N-Q 1 formdlft.htm FORM N-Q formdlft.htm - Generated by SEC Publisher for SEC Filing

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)

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:  10/31   
Date of reporting period:  07/31/09   

     The following Form N-Q relates only to Dreyfus International Bond Fund and Dreyfus Global Equity Income Fund, each a series of the Registrant, and does not affect the other series of the Registrant, which have different fiscal year ends and, therefore, different Form N-Q reporting requirements. A separate Form N-Q will be filed for those series, as appropriate.



FORM N-Q

Item 1.  Schedule of Investments. 



STATEMENT OF INVESTMENTS           
Dreyfus International Bond Fund           
July 31, 2009 (Unaudited)           
    Coupon  Maturity  Principal   
Bonds and Notes--98.4%    Rate (%)  Date  Amount ($)  Value ($) 
Australia--.7%           
BHP Billiton Finance USA,           
       Gtd. Notes    5.50  4/1/14  275,000  299,018 
Rio Tinto Finance USA,           
       Gtd. Notes    5.88  7/15/13  230,000  243,829 
Saint George Bank,           
       Sr. Unscd. Notes  EUR  6.50  6/24/13  150,000 a  234,811 
          777,658 
Belgium--.5%           
Anheuser-Busch InBev,           
       Gtd. Notes  GBP  9.75  7/30/24  125,000 a  278,465 
Belgium Kingdom,           
       Bonds, Ser. 44  EUR  5.00  3/28/35  190,000 a  298,989 
          577,454 
Brazil--3.4%           
Federal Republic of Brazil,           
       Sr. Unscd. Bonds    7.13  1/20/37  380,000  420,280 
Federal Republic of Brazil,           
       Sr. Unscd. Bonds  BRL  10.25  1/10/28  1,900,000 a  1,025,995 
Federal Republic of Brazil,           
       Unsub. Bonds  BRL  12.50  1/5/16  3,675,000 a,b  2,219,635 
          3,665,910 
Canada--1.7%           
Barrick Gold,           
       Sr. Unscd. Notes    6.95  4/1/19  210,000  244,262 
Canadian National Railway,           
       Sr. Unscd. Notes    5.55  3/1/19  280,000  300,040 
Encana,           
       Sr. Unscd. Notes    6.50  5/15/19  60,000  67,750 
Husky Energy,           
       Sr. Unscd. Notes    7.25  12/15/19  85,000  97,594 
Potash-Saskatchewan,           



       Sr. Unscd. Notes    5.25  5/15/14   130,000  137,668 
Province of Ontario Canada,           
       Notes  CAD  4.50  12/2/12   460,000 a  455,051 
Teck Resources,           
       Sr. Scd. Notes    10.75  5/15/19   220,000 c  257,125 
Trans-Canada Pipelines,           
       Sr. Unscd. Notes    7.63  1/15/39   185,000  235,750 
          1,795,240 
Colombia--.2%           
Republic of Colombia,           
       Sr. Notes    7.38  3/18/19   180,000  196,200 
 
Denmark--.5%           
NYKREDIT,           
       Sub. Notes  EUR  4.90  9/29/49   450,000 a,d  509,899 
 
France--8.9%           
BNP Paribas,           
       Sr. Unscd. Notes  EUR  3.25  3/27/12   125,000 a  182,107 
Danone Finance,           
       Gtd. Notes  EUR  6.38  2/4/14   150,000 a  239,414 
GDF Suez,           
       Sr. Unscd. Notes  EUR  6.25  1/24/14  85,000 a  135,533 
Government of France,           
       Bonds  EUR  4.00  4/25/13   750,000 a  1,136,918 
Government of France,           
       Bonds  EUR  6.50  4/25/11  1,120,000 a  1,738,802 
Government of France,           
       Bonds  EUR  4.00  10/25/14   945,000 a  1,435,031 
Government of France,           
       Bonds  EUR  4.25  10/25/18   980,000 a  1,483,743 
Government of France,           
       Bonds  EUR  4.25  4/25/19   975,000 a  1,475,124 
Government of France,           
       Bonds  EUR  4.75  4/25/35   340,000 a  531,371 
PPR,           
       Sr. Unscd. Notes  EUR  8.63  4/3/14   260,000 a  427,603 



Societe Generale,           
       Sr. Unscd. Notes  EUR  5.25  3/28/13  100,000 a  152,638 
Societe Generale,           
       Sub. Notes  EUR  6.13  8/20/18  150,000 a  234,728 
Veolia Environnement,           
       Sr. Unscd. Notes  EUR  6.13  11/25/33  160,000 a  224,998 
Veolia Environnment,           
       Notes  EUR  6.75  4/24/19  150,000 a  241,620 
          9,639,630 
Germany--9.7%           
Bayer,           
       Jr. Sub. Bonds  EUR  5.00  7/29/2105       140,000 a,d  179,009 
Bundesobligation,           
       Bonds, Ser. 148  EUR  3.50  4/8/11  1,865,000 a  2,760,737 
Bundesrepublik Deutschland,           
       Bonds, Ser. 05  EUR  4.00  1/4/37  630,000 a  891,879 
Bundesrepublik Deutschland,           
       Bonds, Ser. 01  EUR  5.00  7/4/11  450,000 a  685,585 
Bundesrepublik Deutschland,           
       Bonds, Ser. 03  EUR  4.75  7/4/34  50,000 a  78,315 
Bundesrepublik Deutschland,           
       Bonds, Ser. 03  EUR  4.75  7/4/34  1,125,000 a  1,762,088 
Bundesrepulbik Deutschland,           
       Bonds, Ser. 07  EUR  4.25  7/4/17  1,265,000 a  1,948,521 
Deutsche Bank,           
       Sr. Unscd. Notes  EUR  5.13  8/31/17  150,000 a  230,823 
Eurohypo,           
       Bonds, Ser. 2212  EUR  4.50  1/21/13       440,000 a,c  662,374 
Henkel & Co.,           
       Sub. Bonds  EUR  5.38  11/25/2104       170,000 a,d  205,550 
KFW,           
       Gov't Gtd. Bonds  JPY  1.75  3/23/10  21,000,000 a  223,794 
KFW,           
       Gov't Gtd. Notes  JPY  2.05  2/16/26  3,000,000 a  30,604 
KFW,           
       Gov't Gtd. Notes  NZD  6.50  11/15/11  1,130,000 a  775,023 
          10,434,302 



