N-Q 1 formnq.htm QUARTERLY SCHEDULE formnq.htm - Generated by SEC Publisher for SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549
 
 
FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT 
INVESTMENT COMPANY

Investment Company Act file number           811-524

The Dreyfus/Laurel Funds Trust
(Exact name of Registrant as specified in charter) 

c/o The Dreyfus Corporation
200 Park Avenue
New York, New York 10166
(Address of principal executive offices)  (Zip code) 

Michael A. Rosenberg, Esq.
200 Park Avenue
New York, New York 10166
(Name and address of agent for service) 

Registrant's telephone number, including area code:   (212)  922-6000 
Date of fiscal year end:  5/31     
Date of reporting period:  02/28/09     

     The following Form N-Q relates only to the Registrant’s series listed below 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.

Dreyfus Equity Income Fund 
Dreyfus Emerging Markets Debt Local Currency Fund 

FORM N-Q

Item 1. Schedule of Investments.

STATEMENT OF INVESTMENTS     
Dreyfus Equity Income Fund     
February 28, 2009 (Unaudited)     
 
 
Common Stocks--98.4%  Shares  Value ($) 
Consumer Discretionary--13.5%     
Barnes & Noble  210  3,767 
Best Buy  160  4,611 
Choice Hotels International  320  7,923 
Family Dollar Stores  210  5,762 
Foot Locker  790  6,565 
H & R Block  470  8,977 
Hasbro  320  7,325 
Interactive Data  260  5,881 
McDonald's  395  20,639 
McGraw-Hill Cos.  135  2,664 
NIKE, Cl. B  210  8,721 
Nordstrom  110  1,482 
Regal Entertainment Group, Cl. A  530  5,427 
Sherwin-Williams  120  5,514 
Snap-On  210  4,954 
Staples  320  5,104 
VF  160  8,304 
Walt Disney  630  10,565 
Wolverine World Wide  210  3,184 
    127,369 
Consumer Staples--11.9%     
Altria Group  520  8,029 
Campbell Soup  235  6,291 
Coca-Cola  520  21,242 
ConAgra Foods  320  4,826 
H.J. Heinz  25  817 
Herbalife  25  341 
Kellogg  25  973 
Kimberly-Clark  130  6,124 
Lorillard  160  9,350 
McCormick & Co.  345  10,816 
PepsiCo  160  7,702 
Philip Morris International  345  11,547 
Procter & Gamble  110  5,299 
Reynolds American  160  5,373 
Safeway  260  4,810 
Sara Lee  395  3,045 
Wal-Mart Stores  110  5,416 
    112,001 

 

Energy--14.2%       
BP, ADR  260   9,974 
Chevron  520   31,569 
ConocoPhillips  345   12,886 
Exxon Mobil  755   51,265 
Frontline  345   7,000 
Marathon Oil  260   6,050 
Occidental Petroleum  110   5,706 
Overseas Shipholding Group  135   3,472 
Patterson-UTI Energy  260   2,233 
Valero Energy  160   3,101 
      133,256 
Financial--8.7%       
Aflac  140   2,346 
Bank of America  619   2,445 
Barclays, ADR  160   822 
CapitalSource  420   785 
Chubb  50   1,952 
Citigroup  605   908 
Deutsche Bank  75   1,917 
Fairfax Financial Holdings  20   4,920 
Federated Investors, Cl. B  370   6,978 
Goldman Sachs Group  50   4,554 
ING Groep, ADR  210   947 
JPMorgan Chase & Co.  680   15,538 
Moody's  135   2,423 
OneBeacon Insurance Group  580   6,461 
People's United Financial  550   9,576 
Plum Creek Timber  400   10,492 
Progressive  370 a  4,281 
Ventas  210   4,530 
      81,875 
Health Care--13.4%       
Aetna  320   7,638 
Becton, Dickinson & Co.  110   6,808 
Biovail  235   2,479 
Bristol-Myers Squibb  75   1,381 
CIGNA  75   1,182 
Eli Lilly & Co.  285   8,373 
Humana  210 a  4,971 
Johnson & Johnson  630   31,500 
McKesson  345   14,152 
Merck & Co.  530   12,826 
Pfizer  1,335   16,434 
Quest Diagnostics  135   6,187 
UnitedHealth Group  260   5,109 

