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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 |
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FORM N-Q |
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QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY |
Investment Company Act file number 811-5652
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Dreyfus Municipal Income, Inc. (Exact name of Registrant as specified in charter) |
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c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166 (Address of principal executive offices) (Zip code) |
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Michael A. Rosenberg, 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: | 09/30 | |
| Date of reporting period: | 06/30/2008 |
FORM N-Q
Item 1. Schedule of Investments.
| STATEMENT OF INVESTMENTS |
| Dreyfus Municipal Income, Inc. |
| June 30, 2008 (Unaudited) |
| Long-Term Municipal | Coupon | Maturity | Principal | |||||
| Investments--148.6% | Rate (%) | Date | Amount ($) | Value ($) | ||||
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| Alabama--2.7% | ||||||||
| The Board of Trustees of the | ||||||||
| University of Alabama, HR | ||||||||
| (University of Alabama at | ||||||||
| Birmingham) (Insured; MBIA, | ||||||||
| Inc.) | 5.88 | 9/1/10 | 4,620,000 a | 4,970,242 | ||||
| Alaska--3.7% | ||||||||
| Alaska Housing Finance | ||||||||
| Corporation, General Mortgage | ||||||||
| Revenue (Insured; MBIA, Inc.) | 6.05 | 6/1/39 | 6,845,000 | 6,882,921 | ||||
| Arizona--5.4% | ||||||||
| Arizona Housing Finance Authority, | ||||||||
| SFMR (Mortgage Backed | ||||||||
| Securities Program) | ||||||||
| (Collateralized: FHLMC, FNMA | ||||||||
| and GNMA) | 5.40 | 6/1/28 | 4,000,000 | 3,970,880 | ||||
| City of Phoenix, County of | ||||||||
| Maricopa and the County of | ||||||||
| Pima Industrial Development | ||||||||
| Authorities, SFMR | ||||||||
| (Collateralized: FHLMC, FNMA | ||||||||
| and GNMA) | 5.80 | 12/1/39 | 4,280,000 | 4,205,014 | ||||
| Pima County Industrial Development | ||||||||
| Authority, Education Revenue | ||||||||
| (American Charter Schools | ||||||||
| Foundation Project) | 5.63 | 7/1/38 | 2,000,000 | 1,799,280 | ||||
| California--14.2% | ||||||||
| ABAG Financial Authority for | ||||||||
| Nonprofit Corporations, | ||||||||
| Insured Revenue, COP (Odd | ||||||||
| Fellows Home of California) | 6.00 | 8/15/24 | 5,000,000 | 5,032,050 | ||||
| California Department of Veteran | ||||||||
| Affairs, Home Purchase Revenue | 5.20 | 12/1/28 | 2,950,000 | 2,950,856 | ||||
| California Health Facilities | ||||||||
| Financing Authority, Revenue | ||||||||
| (Sutter Health) | 6.25 | 8/15/35 | 2,500,000 | 2,626,000 | ||||
| California Housing Finance Agency, | ||||||||
| Home Mortgage Revenue | 4.80 | 8/1/36 | 2,500,000 | 2,225,550 | ||||
| California Statewide Communities | ||||||||
| Development Authority, COP | ||||||||
| (Catholic Healthcare West) | 6.50 | 7/1/10 | 3,545,000 a | 3,843,489 | ||||
| California Statewide Communities | ||||||||
| Development Authority, COP | ||||||||
| (Catholic Healthcare West) | 6.50 | 7/1/10 | 1,455,000 a | 1,574,543 | ||||
| Chabot-Las Positas Community |
| College District, GO (Insured; | ||||||||
| AMBAC) | 0.00 | 8/1/32 | 6,000,000 b | 1,591,260 | ||||
| Golden State Tobacco | ||||||||
| Securitization Corporation, | ||||||||
| Tobacco Settlement | ||||||||
