YEAR 2000 ISSUES (UNAUDITED)
The fund could be adversely affected if the computer systems used by The
Dreyfus Corporation and the fund' s other service providers do not properly
process and calculate date-related information from and after January 1, 2000.
The Dreyfus Corporation is working to avoid Year 2000-related problems in its
systems and to obtain assurances from other service providers that they are
taking similar steps. In addition, issuers of securities in which the fund
invests may be adversely affected by Year 2000-related problems. This could have
an impact on the value of the fund's investments and its share price.
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance for Dreyfus Premier New York
Municipal Bond Fund for the 12-month period ended November 30, 1998, as shown in
the following table:
<TABLE>
<CAPTION>
TOTAL RETURN* DISTRIBUTION RATE**
___________ _______________
<S> <C> <C>
Class A Shares . . . . . . . . . . . . . . . . . . . . 7.74% 4.19%
Class B Shares . . . . . . . . . . . . . . . . . . . . 7.20% 3.89%
Class C Shares . . . . . . . . . . . . . . . . . . . . 6.87% 3.66%
</TABLE>
ECONOMIC REVIEW
During 1998, the main regions of the world had very different economic
fundamentals. The U.S. entered the year with a strong economy near full
employment, with unemployment only slightly above 4%. The tight labor market led
the Federal Reserve Board to contemplate a rise in interest rates early in the
year. The U.S. economy cooled enough over the months that the Fed decided to
stand pat. Evidence of economic cooling continued to accumulate and worries
about the world economy intensified. Financial stresses pushed the Fed to ease
beginning in September. After many years of subpar economic growth, continental
Europe moved into a sustained economic expansion. The overall European economy
benefited as interest rates in peripheral countries such as Spain and Italy
fell, approaching the lower level established by Germany, on the eve of currency
unification. Unlike the U.S., Europe has substantial excess capacity of
productive plants and labor. In Asia, weak economies were pervasive as a result
of the Asian financial crisis. The Latin American economies weakened as the
financial stresses spread throughout that region.
A main influence on the U.S. economy this year was the foreign financial
crisis and cooling of the world economy. The positive effects hit first. Actual
inflation and expected inflation dropped, causing a decline in long-term
Treasury bond yields and mortgage rates. This caused a boom in housing. The drop
in inflation helped the consumer sector as more of the growth in consumer income
was left over after inflation to buy goods and services. Consumers benefited
from a combination of good growth in real income, a strong labor market and past
increases in the prices of assets they owned.
The negative effect of Asian weakness was felt in the industrial sector more
than the consumer sector. Corporate profits weakened, especially in sectors
affected by the Asian crisis such as world-traded commodities (oil, metals and
paper) and exports. One result of the industrial weakness was to cool off a U.S.
economy that had been growing rapidly.
The major change in the economic outlook over recent months has been a
downward shift in expectations for world economic growth. A credit crunch
developed in emerging countries and former communist countries, sharply reducing
the economic outlook for Asia and Latin America as well as for
commodity-exporting countries throughout the world. The effect on Europe and the
U.S. has been to lower expectations of profit growth and drive down bond yields.
Monetary policy has begun to ease in Europe as well as the U.S.
Evidence of a weaker world economy accumulated as the financial stresses
continued. A worsened financial crisis occurred between the Russian default in
mid-August and the fallout from the Long-Term Capital Management hedge fund
crisis through early October. However, proactive steps were taken to stabilize
the Japanese banks, design a support package for Brazil and ease monetary
policy. There appears to be a shift in the priorities of key policymakers from
fighting potential inflation to restimulating future world economic growth.
MARKET ENVIRONMENT
Prices moved higher during the reporting period as various classes of
investors found municipal bonds appealing, despite the extent to which equities
vied for investors' attention for most of the period. Low inflation and low
interest rates helped create and maintain a 'bond friendly' atmosphere. Not to
be overlooked, either, is the improved fiscal posture enjoyed by many states and
municipalities, the result of several years of strong economic growth that
enhanced the creditworthiness of many municipal securities issuers, and gave
added comfort to investors. The dollar value of newly issued bonds so far in
1998 has surpassed the volume experienced in all but a few previous years. At
$255 billion, it is approximately 29% above the same period last year but,
nonetheless, a dearth of appropriate bonds persists in several states.
Fortunately, the market has absorbed the new issuance without inordinate
volatility in the process. Municipal yields have been, and continue to be, very
favorably aligned vis-a-vis U.S. Treasury Bonds. Historically, longer-term
municipals have been viewed as being good values when their yields approached
80% to 85% of the yields available on comparable Treasuries. Presently, most
measures place the ratio well in excess of 90%. The environment for municipal
bonds still appears to be positive, particularly with the Federal Reserve
Board's Open Market Committee signaling explicitly, by recent cuts in the target
rate for Federal Funds, its preference for lower interest rates.
