N-CSR

UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549 

FORM N-CSR 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT 

INVESTMENT COMPANIES 

Investment Company Act file number 811-4764 

Dreyfus Premier Municipal Bond Fund 

(Exact name of Registrant as specified in charter) 

c/o The Dreyfus Corporation 

200 Park Avenue 

New York, New York 10166 

(Address of principal executive offices) (Zip code) 

Michael A. Rosenberg, Esq. 

200 Park Avenue 

New York, New York 10166 

(Name and address of agent for service) 

Registrant's telephone number, including area code: (212) 922-6000

Date of fiscal year end:	04/30
Date of reporting period:	04/30/08

FORM N-CSR 

Item 1.  Reports to Stockholders. 

Save time. Save paper. View your next shareholder report online as soon as it’s available. Log into www.dreyfus.com and sign up for Dreyfus eCommunications. It’s simple and only takes a few minutes.

The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views.These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

Contents
	THE FUND
2	A Letter from the CEO
3	Discussion of Fund Performance
6	Fund Performance
8	Understanding Your Fund’s Expenses
8	Comparing Your Fund’s Expenses
With Those of Other Funds
9	Statement of Investments
25	Statement of Assets and Liabilities
26	Statement of Operations
27	Statement of Changes in Net Assets
29	Financial Highlights
33	Notes to Financial Statements
41	Report of Independent Registered
	Public Accounting Firm
42	Important Tax Information
43	Board Members Information
46	Officers of the Fund
FOR MORE INFORMATION
	Back Cover

Dreyfus Premier 

Municipal Bond Fund 

The  Fund 

A LETTER FROM THE CEO

Dear Shareholder:

We are pleased to present this annual report for Dreyfus Premier Municipal Bond Fund, covering the 12-month period from May 1, 2007, through April 30, 2008.

Although the U.S. economy has teetered on the brink of recession and the financial markets encountered heightened volatility due to an ongoing credit crisis over the reporting period, we recently have seen signs of potential improvement.The Federal Reserve Board’s aggressive easing of monetary policy and innovative measures to inject liquidity into the banking system appear to have reassured many investors and economists. At Dreyfus, we believe that the current economic downturn is likely to be relatively brief by historical standards, but the ensuing recovery may be gradual and prolonged as financial deleveraging and housing price deflation continue to weigh on economic activity.

The implications of our economic outlook for the municipal bond market generally are positive. Losses incurred by bond insurers and lack of demand for auction-rate securities have created attractive values in many areas of the municipal bond market. Furthermore, some municipal funds currently offer favorable taxable-equivalent yields as compared to their taxable and U.S. Treasury counterparts.Your financial advisor can help you assess your tax and investment strategies, and take advantage of these opportunities within the context of your overall investment portfolio.

For information about how the fund performed during the reporting period, as well as market perspectives, we have provided a Discussion of Fund Performance given by the fund’s Portfolio Managers.

Thank you for your continued confidence and support.

2

DISCUSSION OF FUND PERFORMANCE

For the period of May 1, 2007, through April 30, 2008, as provided by James Welch and W. Michael Petty, Portfolio Managers

Fund and Market Performance Overview

For the 12-month period ended April 30, 2008, Dreyfus Premier Municipal Bond Fund’s Class A shares achieved a total return of 0.28%, Class B shares achieved a total return of –0.25%, Class C shares achieved a total return of –0.46% and Class Z shares achieved a total return of 0.33% .¹The Lehman Brothers Municipal Bond Index (the “Index”), the fund’s benchmark,which does not reflect fees and expenses like a mutual fund, achieved a total return of 2.79% for the same period.² In addition, the fund is reported in the Lipper General Municipal Debt Funds category,and the average total return for all funds reported in this Lipper category was 0.10% for the reporting period.³

Municipal bonds generally produced modestly positive returns in a volatile investment climate stemming from a sharp economic slowdown and an intensifying credit crisis.The fund’s Class A and Class Z shares produced higher returns than the Lipper category average, primarily due to strong income returns from its seasoned holdings.

The Fund’s Investment Approach

The fund seeks to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital.To pursue its goal, the fund normally invests substantially all of its assets in municipal bonds that provide income exempt from federal income tax. The fund invests at least 70% of its assets in investment-grade municipal bonds or the unrated equivalent as determined by Dreyfus.The fund may invest up to 30% of its assets in municipal bonds rated below investment grade or the unrated equivalent as determined by Dreyfus. Under normal market conditions, the dollar-weighted average maturity of the fund’s portfolio is expected to exceed 10 years.

We may buy and sell bonds based on credit quality, market outlook and yield potential. In selecting municipal bonds for investment, we may assess the current interest-rate environment and a municipal bond’s

The Fund 3

DISCUSSION OF FUND PERFORMANCE (continued)

potential volatility in different rate environments. We focus on bonds with the potential to offer attractive current income, typically looking for bonds that can provide consistently attractive current yields or that are trading at competitive market prices. A portion of the fund’s assets may be allocated to “discount”bonds,which are bonds that sell at a price below their face value, or to “premium” bonds, which are bonds that sell at a price above their face value.The fund’s allocation either to discount bonds or to premium bonds will change along with our changing views of the current interest-rate and market environments.We may also look to select bonds that are most likely to obtain attractive prices when sold.

Economic and Credit Concerns Caused Volatility

The reporting period proved to be challenging.A credit crisis that originated in the sub-prime mortgage market spread to other asset classes, including municipal bonds.At the same time, the U.S. economy suffered a downturn as slumping home values and soaring food and energy prices put pressure on businesses and consumers.The Federal Reserve Board attempted to mitigate both matters by injecting liquidity into the banking system and aggressively reducing short-term interest rates.

Although municipal bonds have no direct exposure to sub-prime mortgages, the market was affected by three related developments. First, plummeting asset prices forced highly leveraged investors to sell their more creditworthy holdings, including municipal bonds, to meet redemption requests and margin calls. Second, a number of bond insurers suffered massive losses in their mortgage-backed securities portfolios, causing investors to question the value of insurance on municipal bonds. Finally, demand dried up for auction-rate securities, a segment of the municipal bond market on which yields are reset periodically through an auction process.These forces caused municipal bond yields to rise to levels that, at times during the reporting period, exceeded those of taxable U.S.Treasury securities.

Credit Research Helped the Fund Weather the Storm

In this difficult environment, the fund’s returns were supported by competitive income returns from holdings that were purchased at higher yields than are available today. In addition, we intensified our review

4

of the underlying credit fundamentals of the fund’s holdings, which enabled the fund to avoid sharp prices declines among lower-rated bonds while cushioning the fluctuations of a more volatile market.We also maintained the fund’s average duration in a range we considered slightly shorter than its benchmark, helping the fund participate more fully in relative strength among shorter-term bonds.As yield differences widened, we gradually extended the fund’s average duration to capture higher yields from longer-dated securities. Finally, we took selective advantage of dislocations in the auction-rate securities market, capturing unusually high levels of income from these short-term instruments.

Maintaining a Cautious Investment Posture

A market rally in March and April apparently reflected a more optimistic outlook among investors. However, the U.S. economy has continued to struggle, many states are facing greater fiscal pressures and the credit crisis has persisted in a number of fixed-income markets.Therefore, we have maintained a generally defensive strategy, including a mildly short average maturity and a focus on higher-quality securities.

May 15, 2008

¹ Total return includes reinvestment of dividends and any capital gains paid, and does not take into consideration the maximum initial sales charge in the case of Class A shares or the applicable contingent deferred sales charges imposed on redemptions in the case of Class B and Class C shares. Class Z is not subject to any initial or deferred sales charge. Had these charges been reflected, returns would have been lower. Each share class is subject to a different sales charge and distribution expense structure and will achieve different returns. Past performance is no guarantee of future results. Share price, yield and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are taxable.

² SOURCE: LIPPER INC. — Reflects reinvestment of dividends and, where applicable, capital gain distributions.The Lehman Brothers Municipal Bond Index is a widely accepted, unmanaged total return performance benchmark for the long-term, investment-grade, tax-exempt bond market. Index returns do not reflect fees and expenses associated with operating a mutual fund.

³ Source: Lipper Inc.

The Fund 5

FUND PERFORMANCE

^† Source: Lipper Inc.

Past performance is not predictive of future performance.

The above graph compares a $10,000 investment made in Class A, Class B and Class C shares of Dreyfus Premier Municipal Bond Fund on 4/30/98 to a $10,000 investment made in the Lehman Brothers Municipal Bond Index (the “Index”) on that date.All dividends and capital gain distributions are reinvested. Performance for Class Z shares will vary from the performance of Class A, Class B and Class C shares shown above due to differences in charges and expenses. The fund invests primarily in 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 for Class A, Class B and Class C shares.The Index, unlike the fund, is an unmanaged total return performance benchmark for the long-term, investment-grade, 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. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. 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.

6

Average Annual Total Returns as of 4/30/08
	Inception				From
	Date	1 Year	5 Years	10 Years	Inception
Class Z shares	10/14/04	0.33%	—	—	3.37%
Class A shares
with maximum sales charge (4.5%)		(4.26)%	2.85%	3.07%
without sales charge		0.28%	3.80%	3.54%
Class B shares
with applicable redemption charge †		(4.09)%	2.92%	3.23%
without redemption		(0.25)%	3.26%	3.23%
Class C shares
with applicable redemption charge ††		(1.42)%	3.04%	2.78%
without redemption		(0.46)%	3.04%	2.78%

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not
reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
Performance for Class B shares assumes the conversion of Class B shares to Class A shares at the end of the sixth year
following the date of purchase.
†	The maximum contingent deferred sales charge for Class B shares is 4%.After six years Class B shares convert to
	Class A shares.
††	The maximum contingent deferred sales charge for Class C shares is 1% for shares redeemed within one year of the
	date of purchase.

