Dreyfus Strategic Municipals, Inc.
SEMIANNUAL REPORT March 31, 2001
(reg.tm)
DREYFUS STRATEGIC MUNICIPALS, INC.
PROTECTING YOUR PRIVACY
OUR PLEDGE TO YOU
THE FUND IS COMMITTED TO YOUR PRIVACY. On this page, you will find the
fund's policies and practices for collecting, disclosing, and safeguarding
"nonpublic personal information," which may include financial or other
customer information. These policies apply to individuals who purchase Fund
shares for personal, family, or household purposes, or have done so in the
past. This notification replaces all previous statements of the Fund's
consumer privacy policy, and may be amended at any time. We'll keep you
informed of changes as required by law.
YOUR ACCOUNT IS PROVIDED IN A SECURE ENVIRONMENT. The Fund maintains
physical, electronic and procedural safeguards that comply with federal
regulations to guard nonpublic personal information. The Fund's agents and
service providers have limited access to customer information based on their
role in servicing your account.
THE FUND COLLECTS INFORMATION IN ORDER TO SERVICE AND ADMINISTER YOUR
ACCOUNT. The Fund collects a variety of nonpublic personal information,
which may include:
* Information we receive from you, such as your name, address, and
social security number.
* Information about your transactions with us, such as the purchase
or sale of Fund shares.
* Information we receive from agents and service providers, such as
proxy voting information.
THE FUND DOES NOT SHARE NONPUBLIC PERSONAL INFORMATION WITH ANYONE, EXCEPT AS
PERMITTED BY LAW.
THANK YOU FOR THIS OPPORTUNITY TO SERVE YOU.
The views expressed herein are current to the date of this report. These views
and the composition of the fund's portfolio are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value
Contents
THE FUND
--------------------------------------------------
2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
16 Statement of Assets and Liabilities
17 Statement of Operations
18 Statement of Changes in Net Assets
19 Financial Highlights
21 Notes to Financial Statements
29 Officers and Directors
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus Strategic Municipals, Inc.
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus Strategic
Municipals, Inc., covering the six-month period from October 1, 2000 through
March 31, 2001. Inside, you'll find valuable information about how the fund was
managed during the reporting period, including a discussion with the fund's
portfolio manager, Paul Disdier.
Municipal bonds generally provided attractive returns over the six-month
reporting period. Slowing economic growth and lower short-term interest rates
helped boost the value of tax-exempt bonds, as did robust demand from investors
fleeing the uncertainty of a falling stock market. In fact, the overall stock
market, as measured by the Standard & Poor's 500 Composite Stock Price Index,
declined more than 18%, approaching bear market territory.
In our view, these divergent results indicate that investors who diversified
their portfolios fared well compared to those who have focused solely on one
type of investment, such as equities. We believe that a diversified investment
approach can continue to serve investors well, which is why we continually
stress the importance of diversification, a basic tenet of investing.
We encourage you to contact your financial advisor for more information about
ways to refine your investment strategies in the current environment.
Thank you for your continued confidence and support.
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
April 16, 2001
DISCUSSION OF FUND PERFORMANCE
Paul Disdier, Portfolio Manager
How did Dreyfus Strategic Municipals, Inc. perform during the period?
For the six-month period ended March 31, 2001, the fund produced a 7.52% total
return.(1) During the period, the fund provided income dividends of $0.2760 per
share, which is equal to an annualized distribution rate of 5.90% over the same
period.(2)
We attribute the fund's total return to a favorable investment environment that
was characterized by declining interest rates and robust demand for municipal
bonds.
What is the fund's investment approach?
The fund seeks high current federally tax-exempt income from a diversified
portfolio of long-term municipal bonds.
To this end, we currently have constructed a portfolio by seeking income
opportunities through analysis of each bond's structure, including paying close
attention to each bond's yield, maturity and early redemption features.
Over time, many of the fund's relatively higher yielding bonds mature or are
redeemed by their issuers and we generally attempt to replace those bonds with
what we believe are comparable securities. When we believe an opportunity
exists, we also seek to upgrade the fund with newly issued bonds that, in our
opinion, have better structural or income characteristics than existing
holdings. When such opportunities arise, we usually will look to sell bonds that
are close to redemption or maturity.
What other factors influenced the fund's performance?
When the reporting period began on October 1, 2000, evidence had emerged that
the previous rate hikes implemented by the Federal Reserve Board (the "Fed")
were having the desired effect of slowing
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
the economy. As time went on, the economic slowdown became more pronounced. News
of slower retail sales, workforce layoffs, lower stock prices and declining
consumer confidence was exacerbated by the uncertainty surrounding the
presidential election. As a result, municipal bond yields declined modestly,
even though the Fed did not change interest rates at its meetings in October,
November and December.
In January 2001, however, the Fed moved aggressively to stimulate economic
growth by cutting interest rates by 50 basis points at the start of the month.
As further evidence of its resolve to prevent a recession, the Fed cut interest
rates by another 50 basis points at its scheduled meetings at the end of January
and again in March. Yields of tax-exempt bonds continued to move lower in this
new environment.
Part of the municipal bond market's strong price performance during the
reporting period was the result of a scarcity of newly issued bonds amid robust
demand from investors fleeing a declining stock market. During the first quarter
of 2001, however, the supply of new municipal bond issues began to build after
an anemic year of new issuance in 2000. States and municipalities have issued
more bonds because of lower borrowing costs and, in some cases, because economic
weakness has threatened to reduce tax revenues. Fortunately, investor demand for
these new issues has been sufficiently robust to keep yields from rising
appreciably. These supply-and-demand influences caused municipal bond yields to
decline less than those of comparable taxable securities. We also generally
maintained a long maturity structure, helping us to lock in then current yields
as interest rates fell.
