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 811-4764
DREYFUS PREMIER 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: 4/30
Date of reporting period: 10/31/03
FORM N-CSR
ITEM 1. REPORTS TO STOCKHOLDERS.
Dreyfus Premier
Municipal Bond Fund
SEMIANNUAL REPORT October 31, 2003
YOU, YOUR ADVISOR AND
DREYFUS
A MELLON FINANCIAL COMPANY(SM)
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
- --------------------------------------------------
2 Letter from the Chairman
3 Discussion of Fund Performance
6 Statement of Investments
13 Statement of Assets and Liabilities
14 Statement of Operations
15 Statement of Changes in Net Assets
17 Financial Highlights
20 Notes to Financial Statements
FOR MORE INFORMATION
- ---------------------------------------------------------------------------
Back Cover
The Fund
Dreyfus Premier
Municipal Bond Fund
LETTER FROM THE CHAIRMAN
Dear Shareholder:
This semiannual report for Dreyfus Premier Municipal Bond Fund covers the
six-month period from May 1, 2003, through October 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, James Welch.
Recent estimates of greater than expected U.S. Gross Domestic Product annualized
growth during the third quarter of 2003 suggest that the economy has started to
turn the corner. Tax cuts and low mortgage rates have put cash in consumers'
pockets, and corporations have begun to increase spending and investment. After
several years of falling interest rates and rising bond prices, municipal bonds
recently have become more volatile. As might be expected in a strengthening
economy, securities that are more sensitive to their issuers' credit quality
have generally outperformed those that tend to respond more to changes in
interest rates.
We have seen strong quarters before, only to be disappointed when growth proved
unsustainable. Based on recent data, we are cautiously optimistic about the
current economic environment. As always, we urge you to speak regularly with
your financial advisor, who may be in the best position to suggest investments
that are right for your current needs, future goals and attitudes toward risk.
Thank you for your continued confidence and support.
Sincerely,
/S/STEPHEN E. CANTER
Stephen E. Canter
Chairman and Chief Executive Officer
The Dreyfus Corporation
November 17, 2003
DISCUSSION OF FUND PERFORMANCE
James Welch, Portfolio Manager
How did Dreyfus Premier Municipal Bond Fund perform relative to its benchmark?
For the six-month period ended October 31, 2003, the fund achieved total returns
of 1.71% for Class A shares, 1.37% for Class B shares and 1.34% for Class C
shares.(1) The Lehman Brothers Municipal Bond Index, the fund's benchmark,
achieved a total return of 1.47% for the same period.(2) In addition, the fund
is reported in the Lipper General Municipal Debt Funds category. The average
total return for all funds reported in this category was 1.24% over the
reporting period.(3)
During the reporting period, the municipal bond market was influenced by
heightened volatility as investors' attention apparently shifted from
credit-related risks to interest-rate-related risks amid signs of a
strengthening economy. The fund's Class A shares produced a higher return than
its benchmark and Lipper category average, due primarily to its relatively short
average duration, which helped shelter the fund from the full brunt of the
market's volatility.
WHAT IS THE FUND'S INVESTMENT APPROACH?
The fund seeks to maximize current income exempt from federal income tax to the
extent consistent with the preservation of capital. To pursue its goal, the fund
normally invests substantially all of its assets in municipal bonds that provide
income exempt from federal income tax. The fund invests at least 70% of its
assets in investment-grade municipal bonds or the unrated equivalent as
determined by Dreyfus.
We 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 a municipal bond's
potential volatility in different rate environments. We focus on bonds with the
potential to offer attractive current income, typically looking for bonds that
can provide consistently
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
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
either to discount bonds or to premium bonds will change along with our changing
views of the current interest-rate and market environments. We may also look to
select bonds that are most likely to obtain attractive prices when sold.
WHAT OTHER FACTORS INFLUENCED THE FUND'S PERFORMANCE?
When the reporting period began, persistent economic weakness already had led to
historically low interest rates and a sustained rally among high-quality bonds,
including tax-exempt securities. Despite the quick end of major combat in Iraq
and signs of stronger economic growth, interest rates continued to fall and
municipal bonds rallied throughout the spring of 2003 as investors anticipated
another interest-rate reduction. At its meeting in late June, the Federal
Reserve Board cut short-term interest rates to 1%, their lowest level since
1958, citing the risks of further economic weakness and potential deflationary
pressures.
