Dreyfus
Premier Municipal
Bond Fund
ANNUAL REPORT
April 30, 1999
<PAGE>
Year 2000 Issues
(Unaudited)
The fund could be adversely affected if the computer systems used by The Dreyfus
Corporation and the fund's other service providers do not properly process and
calculate date-related information from and after January 1, 2000. The Dreyfus
Corporation is working to avoid Year 2000-related problems in its systems and to
obtain assurances from other service providers that they are taking similar
steps. In addition, issuers of securities in which the fund invests may be
adversely affected by Year 2000-related problems. This could have an impact on
the value of the fund's investments and its share price.
<PAGE>
Contents
THE FUND
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2 Letter from the President
3 Discussion of Fund Performance
6 Fund Performance
8 Statement of Investments
17 Statement of Assets and Liabilities
18 Statement of Operations
19 Statement of Changes in Net Assets
21 Financial Highlights
24 Notes to Financial Statements
28 Report of Independent Auditors
29 Important Tax Information
FOR MORE INFORMATION
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Back Cover
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The Fund
Dreyfus Premier Municipal Bond Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this annual report for Dreyfus Premier Municipal Bond
Fund, covering the 12-month period from May 1, 1998 through April 30, 1999.
Inside, you'll find valuable information about how the Fund was managed during
the period, including a discussion with the Fund's portfolio manager, Sam
Weinstock.
The past year has generally been rewarding for municipal bond investors. Lower
short-term interest rates adopted by the Federal Reserve Board and other central
banks in the fall of 1998 appear to have helped many U.S. businesses withstand
the effects of economic weakness in Japan, Asia and Latin America. At the same
time, the U.S. economy has entered its eighth year of expansion in an
environment characterized by low inflation and high levels of consumer spending.
In the second half of the reporting period, tax-exempt fixed-income securities
provided good results, especially relative to taxable U.S. Treasury securities.
While prices of U.S. Treasury securities declined significantly through the
second half of the reporting period, a lack of new issuance relative to robust
investor demand supported most municipal bond prices, which have remained
relatively unchanged over the past six months. As a result, the differences in
valuations between taxable U.S. Treasury securities and tax-exempt bonds, which
reached historically wide levels last October, have since narrowed to a more
historically normal relationship.
We appreciate your confidence over the past year, and we look forward to your
continued participation in Dreyfus Premier Municipal Bond Fund.
Sincerely,
/s/Stephen E. Canter
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
May 13, 1999
2
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DISCUSSION OF FUND PERFORMANCE
Sam Weinstock, Portfolio Manager
How did Dreyfus Premier Municipal Bond Fund perform?
The Fund's Class A shares produced a total return of 3.96% over the 12-month
period ended April 30, 1999, 1 compared to a total return of 5.78% for the
Lipper General Municipal Debt Funds category.2 The Fund produced a total return
of 3.43% for Class B shares and 3.16% for Class C shares over the 12-month
period ended April 30, 1999. 1
The Fund's performance during the period was negatively impacted by two large
positions that significantly lagged the market. One position was sold during the
period. The second position remains in the portfolio based on its continuing
high credit rating and our belief regarding its potential for improved
performance in the future.
What is the Fund's investment approach?
Our goal is to seek as high a level of federally tax-exempt income as is
practical from a diversified portfolio of municipal bonds. To achieve this
objective, we employ four primary strategies. First, we strive to identify the
maturity range that we believe will provide the most favorable returns over the
next year or two. Second, we evaluate issuers' credit quality to find bonds that
we believe provide the best risk-reward trade-off at an attractive price. Third,
we look for bonds with attractively high interest payments, even if they sell at
a premium to face value. Fourth, we assess individual bonds' early redemption
features, focusing on those that cannot be redeemed soon by their issuers.
Typically, the bonds we select for the portfolio will have several of these
qualities.
We also evaluate bonds' likely performance under various market scenarios. When
we find securities that we believe will provide the best expected returns over
an anticipated market range, we select them. Other securities may be held
because they both participate in market rallies and provide protection against
market declines.
The Fund 3
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DISCUSSION OF FUND PERFORMANCE (continued)
What other factors influenced the Fund's performance?
When the Asian currency and credit crisis spread to Russia and threatened Latin
America last summer and fall, investors flocked to U.S. Treasury securities. As
a result, yields on taxable Treasuries fell briefly in October to levels that
were roughly equivalent to yields on comparable tax-exempt bonds.
However, the Federal Reserve Board and other central banks moved quickly to
stimulate global economic growth. Because investors feared that a stronger
economy might reignite inflationary pressures, yields on longer term bonds rose
throughout the first four months of 1999. However, the extent of that rise was
much greater for taxable U.S. Treasury securities than for tax-free municipal
bonds.
In addition, because of strong economic conditions throughout the country, many
states and municipalities have had less need to borrow. Yet, demand from
investors seeking to minimize their income tax liabilities has remained high.
This balance between supply and demand helped keep municipal bond prices
relatively stable while U.S. Treasury bond prices fell sharply. As a result, as
of April 30, long-term tax-exempt bonds provided about 90% of the yield of
taxable U.S. Treasury securities.
What is the Fund's current strategy?
We continue to search for bonds with attractive characteristics. We have found
such securities, in our opinion, in intermediate-maturity bonds. In our view,
these bonds have represented better values than longer term bonds because they
provided most of the yield with substantially less potential volatility. Their
returns are favorable due to the expected slightly lower yields realized as the
maturities of the bonds
4
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shorten over time. Accordingly, we have structured the portfolio to emphasize
bonds with maturities in the 15- to 20-year range, which can achieve this
advantage.
