Dreyfus municipal fund calls $10.7 million auction-rate preferreds

By Tali David

Minneapolis, Aug. 7 - Dreyfus Municipal Income, Inc., Dreyfus Strategic Municipal Bond Fund, Inc. and Dreyfus Strategic Municipals, Inc. called $10.7 million of its series A and B auction-rate preferred shares according to a press release.

Each fund previously redeemed 25% of its original outstanding auction-rate preferreds, and the board of each fund authorized the redemption of up to an additional 25% of its original outstanding auction-rate preferreds.

The redemption will be completed over two days, with 214 series A preferreds to be redeemed on Aug. 28 and 214 series B preferreds to be redeemed on Aug. 30.

Dreyfus is redeeming $10.7 million of its originally issued and outstanding $100 million of auction-rate preferreds. To date, the company has redeemed or called $35.7 million of its auction-rate preferreds.

Dreyfus is a New York City-based manager of investment products and strategies.

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