N-CSR 1 form.htm SEMI-ANNUAL N-CSR form
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 811-4765 

DREYFUS PREMIER NEW YORK 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:    11/30 
Date of reporting period:    05/31/07 

FORM N-CSR

Item 1.    Reports to Stockholders. 

Dreyfus Premier New York Municipal Bond Fund

SEMIANNUAL REPORT May 31, 2007

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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    Understanding Your Fund’s Expenses 
6    Comparing Your Fund’s Expenses 
With Those of Other Funds
7    Statement of Investments 
17    Statement of Assets and Liabilities 
18    Statement of Operations 
19    Statement of Changes in Net Assets 
21    Financial Highlights 
24    Notes to Financial Statements 
FOR MORE INFORMATION
    Back Cover 

The Fund

Dreyfus Premier 
New York Municipal Bond Fund 

A LETTER FROM THE CEO

Dear Shareholder:

We are pleased to present this semiannual report for Dreyfus Premier New York Municipal Bond Fund, covering the six-month period from December 1, 2006, through May 31, 2007.

The U.S. economy continued to moderate during the reporting period as cooling housing markets took their toll on consumer and business spending. Labor markets, however, remained quite strong, and key measures of inflation have stayed stubbornly above the Federal Reserve’s stated “comfort zone.” Our economists believe that the anemic rate of U.S. economic growth recorded in the first quarter of 2007 should be the weakest reading of the current midcycle slowdown, and economic growth is likely to recover eventually to a near-trend pace.

The likely implications of our economic outlook include a long pause in Fed policy, a modest drop in 10-year Treasury bond yields (and consequent rise in price) and, in the absence of an as-yet unforeseen event, persistently tight yield spreads throughout the municipal bond market sectors. We expect these developments to produce both challenges and opportunities for fixed-income investors.As always, your financial advisor can help you position your investments for these trends.

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 Manager.

Thank you for your continued confidence and support.

2

DISCUSSION OF FUND PERFORMANCE

For the reporting period of December 1, 2006, through May 31, 2007, as provided by Monica S.Wieboldt, Senior Portfolio Manager

Fund and Market Performance Overview

Strong performance among municipal bonds early in the period was offset in the spring of 2007 by heightened volatility stemming from economic and inflation concerns.The fund’s returns lagged its benchmark, which contains bonds from many states, not just New York, and does not reflect fund fees and expenses in its results. In addition, the fund’s Class A shares produced a return that approximated its Lipper category average return.

For the six-month period ended May 31, 2007, the fund achieved total returns of –0.02% for Class A shares, –0.27% for Class B shares and –0.39% for Class C shares.1 The Lehman Brothers Municipal Bond Index (the “Index”), the fund’s benchmark, achieved a total return of 0.30% for the same period.2 In addition, the average total return for all funds reported in the Lipper New York Municipal Debt Funds category was –0.01% .3

The Fund’s Investment Approach

The fund seeks to maximize current income exempt from federal, New York state and New York city income taxes to the extent consistent with the preservation of capital.To pursue this goal, the fund normally invests substantially all of its assets in municipal bonds that provide income exempt from federal, New York state and New York city personal income taxes.The fund will invest at least 70% of its assets in investment-grade municipal bonds or the unrated equivalent as determined by Dreyfus. For additional yield, the fund may invest up to 30% of its assets in municipal bonds rated below investment grade (“high yield” or “junk” bonds) 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.

The Fund 3

DISCUSSION OF FUND PERFORMANCE (continued)

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 the municipal bond’s 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 to either discount bonds or to premium bonds will change along with our changing views of the current interest-rate and market environment.We may also look to select bonds that are most likely to obtain attractive prices when sold.

Early Market Rally Erased by Economic and Inflation Concerns

Short-term interest rates had stabilized and energy prices declined during the early part of the reporting period, supporting higher bond prices. Most of the market’s strength was concentrated among longer-term bonds, leading to narrower yield differences along the market’s maturity range.

However,slower U.S.economic growth and persistent inflationary caused the outlook for the Federal Reserve Board’s (the “Fed”) interest-rate policy to become murkier during the opening months of 2007, and market volatility increased.Volatility intensified in late February due to turmoil in overseas equity markets and the U.S. sub-prime mortgage sector. From March through April, unexpectedly robust labor markets, resurgent energy prices and comments from the Fed regarding the risk of inflation caused bond prices to fall, erasing the reporting period’s previous gains.

On a national level, an increase in the supply of newly issued municipal bonds also contributed to heightened market volatility. Some states began to see tax receipts fall below budget estimates, in part because of the slowdown in housing and turmoil in the sub-prime mortgage market.The State of New York was not among them. In fact, the state legislature passed a relatively conservative budget for its next fiscal year,

4

and the City of New York continued to benefit from generally strong business conditions in the financial services industry. These factors generally helped support New York municipal bond prices, cushioning the price decline in the market.

Income-Oriented Bonds Helped Drive Performance

The fund’s relative performance benefited from its core holdings of income-oriented bonds, especially those with maturities of 25 years or less. Lower-rated bonds also fared well, including credits issued on behalf of airlines and private universities. New York city’s bonds also held up well, as did higher-quality hospital bonds.

