UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
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Investment Company Act file number |
811-04906 | |||||
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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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Bennett A. MacDougall, 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) 922-6400 | |||||
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Date of fiscal year end:
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04/30 |
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Date of reporting period: |
07/31/17 |
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FORM N-Q
Item 1. Schedule of Investments.
STATEMENT OF INVESTMENTS
Dreyfus State Municipal Bond Funds, Dreyfus Connecticut Fund
July 31, 2017 (Unaudited)
| Long-Term Municipal Investments - | Coupon | Maturity | Principal | |
| 99.0% | Rate (%) | Date | Amount ($) | Value ($) |
| Connecticut - 95.3% | ||||
| Connecticut, | ||||
| GO | 5.00 | 4/15/24 | 2,500,000 | 2,558,425 |
| Connecticut, | ||||
| GO | 5.00 | 3/1/26 | 5,000,000 | 5,724,650 |
| Connecticut, | ||||
| GO | 5.00 | 11/1/27 | 5,000,000 | 5,608,750 |
| Connecticut, | ||||
| GO | 5.00 | 11/1/27 | 2,000,000 | 2,076,880 |
| Connecticut, | ||||
| GO | 5.00 | 11/1/28 | 3,000,000 | 3,113,040 |
| Connecticut, | ||||
| GO | 5.00 | 11/1/28 | 5,000,000 | 5,597,950 |
| Connecticut, | ||||
| GO | 5.00 | 11/1/31 | 2,500,000 | 2,789,425 |
| Connecticut, | ||||
| Special Tax Obligation Revenue | ||||
| (Transportation Infrastructure | ||||
| Purposes) | 5.00 | 12/1/21 | 5,000,000 | 5,696,100 |
| Connecticut, | ||||
| Special Tax Obligation Revenue | ||||
| (Transportation Infrastructure | ||||
| Purposes) | 5.00 | 10/1/24 | 2,730,000 | 3,227,597 |
| Connecticut, | ||||
| Special Tax Obligation Revenue | ||||
| (Transportation Infrastructure | ||||
| Purposes) | 5.00 | 8/1/34 | 3,000,000 | 3,372,840 |
| Connecticut, | ||||
| Special Tax Obligation Revenue | ||||
| (Transportation Infrastructure | ||||
| Purposes) | 4.00 | 9/1/35 | 5,000,000 | 5,238,600 |
| Connecticut, | ||||
| State Revolving Fund General Revenue | 5.00 | 1/1/23 | 1,250,000 | 1,406,288 |
| Connecticut, | ||||
| State Revolving Fund General Revenue | 5.00 | 3/1/24 | 1,195,000 | 1,420,568 |
| Connecticut, | ||||
| State Revolving Fund General Revenue | 5.00 | 7/1/24 | 2,145,000 | 2,520,118 |
| Connecticut Development Authority, | ||||
| PCR (The Connecticut Light and Power | ||||
| Company Project) | 4.38 | 9/1/28 | 3,900,000 | 4,307,628 |
| Connecticut Development Authority, | ||||
| Water Facilities Revenue (Aquarion | ||||
| Water Company of Connecticut Project) | 5.50 | 4/1/21 | 4,500,000 | 5,006,790 |
| Connecticut Development Authority, | ||||
| Water Facilities Revenue (Aquarion | ||||
| Water Company of Connecticut Project) | ||||
| (Insured; XLCA) | 5.10 | 9/1/37 | 6,550,000 | 6,560,087 |
| Connecticut Health and Educational | ||||
| Facilities Authority, | ||||
| Revenue (Ascension Health Senior Credit | ||||
| Group) | 5.00 | 11/15/40 | 10,000,000 | 10,709,500 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| Long-Term Municipal Investments - | Coupon | Maturity | Principal | ||
| 99.0% (continued) | Rate (%) | Date | Amount ($) | Value ($) | |
| Connecticut - 95.3% (continued) | |||||
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Bridgeport Hospital Issue) | 5.00 | 7/1/25 | 3,625,000 | 4,138,227 | |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Connecticut College Issue) | 4.00 | 7/1/46 | 2,000,000 | 2,039,840 | |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Fairfield University Issue) | 5.00 | 7/1/27 | 285,000 | 294,721 | |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Fairfield University Issue) | 5.00 | 7/1/34 | 825,000 | 852,448 | |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Fairfield University Issue) | 5.00 | 7/1/35 | 2,000,000 | 2,178,960 | |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Fairfield University Issue) | 5.00 | 7/1/40 | 2,500,000 | 2,723,700 | |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Fairfield University Issue) | 5.00 | 7/1/46 | 1,000,000 | 1,131,600 | |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Greenwich Academy Issue) | |||||
| (Insured; Assured Guaranty Municipal | |||||
| Corp.) | 5.25 | 3/1/32 | 10,880,000 | 13,625,894 | |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Hartford HealthCare Issue) | 5.00 | 7/1/27 | 3,265,000 | 3,826,874 | |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Hartford HealthCare Issue) | 5.00 | 7/1/32 | 1,000,000 | 1,088,800 | |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Hartford HealthCare Issue) | 5.00 | 7/1/41 | 2,000,000 | 2,157,480 | |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Hartford HealthCare Issue) | 5.00 | 7/1/45 | 2,500,000 | 2,706,925 | |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Healthcare Facility Expansion | |||||
| Issue - Church Home of Hartford Inc., | |||||
| Project) | 5.00 | 9/1/46 | 1,000,000 | a | 1,015,280 |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Healthcare Facility Expansion | |||||
| Issue - Church Home of Hartford Inc., | |||||
| Project) | 5.00 | 9/1/53 | 1,500,000 | a | 1,506,465 |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Loomis Chaffee School Issue) | |||||
| (Insured; AMBAC) | 5.25 | 7/1/28 | 1,760,000 | 2,217,970 | |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Quinnipiac University Issue) | 5.00 | 7/1/36 | 5,000,000 | 5,781,850 |
| Long-Term Municipal Investments - | Coupon | Maturity | Principal | ||
| 99.0% (continued) | Rate (%) | Date | Amount ($) | Value ($) | |
| Connecticut - 95.3% (continued) | |||||
