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 |
811-5877 | |||||
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Dreyfus Strategic Municipal Bond Fund, Inc. |
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(Exact name of Registrant as specified in charter) |
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c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166 |
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(Address of principal executive offices) (Zip code) |
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Michael A. Rosenberg, Esq. 200 Park Avenue New York, New York 10166 |
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(Name and address of agent for service) |
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Registrant's telephone number, including area code: |
(212) 922-6000 | |||||
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Date of fiscal year end:
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11/30 |
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Date of reporting period: |
2/28/2011 |
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-1-
STATEMENT OF INVESTMENTS | |||||
Dreyfus Strategic Municipal Bond Fund, Inc. | |||||
February 28, 2011 (Unaudited) | |||||
Long-Term Municipal | Coupon | Maturity | Principal | ||
Investments--148.6% | Rate (%) | Date | Amount ($) | Value ($) | |
Alaska--1.0% | |||||
Alaska Housing Finance | |||||
Corporation, Single-Family | |||||
Residential Mortgage Revenue | |||||
(Veterans Mortgage Program) | 6.25 | 6/1/35 | 3,630,000 | 3,632,468 | |
Arizona--7.9% | |||||
Barclays Capital Municipal Trust | |||||
Receipts (Salt River Project | |||||
Agricultural Improvement and | |||||
Power District, Salt River | |||||
Project Electric System | |||||
Revenue) | 5.00 | 1/1/38 | 13,200,000 | a,b | 13,189,440 |
Glendale Western Loop 101 Public | |||||
Facilities Corporation, Third | |||||
Lien Excise Tax Revenue | 7.00 | 7/1/33 | 6,010,000 | 6,303,949 | |
Pima County Industrial Development | |||||
Authority, Education Revenue | |||||
(American Charter Schools | |||||
Foundation Project) | 5.50 | 7/1/26 | 4,000,000 | 3,488,360 | |
Pima County Industrial Development | |||||
Authority, IDR (Tucson | |||||
Electric Power Company Project) | 5.75 | 9/1/29 | 6,000,000 | 5,851,320 | |
California--15.6% | |||||
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 | 5,233,850 |
Beverly Hills Unified School | |||||
District, GO | 0.00 | 8/1/30 | 8,000,000 | c | 2,406,800 |
California, | |||||
GO (Various Purpose) | 5.75 | 4/1/31 | 7,800,000 | 8,061,768 | |
California, |
GO (Various Purpose) | 6.00 | 3/1/33 | 2,250,000 | 2,365,762 | |
California, | |||||
GO (Various Purpose) | 6.50 | 4/1/33 | 5,000,000 | 5,438,350 | |
California, | |||||
GO (Various Purpose) | 6.00 | 11/1/35 | 5,000,000 | 5,203,400 | |
California Pollution Control | |||||
Financing Authority, SWDR | |||||
(Waste Management, Inc. | |||||
Project) | 5.13 | 11/1/23 | 1,500,000 | 1,497,810 | |
Golden State Tobacco | |||||
Securitization Corporation, | |||||
Tobacco Settlement | |||||
Asset-Backed Bonds | 4.50 | 6/1/27 | 2,000,000 | 1,439,960 | |
Golden State Tobacco | |||||
Securitization Corporation, | |||||
Tobacco Settlement | |||||
Asset-Backed Bonds | 5.00 | 6/1/33 | 8,335,000 | 5,433,920 | |
Los Angeles Department of Water | |||||
and Power, Power System Revenue | 5.00 | 7/1/34 | 2,885,000 | 2,824,502 | |
Sacramento City Unified School | |||||
