Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)
24 Mayo 2013 - 11:35AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
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Investment Company Act file number
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811-524
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The Dreyfus/Laurel Funds Trust
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(Exact name of Registrant as specified in charter)
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c/o The Dreyfus Corporation
200 Park Avenue
New York, New York 10166
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(Address of principal executive offices) (Zip code)
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John Pak, Esq.
200 Park Avenue
New York, New York 10166
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(Name and address of agent for service)
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Registrant's telephone number, including area code:
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(212) 922-6000
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Date of fiscal year end:
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12/31
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Date of reporting period:
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3/31/13
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The following Form N-Q relates only to Dreyfus High Yield Fund and does not affect the other series of the Registrant, which have different fiscal year ends and, therefore, different Form N-Q reporting requirements. A separate Form N-Q will be filed for those series, as appropriate.
FORM N-Q
Item 1. Schedule of Investments.
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STATEMENT OF INVESTMENTS
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Dreyfus High Yield Fund
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March 31, 2013 (Unaudited)
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Coupon
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Maturity
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Principal
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Bonds and Notes--94.5%
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Rate (%)
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Date
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Amount ($)
a
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Value ($)
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Aerospace & Defense--1.4%
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B/E Aerospace,
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Sr. Unscd. Notes
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6.88
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10/1/20
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2,900,000
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3,222,625
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Bombardier,
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Sr. Unscd. Notes
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7.75
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3/15/20
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4,450,000
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b
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5,139,750
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CPI International,
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Gtd. Notes
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8.00
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2/15/18
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3,410,000
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3,563,450
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Kratos Defense & Security
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Solutions, Sr. Scd. Notes
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10.00
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6/1/17
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2,280,000
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2,519,400
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TransDigm,
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Gtd. Notes
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5.50
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10/15/20
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1,675,000
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b
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1,754,562
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TransDigm,
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Gtd. Notes
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7.75
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12/15/18
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4,245,000
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4,680,112
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20,879,899
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Automotive--2.7%
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Chrysler Group,
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Scd. Notes
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8.00
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6/15/19
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3,250,000
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3,579,062
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Chrysler Group,
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Scd. Notes
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8.25
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6/15/21
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8,810,000
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c
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9,878,212
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Goodyear Tire & Rubber,
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Gtd. Notes
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6.50
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3/1/21
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2,400,000
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2,487,000
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Goodyear Tire & Rubber,
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Gtd. Notes
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8.25
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8/15/20
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4,025,000
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4,472,781
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Jaguar Land Rover,
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Gtd. Notes
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5.63
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2/1/23
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1,800,000
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b,c
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1,878,750
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Lear,
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Gtd. Notes
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7.88
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3/15/18
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1,883,000
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2,052,470
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Lear,
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Gtd. Notes
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8.13
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3/15/20
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1,506,000
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1,686,720
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Schaeffler Finance,
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Sr. Scd. Notes
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7.75
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2/15/17
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1,110,000
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b
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1,255,687
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Schaeffler Finance,
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Sr. Scd. Notes
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8.50
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2/15/19
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1,000,000
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1,134,380
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Schaeffler Finance,
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Sr. Scd. Notes
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8.50
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2/15/19
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5,503,000
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b,c
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6,287,178
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Titan International,
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Sr. Scd. Notes
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7.88
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10/1/17
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2,580,000
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b
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2,789,625
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UCI International,
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Gtd. Notes
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8.63
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2/15/19
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2,235,000
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2,324,400
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39,826,265
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Banking--3.3%
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Bank of America,
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Jr. Sub. Cap. Secs., Ser. K
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8.00
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12/29/49
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4,195,000
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d
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4,735,975
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Barclays Bank,
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Jr. Sub. Notes
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EUR
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4.75
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3/29/49
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7,600,000
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d
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7,048,111
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BNP Paribas,
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Jr. Sub. Notes
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5.19
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6/29/49
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3,435,000 b,c,d
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3,314,775
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Citigroup,
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Jr. Sub. Notes
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5.95
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12/29/49
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2,640,000
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d
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2,742,300
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HBOS Capital Funding,
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Bank Gtd. Bonds
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6.07
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6/29/49
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6,131,000
