N-Q 1 form-122.htm FORM N-Q form-122
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:    11/30/05 

FORM N-Q

Item 1. Schedule of Investments.

Dreyfus BASIC Municipal Money Market Fund             
Statement of Investments             
November 30, 2005 (Unaudited)             
 
    Principal     
Tax Exempt Investments--100.0%    Amount ($)    Value ($) 
 
Arkansas--.8%             
 
Arkansas Development Finance Authority, IDR             
(Defiance Metal Products of Arkansas Project)             
3.21% (LOC; Standard Federal Bank)    3,150,000    a    3,150,000 
 
California--3.9%             
 
California, RAN 4.50%, 6/30/2006    4,000,000        4,034,015 
California Department of Water Resources,             
Power Supply Revenue, CP             
3.21%, 1/12/2006 (LOC: JPMorgan Chase Bank             
and Societe Generale)    5,000,000        5,000,000 
California Statewide Communities Development Authority,         
MFHR (Vista Montana Apartments)             
3.14% (Liquidity Facility; Merrill Lynch)    2,500,000    a    2,500,000 
Golden State Tobacco Securitization Corporation,             
Tobacco Settlement Revenue 3.06%             
(Liquidity Facility; Merrill Lynch)    2,875,000    a    2,875,000 
 
Colorado--3.0%             
 
Colorado Health Facilities Authority, Revenue             
(Sisters Charity Health System) 2.98%    585,000    a    585,000 
Colorado Housing and Finance Authority,             
Economic Development Revenue             
(Closet Factory Project) 3.19% (LOC;             
Bank of New York)    2,300,000    a    2,300,000 
Denver City and County, MFHR             
3.17% (Liquidity Facility; Merrill Lynch and             
LOC; Merrill Lynch)    5,915,000    a    5,915,000 
Section 14 Metropolitan District Jefferson County,             
GO Notes, Refunding             
2.21% (LOC; U. S. Bank NA)    2,500,000    a    2,500,000 
 
District of Columbia--1.5%             
 
District of Columbia, Revenue:             
(Idea Public Charter School)             
3.16% (LOC; Allfirst Bank)    2,400,000    a    2,400,000 
(Merlots Program) 3.02% (Insured; MBIA and             
Liquidity Facility; Wachovia Bank)    3,130,000    a    3,130,000 
 
Florida--2.3%             
 
Collier County Health Facilities Authority,             
Revenue (Cleveland Clinic Health             
System Obligated Group)             
2.98% (LOC; JPMorgan Chase Bank)    3,800,000    a    3,800,000 
Sunshine State Governmental Financing Commission,         
CP 3.11%, 1/17/2006 (Liquidity Facility;             
DEPFA Bank)    4,790,000        4,790,000 
 
Georgia--7.7%             
 
Atlanta, Airport Revenue (Merlots Program)             
3.07% (Insured; FGIC and Liquidity Facility;             
Wachovia Bank)    5,070,000    a    5,070,000 

Gainesville Housing Authority, MFHR             
(Lenox Park Apartments Project)             
3.17% (Liquidity Facility; Merrill Lynch)    3,350,000    a    3,350,000 
Savannah Economic Development Authority,             
Industrial Revenue (Home Depot Project) 3.10%    20,000,000    a    20,000,000 
 
Idaho--1.8%             
 
Idaho Housing and Finance Association, SFMR             
2.50%, 2/1/2006 (Liquidity Facility; Lloyds TSB Bank)    3,000,000        3,000,000 
Oneida County Economic Development Corp., IDR             
(Hess Pumice Products, Inc. Project)             
3.18% (LOC; Key Bank)    3,500,000    a    3,500,000 
 
Illinois--5.8%             
 
Chicago O'Hare International Airport,             
Transportation Revenue, CP 2.87%, 1/18/2006             
(LOC; Dexia Credit Locale, Fortis Bank,             
Societe Generale and State Street Bank and Trust Co.)    6,529,000        6,529,000 
Illinois Development Finance Authority:             
IDR             
(Trim-Rite Food Corp. Project)             
3.19% (LOC; ABN-AMRO)    2,000,000    a    2,000,000 
Revenue             
(Aurora Central Catholic High School)             
3.27% (LOC; Allied Irish Banks)    1,000,000    a    1,000,000 
Illinois Finance Authority, IDR             
(CFC International Inc. Project)             
3.14% (LOC; ABN-AMRO)    1,900,000    a    1,900,000 
Illinois Health Facility (Evanston Hospital) CP             
2.65%, 12/1/2005    10,000,000        10,000,000 
 
Indiana--2.2%             
 
Gary, EDR             
(Gary County Market Project)             
3.14% (LOC; ABN-AMRO)    3,275,000    a    3,275,000 
Indianapolis Local Public Improvement Bond Bank, CP             
2.85%, 12/8/2005 (Liquidity Facility; Key Bank)    747,000        747,000 
Lawerence-Fort Harrison Reuse Authority, Tax             
Increment Revenue (Fort Harrison Military Base)             
3.06% (LOC; Fifth Third Bank)    4,000,000    a    4,000,000 
 
Kentucky--3.6%             
 
Kenton County Airport Board, Special Facilities Revenue             
(Airis Cincinnati LLC)             
3.13% (LOC; Deutsche Postbank)    13,500,000    a    13,500,000 
 
Louisiana--2.4%             
 
Calcasieu Parish Industrial Development Board,             
Environmental Revenue (Citgo Petroleum)             
3.08% (LOC; Natexis Banque Popular)    5,000,000    a    5,000,000 
New Orleans Sewerage Service, BAN             
2.93%, 7/26/2006    4,000,000        4,001,221 
 
Maryland--.7%             
 
Maryland Economic Development Corporation, Revenue             
(Chesapeake Advertising Facility)             
3.29% (LOC; M&T Bank)    2,790,000    a    2,790,000 

Michigan--6.7%             
 
ABN AMRO Munitops Certificate Trust, Revenue             
3.18% (Insured; GNMA and             
Liquidity Facility; ABN-AMRO)    9,495,000    a    9,495,000 
Michigan Hospital Finance Authority, Revenue             
(Healthcare Equipment Loan Program)             
3.02% (LOC; Fifth Third Bank)    2,900,000    a    2,900,000 
Michigan Municipal Bond Authority, RAN             
(Detroit School District)             
3.71%, 3/21/2006 (LOC; JPMorgan Chase Bank)    3,450,000        3,461,659 
Michigan Strategic Fund, LOR             
(NSS Technologies Project)             
3.15% (LOC; Wachovia Bank)    4,000,000    a    4,000,000 
Oakland County Economic Development Corporation, LOR         
(Michigan Seamless Tube LLC Project)             
3.20% (LOC; Standard Federal Bank)    5,000,000    a    5,000,000 
 
Minnesota--.5%             
 
Minneapolis-Saint Paul Metropolitan             
Airports Commission, Airport Revenue             
3.08% (Insured; AMBAC and             
Liquidity Facility; Merrill Lynch)    2,000,000    a    2,000,000 
 
Mississippi--.7%             
 
Mississippi Business Finance Corporation, Revenue             
(Jackson Preparatory School)             
3.20% (LOC; First Tennessee Bank)    2,575,000    a    2,575,000 
 
Missouri--2.6%             
 
Missouri Higher Education Loan Authority, Student Loan             
Revenue, Refunding 3.03% (Insured; MBIA and Liquidity         
Facility; State Street Bank and Trust Co.)    9,500,000    a    9,500,000 
 
Nevada--1.0%             
 
Clark County, EDR             
(Lutheran Secondary School Association Project)             
3.25% (LOC; Allied Irish Banks)    3,700,000    a    3,700,000 
 
New Jersey--2.2%             
 
New Jersey, TRAN             
3.95%, 6/23/2006    8,000,000        8,051,277 
 
North Carolina--.9%             
 
Iredell County Industrial Facilities and Pollution Control             
Financing Authority, Revenue             
(Onsrud Inc. Project) 3.11% (LOC; Wachovia Bank)    3,300,000    a    3,300,000 
 
Ohio--1.6%             
 
Ohio State Higher Educational Facilities, Revenue             
(Cedarville University Project) 3.11% (LOC; Key Bank)    5,970,000    a    5,970,000 
 
Oklahoma--1.2%             
 
Canadian County Home Finance Authority, MFHR             
3.17% (Liquidity Facility; Merrill Lynch)    4,630,000    a    4,630,000 

Oregon--1.3%             
 
Portland, EDR (Broadway Project)             
3.06% (Insured; AMBAC and             
Liquidity Facility; Key Bank)    4,800,000    a    4,800,000 
 
