Washington, D.C. 20549    
  FORM N-CSR    
Investment Company Act file number 811-5877    
  (Exact name of Registrant as specified in charter)
  c/o The Dreyfus Corporation    
  200 Park Avenue    
  New York, New York 10166    
  (Address of principal executive offices)   (Zip code)
  Mark N. Jacobs, Esq.    
  200 Park Avenue    
  New York, New York 10166    
  (Name and address of agent for service)
Registrant's telephone number, including area code:   (212) 922-6000
Date of fiscal year end: 11/30    
Date of reporting period: 5/31/04    


Item 1. Reports to Stockholders.

Strategic Municipal
Bond Fund, Inc.


Dreyfus Strategic Municipal Bond Fund, Inc.

Protecting Your Privacy Our Pledge to You

THE FUND IS COMMITTED TO YOUR PRIVACY. On this page, you will find the Fund’s policies and practices for collecting, disclosing, and safeguarding “nonpublic personal information,” which may include financial or other customer information.These policies apply to individuals who purchase Fund shares for personal, family, or household purposes, or have done so in the past. This notification replaces all previous statements of the Fund’s consumer privacy policy, and may be amended at any time. We’ll keep you informed of changes as required by law.

YOUR ACCOUNT IS PROVIDED IN A SECURE ENVIRONMENT. The Fund maintains physical, electronic and procedural safeguards that comply with federal regulations to guard nonpublic personal information. The Fund’s agents and service providers have limited access to customer information based on their role in servicing your account.


The Fund collects a variety of nonpublic personal information, which may include:



Thank you for this opportunity to serve you.

The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value



Letter from the Chairman
Discussion of Fund Performance
Statement of Investments
Statement of Assets and Liabilities
Statement of Operations
Statement of Changes in Net Assets
Financial Highlights
Notes to Financial Statements
Back Cover

     Dreyfus Strategic Municipal Bond Fund, Inc.

The Fund


Dear Shareholder:

This semiannual report for Dreyfus Strategic Municipal Bond Fund, Inc. covers the six-month period from December 1, 2003, through May 31, 2004. Inside, you’ll find valuable information about how the fund was managed during the reporting period, including a discussion with the fund’s portfolio manager, James Welch.

Positive economic data continued to accumulate during the reporting period, as consumers, flush with extra cash from their 2003 federal tax refunds and mortgage refinancings, continued to spend. Corporations have become more willing to hire new workers and invest in new projects and equipment. In addition, many states and municipalities have reported an increase in tax revenues, helping to relieve some of the fiscal pressures that arose during the economic downturn.As the economy has gained strength, fixed-income investors apparently have grown more concerned that long-dormant inflationary pressures could resurface, and municipal bond prices recently have become more volatile.

Despite fixed-income investors’ current concerns, we believe that history confirms that bonds represent an important component of most investors’ long-term investment portfolios. As always, we encourage you to speak regularly with your financial advisor, who may be in the best position to suggest ways to position your portfolio for the opportunities and challenges of today’s financial markets.

Thank you for your continued confidence and support.


Stephen E. Canter
Chairman and Chief Executive Officer
The Dreyfus Corporation
June 15, 2004



James Welch, Portfolio Manager

How did Dreyfus Strategic Municipal Bond Fund, Inc. perform during the period?

For the six-month period ended May 31, 2004, the fund achieved a total return of –0.38%.1 During the same period, the fund provided aggregate income dividends of $0.3060 per share, which is equal to a distribution rate of 7.68%.2

Because of heightened market volatility in a recovering U.S. economy, municipal bonds generally ended the reporting period with prices that were lower than where they began. However, the fund increased its dividend distribution rate in February 2004, primarily because of the success of our leveraging strategy, which enabled the fund to lock in low prevailing borrowing rates on its shares of auction-rate preferred securities.

What is the fund’s investment approach?

The fund seeks to maximize current income exempt from federal income tax to the extent believed by Dreyfus to be consistent with the preservation of capital. In pursuing this goal, the fund invests at least 80% of its assets in municipal bonds. Under normal market conditions, the weighted average maturity of the fund’s portfolio is expected to exceed 10 years. Municipal bonds are classified as general obligation bonds, revenue bonds and notes. Under normal market conditions, the fund invests at least 80% of its net assets in municipal bonds considered investment grade or the unrated equivalent as determined by Dreyfus.

We look for bonds that we believe can provide high current income. We strive to find such opportunities through analysis of individual bonds’ structures. Within the context of our bond structure analyses, we pay particularly close attention to each bond’s maturity and early redemption features.

The Fund 3


Over time, many of the fund’s older, higher-yielding bonds have matured or were redeemed by their issuers.We have generally attempted to replace those bonds with investments consistent with the fund’s investment policies.We have also sought to upgrade the fund with newly issued bonds that, in our opinion, have better structural or income characteristics than existing holdings. When such opportunities arise, we usually look to sell bonds that are close to their optimal redemption date or maturity. In addition, we conduct credit analysis of our holdings in an attempt to avoid potential defaults on interest and principal payments.

What other factors influenced the fund’s performance?

The fund was influenced by heightened market volatility throughout the reporting period. Gains achieved in advance of the Federal Reserve Board’s (the “Fed”) late-June 2003 reduction of short-term interest rates to 1%, a 45-year low, were erased during the summer of 2003, when evidence of stronger than expected economic growth sparked one of the worst six-week declines in the tax-exempt bond market’s history. Although municipal bond prices gradually recovered in the fall of 2003 as it became clearer that the labor market remained weak, keeping a lid on potential inflationary pressures, the market subsequently remained volatile through the first quarter of 2004.The market declined sharply in April and May 2004, when reports of unexpectedly strong job gains and higher energy prices rekindled investors’ inflation fears.