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b,d
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5,510,236
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Lloyds TSB Bank,
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Sub. Notes
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GBP
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10.75
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12/16/21
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2,610,000
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d
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4,744,067
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Lloyds TSB Bank,
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Sub. Notes
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EUR
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11.88
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12/16/21
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2,220,000
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d
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3,512,928
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RBS Capital Trust III,
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Bank Gtd. Notes
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5.51
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9/29/49
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9,380,000
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d
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7,457,100
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Royal Bank of Scotland,
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Sub. Notes
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9.50
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3/16/22
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5,860,000
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d
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6,770,445
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Royal Bank Scotland Group,
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Sub. Notes
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6.13
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12/15/22
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1,805,000
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1,873,733
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47,709,670
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Building Materials--1.4%
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Building Materials Corp. of
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America, Sr. Notes
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6.75
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5/1/21
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3,130,000
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b
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3,427,350
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Cemex SAB de CV,
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Sr. Scd. Notes
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9.50
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6/15/18
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2,060,000
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b,c
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2,405,050
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Gibraltar Industries,
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Gtd. Notes
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6.25
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2/1/21
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1,975,000
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b,c
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2,103,375
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Nortek,
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Gtd. Notes
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8.50
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4/15/21
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760,000
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847,400
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Nortek,
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Gtd. Notes
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8.50
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4/15/21
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4,440,000
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b
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4,939,500
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Ply Gem Industries,
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Sr. Scd. Notes
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8.25
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2/15/18
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2,085,000
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c
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2,280,469
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Roofing Supply Group,
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Gtd. Notes
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10.00
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6/1/20
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3,665,000
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b
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4,159,775
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20,162,919
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Chemicals--3.1%
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Hexion U.S. Finance/Nova Scotia,
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Scd. Notes
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9.00
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11/15/20
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3,865,000
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3,691,075
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Huntsman International,
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Gtd. Notes
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8.63
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3/15/20
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4,500,000
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5,051,250
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INEOS Finance,
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Sr. Scd. Notes
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7.50
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5/1/20
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1,225,000
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b
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1,339,844
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INEOS Finance,
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Sr. Scd. Bonds
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8.38
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2/15/19
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3,240,000
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b
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3,596,400
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INEOS Group Holdings,
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Scd. Notes
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8.50
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2/15/16
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5,625,000
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b,c
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5,737,500
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OXEA Finance,
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Sr. Scd. Notes
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9.50
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7/15/17
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4,185,000
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b
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4,572,112
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PolyOne,
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Sr. Unscd. Notes
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7.38
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9/15/20
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5,115,000
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5,677,650
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TPC Group,
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Sr. Scd. Notes
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8.75
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12/15/20
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4,005,000
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b
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4,190,231
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Tronox Finance,
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Gtd. Notes
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6.38
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8/15/20
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4,260,000
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b
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4,148,175
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US Coat Acquisition/Flash Dutch 2,
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Gtd. Notes
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7.38
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5/1/21
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6,970,000
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b
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7,362,062
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45,366,299
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Construction Machinery--1.8%
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Ashtead Capital,
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Scd. Notes
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6.50
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7/15/22
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5,190,000
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b
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5,663,587
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H&E Equipment Services,
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Gtd. Notes
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7.00
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9/1/22
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5,225,000
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b
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5,773,625
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Manitowoc,
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Gtd. Notes
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8.50
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11/1/20
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4,430,000
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5,028,050
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Manitowoc,
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Gtd. Notes
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9.50
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2/15/18
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1,240,000
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c
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1,373,300
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United Rentals North America,
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Gtd. Notes
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7.38
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5/15/20
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5,170,000
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5,764,550