However, the municipal bond market fell sharply in July and early August when
new evidence of economic strength emerged. Investors apparently shifted their
attention from the risk of credit-quality downgrades to the risk of higher
interest rates in a recovering economy, leading to a surge of selling in the
municipal bond markets. As a result, municipal bonds suffered the worst six-week
decline in their history. Although the market rebounded in September and
October, it failed to recover fully by the reporting period's end.
In this volatile environment, we attempted to reduce the fund's sensitivity to
interest-rate movements. We did so by decreasing the fund's weighted average
maturity from approximately 18 years at the start of the reporting period to
about 16 years at the reporting period's end. Similarly, the fund's average
duration -- a measure of sensitivity to changes in interest rates -- fell from
7.13 years to 6.76 years.
At the same time, we continued to upgrade the fund's overall credit quality by
selling many of its lower-rated, corporate-backed holdings and eliminating its
position in bonds issued on behalf of airlines that had hindered the fund's
performance during previous reporting periods. While this reduction in the
fund's exposure to lower-rated securities held back its relative performance
during the reporting period, as investors' credit concerns waned, we believe it
represents a prudent change for the longer term.
WHAT IS THE FUND'S CURRENT STRATEGY?
When making new purchases, we generally have focused on bonds in the 10- to
12-year maturity range, where yield differences currently are relatively steep.
In our judgment, bonds in this maturity range have the potential to be
beneficial as they move closer to their final maturities. We generally have
emphasized insured bonds and securities backed by revenues from
essential-services facilities, such as toll roads and water plants.(4) We
believe that these strategies should position the fund to weather further
volatility until the economy's direction becomes clearer.
November 17, 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, 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 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.
(4) INSURANCE ON INDIVIDUAL BONDS EXTENDS TO THE REPAYMENT OF PRINCIPAL AND THE
PAYMENT OF INTEREST IN THE EVENT OF DEFAULT. IT DOES NOT EXTEND TO THE
MARKET VALUE OF THE PORTFOLIO SECURITIES OR THE VALUE OF THE FUND'S SHARES.
The Fund
STATEMENT OF INVESTMENTS
October 31, 2003 (Unaudited)
Principal
LONG-TERM MUNICIPAL INVESTMENTS--98.0% Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
ALABAMA--.9%
University of Alabama, HR
5.75%, 9/1/2020 (Insured; MBIA) 3,000,000 3,286,380
ARKANSAS--1.6%
Arkansas Federal Highway Grant Anticipation
5.25%, 8/1/2010 5,000,000 5,680,600
CALIFORNIA--8.5%
California 5.625%, 5/1/2018 5,550,000 5,883,942
California Department Water Resources,
Power Supply Revenue
6%, 5/1/2015 6,000,000 6,821,760
California Pollution Control Financing Authority, PCR
(Southern California Edison Company)
7%, 3/1/2005 2,500,000 2,526,600
California Public Works Board, LR
(Dept. of Corrections Corcoran)
5.50%, 1/1/2017 (Insured; AMBAC) 5,000,000 5,469,400
