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 |
811-5245 | |||||
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Dreyfus Strategic Municipals, Inc. |
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(Exact name of Registrant as specified in charter) |
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c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166 |
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(Address of principal executive offices) (Zip code) |
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Michael A. Rosenberg, Esq. 200 Park Avenue New York, New York 10166 |
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(Name and address of agent for service) |
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Registrant's telephone number, including area code: |
(212) 922-6000 | |||||
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Date of fiscal year end:
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9/30 |
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Date of reporting period: |
6/30/2010 |
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STATEMENT OF INVESTMENTS | ||||
Dreyfus Strategic Municipals, Inc. | ||||
June 30, 2010 (Unaudited) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments--152.9% | Rate (%) | Date | Amount ($) | Value ($) |
Arizona--7.0% | ||||
Arizona Housing Finance Authority, | ||||
SFMR (Mortgage-Backed | ||||
Securities Program) | ||||
(Collateralized: FHLMC, FNMA | ||||
and GNMA) | 5.55 | 12/1/41 | 5,565,000 | 5,761,111 |
Barclays Capital Municipal Trust | ||||
Receipts (Salt River Project | ||||
Agricultural Improvement and | ||||
Power District, Salt River | ||||
Project Electric System | ||||
Revenue) | 5.00 | 1/1/38 | 17,210,000 a,b | 17,969,994 |
Glendale Western Loop 101 Public | ||||
Facilities Corporation, Third | ||||
Lien Excise Tax Revenue | 6.25 | 7/1/38 | 5,000,000 | 5,249,250 |
Scottsdale Industrial Development | ||||
Authority, HR (Scottsdale | ||||
Healthcare) (Prerefunded) | 5.80 | 12/1/11 | 6,000,000 c | 6,516,960 |
Arkansas--.4% | ||||
Arkansas Development Finance | ||||
Authority, SFMR (Mortgage | ||||
Backed Securities Program) | ||||
(Collateralized: FNMA and GNMA) | 6.25 | 1/1/32 | 1,895,000 | 1,895,265 |
California--19.5% | ||||
Beverly Hills Unified School | ||||
District, GO | 0.00 | 8/1/30 | 10,850,000 d | 3,786,758 |
California, | ||||
GO (Various Purpose) | 5.75 | 4/1/31 | 10,800,000 | 11,480,076 |
California, | ||||
GO (Various Purpose) | 6.50 | 4/1/33 | 10,000,000 | 11,202,400 |
California, | ||||
GO (Various Purpose) | 6.00 | 11/1/35 | 7,500,000 | 8,001,600 |
California Pollution Control | ||||
Financing Authority, SWDR | ||||
(Keller Canyon Landfill | ||||
Company Project) | 6.88 | 11/1/27 | 2,000,000 | 2,005,140 |
California Statewide Communities | ||||
Development Authority, Revenue | ||||
(Bentley School) | 6.75 | 7/1/32 | 1,925,000 | 1,760,008 |
California Statewide Communities | ||||
Development Authority, Revenue | ||||
(Bentley School) | 7.00 | 7/1/40 | 2,090,000 b | 2,046,423 |
California Statewide Communities | ||||
Development Authority, Revenue | ||||
(Bentley School) | 0.00 | 7/1/50 | 6,225,000 b,d | 222,793 |
California Statewide Communities | ||||
Development Authority, Revenue | ||||
(Daughters of Charity Health | ||||
System) | 5.25 | 7/1/30 | 3,000,000 | 2,679,000 |
California Statewide Communities | ||||
Development Authority, Revenue | ||||
(Daughters of Charity Health | ||||
System) | 5.00 | 7/1/39 | 5,000,000 | 4,138,950 |
California Statewide Communities | ||||
Development Authority, Student | ||||
Housing Revenue (CHF-Irvine, | ||||
LLC-UCI East Campus | ||||
Apartments, Phase II) | 5.75 | 5/15/32 | 2,500,000 | 2,537,725 |
Golden State Tobacco | ||||
Securitization Corporation, | ||||
Tobacco Settlement | ||||
Asset-Backed Bonds | 4.50 | 6/1/27 | 4,975,000 | 4,254,719 |
Golden State Tobacco | ||||
Securitization Corporation, | ||||
Tobacco Settlement | ||||
Asset-Backed Bonds | 5.00 | 6/1/33 | 12,275,000 | 9,366,070 |
Golden State Tobacco | ||||
Securitization Corporation, | ||||
Tobacco Settlement | ||||
Asset-Backed Bonds | 5.75 | 6/1/47 | 7,050,000 | 5,071,065 |
Golden State Tobacco | ||||
