DREYFUS PREMIER STATE MUNICIPAL BOND FUND, CONNECTICUT SERIES
- -----------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance for the Dreyfus Premier State
Municipal Bond Fund--Connecticut Series for the six-month reporting period ended
October 31, 1998, as shown in the following table:
<TABLE>
ANNUALIZED
TOTAL RETURN* DISTRIBUTION RATE**
___________ _______________
<S> <C> <C>
Class A shares . . . . . . . . . . . . . . . . . . . . 4.63% 4.73%
Class B shares . . . . . . . . . . . . . . . . . . . . 4.27% 4.44%
Class C shares . . . . . . . . . . . . . . . . . . . . 4.15% 4.19%
</TABLE>
ECONOMIC REVIEW
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 general fixed-income markets have traded off in a downward-spiked pattern
since appreciating dramatically and topping in mid October. Market participants
have been greatly influenced by the overall trend to perceived safer securities
(mainly Treasury notes and bonds) incited by the Asian economic crisis. This
crisis 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 of 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, in the
recent market price decline, municipals outperformed Treasuries, maintaining
more of their value.
PORTFOLIO OVERVIEW
In the past, your Fund has been a responder to the supply and demand pressure
dynamic of the tax-exempt bond market. New issuance, usually our primary
concern, was replaced by the fundamental concerns of interest rate trends and
the previously mentioned widening of interest rate levels among different
classes of bonds.
As a protective measure, some high-quality, highly liquid securities were
added to your Fund. Bonds that could erode in price due to the current market
sentiment were replaced. Likewise, bonds with short call features on
premium-priced positions that bring prices down with the passing of time were
traded. These exchanges were accomplished at a modest change in yield in most
circumstances. This new balance leaves many defensive securities in the
portfolio, which is appropriate in a scenario where recent Fed rate cuts have
primarily enhanced the value of the equity markets and not the bond market.
However, if there is another upward price rally in fixed income, the newly added
bonds will participate.
Included in this report is a series of detailed financial statements, which
outline the Fund' s current holdings and its financial condition. We hope that
you find them informative.
Very truly yours,
[Richard J. Moynihan signature logo]
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-Connecticut 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>
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, CONNECTICUT SERIES
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS OCTOBER 31, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments--97.8% Amount Value
- ------------------------------------------------------- ______________ ______________
<S> <C> <C>
Connecticut--77.7%
Connecticut:
5%, 3/15/2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 70,000 $ 73,054
6.1452%, 3/15/2012 (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,436,300
5%, 8/1/2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000 36,461
6.1452%, 8/1/2012 (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,900,000 6,392,650
5.50%, 5/15/2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,135,000
5.50%, 5/15/2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,188,670
5.25%, 3/1/2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,195,800
Special Tax Obligation Revenue (Transportation Infrastructure):
Refunding 5.375%, 9/1/2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,741,950
7.125%, 6/1/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,400,000 4,251,020
6.75%, 6/1/2011 (Prerefunded 6/1/2003) (c) . . . . . . . . . . . . . . . . . . . . 8,500,000 9,570,660
Connecticut Development Authority, Revenue:
First Mortgage Gross:
(Elim Park Baptist Home Inc. Project) 9%, 12/1/2020 (Prerefunded 12/1/1999) (c) . . 3,565,000 3,888,203
Refunding (Health Care Project, Church Homes Inc.):
5.70%, 4/1/2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,240,000 1,285,396
5.80%,4/1/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,112,680
Refunding (Health Care Project, Elim Park Baptist Home) 5.375%, 12/1/2018 . . . . . 2,300,000 2,310,373
Health Care (Jerome Home Project) 8%, 11/1/2019 (Prerefunded 11/1/1999) (c) . . . . . . 35,000 37,344
Life Care Facilities (Seabury Project):
Refunding 8.75%, 9/1/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,625,000 1,755,715
10%, 9/1/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,175,000 12,185,332
