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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

811-05877

 

 

 

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)

 

 

 

 

 

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:

 

  11/30

 

Date of reporting period:

  08/31/18

 

             

 


 

FORM N-Q

Item 1.             Schedule of Investments.

 


 

STATEMENT OF INVESTMENTS
Dreyfus Strategic Municipal Bond Fund, Inc.
August 31, 2018 (Unaudited)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 150.8%           
Alabama - 4.0%           
Birmingham Special Care Facilities           
Financing Authority,           
Improvement Revenue Bonds           
(Methodist Home for the Aging)  5.50  6/1/30  1,800,000   1,966,788 
Birmingham Special Care Facilities           
Financing Authority,           
Improvement Revenue Bonds           
(Methodist Home for the Aging)  6.00  6/1/50  2,750,000   3,047,138 
Jefferson County,           
Sewer Revenue Bonds Warrants  0/7.75  10/1/46  6,000,000 a  5,173,980 
Lower Alabama Gas District,           
Gas Project Revenue Bonds  5.00  9/1/46  5,000,000   6,008,900 
          16,196,806 
Alaska - 1.5%           
Northern Tobacco Securitization           
Corporation of Alaska,           
Tobacco Settlement Asset-Backed           
Bonds  5.00  6/1/46  5,865,000   5,891,744 
Arizona - 2.8%           
Arizona Industrial Development           
Authority,           
Education Revenue Bonds (BASIS           
Schools Projects)  5.25  7/1/47  1,500,000 b  1,563,345 
Phoenix Industrial Development           
Authority,           
Education Facility Revenue Bonds           
(BASIS Schools Projects)  5.00  7/1/46  2,000,000 b  2,047,440 
Phoenix Industrial Development           
Authority,           
Education Facility Revenue Bonds           
(BASIS Schools Projects)  5.00  7/1/45  1,000,000 b  1,024,310 
Phoenix Industrial Development           
Authority,           
Education Facility Revenue Bonds           
(Legacy Traditional Schools Project)  6.75  7/1/44  1,000,000 b  1,108,640 
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  4,550,000 b,c  5,398,867 
          11,142,602 
California - 14.1%           
California,           
GO (Various Purpose)  5.75  4/1/31  7,800,000   7,988,058 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 150.8% (continued)       
California - 14.1% (continued)           
California,           
GO (Various Purpose)  6.00  3/1/33  2,250,000   2,396,453 
California,           
GO (Various Purpose)  6.50  4/1/33  2,290,000   2,354,028 
California,           
GO (Various Purpose)  6.00  11/1/35  5,000,000   5,251,950 
California,           
GO (Various Purpose) (Prerefunded)  6.50  4/1/19  2,710,000 d  2,790,053 
Golden State Tobacco Securitization           
Corporation,           
Revenue Bonds, Refunding, Series A-1  5.00  6/1/47  1,000,000   1,028,050 
Golden State Tobacco Securitization           
Corporation,           
Tobacco Settlement Asset-Backed           
Bonds  0.00  6/1/47  10,000,000 e  1,775,300 
San Buenaventura,           
Revenue Bonds (Community Memorial           
Health System)  7.50  12/1/41  1,500,000   1,665,585 
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  5,495,175 
Tender Option Bond Trust Receipts           
(Series 2016-XM0387), 5/15/38,           
(Los Angeles Department of Airports,           
Senior Revenue Bonds (Los Angeles           
International Airport)) Non-recourse  5.00  5/15/21  6,000,000 b,c  6,601,770 
Tender Option Bond Trust Receipts           
(Series 2016-XM0390), 5/15/36,           
(The Regents of the University of           
California, General Revenue Bonds)           
Non-recourse  5.00  5/15/21  6,260,000 b,c  7,025,582 
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  5,535,748 
Tobacco Securitization Authority,           
North Tobacco Settlement Revenue           
Bonds (Capital Appreciation-2nd Sub-           
Asset Backed C)  0.00  6/1/45  26,185,000 e  3,190,119 
Tobacco Securitization Authority,           
Revenue Bonds, Refunding  0.00  6/1/46  10,000,000 e  1,763,700 
Tuolumne Wind Project Authority,           
Revenue Bonds (Tuolumne Company           
Project) (Prerefunded)  5.88  1/1/19  2,000,000 d  2,028,820 
          56,890,391 

