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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) 922-6400

 

 

Date of fiscal year end:

 

  09/30

 

Date of reporting period:

  06/30/18

 

             

 

 

FORM N-Q

Item 1.                         Schedule of Investments.

 

 

 

STATEMENT OF INVESTMENTS
Dreyfus Strategic Municipals, Inc.
June 30, 2018 (Unaudited)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 156.7%           
Alabama - 3.1%           
Birmingham Special Care Facilities           
Financing Authority,           
Improvement Revenue Bonds           
(Methodist Home for the Aging)  5.75  6/1/45  5,000,000   5,499,200 
Birmingham Special Care Facilities           
Financing Authority,           
Improvement Revenue Bonds           
(Methodist Home for the Aging)  6.00  6/1/50  1,000,000   1,112,940 
Jefferson County,           
Sewer Revenue Bonds Warrants  0/7.90  10/1/50  2,500,000 a  2,144,775 
Lower Alabama Gas District,           
Gas Project Revenue Bonds  5.00  9/1/46  6,000,000   7,273,440 
          16,030,355 
Alaska - 1.5%           
Northern Tobacco Securitization           
Corporation of Alaska,           
Tobacco Settlement Asset-Backed           
Bonds  5.00  6/1/46  8,090,000   8,090,000 
Arizona - 3.1%           
Arizona Industrial Development           
Authority,           
Education Revenue Bonds, Refunding           
(Basis School Projects)  5.00  7/1/51  1,380,000 b  1,411,091 
Maricopa County Industrial Development           
Authority,           
Education Revenue Bonds (Paradise           
Schools Projects)  5.00  7/1/47  1,000,000 b  1,036,660 
Phoenix Industrial Development           
Authority,           
Education Facility Revenue Bonds           
(BASIS Schools Projects)  5.00  7/1/35  2,360,000 b  2,440,146 
Phoenix Industrial Development           
Authority,           
Education Facility Revenue Bonds           
(BASIS Schools Projects)  5.00  7/1/46  2,000,000 b  2,049,780 
Pima County Industrial Development           
Authority,           
Education Revenue Bonds (American           
Leadership Academy Project)  5.00  6/15/47  4,240,000 b  4,255,137 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 156.7% (continued)       
Arizona - 3.1% (continued)           
Tender Option Bond Trust Receipts           
(Series 2018-XF2537), 12/1/37,           
(Salt Verde Financial Corporation,           
Senior Gas Revenue Bonds) Recourse  5.00  6/1/32  4,030,000 b,c  4,888,449 
          16,081,263 
California - 14.2%           
California,           
GO (Various Purpose)  5.75  4/1/31  10,800,000   11,139,120 
California,           
GO (Various Purpose)  6.50  4/1/33  4,585,000   4,753,957 
California,           
GO (Various Purpose)  6.00  11/1/35  7,500,000   7,931,625 
California,           
GO (Various Purpose) (Prerefunded)  6.50  4/1/19  5,415,000 d  5,623,207 
California Statewide Communities           
Development Authority,           
Revenue Bonds (Bentley School)  7.00  7/1/40  2,090,000   2,264,849 
Sacramento County,           
Airport System Subordinate and           
Passenger Facility Charges Grant           
Revenue Bonds  6.00  7/1/35  6,250,000   6,250,000 
San Buenaventura,           
Revenue Bonds (Community Memorial           
Health System)  7.50  12/1/41  2,000,000   2,237,280 
San Francisco City and County           
Redevelopment Agency Community           
Facilities District Number 6,           
Special Tax Revenue Bonds (Mission           
Bay South Public Improvements)  5.00  8/1/23  1,000,000   1,101,230 
Tender Option Bond Trust Receipts           
(Series 2016-XM0379), 7/1/43,           
(Los Angeles Department of Water and           
Power, Water System Revenue Bonds)           
Non-recourse  5.00  7/1/20  5,000,000 b,c  5,475,687 
Tender Option Bond Trust Receipts           
(Series 2016-XM0434), 5/15/38,           
(The Regents of the University of           
California, General Revenue Bonds)           
Recourse  5.00  5/1/22  10,000,000 b,c  11,185,650 
Tender Option Bond Trust Receipts           
(Series 2016-XM0440), 5/15/31,           
(Los Angeles Department of Airports,           
Senior Revenue Bonds (Los Angeles           
International Airport)) Recourse  5.00  4/15/27  5,247,500 b,c  5,557,971 
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   7,318,323 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 156.7% (continued)       
California - 14.2% (continued)           
Tuolumne Wind Project Authority,           
Revenue Bonds (Tuolumne Company           
Project) (Prerefunded)  5.88  1/1/19  3,500,000 d  3,578,645 
          74,417,544 
Colorado - 5.1%           
Colorado Bridge Enterprise,           
Revenue Bonds (Central 70 Project)  4.00  6/30/51  1,615,000   1,600,368 
Colorado Educational and Cultural           
Facilities Authority,           
Charter School Revenue Bonds           
(American Academy Project)           
(Prerefunded)  8.00  12/1/18  3,000,000 d  3,139,440 
