form-83108.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing
Washington, D.C. 20549



Investment Company Act file number                                                              811-5877

Dreyfus Strategic Municipal Bond Fund, Inc.
(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) 

Michael A. Rosenberg, 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:    8/31/08     


Item 1. Schedule of Investments.

Dreyfus Strategic Municipal Bond Fund, Inc.             
August 31, 2008 (Unaudited)                 
Long-Term Municipal    Coupon    Maturity    Principal     
Investments--152.0%    Rate (%)    Date    Amount ($)    Value ($) 

Alaska Housing Finance                 
       Corporation, General Mortgage                 
       Revenue (Insured; MBIA, Inc.)                 6.05    6/1/39    11,915,000    11,961,111 
Alaska Housing Finance                 
       Corporation, Single-Family                 
       Residential Mortgage Revenue                 
       (Veterans Mortgage Program)                 6.25    6/1/35    3,975,000    4,027,788 
Apache County Industrial                 
       Development Authority, PCR                 
       (Tucson Electric Power Company                 
       Project)                 5.85    3/1/28    2,220,000    2,143,699 
Arizona Health Facilities                 
       Authority, Revenue (Banner                 
       Health)                 5.50    1/1/38    4,500,000    4,428,810 
Pima County Industrial Development                 
       Authority, Education Revenue                 
       (American Charter Schools                 
       Foundation Project)                 5.50    7/1/26    4,000,000    3,697,960 
Arkansas Development Finance                 
       Authority, SFMR (Mortgage                 
       Backed Securities Program)                 
       (Collateralized: FNMA and GNMA)                 6.25    1/1/32    2,380,000    2,452,876 
       GO (Various Purpose)                 5.25    11/1/27    4,240,000    4,320,348 
California Department of Veteran                 
       Affairs, Home Purchase Revenue                 5.20    12/1/28    2,950,000    2,950,944 

California Educational Facilities                 
       Authority, Revenue (University                 
       of Southern California)    4.50    10/1/33     7,650,000    7,242,255 
California Enterprise Development                 
       Authority, Sewage Facilities                 
       Revenue (Anheuser-Busch                 
       Project)    5.30    9/1/47     1,000,000    895,090 
California Health Facilities                 
       Financing Authority, Revenue                 
       (Cedars-Sinai Medical Center)    6.25    12/1/09     3,750,000 a    3,990,112 
California Statewide Communities                 
       Development Authority,                 
       Environmental Facilities                 
       Revenue (Microgy Holdings                 
       Project)    9.00    12/1/38     2,000,000    2,005,460 
Silicon Valley Tobacco                 
       Securitization Authority,                 
       Tobacco Settlement                 
       Asset-Backed Bonds (Santa                 
       Clara County Tobacco                 
       Securitization Corporation)    0.00    6/1/36    15,290,000 b    1,701,165 
Colorado Health Facilities                 
       Authority, Revenue (American                 
       Baptist Homes of the Midwest                 
       Obligated Group)    5.90    8/1/37     2,500,000    2,156,575 
Colorado Health Facilities                 
       Authority, Revenue (American                 
       Housing Foundation I, Inc.                 
       Project)    8.50    12/1/31     1,920,000    2,004,192 
Colorado Housing Finance Authority                 
       (Single Family Program)                 
       (Collateralized; FHA)    6.60    8/1/32     1,560,000    1,660,573 
Northwest Parkway Public Highway                 
       Authority, Revenue    7.13    6/15/11     7,000,000 a    7,895,230 
Connecticut Development Authority,                 

       PCR (Connecticut Light and                 
       Power Company Project)    5.95    9/1/28    9,000,000    8,765,100 
Connecticut Health and Educational                 
       Facilities Authority, Revenue                 
       (Yale University Issue)    5.05    7/1/42    9,650,000    9,863,361 
Connecticut Resources Recovery                 
       Authority, Special Obligation                 
       Revenue (American REF-FUEL                 
       Company of Southeastern                 
       Connecticut Project)    6.45    11/15/22    4,985,000    4,875,280 
Mohegan Tribe of Indians of                 
       Connecticut Gaming Authority,                 
       Priority Distribution Payment                 
       Public Improvement Revenue    6.25    1/1/31    3,470,000    3,172,274 
District of Columbia--3.4%                 
District of Columbia Tobacco                 
       Settlement Financing                 
       Corporation, Tobacco                 
       Settlement Asset-Backed Bonds    0.00    6/15/46    104,040,000 b    4,864,910 
Metropolitan Washington Airports                 
       Authority, Airport System                 
       Revenue    5.13    10/1/24    5,275,000    5,186,855 
Metropolitan Washington Airports                 
       Authority, Special Facility                 
       Revenue (Caterair                 
       International Corporation)    10.13    9/1/11    3,100,000    3,101,271 
Escambia County,                 
       EIR (International Paper                 
       Company Project)    5.00    8/1/26    1,825,000    1,476,991 
Florida Housing Finance                 
       Corporation, Housing Revenue                 
       (Seminole Ridge Apartments)                 
       (Collateralized; GNMA)    6.00    4/1/41    6,415,000    6,306,458 
Highlands County Health Facilities                 
       Authority, HR (Adventist                 
       Health System/Sunbelt                 