Wyeth  170   6,939 
      125,979 
Industrial--8.6%       
3M  150   6,819 
Autodesk  200 a  2,538 
Burlington Northern Santa Fe  75   4,408 
CSX  110   2,715 
Emerson Electric  210   5,618 
Equifax  110   2,365 
FedEx  100   4,321 
General Dynamics  135   5,916 
General Electric  655   5,574 
Joy Global  110   1,921 
Lockheed Martin  210   13,253 
Pitney Bowes  345   6,655 
Raytheon  370   14,789 
Waste Management  135   3,645 
      80,537 
Information Technology--17.1%       
Accenture, Cl. A  555   16,200 
ADTRAN  320   4,621 
Analog Devices  320   5,965 
Applied Materials  705   6,493 
FactSet Research Systems  110   4,239 
Hewlett-Packard  395   11,467 
Imation  235   1,889 
Infosys Technologies, ADR  260   6,292 
Intel  520   6,625 
International Business Machines  235   21,627 
Linear Technology  210   4,578 
Maxim Integrated Products  260   3,146 
Metavante Technologies  300 a  5,043 
Microchip Technology  285   5,349 
Microsoft  655   10,578 
Molex  400   4,548 
Nokia, ADR  420   3,931 
QUALCOMM  320   10,698 
Taiwan Semiconductor       
       Manufacturing, ADR  1,155   8,709 
Telefonaktiebolaget LM Ericsson,       
ADR  930   7,589 
Texas Instruments  445   6,386 
Western Union  420   4,687 
      160,660 
Materials--3.3%       
CF Industries Holdings  200   12,866 

 

Dow Chemical  420   3,007 
E.I. du Pont de Nemours & Co.  250   4,690 
Freeport-McMoRan Copper & Gold  25   761 
Methanex  345   2,525 
Nucor  135   4,543 
Wausau Paper  530   2,942 
      31,334 
Telecommunication Services--2.7%       
AT & T  580   13,787 
BCE  320   6,262 
Bell Aliant Regional Communications  23   461 
Frontier Communications  630   4,536 
      25,046 
Utilities--5.0%       
Atmos Energy  395   8,623 
Duke Energy  520   7,004 
Edison International  160   4,355 
OGE Energy  75   1,644 
PG & E  285   10,893 
Pinnacle West Capital  320   8,403 
Sempra Energy  160   6,651 
      47,573 
Total Investments (cost $1,413,780)  98.4 %  925,630 
Cash and Receivables (Net)  1.6 %  15,133 
Net Assets  100.0 %  940,763 
 
ADR - American Depository Receipts       
a Non-income producing security.       
 
At February 28, 2009, the aggregate cost of investment securities for income tax purposes was $1,413,780.    
Net unrealized depreciation on investments was $488,150 of which $11,025 related to appreciated investment securities    
and $499,175 related to depreciated investment securities.       

Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

 

Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard No. 157 (FAS 157), Fair Value Measurements.

These inputs are summarized in the three broad levels listed below. Level 1 - quoted prices in active markets for identical investments.

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 - significant unobservable inputs (including fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of February 28, 2009 in valuing the fund's investments:

      Level 3 -   
  Level 1 -  Level 2 - Other  Significant   
  Quoted  Significant Observable  Unobservable   
Assets ($)  Prices  Inputs  Inputs  Total 
Investment in Securities  925,630  0  0  925,630 
Other Financial Instruments+  0  0  0  0 
Liabilities ($)         
Other Financial Instruments+  0  0  0  0 

† Other financial instruments include derivative instruments, such as futures, forward currency exchange contracts, swap contracts and any options contracts.

STATEMENT OF INVESTMENTS 
Dreyfus Emerging Markets Debt Local Currency Fund 
February 28, 2009 (Unaudited) 

