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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:

  02/28/19

 

             

 

 

FORM N-Q

Item 1.                  Schedule of Investments.

 

 

STATEMENT OF INVESTMENTS
Dreyfus Strategic Municipal Bond Fund, Inc.
February 28, 2019 (Unaudited)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 152.4%         
Alabama - 4.1%           
Birmingham Special Care Facilities           
Financing Authority,           
Improvement Revenue Bonds           
(Methodist Home for the Aging)  5.50  6/1/2030  1,800,000   1,975,302 
Birmingham Special Care Facilities           
Financing Authority,           
Improvement Revenue Bonds           
(Methodist Home for the Aging)  6.00  6/1/2050  2,750,000   2,979,350 
Jefferson County,           
Subordinate Lien Sewer Revenue           
Bonds Convertible Capital           
Appreciation Warrants, Ser. F  0/7.75  10/1/2046  6,000,000 a  5,280,720 
Lower Alabama Gas District,           
Gas Project Revenue Bonds, Ser. A  5.00  9/1/2046  5,000,000   5,853,350 
          16,088,722 
Arizona - 2.8%           
Arizona Industrial Development           
Authority,           
Education Revenue Bonds, Refunding           
(BASIS Schools Projects) Ser. A  5.25  7/1/2047  1,500,000 b  1,544,910 
Phoenix Industrial Development           
Authority,           
Education Facility Revenue Bonds           
(Legacy Traditional Schools Project)           
Ser. A  6.75  7/1/2044  1,000,000 b  1,091,570 
Phoenix Industrial Development           
Authority,           
Education Facility Revenue Bonds,           
Refunding (BASIS Schools Projects)  5.00  7/1/2045  1,000,000 b  1,014,000 
Phoenix Industrial Development           
Authority,           
Education Facility Revenue Bonds,           
Refunding (BASIS Schools Projects)           
Ser. A  5.00  7/1/2046  2,000,000 b  2,026,900 
Tender Option Bond Trust Receipts           
(Series 2018-XF2537),           
(Salt Verde Financial Corporation,           
Senior Gas Revenue Bonds) Recourse  5.00  6/1/2032  4,550,000 b,c  5,380,490 
          11,057,870 
California - 13.1%           
California,           
GO (Various Purpose)  5.75  4/1/2031  7,800,000   7,823,946 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 152.4% (continued)       
California - 13.1% (continued)           
California,           
GO (Various Purpose)  6.00  3/1/2033  2,250,000   2,347,470 
California,           
GO (Various Purpose)  6.00  11/1/2035  5,000,000   5,143,700 
California,           
GO (Various Purpose)  6.50  4/1/2033  2,290,000   2,298,382 
California,           
GO (Various Purpose)  6.50  4/1/2019  2,710,000 d  2,720,488 
Golden State Tobacco Securitization           
Corporation,           
Revenue Bonds, Refunding, Ser. A-1  5.00  6/1/2047  1,000,000   965,320 
Golden State Tobacco Securitization           
Corporation,           
Tobacco Settlement Asset-Backed           
Bonds  0.00  6/1/2047  10,000,000 e  1,607,000 
San Buenaventura,           
Revenue Bonds (Community           
Memorial Health System)  7.50  12/1/2041  1,500,000   1,635,645 
Tender Option Bond Trust Receipts           
(Series 2016-XM0379),           
(Los Angeles Department of Water           
and Power, Water System Revenue           
Bonds) Non-recourse  5.00  7/1/2020  5,000,000 b,c  5,451,212 
Tender Option Bond Trust Receipts           
(Series 2016-XM0387),           
(Los Angeles Department of Airports,           
Senior Revenue Bonds (Los Angeles           
International Airport)) Non-recourse  5.00  5/15/2021  6,000,000 b,c  6,552,585 
Tender Option Bond Trust Receipts           
(Series 2016-XM0390),           
(The Regents of the University of           
California, General Revenue Bonds)           
Non-recourse  5.00  5/15/2021  6,260,000 b,c  6,977,881 
Tender Option Bond Trust Receipts           
(Series 2016-XM0440),           
(Los Angeles Department of Airports,           
Senior Revenue Bonds (Los Angeles           
International Airport)) Recourse  5.00  4/15/2027  5,247,500 b,c  5,455,152 
Tobacco Securitization Authority,           
North Tobacco Settlement Revenue           
Bonds (Capital Appreciation-2nd           
Sub-Asset Backed C)  0.00  6/1/2045  26,185,000 e  2,788,179 
          51,766,960 
Colorado - 4.3%           
Belleview Station Metropolitan District           
Number 2,           
GO, Refunding  5.13  12/1/2046  2,375,000   2,413,166 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 152.4% (continued)       
Colorado - 4.3% (continued)           
Colorado Educational & Cultural           
Facilities Authority,           
Revenue Bonds (Johnson and Wales           
University Project) Ser. B  5.00  4/1/2031  2,685,000   2,851,631 
Denver City and County,           
Airport Revenue Bonds, Refunding,           
Ser. A  5.00  12/1/2048  2,300,000   2,576,368 