From a securities selection perspective, we replaced maturing or called bonds
with new securities that we considered good values, such as bonds from South
Carolina and Washington, D.C. that are backed by litigation settlements with the
nation' s tobacco companies. We also found attractive income-oriented bonds
issued by airlines, health care facilities and certain utilities. However, the
fund held no bonds issued
by California's troubled electric utilities during the reporting period. In
addition, declining interest rates benefited the fund because of commensurately
lower yields on the fund's auction-rate preferred notes, which were issued in
January 2000.
What is the fund's current strategy?
We have maintained our emphasis on generating as high a level of current income
as we deem appropriate under current market conditions. As a result, we have
recently sold lower yielding bonds as well as bonds that are nearing the dates
on which they can be redeemed early by their issuers. In addition, because of
the possibility of lower federal income-tax rates, we have generally avoided
bonds with income that may be subject to Federal Alternative Minimum Tax
provisions.
April 16, 2001
(1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID,
BASED UPON NET ASSET VALUE PER SHARE. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE
RESULTS. INCOME MAY BE SUBJECT TO STATE AND LOCAL TAXES, AND SOME INCOME MAY BE
SUBJECT TO THE FEDERAL ALTERNATIVE MINIMUM TAX (AMT) FOR CERTAIN INVESTORS.
CAPITAL GAINS, IF ANY, ARE FULLY TAXABLE.
(2) DISTRIBUTION RATE PER SHARE IS BASED UPON DIVIDENDS PER SHARE PAID FROM NET
INVESTMENT INCOME DURING THE PERIOD ANNUALIZED, DIVIDED BY THE MARKET PRICE PER
SHARE AT THE END OF THE PERIOD.
The Fund
STATEMENT OF INVESTMENTS
March 31, 2001 (Unaudited)
STATEMENT OF INVESTMENTS
Principal
LONG-TERM MUNICIPAL INVESTMENTS--97.4% Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
ALABAMA--1.6%
Alabama Industrial Development Authority,
SWDR (Pine City Fiber Co.)
6.45%, 12/1/2023 (Guaranteed; Boise Cascade Corp.) 5,000,000 4,914,750
Houston County Health Care Authority
6.25%, 10/1/2030 (Insured; AMBAC) 8,000,000 8,683,360
ALASKA--1.1%
Alaska Housing Finance Corp.:
6%, 12/1/2040 2,000,000 2,056,720
6%, 6/1/2049 (Insured; MBIA) 7,250,000 7,433,642
ARKANSAS--1.9%
Arkansas Development Finance Authority, SFMR
(Mortgage Backed Securities Program):
6.45%, 7/1/2031 (Guaranteed; GNMA, FNMA) 10,000,000 10,697,800
6.25%, 1/1/2032 (Guaranteed; GNMA) 5,000,000 5,290,900
ARIZONA--3.9%
Apache County Industrial Development Authority, PCR
(Tucson Electric Power Co. Project):
5.85%, 3/1/2028 5,000,000 4,536,250
5.875%, 3/1/2033 2,500,000 2,262,825
Maricopa Pollution Control Corp., PCR
(Public Service Co.) 5.75%, 11/1/2022 6,000,000 5,697,780
Pima County Industrial Development Authority,
Industrial Revenue
(Tucson Electric Power Co. Project)
6%, 9/1/2029 15,500,000 14,368,345
Tempe Industrial Development Authority, IDR
(California Micro Devices Corp. Project)
10.50%, 3/1/2018 6,890,000 6,964,068
CALIFORNIA--2.5%
State of California 7.567%, 12/1/2018 (Insured; FSA) 10,000,000 (a,b) 10,240,200
Foothill / Eastern Corridor Agency, Toll Road Revenue
5.75%, 1/15/2040 6,000,000 6,049,800
Los Angeles Regional Airports Improvement Corp.,
Lease Revenue
(Los Angeles International Airport)
6.35%, 11/1/2025 4,930,000 4,943,558
COLORADO--2.0%
Bent County, COP
(Medium Security Correctional Facility Project)
9.50%, 7/15/2013 12,070,000 12,413,271
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
COLORADO (CONTINUED)
Denver City and County, Airport Revenue:
8%, 11/15/2025 3,670,000 3,752,905
8%, 11/15/2025 (Prerefunded 11/15/2001) 1,330,000 (c) 1,368,982
DISTRICT OF COLUMBIA--1.0%
District of Columbia Tobacco Settlement
Financing Corp., Asset Backed
6.75%, 5/15/2040 8,000,000 8,184,480
FLORIDA--7.1%
Escambia County, PCR
(Champion International Corp. Project)
6.90%, 8/1/2022 7,000,000 7,310,870
Florida Board of Education, Capital Outlay
8.921%, 6/1/2019 20,000,000 (a,b) 21,570,600
Florida Housing Finance Corp., Housing Revenue
(Nelson Park Apartments)
6.40%, 3/1/2040 (Insured; FSA) 12,380,000 13,123,295
Highlands County Health Facilities Authority, HR
(Adventist Health Systems)
5.25%, 11/15/2028 8,000,000 6,768,720
Orange County Health Facilities Authority, HR
(Regional Healthcare Systems)
6%, 10/1/2026 2,000,000 2,024,080
Palm Beach County, Solid Waste IDR:
(Okeelanta Power Limited Partnership Project)
6.70%, 2/15/2015 3,000,000 (d) 1,980,000
(Osceola Power Limited Partnership Project)
6.95%, 1/1/2022 9,150,000 (d) 6,039,000
South Lake County Hospital District, Health,
Hospital and Nursing Home Revenue
(South Lake Hospital Inc.)
