lp1852.htm - Generated by SEC Publisher 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)


John Pak, 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:     2/28/15






Item 1.                         Schedule of Investments.




Dreyfus Strategic Municipal Bond Fund, Inc.         
February 28, 2015 (Unaudited)           
Long-Term Municipal  Coupon  Maturity  Principal    
Investments--144.2%  Rate (%)  Date  Amount ($)   Value ($) 
Alabama Public School and College           
Authority, Capital Improvement           
Revenue  5.00  1/1/26  2,265,000   2,767,989 
Jefferson County,           
Limited Obligation School           
Warrants  5.25  1/1/17  2,000,000 a  2,007,500 
Jefferson County,           
Limited Obligation School           
Warrants  5.00  1/1/24  1,000,000 a  1,003,750 
Jefferson County,           
Limited Obligation School           
Warrants  5.25  1/1/19  2,150,000 a  2,158,063 
Jefferson County,           
Sewer Revenue Warrants  0/7.75  10/1/46  6,000,000 b  3,886,620 
Northern Tobacco Securitization           
Corporation of Alaska, Tobacco           
Settlement Asset-Backed Bonds  5.00  6/1/46  9,465,000   7,673,843 
Barclays Capital Municipal Trust           
Receipts (Series 21 W)           
Recourse (Salt River Project           
Agricultural Improvement and           
Power District, Salt River           
Project Electric System           
Revenue)  5.00  1/1/38  13,198,367 c,d  14,464,181 
Pima County Industrial Development           
Authority, Education Revenue           
(American Charter Schools           
Foundation Project)  5.50  7/1/26  4,000,000 a  3,820,960 
Salt Verde Financial Corporation,           
Senior Gas Revenue  5.00  12/1/37  4,550,000   5,262,667 
Barclays Capital Municipal Trust           
Receipts (Series 80 W)           
Recourse (Los Angeles           
Department of Airports, Senior           
Revenue (Los Angeles           
International Airport))  5.00  5/15/31  5,247,500 c,d  6,092,855 
GO (Various Purpose)  5.75  4/1/31  7,800,000   9,179,586 
GO (Various Purpose)  6.00  3/1/33  2,250,000   2,738,228 
GO (Various Purpose)  6.50  4/1/33  5,000,000   6,107,250 



GO (Various Purpose)  6.00  11/1/35  5,000,000   6,121,700 
California Statewide Communities           
Development Authority, Revenue           
(Front Porch Communities and           
Services Project)  5.13  4/1/37  4,975,000 d  5,177,134 
JPMorgan Chase Putters/Drivers           
Trust (Series 4361)           
Non-recourse (Los Angeles           
Department of Water and Power,           
Water System Revenue)  5.00  7/1/20  5,000,000 c,d  5,697,000 
JPMorgan Chase Putters/Drivers           
Trust (Series 4414)           
Non-recourse (Los Angeles           
Department of Airports, Senior           
Revenue (Los Angeles           
International Airport))  5.00  5/15/21  6,000,000 c,d  6,723,960 
JPMorgan Chase Putters/Drivers           
Trust (Series 4421)           
Non-recourse (The Regents of           
the University of California,           
General Revenue)  5.00  5/15/21  6,250,000 a,c,d   7,188,375 
Los Angeles Department of Water           
and Power, Power System Revenue  5.00  7/1/34  2,885,000   3,243,519 
Sacramento County,           
Airport System Subordinate and           
Passenger Facility Charges           
Grant Revenue  6.00  7/1/35  4,000,000   4,581,440 
San Buenaventura,           
Revenue (Community Memorial           
Health System)  7.50  12/1/41  1,500,000   1,844,640 
Santa Margarita/Dana Point           
Authority, Revenue (Santa           
Margarita Water District           
Improvement Districts Numbers           
2,3 and 4)  5.13  8/1/38  5,000,000   5,613,000 
Tuolumne Wind Project Authority,           
Revenue (Tuolumne Company           
Project)  5.88  1/1/29  2,000,000   2,353,520 
JPMorgan Chase Putters/Drivers           
Trust (Series 4386)           
Non-recourse (Board of           
Governors of the Colorado           
State University, System           
Enterprise Revenue)  5.00  3/1/20  4,950,000 a,c,d   5,588,451 
Connecticut Resources Recovery           
Authority, Special Obligation           
Revenue (American REF-FUEL           
Company of Southeastern           
Connecticut Project)  6.45  11/15/22  4,985,000   4,995,169 