District, GO (Insured; Assured | |||||
Guaranty Municipal Corp.) | 0.00 | 7/1/24 | 5,220,000 | c | 2,361,058 |
Sacramento County, | |||||
Airport System Subordinate and | |||||
Passenger Facility Charges | |||||
Grant Revenue | 6.00 | 7/1/35 | 4,000,000 | 4,048,120 | |
San Diego Public Facilities | |||||
Financing Authority, Senior | |||||
Sewer Revenue | 5.25 | 5/15/34 | 2,500,000 | 2,511,375 | |
Santa Margarita/Dana Point | |||||
Authority, Revenue (Santa | |||||
Margarita Water District | |||||
Improvement Districts Numbers | |||||
2,3 and 4) | 5.13 | 8/1/38 | 5,000,000 | 4,905,900 | |
Silicon Valley Tobacco | |||||
Securitization Authority, | |||||
Tobacco Settlement | |||||
Asset-Backed Bonds (Santa | |||||
Clara County Tobacco | |||||
Securitization Corporation) | 0.00 | 6/1/36 | 15,290,000 | c | 1,221,365 |
Tuolumne Wind Project Authority, | ||||
Revenue (Tuolumne Company | ||||
Project) | 5.88 | 1/1/29 | 2,000,000 | 2,130,240 |
Colorado--1.6% | ||||
Arkansas River Power Authority, | ||||
Power Improvement Revenue | 6.13 | 10/1/40 | 5,000,000 | 4,902,600 |
Colorado Housing and Finance | ||||
Authority, Single Family | ||||
Program Senior and Subordinate | ||||
Bonds (Collateralized; FHA) | 6.60 | 8/1/32 | 1,040,000 | 1,098,542 |
Connecticut--3.8% | ||||
Connecticut Development Authority, | ||||
PCR (Connecticut Light and | ||||
Power Company Project) | 5.95 | 9/1/28 | 9,000,000 | 9,034,470 |
Connecticut Resources Recovery | ||||
Authority, Special Obligation | ||||
Revenue (American REF-FUEL | ||||
Company of Southeastern | ||||
Connecticut Project) | 6.45 | 11/15/22 | 4,985,000 | 4,984,601 |
District of Columbia--.4% | ||||
Metropolitan Washington Airports | ||||
Authority, Special Facility | ||||
Revenue (Caterair | ||||
International Corporation) | 10.13 | 9/1/11 | 1,300,000 | 1,292,343 |
Florida--5.1% | ||||
Highlands County Health Facilities | ||||
Authority, HR (Adventist | ||||
Health System/Sunbelt | ||||
Obligated Group) | 5.00 | 11/15/27 | 3,500,000 | 3,372,985 |
Mid-Bay Bridge Authority, | ||||
Springing Lien Revenue | 7.25 | 10/1/34 | 5,000,000 | 5,035,500 |
Orange County School Board, | ||||
COP (Master Lease Purchase | ||||
Agreement) (Insured; Assured | ||||
Guaranty Municipal Corp.) | 5.50 | 8/1/34 | 4,500,000 | 4,520,880 |
Saint Johns County Industrial | ||||
Development Authority, Revenue | ||||
(Presbyterian Retirement | ||||
Communities Project) | 6.00 | 8/1/45 | 3,500,000 | 3,242,330 |
South Lake County Hospital |
District, Revenue (South Lake | ||||
Hospital, Inc.) | 6.25 | 4/1/39 | 2,500,000 | 2,463,375 |
Georgia--4.3% | ||||
Atlanta, | ||||
Water and Wastewater Revenue | 6.00 | 11/1/28 | 4,865,000 | 5,156,219 |
Atlanta, | ||||
Water and Wastewater Revenue | ||||
(Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.25 | 11/1/34 | 3,750,000 | 3,739,612 |
Augusta, | ||||
Airport Revenue | 5.45 | 1/1/31 | 2,500,000 | 2,142,625 |
Georgia Housing and Finance | ||||
Authority, SFMR | 5.60 | 12/1/32 | 1,990,000 | 1,990,239 |
Savannah Economic Development | ||||
Authority, EIR (International | ||||
Paper Company Project) | 6.20 | 8/1/27 | 2,670,000 | 2,688,904 |
Hawaii--1.2% | ||||
Hawaii Department of Budget and | ||||
Finance, Special Purpose | ||||
Revenue (Hawai'i Pacific | ||||
Health Obligated Group) | 5.63 | 7/1/30 | 2,500,000 | 2,385,075 |
Hawaii Department of Budget and | ||||
Finance, Special Purpose | ||||
Revenue (Hawaiian Electric | ||||
Company, Inc. and Subsidiary | ||||