The Fund 7

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Premier Municipal Bond Fund from November 1, 2007 to April 30, 2008. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

Expenses and Value of a $1,000 Investment
assuming actual returns for the six months ended April 30, 2008
	Class A	Class B	Class C	Class Z
Expenses paid per $1,000 †	$ 5.93	$ 8.52	$ 9.76	$ 5.69
Ending value (after expenses)	$1,005.50	$1,002.80	$1,001.80	$1,005.70

COMPARING YOUR FUND’S EXPENSES 

WITH THOSE OF OTHER FUNDS (Unaudited) 

Using the SEC’s method to compare expenses

The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds.All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.

Expenses and Value of a $1,000 Investment
assuming a hypothetical 5% annualized return for the six months ended April 30, 2008
	Class A	Class B	Class C	Class Z
Expenses paid per $1,000 †	$ 5.97	$ 8.57	$ 9.82	$ 5.72
Ending value (after expenses)	$1,018.95	$1,016.36	$1,015.12	$1,019.19

^† Expenses are equal to the fund’s annualized expense ratio of 1.19% for Class A, 1.71% for Class B, 1.96% for Class C and 1.14% for Class Z Shares; multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

8

STATEMENT OF INVESTMENTS 

April 30, 2008 

Long-Term Municipal	Coupon	Maturity	Principal
Investments—102.9%	Rate (%)	Date	Amount ($)	Value ($)
Alabama—.5%
University of Alabama,
HR (Insured; MBIA)	5.75	9/1/10	3,000,000 a	3,251,550
Arizona—2.4%
Arizona Health Facilities
Authority, Health Care
Facilities Revenue (The
Beatitudes Campus Project)	5.20	10/1/37	2,500,000	1,977,275
City of Phoenix, County of
Maricopa and the County of
Pima Industrial Development
Authorities, SFMR (Collateralized:
FHLMC, FNMA and GNMA)	5.80	12/1/39	7,965,000	7,943,176
Pima County Industrial Development
Authority, Education Revenue
(American Charter Schools
Foundation Project)	5.63	7/1/38	5,000,000	4,540,000
California—7.8%
California,
GO	5.63	5/1/10	2,530,000 a	2,697,562
California,
GO (Insured; MBIA)	4.25	8/1/33	3,825,000	3,503,050
California,
GO (Various Purpose)	5.25	11/1/27	5,000,000	5,156,400
California Health Facilities
Financing Authority, Revenue
(Sutter Health)	5.25	11/15/46	8,360,000	8,397,453
California Pollution Control
Financing Authority, PCR (San
Diego Gas and Electric Company)	5.90	6/1/14	12,710,000 b,c	14,559,750
Golden State Tobacco
Securitization Corporation,
Tobacco Settlement
Asset-Backed Bonds	7.88	6/1/13	2,170,000 a	2,607,038
Golden State Tobacco
Securitization Corporation,
Tobacco Settlement
Asset-Backed Bonds	7.90	6/1/13	1,920,000 a	2,308,800
Golden State Tobacco
Securitization Corporation,
Tobacco Settlement
Asset-Backed Bonds	5.75	6/1/47	5,000,000	4,489,450

The Fund 9

STATEMENT OF INVESTMENTS (continued)

Long-Term Municipal	Coupon	Maturity	Principal
Investments (continued)	Rate (%)	Date	Amount ($)	Value ($)
California (continued)
Lincoln, Community Facilities
District Number 2003-1,
Special Tax Bonds (Lincoln
Crossing Project)	6.00	9/1/13	3,145,000 a	3,630,462
Colorado—4.9%
Colorado Educational and Cultural
Facilities Authority, LR
(Community Colleges of
Colorado System Headquarters
Project) (Insured; AMBAC)	5.50	12/1/21	1,100,000	1,159,653
Colorado Health Facilities
Authority, Revenue (Poudre
Hospital) (Insured; FSA)	5.25	3/1/36	5,000,000	5,086,050
Colorado Housing Finance Authority
(Single Family Program)
(Collateralized; FHA)	7.15	10/1/30	45,000	45,883
Colorado Housing Finance Authority
(Single Family Program)
(Collateralized; FHA)	6.60	8/1/32	2,580,000	2,746,978
Denver City and County,
Airport Revenue (Insured; AMBAC)	6.00	11/15/17	5,000,000	5,123,350
Northwest Parkway Public Highway
Authority, Revenue	7.13	6/15/11	8,250,000 a	9,311,858
Northwest Parkway Public Highway
Authority, Revenue
(Insured; AMBAC)	0.00	6/15/11	6,125,000 a,i	2,090,646
University of Colorado Hospital
Authority, Revenue	5.25	11/15/39	4,810,000	4,487,971
Connecticut—5.0%
Connecticut	5.75	6/15/11	8,000,000 b,c	8,541,440
Connecticut	5.50	12/15/15	7,400,000 b,c	8,453,427
Connecticut Health and Educational
Facilities Authority, Revenue
(University of Hartford Issue)
(Insured; Radian)	5.63	7/1/26	1,810,000	1,872,210
Mashantucket Western Pequot Tribe,
Special Revenue	5.75	9/1/27	8,000,000 b	7,644,560
Mashantucket Western Pequot Tribe,
Special Revenue	6.50	9/1/31	3,500,000	3,560,865

10

Long-Term Municipal	Coupon	Maturity	Principal
Investments (continued)	Rate (%)	Date	Amount ($)	Value ($)
Florida—9.4%
Broward County Housing Finance
Authority, MFHR (Emerald Palms
Apartments Project)	5.60	7/1/21	1,935,000	1,950,538
Broward County Housing Finance
Authority, MFHR (Pembroke
Villas Project) (Insured; FSA)	5.55	1/1/23	1,000,000	1,003,940
Broward County School Board,
COP (Master Lease Purchase
Agreement) (Insured; FSA)	5.00	7/1/21	1,250,000	1,297,012
Capital Projects Finance
Authority, Revenue
(Capital Projects Loan
Program-AAAE Airport
Projects) (Insured; MBIA)	5.25	6/1/14	1,485,000	1,563,646
Capital Projects Finance
Authority, Student Housing
Revenue (Capital Projects Loan
Program-Florida Universities)
(Insured; MBIA)	5.50	10/1/17	2,520,000	2,631,157
Escambia County Housing Finance
Authority, SFMR (Multi-County
Program) (Collateralized: FNMA
and GNMA)	5.50	10/1/21	1,770,000	1,784,956
Florida Board of Education,
Lottery Revenue
(Insured; FGIC)	5.00	7/1/20	1,480,000	1,525,628
Florida Department of Children and
Family Services, COP (South
Florida Evaluation Treatment
Center Project)	5.00	10/1/21	1,600,000	1,655,040
Florida Housing Finance Agency,
Housing Revenue (Brittany of
Rosemont Apartments Project)
(Insured; AMBAC)	7.00	2/1/35	6,000,000	6,004,740
Florida Intergovernmental Finance
Commission, Capital Revenue
(Insured; AMBAC)	5.00	2/1/18	1,000,000	1,024,840
Florida Intergovernmental Finance
Commission, Capital Revenue
(Insured; AMBAC)	5.13	2/1/31	1,500,000	1,510,785

The Fund 11

STATEMENT OF INVESTMENTS (continued)

Long-Term Municipal	Coupon	Maturity	Principal
Investments (continued)	Rate (%)	Date	Amount ($)	Value ($)
Florida (continued)
Highlands County Health Facilities
Authority, HR (Adventist
Health System/Sunbelt
Obligated Group)	6.00	11/15/11	2,500,000 a	2,781,600
Highlands County Health Facilities
Authority, HR (Adventist
Health System/Sunbelt
Obligated Group)	5.25	11/15/36	9,480,000	9,294,287
Lee County Housing Finance
Authority, SFMR
(Collateralized: FHLMC,
FNMA and GNMA)	6.30	3/1/29	100,000	101,451
Manatee County Housing Finance
Authority, SFMR
(Collateralized; GNMA)	5.85	11/1/33	1,165,000	1,203,084
Miami-Dade County,
Aviation Revenue, Miami
International Airport
(Hub of the Americas)
(Insured; FSA)	5.00	10/1/33	1,285,000	1,219,426
Miami-Dade County,
Solid Waste System Revenue
(Insured; FSA)	5.50	10/1/17	2,595,000	2,787,938
Miami-Dade County Housing Finance
Authority, MFMR (Country Club
Villas II Project) (Insured; FSA)	5.70	7/1/21	400,000	405,852
Orange County Housing Finance
Authority, MFHR (Palm Grove
Gardens) (Collateralized; FNMA)	5.15	1/1/23	1,175,000	1,194,693
Orange County Housing Finance
Authority, MFHR (Seminole
Pointe Apartments)	5.75	12/1/23	2,840,000	2,835,484
Osceola County Industrial
Development Authority, Revenue
(Community Provider Pooled
Loan Program)	7.75	7/1/17	953,000	953,457
Palm Bay,
Educational Facilities Revenue
(Patriot Charter School Project)	7.00	7/1/36	1,715,000	1,701,211
Palm Bay,
Utility System Improvement
Revenue (Insured; FGIC)	0.00	10/1/20	1,845,000 i	997,444

