485BPOS
2012-05-31
0000053808
2012-10-01
DREYFUS LAUREL FUNDS TRUST
false
2012-09-27
2012-10-01
The fund is non-diversified, which means that the fund may invest a relatively high
percentage of its assets in a limited number of issuers. Therefore, the fund's
performance may be more vulnerable to changes in the market value of a single
issuer or group of issuers and more susceptible to risks associated with a single
economic, political or regulatory occurrence than a diversified fund.
<tt>The fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover may<br />indicate higher transaction costs and may result in higher taxes when fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the fund's performance.<br />During the most recent fiscal year, the fund's portfolio turnover rate was<br />112.87% of the average value of its portfolio.</tt>
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<tt>The fund seeks to maximize total return.</tt>
<tt>The Example is intended to help you compare the cost of investing in the fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the fund for the time periods indicated and then redeem all of<br />your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the fund's operating expenses<br />remain the same. Although your actual costs may be higher or lower, based on<br />these assumptions your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>To pursue its goal, the fund normally invests at least 80% of its net assets,<br />plus any borrowing for investment purposes, in emerging market bonds and other<br />debt instruments denominated in the local currency of issue, and in derivative<br />instruments that provide investment exposure to such securities. These<br />instruments consist primarily of emerging market government bonds and currency<br />forward exchange contracts. The fund's portfolio managers employ an investment<br />process that uses in depth fundamental country and currency analysis disciplined<br />by proprietary quantitative valuation models. A "top down" analysis of<br />macroeconomic, financial and political variables guides country and currency<br />allocation. The portfolio managers also consider other market technicals and the<br />global risk environment. The portfolio managers seek to identify shifts in<br />country fundamentals and consider the risk adjusted attractiveness of currency<br />and duration returns for each emerging market country. The fund is not<br />restricted as to credit quality when making investments in debt securities.</tt>
Fund Summary
You may qualify for sales charge discounts if you and your family invest,
or agree to invest in the future, at least $50,000 in certain funds in
the Dreyfus Family of Funds.
Example
After-tax returns are calculated using the historical highest individual federal
marginal tax rates, and do not reflect the impact of state and local taxes.
Investment Objective
The fund's past performance (before and after taxes) is no guarantee of future results.
The fund's share price fluctuates, sometimes dramatically, which means you could lose money.
Principal Risks
Shareholder Fees (fees paid directly from your investment)
1.1287
Actual after-tax returns depend on the investor's tax situation and may differ
from those shown, and the after-tax returns shown are not relevant to investors
who hold their shares through tax-deferred arrangements such as 401(k) plans or
individual retirement accounts.
Year-by-Year Total Returns as of 12/31 each year (%) -- Class A
Sales charges, if any, are not reflected in the bar chart, and if those
charges were included, returns would have been less than those shown.
Performance
50000
The following bar chart and table provide some indication of the risks of investing in the fund.
