form-424
UNITED STATES
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SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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FORM N-Q
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QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
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INVESTMENT COMPANY
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Investment Company Act file number 811-05652
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DREYFUS MUNICIPAL INCOME, INC.
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(Exact name of Registrant as specified in charter)
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c/o The Dreyfus Corporation
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200 Park Avenue
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New York, New York 10166
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(Address of principal executive offices) (Zip code)
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Mark N. Jacobs, Esq.
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200 Park Avenue
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New York, New York 10166
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(Name and address of agent for service)
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Registrant's telephone number, including area code: (212) 922-6000
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Date of fiscal year end:
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9/30
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Date of reporting period:
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12/31/04
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Item 1. Schedule of Investments.
Dreyfus Municipal Income, Inc.
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Statement of Investments
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December 31, 2004 (Unaudited)
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Principal
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Amount($)
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Value($)
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Long-Term Municipal Investments--146.2%
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Alabama--10.4%
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Courtland Industrial Development Board, SWDR
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(Champion International Corp. Project)
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6.50%, 9/1/2025
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2,500,000
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2,607,925
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Jefferson County:
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Limited Obligation School Warrants
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5.50%, 1/1/2021
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4,000,000
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4,331,840
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Sewer Revenue, Capital Improvement
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5.75%, 2/1/2038 (Insured; FGIC)
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(Prerefunded 2/1/2009)
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7,500,000 a
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8,499,150
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The Board of Trustees of the University of Alabama, HR
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(University of Alabama at Birmingham)
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5.875%, 9/1/2031 (Insured; MBIA)
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4,620,000
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5,194,451
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Alaska--3.6%
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Alaska Housing Finance Corp.,
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General Mortgage Revenue
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6.05%, 6/1/2039 (Insured; MBIA)
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6,845,000
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7,126,603
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California--13.1%
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ABAG Financial Authority For Nonprofit Corporations:
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Insured Revenue, COP
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(Odd Fellows Home of California)
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6%, 8/15/2024
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5,000,000
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5,356,650
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MFHR
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(Civic Center Drive Apartments)
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5.875%, 9/1/2032 (Insured; FSA)
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3,750,000
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3,893,475
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California Department of Veteran Affairs,
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Home Purchase Revenue
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5.20%, 12/1/2028
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5,000,000
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5,012,100
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California Health Facilities Financing Authority,
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Revenue (Sutter Health)
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6.25%, 8/15/2035
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2,500,000
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2,814,975
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California Statewide Communities Development Authority,
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COP (Catholic Healthcare West)
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6.50%, 7/1/2020
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5,000,000
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5,587,600
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Golden State Tobacco Securitization Corp., Revenue
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(Tobacco Settlement Asset-Backed Bonds)
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7.80%, 6/1/2042
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3,000,000
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3,281,040
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Colorado--4.3%
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City and County of Denver, Airport Revenue
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(Special Facilities-United Airlines Inc. Project)
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6.875%, 10/1/2032
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2,480,000 b
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2,015,000
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Colorado Springs, HR:
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6.375%, 12/15/2030 (Prerefunded 12/15/2010)
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2,835,000 a
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3,352,302
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6.375%, 12/15/2030
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2,890,000
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3,131,951
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District of Columbia--1.2%
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District of Columbia, Revenue
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(Catholic University America Project)
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5.625%, 10/1/2029 (Insured; AMBAC)
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2,080,000
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2,288,437
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Florida--2.0%
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Orange County Health Facilities Authority, Revenue
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(Orlando Regional Healthcare System)
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6%, 10/1/2026
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1,500,000
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1,586,055
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Pinellas County Housing Finance Authority,
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SFMR (Multi-County Program)
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6.70%, 2/1/2028
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1,275,000
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1,301,444
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South Lake County Hospital District,
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Revenue (South Lake Hospital Inc.)