On the other hand, a strengthening economy benefited the fiscal conditions of many states and municipalities that previously had struggled with budget deficits. As a result, state and local governments had less need to borrow, issuing fewer municipal bonds during the first five months of 2004 than during the same period one year earlier. A reduced supply of tax-exempt securities and continued robust investor demand helped support municipal bond prices.

In this changing market environment, we maintained an investment posture that focused new purchases primarily on high-quality securities selling at slight premiums to their face values. High-quality, premium-priced bonds historically have retained more of their value during


market declines, and in our view, can serve as an effective complement to the fund’s core holdings of higher-yielding, seasoned bonds. Because of the risk that stronger economic growth might lead to higher interest rates, we gradually and modestly reduced the fund’s average duration —a measure of sensitivity to changing interest rates — in an effort to help protect the fund if and when the Fed begins to implement a less accommodative monetary policy.

Finally, the fund benefited during the reporting period from the effects of low interest rates on its leveraging strategy. By locking in prevailing low borrowing rates on one of the fund’s series of preferred-rate auction securities and investing the proceeds in relatively higher-yielding municipal bonds, we were able to increase the fund’s dividend distribution rate even while interest rates remained near historical lows.

What is the fund’s current strategy?

We have maintained the fund’s relatively conservative positioning —including a focus on high-quality, premium-priced bonds and a relatively short average duration — in the expectation that the Fed’s next move is likely to be an increase in short-term interest rates. In our view, these are prudent strategies after the municipal bond market’s strong performance over the past several years.

June 15, 2004

Total return includes reinvestment of dividends and any capital gains paid, based upon net asset value per share. Past performance is no guarantee of future results. Income may be subject to state and local taxes, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable.
Distribution rate per share is based upon dividends per share paid from net investment income during the period, divided by the market price per share at the end of the period.

The Fund 5

May 31, 2004 (Unaudited)        

Long-Term Municipal Investments—141.8% Amount ($) Value ($)  

Alaska Housing Finance Corp.:        
   6.25%, 6/1/2035 5,905,000   6,195,054  
   6.05%, 6/1/2039 (Insured; MBIA) 11,915,000   12,288,178  
Apache County Industrial Development Authority, PCR        
   (Tuscon Electric Power Co.) 5.85%, 3/1/2028 2,220,000   2,156,020  
Arizona Water Infrastructure Finance Authority, Revenue        
   5%, 10/1/2021 3,000,000   3,076,560  
Glendale Water and Sewer Revenue        
   (Subordinated Lien) 5%, 7/1/2021 (Insured; AMBAC) 2,060,000   2,104,434  
Maricopa County Pollution Control Corp., PCR        
   (El Paso Electric Co.) 6.25%, 5/1/2037 4,000,000   4,141,240  
Arkansas Development Finance Authority, SFMR        
   6.25%, 1/1/2032 4,195,000   4,413,308  
Little Rock School District        
   5.25%, 2/1/2030 (Insured; FSA) 5,000,000   5,052,100  
   5.50%, 4/1/2028 5,450,000   5,581,018  
California Economic Recovery        
   5.25%, 7/1/2014 (Insured; FGIC) 7,435,000   8,190,470  
California Department Water Resources,        
   Power Supply Revenue 6%, 5/1/2015 12,500,000   13,825,625  
California Health Facilities Financing Authority, Revenue        
   (Cedars-Sinai Medical Center) 6.25%, 12/1/2034 3,750,000   3,969,900  
Colorado Health Facilities Authority, Revenue        
   (American Housing Foundation 1, Inc.)        
   8.50%, 12/1/2031 2,035,000   1,999,347  
Denver City and County, Special Facilities Airport Revenue        
   (United Air Lines) 6.875%, 10/1/2032 2,700,000 a 2,048,625  
Northwest Parkway Public Highway Authority, Revenue        
   (First Tier Subordinated) 7.125%, 6/15/2041 5,500,000   5,789,685  
Silver Dollar Metropolitan District 7.05%, 12/1/2030 4,885,000   4,928,281  
Connecticut Development Authority, PCR        
   (Connecticut Light and Power) 5.95%, 9/1/2028 6,000,000   6,235,140  


Long-Term Municipal Investments (continued) Amount ($) Value ($)  

Connecticut (continued)        
Connecticut Resource Recovery Authority        
   (American Refunding-Fuel Company)        
   6.45%, 11/15/2022 4,985,000   5,114,610  
Delaware Health Facilities Authority, Revenue        
   (Beebe Medical Center) 6.80%, 6/1/2024 3,905,000   3,998,330  
District of Columbia—1.4%        
Metropolitan Washington Airports Authority,        
   Special Facilities Revenue        
   (Caterair International Corp.) 10.125%, 9/1/2011 5,620,000   5,626,238  
Florida Housing Finance Corp., Housing Revenue        
   (Seminole Ridge Apartments)        
   6%, 4/1/2041 (Collateralized; GNMA) 6,415,000   6,616,623  
Orange County Health Facilities Authority, Revenue:        
   (Adventist Health System) 6.25%, 11/15/2024 3,000,000   3,159,870  
   (Orlando Regional Healthcare System) 6%, 10/1/2026 3,500,000   3,613,330  
Savannah Economic Development Authority,        
   Environmental Improvement Revenue        
   (International Paper Company) 6.20%, 8/1/2027 2,670,000   2,731,544  
Idaho Housing & Finance Association, SFMR        
   6.35%, 1/1/2030 (Collateralized; FNMA) 1,135,000   1,183,158  
Chicago O’Hare International Airport        
   General Airport Revenue (3rd Lien B-2 XLCA):        
      5.25%, 1/1/2027 (Insured; MBIA) 2,685,000   2,679,576  
      6%, 1/1/2029 5,000,000   5,339,700  
Illinois Health Facilities Authority, Revenue:        
   (Advocate Network Health Care) 6.125%, 11/15/2022 5,000,000   5,403,250  
   (OSF Healthcare Systems) 6.25%, 11/15/2029 10,900,000   11,348,971  
Franklin Township School Building Corporporation        
   6.125%, 1/15/2022 (Prerefunded 7/15/2010) 6,000,000 b 7,008,720  
Parish of De Soto, Environmental Improvement        
   Revenue (International Paper Co.) 6.55%, 4/1/2019 2,900,000   3,027,339  