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United Rentals North America,
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Gtd. Notes
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9.25
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12/15/19
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2,715,000
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3,108,675
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26,711,787
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Consumer Cyclical Services--3.1%
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Brickman Group Holdings,
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Sr. Notes
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9.13
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11/1/18
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6,863,000
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b
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7,497,827
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Garda World Security,
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Sr. Unscd. Notes
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9.75
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3/15/17
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4,485,000
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b
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4,855,012
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Goodman Networks,
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Sr. Scd. Notes
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13.13
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7/1/18
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2,725,000
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b,d
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3,038,375
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Mobile Mini,
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Gtd. Notes
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7.88
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12/1/20
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5,800,000
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6,481,500
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QVC,
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Sr. Scd. Notes
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7.38
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10/15/20
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2,435,000
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b
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2,697,612
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Reliance Intermediate Holdings,
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Sr. Scd. Notes
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9.50
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12/15/19
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5,580,000
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b
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6,249,600
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ServiceMaster,
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Gtd. Notes
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8.00
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2/15/20
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1,135,000
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1,222,963
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West,
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Gtd. Notes
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7.88
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1/15/19
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3,250,000
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3,477,500
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West,
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Gtd. Notes
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8.63
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10/1/18
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9,615,000
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10,480,350
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46,000,739
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Consumer Products--1.3%
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Albea Beauty Holdings,
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Sr. Scd. Notes
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8.38
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11/1/19
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5,465,000
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b
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5,847,550
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Good Sam Enterprises,
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Sr. Scd. Notes
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11.50
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12/1/16
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4,695,000
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5,029,519
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Libbey Glass,
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Sr. Scd. Notes
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6.88
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5/15/20
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3,620,000
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3,923,175
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Mead Products/ACCO Brands,
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Gtd. Notes
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6.75
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4/30/20
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2,455,000
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b,c
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2,632,987
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RSI Home Products,
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Scd. Notes
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6.88
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3/1/18
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1,345,000
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b
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1,371,900
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18,805,131
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Distributors--.4%
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Suburban Propane Partners,
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Sr. Unscd. Notes
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7.50
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10/1/18
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4,812,000
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5,245,080
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Diversified Manufacturing--1.9%
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Dynacast International,
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Scd. Notes
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9.25
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7/15/19
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5,875,000
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6,433,125
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Griffon,
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Gtd. Notes
|
7.13
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4/1/18
|
6,080,000
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6,596,800
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RBS Global/Rexnord,
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Gtd. Notes
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8.50
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5/1/18
|
4,145,000
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4,564,681
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Silver II Borrower/Silver II US
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|
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Holdings, Gtd. Notes
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7.75
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12/15/20
|
3,790,000
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b
|
4,055,300
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Trinseo Materials Operating,
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Sr. Scd. Notes
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8.75
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2/1/19
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5,415,000
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b
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5,374,387
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27,024,293
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Electric--2.8%
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AES,
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Sr. Unscd. Notes
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7.38
|
7/1/21
|
5,735,000
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c
|
6,681,275
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AES,
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|
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Sr. Unscd. Notes
|
9.75
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4/15/16
|
3,765,000
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4,508,587
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Calpine,
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Sr. Scd. Notes
|
7.50
|
2/15/21
|
5,166,000
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b
|
5,695,515
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Calpine,
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Sr. Scd. Notes
|
7.88
|
1/15/23
|
4,747,000
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b
|
5,292,905
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|
GenOn Energy,
|
|
|
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Sr. Unscd. Notes
|
9.50
|
10/15/18
|
6,675,000
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|
7,893,187
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|
NRG Energy,
|
|
|
|
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Gtd. Notes
|
6.63
|
3/15/23
|
1,605,000
|
b
|
1,709,325
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|
|
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NRG Energy,
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Gtd. Notes
|
|
7.63
|
5/15/19
|
5,575,000
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|
6,048,875
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|
Techem Energy Metering Service &
|
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|
|
Co., Gtd. Notes
|
EUR
|
7.88
|
10/1/20
|
2,430,000
|
b
|
3,348,523
|
|
|
|
|
|
|
|
41,178,192
|
|
Energy--9.3%
|
|
|
|
|
|
|
|
Antero Resources Finance,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.25
|
8/1/19
|
4,125,000
|
|
4,491,094
|
|
Aurora USA Oil & Gas,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
9.88
|
2/15/17
|
4,685,000
|
b
|
5,165,212
|
|
Bristow Group,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
6.25
|
10/15/22
|
6,292,000
|
|
6,818,955
|
|
Carrizo Oil & Gas,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.50
|
9/15/20
|
2,860,000
|
|
3,067,350
|
|
Chesapeake Energy,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
6.63
|
8/15/20
|
4,635,000
|
|
5,086,912
|
|
Continental Resources,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
5.00
|
9/15/22
|
2,625,000
|
|
2,802,187
|
|
Continental Resources,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.13
|
4/1/21
|
3,160,000
|
|
3,594,500
|
|
Dresser-Rand Group,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
6.50
|
5/1/21
|
3,565,000
|
|
3,823,462
|
|
Drill Rigs Holdings,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
6.50
|
10/1/17
|
2,030,000
|
b
|
2,060,450
|
|