Dominion Water and Sanitation           
District,           
Tap Fee Revenue Bonds  6.00  12/1/2046  2,210,000   2,332,545 
Sterling Ranch Community Authority,           
Board Supported Revenue Bonds,           
Ser. A  5.00  12/1/2047  1,250,000   1,251,137 
Tender Option Bond Trust Receipts           
(Series 2016-XM0385),           
(Board of Governors of the Colorado           
State University, System Enterprise           
Revenue Bonds) Non-recourse  5.00  3/1/2020  4,960,000 b,c  5,437,598 
          16,862,445 
District of Columbia - 4.1%           
Tender Option Bond Trust Receipts           
(Series 2016-XM0437),           
(District of Columbia, Income Tax           
Secured Revenue Bonds) Recourse  5.00 12/20/2021 14,834,680 b,c  16,296,717 
Florida - 7.5%           
Atlantic Beach,           
Revenue Bonds (Fleet Landing           
Project) Ser. A  5.00 11/15/2053 2,500,000   2,637,525 
Cape Coral Health Facilities Authority,           
Senior Housing Revenue Bonds,           
Refunding (Gulf Care, Inc. Project)  5.88  7/1/2040  1,600,000 b  1,690,960 
Mid-Bay Bridge Authority,           
Springing Lien Revenue Bonds, Ser. A  7.25  10/1/2021  5,000,000 d  5,689,350 
Palm Beach County Health Facilities           
Authority,           
Retirement Community Revenue           
Bonds (Acts Retirement - Life           
Communities, Inc. Obligated Group)  5.00 11/15/2045  5,775,000   6,274,999 
Palm Beach County Health Facilities           
Authority,           
Retirement Community Revenue           
Bonds (Adult Communities Total           
Services, Inc. Retirement - Life           
Communities, Inc. Obligated Group)  5.50 11/15/2020  6,825,000 d  7,260,435 
Saint Johns County Industrial           
Development Authority,           
Revenue Bonds (Presbyterian           
Retirement Communities Project)           
Ser. A  6.00  8/1/2020  3,500,000 d  3,707,480 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 152.4% (continued)       
Florida - 7.5% (continued)           
South Lake County Hospital District,           
Revenue Bonds (South Lake Hospital,           
Inc.) Ser. A  6.25  4/1/2039  2,500,000   2,506,575 
          29,767,324 
Georgia - 5.2%           
Atlanta,           
Subordinate Lien Revenue Bonds           
(Proctor Creek Watershed Project)           
Ser. D  3.50  11/1/2028  1,000,000 b  1,004,520 
Atlanta,           
Water and Wastewater Revenue           
Bonds (Insured; Assured Guaranty           
Municipal Corp.) Ser. B  5.25  11/1/2034  275,000   281,064 
Atlanta,           
Water and Wastewater Revenue           
Bonds (Insured; Assured Guaranty           
Municipal Corp.) Ser. B  5.25  11/1/2019  725,000 d  742,487 
Atlanta,           
Water and Wastewater Revenue           
Bonds, Ser. A  6.00  11/1/2019  4,865,000 d  5,006,134 
Atlanta Development Authority,           
Senior Health Care Facilities Revenue           
Bonds (Georgia Proton Treatment           
Center Project) Ser. A1  7.00  1/1/2040  1,500,000   1,464,435 
Atlanta Development Authority,           
Senior Lien Revenue Bonds (New           
Downtown Atlanta Stadium Project)           
Ser. A1  5.25  7/1/2040  1,000,000   1,131,260 
Burke County Development Authority,           
Pollution Control Revenue Bonds,           
Refunding (Oglethorpe Power Corp-           
Vogtle) Ser. D  4.13  11/1/2045  4,200,000   4,128,138 
Tender Option Bond Trust Receipts           
(Series 2016-XM0435),           
(Private Colleges and Universities           
Authority, Revenue Bonds (Emory           
University)) Recourse  5.00  8/20/2022  6,000,000 b,c  6,622,215 
          20,380,253 
Hawaii - 1.8%           
Hawaii Department of Budget and           
Finance,           
Special Purpose Revenue Bonds           
(Hawaii Pacific Health Obligated           
Group) Ser. B  5.63  7/1/2020  2,500,000 d  2,628,975 
Hawaii Department of Budget and           
Finance,           
Special Purpose Revenue Bonds           
(Hawaiian Electric Company, Inc. and           
Subsidiary Projects)  6.50  7/1/2039  2,000,000   2,033,020 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 152.4% (continued)       
Hawaii - 1.8% (continued)           
Hawaii Department of Budget and           
Finance,           
Special Purpose Revenue Bonds,           
Refunding (Hawaiian Electric           
Company)  4.00  3/1/2037  2,500,000   2,513,600 
          7,175,595 
Illinois - 12.7%           
Chicago,           
GO, Refunding (Project and           
Refunding Series) Ser. A  6.00  1/1/2038  3,000,000   3,375,930 
Chicago,           
GO, Refunding, Ser. C  5.00  1/1/2024  1,265,000   1,356,928 
Chicago,           
Second Lien Wastewater           
Transmission Revenue Bonds,           
Refunding, Ser. C  5.00  1/1/2039  2,330,000   2,510,435 
Chicago Board of Education,           