Pennsylvania--15.4%             
 
Bethlehem Area School District, GO Notes             
3.07% (Insured; FSA and Liquidity Facility;             
Dexia Credit Locale)    5,000,000    a    5,000,000 
Chester County Industrial Development Authority,             
Revenue (University Student Housing Project)             
3.03% (LOC; Citizens Bank of Pennsylvania)    7,305,000    a    7,305,000 
Dauphin County General Authority, Revenue             
3.07% (Insured; FSA and Liquidity Facility:             
Bank of Nova Scotia and KBC Bank)    2,300,000    a    2,300,000 
Emmaus General Authority,             
Local Government Revenue             
(Bond Pool Program) 3.01%             
(LOC; DEPFA Bank)    12,000,000    a    12,000,000 
Lancaster County, GO Notes             
3.07% (Insured; FSA and Liquidity Facility;             
Royal Bank of Canada)    3,000,000    a    3,000,000 
Lancaster Industrial Development Authority, Revenue             
(Student Lodging and Services)             
3.18% (LOC; Fulton Bank)    4,515,000    a    4,515,000 
Mount Lebanon School District, GO Notes             
(Merlots Program) 3.02% (Insured; MBIA and             
Liquidity Facility; Wachovia Bank)    4,985,000    a    4,985,000 
Philadelphia Authority for Industrial Development,             
Health Care Facility Revenue             
(Greater Philidelphia Health)             
3.07% (LOC; Commerce Bank)    3,540,000    a    3,540,000 
Reading Regional Airport Authority, Revenue             
3.10% (Insured; AMBAC and             
Liquidity Facility; Wachovia Bank)    3,940,000    a    3,940,000 
Scranton Redevelopment Authority, LR             
3.08% (LOC; PNC Bank N.A.)    2,000,000    a    2,000,000 
Spring Grove Area School District, GO Notes             
3.07% (Insured; FSA and Liquidity Facility;             
Dexia Credit Locale)    3,500,000    a    3,500,000 
Venango County Industrial Development Authority, RRR, CP         
(Scrubgrass Project) 2.80%, 12/7/2005             
(LOC; Dexia Credit Locale)    5,000,000        5,000,000 
 
Rhode Island--.6%             
 
Rhode Island Economic Development Corporation,             
Airport Revenue             
3.08% (Insured; MBIA and Liquidity Facility;             
Merrill Lynch)    2,170,000    a    2,170,000 
 
Tennessee--5.2%             
 
Chattanooga Metropolitan Airport Authority, Revenue,             
Refunding 3.30% (LOC; First Tennessee Bank)    9,325,000    a    9,325,000 
Metropolitan Government Nashville and Davidson County             
Health and Educational Facility Board, MFHR,             
Refunding (Brentwood Oaks Apartments)             
3.07% (Insured; FNMA and Liquidity Facility; FNMA)    9,920,000    a    9,920,000 
 
Texas--7.5%             

Brazos River Authority, PCR, Refunding             
(TXU Energy Company Project)             
3.05% (LOC; Wachovia Bank)    4,000,000    a    4,000,000 
Greenville Industrial Development Corporation,             
Industrial Revenue (Woodgrain Project)             
3.13% (LOC; General Electric Capital Corp.)    3,225,000    a    3,225,000 
Lower Neches Valley Authority Industrial Development             
Corporation, Exempt Facilities Revenue             
(Onyx Environmental Services)             
3.10% (LOC; Bank of America)    3,400,000    a    3,400,000 
Port of Port Arthur Navigation District,             
Environmental Facilities Revenue, Refunding             
(Motiva Enterprises Project) 3.10%    5,945,000    a    5,945,000 
Revenue Bond Certificate Series Trust, Revenue             
(Siena Place) 3.48% (GIC; AIG Funding Inc.)    3,315,000    a    3,315,000 
Texas, TRAN 4.50%, 8/31/2006    8,000,000        8,086,209 
 
Utah--2.6%             
 
Utah Housing Corporation, SFMR             
2.50% (Liquidity Facility; Bayerische Landesbank)    3,400,000    a    3,400,000 
Utah Housing Finance Agency, MFHR,             
Refunding (Candlestick Apartments LLC)             
3.10% (Insured; FNMA and Liquidity Facility; FNMA)    6,400,000    a    6,400,000 
 
Virginia--4.2%             
 
Hanover County Industrial Development Authority, IDR             
(Iron and Metal Company Project)             
3.17% (LOC; Branch Banking and Trust Company)    3,525,000    a    3,525,000 
Patrick County Industrial Development Authority,             
IDR (Narroflex Inc. Project)             
3.25% (LOC; HSBC Bank USA)    4,240,000    a    4,240,000 
Roanoke Industrial Development Authority, IDR             
(Virginia Transformer Corp.)             
3.20% (LOC; SunTrust Bank)    1,440,000    a    1,440,000 
Virginia Housing Development Authority,             
Commonwealth Mortgage Revenue 2.98%, 4/4/2006    6,400,000        6,400,000 
 
Washington--4.9%             
 
King County School District Number 412 Shoreline,             
GO Notes 5.89%, 12/1/2005 (Insured; FSA)    1,000,000        1,000,000 
Port Chehalis Industrial Development Corporation,             
Revenue (JLT Holding LLC Project)             
3.18% (LOC; Key Bank)    3,080,000    a    3,080,000 
Washington Housing Finance Commission, MFHR:             
Refunding (Avalon Ridge Apartments Project)             
3.05% (Insured; FNMA)    8,755,000    a    8,755,000 
(Vintage Everett Living) 3.12% (Insured; FNMA and             
Liquidity Facility; FNMA)    5,250,000    a    5,250,000 
 
Wisconsin--.9%             
 
Wisconsin Health and Educational Facilities Authority,             
Revenue (Mequon Jewish Project)             
3.08% (LOC; Bank One)    3,250,000    a    3,250,000 
 
Wyoming--4.3%             
 
Campbell County, IDR             
(Two Elk Power Generation Station Project):             
2.37%, 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 $371,235,381)    100.0%    371,235,381 
 
Cash and Receivables (Net)    0.0%    138,104 
 
Net Assets        100.0%    371,373,485 
 
 
Summary of Abbreviations         
 
ACA    American Capital Access         
AGC    ACE Guaranty Corporation         
AGIC    Asset Guaranty Insurance Company         
AMBAC    American Municipal Bond Assurance Corporation     
ARRN    Adjustable Rate Receipt Notes         
BAN    Bond Anticipation Notes         
BIGI    Bond Investors Guaranty Insurance         
BPA    Bond Purchase Agreement         
CGIC    Capital Guaranty Insurance Company     
CIC    Continental Insurance Company         
CIFG    CDC Ixis Financial Guaranty         
CMAC    Capital Market Assurance Corporation     
COP    Certificate of Participation         
CP    Commercial Paper         
EDR    Economic Development Revenue         
EIR    Environmental Improvement Revenue     
FGIC    Financial Guaranty Insurance Company     
FHA    Federal Housing Administration         
FHLB    Federal Home Loan Bank         
FHLMC    Federal Home Loan Mortgage Corporation     
FNMA    Federal National Mortgage Association     
FSA    Financial Security Assurance         
GAN    Grant Anticipation Notes         
GIC    Guaranteed Investment Contract         
GNMA    Government National Mortgage Association     
GO    General Obligation         
HR    Hospital Revenue         
IDB    Industrial Development Board         
IDC    Industrial Development Corporation         
IDR    Industrial Development Revenue         
LOC    Letter of Credit         
LOR    Limited Obligation Revenue         
LR    Lease Revenue         
MBIA    Municipal Bond Investors Assurance Insurance Corporation     
MFHR    Multi-Family Housing Revenue         
MFMR    Multi-Family Mortgage Revenue         
PCR    Pollution Control Revenue         
RAC    Revenue Anticipation Certificates         
RAN    Revenue Anticipation Notes         
RAW    Revenue Anticipation Warrants         
RRR    Resources Recovery Revenue         
SAAN    State Aid Anticipation Notes         
SBPA    Standby Bond Purchase Agreement         
SFHR    Single Family Housing Revenue         
SFMR    Single Family Mortgage Revenue         
SONYMA    State of New York Mortgage Agency         
SWDR    Solid Waste Disposal Revenue         
TAN    Tax Anticipation Notes         
TAW    Tax Anticipation Warrants         
TRAN    Tax and Revenue Anticipation Notes         
XLCA    XL Capital Assurance         

Summary of Combined Ratings (Unaudited)             
 