12

Long-Term Municipal	Coupon	Maturity	Principal
Investments (continued)	Rate (%)	Date	Amount ($)	Value ($)
Florida (continued)
Port of Palm Beach District,
Revenue (Insured; XLCA)	0.00	9/1/23	1,000,000 i	466,790
Port Saint Lucie,
Utility System Revenue
(Insured; MBIA)	0.00	9/1/33	4,000,000 i	967,800
Seminole Water Control District,
Improvement Bonds (Unit of
Development Number 2)	6.75	8/1/22	1,680,000	1,693,507
South Indian River Water Control
District, Special Assessment
Revenue Improvement (Unit of
Development RI-13) (Insured; MBIA)	5.00	8/1/21	1,095,000	1,124,193
Village Center Community
Development District, Utility
Revenue (Insured; MBIA)	5.25	10/1/23	1,000,000	1,054,770
Winter Park,
Water and Sewer Revenue
(Insured; AMBAC)	5.38	12/1/18	1,730,000	1,838,765
Winter Springs,
Water and Sewer Revenue
(Insured; MBIA)	5.00	4/1/20	1,585,000	1,639,651
Georgia—1.8%
College Park Business and
Industrial Development
Authority, Revenue (Civic
Center Project) (Insured; AMBAC)	5.75	9/1/10	4,250,000 a	4,645,462
Georgia	5.25	7/1/10	5,000,000 a	5,305,300
Rockdale County Development
Authority, Project Revenue
(Visy Paper Project)	6.13	1/1/34	1,000,000	969,740
Illinois—4.2%
Chicago,
SFMR (Collateralized: FHLMC,
FNMA and GNMA)	6.45	9/1/29	1,700,000	1,726,571
Chicago Board of Education,
Unlimited Tax GO (Dedicated
Revenues)	5.25	12/1/25	10,000,000 d	10,445,700
Illinois Development Finance
Authority, Revenue (Community
Rehabilitation Providers
Facilities Acquisition Program)	8.75	3/1/10	67,000	67,365

The Fund 13

STATEMENT OF INVESTMENTS (continued)

Long-Term Municipal	Coupon	Maturity	Principal
Investments (continued)	Rate (%)	Date	Amount ($)	Value ($)
Illinois (continued)
Illinois Development Finance
Authority, Revenue (Community
Rehabilitation Providers
Facilities Acquisition Program)	8.25	8/1/12	216,484	185,356
Illinois Educational Facilities
Authority, Revenue
(Northwestern University)	5.00	12/1/38	7,500,000	7,590,750
Metropolitan Pier and Exposition
Authority, Dedicated State Tax
Revenue (McCormick Place
Expansion Project)
(Insured; MBIA)	5.50	6/15/23	5,000,000	5,318,950
Kansas—1.3%
Sedgwick and Shawnee Counties,
SFMR (Mortgage-Backed
Securities Program)
(Collateralized: FNMA and GNMA)	5.55	6/1/38	2,630,000	2,639,047
Wichita,
HR (Via Christi Health System, Inc.)	6.25	11/15/19	2,000,000	2,153,580
Wichita,
HR (Via Christi Health System, Inc.)	6.25	11/15/20	3,000,000	3,230,370
Kentucky—2.2%
Mount Sterling,
LR (Kentucky League of Cities
Funding Trust Program)	6.10	3/1/18	5,500,000	6,296,840
Pendleton County,
Multi-County LR (Kentucky
Association of Counties
Leasing Trust Program)	6.40	3/1/19	6,000,000	6,968,220
Louisiana—1.2%
Louisiana Housing Finance Agency,
SFMR (Home Ownership Program)
(Collateralized: FNMA and GNMA)	6.40	12/1/30	1,510,000	1,539,143
Louisiana Local Government
Environmental Facilities and
Community Development
Authority, Revenue (Westlake
Chemical Corporation Projects)	6.75	11/1/32	5,000,000	4,926,450
Saint James Parish,
SWDR (Freeport-McMoRan
Partnership Project)	7.70	10/1/22	1,000,000	1,000,610

14

Long-Term Municipal	Coupon	Maturity	Principal
Investments (continued)	Rate (%)	Date	Amount ($)	Value ($)
Maryland—.3%
Maryland Energy Financing
Administration, SWDR
(Wheelabrator Water Technologies
Baltimore LLC Projects)	6.45	12/1/16	2,100,000	2,121,672
Massachusetts—2.7%
Massachusetts Health and
Educational Facilities
Authority, Revenue
(Massachusetts Institute of
Technology Issue)	5.25	7/1/30	9,485,000	10,504,163
Massachusetts Industrial Finance
Agency, Water Treatment Revenue
(Massachusetts-American
Hingham Project)	6.95	12/1/35	2,450,000	2,455,463
Route 3 North Transportation
Improvement Association, LR
(Insured; MBIA)	5.75	6/15/10	3,000,000 a	3,206,910
Michigan—5.3%
Detroit School District,
School Building and Site
Improvement Bonds (GO—
Unlimited Tax) (Insured; FGIC)	5.00	5/1/28	5,000,000	5,084,000
Michigan Building Authority,
Revenue (Residual Certificates)	5.50	10/15/17	10,000,000 b,c	10,620,800
Michigan Strategic Fund,
SWDR (Genesee Power
Station Project)	7.50	1/1/21	7,525,000	7,157,027
Pontiac Tax Increment Finance
Authority, Tax Increment
Revenue (Development Area
Number 3)	6.25	6/1/12	2,640,000 a	2,976,468
Pontiac Tax Increment Finance
Authority, Tax Increment
Revenue (Development Area
Number 3)	6.25	6/1/22	610,000	508,307
Romulus Economic Development
Corporation, Limited
Obligation EDR (Romulus HIR
Limited Partnership Project)
(Insured; ITT Lyndon Property
Insurance Company)	7.00	11/1/15	5,000,000	6,075,300

The Fund 15

STATEMENT OF INVESTMENTS (continued)

Long-Term Municipal	Coupon	Maturity	Principal
Investments (continued)	Rate (%)	Date	Amount ($)	Value ($)
Minnesota—1.7%
Chaska,
Electric Revenue	6.00	10/1/10	2,000,000 a	2,156,700
Minnesota Housing Finance Agency,
SFMR	5.95	1/1/17	425,000	430,788
Saint Paul Housing and
Redevelopment Authority,
Hospital Facility Revenue
(HealthEast Project)	6.00	11/15/30	3,000,000	2,994,390
Saint Paul Housing and
Redevelopment Authority,
Hospital Facility Revenue
(HealthEast Project)	6.00	11/15/35	4,855,000	4,832,133
Mississippi—.3%
Mississippi Home Corporation,
SFMR (Collateralized; GNMA)	6.95	12/1/31	1,700,000	1,760,214
Missouri—1.3%
Missouri Development Finance
Board, Infrastructure
Facilities Revenue (Branson
Landing Project)	5.38	12/1/27	2,470,000	2,352,107
Missouri Development Finance
Board, Infrastructure
Facilities Revenue (Branson
Landing Project)	5.00	6/1/35	1,400,000	1,236,592
Missouri Health and Educational
Facilities Authority, Health
Facilities Revenue (Saint
Anthony’s Medical Center)	6.13	12/1/10	4,000,000 a	4,388,600
Missouri Housing Development
Commission, SFMR
(Homeownership Loan Program)
(Collateralized: FNMA and GNMA)	6.30	9/1/25	95,000	96,296
New Jersey—8.3%
New Jersey Economic Development
Authority, School Facilities
Construction Revenue
(Insured; AMBAC)	5.25	6/15/11	5,000,000 a	5,382,450
New Jersey Economic Development
Authority, School Facilities
Construction Revenue
(Insured; AMBAC)	5.25	6/15/11	5,000,000 a	5,382,450

16

Long-Term Municipal	Coupon	Maturity	Principal
Investments (continued)	Rate (%)	Date	Amount ($)	Value ($)
New Jersey (continued)
New Jersey Transportation Trust
Fund Authority (Transportation
System) (Insured; AMBAC)	5.00	12/15/27	10,000,000	10,347,100
New Jersey Turnpike Authority,
Turnpike Revenue (Insured; MBIA)	5.50	1/1/10	6,000,000 a	6,301,860
New Jersey Turnpike Authority,
Turnpike Revenue (Insured; MBIA)	6.00	1/1/11	12,700,000 b,c	13,758,228
Tobacco Settlement Financing
Corporation of New Jersey,
Tobacco Settlement
Asset-Backed Bonds	7.00	6/1/13	5,135,000 a	6,036,090
Tobacco Settlement Financing
Corporation of New Jersey,
Tobacco Settlement
Asset-Backed Bonds	5.00	6/1/41	4,045,000	3,237,537
New Mexico—1.1%
Farmington,
PCR (Public Service Company of
New Mexico San Juan Project)	6.38	4/1/22	1,430,000	1,432,874
Jicarilla Apache Nation,
Revenue	5.50	9/1/23	5,000,000	5,188,900
New York—7.8%
New York City Industrial
Development Agency, Special
Facility Revenue (American
Airlines, Inc. John F. Kennedy
International Airport Project)	7.13	8/1/11	3,555,000	3,534,879
New York City Industrial
Development Agency, Special
Facility Revenue (American
Airlines, Inc. John F. Kennedy
International Airport Project)	8.00	8/1/28	3,000,000	3,002,940
New York City Municipal Water
Finance Authority, Water and
Sewer System Revenue	6.00	6/15/10	3,085,000 a	3,347,688
New York State Dormitory
Authority, Revenue
(Columbia University)	5.00	7/1/31	5,000,000	5,169,000
New York State Dormitory
Authority, Revenue
(Columbia University)	5.00	7/1/38	6,000,000	6,207,600

The Fund 17

STATEMENT OF INVESTMENTS (continued)

