N-Q 1 form-265.htm FORM N-Q form-265
UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 
 
 
FORM N-Q 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT 
INVESTMENT COMPANY 
 
Investment Company Act file number 811-4215 
 
DREYFUS GNMA 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) 
 
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:    4/30 
Date of reporting period:    01/31/05 

FORM N-Q

Item 1. Schedule of Investments.

DREYFUS GNMA FUND, INC.                 
 
Statement of Investments                 
January 31, 2005 (Unaudited)                 
 
        Principal         
Bonds and Notes -    97.7%    Amount($)        Value($) 
 
U.S. Government Agencies/Mortgage-Backed    84.6%             
 
Government National Mortgage Association I:                 
5%        110,375,000    a    111,099,060 
5%, 7/15/2033-7/15/2034        4,248,817        4,284,330 
5.5%, 2/15/2033-4/15/2034        138,606,291        142,517,550 
5.5%, Ser. 2004-39, Cl. C, 12/20/2029        4,260,000        4,409,245 
6%, 8/15/2026-9/15/2034        171,284,665        178,095,151 
6%, Ser. 2002-52, Cl. AG, 9/20/2029        277,290        279,470 
6.5%, 9/15/2008-6/15/2032        14,694,191        15,564,091 
7%, 11/15/2022-12/15/2022        35,123        37,505 
7.5%, 12/15/2006-5/15/2026        13,238,286        14,307,484 
8%, 4/15/2008-12/15/2022        6,390,013        6,913,451 
8.5%, 2/15/2006-12/15/2022        4,876,000        5,326,387 
9%, 1/15/2019-12/15/2022        3,462,932        3,890,213 
9.5%, 3/15/2018-11/15/2024        985,185        1,112,081 
Construction Loans,                 
6.75%, 3/15/2040        8,154,270        9,021,558 
Project Loans:                 
6.375%, 10/15/2033        2,718,458        2,848,988 
6.6%, 9/15/2030        5,983,493        6,270,944 
6.75%, 10/15/2033-12/15/2033        6,719,108        7,078,845 
                513,056,353 
 
Government National Mortgage Association II:                 
3.375%, 2/20/2027-6/20/2032        11,538,313    b    11,652,287 
3.5%, 7/20/2030-8/20/2032        19,884,494    b    20,046,765 
3.75%, 9/20/2027        20,639    b    20,924 
4.5%, 1/20/2034        1,545,501    b    1,561,879 
5.5%        146,088,000    a    149,694,548 
6%, 12/20/2028-1/20/2031        3,542,256        3,686,898 
6.5%, 5/20/2031-6/20/2031        2,370,898        2,492,407 
7%, 4/20/2024-4/20/2032        25,172,519        26,628,319 
7.5%, 9/20/2030        398,554        426,078 
9.5%, 9/20/2017-2/20/2025        219,741        246,699 
                216,456,804 
 
 
Federal Home Loan Mortgage Corp.:                 
Stripped Securities, Interest Only Class:                 
Ser. 1583, Cl. ID, 7%, 2/15/2023        148,254    c    2,384 
Ser. 1882, Cl. PK, 7%, 8/15/2026        525,641    c    78,037 
Ser. 2048, Cl. PJ, 7%, 4/15/2028        532,190    c    82,676 
Ser. 2520, Cl. PI, 5.5%, 1/15/2026        3,641,483    c    119,206 
Ser. 2630, Cl. IE, 5%, 12/15/2025        2,989,900    c    484,035 
Ser. 2676, Cl. IB, 5%, 4/15/2017        4,281,600    c    228,009 
Ser. 2676, Cl. ID, 5%, 1/15/2023        2,000,000    c    264,478 
                1,258,825 
 
Federal National Mortgage Association:                 
6%, 8/1/2034-9/1/2034        11,081,537        11,445,882 
Ser. 2003-49, Cl. JE, 3%, 4/25/2033        2,800,048        2,688,449 
Ser. 2004-58, Cl. LJ, 5%, 7/25/2034        5,740,669        5,904,967 
Stripped Securities, Interest Only Class:                 
Ser. 1997-40, Cl. PI, 7%, 2/18/2027        2,245,828    c    112,202 

Ser. 2002-76, Cl. PI, 5.5%, 12/25/2025        4,887,025    c    137,986 
Ser. 2003-8, Cl. PI, 5.5%, 10/25/2021        4,808,238    c    287,417 
Ser. 2003-70, Cl. IC, 5%, 8/25/2015        10,166,300    c    415,227 
Whole Loan,                 
Ser. 2001-W1, Cl. AF6, 6.402%, 7/25/2031        4,876,411        4,898,228 
                25,890,358 
 
