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
|
811-6377
|
|
|
|
DREYFUS MUNICIPAL FUNDS, INC.
|
|
|
(Exact name of Registrant as specified in charter)
|
|
|
|
|
|
c/o The Dreyfus Corporation
200 Park Avenue
New York, New York 10166
|
|
|
(Address of principal executive offices) (Zip
code)
|
|
|
|
|
|
Janette E. Farragher, Esq.
200 Park Avenue
New York, New York 10166
|
|
|
(Name and address of agent for service)
|
|
|
Registrant's telephone
number, including area code:
|
(212) 922-6000
|
|
|
Date of fiscal year end:
|
8/31
|
|
Date of reporting period:
|
5/31/12
|
|
|
|
|
|
|
|
|
FORM N-Q
Item 1. Schedule of Investments.
|
|
|
|
|
|
STATEMENT OF INVESTMENTS
|
|
|
|
|
Dreyfus BASIC Municipal Money Market Fund
|
|
|
|
|
|
May 31, 2012 (Unaudited)
|
|
|
|
|
|
|
|
Coupon
|
Maturity
|
Principal
|
|
|
Short-Term Investments--100.9%
|
Rate (%)
|
Date
|
Amount ($)
|
|
Value ($)
|
Alabama--2.3%
|
|
|
|
|
|
Columbia Industrial Development
|
|
|
|
|
|
Board, PCR, Refunding (Alabama
|
|
|
|
|
|
Power Company Project)
|
0.19
|
6/1/12
|
1,000,000
|
a
|
1,000,000
|
Columbia Industrial Development
|
|
|
|
|
|
Board, PCR, Refunding (Alabama
|
|
|
|
|
|
Power Company Project)
|
0.19
|
6/1/12
|
1,400,000
|
a
|
1,400,000
|
|
California--9.2%
|
|
|
|
|
|
California Pollution Control
|
|
|
|
|
|
Financing Authority, SWDR (Bay
|
|
|
|
|
|
Counties Waste Services, Inc.
|
|
|
|
|
|
Project) (LOC; Comerica Bank)
|
0.28
|
6/7/12
|
3,270,000
|
a
|
3,270,000
|
California Pollution Control
|
|
|
|
|
|
Financing Authority, SWDR
|
|
|
|
|
|
(Metropolitan Recycling
|
|
|
|
|
|
Corporation Project) (LOC;
|
|
|
|
|
|
Comerica Bank)
|
0.28
|
6/7/12
|
2,285,000
|
a
|
2,285,000
|
California Statewide Communities
|
|
|
|
|
|
Development Authority,
|
|
|
|
|
|
Revenue, CP (Kaiser Permanente)
|
0.25
|
10/18/12
|
2,000,000
|
|
2,000,000
|
California Statewide Communities
|
|
|
|
|
|
Development Authority,
|
|
|
|
|
|
Revenue, CP (Kaiser Permanente)
|
0.25
|
12/13/12
|
2,000,000
|
|
2,000,000
|
|
Colorado--4.8%
|
|
|
|
|
|
Colorado,
|
|
|
|
|
|
Education Loan Program
|
|
|
|
|
|
Revenue, TRAN
|
2.00
|
6/29/12
|
2,000,000
|
|
2,002,857
|
Denver City and County,
|
|
|
|
|
|
Airport Revenue, CP (Liquidity
|
|
|
|
|
|
Facility; Barclays Bank PLC)
|
0.21
|
8/9/12
|
3,000,000
|
|
3,000,000
|
|
|
|
|
|
|
Florida--8.7%
|
|
|
|
|
|
Collier County Health Facilities
|
|
|
|
|
|
Authority, Revenue, CP
|
|
|
|
|
|
(Cleveland Clinic Health
|
|
|
|
|
|
System)
|
0.18
|
8/2/12
|
5,000,000
|
|
5,000,000
|
Jacksonville,
|
|
|
|
|
|
Educational Facilities Revenue
|
|
|
|
|
|
(Edward Waters College
|
|
|
|
|
|
Project) (LOC; Wells Fargo
|
|
|
|
|
|
Bank)
|
0.28
|
6/7/12
|
1,000,000
|
a
|
1,000,000
|
Liberty County,
|
|
|
|
|
|
IDR (Georgia-Pacific
|
|
|
|
|
|
Corporation Project) (LOC;
|
|
|
|
|
|
Bank of Nova Scotia)
|
0.19
|
6/7/12
|
3,000,000
|
a
|
3,000,000
|
|
Georgia--1.1%
|
|
|
|
|
|
Georgia,
|
|
|
|
|
|
GO Notes
|
5.00
|
10/1/12
|
1,075,000
|
|
1,092,230
|
|
Illinois--3.8%
|
|
|
|
|
|
Illinois Development Finance
|
|
|
|
|
|
Authority, Revenue (Park Ridge
|
|
|
|
|
|
Youth Campus Project) (LOC;
|
|
|
|
|
|
Bank of America)
|
1.51
|
6/7/12
|
800,000
|
a
|
800,000
|
Illinois Educational Facilities
|
|
|
|
|
|
Authority, Revenue, CP (Pooled
|
|
|
|
|
|
Finance Program) (LOC;
|
|
|
|
|
|
Northern Trust Company)
|
0.20
|
7/12/12
|
3,200,000
|
|
3,200,000
|
|
Iowa--4.8%
|
|
|
|
|
|
Iowa Finance Authority,
|
|
|
|
|
|
SWDR (MidAmerican Energy
|
|
|
|
|
|
Project)
|
0.25
|
6/7/12
|
5,000,000
|
a
|
5,000,000
|
|
Louisiana--2.7%
|
|
|
|
|
|
Ascension Parish,
|
|
|
|
|
|
Revenue (BASF Corporation
|
|
|
|
|
|
Project)
|
0.33
|
6/7/12
|
2,800,000
|
a
|
2,800,000
|
|
Maryland--1.3%
|
|
|
|
|
|
Maryland Economic Development
|
|
|
|
|
|
|
|
|
|
|
|
Corporation, Revenue
|
|
|
|
|
|
(Chesapeake Advertising
|
|
|
|
|
|
Facility) (LOC; M&T Trust)
|
0.45
|
6/7/12
|
1,330,000
|
a
|
1,330,000
|
|
Michigan--5.8%
|
|
|
|
|
|
Michigan Finance Authority,
|
|
|
|
|
|
Unemployment Obligation
|
|
|
|
|
|
Assessment Revenue (LOC;
|
|
|
|
|
|
Citibank NA)
|
0.20
|
6/7/12
|
3,000,000
|
a
|
3,000,000
|
University of Michigan,
|
|
|
|
|
|
General Revenue, CP
|
0.14
|
7/10/12
|
3,000,000
|
|
3,000,000
|
|
Minnesota--4.8%
|
|
|
|
|
|
Rochester,
|
|
|
|
|
|
Health Care Facilities
|
|
|
|
|
|
Revenue, CP (Mayo Clinic)
|
|
|
|
|
|
(Liquidity Facility; Wells
|
|
|
|
|
|
Fargo Bank)
|
0.21
|
7/16/12
|
2,000,000
|
|
2,000,000
|
Waite Park,
|
|
|
|
|
|
IDR (McDowall Company Project)
|
|
|
|
|
|
(LOC; U.S. Bank NA)
|
0.38
|
6/7/12
|
3,020,000
|
a
|
3,020,000
|
|
New Hampshire--1.2%
|
|
|
|
|
|
New Hampshire Business Finance
|
|
|
|
|
|
Authority, Industrial Facility
|
|
|
|
|
|
Revenue (Luminescent Systems,
|
|
|
|
|
|
Inc. Issue) (LOC; HSBC Bank
|
|
|
|
|
|
USA)
|
0.40
|
6/7/12
|
1,200,000
|
a
|
1,200,000
|
|
New Jersey--1.9%
|
|
|
|
|
|
Paterson,
|
|
|
|
|
|
GO Notes, BAN
|
1.50
|
6/6/13
|
1,000,000
|
|
1,002,460
|
Woodbridge Township Board of
|
|
|
|
|
|
Education, Temporary Notes
|
1.00
|
2/6/13
|
1,000,000
|
|
1,003,397
|
|
New York--1.9%
|
|
|
|
|
|
Syracuse Industrial Development
|
|
|
|
|
|
Agency, Civic Facility Revenue
|
|
|
|
|
|
(Community Development
|
|
|
|
|
|
Properties - Vanderbilt/Larned
|
|
|
|
|
|
Project) (LOC; M&T Trust)
|
0.24
|
6/7/12
|
1,925,000
|
a
|
1,925,000
|
|
|
|
|
|
|
Ohio--3.6%
|
|
|
|
|
|
Clark County,
|
|
|
|
|
|
Solid Waste Facilities Revenue
|
|
|
|
|
|
(Eastwood Dairy LLC Project)
|
|
|
|
|
|
(LOC; Wells Fargo Bank)
|
0.38
|
6/7/12
|
2,750,000
|
a
|
2,750,000
|
Union Township,
|
|
|
|
|
|
GO Notes, BAN (Various Purpose)
|
1.13
|
9/12/12
|
1,000,000
|
|
1,001,326
|
|
Pennsylvania--14.0%
|
|
|
|
|
|
Allegheny County,
|
|
|
|
|
|
GO Notes, TRAN
|
2.00
|
7/16/12
|
1,600,000
|
|
1,603,516
|
Jackson Township Industrial
|
|
|
|
|
|
Development Authority, Revenue
|
|
|
|
|
|
(Regupol America LLC Project)
|
|
|
|
|
|
(LOC; PNC Bank NA)
|
0.22
|
6/7/12
|
1,850,000
|
a
|
1,850,000
|
Lancaster County Hospital
|
|
|
|
|
|
Authority, Health Center
|
|
|
|
|
|
Revenue (LUTHERCARE Project)
|
|
|
|
|
|
(LOC; M&T Trust)
|
0.18
|
6/7/12
|
1,047,000
|
a
|
1,047,000
|
Pennsylvania Economic Development
|
|
|
|
|
|
Financing Authority, Revenue
|
|
|
|
|
|
(Evergreen Community Power
|
|
|
|
|
|
Facility) (LOC; M&T Trust)
|
0.35
|
6/7/12
|
5,000,000
|
a
|
5,000,000
|
Pittsburgh and Allegheny County
|
|
|
|
|
|
Sports and Exhibition
|
|
|
|
|
|
Authority, Commonwealth LR
|
|
|
|
|
|
(Insured; Assured Guaranty
|
|
|
|
|
|
Municipal Corp. and Liquidity
|
|
|
|
|
|
Facility; PNC Bank NA)
|
0.47
|
6/7/12
|
5,000,000
|
a
|
5,000,000
|
|
South Carolina--.5%
|
|
|
|
|
|
Richland County School District
|
|
|
|
|
|
Number 1, GO Notes
|
4.75
|
3/1/13
|
475,000
|
|
490,584
|
|
Tennessee--4.6%
|
|
|
|
|
|
Clarksville Public Building
|
|
|
|
|
|
Authority, Pooled Financing
|
|
|
|
|
|
Revenue (Tennessee Municipal
|
|
|
|
|
|
Bond Fund) (LOC; Bank of
|
|
|
|
|
|
America)
|
0.29
|
6/1/12
|
1,500,000
|
a
|
1,500,000
|
|
|
|
|
|
|
Sevier County Public Building
|
|
|
|
|
|
Authority, Local Government
|
|
|
|
|
|
Public Improvement Revenue
|
|
|
|
|
|
(LOC; Bank of America)
|
0.28
|
6/7/12
|
3,315,000
|
a
|
3,315,000
|
|
Texas--11.4%
|
|
|
|
|
|
El Paso Independent School
|
|
|
|
|
|
District, Unlimited Tax School
|
|
|
|
|
|
Building Bonds (Liquidity
|
|
|
|
|
|
Facility; JPMorgan Chase Bank
|
|
|
|
|
|
and LOC; Permanent School Fund
|
|
|
|
|
|
Guarantee Program)
|
0.20
|
6/6/12
|
3,750,000
|
|
3,750,000
|
Greenville Industrial Development
|
|
|
|
|
|
Corporation, IDR (Woodgrain
|
|
|
|
|
|
Project) (LOC; General
|
|
|
|
|
|
Electric Capital Corp.)
|
0.21
|
6/7/12
|
3,225,000
|
a
|
3,225,000
|
Harris County Health Facilities
|
|
|
|
|
|
Development Corporation, HR
|
|
|
|
|
|
(Baylor College of Medicine)
|
|
|
|
|
|
(LOC; Wells Fargo Bank)
|
0.23
|
6/1/12
|
1,500,000
|
a
|
1,500,000
|
Jefferson County Industrial
|
|
|
|
|
|
Development Corporation,
|
|
|
|
|
|
Hurricane Ike Disaster Area
|
|
|
|
|
|
Revenue (Jefferson Refinery,
|
|
|
|
|
|
L.L.C. Project) (LOC; Branch
|
|
|
|
|
|
Banking and Trust Co.)
|
0.45
|
6/28/12
|
2,900,000
|
|
2,900,000
|
Northside Independent School
|
|
|
|
|
|
District, GO Notes (LOC;
|
|
|
|
|
|
Permanent School Fund
|
|
|
|
|
|
Guarantee Program)
|
3.50
|
8/15/12
|
500,000
|
|
503,352
|
|
Virginia--1.8%
|
|
|
|
|
|
Hanover County Industrial
|
|
|
|
|
|
Development Authority, IDR
|
|
|
|
|
|
(Virginia Iron and Metal
|
|
|
|
|
|
Company Inc., Project) (LOC;
|
|
|
|
|
|
Branch Banking and Trust Co.)
|
0.26
|
6/7/12
|
1,910,000
|
a
|
1,910,000
|
|
Washington--5.6%
|
|
|
|
|
|
King County,
|
|
|
|
|
|
GO Notes, Refunding
|
2.50
|
6/1/12
|
1,655,000
|
|
1,655,000
|
Port of Chehalis Industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
Development Corporation,
|
|
|
|
|
|
|
Industrial Revenue (JLT
|
|
|
|
|
|
|
Holding, LLC Project) (LOC;
|
|
|
|
|
|
|
Wells Fargo Bank)
|
0.33
|
6/7/12
|
2,215,000
|
a
|
2,215,000
|
|
Port of Tacoma,
|
|
|
|
|
|
|
Revenue, CP (Liquidity
|
|
|
|
|
|
|
Facility; Bank of America)
|
0.40
|
6/6/12
|
2,000,000
|
|
2,000,000
|
|
|
Wisconsin--5.1%
|
|
|
|
|
|
|
Waupaca,
|
|
|
|
|
|
|
IDR (Gusmer Enterprises, Inc.
|
|
|
|
|
|
|
Project) (LOC; Wells Fargo
|
|
|
|
|
|
|
Bank)
|
0.38
|
6/7/12
|
2,345,000
|
a
|
2,345,000
|
|
Wisconsin Health and Educational
|
|
|
|
|
|
|
Facilities Authority, Revenue
|
|
|
|
|
|
|
(Mequon Jewish Campus, Inc.
|
|
|
|
|
|
|
Project) (LOC; JPMorgan Chase
|
|
|
|
|
|
|
Bank)
|
0.24
|
6/7/12
|
2,955,000
|
a
|
2,955,000
|
|
|
|
Total Investments
(cost $104,846,722)
|
|
|
100.9
|
%
|
104,846,722
|
|
Liabilities, Less Cash and Receivables
|
|
|
(.9
|
%)
|
(944,616
|
)
|
Net Assets
|
|
|
100.0
|
%
|
103,902,106
|
|
a
|
Variable rate demand note - rate shown is the interest rate in effect at May 31, 2012. Maturity date represents the next demand date, or the ultimate maturity date if earlier.
|
At May 31, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
|
|
|
|
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
|
DRIVERS
|
Derivative Inverse Tax-Exempt Receipts
|
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
|
LIFERS
|
Long Inverse Floating Exempt Receipts
|
LOC
|
Letter of Credit
|
LOR
|
Limited Obligation Revenue
|
LR
|
Lease Revenue
|
MERLOTS
|
Municipal Exempt Receipt Liquidity Option Tender
|
MFHR
|
Multi-Family Housing Revenue
|
MFMR
|
Multi-Family Mortgage Revenue
|
PCR
|
Pollution Control Revenue
|
P-FLOATS
|
Puttable Floating Option Tax-Exempts Receipts
|
PILOT
|
Payment in Lieu of Taxes
|
PUTTERS
|
Puttable Tax-Exempt Receipts
|
RAC
|
Revenue Anticipation Certificates
|
RAN
|
Revenue Anticipation Notes
|
RAW
|
Revenue Anticipation Warrants
|
ROCS
|
Reset Option Certificates
|
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
|
SPEARS
|
Short Puttable Exempt Adjustable Receipts
|
SWDR
|
Solid Waste Disposal Revenue
|
TAN
|
Tax Anticipation Notes
|
TAW
|
Tax Anticipation Warrants
|
TRAN
|
Tax and Revenue Anticipation Notes
|
XLCA
|
XL Capital Assurance
|
The following is a summary of the inputs used as of May 31, 2012 in valuing the fund's investments:
|
|
Valuation Inputs
|
Short-Term Investments ($)+
|
Level 1 - Unadjusted Quoted Prices
|
-
|
Level 2 - Other Significant Observable Inputs
|
104,846,722
|
Level 3 - Significant Unobservable Inputs
|
-
|
Total
|
104,846,722
|
+ See Statement of Investments for additional detailed categorizations.
