lp1853.htm - Generated by SEC Publisher for SEC Filing




Washington, D.C.  20549



Investment Company Act file number





Dreyfus Strategic Municipals, Inc.



(Exact name of Registrant as specified in charter)







c/o The Dreyfus Corporation

200 Park Avenue

New York, New York 10166



(Address of principal executive offices) (Zip code)






John Pak, Esq.

200 Park Avenue

New York, New York 10166



(Name and address of agent for service)



Registrant's telephone number, including area code:

(212) 922-6000



Date of fiscal year end:




Date of reporting period:









Item 1.                         Schedule of Investments.



Dreyfus Strategic Municipals, Inc.
December 31, 2014 (Unaudited)

Long-Term Municipal  Coupon  Maturity  Principal    
Investments--150.8%  Rate (%)  Date  Amount ($)   Value ($) 
Jefferson County,           
Limited Obligation School           
Warrants  5.25  1/1/17  4,520,000 a  4,536,543 
Jefferson County,           
Limited Obligation School           
Warrants  5.00  1/1/24  2,000,000 a  2,008,400 
Jefferson County,           
Sewer Revenue Warrants  0/7.90  10/1/50  2,500,000 b  1,557,625 
Northern Tobacco Securitization           
Corporation of Alaska, Tobacco           
Settlement Asset-Backed Bonds  5.00  6/1/46  12,190,000   9,870,365 
Arizona Housing Finance Authority,           
SFMR (Mortgage-Backed           
Securities Program)           
(Collateralized: FHLMC, FNMA           
and GNMA)  5.55  12/1/41  1,380,000   1,445,495 
Barclays Capital Municipal Trust           
Receipts (Series 21 W)           
Recourse (Salt River Project           
Agricultural Improvement and           
Power District, Salt River           
Project Electric System           
Revenue)  5.00  1/1/38  17,207,871 c,d  18,806,250 
Pima County Industrial Development           
Authority, Education Revenue           
(American Charter Schools           
Foundation Project)  5.63  7/1/38  3,410,000 a  3,091,029 
Salt Verde Financial Corporation,           
Senior Gas Revenue  5.00  12/1/37  6,030,000   6,988,649 
Arkansas Development Finance           
Authority, HR (Washington           
Regional Medical Center)  5.00  2/1/35  1,300,000   1,446,900 
Barclays Capital Municipal Trust           
Receipts (Series 80 W)           
Recourse (Los Angeles           
Department of Airports, Senior           
Revenue (Los Angeles           
International Airport))  5.00  5/15/31  5,247,500 c,d  6,044,371 
GO (Various Purpose)  5.75  4/1/31  10,800,000   12,773,268 



GO (Various Purpose)  6.50  4/1/33  10,000,000   12,257,000 
GO (Various Purpose)  6.00  11/1/35  7,500,000   9,132,225 
California Statewide Communities           
Development Authority, Revenue           
(Bentley School)  7.00  7/1/40  2,090,000 a  2,374,846 
California Statewide Communities           
Development Authority, Student           
Housing Revenue (CHF-Irvine,           
LLC-UCI East Campus           
Apartments, Phase II)  5.75  5/15/32  2,000,000 a  2,205,220 
JPMorgan Chase Putters/Drivers           
Trust (Series 3851)           
Non-recourse (California           
Educational Facilities           
Authority, Revenue (University           
of Southern California))  5.25  10/1/16  10,100,000 a,c,d   11,363,712 
JPMorgan Chase Putters/Drivers           
Trust (Series 4361)           
Non-recourse (Los Angeles           
Department of Water and Power,           
Water System Revenue)  5.00  7/1/20  5,000,000 c,d  5,668,950 
RIB Floater Trust (Barclays Bank           
PLC) (Series 23 U) Recourse           
(The Regents of the University           
of California, General Revenue)  5.00  5/15/38  10,000,000 a,c,d   11,522,700 
Sacramento County,           
Airport System Subordinate and           
Passenger Facility Charges           
Grant Revenue  6.00  7/1/35  6,250,000   7,144,625 
San Buenaventura,           
Revenue (Community Memorial           
Health System)  7.50  12/1/41  2,000,000   2,490,380 
San Francisco City and County           
Redevelopment Agency Community           
Facilities District Number 6,           
Special Tax Revenue (Mission           
Bay South Public Improvements)  5.00  8/1/23  1,000,000   1,166,700 
Tobacco Securitization Authority           
of Southern California,           
Tobacco Settlement           
Asset-Backed Bonds (San Diego           
County Tobacco Asset           
Securitization Corporation)  5.00  6/1/37  7,300,000   5,990,526 
Tuolumne Wind Project Authority,           
Revenue (Tuolumne Company           
Project)  5.88  1/1/29  3,500,000   4,127,410 
Beacon Point Metropolitan           
District, GO  6.25  12/1/35  2,000,000   2,010,640 
Colorado Educational and Cultural           
Facilities Authority, Charter           



