N-Q 1 form.htm FORM N-Q form.htm - Generated by SEC Publisher for SEC Filing

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT 
INVESTMENT COMPANY

Investment Company Act file number  811-4764 

Dreyfus Municipal Bond Opportunity Fund
(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:  4/30   
Date of reporting period:  1/31/09   

FORM N-Q

Item 1.  Schedule of Investments. 

-2-

STATEMENT OF INVESTMENTS 
Dreyfus Municipal Bond Opportunity Fund 
January 31, 2009 (Unaudited) 

Long-Term Municipal  Coupon  Maturity  Principal   
Investments--97.6%  Rate (%)  Date  Amount ($)  Value ($) 
Alabama--.6%         
University of Alabama Board of         
       Trustees, HR (University of         
       Alabama at Birmingham)         
       (Insured; MBIA, Inc.)               5.75  9/1/10               3,000,000 a  3,264,600 
Arizona--3.8%         
Arizona Health Facilities         
       Authority, Health Care         
       Facilities Revenue (The         
       Beatitudes Campus Project)               5.20  10/1/37               2,400,000  1,271,232 
City of Phoenix, County of         
       Maricopa and the County of         
       Pima Industrial Development         
       Authorities, SFMR         
       (Collateralized: FHLMC, FNMA         
       and GNMA)               5.80  12/1/39               5,505,000  5,330,877 
Glendale Western Loop 101 Public         
       Facilities Corporation, Third         
       Lien Excise Tax Revenue               7.00  7/1/33               5,000,000  5,301,500 
Mohave County Industrial         
       Development Authority,         
       Correctional Facilities         
       Contract Revenue (Mohave         
       Prison, LLC Expansion Project)               8.00  5/1/25               5,000,000  5,192,050 
Pima County Industrial Development         
       Authority, Education Revenue         
       (American Charter Schools         
       Foundation Project)               5.63  7/1/38               5,000,000  3,231,300 
California--8.1%         
California,         
       GO               5.63  5/1/10               2,530,000 a  2,696,702 
California Health Facilities         
       Financing Authority, Revenue         

       (Providence Health and         
       Services)  6.50  10/1/38   3,000,000  3,098,520 
California Pollution Control         
       Financing Authority, PCR (San         
       Diego Gas and Electric         
       Company) (Insured; MBIA, Inc.)  5.90  6/1/14  12,710,000  14,415,809 
California Statewide Communities         
       Development Authority,         
       Environmental Facilities         
       Revenue (Microgy Holdings         
       Project)  9.00  12/1/38   3,500,000  2,800,070 
California Statewide Communities         
       Development Authority, Revenue         
       (Daughters of Charity Health         
       System)  5.25  7/1/35   6,270,000  3,875,863 
Golden State Tobacco         
       Securitization Corporation,         
       Tobacco Settlement         
       Asset-Backed Bonds  7.88  6/1/13   2,170,000 a  2,687,719 
Golden State Tobacco         
       Securitization Corporation,         
       Tobacco Settlement         
       Asset-Backed Bonds  7.90  6/1/13   1,920,000 a  2,379,955 
Golden State Tobacco         
       Securitization Corporation,         
       Tobacco Settlement         
       Asset-Backed Bonds  5.00  6/1/33   4,900,000  3,064,117 
Golden State Tobacco         
       Securitization Corporation,         
       Tobacco Settlement         
       Asset-Backed Bonds  5.13  6/1/47   3,750,000  2,016,900 
Lincoln, Community Facilities         
       District Number 2003-1,         
       Special Tax Bonds (Lincoln         
       Crossing Project)  6.00  9/1/13   3,145,000 a  3,813,281 
San Bernardino Community College         
       District, GO  6.25  8/1/33   2,000,000  2,180,960 
Colorado--5.1%         
Colorado Educational and Cultural         
       Facilities Authority, LR         
       (Community Colleges of         