 


 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 150.8% (continued)       
Colorado - 4.1%           
Belleview Station Metropolitan District           
Number 2,           
GO  5.13  12/1/46  2,375,000   2,434,019 
Colorado Bridge Enterprise,           
Revenue Bonds (Central 70 Project)  4.00  6/30/51  5,000,000   4,945,650 
Dominion Water and Sanitation District,           
Tap Fee Revenue Bonds  6.00  12/1/46  2,210,000   2,345,584 
Sterling Ranch Community Authority,           
Board Supported Revenue Bonds  5.00  12/1/47  1,250,000   1,265,263 
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  4,960,000 b,c  5,462,944 
          16,453,460 
District of Columbia - 4.5%           
District of Columbia Tobacco Settlement           
Financing Corporation,           
Tobacco Settlement Asset-Backed           
Bonds  0.00  6/15/46  10,900,000 e  1,933,333 
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  14,834,680 b,c  16,308,255 
          18,241,588 
Florida - 5.3%           
Cape Coral Health Facilities Authority,           
Senior Housing Revenue Bonds (Gulf           
Care, Inc. Project)  5.88  7/1/40  1,600,000 b  1,719,136 
Mid-Bay Bridge Authority,           
Springing Lien Revenue Bonds           
(Prerefunded)  7.25  10/1/21  5,000,000 d  5,771,850 
Palm Beach County Health Facilities           
Authority,           
Retirement Community Revenue Bonds           
(Adult Communities Total Services, Inc.           
Retirement - Life Communities, Inc.           
Obligated Group) (Prerefunded)  5.50  11/15/20  6,825,000 d  7,362,673 
Saint Johns County Industrial           
Development Authority,           
Revenue Bonds (Presbyterian           
Retirement Communities Project)           
(Prerefunded)  6.00  8/1/20  3,500,000 d  3,772,720 
South Lake County Hospital District,           
Revenue Bonds (South Lake Hospital,           
Inc.)  6.25  4/1/39  2,500,000   2,550,425 
          21,176,804 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 150.8% (continued)       
Georgia - 4.8%           
Atlanta,           
Water and Wastewater Revenue Bonds           
(Insured; Assured Guaranty Municipal           
Corp.)  5.25  11/1/34  275,000   285,442 
Atlanta,           
Water and Wastewater Revenue Bonds           
(Insured; Assured Guaranty Municipal           
Corp.) (Prerefunded)  5.25  11/1/19  725,000 d  754,819 
Atlanta,           
Water and Wastewater Revenue Bonds           
(Prerefunded)  6.00  11/1/19  4,865,000 d  5,106,693 
Atlanta Development Authority,           
Senior Lien Revenue Bonds (New           
Downtown Atlanta Stadium Project)  5.25  7/1/40  1,000,000   1,137,180 
Atlanta Development Authority Senior           
Health Care Facilities,           
Revenue Bonds (Georgia Proton           
Treatment Center Project)  7.00  1/1/40  1,500,000   1,494,855 
Burke County Development Authority,           
Pollution Control Revenue Bonds,           
Refunding (Oglethorpe Power Corp-           
Vogtle)  4.13  11/1/45  4,200,000   4,162,494 
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  6,000,000 b,c  6,617,280 
          19,558,763 
Hawaii - 1.8%           
Hawaii Department of Budget and           
Finance,           
Special Purpose Revenue Bonds           
(Hawaii Pacific Health Obligated Group)           
(Prerefunded)  5.63  7/1/20  2,500,000 d  2,675,275 
Hawaii Department of Budget and           
Finance,           
Special Purpose Revenue Bonds           
(Hawaiian Electric Company)  4.00  3/1/37  2,500,000   2,539,600 
Hawaii Department of Budget and           
Finance,           
Special Purpose Revenue Bonds           
(Hawaiian Electric Company, Inc. and           
Subsidiary Projects)  6.50  7/1/39  2,000,000   2,071,120 
          7,285,995 
Illinois - 10.1%           
Chicago,           
GO (Project and Refunding Series)  6.00  1/1/38  3,000,000   3,400,530 

 


