form852nq.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

811-5877

 

 

 

Dreyfus Strategic Municipal Bond Fund, 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)

 

 

 

 

 

John Pak, 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:

 

11/30

 

Date of reporting period:

8/31/2013

 

             

 

 

 


 

 

FORM N-Q

Item 1.                         Schedule of Investments.

 


 

STATEMENT OF INVESTMENTS
Dreyfus Strategic Municipal Bond Fund, Inc.
August 31, 2013 (Unaudited)

Long-Term Municipal  Coupon  Maturity  Principal    
Investments--151.3%  Rate (%)  Date  Amount ($)   Value ($) 
Alabama--1.3%           
Jefferson County,           
Limited Obligation School           
Warrants  5.25  1/1/17  2,000,000   1,991,520 
Jefferson County,           
Limited Obligation School           
Warrants  5.25  1/1/19  2,150,000   2,131,424 
Jefferson County,           
Limited Obligation School           
Warrants  5.00  1/1/24  1,000,000   992,370 
Alaska--2.2%           
Northern Tobacco Securitization           
Corporation of Alaska, Tobacco           
Settlement Asset-Backed Bonds  5.00  6/1/32  2,500,000   1,859,625 
Northern Tobacco Securitization           
Corporation of Alaska, Tobacco           
Settlement Asset-Backed Bonds  5.00  6/1/46  9,465,000   6,359,439 
Arizona--6.3%           
Barclays Capital Municipal Trust           
Receipts (Series 21W) (Salt           
River Project Agricultural           
Improvement and Power           
District, Salt River Project           
Electric System Revenue)  5.00  1/1/38  13,198,367 a,b  13,294,529 
Pima County Industrial Development           
Authority, Education Revenue           
(American Charter Schools           
Foundation Project)  5.50  7/1/26  4,000,000   3,552,720 
Pima County Industrial Development           
Authority, IDR (Tucson           
Electric Power Company Project)  5.75  9/1/29  6,000,000   6,110,760 
Salt Verde Financial Corporation,           
Senior Gas Revenue  5.00  12/1/37  1,000,000   915,660 
California--15.3%           
Barclays Capital Municipal Trust           
Receipts (Series 80W) (Los           
Angeles Department of           
Airports, Senior Revenue (Los           
Angeles International Airport))  5.00  5/15/31  5,247,500 a,b,c  5,374,104 
California,           
GO (Various Purpose)  5.75  4/1/31  7,800,000   8,332,116 
California,           
GO (Various Purpose)  6.00  3/1/33  2,250,000   2,536,987 
California,           
GO (Various Purpose)  6.50  4/1/33  5,000,000   5,818,300 
California,           
GO (Various Purpose)  6.00  11/1/35  5,000,000   5,611,300 
California State Public Works           
Board, LR (The Regents of the           

 



University of California)           
(Various University of           
California Projects)  5.00  4/1/34  3,000,000   3,062,550 
California Statewide Communities           
Development Authority, Revenue           
(Front Porch Communities and           
Services Project)  5.13  4/1/37  4,975,000 b  4,449,292 
Golden State Tobacco           
Securitization Corporation,           
Tobacco Settlement           
Asset-Backed Bonds  4.50  6/1/27  1,750,000   1,477,227 
JPMorgan Chase Putters/Drivers           
Trust (Series 4361) (Los           
Angeles Department of Water           
and Power, Water System           
Revenue)  5.00  7/1/20  5,000,000 a,b  5,081,800 
Los Angeles Department of Water           
and Power, Power System Revenue  5.00  7/1/34  2,885,000   2,930,698 
Sacramento County,           
Airport System Subordinate and           
Passenger Facility Charges           
Grant Revenue  6.00  7/1/35  4,000,000 c  4,436,480 
San Buenaventura,           
Revenue (Community Memorial           
Health System)  7.50  12/1/41  1,500,000   1,619,250 
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   5,123,700 
Tuolumne Wind Project Authority,           
Revenue (Tuolumne Company           
Project)  5.88  1/1/29  2,000,000   2,227,520 
Colorado--1.5%           
Colorado Housing and Finance           
Authority, Single Family           
Program Senior and Subordinate           
Bonds (Collateralized; FHA)  6.60  8/1/32  590,000   619,600 
JPMorgan Chase Putter/Drivers           
Trust (Series 4386) (Board of           
Governors of the Colorado           
State University, System           
Enterprise Revenue)  5.00  3/1/20  4,950,000 a,b  5,021,874 
Connecticut--1.3%           
Connecticut Resources Recovery           
Authority, Special Obligation           
Revenue (American REF-FUEL           
Company of Southeastern           
Connecticut Project)  6.45  11/15/22  4,985,000   4,988,440 
District of Columbia--4.0%           
RIB Floater Trust (Series 15U)           
(District of Columbia, Income           
Tax Secured Revenue)  5.00  12/1/35  14,828,227 a,b  15,315,170 
Florida--5.2%           
Martin County Industrial           

