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 811-3700 
 
The Dreyfus/Laurel Tax-Free Municipal Funds
(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:    06/30 
Date of reporting period:    03/31/08 

  FORM N-Q
  Item 1. Schedule of Investments.
STATEMENT OF INVESTMENTS                 
Dreyfus Basic California Municipal Money Market Fund             
March 31, 2008 (Unaudited)                     
 
    Coupon        Maturity    Principal     
Short-Term Investments--99.7%    Rate (%)        Date    Amount ($)    Value ($) 
California--88.1%                     
ABAG Finance Authority for                     
Non-Profit Corporations,                     
Revenue (Grauer Foundation for                     
Education Project) (LOC;                     
Comerica Bank)        2.25    4/7/08    3,840,000 a    3,840,000 
California,                     
Economic Recovery Bonds        5.00    7/1/08    850,000    855,369 
California,                     
Economic Recovery Bonds        5.00    1/1/09    1,235,000    1,260,727 
California,                     
GO Notes        7.20    5/1/08    100,000    100,279 
California,                     
GO Notes        4.75    6/1/08    875,000    878,890 
California,                     
GO Notes        4.75    10/1/08    100,000    100,831 
California,                     
GO Notes        4.00    12/1/08    200,000    202,090 
California,                     
GO Notes                     
(Kindergarten-University)                     
(LOC: California State                     
Teachers Retirement System and                     
Citibank NA)        1.05    4/1/08    1,300,000 a    1,300,000 
California,                     
GO Notes                     
(Kindergarten-University)                     
(LOC: California State                     
Teachers Retirement System and                     
Citibank NA)        1.40    4/1/08    11,800,000 a    11,800,000 
California,                     
GO Notes                     
(Kindergarten-University)                     
(LOC: Citibank NA, National                     
Australia Bank and State                     
Street Bank and Trust Co.)        1.70    4/7/08    4,500,000 a    4,500,000 
California,                     
GO Notes (LOC: Bank of                     
America, Bank of Nova Scotia                     
and Landesbank                     
Hessen-Thuringen Girozentrale)        1.70    4/7/08    5,000,000 a    5,000,000 
California,                     
GO Notes (LOC; KBC Bank)        0.90    4/1/08    600,000 a    600,000 
California,                     
GO Notes (LOC; Landesbank                     
Hessen-Thuringen Girozentrale)        0.90    4/1/08    900,000 a    900,000 
California,                     

GO Notes (Various Purpose)    4.00    4/1/08    450,000    450,000 
California,                 
GO Notes (Various Purpose)    6.25    4/1/08    750,000    750,000 
California,                 
GO Notes (Various Purpose)    7.00    8/1/08    100,000    101,305 
California,                 
GO Notes (Various Purpose)    6.25    9/1/08    140,000    142,092 
California,                 
GO Notes (Various Purpose)    6.40    9/1/08    100,000    101,368 
California,                 
GO Notes (Various Purpose)    3.00    11/1/08    300,000    301,000 
California,                 
GO Notes (Various Purpose)                 
(Liquidity Facility; Goldman                 
Sachs Group Inc. and LOC;                 
Goldman Sachs Group Inc.)    2.24    4/7/08    8,290,000 a,b    8,290,000 
California,                 
GO Notes (Veterans)    10.00    10/1/08    100,000    103,601 
California,                 
GO Notes, Refunding    5.00    10/1/08    150,000    151,655 
California,                 
GO Notes, Refunding (Insured;                 
FSA)    5.50    10/1/08    100,000    101,162 
California,                 
RAN    4.00    6/30/08    8,845,000    8,862,692 
California Department of Veteran                 
Affairs, Home Purchase Revenue    4.65    12/1/08    330,000    332,896 
California Department of Water                 
Resources, Power Supply                 
Revenue (LOC; Bayerische                 
Landesbank)    1.05    4/1/08    2,400,000 a    2,400,000 
California Department of Water                 
Resources, Power Supply                 
Revenue (LOC; Citibank NA)    1.20    4/1/08    2,350,000 a    2,350,000 
California Department of Water                 
Resources, Water Revenue, CP                 
(Liquidity Facility;                 
Landesbank Hessen-Thuringen                 
Girozentrale)    1.35    4/3/08    2,855,000    2,855,000 
California Educational Facilities                 
Authority, Revenue, Refunding                 
(Art Center College of Design)                 
(LOC; Allied Irish Banks)    2.05    4/7/08    3,850,000 a    3,850,000 
California Health Facilities                 
Financing Authority, Insured                 
Revenue (Southern California                 
Presbyterian Homes) (Insured;                 
MBIA and Liquidity Facility;                 
Bank of America)    4.50    4/7/08    12,000,000 a    12,000,000 
California Housing Finance Agency,                 
Home Mortgage Revenue    3.15    2/1/09    100,000    100,000 
California Housing Finance Agency,                 
Home Mortgage Revenue                 
(Insured; FGIC)    3.70    8/1/08    400,000    400,000 
California Housing Finance Agency,                 

Home Mortgage Revenue                 
(Insured; FSA)    3.75    2/1/09    125,000    125,441 
California Housing Finance Agency,                 
MFHR (Liquidity Facility:                 
California State Teachers                 
Retirement System and                 
Landesbank Hessen-Thuringen                 
Girozentrale)    1.20    4/1/08    565,000 a    565,000 
California Infrastructure and                 
Economic Development Bank, IDR             
(Starter and Alternator                 
Exchange, Inc. Project) (LOC;                 
California State Teachers                 
Retirement System)    2.32    4/7/08    1,100,000 a    1,100,000 
California Infrastucture and                 
Economic Development Bank,                 
Industrial Revenue (Nature                 
Kist Snacks Project) (LOC;                 
Wells Fargo Bank)    2.15    4/7/08    1,500,000 a    1,500,000 
California Pollution Control                 
Financing Authority, PCR                 
(Evergreen Oil Inc. Project)                 
(LOC; Bank of The West)    2.28    4/7/08    900,000 a    900,000 
California Pollution Control                 
Financing Authority, PCR,                 
Refunding (Pacific Gas and                 
Electric Company) (LOC;                 
JPMorgan Chase Bank)    0.95    4/1/08    1,000,000 a    1,000,000 
California Pollution Control                 
Financing Authority, SWDR                 
(CR&R Inc. Project) (LOC; Bank                 
of the West)    2.28    4/7/08    6,000,000 a    6,000,000 
California Pollution Control                 
Financing Authority, SWDR                 
(Desert Properties LLC                 
Project) (LOC; Union Bank of                 
California)    2.28    4/7/08    2,240,000 a    2,240,000 
California Pollution Control                 
Financing Authority, SWDR                 
(GreenWaste Recovery, Inc.                 
Project) (LOC; Comerica Bank)    2.30    4/7/08    7,100,000 a    7,100,000 
California Pollution Control                 
Financing Authority, SWDR                 
(Metropolitan Recycling Inc.)                 
(LOC; Comerica Bank)    2.30    4/7/08    3,065,000 a    3,065,000 
California Pollution Control                 
Financing Authority, SWDR                 
(Metropolitan Recycling Inc.)                 
(LOC; Comerica Bank)    2.30    4/7/08    1,420,000 a    1,420,000 
California Pollution Control                 
Financing Authority, SWDR                 
(Northern Recycling and Waste                 
Services, LLC Project) (LOC;                 
Union Bank of California)    2.30    4/7/08    3,435,000 a    3,435,000 