Total U.S. Government Agencies/Mortgage-Backed                756,662,340 
 
Asset-Backed Ctfs./Commercial    .4%             
Long Beach Asset Holdings,                 
Ser. 2004-6, Cl. N1, 4.5%, 2034        3,932,818    d    3,933,997 
 
Asset-Backed Ctfs./Home Equity    2.2%             
Conseco Finance,                 
Ser. 2001-D, Cl. A4, 5.53%, 2032        874,939        891,416 
Equivantage Home Equity Loan Trust,                 
Ser. 1997-1, Cl. A4, 7.775%, 2028        2,063,818        2,061,601 
GE Capital Mortgage Services,                 
Ser. 1999-HE1, Cl. A7, 6.265%, 2029        6,730,641        6,900,926 
Saxon Asset Securities Trust,                 
Ser. 2004-2, Cl. AF2, 4.15%, 2035        9,329,000        9,327,464 
Total Asset-Backed Ctfs./Home Equity                19,181,407 
 
Commercial Mortgage Pass-Through Ctfs.-    .4%             
CS First Boston Mortgage Securities,                 
Ser. 1998-C1, Cl. A1A, 6.26%, 2040        3,784,193        3,834,455 
 
 
Residential Mortgage Pass-Through Ctfs.-    6.0%             
Countrywide Alternative Loan Trust,                 
Ser. 2004-7T1, Cl. A1, 5.75%, 2034        18,187,870        18,495,601 
Countrywide Home Loans,                 
Ser. 2002-35, Cl. 1A5, 5%, 2018        1,960,684        1,966,553 
First Horizon Alternative Mortgage Securities,                 
Ser. 2004-FA1, Cl. 1A1, 6.25%, 2034        11,684,965        12,077,855 
GSR Mortgage Loan Trust,                 
Ser. 2004-12, Cl. 2A2, 3.554%, 2034        15,417,964    b    15,283,056 
Ocwen Residential MBS,                 
Ser. 1998-R1, Cl. B1, 7%, 2040        5,191,724    d    5,419,419 
Total Residential Mortgage Pass-Through Ctfs.-                53,242,484 
 
U.S. Government -    4.1%             
U.S. Treasury Notes:                 
2.875%,11/30/2006        5,766,000    e    5,730,418 
3%,11/15/2007        9,356,000        9,260,195 
3.5%, 8/15/2009        16,872,000    e    16,775,661 
4%, 6/15/2009        5,228,000    f    5,307,413 
                37,073,687 
 
Total Bonds and Notes                 
(cost $ 870,761,366)                873,928,370 
 
 
 
Other Investments-    9.4%    Shares        Value ($) 
Registered Investment Company,                 
Dreyfus Institutional Preferred Plus Money Market Fund             
(cost $ 84,198,000)        84,198,000    g    84,198,000 
 
 
 
Investment of Cash Collateral for                 

Securities Loaned    .8%         
Registered Investment Company,             
Dreyfus Institutional Cash Advantage Fund             
(cost $ 6,897,863)        6,897,863 g    6,897,863 
 
 
 
Total Investments (cost $ 961,857,229)        107.9%    965,024,233 
 
Liabilities, Less Cash and Receivables        -7.9%    (70,478,567) 
 
Net Assets        100.0%    894,545,666 

a Purchased on a forward commitment basis. 
b Variable rate security-interest rate subject to periodic change. 
c Notional face amount shown. 
d 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. These securities have been deemed liquid 
by the Board of Directors. At January 31, 2005, these securities amounted to $ 9,353,416 or 1.0% of net assets. 
e All or a portion of these securities are on loan. At January 31, 2005, the total market value of the fund's securities on loan 
is $ 6,724,708 and the total market value of the collateral held by the fund is $ 6,897,863. 
f Partially held by a broker as collateral for open financial futures positions. 
g Investments in affiliated money market mutual funds. 

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. 

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.

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SIGNATURES

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 GNMA FUND, INC.

By:    /s/ Stephen E. Canter 
    Stephen E. Canter 
    President 
 
Date:    March 17, 2005 

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:    March 17, 2005 
 
By:    /s/ James Windels 
James Windels
    Chief Financial Officer 
 
Date:    March 17, 2005 

EXHIBIT INDEX

(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)

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