 



Development Authority, IDR           
(Indiantown Cogeneration, L.P.           
Project)  4.20  12/15/25  1,750,000   1,496,495 
Mid-Bay Bridge Authority,           
Springing Lien Revenue  7.25  10/1/34  5,000,000 c  5,455,600 
Palm Beach County Health           
Facilities Authority,           
Retirement Community Revenue           
(Adult Communities Total           
Services, Inc. Retirement -           
Life Communities, Inc.           
Obligated Group)  5.50  11/15/33  6,825,000   6,689,865 
Saint Johns County Industrial           
Development Authority, Revenue           
(Presbyterian Retirement           
Communities Project)  6.00  8/1/45  3,500,000   3,558,170 
South Lake County Hospital           
District, Revenue (South Lake           
Hospital, Inc.)  6.25  4/1/39  2,500,000   2,623,850 
Georgia--4.7%           
Atlanta,           
Water and Wastewater Revenue  6.00  11/1/28  4,865,000   5,519,634 
Atlanta,           
Water and Wastewater Revenue           
(Insured; Assured Guaranty           
Municipal Corp.)  5.25  11/1/34  1,000,000   1,021,570 
Augusta,           
Airport Revenue  5.45  1/1/31  2,500,000 c  2,506,825 
RIB Floater Trust (Series 20U)           
(Private Colleges and           
Universities Authority,           
Revenue (Emory University))  5.00  10/1/43  6,000,000 a,b  6,147,900 
Savannah Economic Development           
Authority, EIR (International           
Paper Company Project)  6.20  8/1/27  2,670,000   2,608,136 
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   2,530,875 
Hawaii Department of Budget and           
Finance, Special Purpose           
Revenue (Hawaiian Electric           
Company, Inc. and Subsidiary           
Projects)  6.50  7/1/39  2,000,000   2,138,600 
Idaho--.0%           
Idaho Housing and Finance           
Association, SFMR           
(Collateralized; FNMA)  6.35  1/1/30  185,000   185,218 
Illinois--2.1%           
Chicago,           
General Airport Third Lien           
Revenue (Chicago O'Hare           
International Airport)  5.63  1/1/35  3,000,000 c  3,074,880 
Illinois Finance Authority,           

 



