DREYFUS PREMIER STATE MUNICIPAL BOND FUND, FLORIDA SERIES
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance for the Dreyfus Premier State
Municipal Bond Fund - Florida Series for the six-month period ended October
31, 1997 as shown in the following table:
<TABLE>
<CAPTION>
Annualized
Total Return* Distribution Rate**
___________ ________________
<S> <C> <C>
Class A shares......................... 3.45% 4.69%
Class B shares......................... 3.25% 4.40%
Class C shares......................... 3.08% 4.06%
</TABLE>
Economic Review
With the level of inflation as low as it has been seen since 1964 and
unemployment still near a 23-year low, the economy continued its solid growth
over the reporting period. Gross Domestic Product (the "GDP") - the dollar
total of all goods and services produced in the United States - has grown in
excess of 3% for each of the past four quarters, a level and consistency of
gain unmatched since 1984. This extraordinary economic performance has been
fueled by huge business investment in new plant and equipment as well as a
renewed surge in consumer spending over the summer. Consumers play a
substantial role in determining the course of the economy, since their
spending accounts for two thirds of all economic activity. Retail sales rose
through the summer and into September, although there was some sign of
deceleration as the third quarter progressed.
The big economic story continued to be the lack of inflation in an
economy now in its seventh year of expansion. This remarkable price
stability, at a time in the business cycle when inflationary pressures would
usually be apparent, has enabled the Federal Reserve Board (the "Fed") to
refrain from tightening monetary policy. The Federal Open Market Committee
(the "FOMC"), the policy-making arm of the Fed, has raised interest rates
just once in over two years, a period roughly coinciding with the surge of
growth in the economy. The last increase in short-term interest rates came on
March 25, 1997, when the FOMC increased the Federal Funds rate by a modest
one quarter of a percentage point to 5.50%. (The Federal Funds rate is the
rate of interest that banks charge one another for overnight loans.)
Of course, the recent financial market turbulence arising from currency
devaluations in some of the economically weaker Southeast Asian countries has
added a cautionary note to any Fed monetary actions that might further roil
investment markets. The Southeast Asian economies have been cooling or in
outright recession for some time and represent a large share of the global
economy and the U.S. import/export market. The recent crisis has boosted the
value of the U.S. dollar and could further dampen the demand for U.S. exports
to this region. This bodes well for continued low inflation in the U.S. and
weakens the argument that we are on the brink of price acceleration.
In fact, inflation remains in check. The Implicit Price Deflator, an
indicator of inflation that measures the prices of all goods and services in
the U.S., has risen at an annual rate of less than 2% for the past two
quarters. This favorable trend in prices has been mirrored by both the
Consumer Price Index (a measure of the average change in the prices paid by
urban consumers for a fixed market basket of goods and services) and the
Producer Price Index (a measure of the average change in the prices of all
commodities, at all stages of processing, produced for sale in primary
markets in the United States). The Labor Department's Employment Cost Index,
a broad measure of changes in wages and benefits, has indicated relatively
modest increases in labor costs. Still, the labor market remains tight, with
the unemployment rate at a level unmatched in 23 years.
Whether the economy will slow without further monetary restraint by the
Fed remains an open question. Industrial production has been strong and
operating rates, an indicator of possible future price pressures, have edged
to their highest level in two years. Of paramount concern to Fed Chairman
Alan Greenspan is the possibility of continuing economic
growth so strong that the unemployment rate is driven even lower, and a
subsequent corresponding upsurge in wage rates reignites inflation. The
performance of the economy over the coming months appears crucial in
determining whether the Fed will actively restrain the economy. We remain
alert to changes in economic trends that would increase the risk of rising
inflation and, consequently, the prospect of higher interest rates.
Market Environment
Renewed concerns regarding Asia and Latin America have resulted in an
international flight to quality and projections of the U.S. economy slowing
down due to diminished exports. In U.S. fixed income securities, these
consequences have raised prices, an appreciation from already high price
levels, and further lowered yield levels. The timing comes on the heels of
many strong recent economic indicators, especially on employment and housing,
that show signs of potential inflation that could push market prices lower.
