0000797923-11-000006.txt : 20110701 0000797923-11-000006.hdr.sgml : 20110701 20110701091549 ACCESSION NUMBER: 0000797923-11-000006 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20110430 FILED AS OF DATE: 20110701 DATE AS OF CHANGE: 20110701 EFFECTIVENESS DATE: 20110701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS MUNICIPAL BOND OPPORTUNITY FUND CENTRAL INDEX KEY: 0000797923 IRS NUMBER: 000000000 STATE OF INCORPORATION: NY FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-04764 FILM NUMBER: 11944362 BUSINESS ADDRESS: STREET 1: 200 PARK AVENUE STREET 2: THE DREYFUS CORPORATION CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2129226840 MAIL ADDRESS: STREET 1: C/O DREYFUS CORP STREET 2: 200 PARK AVENUE, 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10166 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS PREMIER MUNICIPAL BOND FUND DATE OF NAME CHANGE: 19970605 FORMER COMPANY: FORMER CONFORMED NAME: PREMIER MUNICIPAL BOND FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PREMIER TAX EXEMPT BOND FUND DATE OF NAME CHANGE: 19900916 0000797923 S000000090 DREYFUS MUNICIPAL BOND OPPORTUNITY FUND C000000131 Class A PTEBX C000000132 Class B PMUBX C000000133 Class C DMBCX C000001400 Class Z dmbzx N-CSR 1 form022.htm ANNUAL REPORT form022.htm - Generated by SEC Publisher for SEC Filing

 

  

 

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number

811-4764

 

 

 

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:

4/30/11

 

             

 

 


 

 

FORM N-CSR

Item 1.                        Reports to Stockholders.

 


 




Save time. Save paper. View your next shareholder report online as soon as it’s available. Log into www.dreyfus.com and sign up for Dreyfus eCommunications. It’s simple and only takes a few minutes.

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

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



 

Contents

 

THE FUND

2     

A Letter from the Chairman and CEO

3     

Discussion of Fund Performance

6     

Fund Performance

8     

Understanding Your Fund’s Expenses

8     

Comparing Your Fund’s Expenses With Those of Other Funds

9     

Statement of Investments

25     

Statement of Assets and Liabilities

26     

Statement of Operations

27     

Statement of Changes in Net Assets

29     

Financial Highlights

33     

Notes to Financial Statements

42     

Report of Independent Registered Public Accounting Firm

43     

Important Tax Information

44     

Board Members Information

46     

Officers of the Fund

 

FOR MORE INFORMATION

 

Back Cover



Dreyfus Municipal
Bond Opportunity Fund

The Fund


A LETTER FROM THE CHAIRMAN AND CEO

Dear Shareholder:

We are pleased to present this annual report for Dreyfus Municipal Bond Opportunity Fund, covering the 12-month period from May 1, 2010, through April 30, 2011.

Multiple crosscurrents have influenced the U.S. and global economies.A modest slowdown earlier in 2010 gave way to renewed strength during the reporting period.The recovery has been fueled by three important characteristics. First, macroeconomic policy has been stimulative in the United States and most of the developed world. Second, in response to inflation worries emerging countries have shifted policy from aggressively stimulative to neutral, but not restrictive, supporting ongoing demand for commodities. Third, corporate balance sheets have strengthened due to cheap bond financing, rising profits and relatively slow growth in corporate spending.

Within the municipal bond market, however, headline risks stemming from state and local budget pressures and changes to the supply-and-demand dynamics caused by the end of the federal financing subsidies led to significant price pressures during the latter part of the reporting period. Despite recent challenges, we believe that long-term municipal bond market fundamentals remain sound and current market conditions could give rise to attractive buying opportunities. As always, your financial advisor can help you align your investment portfolio with the opportunities and challenges that the future may have in store.

For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.

Thank you for your continued confidence and support.


Jonathan R. Baum
Chairman and Chief Executive Officer
The Dreyfus Corporation
May 16, 2011

2




DISCUSSION OF FUND PERFORMANCE

For the period of May 1, 2010, through April 30, 2011, as provided by James Welch and Mountaga Aw, Portfolio Managers

Fund and Market Performance Overview

For the 12-month period ended April 30, 2011, the Class A, Class B, Class C and Class Z shares of Dreyfus Municipal Bond Opportunity Fund produced total returns of 0.20%, –0.49%, –0.46% and 0.34%, respectively.1 In comparison, the Barclays Capital Municipal Bond Index, the fund’s benchmark index, achieved a total return of 2.20% for the same period.2

Municipal bonds encountered heightened volatility over the second half of the reporting period amid rising long-term interest rates and changing supply-and-demand dynamics. The fund produced lower returns than its benchmark, primarily due to overweighted exposure to lower-rated and longer-term bonds, which lagged their higher-rated and shorter-term counterparts, respectively.

The Fund’s Investment Approach

The fund seeks to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital.To pursue its goal, the fund normally invests substantially all of its assets in municipal bonds that provide income exempt from federal income tax. The fund invests at least 70% of its assets in investment-grade municipal bonds or the unrated equivalent as determined by Dreyfus.The fund may invest up to 30% of its assets in municipal bonds rated below investment grade or the unrated equivalent as determined by Dreyfus. Under normal market conditions, the dollar-weighted average maturity of the fund’s portfolio is expected to exceed 10 years.

In managing the fund, we focus on identifying undervalued sectors and securities, and we minimize the use of interest-rate forecasting.We select municipal bonds using fundamental analysis to estimate the relative value of various sectors and securities, and to exploit pricing inefficiencies in the municipal bond market. In addition, we trade among the market’s various sectors—such as the pre-refunded, general obligation and

The Fund  3 

 



DISCUSSION OF FUND PERFORMANCE (continued)

revenue sectors—based on their apparent relative values. The fund generally will invest simultaneously in several of these sectors.

Changing Market Forces Derailed Municipal Bonds

Municipal bonds fared relatively well over the first half of the reporting period, when a subpar economic recovery kept inflationary pressures at bay and the federally subsidized Build America Bonds program diverted a substantial amount of new bond issuance to the taxable bond market. However, the U.S. economic recovery gained traction in the fall of 2010 after a new round of quantitative easing of monetary policy, sparking a rise in longer-term interest rates, and municipal bond prices fell.

Furthermore, the market’s supply-and-demand dynamics deteriorated as it became clearer that the federal Build America Bonds program would be allowed to expire at the end of 2010. Investors sold longer-maturity bonds in anticipation of a surge in the supply of newly issued securities as states and municipalities rushed to lock in federal subsidies toward year-end. Finally, most states continued to struggle with fiscal pressures.

The market showed signs of stabilization over the first four months of 2011, when the supply of newly issued municipal bonds declined sharply. In addition, investor demand recovered when individuals reacted to higher state income taxes, and institutional investors regarded municipal bonds as inexpensively valued.

Longer-Term Holdings Dampened Relative Returns

The fund’s relative performance was undermined by overweighted exposure to longer-term bonds when interest rates climbed. In addition, the fund’s relatively heavy exposure to bonds backed by revenues from health care facilities and the state’s settlement of litigation with U.S. tobacco companies hurt its results compared to the benchmark. Municipal bonds issued by Puerto Rico also fared relatively poorly over the reporting period’s second half.

Our duration management strategy detracted mildly from the fund’s returns compared to the benchmark, as a slightly longer-than-average positioning during the final months of 2010 increased the fund’s sensi-

4



tivity to rising long-term interest rates and steepening yield differences along the market’s maturity range.

Although municipal bonds with BBB ratings dampened the fund’s relative results, the fund benefited from our efforts to upgrade its overall credit quality. We exited positions in bonds that had gained value, and we redeployed those assets to higher-quality bonds, including those backed by revenues from essential municipal services. In addition, the fund’s underweighted exposure to the general obligation bonds of local municipalities and its holdings of bonds backed by housing projects and industrial business development projects proved beneficial during the reporting period.

Weathering a Period of Transition

We have been encouraged by recent signs of market stabilization. Although we expect additional bouts of market volatility over the near term as inflation fears intensify, we remain optimistic over the longer term. Once the transition to a more ample supply of tax-exempt securities is complete, demand seems likely to stay robust as investors respond to higher state taxes and possible federal tax increases down the road.

May 16, 2011

  Bond funds are subject generally to interest rate, credit, liquidity and market risks, to varying 
  degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors 
  being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause 
  price declines. 
1  Total return includes reinvestment of dividends and any capital gains paid, and does not take into 
  consideration the maximum initial sales charge in the case of Class A shares or the applicable 
  contingent deferred sales charges imposed on redemptions in the case of Class B and Class C 
  shares. Had these charges been reflected, returns would have been lower. Class Z is not subject to 
  any initial or deferred sales charge. Past performance is no guarantee of future results. Share price, 
  yield and investment return fluctuate such that upon redemption, fund shares may be worth more 
  or less than their original cost. Income may be subject to state and local taxes, and some income 
  may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, 
  if any, are taxable. 
2  SOURCE: LIPPER INC. — Reflects reinvestment of dividends and, where applicable, capital 
  gain distributions.The Barclays Capital Municipal Bond Index is a widely accepted, unmanaged 
  total return performance benchmark for the long-term, investment-grade, tax-exempt bond market. 
  Index returns do not reflect fees and expenses associated with operating a mutual fund. Investors 
  cannot invest directly in any index. 

