PREMIER NEW YORK MUNICIPAL BOND FUND
N-30D, 1995-01-24
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LETTER TO SHAREHOLDERS
Dear Shareholder:
    During 1994, the bond markets were hurt by a strengthening economy, fears
of rising inflation and a weakening U.S. dollar. As a result of these
influences, interest rates have risen much faster than most economists had
anticipated. Since the beginning of this year, long-term municipal bond
yields have climbed by as much as 200 basis points (2%), rendering 1994
unprecedented in terms of market price erosion.
    Reflecting this decline in bond prices, your Fund's Class A shares had a
closing net asset value of $13.01 on November 30, 1994. Partially offsetting
this loss were income dividends of approximately $.75 per share, which
equates to a tax-free distribution rate per share of 5.46%, based on the
closing maximum offering price of $13.62. Class B shares had a closing net
asset value of $13.02 on November 30, 1994. Income dividends of approximately
$.67 per share were paid, translating to a 5.10% tax-free distribution rate
per share, based on the closing net asset value. The net asset value and
maximum offering price for both share classes have been adjusted for a
capital gain distribution of approximately $.10 per share, paid in December
of 1993. All income distributed was exempt from Federal, New York State and
New York City income taxes.*
    Last year, when it became apparent that the economy was gathering
momentum, we put in place a defensive investment strategy seeking to reduce
portfolio volatility. We believe that our actions to build cash reserves and
reduce the Fund's exposure to more volatile bonds were generally successful.
While we continue to be very cautious in our investment strategy, we are
hopeful that the series of Federal Reserve Board moves to tighten interest
rates, begun in February, will start to translate into positive economic news
for the fixed-income markets. One factor working to your Fund's advantage is
the municipal market's favorable technical position (i.e., an adequate demand
combined with a sharp reduction in the supply of new issues this year). We
are beginning to view the municipal market more favorably than we have in
quite some time, but are still wary of the strength exhibited in the economic
data.
    Further reductions in new bond issuance are expected in the year ahead.
This presents an interesting dilemma for New York investors. When the market
stabilizes we expect that the shortage of in-State securities will push
prices higher than might be expected. Issuance by New York State and its
agencies will be curtailed, while New York City-backed debt will have a cloud
over it due to a widening in the budget gap and the tenuous relationship
between the Mayor and the new Governor.
    After enjoying a number of years of strong market performance and a
corresponding rise in the value of your Fund's portfolio, it is unsettling to
be faced with such an uncertain environment. While falling prices this year
reduced the value of fixed income securities, the level of tax-free dividends
has remained stable. Furthermore, if the financial markets become satisfied
with the economy's rate of growth, we believe they could rally. Certainly, we
are encouraged by the market's ability, earlier this month, to sustain a
strong rally in the face of robust economic news.
    While the financial press focuses on short-term market swings, we
maintain a longer perspective. We continue to direct our management efforts
towards providing a high level of tax exempt income each year.
    A current Statement of Investments and recent financial statements are
included for your review. We greatly appreciate your investment in the Fund,
and look forward to serving your investment needs in the future.
                              Very truly yours,
                             (Richard J. Moynihan Signature Logo)
                              Richard J. Moynihan
                              Director, Municipal Portfolio Management
                              The Dreyfus Corporation
December 15, 1994
New York, N.Y.
*Some income may be subject to the Federal Alternative Minimum Tax (AMT) for
certain shareholders.  Capital gains are generally subject to Federal, State
and local taxes.


PERFORMANCE
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN PREMIER NEW YORK
MUNICIPAL BOND FUND CLASS A SHARES AND THE LEHMAN BROTHERS MUNICIPAL BOND INDEX

