PREMIER CALIFORNIA INSURED MUNICIPAL BOND FUND, N-30D, 1994-03-23

PREMIER CALIFORNIA INSURED MUNICIPAL BOND FUND
N-30D, 1994-03-23

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PRESIDENT'S LETTER
Dear Shareholder:
On January 31, 1994, the Premier Insured Municipal Bond Fund,
California Series Class B shares had a net asset value of $12.94,
representing an increase of $.44 (3.52%) per share since inception on
August 19, 1993. During the reporting period, dividends of approximately
$.27 per share were paid, which translates into an annualized distribution
rate per share of 4.65%, based on the closing net asset value per share on
January 31, 1994.
We are pleased to report that all dividends paid from net investment
income during the period were exempt from Federal and California State
income taxes.*
The municipal market's performance during the third quarter of 1993
was bolstered by record low interest rates. The supply of newly issued
securities in the market appeared to be heavy at times, but it did not quell
the downward movement of interest rates, as might have been the case.
Demand for municipal securities was more than sufficient to offset the
heavy supply of new issues, which resulted mainly from changes in the
U.S. tax law, and municipal securities' advantageous returns when
compared to comparable taxable investments.
As we entered the fourth quarter of 1993, signs of economic strength
began to emerge, causing bond prices to weaken on renewed fears of
inflation. This trend continued as we entered the new year. Additionally,
the Federal Reserve Board indicated that it will tighten rates to preserve
the gains made against inflation over the past few years. In the longer
term, and if the Fed follows through with its indicated position on
inflation, we believe that it can be beneficial to the municipal bond
market, given the expectation of reduced supply in the coming year
coupled with higher tax rates.
As for the economy of the State of California, 1994 appears to be
another difficult year. The economy is expected to experience slow to
negative growth. The State continues to struggle as it adjusts to defense
cutbacks and the lingering deflation in its real estate market. The State
has lost 600,000 jobs since mid-1990, and it may be mid-1994 before
this decline in employment ends. The major positive development for the
California economy is the improvement in the U.S. economy overall,
punctuated by growth in the Pacific rim countries. Only time will tell, but
we hope that this will provide a catalyst to spur California's recovery.
The municipal bond market in general continues to be a favorable
investment vehicle, given the overall improvement in the U.S. economy and
the tax reasons previously mentioned. We continue to transact our daily
Fund business with an eye toward identifying investment opportunities
which we believe can help achieve the Fund's investment goals. We look to
react prudently to both economic and market changes that could affect
your Fund's portfolio.
We have included a current Statement of Investments and recent
financial statements for your review. We greatly appreciate your
investment in the Fund and we look forward to serving your investment
needs in the future.

Very truly yours,

(Richard J. Moynihan Signature Logo)

Richard J. Moynihan
President
February 17, 1994
New York, N.Y.
*Some income may be subject to the Federal alternative minimum tax for
certain investors.

