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 | |||||
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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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Bennett A. MacDougall, Esq. 200 Park Avenue New York, New York 10166 |
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(Name and address of agent for service) |
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Registrant's telephone number, including area code: |
(212) 922-6400 | |||||
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Date of fiscal year end:
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04/30 |
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Date of reporting period: |
07/31/17 |
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FORM N-Q
Item 1. Schedule of Investments.
STATEMENT OF INVESTMENTS
Dreyfus Municipal Bond Opportunity Fund
July 31, 2017 (Unaudited)
Long-Term Municipal Investments - | Coupon | Maturity | Principal | ||
99.2% | Rate (%) | Date | Amount ($) | Value ($) | |
Alabama - 3.8% | |||||
Birmingham Water Works Board, | |||||
Subordinate Water Revenue | 5.00 | 1/1/30 | 4,600,000 | 5,514,618 | |
Jefferson County, | |||||
Limited Obligation School Warrants | 5.00 | 1/1/24 | 1,000,000 | 1,001,650 | |
Jefferson County, | |||||
Revenue, Refunding | 5.00 | 9/15/32 | 1,000,000 | 1,171,980 | |
Jefferson County, | |||||
Senior Lien Sewer Revenue Warrants | |||||
(Insured; Assured Guaranty Municipal | |||||
Corp.) | 0/6.60 | 10/1/42 | 7,835,000 | a | 6,706,368 |
14,394,616 | |||||
Alaska - .8% | |||||
Northern Tobacco Securitization | |||||
Corporation of Alaska, | |||||
Tobacco Settlement Asset-Backed Bonds | 5.00 | 6/1/46 | 3,315,000 | 3,171,461 | |
Arizona - .8% | |||||
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 | 2,097,680 |
Phoenix Industrial Development Authority, | |||||
Education Facility Revenue (BASIS | |||||
Schools Projects) | 5.00 | 7/1/46 | 1,000,000 | b | 1,034,300 |
3,131,980 | |||||
California - 8.9% | |||||
California, | |||||
GO (Various Purpose) | 5.00 | 8/1/29 | 2,500,000 | 3,044,625 | |
California, | |||||
GO (Various Purpose) | 6.50 | 4/1/33 | 5,000,000 | 5,473,950 | |
California Health Facilities Financing | |||||
Authority, | |||||
Revenue (Providence Health and | |||||
Services) (Prerefunded) | 6.50 | 10/1/18 | 45,000 | c | 47,953 |
California Health Facilities Financing | |||||
Authority, | |||||
Revenue (Sutter Health) | 5.00 | 11/15/46 | 2,500,000 | 2,889,450 | |
California State Public Works Board, | |||||
LR (Department of Corrections and | |||||
Rehabilitation) (Various Correctional | |||||
Facilities) | 5.00 | 9/1/26 | 3,000,000 | 3,589,020 | |
California State Public Works Board, | |||||
LR (Judicial Council of California) | |||||
(Various Judicial Council Projects) | 5.00 | 12/1/31 | 2,000,000 | 2,267,840 | |
California State Public Works Board, | |||||
LR (Various Capital Projects) | 5.13 | 10/1/31 | 1,000,000 | 1,134,380 | |
North Natomas Community Facilities | |||||
District Number 4, | |||||
Special Tax Bonds | 5.00 | 9/1/30 | 1,500,000 | 1,688,580 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Long-Term Municipal Investments - | Coupon | Maturity | Principal | ||
99.2% (continued) | Rate (%) | Date | Amount ($) | Value ($) | |
California - 8.9% (continued) | |||||
Sacramento County, | |||||
Airport System Senior Revenue | 5.25 | 7/1/26 | 5,000,000 | 5,198,750 | |
