LETTER TO SHAREHOLDERS
Dear Shareholder:
As your Fund ended its annual reporting period on July 31, 1994, its net
asset value was $12.79 per share for Class A shares and $12.80 per share for
Class B shares. For Class A shares, income dividends of approximately $.18
per share were paid since the Fund's inception. This represented an
annualized distribution rate per share of 5.57%, based on the closing maximum
offering price. For Class B shares, income dividends of approximately $.16
per share were paid, representing an annualized distribution rate per share
of 5.33%, based on the closing net asset value per share. We are pleased to
report that all dividends paid from net investment income during this period
were exempt from Federal, New York State and New York City personal income
taxes.*
As the reporting period ended, the market for fixed-income securities was
unsettled, as the economy showed strength and inflation worries began to
dominate market psychology.
The bond market's weakness reflected fears of rising inflation resulting
from rapid economic growth in the fourth quarter of 1993 and the first
quarter of 1994. The impressive increase in Gross Domestic Product in the
first quarter of 1994 came despite extremely bad weather throughout much of
the nation and the earthquake in southern California. It had been anticipated
that the bad weather and the earthquake's impact on a major economic center
would have a significant negative effect on overall U.S. economic growth.
However, economic growth continued to show strength.
As the economy continued to improve, fears of rising inflation
intensified. It became clear to market participants that the economy had,
over the past year, moved from recession to rapid expansion. Supporting this
view were increases in key economic indicators such as capacity utilization,
retail sales, consumer confidence, commodity prices and new orders for
durable goods, just to name a few.
Reaction by the Federal Reserve Board to this rapid economic growth and
its perceived threat to price stability was swift, with two quarter-point
increases in the Federal Funds rate in the first quarter of 1994. Further
rate increases followed as the economy continued to grow and inflation
indicators became troublesome. The bond market's immediate reaction to these
increases was dramatically negative, resulting in substantial price declines
by the end of 1994's first quarter.
The market improved early in the second quarter following the Federal
Reserve Board's action. Fears of inflation subsided in anticipation of a
slower economy. However, late in the second quarter, the bond market again
weakened in anticipation of further tightening by the Fed. The U.S. dollar
fell in value, commodity prices continued upward and employment gains
exceeded expectations. Subsequent to the Fed's first quarter rate increases,
further constraints were imposed. Today, the Federal Funds rate, at 4.75%, is
175 basis points higher than it was on February 1.
The Fed appears determined to respond quickly to any perceived
inflationary threat. In the near term, this policy may continue to foster an
uncertain and sometimes volatile market. Longer term, however, we believe
this should bode well for the value of long-term securities as inflationary
pressures are subdued.
In the coming fiscal year, we anticipate continued market volatility as
inflationary expectations rise and fall with economic developments. Our
strategy in this environment will remain a cautious one. This may involve
greater use of short-term securities to lessen portfolio volatility.
Securities with shorter maturities tend to be less volatile in a rising rate
environment, but they may provide somewhat less income to the Fund. This
strategy should help lessen the Fund's vulnerability to dramatic price
swings.
We expect the remainder of 1994 to witness a continuing strong demand for
municipal securities. The market for New York municipal bonds is healthy.
High Federal tax rates and a low rate of inflation over
the past several years have helped preserve municipal bond values. In
addition, the national municipal bond market is in a strong position due to
high tax rates and expectations of a substantially reduced supply of
municipal bonds. We also believe that the Federal Reserve's vigilance in
fighting inflation will benefit all fixed-income securities during the coming
year.
We have included a current Statement of Investments and accompanying
financial statements for your review. We greatly appreciate your investment
in the Fund and look forward to serving your investment needs in the future.
Very truly yours,
(Richard J. Moynihan Signature Logo)
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
August 25, 1994
New York, N.Y.
* Some income may be subject to the Federal Alternative Minimum Tax (AMT) for
certain shareholders.
