N-Q 1 form.htm FORM NQ-122 form
    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 811-6377 
 
    DREYFUS MUNICIPAL FUNDS, 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:    8/31 
 
Date of reporting period:    5/31/2005 

Dreyfus Basic Municipal Money Market Fund             
Statement of Investments             
May 31, 2005 (Unaudited)             
 
    Principal         
Tax Exempt Investments-- 101.0%    Amount ($)        Value ($) 
 
Arkansas--1.0%             
 
Arkansas Development Finance Authority, IDR             
VRDN (Defiance Metal Products of Arkansas Project)             
3.12% (LOC; Standard Federal Bank)    3,410,000    a    3,410,000 
 
California--1.5%             
 
California Statewide Communities Development Authority             
MFHR, VRDN (Vista Montana Apartments)             
3.07% (Liquidity Facility; Merrill Lynch)    2,500,000    a    2,500,000 
Golden State Tobacco Securitization Corporation, Revenue             
VRDN 3.05% (Liquidity Facility; Merrill Lynch)    2,875,000    a    2,875,000 
 
Colorado--2.3%             
 
Park Creek Metropolitan District, GO Notes, VRDN             
3.05% (Liquidity Facility; Merrill Lynch)    5,775,000    a    5,775,000 
Section 14 Metropolitan District Jefferson County             
GO Notes, Refunding, VRDN             
2.25% (LOC; U. S. Bank NA)    2,500,000    a    2,500,000 
 
District of Columbia--2.0%             
 
District of Columbia:             
GO Notes             
4.95%, 6/1/2005 (Insured; AMBAC)    1,500,000        1,500,000 
Revenue, VRDN:             
(Idea Public Charter School)             
3.08% (LOC; Allfirst Bank)    2,400,000    a    2,400,000 
Merlots Program 3% (Insured; MBIA and             
Liquidity Facility; Wachovia Bank)    3,130,000    a    3,130,000 
 
Florida--1.9%             
 
Broward County Educational Facilities Authority             
Revenue, VRDN (Nova Southeastern University)             
2.99% (LOC; Bank of America)    3,500,000    a    3,500,000 
Palm Beach County, IDR             
VRDN (Palm Beach Bedding Company Project)             
3.02% (LOC; Wachovia Bank)    3,210,000    a    3,210,000 
 
Georgia--8.7%             
 
Atlanta, Airport Revenue, VRDN, Merlots Program             
3.05% (Insured; FGIC and Liquidity Facility;             
Wachovia Bank)    5,070,000    a    5,070,000 
Gainesville Housing Authority, MFHR             
VRDN (Lenox Park Apartments Project)             
3.09% (Liquidity Facility; Merrill Lynch)    3,390,000    a    3,390,000 
Municipal Electric Authority of Georgia, Revenue, CP             
3.05%, 6/14/2005 (LOC: Bayerische Landesbank,             
Wachovia Bank and WestLB AG)    2,300,000        2,300,000 
Savannah Economic Development Authority             
Industrial Revenue, VRDN (Home Depot Project) 3.02%    20,000,000    a    20,000,000 
 
Idaho--.9%             
 
Idaho Housing and Finance Association, SFMR             
2.50%, 2/1/2006 (Liquidity Facility; Lloyds TSB Bank)    3,000,000        3,000,000 

Illinois--1.5%             
 
Illinois Development Finance Authority, Revenue, VRDN             
(Aurora Central Catholic High School)             
3.25% (LOC; Allied Irish Banks)    1,000,000    a    1,000,000 
Illinois Finance Authority, IDR, VRDN             
(CFC International Inc. Project)             
3.04% (LOC; ABN-AMRO)    2,000,000    a    2,000,000 
Metropolitan Pier and Exposition Authority, Revenue             
6.50%, 6/1/2005 (Insured; MBIA)    2,400,000        2,400,000 
 
Indiana--3.6%             
 
Gary, EDR, VRDN             
(Gary County Market Project)             
3.11% (LOC; ABN-AMRO)    3,275,000    a    3,275,000 
Indianapolis Local Public Improvement Bond Bank             
Revenue 3%, 7/6/2005    5,425,000        5,430,303 
Lawerence-Fort Harrison Reuse Authority, Revenue             
VRDN (Fort Harrison Military Base)             
2.98% (LOC; Fifth Third Bank)    4,000,000    a    4,000,000 
 
Kentucky--5.6%             
 
Kenton County Airport Board, Special Facilities Revenue             
VRDN (Airis Cincinnati LLC)             
3.05% (LOC; Deutsche Postbank)    16,800,000    a    16,800,000 
Kentucky Asset Liability Commission, Revenue, TRAN             
3%, 6/29/2005    3,000,000        3,002,300 
 
Louisiana--1.4%             
 
Louisiana Public Facilities Authority, Revenue, CP             
(Christus Health) 2.80%, 6/10/2005 (Insured; AMBAC             
and Liquidity Facility; Credit Suisse)    5,000,000        5,000,000 
 
Maryland--.8%             
 
Maryland Economic Development Corporation, Revenue             
VRDN (Chesapeake Advertising Facility)             
3.21% (LOC; M&T Bank)    2,790,000    a    2,790,000 
 
Michigan-7.5%             
 
ABN AMRO Munitops Certificate Trust, Revenue, VRDN             
3.08% (Insured; GNMA and             
Liquidity Facility; ABN-AMRO)    9,495,000    a    9,495,000 
State of Michigan, GO Notes             
3.50%, 9/30/2005    5,000,000        5,024,452 
Michigan Hospital Finance Authority, Revenue, VRDN             
(Healthcare Equipment Loan Program)             
3.01% (LOC; Fifth Third Bank)    2,900,000    a    2,900,000 
Michigan Strategic Fund, LOR, VRDN             
(NSS Technologies Project)             
3.07% (LOC; Wachovia Bank)    4,000,000    a    4,000,000 
Oakland County Economic Development Corporation, LOR             
VRDN (Michigan Seamless Tube LLC Project)             
3.12% (LOC; Standard Federal Bank)    5,000,000    a    5,000,000 
 
Mississippi--.7%             
 
Mississippi Business Finance Corporation, Revenue             
VRDN (Jackson Preparatory School)             
3.10% (LOC; First Tennessee Bank)    2,575,000    a    2,575,000 
 
Missouri--2.7%             
 
Missouri Higher Education Loan Authority, SLR             
Refunding, VRDN 3.03% (Insured; MBIA and             
Liquidity Facility; State Street Bank and Trust Company)    9,500,000    a    9,500,000 

Nevada--1.1%             
 
Clark County, EDR, VRDN             
(Lutheran Secondary School Association Project)             
3.15% (LOC; Allied Irish Banks)    3,800,000    a    3,800,000 
 
New York--1.1%             
 
New York State Environmental Facilities, SWDR             
CP 2.95%, 6/6/2005 (LOC: Bayerische Landesbank             
and Helaba Bank)    4,000,000        4,000,000 
 
North Carolina--.9%             
 
Iredell County Industrial Facilities and Pollution Control             
Financing Authority, Revenue, VRDN             
(Onsrud Inc. Project) 3.07% (LOC; Wachovia Bank)    3,300,000    a    3,300,000 
 
Ohio--3.3%             
 
Hamilton County Healthcare Facilities, Revenue             
VRDN (Twin Towers and Twin Lakes Project)             
2.99% (LOC; U. S. Bank N.A.)    3,500,000    a    3,500,000 
Ohio State Higher Educational Facilities, Revenue, VRDN             
(Cedarville University Project) 3.03% (LOC; Key Bank)    6,305,000    a    6,305,000 
Ohio State Mental Health Capital Facilities, Revenue             
2.75%, 6/1/2005    1,840,000        1,840,000 
 
Oklahoma--1.3%             
 
Canadian County Home Finance Authority, MFHR, VRDN             
3.09% (Liquidity Facility; Merrill Lynch)    4,650,000    a    4,650,000 
 
Oregon--1.4%             
 
Portland, EDR, VRDN             
(Broadway Project) 2.98% (Insured; AMBAC and             
Liquidity Facility; Key Bank)    4,800,000    a    4,800,000 
 
