LETTER TO SHAREHOLDERS
Dear Shareholder:
In just a few months' time, the fixed income markets seem to have been
able to erase the poor performance of the previous year. Fearing that a
strengthening economy would accelerate inflation, the markets were roiled in
1994. Between February of last year and February of 1995, the Federal Reserve
Board raised short-term interest rates seven times. Only a few months ago,
the consensus called for further rate hikes. Currently, many pundits are
predicting the Fed will move to lower rates in response to evidence of
economic slowing. Certainly, the financial markets are making it difficult
for the Fed to stand pat in view of the fact that Treasury obligations
maturing within five years are yielding less than the overnight Federal Funds
rate. Yields on tax exempt securities (measured by the Bond Buyer Revenue
Bond Index) have fallen by over 1 1/4% from their highs of late last year.
The strong market rally that has ensued since last November's low point
is reflected in the performance of your Fund. During the semi-annual
reporting period ended May 31, 1995, the net asset value for each class of
shares rose in value over 12%. In addition, income dividends of approximately
$.376 per share were paid for Class A shares and approximately $.339 per
share were paid for Class B shares. This equates to an annualized
distribution rate per share of 4.93% and 4.65% respectively, based on the clos
ing maximum offering price in the case of Class A shares and the net asset
value in the case of Class B shares. These returns are encouraging given the
dramatic change of sentiment in the bond markets since our last report. These
results become more compelling when compared to taxable alternatives. All
dividends paid were exempt from Federal, New York State and New York City
taxes.*
In our last letter (dated 12/15/94), we informed shareholders that we
were beginning to view the municipal market more favorably, and that we were
poised to alter our investment strategy if it became apparent that the
economy was slowing and the Fed was nearing the end of its tightening moves.
In view of our perception of a change in the economy, and of the lack of
municipal bond issuance in New York, we began lengthening the duration of
your Fund's portfolio by purchasing longer maturity and deeper discount
bonds. Interestingly, given the large run-up in bond prices since then, we
are now reducing the portfolio's duration. It is intended that such a
strategy will help protect the gains registered to date, while making the
portfolio more defensive.
We believe that the balance of this year will generally be positive for
the municipal bond market, despite talk from Washington about tax reform. New
bond issuance has been curtailed, which should help support the market. While
there was a dearth of New York issuance due to the failure by the State to
pass its 1996 budget on time, more New York bond issues should begin to find
their way into the market in the weeks ahead now that a budget is in place.
The present economic picture suggests to us that inflation should not be
a problem over the near term and that the economy is continuing to slow.
While our outlook remains positive, we are becoming slightly more
conservative in our investment approach. We continue to place our investable
funds in those securities that the marketplace considers to be the most
liquid, even if doing so necessitates some sacrifice in current yield. For
example, the percentage of insured bonds in the portfolio has been increased,
while some of the higher-yielding, but less liquid, credits are being
avoided.
We are advocates of maintaining a disciplined, long-term approach to
investing. In our efforts to maximize current tax free income consistent with
the preservation of capital, we manage your Fund with a long-term
perspective. Abandoning such a strategy in an attempt to time the market
during periods of price weakness can be detrimental, should one's timing not
be precise. The market's behavior during the past year underscores this fact.
As mentioned previously, the strong rebound in prices in recent months has
rewarded those who elected to stay the course.
We anticipate that this strategy will continue to provide strong
investment results over the long term. We appreciate your investment in the
Fund, and look forward to serving your investment needs in the future.
Very truly yours,
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
June 16, 1995
New York, N.Y.
* Some income may be subject to the Federal Alternative Minimum Tax (AMT)
for certain shareholders.