Revenue (Sherman Health           
Systems)  5.50  8/1/37  1,020,000   1,044,123 
Railsplitter Tobacco Settlement           
Authority, Tobacco Settlement           
Revenue  6.00  6/1/28  3,600,000   3,879,036 
Iowa--1.2%           
Iowa Finance Authority,           
Midwestern Disaster Area           
Revenue (Iowa Fertilizer           
Company Project)  5.25  12/1/25  3,500,000   3,053,435 
Tobacco Settlement Authority of           
Iowa, Tobacco Settlement           
Asset-Backed Bonds  5.60  6/1/34  2,000,000   1,642,860 
Kentucky--.3%           
Louisville/Jefferson County Metro           
Government, Health Facilities           
Revenue (Jewish Hospital and           
Saint Mary's HealthCare, Inc.           
Project) (Prerefunded)  6.13  2/1/18  1,000,000 d  1,205,070 
Louisiana--1.3%           
Lakeshore Villages Master           
Community Development           
District, Special Assessment           
Revenue  5.25  7/1/17  1,987,000 e  783,474 
Louisiana Local Government           
Environmental Facilities and           
Community Development           
Authority, Revenue (Westlake           
Chemical Corporation Projects)  6.75  11/1/32  4,000,000   4,161,760 
Maine--.6%           
Maine Health and Higher           
Educational Facilities           
Authority, Revenue           
(MaineGeneral Medical Center           
Issue)  7.50  7/1/32  2,000,000   2,346,900 
Massachusetts--12.8%           
Barclays Capital Municipal Trust           
Receipts (Series 15W)           
(Massachusetts Health and           
Educational Facilities           
Authority, Revenue           
(Massachusetts Institute of           
Technology Issue))  5.00  7/1/38  10,200,000 a,b  10,549,656 
JPMorgan Chase Putters/Drivers           
Trust (Series 3840)           
(Massachusetts Development           
Finance Agency, Revenue           
(Harvard University Issue))  5.25  2/1/34  10,000,000 a,b  10,722,300 
JPMorgan Chase Putters/Drivers           
Trust (Series 3898)           
(Massachusetts, Consolidated           
Loan)  5.00  4/1/19  6,400,000 a,b  6,873,472 
Massachusetts Development Finance           
Agency, Revenue (Tufts Medical           
Center Issue)  7.25  1/1/32  2,500,000   2,813,075 

 



Massachusetts Educational           
Financing Authority, Education           
Loan Revenue (Issue K)  5.25  7/1/29  2,500,000   2,388,500 
Massachusetts Health and           
Educational Facilities           
Authority, Revenue (Suffolk           
University Issue)  6.25  7/1/30  5,000,000   5,372,700 
Massachusetts Housing Finance           
Agency, Housing Revenue  7.00  12/1/38  4,575,000   4,918,354 
Massachusetts Housing Finance           
Agency, SFHR  5.00  12/1/31  5,015,000   5,025,732 
Michigan--7.9%           
Detroit,           
Sewage Disposal System Senior           
Lien Revenue (Insured; Assured           
Guaranty Municipal Corp.)  7.50  7/1/33  3,500,000   3,785,075 
Detroit,           
Water Supply System Senior           
Lien Revenue  5.00  7/1/31  3,780,000   3,286,937 
Detroit,           
Water Supply System Senior           
Lien Revenue  5.00  7/1/36  3,290,000   2,768,502 
Kent Hospital Finance Authority,           
Revenue (Metropolitan Hospital           
Project)  6.00  7/1/35  2,000,000   1,915,440 
Michigan Strategic Fund,           
LOR (State of Michigan           
Cadillac Place Office Building           
Project)  5.25  10/15/31  4,500,000   4,458,195 
Michigan Strategic Fund,           
SWDR (Genesee Power Station           
Project)  7.50  1/1/21  6,120,000   5,694,538 
Royal Oak Hospital Finance           
Authority, HR (William           
Beaumont Hospital Obligated           
Group)  8.00  9/1/29  5,000,000   5,942,750 
Wayne County Airport Authority,           
Airport Revenue (Detroit           
Metropolitan Wayne County           
Airport) (Insured; National           
Public Finance Guarantee Corp.)  5.00  12/1/34  2,450,000 c  2,268,455 
Nevada--1.3%           
Clark County,           
Passenger Facility Charge           
Revenue (Las Vegas-McCarran           
International Airport)  5.00  7/1/30  5,000,000 c  5,130,650 
New Jersey--4.2%           
New Jersey Economic Development           
Authority, Cigarette Tax           
Revenue  5.00  6/15/25  2,490,000   2,515,348 
New Jersey Economic Development           
Authority, Cigarette Tax           
Revenue  5.00  6/15/28  1,000,000   967,440 
New Jersey Economic Development           
Authority, School Facilities           

 



