550 | |
Puerto Rico Aqueduct and Sewer | |||||
Authority, Senior Lien Revenue | 6.00 | 7/1/44 | 1,000,000 | 932,080 | |
Puerto Rico Aqueduct and Sewer |
Authority, Senior Lien Revenue | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.00 | 7/1/28 | 2,000,000 | 1,902,740 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | 5.25 | 7/1/26 | 2,000,000 | 1,877,160 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | 5.00 | 7/1/28 | 1,830,000 | 1,652,161 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | 6.00 | 7/1/38 | 1,000,000 | 981,480 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.13 | 7/1/30 | 100,000 | 96,015 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | 5.50 | 7/1/38 | 3,500,000 | 3,256,925 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | 5.25 | 7/1/40 | 1,000,000 | 880,690 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.25 | 7/1/30 | 1,110,000 | 1,043,056 | |
Puerto Rico Infrastructure | |||||
Financing Authority, Special | |||||
Tax Revenue | 5.00 | 7/1/25 | 1,250,000 | 1,138,325 | |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 6.00 | 8/1/39 | 1,580,000 | 1,582,259 | |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 6.00 | 8/1/42 | 2,500,000 | 2,502,975 | |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 6.50 | 8/1/44 | 1,500,000 | 1,556,445 | |
Virgin Islands Public Finance | |||||
Authority, Revenue (Virgin | |||||
Islands Matching Fund Loan | |||||
Note) | 5.00 | 10/1/25 | 2,500,000 | 2,411,650 | |
Total Investments (cost $167,329,945) | 98.6 | % | 161,807,919 | ||
Cash and Receivables (Net) | 1.4 | % | 2,336,612 |
Net Assets | 100.0 | % | 164,144,531 |
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 |
Non-income producing security; interest payments in default. |
c |
Security issued with a zero coupon. Income is recognized through the accretion of discount. |
At January 31, 2011, the aggregate cost of investment securities for income tax purposes was $167,329,945. Net unrealized depreciation on investments was $5,522,026 of which $3,591,073 related to appreciated investment securities and $9,113,099 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 | PUTTERS | Puttable Tax-Exempt Receipts |
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes |
RAW | Revenue Anticipation Warrants | RRR | Resources Recovery Revenue |
SAAN | State Aid Anticipation Notes | SBPA | Standby Bond Purchase Agreement |
SFHR | Single Family Housing Revenue | SFMR | Single Family Mortgage Revenue |
SONYMA | State of New York Mortgage Agency | SWDR | Solid Waste Disposal Revenue |
TAN | Tax Anticipation Notes | TAW | Tax Anticipation Warrants |
TRAN | Tax and Revenue Anticipation Notes | XLCA | XL Capital Assurance |
Various inputs are used in determining the value of the fund's investments relating to fair value measurements. |
These inputs are summarized in the three broad levels listed below. |
Level 1 - unadjusted quoted prices in active markets for identical investments. |
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, |
credit risk, etc.). |
Level 3 - significant unobservable inputs (including 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, 2011 in valuing the fund's investments: |
Level 1 - Unadjusted Quoted | Level 2 - Other Significant | Level 3 -Significant | ||
Assets ($) | Prices | Observable Inputs | Unobservable Inputs | Total |
Investments in Securities: | ||||
Municipal Bonds | - | 161,807,919 | - | 161,807,919 |
The Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) is the exclusive reference of authoritative U.S. generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (SEC) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
Portfolio valuation: Investments in securities are valued 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, 2011.
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, 2011 (Unaudited) | |||||
Long-Term Municipal | Coupon | Maturity | Principal | ||
Investments--98.1% | Rate (%) | Date | Amount ($) | Value ($) | |
Massachusetts--83.9% | |||||
Boston, | |||||
Convention Center Loan, | |||||
Special Obligation Bonds | |||||
(Insured; AMBAC) | 5.00 | 5/1/16 | 1,750,000 | 1,829,257 | |
Boston Housing Authority, | |||||
Capital Program Revenue | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.00 | 4/1/24 | 1,900,000 | 1,862,190 | |
Boston Industrial Development | |||||
Financing Authority, Sewage | |||||
Facility Revenue (Harbor | |||||
Electric Energy Company | |||||
Project) | 7.38 | 5/15/15 | 1,135,000 | 1,139,256 | |
Boston Water and Sewer Commission, | |||||
Revenue | 5.00 | 11/1/20 | 2,000,000 | 2,138,880 | |
Holliston, | |||||
GO (Insured; National Public | |||||
Finance Guarantee Corp.) | |||||
(Prerefunded) | 5.25 | 4/1/12 | 1,655,000 | a | 1,764,892 |
Holyoke, | |||||
Gas and Electric Department | |||||
Revenue (Insured; National | |||||
Public Finance Guarantee Corp.) | 5.38 | 12/1/15 | 1,245,000 | 1,295,435 | |
Hopkinton, | |||||
GO | 5.00 | 9/1/17 | 1,735,000 | 1,794,667 | |
Hopkinton, | |||||
GO | 5.00 | 9/1/18 | 1,735,000 | 1,791,769 | |
Hopkinton, | |||||
GO | 5.00 | 9/1/19 | 1,735,000 | 1,791,769 | |
Hopkinton, | |||||
GO | 5.00 | 9/1/20 | 1,735,000 | 1,791,769 |
Marblehead, | |||||
GO | 5.00 | 8/15/23 | 1,835,000 | 1,908,730 | |
Marblehead, | |||||
GO | 5.00 | 8/15/24 | 1,925,000 | 1,992,144 | |
Massachusetts, | |||||
GO | 5.25 | 8/1/22 | 2,650,000 | 3,010,612 | |
Massachusetts, | |||||
GO | 0.74 | 11/1/25 | 5,000,000 | b | 3,798,800 |
Massachusetts, | |||||
GO (Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.25 | 9/1/23 | 1,000,000 | 1,124,510 | |
Massachusetts, | |||||
Special Obligation Dedicated | |||||
Tax Revenue (Insured; National | |||||
Public Finance Guarantee Corp.) | 5.50 | 1/1/23 | 3,000,000 | 3,181,770 | |
Massachusetts Bay Transportation | |||||
Authority, Assessment Revenue | 5.00 | 7/1/21 | 2,400,000 | 2,567,760 | |
Massachusetts Bay Transportation | |||||
Authority, Assessment Revenue | 5.25 | 7/1/34 | 2,500,000 | 2,552,975 | |
Massachusetts Bay Transportation | |||||
Authority, GO (General | |||||
Transportation Systems) | 6.20 | 3/1/16 | 2,055,000 | 2,303,634 | |
Massachusetts Bay Transportation | |||||
Authority, GO (General | |||||
Transportation Systems) | 7.00 | 3/1/21 | 1,000,000 | 1,190,420 | |
Massachusetts Bay Transportation | |||||
Authority, Senior Sales Tax | |||||
Revenue | 5.00 | 7/1/21 | 1,000,000 | 1,119,300 | |
Massachusetts Bay Transportation | |||||
Authority, Senior Sales Tax | |||||
Revenue (Insured; National | |||||
Public Finance Guarantee Corp.) | 5.50 | 7/1/27 | 3,000,000 | 3,314,130 | |
Massachusetts College Building | |||||
Authority, Project Revenue | 5.00 | 5/1/28 | 1,540,000 | 1,552,936 | |
Massachusetts College Building | |||||
Authority, Project Revenue | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 0.00 | 5/1/26 | 5,385,000 | c | 2,679,414 |
Massachusetts Department of |
Transportation, Metropolitan | ||||
Highway System Senior Revenue | 5.00 | 1/1/27 | 4,000,000 | 3,960,880 |
Massachusetts Development Finance | ||||
Agency, Higher Education | ||||
Revenue (Emerson College Issue) | 5.00 | 1/1/22 | 1,000,000 | 1,005,550 |
Massachusetts Development Finance | ||||
Agency, Revenue (Assumption | ||||
College Issue) (Insured; | ||||
Radian) | 6.00 | 3/1/30 | 1,905,000 | 1,806,550 |
Massachusetts Development Finance | ||||
Agency, Revenue (Brandeis | ||||
University Issue) | 5.00 | 10/1/26 | 1,250,000 | 1,216,812 |
Massachusetts Development Finance | ||||
Agency, Revenue (Brandeis | ||||
University Issue) | 5.00 | 10/1/29 | 1,475,000 | 1,401,058 |
Massachusetts Development Finance | ||||
Agency, Revenue (Milton | ||||
Academy Issue) | 5.00 | 9/1/30 | 2,000,000 | 1,998,680 |
Massachusetts Development Finance | ||||
Agency, Revenue (Mount Holyoke | ||||
College Issue) | 5.25 | 7/1/31 | 2,000,000 | 2,000,760 |
Massachusetts Development Finance | ||||
Agency, Revenue (Partners | ||||
HealthCare System Issue) | 5.38 | 7/1/41 | 4,000,000 | 3,852,080 |
Massachusetts Development Finance | ||||
Agency, Revenue (Suffolk | ||||
University Issue) | 5.00 | 7/1/30 | 1,000,000 | 873,710 |
