PREMIER NEW YORK MUNICIPAL BOND FUND
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on the Premier New York
Municipal Bond Fund. For its semi-annual reporting period ended May 31, 1996
your Fund produced a total return of -1.73% for Class A shares, -1.99% for
Class B shares and -2.11% for Class C shares.* Income dividends exempt from
Federal, New York State and New York City personal income taxes of
approximately $.368, $.329 and $.311 per share were paid for Class A, Class B
and Class C shares, respectively.** This is equivalent to an annualized
tax-free distribution rate per share of 4.90% for Class A, 4.59% for Class B
and 4.33% for Class C shares.***
THE ECONOMY
Recent economic reports show that the economy continues to recover from
its year-end 1995 pause. Spurred by a surge in consumer and business
spending, the economy grew at a moderate 2.3% during the first quarter of
this year. The index of leading economic indicators, a major forecasting
index, increased for the third consecutive month in April, the first such
advance since late 1993. Despite a sharp jump in energy prices, inflation
remained in check. For the 12 months ended in May, consumer prices rose 2.9%.
Giving further evidence of moderating prices, a survey released in May by the
National Business Council revealed greater difficulty for major industrial
companies to raise prices now than six months ago.
Despite the relatively benign level of inflation, the economy's expansion
has sparked concerns that the Federal Reserve Board could raise short-term
interest rates. In reaction to this possibility, long-term rates have risen
since the beginning of the year. So far, the Fed has refrained from
tightening monetary policy, apparently interpreting economic data to mean
that the economy remains on a path of moderate growth unaccompanied by a
surge in inflation. However, the strong May employment data has some
investors fearing that the Fed will not continue to stand pat. There is now a
greater consensus view that the Fed will tighten eventually in order to
prevent unacceptable levels of price inflation from accompanying the growth
in the economy. Consumers, who account for over two thirds of our country's
Gross Domestic Product (GDP), are vital contributors to economic growth. So
far, they have continued to spend, setting aside concerns about job security
and stagnating real wages in favor of current consumption. New-home sales, an
important component of consumer spending, continued to post gains throughout
the reporting period, and retail sales in general rose 6% over the year ended
April 30. Additional encouragement to consumers occurred when the Labor
Department recently reported a continuation of the declining trend in
first-time jobless claims.
On the corporate side of the economy, capacity utilization inched higher
and is now at 83.2%. While still well below the peak level (85.1%) for this
economic expansion, which was reached over a year ago, further growth in this
indicator may result in shortages that could produce higher prices. Following
the GM strike-induced slowdown in March, industrial production has risen,
bringing the year-over-year gain to a solid 3.3% through May. We remain alert
to early signs of growing inflationary pressures that might cause the Federal
Reserve to raise interest rates. To date, prices are still being kept under
control. However, we are especially watchful of the potential buildup in wage
pressures given the rising trend in both corporate output and capacity
utilization.
MARKET ENVIRONMENT
Since our last report in November 1995, tax-exempt bond yields are
approximately 1/2% higher, reflecting the weakening in bond prices in
response to the strengthening domestic economy. With long-term U.S.
Government bond yields currently in excess of 7%, and municipal bonds
offering 6% (tax-exempt), some investors are now beginning to take notice.
While the stock market continues to make new highs and attract the majority
of investment dollars, there are now indications that, going forward, bonds
might again win favor with investors. The market is trying to anticipate what
the Federal Reserve will do in light of the strong economic numbers during
the first half of the year. It is the general consensus that, should the Fed
act sooner rather than later to undo the easing moves undertaken last
winter, the economy will slow and bond prices will rally. With the
Presidential election looming on the horizon, politics could play a role in
any Fed decision to change policy.
The technical picture of the municipal bond market looks very encouraging
at this time. Seasonally, we are now approaching a very heavy period for bond
maturities and redemptions; with little in the way of new issues, there will
be fewer bonds available for reinvestment. This fact is currently reflected
in the better price performance of tax exempts relative to taxable
securities, and we expect that municipal bond prices will be less volatile in
the weeks ahead than taxable bonds.
The New York market has seen tightening in quality spreads. Issues such
as New York City, which earlier produced yields which were 100% of
Treasuries, are now trading well through that ratio. Retail demand continues
to be strong for New York paper.