Dominion Water and Sanitation District,           
Tap Fee Revenue Bonds  6.00  12/1/46  2,715,000   2,893,430 
Tender Option Bond Trust Receipts           
(Series 2016-XM0385), 3/1/38,           
(Board of Governors of the Colorado           
State University, System Enterprise           
Revenue Bonds) Non-recourse  5.00  3/1/20  7,500,000 b,c  8,299,294 
Tender Option Bond Trust Receipts           
(Series 2016-XM0433), 11/15/43,           
(Colorado Springs, Utilities System           
Improvement Revenue Bonds)           
Recourse  5.00  9/25/22  9,752,907 b,c  10,896,511 
          26,829,043 
Connecticut - 1.2%           
Connecticut Health and Educational           
Facilities Authority,           
Revenue Bonds (Trinity Health Credit           
Group)  5.00  12/1/45  2,500,000   2,806,675 
Harbor Point Infrastructure Improvement           
District,           
Special Obligation Revenue Bonds,           
Refunding (Harbor Point Project)  5.00  4/1/39  3,500,000 b  3,745,140 
          6,551,815 
District of Columbia - 4.7%           
District of Columbia Tobacco Settlement           
Financing Corporation,           
Tobacco Settlement Asset-Backed           
Bonds  0.00  6/15/46  14,800,000 e  2,562,916 
Tender Option Bond Trust Receipts           
(Series 2016-XM0437), 12/1/35,           
(District of Columbia, Income Tax           
Secured Revenue Bonds) Recourse  5.00  12/20/21  19,992,830 b,c  22,038,380 
          24,601,296 
Florida - 6.9%           
Cape Coral Health Facilities Authority,           
Senior Housing Revenue Bonds (Gulf           
Care, Inc. Project)  5.88  7/1/40  1,600,000 b  1,725,792 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 156.7% (continued)       
Florida - 6.9% (continued)           
Clearwater,           
Water and Sewer Revenue Bonds           
(Prerefunded)  5.25  12/1/19  5,000,000 d  5,255,000 
Florida Development Finance           
Corporation,           
Educational Facilities Revenue Bonds           
(Miami Arts Charter School Project)  6.00  6/15/44  5,000,000 b  4,641,200 
Greater Orlando Aviation Authority,           
Airport Facilities Revenue Bonds  6.25  10/1/20  8,000,000   8,444,000 
Miami-Dade County,           
Subordinate Special Obligation           
Revenue Bonds  0.00  10/1/45  3,000,000 e  938,790 
Mid-Bay Bridge Authority,           
Springing Lien Revenue Bonds           
(Prerefunded)  7.25  10/1/21  6,000,000 d  6,976,320 
Saint Johns County Industrial           
Development Authority,           
Revenue Bonds (Presbyterian           
Retirement Communities Project)           
(Prerefunded)  6.00  8/1/20  6,500,000 d  7,058,350 
Village Community Development District           
Number 10,           
Special Assessment Revenue Bonds  6.00  5/1/44  1,000,000   1,157,710 
          36,197,162 
Georgia - 4.6%           
Atlanta,           
Water and Wastewater Revenue Bonds           
(Insured; Assured Guaranty Municipal           
Corp.)  5.25  11/1/34  1,445,000   1,509,490 
Atlanta,           
Water and Wastewater Revenue Bonds           
(Insured; Assured Guaranty Municipal           
Corp.) (Prerefunded)  5.25  11/1/19  2,555,000 d  2,678,355 
Atlanta,           
Water and Wastewater Revenue Bonds           
(Prerefunded)  6.00  11/1/19  6,000,000 d  6,348,600 
Burke County Development Authority,           
Pollution Control Revenue Bonds,           
Refunding (Oglethorpe Power Corp-           
Vogtle)  4.13  11/1/45  2,400,000   2,414,112 
Tender Option Bond Trust Receipts           
(Series 2016-XM0435), 10/1/43,           
(Private Colleges and Universities           
Authority, Revenue Bonds (Emory           
University)) Recourse  5.00  8/20/22  10,000,000 b,c  11,066,075 
          24,016,632 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 156.7% (continued)       
Hawaii - 1.2%           
Hawaii Department of Budget and           
Finance,           
Special Purpose Revenue Bonds           
(Hawai'i Pacific Health Obligated           
Group) (Prerefunded)  5.75  7/1/20  4,415,000 d  4,767,803 
Hawaii Department of Budget and           
Finance,           
Special Purpose Revenue Bonds           
(Hawaiian Electric Company)  4.00  3/1/37  1,500,000   1,520,790 
          6,288,593 
Idaho - 1.0%           
Power County Industrial Development           
Corporation,           
SWDR (FMC Corporation Project)  6.45  8/1/32  5,000,000   5,019,100 
Illinois - 11.5%           
Chicago,           
GO (Project and Refunding Series)  6.00  1/1/38  3,000,000   3,384,750 
Chicago Board of Education,           
GO  5.00  12/1/36  2,000,000   2,055,860 
Chicago Board of Education,           
GO, Refunding, Series 2018 A  5.00  12/1/34  1,400,000   1,437,688 
Chicago O'Hare International Airport,           
Revenue Bonds (General Airport Third           
Lien)  5.63  1/1/35  1,015,000   1,097,134 
Chicago O'Hare International Airport,           
Revenue Bonds (General Airport Third           