          [Exhibit A]
<TABLE>
<CAPTION>
*Source: Lehman Brothers
AVERAGE ANNUAL TOTAL RETURNS
                           CLASS A                                                     CLASS B
- ------------------------------------------------------------        -----------------------------------------------------------
                                                                                                           % Return Reflecting
                                              % Return                                                   Applicable Contingent
                                             Reflecting                                     % Return        Deferred Sales
                          % Return Without   Maximum Initial                               Assuming No       Charge Upon
PERIOD ENDED 11/30/94      Sales Charge     Sales Charge (4.5%)   PERIOD ENDED 11/30/94     Redemption        Redemption*
- ---------------------   ----------------    ------------------   ----------------------   ------------    -------------------
<S>                           <C>            <C>                  <C>                        <C>             <C>
1 Year                        (7.76%)        (11.93%)             1 Year                     (8.20%)         (10.81%)
5 Years                        6.65            5.66               From Inception (1/15/93)    1.10             (.37)
From Inception (12/31/86)      6.58            5.96
</TABLE>
Past performance is not predictive of future performance. Share price and
investment return fluctuate and share price may be more or less than original
cost upon redemption.
The above graph compares a $10,000 investment made in Class A shares of
Premier New York Municipal Bond Fund on 12/31/86 (Inception Date) to a
$10,000 investment made in the Lehman Brothers Municipal Bond Index on that
date. All dividends and capital gain distributions are reinvested.
Performance for Class B shares will differ from the results shown above due
to difference in charges and expenses charged to that class.
The Fund invests primarily in New York municipal securities and its
performance in the line graph takes into account the maximum initial sales
charge on Class A shares and all other applicable fees and expenses. Unlike
the Fund, the Lehman Brothers Municipal Bond Index is an unmanaged total
return performance benchmark for the long-term, investment grade tax exempt
bond market, calculated by using municipal bonds selected to be
representative of the market. The Index does not take into account charges,
fees and other expenses. Further information relating to Fund performance,
including expense reimbursements, if applicable, is contained in the
Condensed Financial Information section of the Prospectus and elsewhere in
this report.
* Maximum contingent deferred sales charge for Class B shares is 3% and is
reduced to 0% after six years.
<TABLE>
<CAPTION>
PREMIER NEW YORK MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS                                                                        NOVEMBER 30, 1994
                                                                                          PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS--96.1%                                                      AMOUNT           VALUE
                                                                                        -------------- --------------
<S>                                                                                     <C>            <C>
NEW YORK--85.9%
Albany Industrial Development Agency, Lease Revenue:
    (New York State Assembly Building Project) 7.75%, 1/1/2010..............            $    1,000,000 $    1,005,190
    (New York State Department of Health Building Project) 7.25%, 10/1/2010.                 1,455,000      1,417,461
Battery Park City Authority, Revenue, Refunding 4.75%, 11/1/2019............                 3,000,000      2,107,680
Metropolitan Transportation Authority, Service Contract, Commuter Facilities:
    5.40%, 7/1/2006.........................................................                 4,315,000      3,714,309
    5.75%, 7/1/2007.........................................................                 5,000,000      4,394,750
    7.50%, 7/1/2016.........................................................                 1,350,000      1,481,760
Municipal Assistance Corp. for the City of New York 6%, 7/1/2008............                 1,500,000      1,426,410
New York City:
    5.70%, Series E, 8/1/2008...............................................                 2,000,000      1,710,460
    5.70%, Series G, 8/1/2008...............................................                 2,300,000      1,967,029
    5.75%, 8/1/2010.........................................................                 2,500,000      2,120,800
    5.50%, 10/1/2016........................................................                 4,850,000      3,797,889
New York City Health and Hospital Authority, Revenue, Refunding 6%, 2/15/2006                2,500,000      2,287,750
New York City Housing Development Corp., Mortgage Revenue
    (South Williamsburg Cooperative) 7.90%, 2/1/2023 (Insured; SONYMA)......                   740,000        754,016
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.)(a)...............                 1,500,000      1,513,035
      (YMCA of Greater New York Project) 8%, 8/1/2016.......................                 1,500,000      1,525,935
    Special Facility Revenue:
      (American Airlines Inc. Project):
          8%, 7/1/2020......................................................                 2,000,000      2,023,680
          6.90%, 8/1/2024...................................................                 2,000,000      1,824,760
      (Terminal One Group Association Project) 6.125%, 1/1/2024.............                 4,000,000      3,352,480
New York City Municipal Water Finance Authority, Water and Sewer System
    Revenue, Refunding:
      6%, 6/15/2010.........................................................                 3,100,000      2,775,275
      6%, 6/15/2017.........................................................                 3,150,000      2,718,923
New York State Dormitory Authority, Revenues:
    (Consolidated City University System):
      5.75%, 7/1/2009.......................................................                 3,000,000      2,598,720
      7.625%, 7/1/2020......................................................                   750,000        827,625
    (Cornell University) 7.375%, 7/1/2030...................................                 1,200,000      1,238,832
    (Court Facilities) 5.50%, 5/15/2023.....................................                 4,000,000      3,091,120
    Judicial Facilities Lease (Suffolk County Issue) 9.50%, 4/15/2014.......                 1,500,000      1,750,335
    (State University Educational Facilities):
      5.25%, 5/15/2010......................................................                 5,870,000      4,784,285
      5.875%, 5/15/2011.....................................................                 5,000,000      4,491,150
      7.70%, 5/15/2012......................................................                 1,000,000      1,105,380
      6.75%, 5/15/2021......................................................                 4,400,000      4,668,928