       Colorado System Headquarters         
       Project) (Insured; AMBAC)  5.50  12/1/21  1,100,000  1,175,119 
Colorado Health Facilities         
       Authority, Revenue (Poudre         
       Hospital) (Insured; FSA)  5.25  3/1/36  2,800,000  2,446,276 
Colorado Housing Finance         
       Authority, Single Family         
       Program Senior and Subordinate         
       Bonds (Collateralized; FHA)  7.15  10/1/30  45,000  46,088 
Colorado Housing Finance         
       Authority, Single Family         
       Program Senior and Subordinate         
       Bonds (Collateralized; FHA)  6.60  8/1/32  2,460,000  2,600,564 
Denver City and County,         
       Airport Revenue (Insured;         
       AMBAC)  6.00  11/15/17  5,000,000  5,099,250 
Northwest Parkway Public Highway         
       Authority, Revenue  7.13  6/15/11  8,250,000 a  8,847,382 
Northwest Parkway Public Highway         
       Authority, Revenue (Insured;         
       AMBAC)  0.00  6/15/11  6,125,000 a,b  2,215,106 
University of Colorado Hospital         
       Authority, Revenue  5.25  11/15/39  4,810,000  3,567,962 
University of Colorado Regents,         
       University Enterprise Revenue  5.75  6/1/28  1,000,000  1,070,730 
Connecticut--1.8%         
Connecticut Health and Educational         
       Facilities Authority, Revenue         
       (University of Hartford Issue)         
       (Insured; Radian)  5.63  7/1/26  1,810,000  1,562,410 
Mashantucket Western Pequot Tribe,         
       Special Revenue  5.75  9/1/27  8,000,000 c  5,334,640 
Mashantucket Western Pequot Tribe,         
       Special Revenue  6.50  9/1/31  3,500,000 c  2,460,430 
Florida--8.3%         
Broward County Housing Finance         
       Authority, MFHR (Pembroke         
       Villas Project) (Insured; FSA)  5.55  1/1/23  1,000,000  1,000,400 
Broward County School Board,         

       COP (Master Lease Purchase         
       Agreement) (Insured; FSA)  5.00  7/1/21  1,250,000  1,273,725 
Capital Projects Finance         
       Authority, Revenue (Capital         
       Projects Loan Program-AAAE         
       Airport Projects) (Insured;         
       MBIA, Inc.)  5.25  6/1/14  1,485,000  1,583,960 
Capital Projects Finance         
       Authority, Student Housing         
       Revenue (Capital Projects Loan         
       Program-Florida Universities)         
       (Insured; MBIA, Inc.)  5.50  10/1/17  2,520,000  2,449,642 
Escambia County Housing Finance         
       Authority, SFMR (Multi-County         
       Program) (Collateralized: FNMA         
       and GNMA)  5.50  10/1/21  1,770,000  1,782,461 
Florida Board of Education,         
       Lottery Revenue (Insured; FGIC)  5.00  7/1/20  1,480,000  1,511,391 
Florida Department of Children and         
       Family Services, COP (South         
       Florida Evaluation Treatment         
       Center Project)  5.00  10/1/21  1,600,000  1,640,000 
Florida Housing Finance Agency,         
       Housing Revenue (Brittany of         
       Rosemont Apartments Project)         
       (Insured; AMBAC)  7.00  2/1/35  6,000,000  6,002,340 
Florida Intergovernmental Finance         
       Commission, Capital Revenue         
       (Insured; AMBAC)  5.00  2/1/18  1,000,000  1,034,850 
Florida Intergovernmental Finance         
       Commission, Capital Revenue         
       (Insured; AMBAC)  5.13  2/1/31  1,500,000  1,443,525 
Highlands County Health Facilities         
       Authority, HR (Adventist         
       Health System/Sunbelt         
       Obligated Group)  6.00  11/15/11  2,500,000 a  2,785,500 
Highlands County Health Facilities         
       Authority, HR (Adventist         
       Health System/Sunbelt         
       Obligated Group)  5.25  11/15/36  4,250,000  3,556,145 