5.80%, 10/1/2034 2,000,000 1,952,400
GEORGIA--2.2%
Georgia Housing Finance Authority, SFMR
6.45%, 12/1/2030 7,495,000 8,004,285
Private Colleges and Universities Facilities
Authority, Revenue
(Clark Atlanta University Project)
8.25%, 1/1/2015 (Prerefunded 1/1/2003) 9,280,000 (c) 10,466,634
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
HAWAII--1.1%
Hawaii Department of Transportation,
Special Facility Revenue:
(Caterair International Corp. Project)
10.125%, 12/1/2010 4,000,000 4,042,360
(Continental Airlines, Inc.) 5.625%, 11/15/2027 6,820,000 5,712,091
ILLINOIS--7.3%
Chicago:
6.125%, 1/1/2028 (Insured; FGIC) 15,815,000 17,280,260
(Wastewater Transmission Revenue)
6%, 1/1/2030 (Insured; MBIA) 3,000,000 3,239,730
Chicago-O'Hare International Airport,
Special Facility Revenue:
(Delta Airlines Project) 6.45%, 5/1/2018 4,855,000 4,861,360
(United Airlines, Inc. Project):
6.30%, 5/1/2016 4,000,000 4,046,400
8.95%, 5/1/2018 7,205,000 7,452,492
Illinois Development Finance Authority, Revenue:
(Community Rehabilitation Providers Facilities
Acquisition Program) 6%, 7/1/2015 3,500,000 3,276,840
Hospital (AdventistHealth System / Sunbelt
Obligated Group) 5.50%, 11/15/2029 5,000,000 4,460,150
Illinois Health Facilities Authority, Revenue:
(Advocate Network Health Care)
6.125%, 11/15/2022 4,020,000 4,146,429
(OSF Healthcare System)
6.25%, 11/15/2029 8,730,000 8,868,021
(Swedish American Hospital)
6.875%, 11/15/2030 5,000,000 5,304,550
INDIANA--3.3%
Franklin Township Independent School Building Corp.,
First Mortgage 6.125%, 1/15/2022 6,500,000 7,545,005
Indiana Housing Finance Authority, SFMR
5.95%, 1/1/2029 3,815,000 3,932,616
Indianapolis Airport Authority:
(United Airlines Project)
6.50%, 11/15/2031 5,625,000 5,404,781
8.715%, 11/15/2031 12,000,000 (a,b) 11,060,400
KANSAS--1.2%
Witchita, HR (Christian Health System Inc.)
6.25%, 11/15/2024 10,000,000 10,567,900
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY--2.6%
Kenton County Airport Board, Airport Revenue
(Special Facilities-Delta Airlines Project):
7.50%, 2/1/2020 10,000,000 10,399,400
6.125%, 2/1/2022 12,000,000 11,729,760
LOUISIANA--1.2%
Parish of Saint James, SWDR
(Freeport-McMoRan Partnership Project)
7.70%, 10/1/2022 10,000,000 10,315,200
MARYLAND--.2%
Baltimore County, PCR
(Bethlehem Steel Corp. Project) 7.50%, 6/1/2015 2,500,000 1,501,600
MASSACHUSETTS--1.0%
Massachusetts Industrial Finance Agency, Revenue
(Ogden Haverhill Project) 5.60%, 12/1/2019 6,000,000 5,435,340
Massachusetts Health and Educational Facilities Authority,
Revenue (Beth Israel Hospital Issue)
7.457%, 7/1/2025 (Insured; AMBAC) 3,000,000 (a) 3,187,500
MICHIGAN--2.8%
Michigan Hospital Finance Authority, HR
(Ascension Health Credit) 6.125%, 11/15/2026 5,000,000 5,236,450
(Genesys Health System Obligated Group)
8.125%, 10/1/2021 (Prerefunded 10/1/2005) 5,000,000 (c) 5,995,900
Michigan Strategic Fund, SWDR
(Genesee Power Station Project) 7.50%, 1/1/2021 7,000,000 6,823,950
Wayne Charter County, Special Airport Facilities Revenue
(Northwest Airlines, Inc.) 6.75%, 12/1/2015 5,665,000 5,674,800
MISSISSIPPI--3.2%
Claiborne County, PCR (Middle South Energy, Inc.)
