DREYFUS PREMIER STATE MUNICIPAL BOND FUND, MINNESOTA SERIES
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance of the Dreyfus Premier State
Municipal Bond Fund -- Minnesota Series for the six-month reporting period ended
October 31, 1998, as shown in the following table:
Annualized
Total Return* Distribution Rate**
___________ ________________
<S> <C> <C>
Class A shares . . . . . . . . . . . . . . . . . . . . 3.95% 4.89%
Class B shares . . . . . . . . . . . . . . . . . . . . 3.61% 4.60%
Class C shares . . . . . . . . . . . . . . . . . . . . 3.43% 4.25%
</TABLE>
THE ECONOMY
In the face of soaring consumer confidence and strong first-quarter economic
growth, the Federal Reserve Board earlier this year refrained from increasing
interest rates, partially to avoid further roiling international financial
markets. In addition, the Fed evidently felt then that the economic slowdown
overseas might curtail the U.S. economy to some degree, which would alleviate
the need for monetary restraint. The Fed's expectations have proven to be true,
and its judgment accurate. The U.S. balance of trade has worsened and there have
been increasing signs of a slowdown in export-related industries. On September
29, concerns about a weakening U.S. economy caused the Federal Open Market
Committee (the F.O.M.C. is the policy-making arm of the Fed) to pare the Federal
Funds target rate by 25 basis points, the first reduction since January 1996.
(The Federal Funds rate is the rate of interest that banks charge each other for
overnight loans.) At that point, Fed Chairman Alan Greenspan described the
economic outlook for the United States as having "weakened measurably." Two
weeks later, on October 15, the F.O.M.C. again reduced its target rate by an
additional 25 basis points, putting the Federal Funds rate at 5.0%.
Despite the concerns of the Fed regarding an economic slowdown, aggregate
economic statistics showed a growing and resilient economy during the reporting
period. Low unemployment and negligible inflation, combined with car makers
rebuilding inventory after a long strike and rising consumer incomes, resulted
in solid economic growth (3.3% ) for the third quarter of this year. While a
significant portion of this gain was due to inventory replenishment after the
automobile strike, the overall results were still an improvement over
second-quarter economic growth of 1.8%. Inflation as measured by the Consumer
Price Index remained at levels not witnessed since 1963.
The Fed' s responsibility is to enact monetary policy that is anticipatory of
future economic conditions. The U.S. trade deficit has continued to widen
because of the global economic slide. Slumping exports have weakened
manufacturing activity since midyear and there is concern that this slackness
could become more pronounced and widen into other sectors of the economy. While
the increase in imports also restrains domestic production, it has helped
contain inflation as well, since domestic producers are reluctant to raise
prices. This provides additional flexibility for the Fed to lower interest rates
still further. So far, economic problems overseas have not caused any measurable
reaction in the U.S. labor market. Only the growth rate in new jobs has eased
from its torrid pace earlier in the year. The unemployment rate has remained
near 30-year lows and worker inflation-adjusted take-home pay has been rising.
The condition of the labor market is a key determinant of consumer confidence
which, of course, relates directly to consumer spending, a force that accounts
for two thirds of all economic activity. Business spending has shown signs of
weakness, so the role of the consumer will be of even greater importance in the
future. It is significant that measures of consumer confidence have receded from
earlier record high levels, largely because of concerns about the volatility of
financial markets.
MARKET ENVIRONMENT
The environment for fixed income securities during the past six months has
been extremely positive, continuing a trend toward lower long-term interest
rates that began in the spring of 1997. As has been the case for much of this
decline in rates, economic fundamentals have not been a primary influence on the
bond market. They have been pushed aside by other factors which created a flight
to quality into U.S. Government securities as a safe haven, while many other
markets were in temporary disarray. The primary engine for lower rates has been
the economic crisis which began in Asia and has since spread to Russia and Latin
America, and now appears to be impacting the U.S. economy. The threat of an
economic slowdown in the U.S., coupled with a potential credit crunch, forced
the Fed to lower the Federal Funds target rate 25 basis points twice in a two
week span (September 29 and October 15) in order to buy some insurance against a
possible U.S. recession in 1999. It is likely that the Fed will maintain an
accommodative stance toward interest rates in the near future as the current
global economic slump shows no sign of ending.