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<CAPTION>
PREMIER INSURED MUNICIPAL BOND FUND, New York Series
STATEMENT OF INVESTMENTS JULY 31, 1994
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS--100.0% AMOUNT VALUE
------------ ------------
<S> <C> <C>
NEW YORK--95.2%
Metropolitan Transportation Authority,
Transit Facility Revenue 6.375%, 7/1/2020 (Insured; MBIA)............... $ 200,000 $ 203,750
New York City Health and Hospital Corp., Revenue, Refunding
5.75%, 2/15/2022 (Insured; AMBAC)....................................... 200,000 188,678
New York City Municipal Water Finance Authority, Water and Sewer System Revenue
6%, 6/15/2019 (Insured; FSA)............................................ 200,000 197,692
New York City Transit Authority, Transit Facility Revenue
(Livingston Plaza Project) 6%, 1/1/2021 (Insured; FSA).................. 200,000 195,074
New York State, COP (City University - John Jay College)
5.50%, 8/15/2009 (Insured; AMBAC)....................................... 200,000 192,472
New York State Dormitory Authority, Revenue:
(City University System - Third Resolution) 6.30%, 7/1/2024 (Insured; AMBAC) 200,000 203,680
(Refunding - Fordham University) 5.75%, 7/1/2015 (Insured; FGIC)........ 200,000 195,004
(Refunding - Skidmore College) 5.375%, 7/1/2023 (Insured; FSA).......... 200,000 181,402
New York State Energy Research and Development Authority, Revenue:
Facilities (Refunding - Con Edison Co. of New York Inc. Project)
5.25%, 8/15/2020 (Insured; MBIA)...................................... 200,000 177,358
Gas Facilities (Brooklyn Union Gas) 5.60%, 6/1/2025 (Insured; MBIA)..... 200,000 183,570
Pollution Control, Refunding:
(New York State Electric and Gas Corp.) 6.05%, 4/1/2034 (Insured; MBIA) 200,000 197,312
(Rochester Gas and Electric Project) 6.50%, 5/15/2032 (Insured; MBIA). 400,000 410,432
New York State Medical Care Facilities Finance Agency, Revenue:
(Long Term Health Care) 6.50%, 11/1/2015 (Insured; CGIC)................ 200,000 205,624
(Mental Health Service Facilities Improvement)
5.80%, 2/15/2019 (Insured; CGIC)...................................... 400,000 383,344
(Refunding - Saint Mary's Hospital Project) 6.20%, 11/1/2014 (Insured; AMBAC) 200,000 201,912
Niagara Falls Bridge Commission, Toll Revenue, Refunding
5.25%, 10/1/2021 (Insured; FGIC)........................................ 200,000 176,956
Suffolk County Water Authority, Waterworks Revenue
5%, 6/1/2012 (Insured; MBIA)............................................ 200,000 180,084
U. S. RELATED--4.8%
Puerto Rico Public Building Authority, Guaranteed Public Education and Health
Facilities, Refunding 5.50%, 7/1/2021 (Insured; FSA).................... 200,000 187,220
------------
TOTAL INVESTMENTS (cost $3,840,327)......................................... $3,861,564
============
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation FGIC Financial Guaranty Insurance Corporation
CGIC Capital Guaranty Insurance Corporation FSA Financial Security Assurance
COP Certificate of Participation MBIA Municipal Bond Insurance Association
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (A) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- --------- -------------------- -----------------------
<S> <C> <S> <C>
AAA Aaa AAA 100.0%
=======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Fitch currently provides creditworthiness information for a limited
number of investments.
(b) At July 31, 1994, 31.8% of the Fund's net assets are insured by MBIA.
See notes to financial statements.
<TABLE>
<CAPTION>
PREMIER INSURED MUNICIPAL BOND FUND, New York Series
STATEMENT OF ASSETS AND LIABILITIES JULY 31, 1994
ASSETS:
<S> <C>
Investments in securities, at value
(cost $3,840,327)-see statement............................................................ $3,861,564
Cash......................................................................................... 133,700
Receivable for shares of Beneficial Interest subscribed...................................... 197,378
Interest receivable.......................................................................... 56,210
Prepaid expenses............................................................................. 20,280
Due from The Dreyfus Corporation............................................................. 14,661
----------
4,283,793
LIABILITIES;
Accrued expenses and other liabilities....................................................... 30,858
----------
NET ASSETS....................................................................................... $4,252,935
==========
REPRESENTED BY:
Paid-in capital.............................................................................. $4,231,698
Accumulated net unrealized appreciation on investments-Note 3................................ 21,237
----------
NET ASSETS at value.............................................................................. $4,252,935
==========
Shares of Beneficial Interest outstanding:
Class A Shares
(unlimited number of $.001 par value shares authorized).................................... 160,611
========
Class B Shares
(unlimited number of $.001 par value shares authorized).................................... 171,801
========
NET ASSET VALUE per share:
Class A Shares
($2,054,107 / 160,611 shares).............................................................. $12.79
=======
Class B Shares
($2,198,828 / 171,801 shares).............................................................. $12.80
=======
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
PREMIER INSURED MUNICIPAL BOND FUND, New York Series
STATEMENT OF OPERATIONS