<tt>Best Quarter                         <br />Q2, 2009: 14.82%                     <br />Worst Quarter                        <br />Q3, 2011: -10.42% <br />                   <br />The year-to-date total return of the fund's Class A shares as of 6/30/12 was    <br />7.68%.</tt>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns (as of 12/31/11)
<tt>The bar chart shows changes in the performance of the fund's Class A shares from <br />year to year. Sales charges, if any, are not reflected in the bar chart, and if <br />those charges were included, returns would have been less than those shown.</tt>
Portfolio Turnover
<tt>An investment in the fund is not a bank deposit. It is not insured or guaranteed<br />by the Federal Deposit Insurance Corporation (FDIC) or any other government<br />agency. It is not a complete investment program. The fund's share price<br />fluctuates, sometimes dramatically, which means you could lose money.<br /> <br />o Foreign government obligations and securities of supranational entities risk.<br />Investing in foreign government obligations and the sovereign debt of emerging<br />market countries creates exposure to the direct or indirect consequences of<br />political, social or economic changes in the countries that issue the securities<br />or in which the issuers are located. Factors which may influence the ability or<br />willingness of a foreign government or country to service debt include a<br />country's cash flow situation, the availability of sufficient foreign exchange<br />on the date a payment is due, the relative size of its debt service burden to<br />the economy as a whole and its government's policy towards the International<br />Monetary Fund, the International Bank for Reconstruction and Development <br />and other international agencies, the obligor's balance of payments, including<br />export performance, its access to international credits and investments,<br />fluctuations in interest rates and the extent of its foreign reserves. A<br />governmental obligor may default on its obligations. These risks are heightened<br />with respect to emerging market countries.<br /> <br />o Foreign investment risk. The fund's performance may be influenced by<br />political, social and economic factors affecting investments in foreign issuers.<br />Special risks associated with investments in foreign issuers include exposure <br />to currency fluctuations, less liquidity, less developed or less efficient trading<br />markets, lack of comprehensive company information, political and economic<br />instability and differing auditing and legal standards. Investments denominated<br />in foreign currencies are subject to the risk that such currencies will decline<br />in value relative to the U.S. dollar and affect the value of these investments<br />held by the fund. To the extent the fund's investment are concentrated in a<br />limited number of foreign countries, the fund's performance could be more<br />volatile than that of more geographically diversified funds.<br /> <br />o Emerging market risk. The securities of issuers located in emerging markets<br />tend to be more volatile and less liquid than securities of issuers located in<br />more mature economies, and emerging markets generally have less diverse and <br />less mature economic structures and less stable political systems than those of<br />developed countries. The securities of issuers located or doing substantial<br />business in emerging markets are often subject to rapid and large changes in<br />price.<br /> <br />o Foreign currency risk. Investments in foreign currencies are subject to the<br />risk that those currencies will decline in value relative to the U.S. dollar or,<br />in the case of hedged positions, that the U.S. dollar will decline relative to<br />the currency being hedged. Currency exchange rates may fluctuate significantly<br />over short periods of time. Foreign currencies are also subject to risks caused<br />by inflation, interest rates, budget deficits and low savings rates, political<br />factors and government intervention and controls.<br /> <br />o Credit risk. The instruments in which the fund invests may have ratings that<br />are below investment grade ("high yield" or "junk" bonds). High yield bonds<br />involve greater credit risk, including the risk of default, than investment<br />grade bonds, and are considered predominantly speculative with respect to the<br />issuer's ability to make principal and interest payments. The prices of high<br />yield bonds can fall dramatically in response to bad news about the issuer or<br />its industry, or the economy in general.<br />  <br />o Liquidity risk. When there is little or no active trading market for specific<br />types of securities, it can become more difficult to sell the securities at or<br />near their perceived value. In such a market, the value of such securities and<br />the fund's share price may fall dramatically. Investments in foreign securities,<br />particularly those of issuers located in emerging markets, tend to have greater<br />exposure to liquidity risk than domestic securities. Liquidity risk also exists<br />when a particular derivative instrument is difficult to purchase or sell. If a<br />derivative transaction is particularly large or if the relevant market is<br />illiquid, it may not be possible to initiate a transaction or liquidate a<br />position at an advantageous time or price.<br /> <br />o Derivatives risk. A small investment in derivatives could have a potentially<br />large impact on the fund's performance. The use of derivatives involves risks<br />different from, or possibly greater than, the risks associated with investing<br />directly in the underlying assets. Derivatives can be highly volatile, illiquid<br />and difficult to value.<br /> <br />o Issuer concentration risk. Because the availability of local currency emerging<br />market securities, including from sovereign issuers, may be more limited than<br />other asset classes, the fund may have increased issuer concentration and, in<br />order to comply with IRS diversification requirements for registered investment<br />companies, may experience higher portfolio turnover. Higher portfolio turnover<br />may cause the realization of gains and losses, which may impact the taxable<br />income available for distribution to shareholders as ordinary income.<br /> <br />o Non-diversification risk. The fund is non-diversified, which means that the<br />fund may invest a relatively high percentage of its assets in a limited number<br />of issuers. Therefore, the fund's performance may be more vulnerable to changes<br />in the market value of a single issuer or group of issuers and more susceptible<br />to risks associated with a single economic, political or regulatory occurrence<br />than a diversified fund.</tt>
Fees and Expenses
After-tax performance is shown only for Class A shares. After-tax performance of the fund's other share classes will vary.
