N-Q 1 lp1853.htm FORM N-Q lp1853.htm - Generated by SEC Publisher for SEC Filing

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  811-05245 

 

Dreyfus Strategic Municipals, 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)

Bennett A. MacDougall, 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: 9/30

Date of reporting period: 12/31/15


FORM N-Q

Item 1.  Schedule of Investments. 

 


STATEMENT OF INVESTMENTS 
Dreyfus Strategic Municipals, Inc. 
December 31, 2015 (Unaudited) 

 

Long-Term Municipal  Coupon  Maturity  Principal    
Investments--151.3%  Rate (%)  Date  Amount ($)   Value ($) 
Alabama--2.2%           
Birmingham Special Care Facilities           
Financing Authority,           
Improvement Revenue (Methodist           
Home for the Aging)  5.75  6/1/45  4,000,000   4,045,000 
Jefferson County,           
Limited Obligation School           
Warrants  5.25  1/1/17  4,520,000   4,542,600 
Jefferson County,           
Limited Obligation School           
Warrants  5.00  1/1/24  2,000,000   2,010,000 
Jefferson County,           
Sewer Revenue Warrants  0/7.90  10/1/50  2,500,000 a  1,753,200 
Alaska--1.7%           
Northern Tobacco Securitization           
Corporation of Alaska, Tobacco           
Settlement Asset-Backed Bonds  5.00  6/1/46  11,190,000   9,351,035 
Arizona--5.8%           
Arizona Housing Finance Authority,           
SFMR (Mortgage-Backed           
Securities Program)           
(Collateralized: FHLMC, FNMA           
and GNMA)  5.55  12/1/41  1,195,000   1,239,705 
Barclays Capital Municipal Trust           
Receipts (Series 21 W)           
Recourse (Salt River Project           
Agricultural Improvement and           
Power District, Salt River           
Project Electric System           
Revenue)  5.00  1/1/38  17,207,871 b,c  18,344,419 
Phoenix Industrial Development           
Authority, Education Facility           

 


Revenue (BASIS Schools           
Projects)  5.00  7/1/35  2,360,000 c  2,474,743 
Phoenix Industrial Development           
Authority, Education Facility           
Revenue (Legacy Traditional           
Schools Projects)  5.00  7/1/45  2,000,000 c  1,969,660 
Pima County Industrial Development           
Authority, Education Revenue           
(American Charter Schools           
Foundation Project)  5.63  7/1/38  3,410,000   3,213,175 
Salt Verde Financial Corporation,           
Senior Gas Revenue  5.00  12/1/37  4,030,000   4,679,032 
California--17.0%           
Barclays Capital Municipal Trust           
Receipts (Series 80 W)           
Recourse (Los Angeles           
Department of Airports, Senior           
Revenue (Los Angeles           
International Airport))  5.00  5/15/31  5,247,500 b,c  6,025,576 
California,           
GO (Various Purpose)  5.75  4/1/31  10,800,000   12,443,760 
California,           
GO (Various Purpose)  6.50  4/1/33  10,000,000   11,750,700 
California,           
GO (Various Purpose)  6.00  11/1/35  7,500,000   8,897,400 
California Statewide Communities           
Development Authority, Revenue           
(Bentley School)  7.00  7/1/40  2,090,000   2,346,861 
California Statewide Communities           
Development Authority, Student           
Housing Revenue (CHF-Irvine,           
LLC-UCI East Campus           
Apartments, Phase II)  5.75  5/15/32  2,000,000   2,164,300 
JPMorgan Chase Putters/Drivers           
Trust (Series 3851)           
Non-recourse (California           
Educational Facilities           
Authority, Revenue (University           