San Francisco City and County Airport | |||||
Commission, | |||||
Second Series Revenue (San Francisco | |||||
International Airport) | 5.00 | 5/1/41 | 2,500,000 | 2,854,275 | |
University of California Regents, | |||||
Medical Center Pooled Revenue | 5.00 | 5/15/43 | 5,000,000 | 5,749,550 | |
33,938,373 | |||||
Colorado - 3.1% | |||||
City and County of Denver, | |||||
Airport System Subordinate Revenue | 5.50 | 11/15/27 | 5,565,000 | 6,476,714 | |
Colorado Health Facilities Authority, | |||||
HR (Children's Hospital Colorado | |||||
Project) | 5.00 | 12/1/41 | 2,500,000 | 2,849,975 | |
Colorado Health Facilities Authority, | |||||
Revenue (Catholic Health Initiatives) | 5.25 | 1/1/45 | 1,500,000 | 1,586,715 | |
E-470 Public Highway Authority, | |||||
Senior Revenue | 5.38 | 9/1/26 | 1,000,000 | 1,089,440 | |
12,002,844 | |||||
Connecticut - 1.6% | |||||
Connecticut, | |||||
Special Tax Obligation Revenue | |||||
(Transportation Infrastructure | |||||
Purposes) | 5.00 | 10/1/29 | 2,500,000 | 2,844,700 | |
Connecticut Development Authority, | |||||
Water Facilities Revenue (Aquarion | |||||
Water Company of Connecticut Project) | 5.50 | 4/1/21 | 3,000,000 | 3,337,860 | |
6,182,560 | |||||
District of Columbia - 1.1% | |||||
District of Columbia Tobacco Settlement | |||||
Financing Corporation, | |||||
Tobacco Settlement Asset-Backed Bonds | 0.00 | 6/15/46 | 8,300,000 | d | 1,179,015 |
Metropolitan Washington Airports | |||||
Authority, | |||||
Airport System Revenue | 5.00 | 10/1/35 | 1,000,000 | 1,158,340 | |
Metropolitan Washington Airports | |||||
Authority, | |||||
Airport Systems Revenue | 5.00 | 10/1/35 | 1,500,000 | 1,759,710 | |
4,097,065 | |||||
Florida - 7.1% | |||||
Broward County, | |||||
Port Facilities Revenue | 5.00 | 9/1/22 | 3,285,000 | 3,688,037 | |
Citizens Property Insurance Corporation, | |||||
Coastal Account Senior Secured Revenue | 5.00 | 6/1/25 | 10,000,000 | 12,108,800 | |
Citizens Property Insurance Corporation, | |||||
Personal Lines Account/Commercial | |||||
Lines Account Senior Secured Revenue | 5.00 | 6/1/22 | 2,500,000 | 2,904,125 | |
Miami Beach Redevelopment Agency, | |||||
Tax Increment Revenue (City | |||||
Center/Historic Convention Village) | 5.00 | 2/1/33 | 1,000,000 | 1,136,600 | |
Miami-Dade County, | |||||
Seaport Revenue | 5.50 | 10/1/42 | 2,500,000 | 2,923,725 |
Long-Term Municipal Investments - | Coupon | Maturity | Principal | ||
99.2% (continued) | Rate (%) | Date | Amount ($) | Value ($) | |
Florida - 7.1% (continued) | |||||
Palm Bay, | |||||
Educational Facilities Revenue (Patriot | |||||
Charter School Project) | 7.00 | 7/1/36 | 215,000 | e,f | 99,035 |
Palm Bay, | |||||
Utility System Improvement Revenue | |||||
(Insured; National Public Finance | |||||
Guarantee Corp.) | 0.00 | 10/1/20 | 1,845,000 | d | 1,654,799 |
Pinellas County Health Facilities Authority, | |||||
Health System Revenue (BayCare Health | |||||
System Issue) (Insured; National Public | |||||
Finance Guarantee Corp.) | 1.79 | 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 | 760,120 |
26,980,741 | |||||
Georgia - 1.6% | |||||
Atlanta, | |||||
Airport General Revenue | 5.00 | 1/1/27 | 3,000,000 | 3,330,390 | |
Municipal Electric Authority of Georgia, | |||||
Project One Subordinated Bonds | 5.00 | 1/1/28 | 2,500,000 | 2,921,600 | |
6,251,990 | |||||
Hawaii - .3% | |||||
Hawaii Department of Budget and Finance, | |||||