 

The Fund  5 

 



FUND PERFORMANCE


† Source: Lipper Inc. 
Past performance is not predictive of future performance. 
The above graph compares a $10,000 investment made in Class A, Class B and Class C shares of Dreyfus Municipal 
Bond Opportunity Fund on 4/30/01 to a $10,000 investment made in the Barclays Capital Municipal Bond Index 
(the “Index”) on that date.All dividends and capital gain distributions are reinvested. 
The fund invests primarily in municipal securities and its performance shown in the line graph takes into account the 
maximum initial sales charge on Class A shares and all other applicable fees and expenses for Class A, Class B and 
Class C shares. Performance for Class Z shares will vary from the performance of Class A, Class B and Class C shares 
shown above due to differences in charges and expenses. Performance for Class B shares assumes the conversion of Class 
B shares to Class A shares at the end of the sixth year following the date of purchase.The Index, unlike the fund, is an 
unmanaged total return performance benchmark for the long-term, investment-grade, tax-exempt bond market, calculated 
by using municipal bonds selected to be representative of the municipal market overall.These factors can contribute to the 
Index potentially outperforming or underperforming the fund. Unlike a mutual fund, the Index is not subject to charges, 
fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, 
including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and 
elsewhere in this report. 

 

6



Average Annual Total Returns as of 4/30/11         
 
  Inception        From 
  Date  1 Year  5 Years  10 Years  Inception 
Class A shares           
with maximum sales charge (4.5%)  11/26/86  –4.29%  1.88%  3.18%   
without sales charge  11/26/86  0.20%  2.83%  3.65%   
Class B shares           
with applicable redemption charge   1/15/93  –4.33%  1.89%  3.34%   
without redemption  1/15/93  –0.49%  2.22%  3.34%   
Class C shares           
with applicable redemption charge ††  7/13/95  –1.42%  2.08%  2.90%   
without redemption  7/13/95  –0.46%  2.08%  2.90%   
Class Z shares  10/14/04  0.34%  2.88%    3.08% 
Barclays Capital           
Municipal Bond Index  9/30/04  2.20%  4.52%  4.96%  4.19%††† 

 

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not 
reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 
  The maximum contingent deferred sales charge for Class B shares is 4%.After six years Class B shares convert to 
  Class A shares. 
††  The maximum contingent deferred sales charge for Class C shares is 1% for shares redeemed within one year of the 
  date of purchase. 
†††  The Index date is based on the life of Class Z shares. For comparative purposes, the value of the Index as of 
  9/30/04 is used as the beginning value on 10/14/04 (the inception date for Class Z shares). 

 

The Fund  7 

 



UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

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

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Municipal Bond Opportunity Fund from November 1, 2010 to April 30, 2011. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

Expenses and Value of a $1,000 Investment       
assuming actual returns for the six months ended April 30, 2011     
  Class A  Class B  Class C  Class Z 
Expenses paid per $1,000  $ 4.58  $ 7.10  $ 8.22  $ 4.33 
Ending value (after expenses)  $963.90  $960.70  $960.50  $964.20 

 

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

 

Using the SEC’s method to compare expenses

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

Expenses and Value of a $1,000 Investment       
assuming a hypothetical 5% annualized return for the six months ended April 30, 2011 
  Class A  Class B  Class C  Class Z 
Expenses paid per $1,000  $ 4.71  $ 7.30  $ 8.45  $ 4.46 
Ending value (after expenses)  $1,020.13  $1,017.55  $1,016.41  $1,020.38 

 

Expenses are equal to the fund’s annualized expense ratio of .94% for Class A, 1.46% for Class B, 1.69% for Class C and .89% for Class Z, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

8



STATEMENT OF INVESTMENTS 
April 30, 2011 

 

Long-Term Municipal  Coupon  Maturity  Principal   
Investments—98.7%  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  1,743,720 
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  1,610,000  1,623,411 
Glendale Western Loop 101 Public         
Facilities Corporation, Third         
Lien Excise Tax Revenue  7.00  7/1/33  5,000,000  5,241,050 
Mohave County Industrial         
Development Authority,         
Correctional Facilities         
Contract Revenue (Mohave         
Prison, LLC Expansion Project)  8.00  5/1/25  5,000,000  5,475,100 
Pima County Industrial Development         
Authority, Education Revenue         
(American Charter Schools         
Foundation Project)  5.63  7/1/38  5,000,000  4,055,650 
California—17.4%         
Anaheim Public Financing         
Authority, Revenue (City of         
Anaheim Electric System         
Distribution Facilities)  5.25  10/1/34  3,185,000  3,222,933 
California,         
Economic Recovery Bonds  5.00  7/1/20  5,000,000  5,621,450 
California,         
GO (Insured; AMBAC)  6.00  2/1/18  2,245,000  2,677,724 
California,         
GO (Various Purpose)  5.25  10/1/20  2,300,000  2,579,749 
California,         
GO (Various Purpose)  5.75  4/1/31  7,725,000  8,107,542 
California,         
GO (Various Purpose)  6.50  4/1/33  5,000,000  5,500,850 
California,         
GO (Various Purpose)  6.00  11/1/35  3,000,000  3,166,440 

 

The Fund  9 

 



STATEMENT OF INVESTMENTS (continued)

Long-Term Municipal  Coupon  Maturity  Principal     
Investments (continued)  Rate (%)  Date  Amount ($)    Value ($) 
California (continued)           
California Health Facilities           
Financing Authority, Revenue           
(Providence Health and Services)  6.50  10/1/38  2,955,000    3,166,371 
California Health Facilities           
Financing Authority, Revenue           
(Providence Health and           
Services) (Prerefunded)  6.50  10/1/18  45,000  a  57,527 
California Pollution Control           
Financing Authority, PCR           
(San Diego Gas and Electric           
Company) (Insured; National           
Public Finance Guarantee Corp.)  5.90  6/1/14  7,710,000    8,550,621 
California Statewide Communities           
Development Authority,           
Revenue (Daughters of           
Charity Health System)  5.25  7/1/35  3,470,000    2,664,197 
California Statewide Communities           
Development Authority, Revenue           
(Sutter Health)  5.50  8/15/26  2,670,000    2,689,865 
Chula Vista,           
IDR (San Diego Gas and           
Electric Company)  5.88  2/15/34  2,000,000    2,086,780 
Golden State Tobacco           
Securitization Corporation,           
Tobacco Settlement           
Asset-Backed Bonds  4.50  6/1/27  6,585,000    4,942,503 
Golden State Tobacco           
Securitization Corporation,           
Tobacco Settlement           
Asset-Backed Bonds  5.00  6/1/33  6,900,000    4,606,095 
Golden State Tobacco           
Securitization Corporation,           
Tobacco Settlement Asset-Backed           
Bonds (Prerefunded)  7.88  6/1/13  2,170,000  a  2,486,060 
Golden State Tobacco           
Securitization Corporation,           
Tobacco Settlement Asset-Backed           
Bonds (Prerefunded)  7.90  6/1/13  1,920,000  a  2,200,589 

 

10



Long-Term Municipal  Coupon  Maturity  Principal   
Investments (continued)  Rate (%)  Date  Amount ($)  Value ($) 
California (continued)         
Lincoln Community Facilities         
District Number 2003-1,         
Special Tax Bonds (Lincoln         
Crossing Project) (Prerefunded)  6.00  9/1/13  3,145,000 a  3,569,418 
Los Angeles Harbor Department,         
Revenue  5.25  8/1/25  5,000,000  5,358,750 
Sacramento County,         
Airport System Senior Revenue  5.25  7/1/26  5,000,000  5,168,550 
Sacramento County,         
Airport System Senior Revenue  5.50  7/1/29  1,500,000  1,534,650 
San Bernardino Community College         
District, GO  6.25  8/1/33  2,000,000  2,193,060 
Tobacco Securitization Authority         
of Southern California,         
Tobacco Settlement         
Asset-Backed Bonds         
(San Diego County Tobacco         
Asset Securitization Corporation)  5.00  6/1/37  3,905,000  2,535,204 
Colorado—2.8%         
Arkansas River Power Authority,         
Power Improvement Revenue         
(Insured; XLCA)  5.25  10/1/40  2,900,000  2,386,410 
Colorado Educational and Cultural         
Facilities Authority, LR         
(Community Colleges of         
Colorado System Headquarters         
Project) (Insured; AMBAC)  5.50  12/1/21  1,100,000  1,120,647 
Colorado Housing and Finance         
Authority, Single Family         
Program Senior and Subordinate         
Bonds (Collateralized; FHA)  7.15  10/1/30  25,000  25,499 
Colorado Housing and Finance         
Authority, Single Family         
Program Senior and Subordinate         
Bonds (Collateralized; FHA)  6.60  8/1/32  1,645,000  1,754,853 
Denver City and County,         
Airport Revenue (Insured; AMBAC)  6.00  11/15/17  4,085,000  4,093,824 