 
Fitch or    Moody's    or    Standard & Poor's    Value (%) * 
F1, F1+    VMIG1, MIG1, P1        SP1+, SP1, A1+, A1    87.5 
AAA, AA, A b    AAA, AA, A b        AAA, AA, A b    .3 
Not Rated c    Not Rated c        Not Rated c    12.2 
                100.0 

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 BASIC New Jersey Municipal Money Market Fund         
Statement of Investments             
November 30, 2005 (Unaudited)             
    Principal     
Tax Exempt Investments--101.2%    Amount ($)    Value ($) 
 
Bayonne Municipal Utilities Authority, Water System             
Revenue 4.84%, 1/1/2006 (Insured; MBIA)    540,000        541,182 
Bergen County Improvement Authority,             
Governmental Loan Revenue3.98%, 9/1/2006    1,000,000        1,007,325 
Camden County Improvement Authority,             
Health Care Redevelopment Revenue             
(Cooper Health System) 3.13%             
(LOC; Commerce Bank N.A.)    6,000,000    a    6,000,000 
Cape May, GO Notes, BAN:             
3.21%, 1/6/2006    1,250,000        1,251,083 
4.19%, 10/12/2006    1,875,000        1,891,926 
Cape May County, GO Notes, General Improvement             
2.46%, 12/1/2005    800,000        800,000 
Delaware River Port Authority of Pennsylvania and New Jersey,         
Revenue, Refunding 5.08%, 1/1/2006 (Insured; AMBAC)    245,000        245,547 
Dumont School District, GO Notes             
3.98%, 3/15/2006 (Insured; FSA)    580,000        582,433 
East Brunswick Township, GO Notes, BAN             
3.95%, 10/11/2006    1,000,000        1,007,923 
Hopatcong Borough, GO Notes, BAN 3.95%, 9/22/2006    1,000,000        1,007,840 
Irvington Township, GO Notes, BAN:             
3.45%, 3/16/2006    688,500        690,041 
4.19%, 6/9/2006    1,790,000        1,799,596 
Kearny Board of Education, GO Notes, GAN             
4.07%, 8/3/2006    1,600,000        1,609,674 
Linden, GO Notes, 2.46%, 12/1/2005    130,000        130,000 
Lower Township, GO Notes, BAN 3.95%, 6/2/2006    500,000        502,432 
Maple Shade Township School District, GO Notes             
4.06%, 4/1/2006 (Insured; MBIA)    500,000        502,634 
Mercer County Improvement Authority, Revenue:             
(Children's Home Society Project)             
3.11% (LOC; Wachovia Bank)    1,240,000    a    1,240,000 
(Special Services School District Project)             
3.17%, 1/15/2006 (Insured; FSA)    170,000        170,159 
Metuchen Borough, GO Notes, BAN             
3.94%, 6/2/2006    500,600        503,076 
Middlesex County, GO Notes, BAN             
3.19%, 1/9/2006    1,000,000        1,000,525 
Middlesex County Utilities Authority, Revenue,             
Refunding 4.85%, 3/15/2006 (Insured; XLCA)    130,000        130,727 
Monmouth County Improvement Authority,             
Wastewater Treatment Facilities LR, Refunding             
(Asbury Park Project) 3.25%, 12/15/2005 (Insured; FSA)    125,000        125,020 

New Jersey:             
GO Notes:             
5.63%, 2/15/2006    135,000        135,835 
4.89%, 8/1/2006    100,000        101,336 
TRAN 3.95%, 6/23/2006    2,700,000        2,715,187 
New Jersey Economic Development Authority:             
EDR:             
(AJV Holdings LLC Project)             
3.16% (LOC; JPMorgan Chase Bank)    750,000    a    750,000 
(ARND LLC Project)             
3.19% (LOC: Comerica Bank and Sovereign Bank)    4,240,000    a    4,240,000 
(AVP Realty Holdings)             
3.14% (LOC; PNC Bank)    150,000    a    150,000 
(Challenge Printing Project)             
3.16% (LOC; Wachovia Bank)    1,440,000    a    1,440,000 
(Hathaway Association LLC Project)             
3.16% (LOC; Wachovia Bank)    2,195,000    a    2,195,000 
(International Processing Corporation Project)             
3.10% (LOC; Bank of America)    1,050,000    a    1,050,000 
(Park Lane Associates Project)             
3.16% (LOC; Wachovia Bank)    675,000    a    675,000 
(Parke Place Associates Project)             
3.19% (LOC; Commerce Bank N.A.)    5,900,000    a    5,900,000 
(RCC Properties LLC Project)             
3.16% (LOC; Wachovia Bank)    1,980,000    a    1,980,000 
(RDR Investment Company LLC) Refunding             
3.16% (LOC; Wachovia Bank)    500,000    a    500,000 
(Saint Peters Preparatory School)             
3.11% (LOC; Wachovia Bank)    1,145,000    a    1,145,000 
(Stamato Realty LLC Project)             
3.08% (LOC; Valley National Bank)    4,600,000    a    4,600,000 
(South Van Brunt Properties LLC)             
3.16% (LOC; Wachovia Bank)    1,390,000    a    1,390,000 
(United Window and Door Manufacturing Inc.)             
3.16% (LOC; Wachovia Bank)    335,000    a    335,000 
(Wearbest Sil-Tex Mills Project)             
3.10% (LOC; The Bank of New York)    1,825,000    a    1,825,000 
IDR (Pennwell Holdings LLC Project)             
3.16% (LOC; Wachovia Bank)    2,765,000    a    2,765,000 
Industrial Revenue:             
(Joseph and James Moreng)             
3.06% (LOC; Wachovia Bank)    1,460,000    a    1,460,000 
(Melrich Road Development Corporation)             
3.16% (LOC; Wachovia Bank)    2,370,000    a    2,370,000 
Refunding (Station Plaza Park and Ride)             
3.11% (LOC; Wachovia Bank)    3,000,000    a    3,000,000 
(Thermal Energy Limited Partnership)             
3.01% (LOC; Bank One)    2,150,000    a    2,150,000 
Private Schools Revenue (Oak Hill Academy Project)             
3.11% (LOC; Wachovia Bank)    2,060,000    a    2,060,000 
Revenue (Four Woodbury Mews Project)             
3.14% (LOC; Bank of America)    5,000,000    a    5,000,000 

New Jersey Educational Facilities Authority,             
Dormitory Safety Trust Fund Revenue             
4.97%, 3/1/2006    1,000,000        1,005,700 
New Jersey Environmental Infrastructure Trust,             
Environmental Infrastructure Revenue             
4.50%, 9/1/2006    240,000        242,196 
New Jersey Health Care Facilities Financing Authority,             
Revenue 3.09% (Insured; Radian Bank             
and Liquidity Facility; Morgan Stanley)    2,840,000    a    2,840,000 
New Jersey Transit Corporation, GAN             
5.38%, 2/1/2006 (Insured; AMBAC)    1,075,000        1,080,013 
New Jersey Transportation Trust Fund Authority,             
Transportation System Revenue:             
4.94%, 6/15/2006    185,000        186,998 
5.42%, 6/15/2006    750,000        759,475 
Newark Housing Authority, MFHR             
3.17% (Liquidity Facility; Merrill Lynch)    960,000    a    960,000 
Ocean City Board of Education, GO, Refunding             
2.94%, 4/1/2006 (Insured; MBIA)    100,000        100,049 
Paramus School District, GO Notes 4.19%, 9/15/2006    1,000,000        1,009,574 
Passaic County Utilities Authority, Revenue             
Refunding (Solid Waste System Project Notes)             
3.19%, 2/27/2006    1,150,000        1,152,027 
Port Authority of New York and New Jersey:             
4.88%, 12/15/2005 (Insured; AMBAC)    170,000        170,156 
5.08%, 7/1/2006    100,000        101,199 
Transit Revenue (Putters Program):             
3.10% (Insured; CIFG and Liquidity Facility; JPMorgan             
Chase Bank)    1,760,000    a    1,760,000 
3.10% (Insured; CIFG and Liquidity Facility; JPMorgan             
Chase Bank)    2,980,000    a    2,980,000 
Rahway, GO Notes, BAN 3.44%, 12/5/2005    575,000        575,047 
Raritan Township, GO Notes, BAN 3.95%, 9/8/2006    1,000,000        1,007,398 
Red Bank, BAN, 3.95%, 8/2/2006    1,000,000        1,007,146 
River Dell Regional School District, GO Notes             
3.23%, 3/1/2006 (Insured; FSA)    265,000        265,319 
South Brunswick Board of Education, GO Notes             
5.41%, 12/1/2005 (Insured; FGIC)    500,000        500,000 
Tabernacle Township School District, GO Notes             
2.49%, 3/1/2006 (Insured; MBIA)    105,000        105,038 
Tobacco Settlement Financing Corporation of New Jersey, Revenue:         
3.10% (Liquidity Facility; Merrill Lynch)    6,250,000    a    6,250,000 
3.13% (Liquidity Facility; Merrill Lynch)    4,995,000    a    4,995,000 
Toms River Board Of Education, GO Notes             
4.29%, 11/22/2006    1,000,000        1,008,452 
Union County, GO Notes:             
4.70%, 12/15/2005    100,000        100,057 
4%, 3/1/2006    150,000        150,270 
BAN 3.22%, 3/1/2006    1,000,000        1,001,291 
Union County Improvement Authority, LR             
(Capital Equipment Lease) 2.97%, 12/1/2005 (Insured; FSA)    1,225,000        1,225,000 