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Quinnipiac University Issue) | 5.00 | 7/1/36 | 200,000 | 229,150 | |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Quinnipiac University Issue) | 5.00 | 7/1/45 | 3,000,000 | 3,389,490 | |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Quinnipiac University Issue) | |||||
| (Insured; National Public Finance | |||||
| Guarantee Corp.) | 5.75 | 7/1/33 | 25,000 | 26,026 | |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Sacred Heart University Issue) | 5.38 | 7/1/31 | 1,000,000 | 1,113,540 | |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Stamford Hospital Issue) | 5.00 | 7/1/30 | 6,750,000 | 7,276,027 | |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Stamford Hospital Issue) | 4.00 | 7/1/46 | 2,000,000 | 2,020,900 | |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Trinity Health Credit Group) | 5.00 | 12/1/45 | 7,500,000 | 8,549,925 | |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Western Connecticut Health | |||||
| Network Issue) | 5.38 | 7/1/41 | 1,000,000 | 1,095,260 | |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Yale New Haven Health Issue) | 5.00 | 7/1/27 | 3,960,000 | 4,671,968 | |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Yale University Issue) | 5.00 | 7/1/40 | 5,000,000 | 5,180,850 | |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Yale-New Haven Hospital | |||||
| Issue) (Prerefunded) | 5.75 | 7/1/20 | 2,000,000 | b | 2,270,840 |
| Connecticut Health and Educational | |||||
| Facilities Authority, | |||||
| State Supported Child Care Revenue | 5.00 | 7/1/25 | 1,490,000 | 1,660,858 | |
| Connecticut Higher Education Supplemental | |||||
| Loan Authority, | |||||
| State Supported Revenue (Connecticut | |||||
| Health and Educational Facilities | |||||
| Authority Loan Program) | 5.00 | 11/15/21 | 1,450,000 | 1,612,893 | |
| Connecticut Higher Education Supplemental | |||||
| Loan Authority, | |||||
| State Supported Revenue (Connecticut | |||||
| Health and Educational Facilities | |||||
| Authority Loan Program) | 5.00 | 11/15/22 | 1,400,000 | 1,575,672 | |
| Connecticut Higher Education Supplemental | |||||
| Loan Authority, | |||||
| State Supported Revenue (Connecticut | |||||
| Health and Educational Facilities | |||||
| Authority Loan Program) | 5.00 | 11/15/23 | 1,400,000 | 1,593,732 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| Long-Term Municipal Investments - | Coupon | Maturity | Principal | ||
| 99.0% (continued) | Rate (%) | Date | Amount ($) | Value ($) | |
| Connecticut - 95.3% (continued) | |||||
| Connecticut Municipal Electric Energy | |||||
| Cooperative, | |||||
| Power Supply System Revenue | 5.00 | 1/1/38 | 3,000,000 | 3,381,720 | |
| Connecticut Municipal Electric Energy | |||||
| Cooperative, | |||||
| Transmission Services Revenue | 5.00 | 1/1/22 | 1,505,000 | 1,741,496 | |
| Connecticut Revolving Fund, | |||||
| General Revenue Bonds (Green Bonds) | 5.00 | 3/1/29 | 2,500,000 | 3,000,650 | |
| Connecticut Transmission Municipal Electric | |||||
| Energy Cooperative, | |||||
| Transmission System Revenue | 5.00 | 1/1/42 | 3,000,000 | 3,344,280 | |
| Eastern Connecticut Resource Recovery | |||||
| Authority, | |||||
| Solid Waste Revenue (Wheelabrator | |||||
| Lisbon Project) | 5.50 | 1/1/20 | 4,595,000 | 4,611,542 | |
| Greater New Haven Water Pollution Control | |||||
| Authority, | |||||
| Regional Wastewater System Revenue | 5.00 | 8/15/26 | 700,000 | 836,948 | |
| Greater New Haven Water Pollution Control | |||||
| Authority, | |||||
| Regional Wastewater System Revenue | 5.00 | 8/15/27 | 1,250,000 | 1,481,463 | |
| Greater New Haven Water Pollution Control | |||||
| Authority, | |||||
| Regional Wastewater System Revenue | 5.00 | 8/15/29 | 1,500,000 | 1,754,520 | |
| Greater New Haven Water Pollution Control | |||||
| Authority, | |||||
| Regional Wastewater System Revenue | |||||
| (Insured; National Public Finance | |||||
| Guarantee Corp.) | 5.00 | 8/15/35 | 25,000 | 25,071 | |
| Hartford, | |||||
| GO (Insured; Assured Guaranty | |||||
| Municipal Corp.) (Prerefunded) | 5.00 | 4/1/22 | 255,000 | b | 297,807 |
| Hartford County Metropolitan District, | |||||
| Clean Water Project Revenue | 5.00 | 4/1/31 | 3,510,000 | 3,969,319 | |
| Hartford County Metropolitan District, | |||||
| Clean Water Project Revenue (Green | |||||
| Bonds) | 5.00 | 11/1/42 | 2,000,000 | 2,247,020 | |
| New Britain, | |||||
| GO (Insured; Assured Guaranty Corp.) | 5.00 | 4/1/24 | 3,600,000 | 4,202,352 | |
| New Haven, | |||||
| GO (Insured; Build America Municipal | |||||
| Assurance Company) | 5.00 | 8/15/26 | 1,250,000 | 1,472,600 | |
| New Haven, | |||||
| GO (Insured; Build America Municipal | |||||
| Assurance Company) | 5.00 | 8/15/27 | 750,000 | 876,570 | |
| Norwalk, | |||||
| GO | 5.00 | 7/15/24 | 1,000,000 | 1,175,490 | |
| South Central Connecticut Regional Water | |||||
| Authority, | |||||
| Water System Revenue | 5.00 | 8/1/27 | 3,000,000 | 3,514,350 | |
| South Central Connecticut Regional Water | |||||
| Authority, | |||||
| Water System Revenue | 5.00 | 8/1/31 | 3,940,000 | 4,461,577 | |
| South Central Connecticut Regional Water | |||||
| Authority, | |||||
| Water System Revenue | 5.00 | 8/1/32 | 1,370,000 | 1,564,759 |
| Long-Term Municipal Investments - | Coupon | Maturity | Principal | ||
| 99.0% (continued) | Rate (%) | Date | Amount ($) | Value ($) | |
| Connecticut - 95.3% (continued) | |||||
| South Central Connecticut Regional Water | |||||
| Authority, | |||||
| Water System Revenue | 5.00 | 8/1/33 | 1,500,000 | 1,709,400 | |
| South Central Connecticut Regional Water | |||||
| Authority, | |||||
| Water System Revenue | 5.00 | 8/1/37 | 3,430,000 | 4,007,338 | |
| South Central Connecticut Regional Water | |||||
| Authority, | |||||
| Water System Revenue | 5.00 | 8/1/38 | 1,500,000 | 1,749,885 | |
| South Central Connecticut Regional Water | |||||
| Authority, | |||||
