-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EnMM1FGLUJEznDaxZoD9IWDXaJ9EOYugTnRAie8P/NOOqBfoKg18dpPWW7S1l7Ku b8QqanVURLh28us3caEkZQ== 0000797923-99-000002.txt : 19990205 0000797923-99-000002.hdr.sgml : 19990205 ACCESSION NUMBER: 0000797923-99-000002 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981130 FILED AS OF DATE: 19990204 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS PREMIER MUNICIPAL BOND FUND CENTRAL INDEX KEY: 0000797923 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] STATE OF INCORPORATION: NY FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-04764 FILM NUMBER: 99520684 BUSINESS ADDRESS: STREET 1: 144 GLENN CURTISS BLVD CITY: UNIONDALE STATE: NY ZIP: 11556 BUSINESS PHONE: 2129226805 MAIL ADDRESS: STREET 1: C/O DREYFUS CORP STREET 2: 200 PARK AVENUE, 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10166 FORMER COMPANY: FORMER CONFORMED NAME: PREMIER MUNICIPAL BOND FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PREMIER TAX EXEMPT BOND FUND DATE OF NAME CHANGE: 19900916 FORMER COMPANY: FORMER CONFORMED NAME: GARDEN CITY TAX EXEMPT BOND FUND DATE OF NAME CHANGE: 19860910 N-30D 1 ANNUAL REPORT 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:
TOTAL RETURN* DISTRIBUTION RATE** ___________ _______________ Class A Shares . . . . . . . . . . . . . . . . . . . . 7.74% 4.19% Class B Shares . . . . . . . . . . . . . . . . . . . . 7.20% 3.89% Class C Shares . . . . . . . . . . . . . . . . . . . . 6.87% 3.66%
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 - -------------------------------------------------------------------------------
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* _____________________ _______________ __________________ _____________________ ____________ __________________ 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
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.
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND - ----------------------------------------------------------------------------- STATEMENT OF INVESTMENTS NOVEMBER 30, 1998 Principal Long-Term Municipal Investments--96.9% Amount Value - ------------------------------------------------------- _____________ _____________ 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 _____________
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND - ----------------------------------------------------------------------------- STATEMENT OF INVESTMENTS NOVEMBER 30, 1998 Principal Short-Term Municipal Investments--2.0% Amount Value - ------------------------------------------------------- _____________ _____________ 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 _______ ______________
Summary of Abbreviations - ----------------------------------------------------------------------------- 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
Summary of Combined Ratings (Unaudited) - -----------------------------------------------------------------------------
Fitch or Moody's or Standard & Poor's Percentage of Value _______ _________ ___________________ _____________________ 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:
- ----------------------------------------------------------------------------- (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.
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND - ----------------------------------------------------------------------------- STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1998 Cost Value _____________ _____________ 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.
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND - ----------------------------------------------------------------------------- STATEMENT OF OPERATIONS YEAR ENDED NOVEMBER 30, 1998 INVESTMENT INCOME 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.
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND - ----------------------------------------------------------------------------- STATEMENT OF CHANGES IN NET ASSETS Year Ended Year Ended November 30, 1998 November 30, 1997 ____________________ ___________________ 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.
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 ______________________________________________________ Year Ended November 30, ______________________________________________________ PER SHARE DATA: 1998 1997 1996 1995 1994 ______ ______ ______ ______ ______ 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.
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 ______________________________________________________ Year Ended November 30, ______________________________________________________ PER SHARE DATA: 1998 1997 1996 1995 1994 ______ ______ ______ ______ ______ 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.
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 __________________________________________ Year Ended November 30, __________________________________________ PER SHARE DATA: 1998 1997 1996 1995(1) ______ ______ ______ ______ 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.
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] EX-99 2 GRAPH FOR PRESIDENT'S LETTER 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 -----END PRIVACY-ENHANCED MESSAGE-----