form-853.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

811-5245

 

 

 

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)

 

 

 

 

 

Michael A. Rosenberg, 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:

12/31/10

 

 

 


 

 

FORM N-Q

Item 1.                        Schedule of Investments.

           

-2-

 


 

STATEMENT OF INVESTMENTS       
Dreyfus Strategic Municipals, Inc.         
December 31, 2010 (Unaudited)         
 
Long-Term Municipal  Coupon  Maturity  Principal   
Investments--158.6%  Rate (%)  Date  Amount ($)  Value ($) 
Arizona--6.4%         
Arizona Housing Finance Authority,         
SFMR (Mortgage-Backed         
Securities Program)         
(Collateralized: FHLMC, FNMA         
and GNMA)  5.55  12/1/41  5,565,000  5,540,458 
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  17,197,265 
Glendale Western Loop 101 Public         
Facilities Corporation, Third         
Lien Excise Tax Revenue  6.25  7/1/38  5,000,000  5,146,200 
Pima County Industrial Development         
Authority, Education Revenue         
(American Charter Schools         
Foundation Project)  5.63  7/1/38  3,410,000  2,830,402 
California--20.3%         
Barclays Capital Municipal Trust         
Receipts (Los Angeles         
Department of Airports, Senior         
Revenue (Los Angeles         
International Airport)  5.00  5/15/31  5,247,500 a,b  5,148,564 
Beverly Hills Unified School         
District, GO  0.00  8/1/30  10,850,000 c  3,082,702 
California,         
GO (Various Purpose)  5.75  4/1/31  10,800,000  10,908,324 
California,         
GO (Various Purpose)  6.50  4/1/33  10,000,000  10,733,800 
California,         
GO (Various Purpose)  6.00  11/1/35  7,500,000  7,698,225 

 



California Statewide Communities       
Development Authority, Revenue       
(Bentley School)  7.00  7/1/40  2,090,000  1,647,840 
California Statewide Communities       
Development Authority, Revenue       
(Bentley School)  0.00  7/1/50  6,225,000 c  142,179 
California Statewide Communities       
Development Authority, Revenue       
(Daughters of Charity Health       
System)  5.25  7/1/30  3,000,000  2,597,730 
California Statewide Communities       
Development Authority, Revenue       
(Daughters of Charity Health       
System)  5.00  7/1/39  5,000,000  3,935,800 
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  2,370,375 
Golden State Tobacco         
Securitization Corporation,         
Tobacco Settlement         
Asset-Backed Bonds  5.00  6/1/33  12,275,000  8,473,923 
Golden State Tobacco         
Securitization Corporation,         
Tobacco Settlement         
Asset-Backed Bonds         
(Prerefunded)  7.80  6/1/13  8,100,000 d  9,337,923 
Golden State Tobacco         
Securitization Corporation,         
Tobacco Settlement         
Asset-Backed Bonds         
(Prerefunded)  7.90  6/1/13  2,000,000 d  2,310,200 
JPMorgan Chase Putters/Drivers         
Trust (California Educational       
Facilities Authority, Revenue       
(University of Southern         
California))  5.25  10/1/16  10,100,000 a,b  10,295,536 
Sacramento County,         
Airport System Subordinate and       
Passenger Facility Charges         

 