PREMIER NEW YORK MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED)                                                        NOVEMBER 30, 1994
                                                                                          PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED)                                                 AMOUNT           VALUE
                                                                                        -------------- --------------
NEW YORK (CONTINUED)
New York State Dormitory Authority, Revenues (continued):
    (Upstate Community Colleges) 5.625%, 7/1/2014...........................            $    2,500,000 $    2,082,900
    (Wartburg Home) 5.70%, 2/1/2013 (Insured; FHA)..........................                 2,250,000      1,939,185
New York State Energy Research and Development Authority:
    Electric Facilities Revenue:
      (Consolidated Edison Co. Project):
          7.25%, 11/1/2024..................................................                 1,250,000      1,231,125
          6.75%, 1/15/2027..................................................                 1,250,000      1,147,850
      (Long Island Lighting Co. Project):
          7.15%, 6/1/2020...................................................                 2,000,000      1,812,220
          6.90%, 8/1/2022...................................................                 3,000,000      2,628,150
New York State Environmental Facilities Corp.:
    Special Obligation, State Park Infrastructure 5.75%, 3/15/2013..........                 1,545,000      1,316,185
    State Water Pollution Control Revolving Fund Revenue:
      7.20%, 3/15/2011......................................................                 1,500,000      1,551,210
      (New York City Municipal Water Finance Authority Project) 7.25%, 6/15/2010             2,650,000      2,759,233
      (Pilgrim State Sewer Project) 6.30%, 3/15/2016........................                 3,000,000      2,735,040
    Water Facilities Revenue (Jamaica Water Supply Provence) 7.625%, 4/1/2029                  500,000        507,605
New York State Housing Finance Agency, Revenue:
    Health Facilities, Refunding (New York City) 7.90%, 11/1/1999...........                 1,000,000      1,070,010
    Service Contract Obligation 7.30%, 3/15/2021............................                 1,000,000      1,094,880
New York State Local Government Assistance Corp.:
    6%, 4/1/2012............................................................                 4,035,000      3,640,458
    6%, 4/1/2018 ...........................................................                 3,200,000      2,804,448
    7.25%, 4/1/2018.........................................................                 1,000,000      1,092,010
    5%, 4/1/2023............................................................                 6,100,000      4,486,672
    Refunding 5.375%, 4/1/2016..............................................                 5,000,000      4,030,800
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      1,017,740
      (Saint Luke's Roosevelt Hospital Center) 7.45%, 2/15/2029 (Insured; FHA)                 500,000        545,640
    Mental Health Services Facilities Improvement:
      5.25%, 8/15/2023......................................................                 2,500,000      1,811,850
      Refunding 5.375%, 2/15/2014...........................................                 9,065,000      7,143,039
New York State Mortgage Agency, Revenue, Homeownership Mortgage:
    6.45%, 10/1/2020........................................................                 3,000,000      2,841,360
    7.95%, 4/1/2022.........................................................                 1,650,000      1,698,708
    8.05%, 4/1/2022.........................................................                   575,000        593,043
    6.65%, 10/1/2025........................................................                 2,000,000      1,809,680
New York State Power Authority, Revenue and General Purpose:
    5.25%, 1/1/2018.........................................................                 1,250,000        983,362
    6.75%, 1/1/2018.........................................................                 1,150,000      1,124,930