| Water System Revenue | 5.00 | 8/1/39 | 1,500,000 | 1,699,785 | |
| South Central Connecticut Regional Water | |||||
| Authority, | |||||
| Water System Revenue (Insured; | |||||
| National Public Finance Guarantee Corp.) | 5.25 | 8/1/24 | 2,000,000 | 2,452,400 | |
| South Central Connecticut Regional Water | |||||
| Authority, | |||||
| Water System Revenue (Insured; | |||||
| National Public Finance Guarantee Corp.) | 5.25 | 8/1/31 | 2,000,000 | 2,056,480 | |
| Stamford, | |||||
| GO | 5.00 | 7/1/21 | 4,410,000 | 5,072,073 | |
| University of Connecticut, | |||||
| GO | 5.00 | 2/15/25 | 1,000,000 | 1,058,630 | |
| University of Connecticut, | |||||
| GO | 5.00 | 2/15/27 | 1,000,000 | 1,057,690 | |
| University of Connecticut, | |||||
| GO | 5.00 | 2/15/28 | 1,000,000 | 1,057,690 | |
| University of Connecticut, | |||||
| Special Obligation Student Fee Revenue | 5.00 | 11/15/24 | 5,000,000 | 5,807,400 | |
| 238,177,706 | |||||
| U.S. Related - 3.7% | |||||
| Children's Trust Fund of Puerto Rico, | |||||
| Tobacco Settlement Asset-Backed Bonds | 5.50 | 5/15/39 | 3,000,000 | 2,975,400 | |
| Children's Trust Fund of Puerto Rico, | |||||
| Tobacco Settlement Asset-Backed Bonds | 0.00 | 5/15/50 | 12,000,000 | c | 1,371,840 |
| Guam, | |||||
| Business Privilege Tax Revenue | 5.00 | 1/1/31 | 1,000,000 | 1,059,810 | |
| Guam, | |||||
| LOR (Section 30) | 5.00 | 12/1/34 | 1,750,000 | 1,928,815 | |
| Virgin Islands Port Authority, | |||||
| Marine Revenue | 5.00 | 9/1/44 | 2,000,000 | 2,069,080 | |
| 9,404,945 | |||||
| Total Investments (cost $237,013,711) | 99.0 | % | 247,582,651 | ||
| Cash and Receivables (Net) | 1.0 | % | 2,435,448 | ||
| Net Assets | 100.0 | % | 250,018,099 | ||
| a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in |
| transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2017, these securities were valued at |
| $2,521,745 or 1.01% of net assets. |
| b These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by |
| U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire |
| the bonds in full at the earliest refunding date. |
| c Security issued with a zero coupon. Income is recognized through the accretion of discount. |
STATEMENT OF INVESTMENTS
Dreyfus State Municipal Bond Funds, Dreyfus Connecticut Fund
July 31, 2017 (Unaudited)
The following is a summary of the inputs used as of July 31, 2017 in valuing the fund’s investments:
| Level 3 - | ||||
| Level 1 - | Level 2 - Other | Significant | ||
| Unadjusted Quoted | Significant | Unobservable | ||
| Prices | Observable Inputs | Inputs | Total | |
| Assets ($) | ||||
| Investments in Securities: | ||||
| Municipal Bonds† | - | 247,582,651 | - | 247,582,651 |
| † | See Statement of Investments for additional detailed categorizations. |
NOTES
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the fund's Board Members (the "Board"). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at
NOTES
fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.
The Service is engaged under the general supervision of the Board.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.
At July 31, 2017, accumulated net unrealized appreciation on investments was $10,568,940, consisting of $11,944,501 gross unrealized appreciation and $1,375,561 gross unrealized depreciation.
At July 31, 2017, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.
STATEMENT OF INVESTMENTS
Dreyfus State Municipal Bond Funds, Dreyfus Massachusetts Fund
July 31, 2017 (Unaudited)
| Long-Term Municipal Investments - | Coupon | Maturity | Principal | ||
| 98.9% | Rate (%) | Date | Amount ($) | Value ($) | |
| Massachusetts - 94.7% | |||||
| Boston Housing Authority, | |||||
| Capital Program Revenue (Insured; | |||||
| Assured Guaranty Municipal Corp.) | 5.00 | 4/1/24 | 1,900,000 | 1,950,863 | |
| Martha's Vineyard Land Bank, | |||||
| Revenue (Green Bonds) (Insured; Build | |||||
| America Mutual Assurance Company) | 5.00 | 5/1/33 | 500,000 | 593,035 | |
| Massachusetts, | |||||
| Federal Highway GAN (Accelerated | |||||
| Bridge Program) | 5.00 | 6/15/23 | 1,325,000 | 1,553,695 | |
| Massachusetts, | |||||
| GO | 1.33 | 11/1/25 | 5,000,000 | a | 4,999,350 |
| Massachusetts, | |||||
| GO (Insured; AMBAC) | 5.50 | 8/1/30 | 1,750,000 | 2,303,577 | |
| Massachusetts, | |||||
| GO (Insured; Assured Guaranty | |||||
| Municipal Corp.) | 5.25 | 9/1/23 | 2,500,000 | 3,053,650 | |
| Massachusetts, | |||||
| Special Obligation Dedicated Tax | |||||
| Revenue (Insured; National Public | |||||
| Finance Guarantee Corp.) | 5.50 | 1/1/23 | 3,000,000 | 3,607,290 | |
| Massachusetts, | |||||
| Transportation Fund Revenue (Rail | |||||
| Enhancement and Accelerated Bridge | |||||
| Programs) | 5.00 | 6/1/41 | 1,500,000 | 1,762,380 | |
| Massachusetts Bay Transportation | |||||
| Authority, | |||||
| GO (General Transportation System) | 7.00 | 3/1/21 | 425,000 | 481,733 | |
| Massachusetts Bay Transportation | |||||
| Authority, | |||||
| GO (General Transportation System) | |||||
| (Escrowed to Maturity) | 7.00 | 3/1/21 | 75,000 | 77,674 | |
| Massachusetts Bay Transportation | |||||
| Authority, | |||||
| Senior Sales Tax Revenue | 5.00 | 7/1/40 | 2,000,000 | 2,314,280 | |
| Massachusetts Bay Transportation | |||||
| Authority, | |||||
| Senior Sales Tax Revenue (Insured; | |||||
| National Public Finance Guarantee Corp.) | 5.50 | 7/1/27 | 3,000,000 | 3,887,040 | |
| Massachusetts Clean Energy Cooperative | |||||
| Corporation, | |||||
| Massachusetts Clean Energy Cooperative | |||||
| Revenue | 5.00 | 7/1/24 | 2,580,000 | 2,998,915 | |
| Massachusetts College Building Authority, | |||||
| Project Revenue | 5.00 | 5/1/27 | 2,000,000 | 2,326,560 | |
| Massachusetts College Building Authority, | |||||
| Project Revenue (Insured; National | |||||
| Public Finance Guarantee Corp.) | |||||
| (Escrowed to Maturity) | 0.00 | 5/1/26 | 5,385,000 | b | 4,461,042 |