PORTFOLIO OVERVIEW
The market has gone through several cycles during the past year, from subdued
volatility to substantial intra-day movements. During periods of low volatility
we found it advantageous to maintain a full coupon position, since the greater
part of the Fund' s performance earlier in the year came mainly from coupons
rather than market movement. Except for underlying corporate credits, the yield
spreads in the municipal market tightened. We also apportioned a percentage of
the portfolio to paper that would benefit from a downswing in rates. We saw the
expected results of these positions as the 30-year Treasury Bond's yield dropped
below 5% . There were several issues that contributed to the Fund's performance
during the year. The buyout of LILCO by the Long Island Power Authority (LIPA)
brought to market the largest single issue in the history of the municipal
industry. The buying interest in this deal was very strong, and bonds were
priced to attract investors. Perhaps the most notable change in the New York
market was the strong improvement in New York City debt and other lower rated
State and City issues. When compared to AAA paper, the value spread on these
issues has tightened significantly. The Fund holds a large percentage of this
type of paper. During the upheaval in the stock market and the taxable fixed
income markets, the Fund experienced some drag from issues whose credit quality
is tied to corporate issuers; however, since the portfolio holds a limited
amount of this type of paper, the underperformance of that sector had only a
minimal effect on the overall performance. As measured within our Lipper's New
York Municipal Debt sector, the Fund's Class A shares produced a total return of
7.74%, which compares favorably to the sector's average return of 7.10%.
Very truly yours,
[Richard J. Moynihan signature]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
December 15, 1998
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 applicable contingent deferred sales charge
imposed on redemptions in the case of Class B and Class C shares. Income may be
subject to state and local income taxes for non-New York residents.
**Distribution rate per share is based upon dividends per share paid from net
investment income during the period, 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 capital
gain distributions. Some income may be subject to the federal Alternative
Minimum Tax (AMT) for certain shareholders.
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND NOVEMBER 30, 1998
- -----------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS PREMIER NEW YORK
MUNICIPAL BOND FUND CLASS A SHARES AND THE LEHMAN BROTHERS MUNICIPAL BOND INDEX
Dollars
$22,194
Lehman Brothers Municipal Bond Index*
$21,744
Dreyfus Premier New York Municipal Bond Fund (Class A Shares)
*Source: Lehman Brothers
Average Annual Total Returns
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class A Shares Class B Shares
_______________________________________________________ _______________________________________________________
% Return Reflecting
% Return Applicable Contingent
Reflecting % Return Deferred Sales
% Return Without Maximum Initial Assuming No Charge Upon
Period Ended 11/30/98 Sales Charge Sales Charge (4.5%) Period Ended 11/30/98 Redemption Redemption*
_____________________ _______________ __________________ _____________________ ____________ __________________
<S> <C> <C> <C> <C> <C>
1 Year 7.74% 2.87% 1 Year 7.20% 3.20%
5 Years 6.29 5.31 5 Years 5.73% 5.41%
10 Years 8.58 8.08 From Inception (1/15/93) 6.76 6.64
</TABLE>
Class C Shares
_______________________________________________________
% Return Reflecting
Applicable Contingent
% Return Deferred Sales
Assuming No Charge Upon
Period Ended 11/30/98 Redemption Redemption**
_____________________ _______________ __________________
1 Year 6.87% 5.87%
From Inception (9/11/95) 6.53 6.53
- ---------------
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class A shares of Dreyfus
Premier New York Municipal Bond Fund on 11/30/88 to a $10,000 investment made in
the Lehman Brothers Municipal Bond Index on that date. All dividends and capital
gain distributions are reinvested. Performance for Class B and Class C shares
will vary from the performance of Class A shares shown above due to differences
in charges and expenses.
The Fund invests primarily in New York municipal securities and its performance
shown in the line graph takes into account the maximum initial sales charge on
Class A shares and all other applicable fees and expenses. The Lehman Brothers
Municipal Bond Index is not limited to investments principally in New York
municipal obligations and does not take into account charges, fees and other
expenses. The Lehman Brothers Municipal Bond Index, unlike the Fund, is an
unmanaged total return performance benchmark for the long-term, investment
grade, geographically unrestricted tax exempt bond market, calculated by using
municipal bonds selected to be representative of the municipal market overall.