School Revenue (American           
Academy Project)  8.00  12/1/40  3,500,000 a  4,073,090 
JPMorgan Chase Putters/Drivers           
Trust (Series 4386)           
Non-recourse (Board of           
Governors of the Colorado           
State University, System           
Enterprise Revenue)  5.00  3/1/20  7,500,000 a,c,d   8,520,075 
RIB Floater Trust (Barclays Bank           
PLC) (Series 25 U-1) Recourse           
(Colorado Springs, Utilities           
System Improvement Revenue)  5.00  11/15/43  9,750,000 c,d  11,181,105 
The Plaza Metropolitan District           
Number 1, Revenue  5.00  12/1/17  1,170,000   1,230,220 
District of Columbia--4.2%           
RIB Floater Trust (Barclays Bank           
PLC) (Series 15 U) Recourse           
(District of Columbia, Income           
Tax Secured Revenue)  5.00  12/1/35  19,997,609 c,d  23,048,009 
Water and Sewer Revenue  5.25  12/1/39  5,000,000   5,666,300 
Florida Development Finance           
Corporation, Educational           
Facilities Revenue (Miami Arts           
Charter School Project)  6.00  6/15/44  5,000,000 a,d  5,060,950 
Greater Orlando Aviation           
Authority, Airport Facilities           
Revenue  6.25  10/1/20  8,000,000   9,585,200 
Miami-Dade County,           
Subordinate Special Obligation           
Revenue  0.00  10/1/45  3,000,000 e  692,940 
Mid-Bay Bridge Authority,           
Springing Lien Revenue  7.25  10/1/34  6,000,000   7,408,860 
Saint Johns County Industrial           
Development Authority, Revenue           
(Presbyterian Retirement           
Communities Project)  6.00  8/1/45  6,500,000   7,345,585 
Village Community Development           
District Number 10, Special           
Assessment Revenue  6.00  5/1/44  1,000,000   1,126,520 
Water and Wastewater Revenue  6.00  11/1/27  6,000,000   7,220,880 
Water and Wastewater Revenue           
(Insured; Assured Guaranty           
Municipal Corp.)  5.25  11/1/34  4,000,000   4,534,720 
Georgia Higher Education           
Facilities Authority, Revenue           
(USG Real Estate Foundation I,           
LLC Project) (Insured; Assured           