| Massachusetts College Building Authority, | |||||
| Project Revenue (Insured; XLCA) | 5.50 | 5/1/28 | 1,450,000 | 1,788,749 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| Long-Term Municipal Investments - | Coupon | Maturity | Principal | |
| 98.9% (continued) | Rate (%) | Date | Amount ($) | Value ($) |
| Massachusetts - 94.7% (continued) | ||||
| Massachusetts Department of | ||||
| Transportation, | ||||
| Metropolitan Highway System Senior | ||||
| Revenue | 5.00 | 1/1/27 | 4,000,000 | 4,356,960 |
| Massachusetts Development Finance | ||||
| Agency, | ||||
| Revenue (Baystate Medical Center Issue) | 5.00 | 7/1/34 | 1,475,000 | 1,669,803 |
| Massachusetts Development Finance | ||||
| Agency, | ||||
| Revenue (Berklee College of Music Issue) | 5.00 | 10/1/31 | 1,000,000 | 1,119,020 |
| Massachusetts Development Finance | ||||
| Agency, | ||||
| Revenue (Berklee College of Music Issue) | 5.00 | 10/1/46 | 750,000 | 862,598 |
| Massachusetts Development Finance | ||||
| Agency, | ||||
| Revenue (Boston College Issue) | 5.00 | 7/1/42 | 1,000,000 | 1,181,250 |
| Massachusetts Development Finance | ||||
| Agency, | ||||
| Revenue (Boston Medical Center Issue) | 5.00 | 7/1/37 | 1,000,000 | 1,100,330 |
| Massachusetts Development Finance | ||||
| Agency, | ||||
| Revenue (Boston University Issue) | 4.00 | 10/1/46 | 2,000,000 | 2,084,940 |
| Massachusetts Development Finance | ||||
| Agency, | ||||
| Revenue (Brandeis University Issue) | 5.00 | 10/1/26 | 1,250,000 | 1,356,600 |
| Massachusetts Development Finance | ||||
| Agency, | ||||
| Revenue (Brandeis University Issue) | 5.00 | 10/1/29 | 1,475,000 | 1,599,800 |
| Massachusetts Development Finance | ||||
| Agency, | ||||
| Revenue (CareGroup Issue) | 5.00 | 7/1/33 | 500,000 | 567,730 |
| Massachusetts Development Finance | ||||
| Agency, | ||||
| Revenue (CareGroup Issue) | 5.00 | 7/1/37 | 1,500,000 | 1,728,075 |
| Massachusetts Development Finance | ||||
| Agency, | ||||
| Revenue (Children's Hospital Issue) | 5.00 | 10/1/33 | 4,000,000 | 4,663,680 |
| Massachusetts Development Finance | ||||
| Agency, | ||||
| Revenue (College of the Holy Cross Issue) | 5.00 | 9/1/41 | 800,000 | 935,728 |
| Massachusetts Development Finance | ||||
| Agency, | ||||
| Revenue (Dana-Farber Cancer Institute | ||||
| Issue) | 5.00 | 12/1/41 | 1,000,000 | 1,151,170 |
| Massachusetts Development Finance | ||||
| Agency, | ||||
| Revenue (Dana-Farber Cancer Institute | ||||
| Issue) | 5.00 | 12/1/46 | 2,000,000 | 2,281,480 |
| Massachusetts Development Finance | ||||
| Agency, | ||||
| Revenue (Lahey Health System Obligated | ||||
| Group Issue) | 5.00 | 8/15/40 | 2,000,000 | 2,268,540 |
| Massachusetts Development Finance | ||||
| Agency, | ||||
| Revenue (Noble and Greenough School | ||||
| Issue) (Escrowed to Maturity) | 5.00 | 4/1/21 | 600,000 | 684,678 |
| Long-Term Municipal Investments - | Coupon | Maturity | Principal | ||
| 98.9% (continued) | Rate (%) | Date | Amount ($) | Value ($) | |
| Massachusetts - 94.7% (continued) | |||||
| Massachusetts Development Finance | |||||
| Agency, | |||||
| Revenue (North Hill Communities Issue) | 6.50 | 11/15/43 | 2,000,000 | c | 2,256,480 |
| Massachusetts Development Finance | |||||
| Agency, | |||||
| Revenue (Partners HealthCare System | |||||
| Issue) | 5.00 | 7/1/32 | 5,070,000 | 5,845,304 | |
| Massachusetts Development Finance | |||||
| Agency, | |||||
| Revenue (Partners HealthCare System | |||||
| Issue) | 5.00 | 7/1/39 | 2,000,000 | 2,227,940 | |
| Massachusetts Development Finance | |||||
| Agency, | |||||
| Revenue (Partners HealthCare System | |||||
| Issue) | 5.38 | 7/1/41 | 4,000,000 | 4,380,560 | |
| Massachusetts Development Finance | |||||
| Agency, | |||||
| Revenue (Partners HealthCare System | |||||
| Issue) | 5.00 | 7/1/47 | 1,860,000 | 1,865,282 | |
| Massachusetts Development Finance | |||||
| Agency, | |||||
| Revenue (Partners HealthCare System | |||||
| Issue) | 5.00 | 7/1/47 | 1,500,000 | 1,694,130 | |
| Massachusetts Development Finance | |||||
| Agency, | |||||
| Revenue (Provident Commonwealth | |||||
| Education Resources Issue) (UMass | |||||
| Boston Student Housing Project) | 5.00 | 10/1/48 | 1,000,000 | 1,095,350 | |
| Massachusetts Development Finance | |||||
| Agency, | |||||
| Revenue (South Shore Hospital Issue) | 5.00 | 7/1/41 | 1,000,000 | 1,114,010 | |
| Massachusetts Development Finance | |||||
| Agency, | |||||
| Revenue (Suffolk University Issue) | 6.00 | 7/1/24 | 330,000 | 358,868 | |
| Massachusetts Development Finance | |||||
| Agency, | |||||
| Revenue (Suffolk University Issue) | 5.00 | 7/1/30 | 1,000,000 | 1,066,390 | |
| Massachusetts Development Finance | |||||
| Agency, | |||||
| Revenue (Suffolk University) | 5.00 | 7/1/35 | 1,000,000 | 1,135,060 | |
| Massachusetts Development Finance | |||||
| Agency, | |||||
| Revenue (Suffolk University) | 5.00 | 7/1/36 | 755,000 | 854,924 | |
| Massachusetts Development Finance | |||||
| Agency, | |||||
| Revenue (Tufts Medical Center Issue) | 5.50 | 1/1/22 | 1,500,000 | 1,694,805 | |
| Massachusetts Development Finance | |||||
| Agency, | |||||
| Revenue (UMass Memorial Health Care | |||||
| Obligated Group Issue) | 5.00 | 7/1/46 | 1,000,000 | 1,107,550 | |
| Massachusetts Development Finance | |||||
| Agency, | |||||
| Revenue (UMass Memorial Issue) | 5.50 | 7/1/31 | 500,000 | 553,260 | |
| Massachusetts Development Finance | |||||
| Agency, | |||||
| Revenue (WGBH Educational Foundation | |||||
| Issue) | 5.00 | 1/1/40 | 1,000,000 | 1,149,100 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| Long-Term Municipal Investments - | Coupon | Maturity | Principal | |
| 98.9% (continued) | Rate (%) | Date | Amount ($) | Value ($) |
| Massachusetts - 94.7% (continued) | ||||
| Massachusetts Development Finance | ||||
| Agency, | ||||