Pennsylvania--13.2%             
 
Bethlehem Area School District, GO Notes             
VRDN 2.99% (Insured; FSA and Liquidity Facility;             
Dexia Credit Locale)    5,000,000    a    5,000,000 
Chester County Industrial Development Authority             
Revenue, VRDN (University Student Housing Project)             
3.02% (LOC; Citizens Bank of Pennsylvania)    7,305,000    a    7,305,000 
Dauphin County General Authority, Revenue             
VRDN 3.02% (Insured; FSA and Liquidity Facility:             
Bank of Nova Scotia and Kreditbank N.V.)    2,000,000    a    2,000,000 
Lancaster Industrial Development Authority, Revenue             
VRDN (Student Lodging and Services)             
3.11% (LOC; Fulton Bank)    4,515,000    a    4,515,000 
Mount Lebanon School District, GO Notes, VRDN             
Merlots Program 3% (Insured; MBIA and             
Liquidity Facility; Wachovia Bank)    4,985,000    a    4,985,000 
Pennsylvania Higher Education Assistance Agency, Revenue         
VRDN 3.01% (Insured; AMBAC and             
Liquidity Facility; Wachovia Bank)    12,000,000    a    12,000,000 
Reading Regional Airport Authority, Revenue             
VRDN 3.02% (Insured; AMBAC and             
Liquidity Facility; Wachovia Bank)    3,940,000    a    3,940,000 
Scranton Redevelopment Authority, LR             
VRDN 3.01% (LOC; PNC Bank N.A.)    2,000,000    a    2,000,000 
Venango County Industrial Development Authority, Revenue, CP         
(Scrubgrass Project) 2.95%, 6/2/2005             
(LOC; Dexia Credit Locale)    5,000,000        5,000,000 
 
Tennessee--5.4%             
 
Chattanooga Metropolitan Airport Authority, Revenue             
Refunding, VRDN 3.20% (LOC; First Tennessee Bank)    9,325,000    a    9,325,000 
Metropolitan Government Nashville and Davidson County             
Health and Educational Facility Board, MFHR             
Refunding, VRDN (Brentwood Oaks Apartments)             
2.99% (Insured; FNMA and Liquidity Facility; FNMA)    9,920,000    a    9,920,000 

Texas--14.0%             
 
Brazos River Authority, PCR, Refunding, VRDN             
(TXU Energy Company Project)             
3.03% (LOC; Wachovia Bank)    4,000,000    a    4,000,000 
Greenville Industrial Development Corporation             
Industrial Revenue, VRDN (Woodgrain Project)             
3.06% (LOC; General Electric Capital Corp.)    3,225,000    a    3,225,000 
Gulf Coast Waste Disposal Authority             
Environmental Facilities Revenue, VRDN             
(BP Products North America Inc.) 3.04%    3,250,000    a    3,250,000 
Harris County Health Facilities Development Corporation             
Revenue, Refunding, VRDN             
(The Methodist Hospital) 2.98%    10,000,000    a    10,000,000 
Harris County Industrial Development Corporation             
SWDR, VRDN (Deer Park Refining)             
2.99% (LOC; Shell Oil Company)    5,000,000    a    5,000,000 
Lower Neches Valley Authority Industrial Development             
Corporation, Exempt Facilities Revenue, VRDN             
(Onyx Environmental Services)             
3% (LOC; Bank of America)    3,400,000    a    3,400,000 
Port of Port Arthur Navigation District             
Environmental Facilities Revenue, Refunding             
VRDN (Motiva Enterprises Project) 3.08%    5,945,000    a    5,945,000 
Revenue Bond Certificate Series Trust, Revenue, VRDN             
(Siena Place) 3.43% (GIC; AIG Funding Inc.)    3,315,000    a    3,315,000 
Tarrant County Housing Finance Corporation, Revenue             
VRDN 3.09% (Insured; Merrill Lynch and             
Liquidity Facility; Merrill Lynch)    2,420,000    a    2,420,000 
State of Texas, TRAN 3%, 8/31/2005    5,000,000        5,017,290 
Texas Department of Housing and Community Affairs, SFHR         
1.95%, 8/3/2005 (GIC; CDC Municipal Products Inc.)    3,000,000        3,000,000 
Texas Woman's University, Revenue, Refunding             
2.50%, 7/1/2005 (Insured; MBIA)    1,015,000        1,015,330 
 
Utah--2.8%             
 
Utah Housing Corporation, SFMR             
2.50%, 12/1/2005             
(Liquidity Facility; Bayerische Landesbank)    3,400,000        3,400,000 
Utah Housing Finance Agency, MFHR             
Refunding, VRDN (Candlestick Apartments LLC)             
3.02% (Insured; FNMA and Liquidity Facility; FNMA)    6,400,000    a    6,400,000 
 
Virginia--2.8%             
 
Hanover County Industrial Development Authority, IDR             
VRDN (Iron and Metal Company Project)             
3.10% (LOC; Branch Banking and Trust Company)    3,690,000    a    3,690,000 
Patrick County Industrial Development Authority             
IDR, VRDN (Narroflex Inc. Project):             
3.10% (LOC; HSBC Bank USA)    4,240,000    a    4,240,000 
3.15% (LOC; HSBC Bank USA)    530,000    a    530,000 
Roanoke Industrial Development Authority, IDR             
VRDN (Virginia Transformer Corp.)             
3.10% (LOC; Suntrust Bank)    1,590,000    a    1,590,000 
 
Washington--5.3%             
 
Kitsap County, GO Notes             
Refunding 3%, 7/1/2005 (Insured; MBIA)    1,520,000        1,521,238 
Port Chehalis Industrial Development Corporation             
Revenue, VRDN (JLT Holding LLC Project)             
3.10% (LOC; Key Bank)    3,080,000    a    3,080,000 
Washington Housing Finance Commission, MFHR, VRDN:         
Refunding (Avalon Ridge Apartments Project)             
3.04% (Insured; FNMA)    8,755,000    a    8,755,000 
(Vintage Everett Living) 3.02% (Insured; FNMA and             
Liquidity Facility; FNMA)    5,250,000    a    5,250,000 

Wisconsin--1.8%                 
 
Wisconsin Health and Educational Facilities Authority                 
Revenue, VRDN (Mequon Jewish Project)                 
3% (LOC; Bank One)    3,250,000    a    3,250,000     
Wisconsin Rural Water Construction Loan Program                 
Revenue, BAN 3%, 10/1/2005    3,260,000        3,273,584     
 
 
Wyoming---4.5%                 
 
Campbell County, IDR                 
(Two Elk Power General Station Project):                 
2.40%, 12/1/2005 (GIC; Royal Bank of Canada)    9,000,000        9,000,000     
2.84%, 12/1/2005 (GIC; Citibank N.A.)    7,000,000        7,000,000     
 
 
Total Investments (cost $357,504,497)    101.0%    357,504,497     
 
Liabilities, Less Cash and Receivables    (1.0)%    (3,514,360)     
 
Net Assets        100.0%    353,990,137     
 
 
 
 
Summary of Abbreviations                 
 
 
AMBAC    American Municipal Bond Assurance Corporation        LOR        Limited Obligation Revenue 
BAN    Bond Anticipation Notes        LR        Lease Revenue 
CP    Commercial Paper        MBIA        Municipal Bond Investors Assurance 
EDR    Economic Development Revenue                Insurance Corporation 
FGIC    Financial Guaranty Insurance Company        MFHR        Multi-Family Housing Revenue 
FNMA    Federal National Mortgage Association        PCR        Pollution Control Revenue 
FSA    Financial Security Assurance        SFHR        Single Family Housing Revenue 
GIC    Guaranteed Investment Contract        SFMR        Single Family Mortgage Revenue 
GNMA    Government National Mortgage Association        SLR        Student Loan Revenue 
GO    General Obligation        SWDR        Solid Waste Disposal Revenue 
IDR    Industrial Development Revenue        TRAN        Tax and Revenue Anticipation Notes 
LOC    Letter of Credit        VRDN        Variable Rate Demand Notes 

Summary of Combined Ratings (Unaudited)                 
 
 
Fitch    or    Moody's    or    Standard & Poor's    Value (%)* 
-----------------------        -----------------------        ---------------------------    ------------- 
F1, F1+        VMIG1, MIG1, P1        SP1+, SP1, A1+, A1    83.3 
AAA, AA, A b        AAA, AA, A b        AAA, AA, A b    3.8 
Not Rated c        Not Rated c        Not Rated c    12.9 
                    100.0 

* Based on total investments 
a    Securities payable on demand. Variable interest rate-subject to periodic change. 
b Notes which are not F, MIG and SP rated are represented by bond ratings of the issuers. 
c    Securities which, while not rated by Fitch, Moody's and Standard & Poor's, have been determined by the Manager to 
    be of comparable quality to those rated securities in which the fund may invest. 

