<PAGE>
Annual Report
- -------------------------------------------------------
Premier New York
- -------------------------------------------------------
Municipal Bond Fund
- -------------------------------------------------------
<PAGE>
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 annual reporting period ending November 30, 1996
your Fund produced total returns of 5.17% for Class A shares, 4.61% for Class B
shares and 4.43% for Class C shares.* Income dividends exempt from Federal, New
York State and New York City personal income taxes of approximately $.730, $.652
and $.617 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 4.65% for Class A shares, 4.35% for Class B shares and 4.11% for
Class C shares.***
THE ECONOMY
For much of the year, investors were fearful that inflation would
accelerate should tightening labor markets lead to pressure to increase wages
and, ultimately, higher prices. This was of particular concern earlier in the
year because of the robust rate of new job growth at that time. More
specifically, it was expected that signs of any potential upsurge in inflation
would cause the Federal Reserve Board's Open Market Committee (the "Fed") to
tighten monetary policy. However, during the summer, the economy's growth rate
slowed by more than half of its 4.7% growth rate in the second quarter. The pace
of job creation also slowed, reducing the likelihood that the tightening
employment market would lead to inflation-inducing wage increases. About 150,000
jobs per month over the past three months have been added to the employment
rolls compared to an average rate of over 250,000 during the spring and early
summer months. The unemployment rate has declined all year (the rate is now at
5.2%, near a seven-year low), yet wage increases have remained under control.
The Employment Cost Index, a broad measure of wage and benefit growth, has risen
a modest 2.8% over the past year, about the same as the year before when the
Index increased 2.7%. Inflation has remained subdued throughout the reporting
period. The Consumer Price Index continues to show an inflation level at an
annual rate of 3%, while the Producer Price Index shows scant evidence of price
pressures in the production pipeline. The Fed has held short-term interest rates
steady since January, when it reduced its Federal Funds target rate to 5.25%
from 5.5%. (The Federal Funds rate is the rate that banks charge each other for
overnight loans.)
With both low unemployment and low inflation, measures of consumer
confidence remain high. The Index of Leading Economic Indicators, an index
compiled by the Conference Board (a private economic research group) has reached
record high levels every month since June. Retail sales show signs of moderate
expansion after having slowed over the summer when consumers paid off more
credit card debt than they borrowed. On the production side of the economy,
output from the nation's factories has slowed somewhat from its pace earlier in
the year. With a capacity utilization rate of under 83%, there appears to be
little indication of any production bottlenecks that could lead to shortages and
higher prices.
MARKET ENVIRONMENT
The municipal bond market, like its taxable counterparts, has been buffeted
by unprecedented price volatility during the past year. The market continues to
focus on the periodic releases of key economic data, and this has resulted in
large and dramatic swings in bond prices and yields. The 30-year U.S. Treasury
bond fluctuated around the 7% level until mid-October when the market
established a new trading range as the Treasury bond market rallied to a 6.45%
yield. The municipal market was able to stabilize aided by strong retail support
reflected in strengthening demand for municipal bonds.
The decision of the Federal Reserve's Open Market Committee to maintain a
hands-off policy toward interest rates has enabled the fixed-income markets to
turn in a strong performance during the fourth quarter. Currently, the market
has settled into a trading range with a bias towards lower rates and we
anticipate that this environment will continue through year-end.
<PAGE>
THE PORTFOLIO
The Fund's ongoing focus has been to improve the call protection and
structure of the Fund. During the past six months we moved out of the defensive
positions that had been put in place during earlier periods of volatility. The
Fund has continued to sell short-call, current-coupon paper and reinvest in
liquid discount bonds with 10 year or longer calls. This strategy was
successful, helping the Fund on a total return basis. At this juncture, we do
not see inflation becoming a problem and we will continue this approach. In a
state-specific fund, the ongoing challenge is to provide meaningful
diversification. New York's new issue supply tends to come at specific times
during the year, and then we will have long periods when paper is scarce.
Therefore, we try to take advantage of the heavy supply periods, since often,
heavy supply will provide some attractive buying opportunities.
