N-Q 1 formnq-022.htm FORM N-Q formnq-022.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: 04/30  
Date of reporting period: 1/31/10  


FORM N-Q

Item 1. Schedule of Investments.


STATEMENT OF INVESTMENTS      
Dreyfus Municipal Bond Opportunity Fund      
January 31, 2010 (Unaudited)        
 
Long-Term Municipal Coupon Maturity Principal  
Investments--99.9% Rate (%) Date Amount ($) Value ($)
Arizona--3.7%        
Arizona Health Facilities        
Authority, Health Care        
Facilities Revenue (The        
Beatitudes Campus Project) 5.20 10/1/37 2,400,000 1,786,224
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 3,625,000 3,817,922
Glendale Western Loop 101 Public        
Facilities Corporation, Third        
Lien Excise Tax Revenue 7.00 7/1/33 5,000,000 5,390,600
Mohave County Industrial        
Development Authority,        
Correctional Facilities        
Contract Revenue (Mohave        
Prison, LLC Expansion Project) 8.00 5/1/25 5,000,000 5,684,100
Pima County Industrial Development        
Authority, Education Revenue        
(American Charter Schools        
Foundation Project) 5.63 7/1/38 5,000,000 3,832,800
California--18.0%        
Anaheim Public Financing        
Authority, Revenue (City of        
Anaheim Electric System        
Distribution Facilities) 5.25 10/1/34 3,185,000 3,285,327
Bay Area Toll Authority,        
San Francisco Bay Area Toll        
Bridge Revenue 5.25 4/1/27 3,270,000 3,523,785
California,        
Economic Recovery Bonds 5.00 7/1/20 5,000,000 5,409,550


California,        
GO (Various Purpose) 5.75 4/1/31 7,725,000 7,784,482
California,        
GO (Various Purpose) 6.50 4/1/33 5,000,000 5,355,900
California,        
GO (Various Purpose) 6.00 11/1/35 3,000,000 3,064,080
California Health Facilities        
Financing Authority, Revenue        
(Providence Health and        
Services) 6.50 10/1/38 3,000,000 3,385,290
California Pollution Control        
Financing Authority, PCR (San        
Diego Gas and Electric        
Company) (Insured; National        
Public Finance Guarantee Corp.) 5.90 6/1/14 12,710,000 14,354,801
California Statewide Communities        
Development Authority, Revenue        
(Daughters of Charity Health        
System) 5.25 7/1/35 6,270,000 5,447,689
Chula Vista,        
IDR (San Diego Gas and        
Electric Company) 5.88 2/15/34 2,000,000 2,196,460
Golden State Tobacco        
Securitization Corporation,        
Tobacco Settlement        
Asset-Backed Bonds 4.50 6/1/27 8,300,000 7,632,016
Golden State Tobacco        
Securitization Corporation,        
Tobacco Settlement        
Asset-Backed Bonds 5.00 6/1/33 5,900,000 4,602,708
Golden State Tobacco        
Securitization Corporation,        
Tobacco Settlement        
Asset-Backed Bonds 5.13 6/1/47 2,750,000 1,899,507
Golden State Tobacco        
Securitization Corporation,        
Tobacco Settlement        
Asset-Backed Bonds        
(Prerefunded) 7.88 6/1/13 2,170,000 a 2,622,987
Golden State Tobacco        


