BNY Mellon Investment Funds IV NCSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number			811-05202

	The Dreyfus/Laurel Funds, Inc.
	(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)

	John Pak, Esq. 200 Park Avenue New York, New York 10166
	(Name and address of agent for service)

Registrant's telephone number, including area code:				(212) 922-6000

Date of fiscal year end:		10/31
Date of reporting period:		10/31/14

The following N-CSR relates only to the Registrant’s series listed below and does not affect Dreyfus Core Equity Fund and Dreyfus Floating Rate Income Fund, each a series of the Registrant with a fiscal year end of August 31. A separate N-CSR will be filed for each series as appropriate.

Dreyfus Disciplined Stock Fund

Dreyfus Money Market Reserves

Dreyfus AMT-Free Municipal Reserves

Dreyfus Bond Market Index Fund

Dreyfus Tax Managed Growth Fund

Dreyfus BASIC S&P 500 Stock Index Fund

Dreyfus U.S. Treasury Reserves

Dreyfus Opportunistic Fixed Income Fund

Dreyfus Opportunistic Emerging Markets Debt Fund

FORM N-CSR

Item 1. Reports to Stockholders.

Dreyfus Disciplined

Stock Fund

ANNUAL REPORT October 31, 2014

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The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views.These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

	Contents
	THE FUND
2	A Letter from the President
3	Discussion of Fund Performance
6	Fund Performance
7	Understanding Your Fund’s Expenses
7	Comparing Your Fund’s Expenses With Those of Other Funds
8	Statement of Investments
12	Statement of Assets and Liabilities
13	Statement of Operations
14	Statement of Changes in Net Assets
15	Financial Highlights
16	Notes to Financial Statements
24	Report of Independent Registered Public Accounting Firm
25	Important Tax Information
26	Board Members Information
28	Officers of the Fund
	FOR MORE INFORMATION
	Back Cover

Dreyfus
Disciplined Stock Fund

The Fund

A LETTER FROM THE PRESIDENT

Dear Shareholder:

We are pleased to present this annual report for Dreyfus Disciplined Stock Fund, covering the 12-month period from November 1, 2013, through October 31, 2014. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.

Despite bouts of heightened volatility stemming mainly from economic and geopolitical concerns in overseas markets, U.S. stocks gained ground over the reporting period as the domestic economy continued to rebound. As a result, several broad measures of equity market performance established new record highs. Smaller and more economically sensitive stocks generally fared well over the reporting period’s first half, but larger, better established companies rallied more strongly over the second half.

We remain cautiously optimistic regarding the U.S. stock market’s prospects. We currently expect the economy to continue to accelerate as several longstanding drags—including tight fiscal policies and private sector deleveraging—fade from the scene. Of course, a number of risks remain, including the possibilities of higher interest rates and intensifying geopolitical turmoil. As always, we encourage you to discuss our observations with your financial adviser to assess their potential impact on your investments.

Thank you for your continued confidence and support.

J. Charles Cardona
President
The Dreyfus Corporation
November 17, 2014

DISCUSSION OF FUND PERFORMANCE

For the reporting period of November 1, 2013, through October 31, 2014, as provided by Sean P. Fitzgibbon and John Bailer, Portfolio Managers

Fund and Market Performance Overview

For the 12-month period ended October 31, 2014, Dreyfus Disciplined Stock Fund produced a total return of 11.91%.¹In comparison, the Standard & Poor’s 500 Composite Stock Price Index (“S&P 500 Index”), the fund’s benchmark, returned 17.24% for the same period.²

Despite occasional bouts of volatility, positive U.S. economic growth and strong corporate earnings drove domestic stocks higher during the reporting period.While the fund participated in the market’s gains, relatively weak individual stock selections in several market sectors caused its returns to lag the benchmark.

The Fund’s Investment Approach

The fund seeks capital appreciation.To pursue its goal, the fund normally invests at least 80% of its net assets in stocks, with a focus on large-cap companies.The fund invests in a diversified portfolio of growth and value stocks, with sector weightings and risk characteristics generally similar to those in the S&P 500 Index. We choose stocks through a disciplined investment process that combines computer modeling techniques, fundamental analysis, and risk management. The result is a portfolio of carefully selected stocks, with overall performance determined by a large number of securities.

U.S. Economic Growth Propelled Markets Higher

Except for a weather-related contraction during the first quarter of 2014, the U.S. economy exhibited signs of steady expansion throughout the reporting period, even as growth appeared to slow in most of the rest of the world. A declining unemployment rate, restrained inflationary pressures, and strong corporate earnings bolstered investor confidence in U.S. equities, driving broad U.S. market indices to new heights and sending the S&P 500 Index well into record territory.

The Fund 3

DISCUSSION OF FUND PERFORMANCE (continued)

Health care stocks led the market higher, mainly due to striking gains in stocks of biotechnology firms developing new treatments for a wide range of conditions. Technology stocks followed closely behind, benefiting from increased enterprise spending by companies seeking to boost worker productivity through technological upgrades. High yielding utility stocks and real estate investment trusts (REITs) also outperformed the overall market as investors sought alternative sources of current income at a time when interest rates and bond yields remained near historic lows. The market’s weaker performing areas included the energy sector, where declining oil and gas prices took their toll; and the telecommunications sector, where stiff competition and other structural obstacles to growth limited gains.

Fund Performance Determined by Individual Holdings

While the fund benefited from the market’s strength, producing double digit returns during the reporting period, its performance compared to the benchmark suffered due to stock selection shortfalls in a number of industry groups. Gains proved particularly disappointing among industrial holdings, where the fund emphasized some of the more economically sensitive manufacturers, such as Owens Corning, Fluor, and Eaton, at a time when the market favored more defensive areas, such as the aerospace-and-defense and roads-and-rail industry groups. In the energy sector, where U.S. production boomed and global oil and gas prices fell, the fund’s exposure to companies with significant offshore exposure, such as Occidental Petroleum, undermined relative performance.

In the information technology sector, semiconductor maker Xilinx was hurt by slowing Chinese demand for the company’s telecommunications chips, while social networking firm Twitter trailed the market due to concerns regarding slowing user growth.The health care sector benefited from strong gains in biotechnology holdings, such as Gilead Sciences, and drug makers, such as AbbVie, but overweighted exposure to pharmaceutical giant Pfizer detracted from relative returns after the company announced plans for a potentially costly acquisition. Finally, among consumer discretionary holdings, electronics retailer Best Buy lost ground when management failed to execute on the company’s turnaround strategy, leading us to sell the fund’s position in the company.

On a more positive note, the fund delivered relatively strong returns in the financials sector through investments in capital markets companies—such as Ameriprise Financial and Goldman Sachs Group—that benefited from increasing corporate financing activity and rising trading volumes. Investments in other top-performing financial institutions, such as Voya Financial and The NASDAQ OMX Group, further contributed to the fund’s strong returns in the sector. Relatively good investments in the consumer staples area, such as pharmacy chain CVS Health, bolstered relative performance. Notably strong holdings in other areas included consumer electronics maker Apple and media content provider Walt Disney.

Investing in Continued U.S. Economic Growth

With the U.S. economy continuing to expand steadily, we have emphasized companies and economically sensitive industry groups that we believe are well positioned for increased corporate spending and potentially rising interest rates. As of the end of the reporting period, the fund held overweighted exposure to the financials, health care, information technology, and materials sectors. Conversely, the fund held underweighted exposure to the consumer discretionary, energy, industrials, telecommunications services, and utilities sectors.

November 17, 2014

Please note, the position in any security highlighted with italicized typeface was sold during the reporting period. Equity funds are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.

