N-Q 1 form082.htm QUARTERLY SCHEDULE form082
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 811-6718 
 
DREYFUS INVESTMENT GRADE FUND 
(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:    7/31 
Date of reporting period:    10/31/04 

FORM N-Q

Item 1. Schedule of Investments.

DREYFUS INVESTMENT GRADE BOND FUNDS, INC.: DREYFUS PREMIER SHORT TERM INCOME FUND 
Statement of Investments             
October 31, 2004 (Unaudited)             
 
    Prinicipal         
Bonds and Notes - 99.1%    Amount ($)    a    Value ($) 
Aerospace & Defense - 1.5%             
RC Trust I,             
Notes, 3.5%, 2006    16,000,000        8,485,008 
Agricultural - 1.7%             
Altria,             
Notes, 7%, 2005    4,960,000        5,082,472 
RJ Reynolds Tobacco,             
Notes, 7.25%, 2012    4,500,000        4,522,500 
            9,604,972 
Airlines - .8%             
American Airlines,             
Pass-Through Ctfs., 3.857%, 2010    2,176,140        2,155,088 
Continental Airlines,             
Pass-Through Ctfs., Ser. 1998-3, 6.32%, 2008    2,500,000        2,439,382 
US Airways,             
Enhanced Equipment Notes, Ser. C, 8.93%, 2009    1,092,319    b    109 
            4,594,579 
Asset - Backed-Ctfs. - Automobile Receivables - .4%             
Navistar Financial Corp. Owner Trust,             
Ser. 2001-A, Cl. B, 5.59%, 2008    2,215,234        2,220,042 
Asset - Backed Ctfs. - Home Equity Loans - 5.7%             
Ameriquest Mortgage Securities,             
Ser. 2003-IA1, Cl. A4, 4.965%, 2033    7,000,000        7,121,362 
Conseco Finance Securitizations:             
Ser. 2000-D, Cl. A3, 7.89%, 2018    26    27 
Ser. 2000-E, Cl. A5, 8.02%, 2031    2,282,427        2,289,434 
Ser. 2001-D, Cl. A4, 5.53%, 2032    1,618,579        1,661,505 
Equity One ABS:             
Ser. 2004-2, Cl. AF2, 2.829%, 2034    6,000,000        5,967,670 
Ser. 2004-2, Cl. AF3, 3.515%, 2034    6,000,000        5,979,189 
Ser. 2004-3, Cl. AF3, 4.265%, 2034    4,406,000        4,441,057 
Residential Funding Mortgage Securities II,             
Ser. 2004-HS2, Cl. AI3, 4.4%, 2019    5,586,000        5,665,771 
            33,126,015 
Asset-Backed - Other - 1.9%             
ACAS Business Loan Trust:             
Ser. 2002-1A, Cl. B, 3.41%, 2012    1,759,017    c,d    1,760,987 
Ser. 2002-2A, Cl. B, 3.51%, 2015    2,500,000    c,d    2,525,095 
Aircraft Lease Portfolio Securitization,             
Pass-Through Trust, Ctfs., 1996-1, Cl. D, 12.75%, 2006    3,656,077    b    36,561 
Saxon Asset Securities Trust,             
Ser. 2004-2, Cl. AF2, 4.15%, 2035    6,365,000        6,413,761 
            10,736,404 
Banking - 4.0%             
Deutsche Bank:             
Deposit Notes, 2.81%, 2005    7,500,000    d    7,500,000 
Deposit Notes, 4.85%, 2006    10,000,000        9,625,000 
Independence Community Bank,             
Sub. Notes, 3.75%, 2014    3,000,000        2,927,781 
Northern Trust,             
Notes, 2.875%, 2006    2,610,000        2,611,104 
Regions Bank Of Alabama,             
Notes, 2.9%, 2006    250,000        249,836 
            22,913,721 

Chemicals - .7%                 
Sociedad Quimica y Minera de Chile,                 
Bonds, 7.7%, 2006        4,000,000    c    4,299,720 
Commercial Mortgage Pass - Through Ctfs. - 5.4%             
Bank of America Structured Notes,                 
Ser. 2002-1A, Cl. B, 6.56%, 2014        12,700,000    c,d    11,791,157 
CS First Boston Mortgage Securities,                 
Ser. 1998-C1, Cl. A1A, 6.26%, 2040        1,984,797        2,021,028 
Commerical Mortgage Pass-Through Ctfs.,             
Ser. 2001-ZC1A, Cl. A, 6.355%, 2006        9,581,285    c    9,874,712 
LB-UBS Commercial Mortgage Trust,                 
Ser. 2002-C4, Cl. A1, 3.268%, 2026        4,577,849        4,593,059 
Wachovia Bank Commercial Mortgage Trust,             
Ser. 2002-WHL, Cl.L, 4.87%, 2015        2,900,000    c,d    2,840,439 
                31,120,395 
Consumer Products - .4%                 
Gillette,                 
Notes, 5.75%, 2005        2,485,000        2,549,282 
Diversified Financial Service - 10.2%                 
Bombardier Capital,                 
Notes, 4.21%, 2013        3,500,000    c,d,e    3,489,640 
CIT,                 
Notes, 1.94%, 2007        5,930,000    d,e    5,932,591 
Capital One Bank,                 
Notes, 4.25%, 2008        5,000,000        5,078,730 
Fondo LatinoAmericano De Reservas,                 
Notes, 3%, 2006        5,345,000    c    5,362,938 
Ford Motor Credit,                 
Notes, 2.07%, 2007        5,928,000    d    5,823,922 
GMAC,                 
Notes, 2.97%, 2007        5,000,000    d    4,987,030 
Meridian Funding,                 
Notes, 2.54%, 2009        13,751,250    c,d    13,761,481 
Power Receivable Finance,                 
Sr. Notes, 6.29%, 2012        6,217,667    c    6,553,502 
SLM,                 
Bonds, 2.05%, 2035        7,348,000    c,d,e    7,403,110 
Toyota Motor Credit,                 
Medium-Term Notes, 2.8%, 2006        500,000        501,277 
                58,894,221 
Electric Utilities - 3.5%                 
Entergy Arkansas,                 
First Mortgage, 6.125%, 2005        4,900,000        5,015,625 
Florida Power & Light,                 
First Mortgage, 6.875%, 2005        6,525,000        6,823,525 
Monongahela Power,                 
First Mortgage, 5%, 2006        2,950,000        3,043,353 
Power Contract Financing,                 
Pass-Through Ctfs., 5.2%, 2006        3,324,948    c    3,372,109 
SCANA,                 
Sr. Notes, 2.16125%, 2006        1,787,000    d    1,791,855 
                20,046,467 
Food & Beverages - .4%                 
Brown-Forman,                 
Notes, 2.125%, 2006        2,425,000        2,406,614 
Foreign Governmental - 7.5%                 
New Zealand Government,                 
Bonds, Ser. 413, 6.5%, 2013    NZD    13,250,000        9,338,068 
Republic of Argentina,                 
Deb., 11.25%, 2004        500 b    141 
Republic of Chile,                 
Notes, 2.51938%, 2008        7,090,000    d    7,125,805 