Greece--.6%           
Hellenic Republic,           
       Sr. Unscd. Bonds  EUR  4.30  7/20/17  455,000 a  661,374 
 
Hong Kong--.1%           
Hutchison Whampoa International,           
       Gtd. Notes    7.63  4/9/19  100,000 c  114,791 
 
Hungary--4.0%           
Hungary Government,           
       Bonds, Ser. 17/B  HUF  6.75  2/24/17  150,000,000 a  717,053 
Hungary Government,           
       Bonds, Ser. 19/A  HUF  6.50  6/24/19  763,000,000 a  3,543,261 
          4,260,314 
Indonesia--2.8%           
Indonesia Government,           
       Bonds, Ser. FR44  IDR  10.00  9/15/24  7,000,000,000 a  655,590 
Indonesia Government,           
       Bonds, Ser. FR44  IDR  10.00  9/15/24  10,000,000,000 a,e  936,557 
Indonesia Government,           
       Bonds, Ser. FR36  IDR  11.50  9/15/19  12,500,000,000 a  1,385,092 
          2,977,239 
Ireland--.9%           
Irish Government,           
       Sr. Unscd. Bonds  EUR  4.50  10/18/18  455,000 a  641,754 
Princ Financial Global Funding II,           
       Sr. Scd. Notes  EUR  4.50  1/26/17  250,000 a  302,635 
          944,389 
Italy--5.8%           
Atlantia,           
       Gtd. Notes  EUR  1.72  6/9/11  100,000 a,d  138,479 
Buoni Poliennali del Tesoro,           
       Bonds  EUR  4.25  8/1/14  610,000 a  923,585 
Buoni Poliennali del Tesoro,           
       Bonds  EUR  4.50  2/1/18  215,000 a  323,262 
Buoni Poliennali del Tesoro,           
       Bonds  EUR  4.50  8/1/18  1,380,000 a  2,058,321 



Buoni Poliennali del Tesoro,           
       Bonds  EUR  5.00  2/1/12  1,000,000 a  1,530,745 
Enel-Societa Per Azioni,           
       Notes  EUR  5.63  6/21/27  150,000 a  221,968 
Telecom Italia,           
       Sr. Unscd. Notes  EUR  5.25  3/17/55  400,000 a  432,821 
Telecom Italia,           
       Sr. Unscd. Notes  EUR  8.25  3/21/16  170,000 a  289,443 
Telecom Italia,           
       Sr. Unscd. Notes  GBP  5.63  12/29/15  200,000 a  326,515 
          6,245,139 
Japan--16.6%           
Development Bank of Japan,           
       Gov't Gtd. Notes  JPY  1.05  6/20/23  34,000,000 a  313,212 
Development Bank of Japan,           
       Gov't. Gtd. Bonds  JPY  1.40  6/20/12  8,000,000 a  86,131 
Development Bank of Japan,           
       Gov't. Gtd. Bonds  JPY  1.70  9/20/22  24,000,000 a  245,283 
Japan Finance for Municipal Enterprises,           
       Gov't Gtd. Notes  JPY  1.35  11/26/13  11,000,000 a  118,969 
Japan Finance for Municipal Enterprises,           
       Gov't. Gtd. Bonds  JPY  1.55  2/21/12  6,000,000 a  65,038 
Japan Government,           
       Bonds, Ser. 244  JPY  1.00  12/20/12  110,000,000 a  1,183,270 
Japan Government,           
       Bonds, Ser. 275  JPY  1.40  12/20/15  493,000,000 a  5,371,613 
Japan Government,           
       Bonds, Ser. 288  JPY  1.70  9/20/17  361,500,000 a  3,985,860 
Japan Government,           
       Bonds, Ser. 11  JPY  1.70  6/20/33  309,600,000 a  2,913,371 
Japan Government,           
       Bonds, Ser. 64  JPY  1.90  9/20/23  149,500,000 a  1,600,864 
Japan Government,           
       Bonds, Ser. 8  JPY  1.00  6/10/16  210,000,000 a  2,042,843 
          17,926,454 
Luxembourg--.9%           
Telecom Italia Capital,           



       Gtd. Notes    7.00  6/4/18       155,000  171,339 
Wind Acquisition Finance,           
       Sr. Notes  EUR  11.75  7/15/17       555,000 a,c  813,780 
          985,119 
Mexico--2.4%           
Mexican Bonos,           
       Bonds, Ser. M10  MXN  7.75  12/14/17  35,160,000 a  2,635,736 
 
Netherlands--1.9%           
Deutsche Telekom International Finance,           
       Gtd. Notes  EUR  5.75  4/14/15  205,000 a  319,090 
E.ON International Finance,           
       Gtd. Notes  EUR  4.88  1/28/14  130,000 a  197,118 
E.ON International Finance,           
       Gtd. Notes  EUR  5.50  10/2/17  20,000 a  31,183 
Elsevier Finance,           
       Gtd. Notes  EUR  6.50  4/2/13  150,000 a  235,362 
ING Bank,           
       Sub. Notes  EUR  5.50  1/4/12  145,000 a  216,066 
Koninklijke KPN NV,           
       Sr. Unscd. Bonds  EUR  6.50  1/15/16  100,000 a  159,973 
Netherlands Government,           
       Bonds  EUR  4.00  7/15/18  425,000 a  628,851 
Netherlands Government,           
       Bonds  EUR  4.00  1/15/37  185,000 a  260,526 
Repsol International Finance,           
       Gtd. Notes  EUR  4.63  10/8/14  15,000 a  22,164 
          2,070,333 
New Zealand--1.2%           
New Zealand Government,           
       Bonds, Ser. 413  NZD  6.50  4/15/13  1,900,000 a  1,331,136 
 