GO, Refunding, Ser. A  5.00  12/1/2033  1,250,000   1,315,912 
Chicago O'Hare International Airport,           
Revenue Bonds (General Airport           
Third Lien)  5.63  1/1/2035  580,000   613,594 
Chicago O'Hare International Airport,           
Revenue Bonds (General Airport           
Third Lien)  5.63  1/1/2021  2,420,000 d  2,595,353 
Chicago O'Hare International Airport,           
Senior Lien Revenue Bonds,           
Refunding, Ser. A  5.00  1/1/2048  4,000,000   4,428,160 
Illinois,           
GO, Ser. A  5.00  5/1/2038  2,850,000   2,961,264 
Illinois,           
GO, Ser. C  5.00  11/1/2029  5,500,000   5,894,405 
Illinois Finance Authority,           
Revenue Bonds, Refunding           
(Plymouth Place, Inc.)  5.25  5/15/2045  1,000,000   1,033,000 
Metropolitan Pier and Exposition           
Authority,           
Dedicated Tax Revenue Bonds           
(Capital Appreciation-McCormick           
Place Expansion Project) (Insured;           
MBIA Insurance Corporation) Ser. A  0.00   12/15/2036  2,500,000 e  1,124,550 
Metropolitan Pier and Exposition           
Authority,           
Revenue Bonds (McCormick Place           
Expansion Project) Ser. A  5.00  6/15/2053  2,500,000   2,603,325 
Metropolitan Pier and Exposition           
Authority,           
Revenue Bonds, Refunding           
(McCormick Place Expansion Project)           
Ser. B  5.00   12/15/2028  2,500,000   2,618,550 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 152.4% (continued)       
Illinois - 12.7% (continued)           
Metropolitan Pier and Exposition           
Authority,           
Revenue Bonds, Refunding           
(McCormick Place Expansion Project)           
Ser. B  5.00  6/15/2052  3,550,000   3,614,184 
Railsplitter Tobacco Settlement           
Authority,           
Tobacco Settlement Revenue Bonds  6.00  6/1/2021  3,600,000 d  3,938,940 
Tender Option Bond Trust Receipts           
(Series 2017-XM0492),           
(Illinois Finance Authority, Revenue           
Bonds (The University of Chicago))           
Non-recourse  5.00  10/1/2040  9,000,000 b,c  10,124,977 
          50,109,507 
Indiana - 1.0%           
Indiana Finance Authority,           
Revenue Bonds (Parkview Health           
System Group) Ser. A  5.00  11/1/2043  3,500,000   3,908,765 
Iowa - 1.4%           
Iowa Finance Authority,           
Midwestern Disaster Area Revenue           
Bonds (Iowa Fertilizer Company           
Project)  5.25  12/1/2025  5,125,000   5,439,777 
Kentucky - 1.4%           
Christian County,           
HR, Refunding (Jennie Stuart Medical           
Center)  5.50  2/1/2044  2,800,000   2,996,420 
Kentucky Public Energy Authority,           
Revenue Bonds, Ser. A-1  4.00  6/1/2025  2,560,000   2,738,074 
          5,734,494 
Louisiana - 3.1%           
Louisiana Local Government           
Environmental Facilities and           
Community Development Authority,           
Revenue Bonds, Refunding (Westlake           
Chemical Corporation Project)  3.50  11/1/2032  2,400,000   2,369,328 
New Orleans,           
Water System Revenue Bonds  5.00  12/1/2040  1,000,000   1,079,280 
Tender Option Bond Trust Receipts           
(Series 2018-XF2584),           
(Louisiana Public Facilities Authority,           
Hospital Revenue Bonds (Franciscan           
Missionaries of Our Lady Health           
System Project)) Recourse  5.00  7/1/2025  8,195,000 b,c  8,894,316 
          12,342,924 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 152.4% (continued)       
Maine - .6%           
Maine Health and Higher Educational           
Facilities Authority,           
Revenue Bonds (Maine General           
Medical Center Obligated Group)  7.50  7/1/2032  2,000,000   2,212,480 
Maryland - 2.0%           
Maryland Health and Higher           
Educational Facilities Authority,           
Revenue Bonds (Adventist           
HealthCare Obligated Group) Ser. A  5.50  1/1/2046  3,250,000   3,610,327 
Tender Option Bond Trust Receipts           
(Series 2016-XM0391),           
(Mayor and City Council of Baltimore,           
Project Revenue Bonds (Water           
Projects)) Non-recourse  5.00  7/1/2021  4,000,000 b,c  4,445,270 
          8,055,597 
Massachusetts - 10.3%           
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Tufts Medical Center           
Obligated Group)  7.25  1/1/2032  995,000   1,092,271 
Massachusetts Development Finance           
Agency,           
Revenue Bonds (Tufts Medical Center           
Obligated Group)  7.25  1/1/2021  1,505,000 d  1,652,129 
Massachusetts Development Finance           
Agency,           
Revenue Bonds, Refunding, Ser. A  5.00  7/1/2029  1,000,000   1,175,130 
Massachusetts Health and Educational           
Facilities Authority,           
Revenue Bonds, Refunding (Suffolk           
University Issue)  6.25  7/1/2030  1,730,000   1,755,916 