Republic of South Africa,                 
Bonds, 13.5%, 2015    ZAR    6,640,000        1,420,993 
United Kingdom GILT,                 
Bonds, 5%, 2014    GBP    12,070,000        22,641,268 
United Mexican States,                 
Notes, 2.7525%, 2009        3,000,000    d    3,024,750 
                43,551,025 
Health Care - .9%                 
Boston Scientific,                 
Notes, 6.625%, 2005        5,300,000        5,375,854 
Media - 2.5%                 
British Sky Broadcasting,                 
Notes, 7.3%, 2006        4,880,000        5,253,379 
Grupo Televisa,                 
Sr. Notes, 8.625%, 2005        4,000,000        4,190,000 
Media General,                 
Notes, 6.95%, 2006        5,000,000        5,228,835 
                14,672,214 
Mining & Metals - .9%                 
Noranda,                 
Debs., 7%, 2005        5,000,000        5,147,285 
Oil & Gas - 5.5%                 
Atmos Energy,                 
Notes, 2.465%, 2007        14,639,000    d    14,636,526 
BP Capital Markets,                 
Notes, 2.75%, 2006        4,600,000        4,600,787 
Enterprise Products Operating,                 
Sr. Notes, 4.625%, 2009        6,800,000    c    6,877,608 
Ocean Energy,                 
Notes, 4.375%, 2007        3,272,000        3,350,862 
Petrobras International Finance,                 
Notes, 9%, 2008        2,000,000    e    2,337,600 
                31,803,383 
Paper & Forest Products - .2%                 
Weyerhaeuser,                 
Notes, 5.5%, 2005        1,425,000        1,440,015 
Property-Casualty Insurance - 1.2%                 
CNA Financial,                 
Notes, 6.5%, 2005        2,129,000        2,160,918 
Protective Life US Funding Trust,                 
Secured Notes, 1.94%, 2006        4,550,000    c,d    4,561,853 
                6,722,771 
Real Estaate Investment Trust - .9%                 
iStar Financial,                 
Sr. Notes, Ser. B, 4.875%, 2009        5,000,000        5,109,105 
Residential Mortgage Pass- Through Ctfs. - 6.0%             
Bank of America Mortgage Securities II,                 
Ser. 2004-D, Cl. A4, 2.543%, 2034        12,192,000    d    12,112,934 
Countrywide Alternative Loan Trust,                 
Ser. 2004-7T1, Cl. A1, 5.75%, 2034        15,999,076        16,443,291 
Nomura Assets,                 
Ser. A3, 4.433%, 2034        5,967,000        5,961,406 
                34,517,631 
Structured Index - 1.6%                 
AB Svensk Exportkredit,                 
GSNE-ER Indexed Notes, 0%, 2007        5,845,000    c,f    5,532,293 
HSBC Bank USA,                 
Tranched Investment Grade Enhanced Return Securities ("TIGERS")             
Medium-Term Notes, Ser. 2003-7, 6.91%, 2008        3,500,000    c,d,g    3,528,875 
                9,061,168 
Telecommunications - 4.0%                 

British Telecommunications,             
Notes, 8.375%, 2010    3,434,000        4,172,159 
Deutsche Telekom International Finance,             
Notes, 8.25%, 2005    6,450,000        6,672,138 
GTE,             
Notes, 7.51%, 2009    6,000,000        6,855,348 
Sprint Capital,             
Notes, 6%, 2007    5,187,000        5,487,773 
            23,187,418 
U.S. Government - 22.8%             
U.S. Treasury Inflation Protected Bonds:             
.875%, 4/15/2010    89,696,211    h    89,501,790 
2%, 7/15/2014    18,095,580    h,i    18,627,192 
3.5%, 1/15/2011    7,866,436    h    8,997,401 
U.S. Treasury Notes:             
2.75%, 8/15/2007    6,205,000        6,203,548 
3.375%, 10/15/2009    7,946,000        7,978,904 
            131,308,835 
U.S. Government Agencies/Mortgage Backed - 8.5%         
Federal Home Loan Mortgage Corp.:             
5.5%, 7/01/2034-9/1/2034    73,363        75,873 
6.5%, 3/1/2032-6/1/2032    1,562,512        1,645,094 
REMIC Gtd. Multiclass Mortgage Participation Ctfs.:         
Ser. 2535, Cl. PL, 4%, 6/15/2029    4,775,381        4,797,732 
Ser. 2567, Cl. OH, 4%, 3/15/2010    3,115,364        3,133,237 
Ser. 2612, Cl. LJ, 4%, 7/15/2022    810,206        819,301 
(Interest Only Obligation):             
Ser. 1987, Cl. PI, 7%, 9/15/2012    312,632    j    43,697 
Ser. 1999, Cl. PW, 7%, 8/15/2026    4,231    j    17 
Ser. 2048, Cl. PJ, 7%, 4/15/2028    421,985    j    66,695 
Ser. 2615, Cl. IE, 5.5%, 9/15/2029    10,945,908    j    1,483,171 
Ser. 2646, Cl. IL, 5%, 8/15/2023    29,649,358    j    2,642,736 
Ser. 2752, Cl. PI, 5%, 4/15/2022    32,598,700    j    3,407,594 
Federal National Mortgage Association:             
3.52%, 2/1/2029    92,681    d    96,716 
5.5%, 9/1/2034    3,389,710        3,543,617 
REMIC, Trust, Gtd. Pass-Through Ctfs.:             
Ser. 2003-49, Cl. JE, 3%, 4/25/2033    1,572,520        1,527,302 
(Interest Only Obligation):             
Ser. 2001-72, Cl. IA, 6%, 3/25/2030    217,011    j    5,845 
Ser. 2002-55, Cl. IJ, 6%, 4/25/2028    869,701    j    8,620 
Ser. 2003-7, Cl. IQ, 5.5%, 3/25/2029    17,465,272    j    3,121,606 
Ser. 2003-40, Cl. NI, 5.5%, 11/25/2028    5,610,095    j    411,707 
Governmnet National Mortgage Association I:             
5.5%    204,000    k    208,716 
5.5%, 12/15/2034-9/15/2034    10,429,585        10,690,325 
6%    5,036,000    k    5,235,828 
6%, 12/15/2031-2/15/2034    3,330,802        3,469,684 
6.5%, 6/15/2032    1,104,043        1,169,932 
Project Loan,             
8%, 9/15/2008    504,695        522,828 
Government National Mortgage Association II:             
3.25%, 4/20/2030    825,573    d    830,708 
7%, 12/20/2030-4/20/2031    84,568        85,754 
7.5%, 11/20/2029-12/20/2030    85,045        91,185 
            49,135,520 
Total Bonds and Notes             
(Cost $579,374,896)            572,029,664 
 