Special Purpose Revenue (Hawaii Pacific | |||||
Health Obligated Group) | 5.63 | 7/1/30 | 1,000,000 | 1,095,780 | |
Illinois - 12.2% | |||||
Chicago, | |||||
Customer Facility Charge Senior Lien | |||||
Revenue (Chicago O'Hare International | |||||
Airport) | 5.75 | 1/1/43 | 3,750,000 | 4,373,063 | |
Chicago, | |||||
General Airport Senior Lien Revenue | |||||
(Chicago O'Hare International Airport) | 5.00 | 1/1/34 | 2,100,000 | 2,341,143 | |
Chicago, | |||||
Second Lien Water Revenue | 5.00 | 11/1/25 | 1,925,000 | 2,192,671 | |
Chicago Park District, | |||||
Limited Tax GO | 5.00 | 1/1/27 | 2,030,000 | 2,279,812 | |
Chicago Transit Authority, | |||||
Second Lien Sales Tax Receipts Revenue | 5.00 | 12/1/46 | 3,000,000 | 3,269,430 | |
Greater Chicago Metropolitan Water | |||||
Reclamation District, | |||||
GO Unlimited Tax Capital Improvement | |||||
Bonds | 5.00 | 12/1/44 | 2,000,000 | 2,225,960 | |
Illinois, | |||||
Sales Tax Revenue | 5.00 | 6/15/24 | 2,500,000 | 2,837,250 | |
Illinois Finance Authority, | |||||
Revenue (Advocate Health Care | |||||
Network) | 5.00 | 6/1/27 | 5,230,000 | 5,969,783 | |
Illinois Finance Authority, | |||||
Revenue (OSF Healthcare System) | 5.00 | 11/15/45 | 1,000,000 | 1,099,510 | |
Illinois Finance Authority, | |||||
Revenue (Rehabilitation Institute of | |||||
Chicago) | 6.00 | 7/1/43 | 2,500,000 | 2,886,175 | |
Illinois Finance Authority, | |||||
Revenue (Rush University Medical | |||||
Center Obligated Group) | 5.00 | 11/15/33 | 3,000,000 | 3,358,560 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Long-Term Municipal Investments - | Coupon | Maturity | Principal | ||
99.2% (continued) | Rate (%) | Date | Amount ($) | Value ($) | |
Illinois - 12.2% (continued) | |||||
Illinois Municipal Electric Agency, | |||||
Power Supply System Revenue | 5.00 | 2/1/32 | 1,500,000 | 1,719,435 | |
Metropolitan Pier and Exposition Authority, | |||||
Revenue (McCormick Place Expansion | |||||
Project) | 5.00 | 12/15/28 | 2,000,000 | 2,069,300 | |
Metropolitan Pier and Exposition Authority, | |||||
Revenue (McCormick Place Expansion | |||||
Project) | 0.00 | 12/15/51 | 8,000,000 | d | 1,138,560 |
Railsplitter Tobacco Settlement Authority, | |||||
Tobacco Settlement Revenue | 5.50 | 6/1/23 | 1,750,000 | 1,995,805 | |
Railsplitter Tobacco Settlement Authority, | |||||
Tobacco Settlement Revenue | 6.00 | 6/1/28 | 3,975,000 | 4,532,851 | |
University of Illinois Board of Trustees, | |||||
Auxiliary Facilities System Revenue | |||||
(University of Illinois) | 5.00 | 4/1/44 | 2,000,000 | 2,181,260 | |
46,470,568 | |||||
Indiana - 1.9% | |||||
Indiana Finance Authority, | |||||
First Lien Wastewater Utility Revenue | |||||
(CWA Authority Project) | 5.25 | 10/1/25 | 1,500,000 | 1,737,525 | |
Indiana Finance Authority, | |||||
Revenue (Marquette Project) | 5.00 | 3/1/39 | 1,400,000 | 1,440,908 | |
Indiana Municipal Power Agency, | |||||
Power Supply System Revenue | 5.00 | 1/1/37 | 3,500,000 | 4,051,425 | |
7,229,858 | |||||
Iowa - 2.0% | |||||
Iowa Finance Authority, | |||||
Healthcare Revenue (Genesis Health | |||||
System) | 5.00 | 7/1/24 | 2,635,000 | 3,117,600 | |
Iowa Finance Authority, | |||||
Midwestern Disaster Area Revenue | |||||
(Iowa Fertilizer Company Project) | 5.00 | 12/1/19 | 1,765,000 | 1,804,201 | |
Iowa Finance Authority, | |||||
Midwestern Disaster Area Revenue | |||||
(Iowa Fertilizer Company Project) | 5.25 | 12/1/25 | 1,000,000 | 1,068,980 | |