| Asset-Backed Bonds | 7.80 | 6/1/13 | 3,000,000 a | 3,533,850 | ||||
| Golden State Tobacco | ||||||||
| Securitization Corporation, | ||||||||
| Tobacco Settlement | ||||||||
| Asset-Backed Bonds | 5.75 | 6/1/47 | 3,500,000 | 2,978,605 | ||||
| Colorado--9.3% | ||||||||
| Colorado Springs, | ||||||||
| HR | 6.38 | 12/15/10 | 2,835,000 a | 3,091,454 | ||||
| Colorado Springs, | ||||||||
| HR | 6.38 | 12/15/30 | 2,890,000 | 2,985,370 | ||||
| University of Northern Colorado | ||||||||
| Board of Trustees, Auxiliary | ||||||||
| Facilities System Revenue | ||||||||
| (Insured; FSA) | 5.00 | 6/1/35 | 11,000,000 c,d | 11,102,025 | ||||
| District of Columbia--1.4% | ||||||||
| District of Columbia, | ||||||||
| Revenue (Catholic University | ||||||||
| America Project) (Insured; | ||||||||
| AMBAC) | 5.63 | 10/1/09 | 1,605,000 a | 1,687,192 | ||||
| District of Columbia, | ||||||||
| Revenue (Catholic University | ||||||||
| America Project) (Insured; | ||||||||
| AMBAC) | 5.63 | 10/1/29 | 475,000 | 487,649 | ||||
| District of Columbia Housing | ||||||||
| Finance Agency, SFMR | ||||||||
| (Collateralized: FHA, FNMA, | ||||||||
| GNMA and GIC; Trinity Funding) | 7.45 | 12/1/30 | 495,000 | 503,222 | ||||
| Florida--1.4% | ||||||||
| Orange County Health Facilities | ||||||||
| Authority, HR (Orlando | ||||||||
| Regional Healthcare System) | 6.00 | 10/1/09 | 30,000 a | 31,621 | ||||
| Orange County Health Facilities | ||||||||
| Authority, HR (Orlando | ||||||||
| Regional Healthcare System) | 6.00 | 10/1/26 | 1,470,000 | 1,499,253 | ||||
| South Lake County Hospital | ||||||||
| District, Revenue (South Lake | ||||||||
| Hospital, Inc.) | 5.80 | 10/1/34 | 1,095,000 | 1,102,271 | ||||
| Illinois--11.9% | ||||||||
| Chicago | ||||||||
| (Insured; FGIC) | 6.13 | 7/1/10 | 3,685,000 a | 3,963,254 | ||||
| Chicago | ||||||||
| (Insured; FGIC) | 6.13 | 7/1/10 | 315,000 a | 338,786 | ||||
| Illinois Development Finance | ||||||||
| Authority, Revenue (Community | ||||||||
| Rehabilitation Providers | ||||||||
| Facilities Acquisition Program) | 8.75 | 3/1/10 | 40,000 | 40,110 | ||||
| Illinois Finance Authority, |
| Revenue (Sherman Health | ||||||||
| Systems) | 5.50 | 8/1/37 | 2,000,000 | 1,876,100 | ||||
| Illinois Health Facilities | ||||||||
| Authority, Revenue (Advocate | ||||||||
| Health Care Network) | 6.13 | 11/15/10 | 5,800,000 a | 6,239,930 | ||||
| Illinois Health Facilities | ||||||||
| Authority, Revenue (OSF | ||||||||
| Healthcare System) | 6.25 | 11/15/09 | 7,000,000 a | 7,422,030 | ||||
| Illinois Health Facilities | ||||||||
| Authority, Revenue (Swedish | ||||||||
| American Hospital) | 6.88 | 5/15/10 | 2,000,000 a | 2,153,980 | ||||
| Indiana--1.5% | ||||||||
| Franklin Township School Building | ||||||||
| Corporation, First Mortgage | ||||||||
| Bonds | 6.13 | 7/15/10 | 2,500,000 a | 2,717,275 | ||||
| Louisiana--1.5% | ||||||||
| Parish of Saint John the Baptist, | ||||||||
| Revenue (Marathon Oil | ||||||||
| Corporation Project) | 5.13 | 6/1/37 | 3,000,000 | 2,698,590 | ||||
| Maryland--5.1% | ||||||||
| Maryland Economic Development | ||||||||
| Corporation, Student Housing | ||||||||
| Revenue (University of | ||||||||
| Maryland, College Park Project) | 5.63 | 6/1/13 | 2,000,000 a | 2,202,160 | ||||
| Maryland Health and Higher | ||||||||
| Educational Facilities | ||||||||
| Authority, Revenue (The Johns | ||||||||
| Hopkins University Issue) | 6.00 | 7/1/09 | 7,000,000 a | 7,329,070 | ||||