California Pollution Control                 
Financing Authority, SWDR                 
(Pena's Disposal, Inc.                 
Project) (LOC; Comerica Bank)    2.30    4/7/08    1,345,000 a    1,345,000 
California Pollution Control                 
Financing Authority, SWDR                 
(Rainbow Disposal Company Inc.                 
Project) (LOC; Union Bank of                 
California)    2.30    4/7/08    3,910,000 a    3,910,000 
California Pollution Control                 
Financing Authority, SWDR                 
(Sunset Waste Paper, Inc.                 
Project) (LOC; Comerica Bank)    2.30    4/7/08    4,000,000 a    4,000,000 
California Pollution Control                 
Financing Authority, SWDR                 
(Valley Vista Services, Inc.                 
Project) (LOC; Comerica Bank)    2.30    4/7/08    1,700,000 a    1,700,000 
California School Boards                 
Association Finance                 
Corporation, COP, TRAN                 
(California School Cash                 
Reserve Program) (Insured;                 
AMBAC)    4.25    7/1/08    3,000,000    3,004,530 
California State University                 
Trustees, Systemwide Revenue                 
(Insured; MBIA and Liquidity                 
Facility; Morgan Stanley Bank)    2.48    4/7/08    4,000,000 a,b    4,000,000 
California State University                 
Trustees, Systemwide Revenue                 
(Liquidity Facility; Morgan                 
Stanley Bank and LOC; Morgan                 
Stanley Bank)    2.48    4/7/08    4,800,000 a,b    4,800,000 
California Statewide Communities                 
Development Authority,                 
California Communities TRAN                 
Program Note Participations                 
(Certain Local Agencies)                 
(Insured; FSA)    4.50    6/30/08    2,000,000    2,004,080 
California Statewide Communities                 
Development Authority, Revenue                 
(House Ear Institute Project)                 
(LOC; City National Bank)    2.43    4/7/08    5,900,000 a    5,900,000 
California Statewide Communities                 
Development Authority, Revenue                 
(Kaiser Permanente)    1.96    4/7/08    2,950,000 a    2,950,000 
California Statewide Communities                 
Development Authority, Revenue                 
(Kaiser Permanente)    1.96    4/7/08    6,200,000 a    6,200,000 
Chabot-Las Positas Community                 
College District, GO Notes,                 
Refunding (Insured; AMBAC)    3.50    8/1/08    210,000    210,174 
Contra Costa County,                 
MFHR (Pleasant Hill BART                 
Transit Village Apartments                 

Project) (Insured; XLCA)    3.65    8/1/08    2,500,000    2,500,000 
Golden State Tobacco                 
Securitization Corporation,                 
Enhanced Tobacco Settlement                 
Asset-Backed Bonds (Insured;                 
FGIC and Liquidity Facility;                 
Morgan Stanley Bank)    2.31    4/7/08    5,000,000 a,b    5,000,000 
Hemet Unified School District,                 
COP (School Facilities                 
Project) (Insured; AMBAC and                 
Liquidity Facility; State                 
Street Bank and Trust Co.)    5.50    4/7/08    6,600,000 a    6,600,000 
Irvine Assessment District Number                 
04-20, Limited Obligation                 
Improvement Bonds (LOC; KBC                 
Bank)    1.10    4/1/08    1,000,000 a    1,000,000 
Irvine Assessment District Number                 
93-14, Limited Obligation                 
Improvement Bonds (LOC; Bank                 
of America)    0.90    4/1/08    1,000,000 a    1,000,000 
Los Angeles County,                 
GO Notes, TRAN    4.50    6/30/08    1,550,000    1,552,939 
Los Angeles County Housing                 
Authority, MFHR, Refunding                 
(Meadowridge Apartments                 
Project) (LOC; FNMA)    2.15    4/7/08    1,760,000 a    1,760,000 
Los Angeles County School and                 
Community College Districts,                 
Pooled TRAN Participation                 
Certificates (Los Angeles                 
County Schools Pooled                 
Financing Program)    4.50    6/30/08    1,915,000    1,918,948 
Los Angeles Department of                 
Airports, Revenue, Refunding                 
(Ontario International                 
Airport) (Insured; MBIA)    5.00    5/15/08    100,000    100,160 
Macon Trust Various Certificates                 
(Irvine Unified School                 
District) (Liquidity Facility;                 
Bank of America and LOC; Bank                 
of America)    2.23    4/7/08    2,700,000 a,b    2,700,000 
Menlo Park Community Development                 
Agency, Tax Allocation                 
Revenue, Refunding (Las Pulgas                 
Community Development Project)                 
(Insured; AMBAC and Liquidity                 
Facility; State Street Bank                 
and Trust Co.)    5.25    4/1/08    10,825,000 a    10,825,000 
Modesto Irrigation District                 
Financing Authority, Domestic                 
Water Project Revenue                 
(Liquidity Facility; DEPFA                 
Bank PLC)    2.31    4/7/08    7,165,000 a,b    7,165,000 
Orange County Sanitation District,                 

COP (Liquidity Facility; DEPFA                 
Bank PLC)    0.95    4/1/08    4,150,000 a    4,150,000 
Oxnard Financing Authority,                 
Solid Waste Revenue, Refunding                 
(Insured; AMBAC)    4.00    5/1/08    400,000    400,111 
Pittsburg Redevelopment Agency,                 
Subordinate Tax Allocation                 
Revenue (Los Medanos Community             
Development Project) (Insured;                 
AMBAC and Liquidity Facility:                 
California State Teachers                 
Retirement System and State                 
Street Bank and Trust Co.)    5.00    4/1/08    14,650,000 a    14,650,000 
Puttable Floating Option Tax                 
Exempt Receipts (California                 
Statewide Communities                 
Development Authority, MFHR                 
(La Mision Village Apartments                 
Project)) (Liquidity Facility;                 
Merrill Lynch and LOC; Merrill                 
Lynch)    5.05    4/7/08    6,205,000 a,b    6,205,000 
Ravenswood City School District,                 
GO Notes, TRAN    4.00    7/1/08    2,400,000    2,401,723 
Riverside,                 
Electric Revenue (Insured; FSA)    3.63    10/1/08    160,000    160,447 
Sacramento Metropolitan Fire                 
District, GO Notes, TRAN    4.25    6/30/08    3,000,000    3,003,912 
San Bernardino Joint Powers                 
Financing Authority, Tax                 
Allocation Revenue, Refunding                 
(Central City Merged Project)                 
(Insured; AMBAC)    5.50    7/1/08    100,000    100,550 
San Diego County,                 
COP (Friends of Chabad                 
Lubavitch) (LOC; Comerica Bank)    2.05    4/7/08    1,600,000 a    1,600,000 
San Diego County and School                 
District, TRAN (Note Program                 
Note Participations)    4.50    6/30/08    2,620,000    2,625,470 
San Francisco City and County                 
Airport Commission, San                 
Francisco International                 
Airport Second Series Revenue                 
(Issue 15A) (Insured; FSA)    5.50    5/1/08    140,000    140,173 
San Francisco City and County                 
Airport Commission, San                 
Francisco International                 
Airport Second Series Revenue                 
(Issue 26A) (Insured; FGIC)    5.00    5/1/08    100,000    100,104 
San Francisco City and County                 
Redevelopment Financing                 
Authority, Tax Allocation                 
Revenue, Refunding (San                 
Francisco Redevelopment                 
Projects) (Insured; MBIA)    5.00    8/1/08    1,930,000    1,940,045 