       Obligated Group)    5.25    11/15/36    5,000,000    4,838,850 
Jacksonville Economic Development                 
       Commission, Health Care                 
       Facilities Revenue (Florida                 
       Proton Therapy Institute                 
       Project)    6.25    9/1/27    2,095,000 c    2,088,066 
Orange County Health Facilities                 
       Authority, HR (Orlando                 
       Regional Healthcare System)    6.00    10/1/09         70,000 a    73,595 
Orange County Health Facilities                 
       Authority, HR (Orlando                 
       Regional Healthcare System)    6.00    10/1/26    3,675,000    3,739,312 
Orange County Health Facilities                 
       Authority, Revenue (Adventist                 
       Health System)    6.25    11/15/12    3,000,000 a    3,401,640 
       Airport Revenue    5.45    1/1/31    2,500,000    2,083,625 
Georgia Housing and Finance                 
       Authority, SFMR    5.60    12/1/32    2,090,000    2,218,848 
Savannah Economic Development                 
       Authority, EIR (International                 
       Paper Company Project)    6.20    8/1/27    2,670,000    2,483,287 
Idaho Housing and Finance                 
       Association, SFMR                 
       (Collateralized; FNMA)    6.35    1/1/30    260,000    261,193 
       SFMR (Collateralized: FHLMC,                 
       FNMA and GNMA)    6.25    10/1/32    1,605,000    1,650,004 
Chicago O'Hare International                 
       Airport, Special Facility                 
       Revenue (American Airlines,                 
       Inc. Project)    5.50    12/1/30    4,000,000    2,340,320 
Illinois Educational Facilities                 
       Authority, Revenue                 

       (Northwestern University)    5.00    6/1/12    11,720,000 c,d    11,767,466 
Illinois Health Facilities                 
       Authority, Revenue (Advocate                 
       Health Care Network)    6.13    11/15/10     5,000,000 a    5,413,200 
Illinois Health Facilities                 
       Authority, Revenue (OSF                 
       Healthcare System)    6.25    11/15/09    10,900,000 a    11,539,285 
Franklin Township School Building                 
       Corporation, First Mortgage                 
       Bonds    6.13    7/15/10     6,000,000 a    6,555,600 
Louisville/Jefferson County Metro                 
       Government, Health Facilities                 
       Revenue (Jewish Hospital and                 
       Saint Mary's Healthcare, Inc.                 
       Project)    6.13    2/1/37     4,000,000    4,067,000 
Lakeshore Villages Master                 
       Community Development                 
       District, Special Assessment                 
       Revenue    5.25    7/1/17     1,987,000    1,785,419 
Louisiana Local Government                 
       Environmental Facilities and                 
       Community Development                 
       Authority, Revenue (Westlake                 
       Chemical Corporation Projects)    6.75    11/1/32     4,000,000    3,936,320 
Saint John the Baptist Parish,                 
       Revenue (Marathon Oil                 
       Corporation Project)    5.13    6/1/37    12,000,000    10,370,880 
West Feliciana Parish,                 
       PCR (Entergy Gulf States                 
       Project)    7.00    11/1/15     3,000,000    3,010,320 
West Feliciana Parish,                 
       PCR (Entergy Gulf States                 
       Project)    6.60    9/1/28     4,700,000    4,701,598 