Lien) (Prerefunded)  5.63  1/1/21  3,985,000 d  4,350,066 
Illinois,           
GO  5.00  11/1/27  3,400,000   3,629,602 
Illinois,           
GO  5.00  12/1/39  3,400,000   3,555,686 
Metropolitan Pier and Exposition           
Authority,           
Dedicated Tax Revenue Bonds (Capital           
Appreciation-McCormick Place           
Expansion Project) (Insured; MBIA           
Insurance Corporation)  0.00  12/15/36  2,500,000 e  1,062,875 
Metropolitan Pier and Exposition           
Authority,           
Revenue Bonds (McCormick Place           
Expansion Project)  5.00  12/15/28  3,000,000   3,155,550 
Metropolitan Pier and Exposition           
Authority,           
Revenue Bonds (McCormick Place           
Expansion Project)  0.00  12/15/51  18,100,000 e  3,353,387 
Metropolitan Pier and Exposition           
Authority,           
Revenue Bonds (McCormick Place           
Expansion Project)  5.00  6/15/52  1,650,000   1,698,758 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 156.7% (continued)       
Illinois - 11.5% (continued)           
Metropolitan Pier and Exposition           
Authority,           
Revenue Bonds (McCormick Place           
Expansion Project)  5.00  6/15/53  3,500,000   3,652,425 
Railsplitter Tobacco Settlement           
Authority,           
Tobacco Settlement Revenue Bonds           
(Prerefunded)  6.00  6/1/21  5,050,000 d  5,639,688 
Tender Option Bond Trust Receipts           
(Series 2016-XM0378), 12/1/32,           
(Greater Chicago Metropolitan Water           
Reclamation District, GO Capital           
Improvement Bonds) Non-recourse  5.00  2/15/21  7,500,000 b,c  8,056,744 
Tender Option Bond Trust Receipts           
(Series 2017-XM0492), 10/1/40,           
(Illinois Finance Authority, Revenue           
Bonds (The University of Chicago))           
Non-recourse  5.00  10/1/40  12,000,000 b,c  13,245,180 
University of Illinois Board of Trustees,           
Auxiliary Facilities System Revenue           
Bonds (University of Illinois)  5.00  4/1/44  1,000,000   1,083,350 
          60,458,743 
Indiana - .6%           
Indiana Finance Authority,           
Midwestern Disaster Relief Revenue           
Bonds (Ohio Valley Electric Corporation           
Project) Series 2012 A  5.00  6/1/39  1,585,000   1,593,290 
Indiana Finance Authority,           
Revenue Bonds (Marquette Project)  5.00  3/1/39  1,400,000   1,459,276 
          3,052,566 
Iowa - 1.9%           
Iowa Finance Authority,           
Midwestern Disaster Area Revenue           
Bonds (Iowa Fertilizer Company           
Project)  5.25  12/1/25  7,375,000   7,893,315 
Tobacco Settlement Authority of Iowa,           
Tobacco Settlement Asset-Backed           
Bonds  5.60  6/1/34  2,000,000   2,019,380 
          9,912,695 
Louisiana - 2.9%           
Louisiana Local Government           
Environmental Facilities and           
Community Development Authority,           
Revenue Bonds, Refunding (Westlake           
Chemical Corporation Project)  3.50  11/1/32  3,100,000   3,064,350 
New Orleans,           
Sewage Service Revenue Bonds  5.00  6/1/40  500,000   550,505 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 156.7% (continued)       
Louisiana - 2.9% (continued)           
Tender Option Bond Trust Receipts           
(Series 2018-XF2584), 7/1/2047,           
(Louisiana Public Facilities Authority,           
Hospital Revenue Bonds (Franciscan           
Missionaries of Our Lady Health System           
Project)) Recourse  5.00  7/1/25  10,755,000 b,c  11,840,280 
          15,455,135 
Maine - .6%           
Maine Health and Higher Educational           
Facilities Authority,           
Revenue Bonds (Maine General Medical           
Center Issue)  7.50  7/1/32  3,000,000   3,341,940 
Maryland - 2.6%           
Maryland Health and Higher Educational           
Facilities Authority,           
Revenue Bonds (Adventist HealthCare           
Issue)  5.50  1/1/46  3,250,000   3,642,893 
Tender Option Bond Trust Receipts           
(Series 2016-XM0391), 7/1/42,           
(Mayor and City Council of Baltimore,           
Project Revenue Bonds (Water           
Projects)) Non-recourse  5.00  7/1/21  9,000,000 b,c  9,971,122 
          13,614,015 
Massachusetts - 10.1%           
Massachusetts Development Finance           
Agency,           
Revenue Bonds, Refunding (NewBridge           
Charles)  5.00  10/1/57  1,000,000 b  1,064,650 
Massachusetts Health and Educational           
Facilities Authority,           
Revenue Bonds (Suffolk University           
Issue)  6.25  7/1/30  2,065,000   2,143,904 
Massachusetts Health and Educational           
Facilities Authority,           
Revenue Bonds (Suffolk University           
Issue) (Prerefunded)  6.25  7/1/19  3,585,000 d  3,752,097 
Tender Option Bond Trust Receipts           
(Series 2016-XM0368), 2/1/34,           
(Massachusetts Development Finance           
Agency, Revenue Bonds (Harvard           
