N-Q 1 formnq.htm FORM N-Q formnq
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 811-524 
 
The Dreyfus/Laurel Funds Trust
(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:    12/31 
Date of reporting period:    09/30/05 

The following Form N-Q relates only to the Registrant’s series listed below and does not affect Dreyfus Tax Managed Balanced Fund, a series of the Registrant with a different fiscal year end and, therefore, different Form N-Q reporting requirements. A separate Form N-Q will be filed for Dreyfus Tax Managed Balanced Fund, as appropriate.

  Dreyfus Premier Core Value Fund
Dreyfus Premier Limited Term High Yield Fund
Dreyfus Premier Managed Income Fund

FORM N-Q

Item 1. Schedule of Investments.
DREYFUS PREMIER CORE VALUE FUND         
 
STATEMENT OF INVESTMENTS         
September 30, 2005 (Unaudited)             
 
 
 
Common Stocks--99.6%    Shares        Value($) 
Banking--7.0%             
Bank of America    550,036        23,156,516 
Wachovia    199,200        9,479,928 
Washington Mutual    201,800    a    7,914,596 
Wells Fargo & Co.    223,800        13,107,966 
            53,659,006 
 
Basic Industries--1.9%             
Bowater    112,200        3,171,894 
Dow Chemical    78,300        3,262,761 
E I Du Pont de Nemours & Co.    102,995        4,034,314 
Rohm & Haas    94,700        3,895,011 
            14,363,980 
 
Beverages & Tobacco--2.1%             
Altria Group    224,200        16,525,782 
 
Capital Goods--9.4%             
Boeing    85,400        5,802,930 
Cooper Industries, Cl. A    57,700        3,989,378 
Eaton    89,500        5,687,725 
Emerson Electric    128,360        9,216,248 
General Electric    347,000        11,683,490 
Tyco International    779,900        21,720,215 
United Technologies    277,600        14,390,784 
            72,490,770 
 
Consumer Cyclical--.7%             
Johnson Controls    87,200        5,410,760 
 
Consumer Non-Durables--4.6%             
Campbell Soup    131,300        3,906,175 
Coca-Cola    93,500        4,038,265 
Colgate-Palmolive    267,200    a    14,105,488 
Estee Lauder Cos., Cl. A    130,100        4,531,383 
General Mills    183,080    a    8,824,456 
            35,405,767 
 
Consumer Services--9.5%             
Clear Channel Communications    406,900        13,382,941 
Comcast, Cl. A    119,200    b    3,502,096 
CVS    174,500        5,062,245 
Gap    179,500        3,128,685 
Kohl's    71,300    b    3,577,834 
McDonald's    209,300        7,009,457 
News, Cl. A    482,200        7,517,498 
Omnicom Group    102,000        8,530,260 
Time Warner    434,600    a    7,870,606 
Viacom, Cl. B    180,500    a    5,958,305 
Walt Disney    319,500        7,709,535 
            73,249,462 
 
Energy--14.1%             
Apache    53,300    a    4,009,226 
BP, ADR    108,400        7,680,140 
Burlington Resources    94,500        7,684,740 

Chevron    245,400        15,884,742 
ConocoPhillips    252,720        17,667,655 
Devon Energy    72,400        4,969,536 
Exxon Mobil    512,832        32,585,345 
Marathon Oil    166,600        11,483,738 
Schlumberger    79,400        6,699,772 
            108,664,894 
 
Financial Services--24.3%             
Allstate    64,500        3,566,205 
American International Group    231,393        14,337,110 
Capital One Financial    71,000    a    5,645,920 
Chubb    69,500    a    6,223,725 
Citigroup    681,233        31,009,726 
Countrywide Financial    139,900        4,613,902 
Freddie Mac    175,200        9,891,792 
Genworth Financial, Cl. A    419,595        13,527,743 
Goldman Sachs Group    97,060        11,800,555 
JPMorgan Chase & Co.    623,400        21,151,962 
Merrill Lynch & Co.    251,650    a    15,438,728 
Morgan Stanley    72,600        3,916,044 
PMI Group    221,000        8,811,270 
PNC Financial Services Group    71,100    a    4,125,222 
Prudential Financial    183,200        12,376,992 
St. Paul Travelers Cos.    213,900        9,597,693 
SunTrust Banks    76,800        5,333,760 
US Bancorp    206,400        5,795,712 
            187,164,061 
 
Health Care--6.7%             
Abbott Laboratories    208,900        8,857,360 
Boston Scientific    150,800    b    3,524,196 
Medco Health Solutions    87,400    b    4,792,142 
Pfizer    669,800        16,724,906 
WellPoint    107,800    b    8,173,396 
Wyeth    201,300        9,314,151 
            51,386,151 
 
Technology--8.8%             
Accenture, Cl. A    156,300    b    3,979,398 
Automatic Data Processing    297,000        12,782,880 
Fairchild Semiconductor International    226,700    a,b    3,368,762 
Hewlett-Packard    479,900        14,013,080 
International Business Machines    118,300        9,490,026 
Microsoft    451,200        11,609,376 
Motorola    270,400        5,973,136 
Oracle    538,100    b    6,667,059 
            67,883,717 
 
Transportation--1.1%             
Union Pacific    124,300        8,912,310 
 
Utilities--9.4%             
ALLTEL    87,295        5,683,777 
Constellation Energy Group    88,300        5,439,280 
Edison International    100,400        4,746,912 
Entergy    53,000        3,938,960 
Exelon    164,265        8,778,322 
FPL Group    89,400        4,255,440 
PG & E    200,000        7,850,000 
SBC Communications    685,300    a    16,426,641 
Sprint Nextel    295,050    a    7,016,289 
Verizon Communications    104,956        3,431,012 
Vodafone Group, ADR    190,900        4,957,673 

                72,524,306 
 
Total Common Stocks             
(cost $662,113,243)            767,640,966 
 
            Principal     
Short-Term Investment--1.1%        Amount($)    Value($) 
Commercial Paper;             
General Electric Capital,             
3.85%, 10/3/2005             
(cost $8,613,000)        8,613,000    8,613,000 
 
Investment Of Cash Collateral             
for Securities Loaned--6.0%        Shares    Value($) 
Registered Investment Company;             
Dreyfus Institutional Cash Advantage Fund             
(cost $46,100,908)        46,100,908 c    46,100,908 
 
Total Investments (cost $716,827,151)        106.7%    822,354,874 
 
Liabilities, Less Cash and Receivables        (6.7%)    (51,612,270) 
 
Net Assets        100.0%    770,742,604 
 
ADR- American Depository Receipts.             
a    All or a portion of these securities are on loan.    At September 30, 2005, the total market value of the fund's         
securities on loan is $44,825,371 and the total market value of the collateral held is $46,100,908.         
b    Non-income producing.             
c    Investment 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 PREMIER LIMITED TERM HIGH YIELD FUND         
Statement of Investments             
September 30, 2005 (Unaudited)             
 
    Principal         
    Amount    a    Value ($) 
 
Bonds and Notes - 96.1 %             
 
Advertising - 1.0%             
RH Donnelley Financial:             
Sr. Notes, 8.875%, 2010    783,000    b    843,683 
Sr. Sub. Notes, 10.875%, 2012    3,402,000    b    3,835,755 
            4,679,438 
 
Aerospace & Defense - 2.6%             
Argo-Tech,             
Sr. Notes, 9.25%, 2011    1,470,000        1,565,550 
Armor,             
Sr. Sub. Notes, 8.25%, 2013    2,250,000        2,435,625 
DRS Technologies,             
Sr. Sub. Notes, 6.875%, 2013    524,000        508,280 
L-3 Communications:             
Conv. Bonds, 3%, 2035    550,000    b    565,125 
Sr. Sub. Notes, 6.375%, 2015    1,410,000    b    1,427,625 
Transdigm,             
Sr. Sub Notes, 8.375%, 2011    2,500,000        2,631,250 
Vought Aircraft Industries,             
Sr. Notes, 8%, 2011    2,800,000        2,674,000 
            11,807,455 
 
Agricultural - .2%             
Alliance One International,             
Notes, 11%, 2012    800,000    b    762,000 
 
Airlines - .4%             
AMR,             
Debs., 9.75%, 2021    200,000        118,000 
Northwest Airlines,             
Pass-Through Ctfs., Ser. 1996-1, 7.67%, 2015    1,573,758        1,190,414 
United AirLines,             
Enhanced Pass-Through Ctfs., Ser. 1997-1A, 4.09%, 2049    664,963    c    665,804 
            1,974,218 
 
Auto Manufacturing - .4%             
Navistar International,             
Sr. Notes, 7.5%, 2011    1,601,000    e    1,625,015 
 
