N-Q 1 formdltf.htm FORM N-Q formdltf.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: 6/30  
Date of reporting period: 03/31/10  



FORM N-Q

Item 1. Schedule of Investments.

-2-



STATEMENT OF INVESTMENTS
Dreyfus BASIC California Municipal Money Market Fund
March 31, 2010 (Unaudited)

  Coupon Maturity Principal  
Short-Term Investments--99.5% Rate (%) Date Amount ($) Value ($)
California--91.2%        
ABAG Finance Authority for        
Nonprofit Corporations,        
Revenue, Refunding (Eskaton        
Properties, Inc.) (LOC; Bank        
of America)  0.29 4/7/10 2,000,000 a 2,000,000
Alameda County Industrial        
Development Authority, Revenue        
(P.J.'s Lumber, Inc. Project)        
(LOC; Comerica Bank)  0.40 4/7/10 1,905,000 a 1,905,000
California Department of Water        
Resources, Power Supply        
Revenue (Insured; Assured        
Guaranty Municipal Corp. and        
Liquidity Facility; Dexia        
Credit Locale)  0.32 4/7/10 4,000,000 a 4,000,000
California Department of Water        
Resources, Power Supply        
Revenue (LOC; Bank of America)  0.27 4/1/10 1,835,000 a 1,835,000
California Department of Water        
Resources, Power Supply        
Revenue (LOC: Bayerische        
Landesbank and Westdeutsche        
Landesbank)  0.29 4/1/10 2,500,000 a 2,500,000
California Department of Water        
Resources, Water Revenue, CP        
(Liquidity Facility;        
Landesbank Hessen-Thuringen        
Girozentrale)  0.35 4/8/10 1,000,000 1,000,000
California Educational Facilities        
Authority, Revenue, CP        
(Stanford University)  0.30 11/19/10 2,100,000 2,100,000
California Enterprise Development        
Authority, IDR (Ramar        
International Corporation        



Project) (LOC; Bank of the        
West) 0.33 4/7/10 4,220,000 a 4,220,000
California Infrastructure and        
Economic Development Bank, IDR        
(Bonny Doon Winery, Inc.        
Project) (LOC; Comerica Bank) 0.55 4/7/10 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) 0.43 4/7/10 1,100,000 a 1,100,000
California Pollution Control        
Financing Authority, SWDR        
(Blue Line Transfer Inc.        
Project) (LOC; Union Bank of        
California) 0.35 4/7/10 700,000 a 700,000
California Pollution Control        
Financing Authority, SWDR        
(GreenWaste Recovery, Inc.        
Project) (LOC; Comerica Bank) 0.42 4/7/10 2,400,000 a 2,400,000
California Pollution Control        
Financing Authority, SWDR        
(Metropolitan Recycling Inc.)        
(LOC; Comerica Bank) 0.42 4/7/10 2,695,000 a 2,695,000
California Pollution Control        
Financing Authority, SWDR        
(Northern Recycling and Waste        
Services, LLC Project) (LOC;        
Union Bank of California) 0.35 4/7/10 2,930,000 a 2,930,000
California Pollution Control        
Financing Authority, SWDR        
(Pena's Disposal, Inc.        
Project) (LOC; Comerica Bank) 0.42 4/7/10 2,125,000 a 2,125,000
California Pollution Control        
Financing Authority, SWDR        
(South Tahoe Refuse Company        
Project) (LOC; Union Bank of        
California) 0.35 4/7/10 5,540,000 a 5,540,000
California Pollution Control        
Financing Authority, SWDR        
(Sunset Waste Paper, Inc.        
Project) (LOC; Comerica Bank) 0.42 4/7/10 3,400,000 a 3,400,000



