Dreyfus municipal funds call $12.86 million auction-rate preferreds

By Susanna Moon

Chicago, Oct. 29 - Dreyfus Strategic Municipal Bond Fund, Inc. and Dreyfus Strategic Municipals, Inc. called for the partial redemption of several series of auction-rate preferred securities at par.

Dreyfus Strategic Municipal Bond Fund plans to redeem $5.85 million of its $186 million of auction-rate preferreds issued in three series. To date, the fund has redeemed $36.525 million of the securities.

The fund will redeem $1.95 million of the series A preferreds on Nov. 16, $1.95 million of the series B preferreds on Nov. 18 and $1.95 million of the series C preferreds on Nov. 15.

Dreyfus Strategic Municipals, Inc. will redeem $7 million of its $285 million of auction-rate preferreds issued in five series. To date, it has redeemed $56.25 million of the preferreds.

The fund plans to redeem $1.4 million of the series M preferreds on Nov. 16, $1.4 million of the series T preferreds on Nov. 17, $1.4 million of the series W preferreds on Nov. 18, $1.4 million of the series TH preferreds on Nov. 19 and $1.4 million of the series F preferreds on Nov. 15.

The board of each fund previously authorized the redemption of up to 25% of its outstanding auction-rate preferreds, according to a company press release.

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