Grant Revenue  6.00  7/1/35  6,250,000  6,455,437 
San Diego Public Facilities         
Financing Authority, Senior         
Sewer Revenue  5.25  5/15/34  2,500,000  2,538,750 
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  5,056,783 
Tuolumne Wind Project Authority,         
Revenue (Tuolumne Company         
Project)  5.88  1/1/29  3,500,000  3,701,075 
Colorado--2.7%         
Arkansas River Power Authority,         
Power Improvement Revenue         
(Insured; XLCA)  5.25  10/1/40  3,975,000  3,419,136 
Beacon Point Metropolitan         
District, GO  6.25  12/1/35  2,000,000  1,766,600 
Colorado Educational and Cultural         
Facilities Authority, Charter         
School Revenue (American         
Academy Project)  8.00  12/1/40  3,500,000  3,955,875 
Colorado Housing and Finance         
Authority, Single Family         
Program Senior and Subordinate         
Bonds (Collateralized; FHA)  6.60  8/1/32  1,120,000  1,187,088 
Southlands Metropolitan District         
Number 1, GO (Prerefunded)  7.13  12/1/14  2,000,000 d  2,428,900 
Delaware--.9%         
Delaware Economic Development         
Authority, Exempt Facility         
Revenue (Indian River Power         
LLC Project)  5.38  10/1/45  5,000,000  4,457,250 
Florida--6.8%         
Clearwater,         
Water and Sewer Revenue  5.25  12/1/39  5,000,000  5,020,950 
Greater Orlando Aviation         
Authority, Airport Facilities         
Revenue  6.25  10/1/20  8,000,000  8,946,880 

 



Miami-Dade County,         
Aviation Revenue  5.00  10/1/41  6,500,000  5,867,225 
Orange County School Board,         
COP (Master Lease Purchase         
Agreement) (Insured; Assured         
Guaranty Municipal Corp.)  5.50  8/1/34  6,000,000  6,141,840 
Saint Johns County Industrial         
Development Authority, Revenue         
(Presbyterian Retirement         
Communities Project)  6.00  8/1/45  6,500,000  6,406,400 
Georgia--7.9%         
Atlanta,         
Water and Wastewater Revenue  6.00  11/1/27  6,000,000  6,403,860 
Atlanta,         
Water and Wastewater Revenue         
(Insured; Assured Guaranty         
Municipal Corp.)  5.25  11/1/34  6,000,000  5,887,560 
Brooks County Development         
Authority, Senior Health and         
Housing Facilities Revenue         
(Presbyterian Home, Quitman,         
Inc.) (Collateralized; GNMA)  5.70  1/20/39  4,445,000  4,498,518 
DeKalb County Hospital Authority,         
RAC (DeKalb Medical Center,         
Inc. Project)  6.13  9/1/40  7,765,000  7,613,350 
Fulton County Development         
Authority, Revenue (Georgia         
Tech North Avenue Apartments         
Project) (Insured; XLCA)  5.00  6/1/32  2,500,000  2,451,575 
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  6,036,060 
Milledgeville-Baldwin County         
Development Authority, Revenue         
(Georgia College and State         
Foundation)  6.00  9/1/13  2,090,000  2,366,528 
Milledgeville-Baldwin County         
Development Authority, Revenue         

 



(Georgia College and State         
Foundation) (Prerefunded)  6.00  9/1/14  2,000,000 d  2,339,980 
Hawaii--1.8%         
Hawaii Department of Budget and         
Finance, Special Purpose         
Revenue (Hawai'i Pacific         
Health Obligated Group)  5.75  7/1/40  8,965,000  8,620,834 
Idaho--1.0%         
Power County Industrial         
Development Corporation, SWDR         
(FMC Corporation Project)  6.45  8/1/32  5,000,000  4,953,700 
Illinois--3.1%         
Chicago,         
SFMR (Collateralized: FHLMC,         
FNMA and GNMA)  6.55  4/1/33  1,595,000  1,681,656 
Illinois Finance Authority,         
Recovery Zone Facility Revenue         
(Navistar International         
Corporation Project)  6.50  10/15/40  4,000,000  4,003,200 
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  4,936,009 
Railsplitter Tobacco Settlement         
Authority, Tobacco Settlement         
Revenue  6.00  6/1/28  4,000,000  3,936,160 
Indiana--2.3%         
Indianapolis Local Public         
Improvement Bond Bank, Revenue         
(Indianapolis Airport         
Authority Project) (Insured;         
AMBAC)  5.00  1/1/36  7,500,000  6,681,525 
Petersburg,         
SWDR (Indianapolis Power and         
Light Company Project)  6.38  11/1/29  4,150,000  4,187,350 
Iowa--.3%         
Tobacco Settlement Authority of         
Iowa, Tobacco Settlement         
Asset-Backed Bonds  5.60  6/1/34  2,000,000  1,644,120 