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5.80%, 10/1/2034
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1,095,000
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1,134,617
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Illinois--10.5%
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Chicago 6.125%, 1/1/2028 (Insured; FGIC)
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4,000,000
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4,580,160
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Illinois Development Finance Authority, Revenue
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(Community Rehabilitation Providers Facilities
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Acquisition Program)
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8.75%, 3/1/2010
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80,000
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80,283
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Illinois Health Facilities Authority, Revenue:
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(Advocate Health Care Network)
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6.125%, 11/15/2022
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5,800,000
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6,454,762
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(OSF Healthcare System)
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6.25%, 11/15/2029
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7,000,000
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7,424,060
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(Swedish American Hospital)
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6.875%, 11/15/2030
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2,000,000
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2,216,140
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Indiana--1.5%
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Franklin Township School Building Corp. (Marion County)
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First Mortgage 6.125%, 1/15/2022
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(Prerefunded 7/15/2010)
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2,500,000 a
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2,948,025
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Maryland--5.1%
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Maryland Economic Development Corp.,
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Student Housing Revenue (University of Maryland,
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College Park Project)
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5.625%, 6/1/2035
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2,000,000
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2,066,740
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Maryland Health and Higher Educational
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Facilities Authority, Revenue
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(The John Hopkins University Issue)
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6%, 7/1/2039 (Prerefunded 7/1/2009)
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7,000,000 a
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8,052,380
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Massachusetts--7.0%
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Massachusetts Bay Transportation Authority, Assessment
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5%, 7/1/2034
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5,000,000
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5,148,250
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Massachusetts Health and Educational Facilities Authority,
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Revenue, Healthcare System (Covenant Health)
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6%, 7/1/2031
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2,500,000
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2,656,225
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Massachusetts Industrial Finance Agency, Revenue
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(Water Treatment-American Hingham)
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6.95%, 12/1/2035
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5,640,000
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5,953,528
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Michigan--7.6%
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Hancock Hospital Finance Authority,
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Mortgage Revenue (Portgage Health)
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5.45%, 8/1/2047 (Insured; MBIA)
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2,200,000
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2,339,502
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Michigan Hospital Finance Authority, HR
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(Genesys Health System Obligated Group)
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8.125%, 10/1/2021 (Prerefunded 10/1/2005)
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7,670,000 a
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8,164,715
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Michigan Strategic Fund, SWDR
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(Genesee Power Station Project)
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7.50%, 1/1/2021
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4,900,000
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4,602,717
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Minnesota--1.4%
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Minnesota Agricultural and Economic Development Board,
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Health Care System Revenue (Fairview Health Services)
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6.375%, 11/15/2029
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2,500,000
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2,741,675
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Mississippi--3.1%
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Mississippi Business Finance Corp., PCR
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(System Energy Resource Inc. Project)
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5.875%, 4/1/2022
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6,000,000
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6,018,540
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Missouri--2.8%
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Health and Educational Facilities Authority of the State
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of Missouri, Health Facilities Revenue:
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(BJC Health System)
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5.25%, 5/15/2032
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2,500,000
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2,603,950
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(Saint Anthony's Medical Center)
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6.25%, 12/1/2030
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2,500,000
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2,672,525
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Missouri Housing Development Commission,
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Mortgage Revenue (Single Family Homeownersip Loan)
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6.30%, 9/1/2025
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335,000
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352,346
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Nevada--2.3%
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Clark County, IDR (Southwest Gas Corp.)
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6.10%, 12/1/2038 (Insured; AMBAC)
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4,000,000
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4,514,320
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New Jersey--.6%
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New Jersey Economic Development Authority,