District of Columbia--4.0%           
RIB Floater Trust (Barclays Bank           
PLC) (Series 15 U) Recourse           
(District of Columbia, Income           
Tax Secured Revenue)  5.00  12/1/35  14,828,227 c,d  17,022,177 
Educational Facilities Revenue           
(Nova Southeastern University           
Project)  6.00  4/1/42  2,000,000 a  2,334,380 
Mid-Bay Bridge Authority,           
Springing Lien Revenue  7.25  10/1/34  5,000,000   6,128,400 
Palm Beach County Health           
Facilities Authority,           
Retirement Community Revenue           
(Adult Communities Total           
Services, Inc. Retirement -           
Life Communities, Inc.           
Obligated Group)  5.50  11/15/33  6,825,000   7,591,652 
Saint Johns County Industrial           
Development Authority, Revenue           
(Presbyterian Retirement           
Communities Project)  6.00  8/1/45  3,500,000   3,970,645 
South Lake County Hospital           
District, Revenue (South Lake           
Hospital, Inc.)  6.25  4/1/39  2,500,000   2,808,225 
Water and Wastewater Revenue  6.00  11/1/28  4,865,000   5,843,400 
Water and Wastewater Revenue           
(Insured; Assured Guaranty           
Municipal Corp.)  5.25  11/1/34  1,000,000   1,140,650 
Airport Revenue  5.45  1/1/31  2,455,000   2,457,774 
RIB Floater Trust (Barclays Bank           
PLC) (Series 20 U) Recourse           
(Private Colleges and           
Universities Authority,           
Revenue (Emory University))  5.00  10/1/43  6,000,000 a,c,d   6,868,800 
Hawaii Department of Budget and           
Finance, Special Purpose           
Revenue (Hawai'i Pacific           
Health Obligated Group)  5.63  7/1/30  2,500,000   2,895,250 
Hawaii Department of Budget and           
Finance, Special Purpose           
Revenue (Hawaiian Electric           
Company, Inc. and Subsidiary           
Projects)  6.50  7/1/39  2,000,000   2,325,080 
Idaho Housing and Finance           



Association, SFMR           
(Collateralized; FNMA)  6.35  1/1/30  125,000   125,264 
General Airport Third Lien           
Revenue (Chicago O'Hare           
International Airport)  5.63  1/1/35  3,000,000   3,460,350 
GO  5.00  1/1/24  2,000,000   2,139,620 
GO (Project and Refunding           
Series)  5.00  1/1/36  2,500,000   2,549,975 
Illinois Finance Authority,           
Revenue (Sherman Health           
Systems) (Prerefunded)  5.50  8/1/17  1,020,000 e  1,136,861 
Railsplitter Tobacco Settlement           
Authority, Tobacco Settlement           
Revenue  6.00  6/1/28  3,600,000   4,228,596 
Richmond Hospital Authority,           
Revenue (Reid Hospital Project)  5.00  1/1/39  2,500,000   2,782,350 
Iowa Finance Authority,           
Midwestern Disaster Area           
Revenue (Iowa Fertilizer           
Company Project)  5.25  12/1/25  5,125,000   5,614,079 
Tobacco Settlement Authority of           
Iowa, Tobacco Settlement           
Asset-Backed Bonds  5.60  6/1/34  2,000,000   1,913,560 
Louisville/Jefferson County Metro           
Government, Health Facilities           
Revenue (Jewish Hospital and           
Saint Mary's HealthCare, Inc.           
Project) (Prerefunded)  6.13  2/1/18  1,000,000 e  1,153,450 
Lakeshore Villages Master           
Community Development           
District, Special Assessment           
Revenue  5.25  7/1/17  1,987,000 f  695,688 
Louisiana Local Government           
Environmental Facilities and           
Community Development           
Authority, Revenue (Westlake           
Chemical Corporation Projects)  6.75  11/1/32  4,000,000   4,470,840 
Maine Health and Higher           
Educational Facilities           
Authority, Revenue           
(MaineGeneral Medical Center           
Issue)  7.50  7/1/32  2,000,000   2,433,700 