Auto Trucks & Parts - 2.2%             
Cooper-Standard Automotive,             
Sr. Sub. Notes, 8.375%, 2014    525,000        443,625 
Delphi:             
Notes, 6.5%, 2013    1,165,000    e,j    786,375 
Notes, 6.55%, 2006    790,000    e,j    584,600 
Goodyear Tire & Rubber,             
Sr. Notes, 9%, 2015    2,565,000    b, e    2,539,350 
HLI Operating,             
Sr. Notes, 10.5%, 2010    350,000    e    304,500 
Polypore International,             
Sr. Discount Notes, 0/10.5%, 2012    2,435,000    f    1,290,550 
Tenneco Automotive,             
Secured Notes, Ser. B, 10.25%, 2013    1,200,000        1,347,000 
United Components,             
Sr. Sub. Notes, 9.375%, 2013    768,000        768,000 
Visteon,             
Sr. Notes, 8.25%, 2010    1,800,000    e    1,719,000 
            9,783,000 

Banking - .4%             
Chevy Chase Bank FSB,             
Sub. Notes, 6.875%, 2013    1,770,000        1,827,525 
 
Building & Construction - 2.2%             
Asia Aluminum,             
Secured Notes, 8%, 2011    601,000    b    607,761 
Beazer Homes USA,             
Sr. Notes, 6.875%, 2015    550,000    b    536,250 
Compression Polymers,             
Sr. Notes, 10.5%, 2013    975,000    b    909,187 
Goodman Global:             
Sr. Notes, 6.41%, 2012    1,115,000    b, c    1,095,488 
Sr. Sub. Notes, 7.875%, 2012    524,000    b, e    476,840 
Nortek,             
Sr. Sub. Notes, 8.5%, 2014    1,573,000        1,455,025 
Owens Corning:             
Bonds., 7.5%, 2018    394,000    d    316,185 
Notes, 7%, 2009    2,000,000    d    1,570,000 
Texas Industries,             
Sr. Notes, 7.25%, 2013    255,000    b    266,475 
WCI Communities,             
Sr. Sub. Notes, 10.625%, 2011    2,300,000        2,455,250 
            9,688,461 
 
Chemicals - 3.6%             
Huntsman ICI Chemicals,             
Sr. Notes, 9.875%, 2009    524,000        556,095 
Sr. Secured Notes, 11.625%, 2010    362,000        415,395 
Sr. Sub. Notes, 10.125%, 2009    5,389,000        5,570,879 
Nalco,             
Sr. Sub. Notes, 8.875%, 2013    4,153,000        4,282,781 
PQ,             
Sr. Sub. Notes, 7.5%, 2013    325,000    b    316,875 
Rhodia,             
Sr. Notes, 10.25%, 2010    3,583,000    e    3,806,938 
Rockwood Specialties,             
Sr. Sub. Notes, 10.625%, 2014    1,098,000        1,202,310 
            16,151,273 
 
Commercial Services - 1.2%             
Brickman,             
Sr. Sub. Notes, Ser. B, 11.75%, 2009    1,037,000        1,166,625 
Corrections Corp. of America,             
Sr. Sub. Notes, 6.25%, 2013    2,850,000        2,835,750 
Service Corp International,             
Sr. Notes, 7%, 2017    705,000    b    715,575 
Williams Scotsman,             
Sr. Notes, 8.5%, 2015    500,000    b    508,750 
            5,226,700 
 
Consumer Products - 1.4%             
Ames True Temper,             
Sr. Sub. Notes, 10%, 2012    1,604,000    e    1,259,140 
Amscan,             
Sr. Sub. Notes, 8.75%, 2014    1,944,000        1,710,720 
Playtex Products,             
Sr. Sub. Notes, 9.375%, 2011    2,546,000    e    2,670,118 
Rayovac,             
Sr. Sub. Notes, 8.5%, 2013    497,000        482,090 
            6,122,068 

Diversified Financial Services - 6.3%                 
BCP Crystal US,                 
Sr. Sub. Notes, 9.625%, 2014        2,438,000        2,724,465 
CCM Merger,                 
Notes, 8%, 2013        330,000    b    334,537 
Consolidated Communications Illinois/Texas,             
Sr. Notes, 9.75%, 2012        790,000        845,300 
E*Trade Financial,                 
Sr. Notes, 7.375%, 2013        320,000    b    324,800 
FINOVA,                 
Notes, 7.5%, 2009        1,859,480        734,495 
Ford Motor Credit,                 
Global Landmark Securities, 7.375%, 2009        945,000        913,604 
Notes, 4.74%, 2006        5,120,000    c    5,103,524 
GMAC:                 
Bonds, 8%, 2031        1,275,000        1,116,073 
Notes, 7.75%, 2012        3,665,000        3,555,680 
Sr. Notes, 5.375%, 2011    EUR    1,000,000        1,059,939 
Glencore Funding,                 
Notes, 6%, 2014        1,375,000    b    1,304,682 
K&F Acquisition,                 
Sr. Sub. Notes, 7.75%, 2014        645,000        654,675 
Kansas City Southern Railway,                 
Sr. Notes, 9.5%, 2008        1,165,000        1,282,956 
Nell AF SARL,                 
Sr. Notes, 8.375%, 2015        1,250,000    b    1,228,125 
Noble,                 
Sr. Notes, 6.625%, 2015        2,275,000    b    2,104,464 
Residential Capital:                 
Notes, 6.375%, 2010        3,230,000    b, e    3,275,556 
Notes, 6.875%, 2015        840,000    b    880,547 
Stena AB,                 
Sr. Notes, 7.5%, 2013        1,001,000        978,478 
                28,421,900 
 
Diversified Metals & Mining - 1.8%                 
Consol Energy,                 
Notes, 7.875%, 2012        3,553,000        3,908,300 
CSN Islands VIII,                 
Sr. Notes, 10%, 2015        1,577,000    b    1,762,297 
Earle M Jorgensen,                 
Sr. Secured Notes, 9.75%, 2012        1,320,000        1,438,800 
Freeport-McMoRan Copper & Gold,                 
Sr. Notes, 6.875%, 2014        500,000        497,500 
Southern Peru Copper,                 
Notes, 6.375%, 2015        600,000    b    606,433 
                8,213,330 
 
Electric Utilities - 7.2%                 
Allegheny Energy Supply:                 
Bonds, 8.25%, 2012        6,827,000    b, e    7,714,510 
Notes, 7.8%, 2011        1,090,000        1,199,000 
CMS Energy,                 
Sr. Notes, 9.875%, 2007        2,862,000        3,126,735 
Calpine Generating,                 
Secured Notes, 13.216%, 2011        264,000    c, e    252,120 
FPL Energy National Wind,                 
Notes, 6.125%, 2019        2,435,000    b    2,408,765 
Mirant,                 
Sr. Notes, 7.4%, 2004        1,814,000    b, d, e    2,185,870 
NRG Energy,                 
Secured Notes, 8%, 2013        702,000        751,140 
Nevada Power:                 
First Mortgage, 6.5%, 2012        483,000        503,527 
Mortgage, Bonds Ser. A, 8.25%, 2011        1,321,000        1,472,915 
Notes, Ser. E, 10.875%, 2009        770,000        854,700 
Reliant Energy,                 
Sr. Secured, Notes, 9.25%, 2010        5,023,000        5,475,070 
Sierra Pacific Power,                 
Mortgage Notes, 6.25%, 2012        1,150,000        1,175,875 
Sierra Pacific Resources,                 
Sr. Notes, 8.625%, 2014        1,910,000        2,114,848 
TECO Energy,                 
Sr. Notes, 6.75%, 2015        400,000    b    421,000 
TXU,                 
Sr. Notes, 5.55%, 2014        2,625,000    e    2,505,108 
Tenaska Alabama Partners,                 
Secured Notes, 7%, 2021        325,000    b    330,692 
                32,491,875 

Electrical & Electronics - 1.4%             
Dresser,             
Sr. Sub. Notes, 9.375%, 2011    2,088,000        2,213,280 
Fisher Scientific International,             
Sr. Sub. Notes, 6.125%, 2015    1,275,000    b    1,284,563 
Imax,             
Sr. Notes, 9.625%, 2010    1,002,000        1,077,150 
Stoneridge,             
Sr. Notes, 11.5%, 2012    1,825,000        1,943,625 
            6,518,618 
 