Massachusetts Health and Educational           
Facilities Authority,           
Revenue Bonds, Refunding (Suffolk           
University Issue)  6.25  7/1/2019  3,270,000 d  3,320,064 
Tender Option Bond Trust Receipts           
(Series 2016-XM0368),           
(Massachusetts Development Finance           
Agency, Revenue Bonds (Harvard           
University Issue)) Non-recourse  5.25  6/18/2020  10,000,000 b,c  10,674,175 
Tender Option Bond Trust Receipts           
(Series 2016-XM0372),           
(Massachusetts, GO Consolidated           
Loan) Non-recourse  5.00  8/4/2020  6,400,000 b,c  6,833,296 
Tender Option Bond Trust Receipts           
(Series 2016-XM0386),           
(University of Massachusetts Building           
Authority, Project and Refunding           
Revenue Bonds) Non-recourse  5.00  5/1/2021  7,409,991 b,c  8,105,783 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 152.4% (continued)       
Massachusetts - 10.3% (continued)           
Tender Option Bond Trust Receipts           
(Series 2018-XF0610),           
(Massachusetts Transportation Fund,           
Revenue Bonds (Rail Enhancement &           
Accelerated Bridge Programs))           
Recourse  5.00  6/1/2025  5,250,000 b,c  5,928,698 
          40,537,462 
Michigan - 4.5%           
Detroit,           
Water Supply System Senior Lien           
Revenue Bonds, Ser. A  5.00  7/1/2036  3,290,000   3,451,934 
Detroit,           
Water Supply System Senior Lien           
Revenue Bonds, Ser. A  5.00  7/1/2031  3,780,000   3,985,292 
Great Lakes Water Authority,           
Sewage Disposal System Second Lien           
Revenue Bonds, Refunding, Ser. C  5.00  7/1/2036  2,000,000   2,236,820 
Michigan Finance Authority,           
Local Government Loan Program           
Revenue Bonds, Refunding (Detroit           
Water and Sewerage Department,           
Water Supply System Revenue Bonds           
Senior Lien Local Project Bonds)           
(Insured; National Public Finance           
Guarantee Corp.)  5.00  7/1/2036  1,000,000   1,089,240 
Michigan Strategic Fund,           
Revenue Bonds (AMT-I-75           
Improvement Project)  5.00  6/30/2048  5,000,000   5,463,750 
Michigan Strategic Fund,           
SWDR, Refunding (Genesee Power           
Station Project)  7.50  1/1/2021  1,395,000   1,375,986 
          17,603,022 
Minnesota - 2.1%           
Duluth Economic Development           
Authority,           
Revenue Bonds, Refunding (Essentia           
Health Group) Ser. A  5.00  2/15/2058  4,000,000   4,326,920 
Minneapolis,           
Revenue Bonds, Refunding (Fairview           
Health Services Obligated Group)           
(LOC; Wells Fargo Bank NA) Ser. C  1.72 11/15/2048 4,000,000 f  4,000,000 
          8,326,920 
Missouri - 2.2%           
Missouri Health and Educational           
Facilities Authority,           
Revenue Bonds (Lutheran Senior           
Services Projects) Ser. B  2.88  2/1/2022  1,365,000   1,367,416 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 152.4% (continued)       
Missouri - 2.2% (continued)           
Missouri Health and Educational           
Facilities Authority,           
Revenue Bonds, Refunding (Lutheran           
Senior Services Projects)  5.00  2/1/2046  2,200,000   2,290,288 
Saint Louis Land Clearance           
Redevelopment Authority,           
Annual Appropriation           
Redevelopment Revenue Bonds           
(National Geospatial-Intelligence           
Agency Site Improvements Project)  5.13  6/1/2046  4,925,000   5,246,307 
          8,904,011 
Nevada - 1.3%           
Reno,           
Sales Tax Revenue Bonds, Refunding           
(Reno Transportation Rail Access           
Project) (Insured; Assured Guaranty           
Municipal Corporation) Ser. A  4.00  6/1/2058  5,000,000   5,002,500 
New Jersey - 5.4%           
Essex County Improvement Authority,           
SWDR (Covanta Project)  5.25  7/1/2045  1,000,000 b  1,004,370 
New Jersey Economic Development           
Authority,           
School Facilities Construction           
Revenue Bonds  5.50 12/15/2029 1,690,000   1,705,937 
New Jersey Economic Development           
Authority,           
School Facilities Construction           
Revenue Bonds  5.50  6/15/2019  3,310,000 d  3,346,443 
New Jersey Economic Development           
Authority,           
Water Facilities Revenue Bonds,           
Refunding (New Jersey - American           
Water Company, Inc. Project) Ser. A  5.70  10/1/2039  3,000,000   3,060,660 
New Jersey Housing & Mortgage           
Finance Agency,           
Revenue Bonds, Refunding (Single-           
Family Housing) Ser. D  4.00  10/1/2024  2,370,000   2,538,507 
New Jersey Transportation Trust Fund           
Authority,           
Revenue Bonds, Ser. AA  5.00  6/15/2046  1,365,000   1,440,403 
New Jersey Transportation Trust Fund           
Authority,           
