UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-4765
Dreyfus Premier New York Municipal Bond 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)
Mark N. Jacobs, Esq.
200 Park Avenue
New York, New York 10166
(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 922-6000
Date of fiscal year end: 11/30
Date of reporting period: 5/31/03
FORM N-CSR
ITEM 1. REPORTS TO STOCKHOLDERS.
Dreyfus Premier
New York Municipal
Bond Fund
SEMIANNUAL REPORT May 31, 2003
The views expressed in this report reflect those of the portfolio manager only
through the end of the period covered and do not necessarily represent the views
of Dreyfus or any other person in the Dreyfus organization. Any such views are
subject to change at any time based upon market or other conditions and Dreyfus
disclaims any responsibility to update such views. These views may not be relied
on as investment advice and, because investment decisions for a Dreyfus fund are
based on numerous factors, may not be relied on as an indication of trading
intent on behalf of any Dreyfus fund.
Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value
Contents
THE FUND
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2 Letter from the Chairman
3 Discussion of Fund Performance
6 Statement of Investments
12 Statement of Assets and Liabilities
13 Statement of Operations
14 Statement of Changes in Net Assets
16 Financial Highlights
19 Notes to Financial Statements
24 Proxy Results
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus Premier New York Municipal Bond Fund
LETTER FROM THE CHAIRMAN
Dear Shareholder:
This semiannual report for Dreyfus Premier New York Municipal Bond Fund covers
the six-month period from December 1, 2002, through May 31, 2003. Inside, you'll
find valuable information about how the fund was managed during the reporting
period, including a discussion with the fund' s portfolio manager, Monica
Wieboldt.
We have recently seen some signs of stability in the U.S. financial markets.
Perhaps most important, the war in Iraq wound down quickly, without disrupting
oil supplies or major incidents of terrorism. Many stock market indices have
posted encouraging gains since the start of 2003, although it is uncertain
whether such gains will continue. At the same time, an estimated $350 billion in
federal tax cuts were signed into law on May 28, and the evidence to date
suggests that any adverse impact on municipal bond yields should be minimal.
Indeed, rising state and local taxes may make municipal bonds more valuable for
investors seeking tax-exempt income.
Of course, problems and concerns remain. In the U.S. economy, unemployment has
risen to multiyear highs, and corporations remain reluctant to spend. Positive
factors appear to outweigh negative ones, however, and we believe that the U.S.
economy is on the path to recovery.
What are the implications for your investments? We believe that municipal bonds
may benefit as state and local tax rates rise, making tax-exempt yields more
attractive compared to taxable yields for many investors. At the same time,
because of ongoing fiscal pressures affecting many states and municipalities,
diversification remains important. As for stocks, we currently believe that
selectivity among individual companies can be a key factor in the equity
markets. However, no one can say for certain what direction the markets will
take over time. Your financial advisor can help you to ensure that your
portfolio reflects your investment needs, long-term goals and attitudes toward
risk.
Thank you for your continued confidence and support.
Sincerely,
Stephen E. Canter
Chairman and Chief Executive Officer
The Dreyfus Corporation
June 16, 2003
DISCUSSION OF FUND PERFORMANCE
Monica Wieboldt, Portfolio Manager
How did Dreyfus Premier New York Municipal Bond Fund perform relative to its
benchmark?
For the six-month period ended May 31, 2003, the fund's Class A shares achieved
a total return of 6.64%, Class B shares achieved a total return of 6.37% and
Class C shares achieved a total return of 6.25% .(1) The Lehman Brothers
Municipal Bond Index, the fund's benchmark, achieved a total return of 6.46% for
the same period.(2) In addition, the fund is reported in the Lipper New York
Municipal Debt Funds category. Over the reporting period, the average total
return for all funds reported in this Lipper category was 6.15%.(3) The fund's
benchmark is a broad-based measure of overall municipal bond performance. There
are no broad-based municipal bond market indices reflective of the performance
of bonds issued by a single state. For this reason, we have also provided the
fund's Lipper category average return for comparative purposes.
The fund' s generally strong performance was primarily the result of declining
interest rates in a struggling economy and heightened demand for municipal bonds
as investors sought investment alternatives to a volatile stock market. The fund
produced competitive returns relative to its benchmark and outperformed its
Lipper category average, which we attribute to our emphasis on income-oriented
bonds and the fund's improved credit-quality profile, including a reduction in
the fund's exposure to bonds issued on behalf of corporations.
What is the fund's investment approach?
The fund seeks to maximize current income exempt from federal, New York state
and New York city income taxes to the extent consistent with the preservation of
capital. To pursue this goal, the fund normally invests substantially all of its
assets in municipal bonds that provide income exempt from federal, New York
state and New York city personal income taxes.
The fund will invest at least 70% of its assets in investment-grade municipal
bonds or the unrated equivalent as determined by Dreyfus. Under normal market
conditions, the dollar-weighted average maturity of the fund's portfolio is
expected to exceed 10 years.
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
The portfolio manager may buy and sell bonds based on credit quality, market
outlook and yield potential. In selecting municipal bonds for investment, the
portfolio manager may assess the current interest-rate environment and the
municipal bond' s potential volatility in different rate environments. The
portfolio manager focuses on bonds with the potential to offer attractive
current income, typically looking for bonds that can provide consistently
attractive current yields or that are trading at competitive market prices. A
portion of the fund' s assets may be allocated to "discount" bonds, which are
bonds that sell at a price below their face value, or to "premium" bonds, which
are bonds that sell at a price above their face value. The fund's allocation to
either discount bonds or to premium bonds will change along with the portfolio
manager' s changing views of the current interest-rate and market environment.
The portfolio manager may also look to select bonds that are most likely to
obtain attractive prices when sold.