Maryland Economic Development                 
       Corporation, Senior Student                 
       Housing Revenue (University of                 
       Maryland, Baltimore Project)    5.75    10/1/33    2,550,000    2,137,486 
Maryland Health and Higher                 
       Educational Facilities                 
       Authority, Revenue (The Johns                 
       Hopkins University Issue)    5.25    7/1/38    5,000,000    5,206,300 
Maryland Industrial Development                 
       Financing Authority, EDR                 
       (Medical Waste Associates                 
       Limited Partnership Facility)    8.75    11/15/10    3,710,000    3,188,226 
Massachusetts Health and                 
       Educational Facilities                 
       Authority, Revenue (Civic                 
       Investments Issue)    9.00    12/15/12    2,000,000 a    2,415,260 
Massachusetts Health and                 
       Educational Facilities                 
       Authority, Revenue (Partners                 
       HealthCare System Issue)    5.75    7/1/32    115,000    116,986 
Massachusetts Housing Finance                 
       Agency, SFHR    5.00    12/1/31    6,000,000    5,260,380 
Kent Hospital Finance Authority,                 
       Revenue (Metropolitan Hospital                 
       Project)    6.00    7/1/35    4,000,000    3,737,560 
Michigan Strategic Fund,                 
       SWDR (Genesee Power Station                 
       Project)    7.50    1/1/21    8,120,000    7,841,484 
Michigan Tobacco Settlement                 
       Finance Authority, Tobacco                 
       Settlement Asset-Backed Bonds    6.00    6/1/48    6,900,000    5,752,737 
Saint Paul Housing and                 
       Redevelopment Authority,                 
       Hospital Facility Revenue                 

       (HealthEast Project)    6.00    11/15/35    11,250,000    11,005,313 
Mississippi Business Finance                 
       Corporation, PCR (System                 
       Energy Resources, Inc. Project)    5.90    5/1/22     4,260,000    4,137,184 
Missouri Health and Educational                 
       Facilities Authority, Health                 
       Facilities Revenue (BJC Health                 
       System)    5.25    5/15/32     8,400,000    8,399,328 
Nebraska Investment Finance                 
       Authority, SFMR    8.51    3/1/26         800,000 c,e    820,040 
Clark County,                 
       IDR (Nevada Power Company                 
       Project)    5.60    10/1/30     3,000,000    2,565,420 
Washoe County,                 
       GO Convention Center Revenue                 
       (Reno-Sparks Convention and                 
       Visitors Authority) (Insured;                 
       FSA)    6.40    1/1/10     8,000,000 a    8,457,520 
New Hampshire--3.6%                 
New Hampshire Business Finance                 
       Authority, PCR (Public Service                 
       Company of New Hampshire                 
       Project) (Insured; MBIA, Inc.)    6.00    5/1/21     2,690,000    2,717,922 
New Hampshire Business Finance                 
       Authority, PCR (Public Service                 
       Company of New Hampshire                 
       Project) (Insured; MBIA, Inc.)    6.00    5/1/21     6,000,000    6,062,280 
New Hampshire Industrial                 
       Development Authority, PCR                 
       (Connecticut Light and Power                 
       Company Project)    5.90    11/1/16     5,400,000    5,469,336 
New Jersey--4.0%                 
New Jersey Economic Development                 

       Authority, Special Facility                 
       Revenue (Continental Airlines,                 
       Inc. Project)    6.25    9/15/19    4,620,000    3,781,193 
Tobacco Settlement Financing                 
       Corporation of New Jersey,                 
       Tobacco Settlement                 
       Asset-Backed Bonds    7.00    6/1/13    10,095,000 a    11,961,061 
New York--5.9%                 
Austin Trust                 
       (Port Authority of New York                 
       and New Jersey, Consolidated                 
       Bonds, 151th Series)    6.00    9/15/28    10,000,000 c,d    10,751,400 
New York City Industrial                 
       Development Agency, Special                 
       Facility Revenue (American                 
       Airlines, Inc. John F. Kennedy                 
       International Airport Project)    8.00    8/1/28    3,000,000    2,774,670 
New York City Industrial                 
       Development Agency, Special                 
       Facility Revenue (American                 
       Airlines, Inc. John F. Kennedy                 
       International Airport Project)    7.75    8/1/31    5,000,000    4,483,500 
New York State Dormitory                 
       Authority, Revenue (Marymount                 
       Manhattan College) (Insured;                 
       Radian)    6.25    7/1/29    4,000,000    4,085,080 
New York State Dormitory                 
       Authority, Revenue (Suffolk                 
       County Judicial Facility)    9.50    4/15/14    605,000    794,831 
North Carolina--1.3%                 
North Carolina Eastern Municipal                 
       Power Agency, Power System                 
       Revenue    6.70    1/1/19    2,500,000    2,599,675 
North Carolina Housing Finance                 
       Agency, Home Ownership Revenue    5.88    7/1/31    2,605,000    2,585,358 
Buckeye Tobacco Settlement                 