Guaranty Corp.)  5.63  6/15/38  6,000,000 a  6,670,080 
RIB Floater Trust (Barclays Bank           
PLC) (Series 20 U) Recourse           
(Private Colleges and           
Universities Authority,           
Revenue (Emory University))  5.00  10/1/43  10,000,000 a,c,d   11,483,100 
Hawaii Department of Budget and           
Finance, Special Purpose           
Revenue (Hawai'i Pacific           
Health Obligated Group)  5.75  7/1/40  4,415,000   4,969,171 
Power County Industrial           
Development Corporation, SWDR           
(FMC Corporation Project)  6.45  8/1/32  5,000,000   5,009,900 
General Airport Senior Lien           
Revenue (Chicago O'Hare           
International Airport)  5.00  1/1/24  5,550,000   6,353,529 
General Airport Third Lien           
Revenue (Chicago O'Hare           
International Airport)  5.63  1/1/35  5,000,000   5,705,500 
GO  5.00  1/1/24  2,500,000   2,683,675 
JPMorgan Chase Putters/Drivers           
Trust (Series 4360)           
Non-recourse (Greater Chicago           
Metropolitan Water Reclamation           
District, GO Capital           
Improvement Bonds)  5.00  12/1/19  7,500,000 c,d  8,579,475 
Metropolitan Pier and Exposition           
Authority, Revenue (McCormick           
Place Expansion Project)  0.00  12/15/51  12,450,000 e  2,029,848 
Railsplitter Tobacco Settlement           
Authority, Tobacco Settlement           
Revenue  6.00  6/1/28  5,050,000   5,952,384 
University of Illinois Board of           
Trustees, Auxiliary Facilities           
System Revenue (University of           
Illinois)  5.00  4/1/44  1,000,000 a  1,121,380 
Indiana Finance Authority,           
Revenue (Marquette Project)  5.00  3/1/39  1,400,000   1,473,934 
Iowa Finance Authority,           
Midwestern Disaster Area           
Revenue (Iowa Fertilizer           
Company Project)  5.25  12/1/25  7,375,000   8,025,844 
Tobacco Settlement Authority of           
Iowa, Tobacco Settlement           



Asset-Backed Bonds  5.60  6/1/34  2,000,000   1,836,960 
Louisville/Jefferson County Metro           
Government, Health Facilities           
Revenue (Jewish Hospital and           
Saint Mary's HealthCare, Inc.           
Project) (Prerefunded)  6.13  2/1/18  2,300,000 f  2,668,897 
Lakeshore Villages Master           
Community Development           
District, Special Assessment           
Revenue  5.25  7/1/17  2,979,000 g  1,042,680 
Louisiana Local Government           
Environmental Facilities and           
Community Development           
Authority, Revenue (Westlake           
Chemical Corporation Projects)  6.75  11/1/32  7,000,000   8,034,460 
Maine Health and Higher           
Educational Facilities           
Authority, Revenue           
(MaineGeneral Medical Center           
Issue)  7.50  7/1/32  3,000,000   3,657,180 
JPMorgan Chase Putters/Drivers           
Trust (Series 4422)           
Non-recourse (Mayor and City           
Council of Baltimore, Project           
Revenue (Water Projects))  5.00  7/1/21  9,000,000 c,d  10,341,630 
Barclays Capital Municipal Trust           
Receipts (Series 15 W)           
Recourse (Massachusetts Health           
and Educational Facilities           
Authority, Revenue           
(Massachusetts Institute of           
Technology Issue))  5.00  7/1/38  13,110,000 a,c,d   14,534,008 
JPMorgan Chase Putters/Drivers           
Trust (Series 3840)           
Non-recourse (Massachusetts           
Development Finance Agency,           
Revenue (Harvard University           
Issue))  5.25  8/1/18  10,000,000 a,c,d   11,662,500 
JPMorgan Chase Putters/Drivers           
Trust (Series 3898)           
Non-recourse (Massachusetts,           
Consolidated Loan)  5.00  4/1/19  8,600,000 c,d  10,111,364 
JPMorgan Chase Putters/Drivers           
Trust (Series 4420)           
Non-recourse (Massachusetts           
School Building Authority,           
Senior Dedicated Sales Tax           



