lp1-022.htm - Generated by SEC Publisher for SEC Filing

0000797923-17-000002.txt : 20170316 0000797923-17-000002.hdr.sgml : 20170316 20170316150027 ACCESSION NUMBER: 0000797923-17-000002 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170131 FILED AS OF DATE: 20170316 DATE AS OF CHANGE: 20170316 EFFECTIVENESS DATE: 20170316 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-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04764 FILM NUMBER: 17694120 BUSINESS ADDRESS: STREET 1: 200 PARK AVENUE STREET 2: THE DREYFUS CORPORATION CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2129226400 MAIL ADDRESS: STREET 1: C/O DREYFUS CORP STREET 2: 200 PARK AVENUE, 7TH 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

C000000133 Class C DMBCX

C000001400 Class Z DMBZX

C000173299 Class Y DMBYX

C000173300 Class I DMBVX

N-Q 1 lp1-022.htm FORM N-Q lp1-022.htm - Generated by SEC Publisher for SEC Filing

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

Investment Company Act file number			811-04764

	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)

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

Registrant's telephone number, including area code:				(212) 922-6400

Date of fiscal year end:		04/30
Date of reporting period:		01/31/17

FORM N-Q

Item 1. Schedule of Investments.

STATEMENT OF INVESTMENTS
Dreyfus Municipal Bond Opportunity Fund
January 31, 2017 (Unaudited)


Long-Term Municipal Investments -	Coupon	Maturity	Principal
99.2%	Rate (%)	Date	Amount ($)		Value ($)
Alabama - 3.6%
Birmingham Water Works Board,
Subordinate Water Revenue	5.00	1/1/30	4,600,000		5,358,218
Jefferson County,
Limited Obligation School Warrants	5.00	1/1/24	1,000,000		1,004,070
Jefferson County,
Senior Lien Sewer Revenue Warrants
(Insured; Assured Guaranty Municipal
Corp.)	0/6.60	10/1/42	7,835,000	^a	6,158,545
Lower Alabama Gas District,
Gas Project Revenue	5.00	9/1/46	1,000,000		1,145,890
					13,666,723
Alaska - .7%
Northern Tobacco Securitization
Corporation of Alaska,
Tobacco Settlement Asset-Backed Bonds	5.00	6/1/46	3,315,000		2,811,186
Arizona - 1.5%
La Paz County Industrial Development
Authority,
Education Facility LR (Charter Schools
Solutions-Harmony Public Schools
Project)	5.00	2/15/46	2,000,000	^b	2,077,000
Phoenix Industrial Development Authority,
Education Facility Revenue (BASIS
Schools Projects)	5.00	7/1/46	1,000,000	^b	981,820
Pima County Industrial Development
Authority,
Education Revenue (American Charter
Schools Foundation Project)	5.63	7/1/38	310,000		293,927
Salt Verde Financial Corporation,
Senior Gas Revenue	5.00	12/1/37	2,000,000		2,268,580
					5,621,327
California - 10.7%
California,
GO (Various Purpose)	5.00	8/1/29	2,500,000		2,945,725
California,
GO (Various Purpose)	5.75	4/1/31	2,500,000		2,728,725
California,
GO (Various Purpose)	6.50	4/1/33	5,000,000		5,557,650
California,
GO (Various Purpose)	6.00	11/1/35	3,000,000		3,357,930
California Health Facilities Financing
Authority,
Revenue (Providence Health and
Services) (Prerefunded)	6.50	10/1/18	45,000	^c	49,072
California State Public Works Board,
LR (Department of Corrections and
Rehabilitation) (Various Correctional
Facilities)	5.00	9/1/26	3,000,000		3,500,040

STATEMENT OF INVESTMENTS (Unaudited) (continued)