Lee County Housing Finance         
       Authority, SFMR         
       (Collateralized: FHLMC, FNMA         
       and GNMA)  6.30  3/1/29  75,000  76,375 
Miami-Dade County,         
       Aviation Revenue, Miami         
       International Airport (Hub of         
       the Americas) (Insured; FSA)  5.00  10/1/33  1,285,000  1,034,810 
Miami-Dade County,         
       Solid Waste System Revenue         
       (Insured; FSA)  5.50  10/1/17  2,595,000  2,799,745 
Miami-Dade County Housing Finance         
       Authority, MFMR (Country Club         
       Villas II Project) (Insured;         
       FSA)  5.70  7/1/21  400,000  405,844 
Orange County Housing Finance         
       Authority, MFHR (Palm Grove         
       Gardens) (Collateralized; FNMA)  5.15  1/1/23  1,175,000  1,194,940 
Orange County Housing Finance         
       Authority, MFHR (Seminole         
       Pointe Apartments)  5.75  12/1/23  2,830,000  2,066,947 
Osceola County Industrial         
       Development Authority, Revenue         
       (Community Provider Pooled         
       Loan Program)  7.75  7/1/17  948,000  861,182 
Palm Bay,         
       Educational Facilities Revenue         
       (Patriot Charter School         
       Project)  7.00  7/1/36   215,000 d  153,301 
Palm Bay,         
       Utility System Improvement         
       Revenue (Insured; FGIC)  0.00  10/1/20  1,845,000 b  1,003,643 
Port of Palm Beach District,         
       Revenue (Insured; XLCA)  0.00  9/1/23  1,000,000 b  458,390 
Port Saint Lucie,         
       Utility System Revenue         
       (Insured; MBIA, Inc.)  0.00  9/1/33  4,000,000 b  801,240 
Seminole Water Control District,         
       Improvement Bonds (Unit of         
       Development Number 2)  6.75  8/1/22  1,615,000  1,380,744 

South Indian River Water Control         
       District, Special Assessment         
       Revenue Improvement (Unit of         
       Development RI-13) (Insured;         
       MBIA, Inc.)  5.00  8/1/21  1,095,000  995,607 
Village Center Community         
       Development District, Utility         
       Revenue (Insured; MBIA, Inc.)  5.25  10/1/23  1,000,000  1,020,540 
Winter Park,         
       Water and Sewer Revenue         
       (Insured; AMBAC)  5.38  12/1/18  1,730,000  1,866,047 
Winter Springs,         
       Water and Sewer Revenue         
       (Insured; MBIA, Inc.)  5.00  4/1/20  1,585,000  1,627,383 
Georgia--1.9%         
College Park Business and         
       Industrial Development         
       Authority, Revenue (Civic         
       Center Project) (Insured;         
       AMBAC)  5.75  9/1/10   4,250,000 a  4,653,452 
Georgia,         
       GO  5.25  7/1/10   5,000,000 a  5,325,500 
Illinois--3.3%         
Chicago,         
       SFMR (Collateralized: FHLMC,         
       FNMA and GNMA)  6.45  9/1/29  1,565,000  1,595,392 
Chicago Board of Education,         
       Unlimited Tax GO (Dedicated         
       Revenues)  5.25  12/1/25  10,000,000  10,348,900 
Illinois Development Finance         
       Authority, Revenue (Community         
       Rehabilitation Providers         
       Facilities Acquisition Program)  8.75  3/1/10  67,000  66,767 
Illinois Development Finance         
       Authority, Revenue (Community         
       Rehabilitation Providers         
       Facilities Acquisition Program)  8.25  8/1/12  216,484  165,662 
Metropolitan Pier and Exposition         
       Authority, Dedicated State Tax         
       Revenue (McCormick Place         