Fund Remains Positioned for Steady Fed Policy

With the economy slowing and inflation still above the Fed’s comfort zone, we expect to see an increase in volatility and an upward trend in short-term interest rates.Therefore, until we are convinced that interest rates are close to peaking, we intend to maintain a focus on income-oriented issues. Of course, we remain prepared to adjust our strategies as market conditions change.

June 15, 2007
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. 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 for non-New York residents, and some income may be 
    subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, 
    are fully taxable. Return figures provided reflect the absorption of certain expenses by The Dreyfus 
    Corporation pursuant to an agreement in effect until July 31, 2007, at which time it may be 
    extended, modified or terminated. Had these expenses not been absorbed, the fund’s returns would 
    have been lower. 
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 
    and geographically unrestricted total return performance benchmark for the long-term, investment- 
    grade, tax-exempt bond market. Index returns do not reflect the fees and expenses associated with 
    operating a mutual fund. 
3    Source: Lipper Inc. 

The Fund 5

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 New York Municipal Bond Fund from December 1, 2006 to May 31, 2007. 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 May 31, 2007         
    Class A    Class B    Class C 
Expenses paid per $1,000 †    $ 4.44    $ 6.92    $ 8.11 
Ending value (after expenses)    $999.80    $997.30    $996.10 

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 May 31, 2007 
    Class A    Class B    Class C 
Expenses paid per $1,000 †    $ 4.48    $ 6.99    $ 8.20 
Ending value (after expenses)    $1,020.49    $1,018.00    $1,016.80 

† Expenses are equal to the fund’s annualized expense ratio of .89% for Class A, 1.39% for Class B and 1.63% for Class C; multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

6

STATEMENT OF INVESTMENTS

May 31, 2007 (Unaudited)

Long-Term Municipal    Coupon    Maturity    Principal     
Investments—105.1%    Rate (%)    Date    Amount ($)    Value ($) 
New York—98.1%                 
Dutchess County Industrial                 
Development Agency, Civic                 
Facility Revenue (Bard College                 
Civic Facility)    5.00    8/1/22    775,000    803,729 
Hempstead Industrial Development                 
Agency, Civic Facility Revenue                 
(Adelphi University Civic Facility)    5.00    10/1/30    1,565,000    1,623,734 
Hempstead Industrial Development                 
Agency, Civic Facility Revenue                 
(Adelphi University Civic Facility)    5.00    10/1/35    1,500,000    1,554,180 
Huntington Housing Authority,                 
Senior Housing Facility                 
Revenue (Gurwin Jewish Senior                 
Residences Project)    6.00    5/1/29    1,370,000    1,410,607 
Jefferson County Industrial                 
Development Agency, SWDR                 
(International Paper                 
Company Project)    5.20    12/1/20    1,465,000    1,503,398 
Long Island Power Authority,                 
Electric System General Revenue    4.50    12/1/24    2,000,000    1,994,000 
Long Island Power Authority,                 
Electric System General Revenue    5.00    9/1/35    2,000,000    2,084,840 
Long Island Power Authority,                 
Electric System General                 
Revenue (Insured; CIFG)    5.00    9/1/33    1,000,000    1,042,400 
Long Island Power Authority,                 
Electric System General                 
Revenue (Insured; FGIC)    5.00    12/1/19    1,000,000    1,065,310 
Metropolitan Transportation                 
Authority, Revenue                 
(Insured; AMBAC)    5.50    11/15/18    4,000,000    4,312,720 
Metropolitan Transportation                 
Authority, Transit Facilities                 
Revenue (Insured; FSA)    5.13    1/1/12    1,225,000 a    1,291,334 
Metropolitan Transportation                 
Authority, Transit Facilities                 
Revenue (Insured; FSA)    5.13    7/1/12    2,775,000 a    2,940,140 
Nassau County Industrial                 
Development Agency, IDR                 
(Keyspan-Glenwood Energy                 
Center, LLC Project)    5.25    6/1/27    4,000,000    4,132,880 

The Fund 7

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
New York (continued)                 
New York City    6.75    2/1/09    140,000    146,842 
New York City    6.75    2/1/09    1,860,000    1,945,988 
New York City    5.00    11/1/19    2,000,000    2,099,040 
New York City    5.38    12/1/20    1,000,000    1,050,650 
New York City    5.00    8/1/21    2,000,000    2,096,140 
New York City    5.50    8/1/21    2,000,000    2,149,400 
New York City    5.00    8/1/22    2,000,000    2,102,700 
New York City    5.25    8/15/24    2,420,000    2,571,008 
New York City    5.00    4/1/30    2,500,000    2,597,500 
New York City Housing Development                 
Corporation, Capital Fund                 
Program Revenue (New York City                 
Housing Authority Program)                 
(Insured; FGIC)    5.00    7/1/25    1,000,000    1,048,380 
New York City Housing Development                 
Corporation, MFHR                 
(Collateralized: FHA and GNMA)    5.25    11/1/30    2,500,000    2,606,525 
New York City Industrial                 
Development Agency, Civic                 
Facility Revenue (College of                 
Aeronautics Project)    5.45    5/1/08    1,000,000 a    1,035,260 
New York City Industrial                 
Development Agency, Civic                 
Facility Revenue (Vaughn                 
College of Aeronautics and                 
Technology Project)    5.25    12/1/36    820,000    831,324 
New York City Industrial                 
Development Agency, Civic                 
Facility Revenue (YMCA of                 
Greater New York Project)    5.00    8/1/36    3,000,000    3,110,340 
New York City Industrial                 
Development Agency, Liberty                 
Revenue (7 World Trade                 
Center Project)    6.25    3/1/15    2,000,000    2,111,860 
New York City Industrial                 
Development Agency, PILOT                 
Revenue (Queens Baseball                 
Stadium Project) (Insured; AMBAC)    5.00    1/1/46    2,000,000    2,088,960 