<TABLE>
<CAPTION>
PREMIER NEW YORK MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS MAY 31, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS-96.0% AMOUNT VALUE
-------------- --------------
<S> <C> <C>
NEW YORK-88.2%
Albany Industrial Development Agency, Lease Revenue:
(New York State Assembly Building Project) 7.75%, 1/1/2010.............. $ 1,000,000 $ 1,095,700
(New York State Department of Health Building Project) 7.25%, 10/1/2010. 1,455,000 1,543,711
Metropolitan Transportation Authority, Commuter Facilities:
6.125%, 7/1/2014 (Insured; MBIA)........................................ 2,990,000 3,103,112
Service Contract:
5.40%, 7/1/2006....................................................... 3,315,000 3,225,959
5.75%, 7/1/2007....................................................... 5,000,000 5,038,700
7.50%, 7/1/2016 (Prerefunded 7/1/2000) (a)............................ 1,350,000 1,556,321
New York City:
5.75%, 8/1/2010......................................................... 2,500,000 2,404,400
5.50%, 10/1/2016........................................................ 4,850,000 4,424,121
New York City Housing Development Corp., Mortgage Revenue
(South Williamsburg Cooperative) 7.90%, 2/1/2023 (Insured; SONYMA)...... 740,000 784,637
New York City Industrial Development Agency:
Civic Facility Revenue:
(Saint Christopher Ottilie Project)
7.50%, 7/1/2021 (LOC; Allied Irish Banks p.l.c.) (b).............. 1,500,000 1,603,170
(YMCA of Greater New York Project) 8%, 8/1/2016....................... 1,500,000 1,608,300
Special Facility Revenue:
(American Airlines Inc. Project):
8%, 7/1/2020...................................................... 2,000,000 2,123,520
6.90%, 8/1/2024................................................... 2,000,000 2,048,220
(Terminal One Group Association Project):
6%, 1/1/2008...................................................... 6,360,000 6,394,217
6.125%, 1/1/2024.................................................. 9,000,000 8,862,120
New York City Municipal Water Finance Authority, Water and Sewer System
Revenue, Refunding 6%, 6/15/2010........................................ 3,100,000 3,196,131
New York State Dormitory Authority, Revenues:
(Consolidated City University System):
5.75%, 7/1/2007....................................................... 3,965,000 3,964,762
5.75%, 7/1/2009....................................................... 3,000,000 2,964,210
5%, 7/1/2020.......................................................... 2,350,000 2,038,907
7.625%, 7/1/2020 (Prerefunded 7/1/2000) (a)........................... 750,000 868,845
Crossover Refunding 5.75%, 7/1/2007................................... 3,150,000 3,190,887
(Cornell University) 7.375%, 7/1/2030................................... 1,200,000 1,340,544
(Court Facilities) 5.50%, 5/15/2023..................................... 4,000,000 3,704,920
(State University Educational Facilities):
7.70%, 5/15/2012 (Prerefunded 5/15/2000) (a).......................... 1,000,000 1,158,670
6.75%, 5/15/2021 (Prerefunded 5/15/2002) (a).......................... 3,400,000 3,878,210
PREMIER NEW YORK MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
NEW YORK (CONTINUED)
New York State Dormitory Authority, Revenues (continued):
(State University Educational Facilities) (continued):
Refunding:
5.25%, 5/15/2010.................................................. $ 5,870,000 $ 5,533,062
5.25%, 5/15/2011.................................................. 5,000,000 4,686,450
5.875%, 5/15/2011................................................. 6,375,000 6,364,927
5.875%, 5/15/2011 (Insured; FGIC)................................. 5,000,000 5,191,900
(Upstate Community Colleges) 5.625%, 7/1/2014........................... 2,500,000 2,372,400