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Cigarette Tax Revenue
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5.50%, 6/15/2031
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1,100,000
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1,130,580
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New Mexico--1.7%
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Farmington, PCR (Public Service Co. San Juan)
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6.30%, 12/1/2016
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3,000,000
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3,253,890
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New York--5.5%
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Long Island Power Authority,
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Electric System Revenue
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5%, 9/1/2027
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1,500,000
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1,535,715
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New York City Municipal Water Finance Authority,
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Water and Sewer System Revenue
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5.125%, 6/15/2034 (Insured; FGIC)
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2,500,000
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2,586,625
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New York City Transitional Finance Authority,
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Revenue (Future Tax Secured)
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5.25%, 8/1/2019
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6,200,000
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6,765,192
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North Carolina--5.2%
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North Carolina Capital Facilities Finance Agency,
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Revenue (Duke University Project)
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5.25%, 7/1/2042
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5,000,000
|
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5,204,550
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North Carolina Eastern Municipal Power Agency,
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Power System Revenue
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5.125%, 1/1/2026
|
|
3,000,000
|
|
3,041,250
|
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North Carolina Housing Finance Agency (Home Ownership)
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|
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6.25%, 1/1/2029
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|
1,920,000
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|
2,005,056
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Ohio--4.9%
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|
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Cuyahoga County, Hospital Improvement Revenue
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(The Metrohealth System Project)
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6.125%, 2/15/2024
|
|
5,000,000
|
|
5,257,950
|
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Ohio Housing Finance Agency,
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Residential Mortgage Revenue
|
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|
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|
5.75%, 9/1/2030
|
|
610,000
|
|
619,717
|
|
Rickenbacker Port Authority, Capital Funding
|
|
|
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Revenue (OASBO Expanded Asset Pooled)
|
|
|
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|
5.375%, 1/1/2032
|
|
3,590,000
|
|
3,780,055
|
|
Oklahoma--1.4%
|
|
|
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|
|
Oklahoma Development Finance Authority, Revenue
|
|
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|
|
(Saint John Health System)
|
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|
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6%, 2/15/2029
|
|
2,500,000
|
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2,749,925
|
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Pennsylvania--5.9%
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|
|
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|
Pennsylvania Economic Development Financing Authority,
|
|
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|
RRR (Northampton Generating Project)
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|
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|
6.60%, 1/1/2019
|
|
3,500,000
|
|
3,540,005
|
|
Sayre Health Care Facilities Authority,
|
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Revenue (Guthrie Health)
|
|
|
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|
5.875%, 12/1/2031
|
|
7,750,000
|
|
8,207,173
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South Carolina--9.0%
|
|
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|
Lancaster Educational Assistance Program, Inc.,
|
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Installment Purchase Revenue (The School District
|
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|
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of Lancaster County, South Carolina, Project)
|
|
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5%, 12/1/2026
|
|
5,000,000
|
|
5,023,100
|
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Medical University, Hospital Facilities Revenue
|
|
|
|
|
6%, 7/1/2019 (Prerefunded 7/1/2009)
|
|
2,500,000 a
|
|
2,865,525
|
Piedmont Municipal Power Agency, Electric Revenue
|
|
|
|
|
5.25%, 1/1/2021
|
|
3,500,000
|
|
3,550,295
|
|
Tobacco Settlement Revenue Management Authority,
|
|
|
|
|
Tobacco Settlement Asset - Backed Bonds:
|
|
|
|
|
6.375%, 5/15/2028
|
|
2,900,000
|
|
2,824,194
|
6.375%, 5/15/2030
|
|
3,750,000
|
|
3,604,088
|
Texas--10.9%
|
|
|
|
|
|
Cities of Dallas and Fort Worth,
|
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|
Dallas/Fort Worth International Airport,
|
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Joint Revenue Improvement
|
|
|
|
|
5%, 11/1/2035 (Insured; FSA)
|
|
2,500,000
|
|
2,506,950
|
|
Gregg County Health Facilities Development Corp.,
|
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|
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|
HR (Good Shepherd Medical Center Project)
|
|
|
|
|
6.375%, 10/1/2025 (Insured; AGIC)
|
|
2,500,000
|
|
2,848,700
|
|
Harris County Health Facilities Development Corp.,
|
|
|
|
|
HR (Memorial Hermann Healthcare)
|
|
|
|
|
6.375%, 6/1/2029
|
|
3,565,000
|
|
3,922,926
|
|
Port of Corpus Christi Authority, Nueces County,
|
|
|
|
|
General Revenue (Union Pacific)
|
|
|
|
|
5.65%, 12/1/2022
|
|
4,500,000
|
|
4,750,290
|
|
Texas, Veterans Housing Assistance Program
|
|
|
|
|
6.10%, 6/1/2031
|
|
7,000,000
|
|
7,473,830
|
|
Utah--1.7%
|
|
|
|
|
|
Carbon County, SWDR (Sunnyside Cogeneration)
|
|
|
|
|
7.10%, 8/15/2023
|
|
2,868,000
|
|
2,823,230
|
|
Utah Housing Finance Agency,
|
|
|
|
|
Single Family Mortgage
|
|
|
|
|
6%, 1/1/2031
|
|
510,000
|
|
512,693
|
|
Vermont--1.3%
|
|
|
|
|
|
Vermont Educational and Health Buildings
|
|
|
|
|
Financing Agency, Revenue
|
|
|
|
|
(Saint Michael's College Project)
|
|
|
|
|
6%, 10/1/2028
|
|
1,500,000
|
|
1,678,410
|
|
Vermont Housing Finance Agency,
|
|
|
|
|
Single Family Housing
|
|
|
|
|
6.40%, 11/1/2030 (Insured; FSA)
|
|
970,000
|
|
975,519
|
|
Washington--3.9%
|
|
|
|
|
|
Public Utility District Number 1 of Pend Orielle County,
|
|
|
|
|
Electric Revenue
|
|
|
|
|
6.375%, 1/1/2015
|
|
2,000,000
|
|
2,075,820
|
|
Washington Higher Education Facilities Authority,
|
|
|
|
|
Revenue (Whitman College Project)
|
|
|
|
|
5.875%, 10/1/2029 (Prerefunded 10/1/2009)
|
|
5,000,000 a
|
|
5,705,400
|
|
West Virginia--6.5%
|
|
|
|
|
|
Braxton County, SWDR
|
|
|
|
|
(Weyerhaeuser Co. Project):
|
|
|
|
|
6.50%, 4/1/2025
|
|
5,000,000
|
|
|
|
5,144,000
|
5.80%, 6/1/2027
|
|
7,450,000
|
|
|
|
7,692,199
|
Wisconsin--3.6%
|
|
|
|
|
|
|
Badger Tobacco Asset Securitization Corp.,
|
|
|
|
|
|
|
Tobacco Settlement Asset-Backed Bonds
|
|
|
|
|
|
|
7%, 6/1/2028
|
|
2,500,000
|
|
|
|
2,558,450
|
Wisconsin Health and Educational Facilities Authority,
|
|
|
|
|
|
|
Revenue (Aurora Health Care, Inc.)