       Expansion Project) (Insured;         
       MBIA, Inc.)  5.50  6/15/23  5,000,000  5,206,600 
Kansas--1.4%         
Sedgwick and Shawnee Counties,         
       SFMR (Mortgage-Backed         
       Securities Program)         
       (Collateralized: FNMA and GNMA)  5.55  6/1/38  2,325,000  2,207,890 
Wichita,         
       HR (Via Christi Health System,         
       Inc.)  6.25  11/15/19  2,000,000  2,095,740 
Wichita,         
       HR (Via Christi Health System,         
       Inc.)  6.25  11/15/20  3,000,000  3,121,260 
Kentucky--2.9%         
Mount Sterling,         
       LR (Kentucky League of Cities         
       Funding Trust Program)  6.10  3/1/18  5,500,000  5,628,590 
Paducah Electric Plant Board,         
       Revenue (Insured; Assured         
       Guaranty)  5.25  10/1/35  2,500,000  2,475,025 
Pendleton County,         
       Multi-County LR (Kentucky         
       Association of Counties         
       Leasing Trust Program)  6.40  3/1/19  6,000,000  7,246,860 
Louisiana--1.4%         
Louisiana Housing Finance Agency,         
       SFMR (Home Ownership Program)         
       (Collateralized: FNMA and GNMA)  6.40  12/1/30  1,255,000  1,309,956 
Louisiana Local Government         
       Environmental Facilities and         
       Community Development         
       Authority, Revenue (Westlake         
       Chemical Corporation Projects)  6.75  11/1/32  5,000,000  3,497,550 
Saint James Parish,         
       SWDR (Freeport-McMoRan         
       Partnership Project)  7.70  10/1/22  3,020,000  2,708,276 
Massachusetts--3.6%         
Massachusetts Health and         
       Educational Facilities         
       Authority, Revenue (Harvard         

       University Issue)  5.50  11/15/36  3,500,000  3,672,620 
Massachusetts Health and         
       Educational Facilities         
       Authority, Revenue         
       (Massachusetts Institute of         
       Technology Issue)  5.25  7/1/30  9,485,000  10,170,860 
Massachusetts Industrial Finance         
       Agency, Water Treatment         
       Revenue         
       (Massachusetts-American         
       Hingham Project)  6.95  12/1/35  2,450,000  2,018,580 
Route 3 North Transportation         
       Improvement Association, LR         
       (Insured; MBIA, Inc.)  5.75  6/15/10  3,000,000 a  3,202,770 
Michigan--6.8%         
Detroit School District,         
       School Building and Site         
       Improvement Bonds (GO -         
       Unlimited Tax) (Insured; FGIC)  5.00  5/1/28  5,000,000  4,704,950 
Michigan Building Authority,         
       Revenue (Facilities Program)         
       (Insured; FSA)  5.50  10/15/18  1,500,000  1,608,915 
Michigan Building Authority,         
       Revenue (Facilities Program)         
       (Insured; FSA)  5.50  10/15/19  8,500,000  9,117,185 
Michigan Strategic Fund,         
       SWDR (Genesee Power Station         
       Project)  7.50  1/1/21  7,225,000  5,759,409 
Pontiac Tax Increment Finance         
       Authority, Tax Increment         
       Revenue (Development Area         
       Number 3)  6.25  6/1/12  2,640,000 a  3,064,565 
Pontiac Tax Increment Finance         
       Authority, Tax Increment         
       Revenue (Development Area         
       Number 3)  6.25  6/1/22  610,000  427,238 
Romulus Economic Development         
       Corporation, Limited         
       Obligation EDR (Romulus HIR         
       Limited Partnership Project)         
       (Insured; ITT Lyndon Property         

