<PAGE>
Semi-Annual Report
- --------------------------------------------------------------------------------
Dreyfus Premier
- --------------------------------------------------------------------------------
New York
- --------------------------------------------------------------------------------
Municipal Bond Fund
- --------------------------------------------------------------------------------
May 31, 1997
<PAGE>
Dreyfus Premier New York Municipal Bond Fund
- --------------------------------------------------------------------------------
Letter to Shareholders
Dear Shareholder:
We are pleased to report the performance of Dreyfus Premier New York
Municipal Bond Fund for its six-month reporting period ended May 31, 1997 as
shown in the following table:
Annualized
Total Return* Distribution Rate**
------------ -----------------
Class A........................ 1.53% 4.61%
Class B........................ 1.27% 4.31%
Class C........................ 1.08% 4.08%
Economic Review
Plentiful jobs and low inflation spurred consumer confidence to its highest
level in 27 years by the end of the reporting period, May 30, 1997. Economic
growth surged 5.6% in the first quarter of this year, sharply higher than the
3.8% rate in the last quarter of 1996. With unemployment at its lowest level in
23 years, there was fear that without some preemptive tightening in monetary
policy, inflationary pressures would resume. As a precaution, in March 1997, the
Federal Open Market Committee (FOMC), the policy-making arm of the Federal
Reserve Board (the "Fed"), raised the Federal Funds rate one quarter of a
percentage point to 5.50%. It was the first hike in short-term rates in over two
years. (The Federal Funds rate is the rate of interest banks charge each other
for overnight loans.) Fed Chairman Greenspan likened the increase to "the small
immediate discomfort of a vaccination against the possibility of getting a
serious disease." Subsequent to the March rate increase, signs of inventory
accumulation and some moderation in retail sales may have helped stay the Fed
from implementing additional increases in short-term interest rates.
The great difference between the present economic recovery and previous
recoveries is the absence of inflation. The economy is now in its seventh year
of expansion, an expansion devoid of any appreciable resurgence in inflation.
The Producer Price Index, a measure of prices paid by manufacturers and an
indicator of so-called pipeline inflation, declined over the first four months
of this year and has risen less than 1% over the previous twelve months. The
rise in inflation on the consumer level has been similarly subdued. The Consumer
Price Index increased a modest 2.5% over the twelve-month period ending in
April.
On another front, the tight labor market has spawned fears that rising
wages would provide an inflationary stimulus to the economy. So far this has not
occurred. The Employment Cost Index, a gauge of wage and benefit increases, has
remained below 3%. The bipartisan budget agreement recently reached between the
Clinton Administration and the Republican Congressional leadership has also
eased inflationary fears.
The economic confidence of consumers is readily understandable. The
exceptionally low unemployment rate has combined with a strong economy that has
expanded with unusual vigor. But, despite huge business investments in
technology to improve productivity, it would be folly to assume that the
economy's capacity for noninflationary growth is unlimited. Consumers enjoying
both job stability and rising personal incomes could increase their spending to
levels that would strain production and bring on inflation or the Fed could
again tighten credit, perhaps in another precautionary move.
Market Environment
The changing outlook for the economy has been vividly reflected in the
volatility that the fixed income markets
<PAGE>
have experienced over the past year. After a strong close to 1996, which
confirmed the opinion that inflation was contained, early 1997 refocused on a
strong labor market and the effect of wage pressure on the economy. As the
economy began to expand, investors became convinced of an imminent tightening of
monetary policy by the FOMC. During this time, interest rates moved up to levels
that were last seen during July 1996, passing the 7% level in long Treasuries.
Although it was assumed that most of the tightening had been reflected in the
market, prices continued to erode during this time period. The sentiment
reversed once again as second quarter numbers indicated a slowing economy.
The supply of New York paper has been moderate and most deals that have
come to market have been very well received, as retail demand has remained
strong. The combined technical factors of high demand and limited supply enabled
the municipal market to turn in a strong performance compared to the taxable
fixed-income markets. This is illustrated by a comparison of the movement of
30-year U.S. Treasury yields and Municipal yields as represented by the Bond
Buyer's 25 Bond Revenue Index (the "Revenue Index"). While interest rates
fluctuated significantly over the course of the year ended May 31, 1997, 30-year
Treasury yields closed the period 10 basis points lower (10%) at 6.90%. Over the
same time, the Revenue Index declined by 30 basis points (.30%) to close the
period at 5.91%.
