UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number |
811-4764 | |||||
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Dreyfus Municipal Bond Opportunity Fund |
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(Exact name of Registrant as specified in charter) |
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c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166 |
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(Address of principal executive offices) (Zip code) |
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John Pak, Esq. 200 Park Avenue New York, New York 10 166 |
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(Name and address of agent for service) |
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Registrant's telephone number, including area code: |
(212) 922-6000 | |||||
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Date of fiscal year end:
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4/30 |
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Date of reporting period: |
7/31/14 |
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STATEMENT OF INVESTMENTS | |||||
Dreyfus Municipal Bond Opportunity Fund | |||||
July 31, 2014 (Unaudited) | |||||
Long-Term Municipal | Coupon | Maturity | Principal | ||
Investments--100.5% | Rate (%) | Date | Amount ($) | Value ($) | |
Alabama--3.5% | |||||
Alabama Public School and College | |||||
Authority, Capital Improvement | |||||
Revenue | 5.00 | 1/1/2026 | 5,500,000 | 6,628,545 | |
Jefferson County, | |||||
Senior Lien Sewer Revenue | |||||
Warrants (Insured; Assured | |||||
Guaranty Municipal Corp.) | 0/6.60 | 10/1/42 | 7,835,000 | a | 4,961,435 |
Jefferson County, | |||||
Limited Obligation School | |||||
Warrants | 5.25 | 1/1/17 | 2,000,000 | 2,013,800 | |
Jefferson County, | |||||
Limited Obligation School | |||||
Warrants | 5.00 | 1/1/24 | 1,000,000 | 1,004,700 | |
Alaska--.4% | |||||
Northern Tobacco Securitization | |||||
Corporation of Alaska, Tobacco | |||||
Settlement Asset-Backed Bonds | 5.00 | 6/1/46 | 2,000,000 | 1,494,120 | |
Arizona--2.3% | |||||
Mohave County Industrial | |||||
Development Authority, | |||||
Correctional Facilities | |||||
Contract Revenue (Mohave | |||||
Prison, LLC Expansion Project) | 8.00 | 5/1/25 | 5,000,000 | 5,749,150 | |
Pima County Industrial Development | |||||
Authority, Education Revenue | |||||
(American Charter Schools | |||||
Foundation Project) | 5.63 | 7/1/38 | 4,650,000 | 4,028,155 | |
California--14.7% | |||||
Anaheim Public Financing | |||||
Authority, Revenue (City of | |||||
Anaheim Electric System |
Distribution Facilities) | 5.25 | 10/1/34 | 3,185,000 | 3,603,732 | |
California, | |||||
GO (Various Purpose) | 5.25 | 10/1/20 | 1,000,000 | 1,198,130 | |
California, | |||||
GO (Various Purpose) | 5.75 | 4/1/31 | 5,000,000 | 5,903,450 | |
California, | |||||
GO (Various Purpose) | 6.50 | 4/1/33 | 5,000,000 | 6,088,500 | |
California, | |||||
GO (Various Purpose) | 6.00 | 11/1/35 | 3,000,000 | 3,617,550 | |
California Health Facilities | |||||
Financing Authority, Revenue | |||||
(Providence Health and | |||||
Services) (Prerefunded) | 6.50 | 10/1/18 | 45,000 | b | 55,396 |
California Health Facilities | |||||
Financing Authority, Revenue | |||||
(Providence Health and | |||||
Services) (Prerefunded) | 6.50 | 10/1/18 | 2,955,000 | b | 3,633,557 |
California State Public Works | |||||
Board, LR (Department of | |||||
Corrections and | |||||
Rehabilitation) (Various | |||||