Principal Investment Strategy
www.dreyfus.com
<tt>The following bar chart and table provide some indication of the risks of<br />investing in the fund. The table compares the average annual total returns <br />of the fund's shares to those of a broad measure of market performance. The <br />fund's past performance (before and after taxes) is no guarantee of future <br />results. More recent performance information may be available at www.dreyfus.com.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the fund. You may qualify for sales charge discounts if you and your<br />family invest, or agree to invest in the future, at least $50,000 in certain<br />funds in the Dreyfus Family of Funds. More information about these and other<br />discounts is available from your financial professional and in the Shareholder<br />Guide section on page 10 of the Prospectus and in the How to Buy Shares section<br />and the Additional Information About How to Buy Shares section on page II-1 and<br />page III-1, respectively, of the fund's Statement of Additional Information.<br />Class A shares bought without an initial sales charge as part of an investment<br />of $1 million or more may be charged a deferred sales charge of 1% if redeemed<br />within one year.</tt>
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You would pay the following expenses if you did not redeem your shares:
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<tt>After-tax performance is shown only for Class A shares. After-tax performance of<br />the fund's other share classes will vary. After-tax returns are calculated using<br />the historical highest individual federal marginal tax rates, and do not reflect<br />the impact of state and local taxes. Actual after-tax returns depend on the<br />investor's tax situation and may differ from those shown, and the after-tax<br />returns shown are not relevant to investors who hold their shares through<br />tax-deferred arrangements such as 401(k) plans or individual retirement<br />accounts.</tt>
An investment in the fund is not a bank deposit. It is not insured or guaranteed
by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
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JP Morgan Government Bond Index - Emerging Markets Diversified reflects no deduction for fees, expenses or taxes
-0.0300
0.0544
2008-08-31
Class A returns after taxes on distributions and sale of fund shares
-0.0527
0.0256
2008-09-12
Class A returns after taxes on distributions
-0.0992
0.0257
2008-09-12
DDBIX
0.0000
Class I returns before taxes
95
95
296
1143
-0.0200
515
-0.0380
0.0018
0.0075
1143
296
515
0.0000
0.0093
0.0555
2008-09-12
0.0000
DDBCX
0.0000
Class C returns before taxes
299
199
615
2285
-0.0200
1057
-0.0563
0.0046
0.0075
2285
615
1057
0.0075
0.0196
0.0450
2008-09-12
0.0100
DDBAX
Worst Quarter
Best Quarter
0.0450
2012-06-30
Class A returns before taxes
569
2009-06-30
569
820
-0.1042
0.1160
1861
-0.0200
1090
0.1482
-0.0833
0.0047
0.0075
2011-09-30
1861
0.2112
820
1090
year-to-date total return
-0.0402
0.0000
0.0122
0.0383
2008-09-12
0.0768
0.0000
<tt>The fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover may<br />indicate higher transaction costs and may result in higher taxes when fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the fund's performance.<br />During the most recent fiscal year, the fund's portfolio turnover rate was<br />66.38% of the average value of its portfolio.</tt>
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<tt>The fund seeks total return (consisting of capital appreciation and income).</tt>
<tt>The Example is intended to help you compare the cost of investing in the fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the fund for the time periods indicated and then redeem all of<br />your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the fund's operating expenses<br />remain the same. The one-year example and the first year of the three-, five-<br />and ten-years examples are based on net operating expenses, which reflect the<br />expense waiver/reimbursement by The Dreyfus Corporation. Although your actual<br />costs may be higher or lower, based on these assumptions your costs would be:</tt>
Index reflects no deduction for fees, expenses or taxes