These factors can contribute to the Index potentially outperforming or
underperforming the Fund. Further information relating to Fund performance,
including expense reimbursements, if applicable, is contained in the Financial
Highlights section of the Prospectus and elsewhere in this report.
*The maximum contingent deferred sales charge for Class B shares is 4% and is
reduced to 0% after six years.
**The maximum contingent deferred sales charge for Class C shares is 1% for
shares redeemed within one year of the date of purchase.
<TABLE>
<CAPTION>
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS NOVEMBER 30, 1998
Principal
Long-Term Municipal Investments--96.9% Amount Value
- ------------------------------------------------------- _____________ _____________
<S> <C> <C>
New York--89.4%
Albany Industrial Development Agency, Lease Revenue:
(New York State Assembly Building Project) 7.75%, 1/1/2010 . . . . . . . . . . . . . . . $ 1,415,000 $ 1,545,944
(New York State Department of Health Building Project) 7.25%, 10/1/2010 . . . . . . . . 1,410,000 1,602,394
Erie County Industrial Development Agency, Life Care Community Revenue
(Episcopal Church Home) 6%, 2/1/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . 2,250,000 2,301,255
Housing New York Corp., Local or Guaranteed Housing Revenue, Refunding
5.50%, 11/1/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,650,000 2,769,117
Long Island Power Authority, Electric System General Revenue, Refunding
5.50%, 12/1/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,110,000 5,287,215
Metropolitan Transportation Authority:
Commuter Facilities Revenue:
6.125%, 7/1/2014 (Insured; MBIA) (Prerefunded 7/1/2004) (a) . . . . . . . . . . . . . 2,990,000 3,361,089
5.70%, 7/1/2017 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,895,000 6,377,506
Transit Facilities Revenue:
6%, 7/1/2016 (Insured; FSA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,326,100
Refunding 5.375%, 7/1/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,042,000
New York City:
5.875%, 8/15/2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,900,000 5,278,427
6%, 2/15/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,445,000 3,691,007
6%, 2/15/2020 (Prerefunded 2/15/2005) (a) . . . . . . . . . . . . . . . . . . . . . . . 1,055,000 1,177,855
6.625%, 8/1/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,095,000 4,628,005
6.625%, 8/1/2025 (Prerefunded 8/1/2005)(a) . . . . . . . . . . . . . . . . . . . . . . . 995,000 1,155,732
Refunding:
6.75%, 2/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,520,290
6%, 8/1/2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,282,570
6%, 8/1/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000,000 4,376,760
5.875%, 8/1/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,149,940
New York City Housing Development Corp., MFHR, Refunding 5.625%, 5/1/2012. . . . . . . . . 1,500,000 1,590,495
New York City Industrial Development Agency:
Civic Facility Revenue:
Lease Revenue, (College of Aeronautics Project) 5.45%, 5/1/2018 . . . . . . . . . . . 1,000,000 1,031,280
(YMCA of Greater New York Project) 5.80%, 8/1/2016 . . . . . . . . . . . . . . . . . . 1,000,000 1,062,560
IDR, Refunding (Laguardia Association LP Project) 6%, 11/1/2028 . . . . . . . . . . . . 2,000,000 2,003,940
Special Facility Revenue:
(American Airlines Inc. Project) 6.90%, 8/1/2024 . . . . . . . . . . . . . . . . . . . 2,000,000 2,215,640
(Terminal One Group Association Project) 6%, 1/1/2019 . . . . . . . . . . . . . . . . 3,000,000 3,198,630
New York City Municipal Water Finance Authority, Water and Sewer Systems
Revenue,
Refunding 6%, 6/15/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,100,000 4,654,771
New York City Transitional Finance Authority, Revenue 4.75%, 5/1/2023. . . . . . . . . . . 1,000,000 964,250
New York State Dormitory Authority, Revenues:
(Consolidated City University System):
5.75%, 7/1/2009 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,368,070
6.30%, 7/1/2024 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,000 560,105
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------- _____________ _____________
New York (continued)
New York State Dormitory Authority, Revenues: (continued)
(Consolidated City University System) (continued):
Refunding:
5.75%, 7/1/2007 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,150,000 $ 3,509,604
5.35%, 7/1/2009 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500,000 1,626,780
5.50%, 7/1/2016 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . 2,200,000 2,330,130
5.625%, 7/1/2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000,000 4,336,560
Health Hospital and Nursing Home:
(Department of Health) 5.75%, 7/1/2017 . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,064,750
(Ideal Senior Living Center Housing Corp.) 5.90%, 8/1/2026 (Insured: MBIA & FHA) . . . 1,000,000 1,073,100
(Municipal Health Facilities Improvement Program) 5.50%, 5/15/2024 (Insured; FSA) . . 1,000,000 1,048,430
(Municipal Health Facilities Improvement Program) 4.75%, 1/15/2029 . . . . . . . . . . . 2,500,000 2,397,475
State University Educational Facilities, Refunding :
5.875%, 5/15/2011 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,698,850
5.50%, 5/15/2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500,000 1,630,620