Correctional Facilities) | 5.00 | 9/1/26 | 3,000,000 | 3,537,240 | |
California State Public Works | |||||
Board, LR (Judicial Council of | |||||
California) (Various Judicial | |||||
Council Projects) | 5.00 | 12/1/31 | 2,000,000 | 2,242,600 | |
California State Public Works | |||||
Board, LR (Various Capital | |||||
Projects) | 5.13 | 10/1/31 | 1,000,000 | 1,128,170 | |
California Statewide Communities | |||||
Development Authority, Revenue | |||||
(Sutter Health) | 5.50 | 8/15/26 | 2,670,000 | 3,084,384 | |
Chula Vista, | |||||
IDR (San Diego Gas and | |||||
Electric Company) | 5.88 | 2/15/34 | 2,000,000 | 2,307,340 | |
Los Angeles Department of Water | |||||
and Power, Power System Revenue | 5.00 | 7/1/28 | 5,000,000 | 5,819,650 | |
Los Angeles Harbor Department, | |||||
Revenue | 5.25 | 8/1/25 | 5,000,000 | 5,898,250 |
North Natomas Community Facilities | |||||
District Number 4, Special Tax | |||||
Bonds | 5.00 | 9/1/30 | 1,500,000 | 1,637,730 | |
Sacramento County, | |||||
Airport System Senior Revenue | 5.25 | 7/1/26 | 5,000,000 | c | 5,733,000 |
Sacramento County, | |||||
Airport System Senior Revenue | 5.50 | 7/1/29 | 1,500,000 | c | 1,714,485 |
University of California Regents, | |||||
Medical Center Pooled Revenue | 5.00 | 5/15/43 | 5,000,000 | 5,458,150 | |
Colorado--2.6% | |||||
City and County of Denver, | |||||
Airport System Subordinate | |||||
Revenue | 5.50 | 11/15/27 | 5,565,000 | c | 6,428,354 |
Colorado Health Facilities | |||||
Authority, Health Facilities | |||||
Revenue (The Evangelical | |||||
Lutheran Good Samaritan | |||||
Society Project) | 5.63 | 6/1/43 | 2,000,000 | 2,192,920 | |
E-470 Public Highway Authority, | |||||
Senior Revenue | 5.38 | 9/1/26 | 1,000,000 | c | 1,097,310 |
University of Colorado Regents, | |||||
University Enterprise Revenue | 5.75 | 6/1/28 | 1,000,000 | 1,190,310 | |
Connecticut--1.5% | |||||
Connecticut, | |||||
Special Tax Obligation Revenue | |||||
(Transportation Infrastructure | |||||
Purposes) | 5.00 | 10/1/29 | 2,500,000 | c | 2,912,175 |
Connecticut Development Authority, | |||||
Water Facilities Revenue | |||||
(Aquarion Water Company of | |||||
Connecticut Project) | 5.50 | 4/1/21 | 3,000,000 | 3,401,130 | |
District of Columbia--.8% | |||||
Metropolitan Washington Airports | |||||
Authority, Airport System | |||||
Revenue | 5.00 | 10/1/28 | 2,800,000 | c | 3,182,648 |
Florida--6.4% | |||||
Broward County, | |||||
Airport System Revenue | 5.00 | 10/1/42 | 3,750,000 | c | 4,012,913 |
Broward County, |
Port Facilities Revenue | 5.00 | 9/1/22 | 3,285,000 | c | 3,754,262 |
Citizens Property Insurance | |||||
Corporation, Coastal Account | |||||
Senior Secured Revenue | 5.00 | 6/1/20 | 3,000,000 | 3,490,140 | |
Citizens Property Insurance | |||||
Corporation, Personal Lines | |||||
Account/Commercial Lines | |||||
Account Senior Secured Revenue | 5.00 | 6/1/22 | 3,500,000 | 4,126,885 | |
Miami-Dade County, | |||||
Seaport Revenue | 5.50 | 10/1/42 | 2,500,000 | c | 2,776,150 |
Orlando-Orange County Expressway | |||||
Authority, Revenue | 5.00 | 7/1/35 | 3,500,000 | c | 3,824,730 |
Palm Bay, | |||||
Educational Facilities Revenue | |||||
(Patriot Charter School | |||||
Project) | 7.00 | 7/1/36 | 215,000 | d | 64,504 |
Palm Bay, | |||||
Utility System Improvement | |||||
Revenue (Insured; National | |||||
Public Finance Guarantee Corp.) | 0.00 | 10/1/20 | 1,845,000 | e | 1,475,594 |
Pinellas County Health Facilities | |||||
Authority, Health System | |||||