       Insurance Company)  7.00  11/1/15  5,000,000  6,463,600 
Royal Oak Hospital Finance         
       Authority, HR (William         
       Beaumont Hospital Obligated         
       Group)  8.00  9/1/29  5,000,000  5,130,500 
Minnesota--1.5%         
Chaska,         
       Electric Revenue  6.00  10/1/10  2,000,000 a  2,165,300 
Minnesota Housing Finance Agency,         
       SFMR  5.95  1/1/17  375,000  375,727 
Saint Paul Housing and         
       Redevelopment Authority,         
       Hospital Facility Revenue         
       (HealthEast Project)  6.00  11/15/30  3,000,000  2,222,160 
Saint Paul Housing and         
       Redevelopment Authority,         
       Hospital Facility Revenue         
       (HealthEast Project)  6.00  11/15/35  4,855,000  3,383,449 
Mississippi--.3%         
Mississippi Home Corporation,         
       SFMR (Collateralized; GNMA)  6.95  12/1/31  1,535,000  1,575,570 
Missouri--2.3%         
Missouri Development Finance         
       Board, Infrastructure         
       Facilities Revenue (Branson         
       Landing Project)  5.38  12/1/27  2,470,000  1,992,549 
Missouri Health and Educational         
       Facilities Authority, Health         
       Facilities Revenue (Saint         
       Anthony's Medical Center)  6.13  12/1/10  4,000,000 a  4,416,760 
Missouri Highways and         
       Transportation Commission,         
       Second Lien State Road Revenue  5.25  5/1/22  5,000,000  5,510,650 
Missouri Housing Development         
       Commission, SFMR         
       (Homeownership Loan Program)         
       (Collateralized: FNMA and GNMA)  6.30  9/1/25  95,000  96,624 
New Jersey--2.4%         
New Jersey Turnpike Authority,         
       Turnpike Revenue (Insured;         

       MBIA, Inc.)  5.50  1/1/10  6,000,000 a  6,277,380 
Tobacco Settlement Financing         
       Corporation of New Jersey,         
       Tobacco Settlement         
       Asset-Backed Bonds  7.00  6/1/13  5,135,000 a  6,264,238 
New Mexico--1.2%         
Farmington,         
       PCR (Public Service Company of         
       New Mexico San Juan Project)  6.38  4/1/22  1,430,000  1,222,493 
Jicarilla Apache Nation,         
       Revenue  5.50  9/1/23  5,000,000  5,091,050 
New York--7.1%         
Austin Trust         
       (Port Authority of New York         
       and New Jersey, Consolidated         
       Bonds, 151th Series)  6.00  9/15/28  9,690,000 c,e  9,763,692 
Long Island Power Authority,         
       Electric System General Revenue  6.00  5/1/33  5,000,000  5,110,850 
New York City Industrial         
       Development Agency, Special         
       Facility Revenue (American         
       Airlines, Inc. John F. Kennedy         
       International Airport Project)  7.13  8/1/11  3,555,000  3,241,556 
New York City Industrial         
       Development Agency, Special         
       Facility Revenue (American         
       Airlines, Inc. John F. Kennedy         
       International Airport Project)  8.00  8/1/28  3,000,000  2,181,990 
New York City Municipal Water         
       Finance Authority, Water and         
       Sewer System Revenue  6.00  6/15/10  3,085,000 a  3,344,634 
New York State Dormitory         
       Authority, Revenue (New York         
       University) (Insured; MBIA,         
       Inc.)  6.00  7/1/17  3,500,000  4,247,005 
New York State Dormitory         
       Authority, Revenue (Orange         
       Regional Medical Center         
       Obligated Group)  6.25  12/1/37  5,000,000  3,491,600 
New York State Dormitory         

