DREYFUS PREMIER STATE MUNICIPAL BOND FUND, FLORIDA SERIES
- -----------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance for Dreyfus Premier State Municipal
Bond Fund -- Florida Series for the six-month reporting period ended October 31,
1998 as shown in the following table:
<TABLE>
<CAPTION>
Annualized
Total Return* Distribution Rate**
____________ _________________
<S> <C> <C>
Class A shares . . . . . . . . . . . . . . . . . . . . 4.09% 4.29%
Class B shares . . . . . . . . . . . . . . . . . . . . 3.76% 3.99%
Class C shares . . . . . . . . . . . . . . . . . . . . 3.67% 3.68%
</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
In general, fixed-income securities have traded in a downward-spiked pattern
since appreciating dramatically and topping in mid-October. Market participants
have been greatly influenced by the overall trend to purchase what are perceived
to be safer securities (for example, U.S. Treasury notes and bonds), which is
mainly incited by the Asian economic crisis. This crisis, and that of other
countries, has prompted notions of domestic economic contraction, creating the
perception that bonds whose credit quality is dependent on the business cycle
are vulnerable. Therefore, many securities, such as corporate, mortgage, asset
backed, or project-related bonds, have traded off in this period. Currently, the
expectation is that the interest rate spreads between these types of securities
and Treasuries will remain wide. Additionally, the recent exaggerated nature of
short-term price performance (both up and down) was greatly influenced by the
financial problems of leveraged hedge funds and the quick response by the
Federal Reserve. The municipal market focused on these trends and its
participants initially benefited from the same direction, though not to the same
level of appreciation as the Treasury bond markets. Correspondingly, municipals
outperformed Treasuries in the market' s recent downward price adjustment,
retaining more of their value.
Portfolio Overview
From May through most of the six-month period which ended October 31, 1998,
your Fund was actively selling bonds priced at slight discounts below par and
par bonds. The purpose of this activity was aimed at managing the volatility
that was present in the municipal market, and to position the Fund for optimal
performance. We felt that attempting to predict precisely the timing of the ebb
and flow of market changes would be difficult, at best. Instead we focused our
efforts on shortening the portfolio' s average maturity by selling a modest
portion of long maturity discount bonds and zero coupon bonds, and purchasing
higher coupon bonds in the 15- to 20-year maturity range.
By late summer, the portfolio was being managed utilizing a slightly more
conservative approach in order to balance recurring volatility in the municipal
bond market with the ongoing objective of obtaining value. The Fund is currently
well balanced across the coupon range. While it is entirely possible that the
market may again see periods of volatility, the bond market is currently gaining
positive momentum once again. We have been monitoring this shift and have made
appropriate adjustments to the portfolio.
Our primary tasks, which guide our portfolio management decisions, are to earn a
high level of current income to the extent it is consistent with the
preservation of capital while maintaining the Fund' s high credit quality.
Included in this report is a series of detailed statements outlining the
portfolio' s holdings and financial condition. We hope they are informative.
Please know that we greatly appreciate your continued confidence in the
portfolio and the Dreyfus Corporation.