Revenue (BayCare Health System | |||||
Issue) (Insured; National | |||||
Public Finance Guarantee Corp.) | 0.19 | 11/15/23 | 2,000,000 | f | 1,840,000 |
Port of Palm Beach District, | |||||
Revenue (Insured; XLCA) | 0.00 | 9/1/23 | 1,000,000 | c,e | 620,840 |
Saint Johns County Industrial | |||||
Development Authority, Revenue | |||||
(Presbyterian Retirement | |||||
Communities Project) | 5.88 | 8/1/40 | 1,000,000 | 1,072,140 | |
Georgia--1.8% | |||||
Atlanta, | |||||
Airport General Revenue | 5.00 | 1/1/27 | 3,000,000 | c | 3,308,190 |
Atlanta, | |||||
Water and Wastewater Revenue | 6.00 | 11/1/26 | 3,550,000 | 4,313,357 | |
Hawaii--.3% | |||||
Hawaii Department of Budget and | |||||
Finance, Special Purpose |
Revenue (Hawai'i Pacific | |||||
Health Obligated Group) | 5.63 | 7/1/30 | 1,000,000 | 1,099,190 | |
Illinois--8.9% | |||||
Chicago, | |||||
Customer Facility Charge | |||||
Senior Lien Revenue (Chicago | |||||
O'Hare International Airport) | 5.75 | 1/1/43 | 3,750,000 | c | 4,112,400 |
Chicago, | |||||
GO (Project and Refunding | |||||
Series) (Insured; National | |||||
Public Finance Guarantee Corp.) | 5.00 | 1/1/25 | 5,000,000 | 5,271,550 | |
Chicago Park District, | |||||
Limited Tax GO | 5.00 | 1/1/27 | 2,030,000 | 2,315,256 | |
Illinois, | |||||
GO | 5.50 | 7/1/38 | 3,000,000 | 3,183,150 | |
Illinois, | |||||
Sales Tax Revenue | 5.00 | 6/15/24 | 2,500,000 | 2,944,100 | |
Illinois Finance Authority, | |||||
Revenue (Advocate Health Care | |||||
Network) | 5.00 | 6/1/27 | 5,230,000 | 5,874,284 | |
Illinois Finance Authority, | |||||
Revenue (Rehabilitation | |||||
Institute of Chicago) | 6.00 | 7/1/43 | 2,500,000 | 2,770,900 | |
Illinois Finance Authority, | |||||
Revenue (The Carle Foundation) | 5.00 | 8/15/18 | 2,500,000 | 2,825,700 | |
Railsplitter Tobacco Settlement | |||||
Authority, Tobacco Settlement | |||||
Revenue | 5.50 | 6/1/23 | 1,750,000 | 2,038,715 | |
Railsplitter Tobacco Settlement | |||||
Authority, Tobacco Settlement | |||||
Revenue | 6.00 | 6/1/28 | 3,975,000 | 4,633,180 | |
University of Illinois Board of | |||||
Trustees, Auxiliary Facilities | |||||
System Revenue (University of | |||||
Illinois) | 5.00 | 4/1/44 | 2,000,000 | 2,163,100 | |
Indiana--.8% | |||||
Indiana Finance Authority, | |||||
First Lien Wastewater Utility | |||||
Revenue (CWA Authority Project) | 5.25 | 10/1/25 | 1,500,000 | 1,762,890 |
Indiana Finance Authority, | |||||
Revenue (Marquette Project) | 5.00 | 3/1/39 | 1,400,000 | 1,430,058 | |
Iowa--2.2% | |||||
Iowa Finance Authority, | |||||
Health Facilities Revenue | |||||
(UnityPoint Health) | 5.00 | 2/15/31 | 1,200,000 | 1,344,372 | |
Iowa Finance Authority, | |||||
Healthcare Revenue (Genesis | |||||
Health System) | 5.00 | 7/1/24 | 2,635,000 | 3,055,757 | |
Iowa Finance Authority, | |||||
Midwestern Disaster Area | |||||
Revenue (Iowa Fertilizer | |||||
Company Project) | 5.00 | 12/1/19 | 3,500,000 | 3,687,915 | |
Iowa Finance Authority, | |||||
Midwestern Disaster Area | |||||
Revenue (Iowa Fertilizer | |||||
Company Project) | 5.25 | 12/1/25 | 1,000,000 | 1,057,830 | |
Kentucky--6.4% | |||||
Kentucky Public Transportation | |||||
Infrastructure Authority, | |||||
Subordinate Toll Revenue, BAN | |||||
(Downtown Crossing Project) | 5.00 | 7/1/17 | 3,125,000 | c | 3,478,156 |
Louisville/Jefferson County Metro | |||||
Government, Health System | |||||
Revenue (Norton Healthcare, | |||||
Inc.) | 5.75 | 10/1/42 | 3,000,000 | 3,338,520 | |
Mount Sterling, | |||||