Entertainment - 4.0%             
Argosy Gaming,             
Sr. Sub. Notes, 9%, 2011    1,768,000        1,927,244 
Cinemark:             
Sr. Discount Notes, 0/9.75%, 2014    1,550,000    f    1,092,750 
Sr. Sub. Notes, 9%, 2013    90,000        93,375 
Intrawest,             
Sr. Notes, 7.5%, 2013    2,656,000        2,732,360 
Isle of Capri Casinos,             
Sr. Sub. Notes, 9%, 2012    1,050,000    e    1,118,250 
Leslie's Poolmart,             
Sr. Notes, 7.75%, 2013    850,000        862,750 
Mashantucket Western Pequot Tribe,             
Bonds, 5.912%, 2021    2,800,000    b    2,823,346 
Mohegan Tribal Gaming Authority:             
Sr. Notes, 6.125%, 2013    2,800,000        2,800,000 
Sr. Sub. Notes, 6.375%, 2009    2,048,000        2,058,240 
Penn National Gaming,             
Sr. Sub. Notes, 6.75%, 2015    640,000        630,400 
Seneca Gaming,             
Sr. Notes, 7.25%, 2012    450,000    b    463,500 
Vail Resorts,             
Sr. Sub. Notes, 6.75%, 2014    1,500,000        1,503,750 
            18,105,965 
 
Environmental Control - 2.6%             
Allied Waste:             
Sr. Notes, Ser. B, 8.5%, 2008    9,417,000        9,864,307 
Sr. Notes, Ser. B, 9.25%, 2012    703,000        764,513 
Geo Sub,             
Sr. Notes, 11%, 2012    1,090,000        1,100,900 
            11,729,720 
 
Food & Beverages - 3.1%             
Agrilink Foods,             
Sr. Sub. Notes, 11.875%, 2008    257,000        264,067 
American Seafoods,             
Sr. Sub. Notes, 10.125%, 2010    2,875,000        3,076,250 
Corn Products International,             
Sr. Notes, 8.45%, 2009    1,065,000        1,188,604 
Del Monte,             
Sr. Sub. Notes, 8.625%, 2012    1,031,000        1,113,480 
Dole Food:             
Debs., 8.75%, 2013    780,000        838,500 
Sr. Notes, 8.625%, 2009    768,000        806,400 
Sr. Notes, 8.875%, 2011    555,000        578,588 
Ingles Markets,             
Sr. Sub. Notes, 8.875%, 2011    400,000        406,000 
Pinnacle Foods,             
Sr. Sub. Notes, 8.25%, 2013    1,345,000        1,277,750 
Smithfield Foods,             
Sr. Notes, 7%, 2011    700,000        717,500 
Stater Brothers:             
Sr. Notes, 7.37%, 2012    650,000    c    643,500 
Sr. Notes, 8.125%, 2012    2,970,000    e    2,947,725 
            13,858,364 

Gaming & Lodging - 5.5%             
Gaylord Entertainment,             
Sr. Notes, 6.75%, 2014    975,000        948,188 
HMH Properties,             
Sr. Notes, Ser. B, 7.875%, 2008    312,000        317,460 
Inn of the Mountain Gods Resort & Casino,         
Sr. Notes, 12%, 2010    3,234,000        3,670,590 
MGM Mirage,             
Notes, 8.5%, 2010    1,988,000        2,171,890 
Mandalay Resort,             
Sr. Notes, 6.5%, 2009    2,024,000        2,044,240 
Park Place Entertainment:             
Sr. Sub. Notes, 7.875%, 2010    1,266,000    e    1,383,105 
Sr. Sub. Notes, 8.875%, 2008    5,301,000        5,811,221 
Resorts International Hotel and Casino,             
First Mortgage, 11.5%, 2009    3,274,000        3,683,250 
Station Casinos,             
Sr. Sub. Notes, 6.5%, 2014    1,500,000        1,507,500 
Turning Stone Casino Entertainment,             
Sr. Notes, 9.125%, 2010    1,644,000    b    1,717,980 
Wynn Las Vegas Capital,             
First Mortgage Notes, 6.625%, 2014    1,559,000        1,498,589 
            24,754,013 
 
Health Care - 4.8%             
Beverly Enterprises,             
Sr. Sub. Notes, 7.875%, 2014    1,069,000        1,189,262 
Coventry Health Care,             
Sr. Notes, 8.125%, 2012    175,000        189,875 
DaVita,             
Sr. Sub. Notes, 7.25%, 2015    1,450,000        1,477,187 
Extendicare Health Services,             
Sr. Notes, 9.5%, 2010    658,000        704,060 
HCA,             
Notes, 8.75%, 2010    3,560,000        3,949,464 
Healthsouth,             
Sr. Notes, 8.375%, 2011    2,965,000        2,838,988 
Psychiatric Solutions,             
Sr. Sub. Notes, 7.75%, 2015    275,000    b    285,313 
Tenet Healthcare,             
Sr. Notes, 9.875%, 2014    7,117,000        7,472,850 
Triad Hospitals,             
Sr. Sub. Notes, 7%, 2013    3,340,000    e    3,398,450 
            21,505,449 
 
Machinery - 1.8%             
Case New Holland,             
Sr. Notes, 9.25%, 2011    3,651,000        3,879,188 
Columbus McKinnon,             
Sr. Sub. Notes, 8.875%, 2013    605,000    b    614,075 
Douglas Dynamics,             
Sr. Notes, 7.75%, 2012    3,715,000    b    3,733,575 
            8,226,838 
 
Manufacturing - 1.0%             
Bombardier,             
Notes, 6.3%, 2014    1,500,000    b    1,335,000 
JB Poindexter & Co,             
Sr. Notes, 8.75%, 2014    2,181,000        1,995,615 
Polypore,             
Sr. Sub. Notes, 8.75%, 2012    1,371,000        1,213,335 
            4,543,950 

Media - 7.1%             
Adelphia Communications,             
Sr. Notes, Ser. B, 7.75%, 2009    1,921,000    d    1,431,145 
American Media Operation,             
Sr. Sub. Notes, Ser. B, 10.25%, 2009    415,000        405,662 
CSC Holdings:             
Sr. Notes, 7.875%, 2007    1,977,000        2,041,253 
Sr. Notes, Ser B, 7.625%, 2011    2,000,000        1,975,000 
Sr. Notes, Ser.B, 8.125%, 2009    750,000        759,375 
Charter Communications,             
Sr. Notes, 8.75%, 2013    2,345,000    e    2,327,412 
Dex Media East Finance:             
Sr. Sub. Notes, Ser. B, 9.875%, 2009    2,908,000        3,176,990 
Sr. Sub. Notes, Ser. B, 12.125%, 2012    2,323,000        2,729,525 
Dex Media West Finance,             
Sr. Sub. Notes, Ser. B, 9.875%, 2013    2,879,000        3,192,091 
Entercom Radio Capital,             
Sr. Sub. Notes, 7.625%, 2014    460,000        477,250 
Gray Television,             
Sr. Sub. Notes, 9.25%, 2011    514,000        558,975 
Kabel Deutschland,             
Sr. Notes, 10.625%, 2014    1,570,000    b    1,742,700 
LBI Media:             
Sr. Discount Notes, 0/11%, 2013    1,492,000    f    1,132,055 
Sr. Sub. Notes, 10.125%, 2012    1,500,000        1,623,750 
Lodgenet Entertainment,             
Sr. Sub. Debs., 9.5%, 2013    548,000        602,800 
Nexstar Finance,             
Sr. Discount Notes, 0/11.375%, 2013    2,571,000    f    1,915,395 
Sr. Sub. Notes , 7%, 2014    2,248,000    e    2,034,440 
Pegasus Communications,             
Sr. Sub. Notes, Ser. B, 12.5%, 2007    3,374,000    d    889,893 
Radio One,             
Sr. Sub. Notes, Ser. B, 8.875%, 2011    250,000        266,875 
Salem Communications,             
Sr. Sub. Notes, Ser. B, 9%, 2011    2,605,000        2,790,606 
            32,073,192 
 
Oil & Gas - 7.4%             
Coastal:             
Notes, 7.625%, 2008    4,733,000    e    4,833,576 
Notes, 7.75%, 2010    2,731,000    e    2,799,275 
Sr. Debs., 6.5%, 2008    1,067,000        1,056,330 
Colorado Interstate Gas,             
Sr. Notes, 5.95%, 2015    540,000    b    526,466 
El Paso Production,             
Sr. Notes, 7.75%, 2013    2,040,000        2,142,000 
Hanover Compressor:             
Sr. Notes, 8.625%, 2010    1,000,000        1,082,500 
Sr. Notes, 9%, 2014    1,632,000        1,821,720 
Hanover Equipment Trust:             
Sr. Secured Notes, Ser A., 8.5%, 2008    2,745,000    e    2,868,525 
Sr. Secured Notes, Ser. B, 8.75%, 2011    15,000        16,013 
McMoRan Exploration:             
Conv. Sr. Notes, 5.25%, 2011    1,036,000    b    1,346,800 
Conv. Sr. Notes, 6%, 2008    5,126,000        7,573,665 
Petroleum Geo-Services,             
Notes, 10%, 2010    2,500,000        2,812,500 
Pogo Producing,             
Sr. Sub. Notes, 6.625%, 2015    2,150,000    b    2,193,000 
Whiting Petroleum,             
Sr. Sub. Notes, 7.25%, 2013    2,000,000        2,045,000 
            33,117,370 