Projects) | 6.50 | 7/1/39 | 2,000,000 | 1,973,520 |
Idaho--.1% | ||||
Idaho Housing and Finance | ||||
Association, SFMR | ||||
(Collateralized; FNMA) | 6.35 | 1/1/30 | 210,000 | 210,153 |
Illinois--2.7% | ||||
Chicago, | ||||
SFMR (Collateralized: FHLMC, | ||||
FNMA and GNMA) | 6.25 | 10/1/32 | 935,000 | 965,369 |
Illinois, | ||||
GO | 5.00 | 3/1/28 | 2,500,000 | 2,329,050 |
Illinois Finance Authority, | ||||
Recovery Zone Facility Revenue | ||||
(Navistar International |
Corporation Project) | 6.50 | 10/15/40 | 2,000,000 | 2,028,360 | |
Illinois Finance Authority, | |||||
Revenue (Sherman Health | |||||
Systems) | 5.50 | 8/1/37 | 2,020,000 | 1,706,173 | |
Railsplitter Tobacco Settlement | |||||
Authority, Tobacco Settlement | |||||
Revenue | 6.00 | 6/1/28 | 3,000,000 | 2,942,850 | |
Indiana--1.2% | |||||
Indianapolis Local Public | |||||
Improvement Bond Bank, Revenue | |||||
(Indianapolis Airport | |||||
Authority Project) (Insured; | |||||
AMBAC) | 5.00 | 1/1/36 | 5,000,000 | 4,355,250 | |
Iowa--.4% | |||||
Tobacco Settlement Authority of | |||||
Iowa, Tobacco Settlement | |||||
Asset-Backed Bonds | 5.60 | 6/1/34 | 2,000,000 | 1,595,580 | |
Kentucky--.3% | |||||
Louisville/Jefferson County Metro | |||||
Government, Health Facilities | |||||
Revenue (Jewish Hospital and | |||||
Saint Mary's HealthCare, Inc. | |||||
Project) | 6.13 | 2/1/37 | 1,000,000 | 972,750 | |
Louisiana--1.4% | |||||
Lakeshore Villages Master | |||||
Community Development | |||||
District, Special Assessment | |||||
Revenue | 5.25 | 7/1/17 | 1,987,000 | d | 1,045,540 |
Louisiana Local Government | |||||
Environmental Facilities and | |||||
Community Development | |||||
Authority, Revenue (Westlake | |||||
Chemical Corporation Projects) | 6.75 | 11/1/32 | 4,000,000 | 4,130,880 | |
Maryland--1.0% | |||||
Maryland Economic Development | |||||
Corporation, Senior Student | |||||
Housing Revenue (University of | |||||
Maryland, Baltimore Project) | 5.75 | 10/1/33 | 2,550,000 | 1,704,726 | |
Maryland Industrial Development | |||||
Financing Authority, EDR |
(Medical Waste Associates | |||||
Limited Partnership Facility) | 8.75 | 5/15/11 | 3,710,000 | d | 2,040,500 |
Massachusetts--10.6% | |||||
Barclays Capital Municipal Trust | |||||
Receipts (Massachusetts Health | |||||
and Educational Facilities | |||||
Authority, Revenue | |||||
(Massachusetts Institute of | |||||
Technology Issue)) | 5.00 | 7/1/38 | 10,200,000 | a,b | 10,385,130 |
JPMorgan Chase Putters/Drivers | |||||
Trust (Massachusetts | |||||
Development Finance Agency, | |||||
Revenue (Harvard University | |||||
Issue)) | 5.25 | 2/1/34 | 10,000,000 | a,b | 10,607,000 |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Civic | |||||
Investments Issue) | |||||
(Prerefunded) | 9.00 | 12/15/12 | 1,500,000 | e | 1,698,765 |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Partners | |||||
HealthCare System Issue) | 5.75 | 7/1/32 | 115,000 | 115,637 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Suffolk | |||||
University Issue) | 6.25 | 7/1/30 | 5,000,000 | 5,180,100 | |
Massachusetts Housing Finance | |||||
Agency, Housing Revenue | 7.00 | 12/1/38 | 5,000,000 | 5,402,400 | |
Massachusetts Housing Finance | |||||
Agency, SFHR | 5.00 | 12/1/31 | 5,575,000 | 5,199,356 | |
Michigan--6.8% | |||||
Detroit, | |||||
Sewage Disposal System Senior | |||||
Lien Revenue (Insured; Assured | |||||
Guaranty Municipal Corp.) | 7.50 | 7/1/33 | 3,500,000 | 4,142,985 | |
Kent Hospital Finance Authority, | |||||