Norway--.2%           
DNB Nor Bank,           
       Sub. Notes  EUR  1.47  5/30/17  50,000 a,d  60,576 
Statoilhydro ASA,           
       Sr. Unscd. Notes    5.25  4/15/19       185,000  197,651 



          258,227 
Peru--.2%           
Republic of Peru,           
       Sr. Unscd. Notes    7.13  3/30/19   190,000  206,910 
 
Poland--.7%           
Poland Government,           
       Bonds, Ser. 0413  PLN  5.25  4/25/13  1,850,000 a  635,467 
Republic of Poland,           
       Sr. Unscd. Bonds    6.38  7/15/19   120,000  124,896 
          760,363 
Qatar--.2%           
State of Qatar,           
       Sr. Notes    5.15  4/9/14   190,000 c  197,362 
 
Russia--.6%           
Russian Federation,           
       Sr. Unscd. Bonds    7.50  3/31/30   576,000 d  588,096 
 
South Korea--.1%           
Export-Import Bank of Korea,           
       Sr. Unscd. Notes  EUR  5.75  5/22/13   100,000 a  146,475 
 
Spain--3.2%           
Bonos Obligation del Estado,           
       Bonds  EUR  3.15  1/31/16  2,230,000 a  3,186,350 
Santander International,           
       Bank Gtd. Notes  EUR  5.63  2/14/12   100,000 a  151,863 
Telefonica Emisiones,           
       Gtd. Notes  EUR  5.50  4/1/16   100,000 a  154,794 
          3,493,007 
Supranational--2.1%           
Credit Suisse Capital,           
       Bank Gtd. Notes  EUR  6.91  11/29/49   255,000 a,d  323,470 
Credit Suisse Capital,           
       Bank Gtd. Notes  EUR  7.97  12/29/49   160,000 a,d  214,501 
European Investment Bank,           



       Sr. Unscd. Bonds  JPY  1.40  6/20/17  38,600,000 a  404,752 
European Investment Bank,           
       Sr. Unscd. Notes  NZD  7.00  1/18/12  1,200,000 a  837,444 
HSBC Capital Funding,           
       Gtd. Bonds  EUR  5.37  12/24/49       475,000 a,d  521,301 
          2,301,468 
Sweden--.3%           
Svenska Handelsbanken,           
       Sub. Notes  EUR  4.19  12/29/49       215,000 a,d  240,554 
Swedish Government,           
       Bonds, Ser. 1050  SEK  3.00  7/12/16       550,000 a  75,725 
          316,279 
Switzerland--.4%           
Credit Suisse London,           
       Sr. Unscd. Notes  EUR  6.13  5/16/14       125,000 a  196,478 
Credit Suisse New York,           
       Sr. Unscd. Notes    5.50  5/1/14       215,000  228,902 
          425,380 
Ukraine--.2%           
Ukraine Government,           
       Sr. Unscd. Notes    6.75  11/14/17       325,000  230,750 
 
United Kingdom--10.2%           
Barclays Bank,           
       Sr. Unscd. Notes    6.75  5/22/19       290,000  315,417 
Barclays Bank,           
       Sub. Notes  EUR  6.00  1/23/18       145,000 a  219,165 
BAT Internaltional Finance,           
       Gtd. Notes  EUR  5.38  6/29/17       130,000 a  197,295 
BAT International Finance,           
       Gtd. Notes  GBP  6.38  12/12/19       185,000 a  325,363 
HSBC Holdings,           
       Sub. Notes  EUR  6.25  3/19/18       100,000 a  155,867 
National Grid,           
       Sr. Unscd. Notes    6.30  8/1/16  10,000  10,562 
National Grid,           
       Sr. Unscd. Notes  EUR  5.00  7/2/18       140,000 a  201,235 



Reed Elsevier Investment,           
       Gtd. Notes  GBP  7.00  12/11/17   150,000 a  269,808 
United Kingdom Gilt,           
       Bonds  GBP  4.25  3/7/36   770,000 a  1,232,478 
United Kingdom Gilt,           
       Bonds  GBP  2.25  3/7/14  1,365,000 a  2,198,221 
United Kingdom Gilt,           
       Bonds  GBP  4.00  9/7/16   820,000 a  1,423,535 
United Kingdom Gilt,           
       Bonds  GBP  4.25  3/7/11   400,000 a  699,961 
United Kingdom Gilt,           
       Bonds  GBP  4.25  6/7/32   100,000 a  160,685 
United Kingdom Gilt,           
       Bonds  GBP  4.25  6/7/32   230,000 a  369,576 
United Kingdom Gilt,           
       Bonds  GBP  4.50  3/7/19  1,615,000 a  2,847,946 
Vodafone Group,           
       Notes  GBP  8.13  11/26/18   175,000 a  353,230 
          10,980,344 
United States--17.2%           
AES,           
       Sr. Unscd. Notes    7.75  10/15/15   190,000  184,775 
Anheuser-Busch InBev Worldwide,           
       Gtd. Notes    8.20  1/15/39   260,000 c  328,066 
Aramark,           
       Gtd. Notes    8.50  2/1/15   315,000 b  318,937 
AT&T,           
       Sr. Unscd. Notes    5.80  2/15/19   270,000  293,114 
AT&T,           
       Sr. Unscd. Notes    6.40  5/15/38   110,000  119,285 
AT&T,           
       Sr. Unscd. Notes  EUR  6.13  4/2/15       50,000 a  78,769 
Bank of America,           
       Sr. Unscd. Notes    4.90  5/1/13   275,000  276,743 
Bank of America,           
       Sr. Unscd. Notes    7.38  5/15/14   225,000  245,343 
Bank of America,           



