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<SEC-DOCUMENT>0000806176-99-000002.txt : 19990112
<SEC-HEADER>0000806176-99-000002.hdr.sgml : 19990112
ACCESSION NUMBER:		0000806176-99-000002
CONFORMED SUBMISSION TYPE:	N-30D
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	19981031
FILED AS OF DATE:		19990111

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DREYFUS PREMIER STATE MUNICIPAL BOND FUND
		CENTRAL INDEX KEY:			0000806176
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		N-30D
		SEC ACT:		
		SEC FILE NUMBER:	811-04906
		FILM NUMBER:		99503853

	BUSINESS ADDRESS:	
		STREET 1:		144 GENN CURTISS BLVD
		CITY:			NUIONDALE
		STATE:			NY
		ZIP:			11556
		BUSINESS PHONE:		2129226805

	MAIL ADDRESS:	
		STREET 1:		144 GENN CURTISS BLVD
		CITY:			NUIONDALE
		STATE:			NY
		ZIP:			11556

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PREMIER STATE MUNICIPAL BOND FUND
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PREMIER SERIES TAX EXEMPT BOND FUND
		DATE OF NAME CHANGE:	19870224
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-30D
<SEQUENCE>1
<DESCRIPTION>SEMI-ANNUAL REPORT
<TEXT>




DREYFUS PREMIER STATE MUNICIPAL BOND FUND, VIRGINIA SERIES
- -----------------------------------------------------------------------------

LETTER TO SHAREHOLDERS

Dear Shareholder:

   We  are  pleased  to  report  the  performance  for the Dreyfus Premier State
Municipal  Bond  Fund--Virginia  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 . . . . . . . . . . . . . . . . . . . .              4.42%                           4.64%

        Class B shares . . . . . . . . . . . . . . . . . . . .              4.16%                           4.35%

        Class C shares . . . . . . . . . . . . . . . . . . . .              4.09%                           4.10%

</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 quarter point, 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
market' s  recent 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]


               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-Virginia 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, VIRGINIA SERIES
- -----------------------------------------------------------------------------

STATEMENT OF INVESTMENTS                          OCTOBER 31,1998 (UNAUDITED)

                                                                                                   Principal

Long-Term Municipal Investments--97.8%%                                                             Amount            Value
- -------------------------------------------------------                                         _____________     _____________
<S>                                                                                                <C>               <C>
Virginia--70.0%

Alexandria Redevelopment and Housing Authority,

 Multi-Family Housing Mortgage Revenue (Buckingham Village Apartments)

  6.125%, 7/1/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .         $3,000,000        $3,139,950

Beford County Industrial Development Authority,

 IDR, Refunding (Nekossa Packaging Corp. Project)

  5.60%, 12/1/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          4,500,000         4,555,800

Chesapeake Bay Bridge and Tunnel Commission District, Revenue, Refunding

  General Resolution 5.50%, 7/1/2025 (Insured; MBIA) . . . . . . . . . . . . . . . . . . .          2,500,000         2,731,625

Covington-Alleghany County Industrial Development Authority,

 Hospital Facility Revenue (Alleghany Regional Hospital)

  6.875%, 4/1/2022 (Prerefunded 4/1/2002) (a)  . . . . . . . . . . . . . . . . . . . . . .          1,000,000         1,116,300

Dinwiddie County Industrial Development Authority, LR

  (Dinwiddie County School Facilities Project) 6%, 2/1/2018  . . . . . . . . . . . . . . .            500,000           532,865

Dulles Town Center Community Development Authority,

 Special Assessment Tax (Dulles Town Center Project)

  6.25%, 3/1/2026  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          3,000,000         3,083,100

Fairfax County Redevelopment and Housing Authority, MFHR, Refunding

 (Paul Spring Retirement Center):

    5.90%, 6/15/2017 (Insured; FHA)  . . . . . . . . . . . . . . . . . . . . . . . . . . .            200,000           213,236