5.875%, 5/15/2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,241,560
4.75%, 5/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,376,425
New York State Energy Research and Development Authority, Electric Facilities
Revenue
(Consolidated Edison Co. Project) 7.125%, 12/1/2029 . . . . . . . . . . . . . . . . . . 5,000,000 5,764,600
New York State Environmental Facilities Corp., PCR (Pilgrim State Sewer Project)
6.30%, 3/15/2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,344,820
New York State Housing Finance Agency, Revenue:
Health Facilities, Refunding (New York City) 6%, 11/1/2007 . . . . . . . . . . . . . . . 4,000,000 4,432,600
Housing Project Mortgage, Refunding 6.10%, 11/1/2015 (Insured; FSA) . . . . . . . . . . 1,960,000 2,144,965
Service Contract Obligation:
6.25%, 9/15/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,332,550
Refunding:
5.25%, 9/15/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,087,360
5.50%, 9/15/2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000,000 4,158,400
New York State Medical Care Facilities Finance Agency, Hospital and Nursing Hom
FHA Insured Mortgage Revenue:
6.05%, 2/15/2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,235,650
(Montefiore Medical Center) 5.75%, 2/15/2025 (Insured; AMBAC) . . . . . . . . . . . . 500,000 529,610
New York State Mortgage Agency, Homeownership Mortgage Revenue
Refunding 6%, 4/1/2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,161,420
New York State Thruway Authority, Service Contract Revenue (Local Highway and
Bridge):
5.75%, 4/1/2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,169,440
Refunding 6%, 4/1/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,542,700
New York State Urban Development Corp., Revenue, Correctional Capital
Facilities:
6.10%, 1/1/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000,000 4,374,720
5.375%, 1/1/2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,850,000 2,940,801
5.70%, 1/1/2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,350,000 9,904,923
4.75%, 1/1/2018 (Insured; AMBAC) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 1,952,100
Refunding 6.50%, 1/1/2011 (Insured; FSA) . . . . . . . . . . . . . . . . . . . . . . . . 3,190,000 3,791,124
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------- _____________ _____________
New York (continued)
Orange County Industrial Development Agency, Life Care Community Revenue,
Refunding
(Glen Arden Inc. Project) 5.625%, 1/1/2018 . . . . . . . . . . . . . . . . . . . . . . . $ 1,000,000 $ 999,940
Port Authority of New York and New Jersey, Special Obligation Revenue
(JFK International Air Terminal) 5.75%, 12/1/2025 (Insured; MBIA) . . . . . . . . . . . 4,025,000 4,270,163
Rensselaer County Industrial Development Agency, IDR (Albany International
Corp.)
7.55%, 6/1/2007 (LOC; Norstar Bank) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500,000 1,808,385
Scotia Housing Authority, Housing Revenue (Coburg Village Inc. Project)
6.15%, 7/1/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,052,050
Triborough Bridge and Tunnel Authority, Refunding:
Highway and Toll Revenue:
6%, 1/1/2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,295,260
6.125%, 1/1/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,353,780
Lease Revenue (Convention Center Project) 7.25%, 1/1/2010 . . . . . . . . . . . . . . . 1,000,000 1,199,020
Special Obligation:
6.25%, 1/1/2012 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 730,000 786,794
6.25%, 1/1/2012 (Insured; AMBAC) (Prerefunded 1/1/2002) (a) . . . . . . . . . . . . . 3,270,000 3,556,256
4.75%, 1/1/2024 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,125,000 1,084,219
Watervliet Housing Authority, Residential Housing Revenue
(Beltrone Living Center Project) 6%, 6/1/2028 . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,011,430
Yonkers 5.50%, 9/1/2012 (Insured; FGIC). . . . . . . . . . . . . . . . . . . . . . . . . . 1,235,000 1,332,726
Yonkers Industrial Development Agency, Civic Facility Revenue
(Saint Joseph's Hospital) 5.90%, 3/1/2008 . . . . . . . . . . . . . . . . . . . . . . . 1,700,000 1,721,369
U.S. Related --7.5%
Guam Airport Authority, Airport Revenue 6.70%, 10/1/2023 . . . . . . . . . . . . . . . . . 2,000,000 2,189,820
Commonwealth of Puerto Rico:
6%, 7/1/2026 (Prerefunded 7/1/2007) (a) . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,756,100
Refunding 5.50%, 7/1/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500,000 1,634,595
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 1,189,518
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 2,465,741
Virgin Islands Public Finance Authority, Revenue, Refunding 5.50%, 10/1/2014 . . . . . . . 3,000,000 3,110,820
_____________
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $195,355,051) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $212,543,000
_____________
</TABLE>
<TABLE>
<CAPTION>
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS NOVEMBER 30, 1998
Principal
Short-Term Municipal Investments--2.0% Amount Value
- ------------------------------------------------------- _____________ _____________
<S> <C> <C>
New York:
Long Island Power Authority, Electric System General Revenue, VRDN
3.30% (Insured; MBIA, LOC; Credit Suisse First Boston) (c) . . . . . . . . . . . . . . . $ 2,000,000 $ 2,000,000