Long-Term Municipal	Coupon	Maturity	Principal
Investments (continued)	Rate (%)	Date	Amount ($)	Value ($)
New York (continued)
New York State Dormitory
Authority, Revenue (New York
University) (Insured; MBIA)	6.00	7/1/17	3,500,000	4,131,400
New York State Dormitory
Authority, Revenue (Orange
Regional Medical Center
Obligated Group)	6.25	12/1/37	5,000,000 d	5,013,100
New York State Dormitory
Authority, Revenue (Rochester
Institute of Technology)
(Insured; AMBAC)	5.25	7/1/24	3,345,000	3,444,313
New York State Dormitory
Authority, Revenue (State
University Educational Facilities)	7.50	5/15/13	2,500,000	2,986,525
Port Authority of New York and New
Jersey (Consolidated Bonds,
151st Series)	6.00	9/15/28	9,690,000	10,297,466
North Carolina—2.1%
North Carolina Eastern Municipal
Power Agency, Power
System Revenue	7.00	1/1/13	3,500,000	3,894,100
North Carolina Eastern Municipal
Power Agency, Power System
Revenue (Insured; ACA)	6.75	1/1/26	5,000,000	5,243,950
North Carolina Medical Care
Commission, Revenue (North
Carolina Housing Foundation, Inc.)
(Insured; ACA)	6.45	8/15/20	1,000,000	1,006,670
North Carolina Medical Care
Commission, Revenue (North
Carolina Housing Foundation, Inc.)
(Insured; ACA)	6.63	8/15/30	2,565,000	2,573,670
Ohio—5.3%
Buckeye Tobacco Settlement
Financing Authority,
Tobacco Settlement
Asset-Backed Bonds	6.50	6/1/47	16,000,000	15,622,400
Cleveland-Cuyahoga County Port
Authority, Senior Special
Assessment/Tax Increment
Revenue (University Heights—
Public Parking Garage Project)	7.35	12/1/31	3,000,000	3,159,450

18

Long-Term Municipal	Coupon	Maturity	Principal
Investments (continued)	Rate (%)	Date	Amount ($)	Value ($)
Ohio (continued)
Cuyahoga County,
Hospital Facilities Revenue
(UHHS/CSAHS-Cuyahoga, Inc. and
CSAHS/UHHS-Canton, Inc. Project)	7.50	1/1/30	7,000,000	7,517,930
Hamilton County,
Sales Tax Refunding and
Improvement Bonds
(Insured; AMBAC)	0.00	12/1/25	14,865,000 i	6,047,528
Oklahoma—1.2%
McGee Creek Authority,
Water Revenue (Insured; MBIA)	6.00	1/1/13	6,880,000	7,356,096
Oregon—.6%
Portland,
Sewer System Revenue
(Insured; FGIC)	5.75	8/1/10	3,500,000 a	3,753,960
Pennsylvania—4.5%
Butler County Industrial
Development Authority, Health
Care Facilities Revenue (Saint
John Lutheran Care Center
Project) (Collateralized; GNMA)	5.85	4/20/36	4,210,000	4,342,952
Dauphin County General Authority,
Health System Revenue
(Pinnacle Health System
Project) (Insured; FSA)	4.00	8/15/34	8,000,000 e	8,000,000
Pennsylvania Economic Development
Financing Authority, SWDR
(USG Corporation Project)	6.00	6/1/31	5,000,000	4,649,400
Pennsylvania Turnpike Commission,
Registration Fee Revenue
(Insured; FSA)	5.25	7/15/28	9,375,000	10,353,938
South Carolina—2.0%
Greenville County School District,
Installment Purchase Revenue
(Building Equity Sooner for
Tomorrow)	5.50	12/1/12	10,900,000 a,b,c	12,221,516
Tennessee—2.3%
Johnson City Health and Educational
Facilities Board, Hospital First
Mortgage Revenue (Mountain
States Health Alliance)	5.50	7/1/31	7,455,000	7,062,271

The Fund 19

STATEMENT OF INVESTMENTS (continued)

Long-Term Municipal	Coupon	Maturity	Principal
Investments (continued)	Rate (%)	Date	Amount ($)	Value ($)
Tennessee (continued)
Memphis Center City Revenue
Finance Corporation, Sports
Facility Revenue (Memphis
Redbirds Baseball
Foundation Project)	6.50	9/1/28	8,000,000	7,213,120
Shelby County Health, Educational
and Housing Facility Board,
MFHR (Cameron at Kirby Parkway
and Stonegate Apartments)	7.25	7/1/23	2,685,000 f	27
Texas—5.5%
Alliance Airport Authority Inc.,
Special Facilities Revenue
(American Airlines, Inc. Project)	5.75	12/1/29	3,000,000	1,876,170
Austin Convention Enterprises
Inc., Convention Center Hotel
First Tier Revenue	6.70	1/1/11	5,000,000 a	5,493,200
Brazos River Harbor Navigation
District, Revenue (The Dow
Chemical Company Project)	4.95	5/15/33	2,600,000	2,274,298
Cities of Dallas and Fort Worth,
Dallas/Fort Worth
International Airport, Joint
Revenue (Insured; FSA)	5.50	11/1/21	3,000,000	3,084,450
North Texas Tollway Authority,
System Revenue	5.63	1/1/33	5,000,000	5,102,350
North Texas Tollway Authority,
System Revenue	5.75	1/1/40	11,850,000	12,158,219
Texas Turnpike Authority,
Central Texas Turnpike System
Revenue (Insured; AMBAC)	5.75	8/15/38	3,500,000	3,638,285
Washington—2.1%
Washington Public Power Supply
System, Revenue (Nuclear
Project Number 3) (Insured; MBIA)	7.13	7/1/16	10,425,000	12,921,892

20

Long-Term Municipal	Coupon	Maturity	Principal
Investments (continued)	Rate (%)	Date	Amount ($)	Value ($)
West Virginia—1.0%
The County Commission of
Pleasants County, PCR
(Allegheny Energy Supply
Company, LLC Pleasants
Station Project)	5.25	10/15/37	3,500,000	3,328,990
West Virginia Hospital Finance
Authority, HR (Charleston Area
Medical Center, Inc.)	6.00	9/1/10	2,440,000 a	2,654,256
Wisconsin—3.9%
Badger Tobacco Asset
Securitization Corporation,
Tobacco Settlement
Asset-Backed Bonds	6.13	6/1/27	4,435,000	4,445,023
Badger Tobacco Asset
Securitization Corporation,
Tobacco Settlement
Asset-Backed Bonds	7.00	6/1/28	13,350,000	13,768,122
Wisconsin Health and
Educational Facilities
Authority, Revenue
(Aurora Health Care, Inc.)	6.40	4/15/33	5,500,000	5,650,755
U.S. Related—2.9%
Puerto Rico Commonwealth,
Public Improvement
(Insured; MBIA)	5.25	7/1/13	6,000,000	6,378,480
Puerto Rico Commonwealth,
Public Improvement
(Insured; MBIA)	5.65	7/1/15	4,000,000	4,423,120
Puerto Rico Electric Power
Authority, Power Revenue
(Insured; FSA)	5.25	7/1/27	6,100,000	6,560,611
Total Long-Term
Municipal Investments
(cost $614,466,037)				625,347,525

The Fund 21

STATEMENT OF INVESTMENTS (continued)

Short-Term Municipal	Coupon	Maturity	Principal
Investments—2.0%	Rate (%)	Date	Amount ($)	Value ($)
Arizona—.4%
Arizona Sports and Tourism
Authority, Senior Revenue
(Multipurpose Stadium Facility
Project) (Insured; AMBAC and
Liquidity Facility; Royal Bank
of Canada)	5.00	5/7/08	2,400,000 g	2,400,000
Pennsylvania—1.6%
Chester County Industrial
Development Authority, Revenue
(Archdiocese of Philadelphia)
(LOC; Wachovia Bank)	2.50	5/1/08	5,000,000 g	5,000,000
Pennsylvania Intergovernmental
Cooperation Authority, Special
Tax Revenue, Refunding (City
of Philadelphia Funding
Program) (Insured; AMBAC and
Liquidity Facility; JPMorgan
Chase Bank)	10.00	5/7/08	4,500,000 g	4,500,000
Total Short-Term Municipal Investments
(cost $11,900,000)				11,900,000
Total Investments (cost $626,366,037)			104.9%	637,247,525
Liabilities, Less Cash and Receivables			(4.9%)	(29,780,207)
Net Assets			100.0%	607,467,318

^a These securities are prerefunded; the date shown represents the prerefunded date. 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 Securities exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in 

transactions exempt from registration, normally to qualified institutional buyers.At April 30, 2008, these securities 

amounted to $75,799,721 or 12.5% of net assets. 

^c Collateral for floating rate borrowings. 

^d Purchased on a delayed delivery basis. 

^e Variable rate security—interest rate subject to periodic change. 

^f Non-income producing security; interest payments in default. 

^g Securities payable on demand.Variable interest rate—subject to periodic change. 

ⁱ Security issued with a zero coupon. Income is recognized through the accretion of discount. 