PREMIER NEW YORK MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED)                                                           NOVEMBER 30, 1994
                                                                                          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 $    6,051,003
      7.25%, 1/1/2010.......................................................                 1,000,000      1,009,010
New York State Urban Development Corp., Revenue:
    7.50%, 4/1/2020.........................................................                 1,000,000      1,002,290
    (Alfred Technology Resources Inc. Project) 7.875%, 1/1/2020.............                 1,000,000      1,030,160
    (Correctional Capital Facilities):
      7.50%, 1/1/2018.......................................................                 1,000,000      1,098,560
      Refunding 5.625%, 1/1/2007............................................                10,000,000      8,669,300
    (Onondaga County Convention Project) 7.875%, 1/1/2020...................                 1,475,000      1,524,147
Port Authority of New York and New Jersey (Consolidated Ninety Third Series)
    6.125%, 6/1/2094........................................................                 3,000,000      2,559,540
Rensselaer County Industrial Development Agency, IDR (Albany International Corp.)
    7.55%, 6/1/2007 (LOC; Norstar Bank) (a).................................                 1,500,000      1,546,530
Schenectady Industrial Development Agency, IDR, Refunding
    (Broadway Center Project) 5%, 9/1/2009..................................                 1,750,000      1,429,610
Triborough Bridge and Tunnel Authority:
    (Convention Center Project) 7.25%, 1/1/2010.............................                 1,000,000      1,008,120
    Revenue 6%, 1/1/2012....................................................                 2,000,000      1,830,180
    Special Obligation 6.25%, 1/1/2012 (Insured; AMBAC).....................                 4,000,000      3,696,160
Ulster County Resource Recovery Agency, Solid Waste System Revenue 6%, 3/1/2014              2,250,000      1,949,760
United Nations Development Corp., Revenue, Refunding (Senior Lien) 6%, 7/1/2012              1,500,000      1,346,700
U.S. RELATED --10.2%
Guam Airport Authority, Revenue 6.70%, 10/1/2023............................                 2,000,000      1,801,120
Commonwealth of Puerto Rico, Refunding 5.50%, 7/1/2013......................                 2,500,000      2,104,100
Puerto Rico Highway and Transportation Authority, Highway Revenue 5.50%, 7/1/2008            7,500,000      6,518,475
Puerto Rico Housing Finance Corp., MFMR
    7.50%, 4/1/2022 (LOC; Government Development Bank) (a)..................                 1,665,000      1,670,311
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      1,009,085
Puerto Rico Municipal Finance Agency 5.875%, 7/1/2006.......................                 2,075,000      1,949,546
Puerto Rico Public Buildings Authority:
    Public Education and Health Facilities
      6.60%, 7/1/2004 (Guaranteed; Commonwealth of Puerto Rico).............                 2,000,000      2,105,040
    Revenue, Refunding 5.70%, 7/1/2009 (Guaranteed; Commonwealth of Puerto Rico)             2,235,000      1,995,363
                                                                                                       --------------
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
    (cost $196,303,839).....................................................                             $180,879,410
                                                                                                       ==============

PREMIER NEW YORK MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED)                                                            NOVEMBER 30, 1994
                                                                                          PRINCIPAL
SHORT-TERM MUNICIPAL INVESTMENTS--3.9%                                                      AMOUNT           VALUE
                                                                                        -------------- --------------
NEW YORK:
New York City, VRDN:
    3.40% (Insured; MBIA, SBPA; Bank Austria Handelsbank Aktie) (b).........            $    2,000,000 $    2,000,000
    3.35% (Insured; FGIC) (b)...............................................                 3,000,000      3,000,000
New York City Municipal Water Finance Authority, Water and Sewer System
    Revenue, VRDN 3.40% (SBPA; FGIC Securities Purchase, Inc.) (b)..........                 1,700,000      1,700,000
Puerto Rico Electric Power Authority, Power Revenue, VRDN 3.82% (Insured; FSA) (b,c)           700,000        700,000
                                                                                                       --------------
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS
    (cost $7,400,000).......................................................                           $    7,400,000
                                                                                                       ==============
TOTAL INVESTMENTS--100.0%
    (cost $203,703,839).....................................................                           $188,279,410
                                                                                                       ==============
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
<S>           <C>                                                <S>     <C>
AMBAC         American Municipal Bond Assurance Corporation      LOC     Letter of Credit
FGIC          Financial Guaranty Insurance Company               MBIA    Municipal Bond Investors Assurance
FHA           Federal Housing Administration                     MFMR    Multi-Family Mortgage Revenue
FSA           Financial Security Assurance                       SBPA    Standby Bond Purchase Agreement
HR            Hospital Revenue                                   SONYMA  State of New York Mortgage Agency
IDR           Industrial Development Revenue                     VRDN    Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS (UNAUDITED)

FITCH (D)              OR          MOODY'S             OR         STANDARD & POOR'S          PERCENTAGE OF VALUE
- ---------                          ---------                      --------------------    -----------------------
<S>                                <C>                            <S>                               <C>
AAA                                Aaa                            AAA                               13.0%
AA                                 Aa                             AA                                12.7
A                                  A                              A                                 35.2
BBB                                Baa                            BBB                               32.2
BB                                 Ba                             BB                                 1.2
F1                                 MIG1                           SP1                                2.5
Not Rated                          Not Rated                      Not Rated                          3.2
                                                                                                   --------
                                                                                                   100.0%
                                                                                                   =======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
    (a)  Secured by letters of credit.
    (b)  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.
    (c)  Inverse floater security - the interest rate is subject to change
    periodically.
    (d)  Fitch currently provides creditworthiness information for a limited
    number of investments.