Securitization Corporation, | ||||
Tobacco Settlement |
Asset-Backed Bonds | ||||
(Prerefunded) | 7.80 | 6/1/13 | 8,100,000 c | 9,635,031 |
Golden State Tobacco | ||||
Securitization Corporation, | ||||
Tobacco Settlement | ||||
Asset-Backed Bonds | ||||
(Prerefunded) | 7.90 | 6/1/13 | 2,000,000 c | 2,384,480 |
Sacramento County, | ||||
Airport System Subordinate and | ||||
Passenger Facility Charges | ||||
Grant Revenue | 6.00 | 7/1/35 | 6,250,000 | 6,791,063 |
San Diego Public Facilities | ||||
Financing Authority, Senior | ||||
Sewer Revenue | 5.25 | 5/15/34 | 2,500,000 | 2,658,400 |
San Francisco City and County | ||||
Public Utilities Commission, | ||||
San Francisco Water Revenue | 5.00 | 11/1/29 | 5,000,000 | 5,376,000 |
Tuolumne Wind Project Authority, | ||||
Revenue (Tuolumne Company | ||||
Project) | 5.88 | 1/1/29 | 3,500,000 | 3,818,815 |
Colorado--1.9% | ||||
Beacon Point Metropolitan | ||||
District, GO | 6.25 | 12/1/35 | 2,000,000 | 1,818,460 |
Colorado Educational and Cultural | ||||
Facilities Authority, Charter | ||||
School Revenue (American | ||||
Academy Project) | 8.00 | 12/1/40 | 3,500,000 | 4,158,875 |
Colorado Housing and Finance | ||||
Authority, Single Family | ||||
Program Senior and Subordinate | ||||
Bonds (Collateralized; FHA) | 6.60 | 8/1/32 | 1,235,000 | 1,315,164 |
Southlands Metropolitan District | ||||
Number 1, GO (Prerefunded) | 7.13 | 12/1/14 | 2,000,000 c | 2,491,920 |
Florida--4.1% | ||||
Clearwater, | ||||
Water and Sewer Revenue | 5.25 | 12/1/39 | 5,000,000 | 5,265,500 |
Greater Orlando Aviation | ||||
Authority, Airport Facilities | ||||
Revenue | 6.25 | 10/1/20 | 8,000,000 | 9,135,280 |
Orange County School Board, |
COP (Master Lease Purchase | ||||
Agreement) (Insured; Assured | ||||
Guaranty Municipal Corp.) | 5.50 | 8/1/34 | 6,000,000 | 6,401,700 |
Georgia--6.1% | ||||
Atlanta, | ||||
Water and Wastewater Revenue | 6.00 | 11/1/27 | 6,000,000 | 6,508,020 |
Atlanta, | ||||
Water and Wastewater Revenue | ||||
(Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.25 | 11/1/34 | 6,000,000 | 6,237,480 |
Brooks County Development | ||||
Authority, Senior Health and | ||||
Housing Facilities Revenue | ||||
(Presbyterian Home, Quitman, | ||||
Inc.) (Collateralized; GNMA) | 5.70 | 1/20/39 | 4,445,000 | 4,627,512 |
Fulton County Development | ||||
Authority, Revenue (Georgia | ||||
Tech North Avenue Apartments | ||||
Project) (Insured; XLCA) | 5.00 | 6/1/32 | 2,500,000 | 2,573,525 |
Georgia Higher Education | ||||
Facilities Authority, Revenue | ||||
(USG Real Estate Foundation I, | ||||
LLC Project) (Insured; Assured | ||||
Guaranty Municipal Corp.) | 5.63 | 6/15/38 | 6,000,000 | 6,340,320 |
Milledgeville-Baldwin County | ||||
Development Authority, Revenue | ||||
(Georgia College and State | ||||
Foundation) | 6.00 | 9/1/13 | 2,090,000 | 2,422,352 |
Milledgeville-Baldwin County | ||||
Development Authority, Revenue | ||||
(Georgia College and State | ||||
Foundation) (Prerefunded) | 6.00 | 9/1/14 | 2,000,000 c | 2,413,540 |
Hawaii--.9% | ||||
Hawaii, | ||||
Airports System Revenue | 5.25 | 7/1/26 | 3,500,000 | 3,712,450 |
Hawaii Department of | ||||
Transportation, Special | ||||
Facility Revenue (Caterair | ||||
International Corporation) | 10.13 | 12/1/10 | 900,000 | 892,656 |
Idaho--1.0% |
Power County Industrial | ||||
Development Corporation, SWDR | ||||
(FMC Corporation Project) | 6.45 | 8/1/32 | 5,000,000 | 5,032,350 |
Illinois--1.4% | ||||
Chicago, | ||||
SFMR (Collateralized: FHLMC, | ||||
FNMA and GNMA) | 6.55 | 4/1/33 | 1,695,000 | 1,805,344 |
Metropolitan Pier and Exposition | ||||
Authority, State Tax Revenue | ||||
(McCormick Place Expansion | ||||
Project) (Insured; National | ||||
Public Finance Guarantee Corp.) | 5.25 | 6/15/42 | 5,325,000 | 5,353,808 |
Indiana--.8% | ||||
Petersburg, | ||||
SWDR (Indianapolis Power and | ||||
Light Company Project) | 6.38 | 11/1/29 | 4,150,000 | 4,256,489 |
Iowa--.3% | ||||
Tobacco Settlement Authority of | ||||
Iowa, Tobacco Settlement | ||||
Asset-Backed Bonds | 5.60 | 6/1/34 | 2,000,000 | 1,625,620 |
Kansas--1.8% | ||||
Sedgwick and Shawnee Counties, | ||||
SFMR (Mortgage-Backed | ||||
Securities Program) | ||||
(Collateralized: FNMA and GNMA) | 6.30 | 12/1/32 | 2,490,000 | 2,533,749 |