Sincerely,
[Signature logo Richard J. Moynihan]
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 shares and Class C shares. Income may be
subject to state and local income taxes for non-Florida 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, FLORIDA SERIES
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS OCTOBER 31, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments--90.9% Amount Value
- -------------------------------------------------------
_____________ _____________
Florida--87.6%
<S> <C> <C> <C> <C>
Brevard County, IDR (Nui Corp. Project) 6.40%, 10/1/2024 (Insured; AMBAC). . . . . . . . . $ 1,000,000 $ 1,114,480
Broward County Health Facilities Authority, Revenue, Refunding
(Broward County Nursing Home) 7.50%, 8/15/2020 (LOC; Allied Irish Bank) . . . . . . . . 1,000,000 1,085,340
Charlotte County:
Healthcare Facilities Revenue (Charlotte Community Mental Health Project) 9.25%, 7/1/2020 1,575,000 1,690,385
Utility Revenue, Refunding 5%, 10/1/2023 (Insured; FGIC) . . . . . . . . . . . . . . . 2,500,000 2,498,125
Clay County Housing Finance Authority, SFMR 8.20%, 6/1/2021 (Collateralized; GNMA) . . . . 460,000 477,186
Clearwater, Gas System Revenue:
5.30%, 9/1/2027 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,405,000 2,467,072
Refunding 5%, 9/1/2023 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . 3,010,000 3,007,682
Dade County, Special Obligation, Refunding 5%, 10/1/2035 (Insured; AMBAC). . . . . . . . . 10,000,000 9,941,200
Dade County Health Facilities Authority, HR
(South Shore Hospital and Medical Center) 7.60%, 8/1/2024 (Insured; FHA) . . . . . . . 2,030,000 2,144,147
Dade County Housing Finance Authority, SFMR
6.70%, 4/1/2028 (Collateralized: FNMA,GNMA) . . . . . . . . . . . . . . . . . . . . . . 4,500,000 4,833,540
Duval County Housing Finance Authority, SFMR:
7.85%, 12/1/2022 (Collateralized; GNMA) . . . . . . . . . . . . . . . . . . . . . . . . 2,265,000 2,370,957
7.70%, 9/1/2024 (Collateralized; GNMA, Insured; FGIC) . . . . . . . . . . . . . . . . . 1,065,000 1,125,737
Escambia County Housing Finance Authority, SFMR
7.80%, 4/1/2022 (Collateralized; GNMA) . . . . . . . . . . . . . . . . . . . . . . . . 750,000 788,445
Florida Board of Education:
Capital Outlay (Public Education):
4.50, 6/1/2023 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 9,357,000
Refunding 4.50%, 6/1/2019 (Insured; FSA) . . . . . . . . . . . . . . . . . . . . . 7,000,000 6,626,200
Lottery Revenue 4.50%, 7/1/2017 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . 2,110,000 2,016,105
Florida Department of General Services, Facilities Management Revenue
6.125%, 9/1/2023 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,112,590
Florida Department of Juvenile Justice (Juvenile Residential)
5.20%, 6/15/2019 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,984,000 6,047,969
Florida, Housing Finance Agency:
(Brittany Rosemont Apartments) 7%, 2/1/2035 (Insured; AMBAC) . . . . . . . . . . . . . 6,000,000 6,649,860
Single Family Mortgage:
6.65%, 7/1/2026 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,585,000 1,707,980
Refunding 6.65%, 1/1/2024 (Collateralized: FNMA,GNMA) . . . . . . . . . . . . . . . 2,375,000 2,556,498
Hillsborough County:
Capital Improvement Revenue (Warehouse and Sheriffs Facilities Project)
5%, 7/1/2028 (Insured; FSA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,075,000 4,065,342
Utility Revenue, Refunding:
6.625%, 8/1/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000,000 4,294,120
7%, 8/1/2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,765,000 5,149,536
Hillsborough County Aviation Authority, Revenue, Refunding (Delta Airlines) 6.80%, 1/1/2024. . 2,500,000 2,708,925
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, FLORIDA SERIES
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
- -------------------------------------------------------
_____________ _____________
Florida (continued)
Hillsborough County Industrial Development Authority, PCR, Refunding (Tampa
Electric Co. Project)
6.25%, 12/1/2034 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,000,000 $ 1,113,990
Jacksonville Health Facilities Authority, HR, Refunding
(St.Luke's Hospital) 7.125%, 11/15/2020 . . . . . . . . . . . . . . . . . . . . . . . . 6,700,000 7,338,711
Jupiter, Utility System Revenue (South Martin Regional Utility):
5%, 10/1/2018 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500,000 1,503,285
5%, 10/1/2028 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 999,190