Iowa Finance Authority, | |||||
Midwestern Disaster Area Revenue | |||||
(Iowa Fertilizer Company Project) | 5.88 | 12/1/27 | 1,520,000 | b | 1,578,292 |
7,569,073 | |||||
Kentucky - 4.0% | |||||
Louisville/Jefferson County Metro | |||||
Government, | |||||
Health System Revenue (Norton | |||||
Healthcare, Inc.) | 5.75 | 10/1/42 | 3,000,000 | 3,466,650 | |
Mount Sterling, | |||||
LR (Kentucky League of Cities Funding | |||||
Trust Program) | 6.10 | 3/1/18 | 5,500,000 | 5,639,260 | |
Pendleton County, | |||||
Multi-County LR (Kentucky Association | |||||
of Counties Leasing Trust Program) | 6.40 | 3/1/19 | 6,000,000 | 6,242,160 | |
15,348,070 |
Long-Term Municipal Investments - | Coupon | Maturity | Principal | |
99.2% (continued) | Rate (%) | Date | Amount ($) | Value ($) |
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 | 2,022,680 |
New Orleans, | ||||
Sewerage Service Revenue | 5.00 | 6/1/21 | 1,000,000 | 1,126,440 |
New Orleans, | ||||
Water Revenue | 5.00 | 12/1/34 | 2,000,000 | 2,274,880 |
New Orleans Aviation Board, | ||||
General Airport Revenue (North | ||||
Terminal Project) | 5.00 | 1/1/40 | 2,175,000 | 2,430,845 |
Tobacco Settlement Financing Corporation | ||||
of Louisiana, | ||||
Tobacco Settlement Asset-Backed Bonds | 5.25 | 5/15/35 | 1,500,000 | 1,619,100 |
9,473,945 | ||||
Maine - .6% | ||||
Maine Health and Higher Educational | ||||
Facilities Authority, | ||||
Revenue (Maine General Medical Center | ||||
Issue) | 7.50 | 7/1/32 | 2,000,000 | 2,277,780 |
Maryland - .4% | ||||
Maryland Health and Higher Educational | ||||
Facilities Authority, | ||||
Revenue (University of Maryland Medical | ||||
System Issue) | 5.00 | 7/1/32 | 1,445,000 | 1,685,867 |
Massachusetts - 3.9% | ||||
Massachusetts, | ||||
Federal Highway GAN (Accelerated | ||||
Bridge Program) | 5.00 | 6/15/23 | 3,000,000 | 3,517,800 |
Massachusetts Department of | ||||
Transportation, | ||||
Metropolitan Highway System Senior | ||||
Revenue | 5.00 | 1/1/27 | 5,000,000 | 5,446,200 |
Massachusetts Development Finance | ||||
Agency, | ||||
Revenue (Suffolk University) | 5.00 | 7/1/27 | 1,750,000 | 2,074,695 |
Massachusetts Educational Financing | ||||
Authority, | ||||
Education Loan Revenue (Issue K) | 5.25 | 7/1/29 | 1,675,000 | 1,839,200 |
Massachusetts School Building Authority, | ||||
Senior Dedicated Sales Tax Revenue | 5.00 | 10/15/35 | 1,750,000 | 1,991,710 |
14,869,605 | ||||
Michigan - 4.5% | ||||
Great Lakes Water Authority, | ||||
Water Supply System Second Lien | ||||
Revenue | 5.00 | 7/1/46 | 3,000,000 | 3,326,280 |
Kent Hospital Finance Authority, | ||||
Revenue (Spectrum Health System) | 5.50 | 11/15/25 | 2,500,000 | 2,869,800 |
Lansing Board of Water and Light, | ||||
Utility System Revenue | 5.50 | 7/1/41 | 1,500,000 | 1,712,340 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Long-Term Municipal Investments - | Coupon | Maturity | Principal | ||
99.2% (continued) | Rate (%) | Date | Amount ($) | Value ($) | |
Michigan - 4.5% (continued) | |||||
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 | 2,857,975 | |
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 | 2,254,120 | |
Michigan Strategic Fund, | |||||
SWDR (Genesee Power Station Project) | 7.50 | 1/1/21 | 2,900,000 | 2,850,758 | |
Wayne County Airport Authority, | |||||
Airport Revenue (Detroit Metropolitan | |||||
Wayne County Airport) | 5.00 | 12/1/45 | 1,000,000 | 1,123,320 | |