       Authority, Revenue (Rochester         
       Institute of Technology)         
       (Insured; AMBAC)  5.25  7/1/24  3,345,000  3,399,189 
New York State Dormitory         
       Authority, Revenue (State         
       University Educational         
       Facilities)  7.50  5/15/13  2,500,000  3,041,400 
North Carolina--3.4%         
North Carolina Eastern Municipal         
       Power Agency, Power System         
       Revenue  7.00  1/1/13  3,500,000  3,822,735 
North Carolina Eastern Municipal         
       Power Agency, Power System         
       Revenue (Insured; ACA)  6.75  1/1/26  5,000,000  5,041,100 
North Carolina Medical Care         
       Commission, Revenue (North         
       Carolina Housing Foundation,         
       Inc.) (Insured; ACA)  6.45  8/15/20  1,000,000  817,140 
North Carolina Medical Care         
       Commission, Revenue (North         
       Carolina Housing Foundation,         
       Inc.) (Insured; ACA)  6.63  8/15/30  2,565,000  1,832,616 
University of North Carolina Board         
       of Governors of the University         
       of North Carolina at Chapel         
       Hill, General Revenue  5.00  12/1/34  6,350,000  6,360,477 
Ohio--3.9%         
Buckeye Tobacco Settlement         
       Financing Authority, Tobacco         
       Settlement Asset-Backed Bonds  6.50  6/1/47  10,000,000  6,239,900 
Cleveland-Cuyahoga County Port         
       Authority, Senior Special         
       Assessment/Tax Increment         
       Revenue (University Heights -         
       Public Parking Garage Project)  7.35  12/1/31  3,000,000  2,562,930 
Cuyahoga County,         
       Hospital Facilities Revenue         
       (UHHS/CSAHS-Cuyahoga, Inc. and         
       CSAHS/UHHS-Canton, Inc.         
       Project)  7.50  1/1/30  7,000,000  6,616,190 

Hamilton County,         
       Sales Tax Refunding and         
       Improvement Bonds (Insured;         
       AMBAC)  0.00  12/1/25  14,865,000 b  5,352,441 
Oklahoma--1.9%         
McGee Creek Authority,         
       Water Revenue (Insured; MBIA,         
       Inc.)  6.00  1/1/13   5,660,000  6,122,762 
Oklahoma Municipal Power         
       Authority, Power Supply System         
       Revenue  6.00  1/1/38   4,000,000  4,153,560 
Oregon--1.7%         
Oregon Department of         
       Administrative Services,         
       Lottery Revenue (Insured; FSA)  5.00  4/1/26   4,885,000  5,056,219 
Portland,         
       Sewer System Revenue (Insured;         
       FGIC)  5.75  8/1/10   3,500,000 a  3,762,185 
Pennsylvania--3.6%         
Harrisburg Authority,         
       University Revenue (The         
       Harrisburg University of         
       Science and Technology Project)  6.00  9/1/36   2,000,000  1,481,580 
Pennsylvania Economic Development         
       Financing Authority, SWDR (USG         
       Corporation Project)  6.00  6/1/31   5,000,000  2,795,850 
Pennsylvania Higher Educational         
       Facilities Authority, Revenue         
       (University of Pennsylvania         
       Health System)  6.00  8/15/26   5,000,000  5,148,000 
Pennsylvania Turnpike Commission,         
       Registration Fee Revenue         
       (Insured; FSA)  5.25  7/15/28   9,375,000  9,941,156 
South Carolina--1.0%         
South Carolina Public Service         
       Authority, Revenue Obligations  5.50  1/1/38   5,000,000  5,126,550 
Tennessee--2.0%         
Johnson City Health and         
       Educational Facilities Board,         
       Hospital First Mortgage         