Long-Term Municipal Investments -	Coupon	Maturity	Principal
99.2% (continued)	Rate (%)	Date	Amount ($)		Value ($)
California - 10.7% (continued)
California State Public Works Board,
LR (Judicial Council of California)
(Various Judicial Council Projects)	5.00	12/1/31	2,000,000		2,252,440
California State Public Works Board,
LR (Various Capital Projects)	5.13	10/1/31	1,000,000		1,128,080
California Statewide Communities
Development Authority,
Revenue (Loma Linda University Medical
Center)	5.25	12/1/56	1,250,000	^b	1,290,888
Golden State Tobacco Securitization
Corporation,
Tobacco Settlement Asset-Backed Bonds	4.50	6/1/27	2,500,000		2,515,325
North Natomas Community Facilities
District Number 4,
Special Tax Bonds	5.00	9/1/30	1,500,000		1,666,305
Sacramento County,
Airport System Senior Revenue	5.25	7/1/26	5,000,000		5,269,400
San Francisco City and County Airport
Commission,
Second Series Revenue (San Francisco
International Airport)	5.00	5/1/41	2,500,000		2,756,600
University of California Regents,
Medical Center Pooled Revenue	5.00	5/15/43	5,000,000		5,636,200
					40,654,380
Colorado - 3.1%
City and County of Denver,
Airport System Subordinate Revenue	5.50	11/15/27	5,565,000		6,358,458
Colorado Health Facilities Authority,
HR (Children's Hospital Colorado
Project)	5.00	12/1/41	2,500,000		2,744,050
Colorado Health Facilities Authority,
Revenue (Catholic Health Initiatives)	5.25	1/1/45	1,500,000		1,588,950
E-470 Public Highway Authority,
Senior Revenue	5.38	9/1/26	1,000,000		1,086,410
					11,777,868
Connecticut - 1.6%
Connecticut,
Special Tax Obligation Revenue
(Transportation Infrastructure
Purposes)	5.00	10/1/29	2,500,000		2,876,975
Connecticut Development Authority,
Water Facilities Revenue (Aquarion
Water Company of Connecticut Project)	5.50	4/1/21	3,000,000		3,327,600
					6,204,575
District of Columbia - .8%
District of Columbia Tobacco Settlement
Financing Corporation,
Tobacco Settlement Asset-Backed Bonds	0.00	6/15/46	16,000,000	^d	1,829,920
Metropolitan Washington Airports
Authority,
Airport System Revenue	5.00	10/1/35	1,000,000		1,118,590
					2,948,510
Florida - 6.9%
Broward County,
Port Facilities Revenue	5.00	9/1/22	3,285,000		3,646,481


Long-Term Municipal Investments -	Coupon	Maturity	Principal
99.2% (continued)	Rate (%)	Date	Amount ($)		Value ($)
Florida - 6.9% (continued)
Citizens Property Insurance Corporation,
Coastal Account Senior Secured Revenue	5.00	6/1/25	10,000,000		11,719,100
Citizens Property Insurance Corporation,
Personal Lines Account/Commercial
Lines Account Senior Secured Revenue	5.00	6/1/22	2,500,000		2,877,925
Miami Beach Redevelopment Agency,
Tax Increment Revenue (City
Center/Historic Convention Village)	5.00	2/1/33	1,000,000		1,120,070
Miami-Dade County,
Seaport Revenue	5.50	10/1/42	2,500,000		2,823,425
Palm Bay,
Educational Facilities Revenue (Patriot
Charter School Project)	7.00	7/1/36	215,000	^e,f	85,976
Palm Bay,
Utility System Improvement Revenue
(Insured; National Public Finance
Guarantee Corp.)	0.00	10/1/20	1,845,000	^d	1,634,412
Pinellas County Health Facilities Authority,
Health System Revenue (BayCare Health
System Issue) (Insured; National Public
Finance Guarantee Corp.)	1.09	11/15/23	1,800,000	^g	1,705,500
Port of Palm Beach District,
Revenue (Insured; XLCA)	0.00	9/1/23	1,000,000	^d	725,240
					26,338,129
Georgia - 1.6%
Atlanta,
Airport General Revenue	5.00	1/1/27	3,000,000		3,271,080
Municipal Electric Authority of Georgia,
Project One Subordinated Bonds	5.00	1/1/28	2,500,000		2,932,100
					6,203,180
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		1,092,780
Illinois - 12.4%
Chicago,
Customer Facility Charge Senior Lien
Revenue (Chicago O'Hare International
Airport)	5.75	1/1/43	3,750,000		4,218,600
Chicago,
General Airport Senior Lien Revenue
(Chicago O'Hare International Airport)	5.00	1/1/34	2,100,000		2,264,871
Chicago,
Second Lien Water Revenue	5.00	11/1/25	1,925,000		2,174,673
Chicago,
Second Lien Water Revenue (Insured;
AMBAC)	5.00	11/1/32	1,500,000		1,504,170
Chicago Park District,
Limited Tax GO	5.00	1/1/27	2,030,000		2,235,213
Chicago Transit Authority,
Second Lien Sales Tax Receipts Revenue	5.00	12/1/46	3,000,000		3,204,000
Greater Chicago Metropolitan Water
Reclamation District,
GO Unlimited Tax Capital Improvement
Bonds	5.00	12/1/44	2,000,000		2,214,000