22

Summary of Abbreviations
ACA	American Capital Access	AGC	ACE Guaranty Corporation
AGIC	Asset Guaranty Insurance	AMBAC	American Municipal Bond
	Company		Assurance Corporation
ARRN	Adjustable Rate Receipt Notes	BAN	Bond Anticipation Notes
BIGI	Bond Investors Guaranty Insurance	BPA	Bond Purchase Agreement
CGIC	Capital Guaranty Insurance	CIC	Continental Insurance
	Company		Company
CIFG	CDC Ixis Financial Guaranty	CMAC	Capital Market Assurance
			Corporation
COP	Certificate of Participation	CP	Commercial Paper
EDR	Economic Development Revenue	EIR	Environmental Improvement
			Revenue
FGIC	Financial Guaranty Insurance
	Company	FHA	Federal Housing Administration
FHLB	Federal Home Loan Bank	FHLMC	Federal Home Loan Mortgage
			Corporation
FNMA	Federal National
	Mortgage Association	FSA	Financial Security Assurance
GAN	Grant Anticipation Notes	GIC	Guaranteed Investment Contract
GNMA	Government National
	Mortgage Association	GO	General Obligation
HR	Hospital Revenue	IDB	Industrial Development Board
IDC	Industrial Development Corporation	IDR	Industrial Development Revenue
LOC	Letter of Credit	LOR	Limited Obligation Revenue
LR	Lease Revenue	MBIA	Municipal Bond Investors Assurance
			Insurance Corporation
MFHR	Multi-Family Housing Revenue	MFMR	Multi-Family Mortgage Revenue
PCR	Pollution Control Revenue	PILOT	Payment in Lieu of Taxes
RAC	Revenue Anticipation Certificates	RAN	Revenue Anticipation Notes
RAW	Revenue Anticipation Warrants	RRR	Resources Recovery Revenue
SAAN	State Aid Anticipation Notes	SBPA	Standby Bond Purchase Agreement
SFHR	Single Family Housing Revenue	SFMR	Single Family Mortgage Revenue
SONYMA	State of New York Mortgage Agency	SWDR	Solid Waste Disposal Revenue
TAN	Tax Anticipation Notes	TAW	Tax Anticipation Warrants
TRAN	Tax and Revenue Anticipation Notes	XLCA	XL Capital Assurance

The Fund 23

STATEMENT OF INVESTMENTS (continued)

Summary of Combined Ratings (Unaudited)
Fitch	or	Moody’s	or	Standard & Poor’s	Value (%) †
AAA		Aaa		AAA	45.8
AA		Aa		AA	10.5
A		A		A	11.7
BBB		Baa		BBB	17.1
BB		Ba		BB	2.4
B		B		B	2.6
CCC		Caa		CCC	.3
F1		MIG1/P1		SP1/A1	2.0
Not Rated h		Not Rated h		Not Rated h	7.6
					100.0

†	Based on total investments.
h	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.

24

STATEMENT OF ASSETS AND LIABILITIES 

April 30, 2008 

			Cost	Value
Assets ($):
Investments in securities—See Statement of Investments			626,366,037	637,247,525
Interest receivable				10,823,064
Receivable for investment securities sold				9,217,775
Receivable for shares of Beneficial Interest subscribed				29,171
Prepaid expenses and other assets				166,469
				657,484,004
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 3(c)				460,420
Cash overdraft due to Custodian				169,437
Payable for floating rate notes issued—Note 4				30,855,000
Payable for investment securities purchased				17,827,475
Interest and expense payable related
to floating rate notes issued—Note 4				306,549
Payable for shares of Beneficial Interest redeemed				292,199
Interest expense—Note 2				1,321
Accrued expenses				104,285
				50,016,686
Net Assets ($)				607,467,318
Composition of Net Assets ($):
Paid-in capital				647,051,466
Accumulated net realized gain (loss) on investments				(50,465,636)
Accumulated net unrealized appreciation
(depreciation) on investments				10,881,488
Net Assets ($)				607,467,318
Net Asset Value Per Share
	Class A	Class B	Class C	Class Z
Net Assets ($)	300,982,004	9,731,887	12,585,762	284,167,665
Shares Outstanding	23,954,127	774,098	1,000,162	22,615,956
Net Asset Value
Per Share ($)	12.56	12.57	12.58	12.56

See notes to financial statements.

The Fund 25

STATEMENT OF OPERATIONS 

Year Ended April 30, 2008 

Investment Income ($):
Interest Income	33,056,439
Expenses:
Management fee—Note 3(a)	3,228,675
Shareholder servicing costs—Note 3(c)	1,713,132
Interest and expense related to
floating rate notes issued—Note 4	1,347,071
Distribution fees—Note 3(b)	134,137
Professional fees	104,692
Registration fees	60,417
Prospectus and shareholders’ reports	56,653
Custodian fees—Note 3(c)	35,110
Trustees’ fees and expenses—Note 3(d)	20,193
Loan commitment fees—Note 2	5,588
Interest expense—Note 2	1,321
Miscellaneous	49,902
Total Expenses	6,756,891
Less—reduction in fees due to
earnings credits—Note 1(b)	(22,675)
Net Expenses	6,734,216
Investment Income—Net	26,322,223
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments	(5,136,389)
Net realized gain (loss) on options transactions	(35,531)
Net realized gain (loss) on financial futures	140,987
Net Realized Gain (Loss)	(5,030,933)
Net unrealized appreciation (depreciation) on investments	(19,790,039)
Net Realized and Unrealized Gain (Loss) on Investments	(24,820,972)
Net Increase in Net Assets Resulting from Operations	1,501,251

See notes to financial statements.

26

STATEMENT OF CHANGES IN NET ASSETS

		Year Ended April 30,
	2008	2007
Operations ($):
Investment income—net	26,322,223	25,791,982
Net realized gain (loss) on investments	(5,030,933)	7,266,776
Net unrealized appreciation
(depreciation) on investments	(19,790,039)	1,640,847
Net Increase (Decrease) in Net Assets
Resulting from Operations	1,501,251	34,699,605
Dividends to Shareholders from ($):
Investment income—net:
Class A Shares	(12,205,656)	(11,054,595)
Class B Shares	(389,945)	(531,263)
Class C Shares	(422,610)	(351,765)
Class Z Shares	(13,297,453)	(13,825,064)
Total Dividends	(26,315,664)	(25,762,687)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Class A Shares	19,713,056	21,260,275
Class B Shares	1,335,172	881,966
Class C Shares	2,494,973	2,298,854
Class Z Shares	8,075,856	7,004,372
Net assets received in connection
with reorganization—Note 1	75,827,457	—
Dividends reinvested:
Class A Shares	7,960,418	7,239,461
Class B Shares	230,569	324,589
Class C Shares	254,674	212,639
Class Z Shares	9,202,687	9,424,451
Cost of shares redeemed:
Class A Shares	(40,609,156)	(34,765,023)
Class B Shares	(6,958,891)	(6,100,476)
Class C Shares	(2,739,225)	(1,502,168)
Class Z Shares	(27,260,622)	(39,085,135)
Increase (Decrease) in Net Assets from
Beneficial Interest Transactions	47,526,968	(32,806,195)
Total Increase (Decrease) in Net Assets	22,712,555	(23,869,277)
Net Assets ($):
Beginning of Period	584,754,763	608,624,040
End of Period	607,467,318	584,754,763

The Fund 27

STATEMENT OF CHANGES IN NET ASSETS (continued)

		Year Ended April 30,
	2008	2007
Capital Share Transactions:
Class A a
Shares sold	1,538,513	1,627,875
Shares issued in connection with
reorganization—Note 1	5,433,955	—
Shares issued for dividends reinvested	627,299	553,508
Shares redeemed	(3,188,279)	(2,664,815)
Net Increase (Decrease) in Shares Outstanding	4,411,488	(483,432)
Class B a
Shares sold	105,095	67,550
Shares issued in connection with
reorganization—Note 1	294,375	—
Shares issued for dividends reinvested	18,142	24,821
Shares redeemed	(543,612)	(467,003)
Net Increase (Decrease) in Shares Outstanding	(126,000)	(374,632)
Class C
Shares sold	195,473	176,250
Shares issued in connection with
reorganization—Note 1	216,723	—
Shares issued for dividends reinvested	20,046	16,232
Shares redeemed	(215,078)	(115,037)
Net Increase (Decrease) in Shares Outstanding	217,164	77,445
Class Z
Shares sold	625,853	535,049
Shares issued for dividends reinvested	724,521	720,799
Shares redeemed	(2,136,912)	(2,993,455)
Net Increase (Decrease) in Shares Outstanding	(786,538)	(1,737,607)

a	During the period ended April 30, 2008, 280,628 Class B shares representing $3,590,148 were automatically
	converted to 280,789 Class A shares and during the period ended April 30, 2007, 189,232 Class B shares
	representing $2,475,494 were automatically converted to 189,270 Class A shares.
See notes to financial statements.

28

FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class for the fiscal periods indicated.All information (except portfolio turnover rate) reflects financial results for a single fund share.Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions.These figures have been derived from the fund’s financial statements.

		Year Ended April 30,
Class A Shares	2008	2007	2006	2005	2004
Per Share Data ($):
Net asset value, beginning of period	13.10	12.91	13.12	12.81	13.04
Investment Operations:
Investment income—net a	.57	.57	.59	.59	.60
Net realized and unrealized
gain (loss) on investments	(.54)	.18	(.21)	.31	(.24)
Total from Investment Operations	.03	.75	.38	.90	.36
Distributions:
Dividends from investment income—net	(.57)	(.56)	(.59)	(.59)	(.59)
Net asset value, end of period	12.56	13.10	12.91	13.12	12.81
Total Return (%) b	.28	5.94	2.93	7.18	2.80
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets	1.17	1.16	1.09	1.03	1.00
Ratio of net expenses
to average net assets	1.17c	1.16c	1.09c	1.02	1.00
Ratio of net investment income
to average net assets	4.49	4.33	4.51	4.54	4.57
Portfolio Turnover Rate	77.20	68.06	48.31	48.30	91.43
Net Assets, end of period ($ x 1,000)	300,982	256,047	258,504	279,612	293,083

a	Based on average shares outstanding at each month end.
b	Exclusive of sales charge.
c	Expense waivers and/or reimbursements amounted to less than .01%.
See notes to financial statements.