San Jose Redevelopment Agency,                 
Tax Allocation Revenue (Merged             
Area Redevelopment Project)                 
(Insured; AMBAC)    4.75    8/1/08    200,000    201,089 
San Pablo Redevelopment Agency,                 
Subordinate Tax Allocation                 
Revenue (Tenth Township                 
Redevelopment Project)                 
(Insured; AMBAC and Liquidity                 
Facility; Dexia Credit Locale)    5.00    4/1/08    1,700,000 a    1,700,000 
Stockton,                 
Health Facility Revenue                 
(Dameron Hospital Association)                 
(LOC; Citibank NA)    1.15    4/1/08    5,075,000 a    5,075,000 
Tustin Community Redevelopment                 
Agency, Revenue (Liquidity                 
Facility; Citigroup and LOC;                 
Citigroup)    2.28    4/7/08    645,000 a,b    645,000 
University of California Regents,                 
Limited Project Revenue                 
(Liquidity Facility; Wells                 
Fargo Bank and LOC; Wells                 
Fargo Bank)    2.31    4/7/08    5,000,000 a,b    5,000,000 
West Covina Public Financing                 
Authority, LR, Refunding                 
(Public Facilities Project)                 
(LOC; California State                 
Teachers Retirement System)    2.25    4/7/08    2,650,000 a    2,650,000 
 
U.S. Related--11.6%                 
BB&T Municipal Trust                 
(Puerto Rico Infrastructure                 
Financing Authority, Special                 
Tax Revenue) (Liquidity                 
Facility; Branch Banking and                 
Trust Co.)    2.27    4/7/08    4,000,000 a,b    4,000,000 
Puerto Rico Aqueduct and Sewer                 
Authority, Revenue (Liquidity                 
Facility; Citibank NA and LOC;                 
Citibank NA)    2.27    4/7/08    6,000,000 a,b    6,000,000 
Puerto Rico Commonwealth,                 
Public Improvement GO Notes                 
(Insured; MBIA)    5.50    7/1/08    125,000    125,540 
Puerto Rico Commonwealth,                 
Public Improvement GO Notes                 
(Insured; MBIA)    5.50    7/1/08    10,000    10,043 
Puerto Rico Commonwealth,                 
Public Improvement GO Notes                 
(Insured; MBIA)    5.75    7/1/08    240,000    241,171 
Puerto Rico Commonwealth,                 
Public Improvement, Refunding                 
(Insured; FSA and Liquidity                 
Facility; Dexia Credit Locale)    1.10    4/1/08    7,000,000 a    7,000,000 
Puerto Rico Commonwealth,                 

TRAN (LOC: Banco Bilbao                 
Vizcaya Argentaria S.A., Banco                 
Santander S.A., Bank of Nova                 
Scotia, BNP Paribas, Dexia                 
Credit Locale, Fortis Bank and                 
KBC Bank)    4.25    7/30/08    7,000,000    7,019,116 
Puerto Rico Electric Power                 
Authority, Power Revenue                 
(Insured; FSA)    5.00    7/1/08    190,000    190,588 
Puerto Rico Electric Power                 
Authority, Power Revenue,                 
Refunding (Insured; MBIA)    5.50    7/1/08    500,000    507,500 
Puerto Rico Infrastructure                 
Financing Authority, Special                 
Tax Revenue, Refunding                 
(Insured; AMBAC)    5.50    7/1/08    1,500,000    1,507,794 
Puerto Rico Municipal Finance                 
Agency, GO Notes (Insured; FSA)    5.50    8/1/08    100,000    100,565 
Puerto Rico Public Buildings                 
Authority, Government                 
Facilities Revenue (Insured;                 
AMBAC)    6.25    7/1/08    120,000    120,910 
Puttable Floating Option Tax                 
Exempt Receipts (Puerto Rico                 
Highways and Transportation                 
Authority, Highway Revenue)                 
(Liquidity Facility; Dexia                 
Credit Locale and LOC; Dexia                 
Credit Locale)    2.21    4/7/08    4,500,000 a,b    4,500,000 
 
 
Total Investments (cost $269,649,080)            99.7%    269,649,080 
Cash and Receivables (Net)            .3%    870,482 
Net Assets            100.0%    270,519,562 

a    Securities payable on demand. Variable interest rate--subject to periodic change. 
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 March 31, 2008, these securities 
    amounted to $58,305,000 or 21.6% of net assets. 

For Federal tax purposes, the fund's approximate tax cost is equal to book cost.
Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual and semi-annual
reports previously filed with the Securities and Exchange Commission on Form N-CSR.
Summary of Abbreviations         
ACA    American Capital Access    AGC    ACE Guaranty Corporation 
AGIC    Asset Guaranty Insurance Company    AMBAC    American Municipal Bond Assurance Corporation 
ARRN    Adjustable Rate Receipt Notes    BAN    Bond Anticipation Notes 
BIGI    Bond Investors Guaranty Insurance    BPA    Bond Purchase Agreement 
CGIC    Capital Guaranty Insurance Company    CIC    Continental Insurance Company 

CIFG    CDC Ixis Financial Guaranty    CMAC    Capital Market Assurance Corporation 
COP    Certificate of Participation    CP    Commercial Paper 
EDR    Economic Development Revenue    EIR    Environmental Improvement Revenue 
FGIC    Financial Guaranty Insurance Company    FHA    Federal Housing Administration 
FHLB    Federal Home Loan Bank    FHLMC    Federal Home Loan Mortgage Corporation 
FNMA    Federal National Mortgage Association    FSA    Financial Security Assurance 
GAN    Grant Anticipation Notes    GIC    Guaranteed Investment Contract 
GNMA    Government National Mortgage Association    GO    General Obligation 
HR    Hospital Revenue    IDB    Industrial Development Board 
IDC    Industrial Development Corporation    IDR    Industrial Development Revenue 
LOC    Letter of Credit    LOR    Limited Obligation Revenue 
LR    Lease Revenue    MBIA    Municipal Bond Investors Assurance Insurance 
            Corporation 
MFHR    Multi-Family Housing Revenue    MFMR    Multi-Family Mortgage Revenue 
PCR    Pollution Control Revenue    PILOT    Payment in Lieu of Taxes 
RAC    Revenue Anticipation Certificates    RAN    Revenue Anticipation Notes 
RAW    Revenue Anticipation Warrants    RRR    Resources Recovery Revenue 
SAAN    State Aid Anticipation Notes    SBPA    Standby Bond Purchase Agreement 
SFHR    Single Family Housing Revenue    SFMR    Single Family Mortgage Revenue 
SONYMA    State of New York Mortgage Agency    SWDR    Solid Waste Disposal Revenue 
TAN    Tax Anticipation Notes    TAW    Tax Anticipation Warrants 
TRAN    Tax and Revenue Anticipation Notes    XLCA    XL Capital Assurance 