Massachusetts Development Finance | ||||
Agency, Revenue (Wheelock | ||||
College Issue) | 5.25 | 10/1/37 | 2,500,000 | 2,165,675 |
Massachusetts Development Finance | ||||
Agency, RRR (SEMASS System) | ||||
(Insured; National Public | ||||
Finance Guarantee Corp.) | 5.63 | 1/1/14 | 2,000,000 | 2,051,920 |
Massachusetts Development Finance | ||||
Agency, SWDR (Dominion Energy | ||||
Brayton Point Issue) | 5.00 | 2/1/36 | 2,000,000 | 1,778,140 |
Massachusetts Educational | ||||
Financing Authority, Education | ||||
Loan Revenue (Insured; AMBAC) | 5.00 | 1/1/13 | 1,440,000 | 1,442,794 |
Massachusetts Educational | |||||
Financing Authority, Education | |||||
Loan Revenue (Insured; AMBAC) | 4.70 | 1/1/27 | 10,000,000 | 8,757,600 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Healthcare System | |||||
Revenue (Covenant Health | |||||
Systems Obligated Group Issue) | 6.50 | 7/1/17 | 1,175,000 | 1,205,550 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Healthcare System | |||||
Revenue (Covenant Health | |||||
Systems Obligated Group Issue) | 6.00 | 7/1/22 | 1,030,000 | 1,042,813 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Healthcare System | |||||
Revenue (Covenant Health | |||||
Systems Obligated Group Issue) | |||||
(Prerefunded) | 6.00 | 1/1/12 | 1,070,000 | a | 1,135,174 |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Healthcare System | |||||
Revenue (Covenant Health | |||||
Systems Obligated Group Issue) | |||||
(Prerefunded) | 6.50 | 1/1/12 | 310,000 | a | 330,299 |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Community | |||||
Colleges Program Issue) | |||||
(Insured; AMBAC) | 5.25 | 10/1/26 | 2,845,000 | 2,634,072 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue | |||||
(Dana-Farber Cancer Institute | |||||
Issue) | 5.25 | 12/1/27 | 1,000,000 | 1,010,480 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Harvard | |||||
University Issue) | 5.00 | 12/15/24 | 2,350,000 | 2,548,810 | |
Massachusetts Health and | |||||
Educational Facilities |
Authority, Revenue | |||||
(Massachusetts Eye and Ear | |||||
Infirmary Issue) | 5.00 | 7/1/20 | 1,000,000 | 1,000,700 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue | |||||
(Massachusetts Eye and Ear | |||||
Infirmary Issue) | 5.38 | 7/1/35 | 1,000,000 | 916,790 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue | |||||
(Massachusetts Institute of | |||||
Technology Issue) | 5.25 | 7/1/33 | 4,000,000 | 4,334,720 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue | |||||
(Milford-Whitinsville Regional | |||||
Hospital Issue) (Prerefunded) | 6.50 | 7/15/12 | 2,250,000 | a | 2,459,182 |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Partners | |||||
HealthCare System Issue) | 6.00 | 7/1/16 | 1,520,000 | 1,561,587 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Partners | |||||
HealthCare System Issue) | 6.00 | 7/1/17 | 45,000 | 46,212 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Partners | |||||
HealthCare System Issue) | 5.25 | 7/1/29 | 2,000,000 | 1,958,320 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Partners | |||||
HealthCare System Issue) | 5.75 | 7/1/32 | 60,000 | 60,215 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Partners | |||||
HealthCare System Issue) | 5.00 | 7/1/47 | 4,950,000 | 4,322,588 | |
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 | 1,003,810 |
Massachusetts Health and | ||||
Educational Facilities | ||||
Authority, Revenue | ||||
(Springfield College Issue) | ||||
(Insured; Radian) | 5.13 | 10/15/23 | 1,100,000 | 1,045,176 |
Massachusetts Health and | ||||
Educational Facilities | ||||
Authority, Revenue (Suffolk | ||||
University Issue) | 6.00 | 7/1/24 | 1,000,000 | 1,035,660 |
Massachusetts Health and | ||||
Educational Facilities | ||||
Authority, Revenue (Tufts | ||||
University Issue) | 5.50 | 8/15/18 | 1,625,000 | 1,898,699 |
Massachusetts Health and | ||||
Educational Facilities | ||||
Authority, Revenue (Tufts | ||||
University Issue) | 5.38 | 8/15/38 | 3,000,000 | 3,065,160 |
Massachusetts Health and | ||||
Educational Facilities | ||||
Authority, Revenue (UMass | ||||
Memorial Issue) | 5.25 | 7/1/25 | 1,895,000 | 1,844,498 |
Massachusetts Health and | ||||
Educational Facilities | ||||
Authority, Revenue (UMass | ||||
Memorial Issue) | 5.00 | 7/1/33 | 1,070,000 | 945,003 |
Massachusetts Health and | ||||
Educational Facilities | ||||
Authority, Revenue (Wheaton | ||||
College Issue) | 5.00 | 1/1/30 | 2,405,000 | 2,294,490 |
Massachusetts Health and | ||||
Educational Facilities | ||||
Authority, Revenue (Winchester | ||||
Hospital Issue) | 5.25 | 7/1/38 | 1,000,000 | 870,720 |
Massachusetts Housing Finance | ||||
Agency, Housing Development | ||||
Revenue (Insured; National | ||||
Public Finance Guarantee Corp.) | 5.40 | 6/1/20 | 345,000 | 345,183 |
Massachusetts Housing Finance |
Agency, Housing Revenue | 5.00 | 12/1/24 | 1,160,000 | 1,147,368 |
Massachusetts Housing Finance | ||||
Agency, Housing Revenue | 5.00 | 12/1/26 | 1,200,000 | 1,165,536 |
Massachusetts Housing Finance | ||||
Agency, Housing Revenue | 5.00 | 12/1/28 | 2,000,000 | 1,911,200 |
Massachusetts Housing Finance | ||||
Agency, Housing Revenue | 5.00 | 6/1/30 | 1,295,000 | 1,260,488 |
Massachusetts Housing Finance | ||||
Agency, Housing Revenue | 5.25 | 12/1/33 | 1,350,000 | 1,243,755 |
Massachusetts Housing Finance | ||||
Agency, Housing Revenue | 5.10 | 6/1/37 | 1,695,000 | 1,518,890 |
Massachusetts Housing Finance | ||||
Agency, Housing Revenue | 5.10 | 12/1/37 | 2,130,000 | 1,947,076 |
Massachusetts Housing Finance | ||||
Agency, Housing Revenue | 5.20 | 12/1/37 | 2,000,000 | 1,817,380 |
Massachusetts Housing Finance | ||||
Agency, Rental Housing | ||||
Mortgage Revenue (Insured; | ||||
AMBAC) | 5.70 | 7/1/20 | 60,000 | 60,017 |
Massachusetts Housing Finance | ||||
Agency, SFHR | 4.75 | 12/1/30 | 1,315,000 | 1,187,892 |
Massachusetts Industrial Finance | ||||
Agency, Water Treatment | ||||
Revenue | ||||
(Massachusetts-American | ||||
Hingham Project) | 6.95 | 12/1/35 | 2,790,000 | 2,678,093 |
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 | 2,070,900 |
Massachusetts Port Authority, | ||||
Revenue | 5.00 | 7/1/27 | 5,475,000 | 5,534,185 |
Massachusetts Water Pollution | ||||
Abatement Trust (Pool Program) | 5.38 | 8/1/27 | 1,000,000 | 1,002,490 |
Massachusetts Water Pollution | ||||
Abatement Trust, State | ||||
Revolving Fund Bonds | 5.00 | 8/1/27 | 1,535,000 | 1,615,848 |
Massachusetts Water Resources | |||||
Authority, General Revenue | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.25 | 8/1/21 | 1,500,000 | 1,635,765 | |
Massachusetts Water Resources | |||||
Authority, General Revenue | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.25 | 8/1/26 | 2,000,000 | 2,086,580 | |
Medford, | |||||
GO (Insured; AMBAC) | 5.00 | 3/15/19 | 1,155,000 | 1,170,916 | |
Pittsfield, | |||||
GO (Insured; National Public | |||||
Finance Guarantee Corp.) | |||||
(Prerefunded) | 5.13 | 4/15/12 | 1,000,000 | a | 1,066,490 |
Sandwich, | |||||
GO (Insured; National Public | |||||
Finance Guarantee Corp.) | 5.00 | 7/15/19 | 1,000,000 | 1,093,590 | |
Triton Regional School District, | |||||
GO (Insured; National Public | |||||
Finance Guarantee Corp.) | 5.25 | 4/1/19 | 1,420,000 | 1,444,268 | |
Triton Regional School District, | |||||
GO (Insured; National Public | |||||
Finance Guarantee Corp.) | 5.25 | 4/1/20 | 1,420,000 | 1,444,268 | |
U.S. Related--14.2% | |||||
Children's Trust Fund of Puerto | |||||
Rico, Tobacco Settlement | |||||
Asset-Backed Bonds | 5.38 | 5/15/33 | 1,820,000 | 1,647,883 | |
Children's Trust Fund of Puerto | |||||
Rico, Tobacco Settlement | |||||
Asset-Backed Bonds | 5.50 | 5/15/39 | 1,245,000 | 1,066,193 | |
Children's Trust Fund of Puerto | |||||
Rico, Tobacco Settlement | |||||
Asset-Backed Bonds | 0.00 | 5/15/50 | 5,000,000 | c | 101,850 |
Guam Power Authority, | |||||
Revenue | 5.50 | 10/1/30 | 1,000,000 | 951,490 | |
Puerto Rico Aqueduct and Sewer | |||||
Authority, Senior Lien Revenue | 6.00 | 7/1/38 | 2,000,000 | 1,882,380 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | 5.25 | 7/1/25 | 1,500,000 | 1,417,260 |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 6.00 | 7/1/27 | 1,000,000 | 1,010,060 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | |||||