 

The Fund  11 

 



STATEMENT OF INVESTMENTS (continued)

Long-Term Municipal  Coupon  Maturity  Principal   
Investments (continued)  Rate (%)  Date  Amount ($)  Value ($) 
Colorado (continued)         
E-470 Public Highway Authority,         
Senior Revenue  5.38  9/1/26  1,000,000  907,960 
Northwest Parkway Public Highway         
Authority, Revenue (Insured;         
AMBAC) (Prerefunded)  0.00  6/15/11  6,125,000 a,b  2,327,806 
University of Colorado Regents,         
University Enterprise Revenue  5.75  6/1/28  1,000,000  1,098,500 
District of Columbia—.5%         
Metropolitan Washington         
Airports Authority,         
Airport System Revenue  5.00  10/1/27  2,425,000  2,404,800 
Florida—5.1%         
Broward County Housing Finance         
Authority, MFHR (Pembroke         
Villas Project) (Insured; Assured         
Guaranty Municipal Corp.)  5.55  1/1/23  980,000  980,764 
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  1,504,320 
Citizens Property Insurance         
Corporation, High-Risk Account         
Senior Secured Revenue  5.50  6/1/17  2,000,000  2,160,180 
Florida Housing Finance Agency,         
Housing Revenue (Brittany of         
Rosemont Apartments Project)         
(Insured; AMBAC)  7.00  2/1/35  6,000,000  5,797,380 
Miami-Dade County,         
Aviation Revenue  5.00  10/1/30  2,000,000  1,926,520 
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  1,186,402 
Miami-Dade County,         
Water and Sewer System Revenue  5.00  10/1/28  2,600,000  2,692,794 

 

12



Long-Term Municipal  Coupon  Maturity  Principal     
Investments (continued)  Rate (%)  Date  Amount ($)    Value ($) 
Florida (continued)           
Miami-Dade County Housing           
Finance Authority, MFMR           
(Country Club Villas II Project)           
(Insured; Assured Guaranty           
Municipal Corp.)  5.70  7/1/21  400,000    400,672 
Orange County Housing Finance           
Authority, MFHR (Seminole           
Pointe Apartments)  5.75  12/1/23  2,580,000    2,353,115 
Palm Bay,           
Educational Facilities Revenue           
(Patriot Charter School Project)  7.00  7/1/36  215,000  c  107,124 
Palm Bay,           
Utility System Improvement           
Revenue (Insured; National           
Public Finance Guarantee Corp.)  0.00  10/1/20  1,845,000  b  1,154,822 
Port of Palm Beach District,           
Revenue (Insured; XLCA)  0.00  9/1/23  1,000,000  b  428,370 
Saint Johns County Industrial           
Development Authority, Revenue           
(Presbyterian Retirement           
Communities Project)  5.88  8/1/40  1,000,000    897,000 
Seminole Water Control District,           
Improvement Bonds (Unit of           
Development Number 2)  6.75  8/1/22  1,470,000    1,417,154 
Winter Park,           
Water and Sewer Revenue           
(Insured; AMBAC)  5.38  12/1/18  1,730,000    1,827,347 
Georgia—2.0%           
Atlanta,           
Water and Wastewater Revenue  6.00  11/1/26  3,550,000    3,869,180 
Atlanta,           
Water and Wastewater Revenue           
(Insured; Assured Guaranty           
Municipal Corp.)  5.25  11/1/34  2,000,000    2,015,000 
DeKalb County Hospital Authority,           
RAC (DeKalb Medical           
Center, Inc. Project)  6.00  9/1/30  4,250,000    3,986,457 

 

The Fund  13 

 



STATEMENT OF INVESTMENTS (continued)

Long-Term Municipal  Coupon  Maturity  Principal   
Investments (continued)  Rate (%)  Date  Amount ($)  Value ($) 
Hawaii—1.5%         
Hawaii,         
Airports System Revenue  5.25  7/1/26  3,575,000  3,711,815 
Hawaii Department of Budget and         
Finance, Special Purpose         
Revenue (Hawai’i Pacific         
Health Obligated Group)  5.63  7/1/30  3,695,000  3,442,595 
Illinois—5.9%         
Chicago Board of Education,         
Unlimited Tax GO         
(Dedicated Revenues)  5.25  12/1/25  10,000,000  10,071,000 
Illinois,         
GO  5.00  1/1/17  2,500,000  2,659,525 
Illinois,         
GO  5.00  1/1/22  2,500,000  2,501,575 
Illinois,         
GO  5.00  1/1/24  2,500,000  2,469,800 
Illinois Development Finance         
Authority, Revenue (Community         
Rehabilitation Providers         
Facilities Acquisition Program)  8.25  8/1/12  216,484  169,862 
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  5,213,350 
Railsplitter Tobacco Settlement         
Authority, Tobacco         
Settlement Revenue  5.50  6/1/23  1,750,000  1,694,402 
Railsplitter Tobacco Settlement         
Authority, Tobacco         
Settlement Revenue  6.00  6/1/28  3,975,000  3,838,936 
Indiana—.5%         
Indianapolis Local Public         
Improvement Bond Bank,         
Revenue (Indianapolis         
Airport Authority Project)         
(Insured; AMBAC)  5.00  1/1/36  2,500,000  2,210,750 

 

14



Long-Term Municipal  Coupon  Maturity  Principal   
Investments (continued)  Rate (%)  Date  Amount ($)  Value ($) 
Kansas—1.6%         
Kansas Development Finance         
Authority, Revenue (Lifespace         
Communities, Inc.)  5.00  5/15/30  1,500,000  1,301,895 
Sedgwick and Shawnee Counties,         
SFMR (Mortgage-Backed Securities         
Program) (Collateralized:         
FNMA and GNMA)  5.55  6/1/38  1,250,000  1,288,363 
Wichita,         
HR (Via Christi         
Health System, Inc.)  6.25  11/15/19  2,000,000  2,065,160 
Wichita,         
HR (Via Christi         
Health System, Inc.)  6.25  11/15/20  3,000,000  3,097,740 
Kentucky—3.2%         
Mount Sterling,         
LR (Kentucky League of Cities         
Funding Trust Program)  6.10  3/1/18  5,500,000  5,862,065 
Ohio County,         
PCR (Big Rivers Electric         
Corporation Project)  6.00  7/15/31  2,500,000  2,447,050 
Pendleton County,         
Multi-County LR (Kentucky         
Association of Counties         
Leasing Trust Program)  6.40  3/1/19  6,000,000  7,154,460 
Louisiana—1.0%         
Louisiana Local Government         
Environmental Facilities and         
Community Development         
Authority, Revenue (Westlake         
Chemical Corporation Projects)  6.75  11/1/32  2,000,000  2,042,720 
Saint James Parish,         
SWDR (Freeport-McMoRan         
Partnership Project)  7.70  10/1/22  3,020,000  3,019,940 
Massachusetts—2.8%         
Massachusetts Department of         
Transportation, Metropolitan         
Highway System Senior Revenue  5.00  1/1/27  5,000,000  5,148,600 

 

The Fund  15 

 



STATEMENT OF INVESTMENTS (continued)

Long-Term Municipal  Coupon  Maturity  Principal   
Investments (continued)  Rate (%)  Date  Amount ($)  Value ($) 
Massachusetts (continued)         
Massachusetts Development Finance         
Agency, Revenue (Tufts Medical         
Center Issue)  6.25  1/1/27  2,250,000  2,256,232 
Massachusetts Health and         
Educational Facilities Authority,         
Revenue (Harvard         
University Issue)  5.50  11/15/36  3,500,000  3,773,945 
Massachusetts Industrial Finance         
Agency, Water Treatment Revenue         
(Massachusetts-American         
Hingham Project)  6.95  12/1/35  2,450,000  2,365,720 
Michigan—7.5%         
Detroit,         
Sewage Disposal System Senior         
Lien Revenue (Insured; Assured         
Guaranty Municipal Corp.)  7.00  7/1/27  3,000,000  3,490,050 
Detroit School District,         
School Building and Site         
Improvement Bonds (GO—         
Unlimited Tax) (Insured; FGIC)  5.00  5/1/28  5,000,000  4,787,300 
Michigan Building Authority,         
Revenue (Facilities Program)         
(Insured; Assured Guaranty         
Municipal Corp.)  5.50  10/15/18  1,500,000  1,527,000 
Michigan Building Authority,         
Revenue (Facilities Program)         
(Insured; Assured Guaranty         
Municipal Corp.)  5.50  10/15/19  8,500,000  8,647,815 
Michigan Strategic Fund,         
SWDR (Genesee Power         
Station Project)  7.50  1/1/21  6,725,000  6,165,480 
Pontiac Tax Increment Finance         
Authority, Tax Increment         
Revenue (Development         
Area Number 3)  6.25  6/1/22  610,000  392,541 
Pontiac Tax Increment Finance         
Authority, Tax Increment         
Revenue (Development Area         
Number 3) (Prerefunded)  6.25  6/1/12  2,640,000 a  2,827,282 