       Revenue (Mountain States         
       Health Alliance)  5.50  7/1/31   7,455,000  5,284,626 
Memphis Center City Revenue         
       Finance Corporation, Sports         
       Facility Revenue (Memphis         
       Redbirds Baseball Foundation         
       Project)  6.50  9/1/28   8,000,000 d  5,351,920 
Texas--7.1%         
Alliance Airport Authority Inc.,         
       Special Facilities Revenue         
       (American Airlines, Inc.         
       Project)  5.75  12/1/29   3,000,000  1,253,040 
Austin Convention Enterprises         
       Inc., Convention Center Hotel         
       First Tier Revenue  6.70  1/1/11   5,000,000 a  5,520,700 
Brazos River Authority,         
       PCR (TXU Electric Company         
       Project)  8.25  5/1/33   4,000,000  2,413,240 
Brazos River Authority,         
       PCR (TXU Energy Company LLC         
       Project)  5.00  3/1/41   3,000,000  1,177,200 
Brazos River Authority,         
       Revenue (Reliant Energy, Inc.         
       Project)  5.38  4/1/19   3,250,000  2,782,130 
Brazos River Harbor Navigation         
       District, Revenue (The Dow         
       Chemical Company Project)  4.95  5/15/33   2,490,000  1,464,792 
Cities of Dallas and Fort Worth,         
       Dallas/Fort Worth         
       International Airport, Joint         
       Revenue (Insured; FSA)  5.50  11/1/21   3,000,000  2,977,200 
North Texas Tollway Authority,         
       First Tier System Revenue         
       (Insured; Assured Guaranty)  5.75  1/1/40  11,850,000  12,072,780 
North Texas Tollway Authority,         
       Second Tier System Revenue  5.75  1/1/38   5,510,000  4,863,622 
Texas Turnpike Authority,         
       Central Texas Turnpike System         
       Revenue (Insured; AMBAC)  5.75  8/15/38   3,500,000  3,225,705 

Virginia--.7%

Virginia Housing Development         
       Authority, Commonwealth         
       Mortgage Revenue               6.25  7/1/31  3,550,000  3,797,364 
Washington--2.5%         
Washington Public Power Supply         
       System, Revenue (Nuclear         
       Project Number 3) (Insured;         
       MBIA, Inc.)               7.13  7/1/16  10,425,000  13,442,621 
West Virginia--1.0%         
The County Commission of Pleasants         
       County, PCR (Allegheny Energy         
       Supply Company, LLC Pleasants         
       Station Project)               5.25  10/15/37  3,500,000  2,546,075 
West Virginia Hospital Finance         
       Authority, HR (Charleston Area         
       Medical Center, Inc.)               6.00  9/1/10  2,440,000 a  2,648,913 
Wisconsin--4.2%         
Badger Tobacco Asset         
       Securitization Corporation,         
       Tobacco Settlement         
       Asset-Backed Bonds               6.13  6/1/27  4,105,000  3,800,861 
Badger Tobacco Asset         
       Securitization Corporation,         
       Tobacco Settlement         
       Asset-Backed Bonds               7.00  6/1/28  13,350,000  12,303,093 
Wisconsin Health and Educational         
       Facilities Authority, Revenue         
       (Aurora Health Care, Inc.)               6.40  4/15/33  5,500,000  4,370,630 
Wisconsin Health and Educational         
       Facilities Authority, Revenue         
       (Ministry Health Care, Inc.)         
       (Insured; MBIA, Inc.)               5.25  2/15/32  2,315,000  1,887,582 
U.S. Related--.8%         
Puerto Rico Commonwealth,         
       Public Improvement GO         
       (Insured; MBIA, Inc.)               5.25  7/1/13  4,500,000  4,508,595 
Total Long-Term Municipal Investments         
       (cost $545,453,998)        518,194,647 
Short-Term Municipal  Coupon  Maturity  Principal   
Investments--2.1%  Rate (%)  Date  Amount ($)  Value ($) 

Florida--1.9%         
Hillsborough County School Board,         
       COP (Master Lease Purchase         
       Agreement) (LOC; Wachovia Bank)  0.67  2/1/09  8,400,000 f  8,400,000 
Orange County School Board,         
       COP (Master Lease Purchase         
       Agreement) (LOC; Wachovia Bank)  0.62  2/1/09  1,600,000 f  1,600,000 
New York--.2%         
New York City,         
       GO Notes (Liquidity Facility;         
       Dexia Credit Locale and LOC;         
       Dexia Credit Locale)  1.00  2/1/09  1,000,000 f  1,000,000 
Total Short-Term Municipal Investments         
       (cost $11,000,000)        11,000,000 
Total Investments (cost $556,453,998)      99.7%  529,194,647 
Cash and Receivables (Net)      .3%  1,670,396 
Net Assets      100.0%  530,865,043 

a      These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
b      Security issued with a zero coupon. Income is recognized through the accretion of discount.
c      Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2009, these securities amounted to $17,558,762 or 3.3% of net assets.
d      Non-income producing--security in default.
e      Collateral for floating rate borrowings.
f      Variable rate demand note - rate shown is the interest rate in effect at January 31, 2009. Maturity date represents the next demand date, or the ultimate maturity date if earlier.