Sedgwick and Shawnee Counties, | ||||
SFMR (Mortgage-Backed | ||||
Securities Program) | ||||
(Collateralized: FNMA and GNMA) | 6.45 | 12/1/33 | 4,745,000 | 5,025,999 |
Sedgwick and Shawnee Counties, | ||||
SFMR (Mortgage-Backed | ||||
Securities Program) | ||||
(Collateralized: FNMA and GNMA) | 5.70 | 12/1/35 | 1,395,000 | 1,449,126 |
Kentucky--1.9% | ||||
Kentucky Area Development | ||||
Districts Financing Trust, COP | ||||
(Lease Acquisition Program) | 5.50 | 5/1/27 | 2,000,000 | 2,038,780 |
Louisville/Jefferson County Metro | ||||
Government, Health Facilities | ||||
Revenue (Jewish Hospital and |
Saint Mary's HealthCare, Inc. | ||||
Project) | 6.13 | 2/1/37 | 2,300,000 | 2,420,060 |
Paducah Electric Plant Board, | ||||
Revenue (Insured; Assured | ||||
Guaranty Municipal Corp.) | 5.25 | 10/1/35 | 5,000,000 | 5,227,950 |
Louisiana--1.8% | ||||
Lakeshore Villages Master | ||||
Community Development | ||||
District, Special Assessment | ||||
Revenue | 5.25 | 7/1/17 | 2,979,000 | 1,816,028 |
Louisiana Local Government | ||||
Environmental Facilities and | ||||
Community Development | ||||
Authority, Revenue (Westlake | ||||
Chemical Corporation Projects) | 6.75 | 11/1/32 | 7,000,000 | 7,244,230 |
Maine--.6% | ||||
Maine Housing Authority, | ||||
Mortgage Purchase Bonds | 5.30 | 11/15/23 | 2,825,000 | 2,856,019 |
Maryland--2.0% | ||||
Maryland Community Development | ||||
Administration, Department of | ||||
Housing and Community | ||||
Development, Residential | ||||
Revenue | 5.75 | 9/1/37 | 1,990,000 | 2,077,401 |
Maryland Economic Development | ||||
Corporation, EDR | ||||
(Transportation Facilities | ||||
Project) | 5.75 | 6/1/35 | 1,500,000 | 1,531,755 |
Maryland Economic Development | ||||
Corporation, Senior Student | ||||
Housing Revenue (University of | ||||
Maryland, Baltimore Project) | 5.75 | 10/1/33 | 4,590,000 | 3,209,787 |
Maryland Economic Development | ||||
Corporation, Student Housing | ||||
Revenue (University of | ||||
Maryland, College Park | ||||
Project) (Prerefunded) | 6.50 | 6/1/13 | 3,000,000 c | 3,493,590 |
Massachusetts--6.1% | ||||
Barclays Capital Municipal Trust | ||||
Receipts (Massachusetts Health |
and Educational Facilities | ||||
Authority, Revenue | ||||
(Massachusetts Institute of | ||||
Technology Issue)) | 5.00 | 7/1/38 | 13,110,000 a,b | 13,858,712 |
Massachusetts Health and | ||||
Educational Facilities | ||||
Authority, Revenue (Civic | ||||
Investments Issue) | ||||
(Prerefunded) | 9.00 | 12/15/12 | 1,500,000 c | 1,759,815 |
Massachusetts Health and | ||||
Educational Facilities | ||||
Authority, Revenue (Partners | ||||
HealthCare System Issue) | 5.75 | 7/1/32 | 185,000 | 189,175 |
Massachusetts Health and | ||||
Educational Facilities | ||||
Authority, Revenue (Suffolk | ||||
University Issue) | 6.25 | 7/1/30 | 5,500,000 | 5,919,155 |
Massachusetts Housing Finance | ||||
Agency, Rental Housing | ||||
Mortgage Revenue (Insured; | ||||
AMBAC) | 5.50 | 7/1/40 | 4,000,000 | 3,378,240 |
Massachusetts Industrial Finance | ||||
Agency, RRR (Ogden Haverhill | ||||
Project) | 5.60 | 12/1/19 | 6,000,000 | 5,968,080 |
Michigan--10.9% | ||||
Charyl Stockwell Academy, | ||||
COP | 5.90 | 10/1/35 | 2,580,000 | 2,102,571 |
Detroit, | ||||
Sewage Disposal System Senior | ||||
Lien Revenue (Insured; Assured | ||||
Guaranty Municipal Corp.) | 7.00 | 7/1/27 | 2,500,000 | 2,918,150 |
Detroit, | ||||
Sewage Disposal System Senior | ||||
Lien Revenue (Insured; Assured | ||||
Guaranty Municipal Corp.) | 7.50 | 7/1/33 | 5,700,000 | 6,860,634 |
Detroit School District, | ||||
School Building and Site | ||||
Improvement Bonds (GO - | ||||
Unlimited Tax) (Insured; FGIC) | 5.00 | 5/1/28 | 6,930,000 | 6,913,299 |
Kent Hospital Finance Authority, | ||||
Revenue (Metropolitan Hospital |
Project) | 6.00 | 7/1/35 | 2,930,000 | 2,706,089 |
Kent Hospital Finance Authority, | ||||
Revenue (Metropolitan Hospital | ||||
Project) | 6.25 | 7/1/40 | 3,000,000 | 2,789,970 |
Michigan Hospital Finance | ||||
Authority, HR (Henry Ford | ||||
Health System) | 5.63 | 11/15/29 | 5,000,000 | 4,996,700 |
Michigan Strategic Fund, | ||||
LOR (The Detroit Edison | ||||
Company Exempt Facilities | ||||