 

16



Long-Term Municipal  Coupon  Maturity  Principal   
Investments (continued)  Rate (%)  Date  Amount ($)  Value ($) 
Michigan (continued)         
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  6,163,800 
Wayne County Airport Authority,         
Airport Revenue (Detroit         
Metropolitan Wayne         
County Airport)  5.00  12/1/18  2,500,000  2,529,475 
Missouri—1.7%         
Missouri Development Finance         
Board, Infrastructure         
Facilities Revenue         
(Branson Landing Project)  5.38  12/1/27  2,470,000  2,474,891 
Missouri Highways and         
Transportation Commission,         
Second Lien State         
Road Revenue  5.25  5/1/22  5,000,000  5,625,450 
Missouri Housing Development         
Commission, SFMR         
(Homeownership Loan         
Program) (Collateralized:         
FNMA and GNMA)  6.30  9/1/25  45,000  45,895 
Nevada—1.0%         
Clark County,         
Airport System Subordinate         
Lien Revenue (Insured; Assured         
Guaranty Municipal Corp.)  5.00  7/1/26  2,860,000  2,862,660 
Clark County,         
Passenger Facility Charge         
Revenue (Las Vegas-McCarran         
International Airport)  5.00  7/1/30  2,000,000  1,958,800 
New Jersey—3.7%         
New Jersey Economic Development         
Authority, School Facilities         
Construction Revenue  5.75  9/1/23  3,250,000  3,518,807 

 

The Fund  17 

 



STATEMENT OF INVESTMENTS (continued)

Long-Term Municipal  Coupon  Maturity  Principal     
Investments (continued)  Rate (%)  Date  Amount ($)    Value ($) 
New Jersey (continued)           
New Jersey Economic Development           
Authority, School Facilities           
Construction Revenue           
(Insured; AMBAC)  5.50  9/1/24  6,300,000    6,745,095 
Tobacco Settlement Financing           
Corporation of New Jersey,           
Tobacco Settlement           
Asset-Backed Bonds  4.63  6/1/26  2,640,000    1,930,289 
Tobacco Settlement Financing           
Corporation of New Jersey,           
Tobacco Settlement Asset-Backed           
Bonds (Prerefunded)  7.00  6/1/13  5,135,000  a  5,803,269 
New Mexico—1.1%           
Jicarilla Apache Nation,           
Revenue  5.50  9/1/23  5,000,000    5,186,400 
New York—7.4%           
Austin Trust           
(Port Authority of New York           
and New Jersey, Consolidated           
Bonds, 151st Series)  6.00  9/15/28  9,690,000  d,e  10,255,508 
Long Island Power Authority,           
Electric System General Revenue  6.00  5/1/33  5,000,000    5,398,350 
Metropolitan Transportation           
Authority, Transportation           
Revenue  5.25  11/15/28  2,500,000    2,574,650 
New York City Health and Hospital           
Corporation, GO  5.00  2/15/18  5,265,000    5,804,873 
New York State Dormitory           
Authority, Revenue (New York           
University) (Insured; National           
Public Finance Guarantee Corp.)  6.00  7/1/17  3,500,000    4,200,035 
New York State Dormitory           
Authority, Revenue (Orange           
Regional Medical Center           
Obligated Group)  6.25  12/1/37  5,000,000    4,580,700 
New York State Dormitory           
Authority, Revenue           
(State University           
Educational Facilities)  7.50  5/15/13  2,500,000    2,814,025 

 

18



Long-Term Municipal  Coupon  Maturity  Principal   
Investments (continued)  Rate (%)  Date  Amount ($)  Value ($) 
North Carolina—2.5%         
North Carolina Eastern Municipal         
Power Agency, Power         
System Revenue  7.00  1/1/13  3,080,000  3,208,005 
North Carolina Eastern Municipal         
Power Agency, Power System         
Revenue (Insured; AMBAC)  6.00  1/1/18  7,500,000  8,684,025 
Ohio—2.0%         
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  2,879,880 
Hamilton County,         
Sales Tax Refunding and         
Improvement Bonds         
(Insured; AMBAC)  0.00  12/1/25  14,865,000 b  6,728,345 
Oklahoma—.9%         
Oklahoma Municipal Power         
Authority, Power Supply         
System Revenue  6.00  1/1/38  4,000,000  4,180,400 
Oregon—1.1%         
Oregon Department of Administrative         
Services, Lottery Revenue         
(Insured; Assured Guaranty         
Municipal Corp.)  5.00  4/1/26  4,885,000  5,181,129 
Pennsylvania—2.9%         
Allegheny County Port Authority,         
Special Transportation Revenue  5.25  3/1/23  2,715,000  2,932,444 
Harrisburg Authority,         
University Revenue (The         
Harrisburg University of         
Science and Technology Project)  6.00  9/1/36  2,000,000  1,683,400 
Pennsylvania Higher Educational         
Facilities Authority, Revenue         
(University of Pennsylvania         
Health System)  6.00  8/15/26  5,000,000  5,413,100 
Philadelphia School District,         
GO  5.25  9/1/23  4,000,000  4,189,160 

 

The Fund  19 

 



STATEMENT OF INVESTMENTS (continued)

Long-Term Municipal  Coupon  Maturity  Principal   
Investments (continued)  Rate (%)  Date  Amount ($)  Value ($) 
South Carolina—1.1%         
South Carolina Public         
Service Authority,         
Revenue Obligations  5.50  1/1/38  5,000,000  5,249,900 
Tennessee—1.4%         
Johnson City Health and         
Educational Facilities Board,         
Hospital First Mortgage         
Revenue (Mountain States         
Health Alliance)  5.50  7/1/31  4,955,000  4,427,491 
Johnson City Health and         
Educational Facilities Board,         
HR (Mountain States         
Health Alliance)  6.00  7/1/38  2,435,000  2,242,684 
Texas—6.5%         
Brazos River Authority,         
PCR (TXU Energy         
Company LLC Project)  5.00  3/1/41  1,500,000  467,115 
Brazos River Authority,         
Revenue (Reliant         
Energy, Inc. Project)  5.38  4/1/19  3,250,000  3,250,975 
North Texas Tollway Authority,         
First Tier System Revenue         
(Insured; Assured Guaranty         
Municipal Corp.)  5.75  1/1/40  11,850,000  11,979,639 
North Texas Tollway Authority,         
Second Tier System Revenue  5.75  1/1/38  5,510,000  5,363,048 
Southwest Independent School         
District, Unlimited Tax Bonds         
(Permanent School Fund         
Guarantee Program)  5.25  2/1/25  6,110,000  7,111,918 
Texas Turnpike Authority,         
Central Texas Turnpike         
System Revenue         
(Insured; AMBAC)  5.75  8/15/38  3,500,000  3,421,915 
Virginia—.7%         
Virginia Housing Development         
Authority, Commonwealth         
Mortgage Revenue  6.25  7/1/31  3,470,000  3,601,409 

 

20



Long-Term Municipal  Coupon  Maturity  Principal   
Investments (continued)  Rate (%)  Date  Amount ($)  Value ($) 
Washington—2.7%         
Washington Public Power Supply         
System, Revenue (Nuclear         
Project Number 3) (Insured;         
National Public Finance         
Guarantee Corp.)  7.13  7/1/16  10,425,000  13,075,452 
Wisconsin—2.3%         
Badger Tobacco Asset         
Securitization Corporation,         
Tobacco Settlement Asset-Backed         
Bonds (Prerefunded)  7.00  6/1/12  4,500,000 a  4,819,320 
Wisconsin Health and Educational         
Facilities Authority, Revenue         
(Aurora Health Care, Inc.)  5.50  4/15/29  2,200,000  2,150,874 
Wisconsin Health and Educational         
Facilities Authority, Revenue         
(Aurora Health Care, Inc.)  6.40  4/15/33  4,000,000  4,042,280 
U.S. Related—4.2%         
Puerto Rico Commonwealth,         
Public Improvement GO  6.00  7/1/28  1,000,000  1,024,370 
Puerto Rico Electric Power         
Authority, Power Revenue  5.25  7/1/40  1,000,000  878,570 
Puerto Rico Government         
Development Bank, Senior Notes  5.00  12/1/15  5,315,000  5,664,249 
Puerto Rico Infrastructure         
Financing Authority, Special         
Tax Revenue (Insured; AMBAC)  5.50  7/1/26  3,000,000  2,996,700 
Puerto Rico Public Finance         
Corporation, Revenue (Insured;         
Assured Guaranty Municipal Corp.)  6.00  8/1/26  2,500,000  3,113,975 
Puerto Rico Sales Tax Financing         
Corporation, Sales Tax Revenue         
(First Subordinate Series)  6.00  8/1/39  1,500,000  1,508,295 
Puerto Rico Sales Tax Financing         
Corporation, Sales Tax Revenue         
(First Subordinate Series)  6.00  8/1/42  5,000,000  5,009,100 
Total Long-Term Municipal Investments       
(cost $466,176,858)        478,247,866 