Portfolio Overview
Given the flattening of the yield curve and the narrowing of spreads
between the 20-30 year range, we have focused most of our current investments in
the 20-year and shorter maturity range. This has enabled your Fund to maintain a
competitive return while reducing volatility. We will continue this strategy
until it becomes apparent that further Fed action is no longer warranted. The
Fund holds a large percentage of paper with coupons that are 6% and higher. This
coupon has been in constant demand from the retail sector and continues to
perform well. The availability of high yield paper in the New York market has
been very limited and therefore expensive. We have felt that the spread
relationship for lower rated paper was not enough to warrant an extension into
the longer end of the market.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope they are informative.
Very truly yours,
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
June 17, 1997
New York, N.Y.
* 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 contingent deferred sales charge imposed on
redemptions in the case of Class B and Class C shares.
** Distribution rate per share is based upon dividends per share paid from net
investment income during the period (annualized), divided by the maximum
offering price per share at the end of the period, in the Case of Class A
shares or the net asset value per share in the case of Class B and Class C
shares, adjusted for any capital gain distributions. Some income may be
subject to the Federal Alternative Minimum Tax (AMT) for certain
shareholders.
<TABLE>
<CAPTION>
<PAGE>
Dreyfus Premier New York Municipal Bond Fund
- --------------------------------------------------------------------------------
Statement of Investments May 31, 1997 (Unaudited)
Principal
Long-Term Municipal Investments--98.6% Amount Value
- ------------------------------------------------------------------------------- ----------- -------------
<S> <C> <C>
New York--90.7%
Albany Industrial Development Agency, Lease Revenue:
(New York State Assembly Building Project) 7.75%, 1/1/2010................ $ 1,000,000 $ 1,106,790
(New York State Department of Health Building Project) 7.25%, 10/1/2010... 1,455,000 1,565,464
Metropolitan Transportation Authority:
Commuter Facilities Revenue:
6.125%, 7/1/2014 (Insured; MBIA)........................................ 2,990,000 3,122,068
(Grand Central Terminal) 5.70%, 7/1/2024 (Insured; FSA)................. 550,000 548,840
Transit Facilities Revenue:
6%, 7/1/2016 (Insured; FSA)............................................. 3,000,000 3,121,830
6.375%, 7/1/2020 (Insured; MBIA)........................................ 600,000 636,738
New York City:
6.75%, 2/1/2009........................................................... 3,000,000 3,300,480
5.875%, 8/15/2016......................................................... 4,900,000 4,860,506
6%, 2/15/2020............................................................. 4,500,000 4,480,200
6.625%, 8/1/2025.......................................................... 5,090,000 5,325,616
Refunding:
6.375%, 8/1/2004........................................................ 1,000,000 1,058,010
5.875%, 8/1/2024........................................................ 2,000,000 1,967,820
New York City Housing Development Corp., MFHR, Refunding 5.625%, 5/1/2012.... 1,500,000 1,488,720
New York City Industrial Development Agency:
Civic Facility Revenue:
(Nightingale - Bamford School Project) 5.85%, 1/15/2020................. 3,000,000 2,983,020
(YMCA of Greater New York Project):
5.80%, 8/1/2016....................................................... 1,000,000 984,460
8%, 8/1/2016 (Prerefunded 8/1/2001) (a) .............................. 1,500,000 1,719,555
Special Facility Revenue:
(American Airlines Inc. Project) 6.90%, 8/1/2024........................ 2,000,000 2,162,460
(Terminal One Group Association Project) 6%, 1/1/2019................... 3,000,000 3,000,810
New York City Municipal Water Finance Authority, Water and Sewer Systems Revenue:
6.20%, 6/15/2021 (Insured; AMBAC)......................................... 600,000 628,476
Refunding:
6%, 6/15/2010........................................................... 4,100,000 4,385,606
5.50%, 6/15/2023........................................................ 3,870,000 3,707,344
State of New York:
5.625%, 10/1/2020......................................................... 7,265,000 7,162,273
Environmental Quality 5.125%, 1/15/2015................................... 3,000,000 2,872,200
New York State Dormitory Authority, Revenues:
(Consolidated City University System):
5.75%, 7/1/2007 (Insured; AMBAC)........................................ 3,150,000 3,344,198
5.75%, 7/1/2009 (Insured; AMBAC)........................................ 3,000,000 3,170,010
7.625%, 7/1/2020 (Prerefunded 7/1/2000) (a)............................. 750,000 832,275
6.30%, 7/1/2024 (Insured; AMBAC)........................................ 500,000 528,460
</TABLE>
<TABLE>
<CAPTION>
<PAGE>
Dreyfus Premier New York Municipal Bond Fund
- -----------------------------------------------------------------------------
Statement of Investments (continued) May 31, 1997 (Unaudited)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------------------------------- ----------- -------------
<S> <C> <C>
New York (continued)
New York State Dormitory Authority, Revenues (continued):
(Consolidated City University System) (contined):
Refunding:
5.50%, 7/1/2016 (Insured; AMBAC)...................................... $ 2,200,000 $ 2,175,558
5.625%, 7/1/2016...................................................... 4,000,000 3,967,440
Court Facilities Lease 5.50%, 5/15/2010................................... 2,100,000 2,071,272
Health Hospital and Nursing Home:
(Department of Health) 5.75%, 7/1/2017.................................. 1,000,000 983,000
(Ideal Senior Living Center Housing Corp.) 5.90%, 8/1/2026
(Insured: FHA and MBIA)............................................... 1,000,000 1,011,730
Mental Health, Refunding 5.25%, 2/15/2018 (Insured; AMBAC).............. 2,415,000 2,316,226
(Municipal Health Facilities Improvement Program) 5.50%, 5/15/2024
(Insured; FSA)........................................................ 1,000,000 975,960
(Rochester University) 5.90%, 7/1/2017 (Insured; MBIA).................... 950,000 964,279
(State University Educational Facilities):
7.70%, 5/15/2012 (Prerefunded 5/15/2000) (a)............................ 1,000,000 1,108,310
6.75%, 5/15/2021 (Prerefunded 5/15/2002) (a)............................ 3,400,000 3,780,596
Refunding:
5.375%, 5/15/2007 (Insured; FGIC)..................................... 6,000,000 6,215,160
5.25%, 5/15/2010...................................................... 5,870,000 5,674,470
5.875%, 5/15/2011 (Insured; FGIC)..................................... 5,000,000 5,301,250
5.50%, 5/15/2013...................................................... 1,500,000 1,466,490
5.875%, 5/15/2017..................................................... 2,000,000 2,028,200
5.30%, 7/1/2024 (Insured; AMBAC)...................................... 1,025,000 973,453
New York State Energy Research and Development Authority, Revenue:
Electric Facilities (Consolidated Edison Co. Project) 7.125%, 12/1/2029... 5,000,000 5,563,850
Pollution Control, Refunding:
(New York State Electric and Gas Corp.) 6.05%, 4/1/2034 (Insured; MBIA). 500,000 513,540
(Rochester Gas and Electric Project) 6.50%, 5/15/2032 (Insured; MBIA)... 400,000 419,676
New York State Environmental Facilities Corp., PCR (Pilgrim State Sewer Project)
6.30%, 3/15/2016.......................................................... 3,000,000 3,237,810
New York State Housing Finance Agency, Revenue:
Health Facilities, Refunding (New York City):
7.90%, 11/1/1999........................................................ 665,000 701,389
6%, 11/1/2007........................................................... 4,000,000 4,150,400
Housing Project Mortgage, Refunding 6.10%, 11/1/2015 (Insured; FSA)....... 2,000,000 2,047,920
Multi Family Mortgage 6.35%, 8/15/2023 (Insured: AMBAC and FHA)........... 500,000 513,965
Service Contract Obligation:
6.25%, 9/15/2010 ....................................................... 3,000,000 3,124,440
7.30%, 3/15/2021 (Prerefunded 9/15/2001) (a) ........................... 1,000,000 1,122,300
New York State Local Government Assistance Corp. Sales Tax Revenue
5.375%, 4/1/2014.......................................................... 3,870,000 3,775,533
New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home
FHA Insured Mortgage Revenue:
6.05%, 2/15/2015 ....................................................... 3,000,000 3,041,850
</TABLE>
<TABLE>
<CAPTION>
<PAGE>
Dreyfus Premier New York Municipal Bond Fund
- -----------------------------------------------------------------------------
Statement of Investments (continued) May 31, 1997 (Unaudited)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------------------------------- ----------- -------------
<S> <C> <C>
New York (continued)
New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home
FHA Insured Mortgage Revenue (continued):
(Montefiore Medical Center) 5.75%, 2/15/2025 (Insured; AMBAC).......... $ 500,000 $ 500,135
(New York Hospital) 6.50%, 8/15/2029 (Insured; AMBAC)................... 500,000 536,590
Refunding (Saint Lukes - Roosevelt Hospital) 5.60%, 8/15/2013........... 2,985,000 2,984,403
New York State Mortgage Agency, Homeownership Mortgage Revenue:
8.05%, 4/1/2022........................................................... 545,000 573,672
Refunding 6%, 4/1/2017.................................................... 2,000,000 2,013,280
New York State Thruway Authority:
Highway and Bridge Trust Fund, Revenue 5.25%, 4/1/2014 (Insured; AMBAC)... 4,000,000 3,897,240
Service Contract Revenue (Local Highway and Bridge) 5.75%, 4/1/2016....... 3,000,000 2,957,340
New York State Urban Development Corp., Revenue:
(Alfred Technology Resources Inc. Project) 7.875%, 1/1/2020
(Prerefunded 1/1/2000) (a).............................................. 1,000,000 1,099,940
Correctional Capital Facilities:
6.10%, 1/1/2011......................................................... 4,000,000 4,119,640
5.70%, 1/1/2016......................................................... 8,085,000 7,916,832
Refunding 6.50%, 1/1/2011 (Insured; FSA)................................ 3,190,000 3,572,034
Local or Guaranteed Housing, Refunding 5.50%, 7/1/2016.................... 3,550,000 3,510,559
(Onondaga County Convention Project) 7.875%, 1/1/2020
(Prerefunded 1/1/2001) (a).............................................. 1,475,000 1,664,287
Port Authority of New York and New Jersey, Port, Airport and Marina Revenue
Special Obligation (JFK International Air Terminal Project)
5.75%, 12/1/2022 (Insured; MBIA).......................................... 5,000,000 4,976,800
Rensselaer County Industrial Development Agency, IDR (Albany International Corp.)