16,994,593 | |||||
Missouri - .6% | |||||
Missouri Health and Educational Facilities | |||||
Authority, | |||||
Health Facilities Revenue (CoxHealth) | 5.00 | 11/15/29 | 2,000,000 | 2,344,180 | |
Nebraska - 1.1% | |||||
Nebraska Public Power District, | |||||
General Revenue | 5.00 | 1/1/34 | 1,500,000 | 1,714,740 | |
Public Power Generation Agency of | |||||
Nebraska, | |||||
Revenue (Whelan Energy Center Unit 2) | 5.00 | 1/1/37 | 2,000,000 | 2,284,800 | |
3,999,540 | |||||
Nevada - .3% | |||||
Clark County, | |||||
Passenger Facility Charge Revenue (Las | |||||
Vegas-McCarran International Airport) | 5.00 | 7/1/30 | 1,000,000 | 1,088,230 | |
New Jersey - 3.0% | |||||
Essex County Improvement Authority, | |||||
SWDR (Covanta Project) | 5.25 | 7/1/45 | 2,500,000 | b | 2,517,325 |
New Jersey Economic Development | |||||
Authority, | |||||
Revenue | 5.25 | 6/15/27 | 1,000,000 | 1,086,770 | |
New Jersey Economic Development | |||||
Authority, | |||||
School Facilities Construction Revenue | 5.00 | 3/1/28 | 1,000,000 | 1,050,850 | |
New Jersey Economic Development | |||||
Authority, | |||||
School Facilities Construction Revenue | 5.25 | 6/15/29 | 1,000,000 | 1,074,480 | |
New Jersey Economic Development | |||||
Authority, | |||||
School Facilities Construction Revenue | 5.25 | 6/15/31 | 2,100,000 | 2,235,534 | |
New Jersey Educational Facilities Authority, | |||||
Revenue (Stockton University Issue) | 5.00 | 7/1/41 | 1,000,000 | 1,093,570 |
Long-Term Municipal Investments - | Coupon | Maturity | Principal | ||
99.2% (continued) | Rate (%) | Date | Amount ($) | Value ($) | |
New Jersey - 3.0% (continued) | |||||
New Jersey Turnpike Authority, | |||||
Turnpike Revenue (Insured; National | |||||
Public Finance Guarantee Corp.) | 1.44 | 1/1/30 | 2,500,000 | g | 2,300,000 |
11,358,529 | |||||
New York - 10.0% | |||||
Metropolitan Transportation Authority, | |||||
Dedicated Tax Fund Revenue | 5.00 | 11/15/32 | 1,850,000 | 2,109,796 | |
Metropolitan Transportation Authority, | |||||
Transportation Revenue | 5.25 | 11/15/28 | 2,500,000 | 2,822,925 | |
New York City, | |||||
GO | 5.00 | 10/1/36 | 5,000,000 | 5,652,800 | |
New York City Industrial Development | |||||
Agency, | |||||
Senior Airport Facilities Revenue | |||||
(Transportation Infrastructure | |||||
Properties, LLC Obligated Group) | 5.00 | 7/1/20 | 3,000,000 | 3,212,250 | |
New York City Municipal Water Finance | |||||
Authority, | |||||
Water and Sewer System Second General | |||||
Resolution Revenue | 5.00 | 6/15/34 | 5,000,000 | 5,643,600 | |
New York Liberty Development Corporation, | |||||
Liberty Revenue (4 World Trade Center | |||||
Project) | 5.00 | 11/15/31 | 1,000,000 | 1,134,890 | |
New York Liberty Development Corporation, | |||||
Revenue (3 World Trade Center Project) | 5.00 | 11/15/44 | 2,500,000 | b | 2,714,150 |
New York Liberty Development Corporation, | |||||
Revenue (Goldman Sachs Headquarters | |||||
Issue) | 5.25 | 10/1/35 | 1,000,000 | 1,260,870 | |
New York State Dormitory Authority, | |||||
Toll Highway Senior Revenue | 5.00 | 3/15/35 | 5,325,000 | 6,239,515 | |
New York State Energy Research and | |||||
Development Authority, | |||||
PCR (Rochester Gas and Electric | |||||
Corporation Project) (Insured; National | |||||
Public Finance Guarantee Corp.) | 1.66 | 8/1/32 | 2,450,000 | g | 2,211,125 |
New York Transportation Development | |||||
Corporation, | |||||
Special Facility Revenue (American | |||||