    6%, 12/15/2028 (Insured; FHA)  . . . . . . . . . . . . . . . . . . . . . . . . . . . .            600,000           638,982

Fairfax County Park Authority, Park Facilities Revenue

  6.625%, 7/15/2020  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          2,665,000         2,876,734

Fairfax County Water Authority, Water Revenue

  7.397%, 4/1/2029 (b,c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          2,000,000         2,201,700

Industrial Development Authority of the City of Hopewell,

 Health Care Facility Refunding Revenue:

  (Colonial Heights Convalescent Center Project) 5.60%, 10/1/2003  . . . . . . . . . . . .            205,000           211,566

    (Forest Hill Convalescent Center Project):

       6%, 10/1/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            260,000           273,746

       6.15%, 10/1/2007  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            280,000           296,346

       6.25%, 10/1/2008  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            115,000           121,932

    (Westport Convalescent Center Project):

       5.90%, 10/1/2005  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            315,000           329,953

       6.15%, 10/1/2007  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            175,000           185,216

       6.25%, 10/1/2008  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            410,000           434,715

Industrial Development Authority of Giles County,

 Exempt Facility Revenue (Hoechst Celanese Corp. Project)

  5.95%, 12/1/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          3,000,000         3,164,460

Industrial Development Authority of the County of Henrico, SWDR

 (Browning-Ferris Industries of South Atlantic, Inc. Project)

  5.45%, 1/1/2014  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          3,500,000         3,702,160

DREYFUS PREMIER STATE MUNICIPAL BOND FUND, VIRGINIA SERIES
- -----------------------------------------------------------------------------

STATEMENT OF INVESTMENTS (CONTINUED)              OCTOBER 31,1998 (UNAUDITED)

                                                                                                   Principal

Long-Term Municipal Investments (continued)                                                         Amount            Value
- -------------------------------------------------------                                         _____________     _____________


Virginia (continued)

Industrial Development Authority of the County of Prince William, Revenue:

 Hospital Facility (Potomac Hospital Corp. of Prince William)

    6.85%, 10/1/2025 (Prerefunded 10/1/2005) (a) . . . . . . . . . . . . . . . . . . . . .     $    1,000,000    $    1,188,700

  Refunding (Potomac Place) 6.25%, 12/20/2027  . . . . . . . . . . . . . . . . . . . . . .            700,000           762,118

  Residential Care Facility (First Mortgage-Westminster Lake Ridge)

    6.625%, 1/1/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          3,500,000         3,694,355

Industrial Development Authority of the City of Winchester, Residential Care
Facility

 First Mortgage Revenue (Westminster--Canterbury):

    5.75%, 1/1/2018  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          1,000,000         1,007,650

    5.75%, 1/1/2027  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          3,750,000         3,768,975

Industrial Development Authority of the Town of West Point, SWDR

  (Chesapeake Corp. Project) 6.375%, 3/1/2019  . . . . . . . . . . . . . . . . . . . . . .          2,500,000         2,682,350

Isle Wight County Industrial Development Authority,

 Solid Waste Disposal Facilities Revenue (Union Camp Corp. Project)

  6.10%, 5/1/2027  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          3,500,000         3,733,485

Loudoun County Sanitation Authority, Water and Sewer Revenue

  4.75%, 1/1/2021 (Insured; MBIA) (d)  . . . . . . . . . . . . . . . . . . . . . . . . . .          1,000,000           966,010

Metropolitan Washington Airports Authority, Airport System Revenue

  5.50%, 10/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          2,000,000         2,062,040

Prince William County Park Authority, Revenue

  6.875%, 10/15/2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          3,000,000         3,403,740

Richmond Metropolitan Authority, Expressway Revenue, Refunding

  5.25%, 7/15/2017 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . . . .          3,100,000         3,268,764

Staunton Industrial Development Authority,

 Educational Facilities Revenue, Refunding (Mary Baldwin College)