FROM MAY 6, 1994 (COMMENCEMENT OF OPERATIONS) TO JULY 31, 1994
INVESTMENT INCOME:
<S> <C> <C>
INTEREST INCOME......................................................... $ 28,755
EXPENSES:
Management fee--Note 2(a)............................................. $ 2,971
Auditing fees......................................................... 8,000
Registration fees..................................................... 4,072
Shareholder servicing costs-Note 2(c)................................. 1,520
Distribution fees (Class B shares)-Note 2(b).......................... 1,382
Organization expenses................................................. 655
Shareholders' reports................................................. 635
Legal fees............................................................ 583
Trustees' fees-Note 2(d).............................................. 493
Custodian fees........................................................ 251
Miscellaneous......................................................... 1,184
---------
21,746
Less--expense reimbursement from Manager due to
undertakings--Note 2(a)........................................... 20,364
---------
TOTAL EXPENSES.................................................. 1,382
----------
INVESTMENT INCOME--NET...................................................... 27,373
NET UNREALIZED APPRECIATION ON INVESTMENTS.................................. 21,237
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 48,610
==========
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
PREMIER INSURED MUNICIPAL BOND FUND, New York Series
STATEMENT OF CHANGES IN NET ASSETS
FROM MAY 6, 1994 (COMMENCEMENT OF OPERATIONS) TO JULY 31, 1994
OPERATIONS:
<S> <C> <C>
Investment income--net.................................................................... $ 27,373
Net unrealized appreciation on investments for the period................................. 21,237
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS................................ 48,610
-----------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income--net:
Class A shares.......................................................................... (13,922)
Class B shares.......................................................................... (13,451)
-----------
TOTAL DIVIDENDS..................................................................... (27,373)
-----------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold:
Class A shares.......................................................................... 2,104,443
Class B shares.......................................................................... 2,247,963
Dividends reinvested:
Class A shares.......................................................................... 8,502
Class B shares.......................................................................... 10,790
Cost of shares redeemed:
Class A shares.......................................................................... (70,000)
Class B shares.......................................................................... (70,000)
-----------
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS........................ 4,231,698
-----------
TOTAL INCREASE IN NET ASSETS...................................................... 4,252,935
NET ASSETS:
Beginning of period....................................................................... --
-----------
End of period............................................................................. $4,252,935
===========
SHARES
--------------------------
PERIOD ENDED JULY 31, 1994
--------------------------
CLASS A CLASS B
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Shares sold................................................................ 165,298 176,308
Shares issued for dividends reinvested..................................... 669 849
Shares redeemed............................................................ (5,356) (5,356)
------------ ------------
NET INCREASE IN SHARES OUTSTANDING................................... 160,611 171,801
============ ============
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
PREMIER INSURED MUNICIPAL BOND FUND, New York 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 the period from May 6, 1994
(commencement of operations) to July 31, 1994. This information has been
derived from the Series' financial statements.
PER SHARE DATA: CLASS A SHARES CLASS B SHARES
---------------- ----------------
<S> <C> <C>
Net asset value, beginning of period.................... $12.50 $12.50
------- -------
INVESTMENT OPERATIONS:
Investment income--net.................................. .18 .16
Net unrealized gain on investments...................... .29 .30
------- -------
TOTAL FROM INVESTMENT OPERATIONS...................... .47 .46
------- -------
DISTRIBUTIONS;
Dividends from investment income--net................... (.18) (.16)
------- -------
Net asset value, end of period.......................... $12.79 $12.80
======= =======
TOTAL INVESTMENT RETURN (1) (2)............................. 3.76% 3.72%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets (3)............. -- .50%
Ratio of net investment income to average net assets (3). 5.28% 4.87%
Decrease reflected in above expense ratios due to undertakings
by the Manager (limited to the expense limitation provision
of the management agreement) (3)...................... 2.50% 2.50%
Portfolio Turnover Rate................................. -- --
Net Assets, end of period (000's Omitted)............... $2,054 $2,199
- ---------------------------
(1) Exclusive of sales load.
(2) Not Annualized.
(3) Annualized.
See notes to financial statements.