The Fund 7

S T A T E M E N T O F I N V E S T M E N T S ( U n a u d i t e d ) (continued)

Long-Term Municipal Investments (continued) Amount ($) Value ($)  

Louisiana (continued)        
West Feliciana Parish, PCR:        
   (Entergy Gulf States) 6.60%, 9/1/2028 3,750,000   3,828,900  
   (Utility-Entergy Gulf States) 7%, 11/1/2015 3,000,000   3,078,990  
Maryland Economic Development Corp.,        
   Student Housing Revenue (University        
   of Maryland) 5.75%, 10/1/2033 2,550,000   2,560,736  
Maryland Industrial Development Financing        
   Authority, EDR (Medical Waste Associates        
   Limited Partnership) 8.75%, 11/15/2010 3,710,000   3,296,112  
Maryland State and Local Facilities Loan        
   5%, 8/1/2017 5,000,000   5,280,200  
Massachusetts Bay Transportation Authority,        
   Assessment Revenue 5%, 7/1/2028 5,000,000   4,954,850  
Massachusetts Federal Highway        
   5.75%, 12/15/2010 5,305,000   5,955,393  
Massachusetts Health and Educational Facilities        
   Authority, Revenue:        
      (Beth Isreal) 10.653%, 7/1/2025 (Insured; AMBAC) 3,250,000 c 3,268,785  
      (Civic Investments) 9%, 12/15/2015 2,000,000   2,301,340  
      (Partners Healthcare System) 5.75%, 7/1/2032 3,000,000   3,108,690  
Pittsfield, SWDR (Vicon Recovery Associates)        
   7.95%, 11/1/2004 310,000   310,245  
Michigan Hospital Finance Authority, HR        
   (Genesys Health System Obligated Group)        
   8.125%, 10/1/2021 (Prerefunded 10/1/2005) 5,000,000 b 5,526,350  
Michigan Strategic Fund, SWDR        
   (Genesee Power Station) 7.50%, 1/1/2021 7,550,000   6,311,800  
Mississippi Business Finance Corporation, PCR        
   (Systems Energy Resources, Inc.) 5.90%, 5/1/2022 3,160,000   3,182,626  
Saint Louis Industrial Development Authority        
   (Saint Louis Convention) 7.25%, 12/15/2035 2,625,000   2,421,930  
Nebraska Investment Finance Authority, SFMR        
   10.656%, 3/1/2026 2,500,000 c,d 2,867,200  

Long-Term Municipal Investments (continued) Amount ($) Value ($)  

Clark County, IDR        
   (Southwest Gas Corporation) 6.50%, 12/1/2033 5,000,000   5,032,300  
Washoe County (Reno-Sparks Convention)        
   6.40%, 7/1/2029 (Insured;        
   FSA, Prerefunded 1/1/2010) 8,000,000 b 9,245,520  
Wasoe County Water Facility Revenue        
   (Sierra Pacific Power Company) 5%, 3/1/2036 5,000,000   4,997,550  
New Hampshire—3.6%        
New Hampshire Business Finance Authority, PCR        
   (Public Service Co.):        
      6%, Series D 5/1/2021 (Insured; MBIA) 2,690,000   2,935,355  
      6%, Series E 5/1/2021 (Insured; MBIA) 6,000,000   6,547,260  
New Hampshire Industrial Development        
   Authority, PCR (Connecticut Light)        
   5.90%, 11/1/2016 5,400,000   5,544,666  
New Jersey—5.8%        
New Jersey Economic Development Authority        
   Special Facilities Revenue (Continental Airlines, Inc.):        
      6.25%, 9/15/2019 3,620,000   2,846,297  
      6.25%, 9/15/2029 5,000,000   3,667,100  
      7.20%, 11/15/2030 7,000,000   5,814,270  
New Jersey Educational Facilities Authority, Revenue        
   Higher Education Capital Improvement        
   5.25%, 9/1/2019 (Insured; AMBAC) 3,000,000   3,154,620  
Tobacco Settlement Financing Corporation        
   7%, 6/1/2041 9,095,000   8,333,930  
New York—5.9%        
New York City 5.75%, 8/1/2014 5,000,000   5,458,550  
New York City Transitional Finance Authority, Revenue        
   (Future Tax Secured):        
      5.375%, 11/15/2021 5,000,000   5,274,400  
      5.25%, 2/1/2018 (Insured; MBIA) 5,000,000   5,286,800  
New York State Dormitory Authority, Revenue:        
   City University Systems        
      (Consolidated 4th General) 5.50%, 7/1/2017 3,060,000   3,250,577  
   Judicial Facility Lease        
      (Suffolk County) 9.50%, 4/15/2014 605,000   846,528  
   (Marymount Manhattan College)        
      6.25%, 7/1/2029 4,000,000   4,289,520  

The Fund 9

S T A T E M E N T O F I N V E S T M E N T S ( U n a u d i t e d ) (continued)

Long-Term Municipal Investments (continued) Amount ($) Value ($)  