Pollution Control, Refunding (Light and Power) 5.85%, 9/1/2028 . . . . . . . . . . . . 10,150,000 10,217,701
Water Facilities (Bridgeport Hydraulic) 6.15%, 4/1/2035 . . . . . . . . . . . . . . . . 2,750,000 3,002,313
Connecticut Health and Educational Facilities Authority, Revenue:
(Bridgeport Hospital) 6.625%, 7/1/2018 (Insured; MBIA) . . . . . . . . . . . . . . . . 700,000 770,777
(Greenwich Academy) 5.75%, 3/1/2026 (Insured; FSA) . . . . . . . . . . . . . . . . . . 3,130,000 3,367,504
(Greenwich Hospital) 5.80%, 7/1/2026 (Insured; MBIA) . . . . . . . . . . . . . . . . . 9,365,000 10,055,762
(Hartford University):
6.75%, 7/1/2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,500,000 3,724,070
6.80%, 7/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,500,000 9,034,735
(Johnson Evergreen Corp.) 8.50%, 7/1/2022 . . . . . . . . . . . . . . . . . . . . . . . 4,500,000 4,907,115
(Loomis Chaffee School Project):
6%, 7/1/2015 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . 715,000 779,243
6%, 7/1/2025 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,102,020
(Middlesex Hospital)
6.25%, 7/1/2022 (Insured; MBIA) (Prerefunded 7/1/2002) (c) . . . . . . . . . . . . 3,500,000 3,871,595
(New Britain General Hospital) 6.125%, 7/1/2014 (Insured; AMBAC) . . . . . . . . . . . 1,000,000 1,107,400
(New Britain Memorial Hospital) 7.75%, 7/1/2022 (Prerefunded 7/1/2002) . . . . . . . . . 16,000,000 18,426,080
(Norwalk Hospital) 6.25%, 7/1/2022 (Insured; MBIA) . . . . . . . . . . . . . . . . . . 3,860,000 4,215,313
(Quinnipiac College) 6%, 7/1/2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,545,000 6,827,024
(Refunding-Connecticut College) 5.50%, 7/1/2027 (Insured; MBIA) . . . . . . . . . . . . 2,500,000 2,656,425
(Refunding-Hospital for Special Care) 5.375%, 7/1/2017 . . . . . . . . . . . . . . . . 4,430,000 4,492,153
(Refunding-Nursing Home Program - 3030 Park Fairfield Health Center Project)
6.25%, 11/1/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,791,350
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, CONNECTICUT SERIES
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STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------- ______________ ______________
Connecticut (continued)
Connecticut Health and Educational Facilities Authority, Revenue (continued):
(Sacred Heart University):
6.50%, 7/1/2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,000,000 $ 2,183,540
6.125%, 7/1/2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,071,970
6.625%, 7/1/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,298,710
(Trinity College) 5.875%, 7/1/2026 (Insured; MBIA) . . . . . . . . . . . . . . . . . . 2,500,000 2,707,825
(University of New Haven):
6.625%, 7/1/2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,050,000 4,443,822
6.70%, 7/1/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,605,000 9,424,798
(William W. Backus Hospital) 5.75%, 7/1/2027 (Insured; AMBAC) . . . . . . . . . . . . . 2,500,000 2,680,125
(Windham Community Memorial Hospital):
5.75%, 7/1/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,027,030
6%, 7/1/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,048,390
(Yale, New Haven Hospital) 5.70%, 7/1/2025 (Insured; MBIA) . . . . . . . . . . . . . . 7,970,000 8,452,663
Connecticut Housing Finance Authority (Housing Mortgage Finance Program):
7.20%, 11/15/2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,205,000 5,482,374
6.20%, 5/15/2012 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,068,810
6.40%, 5/15/2015 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . 485,000 521,210
6.125%, 5/15/2018 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,655,000 1,783,643
6.45%, 5/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000,000 6,434,700
6.70%, 11/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,655,000 18,949,112
6.75%, 11/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,010,000 5,449,577
6.30%, 5/15/2024 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . 900,000 957,591
5.45%, 11/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,805,000 5,919,533
6%, Series G, 11/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000,000 4,241,320
6%, Subseries F-2, 11/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,980,000 5,280,443
5.85%, Subseries B-2, 11/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,523,400
5.85%, Subseries C-2, 11/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,535,000 6,877,042
Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue
(Wheelabrator Lisbon Project):
5.50%, 1/1/2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,046,900
5.50%, 1/1/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,380,000 9,321,187
