LETTER TO SHAREHOLDERS
Dear Shareholder:
As the semi-annual reporting period ended on October 31, 1994, the
Series' Class A shares had a net asset value per share of $11.96,
representing a $.54 (4.32%) decline from the net asset value at inception on
May 5, 1994. Income dividends of approximately $0.38 per share were paid,
which translates into an annualized distribution rate per share of 6.17%,
based on the October 31 closing maximum offering price per share.
Similarly, the Series' Class B shares had a net asset value per share of
$11.96 on October 31, representing a $.54 (4.32%) per share decline from the
net asset value at inception on May 5, 1994. Income dividends of
approximately $.35 per share were paid, which translates into an annualized
distribution rate per share of 5.93%, based on the October 31 closing net
asset value.
All dividends paid from net investment income on both Class A and Class B
shares have been exempt from Federal and Colorado State income taxes.*
The municipal market has been turbulent during this six-month period.
Early on, many economic soothsayers were predicting lower interest rates by
year-end 1994. We believed this was unlikely and purchased higher coupon
bonds, seeking to mitigate the impact of a market downdraft. During the
ensuing months, the municipal market steadily deteriorated at an
unprecedented rate -- characterized as the longest sustained decline in the
past 25 years.
Looking forward, it is difficult to predict if higher rates are on the
horizon. We believe the Series is positioned to capitalize on a reversal of
the current trend, when it occurs, by taking advantage of a slightly longer
duration in the portfolio. While it is difficult to forecast this market with
any degree of certainty, sporadic signs of rate stabilization have occurred.
The question is whether or not it is the beginning of a recovery. There are
many ingredients which must be considered, including the impact of the
election results, additional actions taken by the Fed and the market's
perception of these events.
In our opinion, bonds seem to be somewhat undervalued, but the bearish
sentiment continues. Overall, it is too early to expect an immediate drop in
yields because the economy is still showing signs of strong growth, inflation
pressures are rising and we are awaiting further monetary tightening.
Considering these factors, we will maintain our position until a clearer
direction can be ascertained.
We will continue to utilize our best efforts to react prudently to the
economic and market factors that could affect your Series' portfolio. We also
transact our daily Series business with an eye toward identifying investment
opportunities that we believe can help achieve your Series' investment goal.
A current Statement of Investments and recent financial statements have been
provided for your review. We greatly appreciate your investment in the Series
and look forward to serving your investment needs in the future.
Very truly yours,
Richard J. Moynihan Signature Logo
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
November 14, 1994
New York, N.Y.
*Some income may be subject to the Federal Alternative Minimum Tax (AMT) for
certain shareholders.
<TABLE>
<CAPTION>
PREMIER STATE MUNICIPAL BOND FUND, Colorado Series
STATEMENT OF INVESTMENTS OCTOBER 31, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS--94.2% AMOUNT VALUE
------------ ------------
<S> <C> <C>
COLORADO--83.0%
Adams County, PCR, Refunding (Public Service Co. of Colorado Project)
5.875%, 4/1/2014 (Insured; MBIA)........................................ $ 200,000 $184,242
Arvada, Sales and Use Tax Revenue, Refunding and Improvement
6.25%, 12/1/2012 (Insured; FGIC)........................................ 200,000 195,752
Colorado Health Facilities Authority, Revenues:
Hospital (PSL Healthcare Systems Project) 6.875%, 2/15/2023............. 500,000 466,205
Hospital Refunding (National Jewish Center for Immunology Project)
6.875%, 2/15/2012..................................................... 300,000 285,120
Refunding (Boulder Community Hospital) 5.875%, 10/1/2023 (Insured; MBIA) 200,000 179,958
Colorado Housing Finance Authority, Single Family Program
7.55%, 8/1/2023 (Insured; FHA).......................................... 195,000 195,877
Colorado Springs, Utilities Revenue, Refunding 6.50%, 11/15/2015............ 165,000 162,395
Colorado Water Resource Power Development Authority, Clean Water Revenue