The Fund 29

FINANCIAL HIGHLIGHTS (continued)

		Year Ended April 30,
Class B Shares	2008	2007	2006	2005	2004
Per Share Data ($):
Net asset value, beginning of period	13.11	12.91	13.12	12.82	13.05
Investment Operations:
Investment income—net a	.49	.49	.52	.52	.53
Net realized and unrealized
gain (loss) on investments	(.53)	.21	(.21)	.31	(.23)
Total from Investment Operations	(.04)	.70	.31	.83	.30
Distributions:
Dividends from investment income—net	(.50)	(.50)	(.52)	(.53)	(.53)
Net asset value, end of period	12.57	13.11	12.91	13.12	12.82
Total Return (%) b	(.25)	5.48	2.40	6.64	2.20
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets	1.67	1.67	1.61	1.54	1.51
Ratio of net expenses
to average net assets	1.67c	1.67c	1.61c	1.54c	1.51
Ratio of net investment income
to average net assets	3.95	3.81	3.99	4.02	4.06
Portfolio Turnover Rate	77.20	68.06	48.31	48.30	91.43
Net Assets, end of period ($ x 1,000)	9,732	11,799	16,462	21,192	29,471

a	Based on average shares outstanding at each month end.
b	Exclusive of sales charge.
c	Expense waivers and/or reimbursements amounted to less than .01%.
See notes to financial statements.

30

		Year Ended April 30,
Class C Shares	2008	2007	2006	2005	2004
Per Share Data ($):
Net asset value, beginning of period	13.12	12.93	13.14	12.83	13.06
Investment Operations:
Investment income—net a	.47	.47	.49	.49	.50
Net realized and unrealized
gain (loss) on investments	(.53)	.19	(.21)	.32	(.23)
Total from Investment Operations	(.06)	.66	.28	.81	.27
Distributions:
Dividends from investment income—net	(.48)	(.47)	(.49)	(.50)	(.50)
Net asset value, end of period	12.58	13.12	12.93	13.14	12.83
Total Return (%) b	(.46)	5.16	2.18	6.40	2.06
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets	1.91	1.89	1.82	1.76	1.73
Ratio of net expenses
to average net assets	1.91c	1.89c	1.82c	1.76c	1.73
Ratio of net investment income
to average net assets	3.74	3.58	3.78	3.81	3.84
Portfolio Turnover Rate	77.20	68.06	48.31	48.30	91.43
Net Assets, end of period ($ x 1,000)	12,586	10,274	9,121	9,158	11,261

a	Based on average shares outstanding at each month end.
b	Exclusive of sales charge.
c	Expense waivers and/or reimbursements amounted to less than .01%.
See notes to financial statements.

The Fund 31

FINANCIAL HIGHLIGHTS (continued)

		Year Ended April 30,
Class Z Shares	2008	2007	2006	2005 a
Per Share Data ($):
Net asset value, beginning of period	13.10	12.91	13.12	13.09
Investment Operations:
Investment income—net b	.58	.57	.60	.32
Net realized and unrealized
gain (loss) on investments	(.54)	.19	(.21)	.03
Total from Investment Operations	.04	.76	.39	.35
Distributions:
Dividends from investment income—net	(.58)	(.57)	(.60)	(.32)
Net asset value, end of period	12.56	13.10	12.91	13.12
Total Return (%) c	.33	6.00	2.99	2.71d
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.08	1.10	1.03	.98f
Ratio of net expenses to average net assets	1.08e	1.10e	1.03e	.96f
Ratio of net investment income
to average net assets	4.53	4.38	4.57	4.49f
Portfolio Turnover Rate	77.20	68.06	48.31	48.30
Net Assets, end of period ($ x 1,000)	284,168	306,634	324,537	350,202

a	From October 14, 2004 (commencement of initial offering) to April 30, 2005.
b	Based on average shares outstanding at each month end.
c	Exclusive of sales charge.
d	Not annualized.
e	Expense waivers and/or reimbursements amounted to less than .01%.
f	Annualized.
See notes to financial statements.

32

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Dreyfus Premier Municipal Bond Fund (the “fund”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified open-end management investment company.The fund’s investment objective is to maximize current income exempt from federal income tax to the extent consistent with the preservation of cap-ital.The Dreyfus Corporation (the “Manager” or “Dreyfus”) serves as the fund’s investment adviser.

On July 1, 2007, Mellon Financial Corporation and The Bank of New York Company, Inc. merged, forming The Bank of New York Mellon Corporation (“BNY Mellon”). As part of this transaction, Dreyfus became a wholly-owned subsidiary of BNY Mellon.

As of the close of business on November 27, 2007, pursuant to an Agreement and Plan of Reorganization previously approved by the fund’s Board of Trustees, all of the assets, subject to the liabilities, of Dreyfus Premier State Municipal Bond Fund, Florida Series (“Florida Series”) were transferred to the fund in exchange for corresponding class of shares of Beneficial Interest of the fund of equal value. Shareholders of Class A, Class B and Class C shares of the Florida Series received Class A, Class B and Class C shares of the fund, respectively, in each case in an equal amount to the aggregate net asset value of their investment in the Florida Series at the time of the exchange. The net asset value of the fund’s shares on the close of business on November 27, 2007, after the reorganization, was $12.75 for Class A, $12.76 for Class B and $12.77 for Class C, and a total of 5,433,955 Class A shares, 294,375 Class B shares and 216,723 Class C shares, representing net assets of $75,827,457 (including $1,541,384 net unrealized appreciation on investments) were issued to the Florida Series shareholders in the exchange. The exchange was a tax-free event to the Florida Series shareholders.

MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Manager, is the distributor of the fund’s shares.The fund is authorized to issue an unlimited number of $.001 par value shares of

The Fund 33

NOTES TO FINANCIAL STATEMENTS (continued)

Beneficial Interest in each of the following classes of shares: Class A, Class B, Class C and Class Z. Class A shares are subject to a sales charge imposed at the time of purchase. Class B shares are subject to a contingent deferred sales charge (“CDSC”) imposed on Class B share redemptions made within six years of purchase and automatically convert to Class A shares after six years.The fund no longer offers Class B shares, except in connection with dividend reinvestment and permitted exchanges of Class B shares. Class C shares are subject to a CDSC imposed on Class C shares redeemed within one year of purchase. Class Z shares are sold at net asset value per share generally only to shareholders who received Class Z shares in exchange for their shares of General Municipal Bond Fund, Inc. as a result of the reorganization of such fund. Class Z shares generally are not available for new accounts. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

The fund’s financial statements are prepared in accordance with U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The fund enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.

(a) Portfolio valuation: Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Board of Trustees. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute

34

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.

The Financial Accounting Standards Board (“FASB”) released Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (“FAS 157”). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair-value measurements.The application of FAS 157 is required for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. Management does not believe that the application of this standard will have a material impact on the financial statements of the fund.

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and recognized on the accrual basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date.

The fund has arrangements with the custodian and cash management banks whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset custody and cash management fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.

(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 gains, if any, are normally declared and paid annually, but the fund may make distributions on a

The Fund 35

NOTES TO FINANCIAL STATEMENTS (continued)

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 gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.

(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.

During the current year, the fund adopted FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority.Tax positions not deemed to meet the more likely-than-not threshold would be recorded as a tax expense in the current year.The adoption of FIN 48 had no impact on the operations of the fund for the period ended April 30, 2008.

Each of the tax years in the three-year period ended April 30, 2008, remains subject to examination by the Internal Revenue Service and state taxing authorities.

At April 30, 2008, the components of accumulated earnings on a tax basis were as follows: undistributed tax-exempt income $369,374, accumulated capital losses $45,721,132 and unrealized appreciation $10,304,969. In addition, the fund had $4,167,985 of capital losses realized after October 31, 2007 which were deferred for tax purposes to the first day of the following fiscal year.

36

The accumulated capital loss carryover is available to be applied against future net securities profits, if any, realized subsequent to April 30, 2008. If not applied, $9,553,959 of the carryover expires in fiscal 2009, $17,083,173 expires in fiscal 2010, $10,384,676 expires in fiscal 2011, $7,789,252 expires in fiscal 2012 and $910,072 expires in fiscal 2016.

The tax character of distributions paid to shareholders during the fiscal periods ended April 30, 2008 and April 30, 2007 were as follows: tax exempt income $26,315,664 and $25,762,687, respectively.

During the period ended April 30, 2008, as a result of permanent book to tax differences, primarily due to the tax treatment for amortization adjustments and capital loss carryover expiration, the fund decreased accumulated undistributed investment income-net by $6,559, increased accumulated net realized gain (loss) on investments by $16,417,367 and decreased paid-in capital by $16,410,808. Net assets and net asset value were not affected by this reclassification.

NOTE 2—Bank Line of Credit:

The fund participates with other Dreyfus-managed funds in a $350 million redemption credit facility (the “Facility”) to be utilized for temporary or emergency purposes, including the financing of redemptions. In connection therewith, the fund has agreed to pay commitment fees on its pro rata portion of the Facility. Interest is charged to the fund based on prevailing market rates in effect at the time of borrowing.

The average daily amount of borrowings outstanding under the Facility during the period ended April 30, 2008 was approximately $39,700, with a related weighted average annualized interest rate of 3.33% .

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 the value of the fund’s average daily net assets and is payable monthly.

The Fund 37

NOTES TO FINANCIAL STATEMENTS (continued)

During the period ended April 30, 2008, the Distributor retained $11,091 and $159 from commissions earned on sales of the fund’s Class A and Class Z shares, respectively, and $27,692 and $1,491 from CDSC on redemptions of the fund’s Class B and Class C shares, respectively.

(b) Under the Distribution Plan (the “Plan”) adopted pursuant to Rule 12b-1 under the Act, Class B and Class C shares pay the Distributor for distributing their shares at an annual rate of .50% of the value of the average daily net assets of Class B shares and .75% of the value of the average daily net assets of Class C shares. During the period ended April 30, 2008, Class B and Class C shares were charged $49,402 and $84,735, respectively, pursuant to the Plan.