Securitization Corporation,        
Tobacco Settlement        
Asset-Backed Bonds        
(Prerefunded) 7.90 6/1/13 1,920,000 a 2,322,298
Lincoln Community Facilities        
District Number 2003-1,        
Special Tax Bonds (Lincoln        
Crossing Project) (Prerefunded) 6.00 9/1/13 3,145,000 a 3,740,223
Los Angeles Harbor Department,        
Revenue 5.25 8/1/25 5,000,000 5,469,500
Sacramento County,        
Airport System Senior Revenue 5.25 7/1/26 5,000,000 5,256,700
Sacramento County,        
Airport System Senior Revenue 5.50 7/1/29 1,500,000 1,598,715
San Bernardino Community College        
District, GO 6.25 8/1/33 2,000,000 2,239,080
San Diego Public Facilities        
Financing Authority, Senior        
Sewer Revenue 5.25 5/15/34 2,500,000 2,613,900
San Francisco City and County        
Public Utilities Commission,        
San Francisco Water Revenue 5.00 11/1/28 5,115,000 5,405,890
Colorado--4.7%        
Colorado Educational and Cultural        
Facilities Authority, LR        
(Community Colleges of        
Colorado System Headquarters        
Project) (Insured; AMBAC) 5.50 12/1/21 1,100,000 1,162,337
Colorado Housing and Finance        
Authority, Single Family        
Program Senior and Subordinate        
Bonds (Collateralized; FHA) 7.15 10/1/30 30,000 30,695
Colorado Housing and Finance        
Authority, Single Family        
Program Senior and Subordinate        
Bonds (Collateralized; FHA) 6.60 8/1/32 2,170,000 2,298,659
Denver City and County,        
Airport Revenue (Insured;        
AMBAC) 6.00 11/15/17 5,000,000 5,152,650
Northwest Parkway Public Highway        


Authority, Revenue (Insured;        
AMBAC) (Prerefunded) 0.00 6/15/11 6,125,000 a,b 2,291,056
Northwest Parkway Public Highway        
Authority, Revenue        
(Prerefunded) 7.13 6/15/11 8,250,000 a 9,130,192
University of Colorado Hospital        
Authority, Revenue 5.25 11/15/39 4,810,000 4,745,402
University of Colorado Regents,        
University Enterprise Revenue 5.75 6/1/28 1,000,000 1,130,210
Florida--7.2%        
Broward County Housing Finance        
Authority, MFHR (Pembroke        
Villas Project) (Insured;        
Assured Guaranty Municipal        
Corp.) 5.55 1/1/23 1,000,000 1,007,880
Capital Projects Finance        
Authority, Revenue (Capital        
Projects Loan Program-AAAE        
Airport Projects) (Insured;        
National Public Finance        
Guarantee Corp.) 5.25 6/1/14 1,485,000 1,561,804
Capital Projects Finance        
Authority, Student Housing        
Revenue (Capital Projects Loan        
Program-Florida Universities)        
(Insured; National Public        
Finance Guarantee Corp.) 5.50 10/1/17 2,520,000 2,521,588
Escambia County Housing Finance        
Authority, SFMR (Multi-County        
Program) (Collateralized: FNMA        
and GNMA) 5.50 10/1/21 1,770,000 1,781,116
Florida Department of Children and        
Family Services, COP (South        
Florida Evaluation Treatment        
Center Project) 5.00 10/1/21 1,000,000 1,038,920
Florida Housing Finance Agency,        
Housing Revenue (Brittany of        
Rosemont Apartments Project)        
(Insured; AMBAC) 7.00 2/1/35 6,000,000 6,007,440
Florida Intergovernmental Finance        
Commission, Capital Revenue        


(Insured; AMBAC) 5.13 2/1/31 1,500,000 1,505,745
Highlands County Health Facilities        
Authority, HR (Adventist        
Health System/Sunbelt        
Obligated Group) 5.25 11/15/36 4,250,000 4,252,040
Highlands County Health Facilities        
Authority, HR (Adventist        
Health System/Sunbelt        
Obligated Group) (Prerefunded) 6.00 11/15/11 2,500,000 a 2,748,875
Miami-Dade County,        
Aviation Revenue, Miami        
International Airport (Hub of        
the Americas) (Insured;        
Assured Guaranty Municipal        
Corp.) 5.00 10/1/33 1,285,000 1,248,442
Miami-Dade County,        
Solid Waste System Revenue        
(Insured; Assured Guaranty        
Municipal Corp.) 5.50 10/1/17 2,595,000 2,781,373
Miami-Dade County Housing Finance        
Authority, MFMR (Country Club        
Villas II Project) (Insured;        
Assured Guaranty Municipal        
Corp.) 5.70 7/1/21 400,000 405,468
Orange County Housing Finance        
Authority, MFHR (Palm Grove        
Gardens) (Collateralized; FNMA) 5.15 1/1/23 1,175,000 1,198,876
Orange County Housing Finance        
Authority, MFHR (Seminole        
Pointe Apartments) 5.75 12/1/23 2,580,000 2,339,260
Osceola County Industrial        
Development Authority, Revenue        
(Community Provider Pooled        
Loan Program) 7.75 7/1/17 831,000 830,917
Palm Bay,        
Educational Facilities Revenue        
(Patriot Charter School        
Project) 7.00 7/1/36 215,000 c 107,457
Palm Bay,        
Utility System Improvement        
Revenue (Insured; National        