See notes to financial statements.
<TABLE>
<CAPTION>
PREMIER NEW YORK MUNICIPAL BOND FUND
STATEMENT OF ASSETS AND LIABILITIES                                                                  NOVEMBER 30, 1994
<S>                                                                                          <C>          <C>
ASSETS:
    Investments in securities, at value
      (cost $203,703,839)_see statement.....................................                              $188,279,410
    Interest receivable.....................................................                                 3,721,511
    Receivable for shares of Beneficial Interest subscribed.................                                   346,335
    Prepaid expenses........................................................                                    10,321
                                                                                                        --------------
                                                                                                           192,357,577
LIABILITIES:
    Due to The Dreyfus Corporation..........................................                 $  87,422
    Due to Distributor......................................................                    61,727
    Due to Custodian........................................................                   469,771
    Payable for shares of Beneficial Interest redeemed......................                   733,610
    Accrued expenses........................................................                    57,346       1,409,876
                                                                                            ----------  --------------
NET ASSETS  ................................................................                              $190,947,701
                                                                                                       ===============
REPRESENTED BY:
    Paid-in capital.........................................................                              $206,871,369
    Accumulated net realized (loss) on investments..........................                                  (499,239)
    Accumulated net unrealized (depreciation) on investments_Note 3(b)......                               (15,424,429)
                                                                                                        --------------
NET ASSETS at value.........................................................                              $190,947,701
                                                                                                       ===============
Shares of Beneficial Interest outstanding:
    Class A Shares
      (unlimited number of $.001 par value shares authorized)...............                               10,602,173
                                                                                                       ===============
    Class B Shares
      (unlimited number of $.001 par value shares authorized)...............                                 4,068,629
                                                                                                       ===============
NET ASSET VALUE per share:
    Class A Shares
      ($137,978,151 / 10,602,173 shares)....................................                                    $13.01
                                                                                                               =======
    Class B Shares
      ($52,969,550 / 4,068,629 shares)......................................                                    $13.02
                                                                                                               =======
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
PREMIER NEW YORK MUNICIPAL BOND FUND
STATEMENT OF OPERATIONS                                                                YEAR ENDED NOVEMBER 30, 1994
<S>                                                                                         <C>           <C>
INVESTMENT INCOME:
    INTEREST INCOME.........................................................                              $ 13,235,592
    EXPENSES:
      Management fee_Note 2(a)..............................................                $1,185,186
      Shareholder servicing costs_Note 2(c).................................                   667,467
      Distribution fees (Class B shares)_Note 2(b)..........................                   275,168
      Professional fees.....................................................                    53,591
      Prospectus and shareholders' reports..................................                    48,331
      Custodian fees........................................................                    23,143
      Registration fees.....................................................                    17,356
      Trustees' fees and expenses_Note 2(d).................................                    11,726
      Miscellaneous.........................................................                    32,960
                                                                                          ------------
                                                                                             2,314,928
      Less_reduction in management fee due to
          undertakings_Note 2(a)............................................                    86,817
                                                                                          ------------
            TOTAL EXPENSES..................................................                                 2,228,111
                                                                                                         --------------
            INVESTMENT INCOME--NET..........................................                               11,007,481
                                                                                                         --------------
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
    Net realized (loss) on investments_Note 3(a)............................               $  (506,832)
    Net realized gain on financial futures_Note 3(a)........................                     9,954
                                                                                          ------------
      NET REALIZED (LOSS)...................................................                                  (496,878)
    Net unrealized (depreciation) on investments............................                               (28,073,679)
                                                                                                         --------------
            NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS...............                               (28,570,557)
                                                                                                         --------------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS......................                              $(17,563,076)
                                                                                                         ==============