Foothill/Eastern Transportation Corridor Agency,
Toll Road Revenue
6%, 1/1/2034 (Prerefunded 1/1/2007) 5,000,000 (a) 5,655,850
Port Oakland, Revenue
5.50%, 11/1/2020 (Insured; FGIC) 3,800,000 4,013,864
COLORADO--12.7%
Arapahoe County Capital Improvement Trust Fund,
Highway Revenue (E-470 Project):
Zero Coupon, 8/31/2005 2,530,000 2,465,966
Zero Coupon, 8/31/2007 (Prerefunded 8/31/2005) 4,000,000 (a) 3,479,280
7%, 8/31/2026 (Prerefunded 8/31/2005) 11,000,000 (a) 12,470,590
Denver City and County, Airport Revenue:
5%, 11/15/2008 3,515,000 3,857,818
6%, 11/15/2017 (Insured; AMBAC) 5,000,000 5,446,500
7.50%, 11/15/2023 (Prerefunded 11/15/2004) 2,060,000 (a) 2,232,525
7.50%, 11/15/2023 (Insured; MBIA) 9,715,000 10,526,202
Northwest Parkway Public Highway Authority, Revenue:
Zero Coupon, 6/15/2027 (Insured; AMBAC) 6,125,000 1,600,279
7.125%, 6/15/2041 (Insured; AMBAC) 3,250,000 3,311,880
CONNECTICUT--7.8%
Connecticut:
10.038%, 6/15/2011 4,000,000 (b,c) 5,133,040
9.538%, 12/15/2015 3,700,000 (b,c) 4,799,936
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT (CONTINUED)
Connecticut Development Authority, PCR
(Connecticut Light & Power)
5.85%, 9/1/2028 1,250,000 1,310,887
Connecticut Housing Finance Authority
5.85%, 5/15/2031 1,755,000 1,820,058
Connecticut (New Money)
5.375%, 11/15/2015 5,945,000 6,619,460
Mashantucket Western Pequot Tribe, Special Revenue
5.75%, 9/1/2027 8,000,000 (c) 8,124,640
DELAWARE--2.4%
Delaware Housing Authority, MFMR 7%, 5/1/2025 3,725,000 3,503,176
Delaware Transportation Authority,
Transportation System Revenue
5%, 7/1/2019 (Insured; AMBAC) 5,000,000 5,237,800
FLORIDA--.7%
Highlands County Health Facilities Authority,
Revenue (Adventist/Sunbelt)
6%, 11/15/2031 2,500,000 2,635,575
GEORGIA--3.3%
Georgia 5.25%, 7/1/2017 5,000,000 5,438,800
Georgia Road and Thruway Authority, Revenue
5.25%, 10/1/2012 5,500,000 6,220,335
ILLINOIS--2.4%
Carol Stream, First Mortgage Revenue
(Windsor Park Manor Project)
6.50%, 12/1/2007 1,730,000 1,790,619
Illinois Development Finance Authority, Revenue
(Community Rehabilitation Providers Facility):
8.75%, 3/1/2010 112,000 112,748
8.25%, 8/1/2012 1,465,000 1,423,042
Metropolitan Pier and Exposition Authority,
Dedicated State Tax Revenue
(McCormick Place Expansion)
5.50%, 6/15/2023 (Insured; MBIA) 5,000,000 5,376,650
INDIANA--.8%
Indiana Development Finance Authority
Exempt Facilities Revenue (Inland Steel)
5.75%, 10/1/2011 5,000,000 2,881,200
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
KANSAS--1.5%
Wichita, HR (Christi Health System, Inc.):
6.25%, 11/15/2019 2,000,000 2,190,440
6.25%, 11/15/2020 3,000,000 3,271,050
MARYLAND--.6%
Maryland Energy Financing Administration, SWDR
(Wheelabrator Water Projects)
6.45%, 12/1/2016 2,100,000 2,217,957
MASSACHUSETTS--6.2%
Massachusetts Health and Educational
Facilities Authority, Revenue
(Harvard University):
5.75%, 1/15/2012 4,075,000 4,721,621
5%, 7/15/2022 4,000,000 4,153,880
Massachusetts Industrial Finance Agency:
Health Care Facility Revenue
(Metro Health Foundation, Inc. Project)
6.75%, 12/1/2027 8,000,000 7,326,880
Water Treatment Revenue
(American Hingham)
6.95%, 12/1/2035 2,640,000 2,774,191
Route 3 North Transportation Improvement Asscociation, LR