Revenue)  5.00  5/15/21  10,000,000 a,c,d   11,434,900 
Massachusetts Educational           
Financing Authority, Education           
Loan Revenue (Issue K)  5.25  7/1/29  5,000,000 a  5,546,700 
Massachusetts Health and           
Educational Facilities           
Authority, Revenue (Suffolk           
University Issue)  6.25  7/1/30  5,650,000 a  6,646,604 
Charyl Stockwell Academy,           
COP  5.90  10/1/35  2,580,000 a  2,539,107 
Water Supply System Senior           
Lien Revenue  5.00  7/1/31  3,000,000   3,233,370 
Kent Hospital Finance Authority,           
Revenue (Metropolitan Hospital           
Project)  6.00  7/1/35  2,930,000   2,966,859 
Michigan Finance Authority,           
Local Government Loan Program           
Revenue (Detroit Water and           
Sewerage Department, Sewage           
Disposal System Revenue Senior           
Lien Local Project Bonds)           
(Insured; Assured Guaranty           
Municipal Corp.)  5.00  7/1/31  2,000,000   2,258,800 
Michigan Finance Authority,           
Local Government Loan Program           
Revenue (Detroit Water and           
Sewerage Department, Water           
Supply System Revenue Senior           
Lien Local Project Bonds)           
(Insured; National Public           
Finance Guarantee Corp.)  5.00  7/1/36  2,000,000   2,199,100 
Michigan Hospital Finance           
Authority, HR (Henry Ford           
Health System)  5.63  11/15/29  5,000,000   5,636,550 
Michigan Strategic Fund,           
SWDR (Genesee Power Station           
Project)  7.50  1/1/21  6,470,000   6,472,394 
Michigan Tobacco Settlement           
Finance Authority, Tobacco           
Settlement Asset-Backed Bonds  6.88  6/1/42  5,000,000   4,797,150 
Michigan Tobacco Settlement           
Finance Authority, Tobacco           
Settlement Asset-Backed Bonds  6.00  6/1/48  4,000,000   3,328,720 
Royal Oak Hospital Finance           
Authority, HR (William           
Beaumont Hospital Obligated           
Group) (Prerefunded)  8.25  9/1/18  5,500,000 f  6,924,665 
Wayne County Airport Authority,           
Airport Revenue (Detroit           
Metropolitan Wayne County           



Airport)  5.00  12/1/44  2,000,000   2,216,760 
Wayne County Airport Authority,           
Airport Revenue (Detroit           
Metropolitan Wayne County           
Airport) (Insured; National           
Public Finance Guarantee Corp.)  5.00  12/1/34  3,435,000   3,545,813 
Dakota County Community           
Development Agency, SFMR           
(Mortgage-Backed Securities           
Program) (Collateralized:           
FHLMC, FNMA and GNMA)  5.15  12/1/38  170,146   175,439 
Dakota County Community           
Development Agency, SFMR           
(Mortgage-Backed Securities           
Program) (Collateralized:           
FHLMC, FNMA and GNMA)  5.30  12/1/39  315,467   328,054 
Health Care System Revenue           
(Fairview Health Services)           
(Insured; Assured Guaranty           
Corp.)  6.50  11/15/38  5,000,000   5,849,550 
Saint Paul Housing and           
Redevelopment Authority,           
Hospital Facility Revenue           
(HealthEast Project)  5.15  11/15/20  3,310,000   3,392,452 
Mississippi Business Finance           
Corporation, PCR (System           
Energy Resources, Inc. Project)  5.88  4/1/22  9,310,000   9,319,124 
Mississippi Development Bank,           
Special Obligation Revenue           
(Magnolia Regional Health           
Center Project)  6.50  10/1/31  5,000,000   5,793,550 
Missouri Development Finance           
Board, Infrastructure           
Facilities Revenue           
(Independence, Crackerneck           
Creek Project)  5.00  3/1/28  2,000,000   2,031,500 
New Jersey--2.1%           
New Jersey Economic Development           
Authority, Special Facility           
Revenue (Continental Airlines,           
Inc. Project)  5.25  9/15/29  2,000,000   2,135,560 
New Jersey Higher Education           
Student Assistance Authority,           
Student Loan Revenue (Insured;           
Assured Guaranty Corp.)  6.13  6/1/30  4,525,000 a  4,946,187 
Tobacco Settlement Financing           
Corporation of New Jersey,           
Tobacco Settlement           