Public Finance Guarantee Corp.) 0.00 10/1/20 1,845,000 b 1,079,823
Port of Palm Beach District,        
Revenue (Insured; XLCA) 0.00 9/1/23 1,000,000 b 435,430
Port Saint Lucie,        
Utility System Revenue        
(Insured; National Public        
Finance Guarantee Corp.) 0.00 9/1/33 4,000,000 b 915,480
Seminole Water Control District,        
Improvement Bonds (Unit of        
Development Number 2) 6.75 8/1/22 1,545,000 1,480,944
Village Center Community        
Development District, Utility        
Revenue (Insured; National        
Public Finance Guarantee Corp.) 5.25 10/1/23 1,000,000 989,550
Winter Park,        
Water and Sewer Revenue        
(Insured; AMBAC) 5.38 12/1/18 1,730,000 1,884,697
Winter Springs,        
Water and Sewer Revenue        
(Insured; National Public        
Finance Guarantee Corp.) 5.00 4/1/20 1,585,000 1,641,711
Georgia--1.1%        
Atlanta,        
Water and Wastewater Revenue 6.00 11/1/26 3,550,000 3,784,406
Atlanta,        
Water and Wastewater Revenue        
(Insured; Assured Guaranty        
Municipal Corp.) 5.25 11/1/34 2,000,000 2,056,740
Illinois--3.2%        
Chicago,        
SFMR (Collateralized: FHLMC,        
FNMA and GNMA) 6.45 9/1/29 1,250,000 1,300,375
Chicago Board of Education,        
Unlimited Tax GO (Dedicated        
Revenues) 5.25 12/1/25 10,000,000 10,616,300
Illinois Development Finance        
Authority, Revenue (Community        
Rehabilitation Providers        
Facilities Acquisition Program) 8.75 3/1/10 7,000 7,006
Illinois Development Finance        


Authority, Revenue (Community        
Rehabilitation Providers        
Facilities Acquisition Program) 8.25 8/1/12 216,484 170,187
Metropolitan Pier and Exposition        
Authority, Dedicated State Tax        
Revenue (McCormick Place        
Expansion Project) (Insured;        
National Public Finance        
Guarantee Corp.) 5.50 6/15/23 5,000,000 5,370,100
Kansas--1.3%        
Sedgwick and Shawnee Counties,        
SFMR (Mortgage-Backed        
Securities Program)        
(Collateralized: FNMA and GNMA) 5.55 6/1/38 1,890,000 1,944,848
Wichita,        
HR (Via Christi Health System,        
Inc.) 6.25 11/15/19 2,000,000 2,085,040
Wichita,        
HR (Via Christi Health System,        
Inc.) 6.25 11/15/20 3,000,000 3,117,000
Kentucky--2.5%        
Mount Sterling,        
LR (Kentucky League of Cities        
Funding Trust Program) 6.10 3/1/18 5,500,000 5,799,805
Paducah Electric Plant Board,        
Revenue (Insured; Assured        
Guaranty Municipal Corp.) 5.25 10/1/35 1,000,000 1,033,750
Pendleton County,        
Multi-County LR (Kentucky        
Association of Counties        
Leasing Trust Program) 6.40 3/1/19 6,000,000 7,137,900
Louisiana--1.1%        
Louisiana Housing Finance Agency,        
SFMR (Home Ownership Program)        
(Collateralized: FNMA and GNMA) 6.40 12/1/30 820,000 861,156
Louisiana Local Government        
Environmental Facilities and        
Community Development        
Authority, Revenue (Westlake        
Chemical Corporation Projects) 6.75 11/1/32 2,000,000 2,069,900