       Financing Authority, Tobacco                 
       Settlement Asset-Backed Bonds    6.50    6/1/47    7,000,000    6,250,160 
Cuyahoga County,                 
       Hospital Facilities Revenue                 
       (UHHS/CSAHS-Cuyahoga, Inc. and                 
       CSAHS/UHHS-Canton, Inc.                 
       Project)    7.50    1/1/30    3,500,000    3,701,880 
Cuyahoga County,                 
       Hospital Improvement Revenue                 
       (The Metrohealth Systems                 
       Project)    6.15    2/15/09    8,115,000 a    8,352,526 
Port of Greater Cincinnati                 
       Development Authority, Tax                 
       Increment Development Revenue                 
       (Fairfax Village Red Bank                 
       Infrastructure Project)    5.63    2/1/36    2,530,000    2,180,683 
Oklahoma Development Finance                 
       Authority, Revenue (Saint John                 
       Health System)    6.00    2/15/29    2,250,000    2,294,032 
Oklahoma Industries Authority,                 
       Health System Revenue                 
       (Obligated Group) (Insured;                 
       MBIA, Inc.)    5.75    8/15/09    2,895,000 a    3,027,967 
Allegheny County Port Authority,                 
       Special Transportation Revenue                 
       (Insured; MBIA, Inc.)    6.13    3/1/09    4,750,000 a    4,902,997 
Pennsylvania Economic Development                 
       Financing Authority, SWDR (USG                 
       Corporation Project)    6.00    6/1/31    7,000,000    6,104,350 
Pennsylvania Housing Finance                 
       Agency, Multi-Family                 
       Development Revenue    8.25    12/15/19    235,000    235,444 
South Carolina--9.5%                 
Greenville County School District,                 
       Installment Purchase Revenue                 

       (Building Equity Sooner for                 
       Tomorrow)    5.50    12/1/12    19,000,000 a,c,d    21,337,095 
Greenville Hospital System,                 
       Hospital Facilities Revenue                 
       (Insured; AMBAC)    5.50    5/1/26     7,000,000    7,262,080 
Richland County,                 
       EIR (International Paper                 
       Company Project)    6.10    4/1/23     8,500,000    8,170,455 
Johnson City Health and                 
       Educational Facilities Board,                 
       Hospital First Mortgage                 
       Revenue (Mountain States                 
       Health Alliance)    7.50    7/1/12     2,000,000 a    2,389,220 
Johnson City Health and                 
       Educational Facilities Board,                 
       Hospital First Mortgage                 
       Revenue (Mountain States                 
       Health Alliance)    7.50    7/1/12     4,875,000 a    5,823,724 
Knox County Health, Educational                 
       and Housing Facility Board,                 
       Revenue (University Health                 
       System, Inc.)    5.25    4/1/36     3,750,000    3,419,700 
Memphis Center City Revenue                 
       Finance Corporation, Sports                 
       Facility Revenue (Memphis                 
       Redbirds Baseball Foundation                 
       Project)    6.50    9/1/28     6,000,000    5,143,140 
Tennessee Housing Development                 
       Agency Homeownership Program                 
       Revenue    6.00    1/1/28     1,340,000    1,355,852 
Brazos River Authority,                 
       PCR (TXU Electric Company                 
       Project)    8.25    5/1/33     3,000,000    3,016,470 
Brazos River Harbor Navigation                 
       District, Revenue (The Dow                 