California Pollution Control        
Financing Authority, SWDR        
(Valley Vista Services, Inc.        
Project) (LOC; Comerica Bank) 0.42 4/7/10 2,000,000 a 2,000,000
California Statewide Communities        
Development Authority, Revenue        
(Azusa Pacific University        
Project) (LOC; Allied Irish        
Banks) 0.50 4/7/10 3,500,000 a 3,500,000
California Statewide Communities        
Development Authority, Revenue        
(Childrens Hospital Los        
Angeles) (LOC; Bank of America) 0.28 4/1/10 1,000,000 a 1,000,000
California Statewide Communities        
Development Authority, Revenue        
(Hanuman Fellowship Project)        
(LOC; Bank of America) 0.35 4/7/10 1,750,000 a 1,750,000
California Statewide Communities        
Development Authority, Revenue        
(Rady Children's Hospital -        
San Diego) (LOC; Allied Irish        
Banks) 0.43 4/7/10 2,300,000 a 2,300,000
California Statewide Communities        
Development Authority,        
Revenue, CP (Kaiser Permanente) 0.32 5/6/10 9,000,000 9,000,000
California Statewide Communities        
Development Authority,        
Revenue, CP (Kaiser Permanente) 0.31 8/5/10 3,700,000 3,700,000
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) 0.29 4/7/10 1,000,000 a,b 1,000,000
Fremont Public Financing        
Authority, COP (Financing        
Project) (LOC; Allied Irish        
Banks) 0.45 4/7/10 7,000,000 a 7,000,000
Fresno,        
Sewer System Revenue (Insured;        
Assured Guaranty Municipal        



Corp. and Liquidity Facility;        
Citibank NA) 0.31 4/7/10 4,000,000 a,b 4,000,000
Golden State Tobacco        
Securitization Corporation,        
Enhanced Tobacco Settlement        
Asset-Backed Bonds (Insured;        
Berkshire Hathaway Assurance        
Corporation and Liquidity        
Facility; Citibank NA) 0.30 4/7/10 5,505,000 a,b 5,505,000
Golden State Tobacco        
Securitization Corporation,        
Enhanced Tobacco Settlement        
Asset-Backed Bonds        
(Prerefunded) 5.38 6/1/10 1,000,000 c 1,008,223
Kern County,        
GO Notes, TRAN 2.50 6/30/10 6,200,000 6,225,869
Long Beach,        
GO Notes, TRAN 2.50 9/30/10 1,000,000 1,009,911
Los Angeles County Capital Asset        
Leasing Corporation, LR, CP        
(LOC: Bayerische Landesbank,        
JPMorgan Chase Bank and        
Westdeutsche Landesbank) 0.38 4/26/10 10,000,000 10,000,000
Los Angeles Department of Water        
and Power, Power System Revenue 5.00 7/1/10 800,000 808,767
Puttable Floating Option Tax        
Exempt Receipts (California        
Statewide Communities        
Development Authority, MFHR        
(La Mision Village Apartments        
Project)) (Liquidity Facility;        
FHLMC and LOC; FHLMC) 0.46 4/7/10 2,250,000 a,b 2,250,000
Richmond,        
Wastewater Revenue, Refunding        
(LOC; Union Bank of California) 0.28 4/7/10 755,000 a 755,000
Riverside County Transportation        
Commission, Sales Tax Revenue        
(Liquidity Facility; JPMorgan        
Chase Bank) 0.29 4/7/10 1,000,000 a 1,000,000
Southern California Public Power        
Authority, Transmission        
Project Revenue, Refunding        
(Southern Transmission        



Project) (Insured; Assured        
Guaranty Municipal Corp. and        
Liquidity Facility;        
Westdeutsche Landesbank) 0.36 4/7/10 5,815,000 a 5,815,000
University of California Regents,        
General Revenue 5.00 5/15/10 150,000 150,776
Victorville Joint Powers Financing        
Authority, LR (Cogeneration        
Facility Project) (LOC; Fortis        
Bank) 0.58 4/7/10 9,770,000 a 9,770,000
West Covina Public Financing        
Authority, LR, Refunding        
(Public Facilities Project)        
(LOC; California State        
Teachers Retirement System) 0.32 4/7/10 2,540,000 a 2,540,000
 