Revenue Bonds, Ser. AA  5.25  6/15/2043  1,500,000   1,631,025 
South Jersey Port Subordinated Marine           
Terminal,           
Revenue Bonds, Ser. B  5.00  1/1/2042  2,025,000   2,173,473 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 152.4% (continued)       
New Jersey - 5.4% (continued)           
Tender Option Bond Trust Receipts           
(Series 2018-XF2538),           
(New Jersey Economic Development           
Authority, Revenue Bonds) Recourse  5.25 12/15/2023 4,250,000 b,c  4,515,174 
          21,415,992 
New Mexico - 1.3%           
Farmington,           
PCR, Refunding (Public Service           
Company of New Mexico San Juan           
Project) Ser. D  5.90  6/1/2040  5,000,000   5,210,750 
New York - 12.7%           
Long Island Power Authority,           
Electric System General Revenue           
Bonds, Ser. A  6.25  4/1/2019  3,000,000 d  3,010,710 
New York City Educational           
Construction Fund,           
Revenue Bonds, Ser. A  6.50  4/1/2028  2,785,000   3,048,322 
New York Convention Center           
Development Corporation,           
Subordinate Lien Hotel Unit Fee,           
Revenue Bonds (Insured; Assured           
Guaranty Municipal Corp.)  0.00 11/15/2049 5,600,000 e  1,603,784 
New York Counties Tobacco Trust V,           
Capital Appreciation Subordinate           
Pass Through Revenue Bonds, Ser. S2  0.00  6/1/2050  27,625,000 e  3,567,769 
New York Liberty Development           
Corporation,           
Revenue Bonds, Refunding (3 World           
Trade Center Project) Ser. 1  5.00 11/15/2044 3,400,000 b  3,545,078 
New York Transportation Development           
Corporation,           
Special Facility Revenue Bonds           
(LaGuardia Airport Terminal B           
Redevelopment Project)  5.00  7/1/2046  3,000,000   3,177,600 
New York Transportation Development           
Corporation,           
Special Facility Revenue Bonds,           
Refunding (American Airlines, Inc.           
John F. Kennedy International Airport           
Project)  5.00  8/1/2026  500,000   523,825 
Niagara Area Development           
Corporation,           
Solid Disposal Facility Revenue           
Bonds, Refunding (Convanta Holding           
Project) Ser. A  4.75  11/1/2042  1,000,000 b  992,910 
Port Authority of New York and New           
Jersey,           
Special Project Revenue Bonds (JFK           
International Air Terminal LLC           
Project)  6.00  12/1/2036  4,710,000   4,986,430 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 152.4% (continued)       
New York - 12.7% (continued)           
Tender Option Bond Trust Receipts           
(Series 2016-XM0370),           
(New York City Transitional Finance           
Authority, Future Tax Secured           
Subordinate Revenue Bonds) Non-           
recourse  5.25  4/5/2020  5,000,000 b,c  5,281,150 
Tender Option Bond Trust Receipts           
(Series 2016-XM0436),           
(New York City Municipal Water           
Finance Authority, Water and Sewer           
System Second General Resolution           
Revenue Bonds) Recourse  5.00  4/9/2020  12,600,000 b,c  13,502,727 
Tender Option Bond Trust Receipts           
(Series 2016-XM0438),           
(New York City Transitional Finance           
Authority, Future Tax Secured           
Subordinate Revenue Bonds)           
Recourse  5.50  11/1/2027  5,000,000 b,c  5,302,512 
Triborough Bridge & Tunnel Authority,           
General Revenue Bonds, Refunding           
(LOC; State Street B&T Co., NA) Ser. C  1.70  1/1/2032  1,500,000 f  1,500,000 
          50,042,817 
North Carolina - 2.6%           
Tender Option Bond Trust Receipts           
(Series 2016-XM0444),           
(North Carolina Medical Care           
Commission, Health Care Facilities           
Revenue Bonds (Duke University           
Health System)) Recourse  5.00  6/1/2042  10,000,000 b,c  10,394,680 
Ohio - 5.3%           
Buckeye Tobacco Settlement Financing           
Authority,           
Tobacco Settlement Asset-Backed           
Bonds, Ser. A2  5.88  6/1/2030  2,000,000   1,888,060 
Buckeye Tobacco Settlement Financing           
Authority,           
Tobacco Settlement Asset-Backed           
Bonds, Ser. A2  6.50  6/1/2047  9,085,000   9,051,204 
Butler County,           
Hospital Facilities Revenue Bonds           
(UC Health)  5.50  11/1/2020  2,040,000 d  2,165,480 
Butler County,           
Hospital Facilities Revenue Bonds           
(UC Health)  5.50  11/1/2020  960,000 d  1,019,050 
Centerville,           
Health Care Revenue Bonds,           
Refunding (Graceworks Lutheran           
Services)  5.25  11/1/2047  1,500,000   1,552,635 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 152.4% (continued)       
Ohio - 5.3% (continued)           
Cuyahoga County Hospital,           
Revenue Bonds, Refunding (The           