Edgen Murray,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
8.75
|
11/1/20
|
5,645,000
|
b
|
5,884,912
|
|
EP Energy Finance,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
9.38
|
5/1/20
|
3,065,000
|
|
3,555,400
|
|
EP Energy/Everest Acquisition
|
|
|
|
|
|
|
|
Finance, Sr. Scd. Notes
|
|
6.88
|
5/1/19
|
3,670,000
|
|
4,037,000
|
|
EP Energy/Everest Acquisition
|
|
|
|
|
|
|
|
Finance, Gtd. Notes
|
|
7.75
|
9/1/22
|
1,625,000
|
c
|
1,803,750
|
|
Halcon Resources,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
8.88
|
5/15/21
|
3,185,000
|
b
|
3,447,763
|
|
Halcon Resources,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
9.75
|
7/15/20
|
4,595,000
|
b
|
5,100,450
|
|
|
|
|
|
|
|
|
Kodiak Oil & Gas,
|
|
|
|
|
|
|
Gtd. Notes
|
5.50
|
1/15/21
|
1,455,000
|
b
|
1,525,931
|
|
Kodiak Oil & Gas,
|
|
|
|
|
|
|
Gtd. Notes
|
8.13
|
12/1/19
|
5,130,000
|
|
5,822,550
|
|
MEG Energy,
|
|
|
|
|
|
|
Gtd. Notes
|
6.50
|
3/15/21
|
4,715,000
|
b
|
5,045,050
|
|
Newfield Exploration,
|
|
|
|
|
|
|
Sr. Sub. Notes
|
6.88
|
2/1/20
|
5,385,000
|
|
5,802,338
|
|
Northern Oil and Gas,
|
|
|
|
|
|
|
Gtd. Notes
|
8.00
|
6/1/20
|
5,635,000
|
|
5,902,663
|
|
Oasis Petroleum,
|
|
|
|
|
|
|
Gtd. Notes
|
6.50
|
11/1/21
|
1,165,000
|
|
1,275,675
|
|
Oasis Petroleum,
|
|
|
|
|
|
|
Gtd. Notes
|
6.88
|
1/15/23
|
2,330,000
|
|
2,574,650
|
|
Oasis Petroleum,
|
|
|
|
|
|
|
Gtd. Notes
|
7.25
|
2/1/19
|
5,680,000
|
|
6,191,200
|
|
Offshore Group Investment,
|
|
|
|
|
|
|
Sr. Scd. Notes
|
7.50
|
11/1/19
|
5,955,000
|
b,c
|
6,342,075
|
|
Precision Drilling,
|
|
|
|
|
|
|
Gtd. Notes
|
6.50
|
12/15/21
|
745,000
|
|
799,013
|
|
Precision Drilling,
|
|
|
|
|
|
|
Gtd. Notes
|
6.63
|
11/15/20
|
5,170,000
|
|
5,544,825
|
|
Range Resources,
|
|
|
|
|
|
|
Gtd. Notes
|
5.00
|
8/15/22
|
3,170,000
|
|
3,249,250
|
|
Range Resources,
|
|
|
|
|
|
|
Gtd. Notes
|
5.00
|
3/15/23
|
3,475,000
|
b
|
3,561,875
|
|
Trinidad Drilling,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.88
|
1/15/19
|
5,025,000
|
b
|
5,477,250
|
|
Unit,
|
|
|
|
|
|
|
Gtd. Notes
|
6.63
|
5/15/21
|
8,750,000
|
|
9,209,375
|
|
Welltec,
|
|
|
|
|
|
|
Sr. Scd. Notes
|
8.00
|
2/1/19
|
5,885,000
|
b
|
6,458,788
|
|
|
|
|
|
|
135,521,905
|
|
Entertainment--.7%
|
|
|
|
|
|
|
AMC Entertaiment,
|
|
|
|
|
|
|
Gtd. Notes
|
9.75
|
12/1/20
|
4,685,000
|
|
5,428,744
|
|
|
|
|
|
|
|
|
Cinemark USA,
|
|
|
|
|
|
|
Gtd. Notes
|
7.38
|
6/15/21
|
4,200,000
|
|
4,714,500
|
|
|
|
|
|
|
10,143,244
|
|
Environmental--.9%
|
|
|
|
|
|
|
ADS Waste Holdings,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
8.25
|
10/1/20
|
4,410,000
|
b
|
4,773,825
|
|
Casella Waste Systems,
|
|
|
|
|
|
|
Gtd. Notes
|
7.75
|
2/15/19
|
7,980,000
|
|
7,640,850
|
|
|
|
|
|
|
12,414,675
|
|
Finance Companies--5.7%
|
|
|
|
|
|
|
Ally Financial,
|
|
|
|
|
|
|
Gtd. Notes
|
7.50
|
9/15/20
|
5,080,000
|
|
6,216,650
|
|
Ally Financial,
|
|
|
|
|
|
|
Gtd. Notes
|
8.00
|
11/1/31
|
6,835,000
|
|
8,680,450
|
|
Ally Financial,
|
|
|
|
|
|
|
Gtd. Notes
|
8.30
|
2/12/15
|
4,600,000
|
|
5,117,500
|
|
CBRE Services,
|
|
|
|
|
|
|
Gtd. Notes
|
5.00
|
3/15/23
|
2,225,000
|
|
2,261,156
|
|
CIT Group,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.50
|
2/15/19
|
9,900,000
|
b
|
10,914,750
|
|
FTI Consulting,
|
|
|
|
|
|
|
Gtd. Notes
|
6.75
|
10/1/20
|
4,705,000
|
|
5,116,688
|
|
HSBC Finance Capital Trust IX,
|
|
|
|
|
|
|
Gtd. Notes
|
5.91
|
11/30/35
|
2,825,000
|
d
|
2,860,313
|
|
Icahn Enterprises Finance,
|
|
|
|
|
|
|
Gtd. Notes
|
8.00
|
1/15/18
|
4,065,000
|
|
4,359,713
|
|
International Lease Finance,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
8.25
|
12/15/20
|
7,840,000
|
|
9,623,600
|
|
International Lease Finance,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
8.63
|
9/15/15
|
3,531,000
|
d
|
4,029,754
|
|
International Lease Finance,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
8.63
|
1/15/22
|
2,545,000
|
c
|
3,251,238
|
|
International Lease Finance,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
8.88
|
9/1/17
|
2,350,000
|
|
2,837,625
|
|
Ladder Capital Finance Holdings,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.38
|
10/1/17
|
5,355,000
|
b
|
5,622,750
|
|
|
|
|
|
|
|
|
|
Nuveen Investments,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
9.13
|
10/15/17
|
6,735,000
|
b
|
6,987,563
|
|
SLM,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
8.45
|
6/15/18
|
4,300,000
|
|
5,117,000
|
|
|
|
|
|
|
|
82,996,750
|
|
Food & Beverages--1.9%
|
|
|
|
|
|
|
|
ARAMARK,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
5.75
|
3/15/20
|
4,285,000
|
b
|
4,402,838
|
|
Constellation Brands,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
6.00
|
5/1/22
|
2,590,000
|
|
2,842,525
|
|
Dean Foods,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.00
|
6/1/16
|
3,669,000
|
|
4,081,762
|
|
Del Monte,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.63
|
2/15/19
|
7,430,000
|
|
7,745,775
|
|
Michael Foods Group,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
9.75
|
7/15/18
|
2,410,000
|
|
2,693,175
|
|
Post Holdings,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.38
|
2/15/22
|
5,525,000
|
|
6,070,594
|
|
|
|
|
|
|
|
27,836,669
|
|
Gaming--3.2%
|
|
|
|
|
|
|
|
Ameristar Casinos,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.50
|
4/15/21
|
5,230,000
|
|
5,759,537
|
|
Boyd Acquisition,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
8.38
|
2/15/18
|
2,515,000
|
b
|
2,672,187
|
|
Boyd Gaming,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
9.00
|
7/1/20
|
1,265,000
|
b,c
|
1,321,925
|
|
Caesars Entertainment Operating,
|
|
|
|
|
|
|
|
Scd. Notes
|
|
10.00
|
12/15/18
|
1,840,000
|
|
1,262,700
|
|
Caesars Entertainment Operating,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
11.25
|
6/1/17
|
3,605,000
|
|
3,852,844
|
|
Great Canadian Gaming,
|
|
|
|
|
|
|
|
Gtd. Notes
|
CAD
|
6.63
|
7/25/22
|
5,330,000
|
b
|
5,496,062
|
|
MGM Resorts International,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
10.00
|
11/1/16
|
3,630,000
|
|
4,346,925
|
|
MGM Resorts International,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
11.38
|
3/1/18
|
7,545,000
|
|
9,638,737
|
|
|
|
|
|
|
|
|
Penn National Gaming,
|
|
|
|
|
|
|
Sr. Sub. Notes
|
8.75
|
8/15/19
|
3,215,000
|
|
3,649,025
|
|
Pinnacle Entertainment,
|
|
|
|
|
|
|
Gtd. Notes
|
8.75
|
5/15/20
|
2,580,000
|
c
|
2,847,675
|
|
ROC Finance,
|
|
|
|
|
|
|
Scd. Notes
|
12.13
|
9/1/18
|
2,550,000
|
b
|
2,970,750
|
|
Wynn Las Vegas,
|
|
|
|
|
|
|
First Mortgage Notes
|
7.75
|
8/15/20
|
2,860,000
|
|
3,221,075
|
|
|
|
|
|
|
47,039,442
|
|
Health Care--7.7%
|
|
|
|
|
|
|
Biomet,
|
|
|
|
|
|
|
Gtd. Notes
|
6.50
|
8/1/20
|
1,840,000
|
b
|
1,959,600
|
|
Biomet,
|
|
|
|
|
|
|
Gtd. Notes
|
6.50
|
10/1/20
|
10,330,000
|
b
|
10,672,181
|
|
CDRT Holding,
|
|
|
|
|
|
|
Sr. Notes
|
9.25
|
10/1/17
|
4,395,000
|
b
|
4,581,787
|
|
CHS/Community Health System,
|
|
|
|
|
|
|
Sr. Scd. Notes
|
5.13
|
8/15/18
|
3,380,000
|
|
3,549,000
|
|
CHS/Community Health Systems,
|
|
|
|
|
|
|
Gtd. Notes
|
7.13
|
7/15/20
|
3,120,000
|
|
3,389,100
|
|
CHS/Community Health Systems,
|
|
|
|
|
|
|
Gtd. Notes
|
8.00
|
11/15/19
|
3,425,000
|
|
3,810,313
|
|
DaVita HealthCare Partners,
|
|
|
|
|
|
|
Gtd. Notes
|
5.75
|
8/15/22
|
685,000
|
|
714,969
|
|
DaVita HealthCare Partners,
|
|
|
|
|
|
|
Gtd. Notes
|
6.63
|
11/1/20
|
3,800,000
|
|
4,134,875
|
|
Emergency Medical Services,
|
|
|
|
|
|
|
Gtd. Notes
|
8.13
|
6/1/19
|
3,465,000
|
|
3,820,163
|
|
Fresenius Medical Care US Finance
|
|
|
|
|
|
|
II, Gtd. Notes
|
5.63
|
7/31/19
|
1,275,000
|
b
|
1,405,688
|
|
Fresenius Medical Care US Finance,
|
|
|
|
|
|
|
Gtd. Notes
|
6.50
|
9/15/18
|
3,610,000
|
b
|
4,133,450
|
|
HCA Holdings,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.25
|
2/15/21
|
2,150,000
|
|
2,297,813
|
|
HCA Holdings,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.75
|
5/15/21
|
7,595,000
|
c
|
8,482,666
|
|
|
|
|
|
|
|
|
|
HCA,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
4.75
|
5/1/23
|
3,370,000
|
|
3,361,575
|
|
HCA,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
7.25
|
9/15/20
|
8,310,000
|
|
9,213,713
|
|
Health Management Associates,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
6.13
|
4/15/16
|
1,120,000
|
|
1,234,800
|
|
Health Management Associates,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.38
|
1/15/20
|
1,315,000
|
|
1,449,788
|
|
HealthSouth,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.75
|
9/15/22
|
2,378,000
|
|
2,597,965
|
|
IASIS Healthcare,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
8.38
|
5/15/19
|
3,845,000
|
|
4,061,281
|
|
IMS Health,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
6.00
|
11/1/20
|
2,140,000
|
b
|
2,236,300
|
|
Labco,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
EUR
|
8.50
|
1/15/18
|
2,205,000
|
|
3,017,276
|
|
Physio-Control International,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
9.88
|
1/15/19
|
7,095,000
|
b
|
8,035,087
|
|
STHI Holding,
|
|
|
|
|
|
|
|
Scd. Notes
|
|
8.00
|
3/15/18
|
2,175,000
|
b
|
2,387,062
|
|
Tenet Healthcare,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
4.50
|
4/1/21
|
2,150,000
|
b
|
2,112,375
|
|
Tenet Healthcare,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
6.25
|
11/1/18
|
6,410,000
|
|
7,139,138
|
|
Tenet Healthcare,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
8.88
|
7/1/19
|
460,000
|
|
518,650
|
|
United Surgical Partners
|
|
|
|
|
|
|
|
International, Gtd. Notes
|
|
9.00
|
4/1/20
|
4,185,000
|
|
4,760,437
|
|
VPI Escrow,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
6.38
|
10/15/20
|
2,295,000
|
b
|
2,429,831
|
|
VWR Funding,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.25
|
9/15/17
|
5,270,000
|
b
|
5,605,963
|
|
|
|
|
|
|
|
113,112,846
|
|
Home Construction--2.2%
|
|
|
|
|
|
|
|
Ashton Woods USA/Finance,
|
|
|
|
|
|
|
|
Unscd. Notes
|
|
6.88
|
2/15/21
|
1,275,000
|
b
|
1,297,313
|
|
|
|
|
|
|
|
|
|
Brookfield Residential Properties,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
6.50
|
12/15/20
|
5,435,000
|
b
|
5,842,625
|
|
Shea Homes Funding,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
8.63
|
5/15/19
|
5,615,000
|
|
6,330,913
|
|
Standard Pacific,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
8.38
|
5/15/18
|
4,970,000
|
|
5,877,025
|
|
Taylor Morrison Communities,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.75
|
4/15/20
|
7,385,000
|
b
|
7,957,338
|
|
William Lyon Homes,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
8.50
|
11/15/20
|
3,730,000
|
b
|
4,084,350
|
|
|
|
|
|
|
|
31,389,564
|
|
Industrial Services--2.8%
|
|
|
|
|
|
|
|
Algeco Scotsman Global Finance,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
EUR
|
9.00
|
10/15/18
|
2,125,000
|
|
2,847,062
|
|
Algeco Scotsman Global Finance,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
10.75
|
10/15/19
|
3,440,000
|
b
|
3,577,600
|
|
Hillman Group,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
10.88
|
6/1/18
|
3,165,000
|
|
3,497,325
|
|
Interline Brands,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
10.00
|
11/15/18
|
4,355,000
|
b
|
4,844,937
|
|
Mueller Water Products,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.38
|
6/1/17
|
3,225,000
|
|
3,333,844
|
|
Mueller Water Products,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
8.75
|
9/1/20
|
1,808,236
|
|
2,065,910
|
|
Rexel,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
6.13
|
12/15/19
|
6,030,000
|
b
|
6,376,725
|
|
Weekley Homes,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
6.00
|
2/1/23
|
2,655,000
|
b
|
2,747,925
|
|
WireCo WorldGroup,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
9.50
|
5/15/17
|
8,000,000
|
|
8,400,000
|
|
Zachry Holdings,
|
|
|
|
|
|
|
|
Sr. Notes
|
|
7.50
|
2/1/20
|
3,240,000
|
b
|
3,426,300
|
|
|
|
|
|
|
|
41,117,628
|
|
Insurance--1.2%
|
|
|
|
|
|
|
|
Hub International,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
8.13
|
10/15/18
|
7,405,000
|
b
|
7,830,787
|
|
|
|
|
|
|
|
|
|
Onex USI Acquisition,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
7.75
|
1/15/21
|
7,865,000
|
b
|
7,923,987
|
|
ZFS Finance (USA) Trust V,
|
|
|
|
|
|
|
|
Jr. Sub. Cap. Secs.
