N-Q 1 form.htm QUARTERLY SCHEDULE form.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                                          811-3700

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:  09/30/09   


FORM N-Q

Item 1. Schedule of Investments.


STATEMENT OF INVESTMENTS 
Dreyfus BASIC California Municipal Money Market Fund 
September 30, 2009 (Unaudited) 

  Coupon  Maturity  Principal   
Short-Term Investments--98.0%  Rate (%)  Date  Amount ($)  Value ($) 
California--92.7%         
ABAG Finance Authority for         
       Nonprofit Corporations,         
       Revenue (Northbay Healthcare         
       Group) (LOC; JPMorgan Chase         
       Bank)   0.34             10/7/09  7,000,000 a  7,000,000 
ABAG Finance Authority for         
       Nonprofit Corporations,         
       Revenue, Refunding (Eskaton         
       Properties, Inc.) (LOC; Bank         
       of America)  0.34              10/7/09  1,600,000 a  1,600,000 
Alameda County Industrial         
       Development Authority, Revenue         
       (P.J.'s Lumber, Inc. Project)         
       (LOC; Comerica Bank)   0.70             10/7/09  2,005,000 a  2,005,000 
California,         
       Economic Recovery Bonds         
       (Insured; FSA and Liquidity         
       Facility; Dexia Credit Locale)   0.70             10/7/09  7,000,000 a  7,000,000 
California,         
       Economic Recovery Bonds         
       (Insured; FSA and Liquidity         
       Facility; Dexia Credit Locale)   0.70             10/7/09  3,900,000 a  3,900,000 
California Department of Water         
       Resources, Power Supply         
       Revenue (Insured; FSA and         
       Liquidity Facility; Dexia         
       Credit Locale)   0.45            10/7/09  4,000,000 a  4,000,000 
California Department of Water         
       Resources, Power Supply         
       Revenue (LOC; Landesbank         
       Hessen-Thuringen Girozentrale)   0.27            10/1/09  10,000,000 a  10,000,000 
California Educational Facilities         
       Authority, Revenue (University         
       of San Francisco) (LOC; Allied         


       Irish Banks)  0.40  10/7/09  2,200,000 a  2,200,000 
California Educational Facilities         
       Authority, Revenue, CP         
       (Stanford University)  0.25  1/13/10  7,100,000  7,100,000 
California Educational Facilities         
       Authority, Revenue, CP         
       (Stanford University)  0.40  2/25/10  2,100,000  2,100,000 
California Infrastructure and         
       Economic Development Bank, IDR         
       (Bonny Doon Winery, Inc.         
       Project) (LOC; Comerica Bank)  0.75  10/7/09  2,910,000 a  2,910,000 
California Infrastructure and         
       Economic Development Bank, IDR         
       (Starter and Alternator         
       Exchange, Inc. Project) (LOC;         
       California State Teachers         
       Retirement System)  0.60  10/7/09  1,100,000 a  1,100,000 
California Pollution Control         
       Financing Authority, SWDR         
       (Blue Line Transfer Inc.         
       Project) (LOC; Union Bank of         
       California)  0.50  10/7/09   700,000 a  700,000 
California Pollution Control         
       Financing Authority, SWDR         
       (GreenWaste Recovery, Inc.         
       Project) (LOC; Comerica Bank)  0.60  10/7/09  2,400,000 a  2,400,000 
California Pollution Control         
       Financing Authority, SWDR         
       (Metropolitan Recycling Inc.)         
       (LOC; Comerica Bank)  0.60  10/7/09  2,695,000 a  2,695,000 
California Pollution Control         
       Financing Authority, SWDR         
       (Metropolitan Recycling Inc.)         
       (LOC; Comerica Bank)  0.60  10/7/09   495,000 a  495,000 
California Pollution Control         
       Financing Authority, SWDR         
       (Northern Recycling and Waste         
       Services, LLC Project) (LOC;         
       Union Bank of California)  0.50  10/7/09  3,030,000 a  3,030,000 
California Pollution Control         
       Financing Authority, SWDR         
       (Pena's Disposal, Inc.         
       Project) (LOC; Comerica Bank)  0.60  10/7/09  2,325,000 a  2,325,000 