7.55%, 6/1/2007 (LOC; Norstar Bank) (b)................................... 1,500,000 1,731,045
Triborough Bridge and Tunnel Authority:
(Convention Center Project) 7.25%, 1/1/2010............................... 1,000,000 1,133,470
Revenue:
6%, 1/1/2012............................................................ 2,000,000 2,139,820
5.20%, 1/1/2022......................................................... 1,620,000 1,539,146
Special Obligation 6.25%, 1/1/2012 (Insured; AMBAC)....................... 4,000,000 4,214,120
U.S. Related--7.9%
Guam Airport Authority, Airport Revenue 6.70%, 10/1/2023..................... 2,000,000 2,081,920
Commonwealth of Puerto Rico 6%, 7/1/2026..................................... 5,000,000 5,122,850
Puerto Rico Electric Power Authority, Electric Power and Light Revenue
5.375%, 7/1/2027 (Insured; MBIA).......................................... 6,000,000 5,851,200
Puerto Rico Industrial Medical Educational and Environmental Pollution Control
Facilities Financing Authority, HR, Refunding (Saint Luke's Hospital Project)
6.25%, 6/1/2010........................................................... 1,100,000 1,142,559
Puerto Rico Public Buildings Authority, Revenue, Public Education and
Health Facilities Refunding 5.70%, 7/1/2009 (Guaranteed;
Commonwealth of Puerto Rico).............................................. 2,235,000 2,323,037
------------
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $198,795,701)....................................................... $206,892,215
============
</TABLE>
<TABLE>
<CAPTION>
<PAGE>
Dreyfus Premier New York Municipal Bond Fund
- ----------------------------------------------------------------------------
Statement of Investments (continued) May 31, 1997 (Unaudited)
Principal
Short-Term Municipal Investments--1.4% Amount Value
- ------------------------------------------------------------------------------- ----------- -------------
<S> <C> <C>
New York:
New York City, Refunding, VRDN 4% (LOC; Morgan Guaranty Trust) (b,c)......... $ 1,000,000 $ 1,000,000
New York City Municipal Water Finance Authority, Water and Sewer Systems
Revenue, VRDN 4.05% (SBPA; FGIC) (c)...................................... 2,000,000 2,000,000
------------
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS
(cost $3,000,000)......................................................... $ 3,000,000
============
TOTAL INVESTMENTS--100.0%
(cost $201,795,701)....................................................... $209,892,215
============
</TABLE>
<PAGE>
Dreyfus Premier New York Municipal Bond Fund
- ------------------------------------------------------------------------------
Summary of Abbreviations
- ------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Investors Assurance
FGIC Financial Guaranty Insurance Company Insurance Corporation
FHA Federal Housing Administration MFHR Multi-Family Housing Revenue
FSA Financial Security Assurance PCR Pollution Control Revenue
HR Hospital Revenue SBPA Standby Bond Purchase Agreement
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
LOC Letter of Credit
</TABLE>
Summary of Combined Ratings (Unaudited)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Fitch (d) or Moody's or Standard & Poor's Percentage of Value
- ------ -------- ---------------- ------------------
AAA Aaa AAA 39.1%
AA Aa AA 5.1
A A A 27.6
BBB Baa BBB 25.5
F1 Mig1 SP1 1.4
Not Rated (e) Not Rated (e) Not Rated (e) 1.3
-------
100.0%
=======
<FN>
Notes to Statement of Investments:
- -------------------------------------------------------------------------------
(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) Secured by letters of credit.