What other factors influenced the fund's performance?
The fund benefited from its emphasis on income-oriented municipal bonds, with a
significant weighting on those with maturities within 20 years. These bonds
enjoyed relatively high levels of price appreciation as yields continued to fall
in a persistently weak economy. In addition, municipal bond prices were
supported by persistently robust investor demand.
However, the faltering economy also produced some potentially negative factors.
Most notably, the state' s and New York City's revenues from personal income
taxes, sales taxes and capital gains taxes fell short of projections. The state
balanced its fiscal 2003 budget through spending cutbacks, including reductions
in state jobs, and increased borrowing. The state's fiscal 2004 budget, which
was passed despite Governor Pataki's objections, included a number of tax hikes
for both New York state and New York City residents. While one of the major
credit-rating agencies upgraded their outlook for New York City from negative to
stable, another agency downgraded the state's credit rating because of ongoing
fiscal concerns at the state level.
In this deteriorating fiscal environment, we attempted to improve the fund's
credit-quality profile. We did so by reducing the fund' s holding
of bonds issued on behalf of corporations, such as airlines, that had been hit
hard during the downturn. We also reduced the fund's holdings of bonds backed by
New York' s settlement with the nation's tobacco companies, which fell sharply
late in the reporting period when new litigation-related developments caused
concern. When we have deemed it appropriate, we have attempted to diversify away
from general obligation bonds issued by the state and city. Finally, the fund
benefited during the reporting period when some of its holdings were
" pre-refunded" by their issuers, a process in which new bonds are issued at
lower rates, and all or part of the proceeds are set aside to redeem existing
bonds on their earliest call dates.
What is the fund's current strategy?
We continue to maintain what we believe to be a relatively conservative
investment posture for the fund. When purchasing new securities, we have focused
primarily on bonds backed by revenues from essential-services facilities, such
as water and sewer plants. We also have favored "lock box" bonds backed by
specific revenue sources, such as personal income taxes, that are earmarked
specifically for interest and principal payments. Finally, because state
lawmakers have approved higher taxes as a way to help bridge the state's and
city's budget gaps, we believe that investor demand for tax-exempt securities is
likely to intensify.
June 16, 2003
(1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID,
AND DOES NOT TAKE INTO CONSIDERATION THE MAXIMUM INITIAL SALES CHARGE IN THE
CASE OF CLASS A SHARES, OR THE APPLICABLE CONTINGENT DEFERRED SALES CHARGES
IMPOSED ON REDEMPTIONS IN THE CASE OF CLASS B AND CLASS C SHARES. HAD THESE
CHARGES BEEN REFLECTED, RETURNS WOULD HAVE BEEN LOWER. PAST PERFORMANCE IS NO
GUARANTEE OF FUTURE RESULTS. SHARE PRICE, YIELD AND INVESTMENT RETURN FLUCTUATE
SUCH THAT UPON REDEMPTION, FUND SHARES MAY BE WORTH MORE OR LESS THAN THEIR
ORIGINAL COST. INCOME MAY BE SUBJECT TO STATE AND LOCAL TAXES FOR NON-NEW YORK
RESIDENTS, AND SOME INCOME MAY BE SUBJECT TO THE FEDERAL ALTERNATIVE MINIMUM TAX
(AMT) FOR CERTAIN INVESTORS. CAPITAL GAINS, IF ANY, ARE FULLY TAXABLE.
(2) SOURCE: LIPPER INC. -- REFLECTS REINVESTMENT OF DIVIDENDS AND, WHERE
APPLICABLE, CAPITAL GAIN DISTRIBUTIONS. THE LEHMAN BROTHERS MUNICIPAL BOND INDEX
IS A WIDELY ACCEPTED, UNMANAGED TOTAL RETURN PERFORMANCE BENCHMARK FOR THE
LONG-TERM, INVESTMENT-GRADE, TAX-EXEMPT BOND MARKET. INDEX RETURNS DO NOT
REFLECT THE FEES AND EXPENSES ASSOCIATED WITH OPERATING A MUTUAL FUND.
(3) SOURCE: LIPPER INC. -- CATEGORY AVERAGE RETURNS REFLECT THE FEES AND
EXPENSES OF THE FUNDS COMPRISING THE AVERAGE.
The Fund
STATEMENT OF INVESTMENTS
STATEMENT OF INVESTMENTS
May 31, 2003 (Unaudited)
Principal
LONG-TERM MUNICIPAL INVESTMENTS--92.3% Amount ($) Value ($)
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NEW YORK--85.4%
Albany Industrial Development Agency,
Lease Revenue:
(New York State Assembly Building Project)
7.75%, 1/1/2010 1,090,000 1,102,840
(New York State Department of Health
Building Project) 7.25%, 10/1/2010 1,380,000 793,845
Erie County Industrial Development Agency,
Life Care Community Revenue
(Episcopal Church Home) 6%, 2/1/2028 2,250,000 2,232,608
Huntington Housing Authority, Senior Housing
Facility Revenue (Gurwin Jewish
Senior Residences) 6%, 5/1/2029 1,370,000 1,231,863
Metropolitan Transportation Authority, Revenue:
5.50%, 11/15/2018 (Insured; AMBAC) 4,000,000 4,613,280
Dedicated Tax Fund
6.125%, 4/1/2015 (Insured; FGIC) 2,145,000 2,619,431
Transit Facilities:
8.79%, 7/1/2014 2,000,000 (a,b) 2,695,860
6%, 7/1/2016 (Insured; FSA) 3,000,000 3,570,330
Newburg Industrial Development Agency, IDR
(Bourne and Kenney Redevelopment Co.)