Metrohealth System)  5.00  2/15/2057  1,000,000   1,041,750 
Ohio Air Quality Development           
Authority,           
Air Quality Revenue Bonds (Ohio           
Valley Electric Corporation Project)           
Ser. E  5.63  10/1/2019  4,200,000   4,248,552 
          20,966,731 
Oregon - .4%           
Warm Springs Reservation           
Confederated Tribes,           
Hydroelectric Revenue Bonds (Pelton           
Round Butte Project) Ser. B  6.38  11/1/2033  1,500,000   1,529,115 
Pennsylvania - 4.2%           
Crawford County Hospital Authority,           
HR, Refunding (Meadville Medical           
Center Project) Ser. A  6.00  6/1/2046  1,000,000   1,071,910 
Pennsylvania Housing Finance Agency,           
Revenue Bonds (Single-Family           
Housing) Ser. 114A  3.35  10/1/2026  2,000,000   2,025,400 
Philadelphia,           
GO  6.50  8/1/2020  4,700,000 d  5,013,913 
Tender Option Bond Trust Receipts           
(Series 2016-XM0373),           
(Geisinger Authority, Health System           
Revenue Bonds (Geisinger Health           
System)) Non-recourse  5.13  6/1/2035  3,000,000 b,c  3,184,380 
Tender Option Bond Trust Receipts           
(Series 2018-XM0594),           
(Berks County Industrial           
Development Authority, Health           
System Revenue Bonds, Refunding           
(Tower Health Project)) Recourse  5.00  11/1/2025  4,920,000 b,c  5,355,322 
          16,650,925 
Rhode Island - 1.3%           
Rhode Island Health and Educational           
Building Corporation,           
Hospital Financing Revenue Bonds           
(Lifespan Obligated Group) (Insured;           
Assured Guaranty Corp.) Ser. A  7.00  5/15/2019  5,000,000 d  5,053,050 
South Carolina - 2.8%           
Tender Option Bond Trust Receipts           
(Series 2016-XM0384),           
(South Carolina Public Service           
Authority, Revenue Bonds           
Obligations (Santee Cooper)) Non-           
recourse  5.13  6/1/2037  10,200,000 b,c  10,895,912 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 152.4% (continued)       
Tennessee - 2.3%           
Metropolitan Government of Nashville           
and Davidson County Health and           
Educational Facilities Board,           
Revenue Bonds (The Vanderbilt           
University)  5.50  10/1/2019  2,050,000 d  2,096,391 
Metropolitan Government of Nashville           
and Davidson County Health and           
Educational Facilities Board,           
Revenue Bonds (The Vanderbilt           
University)  5.50  10/1/2019  450,000 d  459,923 
Metropolitan Government of Nashville           
and Davidson County Health and           
Educational Facilities Board,           
Revenue Bonds (The Vanderbilt           
University) Ser. B  5.50  10/1/2019  3,000,000 d  3,067,890 
Tender Option Bond Trust Receipts           
(Series 2016-XM0388),           
(Metropolitan Government of           
Nashville and Davidson County,           
Water and Sewer Revenue Bonds)           
Non-recourse  5.00  7/1/2021  3,000,000 b,c  3,308,993 
          8,933,197 
Texas - 14.3%           
Central Texas Regional Mobility           
Authority,           
Senior Lien Revenue Bonds, Ser. A  5.00  1/1/2045  1,500,000   1,631,100 
Clifton Higher Education Finance           
Corporation,           
Education Revenue Bonds           
(International Leadership of Texas)           
Ser. A  5.75  8/15/2045  2,500,000   2,533,450 
Clifton Higher Education Finance           
Corporation,           
Education Revenue Bonds (Uplift           
Education) Ser. A  4.50  12/1/2044  2,500,000   2,466,075 
Clifton Higher Education Finance           
Corporation,           
Revenue Bonds (International           
Leadership) Ser. D  6.13  8/15/2048  2,000,000   2,063,720 
Harris County-Houston Sports           
Authority,           
Senior Lien Revenue Bonds,           
Refunding (Insured; Assured           
Guaranty Municipal Corp.) Ser. A  0.00 11/15/2051  7,500,000 e  1,687,650 
Houston,           
Combined Utility System First Lien           
Revenue Bonds, Refunding (Insured;           
Assured Guaranty Corp.) Ser. A  6.00 11/15/2036   230,000   232,029 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 152.4% (continued)       
Texas - 14.3% (continued)           
Houston,           
Combined Utility System First Lien           
Revenue Bonds, Refunding (Insured;           
Assured Guaranty Corp.) Ser. A  6.00  5/15/2019  4,770,000 d  4,811,547 
Love Field Airport Modernization           
Corporation,           
Special Facilities Revenue Bonds           
(Southwest Airlines Company - Love           
Field Modernization Program           
Project)  5.00  11/1/2028  1,000,000   1,083,830 
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  7/1/2035  500,000   451,675 
Tarrant County Cultural Education           
Facilities Finance Corporation,           