</TABLE>
PREMIER INSURED MUNICIPAL BOND FUND, New York Series
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
Premier Insured Municipal Bond Fund (the "Fund") was organized as a
Massachusetts business trust on March 12, 1992 and operates as a series
company currently offering six series including the New York Series ("the
Series"). The Series had no operations until May 6, 1994 (commencement of
operations) other than matters relating to its organization and registration
as a non-diversified open-end management investment company under the
Investment Company Act of 1940 ("Act") and the Securities Act of 1933. Dreyfus
Service Corporation acted as the distributor of the Fund's shares until
August 24, 1994. Dreyfus Service Corporation is a wholly-owned subsidiary of
The Dreyfus Corporation ("Manager"). As of July 31, 1994, the Manager held
49,010 shares for Class A and 49,964 shares for Class B. Effective August 24,
1994, the Manager became a direct subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services Inc. ("Premier") was
engaged as the Fund's distributor. Premier, located at One Exchange Place,
Boston, Massachusetts 02109, is a wholly-owned subsidiary of Institutional
Administration Services, Inc., a provider of mutual fund administration
services, the parent company of which is Boston Institutional Group, Inc.
The Fund accounts separately for the assets, liabilities and operations
of each series. Expenses directly attributable to each series are charged to
that series' operations; expenses which are applicable to all series are
allocated among them on a pro rata basis.
The Series offers both Class A and Class B shares. Class A shares are
subject to a sales charge imposed at the time of purchase and Class B shares
are subject to a contingent deferred sales charge imposed at the time of
redemption on redemptions made within five years of purchase. Other
differences between the two Classes include the services offered to and the
expenses borne by each Class and certain voting rights.
(A) PORTFOLIO VALUATION: The Series' investments (excluding options and
financial futures on municipal and U.S. treasury securities) are valued each
business day by an independent pricing service ("Service") approved by the
Board of Trustees. Investments for which quoted bid prices are readily
available and are representative of the bid side of the market in the
judgment of the Service are valued at the mean between the quoted bid prices
(as obtained by the Service from dealers in such securities) and asked prices
(as calculated by the Service based upon its evaluation of the market for
such securities). Other investments (which constitute a majority of the
portfolio securities) are carried at fair value as determined by the Service,
based on methods which include consideration of: yields or prices of
municipal securities of comparable quality, coupon, maturity and type;
indications as to values from dealers; and general market conditions. Options
and financial futures on municipal and U.S. treasury securities are valued at
the last sales price on the securities exchange on which such securities are
primarily traded or at the last sales price on the national securities market
on each business day. Investments not listed on an exchange or the national
securities market, or securities for which there were no transactions, are
valued at the average of the most recent bid and asked prices. Bid price is
used when no asked price is available.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Interest
income, adjusted for amortization of premiums and original issue discounts on
investments, is earned from settlement date and recognized on the accrual
basis. Securities purchased or sold on a when-issued or delayed-delivery
basis may be settled a month or more after the trade date.
PREMIER INSURED MUNICIPAL BOND FUND, New York Series
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The Series follows an investment policy of investing primarily in
municipal obligations of one state. Economic changes affecting the state and
certain of its public bodies and municipalities may affect the ability of
issuers within the state to pay interest on, or repay principal of, municipal
obligations held by the Series.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Series to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain, if any, are normally declared and
paid annually, but the Series may make distributions on a more frequent basis
to comply with the distribution requirements of the Internal Revenue Code. To
the extent that net realized capital gain can be offset by capital loss
carryovers, if any, it is the policy of the Series not to distribute such
gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Series to qualify as a
regulated investment company, which can distribute tax exempt dividends, by
complying with the applicable provisions of the Internal Revenue Code, and to
make distributions of income and net realized capital gain sufficient to
relieve it from substantially all Federal income taxes.
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .55 of 1% of the average
daily value of the Series' net assets and is payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the Series'
aggregate expenses, exclusive of taxes, brokerage, interest on borrowings and
extraordinary expenses, exceed the expense limitation of any state having
jurisdiction over the Series for any full fiscal year. The most stringent
state expense limitation applicable to the Series presently requires
reimbursement of expenses in any full fiscal year that such expenses
(exclusive of distribution expenses and certain expenses as described above)
exceed 2 1/2% of the first $30 million, 2% of the next $70 million and
1 1/2% of the excess over $100 million of the average value of the Series'
net assets in accordance with California "blue sky" regulations. However, the
Manager has undertaken from May 6, 1994 through October 1, 1994 or until such
time as the net assets of the series exceed $25 million, regardless of
whether they remain at that level, to reimburse all fees and expenses of the
Series (excluding 12b-1 distribution plan fee and certain expenses as
described above). The expense reimbursement, pursuant to the undertaking,
amounted to $20,364 for the period ended July 31, 1994.
