Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees of
Dreyfus Municipal Bond Opportunity Fund
In planning and performing our audit of the financial statements of Dreyfus Municipal Bond Opportunity Fund (the “Company”) as of and for the year ended April 30, 2017, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Company’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
The management of the Company is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.
Our consideration of the Company’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Company’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of April 30, 2017.
This report is intended solely for the information and use of management and the Board of Trustees of Dreyfus Municipal Bond Opportunity Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.
/s/ ERNST & YOUNG LLP
New York, New York
June 27, 2017
Sub-Item 77I, 77Q1(a) and 77Q1(d)
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND
(the "Fund")
At the meeting held on March 2, 2017, the Board of Trustees of the Fund approved the creation of Class T shares, a description of which appears in the documents incorporated by reference below:
1. The disclosure in the Fund's Class T Prospectus and the disclosure in the Fund's Statement of Additional Information are incorporated by reference to Post-Effective Amendment No. 54 to the Fund's Registration Statement on Form N-1A, filed on March 23, 2017, effective as of March 31, 2017 ("Amendment No. 54").
2. The disclosure in the Supplement to the Fund's Class T Prospectus dated March 31, 2017 filed on March 31, 2017 pursuant to Rule 497(e) under the Securities Act of 1933, as amended.
3. The Fund's Certificate of Amendment, incorporated by reference to Exhibit (a)(iv) of Amendment No. 54.
4. The Fund's Rule 18f-3 Plan, incorporated by reference to Exhibit (n)(i) of Amendment No. 54.
Sub-Item 77I, 77Q1(a) and 77Q1(d)
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND
(the "Fund")
At the meeting held on March 2, 2017, the Board of Trustees of the Fund approved the creation of Class T shares, a description of which appears in the documents incorporated by reference below:
1. The disclosure in the Fund's Class T Prospectus and the disclosure in the Fund's Statement of Additional Information are incorporated by reference to Post-Effective Amendment No. 54 to the Fund's Registration Statement on Form N-1A, filed on March 23, 2017, effective as of March 31, 2017 ("Amendment No. 54").
2. The disclosure in the Supplement to the Fund's Class T Prospectus dated March 31, 2017 filed on March 31, 2017 pursuant to Rule 497(e) under the Securities Act of 1933, as amended.
3. The Fund's Certificate of Amendment, incorporated by reference to Exhibit (a)(iv) of Amendment No. 54.
4. The Fund's Rule 18f-3 Plan, incorporated by reference to Exhibit (n)(i) of Amendment No. 54.
Sub-Item 77I & 77Q1(d)
Terms of new or amended securities
Dreyfus Municipal Bond Opportunity fund
(the "Fund")
Effective on or about April 11, 2017, the Board of Trustees of the Fund approved a proposal that provides that Class I shares of the Fund also may be purchased by U.S.-based employees of The Bank of New York Mellon Corporation, board members of The Dreyfus Corporation and board members of funds in the Dreyfus Family of Funds, and the spouse, domestic partner or minor child of any of the foregoing, subject to certain conditions described in the Fund's Prospectus or Statement of Additional Information, and provided that such Class I shares are purchased directly through the Fund's distributor.
A revised Rule 18f-3 Plan was filed with the Securities and Exchange Commission on March 23, 2017 as Exhibit (n)(i) to Post-Effective Amendment No. 54 to the Fund's Registration Statement and is incorporated herein by reference.
Sub-Item 77I & 77Q1(d)
Terms of new or amended securities
Dreyfus municipal bond opportunity fund
(the "Fund")
Effective April 10, 2017, the Board of Trustees of the Fund approved the following proposals:
· A proposal for certain front-end sales charge reductions on Class A shares of the Fund purchased through an omnibus account maintained with Merrill Lynch;
· A proposal for certain front-end sales charge waivers on Class A shares of the Fund purchased through an omnibus account maintained with Merrill Lynch; and
· A proposal for certain contingent deferred sales charge waivers on Class A and Class C shares of the Fund purchased through an omnibus account maintained with Merrill Lynch.
These changes were reflected in a Supplement to the Fund's Prospectus, filed with the Securities and Exchange Commission (the "SEC") on April 6, 2017 pursuant to Rule 497(e) under the Securities Act of 1933, as amended.
A revised Rule 18f-3 Plan was filed with the SEC on March 23, 2017 as Exhibit (n)(i) to Post-Effective Amendment No. 54 to the Fund's Registration Statement and is incorporated herein by reference.
Sub-Item 77I, 77Q1(a) and 77Q1(d)
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND
(the "Fund")
At the meeting held on March 2, 2017, the Board of Trustees of the Fund approved the creation of Class T shares, a description of which appears in the documents incorporated by reference below:
1. The disclosure in the Fund's Class T Prospectus and the disclosure in the Fund's Statement of Additional Information are incorporated by reference to Post-Effective Amendment No. 54 to the Fund's Registration Statement on Form N-1A, filed on March 23, 2017, effective as of March 31, 2017 ("Amendment No. 54").
2. The disclosure in the Supplement to the Fund's Class T Prospectus dated March 31, 2017 filed on March 31, 2017 pursuant to Rule 497(e) under the Securities Act of 1933, as amended.
3. The Fund's Certificate of Amendment, incorporated by reference to Exhibit (a)(iv) of Amendment No. 54.
4. The Fund's Rule 18f-3 Plan, incorporated by reference to Exhibit (n)(i) of Amendment No. 54.
Sub-Item 77I & 77Q1(d)
Terms of new or amended securities
Dreyfus Municipal Bond Opportunity fund
(the "Fund")
Effective on or about April 11, 2017, the Board of Trustees of the Fund approved a proposal that provides that Class I shares of the Fund also may be purchased by U.S.-based employees of The Bank of New York Mellon Corporation, board members of The Dreyfus Corporation and board members of funds in the Dreyfus Family of Funds, and the spouse, domestic partner or minor child of any of the foregoing, subject to certain conditions described in the Fund's Prospectus or Statement of Additional Information, and provided that such Class I shares are purchased directly through the Fund's distributor.
A revised Rule 18f-3 Plan was filed with the Securities and Exchange Commission on March 23, 2017 as Exhibit (n)(i) to Post-Effective Amendment No. 54 to the Fund's Registration Statement and is incorporated herein by reference.
Sub-Item 77I & 77Q1(d)
Terms of new or amended securities
Dreyfus municipal bond opportunity fund
(the "Fund")
Effective April 10, 2017, the Board of Trustees of the Fund approved the following proposals:
· A proposal for certain front-end sales charge reductions on Class A shares of the Fund purchased through an omnibus account maintained with Merrill Lynch;
· A proposal for certain front-end sales charge waivers on Class A shares of the Fund purchased through an omnibus account maintained with Merrill Lynch; and
· A proposal for certain contingent deferred sales charge waivers on Class A and Class C shares of the Fund purchased through an omnibus account maintained with Merrill Lynch.
These changes were reflected in a Supplement to the Fund's Prospectus, filed with the Securities and Exchange Commission (the "SEC") on April 6, 2017 pursuant to Rule 497(e) under the Securities Act of 1933, as amended.
A revised Rule 18f-3 Plan was filed with the SEC on March 23, 2017 as Exhibit (n)(i) to Post-Effective Amendment No. 54 to the Fund's Registration Statement and is incorporated herein by reference.