Revenue (Metropolitan Hospital | |||||
Project) | 6.00 | 7/1/35 | 2,000,000 | 1,806,320 | |
Michigan Strategic Fund, |
SWDR (Genesee Power Station | ||||
Project) | 7.50 | 1/1/21 | 7,020,000 | 6,423,019 |
Royal Oak Hospital Finance | ||||
Authority, HR (William | ||||
Beaumont Hospital Obligated | ||||
Group) | 8.00 | 9/1/29 | 5,000,000 | 5,613,400 |
Wayne County Airport Authority, | ||||
Airport Revenue (Detroit | ||||
Metropolitan Wayne County | ||||
Airport) (Insured; National | ||||
Public Finance Guarantee Corp.) | 5.00 | 12/1/34 | 8,260,000 | 6,878,763 |
Mississippi--1.2% | ||||
Mississippi Business Finance | ||||
Corporation, PCR (System | ||||
Energy Resources, Inc. Project) | 5.90 | 5/1/22 | 4,260,000 | 4,203,129 |
Nevada--1.3% | ||||
Clark County, | ||||
Passenger Facility Charge | ||||
Revenue (Las Vegas-McCarran | ||||
International Airport) | 5.00 | 7/1/30 | 5,000,000 | 4,807,850 |
New Hampshire--3.9% | ||||
New Hampshire Business Finance | ||||
Authority, PCR (Public Service | ||||
Company of New Hampshire | ||||
Project) (Insured; National | ||||
Public Finance Guarantee Corp.) | 6.00 | 5/1/21 | 2,690,000 | 2,698,662 |
New Hampshire Business Finance | ||||
Authority, PCR (Public Service | ||||
Company of New Hampshire | ||||
Project) (Insured; National | ||||
Public Finance Guarantee Corp.) | 6.00 | 5/1/21 | 6,000,000 | 6,019,320 |
New Hampshire Industrial | ||||
Development Authority, PCR | ||||
(Connecticut Light and Power | ||||
Company Project) | 5.90 | 11/1/16 | 5,400,000 | 5,409,612 |
New Jersey--5.4% | ||||
New Jersey Economic Development | ||||
Authority, School Facilities | ||||
Construction Revenue | 5.50 | 12/15/29 | 5,000,000 | 5,178,000 |
New Jersey Economic Development |
Authority, Water Facilities | |||||
Revenue (New Jersey - American | |||||
Water Company, Inc. Project) | 5.70 | 10/1/39 | 3,000,000 | 3,005,070 | |
Tobacco Settlement Financing | |||||
Corporation of New Jersey, | |||||
Tobacco Settlement | |||||
Asset-Backed Bonds | 5.00 | 6/1/29 | 250,000 | 175,632 | |
Tobacco Settlement Financing | |||||
Corporation of New Jersey, | |||||
Tobacco Settlement | |||||
Asset-Backed Bonds | |||||
(Prerefunded) | 7.00 | 6/1/13 | 10,095,000 | e | 11,472,766 |
New Mexico--1.3% | |||||
Farmington, | |||||
PCR (Public Service Company of | |||||
New Mexico San Juan Project) | 5.90 | 6/1/40 | 5,000,000 | 4,805,200 | |
New York--14.3% | |||||
Austin Trust | |||||
(Port Authority of New York | |||||
and New Jersey, Consolidated | |||||
Bonds, 151st Series) | 6.00 | 9/15/28 | 10,000,000 | a,b | 10,449,300 |
Barclays Capital Municipal Trust | |||||
Receipts (New York City | |||||
Transitional Finance | |||||
Authority, Future Tax Secured | |||||
Revenue) | 5.00 | 5/1/30 | 4,488,203 | a,b | 4,610,623 |
Barclays Capital Municipal Trust | |||||
Receipts (New York City | |||||
Transitional Finance | |||||
Authority, Future Tax Secured | |||||
Subordinate Revenue) | 5.50 | 11/1/27 | 5,000,000 | a,b | 5,451,900 |
JPMorgan Chase Putters/Drivers | |||||
Trust (New York City | |||||
Transitional Finance | |||||
Authority, Future Tax Secured | |||||
Subordinate Revenue) | 5.25 | 11/1/18 | 5,000,000 | a,b | 5,440,550 |
Long Island Power Authority, | |||||
Electric System General Revenue | 6.25 | 4/1/33 | 3,000,000 | 3,305,610 | |
Metropolitan Transportation | |||||
Authority, Transportation | |||||
Revenue | 6.25 | 11/15/23 | 8,425,000 | 9,500,872 |
New York City Educational | |||||
Construction Fund, Revenue | 6.50 | 4/1/28 | 2,785,000 | 3,119,785 | |