North Carolina—2.0%        
North Carolina Eastern Municipal Power Agency,        
   Power Systems Revenue 6.70%, 1/1/2019 2,500,000   2,756,150  
North Carolina Public Improvement        
   5.25%, 3/1/2015 (Insured; MBIA) 5,000,000   5,444,150  
Cuyahoga County, HR (Metrohealth Systems)        
   6.15%, 2/15/2029 10,000,000   10,304,100  
Cuyahoga County Hospital Facilities, Revenue        
   (UHHS/CSAHS Cuyahoga Inc. &        
   CSAHS/UHHS Canton Inc.) 7.50%, 1/1/2030 3,500,000   3,828,965  
Mahoning County Hospital Facilities, Revenue        
   (Forum Health Obligation Group)        
   6%, 11/15/2032 4,000,000   4,132,520  
Ohio Air Quality Development Authority, PCR        
   (Cleveland Electric Illuminating Co.)        
   6.10%, 8/1/2020 2,400,000   2,486,136  
Ohio Housing Finance Agency, Mortgage Revenue        
   10.790%, 3/1/2029 (Collateralized; GNMA) 1,720,000 c,d 1,848,501  
Ohio Water Development Authority, PCR        
   (Cleveland Electric) 6.10%, 8/1/2020 4,000,000   4,143,560  
Oklahoma Development Finance Authority, Revenue        
   (St. John Health System) 6%, 2/15/2029 9,000,000   9,535,680  
Oklahoma Industries Authority, Health System        
   Revenue (Obligation Group)        
   5.75%, 8/15/2029 (Insured; MBIA) 5,000,000   5,272,250  
Umatilla County Hospital Facility Authority, Revenue        
   (Catholic Health Initiatives) 5.50%, 3/1/2022 2,500,000   2,575,300  
Western Generation Agency        
   Cogeneration Project Revenue        
   (Wauna Cogeneration) 7.40%, 1/1/2016 3,250,000   3,310,515  
Allegheny County Port Authority, Special        
   Transportation Revenue 6.125%, 3/1/2029        
   (Insured; MBIA, Prerefunded 3/1/2009) 4,750,000 b 5,417,803  


Long-Term Municipal Investments (continued) Amount ($) Value ($)  

Pennsylvania (continued)        
Pennsylvania Housing Finance Agency,        
   Multi-Family Development Revenue        
   8.25%, 12/15/2019 269,000   269,546  
Rhode Island—1.6%        
Rhode Island Health & Educational Building        
   Corporation Higher Educational Facilities        
   (University of Rhode Island)        
   5.875%, 9/15/2029 (Insured; MBIA) 5,910,000   6,403,130  
South Carolina—8.0%        
Berkeley County School District Installment        
   Purchase Revenue (Securing Assets        
   For Education) 5%, 12/1/2028 3,510,000   3,350,681  
Greenville County School District Installment        
   Purchase Revenue (Building Equity        
   Sooner Tomorrow) 5.50%, 12/1/2028 10,000,000   10,100,100  
Greenville Hospital System, Hospital Facilities Revenue        
   5.50%, 5/1/2026 (Insured; AMBAC) 7,000,000   7,224,070  
Richland County, Environmental Improvement Revenue        
   (International Paper Company) 6.10%, 4/1/2023 6,500,000   6,619,665  
South Carolina Medical Facilities, Hospital Facilities        
   Revenue 6%, 7/1/2019 (Prerefunded 7/1/2009) 5,000,000 b 5,676,400  
Johnson City Health and Educational Facilities Board, HR        
   (1st Mortgage-Mountain State Health):        
      7.50%, 7/1/2025 2,000,000   2,248,480  
      7.50%, 7/1/2033 3,000,000   3,352,020  
Memphis Center City Revenue Finance Corp.        
   Sports Facility Revenue        
   (Memphis Redbirds) 6.50%, 9/1/2028 6,000,000   6,005,760  
Tennessee Housing Development Agency        
   (Homeownership Program):        
      6%, 1/1/2028 3,015,000   3,109,550  
      6.40%, 7/1/2031 1,925,000   2,036,708  
Austin Airport System Revenue        
   5.25%, 11/15/2017 (Insured; MBIA) 2,500,000   2,636,275  

The Fund 11

S T A T E M E N T O F I N V E S T M E N T S ( U n a u d i t e d ) (continued)

Long-Term Municipal Investments (continued) Amount ($) Value ($)  

Texas (continued)        
Dallas Fort Worth International Airport, Revenue:        
   5.50%, 11/1/2021 (Insured; FSA) 7,000,000   7,300,300  
   Facility Improvement Corp.        
      (2001-A-1 Bombardier Inc.) 6.15%, 1/1/2016 3,000,000   2,993,880  
Gregg County Health Facilities Development        
   Corp., HR (Good Shepherd Medical Center)        
   6.375%, 10/1/2025 2,500,000   2,752,125  
Harris County Health Facilities        
   Development Corp., HR (Memorial        
   Hermann Healthcare) 6.375%, 6/1/2029 7,000,000   7,608,370  
Katy Independent School District        
   6.125%, 2/15/2032 11,360,000   12,381,832  
Sabine River Authority, PCR (TXU Electric):        
   6.45%, 6/1/2021 2,900,000   2,972,094  
   5.50%, 5/1/2022 5,490,000   5,804,687  
Springhill Courtland Heights Public Facility Corp., MFHR        
   5.85%, 12/1/2028 6,030,000   6,095,968  
   (Veterans ) 6%, 12/1/2030 3,935,000   4,129,940  
   (Veterans Housing Assistance Program)        
      6.10%, 6/1/2031 8,510,000   8,913,374  
Texas Department of Housing and Community Affairs:        
   Home Mortgage Revenue        
      12.198%, 7/2/2024 2,950,000 c 3,110,539  
   Residential Mortgage Revenue        
      5.35%, 7/1/2033 5,735,000   5,745,151  
Tomball Hospital Authority, Revenue:        
   6.125%, 7/1/2023 3,680,000   3,681,288  
   (Tomball Regional Hospital) 6%, 7/1/2025 4,650,000   4,549,095  
Tyler Health Facilities Development Corp., HR        
   (East Texas Medical Center Regional Health        
   Care System) 6.75%, 11/1/2025 5,850,000   5,797,292  
Texas Turnpike Authority,        
   Central Texas Turnpike System Revenue        
   5.25%, 5/15/2042 (Insured; AMBAC) 6,875,000   6,907,656  


Long-Term Municipal Investments (continued) Amount ($) Value ($)  