1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future

results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less

than their original cost.

2 SOURCE: LIPPER INC. — Reflects the monthly reinvestment of dividends and, where applicable, capital gain

distributions.The Standard & Poor’s 500 Composite Stock Price Index is a widely accepted, unmanaged index of

U.S. stock market performance. Investors cannot invest directly in any index.

The Fund 5

FUND PERFORMANCE


Average Annual Total Returns as of 10/31/14
	1	Year	5 Years		10 Years
Fund	11.91	%	13.64	%	7.11	%
Standard & Poor’s 500
Composite Stock Price Index	17.24	%	16.68	%	8.20	%

† Source: Lipper Inc.

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The above graph compares a $10,000 investment made in Dreyfus Disciplined Stock Fund on 10/31/04 to a $10,000 investment made in the Standard & Poor’s 500 Composite Stock Price Index (the “Index) on that date. All dividends and capital gain distributions are reinvested.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses.The Index is a widely accepted, unmanaged index of U.S. stock market performance. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Disciplined Stock Fund from May 1, 2014 to October 31, 2014. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

Expenses and Value of a $1,000 Investment
assuming actual returns for the six months ended October 31, 2014


Expenses paid per $1,000^†	$	5.21
Ending value (after expenses)	$	1,065.50

COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses

The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.

Expenses and Value of a $1,000 Investment
assuming a hypothetical 5% annualized return for the six months ended October 31, 2014


Expenses paid per $1,000^†	$	5.09
Ending value (after expenses)	$	1,020.16

† Expenses are equal to the fund’s annualized expense ratio of 1.00%, multiplied by the average account value over

the period, multiplied by 184/365 (to reflect the one-half year period).

The Fund 7

STATEMENT OF INVESTMENTS

October 31, 2014


Common Stocks—99.3%	Shares		Value ($)
Automobiles & Components—.7%
General Motors	126,740		3,979,636
Banks—10.7%
Bank of America	554,540		9,515,906
Citigroup	212,230		11,360,672
JPMorgan Chase & Co.	238,880		14,447,462
PNC Financial Services Group	119,890		10,357,297
Regions Financial	960,670		9,539,453
Wells Fargo & Co.	150,050		7,966,155
			63,186,945
Capital Goods—6.2%
Cummins	50,940		7,446,409
Fluor	96,500		6,401,810
Honeywell International	105,710		10,160,845
Owens Corning	123,550		3,961,013
Raytheon	83,540		8,678,135
			36,648,212
Consumer Durables & Apparel—.9%
PVH	44,820		5,125,167
Diversified Financials—6.7%
Ameriprise Financial	65,370		8,247,733
Berkshire Hathaway, Cl. B	68,460	^a	9,595,354
Goldman Sachs Group	40,500		7,694,595
Invesco	118,750		4,805,812
Voya Financial	229,100		8,992,175
			39,335,669
Energy—8.6%
Anadarko Petroleum	77,510		7,113,868
EOG Resources	24,860		2,362,943
Exxon Mobil	98,210		9,497,889
Marathon Oil	217,210		7,689,234
Occidental Petroleum	185,980		16,539,201
Schlumberger	77,260		7,622,472
			50,825,607
Exchange-Traded Funds—1.0%
SPDR S&P 500 ETF Trust	29,190		5,886,455
Food & Staples Retailing—2.9%
Costco Wholesale	36,840		4,913,351


Common Stocks (continued)	Shares		Value ($)
Food & Staples Retailing (continued)
CVS Health	138,560		11,889,834
			16,803,185
Food, Beverage & Tobacco—7.1%
Archer-Daniels-Midland	168,470		7,918,090
Coca-Cola Enterprises	101,960		4,419,966
Molson Coors Brewing, Cl. B	130,810		9,729,648
Mondelez International, Cl. A	181,580		6,402,511
Philip Morris International	148,170		13,188,612
			41,658,827
Health Care Equipment & Services—6.3%
Cardinal Health	75,800		5,948,784
McKesson	39,200		7,973,672
Medtronic	112,070		7,638,691
Omnicare	88,190		5,872,572
UnitedHealth Group	100,080		9,508,601
			36,942,320
Insurance—2.9%
American International Group	101,470		5,435,748
Hartford Financial Services Group	161,530		6,393,357
Prudential Financial	60,720		5,376,149
			17,205,254
Materials—4.8%
Dow Chemical	101,310		5,004,714
International Paper	60,140		3,044,287
Martin Marietta Materials	77,920		9,110,406
Praxair	41,080		5,175,669
Vulcan Materials	98,860		6,100,651
			28,435,727
Media—4.4%
Omnicom Group	139,450		10,020,877
Twenty-First Century Fox, Cl. A	110,520		3,810,730
Walt Disney	129,270		11,812,693
			25,644,300
Pharmaceuticals, Biotech & Life Sciences—10.6%
AbbVie	254,940		16,178,492
Amgen	41,810		6,780,746
Biogen Idec	22,090	^a	7,092,657

The Fund 9

STATEMENT OF INVESTMENTS (continued)


Common Stocks (continued)	Shares		Value ($)
Pharmaceuticals, Biotech & Life Sciences (continued)
Gilead Sciences	92,670	^a	10,379,040
Merck & Co.	153,870		8,915,228
Pfizer	446,224		13,364,409
			62,710,572
Retailing—1.8%
Lowe’s	88,466		5,060,255
Macy’s	94,060		5,438,549
			10,498,804
Semiconductors & Semiconductor
Equipment—1.8%
Applied Materials	255,840		5,651,506
Texas Instruments	103,920		5,160,667
			10,812,173
Software & Services—10.2%
Accenture, Cl. A	104,000		8,436,480
Facebook, Cl. A	87,940	^a	6,594,621
Google, Cl. A	14,830	^a	8,421,512
Google, Cl. C	14,830	^a	8,291,156
Microsoft	187,252		8,791,481
salesforce.com	147,150	^a	9,416,128
Twitter	39,700		1,646,359
Visa, Cl. A	35,050		8,462,122
			60,059,859
Technology Hardware & Equipment—10.2%
Apple	264,560		28,572,480
Cisco Systems	585,670		14,331,345
EMC	439,300		12,621,089
Hewlett-Packard	122,980		4,412,522
			59,937,436
Telecommunication Services—.4%
Windstream Holdings	242,310	^b	2,539,409
Transportation—.5%
Delta Air Lines	72,760		2,927,135
Utilities—.6%
Exelon	96,660		3,536,789
Total Common Stocks
(cost $475,162,162)			584,699,481


Other Investment—.2%	Shares		Value ($)
Registered Investment Company;
Dreyfus Institutional Preferred
Plus Money Market Fund
(cost $1,266,457)	1,266,457	^c	1,266,457

Investment of Cash Collateral
for Securities Loaned—.2%
Registered Investment Company;
Dreyfus Institutional Cash Advantage Fund
(cost $1,195,744)	1,195,744	^c	1,195,744

Total Investments (cost $477,624,363)	99.7	%	587,161,682
Cash and Receivables (Net)	.3	%	1,750,028
Net Assets	100.0	%	588,911,710

ETF—Exchange-Traded Funds

a Non-income producing security.

b Security, or portion thereof, on loan.At October 31 ,2014, the value of the fund’s securities on loan was

$1,165,711 and the value of the collateral held by the fund was $1,195,744.

c Investment in affiliated money market mutual fund.