These strong opposing forces have generated a potential dilemma for bond
market participants. With only potential evidence of weakness in the economy,
the 30-year Treasury bond's yield has been pushed to the 6.05% level.
Participants must now decide if they should position themselves for a run
below 6%. More importantly, the question arises whether a new level of
interest rates is sustainable from global currency devaluation and foreign
economic weakness alone. Anticipated information on U.S. wage pressures and
retail sales should provide needed conviction to many participants'
sentiments.
The Portfolio
While global forces have recently gripped the fundamental market
direction, new issuance has also reemerged as the dominant technical market
force in the municipal arena. Lower yield levels have encouraged many
municipal authorities to issue new debt or refinance older, higher cost debt.
Despite the increase in supply, most issues are absorbed with relative ease.
In the Fund, many existing holdings have become premium bonds (evaluated
above par) due to appreciation. Our investment approach has concentrated on
longer intermediate (15-18 years) paper or other bonds that are expected to
perform in a similar manner. We continue to focus on shortening maturities
and lengthening call features to influence bond selection. Additionally, we
have added some income-oriented securities. If rates stabilize in the current
ranges, we feel higher income paper should perform well and be defensive
against discount alternatives.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
November 18, 1997
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 charge
in the case of Class A shares or the contingent deferred sales charge imposed
on redemptions in the case of Class B shares and Class C shares.
**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 the
net asset value per share in the case of Class B shares and Class C shares.
Some income may be subject to the Federal Alternative Minimum Tax (AMT) for
certain shareholders.
<TABLE>
<CAPTION>
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, FLORIDA SERIES
STATEMENT OF INVESTMENTS OCTOBER 31, 1997 (UNAUDITED)
Principal
Long-Term Municipal Investments-92.0% Amount Value
____________ ____________
<S> <C> <C>
Florida-86.1%
Alachua County Health Facilities Authority, Health Facilities Revenue,
Refunding
(Santa Fe Healthcare Facilities Project) 7.60%, 11/15/2013 (Prerefunded 11/15/2000) (a) $ 3,500,000 $ 3,913,280
Arcadia, Water and Sewer Revenue 7.75%, 12/1/2021 (Prerefunded 12/1/2000) (a) 2,160,000 2,405,765
Brevard County, IDR (Nui Corp. Project) 6.40%, 10/1/2024 (Insured; AMBAC)... 1,000,000 1,093,330
Broward County Health Facilities Authority, Revenue, Refunding
(Broward County Nursing Home) 7.50%, 8/15/2020 (LOC; Allied Irish Bank) (b) 1,000,000 1,089,940
Charlotte County, Healthcare Facilities Revenue (Charlotte Community Mental
Health Project)
9.25%, 7/1/2020........................................................... 1,595,000 1,741,357
Clay County Housing Finance Authority, SFMR 8.20%, 6/1/2021 (Collateralized; GNMA) 605,000 632,358
Clearwater, Gas System Revenue 5.30%, 9/1/2027 (Insured; MBIA).............. 2,405,000 2,383,812
Dade County:
Refunding:
Seaport 5.125%, 10/1/2021 (Insured; MBIA)............................... 7,000,000 6,834,660
Special Obligation 5%, 10/1/2035 (Insured; AMBAC)....................... 10,000,000 9,542,800
Water and Sewer Systems Revenue 6.25%, 10/1/2011 (Insured; FGIC).......... 2,115,000 2,405,115
Dade County Health Facilities Authority, HR
(South Shore Hospital and Medical Center) 7.60%, 8/1/2024 (Insured; FHA).. 2,160,000 2,321,330
Dade County Housing Finance Authority, Revenue, Refunding
SFMR 6.70%, 4/1/2028 (Collateralized: FNMA & GNMA)........................ 4,500,000 4,775,985
Duval County Housing Finance Authority, SFMR:
7.85%, 12/1/2022 (Collateralized; GNMA)................................... 2,485,000 2,623,191