STATEMENT OF INVESTMENTS                 
Dreyfus Basic Massachusetts Municipal Money Market Fund         
March 31, 2008 (Unaudited)                     
 
    Coupon        Maturity    Principal     
Short-Term Investments--96.6%    Rate (%)        Date    Amount ($)    Value ($) 
ABN AMRO Munitops Certificates                     
Trust (Massachusetts Water                     
Resources Authority) (Insured;                     
FSA and Liquidity Facility;                     
ABN-AMRO)        2.22    4/7/08    5,845,000 a,b    5,845,000 
Boston,                     
GO Notes        5.00    4/1/09    6,360,000    6,544,850 
Boston Industrial Development                     
Financing Authority, Revenue                     
(Fenway Community Health                     
Center Project) (LOC; Fifth                     
Third Bank)        2.10    4/7/08    5,625,000 a    5,625,000 
Boston Industrial Development                     
Financing Authority, Revenue                     
(Fenway Community Health                     
Center Project) (LOC; Fifth                     
Third Bank)        2.10    4/7/08    4,240,000 a    4,240,000 
Boston Industrial Development                     
Financing Authority, Revenue                     
(Fenway Community Health                     
Center Project) (LOC; Fifth                     
Third Bank)        2.10    4/7/08    6,000,000 a    6,000,000 
Canton Housing Authority,                     
MFHR, Refunding (Canton                     
Arboretum Apartments)                     
(Insured; FNMA)        2.15    4/7/08    6,665,000 a    6,665,000 
Eclipse Funding Trust                     
(Massachusetts Water Resources                     
Authority) (Insured; MBIA and                     
Liquidity Facility; U.S. Bank)        2.25    4/7/08    6,000,000 a,b    6,000,000 
Falmouth,                     
GO Notes, BAN        4.00    10/10/08    1,000,000    1,003,043 
Grafton,                     
GO Notes, BAN        4.00    10/30/08    2,100,000    2,107,776 
Massachusetts,                     
Consolidated Loan (Liquidity                     
Facility; Dexia Credit Locale)        1.47    4/1/08    4,655,000 a    4,655,000 
Massachusetts,                     
Consolidated Loan (LOC; Bank                     
of America)        1.47    4/1/08    700,000 a    700,000 
Massachusetts,                     
GO Notes (Central Artery/Ted                     
Williams Tunnel Infrastructure                     
Loan Act of 2000) (Liquidity                     
Facility; Landesbank                     
Baden-Wurttemberg)        1.25    4/1/08    500,000 a    500,000 
Massachusetts,                     

GO Notes, Refunding (Liquidity                 
Facility; Citibank NA)    2.07    4/7/08    3,995,000 a    3,995,000 
Massachusetts Bay Transportation                 
Authority (General                 
Transportation System)    2.05    4/7/08    3,500,000 a    3,500,000 
Massachusetts Development Finance                 
Agency, First Mortgage Revenue                 
(Brookhaven at Lexington                 
Project) (LOC; Bank of America)    2.05    4/7/08    3,230,000 a    3,230,000 
Massachusetts Development Finance                 
Agency, Higher Education                 
Revenue, Refunding (Smith                 
College Issue)    1.80    4/7/08    5,000,000 a    5,000,000 
Massachusetts Development Finance                 
Agency, Revenue (Beaver                 
Country Day School Issue)                 
(LOC; Allied Irish Banks)    2.24    4/7/08    4,400,000 a    4,400,000 
Massachusetts Development Finance                 
Agency, Revenue (Boston                 
Children's Museum Issue) (LOC;                 
Royal Bank of Scotland)    2.05    4/7/08    3,635,000 a    3,635,000 
Massachusetts Development Finance                 
Agency, Revenue (Brandon                 
Residential Treatment Center,                 
Inc. Project) (LOC; SunTrust                 
Bank)    2.21    4/7/08    1,700,000 a    1,700,000 
Massachusetts Development Finance                 
Agency, Revenue (Checon                 
Corporation Issue) (LOC; Bank                 
of America)    2.15    4/7/08    3,250,000 a    3,250,000 
Massachusetts Development Finance                 
Agency, Revenue (Elderhostel,                 
Inc. Issue) (LOC; Royal Bank                 
of Scotland PLC)    2.24    4/7/08    3,045,000 a    3,045,000 
Massachusetts Development Finance                 
Agency, Revenue (Exploration                 
School, Inc. Issue) (LOC; TD                 
Banknorth NA)    2.23    4/7/08    2,750,000 a    2,750,000 
Massachusetts Development Finance                 
Agency, Revenue (Fay School                 
Issue) (LOC; TD Banknorth NA)    2.21    4/7/08    4,300,000 a    4,300,000 
Massachusetts Development Finance                 
Agency, Revenue (Harvard                 
University Issue)    0.95    4/1/08    3,500,000 a    3,500,000 
Massachusetts Development Finance                 
Agency, Revenue (Harvard                 
University Issue)    1.50    4/7/08    1,550,000 a    1,550,000 
Massachusetts Development Finance                 
Agency, Revenue (Hillside                 
School Issue) (LOC; JPMorgan                 
Chase Bank)    2.22    4/7/08    5,000,000 a    5,000,000 
Massachusetts Development Finance                 
Agency, Revenue (Judge                 
Rotenberg Center Issue) (LOC;                 

Bank of America)    2.05    4/7/08    400,000 a    400,000 
Massachusetts Development Finance                 
Agency, Revenue (Lasell                 
College Issue) (LOC; Citizens                 
Bank of Massachusetts)    2.23    4/7/08    8,000,000 a    8,000,000 
Massachusetts Development Finance                 
Agency, Revenue (Meadowbrook                 
School Project) (LOC; Allied                 
Irish Banks)    2.21    4/7/08    1,330,000 a    1,330,000 
Massachusetts Development Finance                 
Agency, Revenue (Smith College                 
Issue) (Liquidity Facility;                 
JPMorgan Chase Bank)    2.10    4/7/08    1,800,000 a    1,800,000 
Massachusetts Development Finance                 
Agency, Revenue (WGBH                 
Educational Foundation Issue)                 
(Insured; AMBAC and Liquidity                 
Facility; Royal Bank of Canada)    8.00    4/7/08    12,745,000 a    12,745,000 
Massachusetts Development Finance                 
Agency, Revenue (Worcester                 
Academy Issue) (LOC; Allied                 
Irish Banks)    2.30    4/7/08    3,000,000 a    3,000,000 
Massachusetts Development Finance                 
Agency, Revenue (Youth                 
Opportunities Upheld, Inc.                 
Issue) (LOC; TD Banknorth NA)    2.23    4/7/08    4,000,000 a    4,000,000 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue (Bentley                 
College Issue) (LOC; JPMorgan                 
Chase Bank)    2.18    4/7/08    4,500,000 a    4,500,000 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue (Capital                 
Asset Program Issue) (Insured;                 
MBIA and Liquidity Facility;                 
State Street Bank and Trust                 
Co.)    1.70    4/1/08    800,000 a    800,000 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue (Capital                 
Asset Program Issue) (Insured;                 
MBIA and Liquidity Facility;                 
State Street Bank and Trust                 
Co.)    3.00    4/1/08    3,000,000 a    3,000,000 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue (Capital                 
Asset Program Issue) (LOC;                 
Bank of America)    1.25    4/1/08    1,600,000 a    1,600,000 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue (Falmouth                 
Assisted Living Issue) (LOC;                 