JPMorgan Chase Putters/Drivers           
Trust (Series 4422)           
Non-recourse (Mayor and City           
Council of Baltimore, Project           
Revenue (Water Projects))  5.00  7/1/21  4,000,000 c,d  4,578,820 
Barclays Capital Municipal Trust           
Receipts (Series 15 W)           
Recourse (Massachusetts Health           
and Educational Facilities           
Authority, Revenue           
(Massachusetts Institute of           
Technology Issue))  5.00  7/1/38  10,200,000 a,c,d   11,252,028 
JPMorgan Chase Putters/Drivers           
Trust (Series 3840)           
Non-recourse (Massachusetts           
Development Finance Agency,           
Revenue (Harvard University           
Issue))  5.25  8/1/18  10,000,000 a,c,d   11,703,800 
JPMorgan Chase Putters/Drivers           
Trust (Series 3898)           
Non-recourse (Massachusetts,           
Consolidated Loan)  5.00  4/1/19  6,400,000 c,d  7,538,688 
JPMorgan Chase Putters/Drivers           
Trust (Series 4395)           
Non-recourse (University of           
Massachusetts Building           
Authority, Project and           
Refunding Revenue)  5.00  5/1/21  7,406,665 a,c,d   8,376,041 
Massachusetts Development Finance           
Agency, Revenue (Tufts Medical           
Center Issue)  7.25  1/1/32  2,500,000   3,054,300 
Massachusetts Health and           
Educational Facilities           
Authority, Revenue (Suffolk           
University Issue)  6.25  7/1/30  5,000,000 a  5,879,900 
Massachusetts Housing Finance           
Agency, Housing Revenue  7.00  12/1/38  4,575,000   5,039,408 
Massachusetts Housing Finance           
Agency, SFHR  5.00  12/1/31  1,285,000   1,295,910 
Water Supply System Senior           
Lien Revenue  5.00  7/1/31  3,780,000   4,042,219 
Water Supply System Senior           
Lien Revenue  5.00  7/1/36  3,290,000   3,482,037 
Kent Hospital Finance Authority,           
Revenue (Metropolitan Hospital           
Project)  6.00  7/1/35  2,000,000   2,017,480 
Michigan Finance Authority,           
Local Government Loan Program           



Revenue (Detroit Water and           
Sewerage Department, Water           
Supply System Revenue Senior           
Lien Local Project Bonds)           
(Insured; National Public           
Finance Guarantee Corp.)  5.00  7/1/36  1,000,000   1,096,070 
Michigan Strategic Fund,           
SWDR (Genesee Power Station           
Project)  7.50  1/1/21  2,395,000   2,388,629 
Royal Oak Hospital Finance           
Authority, HR (William           
Beaumont Hospital Obligated           
Group) (Prerefunded)  8.00  9/1/18  5,000,000 e  6,221,200 
Wayne County Airport Authority,           
Airport Revenue (Detroit           
Metropolitan Wayne County           
Airport) (Insured; National           
Public Finance Guarantee Corp.)  5.00  12/1/34  2,450,000   2,519,654 
New Jersey--2.9%           
New Jersey Economic Development           
Authority, School Facilities           
Construction Revenue  5.50  12/15/29  5,000,000 a  5,534,550 
New Jersey Economic Development           
Authority, Water Facilities           
Revenue (New Jersey - American           
Water Company, Inc. Project)  5.70  10/1/39  3,000,000   3,469,590 
Tobacco Settlement Financing           
Corporation of New Jersey,           
Tobacco Settlement           
Asset-Backed Bonds  4.50  6/1/23  1,000,000   1,003,160 
Tobacco Settlement Financing           
Corporation of New Jersey,           
Tobacco Settlement           
Asset-Backed Bonds  4.63  6/1/26  1,600,000   1,537,376 
Tobacco Settlement Financing           
Corporation of New Jersey,           
Tobacco Settlement           
Asset-Backed Bonds  5.00  6/1/41  1,000,000   781,920 
New Mexico--1.3%           
PCR (Public Service Company of           
New Mexico San Juan Project)  5.90  6/1/40  5,000,000   5,607,450 
New York--19.4%           
Austin Trust (Series 1107)           
Non-recourse (Port Authority           
of New York and New Jersey,           
Consolidated Bonds, 151st           
Series)  6.00  9/15/28  10,000,000 c,d  11,350,000 
Barclays Capital Municipal Trust           
Receipts (Series 7 B) Recourse           
(New York City Transitional           
Finance Authority, Future Tax           