University Issue)) Non-recourse  5.25  6/18/20  10,000,000 b,c  10,857,000 
Tender Option Bond Trust Receipts           
(Series 2016-XM0372), 4/1/27,           
(Massachusetts, Consolidated Loan)           
Non-recourse  5.00  8/4/20  8,600,000 b,c  9,318,895 
Tender Option Bond Trust Receipts           
(Series 2016-XM0389), 5/15/43,           
(Massachusetts School Building           
Authority, Senior Dedicated Sales Tax           
Revenue Bonds) Non-recourse  5.00  5/15/21  10,000,000 b,c  11,039,525 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 156.7% (continued)       
Massachusetts - 10.1% (continued)           
Tender Option Bond Trust Receipts           
(Series 2018-XM0610), 6/1/47,           
(Massachusetts Transportation Fund,           
Revenue Bonds (Rail Enhancement &           
Accelerated Bridge Programs))           
Recourse  5.00  6/1/25  12,750,000 b,c  14,671,496 
          52,847,567 
Michigan - 7.0%           
Detroit,           
Water Supply System Senior Lien           
Revenue Bonds  5.00  7/1/31  3,000,000   3,175,890 
Great Lakes Water Authority,           
Sewage Disposal System Second Lien           
Revenue Bonds  5.00  7/1/36  3,000,000   3,320,250 
Michigan Finance Authority,           
HR (Beaumont Health Credit Group)  5.00  11/1/44  5,165,000   5,686,252 
Michigan Finance Authority,           
Local Government Loan Program           
Revenue Bonds (Detroit Water and           
Sewerage Department, Sewage Disposal           
System Revenue Bonds Senior Lien           
Local Project Bonds) (Insured; Assured           
Guaranty Municipal Corp.)  5.00  7/1/31  2,000,000   2,237,740 
Michigan Finance Authority,           
Local Government Loan Program           
Revenue Bonds (Detroit Water and           
Sewerage Department, Water Supply           
System Revenue Bonds Second Lien           
Local Project Bonds)  5.00  7/1/34  2,000,000   2,191,200 
Michigan Finance Authority,           
Local Government Loan Program           
Revenue Bonds (Detroit Water and           
Sewerage Department, Water Supply           
System Revenue Bonds Senior Lien           
Local Project Bonds) (Insured; National           
Public Finance Guarantee Corp.)  5.00  7/1/36  2,000,000   2,181,280 
Michigan Hospital Finance Authority,           
HR (Henry Ford Health System)           
(Prerefunded)  5.63  11/15/19  5,000,000 d  5,266,700 
Michigan Strategic Fund,           
SWDR (Genesee Power Station Project)  7.50  1/1/21  3,560,000   3,514,930 
Michigan Tobacco Settlement Finance           
Authority,           
Tobacco Settlement Asset-Backed           
Bonds  6.88  6/1/42  5,000,000   5,009,850 
Michigan Tobacco Settlement Finance           
Authority,           
Tobacco Settlement Asset-Backed           
Bonds  6.00  6/1/48  4,000,000   4,020,640 
          36,604,732 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 156.7% (continued)       
Minnesota - 1.0%           
Dakota County Community Development           
Agency,           
SFMR (Mortgage-Backed Securities           
Program) (Collateralized: FHLMC,           
FNMA and GNMA)  5.15  12/1/38  30,054   30,066 
Dakota County Community Development           
Agency,           
SFMR (Mortgage-Backed Securities           
Program) (Collateralized: FHLMC,           
FNMA and GNMA)  5.30  12/1/39  47,738   47,841 
Minneapolis,           
Health Care System Revenue Bonds           
(Fairview Health Services) (Insured;           
Assured Guaranty Corp.)  6.50  11/15/38  4,190,000   4,268,395 
Minneapolis,           
Health Care System Revenue Bonds           
(Fairview Health Services) (Insured;           
Assured Guaranty Corp.) (Prerefunded)  6.50  11/15/18  810,000 d  825,155 
          5,171,457 
Mississippi - 2.2%           
Mississippi Business Finance           
Corporation,           
PCR (System Energy Resources, Inc.           
Project)  5.88  4/1/22  5,720,000   5,731,783 
Mississippi Development Bank,           
Special Obligation Revenue Bonds           
(Magnolia Regional Health Center           
Project)  6.50  10/1/31  5,500,000   5,787,430 
          11,519,213 
Missouri - 1.7%           
Saint Louis County Industrial           
Development Authority,           
Tax Increase Financing Revenue Bonds           
(Saint Louis Innovation District Project)  4.38  5/15/36  3,500,000   3,504,340 
Saint Louis Land Clearance           
Redevelopment Authority,           
Annual Appropriation Redevelopment           
Revenue Bonds (National Geospatial-           
Intelligence Agency Site Improvements           
Project)  5.13  6/1/46  5,000,000   5,361,300 
          8,865,640 
Nevada - .3%           
Reno,           
Sales Tax Revenue Bonds, Refunding           
(Reno Transportation Rail Access           
Project) (Insured; Assured Guaranty           
Municipal Corporation) Series 2018 A  4.00  6/1/58  1,500,000   1,522,980 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 156.7% (continued)       