At January 31, 2009, the aggregate cost of investment securities for income tax purposes was $556,453,998. Net unrealized depreciation on investments was $27,259,351 of which $22,285,871 related to appreciated investment securities and $49,545,222 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.

Summary of Abbreviations     
ABAG  Association Of Bay Area Governments  ACA  American Capital Access 

AGC  ACE Guaranty Corporation  AGIC  Asset Guaranty Insurance Company 
AMBAC  American Municipal Bond Assurance Corporation  ARRN  Adjustable Rate Receipt Notes 
BAN  Bond Anticipation Notes  BIGI  Bond Investors Guaranty Insurance 
BPA  Bond Purchase Agreement  CGIC  Capital Guaranty Insurance Company 
CIC  Continental Insurance Company  CIFG  CDC Ixis Financial Guaranty 
CMAC  Capital Market Assurance Corporation  COP  Certificate of Participation 
CP  Commercial Paper  EDR  Economic Development Revenue 
EIR  Environmental Improvement Revenue  FGIC  Financial Guaranty Insurance Company 
FHA  Federal Housing Administration  FHLB  Federal Home Loan Bank 
FHLMC  Federal Home Loan Mortgage Corporation  FNMA  Federal National Mortgage Association 
FSA  Financial Security Assurance  GAN  Grant Anticipation Notes 
GIC  Guaranteed Investment Contract  GNMA  Government National Mortgage Association 
GO  General Obligation  HR  Hospital Revenue 
IDB  Industrial Development Board  IDC  Industrial Development Corporation 
IDR  Industrial Development Revenue  LOC  Letter of Credit 
LOR  Limited Obligation Revenue  LR  Lease Revenue 
MFHR  Multi-Family Housing Revenue  MFMR  Multi-Family Mortgage Revenue 
PCR  Pollution Control Revenue  PILOT  Payment in Lieu of Taxes 
RAC  Revenue Anticipation Certificates  RAN  Revenue Anticipation Notes 
RAW  Revenue Anticipation Warrants  RRR  Resources Recovery Revenue 

SAAN  State Aid Anticipation Notes    SBPA  Standby Bond Purchase Agreement 
SFHR  Single Family Housing Revenue    SFMR  Single Family Mortgage Revenue   
SONYMA  State of New York Mortgage Agency    SWDR  Solid Waste Disposal Revenue   
TAN  Tax Anticipation Notes    TAW  Tax Anticipation Warrants   
TRAN  Tax and Revenue Anticipation Notes    XLCA  XL Capital Assurance   
 
                                                             Statement of Financial Futures January 31, 2009   
                   Market Value    Unrealized 
                   Covered by    Appreciation 
Financial Futures Short  Contracts               Contracts ($)                                 Expiration  at 1/31/09 ($) 
 
U.S. Treasury 10 Year Note  50                   (6,133,594)                                 March 2009  14,694 

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 securities.
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 January 31, 2009 in valuing the fund's investments carried at fair value:

                                         Valuation Inputs  Investments in Securities ($)  Other Financial Instruments* ($)   
Level 1 - Quoted Prices  0    14,694 
Level 2 - Other Significant Observable Inputs  529,194,647    0 
Level 3 - Significant Unobservable Inputs  0    0 
Total  529,194,647    14,694 
*Other financial instruments include derivative instruments, such as futures, forward currency     
exchange contracts and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.   

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.

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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.

Dreyfus Municipal Bond Opportunity Fund

By:  /s/ J. David Officer 
  J. David Officer 
President
 
Date:  March 27, 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:  March 27, 2009 

By:  /s/ James Windels 
  James Windels 
Treasurer
 
Date:  March 27, 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)

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