7.70%, 9/1/2024 (Collateralized; GNMA).................................... 1,255,000 1,334,404
Escambia County Housing Finance Authority, SFMR 7.80%, 4/1/2022............. 865,000 915,957
Florida, Board of Education, Capital Outlay, Refunding 5%, 6/1/2027......... 5,000,000 4,762,650
Florida, Department of General Services, Facilities Management Revenue
6.125%, 9/1/2023 (Insured; AMBAC)......................................... 1,000,000 1,066,090
Florida, Department of Transportation:
GO (Right of Way Acquisition and Bridge) 5%, 7/1/2022..................... 10,880,000 10,418,362
Highway Revenue (Alligator Alley) 5.125%, 7/1/2027 (Insured; FGIC)........ 10,810,000 10,543,642
Florida, Housing Finance Agency:
(Brittany Rosemont Apartments) 7%, 2/1/2035 (Insured; AMBAC).............. 6,000,000 6,518,400
Single Family Mortgage:
6.65%, 7/1/2026 (Insured; MBIA)......................................... 1,690,000 1,806,779
Refunding 6.65%, 1/1/2024............................................... 2,380,000 2,534,200
Gulf Breeze, Capital Funding, Revenue 4.80%, 12/1/2017 (Insured; MBIA) (c).. 15,000,000 14,775,000
Highlands County Health Facilities Authority, HR (Adventist Sunbelt Hospital)
7%, 11/15/2014............................................................ 1,500,000 1,606,950
Hillsborough, Capital Improvement Program, Revenue, Refunding
5%, 8/1/2015 (Insured; FGIC).............................................. 3,325,000 3,274,759
Hillsborough County, Utility Revenue, Refunding:
6.625%, 8/1/2011.......................................................... 4,000,000 4,305,800
7%, 8/1/2014.............................................................. 4,765,000 5,179,555
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, FLORIDA SERIES
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1997 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
_____________ _____________
Florida (continued)
Hillsborough County Aviation Authority, Revenue, Refunding (Delta Airlines) 6.80%, 1/1/2024 $ 2,500,000 $ 2,729,225
Hillsborough County Industrial Development Authority, PCR, Refunding (Tampa
Electric Co. Project)
6.25%, 12/1/2034 (Insured; MBIA).......................................... 1,000,000 1,094,750
Jacksonville, Excise Taxes Revenue, Refunding 5%, 10/1/2016 (Insured; FGIC). 3,490,000 3,414,651
Jacksonville, Water and Sewer Revenue 5%, 10/1/2020
(Insured; MBIA, Prerefunded 10/1/2008) (a)................................ 3,000,000 3,118,950
Jacksonville Health Facilities Authority, HR:
(Memorial Regional Rehabilitation Center Project)
6.625%, 5/1/2022 (Insured; MBIA, Prerefunded 5/1/2002) (a).............. 500,000 556,560
Refunding (Saint Luke's Hospital) 7.125%, 11/15/2020...................... 6,700,000 7,399,681
Lee County Housing Finance Authority, SFMR (Multi-County Program) 7.45%, 9/1/2027 1,485,000 1,670,328
Miramar, Public Service Tax Revenue 6.15%, 10/1/2024 (Insured; FGIC)........ 1,000,000 1,059,620
North Miami Health Facilities Authority, Health Facilities Revenue
(Villa Maria Nursing Housing Project) 7.50%, 9/1/2012..................... 2,540,000 2,776,271
Okeechobee, Water and Sewer Revenue 6.50%, 1/1/2017
(Insured; MBIA, Prerefunded 1/1/2003) (a)................................. 1,220,000 1,369,011
Orange County, Tourist Development, Tax Revenue 6.50%, 10/1/2019 (Insured; AMBAC) 1,000,000 1,117,710
Orange County Health Facilities Authority, Health Facilities Revenue
(Mental Health Service Project) 9.25%, 7/1/2020 (Prerefunded 7/1/2000) (a) 3,685,000 4,217,150
Osceola County Industrial Development Authority, Revenue
(Community Provider Pooled Loan Program) 7.75%, 7/1/2017.................. 5,235,000 5,577,317
Palm Beach County, Solid Waste Industrial Development Revenue:
(Okeelanta Power LP Project) 6.85%, 2/15/2021 (d)......................... 10,000,000 5,050,000
(Osceola Power LP) 6.85%, 1/1/2014 (d).................................... 5,800,000 2,900,000