       Sub. Notes  EUR  4.00  3/28/18  250,000 a,d  305,090 
Bear Stearns Commercial Mortgage Securities,           
       Ser. 2007-T28, Cl. A4    5.74  9/11/42  50,000  44,731 
Boeing,           
       Sr. Unscd. Notes    5.00  3/15/14  185,000 b  198,467 
Burlington North Santa Fe,           
       Sr. Unscd. Notes    7.00  2/1/14  175,000  196,491 
Cargill,           
       Sr. Unscd. Notes  EUR  4.38  4/29/13  200,000 a  290,806 
CC Holdings GS V,           
       Sr. Scd. Notes    7.75  5/1/17  295,000 c  302,375 
Chesapeake Energy,           
       Gtd. Notes    7.50  9/15/13  225,000  225,000 
Cisco Systems,           
       Sr. Unscd. Notes    4.95  2/15/19  200,000  210,472 
Citigroup,           
       Sr. Unscd. Notes    6.13  5/15/18  315,000  288,891 
ConocoPhillips,           
       Gtd. Notes    5.75  2/1/19  200,000  219,539 
Consumers Energy,           
       First Mortgage Bonds    6.70  9/15/19  140,000 b  158,748 
Delhaize Group,           
       Sr. Unscd. Notes    6.50  6/15/17  10,000  10,577 
Discover Financial Services,           
       Sr. Notes    10.25  7/15/19  255,000  268,902 
Dow Chemical,           
       Sr. Unscd. Notes    8.55  5/15/19  310,000  340,672 
E.I. Du Pont de Nemours,           
       Sr. Unscd. Notes    5.88  1/15/14  255,000  282,099 
Echostar DBS,           
       Gtd. Notes    7.75  5/31/15  190,000  191,425 
Echostar DBS,           
       Gtd. Notes    7.13  2/1/16  125,000  121,875 
Energy Transfer Partners,           
       Sr. Unscd. Notes    8.50  4/15/14  225,000  260,256 
Entergy Gulf State Louisiana,           
       First Mortgage Bonds    6.00  5/1/18  120,000  122,191 



Enterprise Products Operating,           
       Gtd. Notes    4.60  8/1/12  150,000  154,554 
EQT,           
       Sr. Unscd. Notes    8.13  6/1/19  155,000  175,148 
Fresenius US Finance II,           
       Gtd. Notes    9.00  7/15/15   105,000 c  113,925 
General Electric Capital,           
       Sr. Unscd. Notes    5.88  1/14/38  350,000  304,181 
General Electric Capital,           
       Sub. Bonds  EUR  4.63  9/15/66   235,000 a,d  200,966 
General Electric Capital,           
       Sr. Unscd. Notes  JPY  2.00  2/22/17  7,000,000 a  64,544 
GMAC Commercial Mortgage Securities,           
       Ser. 2003-C3, Cl. A2    4.22  4/10/40  55,274  55,786 
GMAC Commercial Mortgage Securities,           
       Ser. 2002-C2, Cl. A2    5.39  10/15/38  110,368  112,807 
Goldman Sachs Group,           
       Notes    6.00  5/1/14  155,000  168,130 
Goldman Sachs Group,           
       Sr. Unscd. Notes    7.50  2/15/19  275,000  322,632 
Goodyear Tire & Rubber,           
       Sr. Unscd. Notes    10.50  5/15/16  175,000  188,562 
Government National Mortgage Association,           
       Ser. 2004-23, Cl. B    2.95  3/16/19  7,688  7,713 
Government National Mortgage Association,           
       Ser. 2006-68, Cl. A    3.89  7/16/26  22,306  22,873 
Government National Mortgage Association,           
       Ser. 2006-67, Cl. A    3.95  11/16/30  48,888  50,243 
Government National Mortgage Association,           
       Ser. 2005-76, Cl. A    3.96  5/16/30  32,056  32,985 
Government National Mortgage Association,           
       Ser. 2005-79, Cl. A    4.00  10/16/33  23,644  24,179 
Government National Mortgage Association,           
       Ser. 2007-34, Cl. A    4.27  11/16/26  23,393  24,020 
HCA,           
       Sr. Scd. Notes    7.88  2/15/20   525,000 c,e  517,125 
Hewlett-Packard,           



       Sr. Unscd. Notes    4.75  6/2/14  165,000  176,458 
IBM,           
       Sr. Unscd. Notes    8.00  10/15/38  100,000  137,692 
IBM,           
       Sr. Unscd. Notes  EUR  6.63  1/30/14  400,000 a  643,400 
Ipalco Enterprises,           
       Sr. Scd. Notes    7.25  4/1/16  370,000 c  365,375 
JPMorgan Chase & Co.,           
       Sr. Unscd. Notes    6.30  4/23/19  510,000  555,070 
JPMorgan Chase & Co.,           
       Sr. Unscd. Notes    4.75  5/1/13  275,000  287,512 
JPMorgan Chase & Co.,           
       Sr. Unscd. Notes  EUR  5.25  5/8/13  200,000 a  303,268 
Kentucky Power,           
       Sr. Unscd. Notes    6.00  9/15/17   30,000 c  30,819 
Kinder Morgan Energy Partners,           
       Sr. Unscd. Notes    6.85  2/15/20  320,000  354,855 
Kraft Foods,           
       Sr. Unscd. Notes  EUR  6.25  3/20/15  150,000 a  237,552 
Lamar Media,           
       Gtd. Notes    6.63  8/15/15  314,000 b  277,890 
Marathon Oil,           
       Sr. Unscd. Notes    7.50  2/15/19  130,000  150,386 
Merrill Lynch Mortgage Trust,           
       Ser. 2005-CIP1, Cl. A2    4.96  7/12/38  135,000  136,473 
Metropolitan Life Global Funding I,           
       Sr. Scd. Notes    5.13  6/10/14  240,000 c  241,325 
Metropolitan Life Global Funding I,           
       Sr. Scd. Notes    5.13  4/10/13  100,000 c  102,041 
Morgan Stanley Capital I,           
       Ser. 2006-IQ12, Cl. A1    5.26  12/15/43  15,385  15,546 
Morgan Stanley,           
       Sr. Unscd. Notes    7.30  5/13/19  360,000  406,248 
Mosaic,           
       Sr. Unscd. Notes    7.38  12/1/14  165,000 c,d  176,083 
Newfield Exploration,           
       Sr. Sub. Notes    7.13  5/15/18  40,000  39,100 