For the period ended May 31, 2012, there were no transfers between Level 1 and Level 2 of the fair value hierarchy.
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 at amortized cost in accordance with Rule 2a-7 of the Act, which has been determined by the Board of Directors to represent the fair value of the fund’s investments.
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. For example, money market securities are valued using amortized cost, in accordance with rules under the Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
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 BASIC New Jersey Municipal Money Market Fund
|
|
|
|
|
May 31, 2012 (Unaudited)
|
|
|
|
|
|
|
Coupon
|
Maturity
|
Principal
|
|
Short-Term Investments--102.7%
|
Rate (%)
|
Date
|
Amount ($)
|
Value ($)
|
New Jersey--96.4%
|
|
|
|
|
Bloomfield Township,
|
|
|
|
|
GO Notes, BAN
|
1.50
|
1/18/13
|
1,420,000
|
1,426,676
|
Branch Banking and Trust Municipal
|
|
|
|
|
Trust (Series 2044) (Port
|
|
|
|
|
Authority-Port Newark, Marine
|
|
|
|
|
Termimal Rent-Backed Revenue
|
|
|
|
|
(Newark Redevelopment
|
|
|
|
|
Projects)) (Liquidity
|
|
|
|
|
Facility; Branch Banking and
|
|
|
|
|
Trust Co. and LOC; Branch
|
|
|
|
|
Banking and Trust Co.)
|
0.21
|
6/7/12
|
1,500,000 a,b,c
|
1,500,000
|
Camden County Improvement
|
|
|
|
|
Authority, County Guaranteed
|
|
|
|
|
Loan Revenue (County Capital
|
|
|
|
|
Program)
|
5.00
|
1/15/13
|
150,000
|
153,947
|
Camden County Municipal Utilities
|
|
|
|
|
Authority, County Agreement
|
|
|
|
|
Sewer Revenue, Refunding
|
5.00
|
7/15/12
|
150,000
|
150,789
|
Carteret Borough Redevelopment
|
|
|
|
|
Agency, Revenue (Project Note)
|
1.00
|
9/28/12
|
587,000
|
587,282
|
Clifton,
|
|
|
|
|
GO Notes, Refunding
|
3.00
|
7/15/12
|
300,000
|
300,840
|
Commercial Township Board of
|
|
|
|
|
Education, GO Notes, Refunding
|
|
|
|
|
(School Bonds)
|
2.00
|
8/1/12
|
125,000
|
125,228
|
Deutsche Bank Spears/Lifers Trust
|
|
|
|
|
(Series DBE-557) (Newark
|
|
|
|
|
Housing Authority, Port
|
|
|
|
|
Authority-Port Newark Marine
|
|
|
|
|
Terminal Additional
|
|
|
|
|
Rent-Backed Revenue (City of
|
|
|
|
|
Newark Redevlopment Projects))
|
|
|
|
|
(Liquidity Facility; Deutsche
|
0.32
|
6/7/12
|
2,780,000 a,b,c
|
2,780,000
|
Bank AG and LOC; Deutsche Bank
|
|
|
|
|
|
|
|
|
|
|
AG)
|
|
|
|
|
|
East Brunswick Township,
|
|
|
|
|
|
GO Notes, BAN
|
1.00
|
9/28/12
|
692,000
|
|
692,221
|
East Hanover Township,
|
|
|
|
|
|
GO Notes, Refunding
|
1.50
|
11/1/12
|
100,000
|
|
100,332
|
East Orange,
|
|
|
|
|
|
GO Notes, Refunding (Water
|
|
|
|
|
|
Utility)
|
3.70
|
7/1/12
|
100,000
|
|
100,238
|
Elizabeth,
|
|
|
|
|
|
GO Notes, BAN (Sewer Utility)
|
1.50
|
4/12/13
|
2,100,000
|
|
2,113,303
|
Essex County Improvement
|
|
|
|
|
|
Authority, Revenue (The
|
|
|
|
|
|
Children's Institute Project)
|
|
|
|
|
|
(LOC; Wells Fargo Bank)
|
0.28
|
6/7/12
|
200,000
|
a
|
200,000
|
Florence Township Board of
|
|
|
|
|
|
Education, GO Notes, Refunding
|
|
|
|
|
|
(School Bonds)
|
2.00
|
3/1/13
|
100,000
|
|
100,852
|
Fort Lee Borough,
|
|
|
|
|
|
GO Notes, Refunding
|
1.50
|
7/15/12
|
100,000
|
|
100,090
|
Franklin Township Board of
|
|
|
|
|
|
Education, GO Notes, Refunding
|
|
|
|
|
|
(School Bonds)
|
4.00
|
8/15/12
|
150,000
|
|
151,028
|
Gloucester City,
|
|
|
|
|
|
GO Notes (General Improvement
|
|
|
|
|
|
and Sewer Utility)
|
2.00
|
9/1/12
|
540,000
|
|
541,797
|
Harrison,
|
|
|
|
|
|
GO Notes (General Improvement
|
|
|
|
|
|
Bonds and Water/Sewer Utility
|
|
|
|
|
|
Bonds)
|
5.00
|
4/15/13
|
100,000
|
|
103,014
|
Irvington Township,
|
|
|
|
|
|
GO Notes, BAN
|
2.00
|
6/21/12
|
827,800
|
|
828,068
|
Jersey City,
|
|
|
|
|
|
GO Notes (General Improvement
|
|
|
|
|
|
and Water Improvement)
|
4.13
|
8/1/12
|
200,000
|
|
201,129
|
Kearny Board of Education,
|
|
|
|
|
|
GO Notes, GAN
|
1.50
|
10/12/12
|
500,000
|
|
500,898
|
Leonia Borough Board of Education,
|
|
|
|
|
|
GO Notes, Refunding
|
3.00
|
8/15/12
|
100,000
|
|
100,407
|
Lindenwold Borough,
|
|
|
|
|
|
GO Notes (General Improvement
|
|
|
|
|
|
Bonds and Sewer Utility Bonds)
|
2.00
|
6/1/13
|
200,000
|
|
202,246
|
|
|
|
|
|
|
Long Hill Township,
|
|
|
|
|
|
GO Notes, BAN
|
2.00
|
7/15/12
|
100,000
|
|
100,152
|
Maple Shade Township Board of
|
|
|
|
|
|
Education, GO Notes, Refunding
|
2.00
|
4/1/13
|
205,000
|
|
206,667
|
Medford Township Board of
|
|
|
|
|
|
Education, GO Notes, Refunding
|
5.00
|
2/1/13
|
100,000
|
|
102,880
|
Middlesex County,
|
|
|
|
|
|
GO Notes (County
|
|
|
|
|
|
Vocational-Technical School
|
|
|
|
|
|
Bonds and General Improvement
|
|
|
|
|
|
Bonds)
|
4.00
|
6/1/12
|
200,000
|
|
200,000
|
New Jersey Building Authority,
|
|
|
|
|
|
State Building Revenue,
|
|
|
|
|
|
Refunding
|
5.00
|
6/15/12
|
700,000
|
|
701,131
|
New Jersey Economic Development
|
|
|
|
|
|
Authority, Economic Growth
|
|
|
|
|
|
Revenue (Greater Mercer County
|
|
|
|
|
|
Composite Issue) (LOC; Wells
|
|
|
|
|
|
Fargo Bank)
|
0.74
|
6/7/12
|
260,000
|
a,d
|
260,000
|
New Jersey Economic Development
|
|
|
|
|
|
Authority, EDR (AJV Holdings
|
|
|
|
|
|
LLC Project) (LOC; JPMorgan
|
|
|
|
|
|
Chase Bank)
|
0.61
|
6/7/12
|
225,000
|
a,d
|
225,000
|
New Jersey Economic Development
|
|
|
|
|
|
Authority, EDR (Diocese of
|
|
|
|
|
|
Metuchen Project) (LOC; Bank
|
|
|
|
|
|
of America)
|
0.27
|
6/7/12
|
2,500,000
|
a
|
2,500,000
|
New Jersey Economic Development
|
|
|
|
|
|
Authority, EDR (Paddock
|
|
|
|
|
|
Realty, LLC Project) (LOC;
|
|
|
|
|
|
Wells Fargo Bank)
|
0.33
|
6/7/12
|
1,730,000
|
a,d
|
1,730,000
|
New Jersey Economic Development
|
|
|
|
|
|
Authority, EDR, Refunding (RDR
|
|
|
|
|
|
Investment Company LLC) (LOC;
|
|
|
|
|
|
JPMorgan Chase Bank)
|
0.33
|
6/7/12
|
1,095,000
|
a,d
|
1,095,000
|
New Jersey Economic Development
|
|
|
|
|
|
Authority, EDR, Refunding
|
|
|
|
|
|
(Stolthaven Perth Amboy Inc.
|
|
|
|
|
|
Project) (LOC; Citibank NA)
|
0.21
|
6/7/12
|
3,600,000
|
a,d
|
3,600,000
|
New Jersey Economic Development
|
|
|
|
|
|
Authority, IDR (CST Products,
|
|
|
|
|
|
LLC Project) (LOC; National
|
|
|
|
|
|
|
|
|
|
|
|
Bank of Canada)
|
0.32
|
6/7/12
|
4,380,000
|
a,d
|
4,380,000
|
New Jersey Economic Development
|
|
|
|
|
|
Authority, Revenue (CPC
|
|
|
|
|
|
Behavioral Healthcare Project)
|
|
|
|
|
|
(LOC; Wells Fargo Bank)
|
0.28
|
6/7/12
|
1,000,000
|
a
|
1,000,000
|
New Jersey Economic Development
|
|
|
|
|
|
Authority, Revenue (ESARC,
|
|
|
|
|
|
Inc.) (Liquidity Facility; TD
|
|
|
|
|
|
Bank)
|
0.31
|
6/7/12
|
2,200,000
|
a,d
|
2,200,000
|
New Jersey Economic Development
|
|
|
|
|
|
Authority, Revenue (Melrich
|
|
|
|
|
|
Road Development Company, LLC
|
|
|
|
|
|
Project) (LOC; Wells Fargo
|
|
|
|
|
|
Bank)
|
0.33
|
6/7/12
|
2,075,000
|
a,d
|
2,075,000
|
New Jersey Economic Development
|
|
|
|
|
|
Authority, Revenue (MZR Real
|
|
|
|
|
|
Estate, L.P. Project) (LOC;
|
|
|
|
|
|
Wells Fargo Bank)
|
0.33
|
6/7/12
|
845,000
|
a,d
|
845,000
|
New Jersey Economic Development
|
|
|
|
|
|
Authority, Revenue (Richmond
|
|
|
|
|
|
Industries, Inc. and Richmond
|
|
|
|
|
|
Realty, LLC Projects) (LOC; TD
|
|
|
|
|
|
Bank)
|
0.30
|
6/7/12
|
380,000
|
a,d
|
380,000
|
New Jersey Economic Development
|
|
|
|
|
|
Authority, School Revenue (The
|
|
|
|
|
|
Peddie School Project)
|
4.00
|
2/1/13
|
210,000
|
|
214,659
|
New Jersey Economic Development
|
|
|
|
|
|
Authority, State LR (State
|
|
|
|
|
|
Office Buildings Projects)
|
6.00
|
6/15/12
|
200,000
|
d
|
200,404
|
New Jersey Educational Facilities
|
|
|
|
|
|
Authority, Revenue (Higher
|
|
|
|
|
|
Education Capital Improvement
|
|
|
|
|
|
Fund Issue)
|
5.00
|
9/1/12
|
100,000
|
|
101,046
|
New Jersey Educational Facilities
|
|
|
|
|
|
Authority, Revenue (Public
|
|
|
|
|
|
Library Project Grant Program
|
|
|
|
|
|
Issue)
|
4.00
|
9/1/12
|
100,000
|
|
100,712
|
New Jersey Educational Facilities
|
|
|
|
|
|
Authority, Revenue, Refunding
|
|
|
|
|
|
(Higher Education Capital
|
|
|
|
|
|
Improvement Fund Issue)
|
4.00
|
9/1/12
|
100,000
|
|
100,869
|
New Jersey Educational Facilities
|
|
|
|
|
|
|
|
|
|
|
|
Authority, Revenue, Refunding
|
|
|
|
|
|
(The College of Saint
|
|
|
|
|
|
Elizabeth Issue) (LOC; RBS
|
|
|
|
|
|
Citizens NA)
|
0.28
|
6/7/12
|
6,690,000
|
a
|
6,690,000
|
New Jersey Environmental
|
|
|
|
|
|
Infrastructure Trust, Revenue,
|
|
|
|
|
|
Refunding (Financing Program)
|
3.00
|
9/1/12
|
100,000
|
|
100,561
|
New Jersey Environmental
|
|
|
|
|
|
Infrastructure Trust, Revenue,
|
|
|
|
|
|
Refunding (Financing Program)
|
3.00
|
9/1/12
|
200,000
|
|
201,122
|
New Jersey Health Care Facilities
|
|
|
|
|
|
Financing Authority,
|
|
|
|
|
|
Department of Human Services
|
|
|
|
|
|
Lease Revenue (Greystone Park
|
|
|
|
|
|
Psychiatric Hospital Project)
|
5.00
|
9/15/12
|
430,000
|
|
434,982
|
New Jersey Health Care Facilities
|
|
|
|
|
|
Financing Authority, Revenue
|
|
|
|
|
|
(The Matheny School and
|
|
|
|
|
|
Hospital, Inc.) (LOC; Bank of
|
|
|
|
|
|
America)
|
0.28
|
6/7/12
|
2,200,000
|
a
|
2,200,000
|
New Jersey Housing and Mortgage
|
|
|
|
|
|
Finance Agency, Multi-Family
|
|
|
|
|
|
Revenue
|
1.15
|
11/1/12
|
505,000
|
|
505,813
|
New Jersey Housing and Mortgage
|
|
|
|
|
|
Finance Agency, Multi-Family
|
|
|
|
|
|
Revenue
|
0.90
|
5/1/13
|
250,000
|
|
250,000
|
New Jersey Housing and Mortgage
|
|
|
|
|
|
Finance Agency, Multi-Family
|
|
|
|
|
|
Revenue (Insured; Assured
|
|
|
|
|
|
Guaranty Municipal Corp. and
|
|
|
|
|
|
Liquidity Facility; Lloyds TBS
|
|
|
|
|
|
Bank PLC)
|
0.50
|
6/7/12
|
3,000,000
|
a
|
3,000,000
|
New Jersey Housing and Mortgage
|
|
|
|
|
|
Finance Agency, SFMR
|
0.75
|
10/1/12
|
800,000
|
|
799,994
|
New Jersey Transportation Trust
|
|
|
|
|
|
Fund Authority (Transportation
|
|
|
|
|
|
System)
|
5.25
|
6/15/12
|
100,000
|
|
100,171
|
New Jersey Turnpike Authority,
|
|
|
|
|
|
Turnpike Revenue (Insured;
|
|
|
|
|
|
Assured Guaranty Municipal
|
|
|
|
|
|
Corp. and Liquidity Facility;
|
|
|
|
|
|
Westdeutsche Landesbank)
|
0.56
|
6/7/12
|
1,000,000
|
a
|
1,000,000
|
|
|
|
|
|
|
North Bergen Municipal Utilities
|
|
|
|
|
|
Authority, Sewer Revenue
|
|
|
|
|
|
Subordinated Project Notes
|
1.00
|
9/28/12
|
155,000
|
|
155,150
|
Paterson,
|
|
|
|
|
|
GO Notes, BAN
|
1.50
|
6/6/13
|
1,000,000
|
|
1,002,460
|
Plainsboro Township,
|
|
|
|
|
|
GO Notes (General Improvement)
|
2.50
|
6/1/12
|
160,000
|
|
160,000
|
Port Authority of New York and New
|
|
|
|
|
|
Jersey, Equipment Notes
|
0.32
|
6/7/12
|
1,615,000
|
a
|
1,615,000
|
Rahway,
|
|
|
|
|
|
GO Notes, BAN
|
1.50
|
8/10/12
|
275,000
|
|
275,260
|
Rahway,
|
|
|
|
|
|
GO Notes, Refunding
|
2.00
|
12/1/12
|
140,000
|
|
140,623
|
Ridgefield Park,
|
|
|
|
|
|
GO Notes, BAN
|
1.50
|
4/19/13
|
255,000
|
|
256,538
|
Sayreville Borough,
|
|
|
|
|
|
GO Notes, Refunding (General
|
|
|
|
|
|
Improvement Bonds and Water
|
|
|
|
|
|
Improvement Bonds)
|
1.50
|
12/15/12
|
365,000
|
|
366,367
|
Scotch Plains Township,
|
|
|
|
|
|
GO Notes, BAN
|
1.50
|
1/18/13
|
850,000
|
|
853,884
|
Teaneck Township Board of
|
|
|
|
|
|
Education, GO Notes, Refunding
|
|
|
|
|
|
(School Energy Savings
|
|
|
|
|
|
Obligation Bonds)
|
2.00
|
4/1/13
|
135,000
|
|
136,453
|
Tinton Falls Borough,
|
|
|
|
|
|
GO Notes
|
4.40
|
7/1/12
|
115,000
|
|
115,361
|
Tobacco Settlement Financing
|
|
|
|
|
|
Corporation of New Jersey,
|
|
|
|
|
|
Tobacco Settlement
|
|
|
|
|
|
Asset-Backed Bonds
|
|
|
|
|
|
(Prerefunded)
|
6.13
|
6/1/12
|
405,000
|
e
|
405,000
|
Union County,
|
|
|
|
|
|
GO Notes (County College,
|
|
|
|
|
|
County Vocational-Technical
|
|
|
|
|
|
and General Improvement)
|
4.13
|
3/1/13
|
56,000
|
|
56,010
|
|
U.S. Related--6.3%
|
|
|
|
|
|
Puerto Rico Industrial, Tourist,
|
|
|
|
|
|
Educational, Medical and
|
|
|
|
|
|
Environmental Control
|
|
|
|
|
|
|
|
|
|
|
|
|
Facilities Financing
|
|
|
|
|
Authority, Environmental
|
|
|
|
|
Control Facilities Revenue
|
|
|
|
|
(Bristol-Myers Squibb Company
|
|
|
|
|
Project)
|
0.28
|
6/7/12
|
3,700,000
a
|
3,700,000
|
|
|
Total Investments
(cost $59,899,654)
|
|
|
102.7
%
|
59,899,654
|
Liabilities, Less Cash and Receivables
|
|
|
(2.7
%)
|
(1,566,082
)
|
Net Assets
|
|
|
100.0
%
|
58,333,572
|
a
|
Variable rate demand note - rate shown is the interest rate in effect at May 31, 2012. Maturity date represents the next demand date, or the ultimate maturity date if earlier.