 


of Southern California))  5.25  10/1/16  10,100,000 b,c  11,242,310 
JPMorgan Chase Putters/Drivers           
Trust (Series 4361)           
Non-recourse (Los Angeles           
Department of Water and Power,           
Water System Revenue)  5.00  7/1/20  5,000,000 b,c  5,826,700 
RIB Floater Trust (Barclays Bank           
PLC) (Series 23 U) Recourse           
(The Regents of the University           
of California, General Revenue)  5.00  5/15/38  10,000,000 b,c  11,622,200 
Sacramento County,           
Airport System Subordinate and           
Passenger Facility Charges           
Grant Revenue  6.00  7/1/35  6,250,000   6,952,313 
San Buenaventura,           
Revenue (Community Memorial           
Health System)  7.50  12/1/41  2,000,000   2,451,080 
San Francisco City and County           
Redevelopment Agency Community           
Facilities District Number 6,           
Special Tax Revenue (Mission           
Bay South Public Improvements)  5.00  8/1/23  1,000,000   1,164,620 
Tobacco Securitization Authority           
of Southern California,           
Tobacco Settlement           
Asset-Backed Bonds (San Diego           
County Tobacco Asset           
Securitization Corporation)  5.00  6/1/37  7,300,000   6,838,421 
Tuolumne Wind Project Authority,           
Revenue (Tuolumne Company           
Project)  5.88  1/1/29  3,500,000   3,991,855 
Colorado--4.6%           
Colorado Educational and Cultural           
Facilities Authority, Charter           
School Revenue (American           
Academy Project) (Prerefunded)  8.00  12/1/18  3,500,000 d  4,243,715 
JPMorgan Chase Putters/Drivers           
Trust (Series 4386)           

 


Non-recourse (Board of           
Governors of the Colorado           
State University, System           
Enterprise Revenue)  5.00  3/1/20  7,500,000 b,c  8,423,775 
RIB Floater Trust (Barclays Bank           
PLC) (Series 25 U-1) Recourse           
(Colorado Springs, Utilities           
System Improvement Revenue)  5.00  11/15/43  9,750,000 b,c  11,100,570 
The Plaza Metropolitan District           
Number 1, Revenue  5.00  12/1/17  1,170,000 c  1,217,900 
District of Columbia--4.3%           
RIB Floater Trust (Barclays Bank           
PLC) (Series 15 U) Recourse           
(District of Columbia, Income           
Tax Secured Revenue)  5.00  12/1/35  19,997,609 b,c  23,760,109 
Florida--7.1%           
Cape Coral Health Facilities           
Authority, Senior Housing           
Revenue (Gulf Care, Inc.           
Project)  5.88  7/1/40  1,600,000 c  1,633,264 
Clearwater,           
Water and Sewer Revenue  5.25  12/1/39  5,000,000   5,609,650 
Florida Development Finance           
Corporation, Educational           
Facilities Revenue (Miami Arts           
Charter School Project)  6.00  6/15/44  5,000,000 c  5,042,650 
Greater Orlando Aviation           
Authority, Airport Facilities           
Revenue  6.25  10/1/20  8,000,000   9,334,960 
Miami-Dade County,           
Subordinate Special Obligation           
Revenue  0.00  10/1/45  3,000,000 e  810,510 
Mid-Bay Bridge Authority,           
Springing Lien Revenue           
(Prerefunded)  7.25  10/1/21  6,000,000 d  7,872,360 
Saint Johns County Industrial           
Development Authority, Revenue           
(Presbyterian Retirement           

 