(c) Securities payable on demand. The interest rate, which is subject to change,
is based upon bank prime rates or an index of market interest rates.
(d) Fitch currently provides creditworthiness information for a limited number
of investments.
(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.
</TABLE>
<TABLE>
<CAPTION>
Statement of Financial Futures May 31, 1997 (Unaudited)
Market Value Unrealized
Covered (Depreciation)
Financial Futures Sold Short Contracts by Contracts Expiration at 5/31/97
- ------------------------- -------- -------------- --------- -----------
<S> <C> <C> <C> <C>
Treasury Bond Index Futures...................... 50 ($11,003,125) June '97 ($125,000)
==========
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
<PAGE>
Dreyfus Premier New York Municipal Bond Fund
- ---------------------------------------------------------------------
Statement of Assets and Liabilities May 31, 1997 (Unaudited)
Cost Value
------------- -------------
<S> <C> <C> <C>
ASSETS: Investments in securities--See Statement of Investments $201,795,701 $209,892,215
Cash............................................. 54,391
Interest receivable.............................. 3,492,235
Receivable for investment securities sold........ 3,443,411
Receivable for shares of Beneficial Interest subscribed 94,437
Prepaid expenses................................. 24,023
------------
217,000,712
------------
LIABILITIES: Due to The Dreyfus Corporation and affiliates.... 99,502
Due to Distributor............................... 79,537
Payable for investment securities purchased...... 2,920,255
Payable for shares of Beneficial Interest redeemed 361,791
Payable for futures variation margin--Note 4(a)... 71,875
Accrued expenses................................. 71,769
------------
3,604,729
------------
NET ASSETS..................................................................... $213,395,983
============
REPRESENTED BY: Paid-in capital.................................. $204,552,509
Accumulated net realized gain (loss) on investments 871,960
Accumulated net unrealized appreciation (depreciation)
on investments [including ($125,000) net unrealized
(depreciation) on financial futures]--Note 4(b). 7,971,514
------------
NET ASSETS..................................................................... $213,395,983
============
</TABLE>
NET ASSET VALUE PER SHARE
<TABLE>
<CAPTION>
Class A Class B Class C
------------ ---------- --------
<S> <C> <C> <C>
Net Assets.............................................. $132,494,918 $80,803,269 $97,796
Shares Outstanding...................................... 8,991,334 5,482,269 6,634
NET ASSET VALUE PER SHARE............................... $14.74 $14.74 $14.74
====== ====== ======
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
<PAGE>
Dreyfus Premier New York Municipal Bond Fund
- -------------------------------------------------------------------
Statement of Operations Six Months Ended May 31, 1997 (Unaudited)
INVESTMENT INCOME
<S> <C> <C> <C>
INCOME Interest Income.................................. $ 5,963,529
EXPENSES: Management fee--Note 3(a)......................... $ 564,704
Shareholder servicing costs--Note 3(c)............ 314,834
Distribution fees--Note 3(b)...................... 186,466
Professional fees................................ 34,191
Registration fees................................ 17,946
Custodian fees................................... 12,198
Trustees' fees and expenses--Note 3(d)............ 9,875
Loan commitment fees--Note 2...................... 1,298
Miscellaneous................................... 5,067
----------
Total Expenses.............................. 1,146,579
----------
INVESTMENT INCOME--NET.......................................................... 4,816,950
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments......... $ 872,699
Net unrealized appreciation (depreciation) on investments
[including ($125,000) net unrealized (depreciation)
on financial futures]............................ (2,567,253)
----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS........................ (1,694,554)
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.......................... $ 3,122,396
============
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
<PAGE>
Dreyfus Premier New York Municipal Bond Fund
- --------------------------------------------------------------------------------
Statement of Changes in Net Assets
Six Months Ended
May 31, 1997 Year Ended
(Unaudited) November 30, 1996
---------------- -----------------
<S> <C> <C>
OPERATIONS:
Investment income--net....................................................... $ 4,816,950 $ 10,020,935
Net realized gain (loss) on investments..................................... 872,699 948,259
Net unrealized appreciation (depreciation) on investments................... (2,567,253) (1,028,664)
------------ ------------
Net Increase (Decrease) in Net Assets Resulting from Operations......... 3,122,396 9,940,530
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Class A shares............................................................ (3,197,727) (6,921,593)
Class B shares............................................................ (1,609,663) (3,093,704)
Class C shares............................................................ (9,560) (5,638)
Net realized gain on investments:
Class A shares............................................................ (589,099) --
Class B shares............................................................ (311,285) --
Class C shares............................................................ (2,253) --
------------ ------------
Total Dividends......................................................... (5,719,587) (10,020,935)