Greenwich Housing Authority, MFHR (Greenwich Close)
6.25%, 9/1/2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,840,000 5,010,320
New Haven 7.40%, 8/15/2011 (Prerefunded 8/15/2001) (c). . . . . . . . . . . . . . . . . . 1,500,000 1,676,295
Sprague, Environmental Improvement Revenue
(International Paper Company Project) 5.70%, 10/1/2021 . . . . . . . . . . . . . . . . 1,350,000 1,397,102
Stamford 6.60%, 1/15/2010. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,750,000 3,330,883
U. S. Related--20.1%
Commonwealth of Puerto Rico (Public Improvement):
Refunding Zero Coupon, 7/1/2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,800,000 1,516,884
6.80%, 7/1/2021 (Prerefunded 7/1/2002) (c) . . . . . . . . . . . . . . . . . . . . . . 6,000,000 6,742,560
Puerto Rico Aqueduct and Sewer Authority, Revenue
6%, 7/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,250,000 8,205,695
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, CONNECTICUT SERIES
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STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------- ______________ ______________
U. S. Related (continued)
Puerto Rico Electric Power Authority, Power Revenue:
5%, 7/1/2012 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,000 $ 52,363
6.2027%, 7/1/2012 (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,189,040
7%, 7/1/2021 (Prerefunded 7/1/2001) (c) . . . . . . . . . . . . . . . . . . . . . . . . 5,775,000 6,393,098
Puerto Rico Highway and Transportation Authority, Highway Revenue:
6.2065%, 7/1/2010 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200,000 3,596,000
Refunding 6.25%, 7/1/2015 (Insured, MBIA) . . . . . . . . . . . . . . . . . . . . . . . 3,650,000 4,305,540
6.625%, 7/1/2018 (Prerefunded 7/1/2002) (c) . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,589,300
5.50%, 7/1/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,500,000 3,658,585
5.50%, 7/1/2036 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,373,100
Puerto Rico Industrial Development Company, General Purpose Revenue
5.375%, 7/1/2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,250,000 4,378,478
Puerto Rico Industrial Medical and Environmental Pollution Control Facilities
Financing
Authority, Revenue (Motorola Inc. Project) 6.75%, 1/1/2014 . . . . . . . . . . . . . . 2,000,000 2,201,060
Puerto Rico Industrial Tourist, Educational, Medical and Environmental Control
Facilities
Financing Authority, Industrial Revenue (Teachers Retirement System)
5.50%, 7/1/2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,150,000 1,229,511
5.50%, 7/1/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,800,000 1,878,732
Puerto Rico Ports Authority, Special Facilities Revenue (American Airlines):
6.30%, 6/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,136,320
6.25%, 6/1/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,250,000 3,508,700
University of Puerto Rico, University Revenue
5.50%, 6/1/2015 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,321,800
Virgin Islands Public Financing Authority, Revenue, Refunding Fund Loan Notes
5.50%, 10/1/2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,108,780
Virgin Islands Water and Power Authority, Refunding (Electric Systems)
5.30%, 7/1/2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,027,090
5.30%, 7/1/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,012,819
_______________
TOTAL INVESTMENTS
(cost $344,055,450) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97.8% $371,980,958
_______ _______________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2% $ 8,518,248
_______ _______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $380,499,206
_______ _______________
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, CONNECTICUT SERIES
- -----------------------------------------------------------------------------
Summary of Abbreviations
- -----------------------------------------------------------------------------
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Investors Assurance
FSA Financial Security Assurance Insurance Corporation
MFHR Multi-Family Housing Revenue
Summary of Combined Ratings (Unaudited)
- -----------------------------------------------------------------------------
Fitch or Moody's or Standard & Poor's Percentage of Value
______ _______ ________________ _________________
AAA Aaa AAA 24.8%
AA Aa AA 24.7
A A A 6.2
BBB Baa BBB 24.6
BB Ba BB 3.5
Not Rated (d) Not Rated (d) Not Rated (d) 16.2
_______
100.0%
_______
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(a) Inverse floater security--the interest rate is subject to change
periodically.