May 13, 1999
1 Total return includes reinvestment of dividends and any capital gains paid,
and does not take into consideration the maximum initial sales charge in the
case of Class A shares, or the applicable contingent deferred sales 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.
2 Source: Lipper Analytical Services, Inc.
The Fund 5
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FUND PERFORMANCE
[INSERT GRAPH]
$21,615
Lehman Brothers Municipal
Bond Index*
$20,577
Dreyfus Premier Municipal Bond Fund (Class A Shares)
Comparison of change in value of $10,000 investment in the Fund's Class A shares
and the Lehman Brothers Municipal Bond Index
* Source: Lehman Brothers.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class A shares of Dreyfus
Premier Municipal Bond Fund (the "Fund") on 4/30/89 to a $10,000 investment made
in the Lehman Brothers Municipal Bond Index (the "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
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. The Index, unlike the Fund, 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
municipal market overall. The Index does not take into account charges, fees and
other expenses which can contribute to the Index potentially outperforming or
underperforming 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.
6
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Average Annual Total Returns as of 4/30/99
Inception From
Date 1 Year 5 Years 10 Years Inception
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Class A Shares
with sales charge
(4.5%) (11/26/86) (0.70)% 6.06% 7.48% --
without sales charge (11/26/86) 3.96% 7.04% 7.98% --
Class B Shares
with redemption* (1/15/93) (0.48)% 6.17% -- 6.12%
without redemption (1/15/93) 3.43% 6.49% -- 6.12%
Class C Shares
with redemption** (7/13/95) 2.18% -- -- 5.55%
without redemption (7/13/95) 3.16% -- -- 5.55%
Past performance is not predicitive of future performance.
* 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.
The Fund 7
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STATEMENT OF INVESTMENTS
April 30, 1999
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Principal
Long-Term Municipal Investments--100.3% Amount($) Value ($)
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Arizona--1.0%
Maricopa County Pollution Control Corporation,
PCR, Refunding
(Public Service Co.--New Mexico Project)
6.30%, 12/1/2026 5,000,000 5,262,300
California--3.5%
Foothill/Eastern Transportation Corridor Agency,
Toll Road Revenue:
6%, 1/1/2034 5,000,000 5,372,050
5%, 1/1/2035 8,000,000 7,610,560
San Joaquin Hills Transportation Corridor Agency,
Toll Road Revenue
(Senior Lien) 5%, 1/1/2033 6,500,000 6,189,950
Colorado--9.2%
Arapahoe County Capital Improvement Trust Fund,
Highway Revenue (E-470 Project):
Zero Coupon, 8/31/2005 2,530,000 1,946,860
Zero Coupon, 8/31/2007 (Prerefunded 8/31/2005)a 4,000,000 2,746,840
7%, 8/31/2026 (Prerefunded 8/31/2005)a 11,000,000 13,096,490
Dawson Ridge, Metropolitan District Number 1,
Refunding:
Zero Coupon, 10/1/2017 9,930,000 3,492,083
Zero Coupon, 10/1/2022 47,535,000 12,587,268
Denver City and County, Airport Revenue:
7.50%, 11/15/2023 (Prerefunded 11/15/2004)a 2,060,000 2,448,804
7.50%, 11/15/2023 9,715,000 11,094,044
7%, 11/15/2025 3,405,000 3,601,741
Connecticut--4.4%
Connecticut Clean Water Fund, Revenue:
4.75%, 9/1/2017 3,000,000 2,943,990
4.875%, 9/1/2022 3,000,000 2,946,450
Connecticut Development Authority:
First Mortgage Gross Revenue
(Elim Park Baptist Home, Inc. Project)
9%, 12/1/2020 (Prerefunded 12/1/1999)a 3,000,000 3,185,250
PCR, Refunding (Connecticut Light & Power)
5.85%, 9/1/2028 8,000,000 8,084,880
Connecticut Health and Educational Facilities Authority,
Revenue, Refunding (Norwalk Hospital):
4.625%, 7/1/2013 (Insured; FSA) 670,000 661,055
4.70%, 7/1/2014 (Insured; FSA) 535,000 528,398
5%, 7/1/2019 (Insured; FSA) 1,000,000 991,780
8
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Principal
Long-Term Municipal Investments (continued) Amount($) Value ($)
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Connecticut (continued)
Mashantucket Western Pequot Tribe, Special Revenue
5.75%, 9/1/2027d 4,750,000 4,881,860