------------ ------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold:
Class A shares............................................................ 4,822,853 11,521,767
Class B shares............................................................ 4,792,748 10,872,905
Class C shares............................................................ 40,519 473,073
Dividends reinvested:
Class A shares............................................................ 2,784,219 5,056,435
Class B shares............................................................ 1,468,143 2,351,435
Class C shares............................................................ 3,072 4,027
Cost of shares redeemed:
Class A shares............................................................ (13,190,654) (27,212,542)
Class B shares............................................................ (5,576,126) (8,777,575)
Class C shares............................................................ (512,486) --
Net assets received in connection with reorganization--Note 1................ 14,070,924 --
------------ ------------
Increase (Decrease) in Net Assets from Beneficial Interest Transactions. 8,703,212 (5,710,475)
------------ ------------
Total Increase (Decrease) in Net Assets............................... 6,106,021 (5,790,880)
NET ASSETS:
Beginning of Period......................................................... 207,289,962 213,080,842
------------ ------------
End of Period............................................................... $213,395,983 $207,289,962
------------ ------------
------------ ------------
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
<PAGE>
Dreyfus Premier New York Municipal Bond Fund
- ------------------------------------------------------------------------------
Statement of Changes in Net Assets (continued)
Shares
-------------------------------------
Six Months Ended
May 31, 1997 Year Ended
(Unaudited) November 30, 1996
---------------- -----------------
CAPITAL SHARE TRANSACTIONS:
<S> <C> <C>
Class A
-------
Shares sold................................................................. 330,654 786,787
Shares issued in connection with reorganization--Note 1...................... 308,412 --
Shares issued for dividends reinvested...................................... 189,803 345,086
Shares redeemed............................................................. (900,944) (1,861,748)
-------- ----------
Net Increase (Decrease) in Shares Outstanding... (72,075) (729,875)
======== ==========
Class B
-------
Shares sold................................................................. 327,410 740,327
Shares issued in connection with reorganization--Note 1...................... 658,559 --
Shares issued for dividends reinvested...................................... 100,052 160,501
Shares redeemed............................................................. (381,462) (601,695)
-------- ----------
Net Increase (Decrease) in Shares Outstanding... 704,559 299,133
======== ==========
Class C
-------
Shares sold................................................................. 2,718 32,116
Shares issued in connection with reorganization--Note 1...................... 6,355 --
Shares issued for dividends reinvested...................................... 208 276
Shares redeemed............................................................. (35,108) --
------- ----------
Net Increase (Decrease) in Shares Outstanding... (25,827) 32,392
======= ==========
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
<PAGE>
Dreyfus Premier New York Municipal Bond Fund
- --------------------------------------------------------------------------------
Financial Highlights
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average net
assets and other supplemental data for each period indicated. This information
has been derived from the Fund's financial statements.
Class A Shares
---------------------------------------------------------------------------
Six Months Ended
May 31, 1997 Year Ended November 30,
-----------------------------------------------------------
PER SHARE DATA: (Unaudited) 1996 1995 1994 1993 1992
----------- ------- ------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $14.94 $14.93 $13.01 $14.97 $13.97 $13.56
------ ------ ------ ------ ------ ------
Investment Operations:
Investment income--net.................. .36 .73 .75 .75 .80 .86
Net realized and unrealized gain (loss)
on investments........................ (.13) .01 1.92 (1.86) 1.00 .56
------ ------ ------ ------ ------ ------
Total from Investment Operations........ .23 .74 2.67 (1.11) 1.80 1.42
------ ------ ------ ------ ------ ------
Distributions:
Dividends from investment income--net... (.36) (.73) (.75) (.75) (.80) (.86)
Dividends from net realized gain
on investments........................ (.07) -- -- (.10) -- (.15)
------ ------ ------ ------ ------ ------
Total Distributions..................... (.43) (.73) (.75) (.85) (.80) (1.01)
------ ------ ------ ------ ------ ------
Net asset value, end of period.......... $14.74 $14.94 $14.93 $13.01 $14.97 $13.97
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN(1)................. 3.07%(2) 5.17% 20.93% (7.76%) 13.16% 10.79%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets. .93%(2) .92% .94% .89% .78% .72%
Ratio of net investment income
to average net assets................. 4.88%(2) 4.99% 5.27% 5.25% 5.41% 6.16%
Decrease reflected in above expense ratios
due to undertakings by the Manager.... -- -- -- .04% .18% .34%
Portfolio Turnover Rate................. 30.15%(3) 53.74% 74.11% 31.76% 19.55% 12.55%
Net Assets, end of period (000's Omitted) $132,495 $135,413 $146,207 $137,978 $164,046 $108,247
<FN>
- -------------------
(1) Exclusive of sales load.