<TABLE>
<CAPTION>
PREMIER INSURED MUNICIPAL BOND FUND, CALIFORNIA SERIES
STATEMENT OF INVESTMENTS JANUARY 31, 1994 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS-100.0% AMOUNT VALUE
---------- ----------
<S> <C> <C>
Anaheim Public Financing Authority, Electric Utility Revenue (San Juan 4)
5.75%, 10/1/2022 (Insured; FGIC)...................................................... $ 100,000 $ 104,348
California Public Works Board, Department of Corrections, LR
(State Prison - Coalinga) 5.375%, 12/1/2019 (Insured; MBIA)........................... 100,000 100,820
California Statewide Communities Development Authority, COP, Revenue
(Sutter Health Obligated Group) 5.50%, 8/15/2013 (Insured; MBIA)...................... 200,000 204,454
Calleguas - Las Virgines Public Financing Authority, Installment Purpose Revenue
5.125%, 7/1/2021 (Insured; FGIC)...................................................... 100,000 97,763
Central Union High School District, Imperial County
5.50%, 8/1/2017 (Insured; AMBAC)...................................................... 195,000 199,506
East Bay Municipal Utility District, Wastewater Treatment Systems Revenue
8.37%, 6/1/2020 (Insured; AMBAC) (a).................................................. 100,000 104,000
Eastern Municipal Water District, Water and Sewer Revenue, COP
5.25%, 7/1/2023 (Insured; FGIC)....................................................... 100,000 99,697
Garden Grove Public Financing Authority, Revenue
(Water Services Capital Improvement Program) 5.50%, 12/15/2023 (Insured; FGIC)........ 100,000 101,914
Glendale Redevelopment Agency, Tax Allocation Revenue, Refunding
(Central Glendale Redevelopment Project) 5.50%, 12/1/2014 (Insured; AMBAC)............ 205,000 209,455
Los Angeles Community Redevelopment Agency, Tax Allocation
(Bunker Hill Project) 5.625%, 12/1/2023 (Insured; FSA)................................ 100,000 102,998
Los Angeles Convention and Exhibition Center Authority, LR, Refunding
5.125%, 8/15/2013 (Insured; MBIA)..................................................... 100,000 99,447
Los Angeles Metropolitan Transportation Authority, Sales Tax Revenue, Refunding
5%, 7/1/2021 (Insured; FGIC).......................................................... 200,000 192,484
Monrovia Redevelopment Agency, Public Parking Facilities Revenue, Refunding
5.20%, 4/1/2013 (Insured; AMBAC)...................................................... 100,000 99,511
Moulton - Niguel Water District, Refunding (Consolidated Improvement District)
5.25%, 9/1/2013 (Insured; MBIA)....................................................... 100,000 100,511
Northern, Transmission Revenue, Refunding (Ore Transmission)
5.25%, 5/1/2020 (Insured; MBIA)....................................................... 100,000 99,707
Oxnard Financing Authority, Wastewater Revenue, Refunding
5.25%, 6/1/2020 (Insured; FGIC)....................................................... 200,000 199,416
Poway Redevelopment Agency, Tax Allocation, Refunding
(Paguay Redevelopment Project) 5.50%, 12/15/2023 (Insured; FGIC)...................... 100,000 101,914
Sacramento Municipal Utility District, Electric Revenue, Refunding
5.25%, 11/15/2020 (Insured; MBIA)..................................................... 200,000 199,410
San Diego, Sewer Revenue 5%, 5/15/2013 (Insured; AMBAC)................................... 100,000 98,472
San Jose Redevelopment Agency, Tax Allocation, Refunding
(Merged Area Redevelopment Project) 5.25%, 8/1/2016 (Insured; MBIA)................... 200,000 200,528
Santa Ana Community Redevelopment Agency, Tax Allocation, Refunding
(South Main Street Redevelopment) 5.25%, 9/1/2013 (Insured; MBIA)..................... 100,000 100,598
Southern Public Power Authority, Transmission Project Revenue, Refunding
5%, 7/1/2022 (Insured; MBIA).......................................................... 100,000 96,468
University of California, Revenue, Refunding (Housing Systems)
5.25%, 11/1/2012 (Insured; MBIA)...................................................... 200,000 201,376
----------
TOTAL INVESTMENTS
(cost $3,070,204)..................................................................... $3,114,797
==========