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
Director, Municipal Portfolio Management
The Dreyfus Corporation
December 20, 1996
New York, N.Y.
*Total return includes reinvestment of dividends and any capital gains paid,
and does not take into consideration the maximum initial sales load in the
case of Class A shares or the 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.
***Distribution rate per share is based upon dividends per share paid from net
investment income during the period (annualized), divided by the maximum
offering price at the end of the period in the case of Class A shares or net
asset value per share in the case of Class B and Class C shares, at the end
of the period.
<PAGE>
GRAPH IN PRESIDENT'S LETTER OF ANNUAL REPORT
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
11/30/95 20,091 19,125
11/30/96 21,272 20,113
*Source: Lehman Brothers
<TABLE>
Average Annual Total Returns
Class A Shares Class B Shares
__________________________________________________________ __________________________________________________________
% Return Reflecting
% Return Applicable Contingent
Reflecting % Return Deferred Sales
% Return Without Maximum Initial Assuming No Charge Upon
Period Ended 11/30/96 Sales Charge Sales Charge (4.5%) Period Ended 11/30/96 Redemption Redemption*
____________________ ______________ ________________ ____________________ __________ ________________
<S> <C> <C> <C> <C> <C>
1 Year 5.17% 0.46% 1 Year 4.61% 0.61%
5 Years 8.02 7.03 From Inception (1/15/93) 6.65 6.00
From Inception (12/31/86) 7.80 7.30
Class C Shares
__________________________________________________________
% Return Reflecting
Applicable Contingent
% Return Deferred Sales
Assuming Charge Upon
Period Ended 11/30/96 No Redemption Redemption**
____________________ ____________ __________________
1 Year 4.43% 3.43%
From Inception (9/11/95) 6.27 6.27
</TABLE>
Past performance is not predictive of future performance.
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 and Class C shares will vary from the performance of
Class A shares shown above due to differences in charges and expenses.
The Fund invests primarily in New York municipal securities and its
performance shown in the line graph takes into account the maximum initial
sales charge on Class A shares and all other applicable fees and expenses.
Unlike the Fund, the Lehman Brothers Municipal Bond Index is an unmanaged
total return performance benchmark for the long-term, investment grade,
geographically unrestricted tax exempt bond market, calculated by using
municipal bonds selected to be representative of the municipal market overall.
The Index does not take into account charges, fees and other expenses. Also,
unlike the Fund which principally limits investments to New York municipal
obligations, the Index is not state specific. These factors can contribute to
the Index potentially outperforming the Fund. Further information relating to
Fund performance, including expense reimbursements, if applicable, is
contained in the Financial Highlights section of the Prospectus and elsewhere
in this report.
* The maximum contingent deferred sales charge for Class B shares is 4% and
is reduced to 0% after six years.
**The maximum contingent deferred sales charge for Class C shares is 1% for
shares redeemed within one year of the date of purchase.