Construction Revenue  5.50  12/15/29  5,000,000   5,291,250 
New Jersey Economic Development           
Authority, Special Facility           
Revenue (Continental Airlines,           
Inc. Project)  5.13  9/15/23  2,500,000 c  2,301,250 
New Jersey Economic Development           
Authority, Water Facilities           
Revenue (New Jersey - American           
Water Company, Inc. Project)  5.70  10/1/39  3,000,000   3,115,260 
Tobacco Settlement Financing           
Corporation of New Jersey,           
Tobacco Settlement           
Asset-Backed Bonds  4.63  6/1/26  1,600,000   1,248,512 
Tobacco Settlement Financing           
Corporation of New Jersey,           
Tobacco Settlement           
Asset-Backed Bonds  5.00  6/1/41  1,000,000   679,670 
New Mexico--1.3%           
Farmington,           
PCR (Public Service Company of           
New Mexico San Juan Project)  5.90  6/1/40  5,000,000   5,091,300 
New York--19.8%           
Austin Trust (Series 1107)           
(Port Authority of New York           
and New Jersey, Consolidated           
Bonds, 151st Series)  6.00  9/15/28  10,000,000 a,b,c  10,917,000 
Barclays Capital Municipal Trust           
Receipts (Series 7B) (New York           
City Transitional Finance           
Authority, Future Tax Secured           
Subordinate Revenue)  5.50  11/1/27  5,000,000 a,b  5,602,050 
Barclays Capital Municipal Trust           
Receipts (Series 11B) (New           
York City Transitional Finance           
Authority, Future Tax Secured           
Revenue)  5.00  5/1/30  4,488,203 a,b  4,794,331 
JPMorgan Chase Putters/Drivers           
Trust (Series 3857) (New York           
City Transitional Finance           
Authority, Future Tax Secured           
Subordinate Revenue)  5.25  11/1/18  5,000,000 a,b  5,611,650 
Long Island Power Authority,           
Electric System General Revenue  6.25  4/1/33  3,000,000   3,319,920 
Metropolitan Transportation           
Authority, Transportation           
Revenue  6.25  11/15/23  9,425,000 c  11,164,384 
New York City Educational           
Construction Fund, Revenue  6.50  4/1/28  2,785,000   3,293,151 
New York City Industrial           
Development Agency, Senior           
Airport Facilities Revenue           
(Transportation Infrastructure           
Properties, LLC Obligated           
Group)  5.00  7/1/22  2,165,000 c  2,120,986 
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 c  5,583,700 
New York State Dormitory           
Authority, Revenue (Orange           
Regional Medical Center           
Obligated Group)  6.25  12/1/37  2,500,000   2,450,800 
New York State Dormitory           
Authority, Revenue (Suffolk           
County Judicial Facility)  9.50  4/15/14  605,000   625,455 
Niagara Area Development           
Corporation, Solid Waste           
Disposal Facility Revenue           
(Covanta Energy Project)  5.25  11/1/42  2,000,000   1,643,420 
Port Authority of New York and New           
Jersey, Special Project Bonds           
(JFK International Air           
Terminal LLC Project)  6.00  12/1/36  4,710,000 c  5,167,105 
RIB Floater Trust (Series 16U)           
(New York City Municipal Water           
Finance Authority, Water and           
Sewer System Second General           
Resolution Revenue  5.00  6/15/44  12,600,000 a,b  12,641,454 
North Carolina--2.6%           
Barclays Capital Municipal Trust           
Receipts (Series 31W) (North           
Carolina Medical Care           
Commission, Health Care           
Facilities Revenue (Duke           
University Health System))  5.00  6/1/42  10,000,000 a,b  9,731,600 
Ohio--4.1%           
Butler County,           
Hospital Facilities Revenue           
(UC Health)  5.50  11/1/40  3,000,000   2,903,250 
Muskingum County,           
Hospital Facilities Revenue           
(Genesis HealthCare System           
Obligated Group Project)  5.00  2/15/20  1,250,000   1,224,925 
Ohio Air Quality Development           
Authority, Air Quality Revenue           
(Ohio Valley Electric           
Corporation Project)  5.63  10/1/19  4,200,000   4,514,832 
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  1,906,001 
Southeastern Ohio Port Authority,           
Hospital Facilities           
Improvement Revenue (Memorial           
Health System Obligated Group           
Project)  6.00  12/1/42  2,000,000   2,016,720 
Toledo-Lucas County Port           
Authority, Special Assessment           