Other Investments - .1%             
Registered Investments Company;             
Dreyfus Institutional Preferred Plus Money Market Fund         
(Cost $593,000)    593,000    l    593,000 

Short Term - 1.3%         
Banking;         
Deutsche Bank,         
Floating Rate Notes, 5.24%, 2005         
(Cost $7,500,000)    7,500,000 d    7,500,000 
 
Investment of Cash Collateral         
for Securities Loaned - 2.5%         
Registered Investment Company;         
Dreyfus Institutional Cash Advantage Plus         
(Cost $14,159,340)    14,159,340    14,159,340 
 
Total Investment(Cost $601,627,236)    103%    594,282,004 
Liabilities, Less Cash and Receivables    (3%)    (17,196,188) 
Net Assets    100%    577,085,816 

a    Principal amount stated in U.S Dollars unless otherwise noted. 
    GBP-British Pound Sterling 
    NZD-New Zealand Dollar 
    ZAR-South African Rand 
b    Non-income producing-security in default. 
c    Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold 
    in transactions exempt from registration, normally to qualified institutional buyers. -These securities have been deemed to be 
    liquid by the Board of Directors. At October 31, 2004, these securities amounted to $93,535,519 or 15.2% of net assets. 
d    Variable rate security--interest rate subject to periodic change. 
e    All or a portion of these securities are on loan. At October 31, 2004, the total market value of the fund's securities 
    on loan is $13,860,205 and the total market value of the collateral held by the fund is $14,159,340. 
f    Security linked to Goldman Sachs Commodity Index-Excess Return. 
g    Security linked to a portfolio of debt securities. 
h    Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index. 
i    Partially held by a broker as colleteral for open financial futures contract. 
j    Notional face amount shown. 
k.    Purchased on a forward commitment basis. 
l    Investments in affiliated money market mutual funds. 

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

DREYFUS INVESTMENT GRADE BOND FUNDS, INC.: DREYFUS PREMIER SHORT TERM INCOME FUND 
Statement of Financial Futures 
October 31, 2004 (Unaudited) 

        Market Value        Unrealized 
        Covered by        (Depreciation) 
    Contracts    Contracts ($)    Expiration    at 10/31/2004 ($) 
Financial Futures Long                 
U.S. Treasury 5 Year Note    662    4,489,500    December-2004    (44,391) 

DREYFUS INVESTMENT GRADE FUNDS, INC.: DREYFUS INTERMEDIATE TERM INCOME FUND

Statement of Investment             
October 31, 2004 (Unaudited)             
    Prinicipal         
Bonds and Notes - 106.4%    Amount    (a)    Value ($) 
Airlines - .8%             
American Airlines,             
Pass-Through Ctfs., Ser. 1999-1, 7.024%, 2009    1,413,000        1,422,188 
Continental Airlines:             
Pass-Through Ctfs., Ser. 1998-1, Cl. A, 6.648%, 2017    1,268,731        1,193,216 
Pass-Through Ctfs., Ser. 1998-3, 6.32%, 2008    2,835,000        2,766,259 
US Airways,             
Enhanced Equipment Notes, Ser. C, 8.93%, 2009    429,622    b    43 
            5,381,706 
Asset - Backed Ctfs./Credit Cards - .9%             
MBNA Master Credit Card Note Trust,             
Ser. 2002-C1, Cl. C1, 6.8%, 2014    5,268,000        5,878,405 
Asset-Backed Ctfs./Equipment - .0%             
Pegasus Aviation Lease Securitization,             
Ser. 2000-1, Cl. A1, 2.5575%, 2015    204,317    c,d    104,455 
Asset - Backed Ctfs./Home Equity Loans - 3.4%             
Ameriquest Mortgage Securities,             
Ser. 2003-IA1, Cl. A4, 4.965%, 2033    7,000,000        7,121,362 
Conseco Finance Securitization:             
Ser. 2000-B, Cl. AF5, 8.15%, 2031    2,304,037        2,354,285 
Ser. 2000-D, Cl. A3, 7.89%, 2018    9        9 
Ser. 2000-E, Cl. A5, 8.02%, 2031    941,501        944,392 
Equity One ABS,             
Ser. 2004-3, Cl. AF3, 4.265%, 2034    4,805,000        4,843,233 
Saxon Asset Securities Trust,             
Ser. 2004-2, Cl. AF2, 4.15%, 2035    6,950,000        7,003,243 
The Money Store Home Equity Trust,             
Ser. 1998-B, Cl. AF8, 6.11%, 2010    45,834        46,010 
            22,312,534 
Auto Manufactering - .8%             
General Motors:             
Debs, 8.375%, 2033    1,649,000    e    1,720,702 
Sr. Notes, 7.125%, 2013    3,634,000        3,776,522 
            5,497,224 
Auto Parts - 2.1%             
Dana,             
Notes, 9%, 2011    7,926,000    e    9,471,570 
Lear,             
Sr. Notes, Ser. B, 8.11%, 2009    3,989,000        4,584,965 
            14,056,535 
Banking - 1.5%             
Deutsche Bank,             
Deposit Notes, 4.85%, 2006    10,000,000        9,625,000 
Commercial Mortgage Pass - Through Ctfs. - .2%             
CS First Boston Mortgage Securities,             
Ser. 1998-C1, Cl. A1A, 6.26%, 2040    389,608        396,720 
Structured Asset Securities, REMIC,             
Ser. 1996-CFL, Cl. H, 7.75%, 2028    1,000,000        1,151,374 
            1,548,094 
Diversified Financial Service - 1.5%             
Capital One Bank,             
Sub. Notes, 6.5%, 2013    2,942,000        3,236,109 
Ford Motor Credit,             
Notes, 2.07%, 2007    1,064,000    d    1,045,319 
Notes, 2.79%, 2007    2,325,000    d    2,307,625 
Morgan Stanley,             