| Revenue (Whitehead Institute for | ||||
| Biomedical Research Issue) | 5.00 | 6/1/23 | 1,350,000 | 1,536,624 |
| Massachusetts Educational Financing | ||||
| Authority, | ||||
| Education Loan Revenue (Issue I) | 5.00 | 1/1/25 | 1,500,000 | 1,735,350 |
| Massachusetts Educational Financing | ||||
| Authority, | ||||
| Education Loan Revenue (Issue K) | 5.25 | 7/1/29 | 1,300,000 | 1,427,439 |
| Massachusetts Health and Educational | ||||
| Facilities Authority, | ||||
| Revenue (Dana-Farber Cancer Institute | ||||
| Issue) | 5.25 | 12/1/27 | 1,000,000 | 1,059,820 |
| Massachusetts Health and Educational | ||||
| Facilities Authority, | ||||
| Revenue (Massachusetts Institute of | ||||
| Technology Issue) | 5.25 | 7/1/33 | 3,000,000 | 3,977,490 |
| Massachusetts Health and Educational | ||||
| Facilities Authority, | ||||
| Revenue (Partners HealthCare System | ||||
| Issue) | 5.25 | 7/1/29 | 1,000,000 | 1,077,690 |
| Massachusetts Health and Educational | ||||
| Facilities Authority, | ||||
| Revenue (Wheaton College Issue) | 5.00 | 1/1/30 | 2,405,000 | 2,582,609 |
| Massachusetts Port Authority, | ||||
| Revenue | 5.00 | 7/1/45 | 1,000,000 | 1,126,470 |
| Massachusetts Port Authority, | ||||
| Revenue, Refunding | 5.00 | 7/1/25 | 1,500,000 | 1,759,980 |
| Massachusetts Port Authority, | ||||
| Revenue, Refunding | 5.00 | 7/1/25 | 1,500,000 | 1,822,290 |
| Massachusetts Port Authority, | ||||
| Revenue, Refunding | 5.00 | 7/1/27 | 5,475,000 | 6,071,173 |
| Massachusetts Port Authority, | ||||
| Revenue, Refunding | 5.00 | 7/1/42 | 1,000,000 | 1,157,420 |
| Massachusetts Port Authority, | ||||
| Revenue, Refunding | 4.00 | 7/1/46 | 2,500,000 | 2,583,350 |
| Massachusetts School Building Authority, | ||||
| Senior Dedicated Sales Tax Revenue | 5.00 | 8/15/21 | 3,000,000 | 3,456,480 |
| Massachusetts School Building Authority, | ||||
| Senior Dedicated Sales Tax Revenue | 5.00 | 8/15/22 | 2,000,000 | 2,365,600 |
| Massachusetts School Building Authority, | ||||
| Senior Dedicated Sales Tax Revenue | 5.00 | 10/15/35 | 4,000,000 | 4,552,480 |
| Massachusetts School Building Authority, | ||||
| Senior Dedicated Sales Tax Revenue | 5.00 | 8/15/37 | 3,000,000 | 3,510,960 |
| Massachusetts Water Resources Authority, | ||||
| General Revenue | 5.00 | 8/1/25 | 2,000,000 | 2,292,860 |
| Massachusetts Water Resources Authority, | ||||
| General Revenue (Insured; National | ||||
| Public Finance Guarantee Corp.) | 5.25 | 8/1/17 | 1,875,000 | 1,875,000 |
| Massachusetts Water Resources Authority, | ||||
| General Revenue (Insured; National | ||||
| Public Finance Guarantee Corp.) | 5.25 | 8/1/21 | 695,000 | 695,000 |
| Massachusetts Water Resources Authority, | ||||
| General Revenue (Insured; National | ||||
| Public Finance Guarantee Corp.) | ||||
| (Prerefunded) | 5.25 | 8/1/21 | 710,000 | 710,000 |
| Long-Term Municipal Investments - | Coupon | Maturity | Principal | ||
| 98.9% (continued) | Rate (%) | Date | Amount ($) | Value ($) | |
| Massachusetts - 94.7% (continued) | |||||
| Metropolitan Boston Transit Parking | |||||
| Corporation, | |||||
| Systemwide Senior Lien Parking | |||||
| Revenue | 5.00 | 7/1/24 | 1,320,000 | 1,505,354 | |
| Springfield Water and Sewer Commission, | |||||
| Revenue | 5.00 | 4/15/37 | 650,000 | 780,865 | |
| 145,833,532 | |||||
| U.S. Related - 4.2% | |||||
| Children's Trust Fund of Puerto Rico, | |||||
| Tobacco Settlement Asset-Backed Bonds | 5.38 | 5/15/33 | 1,090,000 | 1,099,538 | |
| Children's Trust Fund of Puerto Rico, | |||||
| Tobacco Settlement Asset-Backed Bonds | 5.50 | 5/15/39 | 1,245,000 | 1,234,791 | |
| Children's Trust Fund of Puerto Rico, | |||||
| Tobacco Settlement Asset-Backed Bonds | 0.00 | 5/15/50 | 5,000,000 | b | 571,600 |
| Guam, | |||||
| Business Privilege Tax Revenue | 5.13 | 1/1/42 | 1,000,000 | 1,052,130 | |
| Guam, | |||||
| Hotel Occupancy Tax Revenue | 5.00 | 11/1/17 | 1,000,000 | 1,008,440 | |
| Virgin Islands Port Authority, | |||||
| Marine Revenue | 5.00 | 9/1/44 | 1,500,000 | 1,551,810 | |
| 6,518,309 | |||||
| Total Long-Term Municipal Investments | |||||
| (cost $143,999,486) | 152,351,841 | ||||
| Short-Term Municipal Investments - .4% | |||||
| Massachusetts - .4% | |||||
| Massachusetts Health and Educational | |||||
| Facilities Authority, | |||||
| Revenue (Harvard University Issue) | |||||
| (cost $600,000) | 0.32 | 8/1/17 | 600,000 | d | 600,000 |
| Total Investments (cost $144,599,486) | 99.3 | % | 152,951,841 | ||
| Cash and Receivables (Net) | 0.7 | % | 1,092,976 | ||
| Net Assets | 100.0 | % | 154,044,817 | ||
| a |
Variable rate security—rate shown is the interest rate in effect at period end. |
| b |
Security issued with a zero coupon. Income is recognized through the accretion of discount. |
| c |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2017, these securities were valued at $2,256,480 or 1.46% of net assets. |
| d |
Variable rate demand note—rate shown is the interest rate in effect at July 31, 2017. Maturity date represents the next demand date, or the ultimate maturity date if earlier. |
STATEMENT OF INVESTMENTS
Dreyfus State Municipal Bond Funds, Dreyfus Massachusetts Fund
July 31, 2017 (Unaudited)
The following is a summary of the inputs used as of July 31, 2017 in valuing the fund’s investments:
| Level 3 - | ||||
| Level 1 - | Level 2 - Other | Significant | ||
| Unadjusted Quoted | Significant | Unobservable | ||
| Prices | Observable Inputs | Inputs | Total | |
| Assets ($) | ||||
| Investments in Securities: | ||||
| Municipal Bonds† | - | 152,951,841 | - | 152,951,841 |
| † | See Statement of Investments for additional detailed categorizations. |
NOTES
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the fund's Board Members (the "Board"). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at
NOTES
fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.