California Pollution Control         
       Financing Authority, SWDR         
       (South Tahoe Refuse Company         
       Project) (LOC; Union Bank of         
       California)  0.50  10/7/09  5,540,000 a  5,540,000 
California Pollution Control         
       Financing Authority, SWDR         
       (Sunset Waste Paper, Inc.         
       Project) (LOC; Comerica Bank)  0.60  10/7/09  3,800,000 a  3,800,000 
California Pollution Control         
       Financing Authority, SWDR         
       (Valley Vista Services, Inc.         
       Project) (LOC; Comerica Bank)  0.60  10/7/09  2,000,000 a  2,000,000 
California Statewide Communities         
       Development Authority, Revenue         
       (Rady Children's Hospital -         
       San Diego) (LOC; Bank of the         
       West)  0.30  10/1/09  4,750,000 a  4,750,000 
California Statewide Communities         
       Development Authority,         
       Revenue, CP (Kaiser Permanente)  0.37  12/10/09  7,000,000  7,000,000 
California Statewide Communities         
       Development Authority,         
       Revenue, Refunding (University         
       Retirement Community at Davis         
       Project) (LOC; Bank of America)  0.27  10/1/09  5,000,000 a  5,000,000 
Deutsche Bank Spears/Lifers Trust         
       (Anaheim Redevelopment Agency,         
       Tax Allocation Revenue,         
       Refunding (Anaheim Merged         
       Redevelopment Project Area))         
       (Liquidity Facility; Deutsche         
       Bank AG and LOC; Deutsche Bank         
       AG)  0.32  10/7/09  5,200,000 a,b  5,200,000 
Eastern Municipal Water District,         
       Water and Sewer Revenue, COP         
       (Installment Sale Agreement         
       with Eastern Municipal Water         
       District Facilities         
       Corporation) (Liquidity         
       Facility; Citibank NA)  0.36  10/7/09  3,000,000 a,b  3,000,000 
Fremont Public Financing         
       Authority, COP (Financing         


       Project) (LOC; Allied Irish         
       Banks)  0.40  10/7/09  13,800,000 a  13,800,000 
Fresno,         
       Sewer System Revenue (Insured;         
       Assured Guaranty and Liquidity         
       Facility; Citibank NA)  0.60  10/7/09   4,000,000 a,b  4,000,000 
Golden State Tobacco         
       Securitization Corporation,         
       Enhanced Tobacco Settlement         
       Asset-Backed Bonds  5.38  6/1/10   1,000,000 c  1,032,758 
Golden State Tobacco         
       Securitization Corporation,         
       Enhanced Tobacco Settlement         
       Asset-Backed Bonds (Insured;         
       Berkshire Hathaway Assurance         
       Corporation and Liquidity         
       Facility; Citibank NA)  0.38  10/7/09   5,505,000 a,b  5,505,000 
Kern County,         
       GO Notes, TRAN  2.50  6/30/10   6,200,000  6,278,182 
Los Angeles Department of Water         
       and Power, Power System Revenue  5.00  7/1/10  800,000  826,299 
Los Angeles Municipal Improvement         
       Corporation, LR, CP (LOC; Bank         
       of America)  0.40  10/14/09   1,000,000  1,000,000 
Los Angeles Municipal Improvement         
       Corporation, LR, CP (LOC; Bank         
       of America)  0.40  11/18/09   2,500,000  2,500,000 
Puttable Floating Option Tax         
       Exempt Receipts (California         
       Statewide Communities         
       Development Authority, MFHR         
       (La Mision Village Apartments         
       Project)) (Liquidity Facility;         
       FHLMC and LOC; FHLMC)  0.62  10/7/09   2,250,000 a,b  2,250,000 
Richmond,         
       Wastewater Revenue, Refunding         
       (LOC; Union Bank of California)  0.40  10/7/09  755,000 a  755,000 
Southern California Public Power         
       Authority, Transmission         
       Project Revenue, Refunding         
       (Southern Transmission         
       Project) (Insured; FSA and         
       Liquidity Facility;         


       Westdeutsche Landesbank)  0.40  10/7/09  1,815,000 a  1,815,000 
University of California,         
       Revenue, CP  0.35  10/14/09  3,000,000  3,000,000 
Victorville Joint Powers Financing         
       Authority, LR (Cogeneration         
       Facility Project) (LOC; Fortis         
       Bank)  0.85  10/7/09  9,770,000 a  9,770,000 
Wells Fargo Stage Trust         
       (City and County of San         
       Francisco, COP (Multiple         
       Capital Improvement Projects))         
       (Liquidity Facility; Wells         
       Fargo Bank and LOC; Wells         
       Fargo Bank)  0.30  10/7/09  2,000,000 a,b  2,000,000 
Wells Fargo Stage Trust         
       (San Diego Public Facilities         
       Financing Authority, Senior         
       Sewer Revenue) (Liquidity         
       Facility; Wells Fargo Bank and         
       LOC; Wells Fargo Bank)  0.30  10/7/09  8,000,000 a,b  8,000,000 
West Covina Public Financing         
       Authority, LR, Refunding         
       (Public Facilities Project)         
       (LOC; California State         
       Teachers Retirement System)  0.37  10/7/09  2,540,000 a  2,540,000 
 
U.S. Related--5.3%         
Puerto Rico Sales Tax Financing         
       Corporation, Sales Tax Revenue         
       (Liquidity Facility; Citibank         
       NA)  0.37  10/7/09  5,000,000 a,b  5,000,000 
Puttable Floating Option Tax         
       Exempt Receipts (Puerto Rico         
       Highways and Transportation         
       Authority, Highway Revenue)         
       (Liquidity Facility; Dexia         
       Credit Locale and LOC; Dexia         
       Credit Locale)  1.29  10/7/09  4,460,000 a,b  4,460,000 
 
 
Total Investments (cost $173,382,239)      98.0%  173,382,239 
Cash and Receivables (Net)      2.0%  3,451,220 


Net Assets  100.0%  176,833,459 

a      Variable rate demand note - rate shown is the interest rate in effect at September 30, 2009. Maturity date represents the next demand date, or the ultimate maturity date if earlier.
b      Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2009, these securities amounted to $39,415,000 or 22.3% of net assets.
c      This security is prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.