Project) (Insured; XLCA) | 5.25 | 12/15/32 | 3,000,000 | 3,006,090 |
Michigan Strategic Fund, | ||||
SWDR (Genesee Power Station | ||||
Project) | 7.50 | 1/1/21 | 11,800,000 | 10,762,308 |
Royal Oak Hospital Finance | ||||
Authority, HR (William | ||||
Beaumont Hospital Obligated | ||||
Group) | 8.25 | 9/1/39 | 5,500,000 | 6,555,890 |
Wayne County Airport Authority, | ||||
Airport Revenue (Detroit | ||||
Metropolitan Wayne County | ||||
Airport) (Insured; National | ||||
Public Finance Guarantee Corp.) | 5.00 | 12/1/34 | 7,000,000 | 6,068,160 |
Minnesota--3.9% | ||||
Dakota County Community | ||||
Development Agency, SFMR | ||||
(Mortgage-Backed Securities | ||||
Program) (Collateralized: | ||||
FHLMC, FNMA and GNMA) | 5.15 | 12/1/38 | 1,928,804 | 1,970,736 |
Dakota County Community | ||||
Development Agency, SFMR | ||||
(Mortgage-Backed Securities | ||||
Program) (Collateralized: | ||||
FHLMC, FNMA and GNMA) | 5.30 | 12/1/39 | 2,108,853 | 2,206,641 |
Minneapolis, | ||||
Health Care System Revenue | ||||
(Fairview Health Services) | ||||
(Insured; Assured Guaranty | ||||
Municipal Corp.) | 6.50 | 11/15/38 | 5,000,000 | 5,609,500 |
North Oaks, | ||||
Senior Housing Revenue |
(Presbyterian Homes of North | ||||
Oaks, Inc. Project) | 6.25 | 10/1/47 | 5,265,000 | 5,179,918 |
Winona, | ||||
Health Care Facilities Revenue | ||||
(Winona Health Obligated Group) | 6.00 | 7/1/26 | 5,000,000 | 5,029,950 |
Mississippi--3.7% | ||||
Clairborne County, | ||||
PCR (System Energy Resources, | ||||
Inc. Project) | 6.20 | 2/1/26 | 4,545,000 | 4,545,182 |
Mississippi Business Finance | ||||
Corporation, PCR (System | ||||
Energy Resources, Inc. Project) | 5.88 | 4/1/22 | 14,310,000 | 14,347,206 |
Missouri--1.7% | ||||
Missouri Development Finance | ||||
Board, Infrastructure | ||||
Facilities Revenue (Branson | ||||
Landing Project) | 5.38 | 12/1/27 | 2,000,000 | 2,001,480 |
Missouri Development Finance | ||||
Board, Infrastructure | ||||
Facilities Revenue (Branson | ||||
Landing Project) | 5.50 | 12/1/32 | 4,500,000 | 4,505,805 |
Missouri Development Finance | ||||
Board, Infrastructure | ||||
Facilities Revenue | ||||
(Independence, Crackerneck | ||||
Creek Project) | 5.00 | 3/1/28 | 2,000,000 | 1,992,900 |
Montana--.1% | ||||
Montana Board of Housing, | ||||
SFMR | 6.45 | 6/1/29 | 685,000 | 696,926 |
Nevada--2.2% | ||||
Clark County, | ||||
IDR (Nevada Power Company | ||||
Project) | 5.60 | 10/1/30 | 6,800,000 | 6,429,604 |
Clark County, | ||||
Passenger Facility Charge | ||||
Revenue (Las Vegas-McCarran | ||||
International Airport) | 5.00 | 7/1/30 | 5,000,000 | 4,987,450 |
New Hampshire--2.8% | ||||
New Hampshire Business Finance | ||||
Authority, PCR (Public Service |
Company of New Hampshire) | ||||
(Insured; AMBAC) | 6.00 | 5/1/21 | 7,000,000 | 7,075,670 |
New Hampshire Health and | ||||
Educational Facilities | ||||
Authority, Revenue (Exeter | ||||
Project) | 6.00 | 10/1/24 | 1,000,000 | 1,027,080 |
New Hampshire Health and | ||||
Educational Facilities | ||||
Authority, Revenue (Exeter | ||||
Project) | 5.75 | 10/1/31 | 1,000,000 | 1,019,530 |
New Hampshire Industrial | ||||
Development Authority, PCR | ||||
(Connecticut Light and Power | ||||
Company Project) | 5.90 | 11/1/16 | 5,000,000 | 5,007,350 |
New Jersey--3.4% | ||||
New Jersey Economic Development | ||||
Authority, Cigarette Tax | ||||
Revenue | 5.75 | 6/15/34 | 5,500,000 | 5,443,405 |
New Jersey Higher Education | ||||
Student Assistance Authority, | ||||
Student Loan Revenue (Insured; | ||||
Assured Guaranty Municipal | ||||
Corp.) | 6.13 | 6/1/30 | 5,000,000 | 5,290,200 |
Tobacco Settlement Financing | ||||
Corporation of New Jersey, | ||||
Tobacco Settlement | ||||
Asset-Backed Bonds | ||||
(Prerefunded) | 7.00 | 6/1/13 | 5,640,000 c | 6,641,269 |
New Mexico--2.7% | ||||
Farmington, | ||||
PCR (Public Service Company of | ||||
New Mexico San Juan Project) | 5.90 | 6/1/40 | 7,000,000 | 7,010,010 |
New Mexico Hospital Equipment Loan | ||||
Council, Hospital System | ||||
Revenue (Presbyterian | ||||
Healthcare Services) | 5.00 | 8/1/39 | 5,500,000 | 5,527,665 |
New Mexico Mortgage Finance | ||||
Authority, Single Family | ||||
Mortgage Program Revenue | ||||
(Collateralized: FHLMC, FNMA | ||||