  6.75%, 11/1/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          3,145,000         3,440,221

University of Virginia, University Revenue

  5.75%, 5/1/2021  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          2,325,000         2,505,769

Upper Occoquan Sewer Authority, Regional Sewer Revenue

  5.15%, 7/1/2020 (Insured; MBIA)  . . . . . . . . . . . . . . . . . . . . . . . . . . . .          2,000,000         2,075,680

Virginia Beach Development Authority, Revenue:

 Industrial Development Mortgage Refunding (Ramada Oceanside Resort)

    8%, 8/1/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            310,000           342,104

  Nursing Home (Sentara Life Care Corp.) 7.75%, 11/1/2021  . . . . . . . . . . . . . . . .          1,000,000         1,111,570

Virginia College Building Authority, Educational Facilities Revenue

  (Public Higher Education Financing Program) 4.80%, 9/1/2018  . . . . . . . . . . . . . .          2,395,000         2,360,201

Virginia Housing Development Authority, Commonwealth Mortgage:

  6.60%, 7/1/2020  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          2,900,000         3,051,409

  5.50%, 1/1/2022  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          2,500,000         2,554,225

  6.85%, 1/1/2027 (Prerefunded 11/1/1998) (a)  . . . . . . . . . . . . . . . . . . . . . .          1,935,000         1,935,194

DREYFUS PREMIER STATE MUNICIPAL BOND FUND, VIRGINIA SERIES
- -----------------------------------------------------------------------------


STATEMENT OF INVESTMENTS (CONTINUED)              OCTOBER 31,1998 (UNAUDITED)

                                                                                                   Principal

Long-Term Municipal Investments (continued)                                                         Amount            Value
- -------------------------------------------------------                                         _____________     _____________


U. S. Related--27.8%

Commonwealth of Puerto Rico (Public Improvement):

  6.80%, 7/1/2021 (Prerefunded 7/1/2002) (a) . . . . . . . . . . . . . . . . . . . . . . .     $    1,000,000    $    1,123,760

  6%, 7/1/2026 (Prerefunded 7/1/2007) (a)  . . . . . . . . . . . . . . . . . . . . . . . .          1,500,000         1,732,035

Guam Airport Authority, Revenue 6.70%, 10/1/2023 . . . . . . . . . . . . . . . . . . . . .          2,000,000         2,190,320

Puerto Rico Electric Power Authority, Power Revenue:

  5%, 7/1/2012 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .             50,000            52,363

  6.203%, 7/1/2012 (b,c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          3,000,000         3,283,560

Puerto Rico Highway and Transportation Authority, Highway Revenue:

  6.625%, 7/1/2018 (Prerefunded 7/1/2002) (a)  . . . . . . . . . . . . . . . . . . . . . .          2,000,000         2,235,720

  5.50%, 7/1/2026  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          3,500,000         3,658,585

  Refunding 6.25%, 7/1/2015 (Insured; MBIA)  . . . . . . . . . . . . . . . . . . . . . . .          2,000,000         2,359,200

Puerto Rico Ports Authority, Special Facilities Revenue

  (American Airlines) 6.25%, 6/1/2026  . . . . . . . . . . . . . . . . . . . . . . . . . .          3,000,000         3,238,800

Virgin Islands Public Finance Authority, Revenue, Refunding, Fund Loan Notes:

  Matching 7.25%, 10/1/2018 (Prerefunded 10/1/2002) (a)  . . . . . . . . . . . . . . . . .          4,000,000         4,587,560

  Senior Lien 5.50%, 10/1/2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          2,000,000         2,058,100

Virgin Islands Territory (Hugo Insurance Claims Fund Program)

  7.75%, 10/1/2006 (Prerefunded 10/1/2001) (a) . . . . . . . . . . . . . . . . . . . . . .          1,335,000         1,469,488