Sub. Notes, 4.75%, 2014        3,405,000        3,341,902 
                9,930,955 
Electric Utilities - 2.2%                 
Allegheny Energy,                 
Notes, 7.75%, 2005        1,925,000        1,987,563 
Centerpoint Energy,                 
Sr. Notes, Ser. B, 7.25%, 2010        5,000,000    e    5,602,400 
Jersey Central Power & Light,                 
First Mortgage, 5.625%, 2016        1,560,000    c    1,639,719 
Pacific Gas & Electric,                 
First Mortgage, 4.8%, 2014        2,601,000        2,609,765 
SCANA,                 
Sr. Notes, 2.16125%, 2006        2,375,000    d    2,381,453 
                14,220,900 
Foreign/Governmental - 10.1%                 
Byggingarsjodur Verkamanna:                 
Bonds, Ser. 1, 3.75%, 2024    ISK    334,216,896        4,844,776 
Bonds, Ser. 3, 3.75%, 2044    ISK    240,000,000        3,531,898 
Canadian Government,                 
Bonds, 4%, 2031    CAD    5,455,000    f    6,916,396 
Mexican Bonos,                 
Bonds, 8%, 2023    MXN    8,120,000        560,242 
New Zealand Government,                 
Bonds, Ser. 413, 6.5%, 2013    NZD    39,065,000        27,531,442 
Republic of Argentina,                 
Debs., 11.25%, 2004        33,100    b    9,351 
Republic of Chile,                 
Notes, 2.519%, 2008        7,040,000    d    7,075,552 
Republic of Poland,                 
Bonds, 5%, 2013    PLN    34,800,000        9,042,524 
Republic of South Africa,                 
Bonds, 13.5%, 2015    ZAR    910,000        194,744 
United Kingdom GILT:                 
Bonds, 4%, 2009    GBP    120,000        214,870 
Bonds, 5%, 2014    GBP    3,415,000        6,405,960 
                66,327,755 
Health Care - 1.6%                 
IVAX,                 
Conv. Sr. Sub. Notes, 4.5%, 2008        3,968,000        3,992,800 
Manor Care,                 
Notes, 6.25%, 2013        2,932,000        3,150,598 
Medco Health Solutions,                 
Sr. Notes, 7.25%, 2013        3,276,000        3,645,408 
                10,788,806 
Media - 1.5%                 
British Sky Broadcasting,                 
Notes, 6.875%, 2009        1,725,000        1,918,157 
Comcast,                 
Sr. Notes, 6.5%, 2015        3,860,000        4,229,267 
Time Warner Entertainment,                 
Sr. Notes, 8.375%, 2033        2,903,000        3,665,191 
                9,812,615 
Oil & Gas - 2.2%                 
Atmos Energy:                 
Notes, 2.465%, 2007        6,165,000    d    6,163,958 
Sr. Notes, 5.125%, 2013        3,217,000        3,301,433 
Integas Finance,                 
Bonds, 6.875%, 2011        4,850,000    c    4,856,063 
                14,321,454 
Property-Casualty Insurance - 2.0%             
Aspen Insurance,                 
Sr. Notes, 6%, 2014        3,280,000    c    3,334,405 

Converium Holdings,             
Sr. Notes, 7.125%, 2023    4,750,000    e    3,063,750 
Metlife,             
Sr. Notes, 5.5%, 2014    3,323,000        3,456,442 
Oil Casualty Insurance,             
Deferrable Sub. Debs., 8%, 2034    3,300,000    c    3,339,930 
            13,194,527 
Real Estate Investment Trust - .6%             
EOP Operating,             
Sr. Notes, 7%, 2011    600,000    e    680,974 
iStar Financial,             
Sr. Notes, Ser. B, 5.7%, 2014    3,250,000    e    3,335,972 
            4,016,946 
Residential Mortgage Pass- Through Ctfs. - 1.2%         
Bank Of America Mortgage Securities II,         
Ser. 2001-4, Cl. B3, 6.75%, 2031    494,825        524,705 
Chase Mortgage Finance:             
Ser. 2003-S5, Cl. B3, 5.5%, 2033    982,673    c    859,525 
Ser. 2003-S7, Cl. B3, 4.75%, 2018    378,607    c    341,535 
Countrywide Home Loans:             
Ser. 2003-8, Cl. B3, 5%, 2018    278,838    c    258,734 
Ser. 2003-15, Cl. B3, 4.874%, 2018    844,116    c    770,139 
Ser. 2003-18, Cl. B3, 5.5%, 2033    687,093        634,874 
GMAC Mortgage Corp Loan Trust:             
Ser. 2003-J1, Cl. B1, 5.25%, 2018    414,714    c    395,554 
Ser. 2003-J1, Cl. B2, 5.25%, 2018    414,714    c    356,073 
Ser. 2003-J1, Cl. B3, 5.25%, 2018    414,716    c    187,493 
Ser. 2003-J3, Cl. B2, 5%, 2018    278,963    c    231,344 
Ser. 2003-J10, Cl. B1, 4.75%, 2019    299,092    c    268,076 
Ser. 2004-J1, Cl. B2, 5.5%, 2034    530,777    c    340,008 
MASTR Asset Securitization Trust:             
Ser. 2003-1, Cl. 15B4, 5.25%, 2018    376,468    c    358,887 
Ser. 2003-1, Cl. 15B5, 5.25%, 2018    189,152    c    162,255 
Ocwen Residential MBS,             
Ser. 1998-R1, Cl. B1, 7%, 2040    524,885    c    557,848 
Residential Funding Mortgage Securities I:         
Ser. 2003-S3, Cl. B1, 5.25%, 2018    188,313        178,239 
Ser. 2002-S11, Cl. B1, 5.75%, 2017    183,337    c    179,762 
Structured Asset Securities,             
Ser. 2003-34A, Cl. 5A1, 1.87%, 2033    173,174    d    173,030 
Washington Mutual,             
Ser. 2002-S3, Cl. 2B4, 6%, 2017    221,268    c    221,977 
Wells Fargo Mortgage Securities,             
Ser. 2003-3, Cl. 1B4, 5.75%, 2033    981,579    c    938,095 
            7,938,153 
Retail - 1.1%             
Saks,             
Notes, 8.25%, 2008    429        471 
Tricon Global,             
Sr. Notes, 8.875%, 2011    5,695,000        7,116,962 
            7,117,433 
Structured Index - 2.1%             
AB Svensk Exportkredit,             
GSNE-ER Indexed Notes, 0%, 2007    14,675,000    c,g    13,889,888 
Telecommunications - 4.5%             
America Movil SA,             
Notes, 5.75%, 2015    7,042,000    c    7,032,071 
British Telecommunications,             
Notes, 8.375%, 2010    4,691,000        5,699,359 
Lucent Technologies,             
Debs., Ser. B, 2.75%, 2025    4,163,000    e    5,849,015 
Qwest:             