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.

Dreyfus Basic New Jersey Municipal Money Market Fund         
Statement of Investments (Unaudited)             
May 31, 2005             
    Principal     
Tax Exempt Investments- 102.0%    Amount ($)    Value ($) 
 
New Jersey- 100.8%             
 
Bayonne Municipal Utilities Authority, Water System             
Revenue 5%, 1/1/2006 (Insured; MBIA)    540,000        547,736 
County of Bergen, GO Notes, General Improvement             
4.625%, 7/15/2005    100,000        100,275 
Township of Bernards, GO Notes, BAN 3%, 9/16/2005    1,135,000        1,137,486 
County of Burlington, GO Notes (County College)             
2%, 9/15/2005    365,000        364,607 
Camden County Improvement Authority, VRDN             
Health Care Redevelopment Revenue             
(Cooper Health System) 3.06%             
(LOC; Commerce Bank N.A.)    6,000,000    a    6,000,000 
Cape May, GO Notes, BAN 3.25%, 1/6/2006    1,250,000        1,256,588 
Cape May County, GO Notes, General Improvement             
2.50%, 12/1/2005    800,000        801,180 
Cliffside Park School District, GO Notes             
5.05%, 7/15/2005 (Insured; FGIC)    230,000        230,546 
Delaware River Port Authority PA & NJ, Revenue             
Refunding 5.25%, 1/1/2006 (Insured; AMBAC)    245,000        248,582 
Township of Dover, GO Notes, BAN 3%, 6/23/2005    1,235,000        1,235,914 
Dumont School District, GO Notes             
4%, 3/15/2006 (Insured; FSA)    580,000        586,713 
Essex County, GO Notes, General Improvement             
4.25%, 6/1/2005 (Insured; FGIC)    475,000        475,000 
Township of Fairfield, GO Notes, BAN 3%, 6/10/2005    1,061,000        1,061,321 
Township of Hamilton, Mercer County             
GO Notes 4.60%, 8/1/2005 (Insured; MBIA)    100,000        100,462 
County of Hudson, GO Notes, BAN 3%, 9/21/2005    1,000,000        1,003,765 
Township of Irvington, GO Notes, BAN:             
3%, 10/28/2005    1,898,500        1,906,095 
3.50%, 3/16/2006    688,500        692,727 
Jersey City, GO Notes, General Improvement             
4%, 9/1/2005 (Insured; FSA)    350,000        351,649 
Jersey City Municipal Utilities Authority, Sewer Revenue         
3.60%, 7/15/2005 (Insured; FGIC)    125,000        125,084 
Lacey Township School District, GO Notes, Refunding             
3%, 11/1/2005 (Insured; MBIA)    115,000        115,380 
Linden, GO Notes:             
BAN 3%, 6/1/2005    2,370,000        2,370,000 
2.50%, 12/1/2005    130,000        130,192 
Lower Township, GO Notes, BAN 4%, 6/2/2006    500,000        504,850 
Maple Shade Township School District, GO Notes             
4.125%, 4/1/2006 (Insured; MBIA)    500,000        506,617 
Mercer County Improvement Authority, Revenue:             
(Special Services School District Project)             
3.25%, 1/15/2006 (Insured; FSA)    170,000        170,777 
VRDN (Children's Home Society Project)             
3.05% (LOC; Wachovia Bank)    1,240,000    a    1,240,000 
Metuchen School District, GO Notes:             
4%, 8/15/2005 (Insured; FGIC)    600,000        601,922 
Refunding 4.25%, 9/15/2005 (Insured; FGIC)    145,000        145,760 

Middletown Township Board of Education, GO Notes             
5.70%, 8/1/2005 (Insured; MBIA)    125,000        125,540 
County of Monmouth, GO Notes, General Improvement             
4.50%, 9/1/2005    100,000        100,587 
Monmouth County Improvement Authority, Revenue             
(Howell Township Board of Education Improvement Project)         
4%, 7/15/2005 (Insured; AMBAC)    100,000        100,207 
Mount Arlington, GO Notes, BAN 2.625%, 8/19/2005    1,150,000        1,152,261 
Township of Mount Laurel, GO Notes             
BAN 3%, 11/4/2005    1,227,100        1,232,240 
State of New Jersey, GO Notes             
TAN 3%, 6/24/2005    1,790,000        1,791,060 
New Jersey Building Authority, State Building Revenue             
5.50%, 6/15/2005    200,000        200,248 
New Jersey Economic Development Authority:             
LR:             
(International Center for Public Health Project)             
5.25%, 6/1/2005 (Insured; AMBAC)    100,000        100,000 
(State Office Buildings Projects)             
5%, 6/15/2005 (Insured; AMBAC)    285,000        285,298 
Revenue, Refunding (Senior Lien)             
5%, 7/1/2005 (Insured; MBIA)    800,000        801,704 
VRDN:             
EDR:             
(AJV Holdings LLC Project)             
3.03% (LOC; JPMorgan Chase Bank)    750,000    a    750,000 
(ARND LLC Project)             
3.13% (LOC: Comerica Bank and Sovereign Bank)    4,240,000    a    4,240,000 
(AVP Realty Holdings) 3.11% (LOC; PNC Bank)    250,000    a    250,000 
(Challenge Printing Project)             
3.10% (LOC; Wachovia Bank)    1,440,000    a    1,440,000 
(Hathaway Association LLC Project)             
3.10% (LOC; Wachovia Bank)    2,195,000    a    2,195,000 
(International Processing Corporation Project)             
3% (LOC; Bank of America)    1,900,000    a    1,900,000 
(Park Lane Associates Project)             
3.10% (LOC; Wachovia Bank)    675,000    a    675,000 
(Parke Place Associates Project)             
3.11% (LOC; Commerce Bank N.A.)    6,100,000    a    6,100,000 
(RCC Properties LLC Project)             
3.10% (LOC; Wachovia Bank)    1,980,000    a    1,980,000 
Refunding (RDR Investment Company LLC)             
3.10% (LOC; Wachovia Bank)    500,000    a    500,000 
(South Van Brunt Properties LLC)             
3.10% (LOC; Wachovia Bank)    1,790,000    a    1,790,000 
(St. Peters Preparatory School)             
3.05% (LOC; Wachovia Bank)    1,145,000    a    1,145,000 
(Stamato Realty LLC Project)             
3.01% (LOC; Valley National Bank)    4,700,000    a    4,700,000 
(Stone Brothers Secaucus Project)             
3.01% (LOC; Valley National Bank)    1,655,000    a    1,655,000 
(United Window and Door Manufacturing Inc.)             
3.10% (LOC; Wachovia Bank)    500,000    a    500,000 
(Wearbest Sil-Tex Mills Project)             
3.15% (LOC; The Bank of New York)    2,105,000    a    2,105,000 
IDR (Pennwell Holdings LLC Project)             
3.10% (LOC; Wachovia Bank)    2,855,000    a    2,855,000 
Industrial Revenue:             
(Joe and James Moreng)             
3.05% (LOC; Wachovia Bank)    1,460,000    a    1,460,000 