New Jersey - 4.3%           
Essex County Improvement Authority,           
SWDR (Covanta Project)  5.25  7/1/45  1,000,000 b  1,011,490 
New Jersey Economic Development           
Authority,           
Revenue Bonds  5.25  6/15/27  4,000,000   4,418,080 
New Jersey Economic Development           
Authority,           
Special Facility Revenue Bonds           
(Continental Airlines, Inc. Project)  5.25  9/15/29  3,375,000   3,668,828 
New Jersey Tobacco Settlement Financing           
Corp.,           
Revenue Bonds, Refunding, Ser. B  5.00  6/1/46  7,500,000   8,076,600 
New Jersey Transportation Trust Fund           
Authority,           
Transportation Program Revenue           
Bonds  5.25  6/15/33  1,500,000   1,631,730 
Tender Option Bond Trust Receipts           
(Series 2018-XF2538), 6/15/40,           
(New Jersey Economic Development           
Authority, Revenue Bonds) Recourse  5.25  12/15/23  3,250,000 b,c  3,492,381 
          22,299,109 
New Mexico - 1.4%           
Farmington,           
PCR (Public Service Company of New           
Mexico San Juan Project)  5.90  6/1/40  7,000,000   7,460,250 
New York - 12.7%           
New York City Educational Construction           
Fund,           
Revenue Bonds  6.50  4/1/27  4,490,000   5,017,844 
New York City Industrial Development           
Agency,           
PILOT Revenue Bonds (Yankee Stadium           
Project) (Insured; Assured Guaranty           
Corp.)  7.00  3/1/49  5,000,000   5,174,000 
New York Convention Center           
Development Corporation,           
Senior Lien Revenue Bonds (Hotel Unit           
Fee Secured)  0.00  11/15/47  6,800,000 e  2,119,084 
New York Counties Tobacco Trust V,           
Revenue Bonds  0.00  6/1/50  27,255,000 e  3,747,563 
New York Liberty Development           
Corporation,           
Revenue Bonds (3 World Trade Center           
Project)  5.00  11/15/44  7,000,000 b  7,434,140 
New York Transportation Development           
Corporation,           
Special Facility Revenue Bonds           
(American Airlines, Inc. John F.           
Kennedy International Airport Project)  5.00  8/1/26  500,000   527,970 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 156.7% (continued)       
New York - 12.7% (continued)           
New York Transportation Development           
Corporation,           
Special Facility Revenue Bonds           
(LaGuardia Airport Terminal B           
Redevelopment Project)  5.00  7/1/46  3,500,000   3,779,720 
Niagara Area Development Corporation,           
Solid Waste Disposal Facility Revenue           
Bonds (Covanta Energy Project)  5.25  11/1/42  3,000,000 b  3,002,010 
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   2,192,320 
Tender Option Bond Trust Receipts           
(Series 2016-XM0370), 11/1/25,           
(New York City Transitional Finance           
Authority, Future Tax Secured           
Subordinate Revenue Bonds) Non-           
recourse  5.25  4/5/20  5,000,000 b,c  5,384,262 
Tender Option Bond Trust Receipts           
(Series 2016-XM0438), 11/1/27,           
(New York City Transitional Finance           
Authority, Future Tax Secured           
Subordinate Revenue Bonds) Recourse  5.50  11/1/27  5,000,000 b,c  5,409,400 
Tender Option Bond Trust Receipts           
(Series 2016-XM0445), 6/15/39,           
(New York City Municipal Water           
Finance Authority, Water and Sewer           
System General Resolution Revenue           
Bonds) Recourse  5.00  6/15/39  20,000,000 b,c  20,583,960 
TSASC Inc.,           
Tobacco Settlement Subordinate Bonds  5.00  6/1/48  2,000,000   2,053,440 
          66,425,713 
North Carolina - .2%           
North Carolina Medical Care Commission,           
Health Care Facilities First Mortgage           
Revenue Bonds (Pennybryn at           
Maryfield)  5.00  10/1/35  1,005,000   1,061,692 
Ohio - 11.6%           
Buckeye Tobacco Settlement Financing           
Authority,           
Tobacco Settlement Asset-Backed           
Bonds  0.00  6/1/47  48,020,000 e  3,956,368 
Buckeye Tobacco Settlement Financing           
Authority,           
Tobacco Settlement Asset-Backed           
Bonds  6.50  6/1/47  14,690,000   15,066,505 
Butler County,           
Hospital Facilities Revenue Bonds (UC           
Health) (Prerefunded)  5.50  11/1/20  2,360,000 d  2,556,989 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 156.7% (continued)       
Ohio - 11.6% (continued)           
Butler County,           
Hospital Facilities Revenue Bonds (UC           
Health) (Prerefunded)  5.50  11/1/20  1,490,000 d  1,616,158 
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  2,719,260 
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  2,513,086 
Cuyahoga County Hospital,           
Revenue Bonds (The Metrohealth           
System)  5.00  2/15/57  2,000,000   2,095,420 
Hamilton County,           
Healthcare Improvement Revenue           
Bonds (Life Enriching Communities           
Project)  5.00  1/1/51  2,000,000   2,147,160 