Palm Beach County Housing Finance Authority, Single Family Mortgage Power
Revenue
6.55%, 4/1/2027........................................................... 1,900,000 2,019,453
Pinellas County, PCR, Refunding (Florida Power Corp.) 7.20%, 12/1/2014...... 3,000,000 3,305,790
Pinellas County Housing Finance Authority, SFMR:
7.70%, 8/1/2022 (Collateralized: FNMA & GNMA)............................. 2,410,000 2,557,106
(Multi-County Program) 6.70%, 2/1/2028 (Colleralized; FNMA, GNMA)......... 4,040,000 4,308,902
Polk County Industrial Development Authority, IDR (IMC Fertilizer)
7.525% 1/1/2015........................................................... 10,000,000 10,843,700
Saint Lucie, SWDR (Florida Power and Light Co. Project) 7.15%, 2/1/2023..... 4,000,000 4,327,520
Seminole, Water Control District 6.75%, 8/1/2022............................ 2,000,000 2,031,800
Tampa, Alleghany Health System Revenue (St. Joseph) 6.50%, 12/1/2023 (Insured; MBIA) 1,000,000 1,108,290
Tampa Sports Authority, Sales Tax Revenue (Tampa Bay Arena Project) 5.75%, 10/1/2025 1,000,000 1,082,040
U.S. Related-5.9%
Puerto Rico Public Building Authority, Revenue 5%, 7/1/2027 (Insured; AMBAC) 7,000,000 6,758,220
Virgin Islands Public Finance Authority, Revenue, Refunding 7.25%, 10/1/2018 5,400,000 6,033,312
_____________
TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $195,706,017)................... $199,232,828
=============
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, FLORIDA SERIES
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1997 (UNAUDITED)
Principal
Short-Term Municipal Investments-8.0% Amount Value
______________ ____________
Dade County Industrial Development Authority, PCR, Refunding
(Florida Power and Light Co.) VRDN 4% (e)................................. $ 1,200,000 $ 1,200,000
Hillsborough County Industrial Development Authority, PCR, Refunding (Tampa
Electric Co. Project)
VRDN 4% (e)............................................................... 1,800,000 1,800,000
Martin County, PCR, Refunding (Florida Power and Light Co. Project) VRDN 3.65% (e) 5,900,000 5,900,000
Putnum County Development Authority, PCR, Refunding (Florida Power and Light
Co. Project)
VRDN 3.90% (e)............................................................ 1,000,000 1,000,000
Saint Lucie County, PCR (Light and Power Computer Project) VRDN:
3.65% (e)................................................................. 4,500,000 4,500,000
4% (e).................................................................... 2,900,000 2,900,000
_____________
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS (cost $17,300,000)................... $ 17,300,000
=============
TOTAL INVESTMENTS-100.0% (cost $213,006,017)................................ $216,532,828
=============
</TABLE>
<TABLE>
<CAPTION>
Summary of Abbreviations
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
FGIC Financial Guaranty Insurance Company MBIA Municipal Bond Investors Assurance
FHA Federal Housing Association Insurance Corporation
FNMA Federal National Mortgage Association PCR Pollution Control Revenue
GNMA Government National Mortgage Association SFMR Single Family Mortgage Revenue
GO General Obligation SWDR Solid Waste Disposal Revenue
HR Hospital Revenue VRDN Variable Rate Demand Notes
IDR Industrial Development Revenue
</TABLE>
<TABLE>
<CAPTION>
Summary of Combined Ratings (Unaudited)
Fitch (f) or Moody's or Standard & Poor's Percentage of Value
______ ________ __________________ ____________________
<S> <C> <C> <C>
AAA Aaa AAA 50.7%
AA Aa AA 14.0
A A A 2.9
BBB Baa BBB 10.5
BB Ba BB 1.3
F1+,F-1 MIG1, VMIG1 & P1 SP1, A1 8.0
Not Rated (g) Not Rated (g) Not Rated (g) 12.6
_______
100.0%
=======
</TABLE>
Notes to Statement of Investments:
(a) Bonds which are prerefunded are collateralized by U.S. Government
securities which are held in escrow and are used to pay principal and
interest on the municipal issue and to retire the bonds in full at the
earliest refunding date.