</TABLE>

PRESIDENT'S LETTER
Dear Shareholder:
On January 31, 1994, the Premier Insured Municipal Bond Fund,
California Series Class A shares had a net asset value of $12.93,
representing an increase of $.43 (3.44%) per share since inception on
August 19, 1993. During the reporting period, dividends of approximately
$.30 per share were paid, which translates into an annualized distribution
rate per share of 4.94%, based on the closing maximum offering price on
January 31, 1994.
We are pleased to report that all dividends paid from net investment
income during the period were exempt from Federal and California State
income taxes.*
The municipal market's performance during the third quarter of 1993
was bolstered by record low interest rates. The supply of newly issued
securities in the market appeared to be heavy at times, but it did not quell
the downward movement of interest rates, as might have been the case.
Demand for municipal securities was more than sufficient to offset the
heavy supply of new issues, which resulted mainly from changes in the
U.S. tax law, and municipal securities' advantageous returns when
compared to comparable taxable investments.
As we entered the fourth quarter of 1993, signs of economic strength
began to emerge, causing bond prices to weaken on renewed fears of
inflation. This trend continued as we entered the new year. Additionally,
the Federal Reserve Board indicated that it will tighten rates to preserve
the gains made against inflation over the past few years. In the longer
term, and if the Fed follows through with its indicated position on
inflation, we believe that it can be beneficial to the municipal bond
market, given the expectation of reduced supply in the coming year
coupled with higher tax rates.
As for the economy of the State of California, 1994 appears to be
another difficult year. The economy is expected to experience slow to
negative growth. The State continues to struggle as it adjusts to defense
cutbacks and the lingering deflation in its real estate market. The State
has lost 600,000 jobs since mid-1990, and it may be mid-1994 before
this decline in employment ends. The major positive development for the
California economy is the improvement in the U.S. economy overall,
punctuated by growth in the Pacific rim countries. Only time will tell, but
we hope that this will provide a catalyst to spur California's recovery.
The municipal bond market in general continues to be a favorable
investment vehicle, given the overall improvement in the U.S. economy and
the tax reasons previously mentioned. We continue to transact our daily
Fund business with an eye toward identifying investment opportunities
which we believe can help achieve the Fund's investment goals. We look to
react prudently to both economic and market changes that could affect
your Fund's portfolio.
We have included a current Statement of Investments and recent
financial statements for your review. We greatly appreciate your
investment in the Fund and we look forward to serving your investment
needs in the future.

Very truly yours,

(Richard J. Moynihan Signature Logo)

Richard J. Moynihan
President
February 17, 1994
New York, N.Y.
*Some income may be subject to the Federal alternative minimum tax for
certain investors.

PREMIER INSURED MUNICIPAL BOND FUND, CALIFORNIA SERIES
SUMMARY OF ABBREVIATIONS
<C> <S> <C> <S>
AMBAC American Municipal Bond Assurance Corporation FSA Financial Security Assurance
COP Certificate of Participation LR Lease Revenue
FGIC Financial Guaranty Insurance Corporation MBIA Municipal Bond Insurance Association
</TABLE>

SUMMARY OF COMBINED RATINGS
FITCH (B) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- ------- ----------------- --------------------
AAA Aaa AAA 100.0%
======
NOTES TO STATEMENT OF INVESTMENTS:
(a) Inverse floater security - the interest rate is subject to change
periodically.
(b) Fitch currently provides creditworthiness information for a limited
amount of investments.
(c) At January 31, 1994, 26.1% of the Fund's net assets are insured by FGIC
and 40.8% are insured by MBIA.