|
b
|
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2012, these securities amounted to $4,280,000 or 7.3% of net assets.
|
c
|
The fund does not directly own the municipal security indicated; the fund owns an interest in a special purpose entity that, in turn, owns the underlying municipal security. The special purpose entity permits the fund to own interests in underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g., enhanced liquidity, yields linked to short-term rates).
|
d
|
At May 31, 2012, the fund had $16,990,404 or 29.1% of net assets invested in securities whose payment of principal and interest is dependent upon revenues generated from industrial revenue.
|
e
|
This security is 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.
|
At May 31, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
|
|
|
|
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
|
DRIVERS
|
Derivative Inverse Tax-Exempt Receipts
|
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
|
LIFERS
|
Long Inverse Floating Exempt Receipts
|
LOC
|
Letter of Credit
|
LOR
|
Limited Obligation Revenue
|
LR
|
Lease Revenue
|
MERLOTS
|
Municipal Exempt Receipt Liquidity Option Tender
|
MFHR
|
Multi-Family Housing Revenue
|
MFMR
|
Multi-Family Mortgage Revenue
|
PCR
|
Pollution Control Revenue
|
P-FLOATS
|
Puttable Floating Option Tax-Exempts Receipts
|
PILOT
|
Payment in Lieu of Taxes
|
PUTTERS
|
Puttable Tax-Exempt Receipts
|
RAC
|
Revenue Anticipation Certificates
|
RAN
|
Revenue Anticipation Notes
|
RAW
|
Revenue Anticipation Warrants
|
ROCS
|
Reset Option Certificates
|
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
|
SPEARS
|
Short Puttable Exempt Adjustable Receipts
|
SWDR
|
Solid Waste Disposal Revenue
|
TAN
|
Tax Anticipation Notes
|
TAW
|
Tax Anticipation Warrants
|
TRAN
|
Tax and Revenue Anticipation Notes
|
XLCA
|
XL Capital Assurance
|
The following is a summary of the inputs used as of May 31, 2012 in valuing the fund's investments:
|
|
Valuation Inputs
|
Short-Term Investments ($)+
|
Level 1 - Unadjusted Quoted Prices
|
-
|
Level 2 - Other Significant Observable Inputs
|
59,899,654
|
Level 3 - Significant Unobservable Inputs
|
-
|
Total
|
59,899,654
|
+ See Statement of Investments for additional detailed categorizations.
For the period ended May 31, 2012, there were no transfers between Level 1 and Level 2 of the fair value hierarchy.
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 at amortized cost in accordance with Rule 2a-7 of the Act, which has been determined by the Board of Directors to represent the fair value of the funds investments.
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 funds investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1unadjusted quoted prices in active markets for identical investments.
Level 2other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3significant unobservable inputs (including the funds 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. For example, money market securities are valued using amortized cost, in accordance with rules under the Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
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 AMT-Free Municipal Bond Fund
|
|
|
|
|
May 31, 2012 (Unaudited)
|
|
|
|
|
|
Long-Term Municipal
|
Coupon
|
Maturity
|
Principal
|
|
Investments--98.9%
|
Rate (%)
|
Date
|
Amount ($)
|
Value ($)
|
Alabama--.5%
|
|
|
|
|
Birmingham Water Works Board,
|
|
|
|
|
Water Revenue
|
5.00
|
1/1/23
|
1,395,000
|
1,636,405
|
Jefferson County,
|
|
|
|
|
Limited Obligation School
|
|
|
|
|
Warrants
|
5.00
|
1/1/24
|
1,000,000
|
967,510
|
Arizona--1.6%
|
|
|
|
|
Glendale Western Loop 101 Public
|
|
|
|
|
Facilities Corporation, Third
|
|
|
|
|
Lien Excise Tax Revenue
|
7.00
|
7/1/28
|
2,000,000
|
2,168,980
|
Pima County Industrial Development
|
|
|
|
|
Authority, Education Revenue
|
|
|
|
|
(American Charter Schools
|
|
|
|
|
Foundation Project)
|
5.63
|
7/1/38
|
3,750,000
|
3,387,863
|
Salt River Project Agricultural
|
|
|
|
|
Improvement and Power
|
|
|
|
|
District, COP (Desert Basin
|
|
|
|
|
Independent Trust) (Insured;
|
|
|
|
|
National Public Finance
|
|
|
|
|
Guarantee Corp.)
|
5.00
|
12/1/18
|
2,700,000
|
2,853,819
|
Arkansas--.2%
|
|
|
|
|
Arkansas Development Finance
|
|
|
|
|
Authority, Construction
|
|
|
|
|
Revenue (Public Health
|
|
|
|
|
Laboratory Project) (Insured;
|
|
|
|
|
AMBAC)
|
5.00
|
12/1/17
|
1,025,000
|
1,079,981
|
California--10.2%
|
|
|
|
|
California,
|
|
|
|
|
Economic Recovery Bonds
|
5.00
|
7/1/20
|
3,000,000
|
3,636,810
|
California,
|
|
|
|
|
GO
|
5.25
|
10/1/16
|
295,000
|
298,974
|
|
|
|
|
|
|
California,
|
|
|
|
|
|
GO (Various Purpose)
|
5.25
|
3/1/30
|
2,500,000
|
|
2,883,475
|
California,
|
|
|
|
|
|
GO (Various Purpose)
|
5.75
|
4/1/31
|
6,700,000
|
|
7,828,213
|
California,
|
|
|
|
|
|
GO (Various Purpose)
|
5.50
|
11/1/35
|
3,575,000
|
|
4,135,989
|
California,
|
|
|
|
|
|
GO (Various Purpose)
|
6.00
|
11/1/35
|
3,000,000
|
|
3,569,130
|
California Statewide Communities
|
|
|
|
|
|
Development Authority, Revenue
|
|
|
|
|
|
(The Salk Institute for
|
|
|
|
|
|
Biological Studies) (Insured;
|
|
|
|
|
|
National Public Finance
|
|
|
|
|
|
Guarantee Corp.)
|
5.00
|
7/1/24
|
1,880,000
|
|
2,024,986
|
Glendale Community College
|
|
|
|
|
|
District, GO (Insured;
|
|
|
|
|
|
National Public Finance
|
|
|
|
|
|
Guarantee Corp.)
|
0.00
|
8/1/21
|
1,520,000
|
a
|
1,111,591
|
Glendora Unified School District,
|
|
|
|
|
|
GO (Insured; National Public
|
|
|
|
|
|
Finance Guarantee Corp.)
|
0.00
|
8/1/27
|
2,000,000
|
a
|
1,032,840
|
Los Angeles,
|
|
|
|
|
|
Wastewater System Revenue
|
5.75
|
6/1/34
|
2,500,000
|
|
2,961,850
|
Los Angeles Harbor Department,
|
|
|
|
|
|
Revenue
|
5.25
|
8/1/25
|
3,500,000
|
|
4,112,255
|
Nevada Joint Union High School
|
|
|
|
|
|
District, GO (Insured; Assured
|
|
|
|
|
|
Guaranty Municipal Corp.)
|
|
|
|
|
|
(Prerefunded)
|
5.00
|
8/1/12
|
1,160,000
|
b
|
1,169,350
|
Pajaro Valley Unified School
|
|
|
|
|
|
District, GO (Insured; Assured
|
|
|
|
|
|
Guaranty Municipal Corp.)
|
0.00
|
8/1/26
|
1,500,000
|
a
|
809,130
|
Placer Union High School District,
|
|
|
|
|
|
GO (Insured; Assured Guaranty
|
|
|
|
|
|
Municipal Corp.)
|
0.00
|
8/1/27
|
4,110,000
|
a
|
2,097,415
|
Sacramento County,
|
|
|
|
|
|
Airport System Senior Revenue
|
5.30
|
7/1/27
|
2,000,000
|
|
2,249,860
|
|
|
|
|
|
|
Sacramento County,
|
|
|
|
|
|
Airport System Senior Revenue
|
5.38
|
7/1/28
|
2,000,000
|
|
2,247,500
|
San Diego County Regional
|
|
|
|
|
|
Transportation Commission,
|
|
|
|
|
|
Sales Tax Revenue
|
5.00
|
4/1/20
|
1,000,000
|
|
1,247,530
|
San Francisco City and County
|
|
|
|
|
|
Public Utilities Commission,
|
|
|
|
|
|
San Francisco Water Revenue
|
5.00
|
11/1/27
|
3,280,000
|
|
3,838,453
|
San Juan Unified School District,
|
|
|
|
|
|
GO (Insured; National Public
|
|
|
|
|
|
Finance Guarantee Corp.)
|
|
|
|
|
|
(Prerefunded)
|
5.25
|
8/1/13
|
1,425,000
|
b
|
1,508,092
|
Tustin Unified School District
|
|
|
|
|
|
Community Facilities District
|
|
|
|
|
|
Number 97-1, Senior Lien
|
|
|
|
|
|
Special Tax Bonds (Insured;
|
|
|
|
|
|
Assured Guaranty Municipal
|
|
|
|
|
|
Corp.)
|
0.00
|
9/1/21
|
1,615,000
|
a
|
1,151,350
|
University of California Regents,
|
|
|
|
|
|
General Revenue
|
5.75
|
5/15/31
|
2,000,000
|
|
2,390,740
|
Walnut Valley Unified School
|
|
|
|
|
|
District, GO (Insured; FGIC)
|
6.50
|
8/1/19
|
1,765,000
|
|
1,783,180
|
West Sacramento Redevelopment
|
|
|
|
|
|
Agency, Tax Allocation Revenue
|
|
|
|
|
|
(West Sacramento Redevelopment
|
|
|
|
|
|
Project) (Insured; National
|
|
|
|
|
|
Public Finance Guarantee Corp.)
|
4.75
|
9/1/16
|
800,000
|
|
803,352
|
Colorado--1.8%
|
|
|
|
|
|
Black Hawk,
|
|
|
|
|
|
Device Tax Revenue
|
5.00
|
12/1/14
|
500,000
|
|
530,110
|
Black Hawk,
|
|
|
|
|
|
Device Tax Revenue
|
5.00
|
12/1/18
|
600,000
|
|
623,586
|
Colorado Educational and Cultural
|
|
|
|
|
|
Facilities Authority, Charter
|
|
|
|
|
|
School Revenue (American
|
|
|
|
|
|
Academy Project)
|
8.00
|
12/1/40
|
1,000,000
|
|
1,227,860
|
Colorado Health Facilities
|
|
|
|
|
|
|
|
|
|
|
Authority, Revenue (Catholic
|
|
|
|
|
Health Initiatives)
|
6.25
|
10/1/33
|
1,200,000
|
1,410,888
|
E-470 Public Highway Authority,
|
|
|
|
|
Senior Revenue
|
5.38
|
9/1/26
|
1,000,000
|
1,072,490
|
E-470 Public Highway Authority,
|
|
|
|
|
Senior Revenue (Insured;
|
|
|
|
|
National Public Finance
|
|
|
|
|
Guarantee Corp.)
|
5.50
|
9/1/24
|
2,000,000
|
2,167,520
|
Metro Wastewater Reclamation
|
|
|
|
|
District, Sewer Improvement
|
|
|
|
|
Revenue
|
5.00
|
4/1/17
|
2,000,000
|
2,397,440
|
Delaware--.6%
|
|
|
|
|
Delaware,
|
|
|
|
|
GO
|
5.00
|
10/1/16
|
2,500,000
|
2,971,575
|
District of Columbia--1.0%
|
|
|
|
|
Metropolitan Washington Airports
|
|
|
|
|
Authority, Airport System
|
|
|
|
|
Revenue
|
5.00
|
10/1/35
|
4,000,000
|
4,437,880
|
Washington Metropolitan Area
|
|
|
|
|
Transit Authority, Gross
|
|
|
|
|
Revenue Transit Revenue
|
5.13
|
7/1/32
|
1,000,000
|
1,125,500
|
Florida--5.8%
|
|
|
|
|
Broward County,
|
|
|
|
|
Airport System Revenue
|
5.38
|
10/1/29
|
2,535,000
|
2,877,656
|
Broward County Educational
|
|
|
|
|
Facilities Authority,
|
|
|
|
|
Educational Facilities Revenue
|
|
|
|
|
(Nova Southeastern University
|
|
|
|
|
Project) (Insured; Assured
|
|
|
|
|
Guaranty Municipal Corp.)
|
5.00
|
4/1/36
|
1,800,000
|
1,868,148
|
Citizens Property Insurance
|
|
|
|
|
Corporation, Coastal Account
|
|
|
|
|
Senior Secured Revenue
|
5.00
|
6/1/19
|
3,000,000
|
3,415,680
|
Citizens Property Insurance
|
|
|
|
|
Corporation, High-Risk Account
|
|
|
|
|
Senior Secured Revenue
|
5.25
|
6/1/17
|
1,255,000
|
1,436,322
|
Citizens Property Insurance
|
|
|
|
|
|
|
|
|
|
Corporation, High-Risk Account
|
|
|
|
|
Senior Secured Revenue
|
5.50
|
6/1/17
|
2,000,000
|
2,312,520
|
Florida Department of Corrections,
|
|
|
|
|
COP (Okeechobee Correctional
|
|
|
|
|
Institution) (Insured; AMBAC)
|
5.00
|
3/1/15
|
1,000,000
|
1,093,980
|
Florida Municipal Power Agency,
|
|
|
|
|
All-Requirements Power Supply
|
|
|
|
|
Project Revenue
|
6.25
|
10/1/31
|
3,260,000
|
3,912,261
|
Lee County,
|
|
|
|
|
Transportation Facilities
|
|
|
|
|
Revenue (Sanibel Bridges and
|
|
|
|
|
Causeway Project) (Insured;
|
|
|
|
|
CIFG)
|
5.00
|
10/1/22
|
1,820,000
|
1,971,879
|
Miami-Dade County,
|
|
|
|
|
Water and Sewer System Revenue
|
5.00
|
10/1/28
|
2,745,000
|
3,135,064
|
Miami-Dade County Educational
|
|
|
|
|
Facilities Authority, Revenue
|
|
|
|
|
(University of Miami Issue)
|
5.75
|
4/1/28
|
1,250,000
|
1,387,662
|
Orlando-Orange County Expressway
|
|
|
|
|
Authority, Revenue
|
5.00
|
7/1/30
|
2,620,000
|
2,918,942
|
Saint Johns County Industrial
|
|
|
|
|
Development Authority, Revenue
|
|
|
|
|
(Presbyterian Retirement
|
|
|
|
|
Communities Project)
|
5.88
|
8/1/40
|
1,000,000
|
1,082,030
|
University of Central Florida,
|
|
|
|
|
COP (University of Central
|
|
|
|
|
Florida Convocation
|
|
|
|
|
Corporation Master Lease
|
|
|
|
|
Program) (Insured; National
|
|
|
|
|
Public Finance Guarantee Corp.)
