DREYFUS STATE MUNICIPAL BOND FUNDS

DREYFUS PENNSYLVANIA FUND

On October 3, 2012, Dreyfus Pennsylvania Fund, a series of Dreyfus State Municipal Bond Funds (the "Fund"), purchased 5,000 units of Unemployment Compensation Revenue Bonds Series 2012B issued by the Pennsylvania Economic Development Financing Authority (CUSIP NO. 70869VAX2) (the "Bonds") at a purchase price of $118.489 per Bond including an underwriting commission of 0.350% per Bond.  The Bonds were purchased from BofA Merrill Lynch, a member of the underwriting syndicate of which BNY Mellon Capital Markets, LLC, an affiliate of the Fund's investment adviser, was also a member.  BNY Mellon Capital Markets, LLC received no benefit in connection with the transaction.  The following is a list of the syndicate's members:

Baird

Barclays

BNY Mellon Capital Markets, LLC

Boenning & Scattergood

BofA Merrill Lynch

Citigroup

Drexel Hamilton LLC

Goldman, Sachs & Co.

J.P. Morgan Securities LLC

Janney Montgomery Scott

Loop Capital Markets

M&T Securities, Inc.

Morgan Stanley

Piper Jaffray & Co.

PNC Capital Markets LLC

Ramirez & Co., Inc.

Raymond James | Morgan Keegan

RBC Capital Markets

Siebert Brandford Shank & Co., LLC

TD Securities (USA) LLC

US Bancorp

Wells Fargo Securities

Accompanying this statement are materials presented to the Board of Trustees for the Fund, which ratified the purchase in compliance with the Fund's Rule 10f-3 Procedures at a Board meeting held on February 5, 2013.  These materials include additional information about the terms of the transaction.