Delaware--.7%
Delaware Housing Authority, MFMR 7%, 5/1/2025 3,725,000 4,035,292
Florida--6.5%
Florida Department of Transportation,
Refunding (Right of Way) 4.75%, 7/1/2020 9,875,000 9,436,155
Lee County Industrial Development Authority,
Health Care Facilities Revenue
(Cypress Cove Health Park):
5.625%, 10/1/2002 2,000,000 2,027,460
5.875%, 10/1/2004 2,000,000 2,058,200
6.25%, 10/1/2017 3,000,000 3,122,160
Palm Beach County, Solid Waste IDR:
(Okeelanta Power LP Project) 6.85%, 2/15/2021b 6,750,000 5,163,750
(Osceola Power LP) 6.95%, 1/1/2022b 7,500,000 5,662,500
Santa Rosa Bay Bridge Authority, Revenue
6.25%, 7/1/2028 3,000,000 3,295,050
Tampa Bay Water Utilities Systems Revenue, Refunding
5.125%, 10/1/2017 (Insured; FGIC) 5,350,000 5,433,514
Georgia--1.3%
Burke County Development Authority, PCR
(Georgia Power Co.--Plant Vogtle)
5.45%, 5/1/2034 7,000,000 6,951,280
Hawaii--.3%
Hawaii Department of Transportation,
Special Facilities Revenue
(Continental Airlines, Inc.) 5.625%, 11/15/2027 1,850,000 1,843,432
Illinois--2.4%
Carol Stream, First Mortgage Revenue, Refunding
(Windsor Park Manor Project) 6.50%, 12/1/2007 2,000,000 2,155,580
Chicago O'Hare International Airport,
Special Facility Revenue:
6.386%, 4/1/2011c,d 2,725,000 2,794,923
Refunding (United Airlines Project)
5.20%, 4/1/2011 50,000 50,641
East Chicago, PCR, Refunding
(Inland Steel Co. Project) 7.125%, 6/1/2007 3,000,000 3,111,480
Illinois Development Finance Authority, Revenue
(Community Rehabilitation Providers Facility):
8.75%, 3/1/2010 177,000 182,347
8.50%, 9/1/2010 1,550,000 1,628,601
8.25%, 8/1/2012 3,815,000 3,393,595
The Fund 9
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STATEMENT OF INVESTMENTS (continued)
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Principal
Long-Term Municipal Investments (continued) Amount($) Value ($)
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Indiana--3.5%
Indiana Development Finance Authority:
Environmental Improvement Revenue,
Refunding (USX Corp. Project)
6.15%, 7/15/2022 4,000,000 4,231,720
Exempt Facilities Revenue, Refunding
(Inland Steel) 5.75%, 10/1/2011 11,500,000 10,851,400
PCR, Refunding (Inland Steel Co., Project
Number 12)
6.85%, 12/1/2012 4,000,000 4,080,360
Kentucky--1.7%
Kentucky Economic Development Finance Authority,
Hospital System Improvement Revenue, Refunding
(Appalachian Regional Health Center)
5.85%, 10/1/2017 3,000,000 3,055,080
Perry County, SWDR (TJ International Project):
7%, 6/1/2024 3,500,000 3,798,830
6.55%, 4/15/2027 2,500,000 2,678,750
Louisiana--.8%
Louisiana Housing Finance Agency, MFHR, Refunding
(LaBelle Projects) 9.75%, 10/1/2020 4,130,000 4,420,174
Maryland--.6%
Maryland Energy Financing Administration, SWDR
(Wheelabrator Water Projects) 6.45%, 12/1/2016 3,000,000 3,272,100
Massachusetts--2.1%
Massachusetts Industrial Finance Agency:
Health Care Facility Revenue
(Metro Health Foundation, Inc. Project)
6.75%, 12/1/2027 8,000,000 8,502,160
Water Treatment Revenue (American Hingham)
6.95%, 12/1/2035 2,640,000 2,895,420
Michigan--2.0%
Michigan Hospital Finance Authority, HR, Refunding
(Genesys Regional Medical--A)
5.375%, 10/1/2013 4,000,000 4,052,040
Wayne Charter County, Special Airport
Facilities Revenue, Refunding
(Northwest Airlines, Inc.) 6.75%, 12/1/2015 4,985,000 5,409,273
Wayne County Building Authority 8%, 3/1/2017
(Prerefunded 3/1/2002)a 1,500,000 1,694,070
New Jersey--5.3%
New Jersey Building Authority,
Building Revenue, Refunding:
5%, 6/15/2011 45,000 46,386
6.301%, 6/15/2011c,d 6,400,000 6,804,864
10
<PAGE>
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Principal
Long-Term Municipal Investments (continued) Amount($) Value ($)
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New Jersey (continued)
New Jersey Economic Development Authority,
First Mortgage Gross Revenue
(The Evergreens) 9.25%, 10/1/2022
(Prerefunded 10/1/2002)a 15,000,000 17,811,300
New Jersey Sports and Exposition Authority,
Revenue, Refunding (Monmouth Park)
8%, 1/1/2025 (Prerefunded 1/1/2005)a 4,000,000 4,835,040
New Mexico--1.5%
Farmington, PCR:
Refunding (Public Service Co.
--San Juan Project)
6.375%, 4/1/2022 5,000,000 5,326,850
(Tucson Electric Power Co.