Portfolio Summary (Unaudited)^†

	Value (%)		Value (%)
Banks	10.7	Food & Staples Retailing	2.9
Pharmaceuticals,		Retailing	1.8
Biotech & Life Sciences	10.6	Semiconductors &
Software & Services	10.2	Semiconductor Equipment	1.8
Technology Hardware & Equipment	10.2	Exchange-Traded Funds	1.0
Energy	8.6	Consumer Durables & Apparel	.9
Food, Beverage & Tobacco	7.1	Automobiles & Components	.7
Diversified Financials	6.7	Utilities	.6
Health Care Equipment & Services	6.3	Transportation	.5
Capital Goods	6.2	Telecommunication Services	.4
Materials	4.8	Money Market Investments	.4
Media	4.4
Insurance	2.9		99.7

† Based on net assets.
See notes to financial statements.

The Fund 11

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2014


	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments (including
securities on loan, valued at $1,165,711)—Note 1(b) :
Unaffiliated issuers	475,162,162	584,699,481
Affiliated issuers	2,462,201	2,462,201
Cash		19,980
Receivable for investment securities sold		10,723,188
Dividends and securities lending income receivable		394,719
Receivable for shares of Capital Stock subscribed		214
		598,299,783
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 3(b)		471,207
Payable for investment securities purchased		7,608,649
Liability for securities on loan—Note 1(b)		1,195,744
Payable for shares of Capital Stock redeemed		112,473
		9,388,073
Net Assets ($)		588,911,710
Composition of Net Assets ($):
Paid-in capital		418,236,902
Accumulated undistributed investment income—net		1,300,910
Accumulated net realized gain (loss) on investments		59,836,579
Accumulated net unrealized appreciation
(depreciation) on investments		109,537,319
Net Assets ($)		588,911,710
Shares Outstanding
(245 million shares of $.001 par value Capital Stock authorized)		15,651,154
Net Asset Value, offering and redemption price per share ($)		37.63

See notes to financial statements.

STATEMENT OF OPERATIONS

Year Ended October 31, 2014


Investment Income ($):
Income:
Cash dividends:
Unaffiliated issuers	9,661,992
Affiliated issuers	1,574
Income from securities lending—Note 1(b)	54,098
Total Income	9,717,664
Expenses:
Management fee—Note 3(a)	5,283,327
Distribution fees—Note 3(b)	587,036
Directors’ fees—Note 3(a,c)	39,422
Loan commitment fees—Note 2	5,606
Interest expense —Note 2	449
Total Expenses	5,915,840
Less—Directors’ fees reimbursed by the Manager—Note 3(a)	(39,422	)
Net Expenses	5,876,418
Investment Income—Net	3,841,246
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments	60,135,736
Net unrealized appreciation (depreciation) on investments	1,923,059
Net Realized and Unrealized Gain (Loss) on Investments	62,058,795
Net Increase in Net Assets Resulting from Operations	65,900,041

See notes to financial statements.

The Fund 13

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2014		2013
Operations ($):
Investment income—net	3,841,246		4,956,965
Net realized gain (loss) on investments	60,135,736		103,987,540
Net unrealized appreciation
(depreciation) on investments	1,923,059		12,865,227
Net Increase (Decrease) in Net Assets
Resulting from Operations	65,900,041		121,809,732
Dividends to Shareholders from ($):
Investment income—net	(3,662,778	)	(5,061,683	)
Net realized gain on investments	(93,094,069	)	—
Total Dividends	(96,756,847	)	(5,061,683	)
Capital Stock Transactions ($):
Net proceeds from shares sold	10,292,272		15,463,686
Dividends reinvested	92,470,836		4,724,966
Cost of shares redeemed	(67,019,608	)	(75,471,704	)
Increase (Decrease) in Net Assets
from Capital Stock Transactions	35,743,500		(55,283,052	)
Total Increase (Decrease) in Net Assets	4,886,694		61,464,997
Net Assets ($):
Beginning of Period	584,025,016		522,560,019
End of Period	588,911,710		584,025,016
Undistributed investment income—net	1,300,910		1,122,442
Capital Share Transactions (Shares):
Shares sold	282,183		435,384
Shares issued for dividends reinvested	2,699,912		136,994
Shares redeemed	(1,846,421	)	(2,105,519	)
Net Increase (Decrease) in Shares Outstanding	1,135,674		(1,533,141	)

See notes to financial statements.

FINANCIAL HIGHLIGHTS

The following table describes the performance for the fiscal periods indicated. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions.These figures have been derived from the fund’s financial statements.


			Year Ended October 31,
	2014		2013		2012		2011		2010
Per Share Data ($):
Net asset value, beginning of period	40.23		32.56		29.35		28.54		24.51
Investment Operations:
Investment income—net^a	.24		.32		.27		.23		.18
Net realized and unrealized
gain (loss) on investments	3.86		7.67		3.22		.79		4.01
Total from Investment Operations	4.10		7.99		3.49		1.02		4.19
Distributions:
Dividends from investment income—net	(.24	)	(.32	)	(.28	)	(.21	)	(.16	)
Dividends from net realized
gain on investments	(6.46	)	—		—		—		—
Total Distributions	(6.70	)	(.32	)	(.28	)	(.21	)	(.16	)
Net asset value, end of period	37.63		40.23		32.56		29.35		28.54
Total Return (%)	11.91		24.72		11.95		3.56		17.13
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets	1.01		1.01		1.01		1.01		1.01
Ratio of net expenses
to average net assets	1.00		1.00		1.00		1.00		1.00
Ratio of net investment income
to average net assets	.65		.90		.85		.76		.65
Portfolio Turnover Rate	69.22		118.87		70.82		84.19		78.04
Net Assets, end of period ($ x 1,000)	588,912		584,025		522,560		516,493		586,726

a Based on average shares outstanding.
See notes to financial statements.

The Fund 15

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Dreyfus Disciplined Stock Fund (the “fund”) is a separate diversified series of The Dreyfus/Laurel Funds, Inc. (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently offering eleven series, including the fund. The fund’s investment objective is to seek capital appreciation. The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser. MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Manager, is the distributor of the fund’s shares, which are sold to the public without a sales charge.

The Company accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

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.

(a) Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unad-

justed quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

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 the 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.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

The Fund 17

NOTES TO FINANCIAL STATEMENTS (continued)

valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value.All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American Depository Receipts and financial futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Company’s Board of Directors (the “Board”). Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.

The following is a summary of the inputs used as of October 31, 2014 in valuing the fund’s investments.


		Level 2—Other	Level 3—
	Level 1—	Significant	Significant
	Unadjusted	Observable	Unobservable
	Quoted Prices	Inputs	Inputs	Total
Assets ($)
Investments in Securities:
Equity Securities—
Domestic
Common Stocks^†	578,813,026	—	—	578,813,026
Exchange-Traded
Funds	5,886,455	—	—	5,886,455
Mutual Funds	2,462,201	—	—	2,462,201

† See Statement of Investments for additional detailed categorizations.

At October 31, 2014, there were no transfers between Level 1 and Level 2 of the fair value hierarchy.

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.

Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus and its affiliates, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested

The Fund 19

NOTES TO FINANCIAL STATEMENTS (continued)

in certain money market mutual funds managed by the Manager or U.S. Government and Agency securities.The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral. During the period ended October 31, 2014, The Bank of New York Mellon earned $15,894 from lending portfolio securities, pursuant to the securities lending agreement.

(c) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” under the Act. Investments in affiliated investment companies during the period ended October 31, 2014 were as follows:


Affiliated
Investment	Value			Value	Net
Company	10/31/2013($)	Purchases ($)	Sales ($)	10/31/2014 ($)	Assets (%)
Dreyfus
Institutional
Preferred
Plus Money
Market Fund	4,002,619	89,224,769	91,960,931	1,266,457	.2
Dreyfus
Institutional
Cash Advantage
Fund	—	72,155,351	70,959,607	1,195,744	.2
Total	4,002,619	161,380,120	162,920,538	2,462,201	.4

(d) Dividends to shareholders: Dividends are recorded on the ex-dividend date. Dividends from investment income-net are normally declared and paid quarterly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such

gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

(e) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes.