| Massachusetts--6.5% | ||||||||
| Massachusetts Development Finance | ||||||||
| Agency, SWDR (Dominion Energy | ||||||||
| Brayton Point Issue) | 5.00 | 2/1/36 | 2,000,000 | 1,806,400 | ||||
| Massachusetts Health and | ||||||||
| Educational Facilities | ||||||||
| Authority, Healthcare System | ||||||||
| Revenue (Covenant Health | ||||||||
| Systems Obligated Group Issue) | 6.00 | 1/1/12 | 530,000 a | 581,792 | ||||
| Massachusetts Health and | ||||||||
| Educational Facilities | ||||||||
| Authority, Healthcare System | ||||||||
| Revenue (Covenant Health | ||||||||
| Systems Obligated Group Issue) | 6.00 | 7/1/31 | 1,970,000 | 2,020,452 | ||||
| Massachusetts Housing Finance | ||||||||
| Agency, SFHR | 5.00 | 12/1/31 | 2,500,000 | 2,330,175 | ||||
| Massachusetts Industrial Finance | ||||||||
| Agency, Water Treatment | ||||||||
| Revenue | ||||||||
| (Massachusetts-American | ||||||||
| Hingham Project) | 6.95 | 12/1/35 | 5,235,000 | 5,244,580 | ||||
| Michigan--3.6% | ||||||||
| Hancock Hospital Finance | ||||||||
| Authority, Mortgage Revenue | ||||||||
| (Portgage Health) (Insured; | ||||||||
| MBIA, Inc.) | 5.45 | 8/1/08 | 2,145,000 a | 2,151,328 | ||||
| Michigan Strategic Fund, | ||||||||
| SWDR (Genesee Power Station | ||||||||
| Project) | 7.50 | 1/1/21 | 4,585,000 | 4,458,958 | ||||
| Minnesota--2.9% | ||||||||
| Minnesota Agricultural and | ||||||||
| Economic Development Board, | ||||||||
| Health Care Facilities Revenue | ||||||||
| (Essentia Health Obligated | ||||||||
| Group) (Insured; Assured | ||||||||
| Guaranty) | 5.00 | 2/15/37 | 2,600,000 | 2,605,772 | ||||
| Minnesota Agricultural and | ||||||||
| Economic Development Board, | ||||||||
| Health Care System Revenue | ||||||||
| (Fairview Health Care Systems) | 6.38 | 11/15/10 | 2,420,000 a | 2,640,002 | ||||
| Minnesota Agricultural and | ||||||||
| Economic Development Board, | ||||||||
| Health Care System Revenue | ||||||||
| (Fairview Health Care Systems) | 6.38 | 11/15/29 | 80,000 | 82,778 | ||||
| Mississippi--3.2% | ||||||||
| Mississippi Business Finance | ||||||||
| Corporation, PCR (System | ||||||||
| Energy Resources, Inc. Project) | 5.88 | 4/1/22 | 6,000,000 | 5,866,680 | ||||
| Missouri--1.5% | ||||||||
| Missouri Health and Educational | ||||||||
| Facilities Authority, Health | ||||||||
| Facilities Revenue (Saint | ||||||||
| Anthony's Medical Center) | 6.25 | 12/1/10 | 2,500,000 a | 2,719,725 | ||||
| Missouri Housing Development | ||||||||
| Commission, SFMR | ||||||||
| (Homeownership Loan Program) | ||||||||
| (Collateralized: FNMA and GNMA) | 6.30 | 9/1/25 | 130,000 | 131,745 | ||||
| Nevada--2.1% | ||||||||
| Clark County, | ||||||||
| IDR (Southwest Gas Corporation | ||||||||
| Project) (Insured; AMBAC) | 6.10 | 12/1/38 | 4,000,000 | 3,960,960 | ||||
| New Jersey--.8% | ||||||||
| New Jersey Economic Development | ||||||||
| Authority, Cigarette Tax | ||||||||
| Revenue | 5.50 | 6/15/31 | 1,610,000 | 1,529,532 | ||||
| New Mexico--2.3% | ||||||||
| Farmington, | ||||||||
| PCR (Public Service Company of | ||||||||
| New Mexico San Juan Project) | 6.30 | 12/1/16 | 3,000,000 | 2,976,090 | ||||
| New Mexico Mortgage Finance | ||||||||
| Authority, Single Family | ||||||||
| Mortgage Program | ||||||||
| (Collateralized: FHLMC and | ||||||||
| GNMA) | 6.85 | 9/1/31 | 1,305,000 | 1,324,170 | ||||
| New York--.8% | ||||||||
| Long Island Power Authority, |