Secured Subordinate Revenue)  5.50  11/1/27  5,000,000 c,d  6,070,250 
Barclays Capital Municipal Trust           
Receipts (Series 11 B)           
Recourse (New York City           
Transitional Finance           
Authority, Future Tax Secured           
Revenue)  5.00  5/1/30  4,488,203 c,d  5,117,432 
JPMorgan Chase Putters/Drivers           
Trust (Series 3857)           
Non-recourse (New York City           
Transitional Finance           
Authority, Future Tax Secured           
Subordinate Revenue)  5.25  11/1/18  5,000,000 c,d  6,056,600 
Long Island Power Authority,           
Electric System General Revenue  6.25  4/1/33  3,000,000   3,519,780 
Metropolitan Transportation           
Authority, Transportation           
Revenue  6.25  11/15/23  9,425,000   11,221,876 
New York City Educational           
Construction Fund, Revenue  6.50  4/1/28  2,785,000 a  3,473,953 
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   5,436,600 
New York Liberty Development           
Corporation, Revenue (3 World           
Trade Center Project)  5.00  11/15/44  4,000,000 d  4,220,200 
New York State Dormitory           
Authority, State Personal           
Income Tax Revenue (General           
Purpose)  5.00  3/15/32  3,500,000   4,067,700 
Niagara Area Development           
Corporation, Solid Waste           
Disposal Facility Revenue           
(Covanta Energy Project)  5.25  11/1/42  2,000,000 d  2,082,220 
Port Authority of New York and New           
Jersey, Special Project Bonds           
(JFK International Air           
Terminal LLC Project)  6.00  12/1/36  4,710,000   5,572,542 
RIB Floater Trust (Barclays Bank           
PLC) (Series 16 U) Recourse           
(New York City Municipal Water           
Finance Authority, Water and           
Sewer System Second General           
Resolution Revenue)  5.00  6/15/44  12,600,000 c,d  14,234,220 
North Carolina--2.6%           
Barclays Capital Municipal Trust           
Receipts (Series 31 W)           
Recourse (North Carolina           
Medical Care Commission,           
Health Care Facilities Revenue           



(Duke University Health           
System))  5.00  6/1/42  10,000,000 c,d  11,183,000 
Buckeye Tobacco Settlement           
Financing Authority, Tobacco           
Settlement Asset-Backed Bonds  5.88  6/1/30  2,000,000   1,711,320 
Butler County,           
Hospital Facilities Revenue           
(UC Health)  5.50  11/1/40  3,000,000   3,444,420 
Ohio Air Quality Development           
Authority, Air Quality Revenue           
(Ohio Valley Electric           
Corporation Project)  5.63  10/1/19  4,200,000   4,769,100 
Port of Greater Cincinnati           
Development Authority, Tax           
Increment Development Revenue           
(Fairfax Village Red Bank           
Infrastructure Project)  5.63  2/1/36  2,530,000 d  2,541,107 
Southeastern Ohio Port Authority,           
Hospital Facilities           
Improvement Revenue (Memorial           
Health System Obligated Group           
Project)  6.00  12/1/42  2,000,000   2,139,100 
Toledo-Lucas County Port           
Authority, Special Assessment           
Revenue (Crocker Park Public           
Improvement Project)  5.38  12/1/35  3,000,000   3,019,530 
Warm Springs Reservation           
Confederated Tribes,           
Hydroelectric Revenue (Pelton           
Round Butte Project)  6.38  11/1/33  1,500,000   1,676,265 
JPMorgan Chase Putters/Drivers           
Trust (Series 3916)           
Non-recourse (Geisinger           
Authority, Health System           
Revenue (Geisinger Health           
System))  5.13  6/1/35  3,000,000 c,d  3,363,120 
Montgomery County Industrial           
Development Authority, Revenue           
(Whitemarsh Continuing Care           
Retirement Community Project)  5.25  1/1/40  3,500,000   3,557,610 
GO  6.50  8/1/41  4,700,000   5,691,089 
Rhode Island--1.4%           
Rhode Island Health and           
Educational Building           
Corporation, Hospital           
Financing Revenue (Lifespan           
Obligated Group Issue)           
(Insured; Assured Guaranty           