Carbon County, SWDR (Sunnyside Cogeneration)        
   7.10%, 8/15/2023 4,327,000   3,933,200  
Henrico County Economic Development Authority,        
   Revenue (Bon Secours Health System)        
   5.60%, 11/15/2030 (Insured; FSA) 3,140,000   3,153,565  
Henrico County Industrial Development Authority,        
   Revenue (Bon Secours Health System)        
   10.489%, 8/23/2027 7,500,000 c 9,169,275  
Virginia Housing Development Authority        
   Rental Housing 6.20%, 8/1/2024 8,520,000   8,931,346  
Energy Northwest, Revenue        
   (Wind Project) 6%, 7/1/2023 3,670,000   3,800,432  
Washington Higher Education Facilities Authority,        
   Revenue (Whitman College) 5.875%, 10/1/2029 10,000,000   10,469,400  
Badger Tobacco Asset Securitization Corp.,        
   Tobacco Settlement Revenue:        
      7%, 6/1/2028 13,500,000   12,632,895  
      6.375%, 6/1/2032 2,150,000   1,827,823  
Wisconsin Health and Educational Facilities        
   Authority, Revenue (Aurora Health Care)        
   6.40%, 4/15/2033 5,500,000   5,674,845  
Sweetwater County, SWDR (FMC Corp.):        
   7%, 6/1/2024 2,140,000   2,148,517  
   6.90%, 9/1/2024 2,465,000   2,485,583  
Wyoming Student Loan Corp.,        
   Student Loan Revenue:        
      6.20%, 6/1/2024 5,000,000   5,300,750  
      6.25%, 6/1/2029 5,000,000   5,269,050  
Total Long-Term Investments        
   (cost $576,732,142)     585,253,919  

The Fund 13

S T A T E M E N T O F I N V E S T M E N T S ( U n a u d i t e d ) (continued)

Short-Term Municipal Investments—3.5% Amount ($) Value ($)  

Valez, Marine Terminal Revenue, VRDN        
(Exxon Pipeline Co. Project):        
1.01%, Series A   3,700,000 e 3,700,000  
1.01%, Series B   1,000,000 e 1,000,000  
1.01%, Series C   700,000 e 700,000  
East Baton Rouge Parish, PCR, VRDN        
(Exxon Project) 1.05%   9,200,000 e 9,200,000  
Rhode Island—0.0%          
Rhode Island Industrial Facilities Corp.,        
Marine Terminal Revenue, VRDN        
(ExxonMobil Project) 1.01% 100,000 e 100,000  
Total Short-Term Investments        
   (cost $ 14,700,000)       14,700,000  

Total Investments (cost $ 591,432,142) 145.3%   599,953,919  
Liabilities, Less Cash and Receivables (.3%)   (1,120,688)  
Preferred Stock, at redemption value (45.0%)   (186,000,000)  
Net Assets   100.0%   412,833,231  


Summary of Abbreviations    
AMBAC American Municipal Bond HR Hospital Revenue
  Assurance Corporation IDR Industrial Development Revenue
EDR Economic Development Revenue MBIA Municipal Bond Investors Assurance
FGIC Financial Guaranty Insurance   Insurance Corporation
  Company MFHR Multi-Family Housing Revenue
FNMA Federal National Mortgage PCR Pollution Control Revenue
  Association SFMR Single Family Mortgage Revenue
FSA Financial Security Assurance SWDR Solid Waste Disposal Revenue
GNMA Government National Mortgage VRDN Variable Rate Demand Notes
  Association XLCA XL Capital Assurance

Summary of Combined Ratings (Unaudited)

Fitch or Moody’s or Standard & Poor’s Value (%)  

AAA   Aaa   AAA 30.8  
AA   Aa   AA 17.9  
A   A   A 18.2  
BBB   Baa   BBB 16.5  
BB   Ba   BB 5.3  
B   B   B 2.1  
F   MIG1/P1   SP1/A1 2.5  
Not Rated f   Not Rated f   Not Rated f 6.7  

a Non-income producing security, interest payments in default.

Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
Inverse floater security—the interest rate is subject to change periodically.
Securities exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.At May 31, 2004 these securities amounted to $4,715,701 or 1.1% of net assets applicable to common shareholders.
Securities payable on demand.Variable interest rate—subject to periodic change.
Securities which, while not rated by Fitch, Moody’s and Standard & Poor’s, have been determined by the Investment Advisor to be of comparable quality to those rated securities in which the fund may invest.

See notes to financial statements.

The Fund 15


May 31, 2004 (Unaudited)        

    Cost Value  

Assets ($):        
Investments in securities—See Statement of Investments 591,432,142 599,953,919  
Cash     38,157  
Interest receivable     10,205,002  
Receivable for investment securities sold   6,715,812  
Prepaid expenses     200,833  

Liabilities ($):        
Due to The Dreyfus Corporation and affiliates—Note 3(a)   379,828  
Payable for investment securities purchased   17,573,775  
Dividends payable to Preferred shareholders   153,264  
Commissions payable     50,018  
Accrued expenses and other liabilities   123,607  

Auction Preferred Stock, Series A, B and C, par value      
$.001 per share (7,440 shares issued and outstanding      
   at $25,000 per share liquidation value)—Note 1   186,000,000  

Net Assets applicable to Common Shareholders ($)   412,833,231  

Composition of Net Assets ($):      
Common Stock, par value, $.001 per share      
(48,181,284 shares issued and outstanding)   48,181  
Paid-in capital     435,533,856  
Accumulated undistributed investment income—net   4,451,323  
Accumulated net realized gain (loss) on investments   (35,721,906)  
Accumulated net unrealized appreciation      
(depreciation) on investments   8,521,777  

Net Assets applicable to Common Shareholders ($)   412,833,231  

Common Shares Outstanding      
(110 million shares of $.001 par value Common Stock authorized)   48,181,284  
Net Asset Value per share of Common Stock ($)   8.57  
See notes to financial statements.        