    Coupon  Maturity  Principal    
Bonds and Notes--68.1%    Rate (%)  Date  Amount ($)   Value ($) 
Foreign/Governmental             
Arab Republic of Egypt,             
       Sr. Unscd. Notes  EGP  8.75  7/18/12  925,000 a,b  143,705 
Brazil Notas do Tesouro Nacional,             
       Notes, Ser. B  BRL  6.00  5/15/11  142,000 a  1,073,592 
Brazil Notas do Tesouro Nacional,             
       Notes, Ser. F  BRL  10.00  1/1/12  42,000 a  171,319 
Brazil Notas do Tesouro Nacional,             
       Notes, Ser. F  BRL  10.00  1/1/17  143,000 a  522,323 
Brazilian Government,             
       Sr. Unscd. Bonds  BRL  10.25  1/10/28  775,000 a  280,732 
Brazilian Government,             
       Unsub. Bonds  BRL  12.50  1/5/16  730,000 a  310,984 
Hungary Government,             
       Bonds, Ser. 19/A  HUF  6.50  6/24/19  132,500,000 a  405,278 
Hungary Government,             
       Bonds, Ser. 15/A  HUF  8.00  2/12/15  223,000,000 a  788,708 
Malaysian Government,             
       Bonds, Ser. 0108  MYR  3.46  7/31/13  1,010,000 a  271,621 
Malaysian Government,             
       Bonds, Ser. 2/03  MYR  4.24  2/7/18  1,645,000 a  452,868 
Mexican Bonos,             
       Bonds, Ser. M  MXN  8.00  12/23/10  2,100,000 a  140,313 
Mexican Bonos,             
       Bonds, Ser. MI10  MXN  9.50  12/18/14  3,950,000 a  275,709 
Mexican Bonos,             
       Bonds, Ser. M20  MXN  10.00  12/5/24  3,725,000 a  272,309 
Peru Government,             
       Bonds  PEN  6.90  8/12/37  1,410,000 a  380,945 
Peru Government,             
       Bonds, Ser. 7  PEN  8.60  8/12/17  1,150,000 a  388,198 
Peru Government,             
       Bonds  PEN  9.91  5/5/15  900,000 a  320,849 
Poland Government,             
       Bonds, Ser. 0922  PLN  5.75  9/23/22  1,575,000 a  412,482 
Poland Government,             
       Bonds, Ser. 1015  PLN  6.25  10/24/15  1,500,000 a  418,918 
Republic of Columbia,             
       Unsub. Bonds  COP  9.85  6/28/27  867,000,000 a  346,678 
Republic of Columbia,             
       Unsub. Notes  COP  12.00  10/22/15  385,000,000 a  170,031 
South Africa Government,             
       Bonds, Ser. R206  ZAR  7.50  1/15/14  3,575,000 a  347,452 
South Africa Government,             
       Bonds, Ser. R201  ZAR  8.75  12/21/14  450,000 a  46,398 
South Africa Government,             
       Bonds, Ser. R186  ZAR  10.50  12/21/26  1,450,000 a  170,805 
South Africa Government,             
       Bonds, Ser. R157  ZAR  13.50  9/15/15  1,080,000 a  135,982 
Thailand Government,             
       Bonds  THB  5.13  3/13/18  15,400,000 a  473,533 
Thailand Government,             
       Bonds  THB  5.25  5/12/14  6,300,000 a  194,561 
Turkey Government,             
       Bonds  TRY  0.00  4/14/10  175,000 a  88,091 
Turkey Government,             
       Bonds, Ser. CPI  TRY  10.00  2/15/12  485,000 a  315,336 
Turkey Government,             
       Bonds  TRY  14.00  1/19/11  2,845,000 a  1,624,901 
Turkey Government,             
       Bonds  TRY  14.00  9/26/12  100,000 a  54,056 
Total Bonds and Notes             
       (cost $13,044,682)            10,998,677 

Other Investment--12.0%  Shares   Value ($) 
Registered Investment Company;       
Dreyfus Institutional Preferred       
       Plus Money Market Fund       
       (cost $1,929,000)  1,929,000 c  1,929,000 
 
Total Investments (cost $14,973,682)  80.1 %  12,927,677 
Cash and Receivables (Net)  19.9 %  3,209,979 
Net Assets  100.0 %  16,137,656 

a     

Principal amount stated in U.S. Dollars unless otherwise noted. BRL--Brazilian Real COP--Colombia EGP--Egyptian Pound HUF--Hungary Forint MXN--Mexican New Peso MYR--Malaysian Ringgit PEN--Peruvian New Sol PLN--Poland Zloty THB--Thai Bat TRY--Turkish Lira ZAR--South African Rand
b     

Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2009, this security amounted to $143,705 or 0.9% of net assets.
c     

Investment in affiliated money market mutual fund.

At February 28, 2009, the aggregate cost of investment securities for income tax purposes was $14,973,682.

Net unrealized depreciation on investments was $2,046,005 of which $20,074 related to appreciated investment securities and $2,066,079 related to depreciated investment securities.

Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

At February 28, 2009, the fund held the following forward foreign currency exchange contracts:

        Unrealized  
        Appreciation/  
Forward Currency  Foreign      (Depreciation)  
Exchange Contracts  Currency Amount  Cost  Value ($)  at 2/28/2009 ($) 
Purchases:           
Thai Bhat, expiring 3/18/2009  6,700,000  185,750  184,505  (1,245 ) 
Euro, expiring 3/18/2009  190,000  244,023  240,834  (3,189 ) 
Euro, expiring 3/18/2009  150,000  188,312  190,132  1,820  
Chilean Peso, expiring 3/18/2009  615,700,000  1,033,661  1,029,190  (4,471 ) 
Chilean Peso, expiring 3/18/2009  48,000,000  80,301  80,236  (65 ) 
Egyptian Pound, expiring 4/22/2009  200,000  34,424  34,562  138  
Mexican New Peso, expiring 3/18/2009  1,160,000  78,334  75,830  (2,504 ) 
Mexican New Peso, expiring 3/18/2009  16,800,000  1,126,572  1,098,227  (28,345 ) 
South African Rand, expiring 3/18/2009  7,490,000  737,931  737,385  (546 ) 
Malaysian Ringgit, expiring 3/18/2009  3,320,000  913,594  894,888  (18,706 ) 
Russian Ruble, expiring 4/14/2009  10,350,000  331,731  281,452  (50,279 ) 
Poland Zloty, expiring 3/18/2009  3,225,000  895,385  881,036  (14,349 ) 
        (121,741 ) 
Sales:           
Thai Bhat, expiring 3/4/2009  6,618,789  183,702  182,966  736  
Thai Bhat, expiring 3/18/2009  11,100,000  314,403  305,671  8,732  
Turkish Lira, expiring 3/18/2009  875,000  519,442  511,603  7,839  
Turkish Lira, expiring 3/18/2009  30,000  18,045  17,540  505  
Columbian Peso, expiring 3/18/2009  443,000,000  174,616  172,683  1,933  
Mexican New Peso, expiring 3/2/2009  17,083,399  1,149,430  1,121,694  27,736  
South African Rand, expiring 3/3/2009  8,121,894  803,352  803,750  (398 ) 
Brazilian Real, expiring 3/18/2009  640,000  275,470  265,785  9,685  
Brazilian Real, expiring 3/18/2009  920,000  395,989  382,066  13,923  
Malaysian Ringgit, expiring 3/4/2009  1,182,120  320,358  318,846  1,512  
Malaysian Ringgit, expiring 3/18/2009  60,000  16,511  16,173  338  
Poland Zloty, expiring 3/18/2009  440,000  121,995  120,203  1,792  
        74,333  
 
Gross Unrealized Appreciation        76,689  
Gross Unrealized Depreciation        (124,097 ) 

The fund enters into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings and to settle foreign currency transactions.

When executing forward currency exchange 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 currency exchange contracts, the fund would incur 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 currency exchange contracts, the fund would incur 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. The fund is also exposed to credit risk associated with counterparty nonperformance on these forward currency exchange contracts which is typically limited to the unrealized gain on each open contract.

          Unrealized  
 Notional  Reference    (Pay) /Receive    Appreciation  
 Amount ($)  Entity       Counterparty  Fixed Rate (%)  Expriration (Depreciation) ($)  
 38,300,000  MXN - 1 Month Libor  Barclays                             7.60   2/24/2011  (2,861 ) 
 
Gross Unrealized Depreciation        (2,861 ) 

The fund may enter into swap agreements to exchange the interest rate on, or return generated by, one nominal instrument for the return generated by another nominal instrument.The fund enters into these agreements for a variety of reasons, including to hedge certain market or interest rate risks, to manage the interest rate sensitivity (sometimes called duration) of fixed income securities, to provide a substitute for purchasing or selling particular securities or to increase potential returns. The fund accrues for the interim payments on swap contracts on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) of swap contracts in the Statement of Assets and Liabilities. Once the interim payments are settled in cash, the net amount is recorded as realized gain (loss) on swaps, in addition to realized gain (loss) recorded upon the termination of swaps contracts in the Statement of Operations. Upfront payments made and/or received by the fund, are recorded as an asset and /or liability on the Statement of Assets and Liabilities and are recorded as a realized gain or loss ratably over the contract’s term/event with the exception of forward starting interest rate swaps which are recorded as realized gains or losses on the termination date. Fluctuations in the value of swap contracts are recorded as a component of net change in unrealized appreciation (depreciation) on investments.

The fund may enter into interest rate swaps, which involve the exchange of commitments to pay and receive interest based on a notional principal amount.

Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard No. 157 (FAS 157), 
                Fair Value Measurements. 
                These inputs are summarized in the three broad levels listed below. 
                Level 1 - quoted prices in active markets for identical investments. 
                Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speed 
                credit risk, etc.) 
                Level 3 - significant unobservable inputs (including fund's own assumptions in determining the fair value of investments). 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing 
in those securities. 
The following is a summary of the inputs used as of February 28, 2009 in valuing the fund's investments: 

        Level 3 -     
  Level 1 -  Level 2 - Other   Significant     
  Quoted  Significant Observable   Unobservable     
Assets ($)  Prices  Inputs   Inputs  Total  
Investment in Securities  1,929,000  10,998,677   0  12,927,677  
Other Financial Instruments+  0  76,689   0  76,689  
Liabilities ($)             
Other Financial Instruments+  0  (126,958 )  0  (126,958 ) 

† Other financial instruments include derivative instruments, such as futures, forward currency exchange contracts, swap contracts and any options contracts.

Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

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

SIGNATURES

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

The Dreyfus/Laurel Funds Trust

By:  /s/ J. David Officer 
  J. David Officer 
President
 
Date:  April 23, 2009 

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

By:  /s/ J. David Officer 
  J. David Officer 
President
 
Date:  April 23, 2009 
 
By:  /s/ James Windels 
  James Windels 
Treasurer
 
Date:  April 23, 2009 

EXHIBIT INDEX

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