5.75%, 6/15/2017 (Insured; MBIA) 3,000,000 3,380,670
MICHIGAN--1.1%
Michigan Hospital Finance Authority, Revenue
9.219%, 11/15/2007 3,225,000 (b,c) 3,929,469
MISSOURI--.5%
Saint Louis Industrial Development Authority
(Saint Louis Convention) 7.25%, 12/15/2035 1,625,000 1,622,790
NEW JERSEY--7.3%
New Jersey Economic Development Authority, Revenue:
9.027%, Series A, 6/15/2016 2,495,000 (b,c) 2,966,281
9.027%, Series B, 6/15/2016 2,495,000 (b,c) 2,944,499
(School Facilities- Construction 2001):
5.25%, 6/15/2015 (Insured; AMBAC) 10,000 10,944
5.25%, 6/15/2016 (Insured; AMBAC) 10,000 10,901
New Jersey Turnpike Authority, Turnpike Revenue:
10.492%, 1/1/2011 6,350,000 (b,c) 8,491,030
5.625%, 1/1/2015 (Prerefunded 1/1/2010) 3,755,000 (a) 4,320,841
5.625%, 1/1/2015 (Insured; MBIA) 945,000 1,049,385
5.50%, 1/1/2030 (Insured; MBIA) 6,000,000 6,405,060
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO--.4%
Farmington, PCR
(Public Service Co.--San Juan Project)
6.375%, 4/1/2022 1,430,000 1,497,382
NEW YORK--9.1%
New York City 5.75%, 8/1/2011 (Insured; MBIA) 6,000,000 6,942,600
New York City Industrial Development Agency
IDR (Laguardia Associates LP Project)
5.80%, 11/1/2013 4,535,000 (d) 2,989,064
New York City Municipal Water Finance Authority
Water & Sewer Systems Revenue:
6%, 6/15/2033 (Prerefunded 6/15/2010) 3,085,000 (a) 3,677,073
6%, 6/15/2033 1,915,000 2,231,052
New York State Dormitory Authority, Revenues:
(New York University):
6%, 7/1/2017 (Insured; MBIA) 3,500,000 4,172,000
5.75%, 7/01/2027 (Insured; MBIA) 6,000,000 6,884,160
(City University Systems) 5.50, 7/1/2018 5,175,000 5,592,416
NORTH CAROLINA--1.2%
North Carolina Eastern Municipal Power Agency,
Power System Revenue 7%, 1/1/2013 3,500,000 4,178,650
OHIO--2.4%
Cuyahoga County, Revenue
(Cleveland Clinic Health Systems) 6%, 1/1/2032 4,000,000 4,229,480
Ohio Water Development Authority,
Pollution Control Facilities Revenue
(Cleveland Electric) 6.10%, 8/1/2020 4,300,000 4,525,320
OKLAHOMA--2.1%
Holdenville Industrial Authority,
Correctional Facility Revenue:
6.60%, 7/1/2010 (Prerefunded 7/1/2006) 2,045,000 (a) 2,350,912
6.70%, 7/1/2015 (Prerefunded 7/1/2006) 4,625,000 (a) 5,328,879
PENNSYLVANIA--.9%
Montgomery County Higher Education and
Health Authority First Mortgage Revenue
(AHF/Montgomery, Inc. Project)
10.50%, 9/1/2020 3,205,000 3,226,730
RHODE ISLAND--.8%
Providence, Special Tax Increment Obligation
6.65%, 6/1/2016 3,000,000 2,958,390
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA--1.5%
Greenville County School District,
Installment Purchase Revenue
(Building Equity Sooner Tomorrow)
5.50%, 12/1/2028 5,000,000 5,225,450
TENNESSEE--3.0%
Memphis Center Revenue Finance Corporation,
Sports Facility Revenue
(Memphis Redbirds) 6.50%, 9/1/2028 8,000,000 7,980,480
Shelby County Health Educational and
Housing Facilities, Multi-Family Housing Board
Revenue (Cameron Kirby)
7.25%, 7/1/2023 2,825,000 2,624,227
TEXAS--4.8%
Alliance Airport Authority, Special Facilities
Revenue (Federal Express Corp. Project)
6.375%, 4/1/2021 5,040,000 5,292,202
Dallas-Fort Worth International Airport Revenue
5.50%, 11/1/2021 (Insured; FSA) 3,000,000 3,137,340
Gulf Coast Waste Disposal Authority, Revenue
(Waste Disposal--Valero Energy Corp.)