Asset-Backed Bonds  5.00  6/1/41  5,500,000   4,175,490 
New Mexico--1.4%           
PCR (Public Service Company of           
New Mexico San Juan Project)  5.90  6/1/40  7,000,000   7,836,850 
New York--11.8%           
Barclays Capital Municipal Trust           
Receipts (Series 7 B) Recourse           
(New York City Transitional           
Finance Authority, Future Tax           
Secured Subordinate Revenue)  5.50  11/1/27  5,000,000 c,d  5,958,750 
Barclays Capital Municipal Trust           
Receipts (Series 29 W)           
Recourse (New York City           
Municipal Water Finance           
Authority, Water and Sewer           
System General Resolution           
Revenue)  5.00  6/15/39  20,000,000 c,d  22,379,400 
JPMorgan Chase Putters/Drivers           
Trust (Series 3857)           
Non-recourse (New York City           
Transitional Finance           
Authority, Future Tax Secured           
Subordinate Revenue)  5.25  11/1/18  5,000,000 c,d  5,924,050 
New York City Educational           
Construction Fund, Revenue  6.50  4/1/27  4,490,000 a  5,653,404 
New York City Industrial           
Development Agency, PILOT           
Revenue (Yankee Stadium           
Project) (Insured; Assured           
Guaranty Corp.)  7.00  3/1/49  5,000,000   6,045,900 
New York Liberty Development           
Corporation, Revenue (3 World           
Trade Center Project)  5.00  11/15/44  7,000,000 d  7,293,160 
New York State Dormitory           
Authority, State Personal           
Income Tax Revenue (General           
Purpose)  5.00  3/15/32  5,000,000   5,898,100 
Niagara Area Development           
Corporation, Solid Waste           
Disposal Facility Revenue           
(Covanta Energy Project)  5.25  11/1/42  3,000,000 d  3,101,790 
Port Authority of New York and New           
Jersey, Special Project Bonds           
(JFK International Air           
Terminal LLC Project)  6.00  12/1/36  2,000,000   2,334,800 
Buckeye Tobacco Settlement           
Financing Authority, Tobacco           
Settlement Asset-Backed Bonds  6.50  6/1/47  12,500,000   11,116,000 
Butler County,           
Hospital Facilities Revenue           



(UC Health)  5.50  11/1/40  3,850,000   4,291,595 
Canal Winchester Local School           
District, School Facilities           
Construction and Improvement           
and Advance Refunding Bonds           
(GO - Unlimited Tax) (Insured;           
National Public Finance           
Guarantee Corp.)  0.00  12/1/29  3,955,000 e  2,430,783 
Canal Winchester Local School           
District, School Facilities           
Construction and Improvement           
and Advance Refunding Bonds           
(GO - Unlimited Tax) (Insured;           
National Public Finance           
Guarantee Corp.)  0.00  12/1/31  3,955,000 e  2,247,112 
JPMorgan Chase Putters/Drivers           
Trust (Series 4367)           
Non-recourse (Hamilton County,           
Sewer System Improvement           
Revenue (The Metropolitan           
Sewer District of Greater           
Cincinnati))  5.00  6/1/33  17,000,000 c,d  19,779,670 
Muskingum County,           
Hospital Facilities Revenue           
(Genesis HealthCare System           
Obligated Group Project)  5.00  2/15/22  4,590,000   5,014,483 
Ohio Air Quality Development           
Authority, Air Quality Revenue           
(Ohio Valley Electric           
Corporation Project)  5.63  10/1/19  1,900,000   2,135,714 
Port of Greater Cincinnati           
Development Authority, Tax           
Increment Development Revenue           
(Fairfax Village Red Bank           
Infrastructure Project)  5.63  2/1/36  3,000,000 d  2,961,270 
Toledo-Lucas County Port           
Authority, Special Assessment           
Revenue (Crocker Park Public           
Improvement Project)  5.38  12/1/35  5,000,000   5,035,750 
Multnomah County Hospital           
Facilities Authority, Revenue           
(Mirabella at South Waterfront           
Project)  5.40  10/1/44  2,220,000   2,364,211 
Warm Springs Reservation           
Confederated Tribes,           
Hydroelectric Revenue (Pelton           
Round Butte Project)  6.38  11/1/33  3,300,000   3,684,120 
JPMorgan Chase Putters/Drivers           
Trust (Series 3916)           
Non-recourse (Geisinger           