LR (Kentucky League of Cities | |||||
Funding Trust Program) | 6.10 | 3/1/18 | 5,500,000 | 6,249,760 | |
Pendleton County, | |||||
Multi-County LR (Kentucky | |||||
Association of Counties | |||||
Leasing Trust Program) | 6.40 | 3/1/19 | 6,000,000 | 6,639,960 | |
University of Kentucky, | |||||
General Receipts Bonds | 5.25 | 10/1/20 | 5,960,000 | 7,201,289 | |
Louisiana--2.7% | |||||
Louisiana Local Government | |||||
Environmental Facilities and | |||||
Community Development | |||||
Authority, Revenue (Westlake |
Chemical Corporation Projects) | 6.75 | 11/1/32 | 2,000,000 | 2,227,840 | |
New Orleans, | |||||
Sewerage Service Revenue | 5.00 | 6/1/21 | 1,000,000 | 1,161,870 | |
New Orleans, | |||||
Water Revenue | 5.00 | 12/1/34 | 2,000,000 | 2,161,660 | |
Tobacco Settlement Financing | |||||
Corporation of Louisiana, | |||||
Tobacco Settlement | |||||
Asset-Backed Bonds | 5.00 | 5/15/27 | 2,865,000 | 3,039,192 | |
Tobacco Settlement Financing | |||||
Corporation of Louisiana, | |||||
Tobacco Settlement | |||||
Asset-Backed Bonds | 5.25 | 5/15/35 | 2,500,000 | 2,666,100 | |
Maine--.5% | |||||
Maine Health and Higher | |||||
Educational Facilities | |||||
Authority, Revenue | |||||
(MaineGeneral Medical Center | |||||
Issue) | 7.50 | 7/1/32 | 2,000,000 | 2,315,800 | |
Maryland--2.8% | |||||
Maryland, | |||||
GO (State and Local Facilities | |||||
Loan) | 5.00 | 8/1/22 | 2,500,000 | 3,064,725 | |
Maryland Transportation Authority, | |||||
Airport Parking Revenue | |||||
(Baltimore/Washington | |||||
International Thurgood | |||||
Marshall Airport Projects) | 5.00 | 3/1/18 | 6,200,000 | c | 6,979,464 |
Montgomery County, | |||||
Consolidated Public | |||||
Improvement GO | 5.00 | 11/1/21 | 1,500,000 | 1,826,700 | |
Massachusetts--3.5% | |||||
Massachusetts, | |||||
Federal Highway Grant | |||||
Anticipation Notes | |||||
(Accelerated Bridge Program) | 5.00 | 6/15/23 | 3,000,000 | c | 3,614,910 |
Massachusetts Department of | |||||
Transportation, Metropolitan | |||||
Highway System Senior Revenue | 5.00 | 1/1/27 | 5,000,000 | c | 5,484,600 |
Massachusetts Educational |
Financing Authority, Education | |||||
Loan Revenue (Issue K) | 5.25 | 7/1/29 | 3,500,000 | 3,783,150 | |
Massachusetts School Building | |||||
Authority, Senior Dedicated | |||||
Sales Tax Revenue | 5.00 | 10/15/35 | 1,750,000 | 1,991,622 | |
Michigan--6.0% | |||||
Detroit, | |||||
Sewage Disposal System Senior | |||||
Lien Revenue (Insured; Assured | |||||
Guaranty Municipal Corp.) | 7.00 | 7/1/27 | 3,000,000 | 3,259,200 | |
Detroit, | |||||
Water Supply System Senior | |||||
Lien Revenue | 5.25 | 7/1/41 | 2,500,000 | 2,455,675 | |
Kent Hospital Finance Authority, | |||||
Revenue (Spectrum Health | |||||
System) | 5.50 | 11/15/25 | 2,500,000 | 2,943,500 | |
Lansing Board of Water and Light, | |||||
Utility System Revenue | 5.50 | 7/1/41 | 1,500,000 | 1,744,320 | |
Michigan Strategic Fund, | |||||
LOR (State of Michigan | |||||
Cadillac Place Office Building | |||||
Project) | 5.00 | 10/15/17 | 2,590,000 | 2,876,402 | |
Michigan Strategic Fund, | |||||
SWDR (Genesee Power Station | |||||
Project) | 7.50 | 1/1/21 | 4,000,000 | 4,000,080 | |
Romulus Economic Development | |||||
Corporation, Limited | |||||
Obligation EDR (Romulus HIR | |||||
Limited Partnership Project) | |||||
(Insured; ITT Lyndon Property | |||||
Insurance Company) (Escrowed | |||||
to Maturity) | 7.00 | 11/1/15 | 5,000,000 | 5,413,750 | |
Wayne County Airport Authority, | |||||
Airport Revenue (Detroit | |||||