 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 150.8% (continued)       
Illinois - 10.1% (continued)           
Chicago,           
Second Lien Wastewater Transmission           
Revenue Bonds  5.00  1/1/39  2,330,000   2,499,251 
Chicago Board of Education,           
GO  5.00  12/1/33  1,250,000   1,303,875 
Chicago O'Hare International Airport,           
Revenue Bonds (General Airport Third           
Lien)  5.63  1/1/35  580,000   624,028 
Chicago O'Hare International Airport,           
Revenue Bonds (General Airport Third           
Lien) (Prerefunded)  5.63  1/1/21  2,420,000 d  2,627,225 
Illinois,           
GO  5.00  11/1/27  2,450,000   2,618,707 
Illinois,           
GO  5.00  12/1/39  2,450,000   2,556,673 
Illinois Finance Authority,           
Revenue Bonds (Plymouth Place, Inc.)  5.25  5/15/45  1,000,000   1,048,760 
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  1,081,000 
Metropolitan Pier and Exposition           
Authority,           
Revenue Bonds (McCormick Place           
Expansion Project)  5.00  12/15/28  2,500,000   2,626,975 
Metropolitan Pier and Exposition           
Authority,           
Revenue Bonds (McCormick Place           
Expansion Project)  5.00  6/15/52  3,550,000   3,659,305 
Metropolitan Pier and Exposition           
Authority,           
Revenue Bonds (McCormick Place           
Expansion Project)  5.00  6/15/53  2,500,000   2,636,975 
Railsplitter Tobacco Settlement           
Authority,           
Tobacco Settlement Revenue Bonds           
(Prerefunded)  6.00  6/1/21  3,600,000 d  3,997,080 
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  9,000,000 b,c  9,972,495 
          40,652,879 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 150.8% (continued)       
Iowa - 1.9%           
Iowa Finance Authority,           
Midwestern Disaster Area Revenue           
Bonds (Iowa Fertilizer Company           
Project)  5.25  12/1/25  5,125,000   5,472,167 
Tobacco Settlement Authority of Iowa,           
Tobacco Settlement Asset-Backed           
Bonds  5.60  6/1/34  2,000,000   2,018,600 
          7,490,767 
Kentucky - .7%           
Christian County,           
HR (Jennie Stuart Medical Center)  5.50  2/1/44  2,800,000   3,000,060 
Louisiana - 3.1%           
Louisiana Local Government           
Environmental Facilities and           
Community Development Authority,           
Revenue Bonds, Refunding (Westlake           
Chemical Corporation Project)  3.50  11/1/32  2,400,000   2,352,744 
New Orleans,           
Water Revenue Bonds  5.00  12/1/40  1,000,000   1,100,510 
Tender Option Bond Trust Receipts           
(Series 2018-XF2584), 7/1/47,           
(Louisiana Public Facilities Authority,           
Hospital Revenue Bonds (Franciscan           
Missionaries of Our Lady Health System           
Project)) Recourse  5.00  7/1/25  8,195,000 b,c  8,957,989 
          12,411,243 
Maine - .5%           
Maine Health and Higher Educational           
Facilities Authority,           
Revenue Bonds (Maine General Medical           
Center Issue)  7.50  7/1/32  2,000,000   2,212,500 
Maryland - 2.0%           
Maryland Health and Higher Educational           
Facilities Authority,           
Revenue Bonds (Adventist HealthCare           
Issue)  5.50  1/1/46  3,250,000   3,616,340 
Tender Option Bond Trust Receipts           
(Series 2016-XM0391), 7/1/43,           
(Mayor and City Council of Baltimore,           
Project Revenue Bonds (Water           
Projects)) Non-recourse  5.00  7/1/21  4,000,000 b,c  4,420,940 
          8,037,280 
Massachusetts - 11.0%           
Massachusetts Development Finance           
Agency,           
Revenue Bonds, Refunding  7.25  1/1/32  995,000   1,108,340 

 