(2) Annualized.
(3) Not annualized.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
<PAGE>
Dreyfus Premier New York Municipal Bond Fund
- --------------------------------------------------------------------------------
Financial Highlights (continued)
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average net
assets and other supplemental data for each period indicated. This information
has been derived from the Fund's financial statements.
Class B Shares
-----------------------------------------------------------------------
Six Months Ended
May 31, 1997 Year Ended November 30,
------------------------------------------------------
PER SHARE DATA: (Unaudited) 1996 1995 1994 1993(1)
----------- -------- --------- -------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period..... $14.94 $14.93 $13.02 $14.97 $14.04
------ ------ ------ ------ ------
Investment Operations:
Investment income--net................... .32 .65 .67 .67 .62
Net realized and unrealized gain (loss)
on investments........................ (.13) .01 1.91 (1.85) .93
------ ------ ------ ------ ------
Total from Investment Operations......... .19 .66 2.58 (1.18) 1.55
------ ------ ------ ------ ------
Distributions:
Dividends from investment income--net.... (.32) (.65) (.67) (.67) (.62)
Dividends from net realized gain
on investments........................ (.07) -- -- (.10) --
------ ------ ------ ------ ------
Total Distributions...................... (.39) (.65) (.67) (.77) (.62)
------ ------ ------ ------ ------
Net asset value, end of period........... $14.74 $14.94 $14.93 $13.02 $14.97
====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN(2).................. 2.55%(3) 4.61% 20.20% (8.20%) 12.78%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets.. 1.45%(3) 1.44% 1.46% 1.44% 1.34%(3)
Ratio of net investment income
to average net assets................. 4.35%(3) 4.45% 4.72% 4.70% 4.41%(3)
Decrease reflected in above expense ratios
due to undertakings by the Manager.... -- -- -- .04% .16%(3)
Portfolio Turnover Rate.................. 30.15%(4) 53.74% 74.11% 31.76% 19.55%
Net Assets, end of period (000's Omitted) $80,803 $71,392 $66,873 $52,970 $45,101
<FN>
- ---------------
(1) From January 15, 1993 (commencement of initial offering) to November 30,
1993.
(2) Exclusive of sales load.
(3) Annualized.
(4) Not annualized.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
<PAGE>
Dreyfus Premier New York Municipal Bond Fund
- --------------------------------------------------------------------------------
Financial Highlights (continued)
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average net
assets and other supplemental data for each period indicated. This information
has been derived from the Fund's financial statements.
Class C Shares
-------------------------------------------------
Six Months Ended
May 31, 1997 Year Ended November 30,
---------------------------
PER SHARE DATA: (Unaudited) 1996 1995(1)
----------- ------- ---------
<S> <C> <C> <C>
Net asset value, beginning of period................... $14.95 $14.93 $14.61
------ ------ ------
Investment Operations:
Investment income--net................................. .30 .62 .14
Net realized and unrealized gain (loss)
on investments...................................... (.14) .02 .32
------ ------ ------
Total from Investment Operations....................... .16 .64 .46
------ ------ ------
Distributions:
Dividends from investment income--net.................. (.30) (.62) (.14)
Dividends from net realized gain on investments........ (.07) -- --
------ ------ ------
Total Distributions.................................... (.37) (.62) (.14)
------ ------ ------
Net asset value, end of period......................... $14.74 $14.95 $14.93
------ ------ ------
------ ------ ------
TOTAL INVESTMENT RETURN(2)................................ 2.17%(3) 4.43% 14.19%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of operating expenses to average net assets...... 1.69%(3) 1.59% 1.74%(3)
Ratio of net investment income
to average net assets............................... 4.12%(3) 3.98% 4.00%(3)
Portfolio Turnover Rate................................ 30.15%(4) 53.74% 74.11%
Net Assets, end of period (000's Omitted).............. $98 $485 $1
<FN>
- ---------------
(1) From September 11, 1995 (commencement of initial offering) to November 30,
1995.
(2) Exclusive of sales load.
(3) Annualized.
(4) Not annualized.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Premier New York Municipal Bond Fund
- ------------------------------------------------------------------------
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 ("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 income
taxes to the extent consistent with the preservation of capital. The Dreyfus
Corporation ("Manager") serves as the Fund's investment adviser. The Manager is
a direct subsidiary of Mellon Bank, N.A.