See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
PREMIER NEW YORK MUNICIPAL BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
                                                                                            YEAR ENDED NOVEMBER 30,
                                                                                      --------------------------------
                                                                                             1993             1994
                                                                                        --------------  --------------
<S>                                                                                     <C>              <C>
OPERATIONS:
    Investment income_net...................................................            $    8,386,869   $  11,007,481
    Net realized gain (loss) on investments.................................                 1,449,736        (496,878)
    Net unrealized appreciation (depreciation) on investments for the year..                 7,432,393     (28,073,679)
                                                                                        --------------    --------------
          NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...                17,268,998     (17,563,076)
                                                                                        --------------    --------------
DIVIDENDS TO SHAREHOLDERS FROM:
    Investment income_net:
      Class A shares........................................................                (7,628,356)     (8,423,637)
      Class B shares........................................................                  (758,513)     (2,583,844)
    Net realized gain on investments:
      Class A shares........................................................                   ___          (1,134,769)
      Class B shares........................................................                   ___            (324,799)
                                                                                        --------------    --------------
          TOTAL DIVIDENDS...................................................                (8,386,869)    (12,467,049)
                                                                                        --------------    --------------
BENEFICIAL INTEREST TRANSACTIONS:
    Net proceeds from shares sold:
      Class A shares........................................................                57,603,050      25,099,805
      Class B shares........................................................                45,772,562      24,583,764
    Dividends reinvested:
      Class A shares........................................................                 5,516,098       7,067,611
      Class B shares........................................................                   630,384       2,377,696
    Cost of shares redeemed:
      Class A shares........................................................               (16,025,652)    (36,119,325)
      Class B shares........................................................                (1,478,443)    (11,178,627)
                                                                                        --------------    --------------
          INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS......                92,017,999      11,830,924
                                                                                        --------------    --------------
            TOTAL INCREASE (DECREASE) IN NET ASSETS.........................               100,900,128     (18,199,201)
NET ASSETS:
    Beginning of year.......................................................               108,246,774     209,146,902
                                                                                        --------------    --------------
    End of year.............................................................              $209,146,902    $190,947,701
                                                                                        ==============    ============
</TABLE>
<TABLE>
<CAPTION>
                                                                                    SHARES
                                                       ---------------------------------------------------------------------
                                                                   CLASS A                          CLASS B
                                                       --------------------------------       --------------------------------

                                                           YEAR ENDED NOVEMBER 30,          YEAR ENDED NOVEMBER 30,
                                                       --------------------------------       --------------------------------

                                                            1993             1994           1993*             1994
                                                       --------------    --------------  --------------   --------------
<S>                                                         <C>            <C>               <C>             <C>
CAPITAL SHARE TRANSACTIONS:
    Shares sold............................                 3,927,594      1,722,934         3,069,381       1,695,749
    Shares issued for dividends reinvested.                   373,250        494,805            41,916         166,946
    Shares redeemed........................                (1,086,014)    (2,576,898)          (98,557)       (806,806)
                                                       --------------  --------------    --------------  --------------
          NET INCREASE (DECREASE) IN SHARES
            OUTSTANDING....................                 3,214,830       (359,159)        3,012,740       1,055,889
                                                       ==============  =============    ==============    ============
* From January 15, 1993 (commencement of initial offering) to November 30,
1993.
See 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 year indicated. This
information has been derived from the Fund's financial statements.
                                                                    CLASS A SHARES                         CLASS B SHARES
                                                  -----------------------------------------------      -------------------
                                                                                                            YEAR ENDED
                                                               YEAR ENDED NOVEMBER 30,                     NOVEMBER 30,
                                                  -------------------------------------------------    -------------------
PER SHARE DATA:                                    1990      1991       1992       1993        1994     1993(1)       1994
                                                  ------    ------     ------     ------     ------    ------        ------
    <S>                                           <C>       <C>        <C>        <C>        <C>       <C>           <C>
    Net asset value, beginning of year....        $13.08    $12.88     $13.56     $13.97     $14.97    $14.04        $14.97
                                                  ------    ------     ------     ------     ------    ------        ------
    INVESTMENT OPERATIONS:
    Investment income_net.................           .94       .89        .86        .80        .75       .62           .67
    Net realized and unrealized gain (loss) on
      investments.........................          (.20)      .68        .56       1.00      (1.86)      .93         (1.85)
                                                  ------    ------     ------     ------     ------    ------        ------
      TOTAL FROM INVESTMENT OPERATIONS....           .74      1.57       1.42       1.80      (1.11)     1.55         (1.18)
                                                  ------    ------     ------     ------     ------    ------        ------
    DISTRIBUTIONS:
    Dividends from investment income_net..          (.94)     (.89)      (.86)      (.80)      (.75)     (.62)         (.67)
    Dividends from net realized gain on
      investments.........................           -_        -_        (.15)       -_        (.10)      -_           (.10)
                                                  ------    ------     ------     ------     ------    ------        ------
      TOTAL DISTRIBUTIONS.................          (.94)     (.89)     (1.01)      (.80)      (.85)     (.62)         (.77)
                                                  ------    ------     ------     ------     ------    ------        ------
    Net asset value, end of year..........        $12.88    $13.56     $13.97     $14.97     $13.01    $14.97        $13.02
                                                  ======    ======     ======     ======     ======    ======        ======
TOTAL INVESTMENT RETURN (2)                         5.93%    12.63%     10.79%     13.16%     (7.76%)   12.78%(3)     (8.20%)
RATIOS/SUPPLEMENTAL DATA:
    Ratio of expenses to average net assets          .06%      .52%       .72%       .78%       .89%     1.34%(3)      1.44%
    Ratio of net investment income to average
      net assets..........................          7.19%     6.69%      6.16%      5.41%      5.25%     4.41%(3)      4.70%
    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%    19.55%        31.76%
    Net Assets, end of year (000's Omitted)      $39,748   $70,333   $108,247   $164,046   $137,978   $45,101       $52,970
(1)    From January 15, 1993 (commencement of initial offering) to November 30, 1993.
(2)    Exclusive of sales load.
(3)    Annualized.