(b) Securities exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At October 31,
1998, these securities amounted to $14,017,990 or 3.7% of net assets.
(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.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, CONNECTICUT SERIES
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES OCTOBER 31, 1998 (UNAUDITED)
Cost Value
_____________ _____________
<S> <C> <C>
ASSETS: Investments in securities--See Statement of Investments . . $344,055,450 $371,980,958
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . 1,590,303
Interest receivable . . . . . . . . . . . . . . . . . . . 7,357,243
Receivable for shares of Beneficial Interest subscribed . . 55,769
Prepaid expenses . . . . . . . . . . . . . . . . . . . . 13,107
_______________
380,997,380
_______________
LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 178,108
Due to Distributor . . . . . . . . . . . . . . . . . . . 109,999
Payable for shares of Beneficial Interest redeemed . . . 163,576
Accrued expenses . . . . . . . . . . . . . . . . . . . . 46,491
_______________
498,174
_______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $380,499,206
_______________
REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . $347,866,989
Accumulated net realized gain (loss) on investments . . . 4,706,709
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4 . . . . . . . . . . . . . . . . 27,925,508
_______________
NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $380,499,206
_______________
NET ASSET VALUE PER SHARE
--------------------
Class A Class B Class C
______________ ______________ _______________
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $313,402,082 $ 63,337,585 $ 3,759,539
Shares Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . 25,114,084 5,078,052 301,700
NET ASSET VALUE PER SHARE. . . . . . . . . . . . . . . . . . . . . . . $12.48 $12.47 $12.46
_______ _______ _______
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, CONNECTICUT SERIES
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONS SIX MONTHS ENDED OCTOBER 31, 1998 (UNAUDITED)
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income . . . . . . . . . . . . . . . . . $11,167,713
EXPENSES: Management fee--Note 3(a) . . . . . . . . . . . . $ 1,046,540
Shareholder servicing costs--Note 3(c) . . . . . 582,141
Distribution fees--Note 3(b) . . . . . . . . . . 165,162
Custodian fees . . . . . . . . . . . . . . . . . 19,558
Professional fees . . . . . . . . . . . . . . . . 17,944
Prospectus and shareholders' reports . . . . . . 8,745
Registration fees . . . . . . . . . . . . . . . . 6,126
Trustees' fees and expenses--Note 3(d) . . . . . 2,188
Loan commitment fees--Note 2 . . . . . . . . . . 556
_____________
Total Expenses . . . . . . . . . . . . . . 1,848,960
____________
INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,318,753
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments . . . . . $ 3,056,026
Net unrealized appreciation (depreciation)
on investments . . . . . . . . . . . . . . . . 4,444,446
_____________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS . . . . . . . . . . . . . . 7,500,472
____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . $16,819,225
____________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, CONNECTICUT SERIES
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
October 31, 1998 Year Ended
(Unaudited) April 30, 1998
_______________ ______________
<S> <C> <C>
OPERATIONS:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,318,753 $ 18,823,061
Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . 3,056,026 3,176,373
Net unrealized appreciation (depreciation) on investments . . . . . . . . . . . . 4,444,446 11,604,963
_______________ _______________
Net Increase (Decrease) in Net Assets Resulting from Operations . . . . . 16,819,225 33,604,397
_______________ _______________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,884,220) (16,101,734)
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,368,439) (2,649,172)
Class C shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (66,094) (72,155)
Net realized gain on investments:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- (1,321,109)
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- (244,976)
Class C shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- (6,879)
_______________ _______________
Total Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9,318,753) (20,396,025)
_______________ _______________
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,441,539 21,594,769
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,662,277 8,684,633
Class C shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,166,402 1,511,235
Dividends reinvested:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,388,411 9,814,988
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 903,574 1,966,785
Class C shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,614 63,983
Cost of shares redeemed:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (25,018,892) (46,147,107)
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,737,544) (7,966,201)