 



Kansas--1.2%         
Sedgwick and Shawnee Counties,         
SFMR (Mortgage-Backed         
Securities Program)         
(Collateralized: FNMA and GNMA)  6.45  12/1/33  4,220,000  4,433,152 
Sedgwick and Shawnee Counties,         
SFMR (Mortgage-Backed         
Securities Program)         
(Collateralized: FNMA and GNMA)  5.70  12/1/35  1,270,000  1,306,830 
Kentucky--2.0%         
Kentucky Area Development         
Districts Financing Trust, COP         
(Lease Acquisition Program)  5.50  5/1/27  2,000,000  1,997,700 
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  2,371,024 
Paducah Electric Plant Board,         
Revenue (Insured; Assured         
Guaranty Municipal Corp.)  5.25  10/1/35  5,000,000  4,961,900 
Louisiana--1.8%         
Lakeshore Villages Master         
Community Development         
District, Special Assessment         
Revenue  5.25  7/1/17  2,979,000  1,586,109 
Louisiana Local Government         
Environmental Facilities and         
Community Development         
Authority, Revenue (Westlake         
Chemical Corporation Projects)  6.75  11/1/32  7,000,000  7,053,900 
Maine--.6%         
Maine Housing Authority,         
Mortgage Purchase Bonds  5.30  11/15/23  2,825,000  2,836,752 
Maryland--1.8%         
Maryland Community Development         
Administration, Department of         
Housing and Community         
Development, Residential         
Revenue  5.75  9/1/37  1,915,000  1,983,940 

 



Maryland Economic Development         
Corporation, Senior Student         
Housing Revenue (University of         
Maryland, Baltimore Project)  5.75  10/1/33  4,590,000  3,100,040 
Maryland Economic Development         
Corporation, Student Housing         
Revenue (University of         
Maryland, College Park         
Project) (Prerefunded)  6.50  6/1/13  3,000,000 d  3,398,760 
Massachusetts--8.5%         
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  13,317,138 
JPMorgan Chase Putters/Drivers         
Trust (Massachusetts         
Development Finance Agency,         
Revenue (Harvard University         
Issue))  5.25  2/1/34  10,000,000 a,b  10,507,000 
Massachusetts Health and         
Educational Facilities         
Authority, Revenue (Civic         
Investments Issue)         
(Prerefunded)  9.00  12/15/12  1,400,000 d  1,598,618 
Massachusetts Health and         
Educational Facilities         
Authority, Revenue (Partners         
HealthCare System Issue)  5.75  7/1/32  185,000  187,274 
Massachusetts Health and         
Educational Facilities         
Authority, Revenue (Suffolk         
University Issue)  6.25  7/1/30  5,500,000  5,694,095 
Massachusetts Housing Finance         
Agency, Rental Housing         
Mortgage Revenue (Insured;         
AMBAC)  5.50  7/1/40  4,000,000  3,213,680 
Massachusetts Industrial Finance         
Agency, RRR (Ogden Haverhill         
Project)  5.60  12/1/19  6,000,000  6,012,480 

 