The Service is engaged under the general supervision of the Board.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.
At July 31, 2017, accumulated net unrealized appreciation on investments was $8,352,355, consisting of $9,005,624 gross unrealized appreciation and $653,269 gross unrealized depreciation.
At July 31, 2017, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.
STATEMENT OF INVESTMENTS
Dreyfus State Municipal Bond Funds, Dreyfus Pennsylvania Fund
July 31, 2017 (Unaudited)
| Long-Term Municipal Investments - | Coupon | Maturity | Principal | ||
| 98.9% | Rate (%) | Date | Amount ($) | Value ($) | |
| Pennsylvania - 98.3% | |||||
| Adams County Industrial Development | |||||
| Authority, | |||||
| Revenue (Gettysburg College) | 5.00 | 8/15/25 | 1,000,000 | 1,098,890 | |
| Adams County Industrial Development | |||||
| Authority, | |||||
| Revenue (Gettysburg College) | 5.00 | 8/15/26 | 1,000,000 | 1,098,890 | |
| Allegheny County, | |||||
| GO | 5.00 | 12/1/31 | 1,040,000 | 1,196,270 | |
| Allegheny County, | |||||
| GO | 5.00 | 12/1/34 | 1,000,000 | 1,139,560 | |
| Allegheny County, | |||||
| GO | 5.00 | 12/1/34 | 3,000,000 | 3,400,770 | |
| Allentown Neighborhood Improvement | |||||
| Zone Development Authority, | |||||
| Tax Revenue (City Center Project) | 5.00 | 5/1/42 | 1,000,000 | a | 1,044,400 |
| Beaver County Hospital Authority, | |||||
| Revenue (Heritage Valley Health System, | |||||
| Inc.) | 5.00 | 5/15/28 | 1,575,000 | 1,732,925 | |
| Bethlehem Authority, | |||||
| Guaranteed Water Revenue (Insured; | |||||
| Build America Mutual Assurance | |||||
| Company) | 5.00 | 11/15/31 | 2,000,000 | 2,256,240 | |
| Boyertown Area School District, | |||||
| GO | 5.00 | 10/1/37 | 2,050,000 | 2,310,494 | |
| Bucks County Water and Sewer Authority, | |||||
| Sewer System Revenue (Insured; | |||||
| Assured Guaranty Municipal Corp.) | 5.00 | 12/1/37 | 500,000 | 569,425 | |
| Canonsburg-Houston Joint Authority, | |||||
| Sewer Revenue | 5.00 | 12/1/40 | 2,000,000 | 2,259,080 | |
| Centre County Hospital Authority, | |||||
| HR (Mount Nittany Medical Center | |||||
| Project) | 5.00 | 11/15/41 | 750,000 | 844,665 | |
| Charleroi Area School Authority, | |||||
| School Revenue (Insured; National Public | |||||
| Finance Guarantee Corp.) | 0.00 | 10/1/20 | 2,000,000 | b | 1,886,700 |
| Clairton Municipal Authority, | |||||
| Sewer Revenue | 5.00 | 12/1/37 | 2,000,000 | 2,190,020 | |
| Cumberland County Municipal Authority, | |||||
| Revenue (Diakon Lutheran Social | |||||
| Ministries Project) | 5.00 | 1/1/38 | 1,000,000 | 1,084,290 | |
| Dauphin County General Authority, | |||||
| Health System Revenue (Pinnacle Health | |||||
| System Project) | 5.00 | 6/1/42 | 3,030,000 | 3,302,064 | |
| Delaware County Authority, | |||||
| Revenue (Cabrini University) | 5.00 | 7/1/42 | 1,000,000 | 1,105,750 | |
| Delaware County Authority, | |||||
| Revenue (Villanova University) | 5.00 | 8/1/40 | 2,170,000 | 2,464,252 | |
| Delaware River Joint Toll Bridge | |||||
| Commission, | |||||
| Bridge System Revenue | 5.00 | 7/1/31 | 500,000 | 580,885 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| Long-Term Municipal Investments - | Coupon | Maturity | Principal | |
| 98.9% (continued) | Rate (%) | Date | Amount ($) | Value ($) |
| Pennsylvania - 98.3% (continued) | ||||
| Delaware River Joint Toll Bridge | ||||
| Commission, | ||||
| Bridge System Revenue | 5.00 | 7/1/32 | 1,000,000 | 1,191,710 |
| Delaware River Port Authority, | ||||
| Revenue | 5.00 | 1/1/30 | 1,500,000 | 1,625,985 |
| Delaware River Port Authority, | ||||
| Revenue | 5.00 | 1/1/37 | 3,000,000 | 3,427,680 |
| East Hempfield Township Industrial | ||||
| Development Authority, | ||||
| Revenue (Willow Valley Communities | ||||
| Project) | 5.00 | 12/1/39 | 600,000 | 668,208 |
| Geisinger Authority, | ||||
| Health System Revenue (Geisinger | ||||
| Health System) | 5.00 | 6/1/41 | 2,500,000 | 2,795,275 |
| Lancaster County Hospital Authority, | ||||
| Health Center Revenue (Masonic Villages | ||||
| Project) | 5.00 | 11/1/35 | 1,000,000 | 1,121,910 |
| Lancaster County Hospital Authority, | ||||
| Health System Revenue (University of | ||||
| Pennsylvania Health System) | 5.00 | 8/15/42 | 2,800,000 | 3,218,936 |
| Lancaster County Hospital Authority, | ||||
| Revenue (Brethren Village Project) | 5.13 | 7/1/37 | 1,000,000 | 1,078,150 |
| Montgomery County Higher Education and | ||||
| Health Authority, | ||||
| HR (Abington Memorial Hospital | ||||
| Obligated Group) | 5.00 | 6/1/31 | 1,000,000 | 1,104,010 |
| Montgomery County Industrial | ||||
| Development Authority, | ||||
| Health System Revenue (Jefferson Health | ||||
| System) | 5.00 | 10/1/41 | 4,000,000 | 4,344,000 |
| Montgomery County Industrial | ||||
| Development Authority, | ||||
| Retirement Community Revenue (Adult | ||||
| Communities Total Services, Inc. | ||||
| Retirement - Life Communities, Inc. | ||||