Class C shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (90,491) (321,953)
_______________ _______________
Increase (Decrease) in Net Assets from Beneficial Interest Transactions . 756,890 (10,798,868)
_______________ _______________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . . . 8,257,362 2,409,504
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 372,241,844 369,832,340
_______________ _______________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $380,499,206 $372,241,844
_______________ _______________
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, CONNECTICUT 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,409,131 1,763,416
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . 353,183 803,357
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,018,063) (3,782,366)
____________ ____________
Net Increase (Decrease) in Shares Outstanding . . . . . (255,749) (1,215,593)
____________ ____________
Class B
________
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 455,854 711,405
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . 72,755 161,021
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (301,903) (653,330)
____________ ____________
Net Increase (Decrease) in Shares Outstanding . . . . . 226,706 219,096
____________ ____________
Class C
________
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,171 123,431
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . 3,354 5,239
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,310) (26,584)
____________ ____________
Net Increase (Decrease) in Shares Outstanding . . . . . 90,215 102,086
____________ ____________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, CONNECTICUT 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 . . . . . $12.23 $11.81 $11.90 $11.76 $11.81 $12.26
_______ _______ _______ _______ _______ _______
Investment Operations:
Investment income--net . . . . . . . . . . . . .31 .62 .64 .66 .67 .68
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . . . .25 .47 .16 .14 (.05) (.42)
_______ _______ _______ _______ _______ _______
Total from Investment Operations . . . . . . . .56 1.09 .80 .80 .62 .26
_______ _______ _______ _______ _______ _______
Distributions:
Dividends from investment income--net . . . . . (.31) (.62) (.64) (.66) (.67) (.68)
Dividends from net realized gain on investments . . -- (.05) (.25) -- -- (.03)
_______ _______ _______ _______ _______ _______
Total Distributions . . . . . . . . . . . . . . (.31) (.67) (.89) (.66) (.67) (.71)
_______ _______ _______ _______ _______ _______
Net asset value, end of period . . . . . . . . $12.48 $12.23 $11.81 $11.90 $11.76 $11.81
_______ _______ _______ _______ _______ _______
TOTAL INVESTMENT RETURN(1) . . . . . . . . . . . . 9.18%(2) 9.44% 6.84% 6.85% 5.47% 1.92%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . .88%(2) .90% .93% .92% .89% .80%
Ratio of net investment income
to average net assets . . . . . . . . . . . 4.99%(2) 5.12% 5.32% 5.45% 5.77% 5.44%
Decrease reflected in above expense ratios due
to undertakings by the Manager . . . . . . -- -- -- -- .01% .09%
Portfolio Turnover Rate . . . . . . . . . . . . 9.17%(3) 33.31% 30.66% 28.83% 10.48% 10.83%
Net Assets, end of period (000's Omitted) . . . $313,402 $310,343 $313,881 $321,559 $335,964 $364,182
- ---------------
(1) Exclusive of sales load.
(2) Annualized.
(3) Not annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, CONNECTICUT 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 . . . . . $12.23 $11.80 $11.89 $11.76 $11.80 $12.26
_______ _______ _______ _______ _______ _______
Investment Operations:
Investment income--net . . . . . . . . . . . . .28 .56 .57 .60 .61 .61
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . . . .24 .48 .16 .13 (.04) (.43)
_______ _______ _______ _______ _______ _______
Total from Investment Operations . . . . . . . .52 1.04 .73 .73 .57 .18
_______ _______ _______ _______ _______ _______
Distributions:
Dividends from investment income--net . . . . . (.28) (.56) (.57) (.60) (.61) (.61)
Dividends from net realized gain on investments . . -- (.05) (.25) -- -- (.03)
_______ _______ _______ _______ _______ _______
Total Distributions . . . . . . . . . . . . . . (.28) (.61) (.82) (.60) (.61) (.64)
_______ _______ _______ _______ _______ _______
Net asset value, end of period . . . . . . . . $12.47 $12.23 $11.80 $11.89 $11.76 $11.80
_______ _______ _______ _______ _______ _______
TOTAL INVESTMENT RETURN(1) . . . . . . . . . . . . 8.47%(2) 8.97% 6.28% 6.20% 4.99% 1.26%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . 1.40%(2) 1.42% 1.45% 1.44% 1.41% 1.36%
Ratio of net investment income
to average net assets . . . . . . . . . . . 4.46%(2) 4.59% 4.79% 4.92% 5.21% 4.78%
Decrease reflected in above expense ratios due
to undertakings by the Manager . . . . . . -- -- -- -- .01% .08%
Portfolio Turnover Rate . . . . . . . . . . . . 9.17%(3) 33.31% 30.66% 28.83% 10.48% (10.83%)
Net Assets, end of period (000's Omitted) . . . $63,338 $59,315 $54,661 $38,838 $35,425 $32,246
- ---------------
(1) Exclusive of sales load.
