Report of Independent Registered Public Accounting Firm
To the Board of Directors
Dreyfus Strategic Municipal Bond Fund, Inc.
We have examined management's assertion about Dreyfus Strategic
Municipal Bond Fund, Inc.'s (the "Company") compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 ("the Act") as of November 30, 2003, with respect to
securities and similar investments reflected in the investment account
of the Company, included in the accompanying Management Statement Regarding
Compliance with Certain Provisions of the Investment Company Act of 1940.
Management is responsible for the Company's compliance with those
requirements. Our responsibility is to express an opinion on management's
assertion about the Company's compliance based on our examination.
Our examination was made in accordance with attestation standards
established by the Public Company Accounting Oversight Board (United
States) and accordingly, included examining, on a test basis, evidence
about the Company's compliance with those requirements and performing such
other procedures as we considered necessary in the circumstances. Included
among our procedures were the following tests performed as of November 30,
2003, and with respect to agreement of security and similar investments
purchases and sales, for the period from August 31, 2003 (the date of
last examination) through November 30, 2003;
Count and inspection of all securities and similar investments located in
the vault of Mellon Bank in New York, without prior notice to management;
Confirmation of all securities and similar investments held by institutions
in book entry form (i.e., the Federal Reserve Bank of Boston, the Depository
Trust Company and the Participant Trust Company);
Reconciliation of confirmation results as to all such securities and
investments to the books and records of the Company and Mellon Bank;
Confirmation of all repurchase agreements, if any, with brokers/banks and
agreement of underlying collateral with Mellon Bank's records;
We believe that our examination provides a reasonable basis for our opinion.
Our examination does not provide a legal determination on the Company's
compliance with specified requirements.
In our opinion, management's assertion that Dreyfus Strategic Municipal Bond
Fund, Inc. was in compliance with the requirements of subsections (b) and (c)
of Rule 17f-2 of the Investment Company Act of 1940 as of November 30, 2003
with respect to securities and similar investments reflected in the
investment account of the Company is fairly stated, in all material respects.
This report is intended solely for the information and use of management of
Dreyfus Strategic Municipal Bond Fund, Inc. and the Securities and Exchange
Commission and should not be used for any other purpose.
ERNST & YOUNG LLP
New York, New York
January 21, 20
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-17f-2
Certificate of Accounting or Securities and Similar
Investments in the Custody of
Management Investment Companies
Pursuant to Rule 17f-2 [17 CRF 270.17f-2]
1. Investment Company Act File Date examination
Number: completed:
811- 5877 1/21/2004
2. State Identification Number:
AL AK AZ AR CA CO
CT DE DC FL GA HI
ID IL IN IA KS KY
LA ME MD MA MI MN
MS MO MI NE NV NH
NJ NM NY NC ND OH
OK OR PA RI SC SD
TN TX UT VT VA WA
WV WI WY PUERTO
RICO
Other
Specify:
3. Exact name of investment company as specified in registration statement:
4. Address of principal executive office: (number, street, city, state,
zip code)
200 Park Avenue, 55th Floor, New York, NY 10166
INSTRUCTIONS
The Form must be completed by investment companies that have custody of
securities or similar investments
Investment Company
1. All items must be completed by the investment company.
2. Give this Form to the independent public accountant who, in
compliance with Rule 17f-2 under the Act and applicable state
law, examine securities and similar investments in the custody
of the investment company.
Accountant
3. Submit this Form to the Securities and Exchange Commission and
appropriate state securities administrators when filing the certificate
of accounting required by Rule 17f-2 under the Act and applicable state
law. File the original and one copy with the Securities and Exchange
Commissions's principal office in Washington D.C., one copy with the
regional office for the region in which the investment company's
principal business operations are conducted, and one copy with the
appropriate state administrator(s), if applicable.
THIS FORM MUST BE GIVEN TO YOUR
INDEPENDENT PUBLIC ACCOUNTANT
Management Statement Regarding Compliance with
Certain Provisions
of the Investment Company Act of 1940
We, as members of management of Dreyfus Strategic Municipal Bond Fund, Inc.
(the "Company"), are responsible for complying with the requirements of
subsections (b) and (c) of Rule 17f-2, "Custody of Investments by Registered
Management Investment Companies," of the Investment Company Act of 1940. We
are also responsible for establishing and maintaining effective controls over
compliance with those requirements. We have performed an evaluation of the
Company's compliance with the requirements of subsections (b) and (c) of Rule
17f-2 as of November 30, 2003.
Based on this evaluation, we assert that the Company was in compliance with
the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of November 30, 2003 with respect to securities and
similar investments reflected in the investment account of the Company.
Dreyfus Strategic Municipal Bond Fund, Inc.
By:
/s/Jim Windels
Jim Windels,
Treasurer
The Dreyfus Corporation