Two Dreyfus funds to redeem $22 million of auction-rate preferreds

By Marisa Wong

Milwaukee, May 18 - Dreyfus Municipal Income, Inc. will redeem $10 million of its $100 million auction-rate preferred securities, and Dreyfus Strategic Municipal Bond Fund, Inc. will redeem $12 million of its $186 million auction-rate preferred securities, according to a press release.

Dreyfus Municipal Income will redeem at par $5 million of its series A bonds on June 9 and $5 million of its series B bonds on June 11.

Dreyfus Strategic Municipal Bond Fund plans to redeem at par $4 million of its series A bonds on June 8, $4 million of its series B bonds on June 10 and $4 million of series C bonds on June 7.

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

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