Communities Project)  6.00  8/1/45  6,500,000   7,280,260 
Village Community Development           
District Number 10, Special           
Assessment Revenue  6.00  5/1/44  1,000,000   1,154,260 
Georgia--5.4%           
Atlanta,           
Water and Wastewater Revenue           
(Insured; Assured Guaranty           
Municipal Corp.)  5.25  11/1/34  4,000,000   4,485,920 
Atlanta,           
Water and Wastewater Revenue           
(Prerefunded)  6.00  11/1/19  6,000,000 d  7,096,680 
Georgia Higher Education           
Facilities Authority, Revenue           
(USG Real Estate Foundation I,           
LLC Project) (Insured; Assured           
Guaranty Corp.) (Prerefunded)  5.63  6/15/18  945,000 d  1,052,040 
Georgia Higher Education           
Facilities Authority, Revenue           
(USG Real Estate Foundation I,           
LLC Project) (Insured; Assured           
Guaranty Corp.) (Prerefunded)  5.63  6/15/18  5,055,000 d  5,627,580 
RIB Floater Trust (Barclays Bank           
PLC) (Series 20 U) Recourse           
(Private Colleges and           
Universities Authority,           
Revenue (Emory University))  5.00  10/1/43  10,000,000 b,c  11,545,300 
Hawaii--.9%           
Hawaii Department of Budget and           
Finance, Special Purpose           
Revenue (Hawai'i Pacific           
Health Obligated Group)  5.75  7/1/40  4,415,000   4,988,994 
Idaho--.9%           
Power County Industrial           
Development Corporation, SWDR           
(FMC Corporation Project)  6.45  8/1/32  5,000,000   5,010,400 
Illinois--9.2%           
Chicago,           

 


General Airport Senior Lien           
Revenue (Chicago O'Hare           
International Airport)  5.00  1/1/24  5,550,000   6,341,874 
Chicago,           
General Airport Third Lien           
Revenue (Chicago O'Hare           
International Airport)  5.63  1/1/35  5,000,000   5,796,350 
Chicago,           
GO  5.00  1/1/24  2,500,000   2,633,550 
Chicago,           
GO  5.00  1/1/40  7,500,000   7,366,275 
Chicago,           
GO (Project and Refunding           
Series)  5.50  1/1/40  2,500,000   2,611,825 
Illinois Toll Highway Authority,           
Toll Highway Senior Revenue  5.00  1/1/40  2,000,000   2,300,460 
JPMorgan Chase Putters/Drivers           
Trust (Series 4360)           
Non-recourse (Greater Chicago           
Metropolitan Water Reclamation           
District, GO Capital           
Improvement Bonds)  5.00  12/1/19  7,500,000 b,c  8,553,525 
Metropolitan Pier and Exposition           
Authority, Revenue (McCormick           
Place Expansion Project)  5.00  12/15/28  3,000,000   3,320,670 
Metropolitan Pier and Exposition           
Authority, Revenue (McCormick           
Place Expansion Project)  0.00  12/15/51  12,450,000 e  1,930,123 
Metropolitan Pier and Exposition           
Authority, Revenue (McCormick           
Place Expansion Project)  5.00  6/15/53  2,500,000   2,629,650 
Railsplitter Tobacco Settlement           
Authority, Tobacco Settlement           
Revenue  6.00  6/1/28  5,050,000   6,030,205 
University of Illinois Board of           
Trustees, Auxiliary Facilities           
System Revenue (University of           
Illinois)  5.00  4/1/44  1,000,000   1,105,870 

 


Indiana--.3%           
Indiana Finance Authority,           
Revenue (Marquette Project)  5.00  3/1/39  1,400,000   1,473,024 
Iowa--1.8%           
Iowa Finance Authority,           
Midwestern Disaster Area           
Revenue (Iowa Fertilizer           
Company Project)  5.25  12/1/25  7,375,000   8,015,887 
Tobacco Settlement Authority of           
Iowa, Tobacco Settlement           
Asset-Backed Bonds  5.60  6/1/34  2,000,000   2,001,240 
Kentucky--.5%           
Louisville/Jefferson County Metro           
Government, Health Facilities           
Revenue (Jewish Hospital and           
Saint Mary's HealthCare, Inc.           
Project) (Prerefunded)  6.13  2/1/18  2,300,000 d  2,547,526 
Louisiana--1.7%           
Louisiana Local Government           
Environmental Facilities and           
Community Development           
Authority, Revenue (Westlake           
Chemical Corporation Projects)  6.75  11/1/32  7,000,000   7,590,100 
New Orleans,           
Sewerage Service Revenue  5.00  6/1/40  1,500,000   1,688,100 
Maine--.7%           
Maine Health and Higher           
Educational Facilities           
Authority, Revenue           
(MaineGeneral Medical Center           
Issue)  7.50  7/1/32  3,000,000   3,600,630 
Maryland--1.9%           
JPMorgan Chase Putters/Drivers           
Trust (Series 4422)           
Non-recourse (Mayor and City           
Council of Baltimore, Project           
Revenue (Water Projects))  5.00  7/1/21  9,000,000 b,c  10,302,795 
Massachusetts--9.8%           