| Electric System General Revenue | 5.00 | 9/1/27 | 1,500,000 | 1,514,865 | ||||
| North Carolina--.6% | ||||||||
| North Carolina Housing Finance | ||||||||
| Agency, Home Ownership Revenue | 6.25 | 1/1/29 | 1,145,000 | 1,151,824 | ||||
| Ohio--10.0% | ||||||||
| Buckeye Tobacco Settlement | ||||||||
| Financing Authority, Tobacco | ||||||||
| Settlement Asset-Backed Bonds | 6.50 | 6/1/47 | 8,000,000 | 7,309,680 | ||||
| Cuyahoga County, | ||||||||
| Hospital Improvement Revenue | ||||||||
| (The Metrohealth System | ||||||||
| Project) | 6.13 | 2/15/09 | 5,000,000 a | 5,177,850 | ||||
| Ohio Housing Finance Agency, | ||||||||
| Residential Mortgage Revenue | ||||||||
| (Collateralized; GNMA) | 5.75 | 9/1/30 | 5,000 | 5,055 | ||||
| Rickenbacker Port Authority, | ||||||||
| Capital Funding Revenue (OASBO | ||||||||
| Expanded Asset Pooled) | 5.38 | 1/1/32 | 4,090,000 | 4,260,185 | ||||
| Toledo-Lucas County Port | ||||||||
| Authority, Special Assessment | ||||||||
| Revenue (Crocker Park Public | ||||||||
| Improvement Project) | 5.38 | 12/1/35 | 2,000,000 | 1,877,400 | ||||
| Oklahoma--1.4% | ||||||||
| Oklahoma Development Finance | ||||||||
| Authority, Revenue (Saint John | ||||||||
| Health System) | 6.00 | 2/15/29 | 625,000 | 638,975 | ||||
| Oklahoma Development Finance | ||||||||
| Authority, Revenue | ||||||||
| (Saint John Health System) | 6.00 | 2/15/09 | 1,875,000 a | 1,943,363 | ||||
| Oregon--2.8% | ||||||||
| Oregon Department of | ||||||||
| Transportation, Highway User | ||||||||
| Tax Revenue | 5.00 | 11/15/28 | 5,000,000 | 5,125,800 | ||||
| Pennsylvania--7.4% | ||||||||
| Lancaster Higher Education | ||||||||
| Authority, College Revenue | ||||||||
| (Franklin and Marshall College | ||||||||
| Project) | 5.00 | 4/15/37 | 2,000,000 | 1,969,840 | ||||
| Pennsylvania Economic Development | ||||||||
| Financing Authority, RRR | ||||||||
| (Northampton Generating | ||||||||
| Project) | 6.60 | 1/1/19 | 3,500,000 | 3,500,000 | ||||
| Sayre Health Care Facilities | ||||||||
| Authority, Revenue (Guthrie | ||||||||
| Health) | 5.88 | 12/1/11 | 5,995,000 a | 6,543,962 | ||||
| Sayre Health Care Facilities | ||||||||
| Authority, Revenue (Guthrie | ||||||||
| Health) | 5.88 | 12/1/31 | 1,755,000 | 1,782,132 | ||||
| South Carolina--8.2% | ||||||||
| Lancaster Educational Assistance | ||||||||
| Program, Inc., Installment | ||||||||
| Purchase Revenue (The School |
| District of Lancaster County, | ||||||||
| South Carolina, Project) | 5.00 | 12/1/26 | 5,000,000 | 4,779,450 | ||||
| Medical University of South | ||||||||
| Carolina, Hospital Facilities | ||||||||
| Revenue | 6.00 | 7/1/09 | 2,500,000 a | 2,627,275 | ||||
| Piedmont Municipal Power Agency, | ||||||||
| Electric Revenue | 5.25 | 1/1/21 | 3,500,000 | 3,517,885 | ||||
| Tobacco Settlement Revenue | ||||||||
| Management Authority of South | ||||||||
| Carolina, Tobacco Settlement | ||||||||
| Asset-Backed Bonds | 6.38 | 5/15/30 | 3,750,000 | 4,251,750 | ||||
| Tennessee--3.0% | ||||||||
| Johnson City Health and | ||||||||
| Educational Facilities Board, | ||||||||
| Hospital First Mortgage | ||||||||
| Revenue (Mountain States | ||||||||
| Health Alliance) | 5.50 | 7/1/36 | 2,000,000 | 1,867,720 | ||||
| Knox County Health, Educational | ||||||||
| and Housing Facility Board, | ||||||||
| Revenue (University Health | ||||||||
| System, Inc.) | 5.25 | 4/1/36 | 4,000,000 | 3,760,800 | ||||
| Texas--13.4% | ||||||||
| Cities of Dallas and Fort Worth, | ||||||||