Metropolitan Wayne County | |||||
Airport) | 5.00 | 12/1/18 | 2,500,000 | c | 2,834,375 |
Nevada--.3% | |||||
Clark County, | |||||
Passenger Facility Charge | |||||
Revenue (Las Vegas-McCarran |
International Airport) | 5.00 | 7/1/30 | 1,000,000 | c | 1,089,100 |
New Jersey--.5% | |||||
New Jersey Turnpike Authority, | |||||
Turnpike Revenue (Insured; | |||||
National Public Finance | |||||
Guarantee Corp.) | 0.11 | 1/1/30 | 2,500,000 | c,f | 2,325,000 |
New Mexico--.7% | |||||
New Mexico Municipal Energy | |||||
Acquisition Authority, Gas | |||||
Supply Revenue | 0.85 | 8/1/19 | 3,000,000 | 3,008,550 | |
New York--9.9% | |||||
Austin Trust (Series 1107) | |||||
Non-recourse (Port Authority | |||||
of New York and New Jersey, | |||||
Consolidated Bonds, 151st | |||||
Series) | 6.00 | 9/15/28 | 9,690,000 c,g,h | 11,027,705 | |
Long Island Power Authority, | |||||
Electric System General Revenue | 6.00 | 5/1/33 | 5,000,000 | 5,841,350 | |
Metropolitan Transportation | |||||
Authority, Dedicated Tax Fund | |||||
Revenue | 5.00 | 11/15/32 | 1,850,000 | 2,073,184 | |
Metropolitan Transportation | |||||
Authority, Transportation | |||||
Revenue | 5.25 | 11/15/28 | 2,500,000 | c | 2,816,275 |
New York City, | |||||
GO | 5.00 | 8/1/25 | 2,500,000 | 2,947,825 | |
New York City, | |||||
GO | 5.00 | 10/1/36 | 5,000,000 | 5,505,150 | |
New York City Industrial | |||||
Development Agency, Senior | |||||
Airport Facilities Revenue | |||||
(Transportation Infrastructure | |||||
Properties, LLC Obligated | |||||
Group) | 5.00 | 7/1/20 | 3,000,000 | c | 3,341,910 |
New York City Municipal Water | |||||
Finance Authority, Water and | |||||
Sewer System Second General | |||||
Resolution Revenue | 5.00 | 6/15/34 | 5,000,000 | 5,564,800 | |
New York Liberty Development | |||||
Corporation, Liberty Revenue |
(4 World Trade Center Project) | 5.00 | 11/15/31 | 1,000,000 | 1,092,690 | |
New York State Energy Research and | |||||
Development Authority, PCR | |||||
(Rochester Gas and Electric | |||||
Corporation Project) (Insured; | |||||
National Public Finance | |||||
Guarantee Corp.) | 0.12 | 8/1/32 | 2,450,000 | f | 2,165,187 |
North Carolina--.9% | |||||
Wake County, | |||||
GO (School Bonds) | 5.00 | 2/1/22 | 3,100,000 | 3,778,807 | |
Ohio--.3% | |||||
Ohio, | |||||
Capital Facilities Lease | |||||
Appropriation Revenue (Mental | |||||
Health Facilities Improvement | |||||
Fund Projects) | 5.00 | 2/1/21 | 1,000,000 | 1,187,290 | |
Oklahoma--1.1% | |||||
Oklahoma Municipal Power | |||||
Authority, Power Supply System | |||||
Revenue | 6.00 | 1/1/38 | 4,000,000 | 4,489,840 | |
Pennsylvania--4.2% | |||||
Allegheny County Port Authority, | |||||
Special Transportation Revenue | 5.25 | 3/1/23 | 2,715,000 | c | 3,136,232 |
Pennsylvania Higher Educational | |||||
Facilities Authority, Revenue | |||||
(University of Pennsylvania | |||||
Health System) | 6.00 | 8/15/26 | 5,000,000 | 5,782,850 | |
Pennsylvania Turnpike Commission, | |||||
Motor License Fund-Enhanced | |||||
Turnpike Subordinate Special | |||||
Revenue | 5.00 | 12/1/42 | 3,995,000 | c | 4,324,108 |
Philadelphia School District, | |||||
GO | 5.25 | 9/1/23 | 4,000,000 | 4,495,720 | |
South Carolina--2.6% | |||||
South Carolina Public Service | |||||
Authority, Revenue Obligations | |||||
(Santee Cooper) | 5.50 | 1/1/38 | 5,000,000 | 5,642,400 | |
South Carolina Public Service | |||||
Authority, Revenue Obligations |
(Santee Cooper) | 5.13 | 12/1/43 | 5,000,000 | 5,449,750 | |