News America,         
       Gtd. Notes  6.90  3/1/19  200,000 b,c  226,866 
NiSource Finance,         
       Gtd. Notes  1.23  11/23/09  10,000 d  9,938 
Norfolk Southern,         
       Sr. Unscd. Notes  5.75  1/15/16  170,000 c  178,395 
Norfolk Southern,         
       Sr. Unscd. Notes  5.75  4/1/18  30,000  31,161 
NRG Energy,         
       Gtd. Notes  7.38  1/15/17  470,000  454,725 
Pacific Gas & Electric,         
       Sr. Unscd. Notes  8.25  10/15/18  110,000 b  138,626 
Peabody Energy,         
       Gtd. Notes, Ser. B  6.88  3/15/13  110,000  111,650 
Philip Morris International,         
       Sr. Unscd. Notes  5.65  5/16/18  135,000  143,879 
Plains All American Pipeline,         
       Sr. Unscd. Notes  4.25  9/1/12  500,000  509,742 
Plains All American Pipeline,         
       Gtd. Notes  8.75  5/1/19  80,000  97,861 
Potomac Electric Power,         
       First Mortgage Bonds  6.50  11/15/37  90,000  100,139 
PSEG Power,         
       Gtd. Notes  7.75  4/15/11  15,000  16,205 
Qwest,         
       Sr. Unscd. Notes  7.63  6/15/15  170,000  170,425 
Reed Elsevier Capital,         
       Gtd. Notes  4.63  6/15/12  170,000  171,385 
Reed Elsevier Capital,         
       Gtd. Notes  8.63  1/15/19  135,000  163,249 
Simon Property Group,         
       Sr. Unscd. Notes  6.75  5/15/14  310,000 b  320,991 
Sovereign Bancorp,         
       Sr. Unscd. Notes  0.84  3/23/10  10,000 d  9,955 
Sprint Capital,         
       Gtd. Notes  6.88  11/15/28  65,000  49,400 
Staples,         



       Gtd. Notes  9.75  1/15/14  85,000 b  99,671 
State of California Build America Taxable Various         
       Purpose Bonds  7.55  4/1/39  140,000  144,897 
Supervalue,         
       Sr. Unscd. Notes  8.00  5/1/16  170,000  169,575 
Terex,         
       Gtd. Notes  7.38  1/15/14  270,000  258,525 
Time Warner Cable,         
       Gtd. Notes  8.75  2/14/19  165,000  205,095 
Time Warner,         
       Gtd. Notes  1.15  11/13/09  10,000 d  9,974 
U.S. Treasury         
       Bonds  5.25  2/15/29  115,000  129,285 
Union Pacific,         
       Sr. Unscd. Notes  7.88  1/15/19  160,000  193,279 
Verizon Communications,         
       Sr. Unscd. Notes  6.10  4/15/18  285,000  314,770 
Verizon Communications,         
       Sr. Unscd. Notes  7.35  4/1/39  150,000  181,659 
Verizon Communications,         
       Bonds  6.90  4/15/38  30,000  34,616 
Verizon Wireless Capital,         
       Sr. Unscd. Notes  5.55  2/1/14  110,000 c  119,749 
Wachovia Bank Commercial Mortgage Trust,         
       Ser. 2005-C16, Cl. A2  4.38  10/15/41  135,555  135,469 
Wachovia Bank Commercial Mortgage Trust,         
       Ser. 2007-C34, Cl. A3  5.68  5/15/46  180,000  147,128 
Wachovia,         
       Sr. Unscd. Notes  4.38  6/1/10  115,000 b  117,826 
Waste Management,         
       Gtd. Notes  7.38  3/11/19  65,000  73,964 
Wells Fargo,         
       Sr. Unscd. Notes  4.38  1/31/13  275,000  281,735 
        18,582,914 
Total Bonds and Notes         
       (cost $100,175,912)        106,235,892 
      Principal   



Short-Term Investments--.8%  Amount ($)  Value ($) 
U.S. Treasury Bills;     
       0.17% 10/15/09     
       (cost $829,704)  830,000 f  829,748 
 
Other Investment--2.5%  Shares  Value ($) 
Registered Investment Company;     
Dreyfus Institutional Preferred Plus Money Market Fund     
       (cost $2,669,000)  2,669,000 g  2,669,000 
 
Investment of Cash Collateral for Securities Loaned--3.4%     
Registered Investment Company;     
Dreyfus Institutional Cash Advantage Fund     
       (cost $3,663,890)  3,663,890 g  3,663,890 
 
Total Investments (cost $107,338,506)  105.1%  113,398,530 
Liabilities, Less Cash and Receivables  (5.1%)  (5,480,666) 
Net Assets  100.0%  107,917,864 

a      Principal amount stated in U.S. Dollars unless otherwise noted. BRL--Brazilian Real CAD--Canadian Dollar EUR--Euro GBP--British Pound HUF--Hungary Forint IDR--Indonesian Rupiah JPY--Japanese Yen MXN--Mexican New Peso NZD--New Zealand Dollar PLN-- Polish Zloty SEK--Swedish Krona
b      All or a portion of these securities are on loan. At July 31, 2009, the total market value of the fund's securities on loan is $3,778,506 and the total market value of the collateral held by the fund is $3,663,890.
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 July 31, 2009 these securities amounted to $4,747,576 or 4.4% of net assets.
d      Variable rate security--interest rate subject to periodic change.


e      Purchased on a delayed delivery basis.
f      All or partially held by a broker as collateral for open financial futures positions.
g      Investment in affiliated money market mutual fund.

At July 31, 2009, the aggregate cost of investment securities for income tax purposes was $107,338,506.

Net unrealized appreciation on investments was $6,060,024 of which $6,843,028 related to appreciated investment securities and $783,004 related to depreciated investment securities.