Michigan--11.4%         
Charyl Stockwell Academy,         
COP  5.90  10/1/35  2,580,000  1,968,179 
Detroit,         
Sewage Disposal System Senior         
Lien Revenue (Insured; Assured         
Guaranty Municipal Corp.)  7.00  7/1/27  2,500,000  2,822,500 
Detroit,         
Sewage Disposal System Senior         
Lien Revenue (Insured; Assured         
Guaranty Municipal Corp.)  7.50  7/1/33  5,700,000  6,589,371 
Detroit School District,         
School Building and Site         
Improvement Bonds (GO -         
Unlimited Tax) (Insured; FGIC)  5.00  5/1/28  6,930,000  6,482,946 
Kent Hospital Finance Authority,         
Revenue (Metropolitan Hospital         
Project)  6.00  7/1/35  2,930,000  2,810,427 
Kent Hospital Finance Authority,         
Revenue (Metropolitan Hospital         
Project)  6.25  7/1/40  3,000,000  2,948,460 
Michigan Hospital Finance         
Authority, HR (Henry Ford         
Health System)  5.63  11/15/29  5,000,000  4,872,100 
Michigan Strategic Fund,         
LOR (The Detroit Edison         
Company Exempt Facilities         
Project) (Insured; XLCA)  5.25  12/15/32  3,000,000  2,788,770 
Michigan Strategic Fund,         
SWDR (Genesee Power Station         
Project)  7.50  1/1/21  11,800,000  10,920,192 
Royal Oak Hospital Finance         
Authority, HR (William         
Beaumont Hospital Obligated         
Group)  8.25  9/1/39  5,500,000  6,345,845 
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  5,818,960 

 



Minnesota--4.0%         
Dakota County Community         
Development Agency, SFMR         
(Mortgage-Backed Securities         
Program) (Collateralized:         
FHLMC, FNMA and GNMA)  5.15  12/1/38  1,705,335  1,746,587 
Dakota County Community         
Development Agency, SFMR         
(Mortgage-Backed Securities         
Program) (Collateralized:         
FHLMC, FNMA and GNMA)  5.30  12/1/39  1,768,753  1,844,969 
Minneapolis,         
Health Care System Revenue         
(Fairview Health Services)         
(Insured; Assured Guaranty         
Municipal Corp.)  6.50  11/15/38  5,000,000  5,333,700 
North Oaks,         
Senior Housing Revenue         
(Presbyterian Homes of North         
Oaks, Inc. Project)  6.25  10/1/47  5,265,000  4,974,161 
Winona,         
Health Care Facilities Revenue         
(Winona Health Obligated Group)  6.00  7/1/26  5,000,000  4,997,500 
Mississippi--3.9%         
Clairborne County,         
PCR (System Energy Resources,         
Inc. Project)  6.20  2/1/26  4,545,000  4,545,454 
Mississippi Business Finance         
Corporation, PCR (System         
Energy Resources, Inc. Project)  5.88  4/1/22  14,310,000  14,081,040 
Missouri--1.7%         
Missouri Development Finance         
Board, Infrastructure         
Facilities Revenue (Branson         
Landing Project)  5.38  12/1/27  2,000,000  1,998,800 
Missouri Development Finance         
Board, Infrastructure         
Facilities Revenue (Branson         
Landing Project)  5.50  12/1/32  4,500,000  4,376,970 
Missouri Development Finance         

 



Board, Infrastructure         
Facilities Revenue         
(Independence, Crackerneck         
Creek Project)  5.00  3/1/28  2,000,000  1,866,500 
Montana--.1%         
Montana Board of Housing,         
SFMR  6.45  6/1/29  575,000  584,740 
Nevada--1.0%         
Clark County,         
Passenger Facility Charge         
Revenue (Las Vegas-McCarran         
International Airport)  5.00  7/1/30  5,000,000  4,789,750 
New Hampshire--1.5%         
New Hampshire Health and         
Educational Facilities         
Authority, Revenue (Exeter         
Project)  6.00  10/1/24  1,000,000  1,018,220 
New Hampshire Health and         
Educational Facilities         
Authority, Revenue (Exeter         
Project)  5.75  10/1/31  1,000,000  1,013,450 
New Hampshire Industrial         
Development Authority, PCR         
(Connecticut Light and Power         
Company Project)  5.90  11/1/16  5,000,000  5,008,900 
New Jersey--4.2%         
New Jersey Economic Development         
Authority, Cigarette Tax         
Revenue  5.75  6/15/34  5,500,000  5,025,185 
New Jersey Higher Education         
Student Assistance Authority,         
Student Loan Revenue (Insured;         
Assured Guaranty Municipal         
Corp.)  6.13  6/1/30  5,000,000  5,087,800 
Tobacco Settlement Financing         
Corporation of New Jersey,         
Tobacco Settlement         
Asset-Backed Bonds  5.00  6/1/29  5,000,000  3,655,050 
Tobacco Settlement Financing         
Corporation of New Jersey,         