Municipal securities benefited from the general decline in interest rates
during the period, although to a lesser degree than U.S. Treasuries. The fact
that municipals do not command safe-haven status, combined with a general
decrease in demand as long tax-free bonds yield less than 5%, were the primary
reasons for the underperformance versus U.S. Treasuries. Also, many
corporate-backed municipals performed poorly, due to reduced earnings prospects
in a slower economy. This underperformance can easily be seen as the
municipal/Treasury yield ratio (as measured by the Bond Buyer Revenue Bond
Index/30- year Treasury yield) increased from 93% to 101%. The combination of
attractive yields relative to Treasuries, a slowing economy, and a bias toward
lower short-term interest rates bodes well for municipal securities going
forward.
PORTFOLIO OVERVIEW
The primary objective in managing the portfolio continues to be the
realization of income exempt from both Federal and Minnesota income taxes. In
pursuing this goal, the Fund maintains a nucleus of high-coupon,
income-generating securities which produce an attractive level of tax-free
income, while providing stability during flat to declining markets. However, as
the trend toward lower interest rates has become more pronounced, strategy has
also focused on lengthening the duration of the portfolio to capture more price
appreciation should interest rates continue to decline as we anticipate
We view credit spreads as too narrow to justify adding lower quality
securities in a slowing economic environment. At present, approximately 54% of
the Fund is invested in securities which are rated "AAA" and 93% is invested in
those rated "A" or better, virtually unchanged from the start of the period
While it is difficult, at best, to predict the future of interest rates, we
feel the portfolio is well balanced at the present. We will continue to follow
our long-term objectives and monitor the volatile investment climate in order to
position the portfolio accordingly.
Sincerely,
{Richard J. Moynihan signature]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
November 16, 1998
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 applicable contingent deferred sales charge imposed on
redemptions in the case of Class B and Class C shares. Income may be subject to
state and local income taxes for non-Minnesota residents.
**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 per share 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 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, MINNESOTA SERIES
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS OCTOBER 31, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments--100.3% Amount Value
- ------------------------------------------------------- ______________ ______________
Anoka County:
RRR (Northern States Power Co.):
<S> <C> <C> <C> <C> <C>
4.50%, 12/1/2007 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,150,000 $ 1,497,735
7.15%, 12/1/2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,150,000 1,206,729
SWDR (United Power Association Project)
6.95%, 12/1/2008 (Guaranteed; National Rural Utilities Cooperative Finance Corp.) . . 3,825,000 4,076,379
Brooklyn Park 5.85%, 2/1/2016 (Insured; FSA) . . . . . . . . . . . . . . . . . . . . . . . 1,425,000 1,539,427
Burnsville, MFHR Refunding (Coventry Court Apartments) 7.50%, 9/1/2027 (Insured; FHA) (b). . 2,250,000 2,331,135
Dakota County Housing and Redevelopment Authority, South Saint Paul Revenue,
Refunding
(Single Family-GNMA Program) 8.10%, 9/1/2012 . . . . . . . . . . . . . . . . . . . . . 95,000 98,010
Duluth Economic Development Authority, Health Care Facilities Revenue
(Benedictine Health-Saint Mary's Project)
8.375%, 2/15/2020 (Prerefunded) 2/15/2000 (c) . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,702,375
Eagan, MFHR Refunding (Forest Ridge Apartments) 7.50%, 9/1/2017 (Insured; FHA) . . . . . . 1,000,000 1,035,380
Eden Prairie, MFHR, Refunding:
(Eden Investments Project) 7.40%, 8/1/2025 (Insured; FHA) . . . . . . . . . . . . . . . 500,000 524,100
(Welsh Parkway Apartments) 8%, 7/1/2026 (Insured; FHA) . . . . . . . . . . . . . . . . 2,795,000 2,982,461
Edina:
Hospital Systems Revenue (Fairview Hospital) 7.125%, 7/1/2006 (Prerefunded 7/1/1999) (c) 1,000,000 1,047,480