Saint James Parish,        
SWDR (Freeport-McMoRan        
Partnership Project) 7.70 10/1/22 3,020,000 3,019,638
Maryland--.2%        
Maryland Economic Development        
Corporation, EDR        
(Transportation Facilities        
Project) 5.75 6/1/35 1,000,000 1,013,920
Massachusetts--4.3%        
Massachusetts Health and        
Educational Facilities        
Authority, Revenue (Harvard        
University Issue) 5.50 11/15/36 3,500,000 3,884,440
Massachusetts Health and        
Educational Facilities        
Authority, Revenue        
(Massachusetts Institute of        
Technology Issue) 5.25 7/1/30 9,485,000 11,246,365
Massachusetts Industrial Finance        
Agency, Water Treatment        
Revenue        
(Massachusetts-American        
Hingham Project) 6.95 12/1/35 2,450,000 2,394,826
Massachusetts Water Resources        
Authority, General Revenue        
(Insured; Assured Guaranty        
Municipal Corp.) 5.25 8/1/30 5,500,000 6,296,840
Michigan--6.3%        
Detroit,        
Sewage Disposal System Senior        
Lien Revenue (Insured; Assured        
Guaranty Municipal Corp.) 7.00 7/1/27 3,000,000 3,462,180
Detroit School District,        
School Building and Site        
Improvement Bonds (GO -        
Unlimited Tax) (Insured; FGIC) 5.00 5/1/28 5,000,000 4,853,950
Michigan Building Authority,        
Revenue (Facilities Program)        
(Insured; Assured Guaranty        
Municipal Corp.) 5.50 10/15/18 1,500,000 1,591,800


Michigan Building Authority,        
Revenue (Facilities Program)        
(Insured; Assured Guaranty        
Municipal Corp.) 5.50 10/15/19 8,500,000 9,020,200
Michigan Strategic Fund,        
SWDR (Genesee Power Station        
Project) 7.50 1/1/21 7,025,000 6,172,657
Pontiac Tax Increment Finance        
Authority, Tax Increment        
Revenue (Development Area        
Number 3) 6.25 6/1/22 610,000 392,694
Pontiac Tax Increment Finance        
Authority, Tax Increment        
Revenue (Development Area        
Number 3) (Prerefunded) 6.25 6/1/12 2,640,000 a 2,989,853
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 6,287,800
Mississippi--.2%        
Mississippi Home Corporation,        
SFMR (Collateralized; GNMA) 6.95 12/1/31 1,175,000 1,208,029
Missouri--1.5%        
Missouri Development Finance        
Board, Infrastructure        
Facilities Revenue (Branson        
Landing Project) 5.38 12/1/27 2,470,000 2,468,395
Missouri Highways and        
Transportation Commission,        
Second Lien State Road Revenue 5.25 5/1/22 5,000,000 5,629,450
Missouri Housing Development        
Commission, SFMR        
(Homeownership Loan Program)        
(Collateralized: FNMA and GNMA) 6.30 9/1/25 70,000 71,487
Nevada--.9%        
Clark County,        
Airport System Subordinate        
Lien Revenue (Insured; Assured        