|
|
|
|
|
|
|
5.60%, 2/15/2029
|
|
4,575,000
|
|
|
|
4,635,756
|
Wyoming--1.0%
|
|
|
|
|
|
|
Sweetwater County, SWDR (FMC Corp. Project)
|
|
|
|
|
|
|
7%, 6/1/2024
|
|
2,000,000
|
|
|
|
2,036,780
|
U.S. Related--7.2%
|
|
|
|
|
|
|
Puerto Rico Highway and Transportation Authority,
|
|
|
|
|
|
|
Transportation Revenue:
|
|
|
|
|
|
|
7.878%, 7/1/2038 (Insured; MBIA)
|
|
4,000,000
|
|
c,d
|
|
4,244,840
|
7.878%, 7/1/2038 (Insured; MBIA)
|
|
5,000,000
|
|
c,d
|
|
5,306,050
|
Puerto Rico Infrastructure Financing Authority,
|
|
|
|
|
|
|
Special Tax Revenue, Residual Certificates
|
|
|
|
|
|
|
7.685%, 7/1/2015
|
|
4,000,000
|
|
c,d
|
|
4,585,040
|
Total Long-Term Municipal Investments
|
|
|
|
|
|
|
(cost $270,349,657)
|
|
|
|
|
|
289,128,226
|
Short-Term Municipal Investments--2.1%
|
|
|
|
|
|
|
Louisiana--.6%
|
|
|
|
|
|
|
East Baton Rouge Parish, PCR, VRDN
|
|
|
|
|
|
|
(Exxon Project)
|
|
|
|
|
|
|
2.12%
|
|
1,100,000
|
|
e
|
|
1,100,000
|
Texas--1.5%
|
|
|
|
|
|
|
Bell County Health Facilities Development Corp.,
|
|
|
|
|
|
|
HR, VRDN (Scott and White)
|
|
|
|
|
|
|
2.20% (Insured; MBIA)
|
|
1,100,000
|
|
e
|
|
1,100,000
|
Harris County Health Facilities Development Corp.,
|
|
|
|
|
|
|
Revenue, VRDN (Methodist Hospital)
|
|
|
|
|
|
|
2.20%
|
|
1,900,000
|
|
e
|
|
1,900,000
|
Total Short-Term Municipal Investments
|
|
|
|
|
|
|
(cost $4,100,000)
|
|
|
|
|
|
4,100,000
|
Total Investments (cost $274,449,657)
|
|
148.3%
|
|
|
|
293,228,226
|
Cash And Receivables (Net)
|
|
2.3%
|
|
|
|
4,462,010
|
Preferred Stock, at redemption value
|
|
(50.6%)
|
|
|
|
(100,000,000)
|
Net Assets applicable to Common Shareholders
|
|
100.0%
|
|
|
|
197,690,236
|
|
Notes to Statement of Investments:
|
|
|
|
|
|
|
a Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the
|
bonds in full at the earliest refunding date.
|
b Non-income producing security; interest payments 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 December 31, 2004, these securities amounted to $14,135,930 or 7.2% of net assets
|
applicable to common shareholders.
|
d Inverse floater security - the interest rate is subject to change periodically.
|
e Securities payable on demand. Variable interest rate - subject to periodic change.
|
f At December 31, 2004, the fund had $87,970,152 or 44.5% of net assets applicable to common shareholders invested in securities whose payment of principal and interest is dependent
|
upon revenues generated from health care projects.
|
g Securities valuation policies and other investment related disclosures are hereby incorporated by reference 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)
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 INCOME, INC.
By:
|
|
/s/ Stephen E. Canter
|
|
|
Stephen E. Canter
|
|
|
President
|
|
Date:
|
|
February 18, 2005
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on
the dates indicated.
By:
|
|
/s/ Stephen E. Canter
|
|
|
Stephen E. Canter
|
|
|
Chief Executive Officer
|
|
Date:
|
|
February 18, 2005
|
|
By:
|
|
/s/ James Windels
|
James Windels
|
|
|
Chief Financial Officer
|
|
Date:
|
|
February 18, 2005
|
EXHIBIT INDEX
(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)