STATEMENT OF INVESTMENTS (Unaudited) (continued)


Long-Term Municipal Investments -	Coupon	Maturity	Principal
99.2% (continued)	Rate (%)	Date	Amount ($)		Value ($)
Illinois - 12.4% (continued)
Illinois,
Sales Tax Revenue	5.00	6/15/24	2,500,000		2,879,425
Illinois Finance Authority,
Revenue (Advocate Health Care
Network)	5.00	6/1/27	5,230,000		5,867,798
Illinois Finance Authority,
Revenue (OSF Healthcare System)	5.00	11/15/45	1,000,000		1,073,430
Illinois Finance Authority,
Revenue (Rehabilitation Institute of
Chicago)	6.00	7/1/43	2,500,000		2,845,550
Illinois Finance Authority,
Revenue (Rush University Medical
Center Obligated Group)	5.00	11/15/33	3,000,000		3,276,060
Illinois Municipal Electric Agency,
Power Supply System Revenue	5.00	2/1/32	1,500,000		1,682,940
Metropolitan Pier and Exposition Authority,
Revenue (McCormick Place Expansion
Project)	5.00	12/15/28	2,000,000		2,090,180
Metropolitan Pier and Exposition Authority,
Revenue (McCormick Place Expansion
Project)	0.00	12/15/51	8,000,000	^d	1,071,840
Railsplitter Tobacco Settlement Authority,
Tobacco Settlement Revenue	5.50	6/1/23	1,750,000		1,974,718
Railsplitter Tobacco Settlement Authority,
Tobacco Settlement Revenue	6.00	6/1/28	3,975,000		4,524,464
University of Illinois Board of Trustees,
Auxiliary Facilities System Revenue
(University of Illinois)	5.00	4/1/44	2,000,000		2,151,840
					47,253,772
Indiana - 1.8%
Indiana Finance Authority,
First Lien Wastewater Utility Revenue
(CWA Authority Project)	5.25	10/1/25	1,500,000		1,705,725
Indiana Finance Authority,
Revenue (Marquette Project)	5.00	3/1/39	1,400,000		1,416,212
Indiana Municipal Power Agency,
Power Supply System Revenue	5.00	1/1/37	3,500,000		3,897,180
					7,019,117
Iowa - 1.9%
Iowa Finance Authority,
Healthcare Revenue (Genesis Health
System)	5.00	7/1/24	2,635,000		3,048,642
Iowa Finance Authority,
Midwestern Disaster Area Revenue
(Iowa Fertilizer Company Project)	5.00	12/1/19	1,765,000		1,774,178
Iowa Finance Authority,
Midwestern Disaster Area Revenue
(Iowa Fertilizer Company Project)	5.25	12/1/25	1,000,000		1,001,350
Iowa Finance Authority,
Midwestern Disaster Area Revenue
(Iowa Fertilizer Company Project)	5.88	12/1/27	1,520,000	^b	1,540,581
					7,364,751