|
5.00
|
10/1/18
|
1,765,000
|
1,843,578
|
Winter Park,
|
|
|
|
|
Water and Sewer Revenue
|
|
|
|
|
(Insured; AMBAC) (Prerefunded)
|
5.38
|
12/1/12
|
1,525,000b
|
1,564,665
|
Georgia--5.0%
|
|
|
|
|
Atlanta,
|
|
|
|
|
Airport General Revenue
|
5.00
|
1/1/20
|
5,000,000
|
6,052,450
|
Atlanta,
|
|
|
|
|
|
|
|
|
|
Water and Wastewater Revenue
|
6.00
|
11/1/26
|
1,640,000
|
1,979,464
|
Atlanta,
|
|
|
|
|
Water and Wastewater Revenue
|
|
|
|
|
(Insured; National Public
|
|
|
|
|
Finance Guarantee Corp.)
|
5.50
|
11/1/18
|
1,200,000
|
1,472,388
|
Carrollton Payroll Development
|
|
|
|
|
Authority, RAC (University of
|
|
|
|
|
West Georgia Athletic Complex,
|
|
|
|
|
LLC Project)
|
6.25
|
6/15/34
|
3,895,000
|
4,432,549
|
Georgia Higher Education
|
|
|
|
|
Facilities Authority, Revenue
|
|
|
|
|
(USG Real Estate Foundation I,
|
|
|
|
|
LLC Project) (Insured; Assured
|
|
|
|
|
Guaranty Municipal Corp.)
|
5.63
|
6/15/38
|
2,000,000
|
2,190,200
|
Gwinnett County School District,
|
|
|
|
|
GO Sales Tax Bonds
|
4.00
|
10/1/16
|
2,875,000
|
3,282,531
|
Municipal Electric Authority of
|
|
|
|
|
Georgia, GO (Project One
|
|
|
|
|
Subordinated Bonds)
|
5.00
|
1/1/21
|
5,000,000
|
6,026,550
|
Savannah Economic Development
|
|
|
|
|
Authority, Revenue (Armstrong
|
|
|
|
|
Atlantic State University
|
|
|
|
|
Student Union, LLC Project)
|
|
|
|
|
(Insured; Assured Guaranty
|
|
|
|
|
Municipal Corp.)
|
5.00
|
6/15/32
|
1,240,000
|
1,340,093
|
Idaho--1.8%
|
|
|
|
|
Boise-Kuna Irrigation District,
|
|
|
|
|
Revenue (Arrowrock
|
|
|
|
|
Hydroelectric Project)
|
7.38
|
6/1/40
|
5,600,000
|
6,558,664
|
Idaho Health Facilities Authority,
|
|
|
|
|
Revenue (Trinity Health Credit
|
|
|
|
|
Group)
|
6.13
|
12/1/28
|
2,500,000
|
2,963,950
|
Illinois--6.8%
|
|
|
|
|
Chicago,
|
|
|
|
|
General Airport Third Lien
|
|
|
|
|
Revenue (Chicago O'Hare
|
|
|
|
|
International Airport)
|
|
|
|
|
|
|
|
|
|
(Insured; AMBAC)
|
5.00
|
1/1/19
|
2,400,000
|
2,672,832
|
Chicago,
|
|
|
|
|
General Airport Third Lien
|
|
|
|
|
Revenue (Chicago O'Hare
|
|
|
|
|
International Airport)
|
|
|
|
|
(Insured; National Public
|
|
|
|
|
Finance Guarantee Corp.)
|
5.25
|
1/1/17
|
3,580,000
|
4,187,168
|
Chicago,
|
|
|
|
|
GO (Insured; Assured Guaranty
|
|
|
|
|
Municipal Corp.)
|
5.00
|
1/1/17
|
2,500,000
|
2,733,875
|
Chicago Board of Education,
|
|
|
|
|
Unlimited Tax GO (Dedicated
|
|
|
|
|
Revenues)
|
5.25
|
12/1/25
|
2,500,000
|
2,842,450
|
Huntley,
|
|
|
|
|
Special Service Area Number
|
|
|
|
|
Nine, Special Tax Bonds
|
|
|
|
|
(Insured; Assured Guaranty
|
|
|
|
|
Municipal Corp.)
|
5.10
|
3/1/28
|
3,500,000
|
3,781,890
|
Illinois,
|
|
|
|
|
GO
|
5.00
|
8/1/24
|
1,000,000
|
1,106,950
|
Illinois Finance Authority,
|
|
|
|
|
Revenue (Edward Hospital
|
|
|
|
|
Obligated Group) (Insured;
|
|
|
|
|
AMBAC)
|
6.00
|
2/1/28
|
750,000
|
833,970
|
Illinois Finance Authority,
|
|
|
|
|
Revenue (Edward Hospital
|
|
|
|
|
Obligated Group) (Insured;
|
|
|
|
|
AMBAC)
|
6.25
|
2/1/33
|
500,000
|
558,520
|
Illinois Finance Authority,
|
|
|
|
|
Revenue (Sherman Health
|
|
|
|
|
Systems)
|
5.50
|
8/1/37
|
1,000,000
|
1,034,170
|
Illinois Finance Authority,
|
|
|
|
|
Revenue (The Carle Foundation)
|
5.00
|
8/15/16
|
2,200,000
|
2,427,260
|
Illinois Health Facilities
|
|
|
|
|
Authority, Revenue
|
|
|
|
|
(Delnor-Community Hospital)
|
|
|
|
|
(Insured; Assured Guaranty
|
|
|
|
|
|
|
|
|
|
Municipal Corp.)
|
5.25
|
5/15/27
|
6,000,000
|
6,546,840
|
Railsplitter Tobacco Settlement
|
|
|
|
|
Authority, Tobacco Settlement
|
|
|
|
|
Revenue
|
5.50
|
6/1/23
|
3,100,000
|
3,577,710
|
Railsplitter Tobacco Settlement
|
|
|
|
|
Authority, Tobacco Settlement
|
|
|
|
|
Revenue
|
6.00
|
6/1/28
|
3,600,000
|
4,138,236
|
Kansas--.3%
|
|
|
|
|
Kansas Development Finance
|
|
|
|
|
Authority, Revenue (Lifespace
|
|
|
|
|
Communities, Inc.)
|
5.00
|
5/15/30
|
1,500,000
|
1,578,855
|
Kentucky--.7%
|
|
|
|
|
Barbourville,
|
|
|
|
|
Educational Facilities First
|
|
|
|
|
Mortgage Revenue (Union
|
|
|
|
|
College Energy Conservation
|
|
|
|
|
Project)
|
5.25
|
9/1/26
|
1,000,000
|
1,021,860
|
Ohio County,
|
|
|
|
|
PCR (Big Rivers Electric
|
|
|
|
|
Corporation Project)
|
6.00
|
7/15/31
|
2,500,000
|
2,719,300
|
Louisiana--1.0%
|
|
|
|
|
Louisiana Local Government
|
|
|
|
|
Environmental Facilities and
|
|
|
|
|
Community Development
|
|
|
|
|
Authority, Revenue (Westlake
|
|
|
|
|
Chemical Corporation Projects)
|
6.50
|
8/1/29
|
2,500,000
|
2,891,075
|
New Orleans Aviation Board,
|
|
|
|
|
Revenue (Insured; Assured
|
|
|
|
|
Guaranty Municipal Corp.)
|
6.00
|
1/1/23
|
2,000,000
|
2,392,260
|
Maine--.3%
|
|
|
|
|
Maine Health and Higher
|
|
|
|
|
Educational Facilities
|
|
|
|
|
Authority, Revenue
|
|
|
|
|
(MaineGeneral Medical Center
|
|
|
|
|
Issue)
|
7.50
|
7/1/32
|
1,250,000
|
1,519,712
|
Maryland--3.3%
|
|
|
|
|
Howard County,
|
|
|
|
|
|
|
|
|
|
Consolidated Public
|
|
|
|
|
Improvement Project GO
|
5.00
|
8/15/17
|
2,830,000
|
3,437,714
|
Hyattsville,
|
|
|
|
|
Special Obligation Revenue
|
|
|
|
|
(University Town Center
|
|
|
|
|
Project)
|
5.60
|
7/1/24
|
1,500,000
|
1,537,245
|
Maryland,
|
|
|
|
|
GO (State and Local Facilities
|
|
|
|
|
Loan)
|
5.00
|
8/1/20
|
2,500,000
|
3,107,175
|
Maryland Community Development
|
|
|
|
|
Administration, Department of
|
|
|
|
|
Housing and Community
|
|
|
|
|
Development, Housing Revenue
|
5.95
|
7/1/23
|
630,000
|
631,077
|
Maryland Economic Development
|
|
|
|
|
Corporation, LR (Montgomery
|
|
|
|
|
County Wayne Avenue Parking
|
|
|
|
|
Garage Project)
|
5.25
|
9/15/14
|
1,295,000
|
1,313,700
|
Montgomery County,
|
|
|
|
|
Consolidated Public
|
|
|
|
|
Improvement GO
|
5.00
|
7/1/20
|
4,700,000
|
5,984,698
|
Montgomery County,
|
|
|
|
|
Consolidated Public
|
|
|
|
|
Improvement GO
|
5.00
|
7/1/21
|
1,500,000
|
1,845,870
|
Massachusetts--3.4%
|
|
|
|
|
Massachusetts Department of
|
|
|
|
|
Transportation, Metropolitan
|
|
|
|
|
Highway System Senior Revenue
|
5.00
|
1/1/27
|
5,000,000
|
5,596,250
|
Massachusetts Development Finance
|
|
|
|
|
Agency, Revenue (Brandeis
|
|
|
|
|
University Issue)
|
5.00
|
10/1/25
|
2,175,000
|
2,478,869
|
Massachusetts Development Finance
|
|
|
|
|
Agency, Revenue (Tufts Medical
|
|
|
|
|
Center Issue)
|
6.25
|
1/1/27
|
2,250,000
|
2,599,605
|
Massachusetts School Building
|
|
|
|
|
Authority, Senior Dedicated
|
|
|
|
|
Sales Tax Revenue
|
5.00
|
10/15/35
|
1,750,000
|
2,025,520
|
Massachusetts Water Resources
|
|
|
|
|
|
|
|
|
|
|
Authority, General Revenue
|
5.00
|
8/1/42
|
2,500,000
|
|
2,856,300
|
Metropolitan Boston Transit
|
|
|
|
|
|
Parking Corporation,
|
|
|
|
|
|
Systemwide Senior Lien Parking
|
|
|
|
|
|
Revenue
|
5.00
|
7/1/23
|
2,000,000
|
|
2,401,300
|
Michigan--9.8%
|
|
|
|
|
|
Brighton Area Schools,
|
|
|
|
|
|
GO - Unlimited Tax (Insured;
|
|
|
|
|
|
AMBAC)
|
0.00
|
5/1/14
|
8,000,000
|
a
|
7,834,320
|
Brighton Area Schools,
|
|
|
|
|
|
GO - Unlimited Tax (Insured;
|
|
|
|
|
|
AMBAC)
|
0.00
|
5/1/20
|
1,055,000
|
a
|
854,655
|
Detroit,
|
|
|
|
|
|
Sewage Disposal System Senior
|
|
|
|
|
|
Lien Revenue (Insured; Assured
|
|
|
|
|
|
Guaranty Municipal Corp.)
|
7.00
|
7/1/27
|
1,500,000
|
|
1,831,530
|
Detroit,
|
|
|
|
|
|
Sewage Disposal System Senior
|
|
|
|
|
|
Lien Revenue (Insured; Assured
|
|
|
|
|
|
Guaranty Municipal Corp.)
|
7.50
|
7/1/33
|
1,000,000
|
|
1,262,960
|
Detroit Community High School,
|
|
|
|
|
|
Public School Academy Revenue
|
5.65
|
11/1/25
|
1,170,000
|
|
947,852
|
Detroit Community High School,
|
|
|
|
|
|
Public School Academy Revenue
|
5.75
|
11/1/35
|
1,215,000
|
|
906,171
|
Detroit School District,
|
|
|
|
|
|
School Building and Site
|
|
|
|
|
|
Improvement Bonds (GO -
|
|
|
|
|
|
Unlimited Tax) (Insured; FGIC)
|
6.00
|
5/1/20
|
1,000,000
|
|
1,238,200
|
Huron Valley School District,
|
|
|
|
|
|
GO Unlimited Tax (Insured;
|
|
|
|
|
|
National Public Finance
|
|
|
|
|
|
Guarantee Corp.)
|
0.00
|
5/1/18
|
6,270,000
|
a
|
5,492,269
|
Kalamazoo Hospital Finance
|
|
|
|
|
|
Authority, HR (Borgess Medical
|
|
|
|
|
|
Center) (Insured; FGIC)
|
6.25
|
6/1/14
|
3,000,000
|
|
3,328,320
|
Kent County,
|
|
|
|
|
|
Airport Revenue (Gerald R.
|
|
|
|
|
|
|
|
|
|
|
|
Ford International Airport)
|
5.00
|
1/1/26
|
4,555,000
|
|
4,961,625
|
Kent Hospital Finance Authority,
|
|
|
|
|
|
Revenue (Spectrum Health
|
|
|
|
|
|
System)
|
5.50
|
11/15/25
|
2,500,000
|
|
2,955,850
|
Lansing Board of Water and Light,
|
|
|
|
|
|
Utility System Revenue
|
5.50
|
7/1/41
|
2,500,000
|
|
2,923,200
|
Michigan Public Educational
|
|
|
|
|
|
Facilities Authority, LOR
|
|
|
|
|
|
(Nataki Talibah Schoolhouse of
|
|
|
|
|
|
Detroit Project)
|
6.50
|
10/1/30
|
3,040,000
|
|
2,857,174
|
Monroe County Economic Development
|
|
|
|
|
|
Corporation, LOR (Detroit
|
|
|
|
|
|
Edison Company Project)
|
|
|
|
|
|
(Insured; National Public
|
|
|
|
|
|
Finance Guarantee Corp.)