The undertaking may be modified by the Manager from time to time,
provided that the resulting expense reimbursement would not be less than the
amount required pursuant to the Agreement.
Dreyfus Service Corporation retained $2,980 during the period ended July
31, 1994 from commissions earned on sales of the Series' Class A shares.
No amounts were retained by Dreyfus Service Corporation during the period
ended July 31, 1994 from contingent deferred sales charges imposed upon
redemptions of the Series' Class B shares.
(B) Under the Distribution Plan ("Class B Distribution Plan") adopted
pursuant to Rule 12b-1 under the Act, the Series pays Dreyfus Service
Corporation at an annual rate of .50 of 1% of the value of the Series' Class
B shares average daily net assets, for the costs and expenses in connection
with advertising, marketing and distributing the Series' Class B shares.
Dreyfus Service Corporation may make payments to one or more Service Agents
(a securities dealer, financial institution, or other industry professional)
based on the value of the Series' Class B shares owned by clients of the
Service Agent. During the period ended July 31, 1994, $1,382 was charged to
the Series pursuant to the Class B Distribution Plan.
PREMIER INSURED MUNICIPAL BOND FUND, New York Series
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(C) Under the Shareholder Services Plan, the Series pays Dreyfus Service
Corporation, at an annual rate of .25 of 1% of the value of the average daily
net assets of Class A and Class B shares for servicing shareholder accounts.
The services provided may include personal services relating to shareholder
accounts, such as answering shareholder inquiries regarding the Series and
providing reports and other information, and services related to the
maintenance of shareholder accounts. Dreyfus Service Corporation may make
payments to Service Agents in respect of these services. Dreyfus Service
Corporation determines the amounts to be paid to Service Agents. For the
period ended July 31, 1994, $660 and $691 were charged to the Class A and
Class B shares, respectively, pursuant to the Shareholder Services Plan.
(D) Certain officers and trustees of the Fund are "affiliated persons,"
as defined in the Act, of the Manager and/or Dreyfus Service Corporation.
Each trustee who is not an "affiliated person" receives from the Fund an
annual fee of $2,500 and an attendance fee of $250 per meeting.
NOTE 3--SECURITIES TRANSACTIONS:
The aggregate amount of purchases of investment securities, amounted to
$3,840,244, for the period ended July 31, 1994, and consisted entirely of
long-term municipal investments.
At July 31, 1994, accumulated net unrealized appreciation on investments
was $21,237 consisting of $42,878 gross unrealized appreciation and $21,641
gross unrealized depreciation.
At July 31, 1994, the cost of investments for Federal income tax purposes
was substantially the same as the cost for financial reporting purposes (see
the Statement of Investments).
PREMIER INSURED MUNICIPAL BOND FUND, New York Series
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
PREMIER INSURED MUNICIPAL BOND FUND, NEW YORK SERIES
We have audited the accompanying statement of assets and liabilities,
including the statement of investments, of Premier Insured Municipal Bond
Fund, New York Series (one of the Series constituting the Premier Insured
Municipal Bond Fund) as of July 31, 1994, and the related statements of
operations and changes in net assets and financial highlights for the period
from May 6, 1994 (commencement of operations) to July 31, 1994. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of July 31, 1994 by correspondence with the custodian. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Premier Insured Municipal Bond Fund, New York Series at July 31,
1994, and the results of its operations, the changes in its net assets and
the financial highlights for the period from May 6, 1994 to July 31, 1994, in
conformity with generally accepted accounting principles.
(Ernst & Young LLP Signature Logo)
New York, New York
September 9, 1994
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Series hereby designates all the
dividends paid from investment income-net during the period May 6, 1994
(commencement of operations) to July 31, 1994 as "exempt-interest dividends"
(not subject to regular Federal and, for individuals who are New York
residents, New York State and New York City personal income taxes).
As required by Federal tax law rules, shareholders will receive
notification of their portion of the Series' taxable ordinary dividends (if
any) and capital gain distributions (if any) paid for the 1994 calendar year
on Form 1099-DIV which will be mailed by January 31, 1995.
PREMIER INSURED MUNICIPAL
BOND FUND, NEW YORK SERIES
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
90 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained in the Prospectus,
which must precede or accompany this report.
Printed in U.S.A. 916/382AR947
Annual Report
Premier Insured
Municipal Bond Fund
New York Series
July 31, 1994
(Dreyfus Lion Logo)