       Chemical Company Project)    5.13    5/15/33     7,300,000    6,014,835 
Cities of Dallas and Fort Worth,                 
       Dallas/Fort Worth                 
       International Airport,                 
       Facility Improvement                 
       Corporation Revenue (Learjet                 
       Inc. Project)    6.15    1/1/16     3,000,000    2,828,190 
Gregg County Health Facilities                 
       Development Corporation, HR                 
       (Good Shepherd Medical Center                 
       Project) (Insured; Radian)    6.38    10/1/10     2,500,000 a    2,734,425 
Gulf Coast Industrial Development                 
       Authority, Environmental                 
       Facilities Revenue (Microgy                 
       Holdings Project)    7.00    12/1/36     5,000,000    4,099,050 
Harris County Health Facilities                 
       Development Corporation, HR                 
       (Memorial Hermann Healthcare                 
       System)    6.38    6/1/11     7,000,000 a    7,776,020 
Harris County Hospital District,                 
       Senior Lien Revenue (Insured;                 
       MBIA, Inc.)    5.25    2/15/42     5,000,000    4,957,050 
Harris County-Houston Sports                 
       Authority, Third Lien Revenue                 
       (Insured; MBIA, Inc.)    0.00    11/15/31     9,685,000 b    2,279,752 
Katy Independent School District,                 
       Unlimited Tax School Building                 
       Bonds (Permanent School Fund                 
       Guarantee Program)    6.13    2/15/09    10,000,000 a    10,206,000 
Lubbock Housing Financing                 
       Corporation, SFMR                 
       (Collateralized: FNMA and GNMA)    6.70    10/1/30     1,065,000    1,083,606 
North Texas Tollway Authority,                 
       First Tier System Revenue    5.75    1/1/40    14,705,000    14,472,808 
North Texas Tollway Authority,                 
       Second Tier System Revenue    5.75    1/1/38     6,650,000    6,438,996 
Sabine River Authority,                 

       PCR (TXU Electric Company                 
       Project)    6.45    6/1/21    4,900,000    4,148,046 
       (Veterans Housing Assistance                 
       Program) (Collateralized; FHA)    6.10    6/1/31    8,510,000    8,604,206 
       (Veterans' Land)    6.00    12/1/30    3,935,000    4,006,696 
Texas Department of Housing and                 
       Community Affairs, Home                 
       Mortgage Revenue                 
       (Collateralized: FHLMC, FNMA                 
       and GNMA)    10.23    7/2/24    1,000,000 e    1,078,600 
Texas Department of Housing and                 
       Community Affairs, Residential                 
       Mortgage Revenue                 
       (Collateralized: FHLMC, FNMA                 
       and GNMA)    5.35    7/1/33    5,110,000    4,677,336 
Texas Turnpike Authority,                 
       Central Texas Turnpike System                 
       Revenue (Insured; AMBAC)    5.25    8/15/42    5,375,000    5,379,246 
Tomball Hospital Authority,                 
       Revenue (Tomball Regional                 
       Hospital)    6.00    7/1/25    4,650,000    4,673,576 
Tyler Health Facilities                 
       Development Corporation, HR,                 
       Refunding and Improvement                 
       Bonds (East Texas Medical                 
       Center Regional Healthcare                 
       System Project)    5.25    11/1/32    6,915,000    6,005,332 
Willacy County Local Government                 
       Corporation, Project Revenue    6.88    9/1/28    4,000,000    3,806,880 
Henrico County Industrial                 
       Development Authority, Revenue                 
       (Bon Secours Health System)                 
       (Insured; FSA)    7.20    8/23/27    7,450,000 e    8,644,459 
Virginia Housing Development                 

       Authority, Rental Housing                 
       Revenue    6.20    8/1/24    8,520,000    8,623,859 
Washington Health Care Facilities                 
       Authority, Insured Mortgage                 
       Revenue (Highline Medical                 
       Center) (Collateralized; FHA)    6.25    8/1/36    6,000,000    6,284,160 
Washington Higher Educational                 
       Facilities Authority, Revenue                 
       (Whitman College)    5.88    10/1/09    10,000,000 a    10,425,600 
Badger Tobacco Asset                 
       Securitization Corporation,                 
       Tobacco Settlement                 
       Asset-Backed Bonds    6.13    6/1/27             8,360,000 c,d    8,322,213 
Badger Tobacco Asset                 
       Securitization Corporation,                 
       Tobacco Settlement                 
       Asset-Backed Bonds    7.00    6/1/28    14,570,000    15,091,169 
Wisconsin Health and Educational                 
       Facilities Authority, Revenue                 
       (Aurora Health Care, Inc.)    6.40    4/15/33    5,500,000    5,616,820 
Total Long-Term Municipal Investments                 
       (cost $611,229,113)                593,826,751 
Short-Term Municipal    Coupon    Maturity    Principal     
Investment--.5%    Rate (%)    Date    Amount ($)    Value ($) 