As of and during the period ended October 31, 2014, the fund did not have any liabilities for any uncertain tax positions.The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended October 31, 2014, the fund did not incur any interest or penalties.

Each tax year in the four-year period ended October 31, 2014 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At October 31, 2014, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $20,468,332, undistributed capital gains $40,949,888 and unrealized appreciation $109,256,588.

The tax character of distributions paid to shareholders during the fiscal periods ended October 31, 2014 and October 31, 2013 were as follows: ordinary income $4,557,893 and $5,061,683, and long-term capital gains $92,198,954 and $0, respectively.

NOTE 2—Bank Lines of Credit:

The Fund 21

NOTES TO FINANCIAL STATEMENTS (continued)

to October 8, 2014, the unsecured credit facility with Citibank, N.A. was $265 million. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing.

The average amount of borrowings outstanding under the Facilities during the period ended October 31, 2014 was approximately $41,100 with a related weighted average annualized interest rate of 1.09%.

NOTE 3—Investment Management Fee and Other Transactions with Affiliates:

(a) Pursuant to an investment management agreement with the Manager, the Manager provides or arranges for one or more third parties and/or affiliates to provide investment advisory, administrative, custody, fund accounting and transfer agency services to the fund.The Manager also directs the investments of the fund in accordance with its investment objective, policies and limitations. For these services, the fund is contractually obligated to pay the Manager a fee, calculated daily and paid monthly, at the annual rate of .90% of the value of the fund’s average daily net assets. Out of its fee, the Manager pays all of the expenses of the fund except brokerage fees, taxes, interest expenses, commitment fees on borrowings, Distribution Plan fees, fees and expenses of non-interested Directors (including counsel fees) and extraordinary expenses. In addition, the Manager is required to reduce its fee in an amount equal to the fund’s allocable portion of fees and expenses of the non-interested Directors (including counsel fees). During the period ended October 31, 2014, fees reimbursed by the Manager amounted to $39,422.

(b) Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, the fund may pay annually up to .10% of the value of its average daily net assets to compensate BNY Mellon and the Manager for shareholder servicing activities and the Distributor for shareholder

servicing activities and expenses primarily intended to result in the sale of fund shares. During the period ended October 31, 2014, the fund was charged $587,036 pursuant to the Distribution Plan.

Under its terms, the Distribution Plan shall remain in effect from year to year, provided such continuance is approved annually by a vote of a majority of those Directors who are not “interested persons” of the Company and who have no direct or indirect financial interest in the operation of or in any agreement related to the Distribution Plan.

The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $426,373 and Distribution Plan fees $48,228, which are offset against an expense reimbursement currently in effect in the amount of $3,394.

(c) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended October 31, 2014, amounted to $405,908,477 and $464,428,040, respectively.

At October 31, 2014, the cost of investments for federal income tax purposes was $477,905,094; accordingly, accumulated net unrealized appreciation on investments was $109,256,588, consisting of $114,175,424 gross unrealized appreciation and $4,918,836 gross unrealized depreciation.

The Fund 23

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders of
The Dreyfus/Laurel Funds, Inc.

We have audited the accompanying statement of assets and liabilities of Dreyfus Disciplined Stock Fund (the “Fund”), a series of The Dreyfus/Laurel Funds, Inc., including the statement of investments, as of October 31, 2014, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2014, by correspondence with the custodian and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Dreyfus Disciplined Stock Fund as of October 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York
December 30, 2014

IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund reports the maximum amount allowable, but not less than $4,557,893 as ordinary income dividends paid during the year ended October 31, 2014 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code.Also, the fund reports the maximum amount allowable but not less than 65.98% of ordinary income dividends paid during the year ended October 31, 2014 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Shareholders will receive notification in early 2015 of the percentage applicable to the preparation of their 2014 income tax returns. Also, the fund reports the maximum amount allowable but not less than $6.3960 per share as a capital gain dividend in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.0621 as a short-term capital gain dividend paid on December 12, 2013 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.

The Fund 25

BOARD MEMBERS INFORMATION (Unaudited)

INDEPENDENT BOARD MEMBERS

Joseph S. DiMartino (71)

Chairman of the Board (1999)

Principal Occupation During Past 5Years:

• Corporate Director and Trustee (1995-present)

Other Public Company Board Memberships During Past 5Years:

• CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small

and medium size companies, Director (1997-present)

• The Newark Group, a provider of a national market of paper recovery facilities, paperboard

mills and paperboard converting plants, Director (2000-2010)

• Sunair Services Corporation, a provider of certain outdoor-related services to homes and

businesses, Director (2005-2009)

No. of Portfolios for which Board Member Serves: 144

———————

Francine J. Bovich (63)

Board Member (2012)

Principal Occupation During Past 5Years:

• Trustee,The Bradley Trusts, private trust funds (2011-present)

• Managing Director, Morgan Stanley Investment Management (1993-2010)

Other Public Company Board Membership During Past 5Years:

• Annaly Capital Management, Inc., Board Member (May 2014-present)

No. of Portfolios for which Board Member Serves: 45

———————

Kenneth A. Himmel (68)

Board Member (1994)

Principal Occupation During Past 5Years:

• President and CEO, Related Urban Development, a real estate development company (1996-present)

• President and CEO, Himmel & Company, a real estate development company (1980-present)

• CEO,American Food Management, a restaurant company (1983-present)

No. of Portfolios for which Board Member Serves: 31

Stephen J. Lockwood (67)

Board Member (1994)

Principal Occupation During Past 5Years:

• Chairman of the Board, Stephen J. Lockwood and Company LLC, a real estate investment

company (2000-present)

No. of Portfolios for which Board Member Serves: 31

———————

Roslyn M. Watson (65)

Board Member (1994)

Principal Occupation During Past 5Years:

• Principal,Watson Ventures, Inc., a real estate investment company (1993-present)

No. of Portfolios for which Board Member Serves: 69

———————

Benaree Pratt Wiley (68)

Board Member (1998)

Principal Occupation During Past 5Years:

• Principal,TheWiley Group, a firm specializing in strategy and business development (2005-present)

Other Public Company Board Membership During Past 5Years:

• CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small

and medium size companies, Director (2008-present)

No. of Portfolios for which Board Member Serves: 69

———————

Once elected all Board Members serve for an indefinite term, but achieve Emeritus status upon reaching age 80.The

address of the Board Members and Officers is c/o The Dreyfus Corporation, 200 Park Avenue, NewYork, NewYork

10166.Additional information about the Board Members is available in the fund’s Statement of Additional Information

which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-DREYFUS.

James M. Fitzgibbons, Emeritus Board Member

J.Tomlinson Fort Emeritus Board Member

The Fund 27

OFFICERS OF THE FUND (Unaudited)

BRADLEY J. SKAPYAK, President since January 2010.

Chief Operating Officer and a director of the Manager since June 2009, Chairman of Dreyfus Transfer, Inc., an affiliate of the Manager and the transfer agent of the funds, since May 2011 and Executive Vice President of the Distributor since June 2007. From April 2003 to June 2009, Mr. Skapyak was the head of the Investment Accounting and Support Department of the Manager. He is an officer of 69 investment companies (comprised of 144 portfolios) managed by the Manager. He is 55 years old and has been an employee of the Manager since February 1988.