Long-Term Municipal Investments -	Coupon	Maturity	Principal
99.2% (continued)	Rate (%)	Date	Amount ($)	Value ($)
Kentucky - 4.0%
Louisville/Jefferson County Metro
Government,
Health System Revenue (Norton
Healthcare, Inc.)	5.75	10/1/42	3,000,000	3,365,880
Mount Sterling,
LR (Kentucky League of Cities Funding
Trust Program)	6.10	3/1/18	5,500,000	5,749,260
Pendleton County,
Multi-County LR (Kentucky Association
of Counties Leasing Trust Program)	6.40	3/1/19	6,000,000	6,275,940
				15,391,080
Louisiana - 2.5%
Louisiana Local Government Environmental
Facilities and Community Development
Authority,
Revenue (Westlake Chemical
Corporation Projects)	6.75	11/1/32	2,000,000	2,062,820
New Orleans,
Sewerage Service Revenue	5.00	6/1/21	1,000,000	1,118,310
New Orleans,
Water Revenue	5.00	12/1/34	2,000,000	2,214,000
New Orleans Aviation Board,
General Airport Revenue (North
Terminal Project)	5.00	1/1/40	2,175,000	2,324,314
Tobacco Settlement Financing Corporation
of Louisiana,
Tobacco Settlement Asset-Backed Bonds	5.25	5/15/35	1,500,000	1,628,160
				9,347,604
Maine - .6%
Maine Health and Higher Educational
Facilities Authority,
Revenue (Maine General Medical Center
Issue)	7.50	7/1/32	2,000,000	2,270,780
Maryland - .4%
Maryland Health and Higher Educational
Facilities Authority,
Revenue (University of Maryland Medical
System Issue)	5.00	7/1/32	1,445,000	1,627,373
Massachusetts - 3.3%
Massachusetts,
Federal Highway GAN (Accelerated
Bridge Program)	5.00	6/15/23	3,000,000	3,482,940
Massachusetts Department of
Transportation,
Metropolitan Highway System Senior
Revenue	5.00	1/1/27	5,000,000	5,457,050
Massachusetts Educational Financing
Authority,
Education Loan Revenue (Issue K)	5.25	7/1/29	1,675,000	1,824,661
Massachusetts School Building Authority,
Senior Dedicated Sales Tax Revenue	5.00	10/15/35	1,750,000	1,963,605
				12,728,256

STATEMENT OF INVESTMENTS (Unaudited) (continued)