Authority, Health System           
Revenue (Geisinger Health           
System))  5.13  6/1/35  3,000,000 c,d  3,316,950 
GO  6.50  8/1/41  3,550,000   4,267,987 
Rhode Island--1.1%           
Rhode Island Health and           
Educational Building           
Corporation, Hospital           
Financing Revenue (Lifespan           
Obligated Group Issue)           
(Insured; Assured Guaranty           
Corp.)  7.00  5/15/39  5,000,000   5,886,500 
South Carolina--7.2%           
Barclays Capital Municipal Trust           
Receipts (Series 42 W)           
Recourse (Columbia, Waterworks           
and Sewer System Revenue)  5.00  2/1/40  10,000,000 c,d  11,357,300 
JPMorgan Chase Putters/Drivers           
Trust (Series 4379)           
Non-recourse (South Carolina           
Public Service Authority,           
Revenue Obligations (Santee           
Cooper))  5.13  6/1/37  15,000,000 c,d  16,898,400 
South Carolina Public Service           
Authority, Revenue Obligations           
(Santee Cooper)  5.50  1/1/38  10,000,000   11,361,700 
Barclays Capital Municipal Trust           
Receipts (Series 25 W)           
Recourse (Rutherford County           
Health and Educational           
Facilities Board, Revenue           
(Ascension Health Senior           
Credit Group))  5.00  11/15/40  10,000,000 c,d  11,040,700 
JPMorgan Chase Putters/Drivers           
Trust (Series 4416)           
Non-recourse (Metropolitan           
Government of Nashville and           
Davidson County, Water and           
Sewer Revenue)  5.00  7/1/21  5,000,000 c,d  5,771,750 
Metropolitan Government of           
Nashville and Davidson County           
Health and Educational           
Facilities Board, Revenue (The           
Vanderbilt University)  5.50  10/1/34  7,000,000 a  8,140,020 
Barclays Capital Municipal Trust           
Receipts (Series 28 W)           
Recourse (Leander Independent           
School District, Unlimited Tax           
School Building Bonds           



(Permanent School Fund           
Guarantee Program))  5.00  8/15/40  8,507,701 a,c,d   9,665,997 
Clifton Higher Education Finance           
Corporation, Education Revenue           
(Uplift Education)  6.00  12/1/30  2,500,000 a  2,907,025 
Clifton Higher Education Finance           
Corporation, Education Revenue           
(Uplift Education)  4.50  12/1/44  2,500,000 a  2,501,900 
Dallas Area Rapid Transit,           
Senior Lien Sales Tax Revenue  5.25  12/1/48  10,000,000   11,137,700 
Harris County Health Facilities           
Development Corporation, HR           
(Memorial Hermann Healthcare           
System) (Prerefunded)  7.25  12/1/18  2,000,000 f  2,472,220 
Harris County-Houston Sports           
Authority, Senior Lien Revenue           
(Insured; Assured Guaranty           
Municipal Corp.)  0.00  11/15/50  6,500,000 e  1,176,435 
Airport System Special           
Facilities Revenue           
(Continental Airlines, Inc.           
Terminal Improvement Projects)  6.13  7/15/17  1,355,000   1,359,580 
Combined Utility System First           
Lien Revenue (Insured; Assured           
Guaranty Corp.)  6.00  11/15/36  5,000,000   5,911,350 
JPMorgan Chase Putters/Drivers           
Trust (Series 4356)           
Non-recourse (San Antonio,           
Electric and Gas Systems           
Junior Lien Revenue)  5.00  2/1/21  16,750,000 c,d  18,888,473 
North Texas Tollway Authority,           
First Tier System Revenue           
(Insured; Assured Guaranty           
Corp.)  5.75  1/1/40  10,300,000   11,539,193 
North Texas Tollway Authority,           
Second Tier System Revenue  5.75  1/1/38  5,500,000   6,078,160 
Texas Department of Housing and           
Community Affairs, Home           
Mortgage Revenue           
(Collateralized: FHLMC, FNMA           
and GNMA)  13.39  7/2/24  350,000 h  371,469 
Airport Revenue  3.50  7/1/18  1,605,000   1,622,157 
Barclays Capital Municipal Trust           
Receipts (Series 17 W)           
Recourse (Virginia Small           
Business Financing Authority,           
Health Care Facilities Revenue           