Union Township Board of Education, GO Notes             
3.95%, 7/13/2006        1,000,000    1,006,235 
Vernon Township, GO Notes, BAN 3.45%, 1/13/2006        2,000,000    2,001,249 
Wanaque Borough, GO Notes, BAN:             
2.96%, 2/17/2006        1,512,850    1,514,741 
3.43%, 2/17/2006        1,000,000    1,001,405 
West Windsor-Plainsboro Regional School District, GO Notes             
5.16%, 12/1/2005 (Insured; FGIC)        150,000    150,000 
Winslow Township, GO Notes             
3.98%, 3/1/2006 (Insured; XLCA)        120,000    120,420 
 
Total Investments (cost $111,002,956)        101.2%    111,002,956 
 
Liabilities, Less Cash and Receivables        (1.2%)    (1,282,182) 
 
Net Assets            100.0%    109,720,774 
 
 
Summary of Abbreviations             
 
ACA    American Capital Access    HR    Hospital Revenue     
AGC    ACE Guaranty Corporation    IDB    Industrial Development Board 
AGIC    Asset Guaranty Insurance Company    IDC    Industrial Development Corporation 
AMBAC    American Municipal Bond Assurance Corporation    IDR    Industrial Development Revenue 
ARRN    Adjustable Rate Receipt Notes    LOC    Letter of Credit     
BAN    Bond Anticipation Notes    LOR    Limited Obligation Revenue 
BIGI    Bond Investors Guaranty Insurance    LR    Lease Revenue     
BPA    Bond Purchase Agreement    MBIA    Municipal Bond Investors Assurance 
CGIC    Capital Guaranty Insurance Company        Insurance Corporation 
CIC    Continental Insurance Company    MFHR    Multi-Family Housing Revenue 
CIFG    CDC Ixis Financial Guaranty    MFMR    Multi-Family Mortgage Revenue 
CMAC    Capital Market Assurance Corporation    PCR    Pollution Control Revenue 
COP    Certificate of Participation    RAC    Revenue Anticipation Certificates 
CP    Commercial Paper    RAN    Revenue Anticipation Notes 
EDR    Economic Development Revenue    RAW    Revenue Anticipation Warrants 
EIR    Environmental Improvement Revenue    RRR    Resources Recovery Revenue 
FGIC    Financial Guaranty Insurance Company    SAAN    State Aid Anticipation Notes 
FHA    Federal Housing Administration    SBPA    Standby Bond Purchase Agreement 
FHLB    Federal Home Loan Bank    SFHR    Single Family Housing Revenue 
FHLMC    Federal Home Loan Mortgage Corporation    SFMR    Single Family Mortgage Revenue 
FNMA    Federal National Mortgage Association    SONYMA    State of New York Mortgage Agency 
FSA    Financial Security Assurance    SWDR    Solid Waste Disposal Revenue 
GAN    Grant Anticipation Notes    TAN    Tax Anticipation Notes 
GIC    Guaranteed Investment Contract    TAW    Tax Anticipation Warrants 
GNMA    Government National Mortgage Association    TRAN    Tax and Revenue Anticipation Notes 
GO    General Obligation    XLCA    XL Capital Assurance 

Summary of Combined Ratings (Unaudited)             
 
Fitch    or    Moody's    or    Standard & Poor's    Value (%)* 
F1+, F1        VMIG1, MIG1, P1        SP1+, SP1, A1+, A1    41.1 
AAA, AA, A b        Aaa, Aaa, A b        AAA, AA, A b    12.8 
Not Rated c        Not Rated c        Not Rated c    46.1 
                    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 High Yield Municipal Bond Fund             
Statement of Investments             
November 30, 2005 (Unaudited)             
 
    Principal         
Long-Term Municipal Investments--93.4%    Amount ($)        Value ($) 
 
California--5.1%             
 
California Statewide Communities Development Authority,         
Revenue (Bentley School)             
6.75%, 7/1/2032    1,000,000        1,089,610 
 
Colorado--11.1%             
 
Arista Metropolitian District,             
Special Revenue             
6.75%, 12/1/2035    1,000,000        1,019,570 
Denver City and County, Special Facilities Airport Revenue         
(United Air Lines Project) 6.875%, 10/1/2032    380,000    a    355,072 
Wheatlands Metropolitan District Number 2, GO             
6.125%, 12/1/2035    1,000,000        1,003,930 
 
District of Columbia--1.5%             
 
Metropolitan Washington Airports Authority,             
Special Facilities Revenue             
(Caterair International Corp.) 10.125%, 9/1/2011    320,000        320,422 
 
Georgia--4.4%             
 
Development Authority of the City of Milledgeville             
and Baldwin County, Revenue (Georgia College             
and State University Foundation Property III, LLC             
Student Housing System Project)             
5.625%, 9/1/2030    900,000        945,243 
 
Illinois--17.3%             
 
Chicago O'Hare International Airport,             
Special Facility Revenue (American Airlines Inc. Project)         
8.20%, 12/1/2024    1,300,000        1,130,688 
Illinois Educational Facilities Authority,             
Student Housing Revenue (University Center Project)         
6.25%, 5/1/2030    1,000,000        1,065,800 
Illinois Health Facilities Authority, Revenue             
(Residential Centers Inc.)             
8.50%, 8/15/2016    455,000        455,519 
Lombard Public Facilities Corp., Conference Center             
and First Tier Hotel Revenue 7.125% 1/1/2036    1,000,000        1,047,520 

Louisiana--4.8%             
 
Louisiana Public Facilities Authority,             
HR (Franciscan Missionaries of our Lady Health System Project)         
5.25%, 8/15/2036    1,000,000        1,021,130 
 
Michigan--14.3%             
 
Charyl Stockwell Academy, COP             
6%, 10/1/2035    1,500,000        1,505,700 
Kent Hospital Financing Authority,             
Revenue (Metropolitian Hospital Project)             
6%, 7/1/2035    1,000,000        1,065,260 
Michigan Strategic Fund, SWDR             
(Genesee Power Station) 7.50%, 1/1/2021    500,000        498,345 
 
Nevada--3.6%             
 
Nevada Housing Division,             
Single Family Program             
6.80%, 4/1/2027    765,000        766,224 
 
New Jersey--3.9%             
 
Tobacco Settlement Financing Corp. of New Jersey,         
Tobacco Settlement Asset-Backed Bonds             
6.125%, 6/1/2042    800,000        828,128 
 
Ohio--2.0%             
 
Toledo-Lucas County Port Authority, Development Revenue         
(Northwest Ohio Bond Fund Truckland Holdings, Inc. Project)         
5.125%, 11/15/2025    435,000    b    437,688 
 
Rhode Island--6.7%             
 
Central Falls Detention Facility Corp.,             
Detention Facility Revenue (The Donald W.             
Wyatt Detention Facility)             
7.25%, 7/15/2035    1,000,000        1,074,910 
 
Rhode Island Housing and Mortgage Finance Corp.,         
(Homeownership Opportunity)             
7.55%, 10/1/2022    355,000        356,022 
 
South Carolina--5.3%             
 
Greenville County School District,             
Installment Purchase Revenue             
(Building Equity Sooner for Tomorrow)             
7.70%, 12/1/2028    1,000,000    c,d    1,137,250 