Lee County Housing Finance Authority SFMR:
6.30%, 3/1/2029 (Collateralized: FNMA,GNMA) . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,118,860
(Multi-County Program) 7.45%, 9/1/2027 (Collateralized: FNMA,GNMA) . . . . . . . . . . 1,350,000 1,536,867
Martin County, Utilities Systems Revenue, Refunding:
5.50%, 10/1/2011 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,110,090
5.50%, 10/1/2012 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,065,000 1,180,648
5.50%, 10/1/2013 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,485,000 1,640,777
Miami-Dade County Housing Finance Authority, MFMR (Villa Esperanza Apartments
Project):
5.25%, 10/1/2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 625,000 631,044
5.35%, 10/1/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,009,610
Miramar, Public Service Tax Revenue 6.15%, 10/1/2024 (Insured; FGIC) . . . . . . . . . . . 1,000,000 1,085,990
North Miami Health Facilities Authority, Health Facilities Revenue
(Villa Maria Nursing Housing Project) 7.50%, 9/1/2012 . . . . . . . . . . . . . . . . . 2,470,000 2,663,203
North Port, Utility Revenue, Refunding
5%, 10/1/2022 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,100,000 1,099,197
Orange County Health Facilities Authority, Health Facilities Revenue
(Mental Health Services) 9.25%, 7/1/2020 (Prerefunded 7/1/2000) (a) . . . . . . . . . . 3,635,000 4,036,668
Osceola County Industrial Development Authority, Revenue
(Community Provider Pooled Loan Program) 7.75%, 7/1/2017 . . . . . . . . . . . . . . . 5,235,000 5,693,272
Palm Beach County, Solid Waste Industrial Development Revenue:
(Okeelanta Power LP Project) 6.85%, 2/15/2021 (b) . . . . . . . . . . . . . . . . . . . 7,500,000 6,000,000
(Osceola Power LP) 6.85%, 1/1/2014 (b) . . . . . . . . . . . . . . . . . . . . . . . . 5,800,000 4,582,000
Palm Beach County Housing Finance Authority
Single Family Mortgage Purchase Revenue 6.55%, 4/1/2027 (Collateralized: FNMA,GNMA) 1,900,000 2,047,516
Peace River/Manasota Regional Water Supply Authority, Revenue (Peace River
Option Project)
5%, 10/1/2028 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500,000 1,498,785
Pinellas County, PCR, Refunding (Florida Power Corp.) 7.20%, 12/1/2014 . . . . . . . . . . 3,000,000 3,288,030
Pinellas County Housing Finance Authority, SFMR:
7.70%, 8/1/2022 (Collateralized; GNMA) . . . . . . . . . . . . . . . . . . . . . . . . 2,050,000 2,162,689
(Multi-County Program) 6.70%, 2/1/2028 (Colleralized: FNMA,GNMA) . . . . . . . . . . . 4,040,000 4,355,160
Polk County Industrial Development Authority, IDR (IMC Fertilizer)
7.525% 1/1/2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,713,800
St. Lucie, SWDR (Florida Power and Light Co. Project) 7.15%, 2/1/2023. . . . . . . . . . . 4,000,000 4,331,280
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, FLORIDA SERIES
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
- -------------------------------------------------------
_____________ _____________
Florida (continued)
Santa Rosa Bay Bridge Authority, Revenue, Zero Coupon, 7/1/2021. . . . . . . . . . . . . . $ 4,255,000 $ 1,274,287
Seminole, Water Control District 6.75%, 8/1/2022 . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,080,680
Seminole County, Sales Tax Revenue, Refunding 4.625%, 10/1/2022 (Insured; MBIA). . . . . . 2,015,000 1,916,930
Tampa:
Alleghany Health System Revenue (St. Joseph)
6.50%, 12/1/2023 (Insured; MBIA, Prerefunded 12/1/2004) (a) . . . . . . . . . . . . 1,000,000 1,154,540
Utility Tax, Zero Coupon, 4/1/2017 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . 2,110,000 848,092
Tampa Sports Authority, Sales Tax Revenue (Tampa Bay Arena Project)
5.75%, 10/1/2025 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,130,360
U.S. Related--3.3%
Puerto Rico Commonwealth, Refunding (Public Improvement) Zero Coupon 7/1/2016. . . . . . . 8,000,000 3,383,440
Puerto Rico Electric Power Authority, Power Revenue 5%, 7/1/2028 . . . . . . . . . . . . . 3,000,000 2,947,410
______________
TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $166,666,828). . . . . . . . . . . . . . . . . $173,312,822
=============
Short-Term Municipal Investments--3.8%
- -------------------------------------------------------
Florida:
Hillsborough County Industrial Development Authority, PCR, Refunding, VRDN
(Tampa Electric Co. Project) 3.70% (c) . . . . . . . . . . . . . . . . . . . . . . . . $ 1,350,000 $ 1,350,000