(Insured; XLCA) | 5.25 | 7/1/17 | 1,460,000 | 1,494,237 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | 5.25 | 7/1/27 | 2,500,000 | 2,414,525 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | 5.25 | 7/1/40 | 1,000,000 | 880,690 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.25 | 7/1/30 | 1,000,000 | 939,690 | |
Puerto Rico Infrastructure | |||||
Financing Authority, Special | |||||
Tax Revenue (Insured; AMBAC) | 0.00 | 7/1/35 | 6,840,000 | c | 1,121,008 |
Puerto Rico Infrastructure | |||||
Financing Authority, Special | |||||
Tax Revenue (Insured; FGIC) | 5.50 | 7/1/19 | 1,225,000 | 1,251,411 | |
Puerto Rico Public Buildings | |||||
Authority, Guaranteed | |||||
Government Facilities Revenue | 5.75 | 7/1/22 | 1,900,000 | 1,914,136 | |
Puerto Rico Public Buildings | |||||
Authority, Guaranteed | |||||
Government Facilities Revenue | |||||
(Insured; AMBAC) | 6.25 | 7/1/15 | 1,100,000 | 1,309,748 | |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 5.38 | 8/1/39 | 1,000,000 | 921,530 | |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 6.00 | 8/1/39 | 2,500,000 | 2,503,575 | |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 6.00 | 8/1/42 | 2,000,000 | 2,002,380 | |
Virgin Islands Public Finance | |||||
Authority, Revenue (Virgin | |||||
Islands Matching Fund Loan |
Note) | 5.00 | 10/1/25 | 2,500,000 | 2,411,650 | |
Total Long-Term Municipal Investments | |||||
(cost $194,936,659) | 188,069,830 | ||||
Short-Term Municipal | Coupon | Maturity | Principal | ||
Investment--1.0% | Rate (%) | Date | Amount ($) | Value ($) | |
Massachusetts; | |||||
Massachusetts Development Finance | |||||
Agency, Revenue (Boston | |||||
University Issue) (LOC; | |||||
JPMorgan Chase Bank) | |||||
(cost $2,000,000) | 0.26 | 2/1/11 | 2,000,000 | d | 2,000,000 |
Total Investments (cost $196,936,659) | 99.1 | % | 190,069,830 | ||
Cash and Receivables (Net) | .9 | % | 1,658,394 | ||
Net Assets | 100.0 | % | 191,728,224 |
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 | Variable rate security--interest rate subject to periodic change. |
c | Security issued with a zero coupon. Income is recognized through the accretion of discount. |
d | Variable rate demand note - rate shown is the interest rate in effect at January 31, 2011. Maturity date represents the |
next demand date, or the ultimate maturity date if earlier. |
At January 31, 2011, the aggregate cost of investment securities for income tax purposes was $196,936,659. Net unrealized depreciation on investments was $6,866,829 of which $3,223,239 related to appreciated investment securities and $10,090,068 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 | PUTTERS | Puttable Tax-Exempt Receipts |
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes |
RAW | Revenue Anticipation Warrants | RRR | Resources Recovery Revenue |
SAAN | State Aid Anticipation Notes | SBPA | Standby Bond Purchase Agreement |
SFHR | Single Family Housing Revenue | SFMR | Single Family Mortgage Revenue |
SONYMA | State of New York Mortgage Agency | SWDR | Solid Waste Disposal Revenue |
TAN | Tax Anticipation Notes | TAW | Tax Anticipation Warrants |
TRAN | Tax and Revenue Anticipation Notes | XLCA | XL Capital Assurance |
Various inputs are used in determining the value of the fund's investments relating to fair value measurements.
These inputs are summarized in the three broad levels listed below.
Level 1 - unadjusted quoted prices in active markets for identical investments.
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds,
credit risk, etc.).
Level 3 - significant unobservable inputs (including 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, 2011 in valuing the fund's investments:
Level 1 - Unadjusted Quoted | Level 2 - Other Significant | Level 3 -Significant | ||
Assets ($) | Prices | Observable Inputs | Unobservable Inputs | Total |
Investments in Securities: | ||||
Municipal Bonds | - | 190,069,830 | - | 190,069,830 |
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
Portfolio valuation: Investments in securities are valued 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, 2011.
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, 2011 (Unaudited) |
Long-Term Municipal | Coupon | Maturity | Principal | ||
Investments--98.4% | Rate (%) | Date | Amount ($) | Value ($) | |
Minnesota--94.6% | |||||
Andover Economic Development | |||||
Authority, Public Facility LR | |||||
(City of Andover Community | |||||
Center) | 5.20 | 2/1/34 | 885,000 | 961,429 | |
Andover Economic Development | |||||
Authority, Public Facility LR | |||||
(City of Andover Community | |||||
Center) | 5.20 | 2/1/34 | 615,000 | 668,111 | |
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 | 1,905,263 | |
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 | 900,000 | 935,937 | |
Chaska, | |||||
Electric Revenue (Generating | |||||
Facilities) | 5.00 | 10/1/30 | 1,135,000 | 1,100,371 | |
Columbia Heights, | |||||
MFHR (Crest View Opportunity | |||||
Neighborhood Development | |||||
Corporation 1 Project) | |||||
(Collateralized; GNMA) | |||||
(Prerefunded) | 6.63 | 10/20/12 | 1,475,000 | a | 1,696,088 |
Coon Rapids, | |||||
Multifamily Rental Housing |
Revenue (GNMA Collateralized | |||||
Mortgage Loan - Mississippi | |||||
View Apartments Project) | |||||
(Collateralized; FHA) | 4.95 | 10/20/41 | 2,700,000 | 2,414,853 | |
Dakota County Community | |||||
Development Agency, SFMR | |||||
(Mortgage-Backed Securities | |||||
Program) (Collateralized: | |||||
FHLMC, FNMA and GNMA) | 5.30 | 12/1/39 | 607,242 | 629,813 | |
Hennepin County, | |||||
Second Lien Sales Tax Revenue | |||||
(Ballpark Project) | 5.00 | 12/15/29 | 1,500,000 | 1,520,370 | |
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 | 2,682,362 | |
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 | 2,821,289 | |
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 | 9,362,418 | |
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 | 1,076,406 |
Minneapolis, | |||||
GO | 0.00 | 12/1/14 | 1,825,000 | b | 1,713,784 |
Minneapolis, |
Health Care System Revenue | ||||
(Fairview Health Services) | ||||
(Insured; Assured Guaranty | ||||
Municipal Corp.) | 6.50 | 11/15/38 | 3,000,000 | 3,153,750 |
Minneapolis, | ||||
MFHR (Sumner Field Phase II, | ||||
L.P. Project) (Collateralized; | ||||
GNMA) | 5.15 | 2/20/45 | 1,575,000 | 1,449,803 |
Minneapolis, | ||||
Tax Increment Revenue (Saint | ||||
Anthony Falls Project) | 5.75 | 2/1/27 | 1,000,000 | 846,740 |
Minneapolis and Saint Paul Housing | ||||
and Redevelopment Authority, | ||||
Health Care Facilities Revenue | ||||
(Childrens's Health Care) | 5.25 | 8/15/35 | 1,000,000 | 965,220 |
Minneapolis and Saint Paul Housing | ||||
and Redevelopment Authority, | ||||
Health Care Facility Revenue | ||||
(HealthPartners Obligated | ||||
Group Project) | 6.00 | 12/1/18 | 1,000,000 | 1,038,330 |
Minneapolis and Saint Paul Housing | ||||
and Redevelopment Authority, | ||||
Health Care Facility Revenue | ||||
(HealthPartners Obligated | ||||
Group Project) | 6.00 | 12/1/20 | 2,290,000 | 2,350,227 |
Minneapolis and Saint Paul Housing | ||||
and Redevelopment Authority, | ||||
Health Care System Revenue | ||||
(Allina Health System) | 5.25 | 11/15/29 | 1,000,000 | 973,140 |
Minneapolis and Saint Paul | ||||
Metropolitan Airports | ||||
Commission, Senior Airport | ||||
Revenue | 5.00 | 1/1/22 | 2,000,000 | 2,013,560 |
Minneapolis and Saint Paul | ||||
Metropolitan Airports | ||||
Commission, Subordinate | ||||
Airport Revenue (Insured; | ||||
AMBAC) | 5.00 | 1/1/25 | 2,140,000 | 1,988,552 |
Minnesota, | ||||
GO (Various Purpose) | 5.00 | 8/1/25 | 2,500,000 | 2,695,775 |
Minnesota, |
Retirement System Building | ||||
Revenue | 6.00 | 6/1/30 | 1,475,000 | 1,479,720 |
Minnesota Agricultural and | ||||
Economic Development Board, | ||||
Health Care System Revenue | ||||
(Fairview Health Care Systems) | 6.38 | 11/15/29 | 150,000 | 150,342 |
Minnesota Agricultural and | ||||
Economic Development Board, | ||||