New York City Industrial | |||||
Development Agency, Special | |||||
Facility Revenue (American | |||||
Airlines, Inc. John F. Kennedy | |||||
International Airport Project) | 7.75 | 8/1/31 | 5,000,000 | 5,115,300 | |
New York State Dormitory | |||||
Authority, Revenue (Suffolk | |||||
County Judicial Facility) | 9.50 | 4/15/14 | 605,000 | 743,539 | |
Port Authority of New York and New | |||||
Jersey, Special Project | |||||
Revenue (JFK International Air | |||||
Terminal LLC Project) | 6.00 | 12/1/36 | 4,710,000 | 4,630,684 | |
North Carolina--3.2% | |||||
Barclays Capital Municipal Trust | |||||
Receipts (North Carolina | |||||
Medical Care Commission, | |||||
Health Care Facilities Revenue | |||||
(Duke University Health | |||||
System)) | 5.00 | 6/1/42 | 10,000,000 | a,b | 9,470,600 |
North Carolina Housing Finance | |||||
Agency, Home Ownership Revenue | 5.88 | 7/1/31 | 2,040,000 | 2,040,551 | |
Ohio--3.0% | |||||
Butler County, | |||||
Hospital Facilities Revenue | |||||
(UC Health) | 5.50 | 11/1/40 | 6,000,000 | 5,056,620 | |
Ohio Air Quality Development | |||||
Authority, Air Quality Revenue | |||||
(Ohio Valley Electric | |||||
Corporation Project) | 5.63 | 10/1/19 | 4,200,000 | 4,246,788 | |
Port of Greater Cincinnati | |||||
Development Authority, Tax | |||||
Increment Development Revenue | |||||
(Fairfax Village Red Bank | |||||
Infrastructure Project) | 5.63 | 2/1/36 | 2,530,000 | b | 1,733,126 |
Oregon--.4% | |||||
Warm Springs Reservation | |||||
Confederated Tribes, | |||||
Hydroelectric Revenue (Pelton |
Round Butte Project) | 6.38 | 11/1/33 | 1,500,000 | 1,490,940 | |
Pennsylvania--.9% | |||||
Delaware County Industrial | |||||
Development Authority, Charter | |||||
School Revenue (Chester | |||||
Community Charter School | |||||
Project) | 6.13 | 8/15/40 | 3,500,000 | 3,143,910 | |
Rhode Island--1.5% | |||||
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 | 5,507,500 | |
South Carolina--1.8% | |||||
JPMorgan Chase Putters/Drivers | |||||
Trust (South Carolina Public | |||||
Service Authority, Revenue | |||||
Obligations (Santee Cooper)) | 5.00 | 7/1/18 | 6,450,000 | a,b | 6,538,494 |
Tennessee--1.6% | |||||
Metropolitan Government of | |||||
Nashville and Davidson County | |||||
Health and Educational | |||||
Facilities Board, Revenue (The | |||||
Vanderbilt University) | 5.50 | 10/1/29 | 2,500,000 | 2,723,800 | |
Metropolitan Government of | |||||
Nashville and Davidson County | |||||
Health and Educational | |||||
Facilities Board, Revenue (The | |||||
Vanderbilt University) | 5.50 | 10/1/34 | 3,000,000 | 3,175,530 | |
Texas--22.9% | |||||
Barclays Capital Municipal Trust | |||||
Receipts (Leander Independent | |||||
School District, Unlimited Tax | |||||
School Building Bonds | |||||
(Permanent School Fund | |||||
Guarantee Program)) | 5.00 | 8/15/40 | 10,000,000 | a,b | 10,099,450 |
Barclays Capital Municipal Trust | |||||
Receipts (Texas A&M University | |||||
System Board of Regents, |
Financing System Revenue) | 5.00 | 5/15/39 | 13,160,000 | a,b | 13,241,066 |
Dallas-Fort Worth International | |||||
Airport Facility Improvement | |||||
Corporation, Revenue (Learjet | |||||
Inc. Project) | 6.15 | 1/1/16 | 3,000,000 | 2,973,180 | |
Harris County Health Facilities | |||||
Development Corporation, HR | |||||
(Memorial Hermann Healthcare | |||||
System) | 7.25 | 12/1/35 | 9,290,000 | 10,090,705 | |
Harris County Health Facilities | |||||
Development Corporation, | |||||