<PAGE>
<TABLE>
Premier New York Municipal Bond Fund
- -------------------------------------------------------------------------------
Statement of Investments November 30, 1996
Principal
Long-Term Municipal Investments--98.5% Amount Value
- ---------------------------------------------------------------------------- -------------- ----------------
New York--93.6%
<S> <C> <C>
Albany Industrial Development Agency, Lease Revenue:
(New York State Assembly Building Project) 7.75%, 1/1/2010................ $ 1,000,000 $ 1,108,030
(New York State Department of Health Building Project) 7.25%, 10/1/2010... 1,455,000 1,565,856
Metropolitan Transportation Authority:
Commuter Facilities Revenue:
6.125%, 7/1/2014 (Insured; MBIA)........................................ 2,990,000 3,175,380
Service Contract 7.50%, 7/1/2016 (Prerefunded 7/1/2000) (a)............. 1,350,000 1,523,313
Transit Facilities Revenue 6%, 7/1/2016 (Insured; FSA).................... 3,000,000 3,167,970
Municipal Assistance Corp. for the City of New York, Refunding 5.50%, 7/1/2007 2,250,000 2,363,242
New York City:
6.75%, 2/1/2009........................................................... 3,000,000 3,258,360
5.875%, 8/15/2016......................................................... 4,900,000 4,843,160
6%, 2/15/2020............................................................. 4,500,000 4,485,555
6.625%, 8/1/2025.......................................................... 5,090,000 5,351,982
Refunding:
6.375%, 8/1/2004........................................................ 1,000,000 1,065,150
5.875%, 8/1/2024........................................................ 4,000,000 3,908,760
New York City Housing Development Corp., MFHR, Refunding 5.625%, 5/1/2012.... 1,500,000 1,499,160
New York City Industrial Development Agency:
Civic Facility Revenue (YMCA of Greater New York Project) 8%, 8/1/2016.... 1,500,000 1,617,435
Special Facility Revenue (American Airlines Inc. Project) 6.90%, 8/1/2024. 2,000,000 2,170,640
New York City Municipal Water Finance Authority, Water and Sewer Systems Revenue:
5.50%, 6/15/2019 (Insured; MBIA).......................................... 4,000,000 3,946,480
5.875%, 6/15/2026 (Insured; MBIA)......................................... 2,500,000 2,537,200
Refunding:
6%, 6/15/2010........................................................... 4,100,000 4,426,319
5.50%, 6/15/2023........................................................ 3,870,000 3,819,342
New York City Trust, Cultural Resources Revenue (New York Botanical Gardens)
5.80%, 7/1/2026 (Insured; MBIA)........................................... 2,000,000 2,043,540
State of New York 5.625%, 10/1/2020.......................................... 7,265,000 7,317,163
New York State Dormitory Authority, Revenues:
(Consolidated City University System):
5.75%, 7/1/2007 (Insured; AMBAC)........................................ 3,150,000 3,373,020
5.75%, 7/1/2009 (Insured; AMBAC)........................................ 3,000,000 3,195,180
7.625%, 7/1/2020 (Prerefunded 7/1/2000) (a)............................. 750,000 849,382
Refunding:
5.50%, 7/1/2016 (Insured; AMBAC)...................................... 2,200,000 2,200,814
5.625%, 7/1/2016...................................................... 4,000,000 4,018,680
Court Facilities Lease 5.50%, 5/15/2010................................... 2,100,000 2,070,516
(State University Educational Facilities):
7.70%, 5/15/2012 (Prerefunded 5/15/2000) (a)............................ 1,000,000 1,131,200
6.75%, 5/15/2021 (Prerefunded 5/15/2002) (a)............................ 3,400,000 3,849,208
<PAGE>
Premier New York Municipal Bond Fund
- -------------------------------------------------------------------------------
Statement of Investments (continued) November 30, 1996
Principal
Long-Term Municipal Investments (continued) Amount Value
- ---------------------------------------------------------------------------- -------------- ----------------
New York (continued)
New York State Dormitory Authority, Revenues (continued):
(State University Educational Facilities) (continued):
Refunding:
5.375%, 5/15/2007 (Insured; FGIC)..................................... $ 6,000,000 $ 6,298,620