Revenue (Evangelical Lutheran | ||||
Project) | 6.00 | 2/1/22 | 1,130,000 | 1,149,187 |
Minnesota Agricultural and | ||||
Economic Development Board, | ||||
Revenue (Evangelical Lutheran | ||||
Project) | 6.00 | 2/1/27 | 1,750,000 | 1,753,325 |
Minnesota Higher Education | ||||
Facilities Authority, Revenue | ||||
(Augsburg College) | 5.00 | 5/1/36 | 1,500,000 | 1,314,855 |
Minnesota Higher Education | ||||
Facilities Authority, Revenue | ||||
(Carleton College) | 5.00 | 3/1/30 | 1,000,000 | 1,009,560 |
Minnesota Higher Education | ||||
Facilities Authority, Revenue | ||||
(College of Saint Scholastica, | ||||
Inc.) | 5.13 | 12/1/40 | 750,000 | 688,432 |
Minnesota Higher Education | ||||
Facilities Authority, Revenue | ||||
(Gustavus Adolphus College) | 5.00 | 10/1/31 | 750,000 | 715,102 |
Minnesota Higher Education | ||||
Facilities Authority, Revenue | ||||
(Macalester College) | 5.00 | 6/1/35 | 1,635,000 | 1,621,250 |
Minnesota Higher Education | ||||
Facilities Authority, Revenue | ||||
(Saint Olaf College) | 5.00 | 10/1/21 | 1,000,000 | 1,059,940 |
Minnesota Higher Education | ||||
Facilities Authority, Revenue | ||||
(University of Saint Thomas) | 5.00 | 4/1/29 | 1,000,000 | 976,030 |
Minnesota Higher Education | ||||
Facilities Authority, Revenue | ||||
(University of Saint Thomas) | 5.00 | 10/1/29 | 1,500,000 | 1,474,005 |
Minnesota Higher Education |
Facilities Authority, Revenue | |||||
(University of Saint Thomas) | 5.00 | 10/1/39 | 1,700,000 | 1,638,477 | |
Minnesota Housing Finance Agency, | |||||
Residential Housing Finance | |||||
Revenue | 5.00 | 1/1/20 | 2,480,000 | 2,486,721 | |
Minnesota Housing Finance Agency, | |||||
Residential Housing Finance | |||||
Revenue | 4.65 | 7/1/22 | 2,330,000 | 2,269,490 | |
Minnesota Housing Finance Agency, | |||||
Residential Housing Finance | |||||
Revenue | 4.85 | 7/1/31 | 2,000,000 | 1,816,520 | |
Minnesota Housing Finance Agency, | |||||
Residential Housing Finance | |||||
Revenue | 5.00 | 1/1/37 | 490,000 | 507,655 | |
Minnesota Housing Finance Agency, | |||||
Residential Housing Finance | |||||
Revenue | 5.10 | 7/1/38 | 2,000,000 | 1,831,880 | |
Minnesota Housing Finance Agency, | |||||
SFMR (Insured; National Public | |||||
Finance Guarantee Corp.) | 5.45 | 1/1/22 | 310,000 | 324,737 | |
Minnesota Municipal Power Agency, | |||||
Electric Revenue | 5.00 | 10/1/35 | 1,500,000 | 1,428,435 | |
Minnesota Municipal Power Agency, | |||||
Electric Revenue | 5.00 | 10/1/37 | 2,000,000 | 1,879,420 | |
Minnesota Office of Higher | |||||
Education, Supplemental | |||||
Student Loan Program Revenue | 5.00 | 11/1/29 | 2,000,000 | 1,890,460 | |
Northern Municipal Power Agency, | |||||
Electric System Revenue | 5.00 | 1/1/20 | 1,150,000 | 1,214,297 | |
Northfield, | |||||
HR | 5.38 | 11/1/31 | 2,240,000 | 2,004,061 | |
Northfield, | |||||
HR (Prerefunded) | 6.00 | 11/1/11 | 1,750,000 | a | 1,820,875 |
Ramsey, | |||||
LR (Pact Charter School | |||||
Project) | 6.75 | 12/1/33 | 1,000,000 | 897,970 | |
Rochester, | |||||
Health Care Facilities Revenue | |||||
(Mayo Clinic) | 5.00 | 11/15/38 | 2,000,000 | 1,907,500 |
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 | 2,820,081 |
Saint Cloud, | |||||
Health Care Revenue | |||||
(CentraCare Health System) | 5.13 | 5/1/30 | 1,000,000 | 968,410 | |
Saint Cloud, | |||||
Health Care Revenue | |||||
(CentraCare Health System | |||||
Project) (Insured; Assured | |||||
Guaranty Municipal Corp.) | 5.50 | 5/1/39 | 2,000,000 | 1,977,760 | |
Saint Cloud Housing and | |||||
Redevelopment Authority, | |||||
Revenue (State University | |||||
Foundation Project) | 5.13 | 5/1/18 | 1,000,000 | 1,038,570 | |
Saint Louis Park, | |||||
Health Care Facilities Revenue | |||||
(Park Nicollet Health Services) | 5.75 | 7/1/30 | 1,000,000 | 980,480 | |
Saint Louis Park, | |||||
Health Care Facilities Revenue | |||||
(Park Nicollet Health Services) | 5.75 | 7/1/39 | 3,000,000 | 2,862,780 | |
Saint Paul Housing and | |||||
Redevelopment Authority, MFHR | |||||
(Wellington Project) | |||||
(Collateralized; FHLMC) | 5.10 | 2/1/24 | 2,000,000 | 2,000,300 | |
Saint Paul Housing and | |||||
Redevelopment Authority, | |||||
Parking Revenue (Parking | |||||
Facilities Project) | 5.00 | 8/1/35 | 650,000 | 593,515 | |
Saint Paul Housing and | |||||
Redevelopment Authority, | |||||
Recreational Facility LR | |||||
(Jimmy Lee Recreational Center) | 5.00 | 12/1/32 | 750,000 | 719,640 | |
Saint Paul Port Authority, | |||||
Revenue (Amherst H. Wilder | |||||
Foundation Project) | 5.00 | 12/1/29 | 2,000,000 | 1,924,300 | |
Southern Minnesota Municipal Power |
Agency, Power Supply System | |||||
Revenue (Insured; National | |||||
Public Finance Guarantee Corp.) | 0.00 | 1/1/25 | 4,505,000 | b | 2,290,522 |
Southern Minnesota Municipal Power | |||||
Agency, Power Supply System | |||||
Revenue (Insured; National | |||||
Public Finance Guarantee Corp.) | 0.00 | 1/1/26 | 4,625,000 | b | 2,191,603 |
Todd, Morrison, Cass and Wadena | |||||
Counties United Hospital | |||||
District, Health Care Facility | |||||
Revenue (Lakewood Health | |||||
System) | 5.00 | 12/1/21 | 1,000,000 | 1,025,150 | |
Vadnais Heights Economic | |||||
Development Authority, | |||||
Recovery Zone Facility LR | |||||
(Community and Recreational | |||||
Sports Facilities Project) | 5.25 | 2/1/41 | 2,460,000 | 2,366,643 | |
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 | 2,004,240 | |
Willmar, | |||||
HR (Rice Memorial Hospital | |||||
Project) (Insured; Assured | |||||
Guaranty Municipal Corp.) | 5.00 | 2/1/32 | 2,000,000 | 1,965,560 | |
Winona, | |||||
Health Care Facilities Revenue | |||||
(Winona Health Obligated Group) | 5.15 | 7/1/31 | 1,500,000 | 1,280,310 | |
Winona, | |||||
Health Care Facilities Revenue | |||||
(Winona Health Obligated Group) | 6.00 | 7/1/34 | 2,500,000 | 2,367,750 | |
U.S. Related--3.8% | |||||
Government of Guam, | |||||
GO | 6.75 | 11/15/29 | 500,000 | 529,465 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | 5.50 | 7/1/38 | 2,000,000 | 1,861,100 | |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue |
(First Subordinate Series) | 6.00 | 8/1/42 | 2,250,000 | 2,252,678 | |
Total Investments (cost $118,807,407) | 98.4% | 120,294,694 | |||
Cash and Receivables (Net) | 1.6% | 1,963,097 | |||
Net Assets | 100.0% | 122,257,791 |
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. |
At January 31, 2011, the aggregate cost of investment securities for income tax purposes was $118,807,407. Net unrealized appreciation on investments was $1,487,287 of which $4,501,050 related to appreciated investment securities and $3,013,763 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 | PUTTERS | Puttable Tax-Exempt Receipts |
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes |
RAW | Revenue Anticipation Warrants | RRR | Resources Recovery Revenue |
SAAN | State Aid Anticipation Notes | SBPA | Standby Bond Purchase Agreement |
SFHR | Single Family Housing Revenue | SFMR | Single Family Mortgage Revenue |
SONYMA | State of New York Mortgage Agency | SWDR | Solid Waste Disposal Revenue |
TAN | Tax Anticipation Notes | TAW | Tax Anticipation Warrants |
TRAN | Tax and Revenue Anticipation Notes | XLCA | XL Capital Assurance |
Various inputs are used in determining the value of the fund's investments relating to fair value measurements. |
These inputs are summarized in the three broad levels listed below. |
Level 1 - unadjusted quoted prices in active markets for identical investments. |
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, |
credit risk, etc.). |
Level 3 - significant unobservable inputs (including 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, 2011 in valuing the fund's investments: |
Level 3 - | ||||
Level 1 - | Level 2 - Other | Significant | ||
Unadjusted | Significant | Unobservable | ||
Assets ($) | Quoted Prices Observable Inputs | Inputs | Total | |
Investments in Securities: | ||||
Municipal Bonds | - | 120,294,694 | - | 120,294,694 |
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
Portfolio valuation: Investments in securities are valued 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, 2011.