 



Revenue (Crocker Park Public           
Improvement Project)  5.38  12/1/35  3,000,000   2,852,250 
Oregon--.4%           
Warm Springs Reservation           
Confederated Tribes,           
Hydroelectric Revenue (Pelton           
Round Butte Project)  6.38  11/1/33  1,500,000   1,628,070 
Pennsylvania--2.1%           
JPMorgan Chase Putters/Drivers           
Trust (Series 3916) (Geisinger           
Authority, Health System           
Revenue (Geisinger Health           
System))  5.13  6/1/35  3,000,000 a,b  2,993,130 
Philadelphia,           
GO  6.50  8/1/41  4,700,000   5,099,312 
Rhode Island--1.4%           
Rhode Island Health and           
Educational Building           
Corporation, Hospital           
Financing Revenue (Lifespan           
Obligated Group Issue)           
(Insured; Assured Guaranty           
Corp.)  7.00  5/15/39  5,000,000   5,467,800 
South Carolina--2.7%           
JPMorgan Chase Putters/Drivers           
Trust (Series 4379) (South           
Carolina Public Service           
Authority, Revenue Obligations           
(Santee Cooper))  5.13  6/1/37  10,200,000 a,b  10,181,844 
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   2,728,900 
Metropolitan Government of           
Nashville and Davidson County           
Health and Educational           
Facilities Board, Revenue (The           
Vanderbilt University)  5.50  10/1/34  3,000,000   3,222,420 
Texas--22.9%           
Barclays Capital Municipal Trust           
Receipts (Series 28W) (Leander           
Independent School District,           
Unlimited Tax School Building           
Bonds (Permanent School Fund           
Guarantee Program))  5.00  8/15/40  9,997,299 a,b  10,276,799 
Barclays Capital Municipal Trust           
Receipts (Series 39W) (Texas           
A&M University System Board of           
Regents, Financing System           
Revenue)  5.00  5/15/39  13,160,000 a,b  13,431,096 
Dallas-Fort Worth International           
Airport Facility Improvement           
Corporation, Revenue (Learjet           

 



Inc. Project)  6.15  1/1/16  3,000,000 c  2,943,930 
Gulf Coast Industrial Development           
Authority, SWDR (CITGO           
Petroleum Corporation Project)  4.88  5/1/25  1,000,000   920,680 
Harris County Health Facilities           
Development Corporation, HR           
(Memorial Hermann Healthcare           
System) (Prerefunded)  7.25  12/1/18  7,290,000 d  9,395,498 
Houston,           
Combined Utility System First           
Lien Revenue (Insured; Assured           
Guaranty Corp.)  6.00  11/15/36  5,000,000   5,677,850 
JPMorgan Chase Putters/Drivers           
Trust (Series 4356) (San           
Antonio, Electric and Gas           
Systems Junior Lien Revenue)  5.00  2/1/21  12,450,000 a,b  12,598,778 
Love Field Airport Modernization           
Corporation, Special           
Facilities Revenue (Southwest           
Airlines Company - Love Field           
Modernization Program Project)  5.00  11/1/28  1,000,000 c  949,920 
Lower Colorado River Authority,           
Transmission Contract Revenue           
(Lower Colorado River           
Authority Transmission           
Services Corporation Project)  5.00  5/15/31  3,250,000   3,259,685 
Matagorda County Navigation           
District Number One, Revenue           
(Houston Lighting and Power           
Company Project) (Insured;           
AMBAC)  5.13  11/1/28  4,295,000   4,383,434 
North Texas Tollway Authority,           
First Tier System Revenue           
(Insured; Assured Guaranty           
Corp.)  5.75  1/1/40  14,705,000 c  15,786,406 
North Texas Tollway Authority,           
Second Tier System Revenue  5.75  1/1/38  6,650,000 c  6,910,015 
Texas Department of Housing and           
Community Affairs, Home           
Mortgage Revenue           
(Collateralized: FHLMC, FNMA           
and GNMA)  13.43  7/2/24  400,000 f  426,032 
Vermont--.9%           
Burlington,           
Airport Revenue  3.50  7/1/18  3,710,000 c  3,610,016 
Virginia--4.2%           
Henrico County Industrial           
Development Authority, Revenue           
(Bon Secours Health System,           
Inc.) (Insured; Assured           
Guaranty Municipal Corp.)  11.24  8/23/27  6,850,000 f  8,055,600 
Virginia Housing Development           
Authority, Commonwealth           
Mortgage Revenue  6.25  7/1/31  4,175,000   4,544,446 
Washington County Industrial           