(Melrich Road Development Corporation)             
3.10% (LOC; Wachovia Bank)    2,370,000    a    2,370,000 
Refunding (Station Plaza Park and Ride)             
3.05% (LOC; Wachovia Bank)    3,300,000    a    3,300,000 
Private Schools Revenue (Oak Hill Academy Project)         
3.05% (LOC; Wachovia Bank)    2,060,000    a    2,060,000 
Revenue (Four Woodbury Mews Project)             
3.09% (LOC; Bank of America)    5,000,000    a    5,000,000 
New Jersey State Educational Facilities Authority:             
LR (Higher Education Equipment Leasing Fund)             
5%, 9/1/2005    200,000        201,252 
Revenue:             
(Capital Improvement Fund)             
5%, 9/1/2005    100,000        100,719 
(Higher Education Facilities Trust Fund)             
5.125%, 9/1/2005 (Insured; AMBAC)    100,000        100,802 
New Jersey Environmental Infrastructure Trust             
Revenue 4.75%, 9/1/2005    135,000        135,866 
New Jersey Health Care Facilities Financing Authority, Revenue:         
(Allegany Health-Our Lady Lourdes Franciscan             
Sisters Allegany) 4.80%, 7/1/2005 (Insured; MBIA)    200,000        200,274 
(St. Joseph's Hospital and Medical Center)             
5.20%, 7/1/2005 (Insured; AMBAC)    100,000        100,173 
New Jersey State Housing and Mortgage Financing Authority         
Revenue, VRDN:             
(Single Family Housing):             
3.08% (GIC; Rabobank Nederland)    2,300,000    a    2,300,000 
3.08% (Liquidity Facility; Dexia Credit Locale)    4,525,000    a    4,525,000 
New Jersey State Transit Corporation             
COP 5.25%, 9/15/2005 (Insured; AMBAC)    680,000        686,381 
New Jersey State Transportation Trust Fund Authority             
Transportation System:             
Fuel Sales Tax Revenue:             
5.25%, 6/15/2005    365,000        365,424 
6%, 6/15/2005 (Insured; AMBAC)    370,000        370,521 
6.50%, 6/15/2005 (Insured; AMBAC)    750,000        751,204 
Revenue:             
5%, 6/15/2005    200,000        200,194 
5.25%, 6/15/2005    290,000        290,373 
5.50%, 6/15/2005    2,100,000        2,102,892 
New Jersey Wastewater Treatment Trust             
Revenue, Refunding 5.20%, 9/1/2005    100,000        100,756 
Newark Housing Authority, MFHR, VRDN             
3.09% (Liquidity Facility; Merrill Lynch)    970,000    a    970,000 
Township of North Brunswick, GO Notes, BAN             
3.25%, 8/24/2005    2,010,000        2,016,916 
Ocean County, GO Notes (College Capital             
Improvement) 2%, 10/1/2005    250,000        249,710 
Paramus, GO Notes, BAN 3%, 7/29/2005    2,204,299        2,208,785 
Passaic County Utilities Authority, Revenue             
Refunding (Solid Waste System Project Notes)             
3.25%, 2/27/2006    1,150,000        1,156,242 
Paterson, GO Notes, BAN             
2.75%, 6/24/2005    1,324,000        1,324,696 
Port Authority of New York and New Jersey             
Port, Airport and Marina Revenue:             
6%, 7/15/2005    100,000        100,491 
4.50%, 8/1/2005    600,000        602,520 
5%, 12/15/2005 (Insured; AMBAC)    170,000        172,197 

City of Rahway, GO Notes, BAN 3.50%, 12/5/2005    575,000        577,210 
Red Bank Regional High School District, GO Notes             
3%, 9/30/2005    1,000,000        1,003,906 
Borough of Rockleigh, GO Notes, General Improvement             
3.25%, 7/15/2005    125,000        125,185 
Roselle, GO Notes, Refunding             
2%, 10/15/2005 (Insured; MBIA)    100,000        99,962 
Sayreville, GO Notes, General Improvement and Water             
Revenue 3%, 11/15/2005 (Insured; XLCA)    385,000        386,559 
South Brunswick Board of Education, GO Notes             
5.50%, 12/1/2005 (Insured; FGIC)    500,000        508,020 
Springfield Township School District, GO Notes             
3%, 6/15/2005 (Insured; FSA)    250,000        250,089 
Tabernacle Township School District, GO Notes             
2.50%, 3/1/2006 (Insured; MBIA)    105,000        105,116 
Tobacco Settlement Financing Corporation, Revenue, VRDN:             
3.03% (Liquidity Facility; Merrill Lynch)    6,250,000    a    6,250,000 
3.06% (Liquidity Facility; Merrill Lynch)    4,995,000    a    4,995,000 
Union County Improvement Authority, LR             
(Capital Equipment Lease) 3%, 12/1/2005 (Insured; FSA)    1,225,000        1,229,822 
Township of Vernon, GO Notes, BAN 2.75%, 9/16/2005    2,500,000        2,503,828 
Borough of Wanaque, GO Notes, BAN 3%, 2/17/2006    1,512,850        1,519,178 
West Windsor-Plainsboro Regional School District, GO Notes             
5.25%, 12/1/2005 (Insured; FGIC)    150,000        152,097 
Winslow Township, GO Notes             
4%, 3/1/2006 (Insured; XLCA)    120,000        121,275 
 
U.S. Related- 1.2%             
 
Guam International Airport Authority             
Port, Airport & Marina Revenue:             
3%, 10/1/2005 (Insured; MBIA)    1,000,000        1,004,166 
5%, 10/1/2005 (Insured; MBIA)    200,000        201,715 
University of Puerto Rico, College and University Revenue             
5.10%, 6/1/2005 (Insured; MBIA)    205,000        205,000 
 
 
Total Investments (cost $121,441,329)    102.0%    121,441,889 
 
Liabilities, Less Cash and Receivables    (2.0%)    (2,354,208) 
 
Net Assets    100.0%    119,087,681 

Summary of Abbreviations         
 
 
AMBAC    American Municipal Bond Assurance Corporation    IDR    Industrial Development Revenue 
BAN    Bond Anticipation Notes    LOC    Letter of Credit 
COP    Certificate of Participation    LR    Lease Revenue 
EDR    Economic Development Revenue    MBIA    Municipal Bond Investors Assurance 
FGIC    Financial Guaranty Insurance Company        Insurance Corporation 
FSA    Financial Security Assurance    MFHR    Multi-Family Housing Revenue 
GIC    Guaranteed Investment Contract    TAN    Tax Anticipation Notes 
GO    General Obligation    VRDN    Variable Rate Demand Notes 
        XLCA    XL Capital Assurance 

Summary of Combined Ratings                     
 
Fitch    or    Moody's    or    Standard & Poor's    Value (%)* 
F1+, F1        VMIG1, MIG1, P1        SP1+, SP1, A1+, A1    40.9 
AAA, AA, A b        Aaa, Aa, A b        AAA, AA, A b    18.1 
Not Rated c        Not Rated c        Not Rated c    41.0 

Notes to Statement of Investments: 
 
* Based on total investments. 
a Securities payable on demand. Variable interest rate - subject to periodic change. 
b Notes which are not F, MIG and SP rated are represented by bond ratings of the issuers. 
c Securities which, while not rated by Fitch, Moody's and Standard & Poor's, have been determined by the Manager to 
be of comparable quality to those rated securities in which the fund may invest. 

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.