(Sentara Healthcare))  5.00  11/1/40  10,000,000 c,d  11,001,800 
Chesterfield County Economic           
Development Authority,           
Retirement Facilities First           
Mortgage Revenue (Brandermill           
Woods Project)  5.13  1/1/43  3,000,000   3,114,720 
Barclays Capital Municipal Trust           
Receipts (Series 27 B)           
Recourse (King County, Sewer           
Revenue)  5.00  1/1/29  3,998,716 c,d  4,618,756 
Barclays Capital Municipal Trust           
Receipts (Series 66 W)           
Recourse (King County, Limited           
Tax GO (Payable from Sewer           
Revenues))  5.13  1/1/33  10,000,000 c,d  11,350,200 
Washington Health Care Facilities           
Authority, Mortgage Revenue           
(Highline Medical Center)           
(Collateralized; FHA)           
(Prerefunded)  6.25  8/1/18  5,975,000 f  7,066,274 
Washington Higher Education           
Facilities Authority, Revenue           
(Seattle University Project)           
(Insured; AMBAC)  5.25  11/1/37  3,000,000 a  3,285,720 
West Virginia--.4%           
The County Commission of Harrison           
County, SWDR (Allegheny Energy           
Supply Company, LLC Harrison           
Station Project)  5.50  10/15/37  2,000,000   2,070,540 
Wyoming Municipal Power Agency,           
Power Supply System Revenue  5.50  1/1/33  2,360,000   2,607,706 
Wyoming Municipal Power Agency,           
Power Supply System Revenue  5.38  1/1/42  2,750,000   3,024,423 
U.S. Related--1.0%           
LOR (Section 30)  5.75  12/1/34  2,000,000   2,223,040 
Guam Housing Corporation,           
SFMR (Guaranteed           
Mortgage-Backed Securities           
Program) (Collateralized;           
FHLMC)  5.75  9/1/31  965,000   1,058,779 
Guam Waterworks Authority,           
Water and Wastewater System           
Revenue  5.63  7/1/40  2,000,000   2,228,420 
Total Long-Term Municipal Investments           
(cost $742,194,824)          825,370,436 
Short-Term Municipal  Coupon  Maturity  Principal    
Investments--.7%  Rate (%)  Date  Amount ($)   Value ($) 
California Infrastructure and           



Economic Development Bank,             
Revenue, Refunding (Los             
Angeles County Museum of             
Natural History Foundation)             
(LOC; Wells Fargo Bank)  0.01  1/2/15  1,000,000 i  1,000,000  
Massachusetts Health and             
Educational Facilities             
Authority, Revenue (Wellesley             
College Issue)  0.02  1/2/15  3,000,000 a,i  3,000,000  
Total Short-Term Municipal Investments             
(cost $4,000,000)          4,000,000  
Total Investments (cost $746,194,824)      151.5 %  829,370,436  
Liabilities, Less Cash and Receivables      (25.5 %)  (139,405,056 ) 
Preferred Stock, at redemption value      (26.0 %)  (142,500,000 ) 
Net Assets Applicable to Common Shareholders      100.0 %  547,465,380  


a At December 31, 2014, the fund had $166,495,197 or 30.4% of net assets applicable to Common Shareholders invested in 
securities whose payment of principal and interest is dependent upon revenues generated from education. 
b Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. 
c Collateral for floating rate borrowings. 
d Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be 
resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2014, these 
securities were valued at $350,671,515 or 64.1% of net assets applicable to Common Shareholders. 
e Security issued with a zero coupon. Income is recognized through the accretion of discount. 
f 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. 
g Non-income producing--security in default. 
h Inverse floater security--the interest rate is subject to change periodically. Rate shown is the interest rate in effect 
at December 31, 2014. 
i Variable rate demand note - rate shown is the interest rate in effect at December 31, 2014. Maturity date represents the 
next demand date, or the ultimate maturity date if earlier. 