(2) Annualized.
(3) Not annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, CONNECTICUT 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)
_________ ______ ______ ______
Net asset value, beginning of period . . . . . . . . . . . . . . . . . $12.22 $11.79 $11.89 $11.84
_______ ______ ______ ______
Investment Operations:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . .26 .53 .54 .40
Net realized and unrealized gain (loss) on investments . . . . . . . . .24 .48 .15 .05
_______ ______ ______ ______
Total from Investment Operations . . . . . . . . . . . . . . . . . . . .50 1.01 .69 .45
_______ ______ ______ ______
Distributions:
Dividends from investment income--net . . . . . . . . . . . . . . . . . (.26) (.53) (.54) (.40)
Dividends from net realized gain on investments . . . . . . . . . . . . -- (.05) (.25) --
_______ ______ ______ ______
Total Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . (.26) (.58) (.79) (.40)
_______ ______ ______ ______
Net asset value, end of period . . . . . . . . . . . . . . . . . . . . $12.46 $12.22 $11.79 $11.89
_______ ______ ______ ______
TOTAL INVESTMENT RETURN(2) . . . . . . . . . . . . . . . . . . . . . . . . 8.23%(3) 8.68% 5.93% 5.31%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . . . . . . . . . . . 1.64%(3) 1.68% 1.70% 1.64%(3)
Ratio of net investment income to average net assets . . . . . . . . . 4.19%(3) 4.29% 4.56% 4.31%(3)
Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . 9.17%(4) 33.31% 30.66% 28.83%
Net Assets, end of period (000's Omitted) . . . . . . . . . . . . . . . $3,760 $2,583 $1,290 $1,007
- ---------------
(1) From August 15, 1995 (commencement of initial offering) to April 30, 1996.
(2) Exclusive of sales load.
(3) Annualized.
(4) Not annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, CONNECTICUT 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 Connecticut 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 $3,392 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, CONNECTICUT 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, 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.
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 Funds' average
daily net assets and is payable monthly.
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager,
retained $7,391 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 the Fund's Class
B and Class C shares at an annual rate of .50 of 1% of the value of the average
daily net assets of Class B shares and .75 of 1% of the value of the average
daily net assets of Class C shares. During the period ended October 31, 1998,
Class B and Class C shares were charged $153,337 and $11,825, respectively,
pursuant to the Distribution Plan.
(C) Under the Shareholder Services Plan, Class A, Class B and Class C shares
pay the Distributor at an annual rate of .25 of 1% of the value of the average
daily net assets of 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 $395,090, $76,668 and $3,942, respectively, pursuant to the
Shareholder Services Plan.
DREYFUS PREMIER STATE MUNICIPAL BOND FUND, CONNECTICUT 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 $68,039 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 $36,406,121 and $34,247,900, respectively.
At October 31, 1998, accumulated net unrealized appreciation on investments
was $27,925,508, consisting of $28,042,540 gross unrealized appreciation and
$117,032 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, CONNECTICUT 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. 064/623SA9810
SEMI-ANNUAL REPORT
- -------------------------------------------------------------------------------
DREYFUS PREMIER STATE
MUNICIPAL BOND FUND
CONNECTICUT SERIES
- -------------------------------------------------------------------------------
OCTOBER 31, 1998
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