Virgin Islands Water and Power Authority, Electric System

  7.40%, 7/1/2011 (Prerefunded 7/1/2001) (a) . . . . . . . . . . . . . . . . . . . . . . .          1,855,000         2,043,932

                                                                                                                  _____________

TOTAL INVESTMENTS (cost $99,403,830) . . . . . . . . . . . . . . . . . . . . . . . . . . .              97.8%      $105,758,369

                                                                                                      _______     _____________


CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .               2.2%    $    2,377,094

                                                                                                      _______     _____________

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .             100.0%      $108,135,463

                                                                                                      _______     _____________

                      SEE NOTES TO FINANCIAL STATEMENTS.

DREYFUS PREMIER STATE MUNICIPAL BOND FUND, VIRGINIA SERIES
- -----------------------------------------------------------------------------

Summary of Abbreviations
- -----------------------------------------------------------------------------

FGIC        Financial Guaranty Insurance Company                    MBIA        Municipal Bond Investors

FHA         Federal Housing Administration                                         Assurance Insurance Corporation

IDR         Industrial Development Revenue                          MFHR        Multi-Family Housing Revenue

LR          Lease Revenue                                           SWDR        Solid Waste Disposal Revenue

Summary of Combined Ratings (Unaudited)
- -----------------------------------------------------------------------------

Fitch                or            Moody's             or            Standard & Poor's              Percentage of Value

_______                            ________                          _________________              ___________________

AAA                                Aaa                               AAA                                  18.3%

AA                                 Aa                                AA                                   16.8

A                                  A                                 A                                    19.7

BBB                                Baa                               BBB                                  18.6

Not Rated (e)                      Not Rated (e)                     Not Rated (e)                        26.6

                                                                                                         _______

                                                                                                         100.0%

                                                                                                         _______


Notes to Statement of Investments:
- -----------------------------------------------------------------------------

(a) Bonds  which   are  prerefunded  are  collateralized  by  U.S.  Government
    securities which are held in escrow and are used to pay principal and
    interest on the municipal issue and to retire the bonds in full at the
    earliest refunding date.

(b) Inverse  Floater   Security--the   interest  rate  is  subject  to  change
    periodically.

(c) Security 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 $5,485,260 or 5.1% of net assets.

(d)  Purchased on a delayed delivery basis.

(e) 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, VIRGINIA SERIES
- -----------------------------------------------------------------------------

STATEMENT OF ASSETS AND LIABILITIES              OCTOBER 31, 1998 (UNAUDITED)

                                                                                                     Cost             Value
                                                                                                _____________     _____________
<S>                                                                                             <C>                <C>
ASSETS:                          Investments in securities--See Statement of Investments . .    $  99,403,830      $105,758,369

                                 Cash  . . . . . . . . . . . . . . . . . . . . . . . . . .                            1,656,568

                                 Interest receivable . . . . . . . . . . . . . . . . . . .                            1,728,278

                                 Receivable for shares of Beneficial Interest subscribed . .                             69,594

                                 Prepaid expenses  . . . . . . . . . . . . . . . . . . . .                               10,569

                                                                                                                  _____________

                                                                                                                    109,223,378

                                                                                                                  _____________

LIABILITIES:                     Due to The Dreyfus Corporation and affiliates . . . . . .                               50,645

                                 Due to Distributor  . . . . . . . . . . . . . . . . . . .                               41,745

                                 Payable for investment securities purchased . . . . . . .                              969,724

                                 Payable for shares of Beneficial Interest redeemed  . . .                                7,210

                                 Accrued expenses  . . . . . . . . . . . . . . . . . . . .                               18,591

                                                                                                                  _____________

                                                                                                                      1,087,915

                                                                                                                  _____________

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                         $108,135,463

                                                                                                                  _____________


REPRESENTED BY:                  Paid-in capital . . . . . . . . . . . . . . . . . . . . .                         $100,322,865