THE PORTFOLIO
The fixed-income market has experienced considerable volatility since
January. On an after-tax basis, the municipal market offered very attractive
returns when compared to the Treasury market. In January,15-year AAA general
obligation bonds yielded approximately 88% of Treasuries; that has since
corrected, and we have returned to ratios of approximately 81%, which
represents a more normal relationship. This volatility occurred for several
reasons, including the strong appeal of the stock market for investors'
dollars; the fallout from the default of Orange County, California (AAA prior
to default); and the ongoing concern over tax reform. The flatness in the
yield curve enabled us to move out of the long end and into the 20-year
maturity range while giving up a minimum in yield. A portion was moved into
the shorter end of the market and, as the yield curve steepens, we may again
emphasize longer maturities.
Since January, we have taken a more defensive stance with the Fund. At
this point, we believe that the greater part of the downturn in the fixed
income market has probably occurred.
Our primary task - to maximize current income exempt from Federal, New
York State and New York City personal income taxes to the extent consistent
with preservation of capital - continues to guide our portfolio management
decisions. Included in this report is a series of detailed statements about
your Fund's holdings and its financial condition. We hope they are
informative. Please know that we greatly appreciate your continued confidence
in the Fund and in The Dreyfus Corporation.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
June 14, 1996
New York, N.Y.
* Total return includes reinvestment of dividends and capital gains and does
not take into consideration the maximum initial sales load in the case of
Class A shares or the applicable contingent deferred sales charge imposed on
redemptions in the case of Class B and Class C shares.
**Some income may be subject to the Federal Alternative Minimum Tax (AMT) for
certain shareholders.
***Annualized distribution rate per share is based upon dividends per share
paid from net investment income during the period, divided by the maximum
offering price, in the case of Class A shares, or the net asset value per
share, in the case of Class B and Class C shares at the end of the period.
<TABLE>
<CAPTION>
PREMIER NEW YORK MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS MAY 31, 1996 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS-100.0% AMOUNT VALUE
_______ _______
<S> <C> <C>
NEW YORK-95.0%
Albany Industrial Development Agency, Lease Revenue:
(New York State Assembly Building Project) 7.75%, 1/1/2010.............. $ 1,000,000 $ 1,079,590
(New York State Department of Health Building Project) 7.25%, 10/1/2010. 1,455,000 1,522,323
Metropolitan Transportation Authority:
Commuter Facilities:
6.125%, 7/1/2014 (Insured; MBIA)...................................... 2,990,000 3,048,365
Service Contract:
5.40%, 7/1/2006................................................... 3,315,000 3,193,837
7.50%, 7/1/2016 (Prerefunded 7/1/2000) (a)........................ 1,350,000 1,514,700
Transit Facilities Revenue:
6%, 7/1/2016 (Insured; FSA)........................................... 3,000,000 2,980,800
Service Contract 5.75%, 7/1/2007...................................... 5,000,000 4,947,300
Municipal Assistance Corp. for the City of New York, Refunding 5.50%, 7/1/2007 2,250,000 2,276,888
New York City:
6.75%, 2/1/2009......................................................... 3,000,000 3,104,340
5.50%, 10/1/2016........................................................ 4,850,000 4,249,667
6.625%, 2/15/2025....................................................... 4,240,000 4,217,867
6.625%, 8/1/2025........................................................ 5,090,000 5,063,328
Refunding:
6.375%, 8/1/2004...................................................... 1,000,000 1,034,910
5.75%, 8/15/2008...................................................... 2,000,000 1,899,740
New York City Housing Development Corp., Mortgage Revenue
(South Williamsburg Cooperative) 7.90%, 2/1/2023 (Insured; SONYMA)...... 740,000 786,916
New York City Industrial Development Agency:
Civic Facility Revenue (YMCA of Greater New York Project) 8%, 8/1/2016.. 1,500,000 1,611,915
Special Facility Revenue:
(American Airlines Inc. Project) 6.90%, 8/1/2024...................... 2,000,000 2,085,040
(Terminal One Group Association, L.P. Project) 6%, 1/1/2008........... 6,360,000 6,325,529
New York City Municipal Water Finance Authority, Water and Sewer Systems Revenue:
5.50%, 6/15/2019 (Insured; MBIA)........................................ 4,000,000 3,735,400
5.75%, 6/15/2026 (Insured; MBIA)........................................ 1,270,000 1,221,740
5.875%, 6/15/2026 (Insured; MBIA)....................................... 2,500,000 2,411,225
Refunding 6%, 6/15/2010................................................. 4,100,000 4,191,758
State of New York 5.625%, 10/1/2020......................................... 7,265,000 6,913,519