5.25%, 5/15/2010...................................................... 5,870,000 5,696,307
5.875%, 5/15/2011 (Insured; FGIC)..................................... 5,000,000 5,374,300
New York State Energy Research and Development Authority,
Electric Facilities Revenue:
(Consolidated Edison Co. Project):
7.25%, 11/1/2024...................................................... 1,250,000 1,316,463
7.125%, 12/1/2029..................................................... 5,000,000 5,661,850
(Long Island Lighting Co. Project) 7.15%, 2/1/2022...................... 2,585,000 2,672,192
New York State Environmental Facilities Corp.:
PCR (Pilgrim State Sewer Project) 6.30%, 3/15/2016........................ 3,000,000 3,251,580
SWDR (Occidental Petroleum Corp. Project)
6.10%, 11/1/2030 (Guaranteed; Occidental Petroleum Corp.)............... 1,000,000 1,000,100
New York State Housing Finance Agency, Revenue:
Health Facilities, Refunding (New York City):
7.90%, 11/1/1999........................................................ 760,000 808,154
6%, 11/1/2007........................................................... 4,000,000 4,132,520
Housing Project Mortgage, Refunding 6.10%, 11/1/2015 (Insured; FSA)....... 2,000,000 2,062,980
Service Contract Obligation 7.30%, 3/15/2021 (Prerefunded 9/15/2001) (a) . 1,000,000 1,146,120
New York State Local Government Assistance Corp. Sales Tax Revenue:
5.375%, 4/1/2014.......................................................... 3,870,000 3,828,862
5%, 4/1/2023.............................................................. 2,000,000 1,852,420
Refunding 5.375%, 4/1/2019................................................ 4,000,000 3,928,240
New York State Medical Care Facilities Finance Agency, Insured Mortgage Revenue:
6.05%, 2/15/2015 (Insured; FHA)........................................... 3,000,000 3,079,380
Hospital and Nursing Home 7.45%, 8/15/2031 (Insured; FHA)................. 1,000,000 1,104,780
(Saint Luke's Roosevelt Hospital Center):
7.45%, 2/15/2029 (Insured; FHA) (Prerefunded 2/15/2000) (a)............. 500,000 557,445
Refunding 5.60%, 8/15/2013 (Insured; FHA)............................... 3,000,000 3,028,110
New York State Mortgage Agency, Homeownership Mortgage Revenue:
6.45%, 10/1/2020.......................................................... 2,680,000 2,751,904
8.05%, 4/1/2022........................................................... 545,000 577,188
New York State Power Authority, Revenue and General Purpose
7%, 1/1/2018 (Prerefunded 1/1/2010) (a)................................... 1,940,000 2,287,726
New York State Thruway Authority:
Highway and Bridge Trust Fund, Revenue 5.25%, 4/1/2014 (Insured; AMBAC)... 4,000,000 3,957,080
Service Contract Revenue (Local Highway and Bridge):
7.25%, 1/1/2010 (Prerefunded 1/1/2001) (a).............................. 1,000,000 1,125,690
5.75%, 4/1/2016......................................................... 2,000,000 2,002,300
<PAGE>
Premier New York Municipal Bond Fund
- -------------------------------------------------------------------------------
Statement of Investments (continued) November 30, 1996
Principal
Long-Term Municipal Investments (continued) Amount Value
- ---------------------------------------------------------------------------- -------------- ----------------
New York (continued)
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 $ 1,122,340
Correctional Capital Facilities:
6.10%, 1/1/2011......................................................... 4,000,000 4,100,240
5.375%, 1/1/2025........................................................ 5,000,000 4,743,300
Refunding 6.50%, 1/1/2011 (Insured; FSA)................................ 3,190,000 3,619,246
(Onondaga County Convention Project) 7.875%, 1/1/2020
(Prerefunded 1/1/2001) (a).............................................. 1,475,000 1,700,926
Local or Guaranteed Housing, Refunding 5.50%, 7/1/2016.................... 3,550,000 3,590,790
Port Authority of New York and New Jersey, Port Airport and Marina Revenue
(Consolidated One Hundred Fifth Series) 5.50%, 9/1/2014 (Insured; MBIA)... 2,500,000 2,506,000
Rensselaer County Industrial Development Agency, IDR (Albany International Corp.)