                                 Accumulated net realized gain (loss) on investments . . .                            1,458,059

                                 Accumulated net unrealized appreciation (depreciation)

                                   on investments--Note 4  . . . . . . . . . . . . . . . .                            6,354,539

                                                                                                                  _____________

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                         $108,135,463

                                                                                                                  _____________

                                                   NET ASSET VALUE PER SHARE
                                             ----------------------------------------

                                                                               Class A            Class B           Class C

                                                                             ____________      ______________    ______________

Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .        $65,522,292         $39,874,527        $2,738,644

Shares Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . .          3,701,205           2,252,520           154,767

NET ASSET VALUE PER SHARE. . . . . . . . . . . . . . . . . . . . . . .             $17.70              $17.70            $17.70

                                                                                  _______             _______           _______


                      SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>

DREYFUS PREMIER STATE MUNICIPAL BOND FUND, VIRGINIA SERIES
- -----------------------------------------------------------------------------

STATEMENT OF OPERATIONS         SIX MONTHS ENDED OCTOBER 31, 1998 (UNAUDITED)

INVESTMENT INCOME
<S>                                                                                                  <C>             <C>
INCOME                           Interest Income . . . . . . . . . . . . . . . . . . . . .                           $3,150,324

EXPENSES:                        Management fee--Note 3(a) . . . . . . . . . . . . . . . .           $299,571

                                 Shareholder servicing costs--Note 3(c)  . . . . . . . . .            169,031

                                 Distribution fees--Note 3(b)  . . . . . . . . . . . . . .            109,886

                                 Registration fees . . . . . . . . . . . . . . . . . . . .              7,330

                                 Professional fees . . . . . . . . . . . . . . . . . . . .              5,994

                                 Custodian fees  . . . . . . . . . . . . . . . . . . . . .              5,656

                                 Prospectus and shareholders' reports  . . . . . . . . . .              4,091

                                 Trustees' fees and expenses--Note 3(d)  . . . . . . . . .                645

                                 Loan commitment fees--Note 2  . . . . . . . . . . . . . .                261

                                 Miscellaneous . . . . . . . . . . . . . . . . . . . . . .              5,248

                                                                                                  ___________

                                    Total Expenses . . . . . . . . . . . . . . . . . . . .                              607,713

                                                                                                                    ___________

INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                            2,542,611

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:

                                 Net realized gain (loss) on investments . . . . . . . . .         $1,369,101

                                 Net unrealized appreciation (depreciation) on investments . .        678,833

                                                                                                  ___________

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS . . . . . . . . . . . . . . . . . .                            2,047,934

                                                                                                                    ___________

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . .                           $4,590,545

                                                                                                                    ___________


                      SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>

DREYFUS PREMIER STATE MUNICIPAL BOND FUND, VIRGINIA 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  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .        $    2,542,611       $    5,109,173

   Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . .             1,369,101              716,552

   Net unrealized appreciation (depreciation) on investments . . . . . . . . . . . .               678,833            3,846,818

                                                                                             _____________        _____________

          Net Increase (Decrease) in Net Assets Resulting from Operations  . . . . .             4,590,545            9,672,543

                                                                                             _____________        _____________

DIVIDENDS TO SHAREHOLDERS FROM:

  Investment income--net:

       Class A shares  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            (1,612,258)          (3,257,087)

       Class B shares  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .              (881,136)          (1,798,219)

       Class C shares  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .               (49,217)             (53,867)

   Net realized gain on investments:

       Class A shares  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .              ----                  (11,050)

       Class B shares  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .              ----                   (6,895)

       Class C shares  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .              ----                     (231)

                                                                                             _____________        _____________

          Total Dividends  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            (2,542,611)          (5,127,349)

                                                                                             _____________        _____________

BENEFICIAL INTEREST TRANSACTIONS:

  Net proceeds from shares sold:

       Class A shares  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .             2,581,149            5,997,540