 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 150.8% (continued)       
Massachusetts - 11.0% (continued)           
Massachusetts Development Finance           
Agency,           
Revenue Bonds, Refunding (Tufts           
Medical Center Issue) (Prerefunded)  7.25  1/1/21  1,505,000 d  1,691,048 
Massachusetts Health and Educational           
Facilities Authority,           
Revenue Bonds (Suffolk University           
Issue)  6.25  7/1/30  1,730,000   1,784,703 
Massachusetts Health and Educational           
Facilities Authority,           
Revenue Bonds (Suffolk University           
Issue) (Prerefunded)  6.25  7/1/19  3,270,000 d  3,393,606 
Massachusetts Housing Finance Agency,           
Housing Revenue Bonds  7.00  12/1/38  4,575,000   4,608,443 
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  10,808,125 
Tender Option Bond Trust Receipts           
(Series 2016-XM0372), 4/1/27,           
(Massachusetts, Consolidated Loan)           
Non-recourse  5.00  8/4/20  6,400,000 b,c  6,905,536 
Tender Option Bond Trust Receipts           
(Series 2016-XM0386), 5/1/43,           
(University of Massachusetts Building           
Authority, Project and Refunding           
Revenue Bonds) Non-recourse  5.00  5/1/21  7,409,991 b,c  8,158,187 
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  5,250,000 b,c  5,982,376 
          44,440,364 
Michigan - 3.9%           
Detroit,           
Water Supply System Senior Lien           
Revenue Bonds  5.00  7/1/31  3,780,000   3,990,319 
Detroit,           
Water Supply System Senior Lien           
Revenue Bonds  5.00  7/1/36  3,290,000   3,468,483 
Great Lakes Water Authority,           
Sewage Disposal System Second Lien           
Revenue Bonds  5.00  7/1/36  2,000,000   2,207,960 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 150.8% (continued)       
Michigan - 3.9% (continued)           
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  1,000,000   1,085,470 
Michigan Strategic Fund,           
SWDR (Genesee Power Station Project)  7.50  1/1/21  1,795,000   1,773,047 
Royal Oak Hospital Finance Authority,           
HR (William Beaumont Hospital           
Obligated Group) (Prerefunded)  8.00  9/1/29  3,300,000   3,300,000 
          15,825,279 
Missouri - 1.9%           
Missouri Health and Educational Facilities           
Authority,           
Revenue Bonds (Lutheran Senior           
Services Projects)  5.00  2/1/46  2,200,000   2,357,212 
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   5,326,150 
          7,683,362 
Nevada - .4%           
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   1,512,495 
New Jersey - 5.4%           
Essex County Improvement Authority,           
SWDR (Covanta Project)  5.25  7/1/45  1,000,000 b  1,009,950 
New Jersey Economic Development           
Authority,           
School Facilities Construction Revenue           
Bonds  5.50  12/15/29  1,690,000   1,729,276 
New Jersey Economic Development           
Authority,           
School Facilities Construction Revenue           
Bonds (Prerefunded)  5.50  6/15/19  3,310,000 d  3,408,770 
New Jersey Economic Development           
Authority,           
Water Facilities Revenue Bonds (New           
Jersey - American Water Company, Inc.           
Project)  5.70  10/1/39  3,000,000   3,102,510 

 