7.55%, 6/1/2007 (LOC; Norstar Bank) (b)................................... 1,500,000 1,735,110
Triborough Bridge and Tunnel Authority:
(Convention Center Project) 7.25%, 1/1/2010............................... 1,000,000 1,160,180
Revenue:
6%, 1/1/2012............................................................ 2,000,000 2,177,820
5.20%, 1/1/2022......................................................... 1,620,000 1,574,591
5.20%, 1/1/2027......................................................... 1,900,000 1,834,108
Special Obligation 6.25%, 1/1/2012 (Insured; AMBAC)....................... 4,000,000 4,256,600
U.S. Related--4.9%
Guam Airport Authority, Airport Revenue 6.70%, 10/1/2023..................... 2,000,000 2,080,140
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 1,149,830
Puerto Rico Public Buildings Authority, Revenue:
(Government Facilities)
6.25%, 7/1/2011 (Insured; AMBAC, Guaranteed; Commonwealth of Puerto Rico) 3,875,000 4,348,641
Public Education and Health Facilities, Refunding
5.70%, 7/1/2009 (Guaranteed; Commonwealth of Puerto Rico)............... 2,235,000 2,344,135
-------------
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $188,889,578)....................................................... $199,428,345
=============
Short-Term Municipal Investments--1.5%
- ------------------------------------------------------------------------
New York;
Port Authority of New York and New Jersey, Special Obligation Revenue, VRDN
4.10% (SBPA; Morgan Guaranty Trust Co.) (c)
(cost $3,000,000)......................................................... $ 3,000,000 $ 3,000,000
=============
TOTAL INVESTMENTS--100.0%
(cost $191,889,578)....................................................... $202,428,345
=============
</TABLE>
<PAGE>
Premier New York Municipal Bond Fund
- --------------------------------------------------------------------------
<TABLE>
<CAPTION>
Summary of Abbreviations
- --------------------------------------------------------------------------
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Investors Assurance
FGIC Financial Guaranty Insurance Company Insurance Corporation
FHA Federal Housing Administration MFHR Multi-Family Housing Revenue
FSA Financial Security Assurance PCR Pollution Control Revenue
HR Hospital Revenue SBPA Standby Bond Purchase Agreement
IDR Industrial Development Revenue SWDR Solid Waste Disposal Revenue
LOC Letter of Credit VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
Summary of Combined Ratings (Unaudited)
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Fitch (d) or Moody's or Standard & Poor's Percentage of Value
- ------ -------- ---------------- ------------------
AAA Aaa AAA 37.8%
AA Aa AA 8.4
A A A 26.4
BBB Baa BBB 23.3
BB Ba BB 1.3
F1 MIG1 SP1 1.5
Not Rated (e) Not Rated (e) Not Rated (e) 1.3
-------
100.0%
=======
<FN>
Notes to Statement of Investments:
- --------------------------------------------------------------------------------
(a) Bonds which are prerefunded are collateralized by U.S. Government
securities which are held in escrow and are used to pay principal and
interest on the municipal issue and to retire the bonds in full at the
earliest refunding date.
(b) Secured by letters of credit.
(c) Securities payable on demand. The interest rate, which is subject to change,
is based upon bank prime rates or an index of market interest rates.
(d) Fitch
currently provides creditworthiness information for a limited number of
investments.
(e) Securities which, while not rated by Fitch, Moody's 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.
</TABLE>
See notes to financial statements.
<PAGE>
Premier New York Municipal Bond Fund
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities November 30, 1996
<TABLE>
<CAPTION>
Cost Value
------------- -------------
<S> <C> <C> <C>
ASSETS: Investments in securities--See Statement of Investments..... $191,889,578 $202,428,345
Cash........................................................ 6,282,775
Receivable for investment securities sold................... 7,113,785
Interest receivable......................................... 3,291,903
Receivable for shares of Beneficial Interest subscribed..... 80,538
Prepaid expenses............................................ 15,269
-------------
219,212,615
-------------
LIABILITIES: Due to The Dreyfus Corporation.............................. 93,005
Due to Distributor.......................................... 71,603
Payable for investment securities purchased................. 11,444,070
Payable for shares of Beneficial Interest redeemed.......... 235,858
Accrued expenses............................................ 78,117
-------------
11,922,653
-------------
NET ASSETS.................................................................... $207,289,962
=============
REPRESENTED BY: Paid-in capital............................................. $195,849,297
Accumulated net realized gain (loss) on investments......... 901,898
Accumulated net unrealized appreciation (depreciation)
on investments--Note 3.................................... 10,538,767
-------------
NET ASSETS..................................................................... $207,289,962
=============
</TABLE>
NET ASSET VALUE PER SHARE
---------------------------
<TABLE>
<CAPTION>
Class A Class B Class C
------------- ------------ ----------
<S> <C> <C> <C>
Net Assets....................................................... $135,412,690 $71,392,104 $485,168
Shares Outstanding............................................... 9,063,409 4,777,710 32,461
NET ASSET VALUE PER SHARE........................................ $14.94 $14.94 $14.95
====== ====== ======
</TABLE>
See notes to financial statements.