 



Tobacco Settlement         
Asset-Backed Bonds         
(Prerefunded)  7.00  6/1/13  5,640,000 d  6,437,496 
New Mexico--1.6%         
Farmington,         
PCR (Public Service Company of         
New Mexico San Juan Project)  5.90  6/1/40  7,000,000  6,695,220 
New Mexico Mortgage Finance         
Authority, Single Family         
Mortgage Program Revenue         
(Collateralized: FHLMC, FNMA         
and GNMA)  6.15  7/1/35  865,000  924,296 
New York--6.9%         
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  19,984,400 
New York City Industrial         
Development Agency, PILOT         
Revenue (Yankee Stadium         
Project) (Insured; Assured         
Guaranty Municipal Corp.)  7.00  3/1/49  5,000,000  5,508,000 
Port Authority of New York and New         
Jersey, Special Project         
Revenue (JFK International Air         
Terminal LLC Project)  6.00  12/1/36  2,000,000  1,986,880 
Triborough Bridge and Tunnel         
Authority, Revenue  5.25  11/15/30  5,220,000  5,314,378 
North Carolina--.6%         
North Carolina Housing Finance         
Agency, Home Ownership Revenue  5.88  7/1/31  2,710,000  2,710,705 
Ohio--4.5%         
Buckeye Tobacco Settlement         
Financing Authority, Tobacco         
Settlement Asset-Backed Bonds  5.88  6/1/30  3,000,000  2,165,910 
Butler County,         
Hospital Facilities Revenue         
(UC Health)  5.50  11/1/40  7,000,000  6,301,960 

 



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 c  1,406,200 
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 c  1,219,920 
Ohio Air Quality Development         
Authority, Air Quality Revenue         
(Ohio Valley Electric         
Corporation Project)  5.63  10/1/19  5,900,000  6,086,499 
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  2,089,830 
Toledo Lucas County Port         
Authority, Airport Revenue         
(Baxter Global Project)  6.25  11/1/13  2,300,000  2,255,150 
Oklahoma--.1%         
Oklahoma Housing Finance Agency,         
SFMR (Homeownership Loan         
Program)  7.55  9/1/28  260,000  264,438 
Oregon--.7%         
Warm Springs Reservation         
Confederated Tribes,         
Hydroelectric Revenue (Pelton         
Round Butte Project)  6.38  11/1/33  3,300,000  3,299,868 
Pennsylvania--1.4%         
Delaware County Industrial         
Development Authority, Charter         
School Revenue (Chester         
Community Charter School         
Project)  6.13  8/15/40  5,000,000  4,571,650 

 



Philadelphia Authority for         
Industrial Development,         
Revenue (Please Touch Museum         
Project)  5.25  9/1/31  2,425,000  1,967,039 
Rhode Island--1.2%         
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  5,557,950 
South Carolina--6.2%         
Barclays Capital Municipal Trust         
Receipts (Columbia, Waterworks         
and Sewer System Revenue)  5.00  2/1/40  10,000,000 a,b  10,054,000 
JPMorgan Chase Putters/Drivers         
Trust (South Carolina Public         
Service Authority, Revenue         
Obligations (Santee Cooper))  5.00  7/1/18  9,000,000 a,b  9,050,760 
South Carolina Public Service         
Authority, Revenue Obligations  5.50  1/1/38  10,000,000  10,436,900 
Tennessee--3.6%         
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  9,892,300 
Metropolitan Government of         
Nashville and Davidson County         
Health and Educational         
Facilities Board, Revenue (The         
Vanderbilt University)  5.50  10/1/34  7,000,000  7,369,180 
Texas--14.0%         
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  8,577,697 