At September 30, 2009, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

Summary of Abbreviations     
ABAG  Association Of Bay Area Governments  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 Markets Assurance Corporation  COP  Certificate of Participation 
CP  Commercial Paper  EDR  Economic Development Revenue 
EIR  Environmental Improvement Revenue  FGIC  Financial Guaranty Insurance Company 
FHA  Federal Housing Administration  FHLB  Federal Home Loan Bank 
FHLMC  Federal Home Loan Mortgage Corporation  FNMA  Federal National Mortgage Association 
FSA  Financial Security Assurance  GAN  Grant Anticipation Notes 
GIC  Guaranteed Investment Contract  GNMA  Government National Mortgage Association 
GO  General Obligation  HR  Hospital Revenue 


IDB  Industrial Development Board  IDC  Industrial Development Corporation 
IDR  Industrial Development Revenue  LOC  Letter of Credit 
LOR  Limited Obligation Revenue  LR  Lease Revenue 
MFHR  Multi-Family Housing Revenue  MFMR  Multi-Family Mortgage Revenue 
PCR  Pollution Control Revenue  PILOT  Payment in Lieu of Taxes 
RAC  Revenue Anticipation Certificates  RAN  Revenue Anticipation Notes 
RAW  Revenue Anticipation Warrants  RRR  Resources Recovery Revenue 
SAAN  State Aid Anticipation Notes  SBPA  Standby Bond Purchase Agreement 
SFHR  Single Family Housing Revenue  SFMR  Single Family Mortgage Revenue 
SONYMA  State of New York Mortgage Agency  SWDR  Solid Waste Disposal Revenue 
TAN  Tax Anticipation Notes  TAW  Tax Anticipation Warrants 
TRAN  Tax and Revenue Anticipation Notes  XLCA  XL Capital Assurance 


Various inputs are used in determining the value of the fund's investments relating to 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 investments, 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. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment 
Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained 
from a quoted price in an active market, such securities are reflected as Level 2. 
The following is a summary of the inputs used as of September 30, 2009 in valuing the fund's investments: 

Valuation Inputs  Investments in Securities ($) 
Level 1 - Quoted Prices  - 
Level 2 - Other Significant Observable Inputs  173,382,239 
Level 3 - Significant Unobservable Inputs  - 
Total  173,382,239 


The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) has become the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The Codification has superseded all existing non-SEC accounting and reporting standards. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

It is the portfolio’s policy to maintain a continuous net asset value per share of $1.00; the portfolio has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so.

There is no assurance, however, that the portfolio will be able to maintain a stable net asset value per share of $1.00.

Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 of the Act, which has been determined by the Board of Trustees to represent the fair value of the portfolio’s investments.

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 BASIC Massachusetts Municipal Money Market Fund 
September 30, 2009 (Unaudited) 

  Coupon  Maturity  Principal   
Short-Term Investments--100.1%  Rate (%)  Date  Amount ($)  Value ($) 
Florida--.1%         
Alachua County Health Facilities         
       Authority, Continuing Care         
       Retirement Community Revenue         
       (Oak Hammock at the University         
       of Florida Project) (LOC; Bank         
       of Scotland)   0.43  10/1/09  100,000 a  100,000 
 
Massachusetts--96.4%         
Andover,         
       GO Notes, BAN   1.00 3/25/10  4,166,500  4,173,432 
Boston,         
       GO Notes   2.25 2/1/10  530,000  532,636 
Manchester Essex Regional School         
       District, GO Notes, BAN   1.75  10/30/09  2,750,000  2,752,831 
Massachusetts,         
       Consolidated Loan (Liquidity         
       Facility; Dexia Credit Locale)   0.42  10/1/09  2,700,000 a  2,700,000 
Massachusetts Development Finance         
       Agency, Higher Education         
       Revenue, Refunding (Smith         
       College Issue)   0.35 10/7/09  4,900,000 a  4,900,000 
Massachusetts Development Finance         
       Agency, Multi-Mode Revenue         
       (Worcester Academy Project)         
       (LOC; Allied Irish Banks)   0.32 10/7/09  300,000 a  300,000 
Massachusetts Development Finance         
       Agency, Revenue (Beaver         
       Country Day School Issue)         
       (LOC; Allied Irish Banks)   0.65 10/7/09  4,400,000 a  4,400,000 
Massachusetts Development Finance         
       Agency, Revenue (Boston         
       University Issue) (LOC; Allied         
       Irish Banks)   0.27 10/1/09  1,400,000 a  1,400,000 