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, 2011 (Unaudited) |
Long-Term Municipal | Coupon | Maturity | Principal | ||
Investments--98.6% | Rate (%) | Date | Amount ($) | Value ($) | |
Ohio--83.4% | |||||
Akron, | |||||
GO | 6.00 | 12/1/12 | 690,000 | 717,855 | |
Akron, | |||||
GO (Insured; National Public | |||||
Finance Guarantee Corp.) | |||||
(Prerefunded) | 5.50 | 12/1/11 | 1,460,000 | a,b | 1,521,597 |
Allen County, | |||||
Hospital Facilities Revenue | |||||
(Catholic Healthcare Partners) | 5.25 | 9/1/27 | 2,500,000 | 2,501,750 | |
Blue Ash, | |||||
Tax Increment Financing | |||||
Revenue (Duke Realty Ohio | |||||
Project) | 5.00 | 12/1/16 | 710,000 | 711,874 | |
Blue Ash, | |||||
Tax Increment Financing | |||||
Revenue (Duke Realty Ohio | |||||
Project) | 5.00 | 12/1/21 | 730,000 | 702,406 | |
Blue Ash, | |||||
Tax Increment Financing | |||||
Revenue (Duke Realty Ohio | |||||
Project) | 5.00 | 12/1/25 | 500,000 | 442,750 | |
Blue Ash, | |||||
Tax Increment Financing | |||||
Revenue (Duke Realty Ohio | |||||
Project) | 5.00 | 12/1/30 | 400,000 | 320,708 | |
Blue Ash, | |||||
Tax Increment Financing | |||||
Revenue (Duke Realty Ohio | |||||
Project) | 5.00 | 12/1/35 | 1,000,000 | 751,740 | |
Buckeye Tobacco Settlement | |||||
Financing Authority, Tobacco | |||||
Settlement Asset-Backed Bonds | 5.13 | 6/1/24 | 2,475,000 | 1,866,125 |
Butler County, | |||||
Hospital Facilities Revenue | |||||
(UC Health) | 5.50 | 11/1/40 | 2,000,000 | 1,726,300 | |
Cincinnati, | |||||
EDR (Baldwin 300 Project) | 5.00 | 11/1/28 | 2,565,000 | 2,502,901 | |
Cincinnati City School District, | |||||
GO School Improvement Bonds | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | |||||
(Prerefunded) | 5.38 | 12/1/11 | 3,560,000 | a,b | 3,706,494 |
Cincinnati State Technical and | |||||
Community College, General | |||||
Receipts Bonds (Insured; AMBAC) | 5.25 | 10/1/22 | 2,375,000 | 2,390,651 | |
Cleveland, | |||||
Waterworks Revenue (Insured; | |||||
National Public Finance | |||||
Guarantee Corp.) | 5.50 | 1/1/21 | 8,000,000 | b | 8,897,920 |
Cleveland-Cuyahoga County Port | |||||
Authority, Cultural Facility | |||||
Revenue (The Cleveland Museum | |||||
of Art Project) | 5.00 | 10/1/22 | 2,500,000 | 2,631,025 | |
Cleveland-Cuyahoga County Port | |||||
Authority, Senior Special | |||||
Assessment/Tax Increment | |||||
Revenue (University Heights - | |||||
Public Parking Garage Project) | 7.00 | 12/1/18 | 1,870,000 | 1,878,770 | |
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 | 3,404,596 | |
Cuyahoga Community College | |||||
District, General Receipts | |||||
Bonds | 5.00 | 8/1/25 | 2,500,000 | 2,573,025 | |
Fairfield City School District, | |||||
GO School Improvement Bonds | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.38 | 12/1/19 | 1,860,000 | b | 1,926,179 |
Fairfield City School District, | |||||
GO School Improvement Bonds | |||||
(Insured; National Public |
Finance Guarantee Corp.) | 5.38 | 12/1/20 | 1,400,000 | b | 1,449,812 |
Franklin County, | |||||
Hospital Improvement Revenue | |||||
(Nationwide Children's | |||||
Hospital Project) | 5.00 | 11/1/34 | 3,850,000 | 3,492,027 | |
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 | b | 1,889,340 |
Hamilton County, | |||||
Sales Tax Revenue (Insured; | |||||
AMBAC) | 0.00 | 12/1/27 | 17,940,000 | c | 6,763,201 |
Hilliard City School District, | |||||
GO School Improvement Bonds | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 0.00 | 12/1/13 | 1,655,000 | b,c | 1,578,158 |
Hilliard City School District, | |||||
GO School Improvement Bonds | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 0.00 | 12/1/14 | 1,655,000 | b,c | 1,526,655 |
Kent State University, | |||||
General Receipts Bonds (A | |||||
State University of Ohio) | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.00 | 5/1/25 | 2,000,000 | 2,035,300 | |
Kent State University, | |||||
General Receipts Bonds (A | |||||
State University of Ohio) | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.00 | 5/1/29 | 1,000,000 | 988,720 | |
Lebanon City School District, | |||||
GO (School Facilities | |||||
Construction and Improvement) | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) (Prerefunded) | 5.50 | 12/1/11 | 4,050,000 | a | 4,224,150 |
Mason City School District, | |||||
GO Unlimited Tax Bonds | |||||
(Insured; Assured Guaranty |
Municipal Corp.) | 5.25 | 12/1/31 | 5,000,000 | 5,359,050 | |
Massillon City School District, | |||||
GO (Various Purpose | |||||
Improvement) (Insured; | |||||
National Public Finance | |||||
Guarantee Corp.) | 5.00 | 12/1/25 | 1,150,000 | b | 1,152,116 |
Montgomery County, | |||||
Revenue (Miami Valley Hospital) | 6.25 | 11/15/33 | 2,500,000 | 2,557,100 | |
New Albany Community Authority, | |||||
Community Facilities Revenue | |||||
(Insured; AMBAC) | 5.20 | 10/1/24 | 2,000,000 | 2,023,400 | |
Ohio Higher Educational Facility | |||||
Commission, Higher Educational | |||||
Facility Revenue (Kenyon | |||||
College Project) | 5.00 | 7/1/41 | 2,000,000 | 1,812,080 | |
Ohio Higher Educational Facility | |||||
Commission, Higher Educational | |||||
Facility Revenue (Xavier | |||||
University Project) (Insured; | |||||
FGIC) (Prerefunded) | 5.00 | 5/1/13 | 2,000,000 | a | 2,174,480 |
Ohio Higher Educational Facility | |||||
Commission, HR (Cleveland | |||||
Clinic Health System Obligated | |||||
Group) | 5.50 | 1/1/43 | 3,000,000 | 2,903,520 | |
Ohio State University, | |||||
General Receipts Bonds | 5.25 | 6/1/23 | 525,000 | 557,188 | |
Ohio State University, | |||||
General Receipts Bonds | 5.00 | 12/1/23 | 1,000,000 | 1,077,450 | |
Ohio State University, | |||||
General Receipts Bonds | |||||
(Prerefunded) | 5.25 | 6/1/13 | 2,100,000 | a | 2,301,474 |
Ohio Turnpike Commission, | |||||
Turnpike Revenue | 5.00 | 2/15/31 | 2,250,000 | 2,237,265 | |
Ohio Water Development Authority, | |||||
Water Pollution Control Loan | |||||
Fund Revenue (Water Quality | |||||
Series) | 5.00 | 12/1/18 | 3,710,000 | 4,231,107 | |
Ohio Water Development Authority, | |||||
Water Pollution Control Loan | |||||
Fund Revenue (Water Quality |
Series) | 5.00 | 12/1/23 | 2,000,000 | 2,145,800 | |
Port of Greater Cincinnati | |||||
Development Authority, Special | |||||
Obligation Development Revenue | |||||
(Cooperative Public Parking | |||||
and Infrastructure Project) | 6.30 | 2/15/24 | 2,215,000 | 1,467,881 | |
Port of Greater Cincinnati | |||||
Development Authority, Special | |||||
Obligation Development Revenue | |||||
(Cooperative Public Parking | |||||
and Infrastructure Project) | 6.40 | 2/15/34 | 2,500,000 | 1,468,350 | |