U.S. Related--8.3%        
Puerto Rico Sales Tax Financing        
Corporation, Sales Tax Revenue        
(Liquidity Facility; Citibank        
NA) 0.31 4/7/10 7,000,000 a,b 7,000,000
Puttable Floating Option Tax        
Exempt Receipts (Puerto Rico        
Highways and Transportation        
Authority, Highway Revenue)        
(Liquidity Facility; Dexia        
Credit Locale and LOC; Dexia        
Credit Locale) 0.54 4/7/10 4,460,000 a,b 4,460,000
 
 
Total Investments (cost $136,908,546)     99.5% 136,908,546
Cash and Receivables (Net)     .5% 735,040
Net Assets     100.0% 137,643,586

a     

Variable rate demand note - rate shown is the interest rate in effect at March 31, 2010. 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 March 31, 2010, these securities amounted to $24,215,000 or 17.6% 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 March 31, 2010, 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 BPA Bond Purchase Agreement
CIFG CDC Ixis Financial Guaranty 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
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 - unadjusted 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 unadjusted quoted price in an active market, such securities are reflected as Level 2.
The following is a summary of the inputs used as of March 31, 2010 in valuing the fund's investments:

Valuation Inputs Short-Term Investments ($)+
Level 1 - Unadjusted Quoted Prices -
Level 2 - Other Significant Observable Inputs 136,908,546
Level 3 - Significant Unobservable Inputs -
Total 136,908,546
 
+ See Statement of Investments for additional detailed categorizations.



The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is 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 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 fund’s policy to maintain a continuous net asset value per share of $1.00; the fund has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that the fund 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 fund’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
March 31, 2010 (Unaudited)

  Coupon Maturity Principal  
Short-Term Investments--99.9% Rate (%) Date Amount ($) Value ($)
Massachusetts,        
Consolidated Loan (Liquidity        
Facility; Dexia Credit Locale)  0.36 4/1/10 2,200,000 a 2,200,000
Massachusetts,        
GO Notes (Central Artery/Ted        
Williams Tunnel Infrastructure        
Loan Act of 2000) (Liquidity        
Facility; State Street Bank        
and Trust Co.)  0.31 4/1/10 1,200,000 a 1,200,000
Massachusetts Development Finance        
Agency, Higher Education        
Revenue, Refunding (Smith        
College Issue)  0.26 4/7/10 4,500,000 a,b 4,500,000
Massachusetts Development Finance        
Agency, Multi-Mode Revenue        
(Worcester Academy Project)        
(LOC; Allied Irish Banks)  0.43 4/7/10 300,000 a,b 300,000
Massachusetts Development Finance        
Agency, Revenue (Boston        
University Issue) (LOC; Allied        
Irish Banks)  0.32 4/1/10 6,500,000 a,b 6,500,000
Massachusetts Development Finance        
Agency, Revenue (Boston        
University Issue) (LOC; BNP        
Paribas)  0.25 4/7/10 7,000,000 a,b 7,000,000
Massachusetts Development Finance        
Agency, Revenue (Exploration        
School, Inc. Issue) (LOC; TD        
Bank)  0.29 4/7/10 2,590,000 a,b 2,590,000
Massachusetts Development Finance        
Agency, Revenue (Fay School        
Issue) (LOC; TD Bank)  0.29 4/7/10 3,800,000 a,b 3,800,000
Massachusetts Development Finance        
Agency, Revenue (Harvard        
University Issue)  0.26 4/7/10 4,500,000 a,b 4,500,000