 



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  3,010,800 
Dallas Area Rapid Transit,         
Senior Lien Sales Tax Revenue  5.25  12/1/48  10,000,000  10,025,900 
Harris County Health Facilities         
Development Corporation, HR         
(Memorial Hermann Healthcare         
System)  7.25  12/1/35  2,000,000  2,181,880 
Houston,         
Combined Utility System First         
Lien Revenue (Insured; Assured         
Guaranty Municipal Corp.)  6.00  11/15/36  5,000,000  5,436,300 
JPMorgan Chase Putters/Drivers         
Trust (Mansfield Independent         
School District, Unlimited Tax         
School Building Bonds)         
(Permanent School Fund         
Guarantee Program)  5.00  8/15/16  5,000,000 a,b  5,042,950 
North Texas Tollway Authority,         
First Tier System Revenue         
(Insured; Assured Guaranty         
Municipal Corp.)  5.75  1/1/40  10,300,000  10,495,803 
North Texas Tollway Authority,         
Second Tier System Revenue  5.75  1/1/38  5,500,000  5,205,090 
Sabine River Authority,         
PCR (TXU Electric Company         
Project)  6.45  6/1/21  11,300,000  3,228,297 
Sam Rayburn Municipal Power         
Agency, Power Supply System         
Revenue  5.75  10/1/21  6,000,000  6,078,000 
Texas Department of Housing and         
Community Affairs, Home         
Mortgage Revenue         
(Collateralized: FHLMC, FNMA         
and GNMA)  11.87  7/2/24  650,000 e  720,343 
Texas Turnpike Authority,         
Central Texas Turnpike System         

 



Revenue (Insured; AMBAC)  5.75  8/15/38  7,100,000  6,746,846 
Vermont--.1%         
Vermont Housing Finance Agency,         
SFHR (Insured; Assured         
Guaranty Municipal Corp.)  6.40  11/1/30  485,000  494,773 
Virginia--2.1%         
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  9,877,100 
Washington--4.9%         
Barclays Capital Municipal Trust         
Receipts (King County, Limited         
Tax GO (Payable from Sewer         
Revenues))  5.13  1/1/33  10,000,000 a,b  10,197,200 
Washington Health Care Facilities         
Authority, Mortgage Revenue         
(Highline Medical Center)         
(Collateralized; FHA)  6.25  8/1/36  6,000,000  6,260,520 
Washington Higher Education         
Facilities Authority, Revenue         
(Seattle University Project)         
(Insured; AMBAC)  5.25  11/1/37  4,210,000  4,097,467 
Washington Housing Finance         
Commission, Revenue         
(Single-Family Program)         
(Collateralized: FHLMC, FNMA         
and GNMA)  5.15  6/1/37  3,000,000  2,799,180 
West Virginia--.9%         
The County Commission of Harrison         
County, SWDR (Allegheny Energy         
Supply Company, LLC Harrison         
Station Project)  5.50  10/15/37  2,000,000  1,786,940 
West Virginia Water Development         
Authority, Water Development         
Revenue (Insured; AMBAC)  6.38  7/1/39  2,250,000  2,264,017 
Wisconsin--5.4%         
Badger Tobacco Asset         
Securitization Corporation,         

 