Bank Note, Ser. A, 6.5%, 2007    3,900,000    d    4,051,125 
Bank Note, Ser. B, 6.95%, 2010    2,322,000    d    2,322,000 
Sprint Capital,             
Notes, 6%, 2007    1,647,000        1,742,503 
Verizon Florida,             
Debs., 6.125%, 2013    2,333,000        2,523,233 
            29,219,306 
U.S. Government -23.6%             
U.S. Treasury Bonds,             
5.375%, 2/15/2031    11,028,000        11,981,260 
U.S. Treasury Inflation Protected Bonds:             
2%, 7/15/2014    28,618,160    h    29,458,904 
3.375%, 4/15/2032    56,749,882    h,i    72,410,659 
3.625%, 4/15/2029    17,141,826    h    21,853,523 
U.S. Treasury Notes:             
3.375%, 10/15/2009    5,250,000        5,271,740 
4.25%, 8/15/2014    10,930,000        11,126,303 
4.75%, 5/15/2014    2,548,000        2,694,892 
            154,797,281 
U.S. Government Agencies/Mortgage-Backed - 42.5%         
Federal Home Loan Mortgage Corp.:             
5.5%, 7/1/2034-9/1/2034    497,235        511,400 
6.5%, 10/1/2031-5/1/2032    2,158,522        2,272,517 
REMIC, Multiclass Mortgage Participation Ctfs.:         
Ser. 2586, Cl. WE, 4%, 12/15/2032    12,153,753        12,206,861 
Ser. 2612, Cl. LJ, 4%, 7/15/2022    3,718,037        3,759,770 
Ser. 2693, Cl. MH, 4%, 9/15/2027    7,416,000        7,271,654 
(Interest Only Obligations):             
Ser. 1499, Cl. E, 7%, 4/15/2023    285,072    j    28,057 
Ser. 2627, Cl. UI, 5%, 7/15/2023    8,118,657    j    702,202 
Ser. 2640, Cl. UA, 5%, 11/15/2026    20,000,000    j    1,903,914 
Ser. 2676, Cl. IK, 5%, 2/15/2020    3,760,000    j    718,769 
Federal National Mortgage Association:             
5%, 1/1/2018-5/1/2018    2,255,313        2,305,335 
5.5%, 8/1/2034-9/1/2034    14,601,033        14,901,376 
6.2%, 1/1/2011    10,393,239        11,465,305 
6.5%, 11/1/2010    1,809        1,923 
6.88%, 2/1/2028    1,014,623        1,152,375 
REMIC Trust, Gtd. Pass-Through Ctfs.:             
Ser. 2004-58, Cl. LJ, 5%, 7/25/2034    4,369,795        4,528,900 
(Interest Only Obligations),             
Ser. 2002-55, Cl. IJ, 6%, 4/25/2028    640,196        6,345 
Government National Mortgage Association I:         
5.5%    15,362,000    k    15,717,169 
5.5%, 4/15/2033-9/15/2034    51,544,768        52,853,427 
6%    81,182,000    k    84,403,302 
6%, 1/15/2033-2/15/2034    47,727,076        49,712,211 
6.5%, 6/15/2032-10/15/2033    3,377,353        3,542,959 
(Interest Only Obligations):             
Ser. 2004-1, Cl. TK, 5%, 5/20/2026    14,034,970    j    1,165,291 
Government National Mortgage Association II:         
3.5%, 7/20/2030    209,139    d    210,053 
6.5%, 2/20/2031-9/20/2031    1,218,849        1,287,787 
7%, 11/20/2029-7/20/2031    416,365        443,174 
7.5%, 10/20/2030-8/20/2031    566,327        607,241 
Ser. 2004-39, Cl. LC, 5.5%, 12/20/2029    4,800,000        5,041,500 
            278,720,817 
Total Bonds and Notes             
(cost $693,804,887)            698,700,789 
 
Preferred Stocks - .8%    Shares        Value ($) 

>
Health Care;             
Schering-Plough,             
    Cum. Conv., $3.00             
(Cost $5,045,421)    99,850        5,167,238 
 
        Face Amount         
        Covered by         
Options- .1%    Contracts ($)        Value ($) 
Call Options:             
U.K. 10 Year Interest Rate Swaption             
    September 2005 @ 5.05%    23,700,000        711,681 
U.S. Treasury Notes, 2.5%, 9/30/2006,             
    November 2004 @ $100.25    27,724,000        10,652 
Total Options             
    (cost $831,570)            722,333 
 
Other Investments - 6.5%    Shares        Value ($) 
Registered Investment Companies:             
Dreyfus Institutional Preferred Plus Money Market Fund    42,563,000    l    42,563,000 
    (cost $42,563,000)             
 
        Prinicipal         
Short-Term Investments - 1.1%    Amount        Value ($) 
Banking ;             
    Deutsche Bank AG,             
    Floating Rate Notes, 5.24%, 2/13/2005             
    (cost $7,250,000)    7,250,000    d    7,250,000 
 
Investment of Cash Collateral for Securities Loaned - 2.1%         
Registered Investment Company;             
Dreyfus Institutional Cash Advantage Plus Fund             
    (cost $13,609,462)    13,609,462    l    13,609,462 
 
 
Total Investment(Cost $763,104,340)    117.0%        768,012,822 
Liabilities, Less Cash and Receivables    (17.0%)        (111,645,633) 
Net Assets    100.0%        656,367,189 
 
a    U.S. Dollars unless otherwise noted.             
    CAD-Canadian Dollar             
    GBP-British Pound             
    ISK-Icelandic Krona             
    MXN-Mexican New Peso             
    NZD-New Zealand Dollar             
    PLN-Polish Zloty             
    ZAR-South African Rand             
b    Non-income producing-security in default.             
c    Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold 
    in transactions exempt from registration, normally to qualified institutional buyers.         
    At October 31, 2004, these securities amounted to $40,623,836 or 6.2% of net assets.         
d    Variable rate security--interest rate subject to periodic change.         
e    All or a portion of these securities are on loan. At October 31, 2004, the total market value of the fund's securities 
    on loan is $13,154,235 and the total market value of the collateral held by the fund is $13,609,462. 
f    Principal amount for accrual purposes is periodically adjusted based on changes in the Canadian Consumer Price Index. 
g    Security linked to Goldman Sachs Non-Energy- Excess Return Index.         
h    Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index. 
i    Partially held by a broker as collateral for open financial futures position.         
j    Notional face amount shown.             
k    Purchased on a forward commitment basis.             
l    Investments in affiliated money market mutual funds.             