Muskingum County,           
Hospital Facilities Revenue Bonds           
(Genesis HealthCare System Obligated           
Group Project)  5.00  2/15/22  4,590,000   4,892,527 
Ohio Air Quality Development Authority,           
Air Quality Revenue Bonds (Ohio Valley           
Electric Corporation Project)  5.63  10/1/19  1,900,000   1,950,768 
Ohio Air Quality Development Authority,           
Revenue Bonds (Pratt Paper LLC           
Project)  4.50  1/15/48  2,250,000 b  2,336,603 
Tender Option Bond Trust Receipts           
(Series 2016-XM0380), 12/1/38,           
(Hamilton County, Sewer System           
Improvement Revenue Bonds (The           
Metropolitan Sewer District of Greater           
Cincinnati)) Non-recourse  5.00  6/1/33  17,000,000 b,c  18,967,410 
          60,818,254 
Oklahoma - .3%           
Oklahoma Development Finance           
Authority,           
Health System Revenue Bonds (OU           
Medicine Project) Series 2018 B  5.25  8/15/48  1,500,000   1,689,270 
Oregon - 1.0%           
Clackmas County Hospital Facility           
Authority,           
Revenue Bonds, Refunding (Senior           
Living-Willamette View Project)  5.00  11/15/52  1,500,000   1,643,490 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 156.7% (continued)       
Oregon - 1.0% (continued)           
Warm Springs Reservation Confederated           
Tribes,           
Hydroelectric Revenue Bonds (Pelton           
Round Butte Project)  6.38  11/1/33  3,300,000   3,436,290 
          5,079,780 
Pennsylvania - 2.6%           
Crawford County Hospital Authority,           
HR (Meadville Medical Center Project)  6.00  6/1/46  1,175,000   1,220,602 
Philadelphia,           
GO (Prerefunded)  6.50  8/1/20  3,550,000 d  3,898,681 
Tender Option Bond Trust Receipts           
(Series 2016-XM0373), 6/1/41,           
(Geisinger Authority, Health System           
Revenue Bonds (Geisinger Health           
System)) Non-recourse  5.13  6/1/35  3,000,000 b,c  3,192,383 
Tender Option Bond Trust Receipts           
(Series 2018-XM0594), 11/1/50,           
(Berks County Industrial Development           
Authority, Health System Revenue           
Bonds, Refunding (Tower Health           
Project)) Recourse  5.00  11/1/25  4,920,000 b,c  5,431,434 
          13,743,100 
Rhode Island - 1.0%           
Rhode Island Health and Educational           
Building Corporation,           
Hospital Financing Revenue Bonds           
(Lifespan Obligated Group Issue)           
(Insured; Assured Guaranty Corp.)           
(Prerefunded)  7.00  5/15/19  5,000,000 d  5,234,900 
South Carolina - 5.8%           
South Carolina Public Service Authority,           
Revenue Bonds Obligations (Santee           
Cooper) (Prerefunded)  5.50  1/1/19  3,705,000 d  3,779,396 
Tender Option Bond Trust Receipts           
(Series 2016-XM0384), 12/1/43,           
(South Carolina Public Service           
Authority, Revenue Bonds Obligations           
(Santee Cooper)) Non-recourse  5.13  6/1/37  15,000,000 b,c  15,978,200 
Tender Option Bond Trust Receipts           
(Series 2016-XM0442), 2/1/40,           
(Columbia, Waterworks and Sewer           
System Revenue Bonds) Recourse  5.00  2/1/40  10,000,000 b,c  10,504,900 
          30,262,496 
Tennessee - 4.4%           
Metropolitan Government of Nashville           
and Davidson County Health and           
Educational Facilities Board,           
Revenue Bonds (The Vanderbilt           
University) (Prerefunded)  5.50  10/1/19  7,000,000 d  7,340,200 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 156.7% (continued)       
Tennessee - 4.4% (continued)           
Tender Option Bond Trust Receipts           
(Series 2016-XM0388), 7/1/40,           
(Metropolitan Government of Nashville           
and Davidson County, Water and Sewer           
Revenue Bonds) Non-recourse  5.00  7/1/21  5,000,000 b,c  5,544,662 
Tender Option Bond Trust Receipts           
(Series 2016-XM0446), 11/15/40,           
(Rutherford County Health and           
Educational Facilities Board, Revenue           
Bonds (Ascension Health Senior Credit           
Group)) Recourse  5.00  11/15/40  10,000,000 b,c  10,403,350 
          23,288,212 
Texas - 11.3%           
Central Texas Regional Mobility           
Authority,           
Senior Lien Revenue Bonds  5.00  1/1/45  1,500,000   1,639,500 
Clifton Higher Education Finance           
Corporation,           
Education Revenue Bonds           
(International Leadership of Texas)  5.75  8/15/45  4,500,000   4,645,350 
Clifton Higher Education Finance           
Corporation,           
Education Revenue Bonds (Uplift           
Education)  4.50  12/1/44  2,500,000   2,547,325 
Clifton Higher Education Finance           
Corporation,           
Education Revenue Bonds (Uplift           
Education) (Prerefunded)  6.00  12/1/20  2,500,000 d  2,742,250 
Dallas Area Rapid Transit,           
Senior Lien Sales Tax Revenue Bonds           