Packaging & Containers - 3.3%             
Berry Plastics,             
Sr. Sub. Notes, 10.75%, 2012    415,000        448,200 
Crown European,             
Sr. Secured Notes, 9.5%, 2011    250,000        275,000 
Jefferson Smurfit,             
Sr. Notes, 8.25%, 2012    1,052,000        994,140 
Owens Brockway Glass Container:             
Sr. Notes, 6.75%, 2014    519,000        503,430 
Sr. Notes, 8.25%, 2013    515,000        538,175 
Sr. Secured Notes, 7.75%, 2011    1,025,000        1,071,125 
Sr. Secured Notes, 8.75%, 2012    1,156,000        1,254,260 
Sr. Secured Notes, 8.875%, 2009    935,000        986,425 
Owens-Illinois,             
Debs., 7.8%, 2018    2,000,000        2,020,000 
Pliant,             
Sr. Secured Discount Notes, 0/11.125%, 2009    1,445,000    f    1,249,925 
Solo Cup,             
Sr. Sub. Notes, 8.5%, 2014    1,525,000    e    1,357,250 
Stone Container:             
Sr. Notes, 8.375%, 2012    1,254,000    e    1,197,570 
Sr. Notes, 9.75%, 2011    2,761,000        2,816,220 
            14,711,720 
 
Paper & Forest Products - 3.7%             
Appleton Papers,             
Sr. Sub Notes, Ser. B, 9.75%, 2014    3,104,000        2,995,360 
Buckeye Technologies,             
Sr. Notes, 8.5%, 2013    1,255,000        1,280,100 
Georgia-Pacific:             
Sr. Notes, 8.875%, 2010    8,927,000        9,998,240 
Sr. Notes, 9.375%, 2013    1,965,000        2,200,800 
            16,474,500 
 
Pipelines - 3.9%             
ANR Pipeline,             
Notes, 8.875%, 2010    2,540,000        2,758,209 
Dynegy:             
Secured Notes, 9.875%, 2010    5,109,000    b    5,594,355 
Secured Notes, 10.125%, 2013    1,794,000    b    2,009,280 
Northwest Pipeline,             
Sr. Notes, 8.125%, 2010    2,575,000        2,761,687 
Southern Natural Gas,             
Notes, 8.875%, 2010    2,057,000        2,233,715 
Williams Cos.,             
Notes, 7.875%, 2021    2,070,000        2,287,350 
            17,644,596 
 
Real Estate Investment Trust - 1.5%             
BF Saul,             
Sr. Secured Notes, 7.5%, 2014    2,300,000        2,369,000 
CB Richard Ellis Services,             
Sr. Sub. Notes, 11.25%, 2011    1,500,000        1,642,500 
Host Marriott,             
Sr. Notes, Ser. M, 7%, 2012    2,500,000    e    2,546,875 
            6,558,375 

Retail - 1.7%                 
Amerigas Partners,                 
Sr. Notes, 7.25%, 2015        1,245,000    b    1,307,250 
Central European Distribution,                 
Sr. Secured Bonds, 8%, 2010    EUR    625,000    b    806,051 
JC Penney,                 
Sr. Notes, 8%, 2010        1,706,000        1,872,335 
Neiman Marcus,                 
Sr. Notes, 9%, 2015        365,000    b    367,737 
Rite Aid:                 
Sr. Secured Notes, 8.125%, 2010        1,180,000        1,209,500 
Sr. Secured Notes, 12.5%, 2006        1,025,000        1,094,188 
VICORP Restaurants,                 
Sr. Notes, 10.5%, 2011        955,000        935,900 
                7,592,961 
 
Structured Index - .6%                 
AB Svensk Exportkredit,                 
GSNE-ER Indexed Notes, 0%, 2007    3,045,000    b, g    2,857,733 
 
Technology - 1.4%                 
Freescale Semiconductor,                 
Sr. Notes, 6.875%, 2011        3,815,000        4,024,825 
Seagate Technology HDD,                 
Sr. Notes, 8%, 2009        2,000,000        2,110,000 
Sungard Data Systems,                 
Sr. Notes, 8.524%, 2013        300,000    b, c    312,000 
                6,446,825 
 
Telecommunications - 7.6%                 
American Tower:                 
Sr. Notes, 7.125%, 2012        1,561,000        1,646,855 
Sr. Sub. Notes, 7.25%, 2011        606,000        646,905 
American Tower Escrow,                 
Discount Notes, 0%, 2008        510,000        395,250 
Hawaiian Telcom Communications,                 
Sr. Notes, 8.91375%, 2013        1,125,000    b, c    1,141,875 
Innova S de RL,                 
Notes, 9.375%, 2013        2,035,000        2,319,900 
Intelsat Bermuda:                 
Sr. Notes, 8.25%, 2013        1,610,000    b    1,628,112 
Sr. Notes, 8.695%, 2012        1,475,000    b, c    1,508,187 
MCI,                 
Sr. Notes, 8.735%, 2014        40,000        44,700 
Nextel Communications,                 
Sr. Notes, Ser. D, 7.375%, 2015        2,000,000        2,142,914 
Nextel Partners,                 
Sr. Notes, 12.5%, 2009        1,798,000        1,928,355 
Pegasus Satellite Communications,                 
Sr. Notes, 12.375%, 2006        750,000    d    197,813 
Qwest:                 
Bank Note, Ser. A, 6.5%, 2007        1,290,800    c    1,331,138 
Bank Note, Ser. B, 6.95%, 2010        1,051,000    c    1,044,431 
Sr. Notes, 7.875%, 2011        440,000        460,900 
Qwest Communications International,             
Sr. Notes, 7.5%, 2014        2,935,000    b    2,802,925 
Qwest Services:                 
Secured Notes, 13.5%, 2010        1,600,000        1,840,000 
Secured Notes, 14%, 2014        3,025,000        3,682,938 
Rural Cellular,                 
Sr. Notes, 9.875%, 2010        600,000        633,000 
SBA Telecommunications,                 
Sr. Discount Notes, 0/9.75%, 2011        4,667,000    e,f    4,258,637 
UbiquiTel Operating,                 
Sr. Notes, 9.875%, 2011        1,560,000        1,739,400 
US Unwired,                 
Second Priority Sr. Secured Notes, Ser. B, 10%, 2012    2,149,000        2,482,095 
Verizon Global Funding,                 
Notes, 6.75%, 2005        200,000    b    200,864 
                34,077,194 

Textiles & Apparel - .9%             
INVISTA,             
Notes, 9.25%, 2012    3,470,000    b    3,790,974 
Levi Strauss & Co.,             
Sr. Notes, 12.25%, 2012    353,000        391,830 
            4,182,804 
 
Transportation - 1.9%             
CHC Helicopter,             
Sr. Sub. Notes, 7.375%, 2014    1,405,000    b    1,447,150 
Greenbrier,             
Sr. Notes, 8.375%, 2015    1,500,000        1,567,500 
Gulfmark Offshore,             
Sr. Sub. Notes, 7.75%, 2014    2,113,000    e    2,255,627 
TFM, S.A. de C.V.,             
Sr. Notes, 10.25%, 2007    3,245,000        3,488,375 
            8,758,652 
Total Bonds and Notes             
(cost $ 423,238,384 )            432,513,097 
 
 
 
Preferred Stock - 2.6 %             
Banking - 1.1%             
Sovereign Capital Trust IV,             
Cum. Conv., $2.1875    108,900        4,832,437 
 
Diversified Financial Services - .2%             
Williams Holdings Of Delaware,             
Cum. Conv., $2.75    7,800    b    907,725 
 
Media - 1.3%             
Paxson Communications,             
Cum. Conv., $975    5,481    b    2,192,526 
Spanish Broadcasting System (Units)             
Cum. Conv., Ser. B, $107.5    3,342        3,584,311 
            5,776,837 
Total Preferred Stock Investments             
(cost $14,074,246)            11,516,999 
 
 
 
Common Stock -.5 %             
Chemicals - .1%             
Huntsman    10,294    h    201,248 
 
Telecommunications - .4%             
AboveNet    64,685    e,h    1,811,180 
iPCS    527    h    21,923 
            1,833,103 
 