of San Juan) 6.95%, 10/1/2020 3,000,000 3,268,350
New York--18.2%
Long Island Power Authority, Electric System Revenue
5.125%, 4/1/2012 (Insured; MBIA) 7,000,000 7,255,220
New York City:
7.10%, 2/1/2009 560,000 612,668
5.25%, 3/15/2011 200,000 209,262
6.604%, 3/15/2011c,d 3,900,000 4,268,472
5.25%, 3/15/2012 200,000 208,340
6.604%, 3/15/2012c,d 1,900,000 2,061,994
5%, 3/15/2021 3,925,000 3,805,445
New York City Industrial Development Agency
IDR, Refunding (Laguardia Associates LP Project)
5.80%, 11/1/2013 8,710,000 8,760,866
New York City Transitional Finance Authority,
Future Tax Secondary Revenue:
5.25%, 11/15/2011 5,000,000 5,284,350
5.25%, 11/15/2012 5,000,000 5,251,400
New York State Dormitory Authority, Revenues,
Refunding:
(Special Act School Districts Program)
5.25%, 7/1/2013 (Insured; FSA) 3,000,000 3,132,990
(State University Educational Facilities)
5.50%, 5/15/2013 3,000,000 3,230,190
New York State Energy Research and Development
Authority, Electric Facilities
Revenue (Long Island Lighting Co.):
7.15%, 9/1/2019 2,535,000 2,748,346
7.15%, 9/1/2019 (Prerefunded 6/15/2002)a 1,115,000 1,241,497
7.15%, 6/1/2020 2,980,000 3,230,797
7.15%, 6/1/2020 (Prerefunded 6/15/2002)a 1,020,000 1,135,719
7.15%, 12/1/2020 1,320,000 1,431,091
7.15%, 12/1/2020 (Prerefunded 6/15/2002)a 3,680,000 4,103,274
7.15%, 2/1/2022 (Prerefunded 6/15/2002)a 7,500,000 8,350,875
The Fund 11
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STATEMENT OF INVESTMENTS (continued)
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Principal
Long-Term Municipal Investments (continued) Amount($) Value ($)
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New York (continued)
New York State Local Government
Assistance Corporation:
6.252%, 4/1/2012c,d 6,900,000 7,286,262
Refunding:
5%, 4/1/2012 (Insured; FGIC) 105,000 107,801
5.25%, 4/1/2013 (Insured; AMBAC) 6,000,000 6,271,620
New York State Thruway Authority
Service Contract Revenue:
6.754%, 4/1/2010c,d 4,950,000 5,373,423
Refunding (Local Highway and Bridge)
5.25%, 4/1/2010 100,000 104,196
New York State Urban Development Corporation, Revenue
(Correctional Facilities Service Contract)
4.75%, 1/1/2018 (Insured; AMBAC) 1,850,000 1,784,381
Port Authority of New York and New Jersey,
Special Obligation Revenue
4.75%, 1/15/2026 (Insured; AMBAC) 800,000 758,784
(Special Project--JFK International
Airport Terminal)
6.25%, 12/1/2013 (Insured; MBIA) 6,000,000 6,942,480
Scotia Housing Authority, Housing Revenue
(Coburg Village, Inc. Project)
6.10%, 7/1/2018 5,400,000 5,451,732
North Carolina--2.9%
Charlotte, Special Facilities Revenue, Refunding
(Charlotte/Douglas International Airport)
5.60%, 7/1/2027 5,000,000 4,996,050
North Carolina Eastern Municipal Power Agency,
Power System Revenue, Refunding:
7%, 1/1/2013 3,500,000 4,089,925
6%, 1/1/2014 6,750,000 7,009,943
Ohio--1.6%
Ohio Water Development Authority,
Pollution Control Facilities Revenue, Refunding
(Cleveland Electric) 6.10%, 8/1/2020 8,500,000 8,733,750
Oklahoma--1.4%
Holdenville Industrial Authority,
Correctional Facility Revenue:
6.60%, 7/1/2010 (Prerefunded 7/1/2006)a 2,045,000 2,390,932
6.70%, 7/1/2015 (Prerefunded 7/1/2006)a 4,625,000 5,435,855
Oregon--.4%
Oregon, EDR, Refunding (Georgia Pacific
Corp. Project)
5.70%, 12/1/2025 2,000,000 2,040,520
Pennsylvania--4.1%
Blair County Hospital Authority, Revenue
(Altoona Hospital)
8.292%, 7/1/2013 (Insured; AMBAC)c 5,000,000 5,787,800
Dauphin County General Authority,
Office and Parking Revenue
(Riverfront Office) 5.50%, 1/1/2008 4,205,000 4,180,359
12
<PAGE>
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Principal
Long-Term Municipal Investments (continued) Amount($) Value ($)
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Pennsylvania (continued)
Lancaster County Hospital Authority,
Revenue (Health Center--United Church
Homes Project) 9.125%, 10/1/2014
(Prerefunded 10/1/1999)a 1,465,000 1,528,259
Montgomery County Higher Education and
Health Authority,
First Mortgage Revenue
(AHF/Montgomery, Inc. Project) 10.50%, 9/1/2020 3,430,000 3,661,491
Pennsylvania Intergovernmental Cooperative Authority,
Special Tax Revenue
(Philadelphia Funding Program) 6.80%, 6/15/2022
(Prerefunded 6/15/2002)a 2,000,000 2,184,680
Philadelphia, Water and Sewer Revenue
7.35%, 9/1/2004 4,900,000 5,526,612
Rhode Island--.6%
Providence, Special Tax Increment
Obligation 6.65%, 6/1/2016 3,000,000 3,275,130
Tennessee--2.6%
Memphis Center Revenue Finance Corporation,
Sports Facility Revenue
(Memphis Redbirds) 6.50%, 9/1/2028 8,000,000 8,138,320
Shelby County Health Educational and Housing
Facilities, Multi-Family Housing Board Revenue
(Cameron Kirby):
5.90%, 7/1/2018 3,000,000 3,142,260
7.25%, 7/1/2023 3,100,000 3,273,011
Texas--10.0%
Alliance Airport Authority, Special Facilities
Revenue:
8.736%, 4/1/2021c,d 2,500,000 2,894,000
(Federal Express Corp. Project) 6.375%, 4/1/2021 40,000 43,152
Austin, Revenue, Refunding
5.25%, 5/15/2025 (Insured; MBIA) 12,040,000 12,430,818
Gulf Coast Waste Disposal Authority, Revenue
(Waste Disposal--Valero Energy Corp.)