New York State Dormitory Authority, Revenues:
(Consolidated City University System):
5.75%, 7/1/2007 (Insured; AMBAC)...................................... 3,150,000 3,258,171
5.75%, 7/1/2009 (Insured; AMBAC)...................................... 3,000,000 3,059,310
5.625%, 7/1/2016...................................................... 4,000,000 3,709,520
7.625%, 7/1/2020 (Prerefunded 7/1/2000) (a)........................... 750,000 843,758
PREMIER NEW YORK MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1996 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
_______ _______
NEW YORK (CONTINUED)
New York State Dormitory Authority, Revenues (continued):
(Consolidated City University System) (continued):
Refunding 5.75%, 7/1/2007............................................. $ 3,965,000 $ 3,902,670
(Cornell University) 7.375%, 7/1/2030................................... 1,200,000 1,320,132
(State University Educational Facilities):
7.70%, 5/15/2012 (Prerefunded 5/15/2000) (a).......................... 1,000,000 1,126,110
6.75%, 5/15/2021 (Prerefunded 5/15/2002) (a).......................... 3,400,000 3,780,766
5.40%, 5/15/2023...................................................... 2,000,000 1,743,480
Refunding:
5.375%, 5/15/2007 (Insured; FGIC)................................. 6,000,000 6,039,360
5.50%, 5/15/2008.................................................. 1,740,000 1,667,894
5.25%, 5/15/2010.................................................. 5,870,000 5,341,230
5.25%, 5/15/2011.................................................. 5,000,000 4,538,850
5.875%, 5/15/2011 (Insured; FGIC)................................. 5,000,000 5,130,200
New York State Energy Research and Development Authority,
Electric Facilities Revenue:
(Consolidated Edison Co. Project):
7.25%, 11/1/2024.................................................. 1,250,000 1,316,363
7.125%, 12/1/2029................................................. 5,000,000 5,525,350
(Long Island Lighting Co. Project):
7.15%, 6/1/2020................................................... 2,365,000 2,337,495
7.15%, 2/1/2022................................................... 5,085,000 5,024,234
New York State Environmental Facilities Corp.:
SWDR (Occidental Petroleum Corp. Project)
6.10%, 11/1/2020 (Guaranteed; Occidental Petroleum Corp.)............. 1,000,000 954,290
State Water Pollution Control Revolving Fund Revenue:
7.20%, 3/15/2011...................................................... 1,500,000 1,631,535
(Pilgrim State Sewer Project) 6.30%, 3/15/2016........................ 3,000,000 3,154,680
Water Facilities Revenue (Jamaica Water Supply Provence) 7.625%, 4/1/2029 500,000 540,915
New York State Housing Finance Agency, Revenue:
Health Facilities, Refunding (New York City):
7.90%, 11/1/1999...................................................... 760,000 826,150
7.90%, 11/1/1999 (Prerefunded 11/1/1996) (a).......................... 125,000 127,210
6%, 11/1/2007......................................................... 4,000,000 3,909,440
Service Contract Obligation 7.30%, 3/15/2021 (Prerefunded 9/15/2001) (a) 1,000,000 1,133,880
New York State Medical Care Facilities Finance Agency, Revenue, FHA, Insured Mortgage:
6.05%, 2/15/2015........................................................ 3,000,000 2,968,230
(Hospital and Nursing Home) 7.45%, 8/15/2031............................ 1,000,000 1,085,370
(Saint Luke's Roosevelt Hospital Center)
7.45%, 2/15/2029 (Prerefunded 2/15/2000) (a).......................... 500,000 556,135
PREMIER NEW YORK MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1996 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
_______ _______
NEW YORK (CONTINUED)
New York State Mortgage Agency, Revenue, Homeownership Mortgage:
6.45%, 10/1/2020........................................................ $ 2,810,000 $ 2,867,605
8.05%, 4/1/2022......................................................... 545,000 577,019
6.65%, 10/1/2025........................................................ 2,000,000 2,057,100
New York State Power Authority, Revenue and General Purpose
7%, 1/1/2018 (Prerefunded 1/1/2010) (a)................................. 1,940,000 2,202,773
New York State Thruway Authority, Service Contract Revenue
(Local Highway and Bridge) 7.25%, 1/1/2010 (Prerefunded 1/1/2001) (a)... 1,000,000 1,115,110
New York State Urban Development Corp., Revenue:
(Alfred Technology Resources Inc. Project)
7.875%, 1/1/2020 (Prerefunded 1/1/2000) (a)........................... 1,000,000 1,121,520
(Correctional Capital Facilities):
6.10%, 1/1/2011....................................................... 4,000,000 3,922,640
Refunding 6.50%, 1/1/2011 (Insured; FSA).............................. 3,190,000 3,455,089
(Onondaga County Convention Project)
7.875%, 1/1/2020 (Prerefunded 1/1/2001) (a)........................... 1,475,000 1,691,161
Port Authority of New York and New Jersey (Consolidated Ninety Third Series)
6.125%, 6/1/2094........................................................ 5,000,000 5,053,700
Rensselaer County Industrial Development Agency, IDR (Albany International Corp.)