 


Barclays Capital Municipal Trust           
Receipts (Series 15 W)           
Recourse (Massachusetts Health           
and Educational Facilities           
Authority, Revenue           
(Massachusetts Institute of           
Technology Issue))  5.00  7/1/38  13,110,000 b,c  13,944,583 
JPMorgan Chase Putters/Drivers           
Trust (Series 3840)           
Non-recourse (Massachusetts           
Development Finance Agency,           
Revenue (Harvard University           
Issue))  5.25  8/1/18  10,000,000 b,c  11,757,600 
JPMorgan Chase Putters/Drivers           
Trust (Series 3898)           
Non-recourse (Massachusetts,           
Consolidated Loan)  5.00  4/1/19  8,600,000 b,c  10,030,008 
JPMorgan Chase Putters/Drivers           
Trust (Series 4420)           
Non-recourse (Massachusetts           
School Building Authority,           
Senior Dedicated Sales Tax           
Revenue)  5.00  5/15/21  10,000,000 b,c  11,556,800 
Massachusetts Health and           
Educational Facilities           
Authority, Revenue (Suffolk           
University Issue)  6.25  7/1/30  5,650,000   6,485,691 
Michigan--7.3%           
Detroit,           
Water Supply System Senior           
Lien Revenue  5.00  7/1/31  3,000,000   3,295,740 
Kent Hospital Finance Authority,           
Revenue (Metropolitan Hospital           
Project)  6.00  7/1/35  2,930,000   2,931,699 
Michigan Finance Authority,           
Local Government Loan Program           
Revenue (Detroit Water and           
Sewerage Department Water           

 


Supply System Revenue Second           
Lien Local Project Bonds)  5.00  7/1/34  2,000,000   2,251,020 
Michigan Finance Authority,           
Local Government Loan Program           
Revenue (Detroit Water and           
Sewerage Department, Sewage           
Disposal System Revenue Senior           
Lien Local Project Bonds)           
(Insured; Assured Guaranty           
Municipal Corp.)  5.00  7/1/31  2,000,000   2,286,860 
Michigan Finance Authority,           
Local Government Loan Program           
Revenue (Detroit Water and           
Sewerage Department, Water           
Supply System Revenue Senior           
Lien Local Project Bonds)           
(Insured; National Public           
Finance Guarantee Corp.)  5.00  7/1/36  2,000,000   2,229,820 
Michigan Hospital Finance           
Authority, HR (Henry Ford           
Health System)  5.63  11/15/29  5,000,000   5,736,400 
Michigan Strategic Fund,           
SWDR (Genesee Power Station           
Project)  7.50  1/1/21  5,880,000   5,831,960 
Michigan Tobacco Settlement           
Finance Authority, Tobacco           
Settlement Asset-Backed Bonds  6.88  6/1/42  5,000,000   5,121,500 
Michigan Tobacco Settlement           
Finance Authority, Tobacco           
Settlement Asset-Backed Bonds  6.00  6/1/48  4,000,000   3,607,920 
Royal Oak Hospital Finance           
Authority, HR (William           
Beaumont Hospital Obligated           
Group) (Prerefunded)  8.25  9/1/18  5,500,000 d  6,545,715 
Minnesota--1.1%           
Dakota County Community           
Development Agency, SFMR           
(Mortgage-Backed Securities           

 