Massachusetts Development Finance         
       Agency, Revenue (Boston         
       University Issue) (LOC; BNP         
       Paribas)  0.25  10/7/09  5,000,000 a  5,000,000 
Massachusetts Development Finance         
       Agency, Revenue (Exploration         
       School, Inc. Issue) (LOC; TD         
       Bank)  0.32  10/7/09  2,590,000 a  2,590,000 
Massachusetts Development Finance         
       Agency, Revenue (Fay School         
       Issue) (LOC; TD Bank)  0.32  10/7/09  3,800,000 a  3,800,000 
Massachusetts Development Finance         
       Agency, Revenue (Harvard         
       University Issue)  0.35  10/7/09  4,500,000 a  4,500,000 
Massachusetts Development Finance         
       Agency, Revenue (Justice         
       Resource Institute Issue)         
       (LOC; Bank of America)  0.31  10/7/09  2,000,000 a  2,000,000 
Massachusetts Development Finance         
       Agency, Revenue (Saint         
       Peter-Marian Issue) (LOC; Bank         
       of America)  0.35  10/7/09  1,010,000 a  1,010,000 
Massachusetts Development Finance         
       Agency, Revenue (Worcester         
       Academy Issue) (LOC; Allied         
       Irish Banks)  0.57  10/7/09  1,200,000 a  1,200,000 
Massachusetts Health and         
       Educational Facilities         
       Authority, Revenue (Amherst         
       College Issue)  0.27  10/1/09  1,100,000 a  1,100,000 
Massachusetts Health and         
       Educational Facilities         
       Authority, Revenue (Baystate         
       Medical Center Issue) (LOC;         
       JPMorgan Chase Bank)  0.27  10/7/09  1,000,000 a  1,000,000 
Massachusetts Health and         
       Educational Facilities         
       Authority, Revenue (Bentley         
       College Issue) (LOC; JPMorgan         
       Chase Bank)  0.23  10/7/09  5,400,000 a  5,400,000 
Massachusetts Health and         
       Educational Facilities         
       Authority, Revenue (Great         


       Brook Valley Health Center         
       Issue) (LOC; TD Bank)  0.32  10/7/09  2,425,000 a  2,425,000 
Massachusetts Health and         
       Educational Facilities         
       Authority, Revenue         
       (Northeastern University         
       Issue) (LOC; JPMorgan Chase         
       Bank)  0.27  10/1/09  1,000,000 a  1,000,000 
Massachusetts Health and         
       Educational Facilities         
       Authority, Revenue (Partners         
       HealthCare System Issue) (LOC;         
       Citibank NA)  0.35  10/7/09  4,000,000 a  4,000,000 
Massachusetts Health and         
       Educational Facilities         
       Authority, Revenue (Peabody         
       Essex Museum Issue) (LOC; Bank         
       of America)  0.32  10/7/09  3,235,000 a  3,235,000 
Massachusetts Health and         
       Educational Facilities         
       Authority, Revenue (Tufts         
       University Issue)  0.27  10/1/09  4,300,000 a  4,300,000 
Massachusetts Health and         
       Educational Facilities         
       Authority, Revenue (Wellesley         
       College Issue)  0.25  10/1/09  500,000 a  500,000 
Massachusetts Health and         
       Educational Facilities         
       Authority, Revenue (Wellesley         
       College Issue)  0.23  10/7/09  3,675,000 a  3,675,000 
Massachusetts Health and         
       Educational Facilities         
       Authority, Revenue (Williams         
       College Issue)  0.17  10/7/09  1,467,000 a  1,467,000 
Massachusetts Health and         
       Educational Facilities         
       Authority, Revenue (Williams         
       College Issue)  0.35  10/7/09  3,393,000 a  3,393,000 
Massachusetts Health and         
       Educational Facilities         
       Authority, Revenue (Williams         
       College Issue)  0.53  4/7/10  500,000  500,000 
Massachusetts Housing Finance         


       Agency, Housing Revenue         
       (Insured; FSA and Liquidity         
       Facility; Dexia Credit Locale)  0.30  10/7/09  6,900,000 a  6,900,000 
Massachusetts Industrial Finance         
       Agency, IDR, Refunding (Nova         
       Realty Trust) (LOC; Bank of         
       America)  0.39  10/7/09  3,000,000 a  3,000,000 
Massachusetts Water Resources         
       Authority, Multi-Modal         
       Subordinated General Revenue         
       (LOC; Landesbank         
       Hessen-Thuringen Girozentrale)  0.31  10/7/09  200,000 a  200,000 
Massachusetts Water Resources         
       Authority, Multi-Modal         
       Subordinated General Revenue,         
       Refunding (LOC; Landesbank         
       Baden-Wurttemberg)  0.25  10/1/09  3,950,000 a  3,950,000 
Massachusetts Water Resources         
       Authority, Multi-Modal         
       Subordinated General Revenue,         
       Refunding (LOC; Landesbank         
       Hessen-Thuringen Girozentrale)  0.33  10/1/09  5,290,000 a  5,290,000 
Rockport,         
       GO Notes, BAN  1.00  6/25/10  4,450,542  4,468,040 
Somerville,         
       GO Notes, BAN  2.00  12/18/09  4,400,000  4,407,146 
Wellesley,         
       GO Notes (Municipal Purpose         
       Loan)  3.00  6/1/10  1,611,000  1,637,911 
 
North Carolina--3.6%         
North Carolina Educational         
       Facilities Finance Agency,         
       Revenue (Johnson C. Smith         
       University) (LOC; Wells Fargo         
       Bank)  0.39  10/7/09  3,800,000 a  3,800,000 
 
 
Total Investments (cost $107,006,996)      100.1%  107,006,996 
Liabilities, Less Cash and Receivables      (.1%)            (148,224) 
Net Assets      100.0%  106,858,772 


a      Variable rate demand note - rate shown is the interest rate in effect at September 30, 2009. Maturity date represents the next demand date, or the ultimate maturity date if earlier.