Airlines, Inc. John F. Kennedy | |||||
International Airport Project) | 5.00 | 8/1/26 | 700,000 | 753,494 | |
New York Transportation Development | |||||
Corporation, | |||||
Special Facility Revenue (LaGuardia | |||||
Airport Terminal B Redevelopment | |||||
Project) | 5.00 | 7/1/46 | 2,500,000 | 2,709,825 | |
Port Authority of New York and New Jersey, | |||||
(Consolidated Bonds, 185th Series) | 5.00 | 9/1/23 | 1,500,000 | 1,783,620 | |
38,248,860 | |||||
Ohio - .4% | |||||
Buckeye Tobacco Settlement Financing | |||||
Authority, | |||||
Tobacco Settlement Asset-Backed Bonds | 0.00 | 6/1/47 | 7,100,000 | d | 451,134 |
Cuyahoga County Hospital, | |||||
Revenue (The Metrohealth System) | 5.25 | 2/15/47 | 1,000,000 | 1,093,320 | |
1,544,454 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Long-Term Municipal Investments - | Coupon | Maturity | Principal | |
99.2% (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Pennsylvania - 4.7% | ||||
Allegheny County Port Authority, | ||||
Special Transportation Revenue | 5.25 | 3/1/23 | 2,715,000 | 3,089,643 |
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 | 3,883,775 |
Pennsylvania Turnpike Commission, | ||||
Motor License Fund-Enhanced Turnpike | ||||
Subordinate Special Revenue | 5.00 | 12/1/42 | 3,995,000 | 4,453,666 |
Pennsylvania Turnpike Commission, | ||||
Turnpike Revenue | 5.00 | 12/1/42 | 2,000,000 | 2,246,880 |
Philadelphia School District, | ||||
GO | 5.25 | 9/1/23 | 4,000,000 | 4,364,400 |
18,038,364 | ||||
Rhode Island - .6% | ||||
Tobacco Settlement Financing Corporation | ||||
of Rhode Island, | ||||
Tobacco Settlement Asset-Backed Bonds | 5.00 | 6/1/40 | 2,000,000 | 2,167,520 |
South Carolina - 1.4% | ||||
South Carolina Public Service Authority, | ||||
Revenue Obligations (Santee Cooper) | 5.13 | 12/1/43 | 5,000,000 | 5,478,550 |
Tennessee - .7% | ||||
Johnson City Health and Educational | ||||
Facilities Board, | ||||
HR (Mountain States Health Alliance) | 6.00 | 7/1/38 | 2,435,000 | 2,661,017 |
Texas - 8.5% | ||||
Clifton Higher Education Finance | ||||
Corporation, | ||||
Education Revenue (IDEA Public | ||||
Schools) (Permanent School Fund | ||||
Guarantee Program) | 5.00 | 8/15/31 | 3,825,000 | 4,461,480 |
Dallas and Fort Worth, | ||||
Joint Revenue (Dallas-Fort Worth | ||||
International Airport) | 5.00 | 11/1/22 | 2,500,000 | 2,897,825 |
Denton, | ||||
Utility System Revenue | 5.00 | 12/1/27 | 2,500,000 | 3,054,950 |
Love Field Airport Modernization | ||||
Corporation, | ||||
General Airport Revenue | 5.00 | 11/1/34 | 3,500,000 | 3,987,480 |
Love Field Airport Modernization | ||||
Corporation, | ||||
Special Facilities Revenue (Southwest | ||||
Airlines Company - Love Field | ||||
Modernization Program Project) | 5.00 | 11/1/22 | 2,000,000 | 2,274,040 |
Lower Colorado River Authority, | ||||
Revenue | 5.00 | 5/15/39 | 3,000,000 | 3,393,990 |
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 | 1,615,650 |
Long-Term Municipal Investments - | Coupon | Maturity | Principal | |
99.2% (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Texas - 8.5% (continued) | ||||
North Texas Tollway Authority, | ||||
First Tier System Revenue | 5.00 | 1/1/39 | 4,000,000 | 4,602,280 |
San Antonio, | ||||
Electric and Gas Systems Junior Lien | ||||
Revenue | 5.00 | 2/1/43 | 3,500,000 | 3,980,760 |
San Antonio, | ||||
Water System Revenue | 5.00 | 5/15/36 | 1,945,000 | 2,127,947 |
32,396,402 | ||||
