Three Dreyfus funds to redeem $20.1 million in auction-rate preferreds

By Devika Patel

Knoxville, Tenn., March 10 - Dreyfus Municipal Income, Inc., Dreyfus Strategic Municipal Bond Fund, Inc. and Dreyfus Strategic Municipals, Inc. announced that they will redeem $20.1 million of their outstanding auction-rate preferred securities at par on a pro-rata basis.

Dreyfus Municipal Income is redeeming $5 million of its $100 million in outstanding auction-rate preferreds, with $2.5 million to be redeemed on March 31 and $2.5 million to be redeemed on April 5. To date, Dreyfus Municipal Income has called $15 million of its auction-rate preferreds.

Dreyfus Strategic Municipal Bond Fund is redeeming $6.6 million of its $186 million in outstanding auction-rate preferreds, with $2.2 million to be redeemed on March 29, $2.2 million to be redeemed on March 30 and $2.2 million to be redeemed on April 1. To date, Dreyfus Strategic Municipal Bond Fund has called $11.7 million of its auction-rate preferreds.

Dreyfus Strategic Municipals is redeeming $8.5 million of its $285 million in outstanding auction-rate preferreds, with $1.7 million to be redeemed on March 29, $1.7 million to be redeemed on March 30, $1.7 million to be redeemed on March 31, $1.7 million to be redeemed on April 1 and $1.7 million to be redeemed on April 5. To date, Dreyfus Strategic Municipals has called $20 million of its auction-rate preferreds.

The board of each fund has authorized the redemption of up to 25% of their outstanding auction-rate preferreds.

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