(System Energy Resources, Inc.) 6.20%, 2/1/2026 5,545,000 5,506,240
Mississippi Business Finance Corp., PCR (System Energy
Resource Inc. Project) 5.875%, 4/1/2022 22,790,000 21,619,506
MISSOURI-- .5%
Saint Louis Industrial Development Authority, Revenue
(Saint Louis Convention Center) 7.25%, 12/15/2035 4,250,000 4,447,540
MONTANA--1.2%
Montana Board of Housing, Single Family Mortgage
6.45%, 6/1/2029 9,970,000 10,561,620
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
NEVADA--4.0%
Clark County, IDR:
(Nevada Power Company Project):
5.50%, 10/1/2030 5,000,000 4,323,950
5.60%, 10/1/2030 8,550,000 7,356,847
5.90%, 10/1/2030 6,000,000 5,393,160
(Southwest Gas Corp.) 7.50%, 9/1/2032 4,000,000 4,142,680
Washoe County (Reno-Sparks Convention Center)
6.40%, 7/1/2029 (Insured; FSA) 12,000,000 13,322,640
NEW HAMPSHIRE--3.7%
New Hampshire Industrial Development Authority, PCR:
(Connecticut Light and Power) 5.90%, 11/1/2016 5,000,000 4,939,550
(Public Service Co. Project):
7.65%, Series A, 5/1/2021 15,645,000 15,981,211
7.65%, Series C, 5/1/2021 3,500,000 3,575,215
New Hampshire Business Finance Authority, PCR, Revenue
(Public Service Co. Project) 6% 5/1/2021 7,000,000 6,915,160
NEW JERSEY--3.0%
New Jersey Economic Development Authority, Special Facility
Revenue (Continental Airlines Inc. Project) :
6.40%, 9/15/2023 3,000,000 2,894,430
6.25%, 9/15/2029 5,000,000 4,712,450
New Jersey Health Facilities Financing Authority, Revenue
(Christian Health Care Center) 8.75%, 7/1/2018 14,955,000 18,227,154
NEW MEXICO--.5%
Farmington, PCR (Tucson Electric Power Co., San Juan)
6.95%, 10/1/2020 4,000,000 4,022,640
NEW YORK--2.5%
Long Island Power Authority, New York
Electric System Revenue
6.64% 12/1/2016 10,000,000 (a,b) 10,439,100
New York State Energy Research and Development Authority,
Electric Facilities Revenue (Long Island Lighting Co.):
7.15%, 2/1/2022 3,000,000 3,192,000
6.90%, 8/1/2022 3,275,000 3,527,535
TSASC, Inc., Tobacco Flexible Amortization Bonds
6.375%, 7/15/2039 4,500,000 4,662,090
NORTH CAROLINA--.5%
Charlotte, Special Facilities Revenue
(Charlotte / Douglas International Airport)
5.60%, 7/1/2027 (Guaranteed; U.S. Air) 6,000,000 4,525,860
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
NORTH DAKOTA--1.7%
North Dakota Housing Finance Agency,
Home Mortgage Revenue
(Housing Finance Program):
6.50%, 1/1/2031 10,000,000 10,656,800
6.15%, 7/1/2031 3,425,000 3,571,282
OHIO--2.1%
Ohio Air Quality Development Authority, PCR
6.10%, 8/1/2020 3,000,000 3,013,110
Ohio Housing Finance Agency,
Residential Mortgage Revenue:
6.25%, 9/1/2020 (Collateralized; GNMA) 4,985,000 5,292,624
6.35%, 9/1/2031 (Collateralized; GNMA) 4,990,000 5,297,334
Ohio Water Development Authority, Pollution Control
Facilities Revenue (Cleveland Electric Co.)
6.10%, 8/1/2020 4,350,000 4,362,528
OKLAHOMA--1.5%
Oklahoma Industries Authority
(Health System Obligated Group)
5.75%, 8/15/2029 12,230,000 12,698,654
PENNSYLVANIA--2.4%
Beaver County Industrial Development Authority, PCR
(Cleveland Electric Project)
7.625%, 5/1/2025 7,000,000 7,472,920
Lehigh County General Purpose Authority, Revenue
(Wiley House) 9.50%, 11/1/2016
(Prerefunded 11/1/2001) 3,000,000 (c) 3,166,620
Pennsylvania Housing Finance Agency, SFMR
7.553%, 4/1/2025 6,000,000 (a) 6,187,500
York County Hospital Authority, Revenue
(Health Center--Lutheran Social Services)
6.50%, 4/1/2022 4,250,000 3,973,793
SOUTH CAROLINA--2.3%
Piedmont Municipal Power Agency, Electric Revenue
6.55%, 1/1/2016 1,690,000 1,689,882
Spartanburg County, Hospital Facilities Revenue
(Spartanburg General Hospital System)
8.898%, 4/13/2022 (Prerefunded 4/15/2002) 7,700,000 (a,c) 8,450,750
Tobacco Settlement Revenue Management Authority,
Tobacco Settlement Revenue
6.375%, 5/15/2028 10,025,000 9,967,757
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE--3.0%
Memphis Center City Revenue Finance Corp.,
Tennessee Sports Facility Revenue
(Memphis Redbirds) 6.50%, 9/1/2028 10,000,000 9,370,200
Tennessee Housing Development Agency
(Homeownership Program) 6.40%, 7/1/2031 14,985,000 16,039,345
TEXAS--6.0%
Dallas-Fort Worth International Airport, Airport Facility
Improvement Corp. Revenue (American Airlines Inc.)