New York State Energy Research and Development Authority,
Electric Facilities Revenue:
(Consolidated Edison Co. Project):
7.25%, 11/1/2024.................................................. 1,250,000 1,331,200
6.75%, 1/15/2027.................................................. 1,250,000 1,292,162
7.125%, 12/1/2029................................................. 5,000,000 5,432,100
(Long Island Lighting Co. Project):
7.15%, 6/1/2020................................................... 4,750,000 4,777,977
6.90%, 8/1/2022................................................... 3,000,000 2,949,030
New York State Environmental Facilities Corp.:
Special Obligation, State Park Infrastructure 5.75%, 3/15/2013.......... 1,545,000 1,499,670
State Water Pollution Control Revolving Fund Revenue:
7.20%, 3/15/2011...................................................... 1,500,000 1,624,410
(Pilgrim State Sewer Project) 6.30%, 3/15/2016........................ 3,000,000 3,135,870
Water Facilities Revenue (Jamaica Water Supply Provence) 7.625%, 4/1/2029 500,000 537,590
New York State Housing Finance Agency, Revenue:
Health Facilities, Refunding (New York City) 7.90%, 11/1/1999........... 1,000,000 1,119,080
Service Contract Obligation 7.30%, 3/15/2021 (Prerefunded 9/15/2001) (a) 1,000,000 1,163,910
New York State Local Government Assistance Corp.:
6%, 4/1/2018 ........................................................... 3,200,000 3,230,240
Refunding:
5.375%, 4/1/2016...................................................... 5,000,000 4,761,900
5%, 4/1/2021.......................................................... 2,230,000 1,997,924
New York State Medical Care Facilities Finance Agency, Revenue, Insured
Mortgage:
(Hospital and Nursing Home) 7.45%, 8/15/2031 (Insured; FHA)............. 1,000,000 1,093,930
(Saint Luke's Roosevelt Hospital Center)
7.45%, 2/15/2029 (Insured; FHA) (Prerefunded 2/15/2000) (a)........... 500,000 570,445
New York State Mortgage Agency, Revenue, Homeownership Mortgage:
6.45%, 10/1/2020........................................................ 3,000,000 3,076,740
7.95%, 4/1/2022......................................................... 1,650,000 1,757,415
8.05%, 4/1/2022......................................................... 545,000 580,583
6.65%, Series 30, 10/1/2025............................................. 2,000,000 2,067,820
6.65%, Series 46, 10/1/2025............................................. 5,000,000 5,194,500
PREMIER NEW YORK MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
NEW YORK (CONTINUED)
New York State Thruway Authority, Service Contract Revenue
(Local Highway and Bridge):
6.25%, 4/1/2006....................................................... $ 6,450,000 $ 6,670,977
7.25%, 1/1/2010....................................................... 1,000,000 1,078,300
New York State Urban Development Corp., Revenue:
7.50%, 4/1/2020......................................................... 1,000,000 1,095,770
(Alfred Technology Resources Inc. Project) 7.875%, 1/1/2020............. 1,000,000 1,100,750
(Correctional Capital Facilities):
7.50%, 1/1/2018 (Prerefunded 1/1/2001) (a)............................ 1,000,000 1,161,130
Refunding:
5.625%, 1/1/2007.................................................. 10,000,000 9,944,800
5.75%, 1/1/2013................................................... 4,500,000 4,340,655
(Onondaga County Convention Project) 7.875%, 1/1/2020................... 1,475,000 1,641,277
Port Authority of New York and New Jersey (Consolidated Ninety Third Series)
6.125%, 6/1/2094........................................................ 5,000,000 5,198,000
Rensselaer County Industrial Development Agency, IDR (Albany International
Corp.)