|
|
6.50
|
5/9/67
|
2,000,000
|
b,d
|
2,150,000
|
|
|
|
|
|
|
|
17,904,774
|
|
Lodging--.4%
|
|
|
|
|
|
|
|
Host Hotels & Resorts,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
6.00
|
10/1/21
|
2,590,000
|
|
3,007,638
|
|
Royal Caribbean Cruises,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
5.25
|
11/15/22
|
2,755,000
|
|
2,803,213
|
|
|
|
|
|
|
|
5,810,851
|
|
Media Cable--4.4%
|
|
|
|
|
|
|
|
Cablevision Systems,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
8.00
|
4/15/20
|
2,545,000
|
|
2,875,850
|
|
Cablevision Systems,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
8.63
|
9/15/17
|
2,435,000
|
|
2,848,950
|
|
CCO Holdings,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
5.75
|
9/1/23
|
4,225,000
|
b
|
4,256,687
|
|
CCO Holdings,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
6.63
|
1/31/22
|
1,835,000
|
|
1,977,212
|
|
CCO Holdings,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.38
|
6/1/20
|
2,525,000
|
|
2,812,219
|
|
Cequel Communications Holdings I,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
6.38
|
9/15/20
|
7,540,000
|
b
|
7,860,450
|
|
DISH DBS,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
5.00
|
3/15/23
|
6,975,000
|
b
|
6,896,531
|
|
DISH DBS,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.13
|
2/1/16
|
5,040,000
|
|
5,625,900
|
|
Nara Cable Funding,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
8.88
|
12/1/18
|
4,320,000
|
b
|
4,546,800
|
|
Ono Finance II,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
10.88
|
7/15/19
|
3,465,000
|
b,c
|
3,603,600
|
|
Unitymedia Hessen & Co.,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
7.50
|
3/15/19
|
6,600,000
|
b
|
7,251,750
|
|
Unitymedia,
|
|
|
|
|
|
|
|
Gtd. Notes
|
EUR
|
9.63
|
12/1/19
|
3,375,000
|
|
4,835,025
|
|
|
|
|
|
|
|
|
UPCB Finance V,
|
|
|
|
|
|
|
Sr. Scd. Notes
|
7.25
|
11/15/21
|
3,790,000
|
b
|
4,206,900
|
|
Videotron,
|
|
|
|
|
|
|
Gtd. Notes
|
5.00
|
7/15/22
|
4,750,000
|
|
4,845,000
|
|
|
|
|
|
|
64,442,874
|
|
Media Non-Cable--5.7%
|
|
|
|
|
|
|
Allbritton Communications,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
8.00
|
5/15/18
|
5,505,000
|
|
5,986,687
|
|
AMC Networks,
|
|
|
|
|
|
|
Gtd. Notes
|
7.75
|
7/15/21
|
3,195,000
|
|
3,634,312
|
|
Clear Channel Communications,
|
|
|
|
|
|
|
Sr. Scd. Notes
|
9.00
|
12/15/19
|
2,495,000
|
b
|
2,410,794
|
|
Clear Channel Communications,
|
|
|
|
|
|
|
Gtd. Notes
|
10.75
|
8/1/16
|
2,225,000
|
c
|
1,729,937
|
|
Clear Channel Worldwide Holdings,
|
|
|
|
|
|
|
Gtd. Notes
|
6.50
|
11/15/22
|
1,220,000
|
b
|
1,277,950
|
|
Clear Channel Worldwide Holdings,
|
|
|
|
|
|
|
Gtd. Notes
|
6.50
|
11/15/22
|
2,500,000
|
b
|
2,650,000
|
|
Clear Channel Worldwide Holdings,
|
|
|
|
|
|
|
Gtd. Notes, Ser. A
|
7.63
|
3/15/20
|
625,000
|
|
649,219
|
|
Clear Channel Worldwide Holdings,
|
|
|
|
|
|
|
Gtd. Notes, Ser. B
|
7.63
|
3/15/20
|
5,055,000
|
|
5,301,431
|
|
Cumulus Media Holdings,
|
|
|
|
|
|
|
Gtd. Notes
|
7.75
|
5/1/19
|
5,025,000
|
c
|
5,188,312
|
|
Gray Television,
|
|
|
|
|
|
|
Gtd. Notes
|
7.50
|
10/1/20
|
4,410,000
|
c
|
4,729,725
|
|
Hughes Satellite Systems,
|
|
|
|
|
|
|
Gtd. Notes
|
7.63
|
6/15/21
|
7,195,000
|
|
8,265,256
|
|
Intelsat Jackson Holdings,
|
|
|
|
|
|
|
Gtd. Notes
|
7.25
|
10/15/20
|
8,835,000
|
|
9,740,588
|
|
Intelsat Luxembourg,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.75
|
6/1/21
|
6,040,000
|
b
|
6,160,800
|
|
Intelsat Luxembourg,
|
|
|
|
|
|
|
Gtd. Notes
|
11.25
|
2/4/17
|
9,650,000
|
|
10,289,313
|
|
LIN Television,
|
|
|
|
|
|
|
Gtd. Notes
|
6.38
|
1/15/21
|
2,185,000
|
b
|
2,337,950
|
|
|
|
|
|
|
|
|
Nexstar Broadcasting,
|
|
|
|
|
|
|
Gtd. Notes
|
6.88
|
11/15/20
|
3,975,000
|
b
|
4,213,500
|
|
Nexstar/Mission Broadcasting,
|
|
|
|
|
|
|
Scd. Notes
|
8.88
|
4/15/17
|
523,000
|
|
577,915
|
|
Sinclair Television Group,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.13
|
10/1/22
|
3,270,000
|
b,c
|
3,441,675
|
|
Sinclair Television Group,
|
|
|
|
|
|
|
Scd. Notes
|
9.25
|
11/1/17
|
3,885,000
|
b
|
4,229,794
|
|
|
|
|
|
|
82,815,158
|
|
Metals & Mining--5.0%
|
|
|
|
|
|
|
Alpha Natural Resources,
|
|
|
|
|
|
|
Gtd. Notes
|
9.75
|
4/15/18
|
3,440,000
|
c
|
3,706,600
|
|
American Gilsonite,
|
|
|
|
|
|
|
Sr. Scd. Notes
|
11.50
|
9/1/17
|
4,615,000
|
b
|
4,926,513
|
|
ArcelorMittal,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.00
|
2/25/17
|
3,230,000
|
c,d
|
3,383,180
|
|
ArcelorMittal,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.75
|
8/5/20
|
1,850,000
|
d
|
1,954,673
|
|
ArcelorMittal,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.00
|
3/1/21
|
465,000
|
d
|
489,652
|
|
ArcelorMittal,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
6.75
|
2/25/22
|
1,505,000
|
c,d
|
1,647,540
|
|
ArcelorMittal,
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.25
|
3/1/41
|
1,165,000
|
d
|
1,162,623
|
|
ArcelorMittal,
|
|
|
|
|
|
|
Sr. Unscd. Bonds
|
10.35
|
6/1/19
|
8,717,000
|
d
|
11,020,912
|
|
Calcipar,
|
|
|
|
|
|
|
Sr. Scd. Notes
|
6.88
|
5/1/18
|
5,540,000
|
b
|
5,927,800
|
|
FMG Resources (August 2006),
|
|
|
|
|
|
|
Gtd. Notes
|
6.88
|
4/1/22
|
3,050,000
|
b,c
|
3,206,312
|
|
FMG Resources (August 2006),
|
|
|
|
|
|
|
Gtd. Notes
|
8.25
|
11/1/19
|
5,905,000
|
b,c
|
6,399,544
|
|
Global Brass & Copper,
|
|
|
|
|
|
|
Sr. Scd. Notes
|
9.50
|
6/1/19
|
2,745,000