Tobacco Settlement         
Asset-Backed Bonds         
(Prerefunded)  6.13  6/1/12  6,860,000 d  7,239,632 
Badger Tobacco Asset         
Securitization Corporation,         
Tobacco Settlement         
Asset-Backed Bonds         
(Prerefunded)  7.00  6/1/12  12,995,000 d  14,103,993 
Madison,         
IDR (Madison Gas and Electric         
Company Projects)  5.88  10/1/34  2,390,000  2,390,884 
Wisconsin Health and Educational         
Facilities Authority, Revenue         
(Aurora Health Care, Inc.)  6.40  4/15/33  2,000,000  2,023,880 
Wyoming--1.1%         
Wyoming Municipal Power Agency,         
Power Supply System Revenue  5.50  1/1/33  2,360,000  2,403,872 
Wyoming Municipal Power Agency,         
Power Supply System Revenue  5.38  1/1/42  2,750,000  2,755,555 
U.S. Related--6.1%         
Government of Guam,         
LOR (Section 30)  5.75  12/1/34  2,000,000  1,951,680 
Guam Housing Corporation,         
SFMR (Guaranteed         
Mortgage-Backed Securities         
Program) (Collateralized;         
FHLMC)  5.75  9/1/31  965,000  1,001,776 
Puerto Rico Commonwealth,         
Public Improvement GO  5.50  7/1/32  2,000,000  1,945,960 
Puerto Rico Commonwealth,         
Public Improvement GO  6.00  7/1/39  3,500,000  3,541,790 
Puerto Rico Electric Power         
Authority, Power Revenue  5.25  7/1/40  2,500,000  2,333,500 
Puerto Rico Sales Tax Financing         
Corporation, Sales Tax Revenue         
(First Subordinate Series)  5.38  8/1/38  5,000,000  4,835,800 
Puerto Rico Sales Tax Financing         
Corporation, Sales Tax Revenue         
(First Subordinate Series)  5.38  8/1/39  2,500,000  2,409,800 

 



Puerto Rico Sales Tax Financing         
Corporation, Sales Tax Revenue         
(First Subordinate Series)                          6.00  8/1/42  11,000,000  11,243,430 
Total Long-Term Municipal
Investments
 
     
(cost $767,941,351)        755,126,122 
Short-Term Municipal  Coupon  Maturity  Principal   
Investments--1.5%  Rate (%)  Date  Amount ($)  Value ($) 
California--.5%         
California,         
Economic Recovery Bonds (LOC;       
JPMorgan Chase Bank)  0.27  1/1/11  2,500,000 f  2,500,000 
New York--1.0%         
Long Island Power Authority,         
Electric System Subordinated         
Revenue (LOC; State Street         
Bank and Trust Co.)  0.27  1/1/11  2,300,000 f  2,300,000 
New York City,         
GO Notes (LOC; JPMorgan Chase       
Bank)  0.28  1/1/11  1,200,000 f  1,200,000 
New York City,         
GO Notes (LOC; JPMorgan Chase       
Bank)  0.28  1/1/11  1,200,000 f  1,200,000 
Total Short-Term Municipal
Investments
 
     
(cost $7,200,000)        7,200,000 
Total Investments (cost $775,141,351)    160.1%  762,326,122 
Liabilities, Less Cash and Receivables    (12.0%)  (57,314,036) 
Preferred Stock, at redemption value    (48.1%)  (228,750,000) 
Net Assets Applicable to
Common Shareholders
 
  100.0%  476,262,086 

 

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 December 31, 2010, these securities 
had a market value of $141,231,740 or 29.7% of net assets applicable to Common Shareholders. 
c Security issued with a zero coupon. Income is recognized through the accretion of discount. 
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 Inverse floater security--the interest rate is subject to change periodically. 
f Variable rate demand note - rate shown is the interest rate in effect at December 31, 2010. Maturity date represents the 
next demand date, or the ultimate maturity date if earlier. 

 



At December 31, 2010, the aggregate cost of investment securities for income tax purposes was $775,141,351. Net unrealized depreciation on investments was $12,815,229 of which $18,538,204 related to appreciated investment securities and $31,353,433 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 December 31, 2010 in valuing the fund's investments: 

 

  Level 1 - Unadjusted Quoted  Level 2 - Other Significant  Level 3 -Significant   
Assets ($)  Prices  Observable Inputs  Unobservable Inputs  Total 
Investments in Securities:         
Municipal Bonds  -  762,326,122  -  762,326,122 

 



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 December 31, 2010.

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.

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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, 2011

 

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, 2011

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    February 23, 2011

 

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)

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