Bank of America)    2.22    4/7/08    2,200,000 a    2,200,000 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue (Great                 
Brook Valley Health Center)                 
(LOC; TD Banknorth NA)    2.27    4/7/08    1,600,000 a    1,600,000 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue                 
(Massachusetts Institute of                 
Technology Issue)    1.50    4/7/08    2,500,000 a    2,500,000 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue (Partners                 
HealthCare System - Capital                 
Asset Program Issue) (Insured;                 
FSA and Liquidity Facility:                 
Bayerische Landesbank and                 
JPMorgan Chase Bank)    1.90    4/7/08    2,500,000 a    2,500,000 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue (Partners                 
HealthCare System Issue)    1.15    4/1/08    1,200,000 a    1,200,000 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue (Partners                 
HealthCare System Issue) (LOC;             
Citibank NA)    1.90    4/7/08    6,000,000 a    6,000,000 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue (Peabody                 
Essex Museum Issue) (LOC;                 
Royal Bank of Scotland)    2.05    4/7/08    4,400,000 a    4,400,000 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue (Pool Loan                 
Program Issue) (LOC; TD                 
Banknorth NA)    1.30    4/1/08    4,400,000 a    4,400,000 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue (Tufts                 
University Issue)    1.95    4/7/08    1,400,000 a    1,400,000 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue (University                 
of Massachusetts Issue) (LOC;                 
Dexia Credit Locale)    1.90    4/7/08    2,400,000 a    2,400,000 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue (Wellesley                 
College Issue)    1.75    4/7/08    1,000,000 a    1,000,000 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue (Wellesley                 

College Issue)    1.90    4/7/08    4,475,000 a    4,475,000 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue (Williams                 
College Issue)    1.80    4/7/08    1,800,000 a    1,800,000 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue (Williams                 
College Issue)    1.80    4/7/08    1,300,000 a    1,300,000 
Massachusetts Housing Finance                 
Agency, Housing Revenue                 
(Insured; FSA and Liquidity                 
Facility; Dexia Credit Locale)    2.15    4/7/08    3,000,000 a    3,000,000 
Massachusetts Industrial Finance                 
Agency, IDR, Refunding (Nova                 
Realty Trust) (LOC; Bank of                 
America)    2.12    4/7/08    3,000,000 a    3,000,000 
Massachusetts School Building                 
Authority, CP (LOC; Bank of                 
Nova Scotia)    1.90    4/4/08    2,000,000    2,000,000 
Massachusetts Water Resources                 
Authority, Multi-Modal                 
Subordinated General Revenue                 
(Insured; AMBAC and Liquidity                 
Facility: Bank of Nova Scotia                 
and Dexia Credit Locale)    5.00    4/7/08    1,400,000 a    1,400,000 
Massachusetts Water Resources                 
Authority, Multi-Modal                 
Subordinated General Revenue,                 
Refunding (LOC; Landesbank                 
Baden-Wurttemberg)    1.35    4/1/08    6,705,000 a    6,705,000 
Massachusetts Water Resources                 
Authority, Multi-Modal                 
Subordinated General Revenue,                 
Refunding (LOC; Landesbank                 
Hessen-Thuringen Girozentrale)    1.47    4/1/08    8,550,000 a    8,550,000 
Nantucket,                 
GO Notes, BAN    2.25    2/27/09    5,500,000    5,504,866 
Swampscott,                 
GO Notes, BAN    4.00    10/17/08    3,986,000    3,998,570 
University of Massachusetts                 
Building Authority, Project                 
Revenue, Refunding (Insured;                 
AMBAC and Liquidity Facility;                 
Citigroup)    2.78    4/7/08    2,090,000 a,b    2,090,000 
 
 
Total Investments (cost $213,339,105)            96.6%    213,339,105 
Cash and Receivables (Net)            3.4%    7,590,323 
Net Assets            100.0%    220,929,428 

a    Securities payable on demand. Variable interest rate--subject to periodic change. 
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 March 31, 2008, these securities 
    amounted to $13,935,000 or 6.3% of net assets. 

For Federal tax purposes, the fund's approximate tax cost is equal to book cost.
Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual and semi-annual
reports previously filed with the Securities and Exchange Commission on Form N-CSR.
Summary of Abbreviations         
ACA    American Capital Access    AGC    ACE Guaranty Corporation 
AGIC    Asset Guaranty Insurance Company    AMBAC    American Municipal Bond Assurance Corporation 
ARRN    Adjustable Rate Receipt Notes    BAN    Bond Anticipation Notes 
BIGI    Bond Investors Guaranty Insurance    BPA    Bond Purchase Agreement 
CGIC    Capital Guaranty Insurance Company    CIC    Continental Insurance Company 
CIFG    CDC Ixis Financial Guaranty    CMAC    Capital Market Assurance Corporation 
COP    Certificate of Participation    CP    Commercial Paper 
EDR    Economic Development Revenue    EIR    Environmental Improvement Revenue 
FGIC    Financial Guaranty Insurance Company    FHA    Federal Housing Administration 
FHLB    Federal Home Loan Bank    FHLMC    Federal Home Loan Mortgage Corporation 
FNMA    Federal National Mortgage Association    FSA    Financial Security Assurance 
GAN    Grant Anticipation Notes    GIC    Guaranteed Investment Contract 
GNMA    Government National Mortgage Association    GO    General Obligation 
HR    Hospital Revenue    IDB    Industrial Development Board 
IDC    Industrial Development Corporation    IDR    Industrial Development Revenue 
LOC    Letter of Credit    LOR    Limited Obligation Revenue 
LR    Lease Revenue    MBIA    Municipal Bond Investors Assurance Insurance 
            Corporation 
MFHR    Multi-Family Housing Revenue    MFMR    Multi-Family Mortgage Revenue 
PCR    Pollution Control Revenue    PILOT    Payment in Lieu of Taxes 
RAC    Revenue Anticipation Certificates    RAN    Revenue Anticipation Notes 
RAW    Revenue Anticipation Warrants    RRR    Resources Recovery Revenue 
SAAN    State Aid Anticipation Notes    SBPA    Standby Bond Purchase Agreement 
SFHR    Single Family Housing Revenue    SFMR    Single Family Mortgage Revenue 
SONYMA    State of New York Mortgage Agency    SWDR    Solid Waste Disposal Revenue 
TAN    Tax Anticipation Notes    TAW    Tax Anticipation Warrants 
TRAN    Tax and Revenue Anticipation Notes    XLCA    XL Capital Assurance 

STATEMENT OF INVESTMENTS                 
Dreyfus Basic New York Municipal Money Market Fund             
March 31, 2008 (Unaudited)                     
 