Tennessee--.6% | |||||
Johnson City Health and | |||||
Educational Facilities Board, | |||||
HR (Mountain States Health | |||||
Alliance) | 6.00 | 7/1/38 | 2,435,000 | 2,721,843 | |
Texas--5.4% | |||||
Houston, | |||||
Airport System Special | |||||
Facilities Revenue | |||||
(Continental Airlines, Inc. | |||||
Terminal Improvement Projects) | 6.13 | 7/15/17 | 1,200,000 | c | 1,203,672 |
Love Field Airport Modernization | |||||
Corporation, Special | |||||
Facilities Revenue (Southwest | |||||
Airlines Company - Love Field | |||||
Modernization Program Project) | 5.00 | 11/1/22 | 2,000,000 | c | 2,256,040 |
North Texas Tollway Authority, | |||||
First Tier System Revenue | |||||
(Insured; Assured Guaranty | |||||
Corp.) | 5.75 | 1/1/40 | 5,665,000 | c | 6,362,078 |
North Texas Tollway Authority, | |||||
Second Tier System Revenue | 5.75 | 1/1/38 | 5,510,000 | c | 6,128,222 |
San Antonio, | |||||
Electric and Gas Systems | |||||
Junior Lien Revenue | 5.00 | 2/1/43 | 3,500,000 | 3,843,980 | |
San Antonio, | |||||
Water System Revenue | 5.00 | 5/15/36 | 2,945,000 | 3,210,757 | |
Washington--4.0% | |||||
Energy Northwest, | |||||
Electric Revenue (Columbia | |||||
Generating Station) | 5.00 | 7/1/22 | 2,000,000 | 2,429,160 | |
Energy Northwest, | |||||
Electric Revenue (Columbia | |||||
Generating Station) | 5.00 | 7/1/24 | 3,040,000 | 3,754,978 | |
Washington, | |||||
Motor Vehicle Fuel Tax GO | 5.00 | 7/1/23 | 3,660,000 | 4,446,022 | |
Washington, | |||||
Motor Vehicle Fuel Tax GO | |||||
(State Road 520 Corridor |
Program - Toll Revenue) | 5.00 | 6/1/33 | 2,255,000 | 2,532,568 | ||
Washington Health Care Facilities | ||||||
Authority, Revenue (Providence | ||||||
Health and Services) | 5.00 | 10/1/42 | 3,500,000 | 3,788,505 | ||
West Virginia--1.3% | ||||||
West Virginia University Board of | ||||||
Governors, University | ||||||
Improvement Revenue (West | ||||||
Virginia University Projects) | 5.00 | 10/1/36 | 5,000,000 | 5,556,900 | ||
Wisconsin--.6% | ||||||
Wisconsin Health and Educational | ||||||
Facilities Authority, Revenue | ||||||
(Aurora Health Care, Inc.) | 5.50 | 4/15/29 | 2,200,000 | 2,386,560 | ||
Total Long-Term Municipal Investments | ||||||
(cost $389,716,450) | 425,655,746 | |||||
Short-Term Municipal | Coupon | Maturity | Principal | |||
Investments--1.3% | Rate (%) | Date | Amount ($) | Value ($) | ||
California--.8% | ||||||
California, | ||||||
GO Notes | ||||||
(Kindergarten-University) | ||||||
(LOC; Citibank NA) | 0.03 | 8/1/14 | 3,000,000 | i | 3,000,000 | |
Connecticut--.1% | ||||||
Connecticut Health and Educational | ||||||
Facilities Authority, Revenue | ||||||
(Yale University Issue) | 0.03 | 8/1/14 | 400,000 | i | 400,000 | |
Michigan--.4% | ||||||
University of Michigan Regents, | ||||||
General Revenue | 0.03 | 8/1/14 | 1,900,000 | i | 1,900,000 | |
Total Short-Term Municipal Investments | ||||||
(cost $5,300,000) | 5,300,000 | |||||
Total Investments (cost $395,016,450) | 101.8 | % | 430,955,746 | |||
Liabilities, Less Cash and Receivables | (1.8 | %) | (7,821,903 | ) | ||
Net Assets | 100.0 | % | 423,133,843 |
a | Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. |
b | 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. |
c At July 31, 2014, the fund had $109,879,304 or 26.0% of net assets invested in securities whose payment of principal and |
interest is dependent upon revenues generated from transportation services. |
d Non-income producing--security in default. |