Guaranty Municipal Corp.) 5.00 7/1/26 2,860,000 2,942,168
Clark County,        
Passenger Facility Charge        
Revenue (Las Vegas-McCarran        
International Airport) 5.00 7/1/30 2,000,000 d 1,992,320
New Jersey--2.4%        
New Jersey Economic Development        
Authority, School Facilities        
Construction Revenue (Insured;        
AMBAC) 5.50 9/1/24 6,300,000 7,127,379
Tobacco Settlement Financing        
Corporation of New Jersey,        
Tobacco Settlement        
Asset-Backed Bonds        
(Prerefunded) 7.00 6/1/13 5,135,000 a 6,122,615
New Mexico--1.0%        
Jicarilla Apache Nation,        
Revenue 5.50 9/1/23 5,000,000 5,233,500
New York--5.8%        
Austin Trust        
(Port Authority of New York        
and New Jersey, Consolidated        
Bonds, 151st Series) 6.00 9/15/28 9,690,000 e,f 10,383,562
Long Island Power Authority,        
Electric System General Revenue 6.00 5/1/33 5,000,000 5,643,000
New York City Industrial        
Development Agency, Special        
Facility Revenue (American        
Airlines, Inc. John F. Kennedy        
International Airport Project) 8.00 8/1/28 1,000,000 1,006,590
New York State Dormitory        
Authority, Revenue (New York        
University) (Insured; National        
Public Finance Guarantee Corp.) 6.00 7/1/17 3,500,000 4,171,090
New York State Dormitory        
Authority, Revenue (Orange        
Regional Medical Center        
Obligated Group) 6.25 12/1/37 5,000,000 4,503,300
New York State Dormitory        
Authority, Revenue (Rochester        


Institute of Technology)        
(Insured; AMBAC) 5.25 7/1/24 3,345,000 3,484,854
New York State Dormitory        
Authority, Revenue (State        
University Educational        
Facilities) 7.50 5/15/13 2,500,000 2,947,125
North Carolina--5.7%        
Charlotte,        
Water and Sewer System Revenue 5.00 7/1/34 3,000,000 3,207,960
North Carolina Eastern Municipal        
Power Agency, Power System        
Revenue 7.00 1/1/13 3,080,000 3,316,359
North Carolina Eastern Municipal        
Power Agency, Power System        
Revenue 5.00 1/1/26 6,475,000 6,686,473
North Carolina Eastern Municipal        
Power Agency, Power System        
Revenue (Insured; AMBAC) 6.00 1/1/18 7,500,000 8,569,800
North Carolina Medical Care        
Commission, Revenue (North        
Carolina Housing Foundation,        
Inc.) (Insured; ACA) 6.45 8/15/20 1,000,000 982,380
North Carolina Medical Care        
Commission, Revenue (North        
Carolina Housing Foundation,        
Inc.) (Insured; ACA) 6.63 8/15/30 2,565,000 2,370,060
University of North Carolina Board        
of Governors of the University        
of North Carolina at Chapel        
Hill, General Revenue 5.00 12/1/34 5,850,000 6,079,028
Ohio--3.1%        
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 3,000,450
Cuyahoga County,        
Hospital Facilities Revenue        
(UHHS/CSAHS-Cuyahoga, Inc. and        
CSAHS/UHHS-Canton, Inc.        


Project) 7.50 1/1/30 7,000,000 7,080,780
Hamilton County,        
Sales Tax Refunding and        
Improvement Bonds (Insured;        
AMBAC) 0.00 12/1/25 14,865,000 b 6,757,332
Oklahoma--1.6%        
McGee Creek Authority,        
Water Revenue (Insured;        
National Public Finance        
Guarantee Corp.) 6.00 1/1/13 4,365,000 4,611,972
Oklahoma Municipal Power        
Authority, Power Supply System        
Revenue 6.00 1/1/38 4,000,000 4,351,520
Oregon--1.0%        
Oregon Department of        
Administrative Services,        
Lottery Revenue (Insured;        
Assured Guaranty Municipal        
Corp.) 5.00 4/1/26 4,885,000 5,264,027
Pennsylvania--1.3%        
Harrisburg Authority,        
University Revenue (The        
Harrisburg University of        
Science and Technology Project) 6.00 9/1/36 2,000,000 1,808,840
Pennsylvania Higher Educational        
Facilities Authority, Revenue        
(University of Pennsylvania        
Health System) 6.00 8/15/26 5,000,000 5,579,600
South Carolina--1.0%        
South Carolina Public Service        
Authority, Revenue Obligations 5.50 1/1/38 5,000,000 5,388,650
Tennessee--1.6%        
Johnson City Health and        
Educational Facilities Board,        
Hospital First Mortgage        
Revenue (Mountain States        
Health Alliance) 5.50 7/1/31 4,955,000 4,957,428
Memphis Center City Revenue        
Finance Corporation, Sports        
Facility Revenue (Memphis        