Program) (Collateralized:           
FHLMC, FNMA and GNMA)  5.15  12/1/38  86,730   88,928 
Dakota County Community           
Development Agency, SFMR           
(Mortgage-Backed Securities           
Program) (Collateralized:           
FHLMC, FNMA and GNMA)  5.30  12/1/39  171,799   177,810 
Minneapolis,           
Health Care System Revenue           
(Fairview Health Services)           
(Insured; Assured Guaranty           
Corp.)  6.50  11/15/38  4,190,000   4,745,384 
Minneapolis,           
Health Care System Revenue           
(Fairview Health Services)           
(Insured; Assured Guaranty           
Corp.) (Prerefunded)  6.50  11/15/18  810,000 d  933,817 
Mississippi--2.3%           
Mississippi Business Finance           
Corporation, PCR (System           
Energy Resources, Inc. Project)  5.88  4/1/22  6,675,000   6,791,813 
Mississippi Development Bank,           
Special Obligation Revenue           
(Magnolia Regional Health           
Center Project)  6.50  10/1/31  5,000,000   5,893,050 
Missouri--.4%           
Missouri Development Finance           
Board, Infrastructure           
Facilities Revenue           
(Independence, Crackerneck           
Creek Project) (Prerefunded)  5.00  3/1/16  2,000,000 d  2,015,860 
New Jersey--3.1%           
Essex County Improvement           
Authority, SWDR (Covanta           
Project)  5.25  7/1/45  1,000,000 c  1,038,490 
New Jersey Economic Development           
Authority, School Facilities           
Construction Revenue  5.25  6/15/40  3,250,000   3,495,603 

 


New Jersey Economic Development           
Authority, Special Facility           
Revenue (Continental Airlines,           
Inc. Project)  5.25  9/15/29  2,000,000   2,191,940 
New Jersey Higher Education           
Student Assistance Authority,           
Student Loan Revenue (Insured;           
Assured Guaranty Corp.)  6.13  6/1/30  3,850,000   4,154,651 
New Jersey Transportation Trust           
Fund Authority, Transportation           
Program Revenue  5.25  6/15/33  1,500,000   1,634,055 
Tobacco Settlement Financing           
Corporation of New Jersey,           
Tobacco Settlement           
Asset-Backed Bonds  5.00  6/1/41  5,500,000   4,589,640 
New Mexico--1.4%           
Farmington,           
PCR (Public Service Company of           
New Mexico San Juan Project)  5.90  6/1/40  7,000,000   7,734,510 
New York--10.6%           
Barclays Capital Municipal Trust           
Receipts (Series 29 W)           
Recourse (New York City           
Municipal Water Finance           
Authority, Water and Sewer           
System General Resolution           
Revenue)  5.00  6/15/39  20,000,000 b,c  22,443,400 
Barclays Capital Municipal Trust           
Receipts (Series 7 B) Recourse           
(New York City Transitional           
Finance Authority, Future Tax           
Secured Subordinate Revenue)  5.50  11/1/27  5,000,000 b,c  5,974,500 
JPMorgan Chase Putters/Drivers           
Trust (Series 3857)           
Non-recourse (New York City           
Transitional Finance           
Authority, Future Tax Secured           
Subordinate Revenue)  5.25  11/1/18  5,000,000 b,c  5,899,850 

 