JOHN PAK, Chief Legal Officer since March 2013.

Deputy General Counsel, Investment Management, of BNY Mellon since August 2014; Chief Legal Officer of the Manager since August 2012; from March 2005 to July 2012, Managing Director of Deutsche Bank, Deputy Global Head of Deutsche Asset Management Legal and Regional Head of Deutsche Asset Management Americas Legal. He is an officer of 70 investment companies (comprised of 169 portfolios) managed by the Manager. He is 46 years old and has been an employee of the Manager since August 2012.

JANETTE E. FARRAGHER, Vice President and Secretary since December 2011.

Assistant General Counsel of BNY Mellon, and an officer of 70 investment companies (comprised of 169 portfolios) managed by the Manager. She is 51 years old and has been an employee of the Manager since February 1984.

KIESHA ASTWOOD, Vice President and Assistant Secretary since January 2010.

Counsel of BNY Mellon, and an officer of 70 investment companies (comprised of 169 portfolios) managed by the Manager. She is 41 years old and has been an employee of the Manager since July 1995.

JAMES BITETTO, Vice President and Assistant Secretary since August 2005.

Managing Counsel of BNY Mellon and Secretary of the Manager, and an officer of 70 investment companies (comprised of 169 portfolios) managed by the Manager. He is 48 years old and has been an employee of the Manager since December 1996.

JONI LACKS CHARATAN, Vice President and Assistant Secretary since August 2005.

Managing Counsel of BNY Mellon, and an officer of 70 investment companies (comprised of 169 portfolios) managed by the Manager. She is 58 years old and has been an employee of the Manager since October 1988.

JOSEPH M. CHIOFFI, Vice President and Assistant Secretary since August 2005.

Managing Counsel of BNY Mellon, and an officer of 70 investment companies (comprised of 169 portfolios) managed by the Manager. He is 52 years old and has been an employee of the Manager since June 2000.

JOHN B. HAMMALIAN, Vice President and Assistant Secretary since August 2005.

Senior Managing Counsel of BNY Mellon, and an officer of 70 investment companies (comprised of 169 portfolios) managed by the Manager. He is 51 years old and has been an employee of the Manager since February 1991.

SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.

Senior Counsel of BNY Mellon, and an officer of 70 investment companies (comprised of 169 portfolios) managed by the Manager; from August 2005 to March 2013, Associate General Counsel of Third Avenue Management. She is 38 years old and has been an employee of the Manager since March 2013.

JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.

Senior Managing Counsel of BNY Mellon, and an officer of 70 investment companies (comprised of 169 portfolios) managed by the Manager. He is 49 years old and has been an employee of the Manager since October 1990.

JAMES WINDELS, Treasurer since November 2001.

Director – Mutual Fund Accounting of the Manager, and an officer of 70 investment companies (comprised of 169 portfolios) managed by the Manager. He is 56 years old and has been an employee of the Manager since April 1985.

RICHARD CASSARO, Assistant Treasurer since January 2008.

Senior Accounting Manager – Money Market and Municipal Bond Funds of the Manager, and an officer of 70 investment companies (comprised of 169 portfolios) managed by the Manager. He is 55 years old and has been an employee of the Manager since September 1982.

GAVIN C. REILLY, Assistant Treasurer since December 2005.

Tax Manager of the Investment Accounting and Support Department of the Manager, and an officer of 70 investment companies (comprised of 169 portfolios) managed by the Manager. He is 46 years old and has been an employee of the Manager since April 1991.

ROBERT S. ROBOL, Assistant Treasurer since December 2002.

Senior Accounting Manager – Fixed Income Funds of the Manager, and an officer of 70 investment companies (comprised of 169 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since October 1988.

ROBERT SALVIOLO, Assistant Treasurer since July 2007.

Senior Accounting Manager – Equity Funds of the Manager, and an officer of 70 investment companies (comprised of 169 portfolios) managed by the Manager. He is 47 years old and has been an employee of the Manager since June 1989.

ROBERT SVAGNA, Assistant Treasurer since December 2002.

JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.

Chief Compliance Officer of the Manager and The Dreyfus Family of Funds (70 investment companies, comprised of 169 portfolios). He is 57 years old and has served in various capacities with the Manager since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.

MATTHEW D. CONNOLLY, Anti-Money Laundering Compliance Officer since April 2012.

Anti-Money Laundering Compliance Officer of the Distributor since October 2011; from March 2010 to September 2011, Global Head, KYC Reviews and Director of UBS Investment Bank; until March 2010, AML Compliance Officer and Senior Vice President of Citi Global Wealth Management. He is an officer of 65 investment companies (comprised of 164 portfolios) managed by the Manager. He is 42 years old and has been an employee of the Distributor since October 2011.

The Fund 29

For More Information

Telephone 1-800-DREYFUS

Mail The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144

E-mail Send your request to info@dreyfus.com

Internet Information can be viewed online or downloaded at: http://www.dreyfus.com

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at http://www.dreyfus.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-DREYFUS.

Dreyfus

Money Market

Reserves

ANNUAL REPORT October 31, 2014

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

	Contents
	THE FUND
2	A Letter from the President
3	Discussion of Fund Performance
6	Understanding Your Fund’s Expenses
6	Comparing Your Fund’s Expenses With Those of Other Funds
7	Statement of Investments
10	Statement of Assets and Liabilities
11	Statement of Operations
12	Statement of Changes in Net Assets
13	Financial Highlights
15	Notes to Financial Statements
21	Report of Independent Registered Public Accounting Firm
22	Important Tax Information
23	Board Members Information
25	Officers of the Fund
	FOR MORE INFORMATION
	Back Cover

Dreyfus
Money Market Reserves

The Fund

A LETTER FROM THE PRESIDENT

Dear Shareholder:

We are pleased to present this annual report for Dreyfus Money Market Reserves, covering the 12-month period from November 1, 2013, through October 31, 2014. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.

The U.S. economy generally gained ground over the reporting period despite a weather-related economic soft patch during the first quarter of 2014.This development sparked bouts of volatility among longer term bonds, but short-term rates and yields of money market instruments remained steady, anchored near historical lows by an unchanged federal funds rate. In addition, a degree of uncertainty was removed from the money markets over the summer when the Securities Exchange Commission issued new rules governing some funds, but the immediate impact on the market was muted when regulators delayed implementation for two years.

In our view, stronger labor markets, greater manufacturing activity, rebounding housing starts, and rising household wealth portend well for the U.S. economy.While some longer term financial assets are likely to benefit from a more robust recovery, the possibility of higher inflation and rising long-term interest rates suggests that selectivity could become a more important determinant of investment success. As always, we urge you to talk regularly with your financial advisor to assess the potential impact of these and other developments on your investments.

Thank you for your continued confidence and support.

J. Charles Cardona
President
The Dreyfus Corporation
November 17, 2014

DISCUSSION OF FUND PERFORMANCE

For the period of November 1, 2013, through October 31, 2014, as provided by Patricia A. Larkin, Portfolio Manager

Fund and Market Performance Overview

For the 12-month period ended October 31, 2014, Dreyfus Money Market Reserves’ Investor shares produced a yield of 0.00%, and Class R shares yielded 0.00%. Taking into account the effects of compounding, the fund’s Investor shares and Class R shares produced effective yields of 0.00% and 0.00%, respectively.¹

Despite stronger economic growth and low inflation over the reporting period, money market yields remained anchored by an unchanged federal funds rate between 0% and 0.25%.