5.60%, 4/1/2032 6,000,000 5,919,720
Houston Airport System,
Special Facilities Improvement Revenue
(Continental Airlines Terminal):
6.125%, 7/15/2017 (Guaranteed; Continental
Airlines, Inc.) 8,375,000 8,610,421
6.125%, 7/15/2027 (Guaranteed; Continental
Airlines, Inc.) 6,800,000 6,968,776
Rio Grande City Consolidated Independent
School District,
Public Facilities Corp. LR
6.75%, 7/15/2010 6,000,000 6,559,620
Texas Public Property Finance Corp., Revenue
(Mental Health and Retardation Center)
8.20%, 10/1/2012 (Prerefunded 10/1/2002)a 7,745,000 8,958,642
Tyler Health Facilities Development Corporation,
HR, Refunding
(Mother Frances Hospital) 5.625%, 7/1/2013 2,680,000 2,694,794
The Fund 13
<PAGE>
STATEMENT OF INVESTMENTS (continued)
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Principal
Long-Term Municipal Investments (continued) Amount($) Value ($)
- --------------------------------------------------------------------------------
Utah--2.4%
Carbon County, SWDR, Refunding:
(East Carbon Development Corp.) 9%, 7/1/2012 3,900,000 4,190,433
(Sunnyside Cogeneration) 9.25%, 7/1/2018b 15,000,000 9,003,000
Virginia--.4%
Henrico County Industrial Development Authority,
Solid Waste Revenue
(Browning Ferris Industry, Inc.) 5.875%, 3/1/2017 2,000,000 2,001,320
West Virginia--1.4%
Upshur County, SWDR (TJ International Project)
7%, 7/15/2025 7,000,000 7,725,760
U.S. Related--7.5%
Puerto Rico Commonwealth:
Public Improvement:
5.25%, 7/1/2014 (Insured; MBIA) 2,925,000 3,132,441
Refunding:
5.50%, 7/1/2012 (Insured; MBIA) 1,000,000 1,094,830
5.50%, 7/1/2013 (Insured; MBIA) 5,000,000 5,483,500
6.50%, 7/1/2014 (Insured; MBIA) 5,000,000 6,031,900
Zero Coupon, 7/1/2015 (Insured; MBIA) 2,400,000 1,112,856
Refunding:
6.25%, 7/1/2013 (Insured; MBIA) 3,000,000 3,522,960
5.65%, 7/1/2015 (Insured; MBIA) 10,690,000 11,849,758
Puerto Rico Commonwealth Highway and
Transportation Authority, Highway Revenue
5%, 7/1/2036 5,000,000 4,962,050
Puerto Rico Telephone Authority, Revenue, Refunding
6.44%, 1/25/2007
(Insured; MBIA, Prerefunded 1/1/2003)a,c 3,950,000 4,394,375
Total Long-Term Municipal Investments
(cost $534,502,000) 554,436,278
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Principal
Short-Term Municipal Investments--1.4% Amount ($) Value ($)
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Connecticut--.3%
Connecticut Development Authority, Health Care
Revenue, VRDN
(Independent Living Project) 3.80%
(LOC; Chase Manhattan Bank)e 1,665,000 1,665,000
Minnesota--.1%
Beltrami County, Environmental Control Revenue, VRDN
(Northwood Panelboard Co. Project) 3.35%
(LOC; Union Bank of Switzerlande 300,000 300,000
Minneapolis Community Development Agency, PCR, VRDN
(Northern States Power Co. Project) 4.05%
(LOC; Union Bank of Switzerland)e 510,000 510,000
14
<PAGE>
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Principal
Short-Term Municipal Investments (continued) Amount ($) Value ($)
- --------------------------------------------------------------------------------
New York--.8%
Long Island Power Authority, Electric
System Revenue,
VRDN 4.25% (LOC; ABN AMRO Bank)e 4,400,000 4,400,000
U.S. Related--.2%
Puerto Rico Commonwealth Government
Development Bank,
Refunding, VRDN 3.80% (Insured; MBIA)e 1,300,000 1,300,000
Total Short-Term Municipal Investments
(cost $8,175,000) 8,175,000
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Total Investments (cost $542,677,000) 101.7% 562,611,278
Liabilities, Less Cash and Receivables (1.7%) (9,657,122)
Net Assets 100.0% 552,954,156
The Fund 15
<PAGE>
STATEMENT OF INVESTMENTS (continued)
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Summary of Abbreviations
AMBAC American Municipal Bond MBIA Municipal Bond
Assurance Corporation Investors Assurance
EDR Economic Development Revenue Insurance Corporation
FGIC Financial Guaranty MFHR Multi-Family
Insurance Company Housing Revenue
FSA Financial Security MFMR Multi-Family
Assurance Mortgage Revenue
HR Hospital Revenue PCR Pollution Control Revenue
IDR Industrial Development Revenue SWDR Solid Waste
LOC Letter of Credit Disposal Revenue
LR Lease Revenue VRDN Variable Rate Demand Notes
- --------------------------------------------------------------------------------
Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value(%)
- --------------------------------------------------------------------------------
AAA Aaa AAA 26.0
AA Aa AA 3.6
A A A 9.4
BBB Baa BBB 17.1
BB Ba BB 8.7
B B B 3.1
F-1+ & F-1 MIG1, VMIG1 & P1SP1 & A1 1.4
Not Rated (f) Not Rated (f) Not Rated (f) 30.7
100.0
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 Non-income producing security; interest payments in default.
c Inverse floater security - the interest rate is subject to change
periodically.
d Securities exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers. At April 30, 1999, these
securities amounted to $36,365,798 or 6.6% of net assets.
e Securities payable on demand. Variable interest rate--subject to periodic
change.
f Securities which, while not rated by Fitch, Moody's and Standard & Poor's,
have been determined by the Manager to be of comparable quality to those rated
securities in which the Fund may invest.