|
b
|
3,053,812
|
|
JMC Steel Group,
|
|
|
|
|
|
|
Sr. Notes
|
8.25
|
3/15/18
|
6,035,000
|
b
|
6,427,275
|
|
|
|
|
|
|
|
|
|
Rain CII Carbon,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
8.25
|
1/15/21
|
8,190,000
|
b
|
8,886,150
|
|
Ryerson,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
9.00
|
10/15/17
|
1,585,000
|
b
|
1,737,556
|
|
Severstal Columbus,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
10.25
|
2/15/18
|
7,000,000
|
|
7,612,500
|
|
Steel Dynamics,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
5.25
|
4/15/23
|
1,235,000
|
b
|
1,255,069
|
|
|
|
|
|
|
|
72,797,711
|
|
Packaging--4.6%
|
|
|
|
|
|
|
|
AEP Industries,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
8.25
|
4/15/19
|
3,020,000
|
|
3,299,350
|
|
ARD Finance,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
11.13
|
6/1/18
|
5,136,507
|
b
|
5,624,475
|
|
Ardagh Packaging Finance,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
7.00
|
11/15/20
|
1,250,000
|
b
|
1,287,500
|
|
Ardagh Packaging Finance,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
7.38
|
10/15/17
|
5,450,000
|
b
|
5,995,000
|
|
Ardagh Packaging Finance,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
9.13
|
10/15/20
|
2,080,000
|
b
|
2,303,600
|
|
Ardagh Packaging Finance,
|
|
|
|
|
|
|
|
Gtd. Notes
|
EUR
|
9.25
|
10/15/20
|
2,000,000
|
c
|
2,781,623
|
|
Beverage Packaging Holdings
|
|
|
|
|
|
|
|
Luxembourg II, Scd. Notes
|
EUR
|
8.00
|
12/15/16
|
950,000
|
|
1,223,850
|
|
BOE Merger,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
9.50
|
11/1/17
|
4,075,000
|
b
|
4,406,094
|
|
BWAY Holding,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
10.00
|
6/15/18
|
2,380,000
|
|
2,677,500
|
|
Consolidated Container,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
10.13
|
7/15/20
|
4,410,000
|
b
|
4,851,000
|
|
Plastipak Holdings,
|
|
|
|
|
|
|
|
Sr. Notes
|
|
10.63
|
8/15/19
|
3,240,000
|
b
|
3,726,000
|
|
Reynolds Group,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
7.88
|
8/15/19
|
6,205,000
|
|
6,872,038
|
|
Reynolds Group,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
8.50
|
5/15/18
|
8,850,000
|
d
|
9,347,813
|
|
|
|
|
|
|
|
|
Reynolds Group,
|
|
|
|
|
|
|
Gtd. Notes
|
9.88
|
8/15/19
|
3,510,000
|
|
3,856,613
|
|
Sealed Air,
|
|
|
|
|
|
|
Gtd. Notes
|
8.13
|
9/15/19
|
6,870,000
|
b
|
7,806,038
|
|
Sealed Air,
|
|
|
|
|
|
|
Gtd. Notes
|
8.38
|
9/15/21
|
1,095,000
|
b
|
1,259,250
|
|
|
|
|
|
|
67,317,744
|
|
Paper--.6%
|
|
|
|
|
|
|
Ainsworth Lumber,
|
|
|
|
|
|
|
Sr. Scd. Notes
|
7.50
|
12/15/17
|
1,585,000
|
b
|
1,733,594
|
|
Sappi Papier Holding,
|
|
|
|
|
|
|
Sr. Scd. Notes
|
7.75
|
7/15/17
|
2,195,000
|
b,c
|
2,436,450
|
|
Sappi Papier Holding,
|
|
|
|
|
|
|
Sr. Scd. Notes
|
8.38
|
6/15/19
|
895,000
|
b
|
996,806
|
|
Smurfit Kappa Acquisitions,
|
|
|
|
|
|
|
Sr. Scd. Notes
|
4.88
|
9/15/18
|
4,119,000
|
b
|
4,221,975
|
|
|
|
|
|
|
9,388,825
|
|
Pipelines--1.0%
|
|
|
|
|
|
|
El Paso,
|
|
|
|
|
|
|
Gtd. Notes
|
6.50
|
9/15/20
|
3,524,000
|
|
3,910,946
|
|
El Paso,
|
|
|
|
|
|
|
Gtd. Notes
|
7.80
|
8/1/31
|
1,665,000
|
|
1,859,111
|
|
Genesis Energy,
|
|
|
|
|
|
|
Gtd. Notes
|
5.75
|
2/15/21
|
3,540,000
|
b
|
3,661,688
|
|
MarkWest Energy Partners,
|
|
|
|
|
|
|
Gtd. Notes
|
6.25
|
6/15/22
|
1,106,000
|
|
1,197,245
|
|
Targa Resources Partners,
|
|
|
|
|
|
|
Gtd. Notes
|
6.88
|
2/1/21
|
3,940,000
|
|
4,334,000
|
|
|
|
|
|
|
14,962,990
|
|
Retailers--1.0%
|
|
|
|
|
|
|
J.Crew Group,
|
|
|
|
|
|
|
Gtd. Notes
|
8.13
|
3/1/19
|
4,395,000
|
|
4,746,600
|
|
Rite Aid,
|
|
|
|
|
|
|
Gtd. Notes
|
9.50
|
6/15/17
|
9,229,000
|
|
9,690,450
|
|
|
|
|
|
|
14,437,050
|
|
Technology--5.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cardtronics,
|
|
|
|
|
|
Gtd. Notes
|
8.25
|
9/1/18
|
6,030,000
|
6,633,000
|
|
CDW Finance,
|
|
|
|
|
|
Sr. Scd. Notes
|
8.00
|
12/15/18
|
4,890,000
d
|
5,476,800
|
|
CDW Finance,
|
|
|
|
|
|
Gtd. Notes
|
8.50
|
4/1/19
|
1,714,000
|
1,921,823
|
|
Ceridian,
|
|
|
|
|
|
Sr. Scd. Notes
|
8.88
|
7/15/19
|
2,050,000
b
|
2,395,937
|
|
Ceridian,
|
|
|
|
|
|
Sr. Unscd. Notes
|
11.00
|
3/15/21
|
1,345,000
b
|
1,449,238
|
|
Ceridian,
|
|
|
|
|
|
Gtd. Notes
|
12.25
|
11/15/15
|
4,681,490
|
4,862,898
|
|
CommScope,
|
|
|
|
|
|
Gtd. Notes
|
8.25
|
1/15/19
|
7,415,000
b
|
8,082,350
|
|
Epicor Software,
|
|
|
|
|
|
Gtd. Notes
|
8.63
|
5/1/19
|
4,410,000
|
4,795,875
|
|
Equinix,
|
|
|
|
|
|
Sr. Unscd. Notes
|
5.38
|
4/1/23
|
4,365,000
|
4,441,387
|
|
Equinix,
|
|
|
|
|
|
Sr. Unscd. Notes
|
7.00
|
7/15/21
|
200,000
|
222,750
|
|
First Data,
|
|
|
|
|
|
Sr. Scd. Notes
|
6.75
|
11/1/20
|
680,000
b
|
712,300
|
|
First Data,
|
|
|
|
|
|
Sr. Scd. Notes
|
7.38
|
6/15/19
|
2,795,000
b
|
2,987,156
|
|
First Data,
|
|
|
|
|
|
Scd. Notes
|
8.25
|
1/15/21
|
4,479,000
b
|
4,680,555
|
|
First Data,
|
|
|
|
|
|
Scd. Notes
|
8.75
|
1/15/22
|
3,000,000
b
|
3,187,500
|
|
First Data,
|
|
|
|
|
|
Gtd. Notes
|
9.88
|
9/24/15
|
258,000
|
267,030
|
|
First Data,
|
|
|
|
|
|
Gtd. Notes
|
9.88
|
9/24/15
|
1,670,000
c
|
1,728,450
|
|
First Data,
|
|
|
|
|
|
Sr. Unscd. Notes
|
10.63
|
6/15/21
|
2,070,000
b
|
2,103,637
|
|
First Data,
|
|
|
|
|
|
Gtd. Notes
|
11.25
|
1/15/21
|
4,860,000
b,c
|
5,078,700
|
|
|
|
|
|
|
|
|
|
Infor US,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
9.38
|
4/1/19
|
2,905,000
|
|
3,308,069
|
|
Infor US,