e Security issued with a zero coupon. Income is recognized through the accretion of discount. |
f Variable rate security--interest rate subject to periodic change. |
g Collateral for floating rate borrowings. |
h Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in |
transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2014, this security was |
valued at $11,027,705 or 2.6% of net assets. |
i Variable rate demand note - rate shown is the interest rate in effect at July 31, 2014. Maturity date represents the next |
demand date, or the ultimate maturity date if earlier. |
At July 31, 2014, net unrealized appreciation on investments was $35,939,296 of which $36,634,446 related to appreciated investment securities and $695,150 related to depreciated investment securities. At July 31, 2014, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Summary of Abbreviations | |||
ABAG | Association of Bay Area Governments | ACA | American Capital Access |
AGC | ACE Guaranty Corporation | AGIC | Asset Guaranty Insurance Company |
AMBAC | American Municipal Bond Assurance Corporation | ARRN | Adjustable Rate Receipt Notes |
BAN | Bond Anticipation Notes | BPA | Bond Purchase Agreement |
CIFG | CDC Ixis Financial Guaranty | COP | Certificate of Participation |
CP | Commercial Paper | DRIVERS | Derivative Inverse Tax-Exempt Receipts |
EDR | Economic Development Revenue | EIR | Environmental Improvement Revenue |
FGIC | Financial Guaranty Insurance Company | FHA | Federal Housing Administration |
FHLB | Federal Home Loan Bank | FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association | GAN | Grant Anticipation Notes |
GIC | Guaranteed Investment Contract | GNMA | Government National Mortgage Association |
GO | General Obligation | HR | Hospital Revenue |
IDB | Industrial Development Board | IDC | Industrial Development Corporation |
IDR | Industrial Development Revenue | LIFERS | Long Inverse Floating Exempt Receipts |
LOC | Letter of Credit | LOR | Limited Obligation Revenue |
LR | Lease Revenue | MERLOTS | Municipal Exempt Receipts Liquidity Option |
Tender | |||
MFHR | Multi-Family Housing Revenue | MFMR | Multi-Family Mortgage Revenue |
PCR | Pollution Control Revenue | P-FLOATS | Puttable Floating Option Tax-Exempt Receipts |
PILOT | Payment in Lieu of Taxes | PUTTERS | Puttable Tax-Exempt Receipts |
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes |
RAW | Revenue Anticipation Warrants | RIB | Residual Interest Bonds |
ROCS | Reset Option Certificates | 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 | SPEARS | Short Puttable Exempt Adjustable Receipts |
SWDR | Solid Waste Disposal Revenue | TAN | Tax Anticipation Notes |
TAW | Tax Anticipation Warrants | TRAN | Tax and Revenue Anticipation Notes |
XLCA | XL Capital Assurance |
The following is a summary of the inputs used as of July 31, 2014 in valuing the fund's investments:
Level 2 - | ||||
Level 1 - | Other | Level 3 - | ||
Unadjusted | Significant | Significant | ||
Quoted | Observable | Unobservable | ||
Assets ($) | Prices | Inputs | Inputs | Total |
Investments in Securities: | ||||
Municipal Bonds+ | - | 430,891,242 | 64,504 | 430,955,746 |
+ See Statement of Investments for additional detailed categorizations. |
The Financial Accounting Standards Board (“FASB”) Accounting
Standards Codification (“ASC”) is the exclusive reference of
authoritative U.S. generally accepted accounting principles (“GAAP”)
recognized by the FASB to be applied by nongovernmental entities.