See notes to financial statements.
16
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
April 30, 1999
- --------------------------------------------------------------------------------
Cost Value
- --------------------------------------------------------------------------------
Assets ($):
Investments in securities--
See Statement of Investments 542,677,000 562,611,278
Interest receivable 8,242,280
Receivable for shares of Beneficial
Interest subscribed 207,805
Prepaid expenses 34,905
571,096,268
- --------------------------------------------------------------------------------
Liabilities ($):
Due to The Dreyfus Corporation and affiliates 272,168
Due to Distributor 166,426
Cash overdraft due to Custodian 4,259,570
Payable for investment securities purchased 12,883,802
Payable for shares of Beneficial Interest redeemed 194,751
Accrued expenses 365,395
18,142,112
- --------------------------------------------------------------------------------
Net Assets ($) 552,954,156
- --------------------------------------------------------------------------------
Composition of Net Assets ($):
Paid-in capital 527,278,756
Accumulated net realized gain (loss) on investments 5,741,122
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4 19,934,278
- --------------------------------------------------------------------------------
Net Assets ($) 552,954,156
- --------------------------------------------------------------------------------
Net Asset Value Per Share
Class A Class B Class C
- --------------------------------------------------------------------------------
Net Assets ($) 432,276,105 112,583,364 8,094,687
Shares Outstanding 30,165,711 7,854,603 564,093
- --------------------------------------------------------------------------------
Net Asset Value Per Share ($) 14.33 14.33 14.35
See notes to financial statements.
The Fund 17
<PAGE>
STATEMENT OF OPERATIONS
Year Ended April 30,1999
- --------------------------------------------------------------------------------
Investment Income ($)
- --------------------------------------------------------------------------------
Income
Interest Income 33,513,976
Expenses:
Management fee--Note 3 (a) 3,144,295
Shareholder servicing costs--Note 3 (c) 1,786,392
Distribution fees--Note 3 (b) 652,029
Professional fees 64,987
Custodian fees 62,307
Registration fees 55,739
Prospectus and shareholders' reports 36,950
Trustees' fees and expenses--Note 3 (d) 31,951
Loan commitment fees--Note 2 3,390
Miscellaneous 26,471
Total Expenses 5,864,511
Investment Income--Net 27,649,465
- --------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss) on Investments--Note 4:
Net realized gain (loss) on investments 8,312,856
Net unrealized appreciation (depreciation) on investments (14,148,587)
Net Realized and Unrealized Gain (Loss) on Investments (5,835,731)
Net Increase in Net Assets Resulting From Operations 21,813,734
See notes to financial statements.
18
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
Year Ended April 30,
-----------------------------------
1999 1998
- --------------------------------------------------------------------------------
Operations ($):
Investment income--net 27,649,465 30,469,152
Net realized gain (loss) on investments 8,312,856 10,610,253
Net unrealized appreciation (depreciation)
on investments (14,148,587) 15,681,076
Net Increase (Decrease) in Net Assets
Resulting from Operations 21,813,734 56,760,481
- --------------------------------------------------------------------------------
Dividends to Shareholders From ($):
Investment income--net:
Class A shares (22,022,212) (24,679,815)
Class B shares (5,367,735) (5,696,047)
Class C shares (259,518) (93,290)
Net realized gain on investments:
Class A shares (6,305,305) (2,600,891)
Class B shares (1,759,660) (670,463)
Class C shares (100,844) (13,085)
Total Dividends (35,815,274) (33,753,591)
- --------------------------------------------------------------------------------
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Class A shares 152,264,177 113,213,669
Class B shares 21,488,965 17,652,592
Class C shares 6,589,948 1,951,053
Dividends reinvested:
Class A shares 16,928,404 15,608,787
Class B shares 4,048,469 3,578,795
Class C shares 93,487 41,919
Cost of shares redeemed:
Class A shares (174,041,478) (156,745,426)
Class B shares (29,371,046) (15,746,393)
Class C shares (1,389,501) (79,409)
Increase (Decrease) in Net Assets from
Beneficial Interest Transactions (3,388,575) (20,524,413)
Total Increase (Decrease) in Net Assets (17,390,115) 2,482,477
- --------------------------------------------------------------------------------
Net Assets ($):
Beginning of Period 570,344,271 567,861,794
End of Period 552,954,156 570,344,271
See notes to financial statements.
The Fund 19
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (continued)
- --------------------------------------------------------------------------------
Year Ended April 30,
---------------------------------
1999 1998
- --------------------------------------------------------------------------------
Capital Share Transactions:
Class A
Shares sold 10,430,316 7,726,113
Shares issued for dividends reinvested 1,160,521 1,065,410
Shares redeemed (11,923,145) (10,709,000)
Net Increase (Decrease) in Shares Outstanding (332,308) (1,917,477)
- --------------------------------------------------------------------------------
Class B
Shares sold 1,467,908 1,206,389
Shares issued for dividends reinvested 277,529 244,184
Shares redeemed (2,023,258) (1,077,080)
Net Increase (Decrease) in Shares Outstanding (277,821) 373,493
- --------------------------------------------------------------------------------
Class C
Shares sold 448,068 133,508
Shares issued for dividends reinvested 6,406 2,854
Shares redeemed (95,671) (5,369)
Net Increase (Decrease) in Shares Outstanding 358,803 130,993
See notes to financial statements.