Housing Development Revenue, Refunding (Edina Park Plaza Project)
7.70%, 12/1/2028 (Insured; FHA) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,592,900
Harmony, MFHR, Refunding (Zedakah Foundation Project) 5.95%, 9/1/2020. . . . . . . . . . . 1,235,000 1,290,069
Hastings, Health Care Facility Revenue (Regina Medical Center)
5.30%, 9/15/2028 (Insured; ACA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 1,992,440
Hubbard County, SWDR (Potlatch Corp. Project)
7.375%, 8/1/2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,041,450
Inver Grove Heights Independent School District Number 199 5.75%, 2/1/2017 . . . . . . . . 2,225,000 2,352,292
Mahtomedi Independent School District Number 832
Zero Coupon, 2/1/2017 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . 1,275,000 518,568
Minneapolis:
Zero Coupon, 12/1/2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,825,000 850,924
Home Ownership Program 7.10%, 6/1/2001 . . . . . . . . . . . . . . . . . . . . . . . . 610,000 646,826
HR (Lifespan Inc.-Minneapolis Children's Medical Center Project)
7%, 12/1/2020 (Prerefunded 6/1/2001) (c) . . . . . . . . . . . . . . . . . . . . . 5,650,000 6,220,933
MFHR, Refunding (Churchill Apartments Project) 7.05%, 10/1/2022 (Insured; FSA) . . . . 4,000,000 4,324,200
MFMR (Seward Towers Project) 7.375%, 12/20/2030 (Collateralized; GNMA) . . . . . . . . 2,350,000 2,475,984
Minneapolis Community Development Agency, Ltd. Tax Support
Development Revenue:
8%, 12/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000 315,327
7.75%, 12/1/2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,755,000 2,996,751
7.40%, 12/1/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,214,640
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, MINNESOTA SERIES
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS OCTOBER 31, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------- ______________ ______________
Minneapolis-Saint Paul Housing and Redevelopment Authority,
Health Care Systems Revenue:
8%, 8/15/2014 Prerefunded 8/15/2000) (c) . . . . . . . . . . . . . . . . . . . . . $ 3,000,000 $ 3,290,820
(Group Health Plan Inc., Project) 6.75%, 12/1/2013 . . . . . . . . . . . . . . . . 2,750,000 2,988,232
Minneapolis-Saint Paul Housing Finance Board, SFMR:
8.875%, 11/1/2018 (Collateralized; GNMA) . . . . . . . . . . . . . . . . . . . . . . . 90,000 92,010
8.30%, 8/1/2021(Collateralized; GNMA) . . . . . . . . . . . . . . . . . . . . . . . . . 265,000 270,917
7.30%, 8/1/2031 (Collateralized; GNMA) . . . . . . . . . . . . . . . . . . . . . . . . 5,280,000 5,572,565
Minneapolis-Saint Paul Metropolitan Airports Commission, Airport Revenue 5%, 1/1/2016. . . 4,600,000 4,597,056
Minneapolis Special School District Number 001, COP:
5.375%, 2/1/2014 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,050,190
5.90%, 2/1/2017 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,400,000 4,757,192
5.65%, 2/1/2018 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300,000 1,384,214
State of Minnesota (Duluth Airport) 6.25%, 8/1/2014. . . . . . . . . . . . . . . . . . . . 2,500,000 2,748,325
Minnesota Agricultural and Economic Development Board,
Minnesota Small Business Development Loan Revenue 8.125%, 8/1/2009 . . . . . . . . . . 500,000 508,065
Minnesota Higher Education Facilities Authority, College and University Revenue
(Bethel College and Seminary) 5.10%, 4/1/2019 (LOC; Allied Irish Bank PLC) . . . . . . 4,100,000 4,121,156
(College at Saint Benedict) 5.35%, 3/1/2020 . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,006,340
(University of Saint Thomas):
5.35%, 4/1/2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,026,190
5.40%, 4/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,200,000 2,265,098
Minnesota Housing Finance Agency, Revenue:
Rental Housing 6.10%, 8/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,065,000 2,089,759
Single Family Mortgage:
7.90%, 7/1/2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,485,000 1,519,200
7.45%, 7/1/2022 (Insured; FHA) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,685,000 2,851,497
6.95%, 7/1/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,660,000 2,858,968
Minneapolis Public Facilities Authority, Water Pollution Control Revenue:
7.10%, 3/1/2012 (Prerefunded 3/1/2000) (c) . . . . . . . . . . . . . . . . . . . . . . 2,350,000 2,507,074