 

The Fund  21 

 



STATEMENT OF INVESTMENTS (continued)

Short-Term Municipal  Coupon  Maturity  Principal     
Investments—.6%  Rate (%)  Date  Amount ($)    Value ($) 
New Jersey—.3%           
New Jersey Health Care Facilities           
Financing Authority, Revenue           
(Virtua Health Issue) (LOC;           
JPMorgan Chase Bank)  0.25  5/1/11  1,400,000  f  1,400,000 
New York—.3%           
New York City,           
GO Notes (LOC; JPMorgan           
Chase Bank)  0.21  5/1/11  500,000  f  500,000 
New York City,           
GO Notes (LOC; JPMorgan           
Chase Bank)  0.21  5/1/11  1,000,000  f  1,000,000 
Total Short-Term Municipal Investments         
(cost $2,900,000)          2,900,000 
 
Total Investments (cost $469,076,858)      99.3%    481,147,866 
Cash and Receivables (Net)      .7%    3,364,498 
Net Assets      100.0%    484,512,364 

 

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 Collateral for floating rate borrowings. 
e 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 April 30, 2011, this security was 
valued at $10,255,508 or 2.1% of net assets. 
f Variable rate demand note—rate shown is the interest rate in effect at April 30, 2011. Maturity date represents the 
next demand date, or the ultimate maturity date if earlier. 

 

22



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  ARRN  Adjustable Rate Receipt Notes 
  Assurance Corporation     
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  FNMA  Federal National 
  Corporation    Mortgage Association 
GAN  Grant Anticipation Notes  GIC  Guaranteed Investment Contract 
GNMA  Government National  GO  General Obligation 
  Mortgage Association     
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  PUTTERS Puttable Tax-Exempt Receipts 
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 

 

The Fund  23 

 



STATEMENT OF INVESTMENTS (continued)

Summary of Combined Ratings (Unaudited)   
 
Fitch  or  Moody’s  or  Standard & Poor’s  Value (%) 
AAA    Aaa    AAA  22.8 
AA    Aa    AA  23.9 
A    A    A  28.9 
BBB    Baa    BBB  13.7 
BB    Ba    BB  1.0 
B    B    B  .1 
CCC    Caa    CCC  .1 
F1    MIG1/P1    SP1/A1  .4 
Not Ratedg    Not Ratedg    Not Ratedg  9.1 
          100.0 

 

  Based on total investments. 
g  Securities which, while not rated by Fitch, Moody’s and Standard & Poor’s, have been determined by the Manager to 
  be of comparable quality to those rated securities in which the fund may invest. 
See notes to financial statements. 

 

24



STATEMENT OF ASSETS AND LIABILITIES 
April 30, 2011 

 

      Cost  Value 
Assets ($):         
Investments in securities—See Statement of Investments  469,076,858  481,147,866 
Cash        826,518 
Interest receivable        8,047,910 
Receivable for shares of Beneficial Interest subscribed      109,211 
Prepaid expenses        33,656 
        490,165,161 
Liabilities ($):         
Due to The Dreyfus Corporation and affiliates—Note 3(c)    371,633 
Payable for floating rate notes issued—Note 4      4,845,000 
Payable for shares of Beneficial Interest redeemed      305,193 
Interest and expense payable related to       
floating rate notes issued—Note 4        5,651 
Accrued expenses        125,320 
        5,652,797 
Net Assets ($)        484,512,364 
Composition of Net Assets ($):         
Paid-in capital        521,352,058 
Accumulated net realized gain (loss) on investments      (48,910,702) 
Accumulated net unrealized appreciation       
(depreciation) on investments        12,071,008 
Net Assets ($)        484,512,364 
 
 
Net Asset Value Per Share         
  Class A  Class B  Class C  Class Z 
Net Assets ($)  231,670,641  1,000,492  12,749,706  239,091,525 
Shares Outstanding  19,554,334  84,395  1,073,552  20,179,668 
Net Asset Value Per Share ($)  11.85  11.85  11.88  11.85 
 
See notes to financial statements.         

 

The Fund  25 

 



STATEMENT OF OPERATIONS 
Year Ended April 30, 2011 

 

Investment Income ($):   
Interest Income  27,892,559 
Expenses:   
Management fee—Note 3(a)  2,885,045 
Shareholder servicing costs—Note 3(c)  1,552,556 
Distribution fees—Note 3(b)  117,568 
Professional fees  72,919 
Registration fees  62,560 
Custodian fees—Note 3(c)  53,458 
Interest and expense related to floating rate notes issued—Note 4  45,157 
Prospectus and shareholders’ reports  34,128 
Trustees’ fees and expenses—Note 3(d)  25,089 
Loan commitment fees—Note 2  3,613 
Miscellaneous  46,954 
Total Expenses  4,899,047 
Less—reduction in fees due to earnings credits—Note 3(c)  (1,359) 
Net Expenses  4,897,688 
Investment Income—Net  22,994,871 
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):   
Net realized gain (loss) on investments  (7,322,753) 
Net unrealized appreciation (depreciation) on investments  (14,631,334) 
Net Realized and Unrealized Gain (Loss) on Investments  (21,954,087) 
Net Increase in Net Assets Resulting from Operations  1,040,784 
 
See notes to financial statements.   

 

26



STATEMENT OF CHANGES IN NET ASSETS

    Year Ended April 30, 
  2011  2010 
Operations ($):     
Investment income—net  22,994,871  25,060,287 
Net realized gain (loss) on investments  (7,322,753)  (7,436,926) 
Net unrealized appreciation     
(depreciation) on investments  (14,631,334)  39,128,392 
Net Increase (Decrease) in Net Assets     
Resulting from Operations  1,040,784  56,751,753 
Dividends to Shareholders from ($):     
Investment income—net:     
Class A Shares  (11,034,091)  (12,400,899) 
Class B Shares  (57,110)  (120,619) 
Class C Shares  (522,738)  (553,707) 
Class Z Shares  (11,160,219)  (11,795,334) 
Total Dividends  (22,774,158)  (24,870,559) 
Beneficial Interest Transactions ($):     
Net proceeds from shares sold:     
Class A Shares  8,556,488  14,354,156 
Class B Shares  47,459  172,090 
Class C Shares  2,004,588  2,903,968 
Class Z Shares  6,579,395  8,693,557 
Dividends reinvested:     
Class A Shares  7,776,863  8,788,377 
Class B Shares  42,482  93,828 
Class C Shares  319,429  353,898 
Class Z Shares  8,254,115  8,706,505 
Cost of shares redeemed:     
Class A Shares  (42,556,090)  (40,530,252) 
Class B Shares  (1,184,828)  (2,664,135) 
Class C Shares  (4,420,276)  (3,353,542) 
Class Z Shares  (28,280,405)  (17,037,763) 
Increase (Decrease) in Net Assets from     
Beneficial Interest Transactions  (42,860,780)  (19,519,313) 
Total Increase (Decrease) in Net Assets  (64,594,154)  12,361,881 
Net Assets ($):     
Beginning of Period  549,106,518  536,744,637 
End of Period  484,512,364  549,106,518 

 

The Fund  27 

 



STATEMENT OF CHANGES IN NET ASSETS (continued)

    Year Ended April 30, 
  2011  2010 
Capital Share Transactions:     
Class Aa     
Shares sold  711,573  1,180,064 
Shares issued for dividends reinvested  638,911  724,520 
Shares redeemed  (3,530,667)  (3,341,862) 
Net Increase (Decrease) in Shares Outstanding  (2,180,183)  (1,437,278) 
Class Ba     
Shares sold  3,809  14,285 
Shares issued for dividends reinvested  3,470  7,748 
Shares redeemed  (97,167)  (220,887) 
Net Increase (Decrease) in Shares Outstanding  (89,888)  (198,854) 
Class C     
Shares sold  162,532  237,851 
Shares issued for dividends reinvested  26,153  28,686 
Shares redeemed  (366,054)  (276,164) 
Net Increase (Decrease) in Shares Outstanding  (177,369)  (9,627) 
Class Z     
Shares sold  535,652  716,227 
Shares issued for dividends reinvested  678,507  717,724 
Shares redeemed  (2,346,573)  (1,404,857) 
Net Increase (Decrease) in Shares Outstanding  (1,132,414)  29,094 

 

a  During the period ended April 30, 2011, 22,072 Class B shares representing $266,691 were automatically 
  converted to 22,089 Class A shares and during the period ended April 30, 2010, 100,613 Class B shares 
  representing $1,208,401 were automatically converted to 100,617 Class A shares. 
See notes to financial statements. 