"See notes to financial statements"
<TABLE>
<CAPTION>
PREMIER INSURED MUNICIPAL BOND FUND, CALIFORNIA SERIES
STATEMENT OF ASSETS AND LIABILITIES JANUARY 31, 1994 (UNAUDITED)
ASSETS:
<S>
Investments in securities, at value <C> <C>
(cost $3,070,204)-see statement................................................... $3,114,797
Cash.................................................................................. 344,224
Receivable for shares of Beneficial Interest subscribed............................... 136,985
Prepaid expenses-Note 1(e)............................................................ 44,041
Interest receivable................................................................... 43,288
Due from The Dreyfus Corporation...................................................... 39,921
----------
3,723,256
LIABILITIES:
Payable for investment securities purchased........................................... $202,926
Accrued expenses...................................................................... 84,166 287,092
-------- ----------
NET ASSETS................................................................................ $3,436,164
==========
REPRESENTED BY:
Paid-in capital....................................................................... $3,391,571
Accumulated net unrealized appreciation on investments-Note 3......................... 44,593
----------
NET ASSETS at value....................................................................... $3,436,164
==========
Shares of Beneficial Interest outstanding:
Class A Shares
(unlimited number of $.001 par value shares authorized)........................... 122,059
=======
Class B Shares
(unlimited number of $.001 par value shares authorized)........................... 143,627
=======
NET ASSET VALUE per share:
Class A Shares
($1,578,247 / 122,059 shares)..................................................... $12.93
======
Class B Shares
($1,857,917 / 143,627 shares)..................................................... $12.94
======
STATEMENT OF OPERATIONS
FROM AUGUST 19, 1993 (COMMENCEMENT OF OPERATIONS) TO JANUARY 31, 1994 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME....................................................................... $ 41,754
EXPENSES:
Management fee-Note 2(a).......................................................... $ 4,482
Auditing fees..................................................................... 8,000
Legal fees........................................................................ 7,000
Shareholder servicing costs-Note 2(c)............................................. 6,619
Shareholders' reports............................................................. 5,850
Registration fees................................................................. 4,672
Organization expenses-Note 1(e)................................................... 4,500
Trustees' fees and expenses-Note 2(d)............................................. 4,476
Distribution fees (Class B shares)-Note 2(b)...................................... 2,287
Custodian fees.................................................................... 274
Miscellaneous..................................................................... 1,190
--------
49,350
Less-expense reimbursement from Manager due to
undertakings-Note 2(a)........................................................ 47,063
--------
TOTAL EXPENSES............................................................ 2,287
----------
INVESTMENT INCOME-NET..................................................................... 39,467
NET UNREALIZED APPRECIATION ON INVESTMENTS................................................ 44,593
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS...................................... $ 84,060
==========
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
PREMIER INSURED MUNICIPAL BOND FUND, CALIFORNIA SERIES
STATEMENT OF CHANGES IN NET ASSETS
FROM AUGUST 19, 1993 (COMMENCEMENT OF OPERATIONS) TO JANUARY 31, 1994 (UNAUDITED)
OPERATIONS:
<S> <C>
Investment income-net................................................................. $ 39,467
Net unrealized appreciation on investments for the period............................. 44,593
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.......................... 84,060
----------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net:
Class A shares.................................................................... (18,053)
Class B shares.................................................................... (21,414)
----------
TOTAL DIVIDENDS............................................................... (39,467)
----------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold:
Class A shares.................................................................... 2,196,557
Class B shares.................................................................... 2,461,866
Dividends reinvested:
Class A shares.................................................................... 12,897
Class B shares.................................................................... 18,965
Cost of shares redeemed:
Class A shares.................................................................... (699,632)
Class B shares.................................................................... (699,082)
----------
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS.................. 3,291,571
----------
TOTAL INCREASE IN NET ASSETS.............................................. 3,336,164
NET ASSETS:
Beginning of period................................................................... 100,000
----------
End of period......................................................................... $3,436,164
==========

SHARES
-----------------------------
PERIOD ENDED JANUARY 31, 1994
------------------------------
CLASS A CLASS B
------------ --------------
CAPITAL SHARE TRANSACTIONS:
Shares sold........................................................................... 172,942 193,960
Shares issued for dividends reinvested................................................ 1,017 1,491
Shares redeemed....................................................................... (55,900) (55,824)
----------- ----------
NET INCREASE IN SHARES OUTSTANDING............................................ 118,059 139,627
=========== ==========

See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
PREMIER INSURED MUNICIPAL BOND FUND, CALIFORNIA SERIES
FINANCIAL HIGHLIGHTS (UNAUDITED)
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 August 19, 1993 (commencement of
operations) to January 31, 1994. This information has been derived from information provided in the Fund's 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................................................................. .30 .27
Net unrealized gain on investments.................................................... .43 .44
------ ------
TOTAL FROM INVESTMENT OPERATIONS.................................................. .73 .71
------ ------
DISTRIBUTIONS;
Dividends from investment income-net.................................................. (.30) (.27)
------ ------
Net asset value, end of period........................................................ $12.93 $12.94
====== ======
TOTAL INVESTMENT RETURN(1)(2) 13.04% 12.64%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets (2)........................................... -- .50%
Ratio of net investment income to average net assets (2).............................. 5.05% 4.68%
Decrease reflected in above expense ratios due to undertakings
by the Manager (limited to the expense limitation provision
of the management agreement) (2).................................................. 2.50% 2.50%
Portfolio Turnover Rate (3)........................................................... -- --
Net Assets, end of period (000's Omitted)............................................. $1,578 $1,858
- --------------
(1) Exclusive of sales charge.
(2) Annualized.
(3) Not annualized.