6.30%, 9/1/2014......................................................... 200,000 195,336
Denver City and County, Airport Revenue 7%, 11/15/2025...................... 200,000 175,950
Garfield, Pitkin and Eagle Counties, School District Number 1
9%, 12/15/2008 (Insured; MBIA).......................................... 200,000 241,886
Metro Wastewater Reclamation District, Gross Revenue 6%, 4/1/2010........... 200,000 191,276
Platte River Power Authority, Power Revenue, Refunding 6.125%, 6/1/2014..... 200,000 188,790
Westminster, Sales and Use Tax Refunding, Revenue 6.25%, 12/1/2012 (Insured; FGIC) 200,000 195,960
U.S. RELATED--11.2%
Puerto Rico Electric Power Authority, Power Revenue 6%, 7/1/2014 (Insured; FSA) 200,000 190,670
Puerto Rico Industrial Medical and Environmental Pollution Control Facilities
Financing Authority, Refunding Educational (Saint Luke's Hospital Project)
6.25%, 6/1/2010......................................................... 200,000 193,210
------------
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $3,383,172)....................................................... $3,242,627
===========
SHORT-TERM MUNICIPAL INVESTMENT--5.8%
COLORADO;
Colorado Student Obligation Board Authority, Student Loan Revenue, VRDN
3.40% (LOC; Student Loan Marketing Association; Sumitomo Bank Ltd.) (a,b)
(cost $200,000)......................................................... $ 200,000 $ 200,000
===========
TOTAL INVESTMENTS--100.0%
(cost $3,583,172)....................................................... $3,442,627
===========
</TABLE>
<TABLE>
<CAPTION>
PREMIER STATE MUNICIPAL BOND FUND, Colorado Series
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
FGIC Financial Guaranty Insurance Company MBIA Municipal Bond Investors Assurance
FHA Federal Housing Administration PCR Pollution Control Revenue
FSA Financial Security Assurance VRDN Variable Rate Demand Notes
LOC Letter of Credit
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- --------- -------------------- -----------------------
<S> <C> <S> <C>
AAA Aaa AAA 34.5%
AA Aa AA 27.1
A A A 5.6
BBB Baa BBB 27.0
F1 MIG1 SP1 5.8
--------
100.0%
======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Security payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest
rates.
(b) Secured by letters of credit.
(c) Fitch currently provides creditworthiness information for a limited
number of investments.
(d) At October 31, 1994, the Fund had $1,124,493 (28.6%) of net assets
invested in securities whose payment of principal and interest is
dependent upon revenues generated from health care projects.
See notes to financial statements.
<TABLE>
<CAPTION>
PREMIER STATE MUNICIPAL BOND FUND, Colorado Series
STATEMENT OF ASSETS AND LIABILITIES OCTOBER 31, 1994 (UNAUDITED)
ASSETS:
<S> <C> <C>
Investments in securities, at value
(cost $3,583,172)-see statement....................................... $3,442,627
Cash.................................................................... 394,319
Interest receivable..................................................... 60,583
Receivable for shares of Beneficial Interest subscribed................. 19,888
Prepaid expenses-Note 1(e).............................................. 29,022
Due from The Dreyfus Corporation........................................ 21,629
------------
3,968,068
LIABILITIES;
Due to the Distributor.................................................. $ 1,777
Accrued expenses........................................................ 34,685 36,462
-------- ----------
NET ASSETS ................................................................ $3,931,606
==========
REPRESENTED BY:
Paid-in capital......................................................... $4,072,714
Accumulated net realized (loss) on investments.......................... (563)
Accumulated net unrealized (depreciation) on investments-Note 3......... (140,545)
-----------
NET ASSETS at value......................................................... $3,931,606
==========
Shares of Beneficial Interest outstanding:
Class A Shares
(unlimited number of $.001 par value shares authorized)............... 91,543
==========
Class B Shares
(unlimited number of $.001 par value shares authorized)............... 237,199
==========
NET ASSET VALUE per share:
Class A Shares
($1,094,737 / 91,543 shares).......................................... $11.96
=======
Class B Shares
($2,836,869 / 237,199 shares)......................................... $11.96
=======
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