Massachusetts Development Finance        
Agency, Revenue (Justice        
Resource Institute Issue)        
(LOC; Bank of America) 0.26 4/7/10 2,000,000 a 2,000,000
Massachusetts Development Finance        
Agency, Revenue (Saint        
Peter-Marian Issue) (LOC; Bank        
of America) 0.45 4/7/10 910,000 a 910,000
Massachusetts Development Finance        
Agency, Revenue (Worcester        
Academy Issue) (LOC; Allied        
Irish Banks) 0.50 4/7/10 1,100,000 a,b 1,100,000
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Amherst        
College Issue) 0.28 4/1/10 1,000,000 a,b 1,000,000
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Amherst        
College Issue) 0.28 4/7/10 3,000,000 a,b 3,000,000
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Baystate        
Medical Center Issue) (LOC;        
JPMorgan Chase Bank) 0.27 4/7/10 1,000,000 a 1,000,000
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Bentley        
College Issue) (LOC; JPMorgan        
Chase Bank) 0.25 4/7/10 6,200,000 a,b 6,200,000
Massachusetts Health and        
Educational Facilities        
Authority, Revenue        
(Dana-Farber Cancer Institute        
Issue) (LOC; JPMorgan Chase        
Bank) 0.27 4/7/10 1,500,000 a 1,500,000
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Great        
Brook Valley Health Center        
Issue) (LOC; TD Bank) 0.29 4/7/10 2,425,000 a 2,425,000
Massachusetts Health and        
Educational Facilities        



Authority, Revenue (Partners        
HealthCare System Issue) (LOC;        
Citibank NA) 0.29 4/7/10 4,000,000 a 4,000,000
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Peabody        
Essex Museum Issue) (LOC; Bank        
of America) 0.29 4/7/10 3,235,000 a 3,235,000
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Wellesley        
College Issue) 0.27 4/1/10 200,000 a,b 200,000
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Wellesley        
College Issue) 0.25 4/7/10 3,675,000 a,b 3,675,000
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Williams        
College Issue) 0.26 4/7/10 3,393,000 a,b 3,393,000
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Williams        
College Issue) 0.29 4/7/10 1,000,000 a,b 1,000,000
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Williams        
College Issue) 0.53 4/7/10 500,000 b 500,000
Massachusetts Housing Finance        
Agency, Housing Revenue        
(Insured; Assured Guaranty        
Municipal Corp. and Liquidity        
Facility; Dexia Credit Locale) 0.32 4/7/10 7,500,000 a 7,500,000
Massachusetts Water Resources        
Authority, Multi-Modal        
Subordinated General Revenue        
(LOC; Landesbank        
Hessen-Thuringen Girozentrale) 0.26 4/7/10 200,000 a 200,000
Massachusetts Water Resources        
Authority, Multi-Modal        
Subordinated General Revenue,        
Refunding (LOC; Landesbank        
Baden-Wurttemberg) 0.30 4/1/10 4,050,000 a 4,050,000



Massachusetts Water Resources        
Authority, Multi-Modal        
Subordinated General Revenue,        
Refunding (LOC; Landesbank        
Hessen-Thuringen Girozentrale) 0.33 4/1/10 6,800,000 a 6,800,000
Nahant,        
GO Notes, BAN 1.50 10/13/10 1,566,000 1,572,225
Plymouth,        
GO Notes, BAN 1.25 5/13/10 1,050,000 1,050,911
Rockport,        
GO Notes, BAN 1.00 6/25/10 4,450,542 4,456,112
Waltham,        
GO Notes 1.25 8/19/10 3,713,000 3,727,046
Wellesley,        
GO Notes (Municipal Purpose        
Loan) 3.00 6/1/10 1,611,000 1,617,755
 
 
Total Investments (cost $98,702,049)     99.9% 98,702,049
Cash and Receivables (Net)     .1% 92,966
Net Assets     100.0% 98,795,015

a     

Variable rate demand note - rate shown is the interest rate in effect at June 30, 2008. Maturity date represents the next demand date, or the ultimate maturity date if earlier.

b     

At March 31, 2010 the fund had $49,258,000 or 49.9% of net assets invested in securities whose payment of principal and interest is dependent upon revenues generated from Education.