    Coupon        Maturity    Principal     
Short-Term Investments--99.6%    Rate (%)        Date    Amount ($)    Value ($) 
New York--97.9%                     
Albany Housing Authority,                     
Revenue (Nutgrove Garden                     
Apartments Project) (LOC;                     
Citizens Bank of Massachusetts)        2.32    4/7/08    1,495,000 a    1,495,000 
Albany Industrial Development                     
Agency, Civic Facility Revenue                     
(Albany College of Pharmacy                     
Project) (LOC; TD Banknorth NA)        2.18    4/7/08    6,000,000 a    6,000,000 
Albany Industrial Development                     
Agency, Civic Facility Revenue                     
(CHF Holland Suites, L.L.C.                     
Project) (LOC; TD Banknorth NA)        2.24    4/7/08    6,390,000 a    6,390,000 
Albany Industrial Development                     
Agency, Civic Facility Revenue                     
(CHF-Holland Suites II, L.L.C.                     
Project) (LOC; TD Banknorth NA)        2.18    4/7/08    3,000,000 a    3,000,000 
Albany Industrial Development                     
Agency, Civic Facility Revenue                     
(Corning Preserve/Hudson                     
Riverfront Development                     
Project) (LOC; Key Bank)        2.22    4/7/08    1,355,000 a    1,355,000 
Albany Industrial Development                     
Agency, Civic Facility Revenue                     
(University at Albany                     
Foundation Student Housing                     
Corporation - Empire Commons                     
East Project) (Insured; AMBAC                     
and Liquidity Facility; Key                     
Bank)        6.75    4/7/08    4,130,000 a    4,130,000 
Albany Industrial Development                     
Agency, Civic Facility Revenue                     
(University at Albany                     
Foundation Student Housing                     
Corporation - Empire Commons                     
North Project) (Insured; AMBAC                     
and Liquidity Facility; Key                     
Bank)        6.75    4/7/08    600,000 a    600,000 
Albany Industrial Development                     
Agency, Civic Facility Revenue                     
(University at Albany                     
Foundation Student Housing                     
Corporation - Empire Commons                     
South Project) (Insured; AMBAC                     
and Liquidity Facility; Key                     
Bank)        6.75    4/7/08    4,900,000 a    4,900,000 
Alexandria Bay,                     

GO Notes, BAN    4.25    9/18/08    2,000,000    2,004,026 
Amsterdam Enlarged City School                 
District, GO Notes, BAN    4.00    7/3/08    1,346,000    1,346,821 
Auburn Industrial Development                 
Authority, IDR (Fat Tire LLC                 
Project) (LOC; Citizens Bank                 
of Pennsylvania)    2.36    4/7/08    1,375,000 a    1,375,000 
Avoca Central School District,                 
GO Notes, BAN    4.00    6/26/08    2,000,000    2,000,905 
Babylon Industrial Development                 
Agency, RRR, Refunding (Ogden                 
Martin Systems of Babylon,                 
Inc. Project) (Insured; FSA                 
and Liquidity Facility;                 
JPMorgan Chase Bank)    1.97    4/7/08    1,620,000 a    1,620,000 
Board of Cooperative Educational                 
Services for the Sole                 
Supervisory District in the                 
Counties of Cattaraugus,                 
Allegany, Erie and Wyoming, RAN    4.00    12/30/08    3,000,000    3,018,479 
Brewster Central School District,                 
GO Notes, Refunding (Insured;                 
FSA)    3.00    4/15/08    1,000,000    1,000,221 
Cincinnatus Central School                 
District, GO Notes, BAN    4.00    6/18/08    3,100,000    3,101,586 
Colonie,                 
GO Notes, BAN    4.00    4/4/08    1,500,000    1,500,030 
Colonie,                 
GO Notes, BAN    4.00    4/4/08    1,100,000    1,100,044 
Colonie,                 
GO Notes, BAN    4.25    4/4/08    7,000,000    7,000,248 
Dutchess County Industrial                 
Development Agency, Civic                 
Facility Revenue, Refunding                 
(Lutheran Center at                 
Poughkeepsie, Inc. Project)                 
(LOC; Key Bank)    2.22    4/7/08    1,900,000 a    1,900,000 
Erie County Industrial Development                 
Agency, IDR (Luminescent                 
System Inc. Project) (LOC;                 
HSBC Bank USA)    2.40    4/7/08    3,645,000 a    3,645,000 
Glens Falls City School District,                 
GO Notes, RAN    4.25    6/18/08    1,000,000    1,001,025 
Greater Southern Tier Board of                 
Cooperative Educational                 
Services Sole Supervisory                 
District in the Counties of                 
Steuben, Allegany, Schuyler,                 
Chemung and Tioga, RAN    3.25    6/30/08    3,500,000    3,516,834 
Hamburg Central School District,                 
GO Notes, BAN    4.25    7/3/08    2,400,000    2,402,638 
Hudson Yards Infrastructure                 
Corporation, Hudson Yards                 
Senior Revenue (Insured; FGIC                 

and Liquidity Facility;                 
Landesbank Hessen-Thuringen                 
Girozentrale)    2.26    4/7/08    21,800,000 a,b    21,800,000 
Hudson Yards Infrastructure                 
Corporation, Hudson Yards                 
Senior Revenue (Insured; FGIC                 
and Liquidity Facility; Morgan                 
Stanley Bank)    2.48    4/7/08    10,000,000 a,b    10,000,000 
Lancaster Industrial Development                 
Agency, IDR (Jiffy-Tite                 
Company, Inc. Project) (LOC;                 
Key Bank)    2.36    4/7/08    1,140,000 a    1,140,000 
Metropolitan Transportation                 
Authority, Dedicated Tax Fund                 
(Insured; AMBAC and Liquidity                 
Facility; Wachovia Bank)    4.50    4/7/08    9,300,000 a    9,300,000 
Metropolitan Transportation                 
Authority, Transportation                 
Revenue (Insured; Assured                 
Guaranty and Liquidity                 
Facility; PB Finance Inc.)    2.25    4/7/08    9,315,000 a,b    9,315,000 
Metropolitan Transportation                 
Authority, Transportation                 
Revenue, CP (LOC; ABN-AMRO)    2.73    4/10/08    5,000,000    5,000,000 
Monroe County,                 
GO Notes, RAN    4.00    4/15/08    8,000,000    8,001,207 
Monroe County Industrial                 
Development Agency, Civic                 
Facility Revenue (YMCA of                 
Greater Rochester Project)                 
(LOC; M&T Bank)    2.26    4/7/08    2,500,000 a    2,500,000 
Monroe County Industrial                 
Development Agency, Civic                 
Facility Revenue (YMCA of                 
Greater Rochester Project)                 
(LOC; M&T Bank)    2.26    4/7/08    5,250,000 a    5,250,000 
Monroe County Industrial                 
Development Agency, IDR (2883                 
Associates LP) (LOC; HSBC Bank             
USA)    2.40    4/7/08    895,000 a    895,000 
Monroe County Industrial                 
Development Agency, IDR                 
(Axelrod Realty Partnership                 
Facility) (LOC; JPMorgan Chase                 
Bank)    4.00    12/1/09    260,000    260,000 
Monroe County Industrial                 
Development Agency, IDR                 
(Mercury Print Productions,                 
Inc. Facility) (LOC; M&T Bank)    2.37    4/7/08    225,000 a    225,000 
Nassau County Industrial                 
Development Agency, Revenue                 
(Rockville Centre Housing                 
Project) (LOC; M&T Bank)    2.31    4/7/08    8,000,000 a    8,000,000 
New York City                 