Wisconsin--4.0%             
Badger Tobacco Asset Securitization Corp.,             
Tobacco Settlement Asset Backed-Backed Bonds:             
6.125%, 6/1/2027    10,000        10,497 
6.375%, 6/1/2032    800,000        851,576 
Other--9.4%             
Munimae Tax Exempt Subsidiary LLC             
5.90%, 9/30/2020    2,000,000        2,016,780 
Total Long-Term Municipal Investments             
(cost $19,872,728)            20,002,884 
Short-Term Municipal Investments--5.1%             
Alaska--.9%             
Valdez, Marine Terminal Revenue,             
(Exxon Pipeline Co. Project) 2.91%    200,000    e    200,000 
Maryland--1.8%             
Maryland Economic Development Corp,             
Revenue (U.S. Pharmacopeial Project)             
3.02% (Insured; AMBAC and Liquidity Facility; Bank of America)    390,000    e    390,000 
Massachusetts--1.6%             
Massachusetts Health and Educational Facilities Authority,             
Revenue (Capital Asset Program Issue)             
2.97% (LOC; Bank Of America)    340,000    e    340,000 
Pennsylvania--.8%             
Schuykill County Industrial Development Authority,             
RRR (Northeastern Power Co.)             
2.72% (LOC; Dexia Credit Locale)    170,000    e    170,000 
Total Short-Term Municipal Investments             
(cost $1,100,000)            1,100,000 
Total Investments (cost $20,972,728)    98.5%        21,102,884 
Cash and Receivables (Net)    1.5%        312,865 
Net Assets    100.0%        21,415,749 

Notes to Statements of Investments:

a    Non-income producing security; interest payments in default. 
b    Purchased on a delayed delivery basis. 
c    Inverse floater security--the interest rate is subject to change periodically. 

d    Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in 
transactions exempt from registration, normally to qualified institutional buyers. At November, 30, 2005, this security 
amounted to $1,137,250 or 5.3% of net assets. 
e    Securities payable on demand. Variable interest rate--subject to periodic change. 

Dreyfus Premier Select Intermediate Municipal Bond Fund         
Statement of Investments             
November 30, 2005 (Unaudited)             
    Principal         
Long-Term Municipal Investments--97.1%    Amount ($)    Value ($) 
 
Alaska--.8%             
 
Alaska Housing Finance Corp. 5.10%, 6/1/2012    1,020,000        1,024,804 
 
Arkansas--2.3%             
 
Arkansas Development Finance Authority,             
Construction Revenue (Public Health Laboratory)             
5%, 12/1/2017 (Insured; AMBAC)    1,025,000        1,084,173 
 
University of Arkansas, Board of Trustees             
Various Facility Revenue (Fayetteville Campus)             
5.50%, 12/1/2011 (Insured; FSA)    1,610,000    a    1,770,356 
 
California--14.7%             
 
California Department of Water Resources:             
Power Supply Revenue             
5.375%, 5/1/2012 (Insured; XLCA)    3,000,000    a    3,324,360 
Water Revenue (Central Valley)             
5%, 12/1/2015 (Insured; FGIC)    1,000,000        1,073,370 
 
California Public Works Board, LR             
(University of California)             
5.40%, 12/1/2016 (Insured; AMBAC)    1,000,000        1,060,860 
 
Central Basin Municipal Water District,             
COP (Central Basin):             
5%, 8/1/2015 (Insured; AMBAC)    1,135,000        1,209,422 
5%, 8/1/2016 (Insured; AMBAC)    1,210,000        1,284,500 
 
Clovis Public Financing Authority, Water Revenue             
5%, 3/1/2017 (Insured; AMBAC)    1,820,000        1,933,495 
 
Glendale Community College District (Election of 2002):         
Zero Coupon, 8/1/2017 (Insured; FGIC)    1,210,000        718,062 
Zero Coupon, 8/1/2018 (Insured; FGIC)    1,300,000        733,369 
 
Indian Wells Redevelopment Agency, Revenue             
(Tax Allocation-Consolidated Whitewater)             
5%, 9/1/2017 (Insured; AMBAC)    1,525,000        1,613,709 
 
Los Angeles County Metropolitan Transportation Authority,         
Sales Tax Revenue 5%, 7/1/2018 (Insured; FSA)    2,000,000        2,127,000 
 
San Diego Community College District (Election of 2002)         
5%, 5/1/2019 (Insured; FSA)    500,000        530,295 

San Francisco City and County Public Utilities Commission,         
Water Revenue 5%, 11/1/2018 (Insured; FSA)    1,590,000        1,686,958 
 
West Sacramento Redevelopment Agency, Tax Allocation             
(West Sacramento Redevelopment)             
4.75%, 9/1/2016 (Insured; MBIA)    1,000,000        1,030,020 
 
Colorado--1.5%             
 
Archuleta and Hinsdale Counties             
(School District Number 50JT)             
5.50%, 12/1/2006             
(Insured; MBIA)    750,000    a    774,495 
 
Colorado Water Resources and Power Development             
Authority, Drinking Water Revenue             
5.25%, 9/1/2015    1,000,000        1,053,720 
 
Delaware--5.0%             
 
Delaware Economic Development Authority, PCR             
(Delmarva Power)             
4.90%, 5/1/2011 (Insured; AMBAC)    5,000,000        5,237,500 
 
Delaware Housing Authority, Revenue             
5.15%, 7/1/2017    985,000        987,354 
 
Florida--8.1%             
 
Capital Projects Finance Authority, Student Housing             
Revenue (Capital Projects Loan Program)             
5.50%, 10/1/2017 (Insured; MBIA)    2,000,000        2,129,040 
 
Florida Department of Children and Family Services, COP             
(South Florida Evaluation Treatment Center Project)             
5%, 10/1/2021    1,000,000        1,047,840 
 
Florida Department of Corrections, COP             
(Okeechobee Correctional)             
5%, 3/1/2015 (Insured; AMBAC)    1,000,000        1,078,090 
 
Florida State University Financial Assistance Inc.,             
Educational and Athletic Facilities Improvement Revenue         
5%, 10/1/2018 (Insured; AMBAC)    1,705,000        1,811,563 
 
Jacksonville Electric Authority, Revenue             
(Saint John's River Power Park Systems) 5%, 10/1/2018    1,000,000        1,051,590 
 
Pace Property Finance Authority, Inc.,             
Utility System Improvement Revenue             
5.125%, 9/1/2012 (Insured; AMBAC)    1,055,000        1,105,957 
 
University of Central Florida,             
COP (UCF Convocation Corp. Master Lease Program)             
5%, 10/1/2018 (Insured; FGIC)    1,765,000        1,878,454 

Georgia--.7%             
 
Atlanta, Public Improvement 5%, 12/1/2007    825,000    a    851,771 
 
Idaho--5.0%             
 
Idaho Housing and Finance Association             
(Single Family Mortgage)             
5.55%, 7/1/2016 (Insured; FHA)    410,000        421,833 
 
Kootenai County School District Number 273             
(Post Falls) 5%, 8/15/2017    1,275,000        1,376,133 
 
Nampa 5%, 8/1/2018 (Insured; FGIC)    1,135,000        1,220,034 
 
Nampa School District Number 131,             
GO 5%, 8/15/2022 (Insured; MBIA)    3,000,000    b    3,183,420 
 
Kentucky--.5%             
 
Kentucky Housing Corp., Housing Revenue             
4.30%, 7/1/2016    600,000        595,698 
 
Louisiana--3.0%             
 
Louisiana Office Facilities Corp., LR             
(Capital Complex Program):             
5.50%, 5/1/2015 (Insured; AMBAC)    705,000        763,705 
5.25%, 3/1/2017 (Insured; MBIA)    1,500,000        1,582,215 
 
Orleans Parish School Board             
5.20%, 2/1/2014 (Insured; FGIC)    1,355,000        1,370,257 
 
Maryland--5.0%             
 
Maryland Community Development Administration,         
Department of Housing and Community Development:         
Insured Mortgage Loan 5.125%, 5/15/2017    765,000        794,996 
(Single Family Program) 4.75%, 4/1/2013    800,000        825,680 
 
Maryland Economic Development Corp., LR             
(Montgomery County Wayne Avenue)             
5.25%, 9/15/2014    1,295,000        1,407,212 
 
Maryland Health and Higher Educational             
Facilities Authority, Revenue             
(University of Maryland Medical Systems)             
5.75%, 7/1/2017    2,000,000        2,159,360 
 
Prince Georges County, Revenue             
(Dimensions Health Corp.)             
5.10%, 7/1/2006    1,000,000        987,140 