20
<PAGE>
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the
fiscal periods indicated. Certain information reflects financial results for a
single fund share. "Total return" shows how much your investment in the Fund
would have increased (or decreased) during each period, assuming you had
reinvested all dividends and distributions. These figures have been derived from
the Fund's financial statements.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------
Year Ended April 30,
- -----------------------------------------------------------------------------------------
Class A Shares: 1999 1998 1997 1996 1995
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Per Share Data ($):
Net asset value, beginning of period 14.69 14.11 13.85 13.86 13.81
Investment Operations:
Investment income--net .72 .79 .82 .86 .84
Net realized and unrealized gain (loss)
on investments (.15) .66 .27 (.01) .05
Total from Investment Operations .57 1.45 1.09 .85 .89
Distributions:
Dividends from investment income-net (.72) (.79) (.82) (.86) (.84)
Dividends from net realized gain
on investments (.21) (.08) (.01) -- --
Total Distributions (.93) (.87) (.83) (.86) (.84)
Net asset value, end of period 14.33 14.69 14.11 13.85 13.86
- -----------------------------------------------------------------------------------------
Total Return (%)* 3.96 10.52 8.03 6.08 6.72
- -----------------------------------------------------------------------------------------
Ratios/Supplemental Data (%):
Ratio of expenses to average net assets .91 .91 .91 .92 .92
Ratio of net investment income to average
net assets 4.96 5.42 5.84 5.98 6.16
Portfolio Turnover Rate 46.84 26.33 28.17 36.59 38.60
- -----------------------------------------------------------------------------------------
Net Assets, end of period ($x1,000) 432,276 447,869 457,327 474,044 495,616
* Exclusive of sales load.
See notes to financial statements.
</TABLE>
The Fund 21
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------
Year Ended April 30,
- -----------------------------------------------------------------------------------------
Class B Shares: 1999 1998 1997 1996 1995
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Per Share Data ($):
Net asset value, beginning of period 14.69 14.11 13.85 13.86 13.81
Investment Operations:
Investment income--net .65 .72 .75 .78 .77
Net realized and unrealized gain (loss)
on investments (.15) .66 .27 (.01) .05
Total from Investment Operations .50 1.38 1.02 .77 .82
Distributions:
Dividends from investment income-net (.65) (.72) (.75) (.78) (.77)
Dividends from net realized gain
on investments (.21) (.08) (.01) -- --
Total Distributions (.86) (.80) (.76) (.78) (.77)
Net asset value, end of period 14.33 14.69 14.11 13.85 13.86
- -----------------------------------------------------------------------------------------
Total Return (%)* 3.43 9.95 7.49 5.53 6.15
- -----------------------------------------------------------------------------------------
Ratios/Supplemental Data (%):
Ratio of expenses to average net assets 1.42 1.42 1.43 1.43 1.44
Ratio of net investment income to average
net assets 4.44 4.89 5.33 5.46 5.62
Portfolio Turnover Rate 46.84 26.33 28.17 36.59 38.60
- -----------------------------------------------------------------------------------------
Net Assets, end of period ($x1,000) 112,583 119,457 109,485 106,931 99,411
* Exclusive of sales load.
See notes to financial statements.
</TABLE>
22
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Year Ended April 30,
- --------------------------------------------------------------------------------
Class C Shares: 1999 1998 1997 1996 a
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Per Share Data ($):
Net asset value, beginning of period 14.71 14.12 13.87 14.28
Investment Operations:
Investment income--net .61 .68 .72 .60
Net realized and unrealized gain (loss)
on investments (.15) .67 .26 (.41)
Total from Investment Operations .46 1.35 .98 .19
Distributions:
Dividends from investment income-net (.61) (.68) (.72) (.60)
Dividends from net realized gain
on investments (.21) (.08) (.01) --
Total Distributions (.82) (.76) (.73) (.60)
Net asset value, end of period 14.35 14.71 14.12 13.87
- --------------------------------------------------------------------------------
Total Return (%) b 3.16 9.73 7.16 1.56 c
- --------------------------------------------------------------------------------
Ratios/Supplemental Data (%):
Ratio of expenses to average net assets 1.67 1.69 1.64 1.77c
Ratio of net investment income to average
net assets 4.11 4.55 5.01 4.84c
Portfolio Turnover Rate 46.84 26.33 28.17 36.59
- --------------------------------------------------------------------------------
Net Assets, end of period ($x1,000) 8,095 3,019 1,049 340
a From July 13, 1995 (commencement of initial offering) to April 30, 1996.
b Exclusive of sales load.
c Annualized.
See notes to financial statements.
</TABLE>
The Fund 23
<PAGE>
NOTES TO FINANCIAL STATEMENTS
NOTE 1--Significant Accounting Policies:
Dreyfus Premier Municipal Bond Fund (the "Fund") is registered under the
Investment Company Act of 1940, as amended (the "Act"), as a diversified
open-end management investment company. The Fund's investment objective is to
maximize current income exempt from Federal income tax to the extent consistent
with the preservation of capital. The Dreyfus Corporation (the "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") is the distributor of the
Fund's shares. The Fund is authorized to issue an unlimited number of $.001 par
value shares in each of the following classes of shares: Class A, Class B and
Class C. Class A shares are subject to a sales charge imposed at the time of
purchase, Class B shares are subject to a contingent deferred sales charge
("CDSC") imposed on Class B share redemptions made within six years of purchase
(five years for shareholders beneficially owning Class B shares on November 30,
1996) and Class C shares are subject to a CDSC imposed on Class C shares
redeemed within one year of purchase. Other differences between the classes
include the services offered to and the expenses borne by each class and certain
voting rights.