Redbirds Baseball Foundation        
Project) 6.50 9/1/28 8,000,000 c 3,726,880
Texas--7.9%        
Austin Convention Enterprises        
Inc., Convention Center Hotel        
First Tier Revenue        
(Prerefunded) 6.70 1/1/11 5,000,000 a 5,291,800
Brazos River Authority,        
PCR (TXU Electric Company        
Project) 8.25 5/1/33 2,000,000 f 1,405,940
Brazos River Authority,        
PCR (TXU Energy Company LLC        
Project) 5.00 3/1/41 3,000,000 1,387,860
Brazos River Authority,        
Revenue (Reliant Energy, Inc.        
Project) 5.38 4/1/19 3,250,000 3,251,300
Cities of Dallas and Fort Worth,        
Dallas/Fort Worth        
International Airport, Joint        
Revenue (Insured; Assured        
Guaranty Municipal Corp.) 5.50 11/1/21 3,000,000 3,076,320
North Texas Tollway Authority,        
First Tier System Revenue        
(Insured; Assured Guaranty        
Municipal Corp.) 5.75 1/1/40 11,850,000 12,592,165
North Texas Tollway Authority,        
Second Tier System Revenue 5.75 1/1/38 5,510,000 5,586,644
Southwest Independent School        
District, Unlimited Tax Bonds        
(Permanent School Fund        
Guarantee Program) 5.25 2/1/25 6,110,000 7,216,277
Texas Turnpike Authority,        
Central Texas Turnpike System        
Revenue (Insured; AMBAC) 5.75 8/15/38 3,500,000 3,519,565
Virginia--.7%        
Virginia Housing Development        
Authority, Commonwealth        
Mortgage Revenue 6.25 7/1/31 3,550,000 3,856,898
Washington--3.8%        
FYI Properties,        


LR (State of Washington        
Department of Information        
Services Project) 5.50 6/1/34 2,000,000 2,127,460
Washington,        
GO (Various Purpose) 5.00 2/1/28 5,000,000 5,406,800
Washington Public Power Supply        
System, Revenue (Nuclear        
Project Number 3) (Insured;        
National Public Finance        
Guarantee Corp.) 7.13 7/1/16 10,425,000 13,113,920
West Virginia--.7%        
The County Commission of Pleasants        
County, PCR (Allegheny Energy        
Supply Company, LLC Pleasants        
Station Project) 5.25 10/15/37 2,500,000 2,387,500
West Virginia Hospital Finance        
Authority, HR (Charleston Area        
Medical Center, Inc.)        
(Prerefunded) 6.00 9/1/10 1,440,000 a 1,502,338
Wisconsin--3.9%        
Badger Tobacco Asset        
Securitization Corporation,        
Tobacco Settlement        
Asset-Backed Bonds        
(Prerefunded) 7.00 6/1/12 13,350,000 a 15,189,496
Wisconsin Health and Educational        
Facilities Authority, Revenue        
(Aurora Health Care, Inc.) 5.50 4/15/29 2,200,000 2,186,910
Wisconsin Health and Educational        
Facilities Authority, Revenue        
(Aurora Health Care, Inc.) 6.40 4/15/33 4,000,000 4,080,680
U.S. Related--2.2%        
Puerto Rico Infrastructure        
Financing Authority, Special        
Tax Revenue (Insured; AMBAC) 5.50 7/1/26 3,000,000 2,990,220
Puerto Rico Public Finance        
Corporation, Revenue (Insured;        
Assured Guaranty Municipal        
Corp.) 6.00 8/1/26 2,500,000 3,139,825
Puerto Rico Sales Tax Financing        


Corporation, Sales Tax Revenue        
(First Subordinate Series) 5.38 8/1/39 1,000,000 d 987,600
Puerto Rico Sales Tax Financing        
Corporation, Sales Tax Revenue        
(First Subordinate Series) 6.00 8/1/42 5,000,000 5,164,450
Total Investments (cost $527,364,096)     99.9% 549,546,618
Cash and Receivables (Net)     .1% 343,999
Net Assets     100.0% 549,890,617

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 Non-income producing--security in default.
d Purchased on a delayed delivery basis.
e Collateral for floating rate borrowings.
f 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, 2010, these securities
  had a total market value of $11,789,502 or 2.1% of net assets.