|
6.95
|
9/1/22
|
2,000,000
|
|
2,684,760
|
Pontiac Tax Increment Finance
|
|
|
|
|
|
Authority, Revenue
|
|
|
|
|
|
(Prerefunded)
|
6.38
|
6/1/12
|
3,170,000
|
b
|
3,201,700
|
Romulus Economic Development
|
|
|
|
|
|
Corporation, Limited
|
|
|
|
|
|
Obligation EDR (Romulus HIR
|
|
|
|
|
|
Limited Partnership Project)
|
|
|
|
|
|
(Insured; ITT Lyndon Property
|
|
|
|
|
|
Insurance Company)
|
7.00
|
11/1/15
|
3,700,000
|
|
4,475,927
|
Royal Oak Hospital Finance
|
|
|
|
|
|
Authority, HR (William
|
|
|
|
|
|
Beaumont Hospital Obligated
|
|
|
|
|
|
Group)
|
6.25
|
9/1/14
|
1,500,000
|
|
1,652,475
|
Wayne County Airport Authority,
|
|
|
|
|
|
Airport Revenue (Detroit
|
|
|
|
|
|
Metropolitan Wayne County
|
|
|
|
|
|
Airport)
|
5.00
|
12/1/22
|
3,000,000
|
|
3,411,780
|
Mississippi--.3%
|
|
|
|
|
|
Mississippi Development Bank,
|
|
|
|
|
|
Special Obligation Revenue
|
|
|
|
|
|
(Waveland, GO Public
|
|
|
|
|
|
Improvement Bond Project)
|
|
|
|
|
|
|
|
|
|
|
|
(Insured; AMBAC)
|
5.00
|
11/1/20
|
1,315,000
|
|
1,370,519
|
Missouri--1.1%
|
|
|
|
|
|
Curators of the University of
|
|
|
|
|
|
Missouri, System Facilities
|
|
|
|
|
|
Revenue
|
5.00
|
11/1/19
|
2,500,000
|
|
3,131,100
|
Missouri Housing Development
|
|
|
|
|
|
Commission, MFHR
|
|
|
|
|
|
(Collateralized; FHA)
|
5.25
|
12/1/16
|
435,000
|
|
436,205
|
Missouri Housing Development
|
|
|
|
|
|
Commission, MFHR
|
|
|
|
|
|
(Collateralized; FHA)
|
5.38
|
12/1/18
|
580,000
|
|
592,516
|
Saint Louis County,
|
|
|
|
|
|
Annual Appropriation-Supported
|
|
|
|
|
|
Tax Increment Revenue (Lambert
|
|
|
|
|
|
Airport Eastern Perimeter
|
|
|
|
|
|
Redevelopment Project)
|
|
|
|
|
|
(Insured; AMBAC) (Prerefunded)
|
5.00
|
2/15/16
|
1,265,000
|
b
|
1,468,665
|
Nevada--.8%
|
|
|
|
|
|
Clark County,
|
|
|
|
|
|
Passenger Facility Charge
|
|
|
|
|
|
Revenue (Las Vegas-McCarran
|
|
|
|
|
|
International Airport)
|
5.00
|
7/1/30
|
4,000,000
|
|
4,372,800
|
New Jersey--1.6%
|
|
|
|
|
|
New Jersey Transportation Trust
|
|
|
|
|
|
Fund Authority (Transportation
|
|
|
|
|
|
System)
|
5.25
|
12/15/19
|
3,000,000
|
|
3,686,460
|
New Jersey Transportation Trust
|
|
|
|
|
|
Fund Authority (Transportation
|
|
|
|
|
|
System)
|
5.50
|
6/15/31
|
1,250,000
|
|
1,462,863
|
New Jersey Turnpike Authority,
|
|
|
|
|
|
Turnpike Revenue
|
6.50
|
1/1/16
|
65,000
|
|
78,872
|
New Jersey Turnpike Authority,
|
|
|
|
|
|
Turnpike Revenue
|
6.50
|
1/1/16
|
185,000
|
|
219,323
|
Tobacco Settlement Financing
|
|
|
|
|
|
Corporation of New Jersey,
|
|
|
|
|
|
Tobacco Settlement
|
|
|
|
|
|
Asset-Backed Bonds
|
4.50
|
6/1/23
|
1,500,000
|
|
1,412,880
|
|
|
|
|
|
Tobacco Settlement Financing
|
|
|
|
|
Corporation of New Jersey,
|
|
|
|
|
Tobacco Settlement
|
|
|
|
|
Asset-Backed Bonds
|
4.63
|
6/1/26
|
2,140,000
|
1,920,158
|
New York--5.8%
|
|
|
|
|
Long Island Power Authority,
|
|
|
|
|
Electric System General Revenue
|
6.00
|
5/1/33
|
5,000,000
|
6,004,850
|
Metropolitan Transportation
|
|
|
|
|
Authority, Dedicated Tax Fund
|
|
|
|
|
Revenue
|
5.00
|
11/15/32
|
1,850,000
|
2,136,972
|
Metropolitan Transportation
|
|
|
|
|
Authority, Transportation
|
|
|
|
|
Revenue
|
5.25
|
11/15/28
|
2,500,000
|
2,878,000
|
New York City,
|
|
|
|
|
GO
|
5.00
|
8/1/28
|
1,000,000
|
1,140,180
|
New York City,
|
|
|
|
|
GO
|
5.00
|
10/1/36
|
2,500,000
|
2,824,975
|
New York City Health and Hospitals
|
|
|
|
|
Corporation, Health System
|
|
|
|
|
Revenue
|
5.00
|
2/15/30
|
3,000,000
|
3,349,770
|
New York City Municipal Water
|
|
|
|
|
Finance Authority, Water and
|
|
|
|
|
Sewer System Second General
|
|
|
|
|
Resolution Revenue
|
5.00
|
6/15/34
|
2,500,000
|
2,856,025
|
New York City Transitional Finance
|
|
|
|
|
Authority, Future Tax Secured
|
|
|
|
|
Subordinate Revenue
|
5.00
|
2/1/24
|
3,000,000
|
3,625,470
|
New York State Urban Development
|
|
|
|
|
Corporation, State Personal
|
|
|
|
|
Income Tax Revenue (General
|
|
|
|
|
Purpose)
|
5.00
|
3/15/17
|
3,260,000
|
3,876,792
|
New York State Urban Develpoment
|
|
|
|
|
Corporation, State Personal
|
|
|
|
|
Income Tax Revenue (General
|
|
|
|
|
Purpose)
|
5.00
|
3/15/17
|
2,135,000
|
2,538,942
|
North Carolina--4.3%
|
|
|
|
|
Charlotte,
|
|
|
|
|
|
|
|
|
|
|
GO (Prerefunded)
|
5.00
|
7/1/12
|
2,110,000
|
b
|
2,118,524
|
Charlotte,
|
|
|
|
|
|
GO (Prerefunded)
|
5.00
|
7/1/12
|
1,525,000
|
b
|
1,531,161
|
Durham,
|
|
|
|
|
|
Water and Sewer Utility System
|
|
|
|
|
|
Revenue
|
5.25
|
6/1/21
|
1,620,000
|
|
2,079,983
|
Durham County,
|
|
|
|
|
|
GO Public Improvement Bonds
|
|
|
|
|
|
(Prerefunded)
|
5.00
|
6/1/16
|
1,000,000
|
b
|
1,175,300
|
Iredell County,
|
|
|
|
|
|
COP (Iredell County School
|
|
|
|
|
|
Projects) (Insured; AMBAC)
|
5.00
|
6/1/26
|
1,000,000
|
|
1,083,140
|
North Carolina Eastern Municipal
|
|
|
|
|
|
Power Agency, Power System
|
|
|
|
|
|
Revenue (Insured; ACA)
|
6.00
|
1/1/22
|
1,000,000
|
|
1,295,120
|
North Carolina Medical Care
|
|
|
|
|
|
Commission, Health Care
|
|
|
|
|
|
Facilities Revenue (Cleveland
|
|
|
|
|
|
County HealthCare System
|
|
|
|
|
|
Project) (Insured; AMBAC)
|
5.25
|
7/1/19
|
1,135,000
|
|
1,192,987
|
North Carolina Medical Care
|
|
|
|
|
|
Commission, Health Care
|
|
|
|
|
|
Facilities Revenue (University
|
|
|
|
|
|
Health Systems of Eastern
|
|
|
|
|
|
Carolina)
|
6.25
|
12/1/33
|
1,750,000
|
|
2,039,240
|
North Carolina Medical Care
|
|
|
|
|
|
Commission, HR (Southeastern
|
|
|
|
|
|
Regional Medical Center)
|
6.25
|
6/1/29
|
2,000,000
|
|
2,003,580
|
North Carolina Medical Care
|
|
|
|
|
|
Commission, HR (Wilson
|
|
|
|
|
|
Memorial Hospital Project)
|
|
|
|
|
|
(Insured; AMBAC)
|
0.00
|
11/1/16
|
3,055,000
|
a
|
2,714,673
|
North Carolina Medical Care
|
|
|
|
|
|
Commission, Retirement
|
|
|
|
|
|
Facilities First Mortgage
|
|
|
|
|
|
Revenue (Givens Estates
|
|
|
|
|
|
Project) (Prerefunded)
|
6.50
|
7/1/13
|
1,000,000
|
b
|
1,078,060
|
|
|
|
|
|
Oak Island,
|
|
|
|
|
Enterprise System Revenue
|
|
|
|
|
(Insured; Assured Guaranty
|
|
|
|
|
Municipal Corp.)
|
6.00
|
6/1/34
|
1,000,000
|
1,151,680
|
Orange Water and Sewer Authority,
|
|
|
|
|
Water and Sewer System Revenue
|
5.00
|
7/1/31
|
1,000,000
|
1,118,930
|
Raleigh,
|
|
|
|
|
Combined Enterprise System
|
|
|
|
|
Revenue
|
5.00
|
3/1/31
|
1,175,000
|
1,302,828
|
University of North Carolina,
|
|
|
|
|
System Pool Revenue (Pool
|
|
|
|
|
General Trust Indenture of the
|
|
|
|
|
Board of Governors of The
|
|
|
|
|
University of North Carolina)
|
5.00
|
10/1/34
|
1,000,000
|
1,131,090
|
Ohio--1.6%
|
|
|
|
|
Butler County,
|
|
|
|
|
Hospital Facilities Revenue
|
|
|
|
|
(UC Health)
|
5.50
|
11/1/40
|
1,500,000
|
1,610,040
|
Maple Heights City School District
|
|
|
|
|
Board of Education, COP (Wylie
|
|
|
|
|
Athletic Complex Project)
|
6.00
|
11/1/28
|
1,150,000
|
1,259,583
|
Montgomery County,
|
|
|
|
|
Revenue (Miami Valley Hospital)
|
6.25
|
11/15/33
|
2,000,000
|
2,137,780
|
Toledo-Lucas County Port
|
|
|
|
|
Authority, Development Revenue
|
|
|
|
|
(Northwest Ohio Bond Fund)
|
|
|
|
|
(Toledo School for the Arts
|
|
|
|
|
Project)
|
5.50
|
5/15/28
|
2,400,000
|
2,323,224
|
University of Akron,
|
|
|
|
|
General Receipts Bonds
|
|
|
|
|
(Insured; Assured Guaranty
|
|
|
|
|
Municipal Corp.)
|
5.00
|
1/1/20
|
1,100,000
|
1,343,661
|
Oklahoma--.2%
|
|
|
|
|
Tulsa Industrial Authority,
|
|
|
|
|
Student Housing Revenue (The
|
|
|
|
|
University of Tulsa)
|
5.25
|
10/1/26
|
1,135,000
|
1,231,611
|
Oregon--.7%
|
|
|
|
|
|
|
|
|
|
Oregon,
|
|
|
|
|
GO (Alternate Energy Project)
|
6.00
|
10/1/26
|
1,400,000
|
1,759,492
|
Oregon Department of
|
|
|
|
|
Administrative Services,
|
|
|
|
|
Lottery Revenue
|
5.00
|
4/1/29
|
1,500,000
|
1,727,550
|
Pennsylvania--5.7%
|
|
|
|
|
Allegheny County Port Authority,
|
|
|
|
|
Special Transportation Revenue
|
5.25
|
3/1/23
|
2,600,000
|
3,089,424
|
Chester County Industrial
|
|
|
|
|
Development Authority, Revenue
|
|
|
|
|
(Avon Grove Charter School
|
|
|
|
|
Project)
|
6.38
|
12/15/37
|
2,000,000
|
2,062,820
|
Coatesville Area School District,
|
|
|
|
|
GO (Insured; Assured Guaranty
|
|
|
|
|
Municipal Corp.)
|
5.25
|
8/15/17
|
4,000,000
|
4,399,280
|
Dauphin County General Authority,
|
|
|
|
|
Office and Parking Revenue
|
|
|
|
|
(Riverfront Office Center
|
|
|
|
|
Project)
|
6.00
|
1/1/25
|
1,820,000
|
1,819,964
|
Harrisburg Authority,
|
|
|
|
|
University Revenue (The
|
|
|
|
|
Harrisburg University of
|
|
|
|
|
Science and Technology Project)
|
6.00
|
9/1/36
|
850,000
|
701,870
|
Lancaster Parking Authority,
|
|
|
|
|
Guaranteed Parking Revenue
|
|
|
|
|
(Insured; AMBAC)
|
5.00
|
12/1/32
|
1,000,000
|
1,069,550
|
Pennsylvania Higher Educational
|
|
|
|
|
Facilities Authority, Revenue
|
|
|
|
|
(Edinboro University
|
|
|
|
|
Foundation Student Housing
|
|
|
|
|
Project at Edinboro University
|
|
|
|
|
of Pennsylvania)
|
5.88
|
7/1/38
|
1,500,000
|
1,620,225
|
Pennsylvania Higher Educational
|
|
|
|
|
Facilities Authority, Revenue
|
|
|
|
|
(University of Pennsylvania
|
|
|
|
|
Health System)
|
6.00
|
8/15/26
|
2,500,000
|
2,929,225
|
Pennsylvania Housing Finance
|
|
|
|
|
|
|
|
|
|
|
Agency, Capital Fund
|
|
|
|
|
|
Securitization Revenue
|
|
|
|
|
|
(Insured; Assured Guaranty
|
|
|
|
|
|
Municipal Corp.)
|
5.00
|
12/1/25
|
2,450,000
|
|
2,598,838
|
Pennsylvania Industrial
|
|
|
|
|
|
Development Authority, EDR
|
5.50
|
7/1/23
|
1,730,000
|
|
2,015,329
|
Pennsylvania Industrial
|
|
|
|
|
|
Development Authority, EDR
|
|
|
|
|
|
(Prerefunded)
|
5.50
|
7/1/18
|
270,000
|
b
|
341,442
|
Pennsylvania Turnpike Commission,
|
|
|
|
|
|
Turnpike Revenue
|
5.00
|
12/1/24
|
3,360,000
|
|
3,889,166
|
Philadelphia,
|
|
|
|
|
|
GO (Insured; Assured Guaranty
|
|
|
|
|
|
Municipal Corp.)
|
5.25
|
12/15/23
|
3,500,000
|
|
3,973,060
|
South Carolina--1.1%
|
|
|
|
|
|
South Carolina Public Service
|
|
|
|
|
|
Authority, Revenue Obligations
|
|
|
|
|
|
(Santee Cooper)
|
5.00
|
12/1/21
|
2,500,000
|
|
3,117,300
|
South Carolina Public Service
|
|
|
|
|
|
Authority, Revenue Obligations
|
|
|
|
|
|
(Santee Cooper)
|
5.00
|
12/1/36
|
2,500,000
|
|
2,808,375
|
Tennessee--.6%
|
|
|
|
|
|
Metropolitan Government of
|
|
|
|
|
|
Nashville and Davidson County,
|
|
|
|
|
|
Subordinate Lien Water and
|
|
|
|
|
|
Sewer Revenue
|
5.00
|
7/1/17
|
2,500,000
|
|
2,965,075
|
Texas--8.4%
|
|
|
|
|
|
Coastal Water Authority,
|
|
|
|
|
|
Water Conveyance System
|
|
|
|
|
|
Revenue (Insured; AMBAC)
|
6.25
|
12/15/17
|
2,170,000
|
|
2,265,740
|
Corpus Christi,
|
|
|
|
|
|
Combination Tax and Municipal
|
|
|
|
|
|
Hotel Occupancy Tax Revenue,
|
|
|
|
|
|
Certificates of Obligation
|
|
|
|
|
|
(Insured; Assured Guaranty
|
|
|
|
|
|
Municipal Corp.)
|
5.50
|
9/1/18
|
1,955,000
|
|
1,979,359
|
Dallas Independent School
|
|
|
|
|
|
|
|
|
|
|
|
District, Unlimited Tax Bonds
|
|
|
|
|
|
(Permament School Fund
|
|
|
|
|
|
Guarantee Program)
|
5.00
|
2/15/23
|
5,500,000
|
|
6,740,745
|
Del Mar College District,
|
|
|
|
|
|
Limited Tax Bonds (Insured;
|
|
|
|
|
|
FGIC) (Prerefunded)
|
5.25
|
8/15/13
|
1,295,000
|
b
|
1,372,480
|
Denton Independent School
|
|
|
|
|
|
District, Unlimited Tax School
|
|
|
|
|
|
Building Bonds (Permanent
|
|
|
|
|
|
School Fund Guarantee Program)
|
|
|
|
|
|
(Prerefunded)
|
0.00
|
8/15/12
|
135,000
|
a,b
|
71,940
|
Galveston County,
|
|
|
|
|
|
Combination Tax and Revenue
|
|
|
|
|
|
Certificates of Obligation
|
|
|
|
|
|
(Insured; AMBAC) (Prerefunded)
|
5.25
|
2/1/13
|
1,000,000
|
b
|
1,033,710
|
Leander Independent School
|
|
|
|
|
|
District, Unlimited Tax School
|
|
|
|
|
|
Building Bonds (Permanent
|
|
|
|
|
|
School Fund Guarantee Program)
|
0.00
|
8/15/30
|
3,900,000
|
a
|
1,564,485
|
Leander Independent School
|
|
|
|
|
|
District, Unlimited Tax School
|
|
|
|
|
|
Building Bonds (Permanent
|
|
|
|
|
|
School Fund Guarantee Program)
|
0.00
|
8/15/31
|
2,860,000
|
a
|
1,078,420
|
Lubbock Housing Finance
|
|
|
|
|
|
Corporation, MFHR (Las
|
|
|
|
|
|
Colinas, Quail Creek and
|
|
|
|
|
|
Parkridge Place Apartments
|
|
|
|
|
|
Projects)
|
6.00
|
7/1/22
|
1,175,000
|
|
1,114,499
|
McKinney,
|
|
|
|
|
|
Tax and Limited Pledge
|
|
|
|
|
|
Waterworks and Sewer System
|
|
|
|
|
|
Revenue, Certificates of
|
|
|
|
|
|
Obligation (Insured; AMBAC)
|
5.00
|
8/15/26
|
1,300,000
|
|
1,452,659
|
Mesquite Independent School
|
|
|
|
|
|
District, Unlimited Tax School
|
|
|
|
|
|
Building Bonds (Permanent
|
|
|
|
|
|
School Fund Guarantee Program)
|
0.00
|
8/15/28
|
4,675,000
|
a
|
2,238,577
|
|
|
|
|
|
|
Mesquite Independent School
|
|
|
|
|
|
District, Unlimited Tax School
|
|
|
|
|
|
Building Bonds (Permanent
|
|
|
|
|
|
School Fund Guarantee Program)
|
|
|
|
|
|
(Prerefunded)
|
5.50
|
8/15/12
|
1,100,000
|
b
|
1,112,067
|
Midlothian Independent School
|
|
|
|
|
|
District, Unlimited Tax School
|
|
|
|
|
|
Building Bonds (Permament
|
|
|
|
|
|
School Fund Guarantee Program)
|
5.00
|
2/15/40
|
2,500,000
|
|
2,832,350
|
Montgomery Independent School
|
|
|
|
|
|
District, Unlimited Tax School
|
|
|
|
|
|
Building Bonds (Permanent
|
|
|
|
|
|
School Fund Guarantee Program)
|
5.00
|
2/15/25
|
1,315,000
|
|
1,486,108
|
North Texas Tollway Authority,
|
|
|
|
|
|
First Tier System Revenue
|
|
|
|
|
|
(Insured; Assured Guaranty
|
|
|
|
|
|
Municipal Corp.)