5.60%, 4/1/2032 6,000,000 5,559,000
Sabine River Authority, PCR
(TXU Energy Company LLC Project)
6.15%, 8/1/2022 2,995,000 3,119,023
UTAH--1.7%
Carbon County, SWDR
(Sunnyside Cogeneration--A) 7.10%, 8/15/2023 6,370,000 6,045,066
VIRGINIA--.5%
West Point Industrial Development Authority, SWDR
(Chesapeake Corp.)
6.375%, 3/1/2019 2,000,000 1,721,800
WEST VIRGINIA--1.8%
Upshur County, SWDR (TJ International Project)
7%, 7/15/2025 3,500,000 3,696,560
West Virginia Hospital Finance Authority, HR
(Charleston Area Medical Center)
6%, 9/1/2012 (Prerefunded 9/1/2010) 2,440,000 (a) 2,877,858
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN--2.7%
Badger Tobacco Asset Securitization Corporation
Tobacco Settlement Revenue
7%, 6/1/2028 8,000,000 7,652,400
Wisconsin Health and Educational Facilities Authority,
Revenue ( Aurora Health Care) 6.40%, 4/15/2033 2,000,000 2,068,240
U.S. RELATED--6.8%
Commonwealth of Puerto Rico:
5.65%, 7/1/2015 (Insured; MBIA) 4,000,000 4,656,200
Public Improvement
5.25%, 7/1/2013 (Insured; MBIA) 6,000,000 6,773,160
Puerto Rico Commonwealth Highway &
Transportation Authority, Highway Revenue
5%, 7/1/2026 (Insured; FSA) 4,200,000 4,641,168
Puerto Rico Public Finance Corporation 6%, 8/1/2026 7,000,000 8,224,580
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $336,585,090) 98.0% 351,024,153
CASH AND RECEIVABLES (NET) 2.0% 7,003,730
NET ASSETS 100.0% 358,027,883
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Summary of Abbreviations
AMBAC American Municipal Bond
Assurance Corporation
FGIC Financial Guaranty Insurance
Company
FSA Financial Security Assurance
HR Hospital Revenue
IDR Industrial Development Revenue
LR Lease Revenue
MBIA Municipal Bond Investors
Assurance Insurance
Corporation
MFMR Multi-Family Mortgage Revenue
PCR Pollution Control Revenue
SWDR Solid Waste Disposal Revenue
Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
- ------------------------------------------------------------------------------------------------------------------------------------
AAA AAA AAA 50.2
AA Aa AA 13.9
A A A 11.3
BBB Baa BBB 11.1
BB Ba BB 3.2
CCC Caa CCC .8
Not Rated(e) Not Rated(e) Not Rated(e) 9.5
100.0
(A) 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.
(B) INVERSE FLOATER SECURITY--THE INTEREST RATE IS SUBJECT TO CHANGE
PERIODICALLY.
(C) 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 OCTOBER 31,
2003, THESE SECURITIES AMOUNTED TO $36,388,895 OR 10.2% OF NET ASSETS.
(D) NON-INCOME PRODUCING SECURITY; INTEREST PAYMENTS IN DEFAULT.
(E) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S,
HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE
RATED SECURITIES IN WHICH THE FUND MAY INVEST.