At September 30, 2009, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

Summary of Abbreviations     
ABAG  Association Of Bay Area Governments  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 Markets Assurance Corporation  COP  Certificate of Participation 
CP  Commercial Paper  EDR  Economic Development Revenue 
EIR  Environmental Improvement Revenue  FGIC  Financial Guaranty Insurance Company 
FHA  Federal Housing Administration  FHLB  Federal Home Loan Bank 
FHLMC  Federal Home Loan Mortgage Corporation  FNMA  Federal National Mortgage Association 
FSA  Financial Security Assurance  GAN  Grant Anticipation Notes 
GIC  Guaranteed Investment Contract  GNMA  Government National Mortgage Association 
GO  General Obligation  HR  Hospital Revenue 
IDB  Industrial Development Board  IDC  Industrial Development Corporation 
IDR  Industrial Development Revenue  LOC  Letter of Credit 
LOR  Limited Obligation Revenue  LR  Lease Revenue 
MFHR  Multi-Family Housing Revenue  MFMR  Multi-Family Mortgage Revenue 


PCR  Pollution Control Revenue  PILOT  Payment in Lieu of Taxes 
RAC  Revenue Anticipation Certificates  RAN  Revenue Anticipation Notes 
RAW  Revenue Anticipation Warrants  RRR  Resources Recovery Revenue 
SAAN  State Aid Anticipation Notes  SBPA  Standby Bond Purchase Agreement 
SFHR  Single Family Housing Revenue  SFMR  Single Family Mortgage Revenue 
SONYMA  State of New York Mortgage Agency  SWDR  Solid Waste Disposal Revenue 
TAN  Tax Anticipation Notes  TAW  Tax Anticipation Warrants 
TRAN  Tax and Revenue Anticipation Notes  XLCA  XL Capital Assurance 


Various inputs are used in determining the value of the fund's investments relating to 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 investments, 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. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment 
Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained 
from a quoted price in an active market, such securities are reflected as Level 2. 
The following is a summary of the inputs used as of September 30, 2009 in valuing the fund's investments: 

Valuation Inputs  Investments in Securities ($) 
Level 1 - Quoted Prices  - 
Level 2 - Other Significant Observable Inputs  107,006,996 
Level 3 - Significant Unobservable Inputs  - 
Total  107,006,996 


The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) has become the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The Codification has superseded all existing non-SEC accounting and reporting standards. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

It is the portfolio’s policy to maintain a continuous net asset value per share of $1.00; the portfolio has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that the portfolio will be able to maintain a stable net asset value per share of $1.00.

Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 of the Act, which has been determined by the Board of Trustees to represent the fair value of the portfolio’s investments.

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 BASIC New York Municipal Money Market Fund 
September 30, 2009 (Unaudited) 

  Coupon  Maturity  Principal   
Short-Term Investments--99.6%  Rate (%)  Date  Amount ($)  Value ($) 
New York--97.6%         
Albany County Airport Authority,         
       Airport Revenue, Refunding         
       (LOC; Bank of America)   0.47  10/7/09         4,300,000 a  4,300,000 
Albany Housing Authority,         
       Revenue (Nutgrove Garden         
       Apartments Project) (LOC;         
       Citizens Bank of Massachusetts)   2.20  10/7/09         1,445,000 a  1,445,000 
Albany Industrial Development         
       Agency, Civic Facility Revenue         
       (Corning Preserve/Hudson         
       Riverfront Development         
       Project) (LOC; Key Bank)   2.15 10/7/09         1,245,000 a  1,245,000 
Amherst Industrial Development         
       Agency, Multi-Mode Civic         
       Facility Revenue (Daemen         
       College Project) (LOC;         
       Wachovia Bank)   0.34 10/7/09         5,900,000 a  5,900,000 
Broome County Industrial         
       Development Agency, IDR         
       (Parlor City Paper Box         
       Company, Inc. Facility) (LOC;         
       U.S. Bank NA)   0.55 10/7/09         3,055,000 a  3,055,000 
Dutchess County Industrial         
       Development Agency, Civic         
       Facility Revenue, Refunding         
       (Lutheran Center at         
       Poughkeepsie, Inc. Project)         
       (LOC; Key Bank)   2.15  10/7/09         1,800,000 a  1,800,000 
East Rochester Housing Authority,         
       Housing Revenue (Park Ridge         
       Nursing Home, Inc. Project)         
       (LOC; JPMorgan Chase Bank)   0.37  10/7/09         4,375,000 a  4,375,000 
Eastchester Union Free School         
       District, GO Notes, TAN   1.00  12/23/09         1,400,000  1,401,588 