<PAGE>
Premier New York Municipal Bond Fund
- -------------------------------------------------------------------------------
Statement of Operations Year Ended November 30, 1996
<TABLE>
<CAPTION>
INVESTMENT INCOME
<S> <C> <C> <C>
INCOME Interest Income.................................. $12,294,470
EXPENSES: Management fee--Note 2(a)........................ $ 1,146,191
Shareholder servicing costs--Note 2(c)........... 646,609
Distribution fees--Note 2(b)..................... 348,335
Professional fees................................ 47,393
Custodian fees................................... 22,102
Prospectus and shareholders' reports............. 18,245
Trustees' fees and expenses--Note 2(d)........... 15,275
Registration fees................................ 11,423
Miscellaneous.................................... 17,962
------------
Total Expenses.............................. 2,273,535
------------
INVESTMENT INCOME--NET......................................................... 10,020,935
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 3:
Net realized gain (loss) on investments......... $ 948,259
Net unrealized appreciation (depreciation) on investments (1,028,664)
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS........................ (80,405)
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.......................... $ 9,940,530
============
</TABLE>
See notes to financial statements.
<PAGE>
Premier New York Municipal Bond Fund
- -------------------------------------------------------------------------------
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Year Ended Year Ended
November 30, 1996 November 30, 1995
------------------ ------------------
<S> <C> <C>
OPERATIONS:
Investment income--net................................................ $ 10,020,935 $ 10,398,309
Net realized gain (loss) on investments............................... 948,259 452,878
Net unrealized appreciation (depreciation) on investments............. (1,028,664) 26,991,860
------------- -------------
Net Increase (Decrease) in Net Assets Resulting from Operations... 9,940,530 37,843,047
------------- -------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Class A shares...................................................... (6,921,593) (7,565,208)
Class B shares...................................................... (3,093,704) (2,833,091)
Class C shares...................................................... (5,638) (10)
------------- -------------
Total Dividends................................................... (10,020,935) (10,398,309)
------------- -------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold:
Class A shares...................................................... 11,521,767 9,960,037
Class B shares...................................................... 10,872,905 12,795,103
Class C shares...................................................... 473,073 1,000
Dividends reinvested:
Class A shares...................................................... 5,056,435 5,506,451
Class B shares...................................................... 2,351,435 2,200,257
Class C shares...................................................... 4,027 10
Cost of shares redeemed:
Class A shares...................................................... (27,212,542) (26,739,496)
Class B shares...................................................... (8,777,575) (9,034,959)
------------- -------------
Increase (Decrease) in Net Assets from Beneficial Interest
Transactions (5,710,475) (5,311,597)
------------- -------------
Total Increase (Decrease) in Net Assets......................... (5,790,880) 22,133,141
NET ASSETS:
Beginning of Period................................................... 213,080,842 190,947,701
------------- -------------
End of Period......................................................... $207,289,962 $213,080,842
============= =============
</TABLE>
See notes to financial statements.
<PAGE>
Premier New York Municipal Bond Fund
- -------------------------------------------------------------------------------
Statement of Changes in Net Assets (continued)
<TABLE>
<CAPTION>
Shares
---------------------------------------
Year Ended Year Ended
November 30, 1996 November 30, 1995
------------------ ------------------
CAPITAL SHARE TRANSACTIONS:
Class A
-------
<S> <C> <C>
Shares sold........................................................... 786,787 698,060
Shares issued for dividends reinvested................................ 345,086 386,165
Shares redeemed....................................................... (1,861,748) (1,893,114)
---------- ----------
Net Increase (Decrease) in Shares Outstanding..................... (729,875) (808,889)
========== ==========
Class B
-------
Shares sold........................................................... 740,327 893,122
Shares issued for dividends reinvested................................ 160,501 154,097
Shares redeemed....................................................... (601,695) (637,271)
---------- ----------
Net Increase (Decrease) in Shares Outstanding..................... 299,133 409,948
========== ==========
Class C*
-------
Shares sold........................................................... 32,116 68
Shares issued for dividends reinvested................................ 276 1
---------- ----------
Net Increase (Decrease) in Shares Outstanding..................... 32,392 69
========== ==========
<FN>
- ------------------------
* From September 11, 1995 (commencement of initial offering) to November 30,
1995.