Port Authority of New York and New Jersey, Special Obligation Revenue, Refundin
VRDN (Versatile Structure Obligation):
3.35% (LOC; Landesbank Hessen-Thurgen) (c) . . . . . . . . . . . . . . . . . . . . . . 1,500,000 1,500,000
3.25% (SBPA; Morgan Guaranty Trust Co.) (c) . . . . . . . . . . . . . . . . . . . . . 1,100,000 1,100,000
_____________
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS
(cost $4,600,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,600,000
_____________
TOTAL INVESTMENTS
(cost $199,955,051) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98.9% $217,143,000
_______ ______________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1% $ 2,313,475
_______ ______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $219,456,475
_______ ______________
</TABLE>
<TABLE>
<CAPTION>
Summary of Abbreviations
- -----------------------------------------------------------------------------
<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>
Fitch or Moody's or Standard & Poor's Percentage of Value
_______ _________ ___________________ _____________________
<S> <C> <C> <C>
AAA Aaa AAA 30.2%
AA Aa AA 6.0
A A A 32.2
BBB Baa BBB 22.9
F1 Mig1 SP1 2.1
Not Rated (d) Not Rated (d) Not Rated (d) 6.6
_______
100.0%
_______
Notes to Statement of Investments:
</TABLE>
- -----------------------------------------------------------------------------
(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) Purchased on a delayed-delivery basis.
(c) Securities payable on demand. Variable interest rate-subject to periodic
change.
(d) 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.
<TABLE>
<CAPTION>
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1998
Cost Value
_____________ _____________
<S> <C> <C>
ASSETS: Investments in securities--See Statement of Investments . . $199,955,051 $217,143,000
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . 624,424
Interest receivable . . . . . . . . . . . . . . . . . . . 3,763,653
Receivable for shares of Beneficial Interest subscribed . . 199,551
Prepaid expenses . . . . . . . . . . . . . . . . . . . . 8,145
_____________
221,738,773
_____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 98,623
Due to Distributor . . . . . . . . . . . . . . . . . . . 79,862
Payable for investment securities purchased . . . . . . . 1,932,781
Payable for shares of Beneficial Interest redeemed . . . 99,225
Accrued expenses . . . . . . . . . . . . . . . . . . . . 71,807
_____________
2,282,298
_____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $219,456,475
_____________
REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . $200,769,732
Accumulated net realized gain (loss) on investments . . . 1,498,794
Accumulated gross unrealized appreciation on investments . 17,187,949
_____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $219,456,475
_____________
NET ASSET VALUE PER SHARE
_____________________________
Class A Class B Class C
____________ ____________ ____________
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $134,431,900 $83,436,582 $1,587,993
Shares Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,712,137 5,406,110 102,893
NET ASSET VALUE PER SHARE. . . . . . . . . . . . . . . . . . . . . . . . . $15.43 $15.43 $15.43
_______ _______ _______
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONS YEAR ENDED NOVEMBER 30, 1998
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income . . . . . . . . . . . . . . . . . . . . . $11,593,103
EXPENSES: Management fee--Note 3(a) . . . . . . . . . . . . . . . . $ 1,174,183
Shareholder servicing costs--Note 3(c) . . . . . . . . . 671,950
Distribution fees--Note 3(b) . . . . . . . . . . . . . . 411,859
Professional fees . . . . . . . . . . . . . . . . . . . . 48,762
Custodian fees . . . . . . . . . . . . . . . . . . . . . 21,969
Registration fees . . . . . . . . . . . . . . . . . . . . 20,721
Prospectus and shareholders' reports . . . . . . . . . . 19,924
Trustees' fees and expenses--Note 3(d) . . . . . . . . . 15,483
Loan commitment fees--Note 2 . . . . . . . . . . . . . . 1,849
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . 16,217
____________
Total Expenses . . . . . . . . . . . . . . . . . . . . 2,402,917
____________
INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,190,186
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments . . . . . . . . . $ 1,521,217
Net unrealized appreciation (depreciation) on investments . . 4,753,371
____________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS . . . . . . . . . . . . . . . . . . 6,274,588
____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . $15,464,774
____________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Year Ended Year Ended
November 30, 1998 November 30, 1997
____________________ ___________________
<S> <C> <C>
OPERATIONS:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,190,186 $ 9,612,489
Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . 1,521,217 3,300,843
Net unrealized appreciation (depreciation) on investments . . . . . . . . . . . 4,753,371 1,895,811
_____________ _____________
Net Increase (Decrease) in Net Assets Resulting from Operations . . . . . . 15,464,774 14,809,143
_____________ _____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,915,440) (6,295,888)
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,251,012) (3,305,195)