(c) Under the Shareholder Services Plan, Class A, Class B, Class C and Class Z shares pay the Distributor at an annual rate of .25% of the value of the average daily net assets of Class A, Class B and Class C shares and .20% of the value of the average daily net assets of Class Z shares, for the provision of certain services.The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (a securities dealer, financial institution or other industry professional) in respect of these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended April 30, 2008, Class A, Class B, Class C and Class Z shares were charged $680,237, $24,701, $28,245 and $587,517, respectively, pursuant to the Shareholder Services Plan.

The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the Manager, under a transfer agency agreement for providing personnel and facilities to perform transfer agency services for the fund. During the period ended April 30, 2008, the fund was charged $240,734 pursuant to the transfer agency agreement.

The fund compensates The Bank of New York, a subsidiary of BNY Mellon and a Dreyfus affiliate, under a cash management agreement

38

for performing cash management services related to fund subscriptions and redemptions. During the period ended April 30, 2008, the fund was charged $16,562 pursuant to the cash management agreement.

Effective July 1, 2007, the fund’s custodian, The Bank of New York, became an affiliate of the Manager. Under the fund’s pre-existing custody agreement with The Bank of New York, for providing custodial services for the fund for the ten months ended April 30, 2008, the fund was charged $24,897. Prior to becoming an affiliate,The Bank of New York was paid $10,213 for custody services to the fund for the two months ended June 30, 2007.

During the period ended April 30, 2008, the fund was charged $7,968 for services performed by the Chief Compliance Officer.

The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $274,055, Rule 12b-1 distribution plan fees $11,749, shareholder services plan fees $112,920, custodian fees $18,246, chief compliance officer fees $1,880 and transfer agency per account fees $41,570.

(d) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

(e) Prior to December 1, 2007, a .10% redemption fee was charged and retained by the fund on certain Class Z shares redeemed within thirty days following the date of issuance, including redemptions made through the use of the fund’s exchange privilege. Effective December

1, 2007, the fund discontinued the redemption fee on shares.The fund reserves the right to reimpose a redemption fee in the future.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities,financial futures and options transactions, during the period ended April 30, 2008, amounted to $473,254,904 and $480,132,378, respectively.

The Fund 39

NOTES TO FINANCIAL STATEMENTS (continued)

The fund may participate in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds purchased by the fund are transferred to a trust. The trust subsequently issues two or more variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One or more of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals. A residual interest tax-exempt security is also created by the trust, which is transferred to the fund, and is paid interest based on the remaining cash flow of the trust, after payment of interest on the other securities and various expenses of the trust.

The fund accounts for the transfer of bonds to the trust as secured borrowings, with the securities transferred remaining in the fund’s investments, and the related floating rate certificate securities reflected as fund liabilities under the caption, “Payable for floating rate notes issued” in the Statement of Assets and Liabilities.

At April 30, 2008, the cost of investments for federal income tax purposes was $596,087,556; accordingly, accumulated net unrealized depreciation on investments was $10,304,969, consisting of $23,738,343 gross unrealized appreciation and $13,433,374 gross unrealized depreciation.

In March 2008, the FASB released Statement of Financial Accounting Standards No. 161 “Disclosures about Derivative Instruments and Hedging Activities” (“FAS 161”). FAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements.The application of FAS 161 is required for fiscal years beginning after November 15, 2008 and interim periods within those fiscal years.At this time, management is evaluating the implications of FAS 161 and its impact on the financial statements and the accompanying notes has not yet been determined.

40

REPORT OF INDEPENDENT REGISTERED 

PUBLIC ACCOUNTING FIRM 

Shareholders and Board of Trustees 

Dreyfus Premier Municipal Bond Fund 

We have audited the accompanying statement of assets and liabilities, of Dreyfus Premier Municipal Bond Fund, including the statement of investments, as of April 30, 2008, 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 periods 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 the standards of the Public Company Accounting Oversight Board (United States).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.We were not engaged to perform an audit of the Fund’s internal control over financial reporting.Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances,but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting.Accordingly, we express no such opinion.An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30,2008 by correspondence with the custodian and oth-ers.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 Municipal Bond Fund at April 30, 2008, 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 periods, in conformity with U.S. generally accepted accounting principles.

New York, New York
June 25, 2008

The Fund 41

IMPORTANT TAX INFORMATION (Unaudited)

In accordance with federal tax law, the fund hereby designates all the dividends paid from investment income-net during its fiscal year ended April 30, 2008 as “exempt-interest dividends” (not generally subject to regular federal income tax).

As required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any) and capital gains distributions (if any) paid for the 2008 calendar year on Form 1099-DIV and their portion of the fund’s tax-exempt dividends paid for the 2008 calendar year on Form 1099-INT, both of which will be mailed by January 31, 2009.

42

BOARD MEMBERS INFORMATION (Unaudited)

Joseph S. DiMartino (64) 

Chairman of the Board (1995) 

Principal Occupation During Past 5 Years: 

• Corporate Director and Trustee 

Other Board Memberships and Affiliations: 

• The Muscular Dystrophy Association, Director 

• Century Business Services, Inc., a provider of outsourcing functions for small and medium size 

companies, Director 

• The Newark Group, a provider of a national market of paper recovery facilities, paperboard 

mills and paperboard converting plants, Director 

• Sunair Services Corporation, a provider of certain outdoor-related services to homes and 

businesses, Director 

No. of Portfolios for which Board Member Serves: 163 

Clifford L. Alexander, Jr. (74) 

Board Member (1986) 

Principal Occupation During Past 5 Years: 

• President of Alexander & Associates, Inc., a management consulting firm (January 1981-present) 

• Chairman of the Board of Moody’s Corporation (October 2000-October 2003) 

Other Board Memberships and Affiliations: 

• Mutual of America Life Insurance Company, Director 

No. of Portfolios for which Board Member Serves: 51 

David W. Burke (72) 

Board Member (2007) 

Principal Occupation During Past 5 Years: 

• Corporate Director and Trustee 

Other Board Memberships and Affiliations: 

• John F. Kennedy Library Foundation, Director 

No. of Portfolios for which Board Member Serves: 85 

Peggy C. Davis (65) 

Board Member (1990) 

Principal Occupation During Past 5 Years: 

• Shad Professor of Law, New York University School of Law (1983-present) 

• Writer and teacher in the fields of evidence, constitutional theory, family law, social sciences 

and the law, legal process and professional methodology and training 

No. of Portfolios for which Board Member Serves: 64 

The Fund 43

BOARD MEMBERS INFORMATION (Unaudited) (continued)

Diane Dunst (68) 

Board Member (2007) 

Principal Occupation During Past 5 Years: 

• President, Huntting House Antiques 

No. of Portfolios for which Board Member Serves: 23 

Ernest Kafka (75) 

Board Member (1986) 

Principal Occupation During Past 5 Years: 

• Physician engaged in private practice specializing in the psychoanalysis of adults and 

adolescents (1962-present) 

• Instructor,The New York Psychoanalytic Institute (1981-present) 

No. of Portfolios for which Board Member Serves: 23 

Nathan Leventhal (65) 

Board Member (1989) 

Principal Occupation During Past 5 Years: 

• Commissioner, NYC Planning Commission (March 2007-present) 

• Chairman of the Avery-Fisher Artist Program (November 1997-present) 

Other Board Memberships and Affiliations: 

• Movado Group, Inc., Director 

• Mayor’s Committee on Appointments, Chairman 

No. of Portfolios for which Board Member Serves: 23 

Jay I. Meltzer (79) 

Board Member (2007) 

Principal Occupation During Past 5 Years: 

• Physician, Internist and Specialist in Clinical Hypertension 

• Clinical Professor of Medicine at Columbia University & College of Physicians and Surgeons 

• Faculty Associate, Center for Bioethics, Columbia 

No. of Portfolios for which Board Member Serves: 23 

44

Daniel Rose (78) 

Board Member (2007) 

Principal Occupation During Past 5 Years: 

• Chairman and Chief Executive Officer of Rose Associates, Inc., a New York based real estate 

development and management firm 

Other Board Memberships and Affiliations: 

• Baltic-American Enterprise Fund,Vice Chairman and Director 

• Harlem Educational Activities Fund, Inc., Chairman 

• Housing Committee of the Real Estate Board of New York, Inc., Director 

No. of Portfolios for which Board Member Serves: 32 

Warren B. Rudman (77) 

Board Member (2007) 

Principal Occupation During Past 5 Years: 

• Stonebridge International LLC, Co-Chairman 

• Of Counsel to (from January 1993 to December 31, 2003, Partner in) the law firm Paul, 

Weiss, Rifkind,Wharton & Garrison LLP 

Other Board Memberships and Affiliations: 

• Boston Scientific, Director 

• D.B. Zwirn & Co.,Vice Chairman of the International Advisory Board 

No. of Portfolios for which Board Member Serves: 33 

Once elected all Board Members serve for an indefinite term, but achieve Emeritus status upon reaching age 80.The address of the Board Members and Officers is in c/o The Dreyfus Corporation, 200 Park Avenue, New York, New York 10166.Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-554-4611.

Saul B. Klaman, Emeritus Board Member Sander Vanocur, Emeritus Board Member

The Fund 45

OFFICERS OF THE FUND (Unaudited)

J. DAVID OFFICER, President since December 2006.

Chief Operating Officer,Vice Chairman and a Director of the Manager, and an officer of 78 investment companies (comprised of 163 portfolios) managed by the Manager. He is 59 years old and has been an employee of the Manager since April 1998.

PHILLIP N. MAISANO, Executive Vice President since July 2007.

Chief Investment Officer,Vice Chair and a director of the Manager, and an officer of 78 investment companies (comprised of 163 portfolios) managed by the Manager. Mr. Maisano also is an officer and/or Board member of certain other investment management subsidiaries of The Bank of New York Mellon Corporation, each of which is an affiliate of the Manager. He is 60 years old and has been an employee of the Manager since November 2006. Prior to joining the Manager, Mr. Maisano served as Chairman and Chief Executive Officer of EACM Advisors, an affiliate of the Manager, since August 2004, and served as Chief Executive Officer of Evaluation Associates, a leading institutional investment consulting firm, from 1988 until 2004.