Rules and interpretive releases of the Securities and Exchange
Commission (“SEC”) under authority of federal laws are also sources
of authoritative GAAP for SEC registrants. The fund's
financial statements are prepared in accordance with GAAP, which
may require the use of management estimates and assumptions. Actual
results could differ from those estimates.
Portfolio valuation: The fair value of a financial instrument is
the amount that would be received to sell an asset or paid to transfer
a liability in an orderly transaction between market participants at
the measurement date (i.e. the exit price). GAAP establishes a fair
value hierarchy that prioritizes the inputs of valuation techniques
used to measure fair value. This hierarchy gives the highest priority
to unadjusted quoted prices in active markets for identical assets or
liabilities (Level 1 measurements) and the lowest priority to unobservable
inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the
volume and activity in a market has decreased significantly and
whether such a decrease in activity results in transactions that are not
orderly. GAAP requires enhanced disclosures around valuation inputs
and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments
relating to fair value measurements. These inputs are summarized
in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for
identical investments.
Level 2—other significant observable inputs (including quoted
prices for similar investments, interest rates, prepayment speeds,
credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own
assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an
assigned level within the disclosure hierarchy. Valuation techniques
used to value the fund’s investments are as follows:
Investments in securities are valued each business day by an independent
pricing service (the “Service”) approved by the fund's Board.
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 the following: yields or prices of municipal securities of comparable quality,
coupon, maturity and type; indications as to values from dealers; and
general market conditions. All preceding securities are categorized as
Level 2 in the hierarchy.
When market quotations or official closing prices are not readily available,
or are determined not to reflect accurately fair value, such as
when the value of a security has been significantly affected by events
after the close of the exchange or market on which the security is
principally traded (for example, a foreign exchange or market), but
before the fund calculates its net asset value, the fund may value these
investments at fair value as determined in accordance with the procedures
approved by the fund's Board. Certain factors may be considered
when fair valuing investments such as: fundamental analytical
data, the nature and duration of restrictions on disposition, an evaluation
of the forces that influence the market in which the securities are
purchased and sold, and public trading in similar securities of the issuer
or comparable issuers. These securities are either categorized as Level
2 or 3 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions
about market activity and risk are used and are categorized as
Level 3 in the hierarchy.
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.
Additional investment related disclosures are hereby incorporated by reference to the annual
and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
Item 2. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 3. Exhibits.
(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
FORM N-Q
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dreyfus Municipal Bond Opportunity Fund
By: /s/ Bradley J. Skapyak
Bradley J. Skapyak
President
Date: September 22, 2014
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: September 22, 2014
By: /s/ James Windels
James Windels
Treasurer
Date: September 22, 2014
EXHIBIT INDEX
(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)
SECTION 302 CERTIFICATION
I, Bradley J. Skapyak, certify that:
1. I have reviewed this report on Form N-Q 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 schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
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 registrant's most recent fiscal quarter 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: September 22, 2014
SECTION 302 CERTIFICATION
I, James Windels, certify that:
1. I have reviewed this report on Form N-Q 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 schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
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 registrant's most recent fiscal quarter 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: September 22, 2014