8

Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
New York (continued)                 
New York City Industrial                 
Development Agency, Special                 
Facility Revenue (American                 
Airlines, Inc. John F. Kennedy                 
International Airport Project)    7.50    8/1/16    1,000,000    1,157,300 
New York City Industrial                 
Development Agency, Special                 
Facility Revenue (American                 
Airlines, Inc. John F. Kennedy                 
International Airport Project)    8.00    8/1/28    1,200,000    1,468,452 
New York City Industrial                 
Development Agency, Special                 
Facility Revenue (American                 
Airlines, Inc. Project)    6.90    8/1/24    1,000,000    1,010,000 
New York City Industrial                 
Development Agency, Special                 
Facility Revenue (JetBlue                 
Airways Corporation Project)    5.00    5/15/20    500,000    488,805 
New York City Industrial                 
Development Agency, Special                 
Facility Revenue (JetBlue                 
Airways Corporation Project)    5.13    5/15/30    500,000    488,705 
New York City Industrial                 
Development Agency, Special                 
Facility Revenue (Terminal One                 
Group Association, L.P. Project)    5.50    1/1/18    1,000,000    1,077,890 
New York City Industrial                 
Development Agency, Special                 
Facility Revenue (Terminal One                 
Group Association, L.P. Project)    5.50    1/1/24    2,000,000    2,146,900 
New York City Transitional Finance             
Authority, Building Aid                 
Revenue (Insured; FGIC)    5.00    7/15/36    2,000,000    2,105,240 
New York City Transitional Finance             
Authority, Future Tax                 
Secured Revenue    6.00    5/15/10    450,000 a    482,035 
New York City Transitional Finance             
Authority, Future Tax                 
Secured Revenue    5.00    11/1/25    1,205,000    1,268,781 

The Fund 9

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
New York (continued)                 
New York Liberty Development                 
Corporation, Revenue (Goldman             
Sachs Headquarters Issue)    5.25    10/1/35    2,500,000    2,783,375 
New York Liberty Development                 
Corporation, Revenue (National             
Sports Museum Project)    6.13    2/15/19    1,000,000    1,048,390 
New York State Dormitory                 
Authority, Catholic Health                 
Services of Long Island                 
Obligated Group Revenue (Saint             
Francis Hospital Project)    5.00    7/1/21    2,000,000    2,038,740 
New York State Dormitory                 
Authority, Insured Revenue                 
(Manhattan College)                 
(Insured; Radian)    5.50    7/1/16    975,000    1,037,478 
New York State Dormitory                 
Authority, LR (State                 
University Educational                 
Facilities) (Insured; FGIC)    5.50    7/1/11    1,000,000 a    1,063,900 
New York State Dormitory                 
Authority, Revenue                 
(Columbia University)    5.00    7/1/31    2,000,000    2,117,400 
New York State Dormitory                 
Authority, Revenue                 
(Consolidated City                 
University System)    5.63    7/1/16    4,000,000    4,391,120 
New York State Dormitory                 
Authority, Revenue                 
(Consolidated City University                 
System) (Insured; AMBAC)    5.75    7/1/09    3,000,000    3,084,660 
New York State Dormitory                 
Authority, Revenue                 
(Consolidated City University                 
System) (Insured; FGIC)    5.75    7/1/16    1,000,000    1,056,350 
New York State Dormitory                 
Authority, Revenue                 
(Consolidated City University                 
System) (Insured; FSA)    5.75    7/1/18    1,000,000    1,116,720 
New York State Dormitory                 
Authority, Revenue                 
(Cornell University)    5.00    7/1/24    2,000,000    2,117,400 