| Obligated Group) | 5.00 | 11/15/36 | 3,200,000 | 3,550,880 |
| Pennsylvania, | ||||
| GO | 5.00 | 10/15/26 | 3,000,000 | 3,508,590 |
| Pennsylvania, | ||||
| GO | 5.00 | 10/15/29 | 4,000,000 | 4,653,720 |
| Pennsylvania Economic Development | ||||
| Financing Authority, | ||||
| Sewage Sludge Disposal Revenue | ||||
| (Philadelphia Biosolids Facility Project) | 6.25 | 1/1/32 | 1,000,000 | 1,063,160 |
| Pennsylvania Higher Educational Facilities | ||||
| Authority, | ||||
| Health System Revenue (University of | ||||
| Pennsylvania) | 5.00 | 8/15/40 | 1,500,000 | 1,711,710 |
| Pennsylvania Higher Educational Facilities | ||||
| Authority, | ||||
| Revenue (Drexel University) | 5.00 | 5/1/35 | 1,750,000 | 2,003,750 |
| Pennsylvania Higher Educational Facilities | ||||
| Authority, | ||||
| Revenue (Thomas Jefferson University) | 5.00 | 9/1/30 | 1,170,000 | 1,348,331 |
| Pennsylvania Higher Educational Facilities | ||||
| Authority, | ||||
| Revenue (Thomas Jefferson University) | 5.00 | 9/1/45 | 1,500,000 | 1,678,875 |
| Long-Term Municipal Investments - | Coupon | Maturity | Principal | ||
| 98.9% (continued) | Rate (%) | Date | Amount ($) | Value ($) | |
| Pennsylvania - 98.3% (continued) | |||||
| Pennsylvania Higher Educational Facilities | |||||
| Authority, | |||||
| Revenue (University of the Sciences in | |||||
| Philadelphia) | 5.00 | 11/1/31 | 1,000,000 | 1,138,500 | |
| Pennsylvania Housing Finance Agency, | |||||
| Capital Fund Securitization Revenue | |||||
| (Insured; Assured Guaranty Municipal | |||||
| Corp.) | 5.00 | 12/1/25 | 1,210,000 | 1,213,727 | |
| Pennsylvania Turnpike Commission, | |||||
| Motor License Fund-Enhanced Turnpike | |||||
| Subordinate Special Revenue | 5.00 | 12/1/36 | 3,000,000 | 3,439,110 | |
| Pennsylvania Turnpike Commission, | |||||
| Motor License Fund-Enhanced Turnpike | |||||
| Subordinate Special Revenue | 5.00 | 12/1/37 | 5,325,000 | 5,851,110 | |
| Pennsylvania Turnpike Commission, | |||||
| Oil Franchise Tax Senior Revenue | 5.00 | 12/1/32 | 3,000,000 | 3,564,450 | |
| Pennsylvania Turnpike Commission, | |||||
| Turnpike Revenue | 5.00 | 12/1/36 | 1,605,000 | 1,836,890 | |
| Pennsylvania Turnpike Commission, | |||||
| Turnpike Revenue | 5.00 | 12/1/42 | 1,000,000 | 1,123,440 | |
| Pennsylvania Turnpike Commission, | |||||
| Turnpike Revenue | 5.00 | 12/1/43 | 2,500,000 | 2,802,425 | |
| Pennsylvania Turnpike Commission, | |||||
| Turnpike Subordinate Revenue | |||||
| (Prerefunded) | 5.25 | 6/1/19 | 65,000 | c | 70,154 |
| Pennsylvania Turnpike Commission, | |||||
| Turnpike Subordinate Revenue | |||||
| (Prerefunded) | 5.25 | 6/1/19 | 525,000 | c | 565,840 |
| Philadelphia, | |||||
| Airport Revenue | 5.25 | 6/15/25 | 1,500,000 | 1,635,645 | |
| Philadelphia, | |||||
| Airport Revenue | 5.00 | 6/15/35 | 2,000,000 | 2,237,620 | |
| Philadelphia, | |||||
| Gas Works Revenue | 5.00 | 8/1/31 | 1,250,000 | 1,428,075 | |
| Philadelphia, | |||||
| Gas Works Revenue | 5.00 | 8/1/32 | 1,000,000 | 1,138,640 | |
| Philadelphia Authority for Industrial | |||||
| Development, | |||||
| HR (The Children's Hospital of | |||||
| Philadelphia Project) | 5.00 | 7/1/42 | 3,000,000 | 3,467,430 | |
| Philadelphia Authority for Industrial | |||||
| Development, | |||||
| Revenue (Independence Charter School | |||||
| Project) | 5.50 | 9/15/37 | 1,700,000 | 1,702,958 | |
| Philadelphia Authority for Industrial | |||||
| Development, | |||||
| Revenue (Temple University) | 5.00 | 4/1/45 | 1,500,000 | 1,694,730 | |
| Philadelphia Authority for Industrial | |||||
| Development, | |||||
| Revenue (Thomas Jefferson University) | 5.00 | 9/1/47 | 1,000,000 | 1,132,960 | |
| Philadelphia Authority for Industrial | |||||
| Development Hospital, | |||||
| Revenue (The Children's Hospital of | |||||
| Philadelphia Project) | 5.00 | 7/1/34 | 2,750,000 | 3,257,567 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| Long-Term Municipal Investments - | Coupon | Maturity | Principal | ||
| 98.9% (continued) | Rate (%) | Date | Amount ($) | Value ($) | |
| Pennsylvania - 98.3% (continued) | |||||
| Philadelphia Hospitals and Higher Education | |||||
| Facilities Authority, | |||||
| HR (The Children's Hospital of | |||||
| Philadelphia Project) | 5.00 | 7/1/25 | 1,800,000 | 2,050,200 | |
| Philadelphia Housing Authority, | |||||
| Capital Fund Program Revenue (Insured; | |||||
| Assured Guaranty Municipal Corp.) | 5.00 | 12/1/21 | 1,685,000 | 1,699,120 | |
| Philadelphia School District, | |||||
| GO | 5.00 | 9/1/38 | 1,000,000 | 1,106,390 | |
| Philadelphia School District, | |||||
| GO (Prerefunded) | 6.00 | 9/1/18 | 5,000 | c | 5,273 |
| Philadelphia School District, | |||||
| GO (Prerefunded) | 6.00 | 9/1/18 | 25,000 | c | 26,363 |
| Philadelphia School District, | |||||
| GO (Prerefunded) | 6.00 | 9/1/18 | 5,000 | c | 5,273 |
| Philadelphia School District, | |||||
| GO (Prerefunded) | 6.00 | 9/1/18 | 5,000 | c | 5,273 |
| Pittsburgh, | |||||