Port of Greater Cincinnati | |||||
Development Authority, Tax | |||||
Increment Development Revenue | |||||
(Fairfax Village Red Bank | |||||
Infrastructure Project) | 5.50 | 2/1/25 | 2,145,000 | d | 1,616,815 |
Richland County, | |||||
GO (Correctional Facilities | |||||
Bonds) (Insured; Assured | |||||
Guaranty Municipal Corp.) | 6.00 | 12/1/28 | 400,000 | 422,580 | |
Strongsville, | |||||
GO Library Improvement Bonds | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.50 | 12/1/20 | 1,700,000 | b | 1,762,679 |
Summit County Port Authority, | |||||
Development Revenue (Bond Fund | |||||
Program-Twinsburg Township | |||||
Project) | 5.13 | 5/15/25 | 385,000 | 321,182 | |
Summit County Port Authority, | |||||
Revenue (Civic Theatre | |||||
Project) (Insured; AMBAC) | 5.50 | 12/1/26 | 1,000,000 | 892,850 | |
Toledo-Lucas County Port | |||||
Authority, Development Revenue | |||||
(Northwest Ohio Bond Fund - | |||||
Midwest Terminals Project) | 6.00 | 11/15/27 | 1,670,000 | 1,457,242 | |
Toledo-Lucas County Port | |||||
Authority, Development Revenue | |||||
(Northwest Ohio Bond Fund - | |||||
Toledo Express Airport Project) | 6.38 | 11/15/32 | 2,425,000 | 2,203,331 | |
University of Akron, | |||||
General Receipts Bonds |
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.00 | 1/1/29 | 1,000,000 | 968,330 | |
University of Cincinnati, | |||||
General Receipts Bonds | 5.00 | 6/1/34 | 1,500,000 | 1,387,140 | |
University of Cincinnati, | |||||
General Receipts Bonds | |||||
(Insured; FGIC) (Prerefunded) | 5.75 | 6/1/11 | 1,000,000 | a | 1,028,120 |
University of Cincinnati, | |||||
General Receipts Bonds | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | |||||
(Prerefunded) | 5.00 | 6/1/12 | 3,040,000 | a,b | 3,220,606 |
Warren, | |||||
Waterworks Revenue (Insured; | |||||
National Public Finance | |||||
Guarantee Corp.) | 5.50 | 11/1/15 | 1,450,000 | b | 1,534,332 |
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 | b | 2,610,566 |
U.S. Related--15.2% | |||||
Children's Trust Fund of Puerto | |||||
Rico, Tobacco Settlement | |||||
Asset-Backed Bonds | 0.00 | 5/15/50 | 12,500,000 | c | 254,625 |
Government of Guam, | |||||
GO | 6.75 | 11/15/29 | 500,000 | 529,465 | |
Guam Power Authority, | |||||
Revenue | 5.50 | 10/1/30 | 1,000,000 | 951,490 | |
Guam Waterworks Authority, | |||||
Water and Wastewater System | |||||
Revenue | 5.88 | 7/1/35 | 900,000 | 857,745 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | 5.25 | 7/1/17 | 1,000,000 | 1,020,240 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | 5.50 | 7/1/38 | 2,500,000 | 2,326,375 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | |||||
(Insured; National Public |
Finance Guarantee Corp.) | 5.50 | 7/1/15 | 1,000,000 | b | 1,093,180 |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.00 | 7/1/23 | 2,000,000 | b | 1,969,040 |
Puerto Rico Highways and | |||||
Transportation Authority, | |||||
Highway Revenue (Insured; | |||||
Assured Guaranty Municipal | |||||
Corp.) | 5.50 | 7/1/31 | 3,370,000 | 3,369,832 | |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 5.38 | 8/1/39 | 1,000,000 | 921,530 | |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 6.00 | 8/1/39 | 2,000,000 | 2,002,860 | |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 6.00 | 8/1/42 | 1,750,000 | 1,752,083 | |
Virgin Islands Public Finance | |||||
Authority, Revenue (Virgin | |||||
Islands Gross Receipts Taxes | |||||
Loan Note) | 6.38 | 10/1/19 | 3,000,000 | 3,031,500 | |
Virgin Islands Public Finance | |||||
Authority, Revenue (Virgin | |||||
Islands Matching Fund Loan | |||||
Note) | 5.00 | 10/1/25 | 1,500,000 | 1,446,990 | |
Total Long-Term Municipal Investments | |||||
(cost $144,811,449) | 139,543,018 | ||||
Short-Term Municipal | Coupon | Maturity | Principal | ||
Investment--.1% | Rate (%) | Date | Amount ($) | Value ($) | |
Ohio; | |||||
Ohio Water Development Authority, | |||||
PCR, Refunding (FirstEnergy | |||||
Generation Corporation | |||||
Project) (LOC; Barclays Bank) | |||||
(cost $100,000) | 0.24 | 2/1/11 | 100,000 | e | 100,000 |
Total Investments (cost $144,911,449) | 98.7 | % | 139,643,018 | ||
Cash and Receivables (Net) | 1.3 | % | 1,825,286 | ||
Net Assets | 100.0 | % | 141,468,304 |
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 |
At January 31, 2011, 25.3% of the fund's net assets are insured by National Public Finance Guarantee Corp. |
c |
Security issued with a zero coupon. Income is recognized through the accretion of discount. |
d |
Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2011, this security had a market value of $1,616,815 or 1.1% of net assets. |
e |
Variable rate demand note - rate shown is the interest rate in effect at January 31, 2011. Maturity date represents the next demand date, or the ultimate maturity date if earlier. |
At January 31, 2011, the aggregate cost of investment securities for income tax purposes was $144,911,449. Net unrealized depreciation on investments was $5,268,431 of which $3,219,491 related to appreciated investment securities and $8,487,922 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 | PUTTERS | Puttable Tax-Exempt Receipts |
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes |
RAW | Revenue Anticipation Warrants | RRR | Resources Recovery Revenue |
SAAN | State Aid Anticipation Notes | SBPA | Standby Bond Purchase Agreement |
SFHR | Single Family Housing Revenue | SFMR | Single Family Mortgage Revenue |
SONYMA | State of New York Mortgage Agency | SWDR | Solid Waste Disposal Revenue |
TAN | Tax Anticipation Notes | TAW | Tax Anticipation Warrants |
TRAN | Tax and Revenue Anticipation Notes | XLCA | XL Capital Assurance |
Various inputs are used in determining the value of the fund's investments relating to fair value measurements. |
These inputs are summarized in the three broad levels listed below. |
Level 1 - unadjusted quoted prices in active markets for identical investments. |
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, |
credit risk, etc.). |
Level 3 - significant unobservable inputs (including 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, 2011 in valuing the fund's investments: |
Level 3 - | ||||
Level 1 - | Level 2 - Other | Significant | ||
Unadjusted | Significant | Unobservable | ||
Assets ($) | Quoted Prices Observable Inputs | Inputs | Total | |
Investments in Securities: | ||||
Municipal Bonds | - | 139,643,018 | - | 139,643,018 |
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
Portfolio valuation: Investments in securities are valued 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, 2011.