       Class B shares  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .             1,702,557            5,831,012

       Class C shares  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .               874,664            1,286,247

   Dividends reinvested:

       Class A shares  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .               818,593            1,642,346

       Class B shares  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .               436,611              888,868

       Class C shares  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                 6,372               11,545

   Cost of shares redeemed:

       Class A shares  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            (4,203,820)          (6,456,984)

       Class B shares  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            (3,127,793)          (4,112,867)

       Class C shares  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .              (181,964)             (11,835)

                                                                                             _____________        _____________

          Increase (Decrease) in Net Assets from Beneficial Interest Transactions  .            (1,093,631)            5,075,872

                                                                                             _____________        _____________

             Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . . .               954,303            9,621,066

NET ASSETS:

   Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .           107,181,160           97,560,094

                                                                                             _____________        _____________

   End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          $108,135,463         $107,181,160

                                                                                             _____________        _____________


                      SEE NOTES TO FINANCIAL STATEMENTS.

DREYFUS PREMIER STATE MUNICIPAL BOND FUND, VIRGINIA 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .        146,668               346,087

   Shares issued for dividends reinvested  . . . . . . . . . . . . . . . . . . . . . . .         46,343                94,990

   Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       (238,901)             (373,556)

                                                                                               ________            __________

       Net Increase (Decrease) in Shares Outstanding . . . . . . . . . . . . . . . . . .        (45,890)               67,521

                                                                                               ________            __________


   Class B

   ________

   Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .         96,586               339,021

   Shares issued for dividends reinvested  . . . . . . . . . . . . . . . . . . . . . . .         24,719                51,407

   Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       (177,484)             (236,978)

                                                                                               ________            __________

       Net Increase (Decrease) in Shares Outstanding . . . . . . . . . . . . . . . . . .        (56,179)              153,450

                                                                                               ________            __________

   Class C

   ________

   Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .         49,777                74,375

   Shares issued for dividends reinvested  . . . . . . . . . . . . . . . . . . . . . . .            361                   668

   Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       (10,326)                 (682)

                                                                                               ________            __________

       Net Increase (Decrease) in Shares Outstanding . . . . . . . . . . . . . . . . . .         39,812                74,361

                                                                                               ________            __________

                      SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>

DREYFUS PREMIER STATE MUNICIPAL BOND FUND, VIRGINIA 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  . . . . . .      $17.37           $16.61    $16.27     $16.03     $16.02     $16.80

                                                          ______           ______    ______     ______     ______     ______

   Investment Operations:

   Investment income--net  . . . . . . . . . . . . .         .43              .88       .94        .93        .94        .97

   Net realized and unrealized gain (loss)

       on investments  . . . . . . . . . . . . . . .         .33              .76       .34        .24        .04       (.75)

                                                          ______           ______    ______     ______     ______     ______

   Total from Investment Operations  . . . . . . . .         .76             1.64      1.28       1.17        .98        .22

                                                            ______          ______     ______     ______    ______     ______

   Distributions:

   Dividends from investment income--net . . . . . .        (.43)            (.88)     (.94)      (.93)      (.94)      (.97)

   Dividends from net realized gain on investments . .        --             (.00)(1)    --         --         --       (.01)

   Dividends in excess of net realized gain

       on investments  . . . . . . . . . . . . . . .          --               --        --         --       (.03)      (.02)

                                                          ______           ______    ______     ______     ______     ______

   Total Distributions . . . . . . . . . . . . . . .        (.43)            (.88)     (.94)      (.93)      (.97)     (1.00)

                                                          ______           ______    ______     ______     ______     ______

   Net asset value, end of period  . . . . . . . . .      $17.70           $17.37    $16.61     $16.27     $16.03     $16.02

                                                          ______           ______    ______     ______     ______     ______


TOTAL INVESTMENT RETURN(2) . . . . . . . . . . . . .        8.77%(3)        10.05%     8.02%      7.32%      6.39%      1.10%