At March 31, 2010, 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 BPA Bond Purchase Agreement
CIFG CDC Ixis Financial Guaranty 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
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 - unadjusted 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 unadjusted quoted price in an active market, such securities are reflected as Level 2.
The following is a summary of the inputs used as of March 31, 2010 in valuing the fund's investments:

Valuation Inputs Short-Term Investments ($)+
Level 1 - Unadjusted Quoted Prices -
Level 2 - Other Significant Observable Inputs 98,702,049
Level 3 - Significant Unobservable Inputs -
Total 98,702,049
 
+ See Statement of Investments for additional detailed categorizations.



The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is 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 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 fund’s policy to maintain a continuous net asset value per share of $1.00; the fund has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that the fund 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 fund’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
March 31, 2010 (Unaudited)

  Coupon Maturity Principal  
Short-Term Investments--101.2% Rate (%) Date Amount ($) Value ($)
New York--98.8%        
Albany County Airport Authority,        
Airport Revenue, Refunding        
(LOC; Bank of America)  0.33 4/7/10 4,100,000 a 4,100,000
Albany Housing Authority,        
Revenue (Nutgrove Garden        
Apartments Project) (LOC;        
Citizens Bank of Massachusetts)  0.70 4/7/10 1,390,000 a 1,390,000
Albany Industrial Development        
Agency, Civic Facility Revenue        
(Corning Preserve/Hudson        
Riverfront Development        
Project) (LOC; Key Bank)  0.33 4/7/10 1,245,000 a 1,245,000
Brookhaven-Comsewogue Union Free        
School District, GO Notes, TAN  1.25 4/30/10 1,300,000 b 1,300,778
Broome County Industrial        
Development Agency, IDR        
(Parlor City Paper Box        
Company, Inc. Facility) (LOC;        
U.S. Bank NA)  0.45 4/7/10 2,885,000 a 2,885,000
Campbell-Savona Central School        
District, GO Notes, BAN 2.00 6/24/10 1,690,000 b 1,694,076
Cold Spring Harbor Central School        
District, GO Notes, TAN  2.00 6/30/10 1,710,000 b 1,716,310
Dutchess County Industrial        
Development Agency, Civic        
Facility Revenue, Refunding        
(Lutheran Center at        
Poughkeepsie, Inc. Project)        
(LOC; Key Bank)  0.33 4/7/10 1,700,000 a 1,700,000
East Hampton Union Free School        
District, GO Notes, TAN 1.00 6/30/10 1,660,000 b 1,662,531
East Rochester Housing Authority,        
Housing Revenue (Park Ridge        
Nursing Home, Inc. Project)        



(LOC; JPMorgan Chase Bank) 0.29 4/7/10 4,375,000 a 4,375,000
Elmira City School District,        
GO Notes, BAN 1.00 6/30/10 1,220,000 b 1,221,246
Elmira City School District,        
GO Notes, BAN 1.50 6/30/10 1,700,000 b 1,703,576
Erie County Fiscal Stability        
Authority, GO Notes, BAN 1.25 7/30/10 1,770,000 1,773,948
Erie County Industrial Development        
Agency, IDR (Luminescent        
System, Inc. Project) (LOC;        
HSBC Bank USA) 0.45 4/7/10 2,945,000 a 2,945,000
Fishkill,        
GO Notes, BAN 2.00 4/30/10 1,140,000 1,140,904
Fort Ann,        
GO Notes, BAN 2.75 8/27/10 1,237,000 1,240,175
Fort Plain Central School        
District, GO Notes, BAN 2.00 6/24/10 1,165,000 b 1,168,619
Heuvelton Central School District,        
GO Notes, BAN 1.50 6/30/10 1,000,000 b 1,002,094
Lancaster Industrial Development        
Agency, IDR (Jiffy-Tite        
Company, Inc. Project) (LOC;        
Key Bank) 0.70 4/7/10 960,000 a 960,000
Long Island Power Authority,        
CP (Long Island Lighting        
Company) (LOC; JPMorgan Chase        
Bank) 0.35 6/10/10 2,100,000 2,100,000
Long Island Power Authority,        
Electric System General        
Revenue (Insured; Assured        
Guaranty Municipal Corp. and        
Liquidity Facility; Dexia        
Credit Locale) 0.35 4/7/10 9,000,000 a 9,000,000
Mamaroneck Village,        
GO Notes, BAN 1.00 8/18/10 1,000,000 1,002,452
Metropolitan Transportation        
Authority, Dedicated Tax Fund        
Revenue (Insured; Assured        
Guaranty Municipal Corp. and        
Liquidity Facility; Dexia        
Credit Locale) 0.33 4/7/10 17,600,000 a 17,600,000
Metropolitan Transportation        