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

DREYFUS INVESTMENT GRADE FUNDS, INC.: DREYFUS INTERMEDIATE TERM INCOME F 
Statement of Financial Futures 
October 31,2004 (Unaudited) 

        Market Value        Unrealized 
        Covered by        (Depreciation) 
    Contracts    Contracts ($)    Expiration    at 10/31/2004 ($) 
Financial Futures Short                 
U.S. Treasury 5 Year Notes    219    24,391,125    December-2004    (54,750) 
U.S. Treasury 10 Year Notes    143    16,239,438    December-2004    (48,016) 
 
                (102,766) 

DREYFUS INVESTMENT GRADE FUNDS, INC.: DREYFUS INTERMEDIATE TERM INCOME FUND 
Statement of Options Written 
10/31/2004 (Unaudited) 

    Face Amount     
    Covered by     
Issuer    Contracts ($)    Value($) 
Call Options:         
U.K. 10 Year Interest Rate Swaption     
September 2005 @ 4.40%    23,700,000    135,505 
 
Put Options;         
U.K. 10 Year Interest Rate Swaption     
September 2005 @ 5.65%    23,700,000    206,659 
 
(Premium received $347,594)        342,164 

DREYFUS INSTITUTIONAL YIELD ADVANTAGE FUND             
 
Statement of Investments                 
October 31, 2004 (Unaudited)                 
 
        Principal         
Bonds and Notes    87.3%    Amount ($)        Value ($) 
 
 
Asset-Backed Ctfs./Home Equity Loans    5.0%             
AAMES Mortgage Trust,                 
Ser. 1998-C, Cl. A2A, 5.912%, 2028        596,492        596,506 
Conseco Finance Securitizations,                 
Ser. 2000-D, Cl. A3, 7.89%, 2018        15    16 
Long Beach Mortgage Loan Trust,                 
Ser. 2003-3, Cl. A, 2.25%, 2033        849,394    a    849,886 
Residential Asset Securities,                 
Ser. 1998-KS3, Cl. AI7, 5.98%, 2029        279,645        284,785 
Residential Funding Mortgage Securities II,                 
Ser. 2004-HS2, Cl. AI3, 4.4%, 2019        572,000        580,168 
                2,311,361 
 
Automotive    4.7%             
Ford Motor Credit,                 
Notes, 7.5%, 2005        500,000        508,907 
GMAC,                 
Notes, 3.02%, 2007        752,000    a    747,693 
General Motors,                 
Notes, 6.25%, 2005        500,000        507,650 
Johnson Controls,                 
Notes, 1.95%, 2005        400,000    a    400,347 
                2,164,597 
 
Commercial Mortgage Pass-Through Ctfs.    6.4%             
Banc of America Structured Notes,                 
Ser. 2002-1A, Cl. B, 6.34%, 2014        1,100,000    a,b    1,021,281 
COMM,                 
Ser. 2001-FL5A, Cl. G, 2.62%, 2013        2,000,000    a,b    1,601,250 
CS First Boston Mortgage Securities,                 
Ser. 2001-CK3, Cl. A1, 5.26%, 2034        326,788        331,766 
                2,954,297 
 
Industrial    1.8%             
Tyco International,                 
Participation Certificate Trust, 4.436%, 2007        817,000    b    838,561 
 
 
Insurance    3.0%             
Genworth Financial,                 
Notes, 2.03%, 2007        260,000    a,c    259,109 
MetLife,                 
Debs., 3.911%, 2005        750,000        756,083 
Protective Life U.S. Funding Trust,                 
Sr. Secured Notes, 1.94%, 2006        385,000    a,b    386,003 
                1,401,195 
 
 
Oil & Gas    1.8%             

Atmos Energy,                 
Notes, 2.465%, 2007        570,000    a    569,904 
Ocean Energy,                 
Sr. Notes, 4.375%, 2007        264,000        270,363 
                840,267 
 
Residential Mortgage Pass-Through Ctfs.    3.6%             
Bank of America Mortgage Securities II,                 
Ser. 2004-D, Cl. 2A3, 1.62%, 2034        748,880    a    745,675 
Countrywide Alternative Loan Trust,                 
Ser. 2004-7T1, Cl. A1, 5.75%, 2034        888,838        913,516 
                1,659,191 
 
Structured Index    1.1%             
HSBC Bank USA, Tranched Investment-Grade                 
Enhanced Return Securities ("TIGERS"),                 
Medium-Term Notes,                 
Ser. 2003-4, 5.16%, 2008        500,000    a,b,d    502,136 
 
 
Telecommunications    .8%             
Verizon Wireless Capital,                 
Notes, 1.81%, 2005        390,000    a,b    389,938 
 
 
U.S. Government    52.8%             
U.S. Treasury Bonds,                 
11.625%, 11/15/2004        5,600,000    e    5,622,064 
U.S. Treasury Inflation Protected Securities,                 
0.875%, 4/15/2010        8,981,155    f    8,961,957 
U.S. Treasury Notes:                 
2.75%, 8/15/2007        570,000        569,867 
7.5%, 2/5/2015        9,184,000        9,331,403 
                24,485,291 
 
U.S. Government Agencies/Mortgage-Backed    3.2%             
Federal Home Loan Mortgage Corp:                 
REMIC Trust, Gtd. Multiclass Mortgage Participation Ctfs.,             
Ser. 2535, Cl. PL, 4%, 6/15/2029        318,359        319,849 
Structured Pass-Through Securities,                 
Ser. H005, Cl. A2, 2.55%, 8/15/2007        264,154    a    262,999 
Federal National Mortgage Association,                 
REMIC Trust, Gtd. Pass-Through Ctfs.,                 
Ser. 2002-55, Cl. GD, 5.5%, 11/25/2015        495,857        501,156 
Government National Mortgage Association I,                 
Ser. 2002-52, Cl. AG, 6%, 9/20/2029        398,128        403,222 
                1,487,226 
 
 
Utilities/Gas & Electric    3.1%             
Appalachian Power,                 
Notes, 2.3%, 2007        220,000    a    220,220 
FPL Group Capital,                 
Notes, 2.275%, 2005        390,000    a    390,404 
TXU Energy,                 
Notes, 2.84%, 2006        827,000    a,b    828,959 
                1,439,583 

Total Bonds and Notes             
(cost $ 40,805,847)            40,473,643 
 
 
        Face Amount     
        Covered by     
Call Options    .0%    Contracts($)    Value ($) 
 
U.S. Treasury Notes, 2.5%, 9/30/2006,             
November 2004 @ $ 100.25             
(cost $ 884)        1,616,000    758 
 
 
 
 
Other Investments    1.6%    Shares    Value ($) 
Registered Investment Company,             
Dreyfus Institutional Preferred Plus Money Market Fund         
(cost $ 753,000)        753,000 g    753,000 
 
 
 
Investment of Cash Collateral for             
Securities Loaned    .6%         
Registered Investment Company,             
Dreyfus Institutional Cash Advantage Plus Fund         
(cost $ 265,200)        265,200 g    265,200 
 
 
Total Investments (cost $ 41,824,931)        89.5%    41,492,601 
 
Cash and Receivables(Net)        10.5%    4,845,845 
 
Net Assets        100.0%    46,338,446 

a    Variable rate security---interest rate subject to periodic change. 
b    Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be 
    resold in transactions exempt from registration, normally to qualified institutional buyers.These securities have 
    been deemed to be liquid by the Board of Directors. At October 31, 2004, these securities amounted to 
    $ 5,568,128 or 12.0% of net assets. 
c    All of this security is on loan. At October 31, 2004, the total market value of the fund's security on loan 
    is $ 259,109 and the total market value of the collateral held by the fund is $ 265,200. 
d    Security linked to a portfolio of debt securities. 
e    Partially held by a broker as collateral for open financial futures positions. 
f    Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index. 
g    Investment in affiliated money market mutual fund. 