Massachusetts--3.1%             
Massachusetts, Special Obligation Refunding Notes             
(Federal Highway Grant Anticipation Note Program)             
5%, 12/15/2014 (Insured; FSA)    3,585,000        3,851,043 
Michigan--3.1%             
Greater Detroit Resource Recovery Authority, Revenue             
6.25%, 12/13/2008 (Insured; AMBAC)    1,000,000        1,076,810 
Jonesville Community Schools             
(School Bond Loan Fund Guaranteed):             
5%, 5/1/2016 (Insured; MBIA)    685,000        735,793 
5%, 5/1/2017 (Insured; MBIA)    720,000        770,479 
Lincoln Consolidated School District             
(School Bond Loan Fund Guaranteed)             
5%, 5/1/2016 (Insured; FSA)    1,155,000        1,240,643 
Minnesota--1.2%             
Minnesota 5.25%, 11/1/2006    1,500,000    a    1,528,215 
Mississippi--.5%             
Horn Lake, Special Assessment             
(DeSoto Commons Project)             
5%, 4/15/2016 (Insured; AMBAC)    625,000        662,700 
Missouri--1.3%             
Missouri Highways and Transportation Commission,             
State Road Revenue 5%, 2/1/2017    1,000,000        1,053,150 
Missouri Housing Development Commission,             
Multi-Family Housing 4.85%, 12/1/2011 (Insured; FHA)    615,000        638,924 
Montana--1.7%             
Montana Board of Regents, Higher Education Revenue             
(Facilities-Montana State University)             
5%, 11/15/2018 (Insured; AMBAC)    2,015,000        2,150,569 
Nebraska--1.9%             
Dodge County School District, Number 001 Fremont             
5%, 12/15/2016 (Insured; FSA)    2,240,000        2,397,114 
Nevada--1.3%             
Las Vegas Convention and Visitors Authority, Revenue             
5.75%, 7/1/2009 (Insured; AMBAC)    1,500,000    a    1,628,925 

New Jersey--1.1%         
Burlington County Bridge Commission, Pooled Loan         
Revenue (Governmental Loan Program)         
5%, 10/15/2013    1,290,000    1,382,674 
New York--2.2%         
New York City Housing Development Corp., MFHR         
5.125%, 11/1/2014    40,000    41,963 
New York City Municipal Water Finance Authority,         
Water and Sewer Systems Revenue         
5.25%, 6/15/2015    1,405,000    1,519,634 
New York State Thruway Authority,         
Service Contract Revenue (Local Highway and Bridge)     
5.75%, 4/1/2006    135,000    136,129 
Triborough Bridge and Tunnel Authority,         
General Purpose Revenue 5%, 1/1/2016    1,000,000    1,048,830 
North Carolina--1.1%         
North Carolina Eastern Municipal Power Agency,         
Power System Revenue 7%, 1/1/2008    1,250,000    1,333,200 
North Dakota--.2%         
Grand Forks 4.90%, 12/1/2011    215,000    215,310 
Ohio--2.7%         
Cleveland - Cuyahoga County Port Authority,         
Development Revenue (Columbia National Group,         
Inc. Project) 5%, 5/15/2020    820,000    816,728 
Northeast Regional Sewer District, Wastewater Revenue     
5.50%, 11/15/2012 (Insured; AMBAC)    2,500,000    2,529,800 
Oklahoma--.7%         
Oklahoma Development Finance Authority,         
Health Facilities Revenue         
(Oklahoma Hospital Association)         
5.125%, 6/1/2012 (Insured; AMBAC)    785,000    836,747 
Pennsylvania--7.2%         
Cambria County 6.625%, 8/15/2014 (Insured; FGIC)    615,000    622,890 
Harrisburg Authority, Office and Parking Revenue         
5.75%, 5/1/2008    1,000,000    1,031,060 
Harrisburg Redevelopment Authority, Revenue         
Zero Coupon, 11/1/2017 (Insured; FSA)    2,750,000    1,586,778 

Pennsylvania Higher Educational Facilities Authority,             
Revenue (University Health Services)             
5.35%, 1/1/2006    4,500,000    a    4,553,145 
 
Sayre Health Care Facilities Authority, Revenue             
(Guthrie Health) 6.25%, 12/1/2014    1,000,000        1,114,390 
 
South Carolina--3.4%             
 
Anderson, Water and Sewer Systems Revenue             
5%, 7/1/2017 (Insured; MBIA)    890,000        945,314 
 
Charleston County Airport District,             
Airport Systems Revenue             
5%, 7/1/2015 (Insured; XLCA)    1,950,000        2,080,728 
 
Pickens County School District             
(School District Enhance Program)             
5%, 5/1/2012    1,135,000        1,187,596 
 
Texas--11.5%             
 
Arlington, Dallas Cowboys Complex Special Obligations             
(Tax-Exempt Special Tax) 5%, 8/15/2016 (Insured; MBIA)    2,000,000        2,142,020 
 
Dallas-Fort Worth International Airport,             
Revenue (Joint Improvement)             
5.75%, 11/1/2016 (Insured; FSA)    1,735,000        1,909,558 
 
El Paso, Water and Sewer Revenue             
5%, 3/1/2014 (Insured; FSA)    1,000,000        1,072,400 
 
Irving Hospital Authority, HR             
(Irving Healthcare Systems)             
5.70%, 7/1/2008 (Insured; FSA)    1,675,000        1,678,266 
 
Mesquite Independent School District,             
Tax and School Building             
(Permanent School Fund Guaranteed)             
Zero Coupon, 8/15/2020    1,000,000        490,150 
 
Midlothian Independent School District,             
Tax School Building             
(Permanent School Fund Guaranteed)             
Zero Coupon, 2/15/2021    2,000,000        947,940 
 
North Harris Montgomery Community College District             
5.375%, 2/15/2017 (Insured; FGIC)    1,000,000        1,075,720 
 
Texas Department of Housing and Community Affairs,             
SFMR 4.80%, 9/1/2020 (Insured; FSA)    1,475,000    b    1,492,597 
 
Tomball Hospital Authority, Revenue             
6%, 7/1/2013    3,500,000        3,503,885 

Virginia--2.8%             
Brunswick County Industrial Development Authority,             
Correctional Facility LR             
5.55%, 7/1/2006 (Insured; MBIA)    1,325,000    a    1,369,427 
Fairfax County Redevelopment and Housing Authority, LR         
(James Lee Community Center) 5.25%, 6/1/2019    1,120,000        1,196,227 
Newport News 5%, 11/1/2016    855,000        911,738 
Washington--2.7%             
Energy Northwest, Wind Project Revenue             
5.60%, 1/1/2007    1,000,000    a    1,053,320 
King County School District Number 405 (Bellevue)             
5%, 12/1/2014 (Insured; FGIC)    1,000,000        1,073,680 
Washington Health Care Facilities Authority, Revenue         
(Gray Harbor Community Hospital)             
5.75%, 7/1/2010 (Insured; Radian)    1,180,000        1,215,553 
West Virginia--.8%             
West Virginia Housing Development Fund             
(Housing Finance) 5%, 11/1/2014    1,000,000        1,025,670 
Total Long-Term Municipal Investments             
(cost $118,681,777)            120,775,242 
Short-Term Municipal Investments--5.1%             
Louisiana--2.3%             
New Orleans, Sewerage Service, BAN             
3%, 7/26/2006    3,000,000        2,896,170 
New York--1.8%             
New York City, GO 2.97%             
(LOC; Bank of New York)    2,200,000    c    2,200,000 
Texas--1.0%             
Harris County Health Facilities Development Corp.,             
Revenue (The Methodist Hospital System) 3%    1,200,000    c    1,200,000 
Total Short-Term Municipal Investments             
(cost $6,365,500)            6,296,170 
Total Investments (cost $125,047,277)    102.2%    127,071,412 
Liabilities, Less Cash and Receivables    (2.2%)    (2,700,415) 
Net Assets    100.0%    124,370,997 

Notes to Statement of Investments: 

a    These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are 
collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the 
municipal issue and to retire the bonds in full at the earliest refunding date. 
b    Purchased on a delayed delivery basis. 
c    Securities payable on demand. Variable interest rate--subject to periodic change. 