At December 31, 2014, net unrealized appreciation on investments was $83,175,612 of which $85,259,701 related to appreciated investment securities and $2,084,089 related to depreciated investment securities. At December 31, 2014, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

Summary of Abbreviations     
ABAG  Association of Bay Area Governments  ACA  American Capital Access 
AGC  ACE Guaranty Corporation  AGIC  Asset Guaranty Insurance Company 
AMBAC  American Municipal Bond Assurance Corporation  ARRN  Adjustable Rate Receipt Notes 
BAN  Bond Anticipation Notes  BPA  Bond Purchase Agreement 
CIFG  CDC Ixis Financial Guaranty  COP  Certificate of Participation 
CP  Commercial Paper  DRIVERS  Derivative Inverse Tax-Exempt Receipts 
EDR  Economic Development Revenue  EIR  Environmental Improvement Revenue 
FGIC  Financial Guaranty Insurance Company  FHA  Federal Housing Administration 
FHLB  Federal Home Loan Bank  FHLMC  Federal Home Loan Mortgage Corporation 
FNMA  Federal National Mortgage Association  GAN  Grant Anticipation Notes 
GIC  Guaranteed Investment Contract  GNMA  Government National Mortgage Association 
GO  General Obligation  HR  Hospital Revenue 



IDB  Industrial Development Board  IDC  Industrial Development Corporation 
IDR  Industrial Development Revenue  LIFERS  Long Inverse Floating Exempt Receipts 
LOC  Letter of Credit  LOR  Limited Obligation Revenue 
LR  Lease Revenue  MERLOTS  Municipal Exempt Receipts Liquidity Option 
MFHR  Multi-Family Housing Revenue  MFMR  Multi-Family Mortgage Revenue 
PCR  Pollution Control Revenue  P-FLOATS  Puttable Floating Option Tax-Exempt 
PILOT  Payment in Lieu of Taxes  PUTTERS  Puttable Tax-Exempt Receipts 
RAC  Revenue Anticipation Certificates  RAN  Revenue Anticipation Notes 
RAW  Revenue Anticipation Warrants  RIB  Residual Interest Bonds 
ROCS  Reset Option Certificates  RRR  Resources Recovery Revenue 
SAAN  State Aid Anticipation Notes  SBPA  Standby Bond Purchase Agreement 
SFHR  Single Family Housing Revenue  SFMR  Single Family Mortgage Revenue 
SONYMA  State of New York Mortgage Agency  SPEARS  Short Puttable Exempt Adjustable Receipts 
SWDR  Solid Waste Disposal Revenue  TAN  Tax Anticipation Notes 
TAW  Tax Anticipation Warrants  TRAN  Tax and Revenue Anticipation Notes 
XLCA  XL Capital Assurance     



The following is a summary of the inputs used as of December 31, 2014 in valuing the fund's investments:

      Level 3 -   
  Level 1 -  Level 2 - Other  Significant   
  Unadjusted Quoted  Significant  Unobservable   
Assets ($)  Prices  Observable Inputs  Inputs  Total 
Investments in Securities:         
Municipal Bonds+  -  829,370,436  -  829,370,436 


+ See Statement of Investments for additional detailed categorizations. 



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

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

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

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below: Level 1—unadjusted quoted prices in active markets for identical investments.

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows: Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the fund's 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 fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All preceding securities are categorized as Level 2 in the hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the fund's 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 as Level 2 or 3 depending on the relevant inputs used.

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

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

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




Item 2.             Controls and Procedures.

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

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

Item 3.             Exhibits.

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






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

Dreyfus Strategic Municipals, Inc.

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak



Date:    February 24, 2015


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



Date:    February 24, 2015


By:       /s/ James Windels

            James Windels



Date: February 24, 2015



(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)