STATEMENT OF FINANCIAL FUTURES         
July 31, 2009 (Unaudited)         
        Unrealized 
    Market Value    Appreciation/ 
    Covered by    (Depreciation) 
  Contracts  Contracts ($)  Expiration  at 7/31/2009 ($) 
Financial Futures Short         
U.S. Treasury 5 Year Notes  2  (230,766)  September 2009  (802) 
U.S. Treasury 10 Year Notes  60  (7,036,875)  September 2009  (81,627) 
U.S. Treasury 30 Year Bonds  20  (2,380,000)  September 2009  (73,330) 
Financial Futures Long         
Australian 3 Year Bond  97  8,351,952  September 2009  (75,748) 
Euro Bund 10 Year  27  4,696,455  September 2009  100,417 
10 Year Long Gilt  8  1,569,157  September 2009  (6,105) 
 
Gross Unrealized Appreciation        100,417 
Gross Unrealized Depreciation        (237,612) 



        Unrealized 
  Foreign      Appreciation/ 
Forward Currency  Currency      Depreciation 
   Exchange Contracts  Amounts  Cost ($)  Value ($)  at 7/31/2009($) 
Buys:         
Argentine Peso,         
 Expiring 9/4/2009  7,780,000  2,018,158  2,000,797  (17,361) 
Australian Dollar,         
 Expiring 8/28/2009  1,100,000  891,495  917,907  26,412 
Australian Dollar,         
 Expiring 8/28/2009  810,000  658,449  675,914  17,465 
Brazilian Real,         
 Expiring 9/4/2009  3,820,000  2,005,776  2,032,969  27,193 
Canadian Dollar,         
 Expiring 8/28/2009  3,050,000  2,754,199  2,831,526  77,327 
Canadian Dollar,         
 Expiring 8/28/2009  525,000  474,684  487,394  12,710 
Canadian Dollar,         
 Expiring 8/28/2009  760,000  693,019  705,560  12,541 
Euro,         
 Expiring 8/4/2009  994,457  1,400,414  1,417,393  16,979 
Hungary Forint,         
 Expiring 9/4/2009  382,000,000  1,976,970  2,030,445  53,475 
Japanese Yen,         
 Expiring 8/28/2009  63,930,000  676,637  675,791  (846) 
Japanese Yen,         
 Expiring 8/28/2009  28,000,000  299,094  295,982  (3,112) 
Japanese Yen,         
 Expiring 8/28/2009  676,160,000  7,220,792  7,147,550  (73,242) 
New Zealand Dollar,         
 Expiring 8/5/2009  21,021  13,764  13,919  155 
Norwegian Krone,         
 Expiring 8/28/2009  5,800,000  916,765  945,548  28,783 
Norwegian Krone,         
 Expiring 8/28/2009  3,000,000  476,036  489,077  13,041 
Poland Zloty,         
 Expiring 8/28/2009  640,000  212,624  219,574  6,950 



Poland Zloty,         
Expiring 8/28/2009  1,430,000  474,452  490,611  16,159 
Russian Ruble,         
 Expiring 9/4/2009  62,580,000  1,995,917  1,972,075  (23,842) 
South Korean Won,         
Expiring 8/28/2009  855,700,000  684,971  696,552  11,581 
South Korean Won,         
Expiring 8/28/2009  1,242,000,000  997,590  1,011,005  13,415 
Swedish Krona,         
Expiring 8/28/2009  7,100,000  915,944  984,057  68,113 
Swedish Krona,         
Expiring 8/28/2009  3,625,000  474,279  502,424  28,145 
Turkish Lira,         
 Expiring 9/4/2009  3,000,000  2,012,612  2,023,745  11,133 
Sales:    Proceeds ($)     
British Pound,         
Expiring 8/28/2009  580,000  949,669  968,801  (19,132) 
British Pound,         
Expiring 8/28/2009  300,000  494,963  501,104  (6,141) 
British Pound,         
Expiring 8/28/2009  100,000  164,445  167,035  (2,590) 
Euro,         
Expiring 8/28/2009  460,000  647,151  655,679  (8,528) 
Euro,         
Expiring 8/28/2009  1,000,000  1,408,250  1,425,390  (17,140) 
Hungary Forint,         
Expiring 8/28/2009  280,710,000  1,457,098  1,494,042  (36,944) 
Mexican New Peso,         
Expiring 8/28/2009  19,980,000  1,492,103  1,506,887  (14,784) 
New Zealand Dollar,         
Expiring 8/28/2009  1,825,000  1,203,222  1,206,228  (3,006) 
New Zealand Dollar,         
Expiring 8/28/2009  2,060,000  1,355,583  1,361,551  (5,968) 
South African Rand,         
Expiring 8/28/2009  4,790,000  610,696  613,719  (3,023) 
 
Gross Unrealized Appreciation        441,577 



Gross Unrealized Depreciation  (235,659) 



Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard No. 157 (FAS 157), 
                                                                         Fair Value Measurements. 
                                                                         These inputs are summarized in the three broad levels listed below. 
                                                                         Level 1 - quoted prices in active markets for identical investments. 
                                                                         Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, 
                                                                         credit risk, etc.) 
                                                                         Level 3 - significant unobservable inputs (including fund's own assumptions in determining the fair value of investments). 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing 
in those securities. 
The following is a summary of the inputs used as of July 31, 2009 in valuing the fund's investments: 

      Level 3 -   
  Level 1 -  Level 2 - Other  Significant   
  Quoted  Significant Observable  Unobservable   
Assets ($)  Prices  Inputs  Inputs  Total 
Investments in Securities:         
U.S. Treasury Securities  -  959,033  -  959,033 
Corporate Bonds  -  33,240,817  -  33,240,817 
Foreign Government  -  71,910,940  -  71,910,940 
Municipal Bonds  -  144,897  -  144,897 
U.S. Government  -  162,013  -  162,013 
Agencies/Mortgage-Backed         
Commercial Mortgage-Backed  -  647,940  -  647,940 
Mutual Funds  6,332,890  -  -  6,332,890 
Other Financial Instruments+  100,417  441,577  -  541,994 
Liabilities ($)         
Other Financial Instruments+  (237,612)  (235,659)  -  (473,271) 

† Other financial instruments include derivative instruments, such as futures, forward foreign currency exchange contracts, swap contracts and options contracts. Amounts shown represents unrealized appreciation (depreciation), or in the case of options, market value at period end.



The fund adopted FASB Statement of Financial Accounting Standards No. 161 “Disclosures about Derivative Instruments and Hedging Activities” (“FAS 161”). FAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. All changes to accounting policies and disclosures have been made in accordance with FAS 161 and are incorporated for the current period as part of the disclosures within this Note.