PREMIER STATE MUNICIPAL BOND FUND, Colorado Series
STATEMENT OF OPERATIONS
FROM MAY 6, 1994 (COMMENCEMENT OF OPERATIONS) TO OCTOBER 31, 1994 (UNAUDITED)
INVESTMENT INCOME:
<S> <C> <C>
INTEREST INCOME......................................................... $ 66,629
EXPENSES:
Management fee--Note 2(a)............................................. $ 6,169
Shareholder servicing costs-Note 2(c)................................. 11,553
Distribution fees (Class B shares)-Note 2(b).......................... 4,149
Organization expenses-Note 1(e)....................................... 3,135
Legal fees............................................................ 2,877
Shareholders' reports................................................. 2,485
Registration fees..................................................... 1,499
Custodian fees........................................................ 347
Audit fees............................................................ 321
Trustees' fees-Note 2(d).............................................. 11
Miscellaneous......................................................... 1,119
----------
33,665
Less-expense reimbursement from Manager due to
undertaking-Note 2(a)............................................. 29,516
----------
TOTAL EXPENSES.................................................. 4,149
----------
INVESTMENT INCOME--NET.......................................... 62,480
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized (loss) on investments--Note 3.............................. $ (563)
Net unrealized (depreciation) on investments............................ (140,545)
----------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS............... (141,108)
----------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $ (78,628)
===========
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
PREMIER STATE MUNICIPAL BOND FUND, Colorado Series
STATEMENT OF CHANGES IN NET ASSETS
FROM MAY 6, 1994 (COMMENCEMENT OF OPERATIONS) TO OCTOBER 31, 1994 (UNAUDITED)
OPERATIONS:
<S> <C> <C>
Investment income--net.................................................. $ 62,480
Net realized (loss) on investments...................................... (563)
Net unrealized (depreciation) on investments for the period............. (140,545)
-----------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................ (78,628)
-----------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income--net:
Class A shares........................................................ (17,668)
Class B shares........................................................ (44,812)
-----------
TOTAL DIVIDENDS................................................... (62,480)
-----------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold:
Class A shares........................................................ 1,912,188
Class B shares........................................................ 3,817,235
Dividends reinvested:
Class A shares........................................................ 10,415
Class B shares........................................................ 29,319
Cost of shares redeemed:
Class A shares........................................................ (797,981)
Class B shares........................................................ (898,462)
-----------
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS...... 4,072,714
-----------
TOTAL INCREASE IN NET ASSETS.................................... 3,931,606
NET ASSETS:
Beginning of period..................................................... __
-----------
End of period........................................................... $3,931,606
===========
SHARES
------------------------------
CLASS A CLASS B
--------------- --------------
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................. 154,282 306,745
Shares issued for dividends reinvested.................................. 837 2,365
Shares redeemed......................................................... (63,576) (71,911)
--------------- --------------
NET INCREASE IN SHARES OUTSTANDING.................................... 91,543 237,199
=============== ==============
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
PREMIER STATE MUNICIPAL BOND FUND, Colorado Series
FINANCIAL HIGHLIGHTS (UNAUDITED)
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 the period May 6, 1994
(commencement of operations) to October 31, 1994. This information has been
derived from the Series' financial statements.