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 INSTITUTIONAL YIELD ADVANTAGE FUND         
 
 
Statement of Financial Futures                 
October 31, 2004 (Unaudited)                 
 
 
        Market Value        Unrealized 
        Covered by        (Depreciation) 
    Contracts    Contracts ($)    Expiration    at 10/31/2004 ($) 
 
Financial Futures Short                 
U.S. Treasury 5 Year Notes    4    445,500    December 2004    (1,000) 

DREYFUS INFLATION ADJUSTED SECURITIES FUND         
Statement of Investments             
October 31,2004 (unaudited)             
    Principal         
Bonds and Notes - 99.3%    Amount        Value ($) 
U.S. Treasury Inflation Protected Securities - 99.3%         
1.875%, 7/15/2013    1,496,038    a    1,539,079 
2%, 1/15/2014    2,343,405    a    2,428,217 
2%, 7/15/2014    103,547    a    106,589 
3.625%, 4/15/2028    585,805    a,b    746,823 
3.375%, 1/15/2012    891,112    a    1,021,526 
3.375%, 4/15/2032    232,735    a    296,960 
Coupon Strips:             
0%, 10/15/2028    10,000    c    11,114 
0%, 4/15/2029    10,000    c    10,927 
Principal Strips,             
0%, 4/15/2029    150,000        100,070 
Total Bonds and Notes             
(Cost $5,998,968)            6,261,305 
 
    Face Amount     
Options- .0%    Covered by     
Call Option;    Contracts ($)    Value($) 
U. S. Treasury Notes, 2.5%, 5/31/2006             
November 2004 @ $100.25             
(cost $120)    220,000        103 
 
Total Investment (cost $5,999,088)    99.3    %    6,261,408 
Cash and Receivables    0.7    %    41,031 
Net Assets    100.0    %    6,302,439 

a    Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index. 
b    Partially held by a broker as collateral for open financial futures position. 
c    Notional face amount shown. 

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 INFLATION ADJUSTED SECURITIES FUND 
Statement of Financial Futures 
October 31,2004(unaudited) 

        Market Value        Unrealized 
        Covered by        (Depreciation) 
    Contracts    Contracts ($)    Expiration    at 10/31/2004 ($) 
Financial Futures Short                 
U.S. Treasury 5 Year Notes    7    779,625    December-2004    (1,750) 

DREYFUS PREMIER YIELD ADVANTAGE FUND         
Statement of Investments             
October 31, 2004 (Unaudited)             
 
 
    Principal         
Bonds and Notes - 95.5 %    Amount($)    Value ($) 
 
Aircraft & Aerospace - 1.0%             
United Technologies,             
Notes, 6.625%, 2004    2,000,000        2,002,604 
 
Asset-Backed Ctfs./Auto Loans - .1%             
Navistar Financial Owner Trust,             
Ser. 2001-A, Cl. B, 5.59%, 2008    230,154        230,654 
 
Asset - Backed Ctfs./Business - 1.1%             
ACAS Business Loan Trust:             
Ser. 2002-1A, Cl. B, 3.41%, 2012    791,558    a,b    792,444 
Ser. 2002-2A, Cl. B, 3.51%, 2015    1,500,000    a,b    1,515,057 
            2,307,501 
Asset - Backed Ctfs./Home Equity Loans - 2.7%         
AAMES Mortgage Trust,             
Ser. 1998-C, Cl. A2A, 5.912%, 2028    372,366        372,375 
Conseco Finance Securitizations:             
Ser. 2000-D, Cl. A3, 7.89%, 2018    1        1 
Ser. 2001-D, Cl. A4, 5.53%, 2032    464,569        476,890 
Long Beach Mortgage Loan Trust,             
Ser. 2003-3, Cl. A, 2.25%, 2033    2,287,690    b    2,289,015 
Residential Funding Mortgage Securities II,         
Ser. 2004-HS2, Cl. AI3, 4.4%, 2019    2,478,000        2,513,387 
            5,651,668 
Automotive - 6.0%             
Ford Motor Credit,             
Notes, 7.5%, 2005    2,925,000        2,977,106 
GMAC,             
Notes, 3.02%, 2007    3,764,000    b    3,742,440 
General Motors,             
Notes, 6.25%, 2005    3,500,000        3,553,553 
Johnson Controls,             
Notes, 1.95%, 2005    2,315,000    b    2,317,009 
            12,590,108 
Banking - 9.1%             
Abbey National,             
Sub. Notes, 6.69%, 2005    4,000,000        4,138,292 
Deutsche Bank,             
Notes, 2.81%, 2005    12,500,000    b    12,500,000 
Washington Mutual,             
Sr. Notes, 7.25%, 2005    2,500,000        2,587,910 
            19,226,202 
 
Cable/Media - 1.6%             
TCI Communications,             
Sr. Notes, 8%, 2005    3,145,000        3,265,957 
 
Commercial Mortgage Pass - Through Ctfs. - 14.0%         
Banc of America Large Loan:             
Ser. 2002-FL1A, Cl. G, 3.34%, 2014    4,000,000    a,b    4,026,439 

Ser. 2002-FL2A, Cl. H, 3.19%, 2014    2,204,005    a,b    2,210,893 
Ser. 2002-FL2A, Cl. K1, 4.34%, 2014    1,037,575    a,b    1,037,575 
Ser. 2003-BBA2, Cl. L, 5.82%, 2015    5,000,000    a,b    4,854,094 
Banc of America Structured Notes:             
Ser. 2002-1A, Cl. A, 4.84%, 2014    1,500,000    a,b    1,457,578 
Ser. 2002-1A, Cl. B, 6.34%, 2014    2,200,000    a,b    2,042,563 
COMM,             
Ser. 2001-FL5A, Cl. G, 2.73%, 2013    3,700,000    a,b    2,962,313 
CS First Boston Mortgage Securities,             
Ser. 2001-CK3, Cl. A1, 5.26%, 2034    147,132        149,374 
Wachovia Bank Commercial Mortgage Trust:             
Ser. 2002-WHL, Cl. L, 4.87%, 2015    6,000,000    a,b    5,876,770 
Ser. 2003-WHL2, Cl. J, 4.37%, 2013    5,000,000    a,b    4,969,329 
            29,586,928 
Financial Services - 9.1%             
CIT,             
Notes, 1.94%, 2007    2,500,000    b    2,501,092 
Countrywide Home Loan,             
Notes, Ser. F, 6.7%, 2005    4,000,000        4,058,712 
General Electric Capital,             
Notes, Ser. A, 2.85%, 2006    2,500,000        2,507,668 
Meridian Funding,             
Notes, 2.54%, 2009    10,084,250    a,b    10,092,096 
            19,159,568 
Foreign/Governmental - 1.4%             
United Mexican States,             
Notes, Ser. A, 2.75%, 2009    3,000,000    b    3,024,750 
 