(b) Secured by letters of credit.
(c) Interest rate changes based on principal adjustments linked to
changes in the Consumer Price Index.
(d) Non-income producing security; interest payments in default.
(e) 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.
(f) Fitch currently provides creditworthiness information for a limited
number of investments.
(g) 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.
<TABLE>
<CAPTION>
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, FLORIDA SERIES
STATEMENT OF ASSETS AND LIABILITIES OCTOBER 31, 1997 (UNAUDITED)
Cost Value
______________ _____________
<S> <C> <C> <C>
ASSETS: Investments in securities-See Statement of Investments $213,006,017 $216,532,828
Interest receivable........................ 3,742,837
Receivable for shares of Beneficial Interest subscribed 14,332
Prepaid expenses........................... 4,446
_____________
220,294,443
_____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates 102,729
Due to Distributor......................... 61,603
Cash overdraft due to Custodian............ 80,358
Payable for shares of Beneficial Interest redeemed 321,363
Accrued expenses........................... 84,312
_____________
650,365
_____________
NET ASSETS.................................................................. $219,644,078
=============
REPRESENTED BY: Paid-in capital............................ $213,784,119
Accumulated net realized gain (loss) on investments 2,333,148
Accumulated net unrealized appreciation (depreciation)
on investments-Note 4....................... 3,526,811
_____________
NET ASSETS.................................................................. $219,644,078
=============
</TABLE>
<TABLE>
<CAPTION>
NET ASSET VALUE PER SHARE
_____________________________
Class A Class B Class C
_____________ _____________ _____________
<S> <C> <C> <C>
Net Assets.................................................. $184,737,517 $34,562,361 $344,200
Shares Outstanding.......................................... 13,015,466 2,436,106 24,256
NET ASSET VALUE PER SHARE................................... $14.19 $14.19 $14.19
======= ======= =======
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, FLORIDA SERIES
STATEMENT OF OPERATIONS SIX MONTHS ENDED OCTOBER 31, 1997 (UNAUDITED)
INVESTMENT INCOME
<S> <C> <C> <C>
INCOME Interest Income............................ $ 6,754,434
EXPENSES: Management fee-Note 3(a)................... $ 636,842
Shareholder servicing costs-Note 3(c)...... 344,316
Distribution fees-Note 3(b)................ 89,770
Professional fees.......................... 36,116
Prospectus and shareholders' reports....... 14,713
Custodian fees............................. 13,188
Registration fees.......................... 3,425
Trustees' fees and expenses-Note 3(d)...... 1,529
Loan commitment fees-Note 2................ 1,081
Miscellaneous.............................. 10,170
___________
Total Expenses....................... 1,151,150
___________
INVESTMENT INCOME-NET....................................................... 5,603,284
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS-Note 4:
Net realized gain (loss) on investments.... $ 4,076,287
Net unrealized appreciation (depreciation) on investments (1,771,834)
___________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS...................... 2,304,453
___________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 7,907,737
===========
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, FLORIDA SERIES
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
October 31, 1997 Year Ended
(Unaudited) April 30, 1997
________________ ______________
OPERATIONS:
Investment income-net.................................................... $ 5,603,284 $ 12,494,985
Net realized gain (loss) on investments.................................. 4,076,287 (1,755,627)
Net unrealized appreciation (depreciation) on investments................ (1,771,834) 1,600,303
_____________ _____________
Net Increase (Decrease) in Net Assets Resulting from Operations...... 7,907,737 12,339,661
_____________ _____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net:
Class A shares......................................................... (4,815,432) (11,216,199)
Class B shares......................................................... (784,571) (1,276,479)
Class C shares......................................................... (3,281) (2,307)
Net realized gain on investments:
Class A shares......................................................... ---- (4,898,740)
Class B shares......................................................... ---- (612,636)
Class C shares......................................................... ---- (1,328)
_____________ _____________
Total Dividends...................................................... (5,603,284) (18,007,689)
_____________ _____________
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold:
Class A shares......................................................... 1,812,154 4,244,168