10

Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
New York (continued)                 
New York State Dormitory Authority,                 
Revenue (Cornell University)    5.00    7/1/35    2,000,000    2,101,980 
New York State Dormitory                 
Authority, Revenue (Long                 
Island University)    5.50    9/1/20    1,585,000    1,692,194 
New York State Dormitory                 
Authority, Revenue (Memorial                 
Sloan-Kettering Cancer Center)    5.00    7/1/35    1,000,000    1,044,110 
New York State Dormitory                 
Authority, Revenue (Mental                 
Health Services Facilities                 
Improvement)    5.00    2/15/28    880,000    910,571 
New York State Dormitory                 
Authority, Revenue (Miriam                 
Osborne Memorial Home)                 
(Insured; ACA)    6.88    7/1/19    1,000,000    1,092,480 
New York State Dormitory                 
Authority, Revenue (Mount                 
Sinai NYU Health Obligated Group)    5.50    7/1/26    2,000,000    2,025,380 
New York State Dormitory                 
Authority, Revenue (New York                 
Methodist Hospital)    5.25    7/1/24    1,750,000    1,831,480 
New York State Dormitory                 
Authority, Revenue (New York                 
State Department of Health)    5.00    7/1/14    2,000,000    2,116,560 
New York State Dormitory                 
Authority, Revenue (New York                 
State Department of Health)                 
(Insured; CIFG)    5.00    7/1/25    2,500,000    2,612,250 
New York State Dormitory                 
Authority, Revenue (State                 
University Educational Facilities)    5.88    5/15/17    2,000,000    2,257,220 
New York State Dormitory                 
Authority, Revenue                 
(University of Rochester)    5.00    7/1/34    2,870,000    2,964,911 
New York State Dormitory                 
Authority, South Nassau                 
Communities HR (Winthrop South                 
Nassau University Health                 
System Obligated Group)    5.50    7/1/23    1,650,000    1,725,718 

The Fund 11

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
New York (continued)                 
New York State Dormitory                 
Authority, State Personal                 
Income Tax Revenue (Education)    5.38    3/15/13    1,000,000 a    1,077,590 
New York State Mortgage Agency,                 
Homeowner Mortgage Revenue    5.35    10/1/26    2,000,000    2,044,400 
New York State Thruway Authority,                 
Local Highway and Bridge                 
Service Contract Bonds    5.75    4/1/09    2,000,000 a    2,090,800 
New York State Thruway Authority,                 
Second General Highway and                 
Bridge Trust Fund Bonds    5.00    4/1/25    2,000,000    2,115,300 
New York State Thruway Authority,                 
Second General Highway and                 
Bridge Trust Fund Bonds                 
(Insured; AMBAC)    5.00    4/1/19    3,000,000 b,c    3,190,980 
New York State Urban Development             
Corporation, State Personal                 
Income Tax Revenue (State                 
Facilities and Equipment)                 
(Insured; FGIC)    5.50    3/15/13    2,450,000 a    2,655,849 
Newburgh Industrial Development                 
Agency, IDR (Bourne and Kenny                 
Redevelopment Company LLC                 
Project) (Guaranteed; SONYMA)    5.75    2/1/32    1,000,000    1,033,620 
Niagara County Industrial                 
Development Agency, Solid                 
Waste Disposal Facility                 
Revenue (American Ref-Fuel                 
Company of Niagara, LP Facility)    5.63    11/15/14    2,000,000    2,087,100 
Niagara County Industrial                 
Development Agency, Solid                 
Waste Disposal Facility                 
Revenue (American Ref-Fuel                 
Company of Niagara, LP Facility)    5.55    11/15/15    1,000,000    1,039,490 
Niagara Frontier Transportation                 
Authority, Airport Revenue                 
(Buffalo Niagara International                 
Airport) (Insured; MBIA)    5.63    4/1/29    2,000,000    2,074,560 
Orange County Industrial                 
Development Agency, Life Care                 
Community Revenue                 
(Glenn Arden Inc. Project)    5.63    1/1/18    1,000,000    1,021,900 

12

Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
New York (continued)                 
Port Authority of New York and New                 
Jersey (Consolidated Bonds,                 
37th Series) (Insured; FSA)    5.50    7/15/18    3,000,000    3,250,440 
Port Authority of New York and New                 
Jersey (Consolidated Bonds,                 
142nd Series)    5.00    7/15/23    2,000,000    2,107,980 
Rensselaer County Industrial                 
Development Agency, Civic                 
Facility Revenue (Emma Willard                 
School Project)    5.00    1/1/31    1,000,000    1,047,200 
Rensselaer County Industrial                 
Development Agency, Civic                 
Facility Revenue (Emma Willard                 
School Project)    5.00    1/1/36    1,000,000    1,044,290 
Rensselaer County Industrial                 
Development Agency, IDR                 
(Albany International Corporation)                 
(LOC; Bank of America)    7.55    6/1/07    1,500,000    1,500,000 
Schenectady Industrial Development                 
Agency, Civic Facility Revenue                 
(Union College Project)    5.00    7/1/26    1,380,000    1,450,366 
Suffolk County Industrial                 
Development Agency, Continuing                 
Care Retirement Community                 
Revenue (Jeffersons Ferry Project)    5.00    11/1/28    1,000,000    1,013,080 
Tobacco Settlement Financing                 
Corporation of New York,                 
Asset-Backed Revenue Bonds                 
(State Contingency                 
Contract Secured)    5.50    6/1/18    1,000,000    1,067,140 
Tobacco Settlement Financing                 
Corporation of New York,                 
Asset-Backed Revenue Bonds                 
(State Contingency                 
Contract Secured)    5.50    6/1/21    3,000,000    3,228,840 
Triborough Bridge and Tunnel                 
Authority, General                 
Purpose Revenue    6.00    1/1/12    2,000,000    2,127,160 
Triborough Bridge and Tunnel                 
Authority, Subordinate                 
Revenue (Insured; MBIA)    5.00    11/15/32    2,000,000    2,078,240 