See notes to financial statements.
</TABLE>
PREMIER INSURED MUNICIPAL BOND FUND, CALIFORNIA SERIES
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
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 one series, the California Series ("the
Series"). The Series had no operations until August 19, 1993
(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 and the sale and issuance of 4,000 Class A
shares and 4,000 Class B shares of Beneficial Interest ("Initial Shares")
to The Dreyfus Corporation ("Manager"). Dreyfus Service Corporation
("Distributor") acts as the distributor of the Fund's shares. As of January
31, 1994, the Manager held 37,264 shares for Class A and 37,224 shares
for Class B. The Distributor is a wholly-owned subsidiary of the Manager.
The Fund's fiscal year ends on July 31.
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.
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 in the
judgment of the Service are readily available and are representative of
the bid side of the market 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, when
appropriate, discounts on investments, is earned from settlement date and
recognized on the accrual basis. Securities purchased or sold on a when-
issued or delayed-delivery basis may be settled a month or more after the
trade date.
The 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.

PREMIER INSURED MUNICIPAL BOND FUND, CALIFORNIA SERIES
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
(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 provisions available to certain investment
companies, as defined in applicable sections of the Internal Revenue Code,
and to make distributions of income and net realized capital gain
sufficient to relieve it from all, or substantially all, Federal income
taxes.
(E) OTHER: Organization expenses paid by the Series are included in
prepaid expenses and are being amortized to operations from August 19,
1993, the date operations commenced, over the period during which it is
expected that a benefit will be realized, not to exceed five years. At
January 31, 1994, the unamortized balance of such expenses amounted to
$40,500. In the event that any of the Initial Shares are redeemed during
the amortization period, the redemption proceeds will be reduced by any
unamortized organization expenses in the same proportion as the number
of such shares being redeemed bears to the number of such shares
outstanding at the time of such redemption.
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 August
19, 1993 through July 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 $47,063
for the period ended January 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.
The Distributor retained $2,630 during the period ended January 31,
1994 from commissions earned on sales of the Series' Class A shares.
(B) Under the Distribution Plan ("Class B Distribution Plan") adopted
pursuant to Rule 12b-1 under the Act, the Series pays the Distributor 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. The
Distributor 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 January 31, 1994, $2,287 was charged to the
Series pursuant to the Class B Distribution Plan.

PREMIER INSURED MUNICIPAL BOND FUND, CALIFORNIA SERIES
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
(C) Under the Shareholder Services Plan, the Series pays the
Distributor, 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. The Distributor may
make payments to Service Agents in respect of these services. The
Distributor determines the amounts to be paid to Service Agents. For the
period ended January 31, 1994, $894 and $1,143 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 the Distributor. Each trustee
who is not an "affiliated person" receives from the Fund an annual fee of
$1,000 and an attendance fee of $250 per meeting.
(E) On December 5, 1993, the Manager entered into an Agreement and
Plan of Merger providing for the merger of the Manager with a subsidiary
of Mellon Bank Corporation ("Mellon").
Following the merger, it is planned that the Manager will be a direct
subsidiary of Mellon Bank, N.A. Closing of this merger is subject to a
number of contingencies, including the receipt of certain regulatory
approvals and the approvals of the stockholders of the Manager and of
Mellon. The merger is expected to occur in mid-1994, but could occur
later.
Because the merger will constitute an "assignment" of the Fund's
Management Agreement with the Manager under the Investment Company
Act of 1940, and thus a termination of such Agreement, the Manager will
seek prior approval from the Fund's Board and shareholders.
NOTE 3-SECURITIES TRANSACTIONS:
The aggregate amount of purchases of investment securities, amounted
to $3,070,175, for the period ended January 31, 1994, and consisted
entirely of municipal bonds and short-term municipal investments.
At January 31, 1994, accumulated net unrealized appreciation on
investments was $44,593 consisting of $46,080 gross unrealized
appreciation and $1,487 gross unrealized depreciation.
At January 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, California Series
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
DISTRIBUTOR
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
110 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. 629SA941 BKR
629SA941
076SA941 BKR
076SA941

SEMI-ANNUAL REPORT
PREMIER INSURED
MUNICIPAL BOND FUND
CALIFORNIA SERIES

(Dreyfus Lion Logo)

JANUARY 31, 1994