5.75%, 8/1/2032 (Guaranteed; SONYMA) 1,000,000 1,076,260
New York City:
6.75%, 2/1/2009 2,000,000 2,381,340
5.25%, 8/1/2016 (Insured; MBIA) 3,500,000 3,908,695
6%, 8/1/2017 3,000,000 3,389,850
6.625%, 8/1/2025 4,095,000 4,618,423
5.25%, 6/1/2028 1,000,000 1,035,820
New York City Housing Development Corp., MFHR
5.625%, 5/1/2012 585,000 598,467
New York City Industrial Development Agency:
Civic Facility Revenue:
Lease Revenue (College of Aeronautics Project)
5.45%, 5/1/2018 1,000,000 1,030,660
(Spence School Inc. Project) 5.20%, 7/1/2034 925,000 988,326
IDR (LaGuardia Association LP Project) 6%, 11/1/2028 2,750,000 1,658,250
New York City Municipal Water Finance Authority,
Water and Sewer Systems Revenue:
5.375%, 6/15/2015 1,000,000 1,153,870
9.30%, 6/15/2015 2,000,000 (a,b) 2,615,500
5.50%, 6/15/2023 1,750,000 1,866,655
5.25%, 6/15/2034 2,000,000 2,137,960
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
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NEW YORK (CONTINUED)
New York City Transitional Finance Authority, Revenue:
9.21%, 5/1/2012 2,000,000 (a,b) 2,534,580
6%, 11/15/2013 450,000 535,523
6%, 11/15/2013 (Prerefunded 5/15/2010) 1,550,000 (c) 1,899,169
5.375%, 2/15/2023 4,000,000 4,719,520
5.50%, 11/1/2026 2,000,000 2,315,720
5.25%, 2/1/2029 2,450,000 2,765,756
New York State Dormitory Authority, Revenues:
(Columbia University) 5.125%, 7/1/2020 2,000,000 2,224,680
(Consolidated City University System):
5.75%, 7/1/2009 (Insured; AMBAC) 3,000,000 3,554,670
5.75%, 7/1/2013 (Insured; AMBAC) 1,000,000 1,215,900
5.625%, 7/1/2016 4,000,000 4,795,200
5.75%, 7/1/2016 (Insured; FGIC) 1,000,000 1,164,980
(Fordham University)
5%, 7/1/2020 (Insured; FGIC) 1,325,000 1,438,208
Health Hospital and Nursing Home:
(Department of Health) 5.75%, 7/1/2017 1,000,000 1,115,240
(Ideal Senior Living Center Housing Corp.)
5.90%, 8/1/2026 (Insured; MBIA; FHA) 1,000,000 1,114,620
(Lenox Hills Hospital Obligated Group)
5.50%, 7/1/2030 1,000,000 1,053,270
(Lutheran Medical Center)
5%, 8/1/2014 (Insured; MBIA) 1,000,000 1,139,270
(Manhattan College) 5.50%, 7/1/2016 975,000 1,116,775
(Memorial Sloan Kettering Center)
5%, 7/1/2034 2,000,000 2,088,200
(Miriam Osborn Memorial Home)
6.875%, 7/1/2019 (Insured; ACA) 1,000,000 1,160,260
(Municipal Health Facilities Improvement
Program) 5.50%, 5/15/2024 (Insured; FSA) 1,000,000 1,110,610
(North General Hospital):
5.20%, 2/15/2015 (Insured; AMBAC) 2,000,000 2,283,920
5.75%, 2/15/2016 3,000,000 3,472,380
(New York University)
5.50%, 7/1/2040 (Insured; AMBAC) 2,500,000 3,059,475
(State Personal Income Tax):
5.375%, 3/15/2022 1,000,000 1,109,150
5%, 3/15/2032 1,500,000 1,572,705
(State University Educational Facilities):
5.875%, 5/15/2017 2,000,000 2,479,540
5.50%, 5/15/2026 (Insured; FSA) 5,000,000 5,692,850
5.50%, 7/1/2026 (Insured; FGIC) 1,000,000 1,110,020
The Fund
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
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NEW YORK (CONTINUED)
New York State Environmental Facilities Corp.:
Clean Water and Drinking Revolving Fund:
5.25%, 7/15/2013 2,090,000 2,476,650
(New York City Municipal Water Project):
5.375%, 6/15/2019 3,000,000 3,404,100
5.25%, 6/15/2020 3,000,000 3,341,100
PCR (Pilgrim State Sewer Project)
6.30%, 3/15/2016 3,000,000 3,124,050
New York State Housing Finance Agency, Revenue:
Health Facilities (New York City) 6%, 11/1/2007 4,000,000 4,475,840
Housing Project Mortgage
6.10%, 11/1/2015 (Insured; FSA) 1,910,000 2,107,876
Service Contract Obligation:
6.25%, 9/15/2010 1,080,000 1,220,281
6.25%, 9/15/2010 (Prerefunded 9/15/2007) 1,920,000 (c) 2,237,914
5.50%, 9/15/2018 1,650,000 1,849,566
New York State Local Government Assistance Corp.