Class C shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23,734) (11,406)
Net realized gain on investments:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,048,335) (589,099)
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,272,846) (311,285)
Class C shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,346) (2,253)
_____________ _____________
Total Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,512,713) (10,515,126)
_____________ _____________
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,664,934 7,608,273
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,637,510 7,753,909
Class C shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,510,679 40,520
Dividends reinvested:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,357,995 4,814,789
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,412,975 2,697,892
Class C shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,935 3,651
Cost of shares redeemed:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (21,240,900) (25,958,621)
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,853,475) (13,048,898)
Class C shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (40,780) (526,877)
Net assets received in connection with reorganization--Note 1 . . . . . . . . . ---- 14,070,924
_____________ _____________
Increase (Decrease) in Net Assets from Beneficial Interest Transactions . . 7,464,873 (2,544,438)
_____________ _____________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . . . . 10,416,934 1,749,579
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209,039,541 207,289,962
_____________ _____________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $219,456,475 $209,039,541
_____________ _____________
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
Shares
___________________________________________
Year Ended Year Ended
November 30, 1998 November 30, 1997
____________________ ___________________
CAPITAL SHARE TRANSACTIONS:
Class A
________
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,288,205 515,255
Shares issued in connection with reorganization--Note 1 . . . . . . . . . . . . -- 308,412
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . 352,193 324,141
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,391,194) (1,748,284)
__________ __________
Net Increase (Decrease) in Shares Outstanding . . . . . 249,204 (600,476)
__________ __________
Class B
________
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 696,007 523,936
Shares issued in connection with reorganization--Note 1 . . . . . . . . . . . . -- 658,559
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . 224,370 181,383
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (778,462) (877,393)
__________ __________
Net Increase (Decrease) in Shares Outstanding . . . . . 141,915 486,485
__________ __________
Class C
________
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98,801 2,717
Shares issued in connection with reorganization--Note 1 . . . . . . . . . . . . -- 6,355
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . 1,038 247
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,665) (36,061)
__________ __________
Net Increase (Decrease) in Shares Outstanding . . . . . 97,174 (26,742)
__________ __________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
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.
<TABLE>
<CAPTION>
Class A Shares
______________________________________________________
Year Ended November 30,
______________________________________________________
PER SHARE DATA: 1998 1997 1996 1995 1994
______ ______ ______ ______ ______
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period . . . . . . . . . . $15.22 $14.94 $14.93 $13.01 $14.97
______ ______ ______ ______ ______
Investment Operations:
Investment income--net . . . . . . . . . . . . . . . . . .69 .71 .73 .75 .75
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . . . . . . . . .45 .35 .01 1.92 (1.86)
______ ______ ______ ______ ______
Total from Investment Operations . . . . . . . . . . . . 1.14 1.06 .74 2.67 (1.11)
______ ______ ______ ______ ______
Distributions:
Dividends from investment income--net . . . . . . . . . . (.69) (.71) (.73) (.75) (.75)
Dividends from net realized gain on investments . . . . . (.24) (.07) -- -- (.10)
______ ______ ______ ______ ______
Total Distributions . . . . . . . . . . . . . . . . . . . (.93) (.78) (.73) (.75) (.85)
______ ______ ______ ______ ______
Net asset value, end of period . . . . . . . . . . . . . $15.43 $15.22 $14.94 $14.93 $13.01
______ ______ ______ ______ ______
TOTAL INVESTMENT RETURN* . . . . . . . . . . . . . . . . . . 7.74% 7.31% 5.17% 20.93% (7.76%)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . . . . .93% .92% .92% .94% .89%
Ratio of net investment income
to average net assets . . . . . . . . . . . . . . . . 4.50% 4.78% 4.99% 5.27% 5.25%
Decrease reflected in above expense ratios
due to undertakings by the Manager . . . . . . . . . -- -- -- -- .04%
Portfolio Turnover Rate . . . . . . . . . . . . . . . . . 34.48% 74.84% 53.74% 74.11% 31.76%
Net Assets, end of period (000's Omitted) . . . . . . . . $134,432 $128,811 $135,413 $146,207 $137,978
- -----------------------------
* Exclusive of sales load.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
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.