Corp.)  7.00  5/15/39  5,000,000   5,994,700 
South Carolina--2.7%           
JPMorgan Chase Putters/Drivers           
Trust (Series 4379)           
Non-recourse (South Carolina           
Public Service Authority,           
Revenue Obligations (Santee           
Cooper))  5.13  6/1/37  10,200,000 c,d  11,550,276 
JPMorgan Chase Putters/Drivers           
Trust (Series 4416)           
Non-recourse (Metropolitan           
Government of Nashville and           
Davidson County, Water and           
Sewer Revenue)  5.00  7/1/21  3,000,000 c,d  3,447,060 
Metropolitan Government of           
Nashville and Davidson County           
Health and Educational           
Facilities Board, Revenue (The           
Vanderbilt University)  5.50  10/1/29  2,500,000 a  2,934,425 
Metropolitan Government of           
Nashville and Davidson County           
Health and Educational           
Facilities Board, Revenue (The           
Vanderbilt University)  5.50  10/1/34  3,000,000 a  3,510,060 
Barclays Capital Municipal Trust           
Receipts (Series 28 W)           
Recourse (Leander Independent           
School District, Unlimited Tax           
School Building Bonds           
(Permanent School Fund           
Guarantee Program))  5.00  8/15/40  9,997,299 a,c,d   11,413,499 
Barclays Capital Municipal Trust           
Receipts (Series 39 W)           
Recourse (Texas A&M University           
System Board of Regents,           
Financing System Revenue)  5.00  5/15/39  13,160,000 a,c,d   15,138,211 
Clifton Higher Education Finance           
Corporation, Education Revenue           
(Uplift Education)  4.50  12/1/44  2,500,000 a  2,499,850 
Harris County Health Facilities           
Development Corporation, HR           
(Memorial Hermann Healthcare           
System) (Prerefunded)  7.25  12/1/18  7,290,000 e  8,978,145 
Harris County-Houston Sports           
Authority, Senior Lien Revenue           
(Insured; Assured Guaranty           
Municipal Corp.)  0.00  11/15/51  7,500,000 g  1,348,725 
Airport System Special           
Facilities Revenue (United           



Airlines, Inc. Terminal E           
Project)  4.75  7/1/24  2,000,000   2,179,400 
Combined Utility System First           
Lien Revenue (Insured; Assured           
Guaranty Corp.)  6.00  11/15/36  5,000,000   5,984,800 
JPMorgan Chase Putters/Drivers           
Trust (Series 4356)           
Non-recourse (San Antonio,           
Electric and Gas Systems           
Junior Lien Revenue)  5.00  2/1/21  12,450,000 c,d  14,007,993 
Love Field Airport Modernization           
Corporation, Special           
Facilities Revenue (Southwest           
Airlines Company - Love Field           
Modernization Program Project)  5.00  11/1/28  1,000,000   1,127,430 
Matagorda County Navigation           
District Number One, Revenue           
(Houston Lighting and Power           
Company Project) (Insured;           
AMBAC)  5.13  11/1/28  4,295,000   4,979,709 
North Texas Tollway Authority,           
First Tier System Revenue           
(Insured; Assured Guaranty           
Corp.)  5.75  1/1/40  14,705,000   16,526,214 
North Texas Tollway Authority,           
Second Tier System Revenue  5.75  1/1/38  6,650,000   7,365,208 
Texas Department of Housing and           
Community Affairs, Home           
Mortgage Revenue           
(Collateralized: FHLMC, FNMA           
and GNMA)  13.40  7/2/24  250,000 h  264,955 
Texas Transportation Commission,           
Central Texas Turnpike System           
Second Tier Revenue  5.00  8/15/42  5,000,000   5,506,700 
Airport Revenue  3.50  7/1/18  3,010,000   3,055,541 
Chesterfield County Economic           
Development Authority,           
Retirement Facilities First           
Mortgage Revenue (Brandermill           
Woods Project)  5.13  1/1/43  1,000,000   1,042,240 
Henrico County Industrial           
Development Authority, Revenue           
(Bon Secours Health System,           
Inc.) (Insured; Assured           
Guaranty Municipal Corp.)  11.27  8/23/27  6,600,000 h  8,361,408 
Washington County Industrial           
Development Authority, HR           
(Mountain States Health           



Alliance)  7.75  7/1/38  3,000,000   3,538,110  
Barclays Capital Municipal Trust             
Receipts (Series 27 B)             
Recourse (King County, Sewer             
Revenue)  5.00  1/1/29  8,577,246 c,d  9,948,030  
Washington Health Care Facilities             
Authority, Mortgage Revenue             
(Highline Medical Center)             
(Collateralized; FHA)             
(Prerefunded)  6.25  8/1/18  5,975,000 e  7,037,116  
West Virginia--1.9%             
The County Commission of Harrison             
County, SWDR (Allegheny Energy             
Supply Company, LLC Harrison             
Station Project)  5.50  10/15/37  7,920,000   8,202,665  
U.S. Related--.6%             
Puerto Rico Commonwealth,             
Public Improvement GO             
(Insured; Assured Guaranty             
Municipal Corp.)  5.00  7/1/35  2,500,000   2,519,250  
Total Long-Term Municipal Investments             
(cost $544,804,744)          612,783,150  
Short-Term Municipal  Coupon  Maturity  Principal      
Investments--.4%  Rate (%)  Date  Amount ($)   Value ($)  
California Infrastructure and             
Economic Development Bank,             
Revenue, Refunding (Los             
Angeles County Museum of             
Natural History Foundation)             
(LOC; Wells Fargo Bank)  0.02  3/2/15  1,000,000 i  1,000,000  
Massachusetts Health and             
Educational Facilities             
Authority, Revenue (Wellesley             
College Issue)  0.02  3/2/15  1,000,000 a,i  1,000,000  
Total Short-Term Municipal Investments             
(cost $2,000,000)          2,000,000  
Total Investments (cost $546,804,744)      144.6 %  614,783,150  
Liabilities, Less Cash and Receivables      (22.7 %)  (96,670,518 ) 
Preferred Stock, at redemption value      (21.9 %)  (93,000,000 ) 
Net Assets      100.0 %  425,112,632  