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF ASSETS AND LIABILITIES
October 31, 2003 (Unaudited)
Cost Value
- --------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 336,585,090 351,024,153
Cash 2,160,288
Interest receivable 6,569,474
Receivable for shares of Beneficial Interest subscribed 75,231
Prepaid expenses 29,047
359,858,193
- --------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 265,305
Payable for shares of Beneficial Interest redeemed 1,463,486
Accrued expenses 101,519
1,830,310
- --------------------------------------------------------------------------------
NET ASSETS ($) 358,027,883
- --------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 382,767,032
Accumulated undistributed investment income--net 18,116
Accumulated net realized gain (loss) on investments (39,196,328)
Accumulated net unrealized appreciation
(depreciation) on investments 14,439,063
- --------------------------------------------------------------------------------
NET ASSETS ($) 358,027,883
NET ASSET VALUE PER SHARE
Class A Class B Class C
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets ($) 311,871,060 34,906,586 11,250,237
Shares Outstanding 24,068,938 2,693,176 866,919
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE ($) 12.96 12.96 12.98
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF OPERATIONS
Six Months Ended October 31, 2003 (Unaudited)
- --------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 10,271,388
EXPENSES:
Management fee--Note 3(a) 1,021,499
Shareholder servicing costs--Note 3(c) 589,980
Distribution fees--Note 3(b) 144,945
Registration fees 27,379
Professional fees 26,894
Custodian fees 22,366
Prospectus and shareholders' reports 13,830
Trustees' fees and expenses--Note 3(d) 6,317
Loan commitment fees--Note 2 1,600
Miscellaneous 21,253
TOTAL EXPENSES 1,876,063
INVESTMENT INCOME--NET 8,395,325
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments (2,901,419)
Net unrealized appreciation (depreciation) on investments 484,784
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (2,416,635)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 5,978,690
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
October 31, 2003 Year Ended
(Unaudited) April 30, 2003
- --------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 8,395,325 19,489,807
Net realized gain (loss) on investments (2,901,419) (4,766,923)
Net unrealized appreciation
(depreciation) on investments 484,784 7,223,540
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 5,978,690 21,946,424
- --------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net:
Class A shares (7,337,646) (16,961,279)
Class B shares (800,004) (1,917,537)
Class C shares (241,761) (551,014)
TOTAL DIVIDENDS (8,379,411) (19,429,830)
- --------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS ($):
Net proceeds from shares sold:
Class A shares 29,692,563 201,005,593
Class B shares 2,657,153 12,247,298
Class C shares 1,226,071 7,720,435
Dividends reinvested:
Class A shares 4,197,327 9,199,796
Class B shares 416,684 995,838
Class C shares 140,787 320,614
Cost of shares redeemed:
Class A shares (41,902,039) (252,318,674)
Class B shares (10,940,524) (13,510,443)
Class C shares (3,346,910) (4,226,633)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS (17,858,888) (38,566,176)
TOTAL INCREASE (DECREASE) IN NET ASSETS (20,259,609) (36,049,582)
- --------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 378,287,492 414,337,074
END OF PERIOD 358,027,883 378,287,492
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
Six Months Ended
October 31, 2003 Year Ended
(Unaudited) April 30, 2003
- --------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
CLASS A(A)
Shares sold 2,287,567 15,370,781
Shares issued for dividends reinvested 323,094 703,863
Shares redeemed (3,221,380) (19,248,196)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING (610,719) (3,173,552)
- --------------------------------------------------------------------------------
CLASS B(A)
Shares sold 205,010 937,925
Shares issued for dividends reinvested 32,045 76,169
Shares redeemed (841,037) (1,034,265)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING (603,982) (20,171)
- --------------------------------------------------------------------------------
CLASS C
Shares sold 93,522 587,173
Shares issued for dividends reinvested 10,815 24,498
Shares redeemed (257,712) (325,120)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING (153,375) 286,551
(A) DURING THE PERIOD ENDED OCTOBER 31, 2003, 221,618 CLASS B SHARES
REPRESENTING $2,889,444 WERE AUTOMATICALLY CONVERTED TO 221,663 CLASS A
SHARES AND DURING THE PERIOD ENDED APRIL 30, 2003, 337,136 CLASS B SHARES
REPRESENTING $4,405,116 WERE AUTOMATICALLY CONVERTED TO 337,150 CLASS A
SHARES.
SEE NOTES TO FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the
fiscal periods indicated. All information (except portfolio turnover rate)
reflects financial results for a single fund share. Total return shows how much
your investment in the fund would have increased (or decreased) during each
period, assuming you had reinvested all dividends and distributions. These
figures have been derived from the fund's financial statements.