The Fund’s Investment Approach

The fund seeks a high level of current income consistent with stability of principal.To pursue its goal, the fund invests in a diversified portfolio of high-quality, short-term dollar-denominated debt securities, including: securities issued or guaranteed as to principal and interest by the U.S. government or its agencies and instrumentalities; certificates of deposit, time deposits, bankers’ acceptances, and other short-term securities issued by domestic or foreign banks or thrifts or their subsidiaries or branches; repurchase agreements, including tri-party agreements; asset-backed securities; domestic and foreign commercial paper; and other short-term corporate obligations, including those with floating or variable rates of interest.

U.S. Economy Rebounded after Soft Patch

The reporting period began in the midst of a recovering U.S. economy, which in December prompted the Federal Reserve Board (the “Fed”) to begin tapering its quantitative easing program. This development helped drive yields of 10-year U.S. Treasury securities above 3%. In contrast, short-term interest rates remained unchanged. It later was announced that U.S. GDP grew at a 3.5% annualized rate over the fourth quarter of 2013 and the unemployment rate fell to 7.0% by year-end.

The Fund 3

DISCUSSION OF FUND PERFORMANCE (continued)

Long-term rates moderated in January 2014 when investors worried that global economic and political instability could derail the U.S. recovery. Yet, corporate earnings growth remained strong, the unemployment rate declined to 6.6% with the addition of 144,000 jobs, and the Fed continued to reduce quantitative easing. The economy regained strength in February when the manufacturing and service sectors posted gains. The unemployment rate ticked upward to 6.7%, but 222,000 new jobs were created. Labor markets remained robust in March with an unchanged unemployment rate and the addition of 203,000 positions. Nonetheless, U.S. GDP contracted at a 2.1% annualized rate over the first quarter, largely due to the impact of severe winter weather.

Housing markets rebounded when the weather warmed in April. 304,000 new jobs were created, and the unemployment rate fell sharply to 6.3%.The Fed again tapered quantitative easing at its April meeting. In May, nonfarm payroll employment rose by 229,000, and the unemployment rate held steady. Meanwhile, manufacturing activity accelerated and personal incomes posted a healthy gain. 267,000 jobs were created in June, and the unemployment rate dipped to 6.1%. Manufacturing activity, personal incomes, and home sales continued to grow.The U.S. economy rebounded at a robust 4.6% annualized rate during the second quarter.

The unemployment rate ticked higher to 6.2% in July, when 243,000 new jobs were created and new claims for unemployment insurance fell to their lowest level since 2006. The Fed implemented additional reductions in its bond purchasing program in June and July. August saw higher retail sales and new home sales, but new job creation fell to 180,000 even as the unemployment rate fell back to 6.1%.

In September, the economic recovery created 248,000 new jobs, and the unemployment rate fell to 5.9%, its lowest level since June 2008.The manufacturing and service sectors expanded for their 16th and 56th consecutive months, respectively. Falling energy prices helped offset rising housing and food prices, contributing to a mild inflation rate of 0.1%.The Fed again reduced quantitative easing in September.The U.S. Department of Commerce estimated that U.S. GDP grew at an annualized 3.5% rate during the third quarter.

Early October saw disappointing growth and deflation fears in Europe, which some believe threatened the U.S. economy. Markets bounced back over the second half of the month when U.S. economic data stayed strong, including a 5.8% unemployment rate and 214,000 new jobs. Personal incomes rose and fuel prices fell, giving consumers greater confidence and purchasing power.

Fed Remains Committed to Low Short-Term Rates

Although the Fed ended its quantitative easing program on October 31, monetary policymakers reiterated that short-term interest rates are likely to remain unchanged for “a considerable time.” In July, regulators issued changes to the rules governing prime money market funds, but the new regulations will not become effective until 2016. Therefore, the industry’s operations and asset flows have so far been relatively unaffected.

We maintained the fund’s market-neutral weighted average maturity in this environment, and we remained focused on well-established issuers with good quality and liquidity characteristics. In our view, these remain prudent strategies until we see more solid evidence that short-term interest rates are set to rise.

November 17, 2014

An investment in the fund is not insured or guaranteed by the FDIC or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

Short-term corporate, asset-backed securities holdings, and municipal securities holdings (as applicable), while rated in the highest rating category by one or more NRSROs (or unrated, if deemed of comparable quality by Dreyfus), involve credit and liquidity risks and risk of principal loss.

1 Effective yield is based upon dividends declared daily and reinvested monthly. Past performance is no guarantee of

future results.Yields fluctuate.Yields provided reflect the absorption of certain fund expenses by The Dreyfus

Corporation pursuant to an undertaking in effect that may be extended, terminated, or modified at any time. Had

these expenses not been absorbed, the fund’s yields would have been lower, and in some cases, 7-day yields during the

reporting period would have been negative absent the expense absorption.

The Fund 5

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Money Market Reserves from May 1, 2014 to October 31, 2014. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

Expenses and Value of a $1,000 Investment
assuming actual returns for the six months ended October 31, 2014


	Investor Shares	Class R Shares
Expenses paid per $1,000^†	$ .76	$ .76
Ending value (after expenses)	$ 1,000.00	$ 1,000.00

COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses

Expenses and Value of a $1,000 Investment
assuming a hypothetical 5% annualized return for the six months ended October 31, 2014


	Investor Shares	Class R Shares
Expenses paid per $1,000^†	$ .77	$ .77
Ending value (after expenses)	$ 1,024.45	$ 1,024.45

† Expenses are equal to the fund’s annualized expense ratio of .15% for Investor shares and .15% for Class R shares,

multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS

October 31, 2014


	Principal
Negotiable Bank Certificates of Deposit—30.0%	Amount ($)		Value ($)
Bank of Tokyo-Mitsubishi Ltd. (Yankee)
0.25%, 2/17/15	8,000,000		8,000,000
Citibank N.A.
0.20%, 11/19/14	5,000,000		5,000,000
Credit Industriel et Commercial (Yankee)
0.13%, 11/6/14	5,000,000		5,000,000
Mizuho Bank Ltd/NY (Yankee)
0.21%, 11/3/14	5,000,000		5,000,000
Norinchukin Bank/NY (Yankee)
0.20%, 12/4/14	8,000,000		8,000,000
Rabobank Nederland/NY (Yankee)
0.22%, 11/3/14	5,000,000		5,000,000
Skandinaviska Enskilda Banken NY (Yankee)
0.25%, 1/16/15	8,000,000		8,000,000
Standard Chartered Bank (Yankee)
0.20%, 12/4/14	5,000,000	^a	5,000,000
Toronto Dominion Bank/NY (Yankee)
0.22%, 11/6/14	5,000,000	^b	5,000,000
Wells Fargo Bank, NA
0.26%, 11/3/14	5,000,000	^b	5,000,000
Total Negotiable Bank Certificates of Deposit
(cost $59,000,000)			59,000,000

Commercial Paper—18.8%
Australia and New Zealand Banking Group Ltd.
0.17%, 11/5/14	5,000,000	^a,b	5,000,000
BNP Paribas Finance Inc.
0.22%, 1/21/15	8,000,000		7,996,040
General Electric Capital Corp.
0.15%, 3/6/15	7,000,000		6,996,354
Nordea Bank AB
0.23%, 4/2/15	7,000,000	^a	6,993,350
Svenska Handelsbanken Inc
0.20%, 3/16/15	5,000,000	^a	4,996,344

The Fund 7

STATEMENT OF INVESTMENTS (continued)


	Principal
Commercial Paper (continued)	Amount ($)		Value ($)
United Overseas Bank Ltd.
0.23%, 2/12/15	5,000,000	^a	4,996,710
Total Commercial Paper
(cost $36,978,798)			36,978,798