6.375%, 5/1/2035 (Guaranteed; American Airlines Inc.) 8,500,000 8,544,880
Harris County Health Facilities Development Corp., HR
(Memorial Hermann Hospital System Project)
5.25%, 6/1/2027 (Insured; FSA) 4,000,000 3,964,280
Houston Airport System, Special Facilities Revenue
Airport Improvement (Continental Airlines):
6.125%, 7/15/2027 8,100,000 7,337,547
5.70%, 7/15/2029 3,750,000 3,174,750
Port Corpus Christi Authority, Nueces County General
Revenue (Union Pacific Corp.) 5.65%, 12/1/2022 7,750,000 6,943,690
Sabine River Authority, PCR (TXU Electric Project)
6.45%, 6/1/2021 9,000,000 9,115,380
Texas Department of Housing and Community Affairs
Collateralized Home Mortgage Revenue
9.729%, 7/2/2024 5,500,000 (a) 6,524,375
Tomball Hospital Authority, Health, Hospital and
Nursing Home Revenue (Tomball Regional Hospital)
6%, 7/1/2025 3,500,000 3,028,270
Tyler Health Facilities Development Corp., HR
(East Texas Medical Center Regional Health Care
System Project) 6.75%, 11/1/2025 3,000,000 2,400,000
UTAH--.6%
Carbon County, SWDR (Sunnyside Cogeneration):
7.10%, 8/15/2023 4,980,000 5,052,260
Zero Coupon, 8/15/2024 1,545,000 297,721
VERMONT--.8%
Vermont Housing Finance Agency,
Single Family Housing
6.40%, 11/1/2030 (Insured; FSA) 6,270,000 6,637,610
VIRGINIA--1.9%
Fairfax County Water Authority, Revenue
8.045%, 4/1/2029 5,000,000 (a,b) 5,150,500
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA (CONTINUED)
Greater Richmond Convention Center Authority,
Hotel Tax Revenue
(Convention Center Expansion Project)
6.25%, 6/15/2032 10,500,000 11,451,720
WASHINGTON--1.7%
Public Utility District No. 1 of Pend Orielle County, Electric
Revenue 6.375%, 1/1/2015 3,755,000 3,964,905
Seattle, Water System Revenue
6%, 7/1/2029 (Insured; FGIC) 10,000,000 10,794,900
WEST VIRGINIA--4.1%
Braxton County, SWDR (Weyerhaeuser Co. Project) :
5.40%, 5/1/2025 12,800,000 11,804,544
6.125%, 4/1/2026 14,000,000 14,110,040
West Virginia Housing Development Fund, Housing Finance
6.50%, 5/1/2028 5,935,000 6,293,652
West Virginia Water Development Authority, Water
Development Revenue 6.375%, 7/1/2039 2,250,000 2,469,038
WISCONSIN--3.9%
Wisconsin Health and Educational Facilities Authority,
Health, Hospital and Nursing Home Revenue
(Aurora Health Care Inc.) 5.60%, 2/15/2029 9,705,000 8,356,976
Wisconsin Housing and Economic Development Authority,
Homeownership Revenue:
9.127%, 7/1/2025 10,000,000 (a,b) 10,511,100
6.45%, 9/1/2030 14,075,000 14,949,761
WYOMING--.5%
Sweetwater County, SWDR (FMC Corp. Project):
7%, 6/1/2024 2,200,000 2,244,484
6.90%, 9/1/2024 2,000,000 2,033,180
U.S. RELATED--1.8%
Guam Housing Corp., SFMR
5.75%, 9/1/2031 (Collateralized; FHLMC) 8,225,000 8,780,681
Puerto Rico Highway and Transportation Authority,
Transportation Revenue 6%, 7/1/2039 6,000,000 6,554,580
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $810,201,529) 834,591,306
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
SHORT-TERM MUNICIPAL INVESTMENTS--.9% Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA--.2%
Jacksonville Electric Authority, Electric System Revenue,
VRDN 3.95% (SBPA; Landesbank Thurgen) 1,500,000 (e) 1,500,000
MASSACHUSETTS--.5%
Massachusetts Health and Educational Facilities Authority,
Revenue, VRDN 3.70% (SBPA; State Street Bank
and Trust Co.) (Insured; MBIA) 2,100,000 (e) 2,100,000
Midland County Economic Development Corp., Limited
Obligation Revenue, VRDN (Dow Chemical Co.) 3.90% 2,400,000 (e) 2,400,000
NORTH CAROLINA--.0%
North Carolina Medical Care Commission, Revenue, VRDN
(Carol Woods Project) 3.75% 300,000 (e) 300,000
VIRGINIA--.2%
Roanoke Industrial Development Authority, HR, VRDN
(Roanoke Memorial Hospitals) 3.95% 1,300,000 (e) 1,300,000
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS
(cost $7,600,000) 7,600,000
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS
(cost $817,801,529) 98.3% 842,191,306
CASH AND RECEIVABLES (NET) 1.7% 14,839,048
NET ASSETS 100.0% 857,030,354
Summary of Abbreviations
AMBAC American Municipal Bond Assurance
Corporation
COP Certificate of Participation
FGIC Financial Guaranty Insurance
Company
FNMA Federal National Mortgage Association
FSA Financial Security Assurance
GNMA Government National Mortgage
Association
HR Hospital Revenue
IDR Industrial Development Revenue
MBIA Municipal Bond Investors Assurance
Insurance Corporation
PCR Pollution Control Revenue
SBPA Standby Bond Purchase Agreement
SFMR Single Family Mortgage Revenue
SWDR Solid Waste Disposal Revenue
VRDN Variable Rate Demand Notes
Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
------------------------------------------------------------------------------------------------------------------------------------
AAA Aaa AAA 23.7
AA Aa AA 13.7
A A A 14.5
BBB Baa BBB 27.5
BB Ba BB 5.8
B B B .3
F1 Mig1 SP1 .9
Not Rated (f) Not Rated (f) Not Rated (f) 13.6
100.0
(A) INVERSE FLOATER SECURITY-THE INTEREST RATE IS SUBJECT TO CHANGE
PERIODICALLY.
(B) SECURITIES EXEMPT FROM REGISTRATION UNDER RULE 144A OF THE SECURITIES ACT
OF 1933. THESE SECURITIES MAY BE RESOLD IN TRANSACTIONS EXEMPT FROM
REGISTRATION, NORMALLY TO QUALIFIED INSTITUTIONAL BUYERS. AT MARCH 31,2001,
THESE SECURITIES AMOUNTED TO$68,971,900 OR 8.0% OF NET ASSETS.
(C) BONDS WHICH ARE PREREFUNDED ARE COLLATERALIZED BY U.S. GOVERNMENT
SECURITIES WHICH ARE HELD IN ESCROW AND ARE USED TO PAY PRINCIPAL AND
INTEREST ON THE MUNICIPAL ISSUE AND TO RETIRE THE BONDS IN FULL AT THE
EARLIEST REFUNDING DATE.
(D) NON-INCOME ACCRUING SECURITY.
(E) SECURITIES PAYABLE ON DEMAND. VARIABLE RATE INTEREST--SUBJECT TO PERIODIC
CHANGE.
(F) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S
HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE
RATED SECURITIES IN WHICH THE FUND MAY INVEST.