Edgemont Union Free School         
       District, GO Notes, TAN  1.00  1/15/10   1,400,000  1,402,206 
Erie County Industrial Development         
       Agency, IDR (Luminescent         
       System, Inc. Project) (LOC;         
       HSBC Bank USA)  0.46  10/7/09   3,295,000 a  3,295,000 
Fishkill,         
       GO Notes, BAN  2.00  4/30/10   1,140,000 b  1,146,578 
Fort Ann,         
       GO Notes, BAN  2.75  8/27/10   1,237,000  1,244,079 
Hamburg Central School District,         
       GO Notes, RAN  1.50  11/18/09   1,200,000  1,200,779 
Lancaster Industrial Development         
       Agency, IDR (Jiffy-Tite         
       Company, Inc. Project) (LOC;         
       Key Bank)  1.60  10/7/09   1,010,000 a  1,010,000 
Long Island Power Authority,         
       Electric System General         
       Revenue (Insured; FSA and         
       Liquidity Facility; Dexia         
       Credit Locale)  0.30  10/7/09  10,225,000 a  10,225,000 
Long Island Power Authority,         
       Electric System General         
       Revenue (Insured; FSA and         
       Liquidity Facility; Dexia         
       Credit Locale)  0.30  10/7/09   2,000,000 a  2,000,000 
Long Island Power Authority,         
       Electric System Subordinated         
       Revenue (LOC; Bayerische         
       Landesbank)  0.32  10/1/09   7,000,000 a  7,000,000 
Long Island Power Authority,         
       Electric System Subordinated         
       Revenue (LOC; Westdeutsche         
       Landesbank)  0.29  10/1/09  10,000,000 a  10,000,000 
Metropolitan Transportation         
       Authority, Dedicated Tax Fund         
       Revenue (Insured; FSA and         
       Liquidity Facility; Dexia         
       Credit Locale)  0.60  10/7/09  17,600,000 a  17,600,000 
Metropolitan Transportation         
       Authority, RAN  2.00  12/31/09  15,000,000  15,059,856 
Metropolitan Transportation         


       Authority, Transportation         
       Revenue (LOC; Fortis Bank)  0.38  10/7/09  13,400,000 a  13,400,000 
Metropolitan Transportation         
       Authority, Transportation         
       Revenue, Refunding (Insured;         
       FSA and Liquidity Facility;         
       Dexia Credit Locale)  0.40  10/7/09  1,000,000 a  1,000,000 
Monroe County Industrial         
       Development Agency, Civic         
       Facility Revenue (YMCA of         
       Greater Rochester Project)         
       (LOC; M&T Bank)  0.45  10/7/09  2,400,000 a  2,400,000 
Monroe County Industrial         
       Development Agency, Civic         
       Facility Revenue (YMCA of         
       Greater Rochester Project)         
       (LOC; M&T Bank)  0.45  10/7/09  5,150,000 a  5,150,000 
Monroe County Industrial         
       Development Agency, IDR         
       (Mercury Print Productions,         
       Inc. Facility) (LOC; M&T Bank)  2.00  10/7/09  165,000 a  165,000 
Nassau County Industrial         
       Development Agency, Civic         
       Facility Revenue (North Shore         
       Hebrew Academy High School         
       Project) (LOC; Comerica Bank)  0.80  10/7/09  4,580,000 a  4,580,000 
Nassau County Industrial         
       Development Agency, Revenue         
       (Rockville Centre Housing         
       Project) (LOC; M&T Bank)  0.50  10/7/09  8,000,000 a  8,000,000 
New Rochelle City School District,         
       GO Notes, TAN  1.50  12/4/09   1,900,000  1,903,708 
New York City,         
       GO Notes (Liquidity Facility;         
       Landesbank Hessen-Thuringen         
       Girozentrale)  0.32  10/1/09  11,900,000 a  11,900,000 
New York City,         
       GO Notes (LOC; Bank of America)  0.35  10/7/09  7,950,000 a  7,950,000 
New York City Industrial         
       Development Agency, Civic         
       Facility Revenue (Abraham         
       Joshua Heschel High School         
       Project) (LOC; Allied Irish         