| Dallas/Fort Worth | ||||||||
| International Airport, Joint | ||||||||
| Revenue Improvement (Insured; | ||||||||
| FSA) | 5.00 | 11/1/35 | 1,600,000 | 1,515,536 | ||||
| Gregg County Health Facilities | ||||||||
| Development Corporation, HR | ||||||||
| (Good Shepherd Medical Center | ||||||||
| Project) (Insured; Radian) | 6.38 | 10/1/10 | 2,500,000 a | 2,719,750 | ||||
| Harris County Health Facilities | ||||||||
| Development Corporation, HR | ||||||||
| (Memorial Hermann Healthcare | ||||||||
| System) | 6.38 | 6/1/11 | 3,565,000 a | 3,898,435 | ||||
| Lubbock Educational Facilities | ||||||||
| Authority, Improvement Revenue | ||||||||
| (Lubbock Christian University) | 5.25 | 11/1/37 | 1,500,000 | 1,387,185 | ||||
| North Texas Tollway Authority, | ||||||||
| System Revenue | 5.75 | 1/1/40 | 4,000,000 | 4,023,240 | ||||
| Port of Corpus Christi Authority | ||||||||
| of Nueces County, Revenue | ||||||||
| (Union Pacific Corporation | ||||||||
| Project) | 5.65 | 12/1/22 | 4,500,000 | 4,309,425 | ||||
| Texas | ||||||||
| (Veterans Housing Assistance | ||||||||
| Program) (Collateralized; FHA) | 6.10 | 6/1/31 | 7,000,000 | 7,103,880 | ||||
| Utah--.1% | ||||||||
| Utah Housing Finance Agency, | ||||||||
| SFMR (Collateralized; FHA) | 6.00 | 1/1/31 | 125,000 | 128,166 | ||||
| Vermont--1.0% | ||||||||
| Vermont Educational and Health |
| Buildings Financing Agency, | ||||||||
| Revenue (Saint Michael's | ||||||||
| College Project) | 6.00 | 10/1/28 | 1,500,000 | 1,566,645 | ||||
| Vermont Housing Finance Agency, | ||||||||
| SFHR (Insured; FSA) | 6.40 | 11/1/30 | 365,000 | 370,296 | ||||
| Washington--2.8% | ||||||||
| Washington Higher Educational | ||||||||
| Facilities Authority, Revenue | ||||||||
| (Whitman College) | 5.88 | 10/1/09 | 5,000,000 a | 5,225,950 | ||||
| West Virginia--1.3% | ||||||||
| The County Commission of Pleasants | ||||||||
| County, PCR (Allegheny Energy | ||||||||
| Supply Company, LLC Pleasants | ||||||||
| Station Project) | 5.25 | 10/15/37 | 2,500,000 | 2,402,325 | ||||
| Wisconsin--5.0% | ||||||||
| Badger Tobacco Asset | ||||||||
| Securitization Corporation, | ||||||||
| Tobacco Settlement | ||||||||
| Asset-Backed Bonds | 7.00 | 6/1/28 | 2,500,000 | 2,579,850 | ||||
| Wisconsin Health and Educational | ||||||||
| Facilities Authority, Revenue | ||||||||
| (Aurora Health Care, Inc.) | 5.60 | 2/15/29 | 4,975,000 | 4,742,071 | ||||
| Wisconsin Health and Educational | ||||||||
| Facilities Authority, Revenue | ||||||||
| (Marshfield Clinic) | 5.38 | 2/15/34 | 2,000,000 | 1,894,820 | ||||
| Wyoming--2.2% | ||||||||
| Sweetwater County, | ||||||||
| SWDR (FMC Corporation Project) | 5.60 | 12/1/35 | 1,500,000 | 1,341,315 | ||||
| Wyoming Municipal Power Agency, | ||||||||
| Power Supply System Revenue | 5.50 | 1/1/38 | 2,800,000 | 2,800,000 | ||||
| U.S. Related--7.6% | ||||||||
| Puerto Rico Electric Power | ||||||||
| Authority, Power Revenue | 5.50 | 7/1/38 | 4,000,000 | 4,083,280 | ||||
| Puerto Rico Highways and | ||||||||
| Transportation Authority, | ||||||||
| Transportation Revenue | ||||||||
| (Insured; MBIA, Inc.) | 5.00 | 7/1/38 | 10,000,000 c,d | 10,118,550 | ||||
| Total Long-Term Municipal Investments | ||||||||
| (cost $271,310,851) | 275,903,551 | |||||||
| Short-Term Municipal | Coupon | Maturity | Principal | |||||
| Investments--7.3% | Rate (%) | Date | Amount ($) | Value ($) | ||||