New York City Educational           
Construction Fund, Revenue  6.50  4/1/27  4,490,000   5,523,553 
New York City Industrial           
Development Agency, PILOT           
Revenue (Yankee Stadium           
Project) (Insured; Assured           
Guaranty Corp.)  7.00  3/1/49  5,000,000   5,849,900 
New York Liberty Development           
Corporation, Revenue (3 World           
Trade Center Project)  5.00  11/15/44  7,000,000 c  7,252,840 
Niagara Area Development           
Corporation, Solid Waste           
Disposal Facility Revenue           
(Covanta Energy Project)  5.25  11/1/42  3,000,000 c  3,027,090 
Port Authority of New York and New           
Jersey, Special Project Bonds           
(JFK International Air           
Terminal LLC Project)  6.00  12/1/36  2,000,000   2,344,140 
North Carolina--.2%           
North Carolina Medical Care           
Commission, Health Care           
Facilities First Mortgage           
Revenue (Pennybryn at           
Maryfield)  5.00  10/1/35  1,005,000   1,059,531 
Ohio--10.2%           
Buckeye Tobacco Settlement           
Financing Authority, Tobacco           
Settlement Asset-Backed Bonds  6.50  6/1/47  12,500,000   11,685,000 
Butler County,           
Hospital Facilities Revenue           
(UC Health)  5.50  11/1/40  3,850,000   4,423,688 
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 e  2,625,804 

 


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 e  2,456,332 
JPMorgan Chase Putters/Drivers           
Trust (Series 4367)           
Non-recourse (Hamilton County,           
Sewer System Improvement           
Revenue (The Metropolitan           
Sewer District of Greater           
Cincinnati))  5.00  6/1/33  17,000,000 b,c  19,586,550 
Muskingum County,           
Hospital Facilities Revenue           
(Genesis HealthCare System           
Obligated Group Project)  5.00  2/15/22  4,590,000   5,064,698 
Ohio Air Quality Development           
Authority, Air Quality Revenue           
(Ohio Valley Electric           
Corporation Project)  5.63  10/1/19  1,900,000   2,115,878 
Port of Greater Cincinnati           
Development Authority, Tax           
Increment Development Revenue           
(Fairfax Village Red Bank           
Infrastructure Project)  5.63  2/1/36  3,000,000 c  2,976,060 
Toledo-Lucas County Port           
Authority, Special Assessment           
Revenue (Crocker Park Public           
Improvement Project)  5.38  12/1/35  5,000,000   5,005,200 
Oregon--.7%           
Warm Springs Reservation           
Confederated Tribes,           
Hydroelectric Revenue (Pelton           
Round Butte Project)  6.38  11/1/33  3,300,000   3,622,476 
Pennsylvania--1.4%           
JPMorgan Chase Putters/Drivers           

 


Trust (Series 3916)           
Non-recourse (Geisinger           
Authority, Health System           
Revenue (Geisinger Health           
System))  5.13  6/1/35  3,000,000 b,c  3,321,210 
Philadelphia,           
GO  6.50  8/1/41  3,550,000   4,211,827 
Rhode Island--1.1%           
Rhode Island Health and           
Educational Building           
Corporation, Hospital           
Financing Revenue (Lifespan           
Obligated Group Issue)           
(Insured; Assured Guaranty           
Corp.)  7.00  5/15/39  5,000,000   5,811,150 
South Carolina--7.1%           
Barclays Capital Municipal Trust           
Receipts (Series 42 W)           
Recourse (Columbia, Waterworks           
and Sewer System Revenue)  5.00  2/1/40  10,000,000 b,c  11,264,200 
JPMorgan Chase Putters/Drivers           
Trust (Series 4379)           
Non-recourse (South Carolina           
Public Service Authority,           
Revenue Obligations (Santee           
Cooper))  5.13  6/1/37  15,000,000 b,c  16,784,850 
South Carolina Public Service           
Authority, Revenue Obligations           
(Santee Cooper)  5.50  1/1/38  9,205,000   10,252,437 
South Carolina Public Service           
Authority, Revenue Obligations           
(Santee Cooper) (Prerefunded)  5.50  1/1/19  795,000 d  901,101 
Tennessee--4.5%           
Barclays Capital Municipal Trust           
Receipts (Series 25 W)           
Recourse (Rutherford County           
Health and Educational           
Facilities Board, Revenue           

 