CLASS A SHARES CLASS B SHARES
---------------- ----------------
<S> <C> <C>
PER SHARE DATA:
Net asset value, beginning of period............................... $12.50 $12.50
------- -------
INVESTMENT OPERATIONS:
Investment income--net............................................. .38 .35
Net realized and unrealized (loss) on investments.................. (.54) (.54)
------- -------
TOTAL FROM INVESTMENT OPERATIONS................................. (.16) (.19)
------- -------
DISTRIBUTIONS;
Dividends from investment income--net.............................. (.38) (.35)
------- -------
Net asset value, end of period..................................... $11.96 $11.96
====== =======
TOTAL INVESTMENT RETURN(1)............................................. (2.75%)(2) (3.26%)(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets............................ _ .50%(2)
Ratio of net investment income to average net assets............... 6.06%(2) 5.40%(2)
Decrease reflected in above expense ratios due to undertaking
by the Manager................................................... 2.65%(2) 2.63%(2)
Portfolio Turnover Rate............................................ 5.90%(3) 5.90%(3)
Net Assets, end of period (000's Omitted).......................... $1,095 $2,837
- ------------------------
(1) Exclusive of sales load.
(2) Annualized.
(3) Not annualized.
See notes to financial statements.
</TABLE>
PREMIER STATE MUNICIPAL BOND FUND, Colorado Series
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
Premier State Municipal Bond Fund (the "Fund") is registered under the
Investment Company Act of 1940 ("Act") as a non-diversified open-end
management investment company and operates as a series company currently
offering fifteen series of shares of Beneficial Interest including the
Colorado Series (the "Series") which commenced operations on May 6, 1994.
Dreyfus Service Corporation, until August 24, 1994, acted as the distributor
of the Fund's shares. Dreyfus Service Corporation is a wholly-owned subsidiary
of The Dreyfus Corporation ("Manager"). The Series' fiscal year ends on
April 30. Effective August 24, 1994, the Manager became a subsidiary of
Mellon Bank, N.A.
As of September 30, 1994, Major Trading Corporation, a subsidiary of
Mellon Bank Investments Corporation, held 58,710 shares of Class A and 58,647
shares of Class B. Mellon Bank Investments Corporation is a subsidiary of
Mellon Bank.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administration services, the parent company of which is Boston
Institutional Group, Inc.
The Fund accounts separately for the assets, liabilities and operations
of each series. Expenses directly attributable to each series are charged to
that series' operations; expenses which are applicable to all series are
allocated among them on a pro rata basis.
The Series offers both Class A and Class B shares. Class A shares are
subject to a sales charge imposed at the time of purchase and Class B shares
are subject to a contingent deferred sales charge imposed at the time of
redemption on redemptions made within five years of purchase. Other
differences between the two Classes include the services offered to and the
expenses borne by each Class and certain voting rights.
(A) PORTFOLIO VALUATION: The Series' 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.
PREMIER STATE MUNICIPAL BOND FUND, Colorado Series
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
The Series 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 Series.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Series to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain, if any, are normally declared and
paid annually, but the Series 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 Series not to distribute such
gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Series 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.
(E) Organization expenses paid by the Fund are included in prepaid
expenses and are being amortized to operations from May 6, 1994, the date
operations commenced, over the period during which it is expected that a
benefit will be realized, not to exceed five years. At October 31, 1994, the
unamortized balance of such expenses amounted to $28,440.
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .55 of 1% of the average
daily value of the Series' net assets and is payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the Series'
aggregate expenses, exclusive of taxes, brokerage, interest on borrowings and
extraordinary expenses, exceed the expense limitation of any state having
jurisdiction over the Series for any full fiscal year. However, the Manager
has undertaken from May 6, 1994 through December 31, 1994 or until such time
as the net assets of the Series exceed $25 million, regardless of whether
they remain at that level, to reimburse all fees and expenses of the Series
(excluding 12b-1 Distribution Plan fees and certain expenses as described
above). The expense reimbursement, pursuant to the undertaking, amounted to
$29,516 for the period ended October 31, 1994.
The undertaking may be modified by the Manager from time to time,
provided that the resulting expense reimbursement would not be less than the
amount required pursuant to the Agreement.
Dreyfus Service Corporation retained $502 during the period ended October
31, 1994 from commissions earned on sales of the Series' Class A shares.
Prior to August 24, 1994, no amounts were retained by Dreyfus Service
Corporation from contingent deferred sales charges imposed upon redemptions
of the Series' Class B shares.