The Fund 13

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
New York (continued)                 
Watervliet Housing Authority,                 
Residential Housing Revenue                 
(Beltrone Living Center Project)    6.00    6/1/08    1,000,000 a    1,041,410 
Westchester Tobacco Asset                 
Securitization Corporation,                 
Tobacco Settlement                 
Asset-Backed Bonds    5.13    6/1/45    1,200,000    1,222,068 
U.S. Related—7.0%                 
Children’s Trust Fund of Puerto                 
Rico, Tobacco Settlement                 
Asset-Backed Bonds    6.00    7/1/10    2,000,000 a    2,131,300 
Guam Waterworks Authority,                 
Water and Wastewater System                 
Revenue    5.88    7/1/35    1,000,000    1,070,240 
Puerto Rico Commonwealth,                 
Public Improvement    5.25    7/1/30    2,000,000    2,117,640 
Puerto Rico Electric Power                 
Authority, Power Revenue                 
(Insured; FSA)    5.63    7/1/10    2,000,000 a    2,127,500 
Puerto Rico Highways and                 
Transportation Authority,                 
Transportation Revenue                 
(Insured; MBIA)    5.75    7/1/10    1,500,000 a    1,598,775 
Puerto Rico Infrastructure                 
Financing Authority, Special                 
Tax Revenue    5.00    7/1/46    1,000,000    1,024,390 
Virgin Islands Public Finance                 
Authority, Refinery Facilities                 
Senior Secured Revenue                 
(HOVENSA Refinery)    4.70    7/1/22    1,000,000    999,210 
 
Total Investments (cost $160,366,160)            105.1%    164,954,542 
Liabilities, Less Cash and Receivables            (5.1%)    (7,943,232) 
Net Assets            100.0%    157,011,310 

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 Security exempt from registration under Rule 144A of the Securities Act of 1933.This security may be resold in 
transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2007, this security 
amounted to $3,190,980 or 2.0% of net assets. 
c Collateral for floating rate borrowings. 

14

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 15

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Summary of Combined Ratings (Unaudited)     
 
Fitch    or Moody’s    or    Standard & Poor’s    Value (%) † 
AAA    Aaa        AAA    30.9 
AA    Aa        AA    34.9 
A        A        A    14.7 
BBB    Baa        BBB    11.4 
BB    Ba        BB    1.2 
B        B        B    2.8 
Not Rated d    Not Rated d        Not Rated d    4.1 
                    100.0 
 
†    Based on total investments.             
d    Securities which, while not rated by Fitch, Moody’s and Standard & Poor’s, have been determined by the Manager to 
    be of comparable quality to those rated securities in which the fund may invest.     
See notes to financial statements.             

16

STATEMENT OF ASSETS AND LIABILITIES

May 31, 2007 (Unaudited)

        Cost    Value 
Assets ($):             
Investments in securities—See Statement of Investments    160,366,160    164,954,542 
Interest receivable            2,690,150 
Receivable for shares of Beneficial Interest subscribed        567,768 
Prepaid expenses            34,282 
            168,246,742 
Liabilities ($):             
Due to The Dreyfus Corporation and affiliates—Note 3(c)        125,596 
Cash overdraft due to Custodian            969,526 
Payable for shares of Beneficial Interest redeemed        8,559,295 
Payable for floating rate notes issued        1,500,000 
Interest and related expenses payable        10,320 
Accrued expenses            70,695 
            11,235,432 
Net Assets ($)            157,011,310 
Composition of Net Assets ($):             
Paid-in capital            152,208,417 
Accumulated distributions in excess         
of investment income—net            (234) 
Accumulated net realized gain (loss) on investments        214,745 
Accumulated net unrealized appreciation         
(depreciation) on investments            4,588,382 
Net Assets ($)            157,011,310 
 
 
Net Asset Value Per Share             
    Class A    Class B    Class C 
Net Assets ($)    133,882,173    15,519,877    7,609,260 
Shares Outstanding    9,192,960    1,065,736    522,501 
Net Asset Value Per Share ($)    14.56    14.56    14.56 

See notes to financial statements.

The Fund 17

STATEMENT OF OPERATIONS

Six Months Ended May 31, 2007 (Unaudited)

Investment Income ($):     
Interest Income    3,976,242 
Expenses:     
Management fee—Note 3(a)    454,639 
Shareholder servicing costs—Note 3(c)    245,651 
Distribution fees—Note 3(b)    69,926 
Interest and related expenses    29,525 
Professional fees    28,020 
Registration fees    16,187 
Prospectus and shareholders’ reports    13,059 
Custodian fees    11,131 
Trustees’ fees and expenses—Note 3(d)    3,870 
Loan commitment fees—Note 2    313 
Miscellaneous    11,598 
Total Expenses    883,919 
Less—reduction in management fee     
due to undertaking—Note 3(a)    (81,531) 
Net Expenses    802,388 
Investment Income—Net    3,173,854 
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($): 
Net realized gain (loss) on investments    275,688 
Net unrealized appreciation (depreciation) on investments    (3,529,714) 
Net Realized and Unrealized Gain (Loss) on Investments    (3,254,026) 
Net (Decrease) In Net Assets Resulting from Operations    (80,172) 

See notes to financial statements.