Martin County, SWDR, VRDN (Florida Power and Light Company Project) 3.85% (c). . . . . . . 1,700,000 1,700,000
Pinellas County Health Facilities Authority, Revenue, Refunding, VRDN
(Pooled Hospital Loan Program) 3.70% (LOC; The Chase Manhattan Bank) (c) . . . . . . . 4,100,000 4,100,000
______________
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS (cost $7,150,000) . . . . . . . . . . . . . . . . . $ 7,150,000
==============
TOTAL INVESTMENTS (cost $173,816,828). . . . . . . . . . . . . . . . . . . . . . . . . . 94.7% $ 180,462,822
======= ==============
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3% $ 10,149,483
======= ==============
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $ 190,612,305
======= ==============
</TABLE>
<TABLE>
<CAPTION>
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, FLORIDA SERIES
- -----------------------------------------------------------------------------
Summary of Abbreviations
- -----------------------------------------------------------------------------
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
FGIC Financial Guaranty Insurance Company MBIA Municipal Bond Investors Assurance
FHA Federal Housing Administration Insurance Corporation
FNMA Federal National Mortgage Association MFMR Multi-Family Mortgage Revenue
FSA Financial Security Assurance PCR Pollution Control Revenue
GNMA Government National Mortgage Association SFMR Single Family Mortgage Revenue
HR Hospital Revenue SWDR Solid Waste Disposal Revenue
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
Summary of Combined Ratings (Unaudited)
- -----------------------------------------------------------------------------
Fitch or Moody's or Standard & Poor's Percentage of Value
______ _______ ________________ _________________
<S> <C> <C> <C>
AAA Aaa AAA 53.3%
AA Aa AA 6.5
A A A 7.9
BBB Baa BBB 15.0
F1 + & F-1 MIG1, VMIG1 & P1 SP1 & A1 4.0
Not Rated (d) Not Rated (d) Not Rated (d) 13.3
_______
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) Non-income producing security; interest payments in dafault.
(c)Securities payable on demand. Variable interest rate--subject to periodic
change.
(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.
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, FLORIDA SERIES
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES OCTOBER 31, 1998 (UNAUDITED)
Cost Value
_____________ _____________
<S> <C> <C> <C>
ASSETS: Investments in securities--See Statement of Investments . . $173,816,828 $180,462,822
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . 140,563
Receivable for investment securities sold . . . . . . . . 7,746,393
Interest receivable . . . . . . . . . . . . . . . . . . . 2,493,510
Receivable for shares of Beneficial Interest subscribed . . 91,333
Prepaid expenses . . . . . . . . . . . . . . . . . . . . 15,724
______________
190,950,345
_____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 97,967
Due to Distributor . . . . . . . . . . . . . . . . . . . 54,811
Payable for shares of Beneficial Interest redeemed . . . 124,024
Accrued expenses . . . . . . . . . . . . . . . . . . . . 61,238
______________
338,040
______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $190,612,305
==============
REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . $181,429,704
Accumulated net realized gain (loss) on investments . . . 2,536,607
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4 . . . . . . . . . . . . . . . . 6,645,994
______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $190,612,305
==============
</TABLE>
<TABLE>
<CAPTION>
NET ASSET VALUE PER SHARE
--------------------
Class A Class B Class C
_______________ ______________ _______________
<S> <C> <C> <C>
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 158,222,677 $ 31,910,436 $ 479,192
Shares Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . 10,971,651 2,213,776 33,232
NET ASSET VALUE PER SHARE. . . . . . . . . . . . . . . . . . . . . . . $14.42 $14.41 $14.42
====== ====== ======
</TABLE>
<TABLE>
<CAPTION>
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, FLORIDA SERIES
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONS SIX MONTHS ENDED
OCTOBER 31, 1998 (UNAUDITED)
INVESTMENT INCOME
<S> <C> <C> <C>
INCOME Interest Income . . . . . . . . . . . . . . . . . $5,377,180
EXPENSES: Management fee--Note 3(a) . . . . . . . . . . . . $ 544,975
Shareholder servicing costs--Note 3(c) . . . . . 315,817
Distribution fees--Note 3(b) . . . . . . . . . . 82,787
Professional fees . . . . . . . . . . . . . . . . 19,347