Dreyfus Premier Select Intermediate         
Municipal Bond Fund         
Statement of Investments         
May 31, 2005 (Unaudited)         
    Principal     
Long-Term Municipal Investments--96.6%    Amount    Value 
    -----------    ----------- 
Alaska--.8%         
 
Alaska Housing Finance Corp. 5.10%, 6/1/2012    1,035,000    1,047,379 
 
Arkansas--2.4%         
 
Arkansas Development Finance Authority,         
Construction Revenue (Public Health Laboratory)     
5%, 12/1/2017 (Insured; AMBAC)    1,025,000    1,110,926 
 
University of Arkansas, University Revenues         
(Various Facility - Fayetteville) 5.50%, 12/1/2016     
(Insured; FSA) (Prerefunded 12/1/2011)    1,610,000 a    1,821,232 
 
California--15.2%         
 
California Department of Water Resources:         
Power Supply Revenue         
5.375%, 5/1/2017 (Insured; XLCA)    3,000,000    3,353,670 
Water Revenue (Central Valley)         
5%, 12/1/2015 (Insured; FGIC)    1,000,000    1,093,710 
 
California Public Works Board, LR         
(University of California)         
5.40%, 12/1/2016 (Insured; AMBAC)    1,000,000    1,076,840 
 
Central Basin Municipal Water District,         
COP (Central Basin):         
5%, 8/1/2015 (Insured; AMBAC)    1,135,000    1,239,216 
5%, 8/1/2016 (Insured; AMBAC)    1,210,000    1,314,157 
 
Clovis Public Financing Authority, Water Revenue         
5%, 3/1/2017 (Insured; AMBAC)    1,820,000    1,987,021 
 
Glendale Community College District (Election of 2002     
Zero Coupon, 8/1/2017 (Insured; FGIC)    1,210,000    726,254 
Zero Coupon, 8/1/2018 (Insured; FGIC)    1,300,000    739,583 
 
Indian Wells Redevelopment Agency, Revenue         
(Tax Allocation-Consolidated Whitewater)         
5%, 9/1/2017 (Insured; AMBAC)    1,525,000    1,654,030 
 
Los Angeles County Metropolitan Transportation Autho     
Sales Tax Revenue 5%, 7/1/2018 (Insured; FSA)    2,000,000    2,190,400 
 
San Diego Community College District (Election of 200     
5%, 5/1/2019 (Insured; FSA)    500,000    546,035 
 
San Francisco City & County Public Utilities Commissi     
Water Revenue 5%, 11/1/2018 (Insured; FSA)    1,590,000    1,724,260 
 
West Sacramento Redevelopment Agency, Tax Allocati     
(West Sacramento Redevelopment)         
4.75%, 9/1/2016 (Insured; MBIA)    1,000,000    1,046,960 

Colorado--1.5%         
 
Archuleta & Hinsdale Counties         
(School District Number 50JT)         
5.50%, 12/1/2014         
(Insured; MBIA) (Prerefunded 12/1/2006)    750,000 a    785,805 
 
Colorado Water Resources & Power Development         
Authority, Drinking Water Revenue         
5.25%, 9/1/2015    1,000,000    1,071,930 
 
Delaware--5.3%         
 
Delaware Economic Development Authority, PCR         
(Delmarva Power)         
4.90%, 5/1/2011 (Insured; AMBAC)    5,000,000    5,388,200 
 
Delaware Housing Authority, Revenue         
5.15%, 7/1/2017    1,115,000    1,126,674 
 
Florida--6.0%         
 
Capital Projects Finance Authority, Student Housing         
Revenue (Capital Projects Loan Program)         
5.50%, 10/1/2017 (Insured; MBIA)    2,000,000    2,170,220 
 
Florida Department of Corrections, COP         
(Okeechobee Correctional)         
5%, 3/1/2015 (Insured; AMBAC)    1,000,000    1,109,690 
 
Florida State University Financial Assistance Inc.,         
Educational & Athletic Facilities Improvement Reven         
5%, 10/1/2018 (Insured; AMBAC)    1,705,000    1,858,791 
 
Jacksonville Electric Authority, Revenue         
(Saint John's River Power Park Systems) 5%, 10/1/20    1,000,000    1,077,140 
 
Pace Property Finance Authority, Inc.,         
Utility System Improvement Revenue         
5.125%, 9/1/2012 (Insured; AMBAC)    1,055,000    1,121,961 
 
Georgia--.7%         
 
Atlanta, Public Improvement 5%, 12/1/2013    825,000    862,793 
 
Idaho--2.6%         
 
Idaho Housing and Finance Association         
(Single Family Mortgage)         
5.55%, 7/1/2016 (Insured; FHA)    475,000    491,834 
 
Kootenai County School District Number 273         
(Post Falls) 5%, 8/15/2017    1,275,000    1,415,326 
 
Nampa 5%, 8/1/2018 (Insured; FGIC)    1,135,000    1,254,459 
 
Louisiana--3.1%         
 
Louisiana Office Facilities Corp., LR         
(Capital Complex Program):         
5.50%, 5/1/2015 (Insured; AMBAC)    705,000    783,170 
5.25%, 3/1/2017 (Insured; MBIA)    1,500,000    1,615,290 
 
Orleans Parish School Board         
5.20%, 2/1/2014 (Insured; FGIC)    1,355,000    1,384,661 
 
Maryland--5.1%         
 
Maryland Community Development Administration,         
Department of Housing & Community Development:         
Insured Mortgage Loan 5.125%, 5/15/2017    765,000    807,756 
(Single Family Program) 4.75%, 4/1/2013    800,000    838,624 
 
Maryland Economic Development Corp., LR         
(Montgomery County Wayne Avenue)         
5.25%, 9/15/2014    1,295,000    1,452,265 
 
Maryland Health & Higher Educational         
Facilities Authority, Revenue         
(University of Maryland Medical Systems)         
5.75%, 7/1/2017    2,000,000    2,193,940 
 
Prince Georges County, Revenue         
(Dimensions Health Corp.)         
5.10%, 7/1/2006    1,000,000    983,180 
 
Massachusetts--3.2%         
 
The Commonwealth of Massachusetts         
Special Obligation Refunding Notes         
(Federal Highway Grant Anticipation Note Program)         
5%, 12/15/2014 (Insured; FSA)    3,585,000    3,970,961 
 
Michigan--3.2%         
 
Greater Detroit Resource Recovery Authority, Revenue         
6.25%, 12/13/2008 (Insured; AMBAC)    1,000,000    1,103,720 
 
Jonesville Community Schools         
(School Bond Loan Fund Guaranteed):         
5%, 5/1/2016 (Insured; MBIA)    685,000    758,637 
5%, 5/1/2017 (Insured; MBIA)    720,000    793,627 
 
Lincoln Consolidated School District         
(School Bond Loan Fund Guaranteed)         
5%, 5/1/2016 (Insured; FSA)    1,155,000    1,277,141 
 
Minnesota--1.3%         
 
Minnesota 5.25%, 11/1/2011    1,500,000    1,549,635 
 
Missouri--1.5%         
 
Missouri Highways & Transportation Commission,         
State Road Revenue 5%, 2/1/2017    1,000,000    1,075,490 
 
Missouri Housing Development Commission,         
Multi-Family Housing 4.85%, 12/1/2011 (Insured; FH    720,000    759,701 
 
Montana--1.8%         
 
Montana Board of Regents, Higher Education Revenue         
(Facilities-Montana State University)         
5%, 11/15/2018 (Insured; AMBAC)    2,015,000    2,211,402 
 
Nebraska--2.0%         
 
Dodge County School District, Number 001 Fremont         
5%, 12/15/2016 (Insured; FSA)    2,240,000    2,463,709 
 
Nevada--1.4%         
 
Las Vegas Convention & Visitors Authority, Revenue         
5.75%, 7/1/2015 (Insured; AMBAC) (Prerefunded 7/1    1,500,000 a    1,668,510 