Utah - .3% | ||||
Utah County, | ||||
HR (Intermountain Health Care Health | ||||
Services, Inc.) | 4.00 | 5/15/47 | 1,250,000 | 1,291,238 |
Virginia - 1.0% | ||||
Virginia Small Business Financing Authority, | ||||
Revenue | 5.00 | 7/1/34 | 1,700,000 | 1,846,948 |
Winchester Economic Development | ||||
Authority, | ||||
HR (Valley Health System Obligated | ||||
Group) | 5.00 | 1/1/35 | 1,560,000 | 1,791,769 |
3,638,717 | ||||
Washington - 2.8% | ||||
Energy Northwest, | ||||
Electric Revenue (Columbia Generating | ||||
Station) | 5.00 | 7/1/24 | 3,040,000 | 3,716,461 |
Washington, | ||||
Motor Vehicle Fuel Tax GO | 5.00 | 7/1/23 | 3,660,000 | 4,409,165 |
Washington, | ||||
Motor Vehicle Fuel Tax GO (State Road | ||||
520 Corridor Program - Toll Revenue) | 5.00 | 6/1/33 | 2,255,000 | 2,547,248 |
10,672,874 | ||||
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 | 5,629,200 |
Wisconsin - 1.2% | ||||
Public Finance Authority of Wisconsin, | ||||
HR (Renown Regional Medical Center | ||||
Project) | 5.00 | 6/1/40 | 2,000,000 | 2,242,320 |
Wisconsin Health and Educational Facilities | ||||
Authority, | ||||
Revenue (Aurora Health Care, Inc.) | 5.50 | 4/15/29 | 2,200,000 | 2,389,002 |
4,631,322 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Total Investments (cost $355,656,039) | 99.2 | % | 378,355,766 |
Cash and Receivables (Net) | 0.8 | % | 2,923,125 |
Net Assets | 100.0 | % | 381,278,891 |
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 July 31, 2017, these securities were valued at |
$9,941,747 or 2.61% of net assets. |
c 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. |
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 July 31, 2017, these securities were valued at $99,035 or .03% of net assets. |
g Variable rate security—rate shown is the interest rate in effect at period end. |
STATEMENT OF INVESTMENTS
Dreyfus Municipal Bond Opportunity Fund
July 31, 2017 (Unaudited)
The following is a summary of the inputs used as of July 31, 2017 in valuing the fund’s investments:
Level 2 - Other | Level 3 - Significant | |||
Level 1 - Unadjusted | Significant | Unobservable | ||
Quoted Prices | Observable Inputs | Inputs | Total | |
Assets ($) | ||||
Investments in Securities: | ||||
Municipal Bonds† | - | 378,256,731 | 99,035 | 378,355,766 |
† | See Statement of Investments for additional detailed categorizations. |
At July 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 4/30/2017 | 96,750 |
Purchases | - |
Sales | - |
Realized gain (loss) | - |
Change in unrealized appreciation (depreciation) | 2,285 |
Transfers into Level 3 | - |
Transfers out of Level 3 | - |
Balance as of 7/31/2017 | 99,035 |
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 7/31/2017 | 2,285 |
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 July 31, 2017, accumulated net unrealized appreciation on investments was $22,699,727, consisting of $24,869,912 gross unrealized appreciation and $2,170,185 gross unrealized depreciation.
At July 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: September 19, 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: September 19, 2017
By: /s/ James Windels
James Windels
Treasurer
Date: September 19, 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)
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 19, 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;
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 19, 2017