and GNMA) | 6.15 | 7/1/35 | 945,000 | 1,013,314 |
New York--8.2% | ||||
Barclays Capital Municipal Trust | ||||
Receipts (New York City | ||||
Municipal Water Finance | ||||
Authority, Water and Sewer | ||||
System General Resolution | ||||
Revenue) | 5.00 | 6/15/39 | 20,000,000 a,b | 20,940,500 |
New York City Industrial | ||||
Development Agency, Liberty | ||||
Revenue (7 World Trade Center | ||||
Project) | 6.25 | 3/1/15 | 3,275,000 | 3,276,834 |
New York City Industrial | ||||
Development Agency, PILOT | ||||
Revenue (Yankee Stadium | ||||
Project) (Insured; Assured | ||||
Guaranty Municipal Corp.) | 7.00 | 3/1/49 | 5,000,000 | 5,801,450 |
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 | 1,048,280 |
Tobacco Settlement Financing | ||||
Corporation of New York, | ||||
Asset-Backed Revenue Bonds | ||||
(State Contingency Contract | ||||
Secured) (Insured; AMBAC) | 5.25 | 6/1/21 | 5,000,000 | 5,320,450 |
Triborough Bridge and Tunnel | ||||
Authority, Revenue | 5.25 | 11/15/30 | 5,220,000 | 5,500,053 |
North Carolina--.6% | ||||
North Carolina Housing Finance | ||||
Agency, Home Ownership Revenue | 5.88 | 7/1/31 | 2,810,000 | 2,811,855 |
North Dakota--.0% | ||||
North Dakota Housing Finance | ||||
Agency, Home Mortgage Revenue | ||||
(Housing Finance Program) | 6.15 | 7/1/31 | 220,000 | 231,601 |
Ohio--3.2% | ||||
Buckeye Tobacco Settlement | ||||
Financing Authority, Tobacco | ||||
Settlement Asset-Backed Bonds | 5.88 | 6/1/30 | 3,000,000 | 2,355,000 |
Canal Winchester Local School |
District, School Facilities | ||||
Construction and Improvement | ||||
and Advance Refunding Bonds | ||||
(GO - Unlimited Tax) (Insured; | ||||
National Public Finance | ||||
Guarantee Corp.) | 0.00 | 12/1/29 | 3,955,000 d | 1,471,102 |
Canal Winchester Local School | ||||
District, School Facilities | ||||
Construction and Improvement | ||||
and Advance Refunding Bonds | ||||
(GO - Unlimited Tax) (Insured; | ||||
National Public Finance | ||||
Guarantee Corp.) | 0.00 | 12/1/31 | 3,955,000 d | 1,286,917 |
Ohio Air Quality Development | ||||
Authority, Air Quality Revenue | ||||
(Ohio Valley Electric | ||||
Corporation Project) | 5.63 | 10/1/19 | 5,900,000 | 6,309,814 |
Port of Greater Cincinnati | ||||
Development Authority, Tax | ||||
Increment Development Revenue | ||||
(Fairfax Village Red Bank | ||||
Infrastructure Project) | 5.63 | 2/1/36 | 3,000,000 b | 2,195,730 |
Toledo Lucas County Port | ||||
Authority, Airport Revenue | ||||
(Baxter Global Project) | 6.25 | 11/1/13 | 2,600,000 | 2,477,046 |
Oklahoma--.1% | ||||
Oklahoma Housing Finance Agency, | ||||
SFMR (Homeownership Loan | ||||
Program) | 7.55 | 9/1/28 | 490,000 | 498,418 |
Oregon--1.4% | ||||
Multnomah County Hospital | ||||
Facilities Authority, Revenue | ||||
(Adventist Health System/West) | 5.13 | 9/1/40 | 3,500,000 | 3,508,645 |
Warm Springs Reservation | ||||
Confederated Tribes, | ||||
Hydroelectric Revenue (Pelton | ||||
Round Butte Project) | 6.38 | 11/1/33 | 3,300,000 | 3,409,527 |
Pennsylvania--1.5% | ||||
Pennsylvania Turnpike Commission, | ||||
Turnpike Subordinate Revenue | 5.25 | 6/1/39 | 5,000,000 | 5,224,250 |
Philadelphia Authority for |
Industrial Development, | ||||
Revenue (Please Touch Museum | ||||
Project) | 5.25 | 9/1/31 | 2,500,000 | 2,221,875 |
Rhode Island--1.1% | ||||
Rhode Island Health and | ||||
Educational Building | ||||
Corporation, Hospital | ||||
Financing Revenue (Lifespan | ||||
Obligated Group Issue) | ||||
(Insured; Assured Guaranty | ||||
Municipal Corp.) | 7.00 | 5/15/39 | 5,000,000 | 5,773,700 |
South Carolina--4.2% | ||||
Barclays Capital Municipal Trust | ||||
Receipts (Columbia, Waterworks | ||||
and Sewer System Revenue) | 5.00 | 2/1/40 | 10,000,000 a,b | 10,581,100 |
South Carolina Public Service | ||||
Authority, Revenue Obligations | 5.50 | 1/1/38 | 10,000,000 | 10,880,500 |
Tennessee--6.2% | ||||
Barclays Capital Municipal Trust | ||||
Receipts (Rutherford County | ||||
Health and Educational | ||||
Facilities Board, Revenue | ||||
(Ascension Health Senior | ||||
Credit Group)) | 5.00 | 11/15/40 | 10,000,000 a,b | 10,202,100 |
Johnson City Health and | ||||
Educational Facilities Board, | ||||
Hospital First Mortgage | ||||
Revenue (Mountain States | ||||