Gaming & Lodging - 0.0%             
Trump Entertainment Resorts    5,455    e,h    97,869 
 
Textiles & Apparel - 0.0%             
Dan River    64,520    h    19,356 
 
Total Common Stock Investments             
(cost $ 3,429,199)            2,151,576 

Other - 0.0 %             
Financial - 0.0%             
Ono Finance,    1,000    b,h    1 
 
Telecommunications - 0.0%             
AboveNet (warrants)    5,083    h    40,664 
AboveNet (warrants)    5,980    h    23,920 
            64,584 
Total Other             
(cost $189,043)            64,585 
 
Investment of Cash Collateral for Securities Loaned - 7.5%    Shares        Value ($) 
Registered Investment Company;             
Dreyfus Institutional Cash Advantage Fund             
(cost $37,726,225)    33,726,225    i    33,726,225 
 
 
Total Investment (cost $478,657,097)    106.7    %    479,972,482 
Liabilities, Less Cash and Receivables    (6.7)    %    (30,242,832) 
Net Assets    100.0    %    449,729,650 

a    Principal amount stated in U.S. Dollars unless otherwised noted. 
    EUR - Euro 
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. 
    At September 30, 2005, these securities amounted to 87,230,081 or 19.4% of net assets. 
c    Variable rate security--interest rate subject to periodic change. 
d    Non-income producting-security in default. 
e    All or a portion of these securities are on loan. At September 30, 2005, the total market value of the 
    fund's securities on loan is $32,353,195 and the total market value of the collateral held by the 
    fund is $33,726,225. 
f    Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. 
g    Security linked to Goldman Sachs Non Energy--Excess Return Index. 
h    Non-income producting-security. 
i    Investments in affiliated money market mutual fund. 
j    Subsequent to September 30, 2005 these securities became non-income producing. 

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

DREYFUS PREMIER MANAGED INCOME FUND             
 
Statement of Investments                 
September 30, 2005 (Unaudited)             
 
        Principal         
Bonds and Notes - 113.7%        Amount(a)    Value ($) 
Advertising - .1%                 
Lamar Media,                 
Notes, 7.25%, 2013        30,000        31,500 
 
Aerospace & Defense - .1%                 
L-3 Communications,                 
Conv. Bonds, 3%, 2035        45,000    b    46,237 
 
Agricultural - .7%                 
Philip Morris Capital,                 
Notes, 4%, 2006    CHF    460,000        361,506 
 
Asset-Backed Ctfs./Automobile Receivables - 2.0%             
BMW Vehicle Owner Trust,                 
Ser. 2004-A, Cl. A4, 3.32%, 2009        145,000        142,427 
Ford Credit Auto Owner Trust:                 
Ser. 2004-A, Cl. C, 4.19%, 2009        50,000        49,600 
Ser. 2005-B, Cl. B, 4.64%, 2010        125,000        124,448 
Hyundai Auto Receivables Trust,                 
Ser. 2004-A, Cl. C, 3.36%, 2011        70,000        68,780 
MMCA Automobile Trust,                 
Ser. 2002-1, Cl. B, 5.37%, 2010        106,605        106,580 
WFS Financial Owner Trust:                 
Ser. 2004-3, Cl. B, 3.51%, 2012        160,293        157,277 
Ser. 2004-4, Cl. B, 3.13%, 2012        171,780        168,653 
Ser. 2005-2, Cl. B, 4.57%, 2012        170,000        169,361 
Whole Auto Loan Trust,                 
Ser. 2004-1, Cl. D, 5.6%, 2011        41,891    b    42,011 
                1,029,137 
 
 
Asset-Backed Ctfs./Credit Cards - 1.1%                 
Capital One Multi-Asset Execution Trust:                 
Ser. 2003-C4, Cl. C4, 6%, 2013        255,000        266,794 
Ser. 2004-C1, Cl. C1, 3.4%, 2009        230,000        226,338 
MBNA Credit Card Master Note Trust,                 
Ser. 2004-A4, Cl. A4, 2.7%, 2009        100,000        97,376 
                590,508 
 
Asset-Backed Ctfs./Home Equity Loans - 4.0%             
Accredited Mortgage Loan Trust,                 
Ser. 2005-3, Cl. A2A, 3.93%, 2035        250,000    c    250,151 
Ameriquest Mortgage Securities:                 
Ser. 2003-8, Cl. AF3, 4.37%, 2033        160,000        159,656 
Ser. 2004-FR1, Cl. A3, 2.65%, 2034        103,825        103,522 
Asset-Backed Funding Certificates,                 
Ser. 2005-WMC1, Cl. M2, 4.29%, 2035        255,000    c    255,000 
Citigroup Mortgage Loan Trust,                 
Ser. 2005-HE1, Cl. A3A, 3.92%, 2035        171,159    c    171,188 
Fremont Home Loan Trust,                 
Ser. 2005-1, Cl. 2A1, 3.93%, 2035        89,988    c    90,087 

Morgan Stanley ABS Capital I,             
Ser. 2005-WMC3, Cl. A2A, 3.92%, 2035    121,885    c    121,912 
Option One Mortgage Loan Trust,             
Ser. 2005-4, Cl. M1, 4.32%, 2035    255,000    c    255,000 
Residential Asset Securities:             
Ser. 2001-KS3, Cl. MII1, 4.38%, 2031    114,167    c    114,315 
Ser. 2004-KS10, Cl. AI1, 4%, 2013    98,043    c    98,124 
Ser. 2005-EMX1, Cl. AI1, 3.93%, 2035    104,143    c    104,226 
Ser. 2005-EMX3, Cl. M1, 4.26%, 2035    145,000    c    145,000 
Ser. 2005-EMX3, Cl. M2, 4.26%, 2035    160,000    c    160,000 
            2,028,181 
 
Asset-Backed Ctfs./ Manufactured Housing - .6%         
Green Tree Financial,             
Ser. 1994-7, Cl. M1, 9.25%, 2020    111,063        117,617 
Origen Manufactured Housing:             
Ser. 2004-B, Cl. A1, 2.87%, 2013    39,657        39,313 
Ser. 2004-B, Cl. A2, 3.79%, 2017    65,000        63,637 
Vanderbilt Mortgage Finance,             
Ser. 1999-A, Cl. 1A6, 6.75%, 2029    80,000        84,253 
            304,820 
 
Asset-Backed Ctfs./Other - 2.8%             
Credit-Based Asset Servicing and Securitization,         
Ser. 2005-CB4, Cl. AV1, 3.93%, 2035    93,773    c    93,829 
First Franklin Mortgage Loan Asset-Backed Certificates,         
Ser. 2005-FFH3, Cl. 2A1, 3.96%, 2035    250,000    c    250,151 
Merrill Lynch Mortgage Investors:             
Ser. 2005-WMC1, Cl. A2A, 3.93%, 2035    85,875    c    85,945 
Ser. 2005-WMC2, Cl. A2A, 3.92%, 2036    70,213    c    70,215 
Morgan Stanley ABS Capital I,             
Ser. 2005-WMC6, Cl. A2A, 3.94%, 2035    221,348    c    221,481 
Park Place Securities,             
Ser. 2005-WHQ2, Cl. A2A, 3.93%, 2035    177,825    c    177,966 
Residential Asset Mortgage Products:             
Ser. 2004-RS8, Cl. AI2, 3.81%, 2026    55,000        54,737 
Ser. 2004-RS12, Cl. AI6, 4.547%, 2034    145,000        141,838 
Ser. 2005-RS2, Cl. AII1, 3.94%, 2035    144,482    c    144,615 
Ser. 2005-RS2, Cl. M2, 4.31%, 2035    140,000    c    141,171 
Ser. 2005-RS2, Cl. M3, 4.38%, 2035    45,000    c    45,305 
            1,427,253 
 
Automotive - .8%             
DaimlerChrysler:             
Notes, 4.05%, 2008    260,000        254,062 
Notes, 4.875%, 2010    65,000        63,767 
Delphi,             
Notes, 6.55%, 2006    70,000    d,k    51,800 
General Motors,             
Discount Debs., 0/7.75%, 2036    180,000    e    46,800 
            416,429 
 
Banking - 3.9%             
Chevy Chase Bank,             
Sub. Notes, 6.875%, 2013    145,000        149,712 
Chuo Mitsui Trust & Banking,             
Sub. Notes, 5.506%, 2049    200,000    b,c    192,857 
City National,             
Sr. Notes, 5.125%, 2013    75,000        75,138 
Industrial Bank of Korea,             