|
5.63
|
1/1/33
|
5,000,000
|
|
5,687,900
|
North Texas Tollway Authority,
|
|
|
|
|
|
First Tier System Revenue
|
|
|
|
|
|
(Insured; Assured Guaranty
|
|
|
|
|
|
Municipal Corp.)
|
5.75
|
1/1/40
|
3,000,000
|
|
3,421,950
|
Pearland Economic Development
|
|
|
|
|
|
Corporation, Sales Tax Revenue
|
|
|
|
|
|
(Insured; AMBAC)
|
5.00
|
9/1/24
|
1,035,000
|
|
1,120,460
|
San Antonio,
|
|
|
|
|
|
Electric and Gas Systems
|
|
|
|
|
|
Revenue
|
5.50
|
2/1/20
|
255,000
|
|
319,084
|
San Antonio,
|
|
|
|
|
|
Water System Revenue
|
5.00
|
5/15/36
|
4,000,000
|
|
4,527,640
|
Schertz-Cibolo Universal City
|
|
|
|
|
|
Independent School District,
|
|
|
|
|
|
Unlimited Tax School Building
|
|
|
|
|
|
Bonds (Permanent School Fund
|
|
|
|
|
|
Guarantee Program)
|
0.00
|
2/1/32
|
5,545,000
|
a
|
2,092,794
|
Sharyland Independent School
|
|
|
|
|
|
District, Unlimited Tax School
|
|
|
|
|
|
Building Bonds (Permanent
|
|
|
|
|
|
|
|
|
|
|
|
School Fund Guarantee Program)
|
|
|
|
|
|
(Prerefunded)
|
5.00
|
2/15/13
|
1,130,000
|
b
|
1,168,307
|
Texas National Research Laboratory
|
|
|
|
|
|
Commission Financing
|
|
|
|
|
|
Corporation, LR
|
|
|
|
|
|
(Superconducting Super
|
|
|
|
|
|
Collider Project)
|
6.95
|
12/1/12
|
190,000
|
|
196,046
|
Virginia--4.6%
|
|
|
|
|
|
Albemarle County Industrial
|
|
|
|
|
|
Development Authority, HR
|
|
|
|
|
|
(Martha Jefferson Hospital)
|
5.25
|
10/1/15
|
1,445,000
|
|
1,535,182
|
Chesapeake,
|
|
|
|
|
|
Chesapeake Expressway Toll
|
|
|
|
|
|
Road Revenue
|
5.63
|
7/15/19
|
700,000
|
|
702,156
|
Chesapeake Bay Bridge and Tunnel
|
|
|
|
|
|
Commission District, General
|
|
|
|
|
|
Resolution Revenue (Insured;
|
|
|
|
|
|
Berkshire Hathaway Assurance
|
|
|
|
|
|
Corporation)
|
5.50
|
7/1/25
|
1,000,000
|
|
1,243,300
|
Chesterfield County Economic
|
|
|
|
|
|
Development Authority, PCR
|
|
|
|
|
|
(Virginia Electric and Power
|
|
|
|
|
|
Company Project)
|
5.00
|
5/1/23
|
1,000,000
|
|
1,145,220
|
Dulles Town Center Community
|
|
|
|
|
|
Development Authority, Special
|
|
|
|
|
|
Assessment Revenue (Dulles
|
|
|
|
|
|
Town Center Project)
|
6.25
|
3/1/26
|
2,665,000
|
|
2,667,372
|
Middle River Regional Jail
|
|
|
|
|
|
Authority, Jail Facility
|
|
|
|
|
|
Revenue (Insured; National
|
|
|
|
|
|
Public Finance Guarantee Corp.)
|
5.00
|
5/15/19
|
1,200,000
|
|
1,307,268
|
Newport News,
|
|
|
|
|
|
GO General Improvement Bonds
|
|
|
|
|
|
and GO Water Bonds
|
5.25
|
7/1/22
|
1,000,000
|
|
1,305,540
|
Norfolk,
|
|
|
|
|
|
Water Revenue
|
5.00
|
11/1/25
|
1,000,000
|
|
1,175,190
|
Prince William County Industrial
|
|
|
|
|
|
|
|
|
|
|
|
Development Authority,
|
|
|
|
|
|
Educational Facilities Revenue
|
|
|
|
|
|
(The Catholic Diocese of
|
|
|
|
|
|
Arlington)
|
5.50
|
10/1/33
|
1,000,000
|
|
1,031,820
|
Richmond Metropolitan Authority,
|
|
|
|
|
|
Expressway Revenue (Insured;
|
|
|
|
|
|
National Public Finance
|
|
|
|
|
|
Guarantee Corp.)
|
5.25
|
7/15/17
|
1,600,000
|
|
1,832,880
|
Richmond Metropolitan Authority,
|
|
|
|
|
|
Expressway Revenue (Insured;
|
|
|
|
|
|
National Public Finance
|
|
|
|
|
|
Guarantee Corp.)
|
5.25
|
7/15/17
|
1,300,000
|
|
1,429,779
|
Roanoke Industrial Development
|
|
|
|
|
|
Authority, HR (Carilion Health
|
|
|
|
|
|
System) (Insured; National
|
|
|
|
|
|
Public Finance Guarantee
|
|
|
|
|
|
Corp.) (Prerefunded)
|
5.50
|
7/1/12
|
2,500,000
|
b
|
2,510,900
|
Tobacco Settlement Financing
|
|
|
|
|
|
Corporation of Virginia,
|
|
|
|
|
|
Tobacco Settlement
|
|
|
|
|
|
Asset-Backed Bonds
|
|
|
|
|
|
(Prerefunded)
|
5.63
|
6/1/15
|
1,000,000
|
b
|
1,149,500
|
Virginia College Building
|
|
|
|
|
|
Authority, Educational
|
|
|
|
|
|
Facilities Revenue (Regent
|
|
|
|
|
|
University Project)
|
|
|
|
|
|
(Prerefunded)
|
5.00
|
6/1/16
|
215,000
|
b
|
252,475
|
Virginia Housing Development
|
|
|
|
|
|
Authority, Commonwealth
|
|
|
|
|
|
Mortgage Revenue
|
6.38
|
1/1/36
|
1,450,000
|
|
1,622,652
|
Virginia Housing Development
|
|
|
|
|
|
Authority, Rental Housing
|
|
|
|
|
|
Revenue
|
5.50
|
6/1/30
|
1,000,000
|
|
1,116,640
|
Washington County Industrial
|
|
|
|
|
|
Development Authority, HR
|
|
|
|
|
|
(Mountain States Health
|
|
|
|
|
|
Alliance)
|
7.75
|
7/1/38
|
2,000,000
|
|
2,466,060
|
|
|
|
|
|
Washington--2.7%
|
|
|
|
|
Seattle,
|
|
|
|
|
Water System Revenue
|
5.00
|
9/1/22
|
2,700,000
|
3,443,796
|
Washington,
|
|
|
|
|
GO (Various Purpose)
|
5.00
|
7/1/18
|
2,500,000
|
3,059,800
|
Washington,
|
|
|
|
|
Motor Vehicle Fuel Tax GO
|
|
|
|
|
(State Road 520 Corridor
|
|
|
|
|
Program - Toll Revenue)
|
5.00
|
6/1/33
|
2,255,000
|
2,607,457
|
Washington Health Care Facilities
|
|
|
|
|
Authority, Mortgage Revenue
|
|
|
|
|
(Highline Medical Center)
|
|
|
|
|
(Collateralized; FHA)
|
6.25
|
8/1/36
|
3,485,000
|
4,053,160
|
Washington Health Care Facilities
|
|
|
|
|
Authority, Revenue (MultiCare
|
|
|
|
|
Health System) (Insured;
|
|
|
|
|
Assured Guaranty Municipal
|
|
|
|
|
Corp.)
|
5.50
|
8/15/24
|
1,000,000
|
1,164,250
|
West Virginia--.5%
|
|
|
|
|
West Virginia University Board of
|
|
|
|
|
Governors, University
|
|
|
|
|
Improvement Revenue (West
|
|
|
|
|
Virginia University Projects)
|
5.00
|
10/1/36
|
2,500,000
|
2,861,600
|
Wisconsin--1.1%
|
|
|
|
|
Milwaukee Housing Authority,
|
|
|
|
|
MFHR (Veterans Housing
|
|
|
|
|
Projects) (Collateralized;
|
|
|
|
|
FNMA)
|
5.10
|
7/1/22
|
1,000,000
|
1,003,700
|
Wisconsin,
|
|
|
|
|
General Fund Annual
|
|
|
|
|
Appropriation Bonds
|
5.75
|
5/1/33
|
2,000,000
|
2,373,440
|
Wisconsin,
|
|
|
|
|
GO
|
4.00
|
5/1/15
|
2,500,000
|
2,753,725
|
U.S. Related--3.7%
|
|
|
|
|
Guam Waterworks Authority,
|
|
|
|
|
Water and Wastewater System
|
|
|
|
|
Revenue
|
5.88
|
7/1/35
|
2,000,000
|
2,039,100
|
|
|
|
|
|
|
Puerto Rico Commonwealth,
|
|
|
|
|
|
Public Improvement GO
|
|
|
|
|
|
(Insured; FGIC)
|
5.50
|
7/1/29
|
1,315,000
|
|
1,456,402
|
Puerto Rico Electric Power
|
|
|
|
|
|
Authority, Power Revenue
|
5.50
|
7/1/38
|
1,750,000
|
|
1,843,590
|
Puerto Rico Electric Power
|
|
|
|
|
|
Authority, Power Revenue
|
|
|
|
|
|
(Insured; FGIC) (Prerefunded)
|
5.00
|
7/1/15
|
1,000,000
|
b
|
1,143,310
|
Puerto Rico Public Buildings
|
|
|
|
|
|
Authority, Government
|
|
|
|
|
|
Facilities Revenue
|
6.25
|
7/1/22
|
1,000,000
|
|
1,160,900
|
Puerto Rico Public Finance
|
|
|
|
|
|
Corporation, Revenue (Insured;
|
|
|
|
|
|
Assured Guaranty Municipal
|
|
|
|
|
|
Corp.)
|
6.00
|
8/1/26
|
1,500,000
|
|
2,142,090
|
Puerto Rico Sales Tax Financing
|
|
|
|
|
|
Corporation, Sales Tax Revenue
|
|
|
|
|
|
(First Subordinate Series)
|
6.00
|
8/1/42
|
7,860,000
|
|
8,864,508
|
Puerto Rico Sales Tax Financing
|
|
|
|
|
|
Corporation, Sales Tax Revenue
|
|
|
|
|
|
(First Subordinate Series)
|
6.50
|
8/1/44
|
1,000,000
|
|
1,180,650
|
Total Long-Term Municipal Investments
|
|
|
|
|
|
(cost $482,502,235)
|
|
|
|
|
528,988,971
|
Short-Term Municipal
|
Coupon
|
Maturity
|
Principal
|
|
|
Investments--.9%
|
Rate (%)
|
Date
|
Amount ($)
|
|
Value ($)
|
California--.8%
|
|
|
|
|
|
California,
|
|
|
|
|
|
GO Notes
|
|
|
|
|
|
(Kindergarten-University)
|
|
|
|
|
|
(LOC: California State
|
|
|
|
|
|
Teachers Retirement System and
|
|
|
|
|
|
Citibank NA)
|
0.16
|
6/1/12
|
3,500,000
|
c
|
3,500,000
|
Irvine Assessment District Number
|
|
|
|
|
|
03-19, Limited Obligation
|
|
|
|
|
|
Improvement Bonds (LOC:
|
|
|
|
|
|
California State Teachers
|
|
|
|
|
|
Retirement System and U.S.
|
|
|
|
|
|
|
|
|
|
|
|
Bank NA)
|
0.18
|
6/1/12
|
700,000
|
c
|
700,000
|
New York--.1%
|
|
|
|
|
|
New York City,
|
|
|
|
|
|
GO Notes (LOC; JPMorgan Chase
|
|
|
|
|
|
Bank)
|
0.19
|
6/1/12
|
700,000
|
c
|
700,000
|
Total Short-Term Municipal Investments
|
|
|
|
|
|
(cost $4,900,000)
|
|
|
|
|
4,900,000
|
Total Investments
(cost $487,402,235)
|
|
|
99.8
|
%
|
533,888,971
|
Cash and Receivables (Net)
|
|
|
.2
|
%
|
1,008,631
|
Net Assets
|
|
|
100.0
|
%
|
534,897,602
|
a
|
Security issued with a zero coupon. Income is recognized through the accretion of discount.
|
b
|
These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
|
c
|
Variable rate demand note - rate shown is the interest rate in effect at May 31, 2012. Maturity date represents the next demand date, or the ultimate maturity date if earlier.
|
At May 31, 2012, net unrealized appreciation on investments was $46,486,736 of which $47,449,776 related to appreciated investment securities and $963,040 related to depreciated investment securities. At May 31, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
|
|
|
|
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
|
DRIVERS
|
Derivative Inverse Tax-Exempt Receipts
|
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
|
LIFERS
|
Long Inverse Floating Exempt Receipts
|
LOC
|
Letter of Credit
|
LOR
|
Limited Obligation Revenue
|
LR
|
Lease Revenue
|
MERLOTS
|
Municipal Exempt Receipt Liquidity Option
|
MFHR
|
Multi-Family Housing Revenue
|
MFMR
|
Multi-Family Mortgage Revenue
|
PCR
|
Pollution Control Revenue
|
P-FLOATS
|
Puttable Floating Option Tax-Exempts Receipts
|
PILOT
|
Payment in Lieu of Taxes
|
PUTTERS
|
Puttable Tax-Exempt Receipts
|
RAC
|
Revenue Anticipation Certificates
|
RAN
|
Revenue Anticipation Notes
|
RAW
|
Revenue Anticipation Warrants
|
ROCS
|
Reset Option Certificates
|
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
|
SPEARS
|
Short Puttable Exempt Adjustable Receipts
|
SWDR
|
Solid Waste Disposal Revenue
|
TAN
|
Tax Anticipation Notes
|
TAW
|
Tax Anticipation Warrants
|
TRAN
|
Tax and Revenue Anticipation Notes
|
XLCA
|
XL Capital Assurance
|
The following is a summary of the inputs used as of May 31, 2012 in valuing the fund's investments:
|
|
|
|
|
|
|
|
Level 3 -
|
|
|
Level 1 -
|
Level 2 - Other
|
Significant
|
|
|
Unadjusted Quoted
|
Significant
|
Unobservable
|
|
Assets ($)
|
Prices
|
Observable Inputs
|
Inputs
|
Total
|
Investments in Securities:
|
|
|
|
|
Municipal Bonds
|
-
|
533,888,971
|
-
|
533,888,971
|
For the period ended May 31, 2012, there were no transfers between Level 1 and Level 2 of the fair value hierarchy.
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: 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 funds investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below: Level 1unadjusted quoted prices in active markets for identical investments.