<TABLE>
<CAPTION>
Class B Shares
______________________________________________________
Year Ended November 30,
______________________________________________________
PER SHARE DATA: 1998 1997 1996 1995 1994
______ ______ ______ ______ ______
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period . . . . . . . . . . $15.22 $14.94 $14.93 $13.02 $14.97
______ ______ ______ ______ ______
Investment Operations:
Investment income--net . . . . . . . . . . . . . . . . . .61 .63 .65 .67 .67
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . . . . . . . . .45 .35 .01 1.91 (1.85)
______ ______ ______ ______ ______
Total from Investment Operations . . . . . . . . . . . . 1.06 .98 .66 2.58 (1.18)
______ ______ ______ ______ ______
Distributions:
Dividends from investment income--net . . . . . . . . . . (.61) (.63) (.65) (.67) (.67)
Dividends from net realized gain on investments . . . . . (.24) (.07) -- -- (.10)
______ ______ ______ ______ ______
Total Distributions . . . . . . . . . . . . . . . . . . . (.85) (.70) (.65) (.67) (.77)
______ ______ ______ ______ ______
Net asset value, end of period . . . . . . . . . . . . . $15.43 $15.22 $14.94 $14.93 $13.02
______ ______ ______ ______ ______
TOTAL INVESTMENT RETURN* . . . . . . . . . . . . . . . . . . 7.20% 6.77% 4.61% 20.20% (8.20%)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . . . . 1.44% 1.44% 1.44% 1.46% 1.44%
Ratio of net investment income
to average net assets . . . . . . . . . . . . . . . . 3.99% 4.26% 4.45% 4.72% 4.70%
Decrease reflected in above expense ratios
due to undertakings by the Manager . . . . . . . . . -- -- -- -- .04%
Portfolio Turnover Rate . . . . . . . . . . . . . . . . . 34.48% 74.84% 53.74% 74.11% 31.76%
Net Assets, end of period (000's Omitted) . . . . . . . . $83,437 $80,142 $71,392 $66,873 $52,970
- -----------------------------
* Exclusive of sales load.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
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.
<TABLE>
<CAPTION>
Class C Shares
__________________________________________
Year Ended November 30,
__________________________________________
PER SHARE DATA: 1998 1997 1996 1995(1)
______ ______ ______ ______
<S> <C> <C> <C> <C>
Net asset value, beginning of period . . . . . . . . . . . . . . . . . $15.23 $14.95 $14.93 $14.61
______ ______ ______ ______
Investment Operations:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . .57 .60 .62 .14
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . . . . . . . . . . . . . . . .44 .35 .02 .32
______ ______ ______ ______
Total from Investment Operations . . . . . . . . . . . . . . . . . . . 1.01 .95 .64 .46
______ ______ ______ ______
Distributions:
Dividends from investment income--net . . . . . . . . . . . . . . . . . (.57) (.60) (.62) (.14)
Dividends from net realized gain on investments . . . . . . . . . . . . (.24) (.07) -- --
______ ______ ______ ______
Total Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . (.81) (.67) (.62) (.14)
______ ______ ______ ______
Net asset value, end of period . . . . . . . . . . . . . . . . . . . . $15.43 $15.23 $14.95 $14.93
______ ______ ______ ______
TOTAL INVESTMENT RETURN(2) . . . . . . . . . . . . . . . . . . . . . . . . 6.87% 6.50% 4.43% 14.19%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . . . . . . . . . . . 1.62% 1.69% 1.59% 1.74%(3)
Ratio of net investment income
to average net assets . . . . . . . . . . . . . . . . . . . . . . . 3.63% 4.08% 3.98% 4.00%(3)
Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . 34.48% 74.84% 53.74% 74.11%
Net Assets, end of period (000's Omitted) . . . . . . . . . . . . . . . $1,588 $87 $485 $1
- -----------------------------
(1) From September 11, 1995 (commencement of initial offering) to November 30, 1995.