Sub. Notes, 4%, 2014    75,000    b,c    72,026 
National Westminster Bank,             
Sub. Notes, 7.375%, 2009    320,000        351,838 
Sovereign Bancorp,             
Sr. Notes, 4.15%, 2009    170,000    b,c    170,106 
Sumitomo Mitsui Banking,             
Notes, 5.625%, 2049    140,000    b,c    139,591 
Wells Fargo Capital,             
Capital Securities, Cl. B, 7.95%, 2026    300,000    b    320,633 
Zions Bancorp:             
Sr. Notes, 2.7%, 2006    255,000        252,459 
Sub. Notes, 6%, 2015    240,000        255,270 
            1,979,630 
 
Building Materials - .1%             
American Standard,             
Sr. Notes, 7.375%, 2008    65,000        68,385 
 
Chemicals - 1.5%             
ICI Wilmington:             
Notes, 4.375%, 2008    30,000        29,515 
Notes, 5.625%, 2013    115,000        116,264 
International Flavors & Fragrances,             
Notes, 6.45%, 2006    240,000        242,488 
Lubrizol,             
Sr. Debs., 6.5%, 2034    125,000        131,496 
RPM International:             
Bonds, 6.25%, 2013    145,000        150,101 
Sr. Notes, 4.45%, 2009    125,000        121,300 
            791,164 
 
Commercial Mortgage Pass-Through Ctfs. - 3.8%         
Bear Stearns Commercial Mortgage Securities:         
Ser. 2003-T12, Cl. A3, 4.24%, 2039    295,000        286,647 
Ser. 2004-PWR5, Cl. A3, 4.565%, 2042    120,000        118,124 
Ser. 2005-T18, Cl. A2, 4.556%, 2042    125,000        123,766 
CS First Boston Mortgage Securities,             
Ser. 2001-CF2, Cl. A4, 6.505%, 2034    135,000        144,551 
Calwest Industrial Trust,             
Ser. 2002-CALW, Cl. A, 6.127%, 2017    130,000    b    138,491 
Chase Commercial Mortgage Securities,             
Ser. 1997-2, Cl. C, 6.6%, 2029    40,000        41,460 
Crown Castle Towers,             
Ser. 2005-1A, Cl. D, 5.612%, 2035    115,000    b    113,149 
DLJ Commercial Mortgage,             
Ser. 1998-CF2, Cl. A1B, 6.24%, 2031    120,000        125,009 
J.P. Morgan Commercial Mortgage Finance,         
Ser. 1997-C5, Cl. B, 7.159%, 2029    105,000        109,226 
Lehman Brothers,             
Ser. 2004-LLFA, Cl. A1, 3.9%, 2017    108,926    b,c    108,971 
Mach One Trust,             
Ser. 2004-1A, Cl. A1, 3.89%, 2040    123,591    b    120,928 
Morgan Stanley Capital I:             
Ser. 1999-CAM1, Cl. A4, 7.02%, 2032    70,000        74,807 
Ser. 1999-RM1, Cl. A2, 6.71%, 2031    186,499        195,433 
Morgan Stanley Dean Witter Capital I,             
Ser. 2001-PPM, Cl. A3, 6.54%, 2031    214,669        223,470 
            1,924,032 
 
Commercial Services - .9%             

Aramark Services,             
Sr. Notes, 7%, 2007    250,000        257,553 
Erac USA Finance,             
Notes, 7.95%, 2009    100,000    b    111,139 
R.R. Donnelley & Sons,             
Notes, 5%, 2006    70,000        70,075 
            438,767 
 
Diversified Financial Services - 8.5%             
Amvescap:             
Notes, 5.375%, 2013    135,000        135,675 
Notes, 5.375%, 2014    185,000        183,208 
Sr. Notes, 5.9%, 2007    225,000        227,836 
CIT,             
Sr. Notes, 3.94%, 2008    185,000    c    185,192 
Fondo LatinoAmericano De Reservas,             
Notes, 3%, 2006    115,000    b    113,749 
Ford Motor Credit:             
Global Landmark Securities, 6.5%, 2007    274,000        274,403 
Notes, 4.87%, 2007    140,000    c    138,179 
Sr. Unsub. Notes, 7.2%, 2007    346,000        348,117 
GMAC:             
Notes, 4.509%, 2007    460,000    c    452,256 
Notes, 4.559%, 2007    140,000    c    136,208 
Glencore Funding,             
Notes, 6%, 2014    305,000    b    289,402 
HSBC Finance,             
Sr. Notes, 4.22%, 2012    280,000    c    280,430 
Jefferies:             
Sr. Notes, 7.75%, 2012    55,000        61,437 
Sr. Notes, Ser. B, 7.5%, 2007    70,000        73,355 
Leucadia National,             
Sr. Notes, 7%, 2013    115,000        116,150 
MBNA Capital,             
Capital Securities, Ser. A, 8.278%, 2026    80,000        85,964 
Mizuho JGB Investment,             
Non-Cumulative Preferred Securities, Ser. A, 9.87%, 2049    100,000    b,c    111,634 
Pemex Finance,             
Bonds, Ser. 1999-2, Cl. A1, 9.69%, 2009    240,000        260,634 
Residential Capital:             
Notes, 5.385%, 2007    480,000    b,c    484,211 
Notes, 6.375%, 2010    255,000    b    258,597 
St. George Funding,             
Bonds, 8.485%, 2049    125,000    b,c    137,215 
            4,353,852 
 
Electronics - .2%             
Thomas & Betts,             
Notes, 6.5%, 2006    110,000        110,353 
 
Entertainment/Leisure - .5%             
Carnival,             
Notes, 7.3%, 2007    120,000        124,738 
Mohegan Tribal Gaming Authority:             
Sr. Notes, 6.125%, 2013    20,000        20,000 
Sr. Sub. Notes, 7.125%, 2014    60,000        62,400 
Speedway Motorsports,             
Sr. Sub. Notes, 6.75%, 2013    70,000        72,187 
            279,325 

Environmental Control - .4%             
Oakmont Asset Trust,             
Notes, 4.514%, 2008        105,000 b    103,094 
Waste Management:             
Sr. Notes, 7%, 2028        75,000    84,694 
Sr. Notes, 7.375%, 2029        30,000    34,980 
            222,768 
 
Food & Beverages - 1.1%             
H.J. Heinz,             
Bonds, 6.189%, 2005        375,000 b,c    375,990 
Safeway,             
Sr. Notes, 4.125%, 2008        85,000    82,740 
Stater Brothers,             
Sr. Notes, 8.125%, 2012        100,000    99,250 
            557,980 
 
Foreign/Governmental - 4.1%             
Argentina Bonos,             
Bonds, 4.005%, 2012        390,000 c    314,535 
Banco Nacional de Desenvolvimento             
Economico e Social,             
Notes, 5.822%, 2008        250,000 c    250,625 
Brazilian Government International Bond,         
Bonds, 12.5%, 2016    BRL    665,000    287,445 
Deutsche Bundesrepublik,             
Bonds, 4%, 2009    EUR    590,000    744,925 
El Salvador Government International Bond,         
Notes, 8.5%, 2011        60,000 b    69,300 
Export-Import Bank of Korea,             
Sr. Notes, 4.5%, 2009        100,000    98,833 
Mexican Bonos,             
Bonds, 9%, 2011    MXN    1,500,000    142,990 
Russian Government International Bond,             
Notes, 12.75%, 2028        45,000    84,955 
Ukraine Government International Bond,             
Notes, 7.343%, 2009        100,000 b,c    109,000 
            2,102,608 
 
Gaming/Lodging - .7%             
Ameristar Casinos,             
Sr. Sub. Notes, 10.75%, 2009        35,000    37,581 
Caesars Entertainment:             
Sr. Notes, 8.5%, 2006        50,000    51,961 
Sr. Sub. Notes, Ser. A, 7.875%, 2005        80,000    80,700 
MGM Mirage,             
Sr. Notes, 6%, 2009        90,000    89,325 
Turning Stone Casino Resort Enterprise,             
Sr. Notes, 9.125%, 2010        80,000 b    83,600 
            343,167 
 
Health Care - .4%             
Coventry Health Care,             
Sr. Notes, 5.875%, 2012        80,000    81,600 
HCA,             
Sr. Notes, 7.125%, 2006        100,000    101,789 
            183,389 
 
Homebuilders - .5%             
D.R. Horton,             

Sr. Notes, 5.875%, 2013        120,000    117,851 
Schuler Homes,             
Notes, 10.5%, 2011        115,000    124,775 
            242,626 
 
Household Products - .0%             
Scotts Miracle-Gro,             
Sr. Sub. Notes, 6.625%, 2013        20,000 d    20,700 
 