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 Municipal Bond Fund             
Statement of Investments             
November 30, 2005 (Unaudited)             
 
    Principal         
Long-Term Municipal Investments--99.5%    Amount ($)        Value ($) 
 
Arizona--.5%             
 
Arizona School Facilities Board, Revenue             
(State School Improvement)             
5%, 7/1/2011    1,025,000    a    1,095,663 
 
Arkansas--2.5%             
 
Board of Trustees of the University of Arkansas,             
Various Facility Revenue (Fayetteville Campus):         
5.50%, 12/1/2011 (Insured; FSA)    1,695,000    a    1,863,822 
5.50%, 12/1/2012 (Insured; FGIC)    2,865,000    a    3,176,483 
 
California--19.1%             
 
California:             
GO:             
5.25%, 9/1/2010    210,000    a    226,380 
5.25%, 10/1/2016    695,000        704,633 
5.25%, 9/1/2017    1,590,000        1,696,053 
Veterans 5.45%, 12/1/2024 (Insured; FSA)    3,430,000        3,482,891 
 
California Department of Water Resources,             
Power Supply Revenue             
5.375%, 5/1/2012 (Insured; XLCA)    4,000,000    a    4,432,480 
 
California Public Works Board, LR             
(Department of Corrections)             
5.25%, 3/1/2021 (Insured; AMBAC)    1,000,000        1,058,560 
 
Clovis Public Financing Authority,             
Water Revenue             
5%, 3/1/2019 (Insured; AMBAC)    2,005,000        2,125,240 
 
Desert Sands Unified School District, COP:             
5.25%, 3/1/2015 (Insured; MBIA)    1,025,000        1,106,108 
5.25%, 3/1/2016 (Insured; MBIA)    1,080,000        1,160,816 
 
East Bay Municipal Utility District,             
Water System Revenue             
5%, 6/1/2021 (Insured; MBIA)    1,125,000        1,181,430 
 
East Side Union High School District,             
GO (County of Santa Clara, 2002 Election Series):         
5%, 8/1/2017 (Insured; FGIC)    1,290,000        1,371,863 
5%, 8/1/2018 (Insured; FGIC)    1,345,000        1,426,265 
5%, 8/1/2019 (Insured; FGIC)    1,410,000        1,489,566 
 
Fullerton Joint Union High School District             
5%, 8/1/2018 (Insured; FSA)    760,000        805,646 
 
Glendale Community College District:             
Zero Coupon, 8/1/2019 (Insured; FGIC)    1,130,000        605,081 
Zero Coupon, 8/1/2020 (Insured; FGIC)    1,200,000        608,784 
Zero Coupon, 8/1/2021 (Insured; FGIC)    1,520,000        731,986 
 
Glendora Unified School District, GO:             
Zero Coupon, 8/1/2026 (Insured; FGIC)    2,575,000        940,828 
Zero Coupon, 8/1/2027 (Insured; FGIC)    2,000,000        690,580 
 
Nevada Joint Union High School District             
(Nevada and Yuba Counties)             

GO 5%, 8/1/2022 (Insured; FSA)    1,160,000        1,214,938 
 
Placer Union High School District:             
Zero Coupon, 8/1/2027 (Insured; FSA)    4,110,000        1,406,565 
Zero Coupon, 8/1/2028 (Insured; FSA)    4,000,000        1,294,800 
 
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        1,604,208 
 
Sacramento City Financing Authority,             
Capital Improvement Revenue             
5%, 6/1/2011 (Insured; AMBAC)    500,000    a    536,855 
 
San Jose             
(Library Parks and Public Safety Projects)             
5%, 9/1/2019    1,575,000        1,663,956 
 
San Juan Unified School District:             
5.25%, 8/1/2019 (Insured; MBIA)    1,295,000        1,399,157 
5.25%, 8/1/2020 (Insured; MBIA)    1,425,000        1,539,613 
 
Tustin Unified School District, Special Tax             
(Senior Lien Community Facilities District 97)             
Zero Coupon, 9/1/2021 (Insured; FSA)    1,615,000        774,716 
 
Walnut Valley Unified School District             
6.50%, 8/1/2019 (Insured; FGIC)    1,765,000        1,774,090 
 
Colorado--2.6%             
 
Colorado Health Facilities Authority,             
Revenue (Porter Place)             
5.875%, 1/20/2020 (Collateralized; GNMA)    1,940,000        2,068,215 
 
Northwest Parkway Public Highway             
Authority, Senior Revenue             
Zero Coupon, 6/15/2026 (Insured; FSA)    10,000,000        3,168,200 
 
Delaware--4.8%             
 
Delaware Economic Development Authority,             
Revenue (Pollution Control Delmarva Project)             
5.20%, 2/1/2019 (Insured; AMBAC)    6,000,000        6,316,800 
 
Delaware Housing Authority, Revenue             
5.40%, 7/1/2024    1,420,000        1,423,124 
 
Wilmington, MFHR             
(GNMA Collateralized Mortgage Loan -             
Market Street Mews Project) 5.45%, 9/20/2022    2,085,000        2,177,637 
 
Florida--3.4%             
 
Florida Intergovernmental Finance             
Commission, Capital Revenue             
5.125%, 2/1/2031 (Insured; AMBAC)    3,500,000        3,593,975 
 
School Board of Saint Lucie County, COP             
(Florida Master Lease Program)             
5%, 7/1/2018 (Insured; FSA)    1,635,000        1,722,963 
 
Winter Park, Water and Sewer Revenue             
5.375%, 12/1/2019 (Insured; AMBAC)    1,525,000        1,657,309 
 
Georgia--2.2%             
 
Atlanta, Water and Wastewater Revenue             

5.50%, 11/1/2018 (Insured; FGIC)    1,200,000        1,352,364 
 
De Kalb County Housing Authority, MFHR             
(Longleaf Apartments Project)             
5.45%, 10/20/2024 (Collateralized; GNMA)    1,540,000        1,644,797 
 
Development Authority of Bulloch County,             
Student Housing LR             
(Georgia Southern University Project)             
5%, 8/1/2018 (Insured; AMBAC)    1,470,000        1,554,172 
 
Idaho--7.1%             
 
Boise State University, Revenues,             
Student Union and Housing System:             
5%, 4/1/2017 (Insured; AMBAC)    1,015,000        1,076,275 
5.375%, 4/1/2022 (Insured; FGIC)    5,000    a    5,473 
5.375%, 4/1/2022 (Insured; FGIC)    2,995,000        3,225,405 
 
Caldwell, Parity Lien Sewer Revenue             
5.75%, 9/1/2018 (Insured; FSA)    2,625,000        2,890,230 
 
Canyon County School District Number 132             
(Caldwell) GO             
5.25%, 7/30/2016 (Insured; MBIA)    1,405,000        1,520,898 
 
Idaho Housing and Finance Association:             
5.55%, 1/1/2033    30,000        30,048 
(Single Family Mortgage)             
5.625%, 7/1/2015    590,000        591,068 
 
Idaho State University, General Improvement Revenue:         
5%, 4/1/2016 (Insured; FSA)    2,315,000        2,457,789 
5%, 4/1/2017 (Insured; FSA)    1,430,000        1,516,329 
 
The Regents of the University of Idaho,             
Student Fee Revenue             
5%, 4/1/2014 (Insured; FSA)    1,080,000        1,161,886 
 
Louisiana--3.0%             
 
Louisiana Office Facilities Corp., LR             
(Capital Complex Program)             
5.25%, 3/1/2017 (Insured; MBIA)    3,000,000        3,164,430 
 
Orleans Parish School Board             
5.20%, 2/1/2014 (Insured; FGIC)    3,000,000        3,033,780 
 
Maine--3.0%             
 
Maine Housing Authority (Mortgage Purchase):             
5.85%, 11/15/2020    1,230,000        1,286,395 
5.35%, 11/15/2021    4,680,000        4,847,778 
 
Maryland--7.8%             
 
Community Development Administration,             
Maryland Department of Housing and             
Community Development:             
Housing 5.95%, 7/1/2023    1,860,000        1,906,984 
MFHR (Insured Mortgage Loans)             
5.30%, 5/15/2022    435,000        453,218 
Residential Revenue:             
5.30%, 9/1/2012    800,000        809,640 
5.40%, 9/1/2013    755,000        764,928 
5.55%, 9/1/2015    790,000        807,941 
(Single Family Program) 4.75%, 4/1/2013    2,090,000        2,157,089 
 
Hyattsville, Special Obligation             

(University Town Center Project)             
5.60%, 7/1/2024    1,500,000        1,541,535 
 
Maryland Health and Higher Educational Facilities Authority,         
Revenue (John Hopkins Medical Institutions Utilities             
Program Issue) 5%, 5/15/2037    5,000,000        5,126,800 
 
Montgomery County Housing Opportunities Commission, SFMR         
5%, 7/1/2036    2,500,000    b    2,502,725 
 
Massachusetts--.6%             
 
Massachusetts Development Finance Agency, Revenue             
(Credit Housing - Chelsea Homes)             
5%, 12/15/2024    1,200,000        1,217,856 
 
Massachusetts Housing Finance Agency,             
SFHR 7.125%, 6/1/2025    60,000        60,061 
 
Michigan--2.5%             
 
Grand Traverse County Building Authority, GO             
5%, 5/1/2025 (Insured; MBIA)    1,070,000        1,105,224 
 
Kalamazoo Hospital Finance Authority,             
Hospital Facility Revenue             
(Burgess Medical Center)             
6.25%, 6/1/2014 (Insured; FGIC)    1,000,000        1,164,900 
 