Revenue (CHRISTUS Health) | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.00 | 7/1/15 | 1,500,000 | 1,606,380 | |
Houston, | |||||
Combined Utility System First | |||||
Lien Revenue (Insured; Assured | |||||
Guaranty Municipal Corp.) | 6.00 | 11/15/36 | 5,000,000 | 5,425,850 | |
Matagorda County Navigation | |||||
District Number One, Revenue | |||||
(Houston Lighting and Power | |||||
Company Project) (Insured; | |||||
AMBAC) | 5.13 | 11/1/28 | 4,295,000 | 3,803,008 | |
North Texas Tollway Authority, | |||||
First Tier System Revenue | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.75 | 1/1/40 | 14,705,000 | 14,802,788 | |
North Texas Tollway Authority, | |||||
Second Tier System Revenue | 5.75 | 1/1/38 | 6,650,000 | 6,268,689 | |
Texas Department of Housing and | |||||
Community Affairs, Home | |||||
Mortgage Revenue | |||||
(Collateralized: FHLMC, FNMA | |||||
and GNMA) | 12.77 | 7/2/24 | 750,000 | f | 834,705 |
Texas Department of Housing and | |||||
Community Affairs, Residential | |||||
Mortgage Revenue | |||||
(Collateralized: FHLMC, FNMA | |||||
and GNMA) | 5.35 | 7/1/33 | 4,560,000 | 4,487,815 | |
Texas Turnpike Authority, | |||||
Central Texas Turnpike System |
Revenue (Insured; AMBAC) | 5.25 | 8/15/42 | 5,375,000 | 4,804,121 | |
Tomball Hospital Authority, | |||||
Revenue (Tomball Regional | |||||
Hospital) | 6.00 | 7/1/25 | 4,650,000 | 4,649,442 | |
Virginia--4.5% | |||||
Henrico County Industrial | |||||
Development Authority, Revenue | |||||
(Bon Secours Health System) | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 11.11 | 8/23/27 | 7,300,000 | f | 7,777,566 |
Virginia Housing Development | |||||
Authority, Commonwealth | |||||
Mortgage Revenue | 6.25 | 7/1/31 | 5,140,000 | 5,297,849 | |
Washington County Industrial | |||||
Development Authority, HR | |||||
(Mountain States Health | |||||
Alliance) | 7.75 | 7/1/38 | 3,000,000 | 3,302,580 | |
Washington--1.8% | |||||
Washington Health Care Facilities | |||||
Authority, Mortgage Revenue | |||||
(Highline Medical Center) | |||||
(Collateralized; FHA) | 6.25 | 8/1/36 | 5,975,000 | 6,408,367 | |
West Virginia--1.9% | |||||
The County Commission of Harrison | |||||
County, SWDR (Allegheny Energy | |||||
Supply Company, LLC Harrison | |||||
Station Project) | 5.50 | 10/15/37 | 7,920,000 | 7,022,822 | |
Wisconsin--6.9% | |||||
Badger Tobacco Asset | |||||
Securitization Corporation, | |||||
Tobacco Settlement | |||||
Asset-Backed Bonds | |||||
(Prerefunded) | 7.00 | 6/1/12 | 14,570,000 | e | 15,728,898 |
Badger Tobacco Asset | |||||
Securitization Corporation, | |||||
Tobacco Settlement | |||||
Asset-Backed Bonds | |||||
(Prerefunded) | 6.13 | 6/1/27 | 5,260,000 | e | 5,496,437 |
Wisconsin Health and Educational | |||||
Facilities Authority, Revenue |
(Aurora Health Care, Inc.) | 6.40 | 4/15/33 | 4,000,000 | 4,042,320 | |
U.S. Related--5.4% | |||||
Government of Guam, | |||||
GO | 7.00 | 11/15/39 | 1,500,000 | 1,567,350 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | 5.50 | 7/1/32 | 1,500,000 | 1,417,155 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | 6.00 | 7/1/39 | 3,500,000 | 3,415,860 | |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 5.38 | 8/1/39 | 2,500,000 | 2,313,550 | |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 6.00 | 8/1/42 | 10,000,000 | 9,999,400 | |
Virgin Islands Public Finance | |||||
Authority, Revenue (Virgin | |||||
Islands Matching Fund Loan | |||||
Notes) (Senior Lien/Capital | |||||