Class B shares......................................................... 1,475,373 1,379,240
Class C shares......................................................... 316,410 52,882
Dividends reinvested:
Class A shares......................................................... 1,685,485 6,607,543
Class B shares......................................................... 239,933 669,997
Class C shares......................................................... 1,452 1,243
Cost of shares redeemed:
Class A shares......................................................... (23,223,088) (43,636,534)
Class B shares......................................................... (3,301,023) (5,732,826)
Class C shares......................................................... (29,989) (30,476)
Net assets received in connection with reorganization.................... ---- 25,939,388
_____________ _____________
Increase (Decrease) in Net Assets from Beneficial Interest Transactions (21,023,293) (10,505,375)
_____________ _____________
Total Increase (Decrease) in Net Assets............................ (18,718,840) (16,173,403)
NET ASSETS:
Beginning of Period...................................................... 238,362,918 254,536,321
_____________ _____________
End of Period............................................................ $219,644,078 $238,362,918
============= =============
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, FLORIDA SERIES
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
Shares
________________________________
Six Months Ended
October 31, 1997 Year Ended
(Unaudited) April 30, 1997
________________ ______________
CAPITAL SHARE TRANSACTIONS:
Class A
________
Shares sold.......................................................... 127,402 330,094
Shares issued in connection with reorganization...................... --- 938,304
Shares issued for dividends reinvested............................... 118,572 458,224
Shares redeemed...................................................... (1,633,508) (3,034,221)
__________ __________
Net Increase (Decrease) in Shares Outstanding (1,387,534) (1,307,599)
========== ==========
Class B
________
Shares sold.......................................................... 103,810 127,345
Shares issued in connection with reorganization...................... --- 905,864
Shares issued for dividends reinvested............................... 16,883 46,491
Shares redeemed...................................................... (232,210) (399,263)
__________ __________
Net Increase (Decrease) in Shares Outstanding (111,517) 680,437
========== ==========
Class C
________
Shares sold.......................................................... 22,139 3,641
Shares issued in connection with reorganization...................... --- 71
Shares issued for dividends reinvested............................... 102 86
Shares redeemed...................................................... (2,102) (2,112)
__________ __________
Net Increase (Decrease) in Shares Outstanding 20,139 1,686
========== ==========
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, FLORIDA SERIES
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.
Class A Shares
_________________________________________________________________
Six Months Ended
October 31, 1997 Year Ended April 30,
______________________________________________________
PER SHARE DATA: (Unaudited) 1997 1996 1995 1994 1993
__________ ______ ______ ______ ______ ______
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.. $14.06 $14.48 $14.51 $14.43 $15.02 $14.33
______ ______ ______ ______ ______ ______
Investment Operations:
Investment income-net................. .35 .76 .79 .81 .85 .92
Net realized and unrealized gain (loss)
on investments...................... .13 (.08) .17 .12 (.51) .86
______ ______ ______ ______ ______ ______
Total from Investment Operations...... .48 .68 .96 .93 .34 1.78
______ ______ ______ ______ ______ ______
Distributions:
Dividends from investment income-net.. (.35) (.76) (.79) (.81) (.85) (.92)
Dividends from net realized gain on investments - (.34) (.20) (.04) (.04) (.17)
Dividends in excess of net realized gain
on investments...................... - - - - (.04) -
______ ______ ______ ______ ______ ______
Total Distributions................... (.35) (1.10) (.99) (.85) (.93) (1.09)
______ ______ ______ ______ ______ ______
Net asset value, end of period........ $14.19 $14.06 $14.48 $14.51 $14.43 $15.02
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN(1)................ 6.84%(2) 4.74% 6.63% 6.71% 2.14% 12.84%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .92%(2) .92% .91% .90% .80% .69%
Ratio of net investment income
to average net assets............... 4.92%(2) 5.27% 5.29% 5.67% 5.61% 6.21%
Decrease reflected in above expense ratios
due to undertakings by the Manager.. - - - .01% .10% .21%
Portfolio Turnover Rate............... 50.58%(3) 71.68% 54.37% 50.62% 20.84% 33.18%
Net Assets, end of period (000's Omitted) $184,738 $202,503 $227,478 $252,406 $289,791 $299,775
(1) Exclusive of sales load.