5.50%, 4/1/2017 (Insured; FSA) 3,000,000 3,633,180
New York State Mortgage Agency, Homeownership
Mortgage Revenue 6%, 4/1/2017 2,000,000 2,150,680
New York State Power Authority, Revenue:
5%, 11/15/2013 2,000,000 2,322,640
8.75%, 11/15/2015 (Insured; MBIA) 2,000,000 2,522,540
5%, 11/15/2020 2,000,000 2,168,480
New York State Thruway Authority,
Service Contract Revenue:
(Highway and Bridge Trust Fund):
5.50%, 4/1/2015 (Insured; FGIC) 1,000,000 1,159,640
5.50%, 4/1/2016 (Insured; FGIC) 1,000,000 1,152,890
(Local Highway and Bridge):
6%, 4/1/2011 1,955,000 2,263,127
5.75%, 4/1/2016 3,000,000 3,424,230
5.75%, 4/1/2019 2,000,000 2,280,100
5.25%, 4/1/2020 2,500,000 2,756,550
New York State Urban Development Corp., Revenue:
Correctional Capital Facilities
5.70%, 1/1/2016 8,350,000 9,393,583
Personal Income Tax
5.50%, 3/15/2017 (Insured. FGIC) 2,450,000 2,858,660
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
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NEW YORK (CONTINUED)
Niagara County Industrial Development
Agency, SWDR 5.55%, 11/15/2024 1,000,000 1,059,190
Niagara Frontier Transportation Authority,
Airport Revenue (Buffalo Niagara
International Airport)
5.625%, 4/1/2029 (Insured; MBIA) 2,000,000 2,164,420
Orange County Industrial Development Agency,
Life Care Community Revenue
(Glen Arden Inc. Project) 5.625%, 1/1/2018 1,000,000 904,470
Rensselaer County Industrial Development Agency, IDR
(Albany International Corp.)
7.55%, 6/1/2007 (LOC; Norstar Bank) 1,500,000 1,786,395
Scotia Housing Authority, Housing Revenue
(Coburg Village Inc. Project) 6.15%, 7/1/2028 3,000,000 (d) 1,944,000
Triborough Bridge and Tunnel Authority, Revenue:
5.25%, 11/15/2016 1,735,000 1,975,419
Highway and Toll 6%, 1/1/2012 2,000,000 2,452,000
Lease (Convention Center Project)
7.25%, 1/1/2010 1,000,000 1,187,840
Ulster County Industrial Development Agency,
Civic Facility Revenue (Benedictine
Hospital Project) 6.40%, 6/1/2014 730,000 687,185
Watervliet Housing Authority, Residential
Housing Revenue (Beltrone Living Center
Project) 6%, 6/1/2028 1,000,000 905,560
Yonkers Industrial Development Agency,
Civic Facility Revenue (Saint Joseph's
Hospital) 5.90%, 3/1/2008 1,700,000 1,592,084
U.S. RELATED--6.9%
Children's Trust Fund of Puerto Rico, Revenue
6%, 7/1/2026 2,000,000 2,446,860
Commonwealth of Puerto Rico,
Public Improvement:
5.50%, 7/1/2016 (Insured; FSA) 40,000 48,364
9.573%, 7/1/2016 (Insured; FSA) 2,800,000 (a,b) 3,970,960
Puerto Rico Electric Power Authority, Power Revenue
5.625%, 7/1/2019 (Insured; FSA) 2,000,000 2,341,220
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
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U.S. RELATED (CONTINUED)
Puerto Rico Highway and Transportation Authority,
Transportation Revenue
5.75%, 7/1/2019 (Insured; MBIA) 1,500,000 1,777,785
Puerto Rico Industrial Medical Educational and
Environmental Pollution Control Facilities Financing
Authority, HR (Saint Luke's Hospital Project)
6.25%, 6/1/2010 (Prerefunded 6/1/2006) 1,100,000 (c) 1,223,607
Virgin Islands Public Finance Authority, Revenue
5.50%, 10/1/2014 3,000,000 3,261,780
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $184,308,451) 201,215,140
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SHORT-TERM MUNICIPAL INVESTMENTS--6.4%
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New York City Municipal Water Finance Authority,
Water and Sewer Systems Revenue, VRDN
1.30% (SBPA; FGIC) 4,250,000 (e) 4,250,000
New York City Transitional Finance Authority, Revenue:
VRDN (NYC Recovery):
1.30% (Liquidity Facility; Landesbank
Hessen Thuringen) 4,800,000 (e) 4,800,000
1.30%, 11/1/2022 (SBPA; Bank of New York) 5,000,000 (e) 5,000,000
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS
(cost $14,050,000) 14,050,000
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TOTAL INVESTMENTS (cost $198,358,451) 98.7% 215,265,140
CASH AND RECEIVABLES (NET) 1.3% 2,791,924
NET ASSETS 100.0% 218,057,064
Summary of Abbreviations
ACA American Capital Access
AMBAC American Municipal Bond
Assurance Corporation
FGIC Financial Guaranty Insurance
Company
FHA Federal Housing Administration
FSA Financial Security Assurance
HR Hospital Revenue
IDR Industrial Development
Revenue
LOC Letter of Credit
MBIA Municipal Bond Investors
Assurance Insurance
Corporation
MFHR Multi-Family Housing Revenue
PCR Pollution Control Revenue
SBPA Standby Bond Purchase
Agreement
SONYMA State of New York
Mortgage Agency
SWDR Solid Waste Disposal Revenue
VRDN Variable Rate Demand Notes
Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
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AAA Aaa AAA 40.7
AA Aa AA 36.7
A A A 10.8
BBB Baa BBB 1.0
F1 MIG1/P1 SP1/A1 4.2
Not Rated (f) Not Rated (f) Not Rated (f) 6.6
100.0
(A) INVERSE FLOATER SECURITY--THE INTEREST RATE IS SUBJECT TO CHANGE PERIODICALLY.
(B) SECURITIES EXEMPT FROM REGISTRATION UNDER RULE 144A OF THE SECURITIES ACT
OF 1933. THESE SECURITIES MAY BE RESOLD IN TRANSACTIONS EXEMPT FROM
REGISTRATION, NORMALLY TO QUALIFIED INSTITUTIONAL BUYERS. AT MAY 31, 2003, THESE
SECURITIES AMOUNTED TO $11,816,900 OR 5.4% OF NET ASSETS.