6.95%, 3/1/2013 (Prerefunded 3/1/2001) (c) . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,279,240
6.50%, 3/1/2014 (Prerefunded 3/1/2001) (c) . . . . . . . . . . . . . . . . . . . . . . 5,200,000 5,749,588
5.00%, 3/1/2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,020,000 1,020,857
Northern Municipal Power Agency, Electric Systems Revenue, Refunding:
5.30%, 1/1/2021 (Insured; FSA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,030, 980
Refunding:
4.75%, 1/1/2020 (Insured: AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . 3,900,000 3,795,636
Residual Certificates 7.185%, 1/1/2016 (Insured; FSA) . . . . . . . . . . . . . . . 6,765,000 7,436,494
City of Red Wing, Health Care Facilities Revenue, Refunding
(River Region Obligation Group) 6.50%, 9/1/2022 . . . . . . . . . . . . . . . . . . . . 3,445,000 3,716,983
Rosemount Independent School District Number 196
Zero Coupon, 4/1/2014 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 1,439,370
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, MINNESOTA SERIES
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS OCTOBER 31, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------- ______________ ______________
Saint Cloud, Hospital Facilities Revenue (The Saint Cloud Hospital)
7%, 7/1/2020 (Insured; AMBAC) (Prerefunded 7/1/2001) (c) . . . . . . . . . . . . . . . $ 1,000,000 $ 1,103,510
Saint Paul Housing and Redevelopment Authority, Revenue:
Hospital (HealthEast Project):
5.70%, 11/1/2015 (Insured; ACA) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,111,140
5.85%, 11/1/2017 (Insured; ACA) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,055,230
Single Family Mortgage, Refunding 6.90%, 12/1/2021 (Insured; FNMA) . . . . . . . . . . 2,490,000 2,642,811
Sartell, PCR, Refunding (Champion International Corp. Project) 6.95%, 10/1/2012 . . . . . 5,000,000 5,404,850
Seaway Port Authority of Duluth, Industrial Development Dock and Wharf Revenues
Refunding (Cargill Inc. Project) 6.80%, 5/1/2012 . . . . . . . . . . . . . . . . . . . 3,000,000 3,296,250
Southern Minnesota Municipal Power Agency, Power Supply System Revenue:
Zero Coupon, 1/1/2025 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . 5,255,000 1,418,272
Zero Coupon, 1/1/2026 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . 15,530,000 3,974,127
Refunding Zero Coupon, 1/1/2027 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . 4,800,000 1,168,224
University of Minnesota, College and University Revenue, Refunding 5.50%, 7/1/2021 . . . . 5,925,000 6,454,991
Washington County Housing and Redevelopment Authority, Hospital Facility Revenu
(HealthEast Project):
5.375%, 11/15/2018 (Insured; ACA) . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,044,000
5.50%, 11/15/2027 (Insured; ACA) . . . . . . . . . . . . . . . . . . . . . . . . . 2,455,000 2,501,522
Western Minnesota Municipal Power Agency, Electric Power and Light Revenue,
Refunding 5.50%, 1/12012 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,081,260
White Bear Lake Independent School District Number 624 5.75%, 2/1/2017 . . . . . . . . . 1,265,000 1,340,546
_______________
TOTAL INVESTMENTS
(cost $152,028,198) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.3% $162,445,264
_______ _______________
LIABILITIES, LESS CASH AND RECEIVABLES . . . . . . . . . . . . . . . . . . . . . . . . . (.3%) $ (557,060)
_______ _______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $161,888,204
_______ _______________
</TABLE>
<TABLE>
<CAPTION>
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, MINNESOTA SERIES
- -----------------------------------------------------------------------------
Summary of Abbreviations (Unaudited)
- -----------------------------------------------------------------------------
<S> <C> <C> <C>
ACA American Capital Assurance MBIA Municipal Bond Investors Assurance
AMBAC American Municipal Bond Assurance Corporation Insurance Corporation
COP Certificate of Participation MFHR Multi-Family Housing Revenue
FHA Federal Housing Administration MFMR Multi-Family Mortgage Revenue
FNMA Federal National Mortgage Association PCR Pollution Control Revenue
FSA Financial Security Assurance RRR Resources Recovery Revenue
GNMA Government National Mortgage Association SFMR Single Family Mortgage Revenue