18

STATEMENT OF CHANGES IN NET ASSETS

    Six Months Ended     
    May 31, 2007    Year Ended 
    (Unaudited)    November 30, 2006 
Operations ($):         
Investment income—net    3,173,854    6,398,063 
Net realized gain (loss) on investments    275,688    453,515 
Net unrealized appreciation         
(depreciation) on investments    (3,529,714)    3,182,055 
Net Increase (Decrease) in Net Assets         
Resulting from Operations    (80,172)    10,033,633 
Dividends to Shareholders from ($):         
Investment income—net:         
Class A shares    (2,765,574)    (5,440,084) 
Class B shares    (296,039)    (732,806) 
Class C shares    (112,475)    (224,939) 
Net realized gain on investments:         
Class A shares    (280,491)    (2,294,850) 
Class B shares    (36,865)    (375,728) 
Class C shares    (12,714)    (120,467) 
Total Dividends    (3,504,158)    (9,188,874) 
Beneficial Interest Transactions ($):         
Net proceeds from shares sold:         
Class A shares    10,850,850    22,772,997 
Class B shares    15,688    1,123,361 
Class C shares    1,940,855    359,079 
Dividends reinvested:         
Class A shares    2,356,968    5,769,052 
Class B shares    210,113    674,959 
Class C shares    95,202    271,937 
Cost of shares redeemed:         
Class A shares    (18,888,860)    (31,667,880) 
Class B shares    (3,727,652)    (7,162,346) 
Class C shares    (830,863)    (1,651,994) 
Increase (Decrease) in Net Assets from         
Beneficial Interest Transactions    (7,977,699)    (9,510,835) 
Total Increase (Decrease) in Net Assets    (11,562,029)    (8,666,076) 
Net Assets ($):         
Beginning of Period    168,573,339    177,239,415 
End of Period    157,011,310    168,573,339 
Undistributed investment income—net    (234)    — 

The Fund 19

STATEMENT OF CHANGES IN NET ASSETS (continued)

    Six Months Ended     
    May 31, 2007    Year Ended 
    (Unaudited)    November 30, 2006 
Capital Share Transactions:         
Class A a         
Shares sold    736,329    1,555,518 
Shares issued for dividends reinvested    160,428    394,588 
Shares redeemed    (1,288,974)    (2,162,988) 
Net Increase (Decrease) in Shares Outstanding    (392,217)    (212,882) 
Class B a         
Shares sold    1,067    76,978 
Shares issued for dividends reinvested    14,297    46,184 
Shares redeemed    (252,871)    (490,082) 
Net Increase (Decrease) in Shares Outstanding    (237,507)    (366,920) 
Class C         
Shares sold    132,253    24,583 
Shares issued for dividends reinvested    6,479    18,609 
Shares redeemed    (56,581)    (113,200) 
Net Increase (Decrease) in Shares Outstanding    82,151    (70,008) 

a During the period ended May 31, 2007, 137,493 Class B shares representing $2,030,962 were automatically converted to 137,480 Class A shares and during the period ended November 30, 2006, 172,910 Class B shares representing $2,520,335 were automatically converted to 172,867 Class A shares.

See notes to financial statements.

20

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.

    Six Months Ended                     
    May 31, 2007        Year Ended November 30,     
Class A Shares    (Unaudited)    2006    2005    2004    2003    2002 
Per Share Data ($):                         
Net asset value,                         
    beginning of period    14.88    14.80    15.00    15.33    15.11    14.80 
Investment Operations:                         
Investment income—net a    .29    .57    .56    .58    .60    .67 
Net realized and unrealized                         
    gain (loss) on investments    (.29)    .33    (.17)    (.17)    .30    .31 
Total from Investment Operations    .00    .90    .39    .41    .90    .98 
Distributions:                         
Dividends from                         
    investment income—net    (.29)    (.58)    (.56)    (.58)    (.60)    (.67) 
Dividends from net realized                         
    gain on investments    (.03)    (.24)    (.03)    (.16)    (.08)    — 
Total Distributions    (.32)    (.82)    (.59)    (.74)    (.68)    (.67) 
Net asset value, end of period    14.56    14.88    14.80    15.00    15.33    15.11 
Total Return (%) b    (.02)c    6.25    2.58    2.71    6.11    6.76 
Ratios/Supplemental Data (%):                     
Ratio of total expenses                         
    to average net assets    .98d    .98    .98e    1.00e    1.02e    1.09e 
Ratio of net expenses                         
    to average net assets    .89d    .88    .96e    1.00e    1.02e    1.09e 
Ratio of net investment income                         
to average net assets    3.93d    3.94    3.70    3.81    3.94    4.49 
Portfolio Turnover Rate    6.17c    30.45    52.26    21.53    44.33    24.22 
Net Assets, end of period                         
    ($ x 1,000)    133,882    142,631    144,978    153,173    160,371    151,658 
 
a    Based on average shares outstanding at each month end.                 
b    Exclusive of sales charge.                         
c    Not annualized.                         
d    Annualized.                         
e    Ratio of total expenses to average net assets and ratio of net expenses to average net assets for all periods have been 
    restated.This restatment has no impact on the fund’s previously reported net assets, net investment income, net asset 
    value or total return.                         
See notes to financial statements.                         