North Carolina;                 
North Carolina Education                 
       Assistance Authority, Student                 
       Loan Revenue (Insured; AMBAC                 
       and Liquidity Facility;                 
       Wachovia Bank)                 
       (cost $1,800,000)    10.20    9/7/08             1,800,000 f    1,800,000 
Total Investments (cost $613,029,113)            152.5%    595,626,751 
Liabilities, Less Cash and Receivables            (4.9%)    (19,054,621) 
Preferred Stock, at redemption value            (47.6%)    (186,000,000) 
Net Assets Applicable to Common Shareholders        100.0%    390,572,130 

a      These securities are prerefunded; the date shown represents the prerefunded date. 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.
b      Security issued with a zero coupon. Income is recognized through the accretion of discount.
c      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 August 31, 2008, these securities amounted to $55,086,280 or 14.1% of net assets applicable to Common Shareholders.
d      Collateral for floating rate borrowings.
e      Inverse floater security--the interest rate is subject to change periodically.
f      Variable rate demand note - rate shown is the interest rate in effect at August 31, 2008. Maturity date represents the next demand date, not the ultimate maturity date.
g      At August 31, 2008, the fund had $104,647,379 or 26.8% of net assets applicable to common shareholders invested in securities whose payment of principal and interest is dependent upon revenues generated from health care projects.

At August 31, 2008, the aggregate cost of investment securities for income tax purposes was $613,029,113. Net unrealized depreciation on investments was $17,402,362 of which $16,308,313 related to appreciated investment securities and $33,710,675 related to depreciated investment securities.

Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

Summary of Abbreviations         

ABAG    Association Of Bay Area Governments    ACA    American Capital Access 
AGC    ACE Guaranty Corporation    AGIC    Asset Guaranty Insurance Company 
AMBAC    American Municipal Bond Assurance Corporation    ARRN    Adjustable Rate Receipt Notes 
BAN    Bond Anticipation Notes    BIGI    Bond Investors Guaranty Insurance 
BPA    Bond Purchase Agreement    CGIC    Capital Guaranty Insurance Company 
CIC    Continental Insurance Company    CIFG    CDC Ixis Financial Guaranty 
CMAC    Capital Market Assurance Corporation    COP    Certificate of Participation 
CP    Commercial Paper    EDR    Economic Development Revenue 
EIR    Environmental Improvement Revenue    FGIC    Financial Guaranty Insurance Company 

FHA    Federal Housing Administration    FHLB    Federal Home Loan Bank 
FHLMC    Federal Home Loan Mortgage Corporation    FNMA    Federal National Mortgage Association 
FSA    Financial Security Assurance    GAN    Grant Anticipation Notes 
GIC    Guaranteed Investment Contract    GNMA    Government National Mortgage Association 
GO    General Obligation    HR    Hospital Revenue 
IDB    Industrial Development Board    IDC    Industrial Development Corporation 
IDR    Industrial Development Revenue    LOC    Letter of Credit 
LOR    Limited Obligation Revenue    LR    Lease Revenue 
MFHR    Multi-Family Housing Revenue    MFMR    Multi-Family Mortgage Revenue 
PCR    Pollution Control Revenue    PILOT    Payment in Lieu of Taxes 
RAC    Revenue Anticipation Certificates    RAN    Revenue Anticipation Notes 
RAW    Revenue Anticipation Warrants    RRR    Resources Recovery Revenue 
SAAN    State Aid Anticipation Notes    SBPA    Standby Bond Purchase Agreement 
SFHR    Single Family Housing Revenue    SFMR    Single Family Mortgage Revenue 
SONYMA    State of New York Mortgage Agency    SWDR    Solid Waste Disposal Revenue 
TAN    Tax Anticipation Notes    TAW    Tax Anticipation Warrants 
TRAN    Tax and Revenue Anticipation Notes    XLCA    XL Capital Assurance 

Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard No. 157 (FAS 157), Fair Value Measurements.

These inputs are summarized in the three broad levels listed below. Level 1 - quoted prices in active markets for identical securities.

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 - significant unobservable inputs (including fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of August 31, 2008 in valuing the fund's investments carried at fair value:

                                         Valuation Inputs    Investments in Securities ($)    Other Financial Instruments* ($)     

Level 1 - Quoted Prices    0        0 

Level 2 - Other Significant Observable Inputs    595,626,751        0 

Level 3 - Significant Unobservable Inputs    0        0 

Total    595,626,751        0 


*Other financial instruments include derivative instruments, such as futures, forward currency exchange contracts and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

Item 2. 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-Q 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-Q 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 quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) 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.

Dreyfus Strategic Municipal Bond Fund, Inc.

By:    /s/ J. David Officer 
    J. David Officer 
Date:    October 27, 2008 

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/ J. David Officer 
    J. David Officer 
Date:    October 27, 2008 
By:    /s/ James Windels 
    James Windels 
Date:    October 27, 2008 


(a) 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)