Health Care - 1.3%             
Boston Scientific,             
Notes, 6.625%, 2005    2,730,000        2,769,072 
 
Industrial - 2.0%             
Tyco International,             
Participation Certificate Trust, 4.436%, 2007    4,183,000    a    4,293,394 
 
Insurance - 2.6%             
Genworth Financial,             
Notes, 2.03%, 2007    1,335,000    b,c    1,330,425 
MetLife,             
Debs., 3.911%, 2005    2,000,000        2,016,222 
Protective Life U.S. Funding Trust,             
Sr. Secured Notes, 1.94%, 2006    2,220,000    a,b    2,225,783 
            5,572,430 
Oil & Gas - 2.0%             
Atmos Energy,             
Notes, 2.465%,2007    2,822,000    b    2,821,523 
Ocean Energy,             
Sr. Notes, 4.375%, 2007    1,279,000        1,309,826 
            4,131,349 
 
Real Estate Investment Trusts - .5%             
New Plan Excel Realty Trust,             
Sr. Notes, 7.75%, 2005    1,120,000        1,141,469 
 
Residential Mortgage Pass- Through Ctfs. - 8.7%         
Bank of America Mortgage Securities II,             
Ser. 2004-D, Cl. 2A3, 1.62%, 2034    5,242,158    b    5,219,726 

Countrywide Alternative Loan Trust,             
Ser. 2004-7T1, Cl. A1, 5.75%, 2034    6,221,863        6,394,613 
Nomura Asset Acceptance,             
Ser. 2004-AP3, Cl. A3, 4.423%, 2034    2,216,000        2,213,922 
Residential Asset Mortgage Products,             
Ser. 2002-SL1, Cl. AI1, 7%, 2032    107,996        109,020 
Structured Asset Securities,             
Ser. 2000-3, Cl. 2A6, 8%, 2030    40,601        40,550 
Washington Mutual,             
Ser. 2003-AR12, Cl. A3, 3.356%, 2034    4,400,000    b    4,407,572 
            18,385,403 
Structured Index - 2.1%             
HSBC Bank USA, Tranched Investment-Grade         
Enhanced Return Securities ("TIGERS"):             
Notes:             
Ser. 2003-2, 4.76%, 2008    800,000    a,b,d    806,640 
Ser. 2003-3, Cl. D-1, 4.76%, 2008    593,000    a,b,d    594,380 
Ser. 2003-4, 5.16%, 2008    3,000,000    a,b,d    3,012,816 
            4,413,836 
Telecommunications - 3.2%             
British Telecommunications,             
Notes, 7.875%, 2005    4,000,000    b    4,226,512 
Verizon Wireless Capital,             
Notes, 1.81%, 2005    2,450,000    a,b    2,449,608 
            6,676,120 
U.S. Government - 14.3%             
U.S. Treasury Inflation Protected Securities,             
0.875%, 4/15/2010    27,310,553    e    27,252,173 
U.S. Treasury Notes,             
2.75%, 8/15/2007    2,940,000        2,939,312 
            30,191,485 
U.S. Government Agencies - 2.7%             
SLM,             
Conv. Bonds, 2.05%, 7/25/2035    5,652,000    a,b    5,694,390 
 
U.S. Government Agencies/Mortgage-Backed - 5.5%         
Federal Home Loan Mortgage Corp.:             
REMIC Trust, Gtd. Multiclass Mortgage Participation         
Ctfs.,             
Ser. 2535, Cl. PL, 4%, 6/15/2029    2,228,511        2,238,942 
Structured Pass-Through Securities,             
Ser. H005, Cl. A2, 2.55%, 8/15/2007    1,928,036        1,919,607 
Federal National Mortgage Association:             
REMIC Trust, Gtd. Pass-Through Ctfs.:             
Ser. 2002-55, Cl. GD, 5.5%, 11/25/2015    1,983,427        2,004,623 
Ser. 2003-49, Cl. JE, 3%, 4/25/2033    3,145,039        3,054,604 
Government National Mortgage Association I,         
Ser. 2002-52, Cl. AG, 6%, 9/20/2029    2,357,093        2,387,256 
            11,605,032 
Utilities/Gas & Electric - 4.5%             
Appalachian Power,             
Notes, 2.3%, 2007    1,125,000    b    1,126,125 
Duke Energy,             
Sr. Notes, Ser. B, 2.3%, 2005    2,000,000    b    2,004,434 
FPL Group Capital,             
Notes, 2.275%, 2005    2,450,000    b    2,452,538 
TXU Energy,             
Notes, 2.84%, 2006    3,895,000    a,b    3,904,227 

            9,487,324 
Total Bonds and Notes             
(cost $ 201,218,113 )            201,407,244 
 
    Face Amount         
    Covered by         
Call Options - 0%    Contracts($)        Value($) 
U.S. Treasury Notes, 2.5%, 9/30/2006,             
November 2004 @ $ 100.25             
(cost $ 4,225)    7,726,000        3,622 
 
 
 
Other Investments - 0%    Shares        Value($) 
Registered Investment Company,             
Dreyfus Institutional Preferred Plus Money Market Fund         
(cost $ 43,000)    43,000    f    43,000 
 
    Principal         
Short-Term Investments - .1%    Amount($)        Value($) 
U.S. Treasury Bills;             
1.44%, 11/18/2004             
(cost $ 199,864)    200,000        199,846 
 
Investment of Cash Collateral             
for Securities Loaned - .4%    Shares        Value ($) 
Registered Investment Company,             
Dreyfus Institutional Cash Advantage Plus Fund         
(cost $ 861,900 )    861,900    f    861,900 
 
 
 
Total Investments (cost $ 202,327,102)    96.0%        202,515,612 
Cash and Receivables (Net)    4.0%        8,490,599 
Net Assets    100.0%        211,006,211 

a    Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in 
    transactions exempt from registration, normally to qualified institutional buyers. These securities have been deemed 
    liquid by the Board of Directors. At October 31, 2004, these securities amounted to $ 64,818,389 or 30.7% of net assets. 
b    Variable rate security-interest rate subject to periodic change. 
c    A portion of this security is on loan. At October 31, 2004, the total market value of the fund's security 
    on loan is $ 842,104 and the total market value of the collateral held by the fund is $ 861,900. 
d    Securities linked to a portfolio of debt securities. 
e    Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index. 
f    Investment in affiliated money market mutual fund. 

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

Item 2. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

DREYFUS INVESTMENT GRADE FUND
By:    /s/ Stephen E. Canter 
    Stephen E. Canter 
    President 
 
Date:    December 15, 2004 
 
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:    December 15, 2004 
 
By:    /s/ James Windels 
    James Windels 
    Chief Financial Officer 
 
Date:    December 15, 2004 
 
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) 

-3-