Asset-Backed Commercial Paper—16.3%
Alpine Securitization Corp.
0.22%, 12/11/14	5,000,000	^a	4,998,778
Antalis U.S. Funding Corp.
0.16%, 11/14/14	8,000,000	^a	7,999,538
Collateralized Commercial Paper II Co., LLC
0.30%, 12/11/14	5,000,000	^a	4,998,333
Metlife Short Term Funding LLC
0.16%, 4/13/15	8,000,000	^a	7,994,204
Regency Markets No. 1 LLC
0.14%, 11/19/14	6,000,000	^a	5,999,580
Total Asset-Backed Commercial Paper
(cost $31,990,433)			31,990,433

Time Deposits—12.2%
Credit Agricole (Grand Cayman)
0.07%, 11/3/14	8,000,000		8,000,000
DNB Bank (Grand Cayman)
0.05%, 11/3/14	8,000,000		8,000,000
Lloyds Bank (London)
0.05%, 11/3/14	8,000,000		8,000,000
Total Time Deposits
(cost $24,000,000)			24,000,000

Repurchase Agreements—22.4%
Barclays Capital, Inc.
0.08%, dated 10/31/14, due 11/3/14 in the
amount of $24,000,160 (fully collateralized by
$24,505,000 U.S. Treasury Bills,
due 10/15/15, value $24,480,005)	24,000,000		24,000,000


	Principal
Repurchase Agreements (continued)	Amount ($)		Value ($)
TD Securities (USA) LLC
0.09%, dated 10/31/14, due 11/3/14 in the
amount of $20,000,150 (fully collateralized
by $8,596,600 U.S. Treasury Bonds, 4.50%,
due 5/15/38, value $11,111,456 and
$9,035,200 U.S. Treasury Notes, 2.50%,
due 8/15/23, value $9,288,556)	20,000,000		20,000,000
Total Repurchase Agreements
(cost $44,000,000)			44,000,000

Total Investments (cost $195,969,231)	99.7	%	195,969,231

Cash and Receivables (Net)	.3	%	570,432

Net Assets	100.0	%	196,539,663

a Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933.These securities may be

resold in transactions exempt from registration, normally to qualified institutional buyers.At October 31, 2014, these

securities amounted to $58,976,837 or 30.0% of net assets.

b Variable rate security—interest rate subject to periodic change.


Portfolio Summary (Unaudited)^†

	Value (%)		Value (%)
Banking	57.5	Asset-Backed/Special Purpose Entity	4.1
Repurchase Agreements	22.4	Finance	3.5
Asset-Backed/Banking	5.1	Asset-Backed/Multi-Seller Programs	3.0
Asset-Backed/Insurance	4.1		99.7

† Based on net assets.
See notes to financial statements.

The Fund 9

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2014


	Cost	Value
Assets ($):
Investments in securities—See Statement of
Investments (including Repurchase Agreements
of $44,000,000)—Note 1(b)	195,969,231	195,969,231
Cash		566,690
Interest receivable		28,055
		196,563,976
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 2(b)		15,814
Payable for shares of Capital Stock redeemed		8,499
		24,313
Net Assets ($)		196,539,663
Composition of Net Assets ($):
Paid-in capital		196,539,357
Accumulated net realized gain (loss) on investments		306
Net Assets ($)		196,539,663


Net Asset Value Per Share
	Investor Shares	Class R Shares
Net Assets ($)	150,325,942	46,213,721
Shares Outstanding	150,325,637	46,213,719
Net Asset Value Per Share ($)	1.00	1.00

See notes to financial statements.

STATEMENT OF OPERATIONS

Year Ended October 31, 2014


Investment Income ($):
Interest Income	323,298
Expenses:
Management fee—Note 2(a)	1,082,215
Distribution Plan fees (Investor Shares)—Note 2(b)	347,278
Directors’ fees—Note 2(a,c)	24,561
Total Expenses	1,454,054
Less—reduction in expenses due to undertaking—Note 2(a)	(1,106,265	)
Less—Directors’ fees reimbursed by the Manager—Note 2(a)	(24,561	)
Net Expenses	323,228
Investment Income—Net	70
Net Realized Gain (Loss) on Investments—Note 1(b) ($)	634
Net Increase in Net Assets Resulting from Operations	704

See notes to financial statements.

The Fund 11

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2014		2013
Operations ($):
Investment income—net	70		74
Net realized gain (loss) on investments	634		(328	)
Net Increase (Decrease) in Net Assets
Resulting from Operations	704		(254	)
Dividends to Shareholders from ($):
Investment income—net:
Investor Shares	(55	)	(55	)
Class R Shares	(15	)	(19	)
Total Dividends	(70	)	(74	)
Capital Stock Transactions ($1.00 per share):
Net proceeds from shares sold:
Investor Shares	182,967,163		116,225,119
Class R Shares	170,274,717		298,961,772
Dividends reinvested:
Investor Shares	55		55
Class R Shares	4		4
Cost of shares redeemed:
Investor Shares	(210,349,839	)	(113,175,558	)
Class R Shares	(185,373,041	)	(333,057,527	)
Increase (Decrease) in Net Assets
from Capital Stock Transactions	(42,480,941	)	(31,046,135	)
Total Increase (Decrease) in Net Assets	(42,480,307	)	(31,046,463	)
Net Assets ($):
Beginning of Period	239,019,970		270,066,433
End of Period	196,539,663		239,019,970

See notes to financial statements.

FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class for the fiscal periods indicated. All information reflects financial results for a single fund share. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions.These figures have been derived from the fund’s financial statements.


			Year Ended October 31,
Investor Shares	2014		2013		2012		2011		2010
Per Share Data ($):
Net asset value, beginning of period	1.00		1.00		1.00		1.00		1.00
Investment Operations:
Investment income—net^a	.000		.000		.000		.000		.000
Distributions:
Dividends from
investment income—net^a	(.000	)	(.000	)	(.000	)	(.000	)	(.000	)
Net asset value, end of period	1.00		1.00		1.00		1.00		1.00
Total Return (%)^b	.00		.00		.00		.00		.00
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets	.71		.71		.71		.71		.71
Ratio of net expenses
to average net assets	.15		.18		.25		.24		.29
Ratio of net investment income
to average net assets^b	.00		.00		.00		.00		.00
Net Assets, end of period ($ x 1,000)	150,326		177,708		174,659		208,675		328,806


a	Amount represents less than $.001 per share.
b	Amount represents less than .01%.

See notes to financial statements.

The Fund 13

FINANCIAL HIGHLIGHTS (continued)


			Year Ended October 31,
Class R Shares	2014		2013		2012		2011		2010
Per Share Data ($):
Net asset value, beginning of period	1.00		1.00		1.00		1.00		1.00
Investment Operations:
Investment income—net^a	.000		.000		.000		.000		.000
Distributions:
Dividends from
investment income—net^a	(.000	)	(.000	)	(.000	)	(.000	)	(.000	)
Net asset value, end of period	1.00		1.00		1.00		1.00		1.00
Total Return (%)^b	.00		.00		.00		.00		.00
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets	.51		.51		.51		.51		.51
Ratio of net expenses
to average net assets	.15		.18		.25		.24		.29
Ratio of net investment income
to average net assets^b	.00		.00		.00		.00		.00
Net Assets, end of period ($ x 1,000)	46,214		61,312		95,408		80,785		140,848


a	Amount represents less than $.001 per share.
b	Amount represents less than .01%.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Dreyfus Money Market Reserves (the “fund”) is a separate diversified series of The Dreyfus/Laurel Funds, Inc. (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently offering eleven series, including the fund. The fund’s investment objective is to seek a high level of current income consistent with stability of principal. The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser.

MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Manager, is the distributor of the fund’s shares, which are sold without a sales charge.The fund is authorized to issue 2 billion shares of $.001 par value Capital Stock in each of the following classes of shares: Investor and Class R. Investor shares are sold primarily to retail investors through financial intermediaries and bear a Distribution Plan fee. Class R shares are sold primarily to bank trust departments and other financial service providers (including The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no Distribution Plan fee. Other differences between the classes include the services offered to and the expenses borne by each class, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

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.

The Fund 15

NOTES TO FINANCIAL STATEMENTS (continued)

(a) Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 under the Act. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined by procedures established by and under the general supervision of the Company’s Board of Directors (the “Board”).

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value.This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

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 the 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 Act. 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 within Level 2 of the fair value hierarchy.

The following is a summary of the inputs used as of October 31, 2014 in valuing the fund’s investments:


	Short-Term
Valuation Inputs	Investments ($)^†
Level 1—Unadjusted Quoted Prices	—
Level 2—Other Significant Observable Inputs	195,969,231
Level 3—Significant Unobservable Inputs	—
Total	195,969,231
† See Statement of Investments for additional detailed categorizations.

At October 31, 2014, there were no transfers between Level 1 and Level 2 of the fair value hierarchy.

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is

The Fund 17

NOTES TO FINANCIAL STATEMENTS (continued)

earned from settlement date and is recognized on the accrual basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Cost of investments represents amortized cost.

The fund may enter into repurchase agreements with financial institutions, deemed to be creditworthy by the Manager, subject to the seller’s agreement to repurchase and the fund’s agreement to resell such securities at a mutually agreed upon price. Pursuant to the terms of the repurchase agreement, such securities must have an aggregate market value greater than or equal to the terms of the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the fund will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the fund maintains its right to sell the underlying securities at market value and may claim any resulting loss against the seller.

(c) Dividends to shareholders: It is the policy of the fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”).To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains.

(d) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is in the best interest of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes.

Each tax year in the four-year period ended October 31, 2014 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At October 31, 2014, the components of accumulated earnings on a tax basis were substantially the same as for financial reporting purposes.

The tax character of distributions paid to shareholders during the fiscal periods ended October 31, 2014 and October 31, 2013 were all ordinary income.

At October 31, 2014, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

NOTE 2—Investment Management Fee and Other Transactions with Affiliates:

(a) Pursuant to an investment management agreement with the Manager, the Manager provides or arranges for one or more third parties and/or affiliates to provide investment advisory, administrative, custody, fund accounting and transfer agency services to the fund.The Manager also directs the investments of the fund in accordance with its investment objective, policies and limitations. For these services, the fund is contractually obligated to pay the Manager a fee, calculated daily and paid monthly, at an annual rate of .50% of the value of the fund’s average daily net assets. Out of its fee, the Manager pays all of the expenses of the fund except brokerage fees, taxes, Distribution Plan fees, fees and expenses of non-interested Directors (including counsel fees) and extraordinary expenses. In addition, the Manager is required to reduce its fee in an amount equal to the fund’s allocable portion of fees and expenses of the non-interested Directors (including counsel fees). During the period ended October 31, 2014, fees reimbursed by the Manager amounted to $24,561.

The Fund 19

NOTES TO FINANCIAL STATEMENTS (continued)

undertaking is voluntary and not contractual, and may be terminated at any time. The reduction in expenses, pursuant to the undertaking, amounted to $1,106,265 during the period ended October 31, 2014.

(b) Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Investor shares may pay annually up to .25% (currently limited by the Board to .20%) of the value of the average daily net assets attributable to its Investor shares to compensate the Distributor for shareholder servicing activities and expenses primarily intended to result in the sale of Investor shares. During the period ended October 31, 2014, Investor shares were charged $347,278 pursuant to the Distribution Plan.

The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $74,131 and Distribution Plan fees $26,393, which are offset against an expense reimbursement currently in effect in the amount of $84,710.

(c) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

NOTE 3—Regulatory Developments:

On July 23, 2014, the SEC adopted amendments to the rules that govern money market mutual funds. In part, the amendments will require structural changes to most types of money market funds to one extent or another; however, the SEC provided for an extended two-year transition period to comply with such structural requirements. At this time, management is evaluating the reforms adopted and the manner for implementing these reforms over time and its impact on the financial statements.

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders of
The Dreyfus/Laurel Funds, Inc.

We have audited the accompanying statement of assets and liabilities of Dreyfus Money Market Reserves (the “Fund”), a series of The Dreyfus/Laurel Funds, Inc., including the statement of investments, as of October 31, 2014, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Dreyfus Money Market Reserves as of October 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York
December 30, 2014

The Fund 21

IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund designates the maximum amount allowable but not less than 92.69% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e) of the Internal Revenue Code.

BOARD MEMBERS INFORMATION (Unaudited)

INDEPENDENT BOARD MEMBERS

Joseph S. DiMartino (71)

Chairman of the Board (1999)

Principal Occupation During Past 5Years:

• Corporate Director and Trustee (1995-present)

Other Public Company Board Memberships During Past 5Years:

• CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small

and medium size companies, Director (1997-present)

• The Newark Group, a provider of a national market of paper recovery facilities, paperboard

mills and paperboard converting plants, Director (2000-2010)

• Sunair Services Corporation, a provider of certain outdoor-related services to homes and

businesses, Director (2005-2009)

No. of Portfolios for which Board Member Serves: 144

———————

Francine J. Bovich (63)

Board Member (2012)

Principal Occupation During Past 5Years:

• Trustee,The Bradley Trusts, private trust funds (2011-present)

• Managing Director, Morgan Stanley Investment Management (1993-2010)

Other Public Company Board Membership During Past 5Years:

• Annaly Capital Management, Inc., Board Member (May 2014-present)

No. of Portfolios for which Board Member Serves: 45

———————

Kenneth A. Himmel (68)

Board Member (1994)

Principal Occupation During Past 5Years:

• President and CEO, Related Urban Development, a real estate development company (1996-present)

• President and CEO, Himmel & Company, a real estate development company (1980-present)

• CEO,American Food Management, a restaurant company (1983-present)

No. of Portfolios for which Board Member Serves: 31

The Fund 23

BOARD MEMBERS INFORMATION (Unaudited) (continued)
INDEPENDENT BOARD MEMBERS (continued)

Stephen J. Lockwood (67)

Board Member (1994)

Principal Occupation During Past 5Years:

• Chairman of the Board, Stephen J. Lockwood and Company LLC, a real estate investment

company (2000-present)

No. of Portfolios for which Board Member Serves: 31

———————

Roslyn M. Watson (65)

Board Member (1994)

Principal Occupation During Past 5Years:

• Principal,Watson Ventures, Inc., a real estate investment company (1993-present)

No. of Portfolios for which Board Member Serves: 69

———————

Benaree Pratt Wiley (68)

Board Member (1998)

Principal Occupation During Past 5Years:

• Principal,TheWiley Group, a firm specializing in strategy and business development (2005-present)

Other Public Company Board Membership During Past 5Years:

• CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small

and medium size companies, Director (2008-present)

No. of Portfolios for which Board Member Serves: 69

———————

Once elected all Board Members serve for an indefinite term, but achieve Emeritus status upon reaching age 80.The

address of the Board Members and Officers is c/o The Dreyfus Corporation, 200 Park Avenue, NewYork, NewYork

10166.Additional information about the Board Members is available in the fund’s Statement of Additional Information

which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-DREYFUS.

James M. Fitzgibbons, Emeritus Board Member

J.Tomlinson Fort, Emeritus Board Member