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF ASSETS AND LIABILITIES
March 31, 2001 (Unaudited)
Cost Value
--------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 817,801,529 842,191,306
Interest receivable 15,978,546
Receivable for investment securities sold 998,896
Prepaid expenses 49,704
859,218,452
--------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 579,939
Cash overdraft due to Custodian 129,713
Payable for investment securities purchased 1,019,335
Dividends payable to preferred shareholders 135,201
Commissions payable 45,972
Accrued expenses 277,938
2,188,098
--------------------------------------------------------------------------------
NET ASSETS ($) 857,030,354
--------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Auction Preferred Stock, Series M, T, W, TH and F par value
$.001 per share (11,400 shares issued and outstanding at
$25,000 per share liquidation preference)-Note 1 285,000,000
Common Stock par value, $.001 per share
(58,549,216 shares issued and outstanding) 58,549
Paid-in capital 551,890,239
Accumulated undistributed investment income--net 3,048,684
Accumulated net realized gain (loss) on investments (7,356,895)
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4 24,389,777
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS 572,030,354
--------------------------------------------------------------------------------
NET ASSETS ($) 857,030,354
--------------------------------------------------------------------------------
SHARES OUTSTANDING
(500 million shares of $.001 par value Capital Stock authorized) 58,549,216
NET ASSET VALUE PER SHARE OF COMMON STOCK ($) 9.77
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF OPERATIONS
Six Months Ended March 31, 2001 (Unaudited)
-------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 27,938,008
EXPENSES:
Management fee--Note 3(a) 3,154,860
Commission fees--Note 1 375,826
Professional fees 143,752
Shareholder servicing costs 79,712
Custodian fees--Note 3(b) 67,456
Shareholders' reports 55,540
Directors' fees and expenses--Note 3(c) 36,571
Registration fees 33,491
Miscellaneous 20,462
TOTAL EXPENSES 3,967,670
INVESTMENT INCOME--NET 23,970,338
--------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments 2,823,389
Net unrealized appreciation (depreciation) on investments 18,018,838
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 20,842,227
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 44,812,565
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
March 31, 2001 Year Ended
(Unaudited) September 30, 2000
--------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 23,970,338 41,928,438
Net realized gain (loss) on investments 2,823,389 (10,047,493)
Net unrealized appreciation (depreciation)
on investments 18,018,838 10,713,730
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 44,812,565 42,594,675
-------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net:
Common Stock (16,159,584) (32,319,176)
Preferred Stock (5,561,285) (7,790,712)
Net realized gain on investments:
Common Stock -- (895,803)
TOTAL DIVIDENDS (21,720,869) (41,005,691)
-------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS ($):
Proceeds from issuance of Prefered Stock -- 285,000,000
Offering costs charged to paid-in capital resulting
from issuance of Preferred Stock -- (3,405,309)
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS -- 281,594,691
TOTAL INCREASE (DECREASE) IN NET ASSETS 23,091,696 283,183,675
--------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 833,938,658 550,754,983
END OF PERIOD 857,030,354 833,938,658
Undistributed investment income-net 3,048,684 799,617
SEE NOTES TO FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.
Total return shows how much your investment in the fund would have increased (or
decreased) during each period, assuming you had reinvested all dividends and
distributions. These figures have been derived from the fund's financial
statements and market price data for the fund's common shares.
Six Months Ended
March 31, 2001 Year Ended September 30,
----------------------------------------------------------------
(Unaudited) 2000 1999 1998 1997 1996
------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value,
beginning of period 9.38 9.41 10.22 10.02 9.88 9.96
Investment Operations:
Investment income--net .41 .71 .56 .59 .66 .68
Net realized and unrealized
gain (loss) on investments .35 .02 (.80) .25 .16 (.09)
Total from
Investment Operations .76 .73 (.24) .84 .82 .59
Distributions:
Dividends from
investment income--net:
Common Stock (.28) (.55) (.57) (.64) (.68) (.67)
Preferred Stock (.09) (.13) -- -- -- --
Dividends from net realized
gain on investments -- (.02) -- -- -- --
Total Distributions (.37) (.70) (.57) (.64) (.68) (.67)
Capital Stock transactions,
net effect of
Preferred Stock offerings -- (.06) -- -- -- --
Net asset value, end of period 9.77 9.38 9.41 10.22 10.02 9.88
Market Value, end of period 9.35 8 9/16 8 10 5/16 10 5/8 10
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) (a) 25.27(b) 14.76 (17.55) 3.35 13.77 11.23
The Fund
FINANCIAL HIGHLIGHTS (CONTINUED)
Six Months Ended
March 31, 2001 Year Ended September 30,
-----------------------------------------------------------------
(Unaudited) 2000 1999 1998 1997 1996
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL
DATA (%):
Ratio of expenses to
average net assets
applicable to Common Stock 1.42(b,c,d) 1.25(c,d) .84 .85 .85 .86
Ratio of net investment income
to average net assets
applicable to Common Stock 8.61(b,c,d) 7.91(c,d) 5.63 5.78 6.64 6.92
Portfolio Turnover Rate 5.48(e) 19.03 27.05 20.95 16.66 19.27
Asset Coverage of
Preferred Stock,
end of period 301 295 -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, net of
Preferred Stock,
end of period ($ x 1,000) 572,030 548,939 550,755 595,693 577,209 560,072
Preferred Stock outstanding,
end of period ($ x 1,000) 285,000 285,000 -- -- -- --
(A) CALCULATED BASED ON MARKET VALUE.
(B) ANNUALIZED.
(C) DOES NOT REFLECT THE EFFECT OF DIVIDENDS TO PREFERRED STOCK SHAREHOLDERS.