New Jersey--1.8%         
Burlington County Bridge Commission, Pooled Loan         
Revenue (Governmental Loan Program)         
5%, 10/15/2013    1,290,000    1,418,948 
New Jersey Transportation Trust Fund Authority         
(Transportation Systems) 5.50%, 6/15/2012         
(Insured; MBIA) (Prerefunded 6/15/2005)    780,000 a    796,411 
New York--3.1%         
New York City Housing Development Corp., MFHR         
5.125%, 11/1/2014    925,000    985,476 
New York City Municipal Water Finance Authority,         
Water & Sewer Systems Revenue         
5.25%, 6/15/2015    1,405,000    1,555,813 
New York State Thruway Authority,         
Service Contract Revenue (Local Highway & Bridge)         
5.75%, 4/1/2006    135,000    137,996 
Triborough Bridge and Tunnel Authority,         
General Purpose Revenue 5%, 1/1/2016    1,000,000    1,073,200 
North Carolina--1.1%         
North Carolina Eastern Municipal Power Agency,         
Power System Revenue 7%, 1/1/2008    1,250,000    1,360,187 
North Dakota--.2%         
Grand Forks 4.90%, 12/1/2011    215,000    217,197 
Ohio--2.1%         
Northeast Regional Sewer District, Wastewater Revenue         
5.50%, 11/15/2012 (Insured; AMBAC)    2,500,000    2,554,925 
Oklahoma--.7%         
Oklahoma Development Finance Authority,         
Health Facilities Revenue         
(Oklahoma Hospital Association)         
5.125%, 6/1/2012 (Insured; AMBAC)    785,000    855,132 
Pennsylvania--10.8%         
Cambria County 6.625%, 8/15/2014 (Insured; FGIC)    615,000    629,194 
Harrisburg Authority, Office and Parking Revenue         
5.75%, 5/1/2008    1,000,000    1,048,360 
Harrisburg Redevelopment Authority, Revenue         
Zero Coupon, 11/1/2017 (Insured; FSA)    2,750,000    1,625,442 
Hatboro Horsham School District         
5%, 9/15/2016 (Insured; FSA)    3,855,000    4,244,895 
Pennsylvania Higher Educational Facilities Authority,         
Revenue (University Health Services)         
5.35%, 1/1/2008 (Prerefunded 1/1/2006)    4,500,000 a    4,608,090 
Sayre Health Care Facilities Authority, Revenue         
(Guthrie Health) 6.25%, 12/1/2014    1,000,000    1,124,890 
Rhode Island--.8%         
Rhode Island Consolidated Capital Development Loan         
5.95%, 8/1/2013 (Insured; MBIA) (Prerefunded 8/1/20    1,000,000 a    1,014,370 
South Carolina--4.0%         
Anderson, Water & Sewer Systems Revenue         
5%, 7/1/2017 (Insured; MBIA)    1,390,000    1,513,182 
Charleston County Airport District,         
Airport Systems Revenue         
5%, 7/1/2015 (Insured; XLCA)    1,950,000    2,148,725 
Pickens County School District         
(School District Enhance Program)         
5%, 5/1/2012    1,135,000    1,210,387 
Texas--7.6%         
Dallas-Fort Worth International Airport,         
Revenue (Joint Improvement)         
5.75%, 11/1/2016 (Insured; FSA)    1,735,000    1,964,679 
El Paso, Water & Sewer Revenue         
5%, 3/1/2014 (Insured; FSA)    1,000,000    1,104,070 
Irving Hospital Authority, HR         
(Irving Healthcare Systems)         
5.70%, 7/1/2008 (Insured; FSA)    1,675,000    1,678,719 
North Harris Montgomery Community College District         
5.375%, 2/15/2017 (Insured; FGIC)    1,000,000    1,105,170 
Tomball Hospital Authority, Revenue         
6%, 7/1/2013    3,500,000    3,506,055 
Virginia--2.9%         
Brunswick County Industrial Development Authority,         
Correctional Facility LR         
5.55%, 7/1/2008 (Insured; MBIA) (Prerefunded 7/1/20    1,325,000 a    1,388,786 
Fairfax County Redevelopment & Housing Authority, L         
(James Lee Community Center) 5.25%, 6/1/2019    1,120,000    1,224,485 
Newport News 5%, 11/1/2016    855,000    937,969 
Washington--2.8%         
Energy Northwest, Wind Project Revenue         
5.60%, 7/1/2015 (Prerefunded 1/1/2007)    1,000,000 a    1,067,290 
King County School District Number 405 (Bellevue)         
5%, 12/1/2014 (Insured; FGIC)    1,000,000    1,103,750 
Washington Health Care Facilities Authority, Revenue         
(Gray Harbor Community Hospital)         
5.75%, 7/1/2010 (Insured; Radian)    1,180,000    1,230,669 
West Virginia--.8%         
West Virginia Housing Development Fund         
(Housing Finance) 5%, 11/1/2014    1,000,000    1,033,600 
Wisconsin--.8%         
Wisconsin Health & Educational         
Facilities Authority, Revenue         
(Franciscan Skemp Medical Center)         
5.875%, 11/15/2010    1,000,000    1,029,820 
Total Long-Term Municipal Investments (cost $114,382,273)    118,595,797 
Short-Term Municipal Investments--1.6%         
Pennsylvania--1.6%         
Philadelphia Hospitals & Higher Education         
Facilities Authority, HR, VRDN         
(Children's Hospital of Philadelphia) 2.95%    2,000,000 b    2,000,000 
Total Short-Term Municipal Investments (cost $2,000,000)    2,000,000 
Total Investments (cost $116,382,273)    98.2%    120,595,797 
Cash and Receivables (Net)    1.8%    2,250,606 
Net Assets    100.0%    122,846,403 

Notes to Statement of Investments: 
 
(a) 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 
(b) Securities payable on demand. Variable interest rate--subject to periodic change. 
(c) 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 on Form N-CSR. 

Dreyfus Premier Select Municipal Bond Fund             
Statement of Investments             
May 31, 2005 (Unaudited)             
 
Long-Term Municipal Investments--96.8%    Principal         
    Amount ($)        Value ($) 
Arizona--.5%             
 
Arizona School Facilities Board, Revenue             
(State School Improvement)             
5%, 7/1/2018    1,025,000        1,111,192 
 
Arkansas--3.1%             
 
Beaver Water District,             
Benton and Washington Counties, Water Revenue             
5%, 11/15/2016 (Insured; AMBAC)    1,400,000        1,523,802 
 
Board of Trustees of the University of Arkansas             
Various Facility Revenue (Fayetteville Campus)             
5.50%, 12/1/2017 (Insured; FGIC) (Prerefunded 12/1/2012)    2,865,000    a    3,277,073 
5.50%, 12/1/2017 (Insured; FSA) (Prerefunded 12/1/2011)    1,695,000    a    1,917,384 
 
California--20.7%             
 
California:             
GO:             
5.25%, 10/1/2016 (Prerefunded 10/1/2005)    3,375,000    a    3,436,223 
5.25%, 10/1/2016    695,000        705,196 
5.25%, 9/1/2017 (Insured; MBIA)    1,800,000        1,957,428 
Veterans 5.45%, 12/1/2024 (Insured; FSA)    3,430,000        3,511,085 
 
California Department of Water Resources             
Power Supply Revenue             
5.375%, 5/1/2017 (Insured; XLCA)    4,000,000        4,471,560 
 
California Public Works Board, LR             
(Department of Corrections)             
5.25%, 3/1/2021 (Insured; AMBAC)    1,000,000        1,079,690 
 
Clovis Public Financing Authority             
Water Revenue             
5%, 3/1/2019 (Insured; AMBAC)    2,005,000        2,186,172 
 
Desert Sands Unified School District, COP:             
5.25%, 3/1/2015 (Insured; MBIA)    1,025,000        1,131,508 
5.25%, 3/1/2016 (Insured; MBIA)    1,080,000        1,188,400 
 
East Bay Municipal Utility Distric             
Water System Revenue             
5%, 6/1/2021 (Insured; MBIA)    1,125,000        1,196,820 
 
East Side Union High School District             
GO (County of Santa Clara, 2002 Election Series):             
5%, 8/1/2017 (Insured; FGIC)    1,290,000        1,412,511 
5%, 8/1/2018 (Insured; FGIC)    1,345,000        1,471,941 
5%, 8/1/2019 (Insured; FGIC)    1,410,000        1,540,933 
 
Fullerton Joint Union High School District             
5%, 8/1/2018 (Insured; FSA)    760,000        822,350 
 
Glendale Community College District             
Zero Coupon, 8/1/2019 (Insured; FGIC)    1,130,000        609,963 
Zero Coupon, 8/1/2020 (Insured; FGIC)    1,200,000        614,664 
Zero Coupon, 8/1/2021 (Insured; FGIC)    1,520,000        737,945 

Glendora Unified School District, GO:         
Zero Coupon, 8/1/2026 (Insured; FGIC)    2,575,000    949,376 
Zero Coupon, 8/1/2027 (Insured; FGIC)    2,000,000    695,860 
 
Nevada Joint Union High School District         
(Nevada and Yuba Counties)         
GO 5%, 8/1/2022 (Insured; FSA)    1,160,000    1,234,576 
 