The Fund 21

FINANCIAL HIGHLIGHTS (continued)

    Six Months Ended                     
    May 31, 2007        Year Ended November 30,     
Class B Shares    (Unaudited)    2006    2005    2004    2003    2002 
Per Share Data ($):                         
Net asset value,                         
beginning of period    14.88    14.79    15.00    15.33    15.11    14.80 
Investment Operations:                         
Investment income—net a    .25    .50    .48    .50    .53    .59 
Net realized and unrealized                         
gain (loss) on investments    (.29)    .33    (.18)    (.17)    .29    .32 
Total from Investment Operations    (.04)    .83    .30    .33    .82    .91 
Distributions:                         
Dividends from                         
investment income—net    (.25)    (.50)    (.48)    (.50)    (.52)    (.60) 
Dividends from net realized                         
gain on investments    (.03)    (.24)    (.03)    (.16)    (.08)    — 
Total Distributions    (.28)    (.74)    (.51)    (.66)    (.60)    (.60) 
Net asset value, end of period    14.56    14.88    14.79    15.00    15.33    15.11 
Total Return (%) b    (.27)c    5.71    2.06    2.18    5.57    6.23 
Ratios/Supplemental Data (%):                     
Ratio of total expenses                         
to average net assets    1.50d    1.50    1.50e    1.51e    1.52e    1.59e 
Ratio of net expenses                         
to average net assets    1.39d    1.38    1.48e    1.51e    1.52e    1.59e 
Ratio of net investment income                         
to average net assets    3.42d    3.43    3.19    3.30    3.43    3.97 
Portfolio Turnover Rate    6.17c    30.45    52.26    21.53    44.33    24.22 
Net Assets, end of period                         
($ x 1,000)    15,520    19,390    24,710    30,960    39,155    39,763 
 
a    Based on average shares outstanding at each month end.                 
b    Exclusive of sales charge.                         
c    Not annualized.                         
d    Annualized.                         
e    Ratio of total expenses to average net assets and ratio of net expenses to average net assets for all periods have been 
    restated.This restatment has no impact on the fund’s previously reported net assets, net investment income, net asset 
    value or total return.                         
See notes to financial statements.                         

22

    Six Months Ended                     
    May 31, 2007        Year Ended November 30,     
Class C Shares    (Unaudited)    2006    2005    2004    2003    2002 
Per Share Data ($):                         
Net asset value,                         
beginning of period    14.88    14.80    15.00    15.33    15.11    14.81 
Investment Operations:                         
Investment income—net a    .23    .47    .44    .46    .48    .55 
Net realized and unrealized                         
gain (loss) on investments    (.29)    .32    (.17)    (.17)    .31    .31 
Total from Investment Operations    (.06)    .79    .27    .29    .79    .86 
Distributions:                         
Dividends from                         
investment income—net    (.23)    (.47)    (.44)    (.46)    (.49)    (.56) 
Dividends from net realized                         
gain on investments    (.03)    (.24)    (.03)    (.16)    (.08)    — 
Total Distributions    (.26)    (.71)    (.47)    (.62)    (.57)    (.56) 
Net asset value, end of period    14.56    14.88    14.80    15.00    15.33    15.11 
Total Return (%) b    (.39)c    5.46    1.81    1.94    5.32    5.93 
Ratios/Supplemental Data (%):                     
Ratio of total expenses                         
to average net assets    1.73d    1.74    1.73e    1.75e    1.77e    1.82 
Ratio of net expenses                         
to average net assets    1.63d    1.63    1.71e    1.75e    1.77e    1.82 
Ratio of net investment income                         
to average net assets    3.16d    3.19    2.95    3.06    3.16    3.71 
Portfolio Turnover Rate    6.17c    30.45    52.26    21.53    44.33    24.22 
Net Assets, end of period                         
($ x 1,000)    7,609    6,553    7,552    9,072    12,216    7,895 
 
a    Based on average shares outstanding at each month end.                 
b    Exclusive of sales charge.                         
c    Not annualized.                         
d    Annualized.                         
e    Ratio of total expenses to average net assets and ratio of net expenses to average net assets for all periods have been 
    restated.This restatment has no impact on the fund’s previously reported net assets, net investment income, net asset 
    value or total return.                         
See notes to financial statements.                         

The Fund 23

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1—Significant Accounting Policies:

Dreyfus Premier New York Municipal Bond Fund (the “fund”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a non-diversified open-end management investment company. The fund’s investment objective is to maximize current income exempt from federal, New York state and New York city personal income taxes to the extent consistent with the preservation of capital. The Dreyfus Corporation (the “Manager”) serves as the fund’s investment adviser. During the reporting period, the Manager was a wholly-owned subsidiary of Mellon Financial Corporation (“Mellon Financial”).