(Prerefunded)  5.25  12/1/18  10,000,000 d  10,157,100 
Harris County Health Facilities           
Development Corporation,           
HR (Memorial Hermann Healthcare           
System) (Prerefunded)  7.25  12/1/18  2,000,000 d  2,047,760 
Harris County-Houston Sports Authority,           
Senior Lien Revenue Bonds (Insured;           
Assured Guaranty Municipal Corp.)  0.00  11/15/50  6,500,000 e  1,485,705 
Houston,           
Combined Utility System First Lien           
Revenue Bonds (Insured; Assured           
Guaranty Corp. )  6.00  11/15/36  295,000   306,328 
Houston,           
Combined Utility System First Lien           
Revenue Bonds (Insured; Assured           
Guaranty Corp. ) (Prerefunded)  6.00  5/15/19  4,705,000 d  4,883,602 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 156.7% (continued)       
Texas - 11.3% (continued)           
Tender Option Bond Trust Receipts           
(Series 2016-XM0377), 2/1/43,           
(San Antonio, Electric and Gas Systems           
Junior Lien Revenue Bonds) Non-           
recourse  5.00  2/1/21  16,750,000 b,c  18,252,499 
Tender Option Bond Trust Receipts           
(Series 2017-XF2422), 8/15/40,           
(Leander Independent School District,           
Unlimited Tax School Building Bonds           
(Permanent School Fund Guarantee           
Program)) Recourse  5.00  8/15/40  8,505,000 b,c  8,824,125 
Texas Department of Housing and           
Community Affairs,           
Home Mortgage Revenue Bonds           
(Collateralized: FHLMC, FNMA and           
GNMA)  10.75  7/2/24  50,000 f  51,529 
Texas Private Activity Bond Surface           
Transportation Corporation,           
Senior Lien Revenue Bonds (Blueridge           
Transportation Group, State Highway           
288 Toll Lanes Project)  5.00  12/31/50  1,300,000   1,403,545 
          58,986,618 
Virginia - 5.2%           
Chesterfield County Economic           
Development Authority,           
Retirement Facilities First Mortgage           
Revenue Bonds (Brandermill Woods           
Project)  5.13  1/1/43  2,100,000   2,168,712 
Tender Option Bond Trust Receipts           
(Series 2016-XM0448), 11/1/40,           
(Virginia Small Business Financing           
Authority, Health Care Facilities           
Revenue Bonds (Sentara Healthcare))           
Recourse  5.00  11/1/40  10,000,000 b,c  10,527,875 
Tender Option Bond Trust Receipts           
(Series 2018-XM0593), 7/1/57,           
(Hampton Roads Transportation           
Accountability Commission, Revenue           
Bonds) Recourse  5.50  1/1/26  7,500,000 b,c  9,006,956 
Virginia Small Business Financing           
Authority,           
Private Activity Revenue Bonds           
(Transform 66 P3 Project)  5.00  12/31/56  5,000,000   5,461,350 
          27,164,893 
Washington - 3.4%           
Tender Option Bond Trust Receipts           
(Series 2016-XM0441), 1/1/33,           
(King County, Limited Tax GO (Payable           
from Sewer Revenue Bonds)) Recourse  5.13  1/1/33  10,000,000 b,c  10,178,280 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 156.7% (continued)       
Washington - 3.4% (continued)           
Tender Option Bond Trust Receipts           
(Series 2017-XF2423), 1/1/29,           
(King County, Server Revenue Bonds)           
Recourse  5.00  6/1/20  4,000,000 b,c  4,292,270 
Washington Housing Finance           
Commission,           
Nonprofit Housing Revenue Bonds           
(Presbyterian Retirement Communities           
Northwest Projects)  5.00  1/1/46  1,500,000 b  1,598,220 
Washington Housing Finance           
Commission,           
Nonprofit Housing Revenue Bonds           
(Presbyterian Retirement Communities           
Northwest Projects)  5.00  1/1/51  1,700,000 b  1,806,301 
          17,875,071 
Wisconsin - .8%           
Public Finance Authority,           
Retirement Facility Revenue Bonds           
(Southminster Inc.)  5.00  10/1/48  2,000,000 b  2,129,840 
Public Finance Authority,           
Revenue Bonds (Denver International           
Airport Great Hall Project)  5.00  9/30/49  1,000,000   1,100,090 
Public Finance Authority,           
Senior Living Revenue Bonds (Mary's           
Woods At Marylhurst Project)  5.25  5/15/47  750,000 b  817,673 
          4,047,603 
U.S. Related - 1.7%           
Guam,           
LOR (Section 30) (Prerefunded)  5.75  12/1/19  2,000,000 d  2,113,880 
Guam Housing Corporation,           
SFMR (Guaranteed Mortgage-Backed           
Securities Program) (Collateralized;           
FHLMC)  5.75  9/1/31  965,000   977,603 
Guam Waterworks Authority,           
Water and Wastewater System           
Revenue Bonds (Prerefunded)  5.63  7/1/20  2,000,000 d  2,152,060 
Puerto Rico Commonwealth,           
Public Improvement GO (Insured;           
Assured Guaranty Municipal Corp.)  5.00  7/1/35  3,500,000   3,702,825 
          8,946,368 
Total Long-Term Municipal Investments           
(cost $771,412,856)          820,872,815 