(Ascension Health Senior           
Credit Group))  5.00  11/15/40  10,000,000 b,c  10,963,400 
JPMorgan Chase Putters/Drivers           
Trust (Series 4416)           
Non-recourse (Metropolitan           
Government of Nashville and           
Davidson County, Water and           
Sewer Revenue)  5.00  7/1/21  5,000,000 b,c  5,703,200 
Metropolitan Government of           
Nashville and Davidson County           
Health and Educational           
Facilities Board, Revenue (The           
Vanderbilt University)  5.50  10/1/34  7,000,000   8,002,680 
Texas--14.1%           
Barclays Capital Municipal Trust           
Receipts (Series 28 W)           
Recourse (Leander Independent           
School District, Unlimited Tax           
School Building Bonds           
(Permanent School Fund           
Guarantee Program))  5.00  8/15/40  8,507,701 b,c  9,546,134 
Central Texas Regional Mobility           
Authority, Senior Lien Revenue  5.00  1/1/45  1,500,000   1,674,090 
Clifton Higher Education Finance           
Corporation, Education Revenue           
(International Leadership of           
Texas)  5.75  8/15/45  4,000,000   4,143,200 
Clifton Higher Education Finance           
Corporation, Education Revenue           
(Uplift Education)  6.00  12/1/30  2,500,000   2,850,825 
Clifton Higher Education Finance           
Corporation, Education Revenue           
(Uplift Education)  4.50  12/1/44  2,500,000   2,499,925 
Dallas Area Rapid Transit,           
Senior Lien Sales Tax Revenue  5.25  12/1/48  10,000,000   11,026,400 
Harris County Health Facilities           
Development Corporation, HR           
(Memorial Hermann Healthcare           

 


System) (Prerefunded)  7.25  12/1/18  2,000,000 d  2,357,440 
Harris County-Houston Sports           
Authority, Senior Lien Revenue           
(Insured; Assured Guaranty           
Municipal Corp.)  0.00  11/15/50  6,500,000 e  1,295,905 
Houston,           
Combined Utility System First           
Lien Revenue (Insured; Assured           
Guaranty Corp.)  6.00  11/15/36  5,000,000   5,825,950 
JPMorgan Chase Putters/Drivers           
Trust (Series 4356)           
Non-recourse (San Antonio,           
Electric and Gas Systems           
Junior Lien Revenue)  5.00  2/1/21  16,750,000 b,c  18,804,890 
North Texas Tollway Authority           
First Tier System Revenue           
(Insured; Assured Guaranty           
Corp.)  5.75  1/1/40  965,000   1,048,308 
North Texas Tollway Authority           
First Tier System Revenue           
(Insured; Assured Guaranty           
Corp.) (Prerefunded)  5.75  1/1/18  9,335,000 d  10,209,876 
North Texas Tollway Authority,           
Second Tier System Revenue           
(Prerefunded)  5.75  1/1/18  5,500,000 d  6,015,460 
Texas Department of Housing and           
Community Affairs, Home           
Mortgage Revenue           
(Collateralized: FHLMC, FNMA           
and GNMA)  13.09  7/2/24  250,000 f  263,415 
Virginia--2.4%           
Barclays Capital Municipal Trust           
Receipts (Series 17 W)           
Recourse (Virginia Small           
Business Financing Authority,           
Health Care Facilities Revenue           
(Sentara Healthcare))  5.00  11/1/40  10,000,000 b,c  11,107,200 
Chesterfield County Economic           

 