(D) THE RATIO OF EXPENSES TO TOTAL AVERAGE NET ASSETS AND THE RATIO OF NET
INVESTMENT INCOME TO TOTAL AVERAGE NET ASSETS WERE .94% AND 5.70%,
RESPECTIVELY, FOR THE SIX MONTHS ENDED MARCH 31, 2001 AND .92% AND 5.79%,
RESPECTIVELY, FOR THE YEAR ENDED SEPTEMBER 30, 2000.
(E) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--Significant Accounting Policies:
Dreyfus Strategic Municipals, Inc. (the "fund") is registered under the
Investment Company Act of 1940 as amended (the "Act"), as a diversified
closed-end management investment company. The fund's investment objective is to
maximize current income exempt from Federal income tax to the extent consistent
with the preservation of capital. The Dreyfus Corporation (the "Manager") serves
as the fund's investment adviser. The Manager is a direct subsidiary of Mellon
Bank, N.A., which is a wholly-owned subsidiary of Mellon Financial Corporation.
The fund's Common Stock trades on the New York Stock Exchange under the ticker
symbol LEO.
The fund has outstanding 2,280 shares of Series M, Series T, Series W, Series TH
and Series F Auction Preferred Stock ("APS"), each with a liquidation preference
of $25,000 per share (plus an amount equal to accumulated but unpaid dividends
upon liquidation) . APS dividends rates are determined pursuant to periodic
auctions. Banker's Trust Company, as Auction Agent, receives a fee from the fund
for its services in connection with such auctions. The fund also compensates
broker-dealers generally at an annual rate of .25% of the purchase price of the
shares of APS placed by the broker-dealer in an auction.
The fund is subject to certain restrictions relating to the APS. Failure to
comply with these restrictions could preclude the fund from declaring any
distributions to common shareholders or repurchasing common shares and/or could
trigger the mandatory redemption of APS at liquidation value.
The holders of the APS, voting as a separate class, have the right to elect at
least two directors. The holders of the APS will vote as a separate class on
certain other matters, as required by law. The fund has designated Robin R.
Pringle and John E. Zuccotti to represent holders of APS on the fund's Board of
Directors.
The fund's financial statements are prepared in accordance with accounting
principles generally accepted in the United States, which
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
may require the use of management estimates and assumptions. Actual results
could differ from those estimates.
(a) Portfolio valuation: Investments in municipal debt securities (excluding
options and financial futures on municipal and U.S. Treasury securities) are
valued on the last business day of each week and month by an independent pricing
service (" Service" ) approved by the Board of Directors. Investments for which
quoted bid prices are readily available and are representative of the bid side
of the market in the judgment of the Service are valued at the mean between the
quoted bid prices (as obtained by the Service from dealers in such securities)
and asked prices (as calculated by the Service based upon its evaluation of the
market for such securities). Other investments (which constitute a majority of
the portfolio securities) are carried at fair value as determined by the
Service, based on methods which include consideration of: yields or prices of
municipal securities of comparable quality, coupon, maturity and type;
indications as to values from dealers; and general market conditions. Options
and financial futures on municipal and U.S. Treasury securities are valued at
the last sales price on the securities exchange on which such securities are
primarily traded or at the last sales price on the national securities market on
the last business day of each week and month. Investments not listed on an
exchange or the national securities market, or securities for which there were
no transactions, are valued at the average of the most recent bid and asked
prices. Bid price is used when no asked price is available.
(b) Securities transactions and investment income: Securities transactions are
recorded on a trade date basis. Realized gain and loss from securities
transactions are recorded on the identified cost basis. Interest income,
adjusted for amortization of premiums and original issue discounts on
investments, is earned from settlement date and recognized on the accrual basis.
Securities purchased or sold on a when-issued or delayed-delivery basis may be
settled a month or more after the trade date.
In November 2000 the American Institute of Certified Public Accountants
(" AICPA" ) issued a revised version of the AICPA Audit and Accounting Guide for
Investment Companies (the "Guide" ). The revised version of the Guide is
effective for financial statements issued for fiscal years beginning after
December 15, 2000. One of the new provisions in the Guide requires investment
companies to amortize market discount on municipal securities which the fund
does not currently do. Upon adoption, the fund will be required to record a
cumulative effect adjustment to conform with accounting principles generally
accepted in the United States. The effect of this adjustment will be to increase
accumulated net investment income with an offsetting decrease to accumulated
unrealized appreciation (depreciation) on securities. This adjustment will
therefore, have no effect on the net assets of the fund.
(c) Dividends to shareholders of Common Stock ("Common Shareholders(s)"):
Dividends are recorded on the ex-dividend date. Dividends from investment
income-net are declared and paid monthly. Dividends from net realized capital
gain are normally declared and paid at least annually. To the extent that net
realized capital gain can be offset by capital loss carryovers, if any, it is
the policy of the fund not to distribute such gain.
For Common Shareholders who elect to receive their distributions in additional
shares of the fund, in lieu of cash, such distributions will be reinvested at
the lower of the market price or net asset value per share (but not less than
95% of the market price) based on the record date's respective price. If the net
asset value per share on the record date is lower than the market price per
share, shares will be issued by the fund at the record date's net asset value on
the payable date of the distribution. If the net asset value per share is less
than 95% of market value, shares will be issued by the fund at 95% of market
value. If market price is lower than the net asset value per share on the record
date, The Bank of New York will purchase fund shares in the open market com-
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
mencing on the payable date and reinvest those shares accordingly. As a result
of purchasing fund shares in the open market, fund shares outstanding will not
be affected by this form of reinvestment.
On March 31, 2001, the Board of Directors declared a cash dividend of $.046 per
share from investment income-net, payable on April 27, 2001 to Common
Shareholders of record as of the close of business on April 12, 2001.