(C) BONDS WHICH ARE PREREFUNDED ARE COLLATERALIZED BY U.S. GOVERNMENT
SECURITIES WHICH ARE HELD IN ESCROW AND ARE USED TO PAY PRINCIPAL AND INTEREST
ON THE MUNICIPAL ISSUE AND TO RETIRE THE BONDS IN FULL AT THE EARLIEST REFUNDING
DATE.
(D) NON-INCOME PRODUCING SECURITY; INTEREST PAYMENT IN DEFAULT.
(E) SECURITIES PAYABLE ON DEMAND. VARIABLE RATE INTEREST--SUBJECT TO PERIODIC
CHANGE.
(F) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S,
HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE RATED
SECURITIES IN WHICH THE FUND MAY INVEST.
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF ASSETS AND LIABILITIES
May 31, 2003 (Unaudited)
Cost Value
- -------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 198,358,451 215,265,140
Cash 734,327
Interest receivable 2,831,107
Receivable for shares of Beneficial Interest subscribed 474,323
Prepaid expenses 17,847
219,322,744
- --------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 170,136
Payable for investment securities purchased 1,035,380
Payable for shares of Beneficial Interest redeemed 25,007
Accrued expenses and other liabilities 35,157
1,265,680
- --------------------------------------------------------------------------------
NET ASSETS ($) 218,057,064
- --------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 197,889,157
Accumulated undistributed investment income--net 35,236
Accumulated net realized gain (loss) on investments 3,225,982
Accumulated net unrealized appreciation
(depreciation) on investments 16,906,689
- --------------------------------------------------------------------------------
NET ASSETS ($) 218,057,064
NET ASSET VALUE PER SHARE
Class A Class B Class C
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Net Assets ($) 163,437,122 43,106,855 11,513,087
Shares Outstanding 10,397,207 2,742,667 732,422
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE ($) 15.72 15.72 15.72
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF OPERATIONS
Six Months Ended May 31, 2003 (Unaudited)
- --------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 5,168,809
EXPENSES:
Management fee--Note 3(a) 566,906
Shareholder servicing costs--Note 3(c) 328,391
Distribution fees--Note 3(b) 135,603
Professional fees 23,040
Registration fees 14,876
Custodian fees 11,283
Prospectus and shareholders' reports 9,019
Trustees' fees and expenses--Note 3(d) 3,725
Loan commitment fees--Note 2 1,946
Miscellaneous 10,303
TOTAL EXPENSES 1,105,092
INVESTMENT INCOME--NET 4,063,717
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments 3,014,021
Net unrealized appreciation (depreciation) on investments 6,078,806
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 9,092,827
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 13,156,544
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
May 31, 2003 Year Ended
(Unaudited) November 30, 2002
- --------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 4,063,717 8,337,857
Net realized gain (loss) on investments 3,014,021 1,233,374
Net unrealized appreciation
(depreciation) on investments 6,078,806 2,545,670
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 13,156,544 12,116,901
- -------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net:
Class A shares (3,178,763) (6,706,403)
Class B shares (725,455) (1,404,817)
Class C shares (146,225) (218,540)
Net realized gain on investments:
Class A shares (699,717) --
Class B shares (181,112) --
Class C shares (34,988) --
TOTAL DIVIDENDS (4,966,260) (8,329,760)
- --------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS ($):
Net proceeds from shares sold:
Class A shares 19,975,256 73,349,776
Class B shares 7,884,548 11,879,270
Class C shares 6,434,092 4,945,852
Dividends reinvested:
Class A shares 2,512,611 4,269,415
Class B shares 529,757 813,391
Class C shares 114,927 165,892
Cost of shares redeemed:
Class A shares (16,902,535) (78,792,398)
Class B shares (6,701,321) (6,077,821)
Class C shares (3,296,382) (2,159,341)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS 10,550,953 8,394,036
TOTAL INCREASE (DECREASE) IN NET ASSETS 18,741,237 12,181,177
- -------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 199,315,827 187,134,650
END OF PERIOD 218,057,064 199,315,827
Undistributed investment income--net 35,236 --
Six Months Ended
May 31, 2003 Year Ended
(Unaudited) November 30, 2002
- --------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
CLASS A(A)
Shares sold 1,301,124 4,931,475
Shares issued for dividends reinvested 163,707 284,784
Shares redeemed (1,104,238) (5,296,638)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 360,593 (80,379)
- --------------------------------------------------------------------------------
CLASS B(A)
Shares sold 514,097 789,755
Shares issued for dividends reinvested 34,528 54,248
Shares redeemed (437,764) (406,806)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 110,861 437,197
- --------------------------------------------------------------------------------
CLASS C
Shares sold 417,695 326,743
Shares issued for dividends reinvested 7,484 11,049
Shares redeemed (215,273) (144,800)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 209,906 192,992
(A) DURING THE PERIOD ENDED MAY 31, 2003, 94,974 CLASS B SHARES REPRESENTING
$1,455,186 WERE AUTOMATICALLY CONVERTED TO 94,974 CLASS A SHARES AND DURING THE
PERIOD ENDED NOVEMBER 30, 2002, 160,778 CLASS B SHARES REPRESENTING $2,404,297
WERE AUTOMATICALLY CONVERTED TO 160,778 CLASS A SHARES.
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the
fiscal periods indicated. All information (except portfolio turnover rate)
reflects financial results for a single fund share. Total return shows how much
your investment in the fund would have increased or (decreased) during each
period, assuming you had reinvested all dividends and distributions. These
figures have been derived from the fund's financial statements.