Health Alliance) (Prerefunded) | 7.50 | 7/1/12 | 5,000,000 c | 5,671,200 |
Johnson City Health and | ||||
Educational Facilities Board, | ||||
Hospital First Mortgage | ||||
Revenue (Mountain States | ||||
Health Alliance) (Prerefunded) | 7.50 | 7/1/12 | 3,000,000 c | 3,402,720 |
Memphis Center City Revenue | ||||
Finance Corporation, Sports | ||||
Facility Revenue (Memphis | ||||
Redbirds Baseball Foundation | ||||
Project) | 6.50 | 9/1/28 | 10,000,000 e | 4,644,100 |
Metropolitan Government of | ||||
Nashville and Davidson County |
Health and Educational | ||||
Facilities Board, Revenue (The | ||||
Vanderbilt University) | 5.50 | 10/1/34 | 7,000,000 | 7,750,680 |
Texas--15.3% | ||||
Austin Convention Enterprises | ||||
Inc., Convention Center Hotel | ||||
First Tier Revenue | ||||
(Prerefunded) | 6.70 | 1/1/11 | 4,000,000 c | 4,128,840 |
Barclays Capital Municipal Trust | ||||
Receipts (Leander Independent | ||||
School District, Unlimited Tax | ||||
School Building Bonds | ||||
(Permanent School Fund | ||||
Guarantee Program)) | 5.00 | 8/15/40 | 8,510,000 a,b | 8,998,134 |
Brazos River Authority, | ||||
PCR (TXU Electric Company | ||||
Project) | 8.25 | 5/1/33 | 5,000,000 b | 2,775,750 |
Cities of Dallas and Fort Worth, | ||||
Dallas/Fort Worth | ||||
International Airport, Joint | ||||
Revenue (Insured; National | ||||
Public Finance Guarantee Corp.) | 6.25 | 11/1/28 | 3,000,000 | 3,010,770 |
Dallas Area Rapid Transit, | ||||
Senior Lien Sales Tax Revenue | 5.25 | 12/1/48 | 10,000,000 | 10,430,000 |
Harris County Health Facilities | ||||
Development Corporation, HR | ||||
(Memorial Hermann Healthcare | ||||
System) | 7.25 | 12/1/35 | 2,000,000 | 2,270,740 |
Harris County Health Facilities | ||||
Development Corporation, HR | ||||
(Memorial Hermann Healthcare | ||||
System) (Prerefunded) | 6.38 | 6/1/11 | 3,500,000 c | 3,731,490 |
Houston, | ||||
Combined Utility System First | ||||
Lien Revenue (Insured; Assured | ||||
Guaranty Municipal Corp.) | 6.00 | 11/15/36 | 5,000,000 | 5,714,550 |
North Texas Tollway Authority, | ||||
First Tier System Revenue | ||||
(Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.75 | 1/1/40 | 10,300,000 | 11,078,165 |
North Texas Tollway Authority, |
Second Tier System Revenue | 5.75 | 1/1/38 | 5,500,000 | 5,748,435 |
Sabine River Authority, | ||||
PCR (TXU Electric Company | ||||
Project) | 6.45 | 6/1/21 | 11,300,000 | 6,133,301 |
Sam Rayburn Municipal Power | ||||
Agency, Power Supply System | ||||
Revenue | 5.75 | 10/1/21 | 6,000,000 | 6,137,820 |
Texas Department of Housing and | ||||
Community Affairs, Home | ||||
Mortgage Revenue | ||||
(Collateralized: FHLMC, FNMA | ||||
and GNMA) | 12.91 | 7/2/24 | 700,000 f | 803,390 |
Texas Turnpike Authority, | ||||
Central Texas Turnpike System | ||||
Revenue (Insured; AMBAC) | 5.75 | 8/15/38 | 7,100,000 | 7,219,919 |
Vermont--.1% | ||||
Vermont Housing Finance Agency, | ||||
SFHR (Insured; Assured | ||||
Guaranty Municipal Corp.) | 6.40 | 11/1/30 | 515,000 | 525,764 |
Virginia--2.0% | ||||
Barclays Capital Municipal Trust | ||||
Receipts (Virginia Small | ||||
Business Financing Authority, | ||||
Health Care Facilities | ||||
Revenue, (Sentara Healthcare)) | 5.00 | 11/1/40 | 10,000,000 a,b | 10,225,650 |
Washington--2.7% | ||||
Washington Health Care Facilities | ||||
Authority, Mortgage Revenue | ||||
(Highline Medical Center) | ||||
(Collateralized; FHA) | 6.25 | 8/1/36 | 6,000,000 | 6,485,220 |
Washington Higher Education | ||||
Facilities Authority, Revenue | ||||
(Seattle University Project) | ||||
(Insured; AMBAC) | 5.25 | 11/1/37 | 4,210,000 | 4,304,809 |
Washington Housing Finance | ||||
Commission, Revenue | ||||
(Single-Family Program) | ||||
(Collateralized: FHLMC, FNMA | ||||
and GNMA) | 5.15 | 6/1/37 | 3,000,000 | 3,050,880 |
West Virginia--1.8% |
The County Commission of Harrison | ||||
County, SWDR (Allegheny Energy | ||||
Supply Company, LLC Harrison | ||||
Station Project) | 5.50 | 10/15/37 | 2,000,000 | 1,931,360 |
The County Commission of Pleasants | ||||
County, PCR (Allegheny Energy | ||||
Supply Company, LLC Pleasants | ||||
Station Project) | 5.25 | 10/15/37 | 5,000,000 | 4,914,150 |
West Virginia Water Development | ||||