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

Dreyfus Service Corporation (the “Distributor”), a wholly-owned subsidiary of the Manager, is the distributor of the fund’s shares. Effective June 30, 2007, the Distributor will be known as MBSC Securities Corporation.The fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in the following classes of shares: Class A, Class B and Class C. Class A shares are subject to a sales charge imposed at the time of purchase. 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. Other differences between the classes include the services offered to and the expenses borne by each class 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.

24

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 these 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 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

The Fund 25

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 gain and loss 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.

The fund has an arrangement with the custodian bank whereby the fund receives earnings credits from the custodian when positive cash balances are maintained, which are used to offset custody fees. For financial reporting purposes, the fund includes net earnings credits, if any, as an expense offset in the Statement of Operations.

The fund follows an investment policy of investing primarily in municipal obligations of one state. Economic changes affecting the state and certain of its public bodies and municipalities may affect the ability of issuers within the state to pay interest on, or repay principal of, municipal obligations held by the fund.

(c) Dividends to shareholders: It is the policy of the fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gain, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”).To the extent that net realized capital gain can be offset by capital loss carryovers, if any, it is the policy of the fund not to distribute such gain. 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

26

Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.

The FASB released 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 benefit or expense in the current year.Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Management does not believe that the application of this standard will have a material impact on the financial statements of the fund.

The tax character of distributions paid to shareholders during the fiscal year ended November 30, 2006, were as follows: tax exempt income $6,397,829, ordinary income $122,759 and long term capital gain $2,668,286. The tax character of current year distributions will be determined at the end of the current fiscal year.

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. During the period ended May 31, 2007, the fund did not borrow under the Facility.

The Fund 27

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 Manager has undertaken from December 1, 2006 through July 31, 2007, to waive receipt of its fees and/or assume the expenses of the fund so that the expenses, exclusive of taxes, brokerage fees, interest on borrowings, commitment fees, Rule 12b-1 distribution plan fees and extraordinary expenses, do not exceed .85% of the value of the fund’s average daily net assets.The reduction in management fees, pursuant to the undertaking, amounted to $81,531 during the period ended May 31, 2007.

During the period ended May 31, 2007, the Distributor retained $18,545 from commissions earned on sales of the fund’s Class A shares and $14,640 and $972 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 May 31, 2007, Class B and Class C shares were charged $43,269 and $26,657, respectively, pursuant to the Plan.

(c) Under the Shareholder Services Plan, Class A, Class B and Class C shares pay the Distributor at an annual rate of .25% of the value of their average daily net assets for the provision of certain services.The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the 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

28

period ended May 31, 2007, Class A, Class B and Class C shares were charged $176,134, $21,634 and $8,886, 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 May 31, 2007, the fund was charged $21,154 pursuant to the transfer agency agreement.

During the period ended May 31, 2007, the fund was charged $2,044 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 $77,220, Rule 12b-1 distribution plan fees $11,433, shareholder services plan fees $35,100, chief compliance officer fees $3,748 and transfer agency per account fees $10,737, which are offset against an expense reimbursement currently in effect in the amount of $12,642.

(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.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended May 31, 2007, amounted to $11,845,968 and $10,276,281, respectively.

The fund may purchase floating rate notes. A floating rate note is a Municipal Bond or other debt obligation (generally held pursuant to a custodial arrangement) having a relatively long maturity and bearing interest at a fixed rate substantially higher than prevailing short-term tax exempt rates, that has been coupled with the agreement of a third party, such as a bank, broker-dealer or other financial institution, pursuant to which such institution grants the security holders the option, at periodic intervals, to tender their securities to the institution and receive

The Fund 29

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

the face value thereof. As consideration for providing the option, the financial institution receives periodic fees equal to the difference between the obligation’s fixed coupon rate and the rate, as determined by a remarketing or similar agent at or near the commencement of such period, that would cause the securities, coupled with the tender option, to trade at par on the date of such determination.Thus, after payment of this fee, the security holder effectively holds a demand obligation that bears interest at the prevailing short-term tax exempt rate.

At May 31, 2007, accumulated net unrealized appreciation on investments was $4,588,382, consisting of $4,902,403 gross unrealized appreciation and $314,021 gross unrealized depreciation.

At May 31,2007,the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

30

NOTES

Item 2.    Code of Ethics. 
    Not applicable. 
Item 3.    Audit Committee Financial Expert. 
    Not applicable. 
Item 4.    Principal Accountant Fees and Services. 
    Not applicable. 
Item 5.    Audit Committee of Listed Registrants. 
    Not applicable. 
Item 6.    Schedule of Investments. 
    Not applicable. 
Item 7.    Disclosure of Proxy Voting Policies and Procedures for Closed-End Management 
    Investment Companies. 
    Not applicable. 
Item 8.    Portfolio Managers of Closed-End Management Investment Companies. 
    Not applicable. 
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)    Not applicable. 
(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 NEW YORK MUNICIPAL BOND FUND

By:    /s/ J. David Officer 
    J. David Officer 
    President 
 
Date:    July 23, 2007 

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:    July 23, 2007 
 
By:    /s/ James Windels 
    James Windels 
    Treasurer 
 
Date:    July 23, 2007 

EXHIBIT INDEX

(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)