Six Months Ended
May 31, 2003 Year Ended November 30,
-------------------------------------------------------------------
CLASS A SHARES (Unaudited) 2002(a) 2001 2000 1999 1998
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value,
beginning of period 15.11 14.80 14.34 14.01 15.43 15.22
Investment Operations:
Investment income--net .31(b) .67(b) .68 .69 .69 .69
Net realized and unrealized
gain (loss) on investments .68 .31 .46 .42 (1.31) .45
Total from Investment Operations .99 .98 1.14 1.11 (.62) 1.14
Distributions:
Dividends from investment
income--net (.31) (.67) (.68) (.69) (.69) (.69)
Dividends from net realized
gain on investments (.07) -- -- (.09) (.11) (.24)
Total Distributions (.38) (.67) (.68) (.78) (.80) (.93)
Net asset value, end of period 15.72 15.11 14.80 14.34 14.01 15.43
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%)(C) 6.64(d) 6.76 8.05 8.17 (4.22) 7.74
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to
average net assets .94(e) .96 .92 .97 .93 .93
Ratio of net investment income
to average net assets 4.08(e) 4.49 4.58 4.92 4.65 4.50
Portfolio Turnover Rate 28.81(d) 24.22 23.65 19.02 35.87 34.48
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 163,437 151,658 149,772 131,482 128,995 134,432
(A) AS REQUIRED, EFFECTIVE DECEMBER 1, 2001, THE FUND HAS ADOPTED THE
PROVISIONS OF THE AICPA AUDIT AND ACCOUNTING GUIDE FOR INVESTMENT COMPANIES AND
BEGAN AMORTIZING DISCOUNT OR PREMIUM ON A SCIENTIFIC BASIS FOR DEBT SECURITIES
ON A DAILY BASIS. THE EFFECT OF THIS CHANGE FOR THE PERIOD ENDED NOVEMBER 30,
2002 WAS TO INCREASE NET INVESTMENT INCOME PER SHARE AND DECREASE NET REALIZED
AND UNREALIZED GAIN (LOSS) ON INVESTMENTS PER SHARE BY LESS THAN $.01 AND
INCREASE THE RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS FROM 4.48% TO
4.49%. PER SHARE DATA AND RATIOS/SUPPLEMENTAL DATA FOR PERIODS PRIOR TO DECEMBER
1, 2001 HAVE NOT BEEN RESTATED TO REFLECT THIS CHANGE IN PRESENTATION.
(B) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(C) EXCLUSIVE OF SALES CHARGE.
(D) NOT ANNUALIZED.
(E) ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
Six Months Ended
May 31, 2003 Year Ended November 30,
------------------------------------------------------------------
CLASS B SHARES (Unaudited) 2002(a) 2001 2000 1999 1998
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value,
beginning of period 15.11 14.80 14.34 14.01 15.43 15.22
Investment Operations:
Investment income--net .27(b) .59(b) .60 .62 .61 .61
Net realized and unrealized
gain (loss) on investments .68 .32 .46 .42 (1.31) .45
Total from Investment Operations .95 .91 1.06 1.04 (.70) 1.06
Distributions:
Dividends from investment
income--net (.27) (.60) (.60) (.62) (.61) (.61)
Dividends from net realized
gain on investments (.07) -- -- (.09) (.11) (.24)
Total Distributions (.34) (.60) (.60) (.71) (.72) (.85)
Net asset value, end of period 15.72 15.11 14.80 14.34 14.01 15.43
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%)(C) 6.37(d) 6.23 7.50 7.62 (4.71) 7.20
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to
average net assets 1.44(e) 1.46 1.42 1.48 1.44 1.44
Ratio of net investment income
to average net assets 3.56(e) 3.97 4.07 4.42 4.11 3.99
Portfolio Turnover Rate 28.81(d) 24.22 23.65 19.02 35.87 34.48
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 43,107 39,763 32,484 36,669 51,792 83,437
(A) AS REQUIRED, EFFECTIVE DECEMBER 1, 2001, THE FUND HAS ADOPTED THE
PROVISIONS OF THE AICPA AUDIT AND ACCOUNTING GUIDE FOR INVESTMENT COMPANIES AND
BEGAN AMORTIZING DISCOUNT OR PREMIUM ON A SCIENTIFIC BASIS FOR DEBT SECURITIES
ON A DAILY BASIS. THE EFFECT OF THIS CHANGE FOR THE PERIOD ENDED NOVEMBER 30,
2002 WAS TO INCREASE NET INVESTMENT INCOME PER SHARE AND DECREASE NET REALIZED
AND UNREALIZED GAIN (LOSS) ON INVESTMENTS PER SHARE BY LESS THAN $.01 AND
INCREASE THE RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS FROM 3.96% TO
3.97%. PER SHARE DATA AND RATIOS/SUPPLEMENTAL DATA FOR PERIODS PRIOR TO DECEMBER
1, 2001 HAVE NOT BEEN RESTATED TO REFLECT THIS CHANGE IN PRESENTATION.
(B) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(C) EXCLUSIVE OF SALES CHARGE.
(D) NOT ANNUALIZED.