Six Months Ended May 31, 2004 (Unaudited)    

Investment Income ($):    
Interest Income 17,466,341  
Management fee—Note 3(a) 1,535,928  
Administration fee—Note 3(a) 767,964  
Commission fees—Note 1 245,683  
Shareholders’ reports 34,285  
Directors’ fees and expenses—Note 3(b) 31,027  
Shareholder servicing costs 18,990  
Professional fees 10,252  
Registration fees 6,941  
Custodian fees 3,240  
Miscellaneous 14,975  
Total Expenses 2,669,285  
Investment Income—Net 14,797,056  

Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):    
Net realized gain (loss) on investments (11,044,609)  
Net unrealized appreciation (depreciation) on investments (3,978,586)  
Net Realized and Unrealized Gain (Loss) on Investments (15,023,195)  
Dividends on Preferred Stock (1,175,768)  
Net (Decrease) in Net Assets Resulting from Operations (1,401,907)  
See notes to financial statements.    

The Fund 17


  Six Months Ended      
  May 31, 2004   Year Ended  
  (Unaudited)   November 30, 2003  

Operations ($):        
Investment income—net 14,797,056   30,921,419  
Net realized gain (loss) on investments (11,044,609)   (5,523,575)  
Net unrealized appreciation        
   (depreciation) on investments (3,978,586)   22,529,434  
Dividends on Preferred Stock (1,175,768)   (2,664,167)  
Net Increase (Decrease) in Net Assets        
   Resulting from Operations (1,401,907)   45,263,111  

Dividends to Common Shareholders from ($):        
Investment income—net (14,734,042)   (29,005,474)  

Capital Stock Transactions ($):        
Dividends reinvested—Note 1(c) 668,163   674,711  
Total Increase (Decrease) in Net Assets (15,467,786)   16,932,348  

Net Assets ($):        
Beginning of Period 428,301,017   411,368,669  
End of Period 412,833,231   428,301,017  
Undistributed investment income—net 4,451,323   5,467,776  

Capital Share Transactions (Common Shares):        
Increase in Common Shares Outstanding        
   as a Result of Dividends Reinvested 73,952   75,996  
See notes to financial statements.        



The following table describes the performance for the fiscal periods indicated. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions.These figures have been derived from the fund’s financial statements and market price data for the fund’s shares.

    Six Months Ended                      
    May 31, 2004       Year Ended November 30,      
    (Unaudited)   2003   2002a   2001   2000   1999  

Per Share Data ($):                          
Net asset value,                            
beginning of period   8.90   8.56   8.75   8.60   8.56   9.52  
Investment Operations:                          
Investment income—net   .31b   .64b   .70b   .72   .70   .58  
Net realized and unrealized                          
gain (loss) on investments   (.31)   .36   (.26)   .11   .06   (.90)  
Dividends on Preferred Stock                        
from net investment income (.02)   (.06)   (.07)   (.12)   (.16)   (.02)  
Total from Investment Operations (.02)   .94   .37   .71   .60   (.34)  
Distributions to                            
Common Shareholders:                          
Dividends from investment                          
   income—net     (.31)   (.60)   (.56)   (.56)   (.56)   (.58)  
Capital Stock transactions—net                        
effect of Preferred Stock Offering         (.00)c   (.04)  
Net asset value, end of period 8.57   8.90   8.56   8.75   8.60   8.56  
Market value, end of period   7.97   8.81   7.88   8.45   8 1 / 8   7 11 / 16  

Total Return (%) d   (6.30)e   19.89   (.36)   10.72   13.30   (19.36)  

The Fund 19


  Six Months Ended                    
  May 31, 2004     Year Ended November 30,      
  (Unaudited) 2003   2002a   2001   2000   1999  

Ratios/Supplemental Data (%):                    
Ratio of expenses to average                      
   net assets applicable                      
   to Common Shareholdersf,g 1.25h 1.28   1.28   1.27   1.34   .91  
Ratio of net investment                      
   income to average net                      
   assets applicable to                      
   Common Shareholdersf,g 6.91h 7.35   8.10   8.10   8.25   6.64  
Portfolio Turnover Rate 22.39e 77.92   44.71   13.36   27.58   32.58  
Asset coverage of                      
   Preferred Stock,                      
   end of period 322 330   321   326   321   320  

Net Assets, net of                      
   Preferred Stock,                      
   end of period ($ x 1,000) 412,833 428,301   411,369   420,009   411,081   408,958  
Preferred Stock outstanding,                      
   end of period ($ x 1,000) 186,000 186,000   186,000   186,000   186,000   186,000  

a As required, effective December 1, 2001, the fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing discount or permium on a scientific basis for debt securities on a daily basis.The effect of this change for the period ended November 30, 2002 was to increase net investment income per share and decrease net realized and unrealized gain (loss) on investments by less than $.01 and increase the ratio of net investment income to average net assets applicable to common shareholders from 8.08% to 8.10%.

Per share data and ratios/supplemental data for periods prior to December 1, 2001 have not been restated to reflect this change in presentation.

Based on average shares outstanding at each month end.
Amount represents less than $.01 per share.
Calculated based on market value.
Not annualized.
Does not reflect the effect of dividends to Preferred Stock shareholders.
The ratio of expenses to total average net assets and the ratio of net investment income to total average net assets were .87% and 4.82%, respectively, for the six months ended May 31, 2004, .86% and 5.10%, respectively, for the year ended November 30, 2003, .89% and 5.61%, respectively, for the year ended November 30, 2002, .89% and 5.64%, respectively, for the year ended November 30, 2001, .92% and 5.64%, respectively, for the year ended November 30, 2000 and .84% and 6.13%, respectively, for the year ended November 30, 1999.

See notes to financial statements.