Long-Term Municipal Investments -	Coupon	Maturity	Principal
99.2% (continued)	Rate (%)	Date	Amount ($)		Value ($)
Michigan - 5.2%
Great Lakes Water Authority,
Water Supply System Second Lien
Revenue	5.00	7/1/46	3,000,000		3,223,620
Kent Hospital Finance Authority,
Revenue (Spectrum Health System)	5.50	11/15/25	2,500,000		2,849,925
Lansing Board of Water and Light,
Utility System Revenue	5.50	7/1/41	1,500,000		1,698,795
Michigan Finance Authority,
Local Government Loan Program
Revenue (Detroit Water and Sewerage
Department, Sewage Disposal System
Revenue Senior Lien Local Project
Bonds) (Insured; Assured Guaranty
Municipal Corp.)	5.00	7/1/31	2,500,000		2,782,725
Michigan Finance Authority,
Local Government Loan Program
Revenue (Detroit Water and Sewerage
Department, Water Supply System
Revenue Senior Lien Local Project
Bonds) (Insured; Assured Guaranty
Municipal Corp.)	5.00	7/1/37	2,000,000		2,190,320
Michigan Hospital Finance Authority,
Revenue (Ascension Health Senior Credit
Group)	4.00	11/15/47	3,000,000		3,028,950
Michigan Strategic Fund,
SWDR (Genesee Power Station Project)	7.50	1/1/21	2,900,000		2,814,566
Wayne County Airport Authority,
Airport Revenue (Detroit Metropolitan
Wayne County Airport)	5.00	12/1/45	1,000,000		1,086,930
					19,675,831
Missouri - .6%
Missouri Health and Educational Facilities
Authority,
Health Facilities Revenue (CoxHealth)	5.00	11/15/29	2,000,000		2,280,000
Nebraska - 1.0%
Nebraska Public Power District,
General Revenue	5.00	1/1/34	1,500,000		1,673,025
Public Power Generation Agency of
Nebraska,
Revenue (Whelan Energy Center Unit 2)	5.00	1/1/37	2,000,000		2,218,520
					3,891,545
Nevada - .3%
Clark County,
Passenger Facility Charge Revenue (Las
Vegas-McCarran International Airport)	5.00	7/1/30	1,000,000		1,080,430
New Jersey - 2.6%
Essex County Improvement Authority,
SWDR (Covanta Project)	5.25	7/1/45	2,500,000	^b	2,479,825
New Jersey Economic Development
Authority,
School Facilities Construction Revenue	5.00	3/1/28	1,000,000		1,022,760
New Jersey Economic Development
Authority,
School Facilities Construction Revenue	5.25	6/15/29	1,000,000		1,041,360


Long-Term Municipal Investments -	Coupon	Maturity	Principal
99.2% (continued)	Rate (%)	Date	Amount ($)		Value ($)
New Jersey - 2.6% (continued)
New Jersey Economic Development
Authority,
School Facilities Construction Revenue	5.25	6/15/31	2,100,000		2,161,488
New Jersey Educational Facilities Authority,
Revenue (Stockton University Issue)	5.00	7/1/41	1,000,000		1,067,270
New Jersey Turnpike Authority,
Turnpike Revenue (Insured; National
Public Finance Guarantee Corp.)	1.16	1/1/30	2,500,000	^g	2,300,000
					10,072,703
New Mexico - .5%
New Mexico Municipal Energy Acquisition
Authority,
Gas Supply Revenue	1.27	8/1/19	2,000,000	^g	1,994,140
New York - 9.9%
Metropolitan Transportation Authority,
Dedicated Tax Fund Revenue	5.00	11/15/32	1,850,000		2,087,873
Metropolitan Transportation Authority,
Transportation Revenue	5.25	11/15/28	2,500,000		2,815,450
New York City,
GO	5.00	10/1/36	5,000,000		5,608,700
New York City Industrial Development
Agency,
Senior Airport Facilities Revenue
(Transportation Infrastructure
Properties, LLC Obligated Group)	5.00	7/1/20	3,000,000		3,213,570
New York City Municipal Water Finance
Authority,
Water and Sewer System Second General
Resolution Revenue	5.00	6/15/34	5,000,000		5,567,000
New York Liberty Development Corporation,
Liberty Revenue (4 World Trade Center
Project)	5.00	11/15/31	1,000,000		1,115,050
New York Liberty Development Corporation,
Revenue (3 World Trade Center Project)	5.00	11/15/44	2,500,000	^b	2,612,100
New York Liberty Development Corporation,
Revenue (Goldman Sachs Headquarters
Issue)	5.25	10/1/35	1,000,000		1,197,020
New York State Dormitory Authority,
Toll Highway Senior Revenue	5.00	3/15/35	5,325,000		6,054,578
New York State Energy Research and
Development Authority,
PCR (Rochester Gas and Electric
Corporation Project) (Insured; National
Public Finance Guarantee Corp.)	1.32	8/1/32	2,450,000	^g	2,229,500
New York Transportation Development
Corporation,
Special Facility Revenue (American
Airlines, Inc. John F. Kennedy
International Airport Project)	5.00	8/1/26	700,000		730,856
New York Transportation Development
Corporation,
Special Facility Revenue (LaGuardia
Airport Terminal B Redevelopment
Project)	5.00	7/1/46	2,500,000		2,615,525