 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 150.8% (continued)       
New Jersey - 5.4% (continued)           
New Jersey Tobacco Settlement Financing           
Corporation,           
Revenue Bonds, Refunding, Ser. B  5.00  6/1/46  5,500,000   5,939,725 
South Jersey Port Subordinated Marine           
Terminal,           
Revenue Bonds, Series B  5.00  1/1/42  2,025,000   2,200,892 
Tender Option Bond Trust Receipts           
(Series 2018-XF2538), 6/15/40,           
(New Jersey Economic Development           
Authority, Revenue Bonds) Recourse  5.25  12/15/23  4,250,000 b,c  4,589,394 
          21,980,517 
New Mexico - 1.3%           
Farmington,           
PCR (Public Service Company of New           
Mexico San Juan Project)  5.90  6/1/40  5,000,000   5,335,900 
New York - 15.1%           
Long Island Power Authority,           
Electric System General Revenue Bonds           
(Prerefunded)  6.25  4/1/19  3,000,000 d  3,081,720 
Metropolitan Transportation Authority,           
Transportation Revenue Bonds  6.25  11/15/18  1,715,000   1,730,932 
Metropolitan Transportation Authority,           
Transportation Revenue Bonds           
(Prerefunded)  6.25  11/15/18  60,000 d  60,563 
Metropolitan Transportation Authority,           
Transportation Revenue Bonds           
(Prerefunded)  6.25  11/15/18  6,650,000 d  6,712,443 
New York,           
GO (LOC; TD Bank NA)  1.40  9/1/18  800,000 c,f  800,000 
New York City Educational Construction           
Fund,           
Revenue Bonds  6.50  4/1/28  2,785,000   3,100,596 
New York Convention Center           
Development Corporation,           
Senior Lien Revenue Bonds (Hotel Unit           
Fee Secured)  0.00  11/15/47  5,600,000 e  1,727,152 
New York Counties Tobacco Trust V,           
Revenue Bonds  0.00  6/1/50  27,625,000 e  3,857,555 
New York Liberty Development           
Corporation,           
Revenue Bonds (3 World Trade Center           
Project)  5.00  11/15/44  3,400,000 b  3,579,010 
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   525,760 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 150.8% (continued)       
New York - 15.1% (continued)           
New York Transportation Development           
Corporation,           
Special Facility Revenue Bonds           
(LaGuardia Airport Terminal B           
Redevelopment Project)  5.00  7/1/46  3,000,000   3,202,440 
Niagara Area Development Corporation,           
Solid Disposal Facility Revenue Bonds,           
Refunding (Convanta Holding Project)           
Series 2018 A  4.75  11/1/42  1,000,000 b  1,005,010 
Niagara Area Development Corporation,           
Solid Waste Disposal Facility Revenue           
Bonds (Covanta Energy Project)  5.25  11/1/42  2,000,000 b  2,014,380 
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   5,134,418 
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  5,364,937 
Tender Option Bond Trust Receipts           
(Series 2016-XM0436), 6/15/44,           
(New York City Municipal Water           
Finance Authority, Water and Sewer           
System Second General Resolution           
Revenue Bonds) Recourse  5.00  4/9/20  12,600,000 b,c  13,606,236 
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  5,391,525 
          60,894,677 
North Carolina - 3.0%           
North Carolina Medical Care Commission           
Retirement Facilities,           
Revenue Bonds, Refunding (United           
Methodist Retirement Homes)  5.00  10/1/47  1,350,000   1,479,290 
Tender Option Bond Trust Receipts           
(Series 2016-XM0444), 6/1/42,           
(North Carolina Medical Care           
Commission, Health Care Facilities           
Revenue Bonds (Duke University           
Health System)) Recourse  5.00  6/1/42  10,000,000 b,c  10,548,840 
          12,028,130 

 


 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 150.8% (continued)       
Ohio - 6.5%           
Buckeye Tobacco Settlement Financing           
Authority,           
Tobacco Settlement Asset-Backed           
Bonds  5.88  6/1/30  2,000,000   2,009,180 
Buckeye Tobacco Settlement Financing           
Authority,           
Tobacco Settlement Asset-Backed           
Bonds  0.00  6/1/47  34,280,000 e  2,934,025 
Buckeye Tobacco Settlement Financing           
Authority,           
Tobacco Settlement Asset-Backed           
Bonds  6.50  6/1/47  9,085,000   9,273,332 
Butler County,           
Hospital Facilities Revenue Bonds (UC           
Health) (Prerefunded)  5.50  11/1/20  2,040,000 d  2,197,937 
Butler County,           
Hospital Facilities Revenue Bonds (UC           
Health) (Prerefunded)  5.50  11/1/20  960,000 d  1,035,379 
Centerville,           
Health Care Revenue Bonds           
(Graceworks Lutheran Services)  5.25  11/1/47  1,500,000   1,581,270 
Cuyahoga County Hospital,           
Revenue Bonds (The Metrohealth           
System)  5.00  2/15/57  1,000,000   1,052,000 
Hamilton County,           
Healthcare Improvement Revenue           
Bonds (Life Enriching Communities           
Project)  5.00  1/1/51  1,750,000   1,871,503 
Ohio Air Quality Development Authority,           
Air Quality Revenue Bonds (Ohio Valley           
Electric Corporation Project)  5.63  10/1/19  4,200,000   4,296,600 
          26,251,226 
Oregon - .4%           
Warm Springs Reservation Confederated           
Tribes,           
Hydroelectric Revenue Bonds (Pelton           
Round Butte Project)  6.38  11/1/33  1,500,000   1,553,175 
Pennsylvania - 3.7%           
Crawford County Hospital Authority,           
HR (Meadville Medical Center Project)  6.00  6/1/46  1,000,000   1,072,720 
Philadelphia,           
GO (Prerefunded)  6.50  8/1/20  4,700,000 d  5,119,287 
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  3,182,153 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 150.8% (continued)       
Pennsylvania - 3.7% (continued)           
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  5,376,674 
          14,750,834 
Rhode Island - 1.6%           
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  5,185,200 
Tobacco Settlement Financing           
Corporation of Rhode Island,           
Tobacco Settlement Asset-Backed           
Bonds  5.00  6/1/40  1,000,000   1,070,080 
          6,255,280 
South Carolina - 2.7%           
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  10,200,000 b,c  10,806,594 
Tennessee - 2.2%           
Metropolitan Government of Nashville           
and Davidson County Health and           
Educational Facilities Board,           
Revenue Bonds (The Vanderbilt           
University) (Prerefunded)  5.50  10/1/19  2,050,000 d  2,133,968 
Metropolitan Government of Nashville           
and Davidson County Health and           
Educational Facilities Board,           
Revenue Bonds (The Vanderbilt           
University) (Prerefunded)  5.50  10/1/19  450,000 d  467,937 
Metropolitan Government of Nashville           
and Davidson County Health and           
Educational Facilities Board,           
Revenue Bonds (The Vanderbilt           
University) (Prerefunded)  5.50  10/1/19  3,000,000 d  3,122,880 
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  3,000,000 b,c  3,316,118 
          9,040,903 