 

28



FINANCIAL HIGHLIGHTS

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

    Year Ended April 30,   
Class A Shares  2011  2010  2009  2008  2007 
Per Share Data ($):           
Net asset value, beginning of period  12.35  11.65  12.56  13.10  12.91 
Investment Operations:           
Investment income—neta  .53  .55  .57  .57  .57 
Net realized and unrealized           
gain (loss) on investments  (.50)  .70  (.91)  (.54)  .18 
Total from Investment Operations  .03  1.25  (.34)  .03  .75 
Distributions:           
Dividends from investment income—net  (.53)  (.55)  (.57)  (.57)  (.56) 
Net asset value, end of period  11.85  12.35  11.65  12.56  13.10 
Total Return (%)b  .20  10.91  (2.64)  .28  5.94 
Ratios/Supplemental Data (%):           
Ratio of total expenses           
to average net assets  .94  .93  1.00  1.17  1.16 
Ratio of net expenses           
to average net assets  .94  .93  .99  1.17  1.16 
Ratio of interest and expense related           
to floating rate notes issued           
to average net assets  .01  .01  .07  .23  .25 
Ratio of net investment income           
to average net assets  4.38  4.57  4.85  4.49  4.33 
Portfolio Turnover Rate  21.95  22.61  56.67  77.20  68.06 
Net Assets, end of period ($ x 1,000)  231,671  268,406  269,846  300,982  256,047 

 

a  Based on average shares outstanding at each month end. 
b  Exclusive of sales charge. 
See notes to financial statements. 

 

The Fund  29 

 



FINANCIAL HIGHLIGHTS (continued)

    Year Ended April 30,   
Class B Shares  2011  2010  2009  2008  2007 
Per Share Data ($):           
Net asset value, beginning of period  12.35  11.65  12.57  13.11  12.91 
Investment Operations:           
Investment income—neta  .44  .47  .49  .49  .49 
Net realized and unrealized           
gain (loss) on investments  (.50)  .70  (.90)  (.53)  .21 
Total from Investment Operations  (.06)  1.17  (.41)  (.04)  .70 
Distributions:           
Dividends from investment income—net  (.44)  (.47)  (.51)  (.50)  (.50) 
Net asset value, end of period  11.85  12.35  11.65  12.57  13.11 
Total Return (%)b  (.49)  10.22  (3.26)  (.25)  5.48 
Ratios/Supplemental Data (%):           
Ratio of total expenses           
to average net assets  1.54  1.55  1.54  1.67  1.67 
Ratio of net expenses           
to average net assets  1.54  1.55  1.53  1.67  1.67 
Ratio of interest and expense related           
to floating rate notes issued           
to average net assets  .01  .01  .07  .23  .25 
Ratio of net investment income           
to average net assets  3.64  3.96  4.26  3.95  3.81 
Portfolio Turnover Rate  21.95  22.61  56.67  77.20  68.06 
Net Assets, end of period ($ x 1,000)  1,000  2,153  4,348  9,732  11,799 

 

a  Based on average shares outstanding at each month end. 
b  Exclusive of sales charge. 
See notes to financial statements. 

 

30



    Year Ended April 30,   
Class C Shares  2011  2010  2009  2008  2007 
Per Share Data ($):           
Net asset value, beginning of period  12.37  11.66  12.58  13.12  12.93 
Investment Operations:           
Investment income—neta  .44  .46  .49  .47  .47 
Net realized and unrealized           
gain (loss) on investments  (.49)  .71  (.93)  (.53)  .19 
Total from Investment Operations  (.05)  1.17  (.44)  (.06)  .66 
Distributions:           
Dividends from investment income—net  (.44)  (.46)  (.48)  (.48)  (.47) 
Net asset value, end of period  11.88  12.37  11.66  12.58  13.12 
Total Return (%)b  (.46)  10.15  (3.42)  (.46)  5.16 
Ratios/Supplemental Data (%):           
Ratio of total expenses           
to average net assets  1.69  1.69  1.76  1.91  1.89 
Ratio of net expenses           
to average net assets  1.69  1.69  1.75  1.91  1.89 
Ratio of interest and expense related           
to floating rate notes issued           
to average net assets  .01  .01  .07  .23  .25 
Ratio of net investment income           
to average net assets  3.61  3.80  4.12  3.74  3.58 
Portfolio Turnover Rate  21.95  22.61  56.67  77.20  68.06 
Net Assets, end of period ($ x 1,000)  12,750  15,476  14,702  12,586  10,274 

 

a  Based on average shares outstanding at each month end. 
b  Exclusive of sales charge. 
See notes to financial statements. 

 

The Fund  31 

 



FINANCIAL HIGHLIGHTS (continued)

    Year Ended April 30,   
Class Z Shares  2011  2010  2009  2008  2007 
Per Share Data ($):           
Net asset value, beginning of period  12.34  11.65  12.56  13.10  12.91 
Investment Operations:           
Investment income—neta  .54  .56  .58  .58  .57 
Net realized and unrealized           
gain (loss) on investments  (.50)  .69  (.91)  (.54)  .19 
Total from Investment Operations  .04  1.25  (.33)  .04  .76 
Distributions:           
Dividends from investment income—net  (.53)  (.56)  (.58)  (.58)  (.57) 
Net asset value, end of period  11.85  12.34  11.65  12.56  13.10 
Total Return (%)  .34  10.87  (2.59)  .33  6.00 
Ratios/Supplemental Data (%):           
Ratio of total expenses           
to average net assets  .88  .88  .94  1.08  1.10 
Ratio of net expenses           
to average net assets  .88  .88  .94  1.08  1.10 
Ratio of interest and expense related           
to floating rate notes issued           
to average net assets  .01  .01  .07  .23  .25 
Ratio of net investment income           
to average net assets  4.44  4.62  4.90  4.53  4.38 
Portfolio Turnover Rate  21.95  22.61  56.67  77.20  68.06 
Net Assets, end of period ($ x 1,000)  239,092  263,072  247,849  284,168  306,634 

 

a Based on average shares outstanding at each month end. 
See notes to financial statements. 

 

32



NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Dreyfus Municipal Bond Opportunity Fund (the “fund”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified open-end management investment company. The fund’s investment objective is to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary ofThe Bank of NewYork Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser.

MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Manager, is the distributor of the fund’s shares. The fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class A, Class B, Class C and Class Z. Class A shares are subject to a sales charge imposed at the time of purchase. Class B shares are subject to a contingent deferred sales charge (“CDSC”) imposed on Class B share redemptions made within six years of purchase and automatically convert to Class A shares after six years.The fund no longer offers Class B shares, except in connection with dividend reinvestment and permitted exchanges of Class B shares. Class C shares are subject to a CDSC imposed on Class C shares redeemed within one year of purchase. Class Z shares are sold at net asset value per share generally only to shareholders of the fund who received Class Z shares in exchange for their shares of a Dreyfus-managed fund as a result of the reorganization of such Dreyfus-managed fund, and who continue to maintain accounts with the fund at the time of purchase. Class Z shares generally are not available for new accounts. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

The Fund  33 

 



NOTES TO FINANCIAL STATEMENTS (continued)

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.

The fund enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.

(a) 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.

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).

34



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.

The following is a summary of the inputs used as of April 30, 2011 in valuing the fund’s investments:

    Level 2—Other  Level 3—   
  Level 1—  Significant  Significant   
  Unadjusted  Observable  Unobservable   
  Quoted Prices  Inputs  Inputs  Total 
Assets ($)         
Investments in Securities:       
Municipal Bonds    481,147,866    481,147,866 

 

In January 2010, FASB issued Accounting Standards Update (“ASU”) No. 2010-06 “Improving Disclosures about FairValue Measurements”. The portions of ASU No. 2010-06 which require reporting entities to prepare new disclosures surrounding amounts and reasons for significant transfers in and out of Level 1 and Level 2 fair value measurements as well as inputs and valuation techniques used to measure fair

The Fund  35 

 



NOTES TO FINANCIAL STATEMENTS (continued)

value for both recurring and nonrecurring fair value measurements that fall in either Level 2 or Level 3 have been adopted by the fund. No significant transfers between Level 1 or Level 2 fair value measurements occurred at April 30, 2011.

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and recognized on the accrual basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date.

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

(d) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, which can distribute tax exempt dividends, by complying with the applicable provisions of the Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.

As of and during the period ended April 30, 2011, the fund did not have any liabilities for any uncertain tax positions.The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period, the fund did not incur any interest or penalties.

36



Each of the tax years in the four-year period ended April 30, 2011 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At April 30, 2011, the components of accumulated earnings on a tax basis were as follows: undistributed tax exempt income $377,192, accumulated capital losses $45,254,486 and unrealized appreciation $12,192,410. In addition, the fund had $3,777,618 of capital losses realized after October 31, 2010, which were deferred for tax purposes to the first day of the following fiscal year.