<tt>To pursue its goal, the fund normally invests at least 80% of its net assets,<br />plus any borrowing for investment purposes, in equity securities. The fund seeks<br />to focus on dividend paying stocks and other investments and investment<br />techniques that provide income. The investment adviser chooses stocks through <br />a disciplined investment process that combines computer modeling techniques,<br />fundamental analysis and risk management. The fund's investment process is<br />designed to provide investors with broad exposure to the investment<br />characteristics and different sectors of the Standard & Poor's 500® Composite<br />Stock Price Index (S&P 500 Index) with an emphasis on higher dividend paying<br />stocks within each market segment.<br /> <br />In selecting securities, the fund's portfolio managers use a proprietary<br />computer model to identify and rank stocks within an industry or sector, based<br />on several characteristics, including:<br /> <br />o  value, or how a stock is priced relative to its perceived intrinsic worth<br /> <br />o  growth, in this case the sustainability or growth of earnings<br /> <br />o  financial profile, which measures the financial health of the company<br /> <br />Based on fundamental analysis, the portfolio managers generally select the most<br />attractive of the higher ranked securities and manage risk by diversifying<br />across companies and industries. The fund may invest in stocks with either value<br />or growth characteristics.</tt>
Fund Summary
You may qualify for sales charge discounts if you and your family invest,
or agree to invest in the future, at least $50,000 in certain funds in the
Dreyfus Family of Funds.
Example
After-tax returns are calculated using the historical highest individual federal marginal tax rates, and do not reflect the impact of state and local taxes.
Investment Objective
The fund's past performance (before and after taxes) is no guarantee of future results.
The fund's share price fluctuates, sometimes dramatically, which means you could lose money.
Principal Risks
Shareholder Fees (fees paid directly from your investment)
0.6638
Actual after-tax returns depend on the investor's tax situation and may differ
from those shown, and the after-tax returns shown are not relevant to investors
who hold their shares through tax-deferred arrangements such as 401(k) plans or
individual retirement accounts.
Year-by-Year Total Returns as of 12/31 each year (%) -- Class A
Sales charges, if any, are not reflected in the bar chart, and if those charges were included, returns would have been less than those shown.
Performance
50000
The following bar chart and table provide some indication of the risks of investing in the fund.
<tt>Best Quarter                         <br />Q2, 2009: 12.89%                     <br />Worst Quarter                        <br />Q4, 2008: -19.17%                    <br />                                                                                <br />The year-to-date total return of the fund's Class A shares as of 6/30/12 was    <br />8.69%.</tt>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns (as of 12/31/11)
<tt>The bar chart shows changes in the performance of the fund's Class A shares from <br />year to year. Sales charges, if any, are not reflected in the bar chart, and if <br />those charges were included, returns would have been less than those shown.</tt>
Portfolio Turnover
<tt>An investment in the fund is not a bank deposit. It is not insured or guaranteed<br />by the Federal Deposit Insurance Corporation (FDIC) or any other government<br />agency. It is not a complete investment program. The fund's share price<br />fluctuates, sometimes dramatically, which means you could lose money.<br /> <br />o Risks of stock investing. Stocks generally fluctuate more in value than bonds<br />and may decline significantly over short time periods. There is the chance that<br />stock prices overall will decline because stock markets tend to move in cycles,<br />with periods of rising prices and falling prices. The market value of a stock<br />may decline due to general weakness in the stock market or because of factors<br />that affect the company or its particular industry.<br /> <br />o Growth and value stock risk. By investing in a mix of growth and value<br />companies, the fund assumes the risks of both. Investors often expect growth<br />companies to increase their earnings at a certain rate. If these expectations<br />are not met, investors can punish the stocks inordinately, even if earnings do<br />increase. In addition, growth stocks typically lack the dividend yield that can<br />cushion stock prices in market downturns. Value stocks involve the risk that<br />they may never reach their expected full market value, either because the market<br />fails to recognize the stock's intrinsic worth, or the expected value was<br />misgauged. They also may decline in price even though in theory they are already<br />undervalued.</tt>
Fees and Expenses
After-tax performance is shown only for Class A shares. After-tax performance of the fund's other share classes will vary.