Custodian fees . . . . . . . . . . . . . . . . . 11,010
Registration fees . . . . . . . . . . . . . . . . 8,196
Prospectus and shareholders' reports . . . . . . 6,233
Trustees' fees and expenses--Note 3(d) . . . . . 1,142
Loan commitment fees--Note 2 . . . . . . . . . . 336
Miscellaneous . . . . . . . . . . . . . . . . . . 6,537
____________
Total Expenses . . . . . . . . . . . . . . . . 996,380
___________
INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,380,800
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments . . . . . $2,062,249
Net unrealized appreciation (depreciation)
on investments . . . . . . . . . . . . . . . . 1,377,979
____________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS . . . . . . . . . . . . . . 3,440,228
___________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . $7,821,028
===========
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, FLORIDA SERIES
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
October 31, 1998 Year Ended
(Unaudited) April 30, 1998
_______________ _____________
OPERATIONS:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,380,800 $ 10,163,273
Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . 2,062,249 4,552,743
Net unrealized appreciation (depreciation) on investments . . . . . . . . . . . . 1,377,979 (30,630)
______________ _____________
Net Increase (Decrease) in Net Assets Resulting from Operations . . . . . 7,821,028 14,685,386
______________ _____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,723,110) (8,708,574)
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (650,229) (1,444,398)
Class C shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,461) (10,301)
Net realized gain on investments:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- (1,961,831)
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- (369,040)
Class C shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- (4,375)
______________ _____________
Total Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,380,800) (12,498,519)
______________ _____________
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,840,912 4,051,008
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,173,928 2,234,966
Class C shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227,413 381,095
Dividends reinvested:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,330,973 3,975,356
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205,190 602,999
Class C shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,349 5,299
Cost of shares redeemed:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15,618,102) (44,604,777)
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,571,325) (6,415,791)
Class C shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (122,513) (76,688)
______________ _____________
Increase (Decrease) in Net Assets from Beneficial Interest Transactions . (13,531,175) (39,846,533)
______________ _____________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . . . (10,090,947) (37,659,666)
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,703,252 238,362,918
______________ _____________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $190,612,305 $200,703,252
============== =============
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, 1998 Year Ended
(Unaudited) April 30, 1998
________________ ______________
CAPITAL SHARE TRANSACTIONS:
Class A
________
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128,001 284,437
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . 92,381 279,615
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,086,030) (3,129,753)
___________ ___________
Net Increase (Decrease) in Shares Outstanding . . . . . (865,648) (2,565,701)
=========== ===========
Class B
________
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,493 157,058
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . 14,249 42,427
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (178,966) (450,109)
___________ ___________
Net Increase (Decrease) in Shares Outstanding . . . . . (83,224) (250,624)
=========== ===========
Class C
________
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,813 26,691
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . 163 373
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,552) (5,372)
___________ ___________
Net Increase (Decrease) in Shares Outstanding . . . . . 7,424 21,692
=========== ===========
</TABLE>
<TABLE>
<CAPTION>
SEE NOTES TO FINANCIAL STATEMENTS.