Portfolio valuation: Investments in securities excluding short-term investments (other than U.S.Treasury Bills), financial futures, options, swaps and forward currency exchange contracts are valued each business day by an independent pricing service (the “Service”) approved by the Board of Trustees. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are valued as determined by the Service, based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Restricted securities, as well as securities or other assets for which recent market quotations are not readily available and are not valued by a pricing service approved by the Board of Trustees, or are determined by the fund not to reflect accurately fair value, are valued at fair value as determined in good faith under the direction of the Board of Trustees. The factors that may be considered when fair valuing a security include fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold and public trading in similar securities of the issuer or comparable issuers. Short-term investments, excluding U.S.Treasury Bills, are carried at amortized cost, which approximates value. Registered investment companies that are not traded on an exchange are valued at their net asset value. Financial



futures and options, which are traded on an exchange, are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day. Options traded over-the-counter are priced at the mean between the bid and asked price. Investments in swap transactions are valued each business day by a pricing service approved by the Board of Trustees. Swaps are valued by the service by using a swap pricing model which incorporates among other factors, default probabilities, recovery rates, credit curves of the underlying issuer and swap spreads on interest rates. Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange. Forward currency exchange contracts are valued at the forward rate.

Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager, U.S. Government and Agency securities or letters of credit. The fund is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.

Futures Contracts: In the normal course of pursuing its investment objectives, the fund is exposed to market risk (including equity price risk, interest rate risk and foreign currency exchange risk) as a result of changes in value of underlying financial instruments. The fund may invest in financial futures contracts in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase of the sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a broker, which consist of cash or



cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses, which are recorded in the Statement of Operations. Futures contracts are valued daily at the settlement price established by the Board of Trade or exchange upon which they are traded. When the contracts are closed, the fund recognizes a realized gain or loss. There is minimal counterparty credit risk to the fund with futures, since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

Forward Foreign Currency Exchange Contracts: The fund may enter into forward contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of an investment strategy. When executing forward contracts, the fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, the fund would incur a loss if the value of the contracts increase between the date the forward contracts are opened and the date the forward contracts are closed. The fund realizes a gain if the value of the contracts decrease between those dates. With respect to purchases of forward contracts, the fund would incur a loss if the value of the contracts decrease between the date the forward contracts are opened and the date the forward contracts are closed. The fund realizes a gain if the value of the contracts increase between those dates. The fund is also exposed to credit risk associated with counterparty nonperformance on these forward contracts, which is typically limited to the unrealized gain on each open contract.

Additional 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.



STATEMENT OF INVESTMENTS     
Dreyfus Global Equity Income Fund     
July 31, 2009 (Unaudited)     
 
Common Stocks--92.7%  Shares  Value ($) 
Australia--5.1%     
QBE Insurance Group  4,823  78,658 
Telstra  76,793  226,717 
    305,375 
Brazil--7.0%     
Cia de Saneamento de Minas Gerais  10,000 a  135,334 
Tele Norte Leste Participacoes, ADR  10,082  155,162 
Terna Participacoes  6,046  125,246 
    415,742 
France--3.9%     
France Telecom  2,443  60,970 
Suez Environnement  3,160  60,218 
Total  2,033  112,746 
    233,934 
Germany--7.1%     
Deutsche Post  10,038  158,880 
Deutsche Telekom  4,850  62,145 
K+S  850  47,709 
Munchener Ruckversicherungs  563  85,131 
Symrise  4,441  71,463 
    425,328 
Hong Kong--4.8%     
CNOOC  41,000  55,125 
Hongkong Land Holdings  17,000  66,130 
Hopewell Highway Infrastructure  177,295  108,435 
Link REIT  24,500  55,638 
    285,328 
Israel--.6%     
Israel Chemicals  2,958  33,694 
Italy--1.9%     
ENI  4,907  114,211 
Japan--1.8%     
Nintendo  200  54,087 
Takeda Pharmaceutical  1,300  52,618 
    106,705 
Malaysia--.8%     
Bursa Malaysia  22,600  49,082 



Netherlands--5.2%     
Reed Elsevier  5,830  61,108 
Royal Dutch Shell, Cl. A  4,709  123,764 
Unilever  4,583  125,221 
    310,093 
Norway--2.4%     
Aker Solutions  3,156  27,083 
StatoilHydro  5,573  119,107 
    146,190 
Philippines--1.6%     
Philippine Long Distance Telephone  1,806  95,596 
Singapore--7.5%     
DBS Group Holdings  7,500  72,334 
Mapletree Logistics Trust  157,250  65,013 
Noble Group  48,000  69,708 
Parkway Holdings  78,666  114,242 
Singapore Technologies Engineering  68,000  124,268 
    445,565 
South Korea--1.9%     
LG Telecom  16,133  113,491 
Switzerland--5.1%     
Bank Sarasin & Cie, Cl. B  1,100  35,872 
Novartis  2,657  121,680 
Verwaltungs-Und Privat-Bank  390  50,363 
Zurich Financial Services  497  97,665 
    305,580 
Taiwan--2.3%     
HTC  3,600  49,104 
Taiwan Semiconductor Manufacturing  47,422  85,136 
    134,240 
Thailand--2.0%     
Advanced Info Service  48,100  122,264 
United Kingdom--12.8%     
Admiral Group  3,837  61,307 
BAE Systems  10,284  52,739 
Cable & Wireless  54,469  131,205 
GlaxoSmithKline  6,133  117,714 
ICAP  9,000  68,255 
Standard Chartered  5,700  134,960 
Vodafone Group  97,977  200,818 
    766,998 
United States--18.9%     



Annaly Capital Management        7,042  118,658 
AT & T        4,605  120,789 
Cal-Maine Foods        2,090  61,509 
ConocoPhillips        1,978  86,458 
Eli Lilly & Co.        3,584  125,046 
Merck & Co.        4,348  130,483 
Pfizer        7,350  117,086 
Philip Morris International        2,633  122,698 
Reynolds American        5,726  249,138 
          1,131,865 
Total Common Stocks           
             (cost $5,645,880)          5,541,281 
 