Authority, RAN 2.00 12/31/10 3,000,000 3,036,198
Monroe County Industrial        
Development Agency, Civic        
Facility Revenue (YMCA of        
Greater Rochester Project)        
(LOC; M&T Bank) 0.34 4/7/10 2,400,000 a 2,400,000
Monroe County Industrial        
Development Agency, Civic        
Facility Revenue (YMCA of        
Greater Rochester Project)        
(LOC; M&T Bank) 0.34 4/7/10 5,040,000 a 5,040,000
Monroe County Industrial        
Development Agency, IDR        
(Mercury Print Productions,        
Inc. Facility) (LOC; M&T Bank) 1.50 4/7/10 105,000 a 105,000
Nassau County Industrial        
Development Agency, Civic        
Facility Revenue (North Shore        
Hebrew Academy High School        
Project) (LOC; Banco Santander) 0.39 4/7/10 4,480,000 a,b 4,480,000
Nassau County Industrial        
Development Agency, Housing        
Revenue (Rockville Centre        
Housing Associates, L.P.        
Project) (LOC; M&T Bank) 0.39 4/7/10 8,000,000 a 8,000,000
New York City,        
GO Notes (Liquidity Facility;        
Landesbank Hessen-Thuringen        
Girozentrale) 0.36 4/1/10 2,300,000 a 2,300,000
New York City,        
GO Notes (LOC; Bank of America) 0.29 4/7/10 1,700,000 a 1,700,000
New York City Housing Development        
Corporation, MFHR (Liquidity        
Facility; Citibank NA) 0.32 4/7/10 3,000,000 a,c 3,000,000
New York City Industrial        
Development Agency, Civic        
Facility Revenue (Abraham        
Joshua Heschel High School        
Project) (LOC; Allied Irish        
Banks) 0.50 4/7/10 5,055,000 a,b 5,055,000
New York City Industrial        
Development Agency, Civic        
Facility Revenue (Columbia        



Grammar and Preparatory School        
Project) (LOC; Allied Irish        
Banks) 0.69 4/7/10 4,370,000 a,b 4,370,000
New York City Industrial        
Development Agency, Civic        
Facility Revenue (Hewitt        
School Project) (LOC; Allied        
Irish Banks) 0.69 4/7/10 11,695,000 a,b 11,695,000
New York City Industrial        
Development Agency, Civic        
Facility Revenue        
(Spence-Chapin, Services to        
Families and Children Project)        
(LOC; Allied Irish Banks) 0.69 4/7/10 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) 0.69 4/7/10 2,875,000 a,b 2,875,000
New York City Industrial        
Development Agency, Civic        
Facility Revenue, Refunding        
(Federation of Protestant        
Welfare Agencies, Inc.        
Project) (LOC; Allied Irish        
Banks) 0.69 4/7/10 2,615,000 a 2,615,000
New York City Industrial        
Development Agency, IDR        
(Novelty Crystal Corporation        
Project) (LOC; Commerce Bank        
NA) 0.49 4/7/10 3,385,000 a 3,385,000
New York City Industrial        
Development Agency, IDR        
(Super-Tek Products, Inc.        
Project) (LOC; Citibank NA) 0.49 4/7/10 4,615,000 a 4,615,000
New York City Municipal Water        
Finance Authority, CP        
(Liquidity Facility:        
Bayerische Landesbank and        
Westdeutsche Landesbank) 0.30 4/8/10 1,000,000 1,000,000
New York City Municipal Water        
Finance Authority, CP        