       Banks)  0.52  10/7/09  5,055,000 a  5,055,000 
New York City Industrial         
       Development Agency, Civic         
       Facility Revenue (Columbia         
       Grammar and Preparatory School         
       Project) (LOC; Allied Irish         
       Banks)  0.60  10/7/09  4,500,000 a  4,500,000 
New York City Industrial         
       Development Agency, Civic         
       Facility Revenue (Hewitt         
       School Project) (LOC; Allied         
       Irish Banks)  0.60  10/7/09  11,930,000 a  11,930,000 
New York City Industrial         
       Development Agency, Civic         
       Facility Revenue         
       (Spence-Chapin, Services to         
       Families and Children Project)         
       (LOC; Allied Irish Banks)  0.60  10/7/09  3,850,000 a  3,850,000 
New York City Industrial         
       Development Agency, Civic         
       Facility Revenue (The         
       Allen-Stevenson School         
       Project) (LOC; Allied Irish         
       Banks)  0.60  10/7/09  2,905,000 a  2,905,000 
New York City Industrial         
       Development Agency, Civic         
       Facility Revenue, Refunding         
       (Federation of Protestant         
       Welfare Agencies, Inc.         
       Project) (LOC; Allied Irish         
       Banks)  0.60  10/7/09  2,755,000 a  2,755,000 
New York City Industrial         
       Development Agency, IDR         
       (Novelty Crystal Corporation         
       Project) (LOC; Commerce Bank         
       NA)  0.60  10/7/09  3,475,000 a  3,475,000 
New York City Industrial         
       Development Agency, IDR         
       (Super-Tek Products, Inc.         
       Project) (LOC; Citibank NA)  0.60  10/7/09  4,890,000 a  4,890,000 
New York City Industrial         
       Development Agency, Special         
       Facility Revenue (Air Express         


       International Corporation         
       Project) (LOC; Citibank NA)  0.35  10/7/09  5,000,000 a  5,000,000 
New York City Municipal Water         
       Finance Authority, CP         
       (Liquidity Facility:         
       Bayerische Landesbank and         
       Westdeutsche Landesbank)  0.40  10/6/09  4,000,000  4,000,000 
New York City Municipal Water         
       Finance Authority, CP         
       (Liquidity Facility; JPMorgan         
       Chase Bank)  0.35  10/5/09  6,900,000  6,900,000 
New York City Municipal Water         
       Finance Authority, Water and         
       Sewer System Second General         
       Resolution Revenue (Liquidity         
       Facility; Fortis Bank)  0.32  10/1/09  2,000,000 a  2,000,000 
New York City Transitional Finance         
       Authority, Future Tax Secured         
       Revenue  5.50  2/1/10  400,000  406,654 
New York State Dormitory         
       Authority, Consolidated         
       Service Contract Revenue,         
       Refunding  1.50  7/1/10  2,505,000  2,525,784 
New York State Dormitory         
       Authority, Revenue (Mount         
       Saint Mary College) (LOC;         
       JPMorgan Chase Bank)  0.34  10/7/09  8,700,000 a  8,700,000 
New York State Dormitory         
       Authority, Revenue (Park Ridge         
       Hospital, Inc.) (LOC; JPMorgan         
       Chase Bank)  0.37  10/7/09  5,725,000 a  5,725,000 
New York State Housing Finance         
       Agency, Housing Revenue         
       (Baisley Park Gardens) (LOC;         
       Citibank NA)  0.29  10/7/09  4,700,000 a  4,700,000 
New York State Housing Finance         
       Agency, Housing Revenue         
       (Gateway to New Cassel         
       Project) (LOC; JPMorgan Chase         
       Bank)  0.30  10/7/09  4,800,000 a  4,800,000 
New York State Thruway Authority,         
       Highway and Bridge Trust Fund         
       Revenue  5.25  4/1/10  1,000,000  1,024,257 


New York State Thruway Authority,         
       Second General Highway and         
       Bridge Trust Fund Revenue  3.15  4/1/10   1,500,000  1,520,973 
New York State Thruway Authority,         
       Second General Highway and         
       Bridge Trust Fund Revenue  5.00  4/1/10  725,000  740,791 
Newburgh Industrial Development         
       Agency, Civic Facility Revenue         
       (Community Development         
       Properties Dubois Street II,         
       Inc. Project) (LOC; Key Bank)  2.15  10/7/09  10,310,000 a  10,310,000 
Ontario County Industrial         
       Development Agency, Civic         
       Facility Revenue (CHF-Finger         
       Lakes, L.L.C. Civic Facility)         
       (LOC; RBS Citizens NA)  1.60  10/7/09   1,025,000 a  1,025,000 
Otsego County Industrial         
       Development Agency, Civic         
       Facility Revenue (Noonan         
       Community Service Corporation         
       Project) (LOC; FHLB)  0.50  10/7/09   1,100,000 a  1,100,000 
Port Authority of New York and New         
       Jersey, Equipment Notes  0.46  10/7/09   4,000,000 a  4,000,000 
Rockland County Industrial         
       Development Agency, Civic         
       Facility Revenue (Dominican         
       College of Blauvelt Project)         
       (LOC; Commerce Bank NA)  0.30  10/7/09   6,215,000 a  6,215,000 
Rockland County Industrial         
       Development Agency, IDR         
       (Intercos America, Inc.         
       Project) (LOC; HSBC Bank USA)  0.46  10/7/09   3,400,000 a  3,400,000 
Rockland County Industrial         
       Development Authority, Revenue         
       (Northern Manor Multicare         
       Center, Inc. Project) (LOC;         
       M&T Bank)  0.50  10/7/09   2,980,000 a  2,980,000 
Saint Lawrence County Industrial         
       Development Agency, Civic         
       Facility Revenue         
       (Canton-Potsdam Hospital         
       Project) (LOC; Key Bank)  2.15  10/7/09   9,945,000 a  9,945,000 
Syracuse Industrial Development         