The accumulated capital loss carryover is available for federal income tax purposes to be applied against future net securities profits, if any, realized subsequent to April 30, 2011. If not applied, $8,158,132 of the carryover expires in fiscal 2012, $910,072 expires in fiscal 2016, $12,209,003 expires in fiscal 2017, $20,082,904 expires in fiscal 2018 and $3,894,375 expires in fiscal 2019.

The tax character of distributions paid to shareholders during the fiscal periods ended April 30, 2011 and April 30, 2010 were as follows: tax exempt income $22,770,304 and $24,870,339 and ordinary income $3,854 and $220, respectively.

During the period ended April 30, 2011, as a result of permanent book to tax differences, primarily due to the tax treatment for amortization adjustments and capital loss carryover expiration, the fund decreased accumulated undistributed investment income-net by $220,713, increased accumulated net realized gain (loss) on investments by $10,231,882 and decreased paid-in capital by $10,011,169. Net assets and net asset value per share were not affected by this reclassification.

NOTE 2—Bank Lines of Credit:

The fund participates with other Dreyfus-managed funds in a $225 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of New York

The Fund  37 

 



NOTES TO FINANCIAL STATEMENTS (continued)

Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus (each, a “Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended April 30, 2011, the fund did not borrow under the Facilities.

NOTE 3—Management Fee and Other Transactions With Affiliates:

(a) Pursuant to a management agreement with the Manager, the management fee is computed at the annual rate of .55% of the value of the fund’s average daily net assets and is payable monthly.

During the period ended April 30, 2011, the Distributor retained $10,378 from commissions earned on sales of the fund’s Class A shares and $3,338 and $369 from CDSCs on redemptions of the fund’s Class B and Class C shares, respectively.

(b) Under the Distribution Plan (the “Plan”) adopted pursuant to Rule 12b-1 under the Act, Class B and Class C shares pay the Distributor for distributing their shares at an annual rate of .50% of the value of the average daily net assets of Class B shares and .75% of the value of the average daily net assets of Class C shares. During the period ended April 30, 2011, Class B and Class C shares were charged $7,899 and $109,669, respectively, pursuant to the Plan.

(c) Under the Shareholder Services Plan, Class A, Class B and Class C shares pay the Distributor at an annual rate of .25% of the value of the average daily net assets of Class A, Class B and Class C shares and Class Z shares pay the Distributor at an annual rate of .20% of the value of the average daily net assets of Class Z shares, for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder

38



inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (a securities dealer, financial institution or other industry professional) in respect of these services.The Distributor determines the amounts to be paid to Service Agents. During the period ended April 30, 2011, Class A, Class B, Class C and Class Z shares were charged $635,842, $3,950, $36,556 and $508,029, respectively, pursuant to the Shareholder Services Plan.

The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the Manager, under a transfer agency agreement for providing personnel and facilities to perform transfer agency services for the fund. During the period ended April 30, 2011, the fund was charged $207,668 pursuant to the transfer agency agreement, which is included in Shareholder servicing costs in the Statement of Operations.

The fund has arrangements with the custodian and cash management bank whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset custody and cash management fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.

The fund compensates The Bank of New York Mellon under a cash management agreement for performing cash management services related to fund subscriptions and redemptions. During the period ended April 30, 2011, the fund was charged $20,290 pursuant to the cash management agreement, which is included in Shareholder servicing costs in the Statement of Operations.These fees were partially offset by earnings credits of $1,359.

The fund also compensates The Bank of New York Mellon under a custody agreement for providing custodial services for the fund. During the period ended April 30, 2011, the fund was charged $53,458 pursuant to the custody agreement.

The Fund  39 

 



NOTES TO FINANCIAL STATEMENTS (continued)

During the period ended April 30, 2011, the fund was charged $6,327 for services performed by the Chief Compliance Officer.

The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $217,441, Rule 12b-1 distribution plan fees $8,185, shareholder services plan fees $89,088, custodian fees $23,880, chief compliance officer fees $2,481 and transfer agency per account fees $30,558.

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

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended April 30, 2011, amounted to $113,761,084 and $163,287,772, respectively.

Inverse Floater Securities: The fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust.The trust subsequently issues two or more variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One or more of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals.A residual interest tax-exempt security is also created by the trust, which is transferred to the fund, and is paid interest based on the remaining cash flow of the trust, after payment of interest on the other securities and various expenses of the trust.

40



The fund accounts for the transfer of bonds to the trust as secured borrowings, with the securities transferred remaining in the fund’s investments, and the related floating rate certificate securities reflected as fund liabilities in the Statement of Assets and Liabilities.

The average amount of borrowings outstanding under the inverse floater structure during the period ended April 30, 2011, was approximately $4,845,000, with a related weighted average annualized interest rate of .93%.

At April 30, 2011, the cost of investments for federal income tax purposes was $464,110,456; accordingly, accumulated net unrealized appreciation on investments was $12,192,410, consisting of $21,847,232 gross unrealized appreciation and $9,654,822 gross unrealized depreciation.

The Fund  41 

 



REPORT OF INDEPENDENT REGISTERED 
PUBLIC ACCOUNTING FIRM 

 

Shareholders and Board of Trustees Dreyfus Municipal Bond Opportunity Fund

We have audited the accompanying statement of assets and liabilities of Dreyfus Municipal Bond Opportunity Fund, including the statement of investments, as of April 30, 2011, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the periods indicated therein.These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement.We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting.Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2011 by correspondence with the custodian and others.We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Dreyfus Municipal Bond Opportunity Fund at April 30, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the indicated years, in conformity with U.S. generally accepted accounting principles.

New York, New York
June 28, 2011

42



IMPORTANT TAX INFORMATION (Unaudited)

In accordance with federal tax law, the fund hereby designates all the dividends paid from investment income-net during its fiscal year ended April 30, 2011 as “exempt-interest dividends” (not generally subject to regular federal income tax), except $3,854 that is being designated as an ordinary income distribution for reporting purposes. Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any) and capital gains distributions (if any) paid for the 2011 calendar year on Form 1099-DIV and their portion of the fund’s tax-exempt dividends paid for the 2011 calendar year on Form 1099-INT, both of which will be mailed by early 2012.

The Fund  43 

 









OFFICERS OF THE FUND (Unaudited)

BRADLEY J. SKAPYAK, President since January 2010.

Chief Operating Officer and a director of the Manager since June 2009. From April 2003 to June 2009, Mr. Skapyak was the head of the Investment Accounting and Support Department of the Manager. He is an officer of 76 investment companies (comprised of 170 portfolios) managed by the Manager. He is 52 years old and has been an employee of the Manager since February 1988.

MICHAEL A. ROSENBERG, Vice President and Secretary since August 2005.

Assistant General Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. He is 51 years old and has been an employee of the Manager since October 1991.

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

Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. She is 38 years old and has been an employee of the Manager since July 1995.

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

Senior Counsel of BNY Mellon and Secretary of the Manager, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. He is 44 years old and has been an employee of the Manager since December 1996.

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

Senior Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. She is 55 years old and has been an employee of the Manager since October 1988.

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

Senior Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. He is 49 years old and has been an employee of the Manager since June 2000.

KATHLEEN DENICHOLAS, Vice President and Assistant Secretary since January 2010.

Senior Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. She is 36 years old and has been an employee of the Manager since February 2001.

JANETTE E. FARRAGHER, Vice President and Assistant Secretary since August 2005.

Assistant General Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. She is 48 years old and has been an employee of the Manager since February 1984.

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

Managing Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. He is 47 years old and has been an employee of the Manager since February 1991.

M. CRISTINA MEISER, Vice President and Assistant Secretary since January 2010.

Senior Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. She is 41 years old and has been an employee of the Manager since August 2001.

46



ROBERT R. MULLERY, Vice President and Assistant Secretary since August 2005.

Managing Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. He is 59 years old and has been an employee of the Manager since May 1986.

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

Managing Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. He is 45 years old and has been an employee of the Manager since October 1990.

JAMES WINDELS, Treasurer since November 2001.

Director – Mutual Fund Accounting of the Manager, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. He is 52 years old and has been an employee of the Manager since April 1985.

RICHARD CASSARO, Assistant Treasurer since January 2008.

Senior Accounting Manager – Money Market and Municipal Bond Funds of the Manager, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. He is 52 years old and has been an employee of the Manager since September 1982.

GAVIN C. REILLY, Assistant Treasurer since December 2005.

Tax Manager of the Investment Accounting and Support Department of the Manager, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. He is 42 years old and has been an employee of the Manager since April 1991.

ROBERT ROBOL, Assistant Treasurer since August 2005.

Senior Accounting Manager – Fixed Income Funds of the Manager, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. He is 47 years old and has been an employee of the Manager since October 1988.

ROBERT SALVIOLO, Assistant Treasurer since July 2007.

Senior Accounting Manager – Equity Funds of the Manager, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. He is 44 years old and has been an employee of the Manager since June 1989.