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, 2011 (Unaudited) |
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments--99.1% | Rate (%) | Date | Amount ($) | Value ($) |
Pennsylvania--87.0% | ||||
Adams County Industrial | ||||
Development Authority, Revenue | ||||
(Gettysburg College) | 5.00 | 8/15/25 | 1,000,000 | 996,910 |
Adams County Industrial | ||||
Development Authority, Revenue | ||||
(Gettysburg College) | 5.00 | 8/15/26 | 1,000,000 | 983,020 |
Allegheny County Airport | ||||
Authority, Airport Revenue | ||||
(Pittsburgh International | ||||
Airport) (Insured; Assured | ||||
Guaranty Municipal Corp.) | 5.00 | 1/1/17 | 1,000,000 | 1,038,040 |
Allegheny County Hospital | ||||
Development Authority, HR | ||||
(South Hills Health System) | 5.13 | 5/1/29 | 1,100,000 | 903,903 |
Bethel Park School District, | ||||
GO | 5.00 | 8/1/29 | 3,000,000 | 3,022,740 |
Butler County Industrial | ||||
Development Authority, Health | ||||
Care Facilities Revenue (Saint | ||||
John Lutheran Care Center | ||||
Project) (Collateralized; GNMA) | 5.80 | 4/20/29 | 5,475,000 | 5,512,339 |
Butler County Industrial | ||||
Development Authority, MFHR | ||||
(Greenview Gardens Apartments) | 6.00 | 7/1/23 | 475,000 | 449,146 |
Butler County Industrial | ||||
Development Authority, MFHR | ||||
(Greenview Gardens Apartments) | 6.25 | 7/1/33 | 880,000 | 784,925 |
Centennial School District, | ||||
GO | 5.00 | 12/15/34 | 2,500,000 | 2,518,275 |
Centre County Hospital Authority, | ||||
HR (Mount Nittany Medical | ||||
Center Project) (Insured; |
Assured Guaranty Municipal | |||||
Corp.) | 6.13 | 11/15/39 | 2,000,000 | 2,025,400 | |
Charleroi Area School Authority, | |||||
School Revenue (Insured; | |||||
National Public Finance | |||||
Guarantee Corp.) | 0.00 | 10/1/20 | 2,000,000 | a | 1,279,700 |
Chester County Industrial | |||||
Development Authority, Revenue | |||||
(Avon Grove Charter School | |||||
Project) | 6.38 | 12/15/37 | 1,600,000 | 1,387,248 | |
Chester County School Authority, | |||||
School LR (Chester County | |||||
Intermediate Unit Project) | |||||
(Insured; AMBAC) | 5.00 | 4/1/25 | 2,195,000 | 2,199,368 | |
Coatesville Area School District, | |||||
GO (Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.00 | 8/15/30 | 2,000,000 | 2,014,300 | |
Cumberland County Municipal | |||||
Authority, College Revenue | |||||
(Messiah College Project) | |||||
(Insured; AMBAC) | 5.13 | 10/1/15 | 40,000 | 40,136 | |
Cumberland County Municipal | |||||
Authority, Revenue | |||||
(Presbyterian Homes Obligated | |||||
Group Project) | 5.35 | 1/1/20 | 515,000 | 508,161 | |
Cumberland County Municipal | |||||
Authority, Revenue | |||||
(Presbyterian Homes Obligated | |||||
Group Project) | 5.45 | 1/1/21 | 885,000 | 867,061 | |
Dauphin County General Authority, | |||||
Office and Parking Revenue | |||||
(Riverfront Office Center | |||||
Project) | 6.00 | 1/1/25 | 2,910,000 | 2,265,260 | |
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 | 4,668,024 | |
Delaware River Port Authority, | |||||
Revenue | 5.00 | 1/1/30 | 1,500,000 | 1,476,510 |
Delaware River Port Authority, | |||||
Revenue | 5.00 | 1/1/35 | 1,500,000 | 1,443,255 | |
Erie Higher Education Building | |||||
Authority, College Revenue | |||||
(Mercyhurst College Project) | 5.35 | 3/15/28 | 1,000,000 | 960,930 | |
Harrisburg Authority, | |||||
University Revenue (The | |||||
Harrisburg University of | |||||
Science and Technology Project) | 6.00 | 9/1/36 | 2,000,000 | 1,692,480 | |
Harrisburg Redevelopment | |||||
Authority, Guaranteed Revenue | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 0.00 | 11/1/16 | 1,000,000 | a | 730,400 |
Harrisburg Redevelopment | |||||
Authority, Guaranteed Revenue | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 0.00 | 5/1/18 | 2,750,000 | a | 1,773,970 |
Harrisburg Redevelopment | |||||
Authority, Guaranteed Revenue | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 0.00 | 11/1/18 | 2,750,000 | a | 1,707,475 |
Harrisburg Redevelopment | |||||
Authority, Guaranteed Revenue | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 0.00 | 11/1/19 | 2,750,000 | a | 1,577,015 |
Harrisburg Redevelopment | |||||
Authority, Guaranteed Revenue | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 0.00 | 5/1/20 | 2,750,000 | a | 1,513,682 |
Harrisburg Redevelopment | |||||
Authority, Guaranteed Revenue | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 0.00 | 11/1/20 | 2,500,000 | a | 1,322,975 |
McKeesport Area School District, | |||||
GO (Insured; AMBAC) | 0.00 | 10/1/21 | 2,915,000 | a | 1,925,649 |
Monroe County Hospital Authority, | |||||
HR (Pocono Medical Center) | |||||
(Insured; Radian) | 5.50 | 1/1/12 | 385,000 | 394,071 | |
Monroe County Hospital Authority, | |||||
HR (Pocono Medical Center) |
(Insured; Radian) | 5.50 | 1/1/22 | 1,455,000 | 1,460,471 | |
Monroeville Municipal Authority, | |||||
Sanitary Sewer Revenue | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.25 | 12/1/15 | 1,035,000 | 1,064,146 | |
Monroeville Municipal Authority, | |||||
Sanitary Sewer Revenue | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.25 | 12/1/16 | 50,000 | 51,127 | |
Mount Lebanon School District, | |||||
GO | 5.00 | 2/15/28 | 1,470,000 | 1,492,814 | |
Neshaminy School District, | |||||
GO (Insured; National Public | |||||
Finance Guarantee Corp.) | 5.00 | 4/15/16 | 1,250,000 | 1,349,537 | |
Norristown, | |||||
GO (Insured; Radian) | 0.00 | 12/15/11 | 1,465,000 | a | 1,442,952 |
Norristown, | |||||
GO (Insured; Radian) | 0.00 | 12/15/13 | 735,000 | a | 677,773 |
North Allegheny School District, | |||||
GO (Insured; National Public | |||||
Finance Guarantee Corp.) | 5.05 | 11/1/21 | 1,455,000 | 1,497,937 | |
Northampton County Industrial | |||||
Development Authority, | |||||
Mortgage Revenue (Moravian | |||||
Hall Square Project) (Insured; | |||||
Radian) | 5.00 | 7/1/17 | 1,890,000 | 1,859,911 | |
Pennsylvania Economic Development | |||||
Financing Authority, Sewage | |||||
Sludge Disposal Revenue | |||||
(Philadelphia Biosolids | |||||
Facility Project) | 6.25 | 1/1/32 | 1,000,000 | 999,930 | |
Pennsylvania Finance Authority, | |||||
Guaranteed Revenue (Penn Hills | |||||
Project) (Insured; National | |||||
Public Finance Guarantee Corp.) | 5.25 | 12/1/13 | 1,105,000 | 1,114,503 | |
Pennsylvania Finance Authority, | |||||
Guaranteed Revenue (Penn Hills | |||||
Project) (Insured; National | |||||
Public Finance Guarantee Corp.) | 0.00 | 12/1/22 | 1,200,000 | a | 619,644 |
Pennsylvania Finance Authority, |
Guaranteed Revenue (Penn Hills | |||||
Project) (Insured; National | |||||
Public Finance Guarantee Corp.) | 0.00 | 12/1/23 | 3,790,000 | a | 1,816,206 |
Pennsylvania Finance Authority, | |||||
Guaranteed Revenue (Penn Hills | |||||
Project) (Insured; National | |||||
Public Finance Guarantee Corp.) | 0.00 | 12/1/24 | 3,790,000 | a | 1,691,439 |
Pennsylvania Finance Authority, | |||||
Guaranteed Revenue (Penn Hills | |||||
Project) (Insured; National | |||||
Public Finance Guarantee Corp.) | 0.00 | 12/1/25 | 3,790,000 | a | 1,568,302 |
Pennsylvania Higher Educational | |||||
Facilities Authority, Revenue | |||||
(Carnegie Mellon University) | 5.00 | 8/1/21 | 3,000,000 | 3,261,000 | |
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 | 1,831,340 | |
Pennsylvania Higher Educational | |||||
Facilities Authority, Revenue | |||||
(The Trustees of the | |||||
University of Pennsylvania) | 5.00 | 9/1/31 | 1,300,000 | 1,307,319 | |
Pennsylvania Higher Educational | |||||
Facilities Authority, Revenue | |||||
(Thomas Jefferson University) | 5.00 | 3/1/40 | 1,000,000 | 940,210 | |
Pennsylvania Higher Educational | |||||
Facilities Authority, Revenue | |||||
(University of Pennsylvania | |||||
Health System) | 6.00 | 8/15/26 | 2,500,000 | 2,661,825 | |
Pennsylvania Housing Finance | |||||
Agency, Capital Fund | |||||
Securitization Revenue | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.00 | 12/1/25 | 2,285,000 | 2,267,360 | |
Pennsylvania Housing Finance | |||||
Agency, SFMR | 5.10 | 10/1/20 | 1,380,000 | 1,385,589 | |
Pennsylvania Housing Finance | |||||
Agency, SFMR | 4.70 | 10/1/25 | 830,000 | 786,093 |
Pennsylvania Housing Finance | ||||
Agency, SFMR | 4.60 | 10/1/27 | 5,000,000 | 4,592,600 |
Pennsylvania Housing Finance | ||||
Agency, SFMR | 4.88 | 10/1/31 | 3,000,000 | 2,766,480 |
Pennsylvania Housing Finance | ||||
Agency, SFMR | 4.88 | 10/1/34 | 1,000,000 | 953,360 |
Pennsylvania Housing Finance | ||||
Agency, SFMR | 4.70 | 10/1/37 | 1,975,000 | 1,748,151 |
Pennsylvania Industrial | ||||
Development Authority, EDR | 5.50 | 7/1/23 | 1,000,000 | 1,057,900 |
Pennsylvania State University, | ||||
Revenue | 5.00 | 3/1/35 | 2,000,000 | 2,013,700 |
Pennsylvania Turnpike Commission, | ||||
Oil Franchise Tax Senior | ||||
Revenue (Insured; AMBAC) | 5.25 | 12/1/18 | 4,325,000 | 4,557,728 |
Pennsylvania Turnpike Commission, | ||||
Turnpike Revenue (Insured; | ||||
AMBAC) | 5.00 | 12/1/22 | 1,815,000 | 1,888,471 |
Pennsylvania Turnpike Commission, | ||||
Turnpike Subordinate Revenue | 5.25 | 6/1/39 | 2,530,000 | 2,404,740 |
Pennsylvania Turnpike Commission, | ||||