|
|
|
|
|
|
|
|
Gtd. Notes
|
EUR
|
10.00
|
4/1/19
|
2,540,000
|
b
|
3,671,038
|
|
Interactive Data,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
10.25
|
8/1/18
|
3,995,000
|
|
4,534,325
|
|
Sophia,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
9.75
|
1/15/19
|
1,690,000
|
b
|
1,892,800
|
|
SunGard Data Systems,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.38
|
11/15/18
|
3,010,000
|
|
3,235,750
|
|
TransUnion Holding,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
9.63
|
6/15/18
|
2,960,000
|
|
3,233,800
|
|
|
|
|
|
|
|
80,903,168
|
|
Transportation Services--1.5%
|
|
|
|
|
|
|
|
American Petroleum Tankers Parent,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
10.25
|
5/1/15
|
4,287,000
|
|
4,447,762
|
|
Marquette Transportation Finance,
|
|
|
|
|
|
|
|
Scd. Notes
|
|
10.88
|
1/15/17
|
6,565,000
|
|
7,057,375
|
|
Navios Maritime Acquisition,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
8.63
|
11/1/17
|
1,440,000
|
|
1,439,100
|
|
Navios Maritime Holdings,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
8.88
|
11/1/17
|
2,005,000
|
c
|
2,057,631
|
|
Navios South American Logistics,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
9.25
|
4/15/19
|
1,525,000
|
b
|
1,647,000
|
|
Navios South American Logistics,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
9.25
|
4/15/19
|
3,015,000
|
c
|
3,256,200
|
|
Watco Companies,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
6.38
|
4/1/23
|
1,925,000
|
b
|
1,989,969
|
|
|
|
|
|
|
|
21,895,037
|
|
Wireless Communications--3.8%
|
|
|
|
|
|
|
|
Digicel Group,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
8.25
|
9/30/20
|
5,575,000
|
b
|
5,937,375
|
|
Digicel Group,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
10.50
|
4/15/18
|
1,408,000
|
b
|
1,580,480
|
|
Digicel,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
6.00
|
4/15/21
|
4,975,000
|
b,c
|
4,962,562
|
|
|
|
|
|
|
|
|
|
Digicel,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
8.25
|
9/1/17
|
2,955,000
|
b
|
3,154,462
|
|
Eileme 2 AB,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
11.63
|
1/31/20
|
6,085,000
|
b
|
7,149,875
|
|
Lynx I,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
5.38
|
4/15/21
|
1,375,000
|
b
|
1,436,875
|
|
Lynx II,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
6.38
|
4/15/23
|
1,005,000
|
b
|
1,057,762
|
|
Sprint Capital,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
6.88
|
11/15/28
|
2,000,000
|
|
2,055,000
|
|
Sprint Capital,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
8.75
|
3/15/32
|
3,180,000
|
|
3,808,050
|
|
Sprint Nextel,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
6.00
|
11/15/22
|
3,395,000
|
|
3,505,338
|
|
Sprint Nextel,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
7.00
|
3/1/20
|
3,870,000
|
b
|
4,518,225
|
|
Sprint Nextel,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
7.00
|
8/15/20
|
1,655,000
|
|
1,828,775
|
|
Sprint Nextel,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
9.00
|
11/15/18
|
5,185,000
|
b
|
6,422,919
|
|
Sprint Nextel,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes
|
|
11.50
|
11/15/21
|
2,525,000
|
|
3,544,469
|
|
Wind Acquisition Finance,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
|
7.25
|
2/15/18
|
3,215,000
|
b
|
3,363,694
|
|
Wind Acquisition Finance,
|
|
|
|
|
|
|
|
Scd. Notes
|
|
11.75
|
7/15/17
|
645,000
|
b
|
686,925
|
|
Wind Acquisition Finance,
|
|
|
|
|
|
|
|
Scd. Notes
|
EUR
|
11.75
|
7/15/17
|
715,000
|
c
|
971,517
|
|
|
|
|
|
|
|
55,984,303
|
|
Wireline Communications--2.2%
|
|
|
|
|
|
|
|
CenturyLink,
|
|
|
|
|
|
|
|
Sr. Unscd. Notes, Ser. V
|
|
5.63
|
4/1/20
|
3,780,000
|
c
|
3,870,603
|
|
Cincinnati Bell,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
8.38
|
10/15/20
|
4,185,000
|
|
4,373,325
|
|
Level 3 Financing,
|
|
|
|
|
|
|
|
Gtd. Notes
|
|
8.13
|
7/1/19
|
1,225,000
|
|
1,353,625
|
|
|
|
|
|
|
|
|
|
Level 3 Financing,
|
|
|
|
|
|
|
|
Gtd. Notes
|
8.63
|
7/15/20
|
8,100,000
|
|
9,061,875
|
|
|
Sable International Finance,
|
|
|
|
|
|
|
|
Sr. Scd. Notes
|
8.75
|
2/1/20
|
4,990,000
|
b
|
5,663,650
|
|
|
Windstream,
|
|
|
|
|
|
|
|
Gtd. Notes
|
7.75
|
10/15/20
|
7,820,000
|
|
8,523,800
|
|
|
|
|
|
|
|
32,846,878
|
|
|
Total Bonds and Notes
|
|
|
|
|
|
|
|
(cost $1,298,635,329)
|
|
|
|
|
1,381,990,360
|
|
|
|
|
Preferred Stocks--.3%
|
|
|
Shares
|
|
Value ($)
|
|
|
Finance Companies
|
|
|
|
|
|
|
|
GMAC Capital Trust I,
|
|
|
|
|
|
|
|
Ser. 2, Cum. $2.03
|
|
|
|
|
|
|
|
(cost $4,475,208)
|
|
|
172,552
|
d
|
4,693,414
|
|
|
|
|
Other Investment--4.0%
|
|
|
|
|
|
|
|
Registered Investment Company;
|
|
|
|
|
|
|
|
Dreyfus Institutional Preferred
|
|
|
|
|
|
|
|
Plus Money Market Fund
|
|
|
|
|
|
|
|
(cost $58,270,579)
|
|
|
58,270,579
|
e
|
58,270,579
|
|
|
Investment of Cash Collateral for
|
|
|
|
|
|
|
|
Securities Loaned--5.2%
|
|
|
|
|
|
|
|
Registered Investment Company;
|
|
|
|
|
|
|
|
Dreyfus Institutional Cash
|
|
|
|
|
|
|
|
Advantage Fund
|
|
|
|
|
|
|
|
(cost $76,603,006)
|
|
|
76,603,006
|
e
|
76,603,006
|
|
|
Total Investments
(cost $1,437,984,122)
|
|
|
104.0
|
%
|
1,521,557,359
|
|
|
Liabilities, Less Cash and Receivables
|
|
|
(4.0
|
%)
|
(58,469,273
|
)
|
|
Net Assets
|
|
|
100.0
|
%
|
1,463,088,086
|
|
|
|
|
|
a
|
Principal amount stated in U.S. Dollars unless otherwise noted.