On October 31, 1996, the Board of Trustees approved, subject to approval by
the shareholders of the New York Series of the Dreyfus Premier Insured Municipal
Bond Fund ("DPIMBF-New York Series"), an Agreement and Plan of Reorganization
providing for the transfer of all or substantially all of the DPIMBF-New York
Series' assets and liabilities to the Fund in a tax free exchange for shares of
beneficial interest of the Fund at net asset value and the assumption of stated
liabilities (the "Exchange"). The Exchange was approved by the shareholders of
DPIMBF-New York Series on March 25, 1997, and was consummated after the close of
business on April 1, 1997 at which time 350,532 Class A shares valued at $12.71
per share, 748,013 Class B shares valued at $12.73 per share, and 7,218 Class C
shares valued at $12.73 per share, representing combined net assets of
$14,070,924 (including $27,912 net unrealized appreciation on investments) were
exchanged by DPIMBF-New York Series for the respective number of Class A, Class
B and Class C shares of the Fund.
On January 8, 1997, the Fund's Trustees approved a change to the Fund's
name from "Premier New York Municipal Bond Fund" to "Dreyfus Premier New York
Municipal Bond Fund" which change became effective March 31, 1997.
Premier Mutual Fund Services, Inc. (the "Distributor") is the distributor
of the Fund's shares. The Fund is authorized to issue an unlimited number of
$.001 par value shares 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
(five years for shareholders beneficially owning Class B shares on November 30,
1996) and Class C shares are subject to a CDSC imposed on Class C 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 generally
accepted accounting principles 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 ("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
<PAGE>
Dreyfus Premier New York Municipal Bond Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
or at the last sales price on the national securities market on each
business day. Investments not listed on an exchange or the national securities
market, or securities for which there were no transactions, are valued at the
average of the most recent bid and asked prices. Bid price is used when no asked
price is available.
(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 premiums and original issue discounts 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.
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 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. To the extent
that net realized capital gain can be offset by capital loss carryovers, if any,
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 Internal Revenue
Code, and to make distributions of income and net realized capital gain
sufficient to relieve it from substantially all Federal income and excise taxes.
NOTE 2--Bank Line of Credit:
The Fund participates with other Dreyfus-managed funds in a $600 million
redemption credit facility ("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 at rates based on prevailing
market rates in effect at the time of borrowings. For the period ended May 31,
1997, 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.
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager,
retained $4,945 during the period ended May 31, 1997 from commissions earned on
sales of the Fund's shares.
(b) Under the Distribution Plan adopted pursuant to Rule 12b-1 under the
Act, the Fund pays the Distributor for distributing the Fund's Class B and Class
C 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, 1997, $184,726 was
charged to the Fund for the Class B shares and $1,740 was charged to the Fund
for the Class C shares.
(c) Under the Shareholder Services Plan, the Fund pays the
Distributor at an annual rate of .25 of 1% of the value of the average daily
net assets of Class A, Class B and Class C shares for the provision of certain
services. The
<PAGE>
Dreyfus Premier New York Municipal Bond Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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. For the period ended May 31, 1997, $163,741, $92,363 and $580
were charged to the Class A, Class B and Class C shares, respectively, by the
Distributor 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. Such compensation
amounted to $45,019 during the period ended May 31, 1997.
(d) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $1,000 and an attendance fee of $250 per
meeting. The Chairman of the Board receives an additional 25% of such
compensation.
NOTE 4--Securities Transactions:
(a) The aggregate amount of purchases and sales of investment securities,
excluding short-term securities and financial futures, during the period ended
May 31, 1997, amounted to $69,132,713 and $60,113,842 respectively.
The Fund may invest in financial futures contracts in order to gain
exposure to or protect against changes in the market. The Fund is exposed to
market risk as a result of changes in the value of the underlying financial
instruments (see Statement of Financial Futures). Investments in financial
futures require the Fund to "mark to market" on a daily basis, which reflects
the change in the market value of the contract at the close of each day's
trading. Accordingly, variation margin payments are received or made to reflect
daily unrealized gains or losses. When the contracts are closed, the Fund
recognizes a realized gain or loss. These investments require initial margin
deposits with a custodian, which consists of cash or cash equivalents, up to
approximately 10% of the contract amount. The amount of these deposits is
determined by the exchange or Board of Trade on which the contract is traded and
is subject to change. Contracts open at May 31, 1997, and their related
unrealized depreciation are set forth in the Statement of Financial Futures.
(b) At May 31, 1997, accumulated net unrealized appreciation on investments
and financial futures was $7,971,514, consisting of $8,303,270 gross unrealized
appreciation and $331,756 gross unrealized depreciation.
At May 31, 1997, 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).
<PAGE>
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
90 Washington Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 021/611SA975