Projects) | 5.00 | 10/1/39 | 1,250,000 | 1,034,350 | |
Total Long-Term Municipal Investments | |||||
(cost $550,301,004) | 542,236,559 | ||||
Short-Term Municipal | Coupon | Maturity | Principal | ||
Investments--2.2% | Rate (%) | Date | Amount ($) | Value ($) | |
California--.9% | |||||
California, | |||||
Economic Recovery Bonds (LOC; | |||||
JPMorgan Chase Bank) | 0.20 | 3/1/11 | 2,400,000 | g | 2,400,000 |
California Infrastructure and | |||||
Economic Development Bank, | |||||
Revenue (California Academy of | |||||
Sciences, San Francisco, | |||||
California) (LOC; Wells Fargo | |||||
Bank) | 0.20 | 3/1/11 | 800,000 | g | 800,000 |
New York--1.0% | |||||
New York City, | |||||
GO Notes (LOC; JPMorgan Chase | |||||
Bank) | 0.20 | 3/1/11 | 1,000,000 | g | 1,000,000 |
New York City, | |||||
GO Notes (LOC; JPMorgan Chase |
Bank) | 0.22 | 3/1/11 | 3,000,000 | g | 3,000,000 | |
Texas--.3% | ||||||
Harris County Cultural Education | ||||||
Facilities Finance | ||||||
Corporation, Special | ||||||
Facilities Revenue, Refunding | ||||||
(Texas Medical Center) (LOC; | ||||||
JPMorgan Chase Bank) | 0.22 | 3/1/11 | 1,000,000 | g | 1,000,000 | |
Total Short-Term Municipal Investments | ||||||
(cost $8,200,000) | 8,200,000 | |||||
Total Investments (cost $558,501,004) | 150.8 | % | 550,436,559 | |||
Liabilities, Less Cash and Receivables | (12.6 | %) | (45,985,337 | ) | ||
Preferred Stock, at redemption value | (38.2 | %) | (139,500,000 | ) | ||
Net Assets Applicable to Common Shareholders | 100.0 | % | 364,951,222 |
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 February 28, 2011, these securities had a value of $106,450,529 or 29.2% of net assets applicable to Common Shareholders. |
c |
Security issued with a zero coupon. Income is recognized through the accretion of discount. |
d |
Non-income producing security; interest payments in default. |
e |
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. |
f |
Inverse floater security--the interest rate is subject to change periodically. Rate shown is the interest rate in effect at February 28, 2011. |
g |
Variable rate demand note - rate shown is the interest rate in effect at February 28, 2011. Maturity date represents the next demand date, or the ultimate maturity date if earlier. |
At February 28, 2011, the aggregate cost of investment securities for income tax purposes was $558,501,004. Net unrealized depreciation on investments was $8,064,445 of which $16,205,566 related to appreciated investment securities and $24,270,011 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 February 28, 2011 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 | - | 550,436,559 | - | 550,436,559 |
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
Portfolio valuation: Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Board of Directors. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Financial futures and options 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 each business day.
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 February 28, 2011.
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 Municipal Bond Fund, Inc.
By: /s/ Bradley J. Skapyak | |
Bradley J. Skapyak President
| |
Date: |
April 26, 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: |
April 26, 2011 |
| |
By: /s/ James Windels | |
James Windels Treasurer
| |
Date: |
April 26, 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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