 


 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 150.8% (continued)       
Texas - 15.6%           
Central Texas Regional Mobility           
Authority,           
Senior Lien Revenue Bonds  5.00  1/1/45  1,500,000   1,634,475 
Clifton Higher Education Finance           
Corporation,           
Education Revenue Bonds           
(International Leadership of Texas)  5.75  8/15/45  2,500,000   2,577,725 
Clifton Higher Education Finance           
Corporation,           
Education Revenue Bonds (Uplift           
Education)  4.50  12/1/44  2,500,000   2,544,775 
Harris County Health Facilities           
Development Corporation,           
HR (Memorial Hermann Healthcare           
System) (Prerefunded)  7.25  12/1/18  7,290,000 d  7,389,436 
Harris County-Houston Sports Authority,           
Senior Lien Revenue Bonds (Insured;           
Assured Guaranty Municipal Corp.)  0.00  11/15/51  7,500,000 e  1,619,475 
Houston,           
Combined Utility System First Lien           
Revenue Bonds (Insured; Assured           
Guaranty Corp. ) (Prerefunded)  6.00  5/15/19  4,770,000 d  4,912,194 
Houston,           
Combined Utility System First Lien           
Revenue Bonds (Insured; Assured           
Guaranty Corp. ) (Prerefunded)  6.00  5/15/19  230,000 d  236,939 
Love Field Airport Modernization           
Corporation,           
Special Facilities Revenue Bonds           
(Southwest Airlines Company - Love           
Field Modernization Program Project)  5.00  11/1/28  1,000,000   1,079,180 
New Hope Cultural Education Facilities           
Finance Corporation,           
Student Housing Revenue Bonds           
(National Campus and Community           
Development Corporation - College           
Station Properties LLC - Texas A&M           
University Project)  5.00  7/1/35  500,000   444,440 
Tarrant County Cultural Education           
Facilities Finance Corporation,           
Retirement Facility Revenue Bonds           
(Buckingham Senior Living Community,           
Inc. Project)  5.50  11/15/45  3,000,000   2,600,400 
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  12,450,000 b,c  13,565,513 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 150.8% (continued)       
Texas - 15.6% (continued)           
Tender Option Bond Trust Receipts           
(Series 2016-XM0443), 5/15/39,           
(Texas A&M University System Board           
of Regents, Financing System Revenue           
Bonds) Recourse  5.00  5/15/39  13,157,245 b,c  13,867,161 
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  9,997,299 b,c  10,296,949 
          62,768,662 
Utah - .5%           
Utah Infrastructure Agency,           
Telecommunication Revenue Bonds,           
Refunding (Special Limited Obligations)  5.00  10/15/40  2,000,000   2,178,460 
Virginia - 6.2%           
Chesterfield County Economic           
Development Authority,           
Retirement Facilities First Mortgage           
Revenue Bonds (Brandermill Woods           
Project)  5.13  1/1/43  700,000   720,937 
Henrico County Industrial Development           
Authority,           
Revenue Bonds (Bon Secours Health           
System, Inc.) (Insured; Assured           
Guaranty Municipal Corp.)  7.91  8/23/27  5,450,000   6,658,537 
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  8,917,781 
Virginia College Building Authority,           
Educational Facilities Revenue Bonds           
(Marymount University Project) (Green           
Bonds)  5.00  7/1/45  1,000,000 b  1,040,950 
Virginia Small Business Financing           
Authority,           
Private Activity Revenue Bonds           
(Transform 66 P3 Project)  5.00  12/31/52  4,100,000   4,462,358 
Washington County Industrial           
Development Authority,           
HR (Mountain States Health Alliance)           
(Prerefunded)  7.75  1/1/19  3,000,000 d  3,059,340 
          24,859,903 
Washington - 5.0%           
Tender Option Bond Trust Receipts           
(Series 2017-XF2423), 1/1/29,           
(King County, Server Revenue Bonds)           
Recourse  5.00  6/1/20  8,575,000 b,c  9,169,894 