RATIOS/SUPPLEMENTAL DATA:

   Ratio of expenses to average net assets . . . . .         .91%(3)          .75%      .39%       .50%       .39%       .46%

   Ratio of net investment income

       to average net assets . . . . . . . . . . . .        4.87%(3)         5.10%     5.67%      5.58%      5.93%      5.64%

   Decrease reflected in above expense ratios

       due to undertakings by the Manager  . . . . .           --             .14%      .55%       .55%       .55%       .55%

   Portfolio Turnover Rate . . . . . . . . . . . . .        17.54%(4)       21.25%    45.29%     50.06%     21.60%     30.69%

   Net Assets, end of period (000's Omitted) . . . .      $65,522        $ 65,086  $ 61,099    $61,149    $62,428    $65,279
- -----------------------------

(1)  Amount represents less than $.01 per share.

(2)  Exclusive of sales load.

(3)  Annualized.

(4)  Not annualized.

                      SEE NOTES TO FINANCIAL STATEMENTS.

DREYFUS PREMIER STATE MUNICIPAL BOND FUND, VIRGINIA 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  . . . . . .      $17.37           $16.60    $16.27     $16.03     $16.02     $16.80

                                                          ______           ______    ______     ______     ______     ______

   Investment Operations:

   Investment income--net  . . . . . . . . . . . . .         .39              .79       .86        .84        .85        .88

   Net realized and unrealized gain (loss)

       on investments  . . . . . . . . . . . . . . .         .33              .77       .33        .24        .04       (.75)

                                                          ______           ______    ______     ______     ______     ______

   Total from Investment Operations  . . . . . . . .         .72             1.56      1.19       1.08        .89        .13

                                                          ______           ______    ______     ______     ______     ______

   Distributions:

   Dividends from investment income--net . . . . . .        (.39)            (.79)     (.86)      (.84)      (.85)      (.88)

   Dividends from net realized gain on investments . .        --             (.00)(1)    --         --         --       (.01)

   Dividends in excess of net realized gain

       on investments  . . . . . . . . . . . . . . .          --               --        --         --       (.03)      (.02)

   Total Distributions . . . . . . . . . . . . . . .        (.39)            (.79)     (.86)      (.84)      (.88)      (.91)

                                                          ______           ______    ______     ______     ______     ______

   Net asset value, end of period  . . . . . . . . .      $17.70           $17.37    $16.60     $16.27     $16.03     $16.02

                                                          ______           ______    ______     ______     ______     ______


TOTAL INVESTMENT RETURN(2) . . . . . . . . . . . . .        8.25%(3)         9.56%     7.41%      6.77%      5.83%       .54%

RATIOS/SUPPLEMENTAL DATA:

   Ratio of expenses to average net assets . . . . .        1.42%(3)         1.26%      .90%      1.01%       .90%      1.01%

   Ratio of net investment income

       to average net assets . . . . . . . . . . . .        4.37%(3)         4.58%     5.15%      5.06%      5.40%      5.02%

   Decrease reflected in above expense ratios

       due to undertakings by the Manager  . . . . .         --               .14%      .55%       .55%       .55%       .54%

   Portfolio Turnover Rate . . . . . . . . . . . . .       17.54%(4)        21.25%    45.29%     50.06%     21.60%     30.69%

   Net Assets, end of period (000's Omitted) . . . .     $39,875         $ 40,100  $ 35,787    $33,120    $28,813    $25,254
- -----------------------------

(1)  Amount represents less than $.01 per share.

(2)  Exclusive of sales load.

(3)  Annualized.

(4)  Not annualized.

                      SEE NOTES TO FINANCIAL STATEMENTS.