Livingston County             
(Marion Sanitary Sewer Systems Number 1)             
5.125%, 6/1/2007    2,100,000    a    2,156,301 
 
Michigan Municipal Bond Authority, Revenue             
(Local Government Loan Program)             
6.125%, 12/1/2018 (Insured; FGIC)    750,000        759,135 
 
Mississippi--.7%             
 
Mississippi Development Bank, Special Obligation             
(Waveland, GO Public Improvement Bond Project)             
5%, 11/1/2020 (Insured; AMBAC)    1,315,000        1,387,036 
 
Missouri--3.1%             
 
Cape Girardeau County Industrial Development             
Authority, MFHR (Cape La Croix)             
6.40%, 6/20/2031 (Collateralized; GNMA)    1,245,000        1,278,080 
 
Curators of the University of Missouri,             
Systems Facilities Revenue             
5%, 11/1/2021    1,605,000        1,697,673 
 
Missouri Housing Development Commission, MFHR:             
5.25%, 12/1/2016 (Collateralized; FHA)    1,690,000        1,754,220 
5.375%, 12/1/2018 (Collateralized; FHA)    1,545,000        1,612,949 

Montana--2.2%             
 
Montana Board of Housing,             
Single Family Mortgage             
5.60%, 12/1/2023    2,200,000        2,269,762 
 
Montana Board of Regents, Higher Education Revenue         
(Montana State University):             
5%, 11/15/2020 (Insured; AMBAC)    1,210,000        1,283,943 
5%, 11/15/2021 (Insured; AMBAC)    950,000        1,005,148 
 
Nebraska--1.2%             
 
Municipal Energy Agency of Nebraska,             
Power Supply System Revenue             
5.25%, 4/1/2016 (Insured; AMBAC)    2,305,000        2,483,845 
 
New Hampshire--2.3%             
 
New Hampshire Higher Educational and Health             
Facilities Authority, HR             
(Androscoggin Valley Hospital)             
5.75%, 11/1/2017    1,475,000        1,533,071 
 
New Hampshire Housing Finance Authority:             
Mortgage Revenue             
6.85%, 7/1/2014    10,000        10,034 
Multi-Family Revenue:             
5.05%, 7/1/2012    1,175,000        1,205,056 
5.15%, 7/1/2013    1,815,000        1,858,161 
 
New Jersey--.6%             
 
New Jersey Turnpike Authority, Turnpike Revenue:             
6.50%, 1/1/2016    750,000        880,222 
6.50%, 1/1/2016    65,000        76,286 
6.50%, 1/1/2016    185,000        216,182 
 
New Mexico--.8%             
 
New Mexico Finance Authority,             
Court Facilities Fee Revenue             
5%, 6/15/2011 (Insured; MBIA)    1,500,000    a    1,595,325 
 
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        2,067,480 
 
New York State Thruway Authority:             
(Highway and Bridge Trust Fund)             
5%, 4/1/2008 (Insured; FGIC)    1,000,000    a    1,046,560 
(State Personal Income Tax Revenue-Transportation)         
5%, 3/15/2020 (Insured; MBIA)    1,575,000        1,666,114 
 
North Carolina--4.1%             
 
North Carolina Housing Finance Agency             
(Home Ownership)             
5.875%, 7/1/2031    8,050,000        8,320,480 
 
Ohio--4.8%             
 
Village of Groveport, Income Tax Receipt             
(Special Obligations):             
5%, 12/1/2017 (Insured; MBIA)    3,285,000        3,481,837 
5%, 12/1/2018 (Insured; MBIA)    1,000,000        1,058,480 

Lorain, Hospital Improvement Revenue             
(Lakeland Community Hospital, Inc.)             
6.50%, 11/15/2012    710,000        743,640 
 
Ohio Water Development Authority,             
Water Development Revenue             
(Fresh Water Improvement)    3,000,000        3,034,290 
4.75%, 12/1/2027             
 
Sharonville 5.25%, 6/1/2017 (Insured; FGIC)    1,480,000        1,595,914 
 
Oregon--1.5%             
 
Oregon Bond Bank, Revenue             
(Economic Community Development Department)         
5.50%, 1/1/2014 (Insured; MBIA)    1,190,000        1,260,698 
 
Oregon Housing and Community Services             
Department, SFMR (Mortgage Program)             
6.45%, 7/1/2026    290,000        296,084 
 
Sweet Home School District Number 55,             
Linn County, GO             
5.50%, 6/15/2011 (Insured; FSA)    1,375,000    a    1,503,727 
 
Pennsylvania--5.5%             
 
Dauphin County General Authority,             
Office and Parking Revenue (Riverfront Office)         
6%, 1/1/2025    2,000,000        1,848,280 
 
Ephrata Area School District             
5%, 4/15/2013 (Insured; FGIC)    150,000        159,921 
 
Pennsylvania Housing Finance Agency,             
Capital Fund Securitization Revenue             
5%, 12/1/2025 (Insured; FSA)    5,000,000        5,165,000 
 
Philadelphia Hospitals and Higher Education             
Facilities Authority, Revenue             
(Jefferson Health Systems)             
5%, 5/15/2011    1,410,000        1,460,436 
 
Washington County Industrial Development             
Authority, PCR (West Penn Power Co.)             
6.05%, 4/1/2014 (Insured; AMBAC)    2,500,000        2,555,825 
 
Tennessee--.5%             
 
Sullivan County Industrial Board, Revenue             
6.35%, 7/20/2027 (Collateralized; GNMA)    1,000,000        1,031,010 
 
Texas--5.4%             
 
Austin, Utility System Revenue             
5.125%, 11/15/2016 (Insured; FSA)    2,000,000        2,060,920 
 
Austin Convention Enterprises Inc.,             
Convention Center Hotel First Tier Revenue         
6.60%, 1/1/2021    1,500,000        1,588,245 
 
Crosby Independent School District             
(Permanent School Fund Guaranteed)             
Zero Coupon, 2/15/2017    1,655,000        1,001,507 
 
Dallas 5.25%, 2/15/2009    1,000,000    a    1,054,330 
 
Little Elm Independent School District             

(Permanent School Fund Guaranteed)         
Zero Coupon, 8/15/2022    1,285,000    528,225 
 
Mesquite Independent School District,         
Tax and School Building         
(Permanent School Fund Guaranteed)         
Zero Coupon, 8/15/2028    4,675,000    1,458,553 
 
North Harris Montgomery Community College         
District 5.375%, 2/15/2017 (Insured; FGIC)    1,945,000    2,092,275 
 
Wylie Independent School District,         
Tax School Building         
(Permanent School Fund Guaranteed)         
Zero Coupon, 8/15/2024    3,500,000    1,369,410 
 
Vermont--1.5%         
 
Vermont Municipal Bond Bank:         
5%, 12/1/2017 (Insured; MBIA)    720,000    767,880 
5%, 12/1/2022 (Insured; MBIA)    2,270,000    2,398,664 
 
Virginia--2.2%         
 
Hampton Redevelopment and Housing Authority,         
Senior Living Association Revenue         
5.875%, 7/20/2016 (Collateralized; GNMA)    1,825,000    1,882,560 
 
Middle River Regional Jail Authority,         
Jail Facility Revenue         
5%, 5/15/2019 (Insured; MBIA)    1,200,000    1,272,828 
 
Virginia Transportation Board,         
Transportation Revenue         
(U.S. Route 58 Corridor)         
5%, 5/15/2017    1,300,000    1,375,075 
 
Washington--.7%         
 
Energy Northwest, Wind Project Revenue         
5.875%, 1/1/2007    1,375,000 a    1,452,234 
 
Seatac Local Option Transportation,         
Tax Revenue         
6.50%, 12/1/2013 (Insured; MBIA)    15,000    15,041 
 
West Virginia--.5%         
 
Pleasants County, PCR (West Penn Power Co.)         
6.15%, 5/1/2015 (Insured; AMBAC)    1,000,000    1,015,010 
 
Wisconsin--.5%         
 
Housing Authority of the City of Mlwaukee,         
MFHR (Veterans Housing Projects)         
5.10%, 7/1/2022 (Collateralized; FNMA)    1,000,000    1,058,710 
 
Total Investments (cost $198,365,392)    99.5%    204,045,969 
 
Cash and Receivables (Net)    0.5%    1,006,005 
 
Net Assets    100.0%    205,051,974 

Notes to Statements of Investments: 

a These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by 
U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the 
bonds in full at the earliest refunding date. 
b Purchased on delayed delivery basis. 

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.

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:    January 23, 2006 

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:    January 23, 2006 
 
By:    /s/ James Windels 
James Windels
    Chief Financial Officer 
 
Date:    January 23, 2006 

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)