7.55%, 6/1/2007 (LOC; Norstar Bank) (b)................................. 1,500,000 1,696,875
Schenectady Industrial Development Agency, IDR, Refunding
(Broadway Center Project) 5%, 9/1/2009.................................. 1,750,000 1,654,258
Triborough Bridge and Tunnel Authority:
(Convention Center Project) 7.25%, 1/1/2010............................. 1,000,000 1,129,690
Revenue 6%, 1/1/2012.................................................... 2,000,000 2,098,840
Special Obligation 6.25%, 1/1/2012 (Insured; AMBAC)..................... 4,000,000 4,183,320
U.S. RELATED-7.8%
Guam Airport Authority, Revenue 6.70%, 10/1/2023............................ 2,000,000 2,058,320
Puerto Rico Highway and Transportation Authority, Highway Revenue
5.50%, 7/1/2008......................................................... 7,500,000 7,356,000
Puerto Rico Housing Finance Corp., MFMR
7.50%, 4/1/2022 (LOC; Government Development Bank) (b).................. 1,665,000 1,770,877
Puerto Rico Industrial Medical Educational and Environmental Pollution
Control
Facilities Financing Authority, HR, Refunding (Saint Luke's Hospital
Project)
6.25%, 6/1/2010......................................................... 1,100,000 1,126,587
Puerto Rico Municipal Finance Agency 5.875%, 7/1/2006....................... 2,075,000 2,101,809
Puerto Rico Public Buildings Authority, Public Education and Health
Facilities
Revenue, Refunding 5.70%, 7/1/2009
(Guaranteed; Commonwealth of Puerto Rico)............................... 2,235,000 2,262,960
--------------
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $197,205,905)..................................................... $205,136,724
==============
PREMIER NEW YORK MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1995 (UNAUDITED)
PRINCIPAL
SHORT-TERM MUNICIPAL INVESTMENTS-4.0% AMOUNT VALUE
-------------- --------------
NEW YORK:
New York City VRDN, 4.30% (LOC; Chemical Bank) (b,c)........................ $ 1,300,000 $ 1,300,000
New York City Industrial Development Agency, IDR, VRDN
(Japan Airlines Co., Limited Project) 4.40% (LOC; Morgan Guaranty) (b,c) 7,200,000 7,200,000
--------------
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS
(cost $8,500,000)....................................................... $ 8,500,000
==============
TOTAL INVESTMENTS-100.0%
(cost $205,705,905)..................................................... $213,636,724
==============
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Investors Assurance
FGIC Financial Guaranty Insurance Company Insurance Corporation
FHA Federal Housing Administration MFMR Multi-Family Mortgage Revenue
HR Hospital Revenue SONYMA State of New York Mortgage Agency
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
LOC Letter of Credit
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS
FITCH (D) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- -------- -------- ------------------ ---------------------
<S> <C> <S> <C>
AAA Aaa AAA 13.7%
AA Aa AA 14.8
A A A 33.0
BBB Baa BBB 30.0
BB Ba BB 2.5
F1 MIG1 SP1 4.0
Not Rated (e) Not Rated (e) Not Rated (e) 2.0
-------
100.0%
=======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Bonds which are prerefunded are collateralized by U.S. Government
securities which are held in escrow and are used to pay principal and
interest on the municipal issue and to retire the bonds in full at the
earliest refunding date.
(b) Secured by letters of credit.
(c) Securities payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest
rates.
(d) Fitch currently provides creditworthiness information for a limited
number of investments.
(e) Securities which, while not rated by Fitch, Moody's or Standard and
Poor's, have been determined by the Manager to be of comparable quality
to those rated securities in which the Fund may invest.
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
PREMIER NEW YORK MUNICIPAL BOND FUND
STATEMENT OF ASSETS AND LIABILITIES MAY 31, 1995 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $205,705,905)-see statement..................................... $213,636,724
Cash.................................................................... 65,426
Interest receivable..................................................... 3,869,886
Receivable for shares of Beneficial Interest subscribed................. 507,161
Prepaid expenses........................................................ 10,800
-------------
218,089,997
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 96,377
Due to Distributor...................................................... 69,569
Payable for investments securities purchased............................ 7,178,348
Payable for shares of Beneficial Interest redeemed...................... 509,186
Accrued expenses........................................................ 58,341 7,911,821
------------- -------------
NET ASSETS ................................................................ $210,178,176
=============
REPRESENTED BY:
Paid-in capital......................................................... $203,167,329
Accumulated net realized (loss) on investments.......................... (919,972)
Accumulated net unrealized appreciation on investments-Note 3........... 7,930,819
-------------
NET ASSETS at value......................................................... $210,178,176
=============
Shares of Beneficial Interest outstanding:
Class A Shares
(unlimited number of $.001 par value shares authorized)............... 10,117,305
=============
Class B Shares