DREYFUS PREMIER STATE MUNICIPAL BOND FUND, VIRGINIA 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  . . . . . . . . . . . . .            $17.36           $16.60     $16.26     $ 16.17

                                                                              ______           ______     ______      ______

   Investment Operations:

   Investment income--net  . . . . . . . . . . . . . . . . . . . .               .37              .75        .81         .57

   Net realized and unrealized gain (loss)

       on investments  . . . . . . . . . . . . . . . . . . . . . .               .34              .76        .34         .09

                                                                              ______           ______     ______      ______

   Total from Investment Operations  . . . . . . . . . . . . . . .               .71             1.51       1.15         .66

                                                                              ______           ______     ______      ______

   Distributions:

   Dividends from investment income--net . . . . . . . . . . . . .              (.37)            (.75)      (.81)       (.57)

                                                                              ______           ______     ______      ______

   Net asset value, end of period  . . . . . . . . . . . . . . . .            $17.70           $17.36     $16.60      $16.26

                                                                              ______           ______     ______      ______


TOTAL INVESTMENT RETURN(2) . . . . . . . . . . . . . . . . . . . .              8.11%(3)         9.22%      7.18%       5.64%(3)

RATIOS/SUPPLEMENTAL DATA:

   Ratio of expenses to average net assets . . . . . . . . . . . .              1.65%(3)         1.54%      1.17%       1.21%(3)

   Ratio of net investment income

       to average net assets . . . . . . . . . . . . . . . . . . .              4.10%(3)         4.24%      4.83%       4.55%(3)

   Decrease reflected in above expense ratios

       due to undertakings by the Manager  . . . . . . . . . . . .                --              .11%       .54%        .52%(3)

   Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . .             17.54%(4)        21.25%     45.29%      50.06%

   Net Assets, end of period (000's Omitted) . . . . . . . . . . .            $2,739           $1,996       $674        $166
- -----------------------------

(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, VIRGINIA 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 Virginia 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 assumption. 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  receives  net  earnings  credits  based on available cash
balances left on deposit.

   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.

DREYFUS PREMIER STATE MUNICIPAL BOND FUND, VIRGINIA SERIES
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

   (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 period ended October
31, 1998, the Fund did not borrow under the Facility.

NOTE 3--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:

   (A)  Pursuant  to a management agreement with the Manager, the management fee
is  computed  at the annual rate of .55 of 1% of the value of the Fund's average
daily  net assets and is payable monthly. The Manager had undertaken from May 1,
1998  to  October 31, 1998 to reduce the management fee paid by the Fund, to the
extent  that  the  Fund' s  aggregate  expenses  (excluding  certain expenses as
described  above)  exceeded  an  annual  rate  of  1% of the value of the Fund's
average daily net assets.

(B) Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act,
Class  B and Class C shares pay the Distributor for distributing their shares at
an  annual  rate  of  .50  of 1% of the value of the average daily net assets of
Class  B  shares  and  .75 of 1% of the value of the average daily net assets of
Class  C  shares.  During the period ended October 31, 1998, Class B and Class C
shares   were  charged  $100,875  and  $9,011,  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  Class A, Class B and Class C shares 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 $82,728, $50,437 and $3,004
respectively, pursuant to the Shareholder Services Plan.

The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the
Manager,   under  a  transfer  agency  agreement  for  providing  personnel  and
facilities  to  perform transfer agency services for the Fund. During the period
ended  October  31,  1998, the Fund was charged $22,527 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 $18,850,005 and $23,775,638, respectively.

DREYFUS PREMIER STATE MUNICIPAL BOND FUND, VIRGINIA SERIES
- -----------------------------------------------------------------------------

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

   At  October  31, 1998, accumulated net unrealized appreciation on investments
was  $6,354,539,  consisting  of  $6,423,492  gross  unrealized appreciation and
$68,953 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, VIRGINIA 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.                                         066/625SA9810

                              SEMI-ANNUAL REPORT
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                             DREYFUS PREMIER STATE

                              MUNICIPAL BOND FUND

                                VIRGINIA SERIES
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                               OCTOBER 31, 1998

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