(E) ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
FINANCIAL HIGHLIGHTS (CONTINUED)
Six Months Ended
May 31, 2003 Year Ended November 30,
------------------------------------------------------------------
CLASS C SHARES (Unaudited) 2002(a) 2001 2000 1999 1998
- -----------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value,
beginning of period 15.11 14.81 14.35 14.02 15.43 15.23
Investment Operations:
Investment income--net .25(b) .55(b) .57 .58 .58 .57
Net realized and unrealized
gain (loss) on investments .68 .31 .46 .42 (1.30) .44
Total from Investment Operations .93 .86 1.03 1.00 (.72) 1.01
Distributions:
Dividends from investment
income--net (.25) (.56) (.57) (.58) (.58) (.57)
Dividends from net realized
gain on investments (.07) -- -- (.09) (.11) (.24)
Total Distributions (.32) (.56) (.57) (.67) (.69) (.81)
Net asset value, end of period 15.72 15.11 14.81 14.35 14.02 15.43
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%)(C) 6.25(d) 5.93 7.23 7.36 (4.86) 6.87
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to
average net assets 1.68(e) 1.69 1.67 1.74 1.66 1.62
Ratio of net investment income
to average net assets 3.29(e) 3.71 3.77 4.18 3.91 3.63
Portfolio Turnover Rate 28.81(d) 24.22 23.65 19.02 35.87 34.48
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 11,513 7,895 4,879 1,787 2,542 1,588
(A) AS REQUIRED, EFFECTIVE DECEMBER 1, 2001, THE FUND HAS ADOPTED THE
PROVISIONS OF THE AICPA AUDIT AND ACCOUNTING GUIDE FOR INVESTMENT COMPANIES AND
BEGAN AMORTIZING DISCOUNT OR PREMIUM ON A SCIENTIFIC BASIS FOR DEBT SECURITIES
ON A DAILY BASIS. THE EFFECT OF THIS CHANGE FOR THE PERIOD ENDED NOVEMBER 30,
2002 WAS TO INCREASE NET INVESTMENT INCOME PER SHARE AND DECREASE NET REALIZED
AND UNREALIZED GAIN (LOSS) ON INVESTMENTS PER SHARE BY LESS THAN $.01 AND
INCREASE THE RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS FROM 3.70% TO
3.71%. PER SHARE DATA AND RATIOS/SUPPLEMENTAL DATA FOR PERIODS PRIOR TO DECEMBER
1, 2001 HAVE NOT BEEN RESTATED TO REFLECT THIS CHANGE IN PRESENTATION.
(B) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(C) EXCLUSIVE OF SALES CHARGE.
(D) NOT ANNUALIZED.
(E) ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--Significant Accounting Policies:
Dreyfus Premier New York Municipal Bond Fund (the "fund") is registered under
the Investment Company Act of 1940, as amended (the "Act"), as a non-diversified
open-end management investment company. The fund's investment objective is to
maximize current income exempt from federal, New York state and New York city
personal income taxes to the extent consistent with the preservation of capital.
The Dreyfus Corporation (the "Manager") serves as the fund's investment adviser.
The Manager is a wholly-owned subsidiary of Mellon Bank, N.A., which is a
wholly-owned subsidiary of Mellon Financial Corporation.
Dreyfus Service Corporation (the "Distributor"), a wholly-owned subsidiary of
the Manager, is the distributor of the fund's shares. The fund is authorized to
issue an unlimited number of $.001 par value shares of Beneficial Interest in
the following classes of shares: Class A, Class B and Class C. Class A shares
are subject to a sales charge imposed at the time of purchase and Class B shares
are subject to a contingent deferred sales charge ("CDSC") imposed on Class B
share redemptions made within six years of purchase and Class C shares are
subject to a CDSC imposed on Class C redeemed within one year of purchase. Class
B shares automatically convert to Class A shares after six years. Other
differences between the classes include the services offered to and the expenses
borne by each class and certain voting rights.
The fund' s financial statements are prepared in accordance with accounting
principles generally accepted in the United States, which may require the use of
management estimates and assumptions. Actual results could differ from these
estimates.
(A) PORTFOLIO VALUATION: Investments in securities (excluding options and
financial futures on municipal and U.S. Treasury securities) are valued each
business day by an independent pricing service (the "Service") approved by the
Board of Trustees. Investments for which quoted bid prices are readily available
and are representative of the bid side of the market in the judgment of the
Service are valued at the mean between the quoted bid prices (as obtained by the
Service from The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
dealers in such securities) and asked prices (as calculated by the Service based
upon its evaluation of the market for such securities). Other investments (which
constitute a majority of the portfolio securities) are carried at fair value as
determined by the Service, based on methods which include consideration of:
yields or prices of municipal securities of comparable quality, coupon, maturity
and type; indications as to values from dealers; and general market conditions.
Options and financial futures on municipal and U.S. Treasury securities are
valued at the last sales price on the securities exchange on which such
securities are primarily traded or at the last sales price on the national
securities market on each business day.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on a trade date basis. Realized gain and loss from securities
transactions are recorded on the identified cost basis. Interest income,
adjusted for amortization of discount and premium on investments, is earned from
settlement date and recognized on the accrual basis. Securities purchased or
sold on a when-issued or delayed-delivery basis may be settled a month or more
after the trade date. Under the terms of the custody agreement, the fund
receives net earnings credits of $3,685 during the period ended May 31, 2003,
based on available cash balances left on deposit. Income earned under this
arrangement is included in interest income.
The fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations held
by the fund.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the fund to declare dividends
daily from investment income-net. Such dividends are paid monthly. Dividends
from net realized capital gain, if any, are normally declared and paid annually,
but the fund may make distributions on a more frequent basis to comply with the
distribution requirements of
the Internal Revenue Code of 1986, as amended (the "Code"). To the extent that
net realized capital gain can be offset by capital loss carryovers it is the
policy of the fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the fund to continue to qualify as
a regulated investment company, which can distribute tax exempt dividends, by
complying with the applicable provisions of the Code, and to make distributions
of income and net realized capital gain sufficient to relieve it from
substantially all federal income and excise taxes.
The tax character of distributions paid to shareholder during the fiscal periods
ended November 30, 2002, was as follows: tax exempt income $8,329,760. The tax
character of current year distributions will be determined at the end of the
current fiscal year.