</TABLE>
See notes to financial statements.
<PAGE>
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
------------------------------------------------------------------
Year Ended November 30,
------------------------------------------------------------------
PER SHARE DATA: 1996 1995 1994 1993 1992
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period............... $14.93 $13.01 $14.97 $13.97 $13.56
------ ------ ------ ------ ------
Investment Operations:
Investment income--net............................. .73 .75 .75 .80 .86
Net realized and unrealized gain (loss)
on investments.................................. .01 1.92 (1.86) 1.00 .56
------ ------ ------ ------ ------
Total from Investment Operations............. .74 2.67 (1.11) 1.80 1.42
------ ------ ------ ------ ------
Distributions:
Dividends from investment income--net............... (.73) (.75) (.75) (.80) (.86)
Dividends from net realized gain on investments.... -- -- (.10) -- (.15)
------ ------ ------ ------ ------
Total Distributions.......................... (.73) (.75) (.85) (.80) (1.01)
------ ------ ------ ------ ------
Net asset value, end of period..................... $14.94 $14.93 $13.01 $14.97 $13.97
====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN*.............................. 5.17% 20.93% (7.76%) 13.16% 10.79%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets............ .92% .94% .89% .78% .72%
Ratio of net investment income
to average net assets........................... 4.99% 5.27% 5.25% 5.41% 6.16%
Decrease reflected in above expense ratios
due to undertakings by the Manager.............. -- -- .04% .18% .34%
Portfolio Turnover Rate............................ 53.74% 74.11% 31.76% 19.55% 12.55%
Net Assets, end of period (000's Omitted).......... $135,413 $146,207 $137,978 $164,046 $108,247
<FN>
- -----------------------------------------
* Exclusive of sales load.
</TABLE>
See notes to financial statments.
<PAGE>
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
----------------------------------------------------
Year Ended November 30,
----------------------------------------------------
PER SHARE DATA: 1996 1995 1994 1993(1)
------ ------ ------ ------
<S> <C> <C> <C> <C>
Net asset value, beginning of period........... $14.93 $13.02 $14.97 $14.04
------ ------ ------ ------
Investment Operations:
Investment income--net......................... .65 .67 .67 .62
Net realized and unrealized gain (loss)
on investments.............................. .01 1.91 (1.85) .93
------ ------ ------ ------
Total from Investment Operations......... .66 2.58 (1.18) 1.55
------ ------ ------ ------
Distributions:
Dividends from investment income--net........... (.65) (.67) (.67) (.62)
Dividends from net realized gain on investments -- -- (.10) --
------ ------ ------ ------
Total Distributions...................... (.65) (.67) (.77) (.62)
------ ------ ------ ------
Net asset value, end of period................. $14.94 $14.93 $13.02 $14.97
====== ====== ====== ======
TOTAL INVESTMENT RETURN(2)........................ 4.61% 20.20% (8.20%) 12.78%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets........ 1.44% 1.46% 1.44% 1.34%(3)
Ratio of net investment income
to average net assets....................... 4.45% 4.72% 4.70% 4.41%(3)
Decrease reflected in above expense ratios
due to undertakings by the Manager.......... -- -- .04% .16%(3)
Portfolio Turnover Rate........................ 53.74% 74.11% 31.76% 19.55%
Net Assets, end of period (000's Omitted)...... $71,392 $66,873 $52,970 $45,101
<FN>
- -----------------
(1) From January 15, 1993 (commencement of initial offering) to November 30,
1993.