(d) Dividends to shareholders of APS: For APS, dividends are currently reset
every 7 days. The dividend rate in effect at March 31, 2001 were as follows:
Series M-3.25% , Series T-3.35% , Series W-3.40% , Series TH-3.40% and Series
F-3.20%.
(e) Federal income taxes: It is the policy of the fund to continue to qualify as
a regulated investment company, which can distribute tax exempt dividends, by
complying with the applicable provisions of the Internal Revenue Code of 1986,
as amended and to make distributions of income and net realized capital gain
sufficient to relieve it from substantially all Federal income and excise taxes
NOTE 2--Bank Line of Credit:
The fund participates with other Dreyfus-managed funds in a $100 million
unsecured line of credit primarily to be utilized for temporary or emergency
purposes, including the financing of redemptions. Interest is charged to the
fund based on prevailing market rates in effect at the time of borrowings.
During the period ended March 31, 2001, the fund did not borrow under the line
of credit.
NOTE 3--Management Fee and Other Transactions With Affiliates:
(a) Pursuant to a management agreement ("Agreement") with the Manager, the
management fee is computed at the annual rate of .75 of 1% of the value of the
fund's average weekly net assets and is payable monthly fees. The Agreement
provides for an expense reimbursement from the Manager should the fund's
aggregate expenses, exclusive of taxes, interest on borrowings, brokerage and
extraordinary expenses, in any full fiscal year exceed the lesser of (1) the
expense limitation of any state having jurisdiction over the fund or (2) 2% of
the first $10 million, 11_2% of the next $20 million and 1% of the excess over
$30 million of the average value of the fund's net assets. During the period
ended March 31, 2001, there was no expense reimbursement pursuant to the
agreement.
(b) The fund compensates Boston Safe Deposit and Trust Company, an affiliate of
the Manager, under a custody agreement for providing custodial services to the
fund. During the period ended March 31, 2001, $67,456 was charged by Boston Safe
Deposit and Trust Company pursuant to the custody agreement.
(c) Each director who is not an "affiliated person" as defined in the Act
receives from the fund an annual fee of $4,500 and an attendance fee of $500 per
meeting. The Chairman of the Board receives an additional 25% of such
compensation and the Director Emeritus receives 50% of such compensation.
NOTE 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding
short-term securities, during the period ended March 31, 2001, amounted to
$45,321,496 and $54,150,315, respectively.
At March 31, 2001, accumulated net unrealized appreciation on investments was
$24,389,777, consisting of $40,533,340 gross unrealized appreciation and
$16,143,563 gross unrealized depreciation.
At March 31, 2001, 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).
The Fund
NOTES
OFFICERS AND DIRECTORS
Dreyfus Strategic Municipals, Inc.
200 Park Avenue
New York, NY 10166
DIRECTORS
Joseph S. DiMartino
David W. Burke
Hodding Carter, III
Ehud Houminer
Richard C. Leone
Hans C. Mautner
Robin R. Pringle(*)
John E. Zuccotti(*)
* AUCTION PREFERRED STOCK DIRECTORS
OFFICERS
President
Stephen E. Canter
Vice President
Mark N. Jacobs
Vice President and Treasurer
Joseph Connolly
Executive Vice President
Paul Disdier
Secretary
John B. Hammalian
Assistant Secretary
Steven F. Newman
Assistant Treasurer
Gregory S. Gruber
PORTFOLIO MANAGERS:
Joseph P. Darcy
A. Paul Disdier
Douglas J. Gaylor
Joseph A. Irace
Colleen A. Meehan
PORTFOLIO MANAGERS (CONTINUED)
Richard J. Moynihan
W. Michael Petty
Scott Sprauer
Samuel J. Weinstock
Monica S. Wieboldt
INVESTMENT ADVISER
The Dreyfus Corporation
CUSTODIAN
Boston Safe Deposit
and Trust Company
COUNSEL
Stroock & Stroock & Lavan LLP
TRANSFER AGENT, DIVIDEND DISBURSING AGENT AND REGISTRAR
The Bank of New York (Common Stock)
Bankers Trust (Auction Preferred Stock)
AUCTION AGENT
Bankers Trust (Auction Preferred Stock)
STOCK EXCHANGE LISTING
NYSE Symbol: LEO
INITIAL SEC EFFECTIVE DATE
9/23/87
THE NET ASSET VALUE APPEARS IN THE FOLLOWING PUBLICATIONS: BARRON'S, CLOSED-END
BOND FUNDS SECTION UNDER THE HEADING "MUNICIPAL BOND FUNDS" EVERY MONDAY; WALL
STREET JOURNAL, MUTUAL FUNDS SECTION UNDER THE HEADING "CLOSED-END BOND FUNDS"
EVERY MONDAY; NEW YORK TIMES, BUSINESS SECTION UNDER THE HEADING "CLOSED-END
BOND FUNDS--SINGLE STATE MUNICIPAL BOND FUNDS" EVERY SUNDAY.
NOTICE IS HEREBY GIVEN IN ACCORDANCE WITH SECTION 23(C) OF THE INVESTMENT
COMPANY ACT OF 1940, AS AMENDED, THAT THE FUND MAY PURCHASE SHARES OF ITS COMMON
STOCK IN THE OPEN MARKET WHEN IT CAN DO SO AT PRICES BELOW THE THEN CURRENT NET
ASSET VALUE PER SHARE.
The Fund
For More Information
Dreyfus Strategic Municipals, Inc.
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
Boston Safe Deposit and
Trust Company
One Boston Place
Boston, MA 02108
Transfer Agent &
Dividend Disbursing Agent
and Registrar
(Common Stock)
The Bank of New York
101 Barclay Street
New York, NY 10286
(c) 2001 Dreyfus Service Corporation 853SA0301