HR Hospital Revenue SWDR Solid Waste Disposal Revenue
LOC Letter of Credit
</TABLE>
<TABLE>
<CAPTION>
Summary of Combined Ratings
- -----------------------------------------------------------------------------
Fitch or Moody's or Standard & Poor's Percentage of Value
______ _______ ________________ _________________
<S> <C> <C> <C>
AAA Aaa AAA 53.7%
AA Aa AA 21.7
A A A 18.1
BBB Baa BBB 6.2
Not Rated (d) Not Rated (d) Not Rated (d) .3
_______
100.0%
_______
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(a) Purchased on a delayed-delivery basis.
(b) Security held in a segregated account for the purpose of collateralizing
delayed-delivery security.
(c) 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
(d) Securities which, while not rated by Fitch, Moody's and Standard & Poor's
have been determined by the Manager to be of comparable quality to those rated
securities in which the Fund may invest.
</TABLE>
<TABLE>
<CAPTION>
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, MINNESOTA SERIES
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES OCTOBER 31, 1998 (UNAUDITED)
Cost Value
_____________ _____________
<S> <C> <C> <C>
ASSETS: Investments in securities--See Statement of Investments . . $152,028,198 $162,445,264
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . 179,085
Interest receivable . . . . . . . . . . . . . . . . . . . 2,545,358
Receivable for shares of Beneficial Interest subscribed . . 107,880
Receivable for investment securities sold . . . . . . . . 97,909
Prepaid expenses . . . . . . . . . . . . . . . . . . . . 5,095
_______________
165,380,591
_______________
LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 75,673
Due to Distributor . . . . . . . . . . . . . . . . . . . 48,092
Payable for investment securities purchased . . . . . . . 3,196,194
Payable for shares of Beneficial Interest redeemed . . . 150,266
Accrued expenses . . . . . . . . . . . . . . . . . . . . 22,162
_______________
3,492,387
_______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $161,888,204
_______________
REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . $151,079,932
Accumulated net realized gain (loss) on investments . . . 391,206
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4 . . . . . . . . . . . . . . . . 10,417,066
_______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $161,888,204
_______________
</TABLE>
<TABLE>
<CAPTION>
NET ASSET VALUE PER SHARE
--------------------
Class A Class B Class C
______________ ______________ _______________
<S> <C> <C> <C>
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $129,965,451 $ 30,820,623 $ 1,102,130
Shares Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . 8,385,422 1,985,287 71,008
NET ASSET VALUE PER SHARE. . . . . . . . . . . . . . . . . . . . . . . $15.50 $15.52 $15.52
_______ _______ _______
</TABLE>
<TABLE>
<CAPTION>
See notes to financial statements.
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, MINNESOTA SERIES
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONS SIX MONTHS ENDED
OCTOBER 31, 1998 (UNAUDITED)
INVESTMENT INCOME
<S> <C> <C> <C>
INCOME Interest Income . . . . . . . . . . . . . . . . . $4,832,464
EXPENSES: Management fee--Note 3(a) . . . . . . . . . . . . $ 440,514
Shareholder servicing costs--Note 3(c) . . . . . 254,719
Distribution fees--Note 3(b) . . . . . . . . . . 77,316
Professional fees . . . . . . . . . . . . . . . . 9,812
Custodian fees . . . . . . . . . . . . . . . . . 7,754
Prospectus and shareholders' reports . . . . . . 5,367
Registration fees . . . . . . . . . . . . . . . . 2,676
Trustees' fees and expenses--Note 3(d) . . . . . 1,576
Loan commitment fees--Note 2 . . . . . . . . . . 381
Miscellaneous . . . . . . . . . . . . . . . . . . 5,157
____________
Total Expenses . . . . . . . . . . . . . . . . 805,272
___________
INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,027,192
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments . . . . . $ 689,153
Net unrealized appreciation (depreciation)
on investments . . . . . . . . . . . . . . . . 1,291,585
____________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS . . . . . . . . . . . . . . 1,980,738
___________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . $6,007,930
___________
See notes to financial statements.