STATEMENT OF INVESTMENTS (Unaudited) (continued)


Long-Term Municipal Investments -	Coupon	Maturity	Principal
99.2% (continued)	Rate (%)	Date	Amount ($)	Value ($)
New York - 9.9% (continued)
Port Authority of New York and New Jersey,
(Consolidated Bonds, 185th Series)	5.00	9/1/23	1,500,000	1,742,085
				37,589,307
Pennsylvania - 4.1%
Allegheny County Port Authority,
Special Transportation Revenue	5.25	3/1/23	2,715,000	3,082,964
Montgomery County Industrial
Development Authority,
Retirement Community Revenue (Adult
Communities Total Services, Inc.
Retirement - Life Communities, Inc.
Obligated Group)	5.00	11/15/36	3,500,000	3,740,030
Pennsylvania Turnpike Commission,
Motor License Fund-Enhanced Turnpike
Subordinate Special Revenue	5.00	12/1/42	3,995,000	4,388,108
Philadelphia School District,
GO	5.25	9/1/23	4,000,000	4,279,840
				15,490,942
Rhode Island - .6%
Tobacco Settlement Financing Corporation
of Rhode Island,
Tobacco Settlement Asset-Backed Bonds	5.00	6/1/40	2,000,000	2,085,680
South Carolina - 1.5%
South Carolina Public Service Authority,
Revenue Obligations (Santee Cooper)	5.13	12/1/43	5,000,000	5,584,250
Tennessee - .7%
Johnson City Health and Educational
Facilities Board,
HR (Mountain States Health Alliance)	6.00	7/1/38	2,435,000	2,655,587
Texas - 7.4%
Clifton Higher Education Finance
Corporation,
Education Revenue (IDEA Public
Schools) (Permanent School Fund
Guarantee Program)	5.00	8/15/31	3,825,000	4,396,111
Dallas and Fort Worth,
Joint Revenue (Dallas-Fort Worth
International Airport)	5.00	11/1/22	2,500,000	2,854,250
Denton,
Utility System Revenue	5.00	12/1/27	2,500,000	2,957,025
Love Field Airport Modernization
Corporation,
General Airport Revenue	5.00	11/1/34	3,500,000	3,842,755
Love Field Airport Modernization
Corporation,
Special Facilities Revenue (Southwest
Airlines Company - Love Field
Modernization Program Project)	5.00	11/1/22	2,000,000	2,267,780
New Hope Cultural Education Facilities
Finance Corporation,
Student Housing Revenue (National
Campus and Community Development
Corporation - College Station Properties
LLC - Texas A&M University Project)	5.00	7/1/35	1,500,000	1,580,460