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| Maryland--.3% | ||||||||
| Carroll County, | ||||||||
| Revenue (Fairhaven and Copper | ||||||||
| Ridge - Episcopal Ministries | ||||||||
| to the Aging Inc. Obligated | ||||||||
| Group Issue) (Insured; Radian | ||||||||
| and Liquidity Facility; | ||||||||
| Branch Banking and Trust Co.) | 9.00 | 7/7/08 | 500,000 e | 500,000 | ||||
| Massachusetts--1.5% | ||||||||
| Massachusetts Development Finance | ||||||||
| Agency, Revenue (Draper | ||||||||
| Laboratory Issue) (Insured; | ||||||||
| MBIA, Inc. and Liquidity | ||||||||
| Facility: JPMorgan Chase Bank) | 9.00 | 7/1/08 | 2,700,000 e | 2,700,000 | ||||
| Oklahoma--3.7% | ||||||||
| Payne County Economic Development | ||||||||
| Authority, Student Housing | ||||||||
| Revenue (OSUF Phase III | ||||||||
| Student Housing, L.L.C. | ||||||||
| Project) (Insured; AMBAC and | ||||||||
| Liquidity Facility; Dexia | ||||||||
| Credit Locale) | 9.00 | 7/7/08 | 7,100,000 e | 7,100,000 | ||||
| Tennessee--1.8% | ||||||||
| Sevier County Public Building | ||||||||
| Authority, Local Government | ||||||||
| Public Improvement Revenue | ||||||||
| (Insured; AMBAC and Liquidity | ||||||||
| Facility; Landesbank | ||||||||
| Hessen-Thuringen Girozentrale) | 9.00 | 7/7/08 | 3,300,000 e | 3,300,000 | ||||
| Total Short-Term Municipal Investments | ||||||||
| (cost $13,600,000) | 13,600,000 | |||||||
| Total Investments (cost $284,910,851) | 155.9% | 289,503,551 | ||||||
| Liabilities, Less Cash and Receivables | (2.1%) | (3,812,311) | ||||||
| Preferred Stock, at redemption value | (53.8%) | (100,000,000) | ||||||
| Net Assets Applicable to Common Shareholders | 100.0% | 185,691,240 | ||||||
| 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 Security issued with a zero coupon. Income is recognized through the accretion of discount. |
| 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 June 30, 2008, these securities |
| amounted to $21,220,575 or 11.4% of net assets applicable to Common Shareholders. |
| d Collateral for floating rate borrowings. |
| e Variable rate demand note – rate shown is interest rate in effect at June 30, 2008. Maturity date represents the next demand |
| date, not the ultimate maturity date |
At June 30, 2008, the aggregate cost of investment securities for income tax purposes was $284,910,851. Net unrealized appreciation on investments was $4,592,700 of which $9,531,151 related to appreciated investment securities and $4,938,451 related to depreciated investment securities.
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.
| Summary of Abbreviations | ||||||
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| 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 | MFHR | Multi-Family Housing Revenue | |||
| MFMR | Multi-Family Mortgage Revenue | PCR | Pollution Control Revenue | |||
| PILOT | Payment in Lieu of Taxes | 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 |
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.
FORM N-Q
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 Income, Inc.
| By: | /s/ J. David Officer | |
| J. David Officer | ||
| President | ||
| Date: | August 25, 2008 | |
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/ J. David Officer | |
| J. David Officer | ||
| President | ||
| Date: | August 25, 2008 | |
| By: | /s/ James Windels | |
| James Windels | ||
| Treasurer | ||
| Date: | August 25, 2008 | |
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)