(Insured; FSA and Liquidity Facility;             
State Street Bank and Trust                 
Co.)    1.25    4/1/08    1,100,000 a    1,100,000 
New York City                 
(Insured; FSA and Liquidity                 
Facility; State Street Bank                 
and Trust Co.)    1.25    4/1/08    1,000,000 a    1,000,000 
New York City                 
(Insured; FSA and Liquidity                 
Facility; State Street Bank                 
and Trust Co.)    1.25    4/1/08    1,000,000 a    1,000,000 
New York City                 
(LOC; Bayerische Landesbank)    1.15    4/1/08    4,300,000 a    4,300,000 
New York City                 
(LOC; California State                 
Teachers Retirement System)    1.05    4/1/08    1,750,000 a    1,750,000 
New York City                 
(LOC; Dexia Credit Locale)    0.98    4/1/08    3,315,000 a    3,315,000 
New York City                 
(LOC; JPMorgan Chase Bank)    1.95    4/7/08    1,000,000 a    1,000,000 
New York City                 
(LOC; Westdeutsche Landesbank)    1.15    4/1/08    1,100,000 a    1,100,000 
New York City,                 
GO Notes    3.50    6/1/08    100,000    100,102 
New York City,                 
GO Notes    4.88    8/1/08    300,000    301,646 
New York City,                 
GO Notes    5.25    8/1/08    950,000    957,898 
New York City,                 
GO Notes    3.65    4/1/09    100,000    100,633 
New York City Housing Development                 
Corporation, MFMR (Cook Street                 
Apartments) (LOC; JPMorgan                 
Chase Bank)    2.20    4/7/08    7,000,000 a    7,000,000 
New York City Industrial                 
Development Agency, Civic                 
Facility Revenue (Abraham                 
Joshua Heschel High School                 
Project) (LOC; Allied Irish                 
Banks)    2.19    4/7/08    4,000,000 a    4,000,000 
New York City Industrial                 
Development Agency, Civic                 
Facility Revenue (Columbia                 
Grammar and Preparatory School                 
Project) (LOC; Allied Irish                 
Banks)    2.24    4/7/08    4,630,000 a    4,630,000 
New York City Industrial                 
Development Agency, Civic                 
Facility Revenue (Hewitt                 
School Project) (LOC; Allied                 
Irish Banks)    2.24    4/7/08    1,570,000 a    1,570,000 
New York City Industrial                 
Development Agency, Civic                 
Facility Revenue (Sephardic                 

Community Youth Center, Inc.                 
Project) (LOC; M&T Bank)    2.26    4/7/08    2,500,000 a    2,500,000 
New York City Industrial                 
Development Agency, Civic                 
Facility Revenue                 
(Spence-Chapin, Services to                 
Families and Children Project)                 
(LOC; Allied Irish Banks)    2.24    4/7/08    3,935,000 a    3,935,000 
New York City Industrial                 
Development Agency, Civic                 
Facility Revenue (The                 
Allen-Stevenson School                 
Project) (LOC; Allied Irish                 
Banks)    2.24    4/7/08    3,005,000 a    3,005,000 
New York City Industrial                 
Development Agency, Civic                 
Facility Revenue, Refunding                 
(Federation of Protestant                 
Welfare Agencies Inc. Project)                 
(LOC; Allied Irish Banks)    2.24    4/7/08    2,880,000 a    2,880,000 
New York City Industrial                 
Development Agency, IDR                 
(Novelty Crystal Corporation                 
Project) (LOC; Commerce Bank                 
N.A.)    2.34    4/7/08    3,560,000 a    3,560,000 
New York City Industrial                 
Development Agency, IDR                 
(Super-Tek Products, Inc.                 
Project) (LOC; Citibank NA)    2.29    4/7/08    5,155,000 a    5,155,000 
New York City Industrial                 
Development Agency, Special                 
Facility Revenue (Air Express                 
International Corporation                 
Project) (LOC; Citibank NA)    2.15    4/7/08    5,000,000 a    5,000,000 
New York City Municipal Water                 
Finance Authority, Water and                 
Sewer System Revenue                 
(Liquidity Facility; Bank of                 
America)    1.00    4/1/08    1,600,000 a    1,600,000 
New York City Transitional Finance                 
Authority, Future Tax Secured                 
Revenue    5.50    2/1/09    500,000    513,323 
New York City Transitional Finance                 
Authority, Future Tax Secured                 
Revenue (Liquidity Facility;                 
Landesbank Baden-Wurttemberg)    1.15    4/1/08    1,000,000 a    1,000,000 
New York City Transitional Finance                 
Authority, Revenue (New York                 
City Recovery) (Liquidity                 
Facility; JPMorgan Chase Bank)    1.20    4/1/08    1,100,000 a    1,100,000 
New York City Transitional Finance                 
Authority, Revenue (New York                 
City Recovery) (Liquidity                 
Facility; Landesbank                 

Baden-Wurttemberg)    1.20    4/1/08    1,300,000 a    1,300,000 
New York Counties Tobacco Trust                 
IV, Tobacco Settlement                 
Pass-Through Bonds (Liquidity                 
Facility; Merrill Lynch                 
Capital Services and LOC;                 
Merrill Lynch)    2.46    4/7/08    17,000,000 a,b    17,000,000 
New York State Dormitory                 
Authority, Revenue (Mount                 
Saint Mary College) (LOC;                 
JPMorgan Chase Bank)    2.30    4/7/08    4,300,000 a    4,300,000 
New York State Dormitory                 
Authority, Revenue (Park Ridge                 
Hospital Inc.) (LOC; JPMorgan                 
Chase Bank)    2.21    4/7/08    13,100,000 a    13,100,000 
New York State Dormitory                 
Authority, Revenue (University                 
of Rochester) (Insured; MBIA                 
and Liquidity Facility;                 
Wachovia Bank)    2.75    4/7/08    6,000,000 a    6,000,000 
New York State Energy Research and                 
Development Authority, PCR,                 
Refunding (Orange and Rockland                 
Utilities, Inc. Project)                 
(Insured; AMBAC; and Liquidity                 
Facility; Wachovia Bank)    3.25    4/7/08    7,500,000 a    7,500,000 
New York State Housing Finance                 
Agency, Housing Revenue                 
(Gateway to New Cassel) (LOC;                 
JPMorgan Chase Bank)    2.27    4/7/08    2,300,000 a    2,300,000 
New York State Housing Finance                 
Agency, Revenue (Worth Street)                 
(LOC; FNMA)    2.10    4/7/08    9,400,000 a    9,400,000 
New York State Urban Development                 
Corporation, COP (James A.                 
Farley Post Office Project)                 
(Liquidity Facility; Citigroup                 
and LOC; Citigroup)    2.28    4/7/08    5,000,000 a,b    5,000,000 
Newburgh Industrial Development                 
Agency, Civic Facility Revenue                 
(Community Development                 
Properties Dubois Street II,                 
Inc. Project) (LOC; Key Bank)    2.22    4/7/08    10,605,000 a    10,605,000 
North Syracuse Central School                 
District, GO Notes, RAN    4.00    6/19/08    1,200,000    1,200,622 
Olean,                 
GO Notes, RAN    4.00    8/14/08    1,800,000    1,801,275 
Orangetown,                 
GO Notes, BAN    4.00    10/3/08    1,100,000    1,103,061 
Otsego County Industrial                 
Development Agency, Civic                 
Facility Revenue (Noonan                 
Community Service Corporation                 
Project) (LOC; FHLB)    2.20    4/7/08    1,235,000 a    1,235,000 