|
|
|
CAD--Canadian Dollar
|
|
|
EUR--Euro
|
|
|
GBP--British Pound
|
|
b
|
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 March 31, 2013,
|
|
|
|
|
|
these securities were valued at $589,155,250 or 40.3% of net assets.
|
|
c
|
Security, or portion thereof, on loan. At March 31, 2013, the value of the fund's securities on loan was $73,428,649
|
|
|
and the value of the collateral held by the fund was $77,204,064, consisting of cash collateral of $76,603,006 and
|
|
|
U.S. Government & Agency securities valued at $601,058.
|
|
d
|
Variable rate security--interest rate subject to periodic change.
|
|
e
|
Investment in affiliated money market mutual fund.
|
At March 31, 2013, net unrealized appreciation on investments was $83,573,237 of which $85,124,205 related to appreciated investment securities and $1,550,968 related to depreciated investment securities. At March 31, 2013, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
|
|
|
|
Portfolio Summary (Unaudited) †
|
Value (%)
|
|
Corporate Bonds
|
94.5
|
|
Money Market Investments
|
9.2
|
|
Preferred Stocks
|
.3
|
|
|
104.0
|
STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
March 31, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Foreign
|
|
|
Unrealized
|
|
Forward Foreign Currency
|
Currency
|
|
|
Appreciation
|
|
Exchange Contracts
|
Amounts
|
Proceeds ($)
|
Value ($)
|
(Depreciation) ($)
|
|
Sales:
|
|
|
|
|
|
|
|
|
British Pound,
|
|
|
|
|
|
Expiring
|
|
|
|
|
|
|
4/30/2013
|
a
|
2,870,000
|
4,371,727
|
4,360,039
|
11,688
|
|
|
|
Canadian Dollar,
|
|
|
|
|
|
Expiring
|
|
|
|
|
|
|
4/30/2013
|
b
|
5,410,000
|
5,285,732
|
5,321,786
|
(36,054
)
|
|
|
|
Euro,
|
|
|
|
|
|
|
Expiring:
|
|
|
|
|
|
|
4/30/2013
|
a
|
7,490,000
|
9,728,544
|
9,603,155
|
125,389
|
|
4/30/2013
|
b
|
2,860,000
|
3,714,168
|
3,666,892
|
47,276
|
|
4/30/2013
|
c
|
3,950,000
|
5,129,549
|
5,064,414
|
65,135
|
|
4/30/2013
|
d
|
3,180,000
|
4,129,230
|
4,077,174
|
52,056
|
|
4/30/2013
|
e
|
8,090,000
|
10,507,332
|
10,372,433
|
134,899
|
|
|
|
Gross Unrealized Appreciation
|
|
|
|
436,443
|
|
Gross Unrealized Depreciation
|
|
|
|
(36,054
)
|
Counterparties:
|
|
|
|
a
|
Goldman Sachs
|
|
b
|
Credit Suisse First Boston
|
|
c
|
Commonwealth Bank of Australia
|
|
d
|
Deutsche Bank
|
|
e
|
Morgan Stanley
|
The following is a summary of the inputs used as of March 31, 2013 in valuing the fund's investments:
|
|
|
|
|
|
|
|
|
|
|
|
Level 3 -
|
|
|
|
|
Level 2 - Other
|
Significant
|
|
|
|
Level 1 - Unadjusted
|
Significant
|
Unobservable
|
|
|
Assets ($)
|
Quoted Prices
|
Observable Inputs
|
Inputs
|
Total
|
|
Investments in Securities:
|
|
|
|
|
|
Corporate Bonds+
|
-
|
1,381,990,360
|
-
|
1,381,990,360
|
|
Mutual Funds
|
134,873,585
|
-
|
-
|
134,873,585
|
|
Preferred Stocks+
|
-
|
4,693,414
|
-
|
4,693,414
|
|
Other Financial Instruments:
|
|
|
|
|
|
Forward Foreign Currency Exchange Contracts++
|
-
|
436,443
|
-
|
436,443
|
|
Liabilities ($)
|
|
|
|
|
|
Other Financial Instruments:
|
|
|
|
|
|
Forward Foreign Currency Exchange Contracts++
|
-
|
(36,054
)
|
-
|
(36,054
)
|
|
|
|
+ See Statement of Investments for additional detailed categorizations.
|
|
++ Amount shown represents unrealized appreciation (depreciation) at period end.
|
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.
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 unadjusted 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:
Investments in debt securities excluding short-term investments (other than U.S. Treasury Bills) are valued each business day by an independent
pricing service (the “Service”) approved by the Board of Trustees.
Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities).
Other investments are valued as determined by the Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. These securities are generally categorized within Level 2 of the fair value hierarchy.
U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by the Service. These securities are generally categorized within Level 2 of the fair value hierarchy.
The Service’s procedures are reviewed by Dreyfus under the general
supervision of the Board of Trustees.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It
is the fund’s policy that, at origination, all loans are secured by collateral
of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in
certain money market mutual funds managed by the Manager, U.S. Government and Agency securities or letters of credit. The fund is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund during the period ended March 31, 2013 is discussed below.
Forward Foreign Currency Exchange Contracts: The fund enters into forward contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of its investment strategy.
When executing forward contracts, the fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, the fund incurs a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, the fund incurs a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract increases between those dates. Any realized gain or loss which occurred during the period is reflected in the Statement of Operations. The fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. The fund is also exposed to credit risk associated with counterparty nonperformance on these forward contracts, which is typically limited to the unrealized gain on each open contract.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
Item 2. Controls
and Procedures.
(a) The
Registrant's principal executive and principal financial officers have
concluded, based on their evaluation of the Registrant's disclosure controls
and procedures as of a date within 90 days of the filing date of this report,
that the Registrant's disclosure controls and procedures are reasonably
designed to ensure that information required to be disclosed by the Registrant
on Form N-Q is recorded, processed, summarized and reported within the required
time periods and that information required to be disclosed by the Registrant in
the reports that it files or submits on Form N-Q is accumulated and
communicated to the Registrant's management, including its principal executive
and principal financial officers, as appropriate to allow timely decisions
regarding required disclosure.
(b) There
were no changes to the Registrant's internal control over financial reporting
that occurred during the Registrant's most recently ended fiscal quarter that
have materially affected, or are reasonably likely to materially affect, the
Registrant's internal control over financial reporting.
Item 3. Exhibits.
(a) Certifications of principal executive and
principal financial officers as required by Rule 30a-2(a) under the Investment
Company Act of 1940.
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 Funds
Trust
|
By:
/s/ Bradley J.
Skapyak
|
|
Bradley J.
Skapyak
President
|
|
Date:
|
May 17, 2013
|
|
|
|
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 17, 2013
|
|
|
|
By:
/s/ James
Windels
|
|
James Windels
Treasurer
|
|
Date:
|
May 17, 2013
|
|
|
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)
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