Principal Investment Strategy
www.dreyfus.com
<tt>The following bar chart and table provide some indication of the risks of<br />investing in the fund. The table compares the average annual total returns <br />of the fund's shares to those of a broad measure of market performance. The <br />fund's past performance (before and after taxes) is no guarantee of future <br />results. More recent performance information may be available at www.dreyfus.com.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the fund. You may qualify for sales charge discounts if you and your<br />family invest, or agree to invest in the future, at least $50,000 in certain<br />funds in the Dreyfus Family of Funds. More information about these and other<br />discounts is available from your financial professional and in the Shareholder<br />Guide section on page 9 of the Prospectus and in the How to Buy Shares section<br />and the Additional Information About How to Buy Shares section on page II-1 and<br />page III-1, respectively, of the fund's Statement of Additional Information.<br />Class A shares bought without an initial sales charge as part of an investment<br />of $1 million or more may be charged a deferred sales charge of 1% if redeemed<br />within one year.</tt>
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You would pay the following expenses if you did not redeem your shares:
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<tt>After-tax performance is shown only for Class A shares. After-tax performance of<br />the fund's other share classes will vary. After-tax returns are calculated using<br />the historical highest individual federal marginal tax rates, and do not reflect<br />the impact of state and local taxes. Actual after-tax returns depend on the<br />investor's tax situation and may differ from those shown, and the after-tax<br />returns shown are not relevant to investors who hold their shares through<br />tax-deferred arrangements such as 401(k) plans or individual retirement<br />accounts.</tt>
An investment in the fund is not a bank deposit. It is not insured or guaranteed
by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
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S&P 500 Index reflects no deduction for fees, expenses or taxes
0.0209
-0.0025
0.0197
2006-06-30
Class A returns after taxes on distributions and sale of fund shares
0.0304
-0.0059
0.0136
2006-07-05
Class A returns after taxes on distributions
0.0320
-0.0098
0.0129
2006-07-05
DQIRX
0.0000
Class I returns before taxes
92
92
436
-0.0070
1841
805
0.1042
0.0085
0.0075
2013-10-01
1841
0.0082
436
805
0.0000
0.0090
0.0160
0.0301
2006-07-05
0.0000
DQICX
0.0000
Class C returns before taxes
293
193
816
-0.0106
3205
1464
0.0853
0.0146
0.0075
2013-10-01
3205
-0.0018
816
1464
0.0075
0.0190
0.0296
0.0200
2006-07-05
0.0100
DQIAX
Worst Quarter
Best Quarter
0.0575
2012-06-30
Class A returns before taxes
685
2009-06-30
685
1049
-0.1917
-0.0065
0.1253
2519
1437
0.0064
0.1289
0.0381
0.0105
-0.3191
0.0075
2013-10-01
2008-12-31
2519
0.2092
-0.0064
1049
1437
year-to-date total return
0.1019
0.0000
0.0115
0.0180
0.0165
2006-07-05
0.0869
0.0000
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2012-10-01
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pure
iso4217:USD
The Dreyfus Corporation has contractually agreed, until October 1, 2013, to waive receipt of its fees and/or assume the expenses of the fund so that the expenses of none of the classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 0.90%. After October 1, 2013, The Dreyfus Corporation may terminate the expense limitation at any time.
For comparative purposes, the value of the S&P 500 Index on 6/30/06 is used as the beginning value on 7/5/06.
For comparative purposes, the value of JP Morgan Government Bond Index - Emerging Markets Diversified on 8/31/08 is used as the beginning value on 9/12/08.