 


 

  Coupon  Maturity  Principal      
Description  Rate (%)  Date  Amount ($)   Value ($)  
Long-Term Municipal Investments - 150.8% (continued)         
Washington - 5.0% (continued)             
Tender Option Bond Trust Receipts             
(Series 2018-XM0680), 7/1/58,             
(Washington Convention Center Public             
Facilities District, Revenue Bonds)             
Recourse  6.09  7/1/26  10,000,000 b,c  11,192,150  
          20,362,044  
Wisconsin - 1.9%             
Public Finance Authority,             
Revenue Bonds (Denver International             
Airport Great Hall Project)  5.00  9/30/49  2,000,000   2,184,220  
Public Finance Authority of Wisconsin,             
Higher Education Facilities Revenue             
Bonds (Gannon University Project)  5.00  5/1/42  750,000   803,813  
Public Finance Authority of Wisconsin,             
Senior Living Revenue Bonds (Mary's             
Woods At Marylhurst Project)  5.25  5/15/42  750,000 b  816,975  
Wisconsin Health & Educational Facilities             
Authority,             
Revenue Bonds (Advocate Aurora             
Health Credit Group) Series 2018 A  5.00  8/15/32  3,460,000   4,031,730  
          7,836,738  
U.S. Related - 1.3%             
Puerto Rico Commonwealth,             
Public Improvement GO (Insured;             
Assured Guaranty Municipal Corp.)  5.00  7/1/35  2,500,000   2,717,825  
Puerto Rico Highway & Transportation             
Authority,             
Highway Revenue Bonds, Refunding             
(Insured; Assured Guaranty Municipal             
Corporation) Series 2007 CC  5.25  7/1/34  2,000,000   2,367,380  
          5,085,205  
Total Long-Term Municipal Investments             
(cost $575,829,074)          608,092,630  
 
Short-Term Municipal Investments - .4%             
New York - .4%             
Triborough Bridge & Tunnel Authority,             
Revenue Bonds, Refunding (LOC; State             
Street Bank & Trust Co.)             
(cost $1,500,000)  1.42  9/1/18  1,500,000 g  1,500,000  
Total Investments (cost $577,329,074)      151.2 %  609,592,630  
Liabilities, Less Cash and Receivables      (39.0 %)  (157,073,115 ) 
Preferred Stock, at redemption value      (12.2 %)  (49,300,000 ) 
Net Assets Applicable to Common Shareholders    100.0 %  403,219,515  

 

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 August 31, 2018, these securities were valued 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

at $259,772,334 or 64.42% of net assets.

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 Variable rate security—rate shown is the interest rate in effect at period end. 
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 Municipal Bond Fund, Inc.
August 31, 2018 (Unaudited)

The following is a summary of the inputs used as of August 31, 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 ($)             
Investments in Securities:             
Municipal Bonds  -  609,592,630   -  609,592,630  
Liabilities ($)             
Floating Rate Notes††  -  (162,356,715 )  -  (162,356,715 ) 

 

  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 August 31, 2018, accumulated net unrealized appreciation on investments was $32,263,556, consisting of $33,306,015 gross unrealized appreciation and $1,042,459 gross unrealized depreciation.

At August 31, 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 Municipal Bond Fund, Inc.

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:    October 19, 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:    October 19, 2018

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    October 19, 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)