Insurance - 1.2%             
Ace Capital Trust II,             
Capital Securities, 9.7%, 2030        140,000    185,119 
Assurant,             
Sr. Notes, 6.75%, 2034        55,000    59,358 
Cincinnati Financial,             
Sr. Notes, 6.125%, 2034        145,000    151,053 
MBIA,             
Sr. Notes, 5.7%, 2034        130,000    126,419 
Prudential Financial,             
Sr. Notes, 4.104%, 2006        100,000    99,336 
            621,285 
 
Manufacturing - 1.5%             
Bombardier:             
Notes, 6.3%, 2014        200,000 b    178,000 
Notes, 7.45%, 2034        320,000 b    272,000 
Tyco International,             
Notes, 6.125%, 2007    EUR    260,000    330,627 
            780,627 
 
Media - 1.3%             
Clear Channel Communications,             
Notes, 4.25%, 2009        265,000    255,790 
DirecTV Holdings/Financing,             
Sr. Notes, 8.375%, 2013        33,000    36,176 
Liberty Media,             
Notes, 3.5%, 2006        205,000    203,645 
Media General,             
Notes, 6.95%, 2006        40,000    40,564 
Univision Communications,             
Sr. Notes, 2.875%, 2006        135,000    132,363 
            668,538 
 
Mining & Metals - .9%             
Falconbridge:             
Bonds, 5.375%, 2015        25,000    24,359 
Notes, 6%, 2015        150,000    153,134 
International Steel,             
Sr. Notes, 6.5%, 2014        125,000    124,375 
Ispat Inland ULC,             
Secured Notes, 9.75%, 2014        35,000    40,775 
Southern Peru Copper,             
Notes, 7.5%, 2035        125,000 b    125,589 
            468,232 
 
Oil & Gas - 1.2%             
Colorado Interstate Gas,             
Sr. Notes, 5.95%, 2015        70,000 b    68,246 
Enterprise Products Operating,             
Sr. Notes, Ser. B, 4.625%, 2009        255,000    249,413 

Pemex Project Funding Master Trust,         
Notes, 7.375%, 2014    205,000    228,063 
Sempra Energy,         
Sr. Notes, 4.621%, 2007    80,000    79,863 
        625,585 
 
Packaging & Containers - .4%         
Ball,         
Sr. Sub. Notes, 7.75%, 2006    55,000    56,237 
Sealed Air,         
Bonds, 6.875%, 2033    120,000 b    127,424 
        183,661 
 
Paper & Forest Products - 1.7%         
Celulosa Arauco y Constitucion,         
Notes, 5.625%, 2015    120,000 b    119,271 
Georgia-Pacific,         
Sr. Notes, 8.875%, 2010    230,000    257,600 
Sappi Papier,         
Notes, 6.75%, 2012    240,000 b    244,447 
Temple-Inland,         
Notes, 5.003%, 2007    260,000    260,067 
        881,385 
 
Pharmaceuticals - .1%         
Medco Health Solutions,         
Sr. Notes, 7.25%, 2013    60,000    66,226 
 
 
Pipelines - .8%         
ANR Pipeline,         
Sr. Notes, 7%, 2025    50,000    49,880 
El Paso Natural Gas,         
Sr. Notes, Ser. A, 7.625%, 2010    130,000    135,821 
Northwest Pipeline,         
Debs., 6.625%, 2007    210,000    215,775 
        401,476 
 
Real Estate Investment Trust - 3.2%         
Archstone-Smith Operating Trust:         
Notes, 3%, 2008    85,000    81,014 
Sr. Notes, 5%, 2007    75,000    75,319 
Arden Realty:         
Notes, 5.2%, 2011    65,000    64,336 
Sr. Notes, 7%, 2007    60,000    62,601 
Boston Properties,         
Sr. Notes, 5.625%, 2015    85,000    87,022 
Duke Realty:         
Sr. Notes, 5.25%, 2010    70,000    70,774 
Sr. Notes, 6.95%, 2011    170,000    183,605 
EOP Operating,         
Notes, 7.5%, 2029    110,000    127,656 
ERP Operating:         
Notes, 4.75%, 2009    55,000    54,609 
Notes, 5.125%, 2016    75,000    74,026 
Healthcare Realty Trust,         
Sr. Notes, 8.125%, 2011    225,000    251,994 
Mack-Cali Realty:         
Notes, 5.05%, 2010    130,000    129,524 
Sr. Notes, 5.125%, 2015    75,000    73,566 

Regency Centers,             
Bonds, 5.25%, 2015    125,000    b    124,134 
Simon Property:             
Notes, 4.6%, 2010    105,000        103,650 
Notes, 4.875%, 2010    75,000        74,745 
            1,638,575 
 
Residential Mortgage Pass-Through Ctfs. - 4.6%         
Banc of America Mortgage Securities,             
Ser. 2004-F, Cl. 2A7, 4.16%, 2034    364,524    c    356,884 
Citigroup Mortgage Loan Trust:             
Ser. 2005-WF1, Cl. A5, 5.01%, 2035    140,000        137,080 
Ser. 2005-WF2, Cl. AF2, 4.922%, 2035    125,000        124,905 
Countrywide Alternative Loan Trust II:             
Ser. 2004-J5, Cl. 1A1, 4.02%, 2034    3,881    c    3,883 
Ser. 2005-J4, Cl. 2A1B, 3.95%, 2035    88,735    c    88,677 
Stripped Security, Interest Only Class,             
Ser. 2004-J5, Cl. 1A10, .75%, 2006    2,639,711    f    14,151 
First Chicago/Lennar Trust,             
Ser. 1997-CHL1, Cl. D, 7.64%, 2039    275,000    b,c    275,688 
J.P. Morgan Mortgage Trust,             
Ser. 2005-A1, Cl. 5A1, 4.484%, 2035    77,794    c    75,974 
Nomura Asset Acceptance:             
Ser. 2005-AP1, Cl. 2A5, 4.855%, 2035    200,000        194,903 
Ser. 2005-AP2, Cl. A5, 4.976%, 2035    150,000        146,804 
Ser. 2005-WF1, Cl. 2A5, 5.159%, 2035    115,000        113,483 
Opteum Mortgage Acceptance,             
Ser. 2005-1, Cl. A2, 3.97%, 2035    178,527    c    178,524 
Structured Asset Mortgage Investments,             
Ser. 1998-2, Cl. B, 6.75%, 2030    2,393        2,382 
Washington Mutual:             
Ser. 2003-AR10, Cl. A6, 4.07%, 2033    203,000    c    199,383 
Ser. 2004-AR7, Cl. A6, 3.95%, 2034    135,000    c    131,332 
Ser. 2004-AR9, Cl. A7, 4.19%, 2034    165,000    c    162,344 
Wells Fargo Mortgage Backed Securities Trust,         
Ser. 2003-1, Cl. 2A9, 5.75%, 2033    150,000        151,599 
            2,357,996 
 
 
Retail - .2%             
May Department Stores:             
Notes, 3.95%, 2007    45,000        44,387 
Notes, 4.8%, 2009    45,000        44,860 
            89,247 
 
Semiconductors - .1%             
Freescale Semiconductor,             
Sr. Notes, 6.875%, 2011    70,000        73,850 
 
 
State Government - 1.0%             
Badger Tobacco Asset Securitization,             
Asset-Backed Ctfs., 6.125%, 2027    190,000        203,068 
New York Counties Tobacco Trust IV,             
Pass-Through Ctfs., Ser. B, 6%, 2027    180,000        178,175 
Sacramento County California Pension Funding,         
Bonds, Ser. C-1, 0%, 2030    100,000        96,773 
Tobacco Settlement Financing Corp. N.J.,             
Asset-Backed Ctfs., 5.75%, 2032    20,000        20,915 
            498,931 

Telecommunications - 2.3%             
Deutsche Telekom International Finance,             
Notes, 8.75%, 2030    145,000    c    187,763 
France Telecom,             
Notes, 8%, 2011    110,000    c    125,041 
MCI,             
Sr. Notes, 6.908%, 2007    41,000    c    41,410 
Nextel Communications,             
Sr. Notes, Ser. F, 5.95%, 2014    95,000        97,378 
Qwest:             
Notes, 5.625%, 2008    70,000        69,300 
Sr. Notes, 7.12%, 2013    100,000    b,c    104,500 
Sr. Notes, 7.875%, 2011    65,000        68,087 
Sprint Capital,             
Notes, 8.75%, 2032    95,000        127,777 
Telecom Italia Capital:             
Notes, 4.48%, 2011    125,000    c    125,165 
Notes, 5.25%, 2015    225,000        221,516 
            1,167,937 
 
Transportation - .2%             
Ryder System,             
Notes, 3.5%, 2009    130,000        124,252 
 