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 those estimates.
(a) Portfolio valuation: Investments in securities (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
24
<PAGE>
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. Under the terms of the custody
agreement, the Fund receives net earnings credits based on available cash
balances left on deposit.
(c) Dividends to shareholders: It is the policy of the Fund to declare dividends
daily from investment income-net. Such dividends are paid monthly. Dividends
from net realized capital gain are normally declared and paid annually, but the
Fund may make distributions on a more frequent basis to comply with the
distribution requirements of the Internal Revenue Code of 1986, as amended (the
"Code"). To the extent that net realized capital gain can be offset by capital
loss carryovers, 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
The Fund 25
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
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--Bank Line of Credit:
The Fund participates with other Dreyfus-managed Funds in a $600 million
redemption credit facility ("Facility") to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the Fund has agreed to pay commitment fees on its pro rata portion of
the Facility. Interest is charged to the Fund at rates based on prevailing
market rates in effect at the time of the borrowings. During the period ended
April 30, 1999, the Fund did not borrow under the line of credit.
NOTE 3--Management Fee and Other Transactions With Affiliates:
(a) Pursuant to a management agreement with the Manager, the management fee is
computed at the annual rate of .55 of 1% of the value of the Fund's average
daily net assets and is payable monthly.
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, retained
$2,988 during the period ended April 30, 1999 from commissions earned on sales
of the Fund's shares.
(b) Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act,
Class B and Class C shares pay the Distributor for distributing their shares at
an annual rate of .50 of 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 April 30, 1999, Class B and Class C
shares were charged $604,681 and $47,348, respectively, pursuant to the
Distribution Plan.
(c) Under the Shareholder Services Plan, Class A, Class B and Class C shares pay
the Distributor at an annual rate of .25 of 1% of the value of the average daily
net assets of their shares for the provision of certain services. The services
provided may include personal services relating to shareholder accounts, such as
answering shareholder
26
<PAGE>
inquiries regarding the Fund and providing reports and other information, and
services related to the maintenance of shareholder accounts. The Distributor may
make payments to Service Agents (a securities dealer, financial institution or
other industry professional) in respect of these services. The Distributor
determines the amounts to be paid to Service Agents. During the period ended
April 30, 1999, Class A, Class B and Class C shares were charged $1,111,102,
$302,340 and $15,783, respectively, pursuant to the Shareholder Services Plan.
The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the
Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the Fund. During the period
ended April 30, 1999, the Fund was charged $217,146 pursuant to the transfer
agency agreement.
(d) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $2,500 and an attendance fee of $250 per
meeting. The Chairman of the Board receives an additional 25% of such
compensation.
NOTE 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding
short-term securities, during the period ended April 30, 1999 amounted to
$264,748,008 and $264,012,711, respectively.
At April 30, 1999, accumulated net unrealized appreciation on investments was
$19,934,278, consisting of $32,397,594 gross unrealized appreciation and
$12,463,316 gross unrealized depreciation.
At April 30, 1999, 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).
The Fund 27
<PAGE>
REPORT OF INDEPENDENT AUDITORS
Shareholders and Board of Trustees
Dreyfus Premier Municipal Bond Fund
We have audited the accompanying statement of assets and liabilities of Dreyfus
Premier Municipal Bond Fund, including the statement of investments, as of April
30, 1999 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 April
30, 1999 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
Dreyfus Premier Municipal Bond Fund at April 30, 1999, 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
June 2, 1999
28
<PAGE>
IMPORTANT TAX INFORMATION (Unaudited)
In accordance with Federal tax law, the Fund hereby makes the following
designations regarding its fiscal year ended April 30, 1999:
-- all the dividends paid from investment income-net are "exempt-interest
dividends" (not generally subject to regular Federal income tax), and
-- the Fund hereby designates $.1869 per share as a long-term capital gain
distribution of the $.2067 per share paid on December 8, 1998.
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 1999 calendar year on Form 1099-DIV which
will be mailed by January 31, 2000.
The Fund 29
<PAGE>
FOR MORE INFORMATION
Dreyfus Premier
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
Distributor
Premier Mutual Fund Services, Inc.
60 State Street
Boston, MA 02109
To obtain information:
By telephone
Call your financial
representative or
1-800-554-4611
By mail Write to:
The Dreyfus Premier
Family of Funds
144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value
(C) 1999 Dreyfus Service Corporation 022/662AR994
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN
DREYFUS PREMIER MUNICIPAL BOND FUND CLASS A SHARES AND
THE LEHMAN BROTHERS MUNICIPAL BOND INDEX
EXHIBIT A:
DREYFUS PREMIER
PERIOD LEHMAN BROTHERS MUNICIPAL
MUNICIPAL BOND FUND
BOND INDEX * (CLASS A SHARES)
4/30/89 10,000 9,551
4/30/90 10,720 10,147
4/30/91 11,952 11,378
4/30/92 13,088 12,639
4/30/93 14,744 14,379
4/30/94 15,063 14,644
4/30/95 16,065 15,628
4/30/96 17,341 16,578
4/30/97 18,492 17,910
4/30/98 20,211 19,794
4/30/99 21,615 20,577
* Source: Lehman Brothers