MICHAEL A. ROSENBERG, Vice President and Secretary since August 2005.

Associate General Counsel of the Manager, and an officer of 79 investment companies (comprised of 180 portfolios) managed by the Manager. He is 48 years old and has been an employee of the Manager since October 1991.

JAMES BITETTO, Vice President and Assistant Secretary since August 2005.

Associate General Counsel and Secretary of the Manager, and an officer of 79 investment companies (comprised of 180 portfolios) managed by the Manager. He is 41 years old and has been an employee of the Manager since December 1996.

JONI LACKS CHARATAN, Vice President and Assistant Secretary since August 2005.

Associate General Counsel of the Manager, and an officer of 79 investment companies (comprised of 180 portfolios) managed by the Manager. She is 52 years old and has been an employee of the Manager since October 1988.

JOSEPH M. CHIOFFI, Vice President and Assistant Secretary since August 2005.

Associate General Counsel of the Manager, and an officer of 79 investment companies (comprised of 180 portfolios) managed by the Manager. He is 46 years old and has been an employee of the Manager since June 2000.

JANETTE E. FARRAGHER, Vice President and Assistant Secretary since August 2005.

Associate General Counsel of the Manager, and an officer of 79 investment companies (comprised of 180 portfolios) managed by the Manager. She is 45 years old and has been an employee of the Manager since February 1984.

JOHN B. HAMMALIAN, Vice President and Assistant Secretary since August 2005.

Associate General Counsel of the Manager, and an officer of 79 investment companies (comprised of 180 portfolios) managed by the Manager. He is 44 years old and has been an employee of the Manager since February 1991.

ROBERT R. MULLERY, Vice President and Assistant Secretary since August 2005.

Associate General Counsel of the Manager, and an officer of 79 investment companies (comprised of 180 portfolios) managed by the Manager. He is 56 years old and has been an employee of the Manager since May 1986.

46

JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.

Associate General Counsel of the Manager, and an officer of 79 investment companies (comprised of 180 portfolios) managed by the Manager. He is 42 years old and has been an employee of the Manager since October 1990.

JAMES WINDELS, Treasurer since November 2001.

Director – Mutual Fund Accounting of the Manager, and an officer of 79 investment companies (comprised of 180 portfolios) managed by the Manager. He is 49 years old and has been an employee of the Manager since April 1985.

RICHARD CASSARO, Assistant Treasurer since September 2007.

Senior Accounting Manager – Money Market and Municipal Bond Funds of the Manager, and an officer of 79 investment companies (comprised of 180 portfolios) managed by the Manager. He is 49 years old and has been an employee of the Manager since September 1982.

GAVIN C. REILLY, Assistant Treasurer since December 2005.

Tax Manager of the Investment Accounting and Support Department of the Manager, and an officer of 79 investment companies (comprised of 180 portfolios) managed by the Manager. He is 39 years old and has been an employee of the Manager since April 1991.

ROBERT ROBOL, Assistant Treasurer since August 2005.

Senior Accounting Manager – Fixed Income Funds of the Manager, and an officer of 79 investment companies (comprised of 180 portfolios) managed by the Manager. He is 44 years old and has been an employee of the Manager since October 1988.

ROBERT SALVIOLO, Assistant Treasurer since May 2007.

Senior Accounting Manager – Equity Funds of the Manager, and an officer of 79 investment companies (comprised of 180 portfolios) managed by the Manager. He is 41 years old and has been an employee of the Manager since June 1989.

ROBERT SVAGNA, Assistant Treasurer since August 2005.

Senior Accounting Manager – Equity Funds of the Manager, and an officer of 79 investment companies (comprised of 180 portfolios) managed by the Manager. He is 41 years old and has been an employee of the Manager since November 1990.

JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.

Chief Compliance Officer of the Manager and The Dreyfus Family of Funds (79 investment companies, comprised of 180 portfolios). From November 2001 through March 2004, Mr. Connolly was first Vice-President, Mutual Fund Servicing for Mellon Global Securities Services. In that capacity, Mr. Connolly was responsible for managing Mellon’s Custody, Fund Accounting and Fund Administration services to third-party mutual fund clients. He is 50 years old and has served in various capacities with the Manager since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.

WILLIAM GERMENIS, Anti-Money Laundering Compliance Officer since October 2002.

Vice President and Anti-Money Laundering Compliance Officer of the Distributor, and the Anti-Money Laundering Compliance Officer of 75 investment companies (comprised of 176 portfolios) managed by the Manager. He is 37 years old and has been an employee of the Distributor since October 1998.

The Fund 47

NOTES

Item 2.  Code of Ethics. 

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.

Item 3.  Audit Committee Financial Expert. 

The Registrant's Board has determined that Joseph S. DiMartino, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Mr. DiMartino is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

Item 4.  Principal Accountant Fees and Services 

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $37,319 in 2007 and $38,437 in 2008.

(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $ 0 in 2007 and $0 in 2008.

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $ 0 in 2007 and $0 in 2008.

Note: For the second paragraph in each of (b) through (d) of this Item 4, certain of such services were not pre-approved prior to May 6, 2003, when such services were required to be pre-approved. On and after May 6, 2003, 100% of all services provided by the Auditor were pre-approved as required. For comparative purposes, the fees shown assume that all such services were pre-approved, including services that were not pre-approved prior to the compliance date of the pre-approval requirement.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $3,038 in 2007 and $2,709 in 2008. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates which required pre-approval by the Audit Committee were $0 in 2007 and $0 in 2008.

(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $658 in 2007 and $236 in 2008. These services consisted of a review of the Registrant's anti-money laundering program.

The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee were $0 in 2007 and $0 in 2008.

Audit Committee Pre-Approval Policies and Procedures. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.

Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $946,380 in 2007 and $2,465,481 in 2008.

Auditor Independence. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates which were not pre-approved (not requiring pre-approval) is compatible with maintaining the Auditor's independence.

Item 5.	Audit Committee of Listed Registrants.
	Not applicable. [CLOSED-END FUNDS ONLY]
Item 6.	Investments.
	Not applicable.
Item 7.	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management
	Investment Companies.
	Not applicable. [CLOSED-END FUNDS ONLY]
Item 8.	Portfolio Managers of Closed-End Management Investment Companies.
	Not applicable. [CLOSED-END FUNDS ONLY, beginning with reports for periods ended
	on and after December 31, 2005]
Item 9.	Purchases of Equity Securities by Closed-End Management Investment Companies and
	Affiliated Purchasers.

	Not applicable. [CLOSED-END FUNDS ONLY]
Item 10.	Submission of Matters to a Vote of Security Holders.

The Registrant has a Nominating Committee (the "Committee"), which is responsible for selecting and nominating persons for election or appointment by the Registrant's Board as Board members. The Committee has adopted a Nominating Committee Charter (the "Charter"). Pursuant to the Charter, the Committee will consider recommendations for nominees from shareholders submitted to the Secretary of the Registrant, c/o The Dreyfus Corporation Legal Department, 200 Park Avenue, 8th Floor East, New York, New York 10166. A nomination submission must include information regarding the recommended nominee as specified in the Charter. This information includes all information relating to a recommended nominee that is required to be disclosed in solicitations or proxy statements for the election of Board members, as well as information sufficient to evaluate the factors to be considered by the Committee, including character and integrity, business and professional experience, and whether the person has the ability to apply sound and independent business judgment and would act in the interests of the Registrant and its shareholders.

Nomination submissions are required to be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders, and such additional information must be provided regarding the recommended nominee as reasonably requested by the Committee.

Item 11.  Controls and Procedures. 

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12.

Exhibits. 

(a)(1)	Code of ethics referred to in Item 2.
(a)(2)	Certifications of principal executive and principal financial officers as required by Rule 30a-2(a)
under the Investment Company Act of 1940.
(a)(3)	Not applicable.
(b)	Certification of principal executive and principal financial officers as required by Rule 30a-2(b)
under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dreyfus Premier Municipal Bond Fund
By:	/s/ J. David Officer
	J. David Officer
	President
Date:	June 18, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ J. David Officer
	J. David Officer
	President
Date:	June 18, 2008
By:	/s/ James Windels
	James Windels
	Treasurer
Date:	June 18, 2008

EXHIBIT INDEX

(a)(1)	Code of ethics referred to in Item 2.
(a)(2)	Certifications of principal executive and principal financial officers as required by Rule 30a-
2(a) under the Investment Company Act of 1940. (EX-99.CERT)
(b)	Certification of principal executive and principal financial officers as required by Rule 30a-
2(b) under the Investment Company Act of 1940. (EX-99.906CERT)

EX-99.CODE ETH

   code of ethics1-2007
   

EX-99.CERT

[EX-99.CERT]—Exhibit (a)(2)

SECTION 302 CERTIFICATION

I, J. David Officer, certify that:

1. I have reviewed this report on Form N-CSR of Dreyfus Premier Municipal Bond Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By:	/s/ J. David Officer
	J. David Officer,
	President
Date:	June 18, 2008

SECTION 302 CERTIFICATION

I, James Windels, certify that:

1. I have reviewed this report on Form N-CSR of Dreyfus Premier Municipal Bond Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By:	/s/ James Windels
	James Windels,
	Treasurer
Date:	June 18, 2008

EX-99.906CERT

[EX-99.906CERT]
Exhibit (b)

SECTION 906 CERTIFICATIONS

In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

By:	/s/ J. David Officer
	J. David Officer
	President
Date:	June 18, 2008
By:	/s/ J. David Officer
	James Windels
	Treasurer
Date:	June 18, 2008

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.