       Agency, Civic Facility Revenue         
       (Crouse Health Hospital, Inc.         
       Project) (LOC; Key Bank)  1.90  10/7/09  3,410,000 a  3,410,000 
Tompkins County Industrial         
       Development Agency, Civic         
       Facility Revenue (Tompkins         
       Cortland Community College         
       Foundation, Inc. Project)         
       (LOC; HSBC Bank USA)  1.50  10/7/09  3,735,000 a  3,735,000 
Valhalla Union Free School         
       District, GO Notes, TAN  1.00  2/2/10  1,000,000  1,001,204 
Westchester County Health Care         
       Corporation, CP (Liquidity         
       Facility; Landesbank         
       Hessen-Thuringen Girozentrale         
       and LOC; Westchester County)  1.65  10/6/09  5,000,000  5,000,000 
 
U.S. Related--2.0%         
Puerto Rico Industrial, Tourist,         
       Educational, Medical and         
       Environmental Control         
       Facilities Financing         
       Authority, Environmental         
       Control Facilities Revenue         
       (Bristol-Myers Squibb Company         
       Project)  0.40  10/7/09  4,400,000 a  4,400,000 
Puerto Rico Sales Tax Financing         
       Corporation, Sales Tax Revenue         
       (Liquidity Facility; Citibank         
       NA)  0.37  10/7/09  1,550,000 a,c  1,550,000 
 
 
Total Investments (cost $296,628,457)      99.6%  296,628,457 
Cash and Receivables (Net)      .4%  1,224,337 
Net Assets      100.0%  297,852,794 

a      Variable rate demand note - rate shown is the interest rate in effect at September 30, 2009. Maturity date represents the next demand date, or the ultimate maturity date if earlier.
b      Purchased on a delayed delivery basis.
c      Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2009, this security amounted to $1,550,000 or .5% of net assets.

At September 30, 2009, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

Summary of Abbreviations     
ABAG  Association Of Bay Area Governments  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 Markets Assurance Corporation  COP  Certificate of Participation 
CP  Commercial Paper  EDR  Economic Development Revenue 
EIR  Environmental Improvement Revenue  FGIC  Financial Guaranty Insurance Company 
FHA  Federal Housing Administration  FHLB  Federal Home Loan Bank 
FHLMC  Federal Home Loan Mortgage Corporation  FNMA  Federal National Mortgage Association 
FSA  Financial Security Assurance  GAN  Grant Anticipation Notes 
GIC  Guaranteed Investment Contract  GNMA  Government National Mortgage Association 
GO  General Obligation  HR  Hospital Revenue 
IDB  Industrial Development Board  IDC  Industrial Development Corporation 
IDR  Industrial Development Revenue  LOC  Letter of Credit 
LOR  Limited Obligation Revenue  LR  Lease Revenue 
MFHR  Multi-Family Housing Revenue  MFMR  Multi-Family Mortgage Revenue 
PCR  Pollution Control Revenue  PILOT  Payment in Lieu of Taxes 


RAC  Revenue Anticipation Certificates  RAN  Revenue Anticipation Notes 
RAW  Revenue Anticipation Warrants  RRR  Resources Recovery Revenue 
SAAN  State Aid Anticipation Notes  SBPA  Standby Bond Purchase Agreement 
SFHR  Single Family Housing Revenue  SFMR  Single Family Mortgage Revenue 
SONYMA  State of New York Mortgage Agency  SWDR  Solid Waste Disposal Revenue 
TAN  Tax Anticipation Notes  TAW  Tax Anticipation Warrants 
TRAN  Tax and Revenue Anticipation Notes  XLCA  XL Capital Assurance 


Various inputs are used in determining the value of the fund's investments relating to 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 investments, 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. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment 
Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained 
from a quoted price in an active market, such securities are reflected as Level 2. 
The following is a summary of the inputs used as of September 30, 2009 in valuing the fund's investments: 

Valuation Inputs  Investments in Securities ($) 
Level 1 - Quoted Prices  - 
Level 2 - Other Significant Observable Inputs  296,628,457 
Level 3 - Significant Unobservable Inputs  - 
Total  296,628,457 


The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) has become the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The Codification has superseded all existing non-SEC accounting and reporting standards. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

It is the portfolio’s policy to maintain a continuous net asset value per share of $1.00; the portfolio has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that the portfolio will be able to maintain a stable net asset value per share of $1.00.

Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 of the Act, which has been determined by the Board of Trustees to represent the fair value of the portfolio’s investments.

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.


FORM N-Q

SIGNATURES

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

The Dreyfus/Laurel Tax-Free Municipal Funds

By:  /s/ J. David Officer 
  J. David Officer 
  President 
 
Date:  November 19, 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:  November 19, 2009 
 
By:  /s/ James Windels 
  James Windels 
Treasurer
 
Date:  November 19, 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)