(2) Exclusive of sales load.
(3) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus Premier New York Municipal Bond Fund (the "Fund") is registered under
the Investment Company Act of 1940, as amended (the "Act") as a non-diversified
open-end management investment company. The Fund's investment objective is to
maximize current income exempt from Federal, New York State and New York City
income taxes to the extent consistent with the preservation of capital. The
Dreyfus Corporation (the "Manager") serves as the Fund's investment adviser. The
Manager is a direct subsidiary of Mellon Bank, N.A.
On October 31, 1996, the Fund' s 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.
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 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.
DREYFUS PREMIER NEW YORK MUNICIPAL
BOND FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Under the terms of the custody agreement, the Fund received net earnings credits
of $3,649 during the period ended November 30, 1998 based on available cash
balances left on deposit. Income earned under this arrangement is included in
interest income.
The Fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations held
by the Fund.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain 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, 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 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. During the period ended
November 30, 1998, 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 $3,171 during the period ended November 30, 1998 from commissions
earned on sales of the Fund's shares.
(B) Under the Distribution 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 November 30, 1998, Class B and Class C
shares were charged $406,951 and $4,908, respectively, pursuant to the
Distribution Plan.
(C) Under the Shareholder Services Plan, Class A, Class B and Class C shares
pay the Distributor at an annual rate of .25 of 1% of the value of their average
daily net assets for the provision of certain services. The services provided
may include personal services relating to shareholder accounts, such as
answering shareholder inquiries regarding the Series and providing reports and
other information, and services related to the maintenance of shareholder
accounts. The Distributor may make payments to Service Agents (a securities
dealer, financial institution or other industry professional) in respect of
these services. The Distributor determines the amounts to be paid to Service
Agents. During the period ended November 30, 1998, Class A, Class B and Class C
shares were charged $328,608, $203,476 and $1,636, respectively, pursuant to the
Shareholder Services Plan.
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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 November 30, 1998, the Fund was charged $104,575 pursuant to the transfer
agency agreement.
(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:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended November 30, 1998,
amounted to $73,014,981 and $72,137,262 respectively.
At November 30, 1998, 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).
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
We have audited the accompanying statement of assets and liabilities of
Dreyfus Premier New York Municipal Bond Fund, including the statement of
investments, as of November 30, 1998, and the related statement of operations
for the year then ended, the statement of changes in net assets for each of the
two years in the period then ended and financial highlights for each of the
years indicated therein. These financial statements and financial highlights are
the responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights. Our procedures included confirmation of
securities owned as of November 30, 1998 by correspondence with the custodian
and brokers. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Dreyfus Premier New York Municipal Bond Fund at November 30, 1998, the results
of its operations for the year then ended, the changes in its net assets for
each of the two years in the period then ended, and the financial highlights for
each of the indicated years, in conformity with generally accepted accounting
principles.
New York, New York
January 4, 1999
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Fund hereby makes the following
designations regarding its fiscal year ended November 30, 1998:
-- all the dividends paid from investment income-net are "exempt-interest
dividends" (not subject to regular Federal and, for individuals who are New York
residents, New York State and New York City personal income taxes), and
-- the Fund hereby designates $.2032 per share paid as a long-term capital
gain distribution of the $.2422 per share paid on December 4, 1997.
As required by Federal tax law rules, shareholders will receive notification
of their portion of the Fund' s taxable ordinary dividends and capital gain
distributions paid for the 1998 calendar year on Form 1099-DIV which will be
mailed by January 31, 1999.
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. 021/611AR9811
ANNUAL REPORT
- -------------------------------------------------------------------------------
DREYFUS PREMIER
NEW YORK MUNICIPAL
BOND FUND
- -------------------------------------------------------------------------------
NOVEMBER 30, 1998
[dreyfus lion logo reg.tm]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
IN DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND CLASS A
SHARES AND THE LEHMAN BROTHERS MUNICIPAL BOND INDEX
EXHIBIT A:
DREYFUS PREMIER
NEW YORK
PERIOD LEHMAN BROTHERS MUNICIPAL
MUNICIPAL BOND FUND
BOND INDEX * (CLASS A SHARES)
11/30/88 10,000 9,551
11/30/89 11,101 10,719
11/30/90 11,956 11,353
11/30/91 13,183 12,787
11/30/92 14,505 14,166
11/30/93 16,113 16,030
11/30/94 15,266 14,787
11/30/95 18,151 17,882
11/30/96 19,218 18,806
11/30/97 20,596 20,182
11/30/98 22,194 21,744
*Source: Lehman Brothers