Authority, Water Development | ||||
Revenue (Insured; AMBAC) | 6.38 | 7/1/39 | 2,250,000 | 2,274,030 |
Wisconsin--7.4% | ||||
Badger Tobacco Asset | ||||
Securitization Corporation, | ||||
Tobacco Settlement | ||||
Asset-Backed Bonds | ||||
(Prerefunded) | 7.00 | 6/1/12 | 22,995,000 c | 25,724,736 |
Badger Tobacco Asset | ||||
Securitization Corporation, | ||||
Tobacco Settlement | ||||
Asset-Backed Bonds | ||||
(Prerefunded) | 6.13 | 6/1/27 | 6,860,000 c | 7,400,362 |
Madison, | ||||
IDR (Madison Gas and Electric | ||||
Company Projects) | 5.88 | 10/1/34 | 2,390,000 | 2,413,685 |
Wisconsin Health and Educational | ||||
Facilities Authority, Revenue | ||||
(Aurora Health Care, Inc.) | 6.40 | 4/15/33 | 2,000,000 | 2,042,160 |
Wyoming--1.9% | ||||
Sweetwater County, | ||||
SWDR (FMC Corporation Project) | 5.60 | 12/1/35 | 4,500,000 | 4,411,350 |
Wyoming Municipal Power Agency, | ||||
Power Supply System Revenue | 5.50 | 1/1/33 | 2,360,000 | 2,488,880 |
Wyoming Municipal Power Agency, | ||||
Power Supply System Revenue | 5.38 | 1/1/42 | 2,750,000 | 2,852,135 |
U.S. Related--6.2% | ||||
Government of Guam, | ||||
LOR (Section 30) | 5.75 | 12/1/34 | 2,000,000 | 2,051,060 |
Guam Housing Corporation, | ||||
SFMR (Guaranteed |
Mortgage-Backed Securities | ||||
Program) (Collateralized; | ||||
FHLMC) | 5.75 | 9/1/31 | 965,000 | 1,062,803 |
Puerto Rico Commonwealth, | ||||
Public Improvement GO | 5.50 | 7/1/32 | 2,000,000 | 2,036,900 |
Puerto Rico Commonwealth, | ||||
Public Improvement GO | 6.00 | 7/1/39 | 3,500,000 | 3,704,435 |
Puerto Rico Electric Power | ||||
Authority, Power Revenue | 5.25 | 7/1/40 | 2,500,000 | 2,513,525 |
Puerto Rico Highways and | ||||
Transportation Authority, | ||||
Transportation Revenue | ||||
(Prerefunded) | 6.00 | 7/1/10 | 6,000,000 c | 6,060,960 |
Puerto Rico Sales Tax Financing | ||||
Corporation, Sales Tax Revenue | ||||
(First Subordinate Series) | 5.38 | 8/1/39 | 2,500,000 | 2,510,100 |
Puerto Rico Sales Tax Financing | ||||
Corporation, Sales Tax Revenue | ||||
(First Subordinate Series) | 6.00 | 8/1/42 | 11,000,000 | 11,695,750 |
Total Long-Term Municipal Investments | ||||
(cost $763,488,518) | 778,891,219 | |||
Short-Term Municipal | Coupon | Maturity | Principal | |
Investments--1.4% | Rate (%) | Date | Amount ($) | Value ($) |
Massachusetts--.1% | ||||
Massachusetts Health and | ||||
Educational Facilities | ||||
Authority, Revenue (Harvard | ||||
University Issue) | 0.08 | 7/1/10 | 400,000 g | 400,000 |
New York--1.3% | ||||
New York City, | ||||
GO Notes (Liquidity Facility; | ||||
Allied Irish Banks) | 1.00 | 7/1/10 | 1,200,000 g | 1,200,000 |
New York City, | ||||
GO Notes (LOC; JPMorgan Chase | ||||
Bank) | 0.17 | 7/1/10 | 4,400,000 g | 4,400,000 |
New York City, | ||||
GO Notes (LOC; JPMorgan Chase | ||||
Bank) | 0.17 | 7/1/10 | 1,100,000 g | 1,100,000 |
Total Short-Term Municipal Investments |
(cost $7,100,000) | 7,100,000 | |
Total Investments (cost $770,588,518) | 154.3% | 785,991,219 |
Liabilities, Less Cash and Receivables | (6.1%) | (30,718,670) |
Preferred Stock, at redemption value | (48.2%) | (245,750,000) |
Net Assets Applicable to Common Shareholders | 100.0% | 509,522,549 |
a | Collateral for floating rate borrowings. |
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 June 30, 2010, these securities had | |
a total market value of $100,016,886 or 19.6% of net assets applicable to Common Shareholders. | |
c | These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are |
collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the | |
municipal issue and to retire the bonds in full at the earliest refunding date. | |
d | Security issued with a zero coupon. Income is recognized through the accretion of discount. |
e | Non-income producing--security in default. |
f | Inverse floater security--the interest rate is subject to change periodically. |
g | Variable rate demand note - rate shown is the interest rate in effect at June 30, 2010. Maturity date represents the next |
demand date, or the ultimate maturity date if earlier. |
At June 30, 2010, the aggregate cost of investment securities for income tax purposes was $770,588,518. Net unrealized appreciation on investments was $15,402,701 of which $37,967,557 related to appreciated investment securities and $22,564,856 related to depreciated investment securities.