Retirement Facility Revenue Bonds           
(Buckingham Senior Living           
Community, Inc. Project)  5.50 11/15/2045 3,000,000   2,370,000 
Tender Option Bond Trust Receipts           
(Series 2016-XM0377),           
(San Antonio, Electric and Gas           
Systems Junior Lien Revenue Bonds)           
Non-recourse  5.00  2/1/2021  12,450,000 b,c  13,540,001 
Tender Option Bond Trust Receipts           
(Series 2016-XM0443),           
(Texas A&M University System Board           
of Regents, Financing System           
Revenue Bonds) Recourse  5.00  5/15/2039  13,157,245 b,c  13,668,570 
Tender Option Bond Trust Receipts           
(Series 2017-XF2422),           
(Leander Independent School           
District, Unlimited Tax School           
Building Bonds (Permanent School           
Fund Guarantee Program)) Recourse  5.00  8/15/2040  9,997,299 b,c  10,144,549 
          56,684,196 
U.S. Related - 1.2%           
Puerto Rico Commonwealth,           
Public Improvement GO, Refunding           
(Insured; Assured Guaranty           
Municipal Corp.) Ser. A  5.00  7/1/2035  2,500,000   2,595,000 
Puerto Rico Highway & Transportation           
Authority,           
Highway Revenue Bonds, Refunding           
(Insured; Assured Guaranty           
Municipal Corporation) Ser. CC  5.25  7/1/2034  2,000,000   2,218,920 
          4,813,920 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 152.4% (continued)       
Utah - .5%           
Utah Infrastructure Agency,           
Telecommunication Revenue Bonds,           
Refunding (Special Limited           
Obligations) Ser. A  5.00 10/15/2040 2,000,000   2,081,000 
Virginia - 5.6%           
Chesterfield County Economic           
Development Authority,           
Retirement Facilities First Mortgage           
Revenue Bonds (Brandermill Woods           
Project)  5.13  1/1/2043  700,000   710,696 
Henrico County Industrial Development           
Authority,           
Revenue Bonds (Bon Secours Health           
System, Inc.) (Insured; Assured           
Guaranty Municipal Corp.) (Escrowed           
To Maturity)  7.15  8/23/2027  5,450,000 g  7,141,625 
Tender Option Bond Trust Receipts           
(Series 2018-XM0593),           
(Hampton Roads Transportation           
Accountability Commission, Revenue           
Bonds) Recourse  5.50  1/1/2026  7,500,000 b,c  8,828,662 
Virginia College Building Authority,           
Educational Facilities Revenue Bonds           
(Marymount University Project)           
(Green Bonds)  5.00  7/1/2045  1,000,000 b  1,028,860 
Virginia Small Business Financing           
Authority,           
Private Activity Revenue Bonds           
(Transform 66 P3 Project)  5.00 12/31/2049 4,100,000   4,426,729 
          22,136,572 
Washington - 5.1%           
Tender Option Bond Trust Receipts           
(Series 2017-XF2423),           
(King County, Server Revenue Bonds)           
Recourse  5.00  6/1/2020  8,575,000 b,c  9,082,185 
Tender Option Bond Trust Receipts           
(Series 2018-XM0680),           
(Washington Convention Center           
Public Facilities District, Revenue           
Bonds) Recourse  6.09  7/1/2026  10,000,000 b,c  10,980,050 
          20,062,235 
Wisconsin - 1.9%           
Public Finance Authority,           
Higher Education Facilities Revenue           
Bonds (Gannon University Project)  5.00  5/1/2042  750,000   797,197 
Public Finance Authority,           
Revenue Bonds (Denver           
International Airport Great Hall           
Project)  5.00  9/30/2049  2,000,000   2,156,960 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal      
Description  Rate (%)  Date  Amount ($)   Value ($)  
Long-Term Municipal Investments - 152.4% (continued)         
Wisconsin - 1.9% (continued)             
Public Finance Authority,             
Senior Living Revenue Bonds,             
Refunding (Mary's Woods At             
Marylhurst Project)  5.25  5/15/2042  750,000 b  781,882  
Public Finance Authority,             
Student Housing Revenue Bonds             
(CHF- Wilmington, LLC. - University             
of North Carolina) (Insured; Assured             
Guaranty Municipal Corp.)  5.00  7/1/2058  3,665,000   3,916,969  
          7,653,008  
Total Long-Term Municipal Investments             
(cost $577,182,508)          602,097,445  
  Annualized  Maturity  Principal      
  Yield (%)  Date  Amount ($)   Value ($)  
Short-Term Municipal Investments - .1%           
U. S. Government Securities             
U.S. Treasury Bills             
(cost $347,574)  2.45  6/13/2019  350,000 h,i  347,587  
Total Investments (cost $577,530,082)      152.5 %  602,445,032  
Liabilities, Less Cash and Receivables      (40.0 %)  (158,138,400 ) 
Preferred Stock, at redemption value      (12.5 %)  (49,300,000 ) 
Net Assets Applicable to Common Shareholders    100.0 %  395,006,632  