 



Development Authority, HR             
(Mountain States Health             
Alliance)  7.75  7/1/38  3,000,000   3,381,180  
Washington--4.1%             
Barclays Capital Municipal Trust             
Receipts (Series 27B) (King             
County, Sewer Revenue)  5.00  1/1/29  8,577,246 a,b  9,033,788  
Washington Health Care Facilities             
Authority, Mortgage Revenue             
(Highline Medical Center)             
(Collateralized; FHA)  6.25  8/1/36  5,975,000   6,694,509  
West Virginia--2.0%             
The County Commission of Harrison             
County, SWDR (Allegheny Energy             
Supply Company, LLC Harrison             
Station Project)  5.50  10/15/37  7,920,000   7,558,531  
Wisconsin--.3%             
Public Finance Agency,             
Senior Airport Facilities             
Revenue (Transportation             
Infrastructure Properties, LLC             
Obligated Group)  5.00  7/1/42  1,500,000 c  1,273,635  
U.S. Related--6.2%             
Puerto Rico Aqueduct and Sewer             
Authority, Senior Lien Revenue  5.13  7/1/37  3,660,000   2,441,586  
Puerto Rico Commonwealth,             
Public Improvement GO  5.50  7/1/32  1,500,000   1,142,805  
Puerto Rico Commonwealth,             
Public Improvement GO  6.00  7/1/39  1,610,000   1,263,222  
Puerto Rico Commonwealth,             
Public Improvement GO  6.50  7/1/40  2,390,000   1,991,611  
Puerto Rico Electric Power             
Authority, Power Revenue  5.25  7/1/24  1,895,000   1,556,515  
Puerto Rico Electric Power             
Authority, Power Revenue  5.00  7/1/42  1,900,000   1,264,583  
Puerto Rico Electric Power             
Authority, Power Revenue             
(Insured; National Public             
Finance Guarantee Corp.)  5.50  7/1/17  1,755,000   1,780,009  
Puerto Rico Sales Tax Financing             
Corporation, Sales Tax Revenue             
(First Subordinate Series)  5.38  8/1/39  2,500,000   2,027,175  
Puerto Rico Sales Tax Financing             
Corporation, Sales Tax Revenue             
(First Subordinate Series)  6.00  8/1/42  10,000,000   8,912,500  
Virgin Islands Public Finance             
Authority, Revenue (Virgin             
Islands Matching Fund Loan             
Notes) (Senior Lien/Capital             
Projects)  5.00  10/1/39  1,250,000   1,147,712  
Total Investments (cost $564,944,177)      151.3 %  576,079,098  
Liabilities, Less Cash and Receivables      (20.1 %)  (76,610,501 ) 
Preferred Stock, at redemption value      (31.2 %)  (118,800,000 ) 
Net Assets Applicable to Common Shareholders      100.0 %  380,668,597  

 



a     

Collateral for floating rate borrowings.

b     

Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2013, these securities were valued at $192,549,618 or 50.6% of net assets applicable to Common Shareholders.

c     

At August 31, 2013, the fund had $96,975,341 or 25.5% of net assets applicable to Common Shareholders invested in securities interest is dependent upon revenues generated from transportation.