NOTE 1—Significant Accounting Policies:

Dreyfus Strategic Municipal Bond Fund, Inc. (the “fund”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified closed-end management investment company. The fund’s investment objective is to maximize current income exempt from federal income tax to the extent believed by the fund’s investment adviser to be consistent with the preservation of capital.The Dreyfus Corporation (the “Manager” or “Dreyfus”) serves as the fund’s investment adviser. The Manager is a wholly-owned subsidiary of Mellon Financial Corporation (“Mellon Financial”). Boston Safe Deposit and Trust Company (the “Custodian”) acts as the fund’s custodian. The Custodian is a wholly-owned subsidiary of Mellon. PFPC Global Fund Services (“PFPC”), a subsidiary of PNC Bank (“PNC”),serves as the fund’s transfer agent,div-idend-paying agent, registrar and plan agent.The fund’s Common Stock trades on the New York Stock Exchange under the ticker symbol DSM.

The fund has outstanding 2,480 shares of Series A, Series B and Series C for a total of 7,440 shares of Auction Preferred Stock (“APS”), with a liquidation preference of $25,000 per share (plus an amount equal to accumulated but unpaid dividends upon liquidation). APS dividend rates are determined pursuant to periodic auctions. Deutsche Bank, as Auction Agent, receives a fee from the fund for its services in connection with such auctions.The fund also compensates broker-dealers generally at an annual rate of .25% of the purchase price of the shares of APS placed by the broker-dealer in an auction.

The fund is subject to certain restrictions relating to the APS. Failure to comply with these restrictions could preclude the fund from declaring any distributions to common shareholders or repurchasing common shares and/or could trigger the mandatory redemption of APS at liquidation value.

The holders of the APS, voting as a separate class, have the right to elect at least two directors.The holders of the APS vote as a separate class on certain other matters, as required by law.The fund has designated Robin A. Pringle and John E. Zuccotti to represent holders of APS on the fund’s Board of Directors.

The Fund 21


The fund’s financial statements are prepared in accordance with U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The fund enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.

(a) Portfolio valuation: Investments in municipal debt securities (excluding options and financial futures on municipal and U.S.Treasury securities) are valued on the last business day of each week and month by an independent pricing service (the “Service”) approved by the Board of Directors. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Options and financial futures on municipal securities and U.S.Treasury securities are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on the last business day of each week and month.

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on the identified cost basis. Interest income, adjusted for amortization of discount and premium on investments, is earned from settlement date and recognized on the accrual basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date.


(c) Dividends to shareholders of Common Stock (“Common Share-holder(s)”): Dividends are recorded on the ex-dividend date. Dividends from investment income-net are declared and paid monthly. Dividends from net realized capital gain, if any, are normally declared and paid at least annually.To the extent that net realized capital gain can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gain. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.

For Common Shareholders who elect to receive their distributions in additional shares of the fund, in lieu of cash, such distributions will be reinvested at the lower of the market price or net asset value per share (but not less than 95% of the market price) based on the record date’s respective prices. If the net asset value per share on the record date is lower than the market price per share, shares will be issued by the fund at the record date’s net asset value on the payable date of the distribution. If net asset value per share is less than 95% of the market value, shares will be issued by the fund at 95% of the market value. If the market price is lower than the net assets value per share on the record date, PFPC will purchase fund shares in the open market commencing on the payable date and reinvest those shares accordingly.As a result of purchasing fund shares in the open market, fund shares outstanding will not be affected by this form of reinvestment.

On May 28, 2004, the Board of Directors declared a cash dividend to Common Shareholders of $.051 per share from investment income-net, payable on June 28, 2004 to Common Shareholders of record as of the close of business on June 14, 2004.

(d) Dividends to Shareholders of APS: For APS, dividends are currently reset annually for Series A and B and every 7 days for series C. The dividend rate in effect at May 31, 2004 were as follows: Series A —1.55%, Series B—1.25% and Series C—1.05%.

The Fund 23


(e) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, which can distribute tax exempt dividends, by complying with the applicable provisions of the Internal Revenue Code of 1986 as amended, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.

The fund has an unused capital loss carryover of $24,677,297 available for federal income tax purposes to be applied against future net securities profits, if any, realized subsequent to November 30, 2003. If not applied, $3,964,163 of the carryover expires in fiscal 2007, $5,542,712 expires in fiscal 2008, $442,201 expires in fiscal 2009, $9,253,314 expires in fiscal 2010 and $5,474,907 expires in fiscal 2011.

The tax character of distributions paid to shareholders during the fiscal year ended November 30, 2003 was as follows: tax exempt income $31,669,641. The tax character of current year distributions will be determined at the end of the current fiscal year.

NOTE 2—Bank Line of Credit:

The fund participates with other Dreyfus-managed funds in a $100 million unsecured line of credit primarily to be utilized for temporary or emergency purposes. Interest is charged to the fund based on prevailing market rates in effect at the time of borrowings. During the period ended May 31, 2004, the fund did not borrow under the line of credit.

NOTE 3—Investment Advisory Fee, Administration Fee and Other Transactions With Affiliates:

(a) The fee payable by the fund, pursuant to the provisions of an Investment Advisory Agreement with Dreyfus, is payable monthly based on an annual rate of .50 of 1% of the value of the fund’s average weekly net assets.The fund also has an Administration Agreement with Dreyfus, a Custody Agreement with the Custodian and a Transfer Agency and Registrar Agreement with PFPC. The fund pays in the aggregate for administration, custody and transfer agency services a


monthly fee based on an annual rate of .25 of 1% of the value of the fund’s average weekly net assets; out-of pocket transfer agency and custody expenses are paid separately by the fund.

The components of Due to the Dreyfus Corporation and affiliates in the Statement of Assets and Liabilities consist of: management fee $379,828.

(b) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended May 31, 2004, amounted to $134,837,697 and $137,712,344, respectively.