(unlimited number of $.001 par value shares authorized)............... 4,265,298
=============
NET ASSET VALUE per share:
Class A Shares
($147,838,429 / 10,117,305 shares).................................... $14.61
=======
Class B Shares
($62,339,747 / 4,265,298 shares)...................................... $14.62
=======
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
PREMIER NEW YORK MUNICIPAL BOND FUND
STATEMENT OF OPERATIONS SIX MONTHS ENDED MAY 31, 1995 (UNAUDITED)
INVESTMENT INCOME:
<S> <C> <C>
INTEREST INCOME......................................................... $ 6,319,388
EXPENSES:
Management fee-Note 2(a).............................................. $ 546,330
Shareholder servicing costs-Note 2(c)................................. 315,968
Distribution fees (Class B shares)-Note 2(b).......................... 141,385
Professional fees..................................................... 23,818
Prospectus and shareholder's reports.................................. 18,503
Custodian fees........................................................ 10,995
Trustees' fees and expenses-Note 2(d)................................. 7,564
Registration fees..................................................... 6,028
Miscellaneous......................................................... 10,478
------------
TOTAL EXPENSES.................................................. 1,081,069
------------
INVESTMENT INCOME-NET........................................... 5,238,319
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized (loss) on investments-Note 3............................... $ (420,733)
Net unrealized appreciation on investments.............................. 23,355,248
------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................. 22,934,515
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $28,172,834
=============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
PREMIER NEW YORK MUNICIPAL BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
NOVEMBER 30, MAY 31, 1995
1994 (UNAUDITED)
--------------- -------------------
<S> <C> <C>
OPERATIONS:
Investment income-net................................................... $ 11,007,481 $ 5,238,319
Net realized (loss) on investments...................................... (496,878) (420,733)
Net unrealized appreciation (depreciation) on investments for the period (28,073,679) 23,355,248
--------------- -------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS... (17,563,076) 28,172,834
--------------- -------------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net:
Class A shares........................................................ (8,423,637) (3,857,761)
Class B shares........................................................ (2,583,844) (1,380,558)
Net realized gain on investments:
Class A shares........................................................ (1,134,769) ---
Class B shares........................................................ (324,799) ---
--------------- -------------------
TOTAL DIVIDENDS................................................... (12,467,049) (5,238,319)
--------------- -------------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold:
Class A shares........................................................ 25,099,805 4,768,424
Class B shares........................................................ 24,583,764 6,663,392
Dividends reinvested:
Class A shares........................................................ 7,067,611 2,818,471
Class B shares........................................................ 2,377,696 1,087,269
Cost of shares redeemed:
Class A shares........................................................ (36,119,325) (14,151,465)
Class B shares........................................................ (11,178,627) (4,890,131)
--------------- -------------------
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS................................ 11,830,924 (3,704,040)
--------------- -------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS..................... (18,199,201) 19,230,475
NET ASSETS:
Beginning of period..................................................... 209,146,902 190,947,701
--------------- -------------------
End of period........................................................... $190,947,701 $210,178,176
=============== ===================
</TABLE>
<TABLE>
<CAPTION>
SHARES
--------------------------------------------------------------------------
CLASS A CLASS B
------------------------------------ ------------------------------------
YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED
NOVEMBER 30, MAY 31, 1995 NOVEMBER 30, MAY 31, 1995
1994 (UNAUDITED) 1994 (UNAUDITED)
--------------- ----------------- --------------- --------------------
<S> <C> <C> <C> <C>
CAPITAL SHARE TRANSACTIONS:
Shares sold........................... 1,722,934 341,493 1,695,749 471,740
Shares issued for dividends reinvested 494,805 201,574 166,946 77,708
Shares redeemed....................... (2,576,898) (1,027,935) (806,806) (352,779)
--------------- ----------------- --------------- --------------------
NET INCREASE (DECREASE) IN
SHARES OUTSTANDING............ (359,159) (484,868) 1,055,889 196,669
=============== ================= =============== ====================
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
PREMIER NEW YORK MUNICIPAL BOND FUND
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average
net assets and other supplemental data for each period indicated. This
information has been derived from the Fund's financial statements.