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     

Non-income producing--security in default.

f     

Inverse floater security--the interest rate is subject to change periodically. Rate shown is the interest rate in at August 31, 2013.

At August 31, 2013, net unrealized appreciation on investments was $11,134,921 of which $27,498,492 related to appreciated investment securities and $16,363,571 related to depreciated investment securities. At August 31, 2013, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

Summary of Abbreviations     
ABAG  Association of Bay Area Governments  ACA  American Capital Access 
AGC  ACE Guaranty Corporation  AGIC  Asset Guaranty Insurance Company 
AMBAC  American Municipal Bond Assurance Corporation  ARRN  Adjustable Rate Receipt Notes 
BAN  Bond Anticipation Notes  BPA  Bond Purchase Agreement 
CIFG  CDC Ixis Financial Guaranty  COP  Certificate of Participation 
CP  Commercial Paper  DRIVERS  Derivative Inverse Tax-Exempt Receipts 
EDR  Economic Development Revenue  EIR  Environmental Improvement Revenue 
FGIC  Financial Guaranty Insurance Company  FHA  Federal Housing Administration 
FHLB  Federal Home Loan Bank  FHLMC  Federal Home Loan Mortgage Corporation 
FNMA  Federal National Mortgage Association  GAN  Grant Anticipation Notes 
GIC  Guaranteed Investment Contract  GNMA  Government National Mortgage Association 
GO  General Obligation  HR  Hospital Revenue 
IDB  Industrial Development Board  IDC  Industrial Development Corporation 
IDR  Industrial Development Revenue  LIFERS  Long Inverse Floating Exempt Receipts 
LOC  Letter of Credit  LOR  Limited Obligation Revenue 
LR  Lease Revenue  MERLOTS  Municipal Exempt Receipts Liquidity Option 
MFHR  Multi-Family Housing Revenue  MFMR  Multi-Family Mortgage Revenue 
PCR  Pollution Control Revenue  P-FLOATS  Puttable Floating Option Tax-Exempts Receipts 
PILOT  Payment in Lieu of Taxes  PUTTERS  Puttable Tax-Exempt Receipts 
RAC  Revenue Anticipation Certificates  RAN  Revenue Anticipation Notes 
RAW  Revenue Anticipation Warrants  ROCS  Reset Option Certificates 
RRR  Resources Recovery Revenue  SAAN  State Aid Anticipation Notes 
SBPA  Standby Bond Purchase Agreement  SFHR  Single Family Housing Revenue 
SFMR  Single Family Mortgage Revenue  SONYMA  State of New York Mortgage Agency 
SPEARS  Short Puttable Exempt Adjustable Receipts  SWDR  Solid Waste Disposal Revenue 
TAN  Tax Anticipation Notes  TAW  Tax Anticipation Warrants 
TRAN  Tax and Revenue Anticipation Notes  XLCA  XL Capital Assurance 

 



The following is a summary of the inputs used as of August 31, 2013 in valuing the fund's investments:

      Level 3 -   
  Level 1 -  Level 2 - Other  Significant   
  Unadjusted Quoted  Significant  Unobservable   
Assets ($)  Prices  Observable Inputs  Inputs  Total 
Investments in Securities:         
Municipal Bonds  -  576,079,098  -  576,079,098 

 



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

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the 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 the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All preceding securities are categorized as Level 2 in the hierarchy.

When market quotations or official closing prices are not readily available,



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

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

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

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

 

Item 2.             Controls and Procedures.

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

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

Item 3.             Exhibits.

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

 


 

 

FORM N-Q

SIGNATURES

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

Dreyfus Strategic Municipal Bond Fund, Inc.

By: /s/ Bradley J. Skapyak

      Bradley J. Skapyak

      President

 

Date:

October 22, 2013

 

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:

October 22, 2013

 

By: /s/ James Windels

      James Windels

      Treasurer

 

Date:

October 22, 2013

 

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)