(2) Annualized.
(3) Not annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, FLORIDA SERIES
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.
Class B Shares
_________________________________________________________________
Six Months Ended
October 31, 1997 Year Ended April 30,
________________________________________________________
PER SHARE DATA: (Unaudited) 1997 1996 1995 1994 1993(1)
__________ ______ ______ ______ ______ ______
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.. $14.05 $14.47 $14.51 $14.42 $15.01 $14.59
______ ______ ______ ______ ______ ______
Investment Operations:
Investment income-net................. .31 .69 .71 .73 .77 .24
Net realized and unrealized gain (loss)
on investments...................... .14 (.08) .16 .13 (.51) .42
______ ______ ______ ______ ______ ______
Total from Investment Operations...... .45 .61 .87 .86 .26 .66
______ ______ ______ ______ ______ ______
Distributions:
Dividends from investment income-net.. (.31) (.69) (.71) (.73) (.77) (.24)
Dividends from net realized gain on investments - (.34) (.20) (.04) (.04) -
Dividends in excess of net realized gain
on investments...................... - - - - (.04) -
______ ______ ______ ______ ______ ______
Total Distributions................... (.31) (1.03) (.91) (.77) (.85) (.24)
______ ______ ______ ______ ______ ______
Net asset value, end of period........ $14.19 $14.05 $14.47 $14.51 $14.42 $15.01
______ ______ ______ ______ ______ ______
______ ______ ______ ______ ______ ______
TOTAL INVESTMENT RETURN(2)................ 6.45%(3) 4.21% 6.01% 6.21% 1.54% 15.60%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets 1.42%(3) 1.42% 1.41% 1.41% 1.34% 1.12%(3)
Ratio of net investment income
to average net assets............... 4.40%(3) 4.76% 4.77% 5.13% 4.91% 4.87%(3)
Decrease reflected in above expense ratios
due to undertakings by the Manager.. - - - .01% .09% .12%(3)
Portfolio Turnover Rate............... 50.58%(4) 71.68% 54.37% 50.62% 20.84% 33.18%
Net Assets, end of period (000's Omitted) $34,562 $35,802 $27,023 $25,282 $22,476 $5,916
(1) From January 15, 1993 (commencement of initial offering) to April 30, 1993.
(2) Exclusive of sales load.
(3) Annualized.
(4) Not annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
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DREYFUS PREMIER STATE MUNICIPAL BOND FUND, FLORIDA SERIES
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.
Class C Shares
____________________________________________
Six Months Ended
October 31, 1997 Year Ended April 30,
_____________________
PER SHARE DATA: (Unaudited) 1997 1996(1)
__________ ______ ______
<S> <C> <C> <C>
Net asset value, beginning of period....................... $14.05 $14.47 $14.65
______ ______ ______
Investment Operations:
Investment income-net...................................... .29 .65 .48
Net realized and unrealized gain (loss)
on investments........................................... .14 (.08) .02
______ ______ ______
Total from Investment Operations........................... .43 .57 .50
______ ______ ______
Distributions:
Dividends from investment income-net....................... (.29) (.65) (.48)
Dividends from net realized gain on investments............ - (.34) (.20)
______ ______ ______
Total Distributions........................................ (.29) (.99) (.68)
______ ______ ______
Net asset value, end of period............................. $14.19 $14.05 $14.47
______ ______ ______
______ ______ ______
TOTAL INVESTMENT RETURN(2)..................................... 6.11%(3) 3.95% 4.69%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets.................... 1.80%(3) 1.97% 1.99%(3)
Ratio of net investment income
to average net assets.................................... 3.85%(3) 4.60% 4.20%(3)
Portfolio Turnover Rate.................................... 50.58%(4) 71.68% 54.37%
Net Assets, end of period (000's Omitted).................. $344 $58 $35
(1) From August 15, 1995 (commencement of initial offering) to April 30, 1996.