NOTE 2--Bank Line of Credit:
The fund participates with other Dreyfus-managed funds in a $500 million
redemption credit facility (the "Facility" ) to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the fund has agreed to pay commitment fees on its pro rata portion of
the Facility. Interest is charged to the fund based on prevailing market rates
in effect at the time of borrowings. During the period ended May 31, 2003, the
fund did not borrow under the Facility.
NOTE 3--Management Fee and Other Transactions With Affiliates:
(A) Pursuant to a management agreement with the Manager, the management fee is
computed at the annual rate of .55 of 1% of the value of the fund's average
daily net assets and is payable monthly.
During the period ended May 31, 2003, the Distributor retained $21,390 from
commissions earned on sales of the fund's Class A shares, and $123,337 and $453
from contingent deferred sales charges on redemptions of the fund's Class B and
C shares, respectively.
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
(B) Under the Distribution Plan (the "Plan") adopted pursuant to Rule 12b-1
under the Act, Class B and Class C shares pay the Distributor for distributing
their shares at an annual rate of .50 of 1% of the value of the average daily
net assets of Class B shares and .75 of 1% of the value of the average daily net
assets of Class C shares. During the period ended May 31, 2003, Class B and
Class C shares were charged $102,143 and $33,460, respectively, pursuant to the
Plan.
(C) Under the Shareholder Services Plan, Class A, Class B and Class C shares pay
the Distributor at an annual rate of .25 of 1% of the value of their average
daily net assets for the provision of certain services. The services provided
may include personal services relating to shareholder accounts, such as
answering shareholder inquiries regarding the Series and providing reports and
other information, and services related to the maintenance of shareholder
accounts. The Distributor may make payments to Service Agents (a securities
dealer, financial institution or other industry professional) in respect of
these services. The Distributor determines the amounts to be paid to Service
Agents. During the period ended May 31, 2003, Class A, Class B and Class C
shares were charged $195,460, $51,072 and $11,153, respectively, pursuant to the
Shareholder Services Plan.
The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the
Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the fund. During the period
ended May 31, 2003, the fund was charged $44,196 pursuant to the transfer agency
agreement.
(D) Each Board member also serves as a Board member of other funds within the
Dreyfus complex (collectively, the "Fund Group"). Each Board member receives an
annual fee of $50,000 and a fee of $6,500 for each in-person meeting and $500
for telephone meetings. These fees are allocated among the funds in the Fund
Group in proportion to each fund's relative net assets. The Chairman of the
Board receives
an additional 25% of such compensation. Subject to the fund's Emeritus Program
Guidelines, Emeritus Board members, if any, receive 50% of the annual retainer
fee and per meeting fee paid at the time the Board member achieves emeritus
status.
NOTE 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding
short-term securities, during the period ended May 31, 2003, amounted to
$58,881,306 and $56,588,728, respectively.
At May 31, 2003, accumulated net unrealized appreciation on investments was
$16,906,689, consisting of $20,128,684 gross unrealized appreciation and
$3,221,995 gross unrealized depreciation.
At May 31, 2003, 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).
The Fund
PROXY RESULTS (Unaudited)
The fund held a special meeting of shareholders on January 21, 2003. The
proposal considered at the meeting, and the results, are as follows:
Shares
---------------------------------------------------------------------------
For Against Abstained
--------------------------------------------------------------------------
To approve changes to certain
of the fundamental policies
and investment restrictions
to expand the ability to invest
in other investment companies 6,151,767 477,399 410,670
For More Information
Dreyfus Premier
New York Municipal
Bond Fund
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York
100 Church Street
New York, NY 10286
Transfer Agent & Dividend Disbursing Agent
Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166
Distributor
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
To obtain information:
BY TELEPHONE Call your financial representative or 1-800-554-4611
BY MAIL Write to: The Dreyfus Premier Family of Funds 144 Glenn Curtiss
Boulevard Uniondale, NY 11556-0144
(c) 2003 Dreyfus Service Corporation 021SA0503
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. [RESERVED]
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) Based on an evaluation of the Disclosure Controls and Procedures (as
defined in Rule 30a-2(c) under the Investment Company Act of 1940, the
"Disclosure Controls") as of a date within 90 days prior to the filing date
(the "Filing Date") of this Form N-CSR (the "Report"), the Disclosure
Controls are effectively designed to ensure that information required to be
disclosed by the Registrant in the Report is recorded, processed, summarized
and reported by the Filing Date, including ensuring that information required
to be disclosed in the Report is accumulated and communicated to the
Registrant's management, including the Registrant's principal executive
officer and principal financial officer, as appropriate to allow timely
decisions regarding required disclosure.
(b) There were no significant changes in the Registrant's internal controls
or in other factors that could significantly affect these controls subsequent
to the date of their evaluation, and there were no corrective actions with
regard to significant deficiencies and material weaknesses.
ITEM 10. EXHIBITS.
(a) Not applicable.
(b)(1) Certifications of principal executive officer and principal
financial officer as required by Rule 30a-2 under the Investment Company Act
of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the Registrant has duly caused this Report to
be signed on its behalf by the undersigned, thereunto duly authorized.
Dreyfus Premier New York Municipal Bond Fund
By: /S/ STEPHEN E. CANTER
Stephen E. Canter
President
Date: July 30, 2003
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/ STEPHEN E. CANTER
Stephen E. Canter
Chief Executive Officer
Date: July 30, 2003
By: /S/ JAMES WINDELS
James Windels
Chief Financial Officer
Date: July 30, 2003
EXHIBIT INDEX
(b)(1) Certifications of principal executive officer and
principal financial officer as required by Rule 30a-2 under the
Investment Company Act of 1940.
(b)(2) Certification of principal executive officer and
principal financial officer as required by Section 906 of the
Sarbanes-Oxley Act of 2002.