(B) On August 3, 1994, Series' shareholders approved a revised
Distribution Plan with respect to Class B shares only (the "Class B
Distribution Plan") pursuant to Rule 12b-1 under the Act. Pursuant to the
Class B Distribution Plan, effective August 24, 1994, the Fund pays the
Distributor for distributing the Series' Class B shares at an annual rate of
.50 of 1% of the value of the average daily net assets of Class B shares.
PREMIER STATE MUNICIPAL BOND FUND, Colorado Series
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
Prior to August 24, 1994, the Distribution Plan ("prior Class B
Distribution Plan") provided that the Series' pay Dreyfus Service Corporation
at an annual rate of .50 of 1% of the value of the Series' Class B shares
average daily net assets, for the costs and expenses in connection with
advertising, marketing and distributing the Series' Class B shares. Dreyfus
Service Corporation made payments to one or more Service Agents based on the
value of the Series' Class B shares owned by clients of the Service Agent.
During the six months ended October 31, 1994, $2,739 was charged to the
Series pursuant to the Class B Distribution Plan and $1,410 was charged to
the Series pursuant to the prior Class B Distribution Plan.
(C) Under the Shareholder Services Plan, the Series pays the Distributor,
at an annual rate of .25 of 1% of the value of the average daily net assets
of Class A and Class B shares for servicing shareholder accounts. The
services provided may include personal services relating to shareholder
accounts, such as answering shareholder inquiries regarding the Series and
providing reports and other information, and services related to the
maintenance of shareholder accounts. The Distributor may make payments to Serv
ice Agents in respect of these services. The Distributor determines the
amounts to be paid to Service Agents. From May 6, 1994 through August 23,
1994, $368 and $937 were charged to Class A and Class B shares, respectively,
by Dreyfus Service Corporation. From August 24, 1994 through October 31,
1994, $361 and $1138 were charged to Class A and Class B shares,
respectively, by the Distributor pursuant to the Shareholder Services Plan.
(D) Prior to August 24, 1994 certain officers and trustees of the Fund
were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each trustee who is not an "affiliated person"
receives from the Fund an annual fee of $2,500 and an attendance fee of $250
per meeting.
NOTE 3--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities
amounted to $4,703,411 and $1,119,940, respectively, for the period ended
October 31, 1994, and consisted entirely of long-term and short-term
municipal investments.
At October 31, 1994, accumulated net unrealized depreciation on
investments was $140,545, consisting of $1,025 gross unrealized appreciation
and $141,570 gross unrealized depreciation.
At October 31, 1994, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
PREMIER STATE MUNICIPAL BOND FUND, Colorado Series
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF TRUSTEES
PREMIER STATE MUNICIPAL BOND FUND, COLORADO SERIES
We have reviewed the accompanying statement of assets and liabilities of
Premier State Municipal Bond Fund, Colorado Series (one of the Series
constituting the Premier State Municipal Bond Fund), including the statement
of investments, as of October 31, 1994, and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended October 31, 1994. These financial statements and financial
highlights are the responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modification that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
In our opinion, the financial statements and condensed financial
information referred to above present fairly, in all material respects, the
financial position of Premier State Municipal Bond Fund, Colorado Series at
October 31, 1994, the results of operations, the changes in its net assets
and the condensed financial information for the period from May 6, 1994
(commencement of operations) to October 31, 1994, in conformity with
generally accepted accounting principles.
Ernst & Young LLP Signature Logo
New York, New York
November 31, 1994
December 1, 1994
December 2, 1994
December 3, 1994
PREMIER STATE MUNICIPAL
BOND FUND, COLORADO SERIES
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
90 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained in the Prospectus,
which must precede or accompany this report.
Printed in U.S.A. 075/374SA9410
Semi-Annual Report
Premier State
Municipal Bond Fund
Colorado Series
October 31, 1994
Dreyfus Lion Logo