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, MINNESOTA SERIES
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
October 31, 1998 Year Ended
(Unaudited) April 30, 1998
_______________ _____________
OPERATIONS:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,027,192 $ 8,186,701
Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . 689,153 363,867
Net unrealized appreciation (depreciation) on investments . . . . . . . . . . . . 1,291,585 2,446,953
_______________ ______________
Net Increase (Decrease) in Net Assets Resulting from Operations . . . . . 6,007,930 10,997,521
_______________ ______________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,325,658) (6,834,721)
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (684,951) (1,326,960)
Class C shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16,583) (25,020)
Net realized gain on investments:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- (16,629)
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- (3,601)
Class C shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- (94)
_______________ ______________
Total Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,027,192) (8,207,025)
_______________ ______________
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,415,738 5,462,533
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,995,399 3,686,719
Class C shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 435,329 622,715
Dividends reinvested:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,037,806 4,245,838
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 437,159 836,985
Class C shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,397 18,241
Cost of shares redeemed:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,218,305) (14,941,030)
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,538,407) (2,427,267)
Class C shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (20,170) (287,817)
_______________ ______________
Increase (Decrease) in Net Assets from Beneficial Interest Transactions . 4,557,946 (2,783,083)
_______________ ______________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . . . 6,538,684 7,413
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155,349,520 155,342,107
_______________ ______________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $161,888,204 $155,349,520
_______________ ______________
See notes to financial statements.
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, MINNESOTA SERIES
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
Shares
________________________________
Six Months Ended
October 31, 1998 Year Ended
(Unaudited) April 30, 1998
_______________ _____________
CAPITAL SHARE TRANSACTIONS:
Class A
________
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 415,244 356,989
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . 131,588 276,670
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (401,733) (975,447)
_________ _________
Net Increase (Decrease) in Shares Outstanding . . . . . 145,099 (341,788)
_________ _________
Class B
________
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193,108 240,321
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . 28,183 54,439
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (99,553) (157,971)
_________ _________
Net Increase (Decrease) in Shares Outstanding . . . . . 121,738 136,789
_________ _________
Class C
________
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,937 40,658
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . 863 1,185
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,307) (18,723)
_________ _________
Net Increase (Decrease) in Shares Outstanding . . . . . 27,493 23,120
_________ _________
</TABLE>
<TABLE>
<CAPTION>
See notes to financial statements.
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, MINNESOTA 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, 1998 Year Ended April 30,
_______________________________________________________
PER SHARE DATA: (Unaudited) 1998 1997 1996 1995 1994
__________ _______ _______ _______ _______ _______
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period . . . . . $15.30 $15.03 $14.98 $14.90 $14.72 $15.31
_______ _______ _______ _______ _______ _______
Investment Operations:
Investment income--net . . . . . . . . . . . . .40 .82 .82 .82 .83 .87
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . . . .20 .27 .09 .08 .18 (.53)
_______ _______ _______ _______ _______ _______
Total from Investment Operations . . . . . . . .60 1.09 .91 .90 1.01 .34
_______ _______ _______ _______ _______ _______
Distributions:
Dividends from investment income--net . . . . . (.40) (.82) (.82) (.82) (.83) (.87)
Dividends from net realized gain on investments . . -- -- (.04) -- -- (.06)
_______ _______ _______ _______ _______ _______
Total Distributions . . . . . . . . . . . . . . (.40) (.82) (.86) (.82) (.83) (.93)
_______ _______ _______ _______ _______ _______
Net asset value, end of period . . . . . . . . $15.50 $15.30 $15.03 $14.98 $14.90 $14.72
_______ _______ _______ _______ _______ _______
TOTAL INVESTMENT RETURN(1) . . . . . . . . . . . . 7.84%(2) 7.36% 6.16% 6.11% 7.14% 2.08%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . .91%(2) .90% .91% .90% .90% .80%
Ratio of net investment income
to average net assets . . . . . . . . . . . 5.13%(2) 5.32% 5.42% 5.41% 5.68% 5.61%
Decrease reflected in above expense ratios due
to undertakings by the Manager . . . . . . -- -- -- -- .01% .11%
Portfolio Turnover Rate . . . . . . . . . . . . 27.48%(3) 13.37% 25.82% 35.47% 51.95% (12.21%)
Net Assets, end of period (000's Omitted) . . . $129,965 $126,115 $129,031 $138,058 $145,444 $155,657
- ---------
(1) Exclusive of sales load.