Development Authority,           
Retirement Facilities First           
Mortgage Revenue (Brandermill           
Woods Project)  5.13  1/1/43  2,100,000   2,183,727 
Washington--4.7%           
Barclays Capital Municipal Trust           
Receipts (Series 27 B)           
Recourse (King County, Sewer           
Revenue)  5.00  1/1/29  3,998,716 b,c  4,618,316 
Barclays Capital Municipal Trust           
Receipts (Series 66 W)           
Recourse (King County, Limited           
Tax GO (Payable from Sewer           
Revenues))  5.13  1/1/33  10,000,000 b,c  11,201,900 
Washington Health Care Facilities           
Authority, Mortgage Revenue           
(Highline Medical Center)           
(Collateralized; FHA)           
(Prerefunded)  6.25  8/1/18  5,975,000 d  6,775,411 
Washington Higher Education           
Facilities Authority, Revenue           
(Seattle University Project)           
(Insured; AMBAC) (Prerefunded)  5.25  11/1/17  3,000,000 d  3,242,520 
West Virginia--.3%           
The County Commission of Harrison           
County, SWDR (Allegheny Energy           
Supply Company, LLC Harrison           
Station Project)  5.50  10/15/37  1,750,000   1,831,812 
Wyoming--1.0%           
Wyoming Municipal Power Agency,           
Power Supply System Revenue  5.50  1/1/33  2,360,000   2,541,909 
Wyoming Municipal Power Agency,           
Power Supply System Revenue  5.38  1/1/42  2,750,000   2,953,528 
U.S. Related--1.6%           
Guam,           
LOR (Section 30)  5.75  12/1/34  2,000,000   2,229,160 
Guam Housing Corporation,           
SFMR (Guaranteed           

 


Mortgage-Backed Securities             
Program) (Collateralized;             
FHLMC)  5.75  9/1/31  965,000   1,035,155  
Guam Waterworks Authority,             
Water and Wastewater System             
Revenue  5.63  7/1/40  2,000,000   2,203,520  
Puerto Rico Commonwealth,             
Public Improvement GO             
(Insured; Assured Guaranty             
Municipal Corp.)  5.00  7/1/35  3,500,000   3,493,525  
Total Investments (cost $746,482,530)      151.3 %  830,702,154  
Liabilities, Less Cash and Receivables      (25.3 %)  (139,112,989 ) 
Preferred Stock, at redemption value      (26.0 %)  (142,500,000 ) 
Net Assets Applicable to Common Shareholders      100.0 %  549,089,165  

 

a  Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. 
b  Collateral for floating rate borrowings. 
c  Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be 
  resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2015, these 
  securities were valued at $357,888,567 or 65.2% of net assets applicable to Common Shareholders. 
d  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. 
e  Security issued with a zero coupon. Income is recognized through the accretion of discount. 
f  Inverse floater security--the interest rate is subject to change periodically. Rate shown is the interest rate in effect 
  at December 31, 2015. 

 

At December 31, 2015, net unrealized appreciation on investments was $84,219,624 of which $84,443,546 related to appreciated investment securities and $223,922 related to depreciated investment securities. At December 31, 2015, 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 Receipts Liquidity Option Tender 
MFHR  Multi-Family Housing Revenue  MFMR  Multi-Family Mortgage Revenue 
PCR  Pollution Control Revenue  P-FLOATS  Puttable Floating Option Tax-Exempt Receipts 
PILOT  Payment in Lieu of Taxes  PUTTERS  Puttable Tax-Exempt Receipts 
RAC  Revenue Anticipation Certificates  RAN  Revenue Anticipation Notes 
RAW  Revenue Anticipation Warrants  RIB  Residual Interest Bonds 
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 December 31, 2015 in valuing the fund's investments:

      Level 3 -   
    Level 2 - Other  Significant   
  Level 1 - Unadjusted  Significant  Unobservable   
Assets ($)  Quoted Prices  Observable Inputs  Inputs  Total 
Investments in Securities:         
Municipal Bonds†  -  830,702,154  -  830,702,154 

 

† See Statement of Investments for additional detailed categorizations. 

 


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 fund's Board.

Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All 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 fund's Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized 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.

Inverse Floater Securities: The fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust. The trust subsequently issues two or more variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One or more of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals. A residual interest tax-exempt security is also created by the trust, which is transferred to the fund, and is paid interest based on the remaining cash flow of the trust, after payment of interest on the other securities and various expenses of the trust.

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: February 23, 2016

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: February 23, 2016

By:  /s/ James Windels 
  James Windels 
Treasurer


Date: February 23, 2016

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)