See notes to financial statements.
</TABLE>
PREMIER NEW YORK MUNICIPAL BOND FUND
NOTES TO FINANCIAL STATEMENTS
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. Dreyfus Service
Corporation, until August 24, 1994, acted as the distributor of the Fund's
shares. Dreyfus Service Corporation is a wholly-owned subsidiary of The
Dreyfus Corporation ("Manager"). Effective August 24, 1994, the Manager
became a direct subsidiary of Mellon Bank, N.A.
    On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's Distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administration services, the parent company of which is Boston
Institutional Group, Inc.
    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 are normally declared and paid
annually, but the Fund may make distributions on a more frequent basis to
PREMIER NEW YORK MUNICIPAL BOND FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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.
    (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. However, the Manager had
undertaken from December 1, 1993 through June 30, 1994, to waive receipt of
the management fee payable to it by the Fund, to the extent that the Fund's
aggregate expenses (excluding certain expense as described above) exceeded
specified annual percentages of the Fund's average daily net assets. The
reduction in management fee, pursuant to the undertakings, amounted to
$86,817 for the year ended November 30, 1994.
    Dreyfus Service Corporation retained $50,856 during the year ended
November 30, 1994 from commissions earned on sales of the Fund's Class A
shares.
    Prior to August 24, 1994, Dreyfus Service Corporation retained $131,696
from contingent deferred sales charges imposed upon redemptions of the Fund's
Class B shares.
    (B) On August 3, 1994, Fund's shareholders approved a revised
Distribution Plan with respect to Class B shares only (the "Class B
Distribution Plan") pursuant to Rule 12b-1 under the Act. Pursuant to the
Class B Distribution Plan, effective August 24, 1994, the Fund pays the
Distributor for distributing the Fund's Class B shares at an annual rate .50
of 1% of the value of the average daily net assets of Class B shares.
    Prior to August 24, 1994, the Distribution Plan ("prior Class B
Distribution Plan") provided that the Fund pay Dreyfus Service Corporation at
an an annual rate of .50 of 1% of the value of the Fund's Class B shares
average daily net assets, for the costs and expenses in connection with
advertising, marketing and distributing the Fund's Class B shares. Dreyfus
Service Corporation made payments to one or more Service Agents based on the
value of the Fund's Class B shares owned by clients of the Service Agent.
    During the year ended November 30, 1994, $78,024 was charged to the Fund
pursuant to the Class B Distribution Plan and $197,144 was charged to the
Fund pursuant to the prior 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
PREMIER NEW YORK MUNICIPAL BOND FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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. From December 1, 1993 through August 23, 1994, $299,311 and $98,572
were charged to Class A and Class B shares, respectively, by Dreyfus Service
Corporation. From August 24, 1994 through November 30, 1994, $101,826 and
$39,012 were charged to Class A and Class B shares, respectively, by the
Distributor pursuant to the Shareholder Services Plan.
    (D) Prior to August 24, 1994, certain officers and trustees of the Fund
were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each trustee who is not an "affiliated person"
receives from the Fund an annual fee of $1,000 and an attendance fee of $250
per meeting.
NOTE 3--SECURITIES TRANSACTIONS:
    (A) The aggregate amount of purchases and sales of investment securities
amounted to $150,161,737 and $137,943,193, respectively, for the year ended
November 30, 1994, and consisted entirely of long-term and short-term
municipal investments.
    The Fund is engaged in trading financial futures contracts. The Fund is
exposed to market risk as a result of changes in the value of the underlying
financial instruments. Investments in financial futures require the Fund to
"mark to market" on a daily basis, which reflects the change in the market
value of the contract at the close of each day's trading. Accordingly,
variation margin payments are made or received to reflect daily unrealized
gains or losses. When the contracts are closed, the Fund recognizes a
realized gain or loss. These investments require initial margin deposits with
a custodian, which consist of cash or cash equivalents, up to approximately
10% of the contract amount. The amount of these deposits is determined by the
exchange or Board of Trade on which the contract is traded and is subject to
change. At November 30, 1994, there were no financial futures contracts
outstanding.
    (B) At November 30, 1994, accumulated net unrealized depreciation on
investments was $15,424,429, consisting of $2,126,197 gross unrealized
appreciation and $17,550,626 gross unrealized depreciation.
    At November 30, 1994, 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
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
PREMIER NEW YORK MUNICIPAL BOND FUND
    We have audited the accompanying statement of assets and liabilities of
Premier New York Municipal Bond Fund, including the statement of investments,
as of November 30, 1994, and the related statement of operations for the year
then ended, the statement of changes in net assets for each of the two years
in the period then ended, and financial highlights for each of the years
indicated therein. These financial statements and financial highlights are
the responsibility of the Fund's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on
our audits.
    We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of November 30, 1994 by correspondence with the custodian.
 An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
    In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Premier New York Municipal Bond Fund at November 30, 1994, the
results of its operations for the year then ended, the changes in its net
assets for each of the two years in the period then ended, and the financial
highlights for each of the indicated years, in conformity with generally
accepted accounting principles.