7.55%, 6/1/2007 (LOC; Norstar Bank) (b)................................. 1,500,000 1,682,430
Triborough Bridge and Tunnel Authority:
(Convention Center Project) 7.25%, 1/1/2010............................. 1,000,000 1,113,350
Revenue:
6%, 1/1/2012.......................................................... 2,000,000 2,072,840
General Purpose, Refunding 5%, 1/1/2015............................... 4,770,000 4,261,852
Special Obligation 6.25%, 1/1/2012 (Insured; AMBAC)..................... 4,000,000 4,152,360
U.S. RELATED -5.0%
Guam Airport Authority, Revenue 6.70%, 10/1/2023............................ 2,000,000 2,010,080
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 1,113,442
Puerto Rico Public Buildings Authority,
Government Facilities Revenue 6.25%, 7/1/2011
(Guaranteed: Commonwealth of Puerto Rico) (Insured; AMBAC)............ 3,875,000 4,172,135
Public Education and Health Facilities Refunding 5.70%, 7/1/2009
(Guaranteed; Commonwealth of Puerto Rico)............................. 2,235,000 2,260,591
_________
TOTAL INVESTMENTS-100.0%
(cost $190,059,820)..................................................... $192,872,222
============
</TABLE>
<TABLE>
<CAPTION>
PREMIER NEW YORK MUNICIPAL BOND FUND
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 Insurance Corporation
FSA Financial Security Assurance SONYMA State of New York Mortgage Agency
HR Hospital Revenue SWDR Solid Waste Disposal Revenue
IDR Industrial Development Revenue
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- -------- ------- ----------------- -------------------
<S> <C> <S> <C>
AAA Aaa AAA 29.2%
AA Aa AA 14.0
A A A 27.5
BBB Baa BBB 23.3
BB Ba BB 3.8
Not Rated (d) Not Rated (d) Not Rated (d) 2.2
________
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) Fitch currently provides creditworthiness information for a limited
number of investments.
(d) Securities which, while not rated by Fitch, Moody's and Standard &
Poor's have been determined by the Manager to be of comparable quality to
those rated securities in which the Fund may invest.