Level 2other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3significant unobservable inputs (including the funds 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 funds investments are as follows:
Investments in securities are valued each business day by an independent pricing service (the Service) approved by the Board of Directors. 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. All preceding securities are categorized as Level 2 in the hierarchy.
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 (for example, a foreign exchange or market), 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 of Directors. 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 as Level 2 or 3 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.
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 High Yield Municipal Bond Fund
|
|
|
|
|
May 31, 2012 (Unaudited)
|
|
|
|
|
|
Long-Term Municipal
|
Coupon
|
Maturity
|
Principal
|
|
Investments--98.9%
|
Rate (%)
|
Date
|
Amount ($)
|
Value ($)
|
Alabama--2.2%
|
|
|
|
|
Birmingham Water Works Board,
|
|
|
|
|
Water Revenue
|
5.00
|
1/1/23
|
1,500,000
|
1,759,575
|
Jefferson County,
|
|
|
|
|
Limited Obligation School
|
|
|
|
|
Warrants
|
5.25
|
1/1/20
|
2,500,000
|
2,486,000
|
Alaska--2.1%
|
|
|
|
|
Northern Tobacco Securitization
|
|
|
|
|
Corporation of Alaska, Tobacco
|
|
|
|
|
Settlement Asset-Backed Bonds
|
5.00
|
6/1/32
|
1,000,000
|
851,010
|
Northern Tobacco Securitization
|
|
|
|
|
Corporation of Alaska, Tobacco
|
|
|
|
|
Settlement Asset-Backed Bonds
|
5.00
|
6/1/46
|
4,150,000
|
3,134,039
|
Arizona--5.7%
|
|
|
|
|
Mohave County Industrial
|
|
|
|
|
Development Authority,
|
|
|
|
|
Correctional Facilities
|
|
|
|
|
Contract Revenue (Mohave
|
|
|
|
|
Prison, LLC Expansion Project)
|
8.00
|
5/1/25
|
3,000,000
|
3,602,190
|
Pima County Industrial Development
|
|
|
|
|
Authority, Education
|
|
|
|
|
Facilities Revenue (Sonoran
|
|
|
|
|
Science Academy Tucson Project)
|
5.75
|
12/1/37
|
2,750,000
|
2,378,805
|
Pima County Industrial Development
|
|
|
|
|
Authority, Education Revenue
|
|
|
|
|
(American Charter Schools
|
|
|
|
|
Foundation Project)
|
5.63
|
7/1/38
|
3,000,000
|
2,710,290
|
Salt Verde Financial Corporation,
|
|
|
|
|
Senior Gas Revenue
|
5.00
|
12/1/37
|
2,000,000
|
2,046,620
|
California--6.7%
|
|
|
|
|
California,
|
|
|
|
|
GO (Various Purpose)
|
6.50
|
4/1/33
|
2,000,000
|
2,435,700
|
|
|
|
|
|
|
California Municipal Finance
|
|
|
|
|
|
Authority, Revenue
|
|
|
|
|
|
(Southwestern Law School)
|
6.50
|
11/1/31
|
1,000,000
|
|
1,086,460
|
California State Public Works
|
|
|
|
|
|
Board, LR (Various Capital
|
|
|
|
|
|
Projects)
|
5.13
|
10/1/31
|
1,000,000
|
|
1,090,520
|
California Statewide Communities
|
|
|
|
|
|
Development Authority, Revenue
|
|
|
|
|
|
(Bentley School)
|
7.00
|
7/1/40
|
1,075,000
|
|
1,148,229
|
California Statewide Communities
|
|
|
|
|
|
Development Authority, Revenue
|
|
|
|
|
|
(Bentley School)
|
0.00
|
7/1/50
|
3,035,000
|
a
|
127,531
|
Chula Vista,
|
|
|
|
|
|
IDR (San Diego Gas and
|
|
|
|
|
|
Electric Company)
|
5.88
|
2/15/34
|
1,000,000
|
|
1,163,510
|
San Buenaventura,
|
|
|
|
|
|
Revenue (Community Memorial
|
|
|
|
|
|
Health System)
|
7.50
|
12/1/41
|
1,500,000
|
|
1,782,105
|
San Francisco City and County
|
|
|
|
|
|
Redevelopment Financing
|
|
|
|
|
|
Authority, Tax Allocation
|
|
|
|
|
|
Revenue (Mission Bay South
|
|
|
|
|
|
Redevelopment Project)
|
6.63
|
8/1/39
|
2,000,000
|
|
2,186,520
|
Tobacco Securitization Authority
|
|
|
|
|
|
of Southern California,
|
|
|
|
|
|
Tobacco Settlement
|
|
|
|
|
|
Asset-Backed Bonds (San Diego
|
|
|
|
|
|
County Tobacco Asset
|
|
|
|
|
|
Securitization Corporation)
|
5.00
|
6/1/37
|
2,200,000
|
|
1,688,214
|
Connecticut--1.5%
|
|
|
|
|
|
Connecticut Development Authority,
|
|
|
|
|
|
Water Facilities Revenue
|
|
|
|
|
|
(Aquarion Water Company of
|
|
|
|
|
|
Connecticut Project)
|
5.50
|
4/1/21
|
1,500,000
|
|
1,698,525
|
Connecticut Resources Recovery
|
|
|
|
|
|
Authority, Special Obligation
|
|
|
|
|
|
Revenue (American REF-FUEL
|
|
|
|
|
|
Company of Southeastern
|
|
|
|
|
|
Connecticut Project)
|
6.45
|
11/15/22
|
1,235,000
|
|
1,236,815
|
District of Columbia--.8%
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia Housing
|
|
|
|
|
|
Finance Agency, SFMR
|
|
|
|
|
|
(Collateralized: FHA, FNMA and
|
|
|
|
|
|
GNMA)
|
6.65
|
6/1/30
|
1,405,000
|
|
1,508,127
|
District of Columbia Housing
|
|
|
|
|
|
Finance Agency, SFMR
|
|
|
|
|
|
(Collateralized: FHA, FNMA and
|
|
|
|
|
|
GNMA)
|
7.50
|
12/1/30
|
90,000
|
|
90,261
|
Florida--4.2%
|
|
|
|
|
|
Jacksonville Economic Development
|
|
|
|
|
|
Commission, Health Care
|
|
|
|
|
|
Facilities Revenue (Florida
|
|
|
|
|
|
Proton Therapy Institute
|
|
|
|
|
|
Project)
|
6.25
|
9/1/27
|
1,000,000
|
b
|
1,072,730
|
Mid-Bay Bridge Authority,
|
|
|
|
|
|
Springing Lien Revenue
|
7.25
|
10/1/34
|
1,500,000
|
|
1,771,245
|
Orlando Utilities Commission,
|
|
|
|
|
|
Utility System Revenue
|
5.00
|
10/1/20
|
1,000,000
|
|
1,244,130
|
Palm Bay,
|
|
|
|
|
|
Educational Facilities Revenue
|
|
|
|
|
|
(Patriot Charter School
|
|
|
|
|
|
Project)
|
7.00
|
7/1/36
|
4,000,000
|
c
|
1,080,040
|
Saint Johns County Industrial
|
|
|
|
|
|
Development Authority, Revenue
|
|
|
|
|
|
(Presbyterian Retirement
|
|
|
|
|
|
Communities Project)
|
5.88
|
8/1/40
|
2,500,000
|
|
2,705,075
|
Georgia--2.1%
|
|
|
|
|
|
Atlanta,
|
|
|
|
|
|
Airport General Revenue
|
5.00
|
1/1/27
|
2,000,000
|
|
2,199,680
|
Atlanta,
|
|
|
|
|
|
Water and Wastewater Revenue
|
6.00
|
11/1/27
|
1,500,000
|
|
1,799,955
|
Hawaii--.8%
|
|
|
|
|
|
Kuakini Health System,
|
|
|
|
|
|
Special Purpose Revenue
|
6.38
|
7/1/32
|
1,500,000
|
|
1,500,060
|
Illinois--7.8%
|
|
|
|
|
|
Chicago,
|
|
|
|
|
|
General Airport Third Lien
|
|
|
|
|
|
Revenue (Chicago O'Hare
|
|
|
|
|
|
International Airport)
|
5.63
|
1/1/35
|
1,240,000
|
|
1,439,355
|
|
|
|
|
|
Harvey,
|
|
|
|
|
GO
|
5.63
|
12/1/32
|
4,000,000
|
3,687,280
|
Illinois,
|
|
|
|
|
GO
|
5.00
|
8/1/24
|
1,000,000
|
1,106,950
|
Illinois Finance Authority,
|
|
|
|
|
Recovery Zone Facility Revenue
|
|
|
|
|
(Navistar International
|
|
|
|
|
Corporation Project)
|
6.50
|
10/15/40
|
2,000,000
|
2,212,120
|
Illinois Finance Authority,
|
|
|
|
|
Revenue (Sherman Health
|
|
|
|
|
Systems)
|
5.50
|
8/1/37
|
1,500,000
|
1,551,255
|
Illinois Finance Authority,
|
|
|
|
|
Revenue (The Carle Foundation)
|
5.00
|
8/15/20
|
2,215,000
|
2,484,831
|
Railsplitter Tobacco Settlement
|
|
|
|
|
Authority, Tobacco Settlement
|
|
|
|
|
Revenue
|
6.00
|
6/1/28
|
1,000,000
|
1,149,510
|
University of Illinois Board of
|
|
|
|
|
Trustees, Auxiliary Facilities
|
|
|
|
|
System Revenue
|
5.50
|
4/1/31
|
1,000,000
|
1,145,470
|
Indiana--.8%
|
|
|
|
|
Indiana Finance Authority,
|
|
|
|
|
Midwestern Disaster Relief
|
|
|
|
|
Revenue (Ohio Valley Electric
|
|
|
|
|
Corporation Project)
|
5.00
|
6/1/39
|
1,500,000
|
1,508,445
|
Iowa--.5%
|
|
|
|
|
Tobacco Settlement Authority of
|
|
|
|
|
Iowa, Tobacco Settlement
|
|
|
|
|
Asset-Backed Bonds
|
5.60
|
6/1/34
|
1,000,000
|
891,160
|
Kansas--.9%
|
|
|
|
|
Sedgwick and Shawnee Counties,
|
|
|
|
|
SFMR (Mortgage-Backed
|
|
|
|
|
Securities Program)
|
|
|
|
|
(Collateralized: FNMA and GNMA)
|
5.70
|
12/1/35
|
480,000
|
506,789
|
Sedgwick and Shawnee Counties,
|
|
|
|
|
SFMR (Mortgage-Backed
|
|
|
|
|
Securities Program)
|
|
|
|
|
(Collateralized: FNMA and GNMA)
|
6.25
|
12/1/35
|
1,105,000
|
1,190,649
|
Kentucky--1.1%
|
|
|
|
|
Ohio County,
|
|
|
|
|
|
|
|
|
|
|
PCR (Big Rivers Electric
|
|
|
|
|
|
Corporation Project)
|
6.00
|
7/15/31
|
2,000,000
|
|
2,175,440
|
Louisiana--3.7%
|
|
|
|
|
|
Lakeshore Villages Master
|
|
|
|
|
|
Community Development
|
|
|
|
|
|
District, Special Assessment
|
|
|
|
|
|
Revenue
|
5.25
|
7/1/17
|
4,867,000
|
c
|
1,947,384
|
Louisiana Local Government
|
|
|
|
|
|
Environmental Facilities and
|
|
|
|
|
|
Community Development
|
|
|
|
|
|
Authority, Revenue (Westlake
|
|
|
|
|
|
Chemical Corporation Projects)
|
6.75
|
11/1/32
|
1,500,000
|
|
1,669,785
|
Louisiana Public Facilities
|
|
|
|
|
|
Authority, Revenue (SUSLA
|
|
|
|
|
|
Facilities, Inc. Project)
|
5.75
|
7/1/39
|
4,000,000
|
b
|
3,439,240
|
Maine--1.0%
|
|
|
|
|
|
Maine Health and Higher
|
|
|
|
|
|
Educational Facilities
|
|
|
|
|
|
Authority, Revenue
|
|
|
|
|
|
(MaineGeneral Medical Center
|
|
|
|
|
|
Issue)
|
7.50
|
7/1/32
|
1,500,000
|
|
1,823,655
|
Maryland--2.7%
|
|
|
|
|
|
Maryland Economic Development
|
|
|
|
|
|
Corporation, Port Facilities
|
|
|
|
|
|
Revenue (CNX Marine Terminals
|
|
|
|
|
|
Inc. Port of Baltimore
|
|
|
|
|
|
Facility)
|
5.75
|
9/1/25
|
3,000,000
|
|
3,193,080
|
Montgomery County,
|
|
|
|
|
|
Consolidated Public
|
|
|
|
|
|
Improvement GO
|
5.00
|
7/1/20
|
1,525,000
|
|
1,941,844
|
Massachusetts--.6%
|
|
|
|
|
|
Massachusetts Water Resources
|
|
|
|
|
|
Authority, General Revenue
|
5.00
|
8/1/27
|
1,000,000
|
|
1,198,110
|
Michigan--9.5%
|
|
|
|
|
|
Charyl Stockwell Academy,
|
|
|
|
|
|
COP
|
5.90
|
10/1/35
|
2,080,000
|
|
1,831,502
|
Detroit,
|
|
|
|
|
|
Sewage Disposal System Senior
|
|
|
|
|
|
Lien Revenue (Insured; Assured
|
|
|
|
|
|
Guaranty Municipal Corp.)