                              (Ernst & Young LLP Signature Logo)

New York, New York
January 5, 1995
PREMIER NEW YORK MUNICIPAL BOND FUND
IMPORTANT TAX INFORMATION (UNAUDITED)
    In accordance with Federal tax law, the Fund hereby makes the following
designations regarding its fiscal year ended November 30, 1994:
         _    all the dividends paid from investment income-net are
       "exempt-interest dividends" (not subject to regular Federal and, for
       individuals who are New York residents, New York State and New York
       City personal income taxes), and
         _    the portion of the $.1039 per share paid by the Fund on
       December 14, 1993 representing a long-term capital gain distribution
       is $.0613 per share.
    As required by Federal tax law rules, shareholders will receive
notification of their portion of the Fund's taxable ordinary dividends (if
any) and capital gain distributions (if any) paid for the 1994 calendar year
on Form 1099-DIV which will be mailed by January 31, 1995.

ANNUAL REPORT
PREMIER NEW YORK
MUNICIPAL BOND FUND









NOVEMBER 30, 1994

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.                       021/611AR9411





     COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
     IN PREMIER NEW YORK MUNICIPAL BOND FUND CLASS A
     SHARES AND THE LEHMAN BROTHERS MUNICIPAL BOND INDEX


     EXHIBIT A:
     ________________________________________________
    |           |                       PREMIER     |
    |           |                 |    NEW YORK     |
    |  PERIOD   | LEHMAN BROTHERS |    MUNICIPAL    |
    |           |    MUNICIPAL    |    BOND FUND    |
    |           |  BOND INDEX *   |(CLASS A SHARES) |
    |-----------|-----------------|-----------------|
    | 12/31/86  |          10,000 |           9,547 |
    | 11/30/87  |          10,005 |           8,998 |
    | 11/30/88  |          11,069 |          10,214 |
    | 11/30/89  |          12,288 |          11,463 |
    | 11/30/90  |          13,234 |          12,142 |
    | 11/30/91  |          14,592 |          13,676 |
    | 11/30/92  |          16,055 |          15,151 |
    | 11/30/93  |          17,835 |          17,144 |
    | 11/30/94  |          16,898 |          15,814 |
    |-----------------------------------------------|

     *Source: Lehman Brothers



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