    Coupon  Maturity  Principal   
Bonds and Notes--4.1%    Rate (%)  Date  Amount ($)  Value ($) 
France--1.0%           
Alcatel-Lucent,           
             Gtd. Bonds, Ser. CGE    4.75  1/1/11  2,500  57,044 
Germany--1.2%           
Fresenius Finance Jersey,           
             Sr. Unsub. Bonds, Ser. FME  EUR  5.63  8/14/11  50,000 b  69,883 
United Kingdom--1.9%           
Standard Chartered,           
             Jr. Sub. Notes    8.13  5/29/49  120,000  117,902 
Total Bonds and Notes           
             (cost $226,205)          244,829 
 
Preferred Stocks--1.7%           
Brazil--1.0%           
Vale Capital,           
             Ser. RIO, Conv. Cum. $3.79        1,525  63,044 
United States--.7%           
Bunge,           
             Conv. Cum. $51.25        61  39,650 
Total Preferred Stocks           
             (cost $115,491)          102,694 
 
Total Investments (cost $5,987,576)        98.5%  5,888,804 
Cash and Receivables (Net)        1.5%  88,690 
Net Assets        100.0%  5,977,494 



ADR - American Depository Receipts

a      Non-income producing security.
b      Principal amount stated in U.S. Dollars unless otherwise noted. EUR--Euro

At July 31, 2009 , the aggregate cost of investment securities for income tax purposes was $5,987,576. Net unrealized depreciation on investments was $98,772 of which $356,232 related to appreciated investment securities and $455,004 related to depreciated investment securities.



At July 31, 2009, the fund held the following forward foreign currency exchange contracts:

        Unrealized 
  Foreign      Appreciation/ 
Forward Currency  Currency      Depreciation 
   Exchange Contracts  Amounts  Cost ($)  Value ($)  at 7/31/2009 ($) 
Buys:         
Australian Dollars,         
   Expiring 8/14/2009  180,000  118,332  150,380  32,048 
Euro,         
   Expiring 8/4/2009  1,274  1,801  1,816  15 
Japanese Yen,         
   Expiring 8/14/2009  10,495,674  114,632  110,931  (3,701) 
Japanese Yen,         
   Expiring 8/14/2009  10,612,466  115,089  112,166  (2,923) 
Singapore Dollar,         
   Expiring 8/14/2009  176,000  117,746  122,282  4,536 
Swiss Franc,         
   Expiring 8/3/2009  35,518  32,684  33,236  552 
 
 
Sales:    Proceeds ($)     
Australian Dollars,         
   Expiring 8/14/2009  180,000  114,633  150,380  (35,747) 
British Pounds,         
   Expiring 8/3/2009  9,583  15,815  16,007  (192) 
British Pounds,         
   Expiring 8/14/2009  135,000  192,110  225,501  (33,391) 
Euro,         
   Expiring 8/14/2009  183,000  230,319  260,839  (30,520) 
Japanese Yen,         
   Expiring 8/14/2009  11,537,064  118,332  121,938  (3,606) 
Japanese Yen,         
   Expiring 8/14/2009  11,618,534  117,746  122,799  (5,053) 
Singapore Dollar,         
     Expiring 8/14/2009  176,000  115,089  122,282  (7,193) 



Gross Unrealized Appreciation  37,151 
Gross Unrealized Depreciation  (122,326) 



Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard No. 157 (FAS 157), 
                      Fair Value Measurements. 
                      These inputs are summarized in the three broad levels listed below. 
                      Level 1 - quoted prices in active markets for identical investments. 
                      Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, 
                      credit risk, etc.) 
                      Level 3 - significant unobservable inputs (including fund's own assumptions in determining the fair value of investments). 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing 
in those securities. 
The following is a summary of the inputs used as of July 31, 2009 in valuing the fund's investments: 

      Level 3 -   
    Level 2 - Other  Significant   
  Level 1 -Quoted  Significant Observable  Unobservable   
Assets ($)  Prices  Inputs  Inputs  Total 
Investments in Securities:         
Equity Securities - Domestic  1,171,515  -  -  1,171,515 
Equity Securities - Foreign  4,472,460  -  -  4,472,460 
Corporate Bonds  -  244,829  -  244,829 
Other Financial Instruments+:  -  37,151  -  37,151 
Liabilities ($)         
Other Financial Instruments+:  -  (122,326)  -  (122,326) 

† Other financial instruments include derivative instruments, such as futures, forward currency exchange contracts, swap contracts and options contracts. Amounts shown represents unrealized appreciation (depreciation), or in the case of options, market value at period end.



The fund adopted FASB Statement of Financial Accounting Standards No. 161 “Disclosures about Derivative Instruments and Hedging Activities” (“FAS 161”). FAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. All changes to accounting policies and disclosures have been made in accordance with FAS 161 and are incorporated for the current period as part of the disclosures within this Note.

Portfolio valuation: Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. For other securities that are fair valued by the Board of Trustees, certain factors may be considered such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities



of the issuer or comparable issuers. Financial futures are valued at the last sales price. Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange. Forward currency exchange contracts are valued at the forward rate.

Forward Foreign Currency Exchange Contracts: The fund may enter into forward contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of an investment strategy. When executing forward contracts, the fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, the fund would incur a loss if the value of the contracts increase between the date the forward contracts are opened and the date the forward contracts are closed. The fund realizes a gain if the value of the contracts decrease between those dates. With respect to purchases of forward contracts, the fund would incur a loss if the value of the contracts decrease between the date the forward contracts are opened and the date the forward contracts are closed. The fund realizes a gain if the value of the contracts increase between those dates. The fund is also exposed to credit risk associated with counterparty nonperformance on these forward contracts, which is typically limited to the unrealized gain on each open contract.

Additional 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/ J. David Officer 
  J. David Officer 
  President 
 
Date:  September 22, 2009 

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:  September 22, 2009 

By:  /s/ James Windels 
  James Windels 
Treasurer
 
Date:  September 22, 2009 

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)