(2) Exclusive of sales load.
(3) Annualized.
(4) Not annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
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DREYFUS PREMIER STATE MUNICIPAL BOND FUND, FLORIDA SERIES
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus Premier State Municipal Bond Fund (the "Trust") 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 thirteen series, including the Florida Series (the
"Fund"). The Fund's investment objective is to maximize current income exempt
from Federal and, where applicable, from State income taxes, without undue
risk. 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 the following classes of shares Class A, Class B
and Class C shares. Class A shares are subject to a sales charge imposed at
the time of purchase, Class B shares are subject to a contingent deferred
sales charge ("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 Trust accounts separately for the assets, liabilities and operations
of each fund. Expenses directly attributable to each fund are charged to that
fund's operations; expenses which are applicable to all funds are allocated
among them on a pro rata basis.
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 evaluation of the market for
such securities). Other investments (which constitute a majority of the
portfolio securities) are carried at fair value as determined by the Service,
based on methods which include consideration of: yields or prices of
municipal securities of comparable quality, coupon, maturity and type;
indications as to values from dealers; and general market conditions. Options
and financial futures on municipal and U.S. treasury securities are valued at
the last sales price on the securities exchange on which such securities are
primarily traded or at the last sales price on the national securities market
on each business day. Investments not listed on an exchange or the national
securities market, or securities for which there were no transactions, are
valued at the average of the most recent bid and asked prices. Bid price is
used when no asked price is available.
(b) Securities transactions and investment income: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Interest
income, adjusted for amortization of premiums and original issue discounts on
investments, is earned from settlement date and recognized on the accrual
basis. Securities purchased or sold on a when-issued or delayed-delivery
basis may be settled a month or more after the trade date.
The Fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations
held by the Fund.
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, FLORIDA SERIES
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
(c) Dividends to shareholders: It is the policy of the Fund to declare
dividends daily from investment income-net. Such
dividends are paid monthly. Dividends from net realized capital gain are
normally declared and paid annually, but the Fund may make distributions on a
more frequent basis to comply with the distribution requirements of the
Internal Revenue Code. To the extent that net realized capital gain can be
offset by capital loss carryovers, it is the policy of the Fund not to
distribute such gain.
(d) Federal income taxes: It is the policy of the Fund to continue to
qualify as a regulated investment company, which can distribute tax exempt
dividends, by complying with the applicable provisions of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from substantially all Federal income and
excise taxes.
The Fund has an unused capital loss carryover of approximately $1,712,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to April 30, 1997. The
carryover does not include net realized securities losses from November 1,
1996 through April 30, 1997 which are treated, for Federal income tax
purposes, as arising in fiscal 1998. If not applied, the carryover expires in
fiscal 2005.
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 borrowings. For the period ended
October 31, 1997, the Fund did not borrow under the Facility.
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 $402 during the period ended October 31, 1997 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 October 31, 1997,
the Fund was charged $89,130 and $640 for Class B and Class C shares,
respectively, pursuant to the Distribution Plan.
(c) Under the Shareholder Services Plan, the Fund pays the Distributor at
an annual rate of .25 of 1% of the value of the average daily net assets of
Class A, 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. During the period ended October 31,
1997, the Fund was charged $244,696, $44,565 and $213 for Class A, Class B
and Class C shares, respectively, pursuant to the Shareholder Services Plan.
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, FLORIDA SERIES
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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 October 31, 1997, the Fund was charged
$49,762 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 October 31, 1997
amounted to $111,029,682 and $137,746,706, respectively.
At October 31, 1997, accumulated net unrealized appreciation on
investments was $3,526,811 consisting of $11,333,719 gross unrealized
appreciation and $7,806,908 gross unrealized depreciation.
At October 31, 1997, 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).
DREYFUS PREMIER STATE MUNICIPAL
BOND FUND, FLORIDA SERIES
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. 0511615SA9710
Semi-Annual Report
Dreyfus Premier State
Municipal Bond Fund
Florida Series
October 31, 1997
Registration Mark
[Dreyfus lion/2hres logo]
