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 August 31, 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
August 31, 2003, and with respect to agreement of security
and similar investments purchases and sales, for the period
from April 30, 2003 (the date of last examination) through
August 31, 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. Ourexamination 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
August 31, 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
December 11, 2003
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 12/11/2003
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
August 31, 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 August 31, 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