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
PREMIER NEW YORK MUNICIPAL BOND FUND
STATEMENT OF ASSETS AND LIABILITIES MAY 31, 1996 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $190,059,820)-see statement..................................... $192,872,222
Cash.................................................................... 5,732,105
Receivable for investment securities sold............................... 4,377,054
Interest receivable..................................................... 3,568,325
Receivable for shares of Beneficial Interest subscribed................. 63,781
Prepaid expenses........................................................ 5,929
_________
206,619,416
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 96,645
Due to Distributor...................................................... 73,302
Payable for shares of Beneficial Interest redeemed...................... 271,883
Accrued expenses........................................................ 81,842 523,672
_______ ____________
NET ASSETS ................................................................ $206,095,744
==============
REPRESENTED BY:
Paid-in capital......................................................... $203,515,590
Accumulated net realized (loss) on investments.......................... (232,248)
Accumulated net unrealized appreciation on investments-Note 3........... 2,812,402
__________
NET ASSETS at value......................................................... $206,095,744
==============
Shares of Beneficial Interest outstanding:
Class A Shares
(unlimited number of $.001 par value shares authorized)............... 9,576,115
==============
Class B Shares
(unlimited number of $.001 par value shares authorized)............... 4,824,552
==============
Class C Shares
(unlimited number of $.001 par value shares authorized)............... 71
==============
NET ASSET VALUE per share:
Class A Shares
($137,041,675 / 9,576,115 shares)..................................... $14.31
=======
Class B Shares
($69,053,053 / 4,824,552 shares)...................................... $14.31
=======
Class C Shares
($1,016 / 71 shares).................................................. $14.31
=======
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
PREMIER NEW YORK MUNICIPAL BOND FUND
STATEMENT OF OPERATIONS SIX MONTHS ENDED MAY 31, 1996 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 6,262,716
EXPENSES:
Management fee-Note 2(a).............................................. $ 581,736
Shareholder servicing costs-Note 2(c)................................. 330,442
Distribution fees-Note 2(b)........................................... 172,090
Professional fees..................................................... 25,085
Prospectus and shareholders' reports.................................. 12,165
Custodian fees........................................................ 11,235
Registration fees..................................................... 8,489
Trustees' fees and expenses-Note 2(d)................................. 7,848
Miscellaneous......................................................... 13,366
________
TOTAL EXPENSES.................................................... 1,162,456
___________
INVESTMENT INCOME-NET............................................. 5,100,260
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized (loss) on investments-Note 3............................... $ (185,887)
Net unrealized (depreciation) on investments............................ (8,755,029)
____________
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS................. (8,940,916)
___________
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $(3,840,656)
=============
See independent accountants' review report and notes to financial statements.
PREMIER NEW YORK MUNICIPAL BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
NOVEMBER 30, MAY 31, 1996
1995 (UNAUDITED)
_______ _________
OPERATIONS:
Investment income-net................................................ $ 10,398,309 $ 5,100,260
Net realized gain (loss) on investments.............................. 452,878 (185,887)
Net unrealized appreciation (depreciation) on investments
for the period..................................................... 26,991,860 (8,755,029)
____________ __________
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS............................................ 37,843,047 (3,840,656)
____________ __________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net:
Class A shares..................................................... (7,565,208) (3,565,152)
Class B shares..................................................... (2,833,091) (1,535,087)
Class C shares..................................................... (10) (21)
____________ __________
TOTAL DIVIDENDS................................................ (10,398,309) (5,100,260)
____________ __________
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold:
Class A shares................................................... 9,960,037 6,017,647
Class B shares................................................... 12,795,103 7,831,911
Class C shares..................................................... 1,000 --
Dividends reinvested:
Class A shares..................................................... 5,506,451 2,587,904
Class B shares..................................................... 2,200,257 1,175,020
Class C shares..................................................... 10 21
Cost of shares redeemed:
Class A shares..................................................... (26,739,496) (11,787,986)
Class B shares..................................................... (9,034,959) (3,868,699)
____________ __________
INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL
INTEREST TRANSACTIONS........................................ (5,311,597) 1,955,818
____________ __________
TOTAL INCREASE (DECREASE) IN NET ASSETS...................... 22,133,141 (6,985,098)
NET ASSETS:
Beginning of period............................................... 190,947,701 213,080,842
____________ __________
End of period..................................................... $213,080,842 $206,095,744
============= ==============
</TABLE>
PREMIER NEW YORK MUNICIPAL BOND FUND
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
SHARES
______________________________________________________________________________
CLASS A CLASS B
__________________________________ ________________________________________
YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED
NOVEMBER 30, MAY 31, 1996 NOVEMBER 30, MAY 31, 1996
1995 (UNAUDITED) 1995 (UNAUDITED)
_______ _________ _______ _________
<S> <C> <C> <C> <C>
CAPITAL SHARE TRANSACTIONS:
Shares sold..................... 698,060 406,726 893,122 530,404
Shares issued for dividends reinvested 386,165 175,964 154,097 79,935
Shares redeemed................. (1,893,114) (799,859) (637,271) (264,364)
_______ _________ _______ _________
NET INCREASE (DECREASE)
IN SHARES OUTSTANDING..... (808,889) (217,169) 409,948 345,975
============ ============= ============ =============
CLASS C
__________________________________
PERIOD ENDED SIX MONTHS ENDED
NOVEMBER 30, MAY 31, 1996
1995* (UNAUDITED)
_______ _________
CAPITAL SHARE TRANSACTIONS:
Shares sold..................... 68 --
Shares issued for dividends
reinvested.................... 1 2
Shares redeemed................. -- --
______ ______
NET INCREASE
IN SHARES OUTSTANDING..... 69 2
========= ==========
- ------------------------------
*From September 11, 1995 (commencement of initial offering) to November
30, 1995.