At May 31, 2004, accumulated net unrealized appreciation on investments was $8,521,777, consisting of $22,661,057 gross unrealized appreciation and $14,139,280 gross unrealized depreciation.

At May 31,2004,the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

NOTE 5—Legal Matters:

Two class actions (which have been consolidated) have been filed against Mellon Financial and Mellon Bank, N.A., and Dreyfus and Founders Asset Management LLC (the “Investment Advisers”), and the directors of all or substantially all of the Dreyfus funds, alleging that the Investment Advisers improperly used assets of the Dreyfus funds, in the form of directed brokerage commissions and 12b-1 fees, to pay brokers to promote sales of Dreyfus funds,and that the use of fund assets to make these payments was not properly disclosed to investors.The complaints further allege that the directors breached their fiduciary duties to fund shareholders under the Investment Company Act of 1940 and at com-

The Fund 25


mon law. The complaints seek unspecified compensatory and punitive damages, rescission of the funds’ contracts with the Investment Advisers, an accounting of all fees paid, and an award of attorneys’ fees and litigation expenses. Dreyfus and the Dreyfus funds believe the allegations to be totally without merit and will defend the actions vigorously.

Additional lawsuits arising out of these circumstances and presenting similar allegations and requests for relief may be filed against the defendants in the future. Neither Dreyfus nor the Dreyfus funds believe that any of the pending actions will have a material adverse effect on the Dreyfus funds or Dreyfus’ ability to perform its contracts with the Dreyfus funds.


PROXY RESULTS ( U n a u d i t e d )

At the annual shareholders’ meeting held on May 14, 2004, the Fund’s Common Stockholders and Auction Preferred Stockholders voted together as a single class with respect to the proposal below as follows:

  For   Authority Withheld  
To elect two Class II Directors:        
   Ehud Houminer 42,816,970   709,251  
   Robin A. Pringle 7,402   1  

 The terms of these Class II Directors expire in 2007.

The Fund 27




D rey f u s S t ra te g i c M u n i c i p a l B o n d Fu n d , I n c .

200 Park Avenue New York, NY 10166

Joseph S. DiMartino
David W. Burke
William Hodding Carter, III
Ehud Houminer
Richard C. Leone
Hans C. Mautner
Robin A. Pringle
John E. Zuccotti
Auction Preferred Stock Directors
   Stephen E. Canter
Executive Vice Presidents
   Stephen R. Byers
   A. Paul Disdier
Vice President
   Mark N. Jacobs
   John B. Hammalian
Assistant Secretaries
   Steven F. Newman
   Michael A. Rosenberg
   James Windels
Assistant Treasurers
   Gregory S. Gruber
   Kenneth J. Sandgren
Compliance Officer
   William Germenis
Portfolio Managers
Joseph P. Darcy
A. Paul Disdier
Douglas J. Gaylor
Portfolio Managers (continued)  
Joseph A. Irace  
Colleen A. Meehan  
W. Michael Petty  
Scott Sprauer  
James Welch  
Monica S.Wieboldt  
Bill Vasiliou  
Investment Adviser  
and Administrator  
The Dreyfus Corporation  
Boston Safe Deposit and Trust Company  
Stroock & Stroock & Lavan LLP  
Transfer Agent,  
Dividend-Paying Agent,  
Registrar and Disbursing Agent  
PFPC Global Fund Services  
(Common Stock)  
Deutsche Bank (Auction Preferred Stock)  
Auction Agent  
Deutsche Bank (Auction Preferred Stock)  
Stock Exchange Listing  
NYSE Symbol: DSM  
Initial SEC Effective Date  

The Net Asset Value appears in the following publications: Barron’s, Closed-End Bond Funds section under the heading “Municipal Bond Funds” every Monday;Wall Street Journal, Mutual Funds section under the heading “Closed-End Funds” every Monday; New York Times, Business section under the heading “Closed-End Bond Funds—Municipal Bond Funds” every Monday.

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940,as amended,that the fund may purchase shares of its common stock in the open market when it can do so at prices below the then current net asset value per share.

The Fund 29

For More Information

Dreyfus Strategic Municipal
Bond Fund, Inc.
200 Park Avenue
New York, NY 10166
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Boston Safe Deposit and Trust Company
One Boston Place
Boston, MA 02108
Transfer Agent,
Dividend-Paying Agent,
Registrar and Disbursing Agent
PFPC Global Fund Services
(Common Stock)
101 Federal Street
Boston, MA 02110

© 2004 Dreyfus Service Corporation


Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. [Reserved]

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management

Investment Companies.

Not applicable.

Item 8. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 9. Submission of Matters to a Vote of Security Holders.

The Fund has a Nominating Committee, which is responsible for selecting and nominating persons for election or appointment by the Fund’s Board as Board members. The Committee has adopted a Nominating Committee Charter (“Charter”). Pursuant to the Charter, the Committee will consider recommendations for nominees from shareholders submitted to the Secretary of the Fund, c/o The Dreyfus Corporation Legal Department, 200 Park Avenue, 8th Floor West, New York, New York 10166. A nomination submission must include information regarding the recommended nominee as specified in the Charter. This information includes all information relating to a recommended nominee that is required to be disclosed in solicitations or proxy statements for the election of Board members, as well as information sufficient to evaluate the factors to be considered by the Committee, including character and integrity, business and professional experience, and whether the person has the ability to apply sound and independent business judgment and would act in the interests of the Fund and its shareholders. Nomination submissions are required to be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders, and such additional information must be provided regarding the recommended nominee as reasonably requested by the Committee.


Item 10. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 11. Exhibits.

(a)(1) not applicable

(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(a)(3) Not applicable.

(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.



Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

By: /s/Stephen E. Canter
  Stephen E. Canter
Date: July 28, 2004

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/Stephen E. Canter
  Stephen E. Canter
  Chief Executive Officer
Date: July 28, 2004
By: /s/James Windels
  James Windels
  Chief Financial Officer
Date: July 28, 2004


(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)

(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)