| GO (Insured; Build America Mutual | |||||
| Assurance Company) | 5.00 | 9/1/30 | 1,585,000 | 1,845,384 | |
| Pittsburgh Urban Redevelopment Authority, | |||||
| MFHR (West Park Court Project) | |||||
| (Collateralized; GNMA) | 4.90 | 11/20/47 | 1,180,000 | 1,197,936 | |
| Pocono Mountains Industrial Park Authority, | |||||
| HR (Saint Luke's Hospital - Monroe | |||||
| Project) | 5.00 | 8/15/40 | 1,795,000 | 1,963,317 | |
| Reading Area Water Authority, | |||||
| Water Revenue | 5.00 | 12/1/31 | 2,000,000 | 2,252,900 | |
| State Public School Building Authority, | |||||
| College Revenue (Montgomery County | |||||
| Community College) | 5.00 | 5/1/38 | 1,115,000 | 1,237,828 | |
| State Public School Building Authority, | |||||
| School Revenue (The School District of | |||||
| the City of Harrisburg Project) (Insured; | |||||
| Assured Guaranty Municipal Corp.) | 5.00 | 12/1/32 | 2,000,000 | 2,308,480 | |
| Susquehanna Area Regional Airport | |||||
| Authority, | |||||
| Systems Revenue | 4.00 | 1/1/33 | 1,300,000 | 1,285,362 | |
| West Shore Area Authority, | |||||
| Revenue (Holy Spirit Hospital of the | |||||
| Sisters of Christian Charity Project) | 6.00 | 1/1/26 | 995,000 | 1,134,638 | |
| West View Borough Municipal Authority, | |||||
| Water Revenue | 5.00 | 11/15/39 | 2,000,000 | 2,294,600 | |
| Westmoreland County Industrial | |||||
| Development Authority, | |||||
| Health System Revenue (Excela Health | |||||
| Project) | 5.00 | 7/1/25 | 2,390,000 | 2,588,609 | |
| Westmoreland County Municipal Authority, | |||||
| Municipal Service Revenue (Insured; | |||||
| Build America Mutual Assurance | |||||
| Company) | 5.00 | 8/15/26 | 1,535,000 | 1,844,840 | |
| Westmoreland County Municipal Authority, | |||||
| Municipal Service Revenue (Insured; | |||||
| Build America Mutual Assurance | |||||
| Company) | 5.00 | 8/15/42 | 1,000,000 | 1,137,700 | |
| Wilkes-Barre Finance Authority, | |||||
| Revenue (University of Scranton) | 5.00 | 11/1/34 | 1,000,000 | 1,129,950 |
| Long-Term Municipal Investments - | Coupon | Maturity | Principal | ||
| 98.9% (continued) | Rate (%) | Date | Amount ($) | Value ($) | |
| Pennsylvania - 98.3% (continued) | |||||
| York County, | |||||
| GO | 5.00 | 6/1/31 | 1,500,000 | 1,772,385 | |
| 139,853,542 | |||||
| U.S. Related - .6% | |||||
| Guam, | |||||
| Business Privilege Tax Revenue | 5.00 | 1/1/42 | 800,000 | 836,848 | |
| Total Investments (cost $135,514,860) | 98.9 | % | 140,690,390 | ||
| Cash and Receivables (Net) | 1.1 | % | 1,596,102 | ||
| Net Assets | 100.0 | % | 142,286,492 |
| a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in |
| transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2017, these securities were valued at |
| $1,044,400 or .73% of net assets. |
| b Security issued with a zero coupon. Income is recognized through the accretion of discount. |
| c These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by |
| U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire |
| the bonds in full at the earliest refunding date. |
STATEMENT OF INVESTMENTS
Dreyfus State Municipal Bond Funds, Dreyfus Pennsylvania Fund
July 31, 2017 (Unaudited)
The following is a summary of the inputs used as of July 31, 2017 in valuing the fund’s investments:
| Level 3 - | ||||
| Level 1 - | Level 2 - Other | Significant | ||
| Unadjusted Quoted | Significant | Unobservable | ||
| Prices | Observable Inputs | Inputs | Total | |
| Assets ($) | ||||
| Investments in Securities: | ||||
| Municipal Bonds† | - | 140,690,390 | - | 140,690,390 |
| † | See Statement of Investments for additional detailed categorizations. |
NOTES
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the fund's Board Members (the "Board"). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at
NOTES
fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.
The Service is engaged under the general supervision of the Board.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.
At July 31, 2017, accumulated net unrealized appreciation on investments was $5,175,530, consisting of $5,751,376 gross unrealized appreciation and $575,846 gross unrealized depreciation.
At July 31, 2017, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.
Item 2. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 3. Exhibits.
(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
FORM N-Q
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dreyfus State Municipal Bond Funds
By: /s/ Bradley J. Skapyak
Bradley J. Skapyak
President
Date: September 19, 2017
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ Bradley J. Skapyak
Bradley J. Skapyak
President
Date: September 19, 2017
By: /s/ James Windels
James Windels
Treasurer
Date: September 19, 2017
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)
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: September 19, 2017
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: September 19, 2017