(Liquidity Facility:        
Bayerische Landesbank and        
Westdeutsche Landesbank) 0.30 4/8/10 1,000,000 1,000,000
New York City Transitional Finance        
Authority, Future Tax Secured        
Revenue (Liquidity Facility;        
Westdeutsche Landesbank) 0.32 4/7/10 4,100,000 a 4,100,000
New York Liberty Development        
Corporation, Multi-Modal        
Liberty Revenue (World Trade        
Center Project) 0.50 1/18/11 8,000,000 8,000,000
New York Local Government        
Assistance Corporation, GO        
Notes (LOC: Bayerische        
Landesbank and Westdeutsche        
Landesbank) 0.30 4/7/10 6,425,000 a 6,425,000
New York State Dormitory        
Authority, Consolidated        
Service Contract Revenue,        
Refunding 1.50 7/1/10 2,505,000 b 2,511,928
New York State Dormitory        
Authority, Revenue (Mount        
Saint Mary College) (LOC;        
JPMorgan Chase Bank) 0.29 4/7/10 8,700,000 a,b 8,700,000
New York State Dormitory        
Authority, Revenue (Park Ridge        
Hospital, Inc.) (LOC; JPMorgan        
Chase Bank) 0.29 4/7/10 5,725,000 a 5,725,000
New York State Housing Finance        
Agency, Housing Revenue        
(Baisley Park Gardens) (LOC;        
Citibank NA) 0.30 4/7/10 4,700,000 a 4,700,000
New York State Housing Finance        
Agency, Housing Revenue        
(Gateway to New Cassel        
Project) (LOC; JPMorgan Chase        
Bank) 0.37 4/7/10 3,800,000 a 3,800,000
New York State Thruway Authority,        
Highway and Bridge Trust Fund        
Revenue 5.25 4/1/10 1,000,000 1,000,000
New York State Thruway Authority,        
Second General Highway and        
Bridge Trust Fund Revenue 3.15 4/1/10 1,500,000 1,500,000



New York State Thruway Authority,        
Second General Highway and        
Bridge Trust Fund Revenue 5.00 4/1/10 725,000 725,000
Newburgh Industrial Development        
Agency, Civic Facility Revenue        
(Community Development        
Properties Dubois Street II,        
Inc. Project) (LOC; Key Bank) 0.33 4/7/10 9,990,000 a 9,990,000
Ontario County Industrial        
Development Agency, Civic        
Facility Revenue (CHF-Finger        
Lakes, L.L.C. Civic Facility)        
(LOC; RBS Citizens NA) 0.38 4/7/10 1,025,000 a 1,025,000
Otsego County Industrial        
Development Agency, Civic        
Facility Revenue (Noonan        
Community Service Corporation        
Project) (LOC; FHLB) 0.40 4/7/10 1,685,000 a 1,685,000
Otsego County Industrial        
Development Agency, Civic        
Facility Revenue (Saint James        
Retirement Community Project)        
(LOC; M&T Bank) 0.34 4/7/10 1,940,000 a 1,940,000
Port Authority of New York and New        
Jersey, Equipment Notes 0.35 4/7/10 4,000,000 a 4,000,000
Port Authority of New York and New        
Jersey, Special Obligation        
Revenue (Versatile Structure        
Obligations) (LOC; Bayerische        
Landesbank) 0.38 4/1/10 2,800,000 a 2,800,000
Rockland County Industrial        
Development Agency, Civic        
Facility Revenue (Dominican        
College of Blauvelt Project)        
(LOC; Commerce Bank NA) 0.29 4/7/10 6,215,000 a,b 6,215,000
Rockland County Industrial        
Development Agency, IDR        
(Intercos America, Inc.        
Project) (LOC; HSBC Bank USA) 0.45 4/7/10 3,200,000 a 3,200,000
Rockland County Industrial        
Development Authority, Revenue        
(Northern Manor Multicare        
Center, Inc. Project) (LOC;        