(2) Annualized.
(3) Not annualized.
See notes to financial statements.
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, MINNESOTA 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, 1998 Year Ended April 30,
_______________________________________________________
PER SHARE DATA: (Unaudited) 1998 1997 1996 1995 1994
__________ _______ _______ _______ _______ _______
Net asset value, beginning of period . . . . . $15.33 $15.06 $15.01 $14.92 $14.74 $15.32
_______ _______ _______ _______ _______ _______
Investment Operations:
Investment income--net . . . . . . . . . . . . .36 .74 .74 .74 .75 .78
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . . . .19 .27 .09 .09 .18 (.52)
_______ _______ _______ _______ _______ _______
Total from Investment Operations . . . . . . . .55 1.01 .83 .83 .93 .26
_______ _______ _______ _______ _______ _______
Distributions:
Dividends from investment income--net . . . . . (.36) (.74) (.74) (.74) (.75) (.78)
Dividends from net realized gain on investments . . -- -- (.04) -- -- (.06)
_______ _______ _______ _______ _______ _______
Total Distributions . . . . . . . . . . . . . . (.36) (.74) (.78) (.74) (.75) (.84)
_______ _______ _______ _______ _______ _______
Net asset value, end of period . . . . . . . . $15.52 $15.33 $15.06 $15.01 $14.92 $14.74
_______ _______ _______ _______ _______ _______
TOTAL INVESTMENT RETURN(1) . . . . . . . . . . . . 7.16%(2) 6.79% 5.60% 5.62% 6.57% 1.55%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . 1.42%(2) 1.42% 1.44% 1.43% 1.44% 1.38%
Ratio of net investment income
to average net assets . . . . . . . . . . . 4.61%(2) 4.79% 4.90% 4.87% 5.13% 4.91%
Decrease reflected in above expense ratios due
to undertakings by the Manager . . . . . . -- -- -- -- .01% .09%
Portfolio Turnover Rate . . . . . . . . . . . . 27.48%(3) 13.37% 25.82% 35.47% 51.95% (12.21%)
Net Assets, end of period (000's Omitted) . . . $30,821 $28,568 $26,004 $25,617 $23,217 $21,004
- ---------
(1) Exclusive of sales load.
(2) Annualized.
(3) Not annualized.
</TABLE>
<TABLE>
<CAPTION>
See notes to financial statements.