(2) Exlusive of sales load.
(3) Annualized.
</TABLE>
See notes to financial statements.
<PAGE>
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 C Shares
-------------------------
Year Ended November 30,
-------------------------
PER SHARE DATA: 1996 1995(1)
------ ------
<S> <C> <C>
Net asset value, beginning of period................................ $14.93 $14.61
------ ------
Investment Operations:
Investment income--net............................................... .62 .14
Net realized and unrealized gain (loss)
on investments................................................... .02 .32
------ ------
Total from Investment Operations.............................. .64 .46
------ ------
Distributions:
Dividends from investment income--net................................ (.62) (.14)
------ ------
Net asset value, end of period...................................... $14.95 $14.93
====== ======
TOTAL INVESTMENT RETURN(2)............................................. 4.43% 14.19%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets............................. 1.59% 1.74%(3)
Ratio of net investment income
to average net assets............................................ 3.98% 4.00%(3)
Portfolio Turnover Rate............................................. 53.74% 74.11%
Net Assets, end of period (000's Omitted)........................... $485 $1
<FN>
- ---------------------
(1) From September 11, 1995 (commencement of initial offering) to November 30,
1995.
(2) Exlusive of sales load.
(3) Annualized.
</TABLE>
See notes to financial statements.
<PAGE>
Premier New York Municipal Bond Fund
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
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.
On October 31, 1996, the Board of Trustees approved an Agreement and Plan of
Reorganization providing for the transfer of all or substantially all of the
assets and liabilities of Premier Insured Municipal Bond Fund, New York Series
to the Fund in a tax free exchange for shares of the Fund at net asset value and
the assumption of stated liabilities (the "Exchange"). The Exchange is subject
to the approval of Premier Insured Municipal Bond Fund, New York Series
shareholders.
Premier Mutual Fund Services, Inc. (the "Distributor") acts as the distributor
of the Fund's shares. The Fund is authorized to issue an unlimited number of
$.001 par value shares in the following classes of shares: Class A, Class B and
Class C. Class A shares are subject to a sales charge imposed at the time of
purchase 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 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.
The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management estimates
and assumptions. Actual results could differ from these estimates.
(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.
<PAGE>
Premier New York Municipal Bond Fund
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
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, if any,
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.
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
that if in any full fiscal year the aggregate expenses of the Fund, exclusive of
taxes, brokerage, interest on borrowings and extraordinary expenses, exceed the
expense limitation of any state having jurisdiction over the Fund, the Fund may
deduct from payments to be made to the Manager, or the Manager will bear the
amount of such excess to the extent required by state law. There was no expense
reimbursement for the period ended November 30, 1996.
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager,
retained $2,123 during the period ended November 30, 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 period ended November 30, 1996, $347,273
was charged to the Fund for the Class B shares and $1,062 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 period ended November 30, 1996, $347,006, $173,636 and
$354 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 $89,405 for the period ended November 30, 1996.
<PAGE>
Premier New York Municipal Bond Fund
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
(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 period ended November 30, 1996
amounted to $108,805,467 and $116,999,751 respectively.
At November 30, 1996, accumulated net unrealized appreciation on
investments was $10,538,767, consisting of $10,656,734 gross
unrealized appreciation and $117,967 gross unrealized depreciation.
At November 30, 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).
<PAGE>
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, 1996, 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, 1996 by correspondence with the custodian and brokers. 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, 1996, 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
New York, New York
January 7, 1997
<PAGE>
Premier New York Municipal Bond Fund
- -------------------------------------------------------------------------------
Important Tax Information (Unaudited)
In accordance with Federal tax law, the Fund hereby designates all the
dividends paid from investment income-net during the fiscal year ended November
30, 1996 as "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).
As required by Federal tax law rules, shareholders will receive notification
of their portion of the Fund's taxable ordinary dividends and capital gain
distributions paid for the 1996 calendar year on Form 1099-DIV which will be
mailed by January 31, 1997.
<PAGE>
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.
P.O.Box 9671
Providence, RI 02940
Printed in U.S.A. 021/611AR9611