M&T Bank) 0.39 4/7/10 2,870,000 a 2,870,000
Saint Lawrence County Industrial        
Development Agency, Civic        
Facility Revenue        
(Canton-Potsdam Hospital        
Project) (LOC; Key Bank) 0.33 4/7/10 9,945,000 a 9,945,000
Smithtown Central School District,        
GO Notes, TAN 1.00 6/25/10 3,230,000 b 3,234,278
South Jefferson Central School        
District, GO Notes, BAN 1.50 7/2/10 1,000,000 b 1,002,025
Susquehanna Valley Central School        
District, GO Notes, BAN 1.50 7/30/10 1,000,000 b 1,002,627
Syracuse Industrial Development        
Agency, Civic Facility Revenue        
(Crouse Health Hospital, Inc.        
Project) (LOC; HSBC Bank USA) 0.40 4/7/10 2,835,000 a 2,835,000
Three Village Central School        
District, GO Notes, TAN 1.00 6/30/10 2,275,000 b 2,278,134
Tompkins County Industrial        
Development Agency, Civic        
Facility Revenue (Tompkins        
Cortland Community College        
Foundation, Inc. Project)        
(LOC; HSBC Bank USA) 0.47 4/7/10 3,520,000 a,b 3,520,000
Wellsville Central School        
District, GO Notes, BAN 1.50 6/23/10 1,000,000 b 1,001,347
Westchester County Health Care        
Corporation, CP (Liquidity        
Facility; JPMorgan Chase Bank        
and LOC; Westchester County) 0.40 5/10/10 1,000,000 1,000,000
William Floyd Union Free School        
District of the        
Mastics-Moriches-Shirley, GO        
Notes, TAN 2.25 6/30/10 4,100,000 b 4,118,549
 
U.S. Related--2.4%        
Puerto Rico Industrial, Tourist,        
Educational, Medical and        
Environmental Control        
Facilities Financing        
Authority, Environmental        
Control Facilities Revenue        



(Bristol-Myers Squibb Company        
Project) 0.39 4/7/10 4,400,000 a 4,400,000
Puerto Rico Sales Tax Financing        
Corporation, Sales Tax Revenue        
(Liquidity Facility; Citibank        
NA) 0.31 4/7/10 1,550,000 a,c 1,550,000
 
 
Total Investments (cost $252,246,795)     101.2% 252,246,795
Liabilities, Less Cash and Receivables     (1.2%) (2,983,135)
Net Assets     100.0% 249,263,660

a     

Variable rate demand note - rate shown is the interest rate in effect at March 31, 2010. Maturity date represents the next demand date, or the ultimate maturity date if earlier.

b     

At March 31, 2010, the fund had $73,528,118 or 29.5% of net assets invested in securities whose payment of principal and interest is dependent upon revenues generated from education.

c     

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2010, these securities amounted to $4,550,000 or 1.8% of net assets.

At March 31, 2010, 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 BPA Bond Purchase Agreement
CIFG CDC Ixis Financial Guaranty 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
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 - unadjusted 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 unadjusted quoted price in an active market, such securities are reflected as Level 2.
The following is a summary of the inputs used as of March 31, 2010 in valuing the fund's investments:

Valuation Inputs Short-Term Investments ($)+
Level 1 - Unadjusted Quoted Prices -
Level 2 - Other Significant Observable Inputs 252,246,795
Level 3 - Significant Unobservable Inputs -
Total 252,246,795
 
+ See Statement of Investments for additional detailed categorizations.



The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is 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 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 fund’s policy to maintain a continuous net asset value per share of $1.00; the fund has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that the fund 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 fund’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.

-3-



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/ Bradley J. Skapyak
  Bradley J. Skapyak
  President
 
Date: May 24, 2010

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/ Bradley J. Skapyak
  Bradley J. Skapyak
  President
 
Date: May 24, 2010

By: /s/ James Windels
  James Windels
Treasurer      
 
Date: May 24, 2010

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)

-4-