</TABLE>
See independent accountants' review report and notes to financial statements.
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.
<TABLE>
<CAPTION>
CLASS A SHARES
_____________________________________________________________________________
SIX MONTHS ENDED
YEAR ENDED NOVEMBER 30, MAY 31, 1996
_______________________________________________________
PER SHARE DATA: 1991 1992 1993 1994 1995 (UNAUDITED)
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.. $12.88 $13.56 $13.97 $14.97 $13.01 $14.93
------ ------ ------ ------ ------ ------
INVESTMENT OPERATIONS:
Investment income-net................. .89 .86 .80 .75 .75 .37
Net realized and unrealized gain (loss)
on investments...................... .68 .56 1.00 (1.86) 1.92 (.62)
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS.... 1.57 1.42 1.80 (1.11) 2.67 (.25)
------ ------ ------ ------ ------ ------
DISTRIBUTIONS:
Dividends from investment income-net.. (.89) (.86) (.80) (.75) (.75) (.37)
Dividends from net realized gain
on investments...................... -- (.15) -- (.10) -- --
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS................. (.89) (1.01) (.80) (.85) (.75) (.37)
------ ------ ------ ------ ------ ------
Net asset value, end of period........ $13.56 $13.97 $14.97 $13.01 $14.93 $14.31
======= ======= ======= ====== ======= ==========
TOTAL INVESTMENT RETURN(1)................ 12.63% 10.79% 13.16% (7.76%) 20.93% (3.45%)(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .52% .72% .78% .89% .94% .93%(2)
Ratio of net investment income to
average net assets.................. 6.69% 6.16% 5.41% 5.25% 5.27% 5.00%(2)
Decrease reflected in above expense ratios
due to undertakings by the Manager.. .60% .34% .18% .04% -- --
Portfolio Turnover Rate............... 12.45% 12.55% 19.55% 31.76% 74.11% 23.24%(3)
Net Assets, end of period (000's Omitted) $70,333 $108,247 $164,046 $137,978 $146,207 $137,042
- -------------------------
(1) Exclusive of sales load.
(2) Annualized.
(3) Not annualized.
</TABLE>
See independent accountants' review report and notes to financial statements.
PREMIER NEW YORK MUNICIPAL BOND FUND
FINANCIAL HIGHLIGHTS (CONTINUED)
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.
<TABLE>
<CAPTION>
CLASS B SHARES CLASS C SHARES
__________________________________________________ ______________________________________
SIX MONTHS ENDED PERIOD ENDED SIX MONTHS ENDED
YEAR ENDED NOVEMBER 30, MAY 31, 1996 NOVEMBER 30, MAY 31, 1996
_____________________________
PER SHARE DATA: 1993(1) 1994 1995 (UNAUDITED) 1995(2) (UNAUDITED)
_____ _____ _____ _________ _______ ____________
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period.... $14.04 $14.97 $13.02 $14.93 $14.61 $14.93
_____ _____ _____ _______ _______ ________
INVESTMENT OPERATIONS:
Investment income-net.... .62 .67 .67 .33 .14 .31
Net realized and unrealized gain
(loss) on investments.. .93 (1.85) 1.91 (.62) .32 (.62)
_____ _____ _____ ______ _______ ________
TOTAL FROM INVESTMENT
OPERATIONS......... 1.55 (1.18) 2.58 (.29) .46 (.31)
_____ _____ _____ ______ _______ ________
DISTRIBUTIONS:
Dividends from investment
income-net............. (.62) (.67) (.67) (.33) (.14) (.31)
Dividends from net
realized gain
on investments......... -- (.10) -- -- -- --
_____ _____ _____ ______ _______ ________
TOTAL DISTRIBUTIONS.... (.62) (.77) (.67) (.33) (.14) (.31)
_____ _____ _____ ______ _______ ________
Net asset value, end of period $14.97 $13.02 $14.93 $14.31 $14.93 $14.31
====== ====== ======= ========= ======== ==========
TOTAL INVESTMENT RETURN(3)... 12.78%(4) (8.20%) 20.20% (3.97%)(4) 14.19%(4) (4.21%)(4)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average
net assets............. 1.34%(4) 1.44% 1.46% 1.45%(4) 1.74%(4) 1.74%(4)
Ratio of net investment income
to average net assets.. 4.41%(4) 4.70% 4.72% 4.46%(4) 4.00%(4) 4.21%(4)
Decrease reflected in above
expense ratios due to
undertakings by
the Manager............ 16%(4) .04% -- -- -- --
Portfolio Turnover Rate.. 19.55%(5) 31.76% 74.11% 23.24%(5) 74.11%(5) 23.24%(5)
Net Assets, end of period
(000's Omitted)........ $45,101 $52,970 $66,873 $69,053 $1 $1
- ------------------------------
(1) From January 15, 1993 (commencement of initial offering) to November 30, 1993.