Summary of Abbreviations | |||
ABAG | Association of Bay Area Governments | ACA | American Capital Access |
AGC | ACE Guaranty Corporation | AGIC | Asset Guaranty Insurance Company |
AMBAC | American Municipal Bond Assurance Corporation | ARRN | Adjustable Rate Receipt Notes |
BAN | Bond Anticipation Notes | BPA | Bond Purchase Agreement |
CIFG | CDC Ixis Financial Guaranty | COP | Certificate of Participation |
CP | Commercial Paper | EDR | Economic Development Revenue |
EIR | Environmental Improvement Revenue | FGIC | Financial Guaranty Insurance Company |
FHA | Federal Housing Administration | FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation | FNMA | Federal National Mortgage Association |
GAN | Grant Anticipation Notes | GIC | Guaranteed Investment Contract |
GNMA | Government National Mortgage Association | GO | General Obligation |
HR | Hospital Revenue | IDB | Industrial Development Board |
IDC | Industrial Development Corporation | IDR | Industrial Development Revenue |
LOC | Letter of Credit | LOR | Limited Obligation Revenue |
LR | Lease Revenue | MFHR | Multi-Family Housing Revenue |
MFMR | Multi-Family Mortgage Revenue | PCR | Pollution Control Revenue |
PILOT | Payment in Lieu of Taxes | PUTTERS | Puttable Tax-Exempt Receipts |
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes |
RAW | Revenue Anticipation Warrants | RRR | Resources Recovery Revenue |
SAAN | State Aid Anticipation Notes | SBPA | Standby Bond Purchase Agreement |
SFHR | Single Family Housing Revenue | SFMR | Single Family Mortgage Revenue |
SONYMA | State of New York Mortgage Agency | SWDR | Solid Waste Disposal Revenue |
TAN | Tax Anticipation Notes | TAW | Tax Anticipation Warrants |
TRAN | Tax and Revenue Anticipation Notes | XLCA | XL Capital Assurance |
Various inputs are used in determining the value of the fund's investments relating to fair value measurements. | ||||
These inputs are summarized in the three broad levels listed below. | ||||
Level 1 - unadjusted quoted prices in active markets for identical investments. | ||||
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, | ||||
credit risk, etc.). | ||||
Level 3 - significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments). | ||||
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing | ||||
in those securities. | ||||
The following is a summary of the inputs used as of June 30, 2010 in valuing the fund's investments: | ||||
Level 1 - Unadjusted | Level 2 - Other Significant | Level 3 -Significant | ||
Assets ($) | Quoted Prices | Observable Inputs | Unobservable Inputs | Total |
Investments in Securities: | ||||
Municipal Bonds | - | 785,991,219 | - | 785,991,219 |
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 municipal debt securities are valued on the last business day of each week and month 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. Options and financial futures on municipal and U.S.Treasury securities are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on the last business day of each week and month.
The fund adopted the provisions of ASC Topic 815 Derivatives and Hedging which requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. The fund held no derivatives during the period ended June 30, 2010.These disclosures did not impact the notes to the financial statements.
Additional investment related disclosures are hereby incorporated by reference to the annual
and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
Item 2. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 3. Exhibits.
(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
FORM N-Q
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dreyfus Strategic Municipals, Inc.
By: /s/ Bradley J. Skapyak | |
Bradley J. Skapyak President
| |
Date: |
August 23, 2010 |
| |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. | |
| |
By: /s/ Bradley J. Skapyak | |
Bradley J. Skapyak President
| |
Date: |
August 23, 2010 |
| |
By: /s/ James Windels | |
James Windels Treasurer
| |
Date: |
August 23, 2010 |
|
EXHIBIT INDEX
(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)