MEMORANDUM



TO:       The Members of the Board of
          Dreyfus Premier Municipal Bond Fund

FROM:     Joni Lacks Charatan
          Assistant General Counsel

DATE:     September 10, 2001

SUBJECT:  Review of Compliance with Rule 10f-3 Procedures

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     The   following  constitutes  the  required  report  of  purchases   of
securities that were effected pursuant to procedures as prescribed  by  Rule
10f-3 under the Investment Company Act of 1940, as amended (the "1940 Act"),
during the period June 30, 2001 through August 31, 2001.

     Rule  10f-3  under the 1940 Act exempts certain purchases of securities
by  a  registered  investment  company that are otherwise  prohibited  under
Section 10(f).

      Section  10(f)  prohibits any Dreyfus-sponsored  fund  from  acquiring
securities if an affiliated person of the fund, including Mellon or  any  of
its  affiliates,  concurrently  is acting  as  a  principal  underwriter  in
connection  with the offering of such securities to others.   The  foregoing
restriction  applies  even  if  the  purchase  is  actually  made  from   an
unaffiliated  underwriter.  This provision of the 1940 Act was  designed  to
prevent an underwriter affiliated with a registered investment company  from
"dumping" otherwise unmarketable securities on the investment company.

     Under  certain  conditions, however, Rule 10f-3 provides  an  exemption
from  the  prohibitions  of Section 10(f).  Rule 10f-3  permits  a  fund  to
purchase  securities that would otherwise violate Section  10(f)  if,  among
other things:

     1.   the securities were registered under the Securities Act of 1933, or
          were municipal securities, certain Rule 144A securities, or certain
          foreign offerings;

     2.    the  securities were purchased prior to the end of the first full
           business day on which the issue is offered to the public, at a price
           that is not more than the price paid by each other purchaser of
           securities in that offering;

     3.   the securities were offered pursuant to a firm commitment
          underwriting;

     4.   the commission, spread or profit received or to be received by the
       principal underwriters is reasonable and fair compared to the commission,
       spread or profit received by others in connection with the underwriting
       of similar securities being sold during a comparable period of time;

     5.   the issuer of the security has been in continuous operation for not
          less than three years, or, with respect to municipal securities, the
          issuer meets certain rating requirements as set forth in the Rule;

     6.   the amount of securities of any class of such issue purchased by the
          investment company, or by two or more investment companies having the
          same investment adviser, does not exceed 25% of the principal amount
          of the offering of such class; and

     7.   the securities are purchased from a member of the syndicate other than
          the affiliated underwriter.


     The  Portfolio  Manager  of Dreyfus Premier  Municipal  Bond  Fund  has
provided  the information in the report attached hereto to enable the  Board
to  determine  that the transaction described therein has been  effected  in
compliance  with  the Procedures adopted by the Board with respect  to  such
transactions.   A copy of the form of Procedures previously adopted  by  the
Board pursuant to Rule 10f-3 is attached for your review.