CLASS A SHARES CLASS B SHARES
------------------------------------------------- -----------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED
YEAR ENDED NOVEMBER 30, MAY 31, NOVEMBER 30, MAY 31,
-------------------------------- --------------
1995 1995
PER SHARE DATA: 1990 1991 1992 1993 1994 (UNAUDITED) 1993(1) 1994 (UNAUDITED)
------- ------- ------- ------- ------- ------------ -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.08 $12.88 $13.56 $13.97 $14.97 $13.01 $14.04 $14.97 $13.02
------- ------- ------- ------- ------- ------------ -------- ------ ---------
INVESTMENT OPERATIONS:
Investment income-net.............. .94 .89 .86 .80 .75 .38 .62 .67 .34
Net realized and unrealized gain (loss)
on investments................... (.20) .68 .56 1.00 (1.86) 1.60 .93 (1.85) 1.60
------- ------- ------- ------- ------- ------------ -------- ------ ---------
TOTAL FROM INVESTMENT OPERATIONS. .74 1.57 1.42 1.80 (1.11) 1.98 1.55 (1.18) 1.94
------- ------- ------- ------- ------- ------------ -------- ------ ---------
DISTRIBUTIONS:
Dividends from investment income-net (.94) (.89) (.86) (.80) (.75) (.38) (.62) (.67) (.34)
Dividends from net realized gain
on investments................... -- -- (.15) -- (.10) -- -- (.10) --
------- ------- ------- ------- ------- ------------ -------- ------ ---------
TOTAL DISTRIBUTIONS.............. (.94) (.89) (1.01) (.80) (.85) (.38) (.62) (.77) (.34)
------- ------- ------- ------- ------- ------------ -------- ------ ---------
Net asset value, end of period..... $12.88 $13.56 $13.97 $14.97 $13.01 $14.61 $14.97 $13.02 $14.62
------- ------- ------- ------- ------- ------------ -------- ------ ---------
TOTAL INVESTMENT RETURN (2)............ 5.93% 12.63% 10.79% 13.16% (7.76%) 30.78%(3) 12.78%(3) (8.20%) 30.16%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets. .06% .52% .72% .78% .89% .94%(3) 1.34%(3) 1.44% 1.47%(3)
Ratio of net investment income to
average net assets............... 7.19% 6.69% 6.16% 5.41% 5.25% 5.43%(3) 4.41%(3) 4.70% 4.88%(3)
Decrease reflected in above expense ratios
due to undertakings by the Manager 1.34% .60% .34% .18% .04% -- .16%(3) .04% --
Portfolio Turnover Rate............ 7.02% 12.45% 12.55% 19.55% 31.76% 35.00%(4) 19.55% 31.76% 35.00%(4)
Net Assets, end of period (000's Omitted)$39,748 $70,333 $108,247 $164,046 $137,978 $147,838 $45,101 $52,970 $62,340
(1) From January 15, 1993 (commencement of initial offering) to November 30, 1993.
(2) Exclusive of sales load.
(3) Annualized.
(4) Not annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
PREMIER NEW YORK MUNICIPAL BOND FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a non-diversified open-end management investment company. Premier Mutual
Fund Services, Inc. (the "Distributor") acts as the distributor of the Fund's
shares. The Distributor, located at One Exchange Place, Boston, Massachusetts
02109, is a wholly-owned subsidiary of FDI Distribution Services, Inc., a
provider of mutual fund administration services, which in turn is a
wholly-owned subsidiary of FDI Holdings, Inc., the parent company of which is
Boston Institutional Group, Inc. The Dreyfus Corporation ("Manager") serves
as the Fund's investment adviser. The Manager is a direct subsidiary of
Mellon Bank, N.A.
The Fund offers both Class A and Class B shares. Class A shares are
subject to a sales charge imposed at the time of purchase and Class B shares
are subject to a contingent deferred sales charge imposed at the time of
redemption on redemptions made within five years of purchase. Other
differences between the two Classes include the services offered to and the
expenses borne by each Class and certain voting rights.