At January 31, 2010, the aggregate cost of investment securities for income tax purposes was $527,364,096. Net unrealized appreciation on investments was $22,182,522 of which $33,425,032 related to appreciated investment securities and $11,242,510 related to depreciated investment securities.

Summary of Abbreviations    
ABAG Association of Bay Area Governments ACA American Capital Access
AGC ACE Guaranty Corporation AGIC Asset Guaranty Insurance Company
AMBAC American Municipal Bond Assurance Corporation ARRN Adjustable Rate Receipt Notes
BAN Bond Anticipation Notes BPA Bond Purchase Agreement
CIFG CDC Ixis Financial Guaranty COP Certificate of Participation
CP Commercial Paper EDR Economic Development Revenue
EIR Environmental Improvement Revenue FGIC Financial Guaranty Insurance Company


FHA Federal Housing Administration FHLB Federal Home Loan Bank
FHLMC Federal Home Loan Mortgage Corporation FNMA Federal National Mortgage Association
GAN Grant Anticipation Notes GIC Guaranteed Investment Contract
GNMA Government National Mortgage Association GO General Obligation
HR Hospital Revenue IDB Industrial Development Board
IDC Industrial Development Corporation IDR Industrial Development Revenue
LOC Letter of Credit LOR Limited Obligation Revenue
LR Lease Revenue MFHR Multi-Family Housing Revenue
MFMR Multi-Family Mortgage Revenue PCR Pollution Control Revenue
PILOT Payment in Lieu of Taxes RAC Revenue Anticipation Certificates
RAN Revenue Anticipation Notes RAW Revenue Anticipation Warrants
RRR Resources Recovery Revenue SAAN State Aid Anticipation Notes
SBPA Standby Bond Purchase Agreement SFHR Single Family Housing Revenue
SFMR Single Family Mortgage Revenue SONYMA State of New York Mortgage Agency
SWDR Solid Waste Disposal Revenue TAN Tax Anticipation Notes
TAW Tax Anticipation Warrants TRAN Tax and Revenue Anticipation Notes
XLCA XL Capital Assurance    


Various inputs are used in determining the value of the fund's investments relating to Fair Value Measurements.

These inputs are summarized in the three broad levels listed below.
Level 1 - unadjusted quoted prices in active markets for identical investments.
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds,
credit risk, etc.)
Level 3 - significant unobservable inputs (including fund's own assumptions in determining the fair value of investments).

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

The following is a summary of the inputs used as of January 31, 2010 in valuing the fund's investments:

  Level 1 -   Level 3 -  
  Unadjusted Level 2 - Other Significant  
  Quoted Significant Observable Unobservable  
Assets ($) Prices Inputs Inputs Total
Investments in Securities:        
Municipal Bonds - 549,546,618 - 549,546,618


The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) has become 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 ASC has superseded all existing non-SEC accounting and reporting standards. 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: Investments in securities 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 (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Options and financial futures on municipal and U.S.Treasury securities are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day.

The fund adopted the provisions of ASC Topic 815 “Derivatives and Hedging” which requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. The fund held no derivatives during the period ended January 31, 2010.These disclosures did not impact the notes to the financial statements.

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.

Dreyfus Municipal Bond Opportunity Fund

By: /s/ Bradley J. Skapyak
  Bradley J. Skapyak
  President
 
Date: March 23, 2010

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

By: /s/ Bradley J. Skapyak
  Bradley J. Skapyak
  President
 
Date: March 23, 2010
 
By: /s/ James Windels
James Windels
  Treasurer
 
Date: March 23, 2010

EXHIBIT INDEX

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