Patchogue-Medford Union Free                 
School District, GO Notes, TAN    4.25    6/27/08    1,950,000    1,951,336 
Patchogue-Medford Union Free                 
School District, GO Notes, TAN    4.50    6/27/08    3,900,000    3,904,902 
Port Authority of New York and New                 
Jersey, Equipment Notes    2.27    4/7/08    4,000,000 a    4,000,000 
Putnam County Industrial                 
Development Agency, Civic                 
Facility Revenue (United                 
Cerebral Palsy of Putnam and                 
Southern Dutchess Project)                 
(LOC; Commerce Bank N.A.)    2.26    4/7/08    8,025,000 a    8,025,000 
Rensselaer County Industrial                 
Development Agency, Civic                 
Facility Revenue (The Sage                 
Colleges Project) (LOC; M&T                 
Bank)    2.29    4/7/08    2,300,000 a    2,300,000 
Rensselaer Industrial Development                 
Agency, Senior Housing Revenue                 
(Brunswick Senior Housing                 
Project) (LOC; FHLB)    1.03    4/1/08    2,490,000 a    2,490,000 
Rockland County Industrial                 
Development Agency, Civic                 
Facility Revenue (Dominican                 
College of Blauvelt Project)                 
(LOC; Commerce Bank N.A.)    2.30    4/7/08    6,340,000 a    6,340,000 
Rockland County Industrial                 
Development Agency, IDR                 
(Intercos America, Inc.                 
Project) (LOC; HSBC Bank USA)    2.40    4/7/08    3,600,000 a    3,600,000 
Saint Lawrence County Industrial                 
Development Agency, Civic                 
Facility Revenue                 
(Canton-Potsdam Hospital                 
Project) (LOC; Key Bank)    2.22    4/7/08    10,605,000 a    10,605,000 
Salamanca City Central School                 
District, GO Notes, BAN    4.00    9/26/08    1,300,000    1,305,419 
Scio Central School District,                 
GO Notes, BAN    4.00    6/30/08    1,500,000    1,502,825 
Tobacco Settlement Financing                 
Corporation of New York,                 
Asset-Backed Revenue Bonds                 
(State Contingency Contract                 
Secured)    5.00    6/1/08    1,285,000    1,289,911 
Tompkins County Industrial                 
Development Agency, Civic                 
Facility Revenue (Cornell                 
University Project) (LOC;                 
JPMorgan Chase Bank)    1.70    4/7/08    5,630,000 a    5,630,000 
Tompkins County Industrial                 
Development Agency, Civic                 
Facility Revenue (Cortland                 
College) (LOC; HSBC Bank USA)    2.30    4/7/08    3,945,000 a    3,945,000 
Triborough Bridge and Tunnel                 

Authority, General Purpose                 
Revenue (Insured; AMBAC and                 
Liquidity Facility; State                 
Street Bank and Trust Co.)    3.50    4/7/08    8,500,000 a    8,500,000 
Watervliet City School District,                 
GO Notes, BAN    4.00    6/30/08    2,000,000    2,000,955 
Westchester County Industrial                 
Development Agency, Civic                 
Facility Revenue (Northern                 
Westchester Hospital                 
Association Civic Facility)                 
(LOC; Commerce Bank N.A.)    2.24    4/7/08    6,900,000 a    6,900,000 
 
U.S. Related--1.7%                 
Puerto Rico Aqueduct and Sewer                 
Authority, Revenue (Liquidity                 
Facility; Citibank NA and LOC;                 
Citibank NA)    2.27    4/7/08    2,000,000 a,b    2,000,000 
Puerto Rico Industrial Tourist                 
Educational Medical and                 
Environmental Control                 
Facilities Financing                 
Authority, Environmental                 
Control Facilities Revenue                 
(Bristol-Myers Squibb Company                 
Project)    2.26    4/7/08    4,400,000 a    4,400,000 
 
 
Total Investments (cost $373,097,972)            99.6%    373,097,972 
Cash and Receivables (Net)            .4%    1,614,882 
Net Assets            100.0%    374,712,854 

a    Securities payable on demand. Variable interest rate--subject to periodic change. 
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 March 31, 2008, these securities 
    amounted to $65,115,000 or 17.4% of net assets. 

  For Federal tax purposes, the fund's approximate tax cost is equal to book cost.
  Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual and semi-annual
reports previously filed with the Securities and Exchange Commission on Form N-CSR.
Summary of Abbreviations         
ACA    American Capital Access    AGC    ACE Guaranty Corporation 
AGIC    Asset Guaranty Insurance Company    AMBAC    American Municipal Bond Assurance Corporation 
ARRN    Adjustable Rate Receipt Notes    BAN    Bond Anticipation Notes 
BIGI    Bond Investors Guaranty Insurance    BPA    Bond Purchase Agreement 
CGIC    Capital Guaranty Insurance Company    CIC    Continental Insurance Company 
CIFG    CDC Ixis Financial Guaranty    CMAC    Capital Market Assurance Corporation 

COP    Certificate of Participation    CP    Commercial Paper 
EDR    Economic Development Revenue    EIR    Environmental Improvement Revenue 
FGIC    Financial Guaranty Insurance Company    FHA    Federal Housing Administration 
FHLB    Federal Home Loan Bank    FHLMC    Federal Home Loan Mortgage Corporation 
FNMA    Federal National Mortgage Association    FSA    Financial Security Assurance 
GAN    Grant Anticipation Notes    GIC    Guaranteed Investment Contract 
GNMA    Government National Mortgage Association    GO    General Obligation 
HR    Hospital Revenue    IDB    Industrial Development Board 
IDC    Industrial Development Corporation    IDR    Industrial Development Revenue 
LOC    Letter of Credit    LOR    Limited Obligation Revenue 
LR    Lease Revenue    MBIA    Municipal Bond Investors Assurance Insurance 
            Corporation 
MFHR    Multi-Family Housing Revenue    MFMR    Multi-Family Mortgage Revenue 
PCR    Pollution Control Revenue    PILOT    Payment in Lieu of Taxes 
RAC    Revenue Anticipation Certificates    RAN    Revenue Anticipation Notes 
RAW    Revenue Anticipation Warrants    RRR    Resources Recovery Revenue 
SAAN    State Aid Anticipation Notes    SBPA    Standby Bond Purchase Agreement 
SFHR    Single Family Housing Revenue    SFMR    Single Family Mortgage Revenue 
SONYMA    State of New York Mortgage Agency    SWDR    Solid Waste Disposal Revenue 
TAN    Tax Anticipation Notes    TAW    Tax Anticipation Warrants 
TRAN    Tax and Revenue Anticipation Notes    XLCA    XL Capital Assurance 

  Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

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

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 Tax-Free Municipal Funds
By:    /s/ J. David Officer 
    J. David Officer 
    President 
 
Date:    May 22, 2008 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:    /s/ J. David Officer 
    J. David Officer 
    President 
 
Date:    May 22, 2008 
 
By:    /s/ James Windels 
    James Windels 
    Treasurer 
 
Date:    May 22, 2008 

EXHIBIT INDEX

(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)