 

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 February 28, 2019, these securities were valued 
at $256,891,192 or 65.03% 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 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. 
g Variable rate security—rate shown is the interest rate in effect at period end. 
h Held by a counterparty for open exchange traded derivative contracts. 
i Security is a discount security. Income is recognized through the accretion of discount. 

 

 

STATEMENT OF FINANCIAL FUTURES
Dreyfus Strategic Municipal Bond Fund, Inc.
February 28, 2019 (Unaudited)

 
  Number of    Notional    Unrealized 
Description  Contracts Expiration   Value ($)  Value ($)  Appreciation ($) 
Futures Short           
U.S. Treasury Ultra Long           
Bond  78 3/19   12,489,099  12,365,438  123,661 
Gross Unrealized Appreciation          123,661 

 

See notes to financial statements.

 

STATEMENT OF FINANCIAL FUTURES
Dreyfus Strategic Municipal Bond Fund, Inc.
February 28, 2019 (Unaudited)

The following is a summary of the inputs used as of February 28, 2019 in valuing the fund’s investments:

    Level 2 - Other   Level 3 -     
  Level 1 -  Significant   Significant     
  Unadjusted  Observable   Unobservable     
  Quoted Prices  Inputs   Inputs  Total  
Assets ($)             
Investments in Securities:             
Municipal Bonds†  -  602,445,032   -  602,445,032  
Other Financial Instruments:             
Futures††  123,661  -   -  123,661  
Liabilities ($)             
Floating Rate Notes†††  -  (162,356,715 )  -  (162,356,715 ) 

 

†  See Statement of Investments for additional detailed categorizations. 
††  Amount shown represents unrealized appreciation at period end. 
†††  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.

Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund at February 28, 2019 is discussed below.

Futures: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default.

At February 28, 2019, accumulated net unrealized appreciation on investments was $24,914,950, consisting of $26,857,933 gross unrealized appreciation and $1,942,983 gross unrealized depreciation.

At February 28, 2019, 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:      April 16, 2019

 

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 16, 2019

 

By:         /s/ James Windels

               James Windels

               Treasurer

 

Date:      April 16, 2019

 

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)