(2) From September 11, 1995 (commencement of initial offering) to November 30, 1995.
(3) Exclusive of sales load.
(4) Annualized.
(5) 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:
Premier New York Municipal Bond Fund (the "Fund") is registered under
the Investment Company Act of 1940 ("Act") as a
non-diversified open-end management investment company. The Fund's investment
objective is to maximize current income exempt from Federal, New York State
and New York City income taxes to the extent consistent with the preservation
of capital. The Dreyfus Corporation ("Manager") serves as the Fund's
investment adviser. The Manager is a direct subsidiary of Mellon Bank, N.A.
Premier Mutual Fund Services, Inc. (the "Distributor") acts as the
distributor of the Fund's shares. The Fund offers Class A, Class B and Class
C shares. Class A shares are subject to a sales charge imposed at the time of
purchase, Class B shares are subject to a contingent deferred sales charge
imposed at the time of redemption on redemptions made within five years of
purchase and Class C shares are subject to a contingent deferred sales charge
imposed at the time of redemptions on redemptions made within one year of
purchase. Other differences between the three Classes include the services
offered to and the expenses borne by each Class and certain voting rights.
(A) PORTFOLIO VALUATION: The Fund 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
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
PREMIER NEW YORK MUNICIPAL BOND FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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 $44,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to November 30, 1995. 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 value
of the Fund's average daily 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, 1996.
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager,
retained $1,384 during the six months ended May 31, 1996 from commissions
earned on sales of the Fund's shares.
(B) Under the Distribution Plan adopted pursuant to Rule 12b-1 under the
Act, the Fund pays the Distributor for distributing the Fund's Class B and
Class C shares at an annual rate of .50 of 1% of the value of the average
daily net assets of Class B shares and .75 of 1% of the value of the average
daily net assets of Class C shares. During the six months ended May 31, 1996,
$172,086 was charged to the Fund for the Class B shares and $4 was charged to
the Fund for the Class C shares.
(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, Class B and Class C shares for the provision of certain services.
The services provided may include personal services relating to shareholder
accounts, such as answering shareholder inquiries regarding the Fund and
providing reports and other information, and services related to the
maintenance of shareholder accounts. The Distributor may make payments to
Service Agents (a securities dealer, financial institution or other industry
professional) in respect of these services. The Distributor determines the
amounts to be paid to Service Agents. For the six months ended May 31, 1996,
$178,381, $86,043 and $1 were charged to the Class A, Class B and Class C
shares, respectively, by the Distributor pursuant to the Shareholder Services
Plan.
The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of
the Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the Fund. Such
compensation amounted to $43,786 for the six months ended May 31, 1996.
(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,
excluding short-term securities, during the six months ended May 31, 1996
amounted to $47,614,447 and $53,525,174 respectively.
At May 31, 1996, accumulated net unrealized appreciation on investments
was $2,812,402, consisting of $4,714,895 gross unrealized appreciation and
$1,902,493 gross unrealized depreciation.
At May 31, 1996, 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, 1996, and the related statements of operations and changes in
net assets and financial highlights for the six month period ended May 31,
1996. 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, 1995 and financial highlights for each of the five years in the
period ended November 30, 1995 and in our report dated January 2, 1996, 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 8, 1996
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
Dreyfus Transfer, Inc.
One American Express Plaza
Providence, RI 02903
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 021/611SA965
Semi-Annual Report
Premier New York
Municipal Bond Fund
May 31, 1996
[lion2/hres logo]