Placer Union High School District:         
Zero Coupon, 8/1/2027 (Insured; FSA)    4,110,000    1,429,992 
Zero Coupon, 8/1/2028 (Insured; FSA)    4,000,000    1,321,000 
 
Redevelopment Agency of the City         
of Corona, Merger Downtown and Amended         
Project Area "A" (2004 Tax Allocation         
5%, 9/1/2018 (Insured; FGIC)    1,520,000    1,646,859 
 
Sacramento City Financing Authority, Revenue         
Capital Improvement         
5%, 12/1/2026 (Insured; AMBAC)    1,450,000    1,519,977 
 
San Jose         
(Library Parks and Public Safety Projects         
5%, 9/1/2019    1,575,000    1,711,899 
 
San Juan Unified School District         
5.25%, 8/1/2019 (Insured; MBIA)    1,295,000    1,440,118 
5.25%, 8/1/2020 (Insured; MBIA)    1,425,000    1,584,686 
 
Tustin Unified School District, Special Tax         
(Senior Lien Community Facilities District 97         
Zero Coupon, 9/1/2021 (Insured; FSA)    1,615,000    781,143 
 
Walnut Valley Unified School Distric         
6.50%, 8/1/2019 (Insured; FGIC)    1,765,000    1,775,519 
 
Colorado--2.4%         
 
Colorado Health Facilities Authority         
Revenue (Porter Place)         
5.875%, 1/20/2020 (Collateralized; GNMA)    1,940,000    2,103,852 
 
Northwest Parkway Public Highway         
Authority, Senior Revenue         
Zero Coupon, 6/15/2026 (Insured; FSA)    10,000,000    3,123,300 
 
Delaware--4.8%         
 
Delaware Economic Development Authority,         
Revenue (Pollution Control Delmarva Project)         
5.20%, 2/1/2019 (Insured; AMBAC)    6,000,000    6,446,760 
 
Delaware Housing Authority, Revenue         
5.40%, 7/1/2024    1,640,000    1,644,215 
 
The City of Wilmington, MFHR         
(GNMA Collateralized Mortgage Loan -         
Market Street Mews Project) 5.45%, 9/20/2022    2,125,000    2,247,846 
 
Florida--3.3%         
 
Florida Intergovernmental Finance         
Commission, Capital Revenue         
5.125%, 2/1/2031 (Insured; AMBAC)    3,500,000    3,658,865 
 
School Board of Saint Lucie County, COP         
(Florida Master Lease Program)         
5%, 7/1/2018 (Insured; FSA)    1,635,000    1,778,193 
 
Winter Park, Water and Sewer Revenue         
5.375%, 12/1/2019 (Insured; AMBAC)    1,525,000    1,704,188 
 
Georgia--2.2%         
 
Atlanta, Water and Wastewater Revenue         
5.50%, 11/1/2018 (Insured; FGIC)    1,200,000    1,410,756 
 
De Kalb County Housing Authority, MFHR         
(Longleaf Apartments Project)         
5.45%, 10/20/2024 (Collateralized; GNMA)    1,540,000    1,672,594 
 
Development Authority of Bulloch County,         
Student Housing LR         
(Georgia Southern University Project)         
5%, 8/1/2018 (Insured; AMBAC)    1,470,000    1,591,672 

Idaho--8.1%         
 
Boise State University, Revenues         
5.375%, 4/1/2022 (Insured; FGIC)    3,000,000    3,289,410 
Student Union and Housing System         
5%, 4/1/2017 (Insured; AMBAC)    1,015,000    1,102,168 
 
Caldwell, Parity Lien Sewer Revenue         
5.75%, 9/1/2018 (Insured; FSA)    2,625,000    2,959,792 
 
Canyon County School District Number 132         
(Caldwell) GO         
5.25%, 7/30/2016 (Insured; MBIA)    1,405,000    1,563,821 
 
Idaho Housing and Finance Association         
5.55%, 1/1/2033    285,000    298,093 
(Single Family Mortgage)         
5.625%, 7/1/2015    785,000    786,688 
 
Idaho State University, General Improvement Revenue     
5%, 4/1/2016 (Insured; FSA)    2,315,000    2,526,151 
5%, 4/1/2017 (Insured; FSA)    1,930,000    2,096,443 
 
Nampa 5%, 8/1/2020 (Insured; FGIC)    1,330,000    1,460,540 
 
The Regents of the University of Idaho,         
Student Fee Revenue         
5%, 4/1/2014 (Insured; FSA)    1,080,000    1,191,272 
 
Kentucky--.5%         
 
Kentucky Turnpike Authority         
Economic Development Road Revenue         
(Revitalization Projects)         
5.625%, 7/1/2010 (Insured; AMBAC)         
(Prerefunded 7/1/2005)    745,000 a    761,614 
5.625%, 7/1/2010 (Insured; AMBAC)         
(Prerefunded 7/1/2005)    255,000 a    260,687 
 
Louisiana--2.9%         
 
Louisiana Office Facilities Corp., LR         
(Capital Complex Program)         
5.25%, 3/1/2017 (Insured; MBIA)    3,000,000    3,230,580 
 
Orleans Parish School Board         
5.20%, 2/1/2014 (Insured; FGIC)    3,000,000    3,065,670 
 
Maine--2.9%         
 
Maine Housing Authority (Mortgage Purchase)         
5.85%, 11/15/2020    1,230,000    1,300,405 
5.35%, 11/15/2021    4,680,000    4,899,445 
 
Maryland--4.4%         
 
Community Development Administration,         
Maryland Department of Housing and         
Community Development:         
Housing 5.95%, 7/1/2023    2,695,000    2,787,385 
MFHR         
(Insured Mortgage Loans)         
5.30%, 5/15/2022    435,000    458,655 
Residential Revenue:         
5.30%, 9/1/2012    800,000    819,280 
5.40%, 9/1/2013    755,000    774,509 
5.55%, 9/1/2015    790,000    820,415 
(Single Family Program) 4.75%, 4/1/2013    2,090,000    2,190,905 
 
Hyattsville, Special Obligatio         
(University Town Center Project)         
5.60%, 7/1/2024    1,500,000    1,532,610 
 
Massachusetts--1.1%         
 
Massachusetts Development Finance Agency, Revenue     
(Credit Housing - Chelsea Homes)         
5%, 12/15/2024    1,200,000    1,226,004 
 
Massachusetts Housing Finance Agency,         
SFHR 7.125%, 6/1/2025    80,000    80,093 
 
Massachusetts Industrial Finance Agency         
Health Care Facility Revenue         
(Metro Health Foundation Inc. Project)         
6.75%, 12/1/2027    1,000,000    982,870 
 
Michigan--2.5%         
 
Grand Traverse County Building Authority, GO         
5%, 5/1/2025 (Insured; MBIA)    1,070,000    1,129,096 
 
Kalamazoo Hospital Finance Authority         
Hospital Facility Revenue         
(Burgess Medical Center)         
6.25%, 6/1/2014 (Insured; FGIC)    1,000,000    1,205,430 
 
Livingston County         
(Marion Sanitary Sewer Systems Number 1)     
5.125%, 6/1/2019    2,100,000    2,176,692 
 
Michigan Municipal Bond Authority, Revenue         
(Local Government Loan Program)         
6.125%, 12/1/2018 (Insured; FGIC)    750,000    766,905 
 
Mississippi--.7%         
 
Mississippi Development Bank, Special Obligatio     
(Waveland, GO Public Improvement Bond Project     
5%, 11/1/2020 (Insured; AMBAC)    1,315,000    1,419,976 
 
Missouri--3.3%         
 
Cape Girardeau County Industrial Development         
Authority, MFHR (Cape La Croix)         
6.40%, 6/20/2031 (Collateralized; GNMA)    1,245,000    1,287,342 
 
Curators of the University of Missouri         
Systems Facilities Revenue         
5%, 11/1/2021    1,605,000    1,744,635 
 
Missouri Housing Development Commission, MFHR     
5.25%, 12/1/2016 (Collateralized; FHA)    1,965,000    2,075,590 
5.375%, 12/1/2018 (Collateralized; FHA)    1,890,000    2,004,156 
 