 

 

Short-Term Municipal Investments - .9%             
California - .6%             
California Statewide Communities             
Development Authority,             
Revenue Bonds, Refunding (Rady             
Children's Hospital) (LOC; Wells Fargo             
Bank NA) Series 2008 B  0.52  7/1/18  3,000,000 g  3,000,000  
Massachusetts - .3%             
Massachusetts Health and Educational             
Facilities Authority,             
Revenue Bonds (Baystate Medical             
Center Issue) (LOC; JPMorgan Chase             
Bank)  1.46  7/1/18  1,900,000 g  1,900,000  
Total Short-Term Municipal Investments             
(cost $4,900,000)          4,900,000  
Total Investments (cost $776,312,856)      157.6 %  825,772,815  
Liabilities, Less Cash and Receivables      (42.5 %)  (222,977,661 ) 
Preferred Stock, at redemption value      (15.1 %)  (78,900,000 ) 
Net Assets Applicable to Common Shareholders      100.0 %  523,895,154  

 

a Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. 
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in 
transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2018, these securities amounted to 
$376,888,479, or 71.94% of net assets applicable to Common Shareholders. 
c Collateral for floating rate borrowings. 
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 June 30, 2018. 
g The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and 
may, but need not, be established by reference to one or more financial indices. 

 

 

STATEMENT OF INVESTMENTS
Dreyfus Strategic Municipals, Inc.
June 30, 2018 (Unaudited)

The following is a summary of the inputs used as of June 30, 2018 in valuing the fund’s investments:

    Level 2 - Other   Level 3 -     
  Level 1 -  Significant   Significant     
  Unadjusted  Observable   Unobservable     
  Quoted Prices  Inputs   Inputs  Total  
Assets ($)             
Investments in Securities:             
Municipal Bonds†  -  825,772,815   -  825,772,815  
Liabilities ($)             
Floating Rate Notes††  -  (228,898,237 )  -  (228,898,237 ) 

 

†  See Statement of Investments for additional detailed categorizations. 
††  Certain of the fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. 

 

 

NOTES

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the fund's Board Members (the “Board”) Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at

 

NOTES

fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.

The Service is engaged under the general supervision of the Board.

When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value 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 “Inverse Floater Trust”). The Inverse Floater Trust typically issues two variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals (“Trust Certificates”). A residual interest tax-exempt security is also created by the Inverse Floater Trust, which is transferred to the fund, and is paid interest based on the remaining cash flows of the Inverse Floater Trust, after payment of interest on the other securities and various expenses of the Inverse Floater Trust. An Inverse Floater Trust may be collapsed without the consent of the fund due to certain termination events such as bankruptcy, default or other credit event.

The fund accounts for the transfer of bonds to the Inverse Floater Trust as secured borrowings, with the securities transferred remaining in the fund’s investments, and the Trust Certificates reflected as fund liabilities in the Statement of Assets and Liabilities.

The fund may invest in inverse floater securities on either a non-recourse or recourse basis. These securities are typically supported by a liquidity facility provided by a bank or other financial institution (the “Liquidity Provider”) that allows the holders of the Trust Certificates to tender their certificates in exchange for payment from the Liquidity Provider of par plus accrued interest on any business day prior to a termination event. When the fund invests in inverse floater securities on a non-recourse basis, the Liquidity

 

NOTES

Provider is required to make a payment under the liquidity facility due to a termination event to the holders of the Trust Certificates. When this occurs, the Liquidity Provider typically liquidates all or a portion of the municipal securities held in the Inverse Floater Trust. A liquidation shortfall occurs if the Trust Certificates exceed the proceeds of the sale of the bonds in the Inverse Floater Trust (“Liquidation Shortfall”). When a fund invests in inverse floater securities on a recourse basis, the fund typically enters into a reimbursement agreement with the Liquidity Provider where the fund is required to repay the Liquidity Provider the amount of any Liquidation Shortfall. As a result, a fund investing in a recourse inverse floater security bears the risk of loss with respect to any Liquidation Shortfall.

At June 30, 2018, accumulated net unrealized appreciation on investments was $49,459,959, consisting of $50,371,378 gross unrealized appreciation and $911,419 gross unrealized depreciation.

At June 30, 2018, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.

 

 

Item 2.             Controls and Procedures.

(a)        The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b)        There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. 

Item 3.             Exhibits.

(a)        Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

 

FORM N-Q

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dreyfus Strategic Municipals, Inc.

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:    August 15, 2018

 

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 15, 2018

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    August 15, 2018

 

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)