ROBERT SVAGNA, Assistant Treasurer since August 2005.

Senior Accounting Manager – Equity Funds of the Manager, and an officer of 77 investment companies (comprised of 195 portfolios) managed by the Manager. He is 44 years old and has been an employee of the Manager since November 1990.

The Fund  47 

 



OFFICERS OF THE FUND (Unaudited) (continued)

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

Chief Compliance Officer of the Manager and The Dreyfus Family of Funds (77 investment companies, comprised of 195 portfolios). From November 2001 through March 2004, Mr. Connolly was first Vice-President, Mutual Fund Servicing for Mellon Global Securities Services. In that capacity, Mr. Connolly was responsible for managing Mellon’s Custody, Fund Accounting and Fund Administration services to third-party mutual fund clients. He is 53 years old and has served in various capacities with the Manager since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.

STEPHEN J. STOREN, Anti-Money Laundering Compliance Officer since May 2011.

Chief Compliance Officer of the Distributor, and the Anti-Money Laundering Compliance Officer of 73 investment companies (comprised of 191 portfolios) managed by the Manager. He is 56 years old and has been an employee of the Distributor since October 1999.

48





 

Item 2.                        Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.

Item 3.                        Audit Committee Financial Expert.

The Registrant's Board has determined that Joseph S. DiMartino, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC").  Mr. DiMartino is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

Item 4.                        Principal Accountant Fees and Services.

 

(a)  Audit Fees.  The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $    39,208 in 2010 and $30,312 in 2011.

 

(b)  Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $5,382 in 2010 and $6,000 in 2011. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.

 

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $0 in 2010 and $0 in 2011.

  

(c)  Tax Fees.  The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $3,863 in 2010 and $3,822 in 2011. These services consisted of: (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.  The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval by the Audit Committee were $0 in 2010 and $0 in 2011. 

 

 


 

 

(d)  All Other Fees.  The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2010 and $183 in 2011. These services consisted of a review of the Registrant's anti-money laundering program.

 

The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee, were  $0 in 2010 and $0 in 2011. 

 

(e)(1) Audit Committee Pre-Approval Policies and Procedures. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. The pre-approved services in the Policy can include pre-approved audit services, pre-approved audit-related services, pre-approved tax services and pre-approved all other services.  Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence.  Pre-approvals pursuant to the Policy are considered annually.

(e)(2) Note: None of the services described in paragraphs (b) through (d) of this Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

 

(f) None of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal account's full-time, permanent employees.

Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $27,572,994 in 2010 and $21,309,173 in 2011. 

 

Auditor Independence. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence.

 

Item 5.                        Audit Committee of Listed Registrants.

                        Not applicable.  [CLOSED-END FUNDS ONLY]

Item 6.                        Investments.

(a)                    Not applicable.

Item 7.            Disclosure of Proxy Voting Policies and Procedures for Closed-End Management            Investment Companies.

                        Not applicable.  [CLOSED-END FUNDS ONLY]

Item 8.                        Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.  [CLOSED-END FUNDS ONLY, beginning with reports for periods ended on and after December 31, 2005]

Item 9.                        Purchases of Equity Securities by Closed-End Management Investment Companies and             Affiliated Purchasers.

 


 

 

                        Not applicable.  [CLOSED-END FUNDS ONLY]

Item 10.          Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures applicable to Item 10.

Item 11.          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-CSR 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-CSR 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 second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. 

Item 12.          Exhibits.

(a)(1)   Code of ethics referred to in Item 2.

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

(a)(3)   Not applicable.

(b)        Certification of principal executive and principal financial officers as required by Rule 30a-2(b) 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.

Dreyfus Municipal Bond Opportunity Fund

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak,

            President

 

Date:    June 13, 2011

 

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:    June 13, 2011

 

By:       /s/ James Windels

            James Windels,

            Treasurer

 

Date:    June 13, 2011

 

 

EXHIBIT INDEX

(a)(1)   Code of ethics referred to in Item 2.

(a)(2)   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)

(b)        Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.  (EX-99.906CERT)

 

 


 
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THE DREYFUS FAMILY OF FUNDS

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE

AND SENIOR FINANCIAL OFFICERS

 

1.      Covered Officers/Purpose of the Code

This code of ethics (the "Code") for the investment companies within the complex (each, a "Fund") applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller, or other persons performing similar functions, each of whom is listed on Exhibit A (the "Covered Officers"), for the purpose of promoting:

·           honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

·           full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (the "SEC") and in other public communications made by the Fund;

·           compliance with applicable laws and governmental rules and regulations;

·           the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

·           accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

2.      Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Overview. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fund.  For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "Investment Company Act"), and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. The compliance programs and procedures of the Fund and the Fund's investment adviser (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. The Code does not, and is not intended to, repeat or replace these programs and procedures, and the circumstances they cover fall outside of the parameters of the Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the Adviser of which the Covered Officers are also officers or employees.  As a result, the Code recognizes that the Covered Officers, in the ordinary course of their duties (whether formally for the Fund or for the Adviser, or for both), will be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Fund and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Fund's Board that the Covered Officers also may be officers or employees of one or more other investment companies covered by this or other codes of ethics.

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Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act.  Covered Officers should keep in mind that the Code cannot enumerate every possible scenario.  The overarching principle of the Code is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.

Each Covered Officer must:

·           not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

·           not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund; and

·           not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith.

3.      Disclosure and Compliance

·           Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund within his area of responsibility;

·           each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Board members and auditors, and to governmental regulators and self-regulatory organizations;

·           each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fund and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

·           it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

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4.      Reporting and Accountability

Each Covered Officer must:

·           upon adoption of the Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

·           annually thereafter affirm to the Board that he has complied with the requirements of the Code; and

·           notify the Adviser's General Counsel (the "General Counsel") promptly if he knows of any violation of the Code.  Failure to do so is itself a violation of the Code.

The General Counsel is responsible for applying the Code to specific situations in which questions are presented under it and has the authority to interpret the Code in any particular situation. However, waivers sought by any Covered Officer will be considered by the Fund's Board.

The Fund will follow these procedures in investigating and enforcing the Code:

·           the General Counsel will take all appropriate action to investigate any potential violations reported to him;

·           if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action;

·           any matter that the General Counsel believes is a violation will be reported to the Board;

·           if the Board concurs that a violation has occurred, it will consider appropriate action, which may include: review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser or its board; or dismissal of the Covered Officer;

·           the Board will be responsible for granting waivers, as appropriate; and

·           any waivers of or amendments to the Code, to the extent required, will be disclosed as provided by SEC rules.

5.      Other Policies and Procedures

The Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. The Fund's, its principal underwriter's and the Adviser's codes of ethics under Rule 17j-1 under the Investment Company Act and the Adviser's additional policies and procedures, including its Code of Conduct, are separate requirements applying to the Covered Officers and others, and are not part of the Code.

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6.      Amendments 

The Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of the Fund's Board, including a majority of independent Board members.

7.      Confidentiality 

All reports and records prepared or maintained pursuant to the Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or the Code, such matters shall not be disclosed to anyone other than the appropriate Funds and their counsel, the appropriate Boards (or Committees) and their counsel and the Adviser

8.      Internal Use

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

                                                                                                Dated as of:  July 1, 2003

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Exhibit A

Persons Covered by the Code of Ethics

 

 

Bradley J. Skapyak

President

(Principal Executive Officer)

 

 

 

 

James Windels

 

Treasurer

(Principal Financial and Accounting Officer)

 

 

Revised as of January 1, 2010

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EX-99.CERT 12 exhibit302.htm CERTIFICATION REQUIRED BY RULE 30A-2 exhibit302.htm - Generated by SEC Publisher for SEC Filing

 

[EX-99.CERT]—Exhibit  (a)(2)

 

SECTION 302 CERTIFICATION

 

I, Bradley J. Skapyak, certify that:

1.  I have reviewed this report on Form N-CSR of Dreyfus Municipal Bond Opportunity Fund;

2.  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.  The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5.  The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak,

            President

Date:    June 13, 2011

1

 


 

 

SECTION 302 CERTIFICATION

I, James Windels, certify that:

1.  I have reviewed this report on Form N-CSR of Dreyfus Municipal Bond Opportunity Fund;

2.  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.  The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5.  The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By:       /s/ James Windels

            James Windels,

            Treasurer

Date:    June 13, 2011

 

2

 


 
EX-99.906CERT 13 exhibit906.htm CERTIFICATION REQUIRED BY SECTION 906 exhibit906.htm - Generated by SEC Publisher for SEC Filing

 

 [EX-99.906CERT] 

Exhibit (b)

 

 

SECTION 906 CERTIFICATIONS

            In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

            (1)        the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

 

            (2)        the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

By:       /s/ Bradley J. Skapyak

Bradley J. Skapyak,

            President

 

Date:    June 13, 2011

 

 

By:       /s/ James Windels

            James Windels,

            Treasurer

 

Date:    June 13, 2011

 

 

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.