a At February 28, 2015, the fund had $113,686,596 or 26.7% of net assets applicable to Common Shareholders invested in 
   securities whose payment of principal and interest is dependent upon revenues generated from education. 
b Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. 
c Collateral for floating rate borrowings. 
d Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be 
   resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2015, these 
   securities were valued at $249,995,528 or 58.8% of net assets applicable to Common Shareholders. 
e 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. 
f  Non-income producing--security in default. 
g  Security issued with a zero coupon. Income is recognized through the accretion of discount. 
h  Inverse floater security--the interest rate is subject to change periodically. Rate shown is the interest rate in effect 
  at February 28, 2015. 
i  Variable rate demand note - rate shown is the interest rate in effect at February 28, 2015. Maturity date represents the 
  next demand date, or the ultimate maturity date if earlier. 


At February 28, 2015, net unrealized appreciation on investments was $67,978,406 of which $69,469,346 related to appreciated investment securities and $1,490,940 related to depreciated investment securities. At February 28, 2015, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

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  BPA  Bond Purchase Agreement 
CIFG  CDC Ixis Financial Guaranty  COP  Certificate of Participation 
CP  Commercial Paper  DRIVERS  Derivative Inverse Tax-Exempt Receipts 
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  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  LIFERS  Long Inverse Floating Exempt Receipts 
LOC  Letter of Credit  LOR  Limited Obligation Revenue 
LR  Lease Revenue  MERLOTS  Municipal Exempt Receipts Liquidity Option 
MFHR  Multi-Family Housing Revenue  MFMR  Multi-Family Mortgage Revenue 
PCR  Pollution Control Revenue  P-FLOATS  Puttable Floating Option Tax-Exempt Receipts 
PILOT  Payment in Lieu of Taxes  PUTTERS  Puttable Tax-Exempt Receipts 
RAC  Revenue Anticipation Certificates  RAN  Revenue Anticipation Notes 
RAW  Revenue Anticipation Warrants  RIB  Residual Interest Bonds 
ROCS  Reset Option Certificates  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  SPEARS  Short Puttable Exempt Adjustable Receipts 
SWDR  Solid Waste Disposal Revenue  TAN  Tax Anticipation Notes 
TAW  Tax Anticipation Warrants  TRAN  Tax and Revenue Anticipation Notes 
XLCA  XL Capital Assurance     



The following is a summary of the inputs used as of February 28, 2015 in valuing the fund's investments:     
      Level 3 -   
  Level 1 -  Level 2 - Other  Significant   
  Unadjusted Quoted  Significant  Unobservable   
Assets ($)  Prices  Observable Inputs  Inputs  Total 
Investments in Securities:         
Municipal Bonds+  -  614,783,150  -  614,783,150 
+ See Statement of Investments for additional detailed categorizations.       



The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below: Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the 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. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows: Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the fund's Board. 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 the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All preceding securities are categorized as Level 2 in the hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the fund's Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized as Level 2 or 3 depending on the relevant inputs used.

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Inverse Floater Securities: The fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust. The trust subsequently issues two or more variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One or more of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals. A residual interest tax-exempt security is also created by the trust, which is transferred to the fund, and is paid interest based on the remaining cash flow of the trust, after payment of interest on the other securities and various expenses of the trust.

Additional 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.



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/ Bradley J. Skapyak

            Bradley J. Skapyak



Date:    April 20, 2015


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/ Bradley J. Skapyak

            Bradley J. Skapyak



Date:    April 20, 2015


By:       /s/ James Windels

            James Windels



Date:    April 20, 2015



(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)