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, MINNESOTA 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, 1998 Year Ended April 30,
_______________________________
PER SHARE DATA: (Unaudited) 1998 1997 1996(1)
_________ _______ _______ _______
<S> <C> <C> <C> C
Net asset value, beginning of period . . . . . . . . . . . . . . . . . $15.33 $15.06 $15.01 $14.96
_______ ______ ______ ______
Investment Operations:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . .33 .69 .70 .50
Net realized and unrealized gain (loss) on investments . . . . . . . . .19 .27 .09 .05
_______ ______ ______ ______
Total from Investment Operations . . . . . . . . . . . . . . . . . . . .52 .96 .79 .55
_______ ______ ______ ______
Distributions:
Dividends from investment income--net . . . . . . . . . . . . . . . . . (.33) (.69) (.70) (.50)
Dividends from net realized gain on investments . . . . . . . . . . . . -- -- (.04) --
_______ ______ ______ ______
Total Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . (.33) (.69) (.74) (.50)
_______ ______ ______ ______
Net asset value, end of period . . . . . . . . . . . . . . . . . . . . $15.52 $15.33 $15.06 $15.01
_______ ______ ______ ______
TOTAL INVESTMENT RETURN(2) . . . . . . . . . . . . . . . . . . . . . . . . 6.80%(3) 6.46% 5.34% 5.15%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . . . . . . . . . . . 1.75%(3) 1.73% 1.67% 1.42%(3)
Ratio of net investment income to average net assets . . . . . . . . . 4.22%(3) 4.40% 4.62% 4.00%(3)
Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . 27.48%(4) 13.37% 25.82% 35.47%
Net Assets, end of period (000's Omitted) . . . . . . . . . . . . . . . $1,102 $667 $307 $373
- ---------
(1) From August 15, 1995 (commencement of initial offering) to April 30, 1996.
(2) Exclusive of sales load.
(3) Annualized.
(4) Not annualized.
</TABLE>
See notes to financial statements.
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, MINNESOTA 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, as amended (the "Act") as a non-diversified
open-end management investment company and operates as a series company
currently offering thirteen series, including the Minnesota 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. Under the custody agreement, the
Fund received net earnings credits of $512 during the period ended October 31,
1998 based on available cash balances left on deposit. Income earned under this
arrangement is included in interest income.
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, MINNESOTA SERIES
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
The Fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations held
by the Fund.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain are normally declared and paid
annually, but the Fund may make distributions on a more frequent basis to comply
with the distribution requirements of the Internal Revenue Code, as amended (the
" Code" ). To the extent that net realized capital gain can be offset by capital
loss carryovers, if any, it is the policy of the Fund not to distribute such
gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to qualify
as a regulated investment company, which can distribute tax exempt dividends, by
complying with the applicable provisions of the 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 $315,000
available for Federal income taxes purposes to be applied against future net
securities profits, if any, realized subsequent to April 30, 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. During the period ended
October 31, 1998, 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 $26 during the period ended October 31, 1998, 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 October 31, 1998, Class B and Class C
shares were charged $74,370 and $2,946, 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 their average
daily net assets 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 DREYFUS PREMIER STATE MUNICIPAL
BOND FUND, MINNESOTA SERIES
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
professional) in respect of these services. The Distributor determines the
amounts to be paid to Service Agents. During the period ended October 31, 1998,
Class A, Class B and Class C shares were charged $162,067, $37,185 and $982,
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 October 31, 1998, the Fund was charged $35,113 pursuant to the transfer
agency agreement.
(D) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Trust anannual 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 October 31, 1998 amounted to
$53,963,269 and $43,021,583, respectively.
At October 31, 1998, accumulated net unrealized appreciation on investments
was $10,417,066, consisting of $10,523,948 gross unrealized appreciation and
$106,882 gross unrealized depreciation.
At October 31, 1998, 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, MINNESOTA 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. 055/618SA9810
SEMI-ANNUAL REPORT
- -------------------------------------------------------------------------------
DREYFUS PREMIER STATE
MUNICIPAL BOND FUND
MINNESOTA SERIES
- -------------------------------------------------------------------------------
OCTOBER 31, 1998
[reg.tm dreyfus lion logo]
January 12, 1999
Office of Records
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Dreyfus Premier State Municipal Bond Fund
Maryland Series - Class A, B and C Shares
File No. 811-4906
Gentlemen:
Transmitted for filing is one (1) copy of the Semi-Annual Report to
Shareholders for the above-referenced Series of Dreyfus Premier State
Municipal Bond Fund as of October 31, 1998, filed pursuant to the provisions
of Section 30 of the Investment Company Act of 1940, as amended.
Very truly yours,
James Bitetto
JB:kwm
Enclosure
Copy for filing to:
National Association of Securities Dealers, Inc.
Attn: Advertising Department