Montana--2.2%         
 
Montana Board of Housing,         
Single Family Mortgage         
5.60%, 12/1/2023    2,310,000    2,328,780 
 
Montana Board of Regents, Higher Education Revenue     
(Montana State University)         
5%, 11/15/2020 (Insured; AMBAC)    1,210,000    1,317,884 
5%, 11/15/2021 (Insured; AMBAC)    1,000,000    1,085,040 
 
Nebraska--1.2%         
 
Municipal Energy Agency of Nebraska         
Power Supply System Revenue         
5.25%, 4/1/2016 (Insured; AMBAC)    2,305,000    2,540,064 
 
New Hampshire--2.6%         
 
New Hampshire Higher Educational and Health         
Facilities Authority, HR         
(Androscoggin Valley Hospital)         
5.75%, 11/1/2017    1,475,000    1,547,614 
 
New Hampshire Housing Finance Authority         
Mortgage Revenue         
6.85%, 7/1/2014    10,000    10,063 
Multi-Family Revenue         
5.05%, 7/1/2012    1,480,000    1,541,154 
5.15%, 7/1/2013    2,295,000    2,387,489 
 
New Jersey--.6%         
 
New Jersey Turnpike Authority, Turnpike Revenue     
6.50%, 1/1/2016    750,000    908,295 
6.50%, 1/1/2016    250,000    301,185 

New Mexico--.8%         
 
New Mexico Finance Authority,         
Court Facilities Fee Revenue         
5%, 6/15/2016 (Insured; MBIA)         
(Prerefunded 6/15/2011)    1,500,000 a    1,642,170 
 
New York--2.3%         
 
New York City Municipal Water Finance Authority         
Water and Sewer System Revenue         
5.125%, 6/15/2021 (Insured; MBIA)    2,000,000    2,087,660 
 
New York State Thruway Authority:         
(Highway and Bridge Trust Fund)         
5%, 4/1/2016 (Insured; FGIC)    1,000,000    1,057,340 
(State Personal Income Tax Revenue-Transportation)     
5%, 3/15/2020 (Insured; MBIA)    1,575,000    1,707,930 
 
North Carolina--4.0%         
 
North Carolina Housing Finance Agency         
(Home Ownership)         
5.875%, 7/1/2031    8,110,000    8,462,785 
 
Ohio--3.5%         
 
Village of Groveport, Income Tax Receipt         
(Special Obligations):         
5%, 12/1/2017 (Insured; MBIA)    3,535,000    3,844,454 
5%, 12/1/2018 (Insured; MBIA)    1,000,000    1,086,170 
 
Lorain, Hospital Improvement Revenue         
(Lakeland Community Hospital, Inc.)         
6.50%, 11/15/2012    810,000    824,062 
 
Sharonville 5.25%, 6/1/2017 (Insured; FGIC)    1,480,000    1,635,444 
 
Oregon--1.5%         
 
Oregon Bond Bank, Revenue         
(Economic Community Development Department)     
5.50%, 1/1/2014 (Insured; MBIA)    1,190,000    1,282,796 
 
Oregon Housing and Community Services         
Department, SFMR (Mortgage Program)         
6.45%, 7/1/2026    335,000    342,079 
 
Sweet Home School District Number 55,         
Linn County, GO         
5.50%, 6/15/2020 (Insured; FSA)         
(Prerefunded 6/15/2011)    1,375,000 a    1,546,751 
 
Pennsylvania--3.9%         
 
Boyertown Area School District, GO         
5%, 10/1/2017 (Insured; FSA)    1,010,000    1,111,667 
5%, 10/1/2018 (Insured; FSA)    1,065,000    1,168,539 
 
Dauphin County General Authority,         
Office and Packaging Revenue (Riverfront Office     
6%, 1/1/2025    2,000,000    1,843,280 
 
Ephrata Area School Distric         
5%, 4/15/2013 (Insured; FGIC)    150,000    163,659 
 
Philadelphia Hospitals and Higher Educatio         
Facilities Authority, Revenue         
(Jefferson Health Systems)         
5%, 5/15/2011    1,410,000    1,479,161 
 
Washington County Industrial Development         
Authority, PCR (West Penn Power Co.)         
6.05%, 4/1/2014 (Insured; AMBAC)    2,500,000    2,556,550 
 
Tennessee--.5%         
 
Sullivan County Industrial Board, Revenue         
6.35%, 7/20/2027 (Collateralized; GNMA)    1,000,000    1,034,290 
 
Texas--4.7%         
 
Austin, Utility System Revenue         
5.125%, 11/15/2016 (Insured; FSA)    2,000,000    2,089,960 
 
Austin Convention Enterprises Inc.,         
Convention Center Hotel First Tier Revenue         
6.60%, 1/1/2021    1,500,000    1,602,420 
 
Crosby Independent School District         
(Permanent School Fund Guaranteed)         
Zero Coupon, 2/15/2017    1,655,000    1,009,285 
 
Dallas 5.25%, 2/15/2018    1,000,000    1,069,780 
 
Little Elm Independent School District         
(Permanent School Fund Guaranteed)         
Zero Coupon, 8/15/2022    1,285,000    517,662 
 
McKinney Independent School District         
(Permanent School Fund Guaranteed)         
5.375%, 2/15/2019 (Prerefunded 2/15/2010)    1,500,000 a    1,649,655 
 
North Harris Montgomery Community College         
District 5.375%, 2/15/2017 (Insured; FGIC)    1,945,000    2,149,556 
 
Vermont--1.5%         
 
Vermont Municipal Bond Bank         
5%, 12/1/2017 (Insured; MBIA)    720,000    787,183 
5%, 12/1/2022 (Insured; MBIA)    2,270,000    2,461,656 
 
Virginia--2.4%         
 
Hampton Redevelopment and Housing Authority,         
Senior Living Association Revenue         
5.875%, 7/20/2016 (Collateralized; GNMA)    1,825,000    1,896,139 
 
Middle River Regional Jail Authority         
Jail Facility Revenue         
5%, 5/15/2019 (Insured; MBIA)    1,200,000    1,308,864 
 
Riverside Regional Jail Authority, Jail Facilitie         
Revenue 5.875%, 7/1/2014 (Insured; MBIA)         
(Prerefunded 7/1/2005)    475,000 a    485,692 
 
Virginia Transportation Board,         
Transportation Revenue         
(U.S. Route 58 Corridor)         
5%, 5/15/2017    1,300,000    1,407,341 
 
Washington--.7%         
 
Energy Northwest, Wind Project Revenue         
5.875%, 7/1/2020 (Prerefunded 1/1/2007)    1,375,000 a    1,473,313 
 
Seatac Local Option Transportation,         
Tax Revenue         
6.50%, 12/1/2013 (Insured; MBIA)    15,000    15,195 
 
West Virginia--.5%         
 
Pleasants County, PCR (West Penn Power Co.)         
6.15%, 5/1/2015 (Insured; AMBAC)    1,000,000    1,021,800 
 
Wisconsin--.5%         
 
Housing Authority of the City of Mlwaukee,         
MFHR         
(Veterans Housing Projects)         
5.10%, 7/1/2022 (Collateralized; FNMA)    1,000,000    1,074,900 
 
Total Long-Term Municipal Investments         
(cost $197,351,878)        206,517,169 
 
Short-Term Municipal Investment--1.6%         
 
Pennsylvania--         
 
Geisinger Authority, Health Systems Revenue, VRDN     
(Geisinger Health System) 2.95%         
(cost $3,500,000)    3,500,000 b    3,500,000 
 
Total Investments (cost $200,851,878)    98.4%    210,017,169 
 
Cash and Receivables (Net)    1.6%    3,322,781 
 
Net Assets    100.0%    213,339,950 

a 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 Securities payable on demand. Variable interest rate - subject to periodic chang 
c Securities valuation policies and other investment related disclosures are hereby incorporated by reference th 
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. 

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 MUNICIPAL FUNDS, INC.

By:    /s/ Stephen E. Canter 
    Stephen E. Canter 
    President 
Date:    July 15, 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:    July 15, 2005 
 
By:    /s/ James Windels 
James Windels
    Chief Financial Officer 
Date:    July 15, 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)