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, 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 . . . . . $14.17 $14.06 $14.48 $14.51 $14.43 $15.02
_______ _______ _______ _______ _______ _______
Investment Operations:
Investment income--net . . . . . . . . . . . . .33 .66 .76 .79 .81 .85
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . . . .25 .26 (.08) .17 .12 (.51)
_______ _______ _______ _______ _______ _______
Total from Investment Operations . . . . . . . .58 .92 .68 .96 .93 .34
_______ _______ _______ _______ _______ _______
Distributions:
Dividends from investment income--net . . . . . (.33) (.66) (.76) (.79) (.81) (.85)
Dividends from net realized gain on investments . . -- (.15) (.34) (.20) (.04) (.04)
Dividends in excess of net realized gain
on investments . . . . . . . . . . . . . . -- -- -- -- -- (.04)
_______ _______ _______ _______ _______ _______
Total Distributions . . . . . . . . . . . . . . (.33) (.81) (1.10) (.99) (.85) (.93)
_______ _______ _______ _______ _______ _______
Net asset value, end of period . . . . . . . . $14.42 $14.17 $14.06 $14.48 $14.51 $14.43
======= ======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN(1) . . . . . . . . . . . . 8.11%(2) 6.73% 4.74% 6.63% 6.71% 2.14%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . .92%(2) .91% .92% .91% .90% .80%
Ratio of net investment income
to average net assets . . . . . . . . . . . 4.51%(2) 4.67% 5.27% 5.29% 5.67% 5.61%
Decrease reflected in above expense ratios due
to undertakings by the Manager . . . . . . -- -- -- -- .01% .10%
Portfolio Turnover Rate . . . . . . . . . . . . 49.50%(3) 91.18% 71.68% 54.37% 50.62% 20.84%
Net Assets, end of period (000's Omitted) . . . $158,223 $167,793 $202,503 $227,478 $252,406 $289,791
- ---------
(1) Exclusive of sales load.
(2) Annualized.
(3) Not annualized.
</TABLE>
<TABLE>
<CAPTION>
SEE NOTES TO FINANCIAL STATEMENTS.
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, 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 . . . . . $14.17 $14.05 $14.47 $14.51 $14.42 $15.01
_______ _______ _______ _______ _______ _______
Investment Operations:
Investment income--net . . . . . . . . . . . . .29 .59 .69 .71 .73 .77
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . . . .24 .27 (.08) .16 .13 (.51)
_______ _______ _______ _______ _______ _______
Total from Investment Operations . . . . . . . .53 .86 .61 .87 .86 .26
_______ _______ _______ _______ _______ _______
Distributions:
Dividends from investment income--net . . . . . (.29) (.59) (.69) (.71) (.73) (.77)
Dividends from net realized gain on investments . . -- (.15) (.34) (.20) (.04) (.04)
Dividends in excess of net realized gain
on investments . . . . . . . . . . . . . . -- -- -- -- -- (.04)
_______ _______ _______ _______ _______ _______
Total Distributions . . . . . . . . . . . . . . (.29) (.74) (1.03) (.91) (.77) (.85)
_______ _______ _______ _______ _______ _______
Net asset value, end of period . . . . . . . . $14.41 $14.17 $14.05 $14.47 $14.51 $14.42
======= ======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN(1) . . . . . . . . . . . . 7.46%(2) 6.26% 4.21% 6.01% 6.21% 1.54%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . 1.42%(2) 1.41% 1.42% 1.41% 1.41% 1.34%
Ratio of net investment income
to average net assets . . . . . . . . . . . 4.00%(2) 4.16% 4.76% 4.77% 5.13% 4.91%
Decrease reflected in above expense ratios due
to undertakings by the Manager . . . . . . -- -- -- -- .01% .09%
Portfolio Turnover Rate . . . . . . . . . . . . 49.50%(3) 91.18% 71.68% 54.37% 50.62% (20.84%)
Net Assets, end of period (000's Omitted) . . . $31,910 $32,545 $35,802 $27,023 $25,282 $22,476
- ---------
(1) Exclusive of sales load.