|
7.50
|
7/1/33
|
1,500,000
|
|
1,894,440
|
|
|
|
|
|
Detroit,
|
|
|
|
|
Water Supply System Senior
|
|
|
|
|
Lien Revenue
|
5.00
|
7/1/31
|
1,000,000
|
1,035,770
|
Kent Hospital Finance Authority,
|
|
|
|
|
Revenue (Metropolitan Hospital
|
|
|
|
Project)
|
6.00
|
7/1/35
|
2,000,000
|
2,063,300
|
Lansing Board of Water and Light,
|
|
|
|
|
Utility System Revenue
|
5.50
|
7/1/41
|
1,500,000
|
1,753,920
|
Michigan Finance Authority,
|
|
|
|
|
Clean Water Revolving Fund
|
|
|
|
|
Revenue
|
5.00
|
10/1/17
|
1,800,000
|
2,182,698
|
Michigan Strategic Fund,
|
|
|
|
|
LOR (State of Michigan
|
|
|
|
|
Cadillac Place Office Building
|
|
|
|
|
Project)
|
5.00
|
10/15/19
|
1,300,000
|
1,522,885
|
Michigan Strategic Fund,
|
|
|
|
|
SWDR (Genesee Power Station
|
|
|
|
Project)
|
7.50
|
1/1/21
|
3,485,000
|
3,454,367
|
Royal Oak Hospital Finance
|
|
|
|
|
Authority, HR (William
|
|
|
|
|
Beaumont Hospital Obligated
|
|
|
|
|
Group)
|
8.25
|
9/1/39
|
2,000,000
|
2,560,680
|
Minnesota--1.0%
|
|
|
|
|
Saint Paul Housing and
|
|
|
|
|
Redevelopment Authority,
|
|
|
|
|
Hospital Facility Revenue
|
|
|
|
|
(HealthEast Project)
|
5.75
|
11/15/21
|
1,750,000
|
1,838,655
|
Mississippi--.7%
|
|
|
|
|
Mississippi Home Corporation,
|
|
|
|
|
SFMR (Collateralized: FNMA and
|
|
|
|
GNMA)
|
6.25
|
12/1/32
|
1,195,000
|
1,269,747
|
Nebraska--1.2%
|
|
|
|
|
Nebraska Public Power District,
|
|
|
|
|
General Revenue
|
5.00
|
1/1/33
|
2,000,000
|
2,294,160
|
New Jersey--5.6%
|
|
|
|
|
Burlington County Bridge
|
|
|
|
|
Commission, EDR (The
|
|
|
|
|
Evergreens Project)
|
5.63
|
1/1/38
|
1,000,000
|
1,017,410
|
New Jersey Economic Development
|
|
|
|
|
|
|
|
|
|
Authority, IDR (Newark Airport
|
|
|
|
|
|
Marriott Hotel Project)
|
7.00
|
10/1/14
|
1,510,000
|
|
1,517,157
|
New Jersey Transportation Trust
|
|
|
|
|
|
Fund Authority (Transportation
|
|
|
|
|
|
System) (Insured; AMBAC)
|
5.25
|
12/15/22
|
1,545,000
|
|
1,908,878
|
Tobacco Settlement Financing
|
|
|
|
|
|
Corporation of New Jersey,
|
|
|
|
|
|
Tobacco Settlement
|
|
|
|
|
|
Asset-Backed Bonds
|
4.50
|
6/1/23
|
1,000,000
|
|
941,920
|
Tobacco Settlement Financing
|
|
|
|
|
|
Corporation of New Jersey,
|
|
|
|
|
|
Tobacco Settlement
|
|
|
|
|
|
Asset-Backed Bonds
|
0.00
|
6/1/41
|
4,000,000
|
a
|
251,880
|
Tobacco Settlement Financing
|
|
|
|
|
|
Corporation of New Jersey,
|
|
|
|
|
|
Tobacco Settlement
|
|
|
|
|
|
Asset-Backed Bonds
|
5.00
|
6/1/41
|
6,360,000
|
|
4,958,256
|
New Mexico--1.5%
|
|
|
|
|
|
Farmington,
|
|
|
|
|
|
PCR (Public Service Company of
|
|
|
|
|
|
New Mexico San Juan Project)
|
6.25
|
6/1/40
|
2,200,000
|
|
2,396,900
|
New Mexico Mortgage Finance
|
|
|
|
|
|
Authority, Single Family
|
|
|
|
|
|
Mortgage Program Revenue
|
|
|
|
|
|
(Collateralized: FHLMC, FNMA
|
|
|
|
|
|
and GNMA)
|
6.15
|
7/1/35
|
405,000
|
|
431,220
|
New York--3.8%
|
|
|
|
|
|
New York City,
|
|
|
|
|
|
GO
|
5.00
|
8/1/20
|
1,500,000
|
|
1,849,410
|
New York City Industrial
|
|
|
|
|
|
Development Agency, Special
|
|
|
|
|
|
Facility Revenue (American
|
|
|
|
|
|
Airlines, Inc. John F. Kennedy
|
|
|
|
|
|
International Airport Project)
|
8.00
|
8/1/28
|
1,000,000
|
c
|
1,027,140
|
New York State Dormitory
|
|
|
|
|
|
Authority, Revenue (Orange
|
|
|
|
|
|
Regional Medical Center
|
|
|
|
|
|
Obligated Group)
|
6.25
|
12/1/37
|
4,000,000
|
|
4,304,400
|
North Carolina--1.1%
|
|
|
|
|
|
Guilford County,
|
|
|
|
|
|
|
|
|
|
|
|
Public Improvement GO
|
4.00
|
3/1/15
|
1,000,000
|
|
1,097,920
|
North Carolina Medical Care
|
|
|
|
|
|
Commission, Health Care
|
|
|
|
|
|
Facilities First Mortgage
|
|
|
|
|
|
Revenue (Deerfield Episcopal
|
|
|
|
|
|
Retirement Community)
|
6.13
|
11/1/38
|
1,000,000
|
|
1,077,820
|
Ohio--1.5%
|
|
|
|
|
|
Buckeye Tobacco Settlement
|
|
|
|
|
|
Financing Authority, Tobacco
|
|
|
|
|
|
Settlement Asset-Backed Bonds
|
5.88
|
6/1/47
|
3,635,000
|
|
2,778,812
|
Oregon--.6%
|
|
|
|
|
|
Warm Springs Reservation
|
|
|
|
|
|
Confederated Tribes,
|
|
|
|
|
|
Hydroelectric Revenue (Pelton
|
|
|
|
|
|
Round Butte Project)
|
6.38
|
11/1/33
|
1,000,000
|
|
1,048,990
|
Pennsylvania--4.4%
|
|
|
|
|
|
Allegheny County Hospital
|
|
|
|
|
|
Development Authority, Health
|
|
|
|
|
|
System Revenue (West Penn
|
|
|
|
|
|
Allegheny Health System)
|
5.38
|
11/15/40
|
2,000,000
|
|
1,669,440
|
Chester County Industrial
|
|
|
|
|
|
Development Authority, Revenue
|
|
|
|
|
|
(Avon Grove Charter School
|
|
|
|
|
|
Project)
|
6.38
|
12/15/37
|
1,020,000
|
|
1,052,038
|
Harrisburg Authority,
|
|
|
|
|
|
University Revenue (The
|
|
|
|
|
|
Harrisburg University of
|
|
|
|
|
|
Science and Technology Project)
|
6.00
|
9/1/36
|
300,000
|
|
247,719
|
JPMorgan Chase Putters/Drivers
|
|
|
|
|
|
Trust (Geisinger Authority,
|
|
|
|
|
|
Health System Revenue
|
|
|
|
|
|
(Geisinger Health System))
|
5.13
|
6/1/35
|
2,000,000
|
b,d
|
2,201,200
|
Montgomery County Higher Education
|
|
|
|
|
|
and Health Authority, First
|
|
|
|
|
|
Mortgage Improvement Revenue
|
|
|
|
|
|
(American Health
|
|
|
|
|
|
Foundation/Montgomery, Inc.
|
|
|
|
|
|
Project)
|
6.88
|
4/1/36
|
2,000,000
|
|
2,116,900
|
Pennsylvania Economic Development
|
|
|
|
|
|
Financing Authority, Sewage
|
|
|
|
|
|
|
|
|
|
|
Sludge Disposal Revenue
|
|
|
|
|
(Philadelphia Biosolids
|
|
|
|
|
Facility Project)
|
6.25
|
1/1/32
|
1,000,000
|
1,107,950
|
Texas--9.2%
|
|
|
|
|
Austin Convention Enterprises,
|
|
|
|
|
Inc., Convention Center Hotel
|
|
|
|
|
First Tier Revenue (Insured;
|
|
|
|
|
XLCA)
|
5.25
|
1/1/18
|
1,000,000
|
1,090,420
|
Clifton Higher Education Finance
|
|
|
|
|
Corporation, Education Revenue
|
|
|
|
|
(Uplift Education)
|
6.00
|
12/1/30
|
1,000,000
|
1,134,440
|
Dallas-Fort Worth International
|
|
|
|
|
Airport Facility Improvement
|
|
|
|
|
Corporation, Revenue (Learjet
|
|
|
|
|
Inc. Project)
|
6.15
|
1/1/16
|
1,000,000
|
1,001,600
|
Houston,
|
|
|
|
|
Airport System Special
|
|
|
|
|
Facilities Revenue
|
|
|
|
|
(Continental Airlines, Inc.
|
|
|
|
|
Terminal Improvement Projects)
|
6.50
|
7/15/30
|
1,500,000
|
1,645,815
|
Houston,
|
|
|
|
|
Combined Utility System First
|
|
|
|
|
Lien Revenue
|
5.00
|
11/15/19
|
1,000,000
|
1,242,890
|
Houston Convention and
|
|
|
|
|
Entertainment Facilities
|
|
|
|
|
Department, Hotel Occupancy
|
|
|
|
|
Tax and Special Revenue
|
5.00
|
9/1/31
|
1,000,000
|
1,067,450
|
La Vernia Higher Education Finance
|
|
|
|
|
Corporation, Education Revenue
|
|
|
|
|
(Knowledge is Power Program,
|
|
|
|
|
Inc.)
|
6.25
|
8/15/39
|
2,250,000
|
2,541,510
|
North Texas Tollway Authority,
|
|
|
|
|
First Tier System Revenue
|
|
|
|
|
(Insured; Assured Guaranty
|
|
|
|
|
Municipal Corp.)
|
5.75
|
1/1/40
|
1,175,000
|
1,340,264
|
North Texas Tollway Authority,
|
|
|
|
|
Second Tier System Revenue
|
6.13
|
1/1/31
|
3,700,000
|
4,078,695
|
Texas Public Finance Authority,
|
|
|
|
|
Charter School Finance
|
|
|
|
|
Corporation, Education Revenue
|
|
|
|
|
|
|
|
|
|
|
(Burnham Wood Charter School
|
|
|
|
|
|
Project)
|
6.25
|
9/1/36
|
2,250,000
|
|
2,261,273
|
Virginia--4.2%
|
|
|
|
|
|
Henrico County,
|
|
|
|
|
|
Public Improvement GO
|
5.00
|
7/15/17
|
2,500,000
|
|
3,031,500
|
Virginia Small Business Financing
|
|
|
|
|
|
Authority, Senior Lien Revenue
|
|
|
|
|
|
(Elizabeth River Crossing
|
|
|
|
|
|
Opco, LLC Project)
|
5.50
|
1/1/42
|
1,500,000
|
|
1,576,965
|
Washington County Industrial
|
|
|
|
|
|
Development Authority, HR
|
|
|
|
|
|
(Mountain States Health
|
|
|
|
|
|
Alliance)
|
7.25
|
7/1/19
|
3,000,000
|
|
3,399,270
|
Washington--3.2%
|
|
|
|
|
|
Greater Wenatchee Regional Events
|
|
|
|
|
|
Center Public Facilities
|
|
|
|
|
|
District, Revenue and Special
|
|
|
|
|
|
Tax BAN
|
5.25
|
12/1/11
|
660,000
|
c
|
610,500
|
Kitsap County Consolidated Housing
|
|
|
|
|
|
Authority, Housing Revenue
|
|
|
|
|
|
(Pooled Tax Credit Projects)
|
5.50
|
6/1/27
|
1,480,000
|
|
1,347,451
|
Kitsap County Consolidated Housing
|
|
|
|
|
|
Authority, Housing Revenue
|
|
|
|
|
|
(Pooled Tax Credit Projects)
|
5.60
|
6/1/37
|
1,500,000
|
|
1,354,770
|
Snohomish County Housing
|
|
|
|
|
|
Authority, Revenue (Whispering
|
|
|
|
|
|
Pines Apartments Project)
|
5.60
|
9/1/25
|
1,675,000
|
|
1,574,818
|
Snohomish County Housing
|
|
|
|
|
|
Authority, Revenue (Whispering
|
|
|
|
|
|
Pines Apartments Project)
|
5.75
|
9/1/30
|
1,250,000
|
|
1,158,050
|
West Virginia--1.5%
|
|
|
|
|
|
West Virginia University Board of
|
|
|
|
|
|
Governors, University
|
|
|
|
|
|
Improvement Revenue (West
|
|
|
|
|
|
Virginia University Projects)
|
5.00
|
10/1/36
|
2,500,000
|
|
2,861,600
|
Wisconsin--.7%
|
|
|
|
|
|
Wisconsin,
|
|
|
|
|
|
GO
|
5.00
|
5/1/22
|
1,000,000
|
|
1,241,290
|
Multi State--.6%
|
|
|
|
|
|
|
|
|
|
|
|
Munimae Tax Exempt Subsidiary LLC
|
5.90
|
9/30/20
|
2,000,000
|
b
|
1,140,020
|
U.S. Related--3.4%
|
|
|
|
|
|
Guam Waterworks Authority,
|
|
|
|
|
|
Water and Wastewater System
|
|
|
|
|
|
Revenue
|
5.63
|
7/1/40
|
1,765,000
|
|
1,792,022
|
Puerto Rico Public Buildings
|
|
|
|
|
|
Authority, Government
|
|
|
|
|
|
Facilities Revenue
|
6.25
|
7/1/22
|
2,000,000
|
|
2,321,800
|
Puerto Rico Sales Tax Financing
|
|
|
|
|
|
Corporation, Sales Tax Revenue
|
|
|
|
|
|
(First Subordinate Series)
|
6.00
|
8/1/42
|
2,000,000
|
|
2,255,600
|
Total Long-Term Municipal Investments
|
|
|
|
|
|
(cost $181,612,219)
|
|
|
|
|
187,621,810
|
Short-Term Municipal
|
Coupon
|
Maturity
|
Principal
|
|
|
Investments--.9%
|
Rate (%)
|
Date
|
Amount ($)
|
|
Value ($)
|
New York;
|
|
|
|
|
|
New York City,
|
|
|
|
|
|
GO Notes (LOC; JPMorgan Chase
|
|
|
|
|
|
Bank)
|
0.19
|
6/1/12
|
200,000
|
e
|
200,000
|
New York City,
|
|
|
|
|
|
GO Notes (LOC; JPMorgan Chase
|
|
|
|
|
|
Bank)
|
0.19
|
6/1/12
|
1,600,000
|
e
|
1,600,000
|
Total Short-Term Municipal Investments
|
|
|
|
|
|
(cost $1,800,000)
|
|
|
|
|
1,800,000
|
Total Investments
(cost $183,412,219)
|
|
|
99.8
|
%
|
189,421,810
|
Cash and Receivables (Net)
|
|
|
.2
|
%
|
294,221
|
Net Assets
|
|
|
100.0
|
%
|
189,716,031
|
a
|
Security issued with a zero coupon. Income is recognized through the accretion of discount.
|
b
|
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2012, these securities was valued at $7,853,190 or 4.1% of net assets.
|
c
|
Non-income producing--security in default.
|
d
|
Collateral for floating rate borrowings.
|
e
|
Variable rate demand note - rate shown is the interest rate in effect at May 31, 2012. Maturity date represents the next demand date, or the ultimate maturity date if earlier.
|
At May 31, 2012, net unrealized appreciation on investments was $6,009,591 of which $15,522,013 related to appreciated investment securities and $9,512,422 related to depreciated investment securities. At May 31, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
|
|
|
|
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
|
DRIVERS
|
Derivative Inverse Tax-Exempt Receipts
|
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
|
LIFERS
|
Long Inverse Floating Exempt Receipts
|
LOC
|
Letter of Credit
|
LOR
|
Limited Obligation Revenue
|
LR
|
Lease Revenue
|
MERLOTS
|
Municipal Exempt Receipt Liquidity Option Tender
|
MFHR
|
Multi-Family Housing Revenue
|
MFMR
|
Multi-Family Mortgage Revenue
|
|
|
|
|
PCR
|
Pollution Control Revenue
|
P-FLOATS
|
Puttable Floating Option Tax-Exempts Receipts
|
PILOT
|
Payment in Lieu of Taxes
|
PUTTERS
|
Puttable Tax-Exempt Receipts
|
RAC
|
Revenue Anticipation Certificates
|
RAN
|
Revenue Anticipation Notes
|
RAW
|
Revenue Anticipation Warrants
|
ROCS
|
Reset Option Certificates
|
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
|
SPEARS
|
Short Puttable Exempt Adjustable Receipts
|
SWDR
|
Solid Waste Disposal Revenue
|
TAN
|
Tax Anticipation Notes
|
TAW
|
Tax Anticipation Warrants
|
TRAN
|
Tax and Revenue Anticipation Notes
|
XLCA
|
XL Capital Assurance
|
|
|
|
|
|
The following is a summary of the inputs used as of May 31, 2012 in valuing the fund's investments:
|
|
|
|
|
|
Level 3 -
|
|
|
Level 1 -
|
Level 2 - Other
|
Significant
|
|
|
Unadjusted Quoted
|
Significant
|
Unobservable
|
|
Assets ($)
|
Prices
|
Observable Inputs
|
Inputs
|
Total
|
Investments in Securities:
|
|
|
|
|
Municipal Bonds
|
-
|
188,341,770
|
1,080,040
|
189,421,810
|
For the period ended May 31, 2012, there were no transfers between Level 1 and Level 2 of the fair value hierarchy.
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: 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 Board of Directors. 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. All preceding securities are categorized as Level 2 in the hierarchy.
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 (for example, a foreign exchange or market), 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 of Directors. 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 as Level 2 or 3 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
Item 2. Controls
and Procedures.
(a) The
Registrant's principal executive and principal financial officers have
concluded, based on their evaluation of the Registrant's disclosure controls
and procedures as of a date within 90 days of the filing date of this report, that
the Registrant's disclosure controls and procedures are reasonably designed to
ensure that information required to be disclosed by the Registrant on Form N-Q
is recorded, processed, summarized and reported within the required time
periods and that information required to be disclosed by the Registrant in the
reports that it files or submits on Form N-Q is accumulated and communicated to
the Registrant's management, including its principal executive and principal
financial officers, as appropriate to allow timely decisions regarding required
disclosure.
(b) There
were no changes to the Registrant's internal control over financial reporting
that occurred during the Registrant's most recently ended fiscal quarter that
have materially affected, or are reasonably likely to materially affect, the
Registrant's internal control over financial reporting.
Item 3. Exhibits.
(a) Certifications of principal executive and
principal financial officers as required by Rule 30a-2(a) under the Investment
Company Act of 1940.
FORM N-Q
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the Registrant has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized.
DREYFUS MUNICIPAL FUNDS,
INC.
By:
/s/ Bradley J.
Skapyak
|
Bradley J.
Skapyak
President
|
Date:
|
July 24, 2012
|
|
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:
|
July 24, 2012
|
|
By:
/s/ James
Windels
|
James Windels
Treasurer
|
Date:
|
July 24, 2012
|
|
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)
Grafico Azioni Dreyfus Muni s (NASDAQ:DBJXX)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Dreyfus Muni s (NASDAQ:DBJXX)
Storico
Da Lug 2023 a Lug 2024