Six Months Ended Year Ended April 30,
October 31, 2003 --------------------------------------------------------------------
CLASS A SHARES (Unaudited) 2003 2002(a) 2001 2000 1999
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value,
beginning of period 13.04 12.99 13.14 12.75 14.33 14.69
Investment Operations:
Investment income--net .30(b) .65(b) .68(b) .66 .70 .72
Net realized and unrealized
gain (loss) on investments (.08) .04 (.15) .39 (1.42) (.15)
Total from Investment Operations .22 .69 .53 1.05 (.72) .57
Distributions:
Dividends from investment
income--net (.30) (.64) (.68) (.66) (.70) (.72)
Dividends from net realized
gain on investments -- -- -- -- (.16) (.21)
Total Distributions (.30) (.64) (.68) (.66) (.86) (.93)
Net asset value, end of period 12.96 13.04 12.99 13.14 12.75 14.33
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%)(C) 1.71(d) 5.45 4.13 8.42 (5.01) 3.96
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to
average net assets .93(e) .94 .92 .98 .93 .91
Ratio of net investment income
to average net assets 4.60(e) 4.95 5.20 5.09 5.28 4.96
Portfolio Turnover Rate 63.50(d) 92.94 49.90 58.03 70.39 46.84
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 311,871 321,936 361,701 349,345 361,567 432,276
(A) AS REQUIRED, EFFECTIVE MAY 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 APRIL 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
$.01 AND INCREASE THE RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS
FROM 5.19% TO 5.20%. PER SHARE DATA AND RATIOS/SUPPLEMENTAL DATA FOR
PERIODS PRIOR TO MAY 1, 2001 HAVE NOT BEEN RESTATED TO REFLECT THIS CHANGE
IN PRESENTATION.
(B) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(C) EXCLUSIVE OF SALES CHARGE.
(D) NOT ANNUALIZED.
(E) ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
Six Months Ended Year Ended April 30,
October 31, 2003 --------------------------------------------------------------------
CLASS B SHARES (Unaudited) 2003 2002(a) 2001 2000 1999
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value,
beginning of period 13.05 12.99 13.14 12.76 14.33 14.69
Investment Operations:
Investment income--net .27(b) .58(b) .61(b) .60 .63 .65
Net realized and unrealized
gain (loss) on investments (.09) .06 (.15) .38 (1.41) (.15)
Total from Investment Operations .18 .64 .46 .98 (.78) .50
Distributions:
Dividends from investment
income--net (.27) (.58) (.61) (.60) (.63) (.65)
Dividends from net realized
gain on investments -- -- -- -- (.16) (.21)
Total Distributions (.27) (.58) (.61) (.60) (.79) (.86)
Net asset value, end of period 12.96 13.05 12.99 13.14 12.76 14.33
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%)(C) 1.37(d) 5.00 3.60 7.93 (5.51) 3.43
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to
average net assets 1.44(e) 1.44 1.43 1.49 1.45 1.42
Ratio of net investment income
to average net assets 4.09(e) 4.44 4.69 4.63 4.71 4.44
Portfolio Turnover Rate 63.50(d) 92.94 49.90 58.03 70.39 46.84
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 34,907 43,022 43,092 47,026 52,979 112,583
(A) AS REQUIRED, EFFECTIVE MAY 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 APRIL 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
$.01 AND INCREASE THE RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS
FROM 4.68% TO 4.69%. PER SHARE DATA AND RATIOS/SUPPLEMENTAL DATA FOR
PERIODS PRIOR TO MAY 1, 2001 HAVE NOT BEEN RESTATED TO REFLECT THIS CHANGE
IN PRESENTATION.
(B) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(C) EXCLUSIVE OF SALES CHARGE.
(D) NOT ANNUALIZED.