(2) Annualized.
(3) Not annualized.
</TABLE>
<TABLE>
<CAPTION>
SEE NOTES TO FINANCIAL STATEMENTS.
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, 1998 Year Ended April 30,
___________________________________
PER SHARE DATA: (Unaudited) 1998 1997 1996(1)
_________ _______ _______ _______
<S> <C> <C> <C> <C>
Net asset value, beginning of period . . . . . . . . . . . . . . . . . $14.17 $14.05 $14.47 $14.65
_______ _______ _______ _______
Investment Operations:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . .27 .55 .65 .48
Net realized and unrealized gain (loss) on investments . . . . . . . . .25 .27 (.08) .02
_______ _______ _______ _______
Total from Investment Operations . . . . . . . . . . . . . . . . . . . .52 .82 .57 .50
_______ _______ _______ _______
Distributions:
Dividends from investment income--net . . . . . . . . . . . . . . . . . (.27) (.55) (.65) (.48)
Dividends from net realized gain on investments . . . . . . . . . . . . -- (.15) (.34) (.20)
_______ _______ _______ _______
Total Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . (.27) (.70) (.99) (.68)
_______ _______ _______ _______
Net asset value, end of period . . . . . . . . . . . . . . . . . . . . $14.42 $14.17 $14.05 $14.47
======= ======= ======= =======
TOTAL INVESTMENT RETURN(2) . . . . . . . . . . . . . . . . . . . . . . . . 7.28%(3) 5.94% 3.95% 4.69%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . . . . . . . . . . . 1.72%(3) 1.71% 1.97% 1.99%(3)
Ratio of net investment income to average net assets . . . . . . . . . 3.67%(3) 3.69% 4.60% 4.20%(3)
Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . 49.50%(4) 91.18% 71.68% 54.37%
Net Assets, end of period (000's Omitted) . . . . . . . . . . . . . . . $479 $366 $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.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
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, 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 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. Under the terms of the custody
agreement, the Fund received net earnings credits of $8,647 based on available
cash balances left on deposit. Income earned under this arrangement is included
in interest income.
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, FLORIDA 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 of 1986, as
amended (the "Code"). To the extent that net realized capital gain can be offset
by capital loss carryovers, it is the policy of the Fund not to distribute such
gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to qualify
as a regulated investment company, which can distribute tax exempt dividends, by
complying with the applicable provisions of the Code, and to make distributions
of income and net realized capital gain sufficient to relieve it from
substantially all Federal income and excise taxes.
NOTE 2--BANK LINE OF CREDIT:
The Fund participates with other Dreyfus-managed funds in a $600 million
redemption credit facility (" Facility" ) to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the Fund has agreed to pay commitment fees on its pro rata portion of
the Facility. Interest is charged to the Fund at rates based on prevailing
market rates in effect at the time of 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 $46 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 $81,261 and $1,526, respectively, pursuant to the
Distribution Plan.
(C) Under the Shareholder Services Plan, Class A, Class B and Class C shares
pay the Distributor at an annual rate of .25 of 1% of the value of the average
daily net assets 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, 1998, Class A, Class B and Class C
shares were charged $206,576, $40,631 and $509, 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, 1998, the Fund was charged $42,805 pursuant to the transfer
agency agreement.
(D) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Trust 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, 1998
amounted to $92,416,777 and $117,502,740, respectively.
At October 31, 1998, accumulated net unrealized appreciation on investments
was $6,645,994 consisting of $9,672,293 gross unrealized appreciation and
$3,026,299 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, 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. 051/615SA9810
SEMI-ANNUAL REPORT
- -------------------------------------------------------------------------------
DREYFUS PREMIER STATE
MUNICIPAL BOND FUND
FLORIDA SERIES
- -------------------------------------------------------------------------------
OCTOBER 31, 1998
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