U.S. Government - 15.5%             
U.S. Treasury Bonds,             
5.25%, 11/15/2028    910,000        991,545 
U.S. Treasury Inflation Protected Securities,             
3%, 7/15/2012    945,342    d,g    1,030,473 
U.S. Treasury Notes:             
2.5%, 9/30/2006    2,516,000    d    2,477,455 
3.5%, 2/15/2010    1,115,000    d    1,083,423 
4.75%, 5/15/2014    2,310,000    d    2,380,547 
            7,963,443 
 
U.S. Government Agencies/Mortgage-Backed - 33.6%         
Federal Home Loan Mortgage Corp.:             
4%, 10/1/2009    105,275        103,794 
4.5%, 10/1/2009    103,334        103,301 
5%, 10/1/2018    590,294        589,368 
6%, 7/1/2017-4/1/2033    364,380        371,933 
Federal National Mortgage Association:             
3.53%, 7/1/2010    288,622        274,190 
4.06%, 6/1/2013    100,000        93,437 
4.5%    2,050,000    h    2,007,708 
5%    3,535,000    h    3,466,048 
5%, 7/1/2011-4/1/2019    646,993        647,222 
5.5%    1,335,000    h    1,338,698 
5.5%, 12/1/2024-1/1/2034    1,599,847        1,603,477 
6%    1,475,000    h    1,516,934 
6%, 2/1/2033-6/1/2033    328,564        334,209 
6.5%, 12/1/2031-11/1/2032    562,265        579,553 
7%, 5/1/2032-7/1/2032    72,650        76,077 
Grantor Trust:             
Ser. 2001-T6, Cl. B, 6.088%, 5/25/2011    275,000        292,638 
Ser. 2001-T11, Cl. B, 5.503%, 9/25/2011    75,000        78,054 
Government National Mortgage Association I:             
6.5%, 9/15/2032    133,263        138,718 
8%, 2/15/2030-5/15/2030    8,997        9,638 

Ser. 2003-64, Cl. A, 3.089%, 4/16/2024    34,231        33,499 
Ser. 2003-88, Cl. AC, 2.9141%, 6/16/2018    276,626        266,305 
Ser. 2003-96, Cl. B, 3.6072%, 8/16/2018    175,000        170,593 
Ser. 2004-9, Cl. A, 3.36%, 8/16/2022    116,168        111,929 
Ser. 2004-23, Cl. B, 2.946%, 3/16/2019    140,000        133,820 
Ser. 2004-25, Cl. AC, 3.377%, 1/16/2023    335,832        324,748 
Ser. 2004-43, Cl. A, 2.822%, 12/16/2019    366,421        351,424 
Ser. 2004-51, Cl. A, 4.145%, 2/16/2018    243,318        239,716 
Ser. 2004-57, Cl. A, 3.022%, 1/16/2019    198,248        191,010 
Ser. 2004-67, Cl. A, 3.648%, 9/16/2017    239,242        233,555 
Ser. 2004-77, Cl. A, 3.402%, 3/16/2020    213,762        207,142 
Ser. 2004-97, Cl. AB, 3.084%, 4/16/2022    218,286        209,704 
Ser. 2004-108, Cl. A, 3.999%, 5/16/2027    122,683        119,931 
Ser. 2005-9, Cl. A, 4.026%, 5/16/2022    97,881        95,992 
Ser. 2005-12, Cl. A, 4.044%, 5/16/2021    67,033        65,867 
Ser. 2005-14, Cl. A, 4.13%, 2/16/2027    145,773        143,140 
Ser. 2005-29, Cl. A, 4.016%, 7/16/2027    170,579        166,801 
Ser. 2005-32, Cl. B, 4.385%, 8/16/2030    150,000        147,895 
Ser. 2005-42, Cl. A, 4.045%, 7/16/2020    148,350        145,830 
Ser. 2005-50, Cl. A, 4.015%, 11/16/2010    124,456        121,956 
Ser. 2005-79, Cl. A, 3.998%, 10/16/2033    125,000        122,579 
            17,228,433 
 
Utilities -Gas & Electric - 5.1%             
Consumers Energy:             
First Mortgage Bonds, 5.5%, 2016    100,000        101,852 
First Mortgage Bonds, Ser. B, 5.375%, 2013    185,000        187,303 
First Mortgage Bonds, Ser. F, 4%, 2010    155,000        149,180 
Dominion Resources:             
Sr. Notes, Ser. A, 3.66%, 2006    95,000        94,027 
Sr. Notes, Ser. B, 4.3%, 2007    255,000    c    255,074 
FPL Energy National Wind,             
Secured Notes, 5.608%, 2024    97,743    b    97,419 
FirstEnergy,             
Sr. Notes, Ser. B, 6.45%, 2011    235,000        250,536 
IPALCO Enterprises,             
Sr. Secured Notes, 8.625%, 2011    75,000    c    83,625 
Illinois Power,             
First Mortgage Bonds, 7.5%, 2009    115,000        124,702 
Nevada Power,             
Bonds, Ser. L, 5.87%, 2015    50,000        49,533 
Niagara Mohawk Power,             
Sr. Notes, Ser. G, 7.75%, 2008    35,000    d    37,889 
NiSource Capital Markets,             
Notes, 7.86%, 2017    75,000        87,318 
NiSource Finance,             
Notes, 4.39%, 2009    275,000    c    276,387 
Northern States Power,             
First Mortgage Bonds, 2.875%, 2006    125,000        123,463 
PPL Capital Funding Trust I,             
Notes, 7.29%, 2006    220,000        222,918 
TXU:             
Notes, Ser. C, 6.375%, 2008    65,000        66,942 
Sr. Notes, Ser. J, 6.375%, 2006    125,000        126,984 
Sr. Notes, Ser. O, 4.8%, 2009    145,000        140,434 
Sr. Notes, Ser. P, 5.55%, 2014    135,000    d    128,834 
            2,604,420 
 
Total Bonds and Notes             
(cost $58,687,149)            58,298,416 

Preferred Stocks - .9%    Shares    Value($) 
Banking - .1%         
Sovereign Capital Trust IV,         
Conv., $2.1875    1,400    62,125 
 
Real Estate Investment Trust - .8%         
Equity Office Properties Trust,         
Cum. Conv., Ser. B, $2.625    7,840    401,722 
 
Total Preferred Stocks         
(cost $446,811)        463,847 
 
 
    Face Amount     
    Covered     
Options- .1%    by Contracts($)    Value ($) 
Call Options- .0%         
U.S. Treasury Notes,         
3.875%, 9/15/2010, October 2005 @ $99.859375    2,045,000    160 
U.S. Treasury Notes,         
4.25%, 8/15/2015, November 2005 @ $100.09375    1,015,000    4,837 
        4,997 
Put Options- .1%         
U.S. Treasury Notes,         
3.875%, 9/15/2010, October 2005 @ $99.859375    2,045,000    28,279 
 
Total Options         
(cost $28,678)        33,276 
 
 
    Principal     
Short-Term Investments - .1%    Amount($)    Value ($) 
U.S. Treasury Bills;         
3.15%, 12/15/2005         
(cost $49,652)    50,000 i    49,672 
 
 
 
Investment of Cash Collateral for Securities Loaned- 13.6%    Shares    Value ($) 
Registered Investment Company;         
Dreyfus Institutional Cash Advantage Plus Fund         
(cost $7,001,479)    7,001,479 j    7,001,479 
 
 
Total Investments (cost $66,213,769)    128.4%    65,846,690 
 
Liabilities, Less Cash and Receivables    -28.4%    (14,572,313) 
 
Net Assets    100.0%    51,274,377 

a Principal amount stated in U.S. Dollars unless otherwise noted. BRL- Brazilian Real CHF- Swiss Francs EUR- Euro MXN- Mexican Peso

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. At September 30, 2005, 
    these securities amounted to $ 5,448,649 or 10.6% of net assets. 
c    Variable rate security-interest rate subject to periodic change. 
d    All or a portion of these securities are on loan. At September 30, 2005, the total market value of the fund's securities 
    on loan is $6,793,064 and the total market value of the collateral held by the fund is $7,001,479. 
e    Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. 
f    Notional face amount shown. 
g    Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index. 
h    Purchased on a forward commitment basis. 
i    Held by a broker as collateral for open financial futures positions. 
j    Investment in affiliated money market mutual fund. 
k    Subsequent to September 30, 2005, this security became non-income producing. 

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

Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

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

SIGNATURES

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

The Dreyfus/Laurel Funds Trust 
 
 
By:    /s/ Stephen E. Canter 
Stephen E. Canter
    President 
 
Date:    November 22, 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:    November 22, 2005 
 
By:    /s/ James Windels 
James Windels
    Chief Financial Officer 
 
Date:    November 22, 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)