(E) ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
Six Months Ended Year Ended April 30,
October 31, 2003 --------------------------------------------------------------------
CLASS C SHARES (Unaudited) 2003 2002(a) 2001 2000 1999
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value,
beginning of period 13.06 13.01 13.16 12.77 14.35 14.71
Investment Operations:
Investment income--net .26(b) .55(b) .57(b) .57 .60 .61
Net realized and unrealized
gain (loss) on investments (.09) .05 (.14) .39 (1.42) (.15)
Total from Investment Operations .17 .60 .43 .96 (.82) .46
Distributions:
Dividends from investment
income--net (.25) (.55) (.58) (.57) (.60) (.61)
Dividends from net realized
gain on investments -- -- -- -- (.16) (.21)
Total Distributions (.25) (.55) (.58) (.57) (.76) (.82)
Net asset value, end of period 12.98 13.06 13.01 13.16 12.77 14.35
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%)(C) 1.34(d) 4.67 3.35 7.63 (5.71) 3.16
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to
average net assets 1.67(e) 1.67 1.66 1.72 1.68 1.67
Ratio of net investment income
to average net assets 3.87(e) 4.18 4.45 4.36 4.52 4.11
Portfolio Turnover Rate 63.50(d) 92.94 49.90 58.03 70.39 46.84
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 11,250 13,330 9,544 4,035 4,424 8,095
(A) AS REQUIRED, EFFECTIVE MAY 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 APRIL 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 4.42% TO 4.45%. PER SHARE DATA AND RATIOS/SUPPLEMENTAL DATA FOR
PERIODS PRIOR TO MAY 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
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus Premier Municipal Bond Fund (the "fund" ) is registered under the
Investment Company Act of 1940, as amended (the "Act"), as a diversified
open-end management investment company. The fund's investment objective is to
maximize current income exempt from federal income tax 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
each of 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. 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 automatically
convert to Class A shares after six years. Class C shares are subject to a CDSC
imposed on Class C shares redeemed within one year of purchase. 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 those
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 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 premium and discount 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
received net earnings credits of $11,007 during the period ended October 31,
2003 based on available cash balances left on deposit. Income earned under this
arrangement is included in interest income.
(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.
Income and capital gain distributions are determined in accordance with income
tax regulations, which may differ from accounting principles generally accepted
in the United States.
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
(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 fund has an unused capital loss carryover of $31,281,853 available for
federal income tax purposes to be applied against future net securities profits,
if any, realized subsequent to April 30, 2003. If not applied, $11,182,708 of
the carryover expires in fiscal 2008, $9,553,959 expires in fiscal 2009,
$4,754,947 expires in fiscal 2010 and $5,790,239 expires in fiscal 2011.
The tax character of distributions paid to shareholders during the fiscal year
ended April 30, 2003 was as follows: tax exempt income $19,429,830. 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 $350 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 October 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 October 31, 2003, the Distributor retained $293,959 from
commissions earned on sales of the fund's Class A shares, and $125,332 and
$4,295 from contingent deferred sales charges on redemptions of the fund's Class
B and C shares, respectively.
(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 October 31, 2003, Class B and
Class C shares were charged $97,993 and $46,952, 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 the average daily
net assets of their shares for the provision of certain services. The services
provided may include personal services relating to shareholder accounts, such as
answering shareholder inquiries regarding the fund 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 October 31, 2003 Class A, Class B and Class C
shares were charged $399,671, $48,996 and $15,651, 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 October 31, 2003, the fund was charged $89,115 pursuant to the transfer
agency agreement.
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
(D) Each Board member also serves as a Board member of other funds within the
Dreyfus complex. Annual retainer fees and attendance fees are allocated to each
fund based on net assets.
NOTE 4--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities, excluding
short-term securities, during the period ended October 31, 2003, amounted to
$230,811,192 and $249,297,852 respectively.
At October 31, 2003, accumulated net unrealized appreciation on investments was
$14,439,063, consisting of $20,846,889 gross unrealized appreciation and
$6,407,826 gross unrealized depreciation.
At October 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).
For More Information
Dreyfus Premier
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 022SA1003
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. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
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) 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-CSR 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-CSR 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 half-year that has materially affected, or is reasonably likely to
materially affect, the Registrant's internal control over financial reporting.
ITEM 10. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Certifications of principal executive and principal financial officers as
required by Rule 30a-2(a) under the Investment Company Act of 1940.
(b) Certification of principal executive and principal financial officers as
required by Rule 30a-2(b) 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 Municipal Bond Fund
By: /S/ STEPHEN E. CANTER
Stephen E. Canter
President
Date: December 19, 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: December 19, 2003
By: /S/ JAMES WINDELS
James Windels
Chief Financial Officer
Date: December 19, 2003
EXHIBIT INDEX
(a)(2) 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)
(b) Certification of principal executive and principal financial
officers as required by Rule 30a-2(b) under the Investment Company Act of
1940. (EX-99.906CERT)