Long-Term Municipal Investments -	Coupon	Maturity	Principal
99.2% (continued)	Rate (%)	Date	Amount ($)		Value ($)
Texas - 7.4% (continued)
North Texas Tollway Authority,
First Tier System Revenue	5.00	1/1/39	4,000,000		4,443,120
San Antonio,
Electric and Gas Systems Junior Lien
Revenue	5.00	2/1/43	3,500,000		3,910,270
San Antonio,
Water System Revenue	5.00	5/15/36	1,945,000		2,129,736
					28,381,507
Utah - 1.0%
Utah County,
HR (Intermountain Health Care Health
Services, Inc.)	4.00	5/15/47	3,750,000		3,797,175
Virginia - .5%
Winchester Economic Development
Authority,
HR (Valley Health System Obligated
Group)	5.00	1/1/35	1,560,000		1,735,328
Washington - 2.7%
Energy Northwest,
Electric Revenue (Columbia Generating
Station)	5.00	7/1/24	3,040,000		3,631,006
Washington,
Motor Vehicle Fuel Tax GO	5.00	7/1/23	3,660,000		4,316,933
Washington,
Motor Vehicle Fuel Tax GO (State Road
520 Corridor Program - Toll Revenue)	5.00	6/1/33	2,255,000		2,524,721
					10,472,660
West Virginia - 1.5%
West Virginia University Board of
Governors,
University Improvement Revenue (West
Virginia University Projects)	5.00	10/1/36	5,000,000		5,575,800
Wisconsin - 1.4%
Public Finance Authority of Wisconsin,
HR (Renown Regional Medical Center
Project)	5.00	6/1/40	2,000,000		2,139,920
Wisconsin Health and Educational Facilities
Authority,
Revenue (Ascension Senior Credit
Group)	4.00	11/15/46	1,000,000		986,230
Wisconsin Health and Educational Facilities
Authority,
Revenue (Aurora Health Care, Inc.)	5.50	4/15/29	2,200,000		2,383,106
					5,509,256

Total Investments (cost $363,475,255)			99.2	%	378,193,532
Cash and Receivables (Net)			0.8	%	3,205,257
Net Assets			100.0	%	381,398,789

a	Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
b	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2017, these securities were valued at $10,982,214 or 2.88% of net assets.
c	These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by

STATEMENT OF INVESTMENTS (Unaudited) (continued)

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.

d	Security issued with a zero coupon. Income is recognized through the accretion of discount.
e	Non-income producing—security in default.
f	The fund held Level 3 securities at January 31, 2017, these securities were valued at $85,976 or .02% of net assets.
g	Variable rate security—rate shown is the interest rate in effect at period end.

STATEMENT OF INVESTMENTS
Dreyfus Municipal Bond Opportunity Fund
January 31, 2017 (Unaudited)

The following is a summary of the inputs used as of January 31, 2017 in valuing the fund’s investments:


		Level 2 - Other	Level 3 - Significant
	Level 1 - Unadjusted	Significant	Unobservable
	Quoted Prices	Observable Inputs	Inputs	Total
Assets ($)
Investments in Securities:
Municipal Bonds^†		378,107,556	85,976	378,193,532

† See Statement of Investments for additional detailed categorizations.

At January 31, 2017, there were no transfers between levels of the fair value hierarchy.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine the fair value:


	Municipal Bonds ($)
Balance as of 4/30/2016	64,498
Purchases
Sales
Realized gain (loss)
Change in unrealized appreciation (depreciation)	21,478
Transfers into Level 3
Transfers out of Level 3
Balance as of 1/31/2017	85,976
The amount of total gains (losses) for the period included in earnings
attributable to the change in unrealized gains (losses) relating to
investments still held at 1/31/2017	21,478

NOTES

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 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 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 Members (the "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

NOTES

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 of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.

The Service is engaged under the general supervision of the Board.

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, 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 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 within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.

At January 31, 2017, accumulated net unrealized appreciation on investments was $14,718,277, consisting of $19,996,809 gross unrealized appreciation and $5,278,532 gross unrealized depreciation.

At January 31, 2017, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.

Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

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

FORM N-Q

SIGNATURES

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

Dreyfus Municipal Bond Opportunity Fund

By: /s/ Bradley J. Skapyak

Bradley J. Skapyak

President

Date: March 14, 2017

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

By: /s/ Bradley J. Skapyak

Bradley J. Skapyak

President

Date: March 14, 2017

By: /s/ James Windels

James Windels

Treasurer

Date: March 14, 2017

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)

EX-99.CERT 2 certifiation-022.htm CERTIFICATION certifiation-022.htm - Generated by SEC Publisher for SEC Filing

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: March 14, 2017

SECTION 302 CERTIFICATION

I, James Windels, certify that:

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

(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: March 14, 2017