(A) PORTFOLIO VALUATION: The Fund's investments (excluding options and
financial futures on municipal and U.S. treasury securities) are valued each
business day by an independent pricing service ("Service") approved by the
Board of Trustees. Investments for which quoted bid prices are readily
available and are representative of the bid side of the market in the
judgment of the Service are valued at the mean between the quoted bid prices
(as obtained by the Service from dealers in such securities) and asked prices
(as calculated by the Service based upon its evaluation of the market for
such securities). Other investments (which constitute a majority of the
portfolio securities) are carried at fair value as determined by the Service,
based on methods which include consideration of: yields or prices of
municipal securities of comparable quality, coupon, maturity and type;
indications as to values from dealers; and general market conditions. Options
and financial futures on municipal and U.S. treasury securities are valued at
the last sales price on the securities exchange on which such securities are
primarily traded or at the last sales price on the national securities market
on each business day. Investments not listed on an exchange or the national
securities market, or securities for which there were no transactions, are
valued at the average of the most recent bid and asked prices. Bid price is
used when no asked price is available.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Interest
income, adjusted for amortization of premiums and original issue discounts on
investments, is earned from settlement date and recognized on the accrual
basis. Securities purchased or sold on a when-issued or delayed-delivery
basis may be settled a month or more after the trade date.
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, if any, 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. To
the extent that net realized capital gain can be offset by capital loss
carryovers, it is the policy of the Fund not to distribute such gain.
PREMIER NEW YORK MUNICIPAL BOND FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
(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 Internal
Revenue 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 Fund has an unused capital loss carryover of approximately $497,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to November 30, 1994. If not
applied, the carryover expires in fiscal 2002.
NOTE 2-MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .55 of 1% of the average
daily value of the Fund's net assets and is payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the Fund's
aggregate expenses, exclusive of taxes, brokerage, interest on borrowings and
extraordinary expenses, exceed the expense limitation of any state having
jurisdiction over the Fund for any full fiscal year. There was no expense
reimbursement for the six months ended May 31, 1995.
(B) Under the Distribution Plan with respect to Class B shares only (the
"Class B Distribution Plan") adopted pursuant to Rule 12b-1 under the Act,
the Fund pays the Distributor for distributing the Fund's Class B shares at
an annual rate of .50 of 1% of the value of the average daily net assets of
Class B shares. During the six months ended May 31, 1995, $141,385 was
charged to the Fund pursuant to the Class B Distribution Plan.
(C) Under the Shareholder Services Plan, the Fund pays the Distributor,
at an annual rate of .25 of 1% of the value of the average daily net assets
of Class A and Class B shares for servicing shareholder accounts. 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 in respect of these services. The Distributor determines the
amounts to be paid to Service Agents. For the six months ended May 31, 1995,
$177,639 and $70,693 were charged to the Fund pursuant to the Class A and
Class B shares, respectively, pursuant to the Shareholder Service Plan.
(D) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $1,000 and an attendance fee of $250
per meeting. The Chairman of the Board receives an additional 25% of such
compensation.
NOTE 3-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities
amounted to $94,439,797 and $92,062,221, respectively, for the six months
ended May 31, 1995, and consisted entirely of long-term and short-term
municipal investments.
At May 31, 1995, accumulated net unrealized appreciation on investments
was $7,930,819, consisting of $8,816,868 gross unrealized appreciation and
$886,049 gross unrealized depreciation.
At May 31, 1995, 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).
PREMIER NEW YORK MUNICIPAL BOND FUND
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF TRUSTEES
PREMIER NEW YORK MUNICIPAL BOND FUND
We have reviewed the accompanying statement of assets and liabilities of
Premier New York Municipal Bond Fund, including the statement of investments,
as of May 31, 1995, and the related statements of operations and changes in
net assets and financial highlights for the six month period ended May 31,
1995. These financial statements and financial highlights are the
responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year ended
November 30, 1994 and financial highlights for each of the five years in the
period ended November 30, 1994 and in our report dated January 5, 1995, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
(Ernst & Young LLP Signature Logo)
New York, New York
July 6, 1995
(Dreyfus Logo)
PREMIER NEW YORK
MUNICIPAL BOND FUND
200 Park Avenue
New York, NY 10166
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
90 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 021/611SA955
Semi-Annual Report
Premier New York
Municipal Bond Fund
May 31, 1995
(Dreyfus Logo)