Turnpike Subordinate Revenue | ||||
(Insured; Assured Guaranty | ||||
Municipal Corp.) | 6.00 | 6/1/28 | 3,000,000 | 3,151,980 |
Philadelphia, | ||||
Airport Revenue | 5.25 | 6/15/25 | 2,500,000 | 2,379,850 |
Philadelphia, | ||||
Airport Revenue (Insured; | ||||
National Public Finance | ||||
Guarantee Corp.) | 5.00 | 6/15/25 | 510,000 | 473,132 |
Philadelphia, | ||||
Gas Works Revenue (Insured; | ||||
Assured Guaranty Municipal | ||||
Corp.) | 5.50 | 7/1/15 | 1,550,000 | 1,553,906 |
Philadelphia, | ||||
Gas Works Revenue (Insured; | ||||
Assured Guaranty Municipal | ||||
Corp.) | 5.25 | 8/1/22 | 2,000,000 | 2,030,380 |
Philadelphia, |
GO (Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.25 | 12/15/23 | 1,500,000 | 1,551,885 |
Philadelphia, | ||||
GO (Insured; XLCA) | 5.25 | 2/15/14 | 2,000,000 | 2,092,700 |
Philadelphia, | ||||
Water and Wastewater Revenue | ||||
(Insured; National Public | ||||
Finance Guarantee Corp.) | 5.60 | 8/1/18 | 800,000 | 920,392 |
Philadelphia Authority for | ||||
Industrial Development, | ||||
Revenue (Independence Charter | ||||
School Project) | 5.50 | 9/15/37 | 1,700,000 | 1,318,350 |
Philadelphia Authority for | ||||
Industrial Development, | ||||
Revenue (Russell Byers Charter | ||||
School Project) | 5.15 | 5/1/27 | 1,230,000 | 991,208 |
Philadelphia Authority for | ||||
Industrial Development, | ||||
Revenue (Russell Byers Charter | ||||
School Project) | 5.25 | 5/1/37 | 1,715,000 | 1,282,597 |
Philadelphia Housing Authority, | ||||
Capital Fund Program Revenue | ||||
(Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.00 | 12/1/21 | 1,685,000 | 1,711,202 |
Philadelphia Municipal Authority, | ||||
LR (Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.25 | 11/15/15 | 2,115,000 | 2,265,292 |
Philadelphia Redevelopment | ||||
Authority, Revenue | ||||
(Philadelphia Neighborhood | ||||
Transformation Initiative) | ||||
(Insured; National Public | ||||
Finance Guarantee Corp.) | 5.50 | 4/15/18 | 3,600,000 | 3,715,632 |
Philadelphia School District, | ||||
GO | 5.25 | 9/1/23 | 1,000,000 | 1,009,180 |
Philadelphia School District, | ||||
GO | 6.00 | 9/1/38 | 1,000,000 | 1,027,490 |
Pittsburgh Urban Redevelopment | ||||
Authority, MFHR (West Park | ||||
Court Project) |
(Collateralized; GNMA) | 4.90 | 11/20/47 | 1,275,000 | 1,132,251 |
Sayre Health Care Facilities | ||||
Authority, Revenue (Guthrie | ||||
Health Issue) | 6.25 | 12/1/13 | 470,000 | 488,415 |
Sayre Health Care Facilities | ||||
Authority, Revenue (Guthrie | ||||
Health Issue) | 6.25 | 12/1/14 | 250,000 | 259,130 |
Sayre Health Care Facilities | ||||
Authority, Revenue (Guthrie | ||||
Health Issue) | 5.75 | 12/1/21 | 1,165,000 | 1,182,487 |
Schuylkill County Industrial | ||||
Development Authority, Revenue | ||||
(Charity Obligation Group) | 5.00 | 11/1/14 | 1,495,000 | 1,498,588 |
State Public School Building | ||||
Authority, Community College | ||||
Revenue (Community College of | ||||
Philadelphia Project) | 6.00 | 6/15/28 | 3,000,000 | 3,088,770 |
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 | 1,141,637 |
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 | 1,198,245 |
State Public School Building | ||||
Authority, School Revenue | ||||
(School District of Haverford | ||||
Township Project) (Insured; | ||||
XLCA) | 5.25 | 3/15/25 | 3,360,000 | 3,407,947 |
State Public School Building | ||||
Authority, School Revenue | ||||
(York School District Project) | ||||
(Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.00 | 5/1/18 | 545,000 | 575,345 |
Susquehanna Area Regional Airport | ||||
Authority, Airport System |
Revenue | 6.50 | 1/1/38 | 1,625,000 | 1,513,492 |
University Area Joint Authority, | ||||
Sewer Revenue (Insured; | ||||
National Public Finance | ||||
Guarantee Corp.) | 5.00 | 11/1/18 | 1,010,000 | 1,037,351 |
University of Pittsburgh of the | ||||
Commonwealth System of Higher | ||||
Education, GO (University | ||||
Capital Project) | 5.00 | 9/15/35 | 1,000,000 | 992,240 |
Washington County Industrial | ||||
Development Authority, PCR | ||||
(West Penn Power Company | ||||
Mitchell Station Project) | ||||
(Insured; AMBAC) | 6.05 | 4/1/14 | 3,000,000 | 3,004,500 |
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 | 2,184,447 |
West Mifflin Area School District, | ||||
GO (Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.00 | 10/1/22 | 710,000 | 739,543 |
West Shore Area Authority, | ||||
HR (Holy Spirit Hospital of | ||||
the Sisters of Christian | ||||
Charity Project) | 6.00 | 1/1/26 | 2,000,000 | 1,942,380 |
Westmoreland County Industrial | ||||
Development Authority, Health | ||||
System Revenue (Excela Health | ||||
Project) | 5.00 | 7/1/25 | 2,390,000 | 2,260,605 |
Wilson Area School District, | ||||
GO (Insured; National Public | ||||
Finance Guarantee Corp.) | 5.13 | 3/15/16 | 1,300,000 | 1,378,832 |
U.S. Related--12.1% | ||||
Guam Power Authority, | ||||
Revenue | 5.50 | 10/1/30 | 1,000,000 | 951,490 |
Guam Waterworks Authority, | ||||
Water and Wastewater System | ||||
Revenue | 5.50 | 7/1/16 | 320,000 | 320,109 |
Guam Waterworks Authority, | |||||
Water and Wastewater System | |||||
Revenue | 6.00 | 7/1/25 | 1,000,000 | 997,550 | |
Puerto Rico Aqueduct and Sewer | |||||
Authority, Senior Lien Revenue | 6.00 | 7/1/44 | 2,500,000 | 2,330,200 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | 5.25 | 7/1/23 | 1,000,000 | 965,460 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | 5.00 | 7/1/28 | 3,000,000 | 2,708,460 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 6.00 | 7/1/27 | 1,000,000 | 1,010,060 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | 5.00 | 7/1/26 | 1,000,000 | 943,470 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | 5.25 | 7/1/27 | 2,000,000 | 1,931,620 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | 5.50 | 7/1/38 | 1,185,000 | 1,102,702 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | 5.25 | 7/1/40 | 1,500,000 | 1,321,035 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.25 | 7/1/30 | 1,170,000 | 1,099,437 | |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 6.00 | 8/1/39 | 1,690,000 | 1,692,417 | |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 6.00 | 8/1/42 | 1,500,000 | 1,501,785 | |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 6.50 | 8/1/44 | 2,500,000 | 2,594,075 | |
Virgin Islands Public Finance | |||||
Authority, Revenue (Virgin | |||||
Islands Matching Fund Loan | |||||
Note) | 5.00 | 10/1/25 | 1,000,000 | 964,660 | |
Total Investments (cost $187,492,964) | 99.1 | % | 184,048,837 |
Cash and Receivables (Net) | .9% | 1,603,921 | |
Net Assets | 100.0% | 185,652,758 | |
a Security issued with a zero coupon. Income is recognized through the accretion of discount. |
At January 31, 2011, the aggregate cost of investment securities for income tax purposes was $187,492,964. Net unrealized depreciation on investments was $3,444,127 of which $3,299,077 related to appreciated investment securities and $6,743,204 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 | PUTTERS | Puttable Tax-Exempt Receipts |
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes |
RAW | Revenue Anticipation Warrants | RRR | Resources Recovery Revenue |
SAAN | State Aid Anticipation Notes | SBPA | Standby Bond Purchase Agreement |
SFHR | Single Family Housing Revenue | SFMR | Single Family Mortgage Revenue |
SONYMA | State of New York Mortgage Agency | SWDR | Solid Waste Disposal Revenue |
TAN | Tax Anticipation Notes | TAW | Tax Anticipation Warrants |
TRAN | Tax and Revenue Anticipation Notes | XLCA | XL Capital Assurance |
Various inputs are used in determining the value of the fund's investments relating to fair value measurements. |
These inputs are summarized in the three broad levels listed below. |
Level 1 - unadjusted quoted prices in active markets for identical investments. |
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, |
credit risk, etc.). |
Level 3 - significant unobservable inputs (including 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, 2011 in valuing the fund's investments: |
Level 3 - | ||||
Level 1 - | Level 2 - Other | Significant | ||
Unadjusted | Significant | Unobservable | ||
Assets ($) | Quoted Prices Observable Inputs | Inputs | Total | |
Investments in Securities: | ||||
Municipal Bonds | - | 184,048,837 | - | 184,048,837 |
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
Portfolio valuation: Investments in securities are valued 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, 2011.
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.
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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 25, 2011 |
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. |
|
By: /s/ Bradley J. Skapyak |
Bradley J. Skapyak President
|
Date: March 25, 2011 |
|
By: /s/ James Windels |
James Windels Treasurer
|
Date: March 25, 2011 |
|
EXHIBIT INDEX
(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)
-4-
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 25, 2011 |
1 |
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 25, 2011 |
2 |