-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, ke14vpZH1BdODteQaIqJLQ5las74zfY686NVrNXnf+voq2w04XH2tNsV7V1VY8aG Jx4a8+vbe5JaDMDOeoYA+A== 0000806176-94-000035.txt : 19941230 0000806176-94-000035.hdr.sgml : 19941230 ACCESSION NUMBER: 0000806176-94-000035 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19941031 FILED AS OF DATE: 19941229 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PREMIER STATE MUNICIPAL BOND FUND CENTRAL INDEX KEY: 0000806176 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] STATE OF INCORPORATION: MA FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-04906 FILM NUMBER: 94566760 BUSINESS ADDRESS: STREET 1: 144 GENN CURTISS BLVD CITY: NUIONDALE STATE: NY ZIP: 11556 BUSINESS PHONE: 2129226805 FORMER COMPANY: FORMER CONFORMED NAME: PREMIER SERIES TAX EXEMPT BOND FUND DATE OF NAME CHANGE: 19870224 N-30D 1 SEMI-ANNUAL REPORT LETTER TO SHAREHOLDERS Dear Shareholder: During 1994, the bond markets were hurt by a strengthening economy, fears of rising inflation and a weakening U.S. dollar. As a result, interest rates have risen much faster than most economists had anticipated. Since the beginning of this calendar year, long-term municipal bond yields have climbed by nearly 175 basis points (1.75%), rendering 1994 unprecedented for market price erosion. Reflecting this decline in bond prices, the net asset value of Class A shares in the Series fell by 3.88% for the six-month period ended October 31, 1994. Offsetting this loss were income dividends paid of approximately $.41 per share. This equates to an annualized, tax-free distribution rate per share of 5.55%, based on the October 31, 1994 closing maximum offering price per share of $14.52. For the same period, Class B shares also fell 3.88%. Income dividends of approximately $.37 per share were paid, translating into an annualized, tax-free distribution rate per share of 5.24%, based on a closing net asset value of $13.86. All interest income distributed was exempt from Federal income tax.* Last year, when it became apparent that the economy was gathering momentum, we put in place a defensive investment strategy, seeking to reduce portfolio volatility. We believe that our actions to build cash reserves and reduce the Series' exposure to more volatile bonds were generally successful. While we continue to be cautious in our investment strategy, we are hopeful that the series of Federal Reserve Board moves to tighten interest rates, begun in February, will start to translate into positive news for the fixed-income markets. One factor currently working to your Series' advantage is the municipal market's favorable technical position (i.e., an adequate demand combined with a sharp reduction in the supply of new issues this year). We are beginning to view security prices in the municipal market more favorably than we have in some time, but we are still wary of the strength exhibited in the economic data. The Federal Reserve's decision in November to raise the Federal Funds rate another 75 basis points (the sixth rate hike since February) provides some optimism that we are getting closer to the end of the tightening. Should a clearer picture emerge, indicating that higher interest rates are being effective, we are poised to alter our investment strategy accordingly. After enjoying a number of years of strong market performance and a corresponding rise in the value of your Series' portfolio, it is unsettling to be faced with such an uncertain interest rate environment. Falling prices earlier this year reduced the value of fixed-income securities, but the level of tax-free dividends has remained stable. While the financial press focuses on short-term market swings, we maintain a longer perspective. We continue to direct our management efforts towards seeking high current income, free from Federal income tax. We have included a current Statement of Investments and recent financial statements for your review. We greatly appreciate your investment in the Series and look forward to serving your investment needs in the future. Very truly yours, (Richard J. Moynihan Signature Logo) Richard J. Moynihan Director, Municipal Portfolio Management The Dreyfus Corporation November 15, 1994 New York, N.Y. * Some income may be subject to the Federal Alternative Minimum Tax (AMT) for certain shareholders.
PREMIER STATE MUNICIPAL BOND FUND, Florida Series STATEMENT OF INVESTMENTS OCTOBER 31, 1994 (UNAUDITED) PRINCIPAL LONG-TERM MUNICIPAL INVESTMENTS--91.7% AMOUNT VALUE -------------- -------------- FLORIDA--87.5% Alachua County Health Facilities Authority, Health Facilities Revenue (Refunding - Santa Fe Healthcare Facilities Project): 6%, 11/15/2009........................................................ $ 2,500,000 $ 2,210,300 7.60%, 11/15/2013..................................................... 3,500,000 3,545,885 Arcadia, Water and Sewer Revenue 7.75%, 12/1/2021........................... 2,240,000 2,275,952 Brevard County Health Facilities Authority, HR (Holmes Regional Medical Center Project) 5.70%, 10/1/2008............... 4,585,000 4,312,009 Brevard County Housing Finance Authority, SFMR, Refunding 7%, 3/1/2013 (Insured; FSA)............................................. 1,185,000 1,205,098 Broward County Educational Facilities Authority, Revenue (Nova University) 7.50%, 4/1/2017......................................................... 2,365,000 2,639,365 Broward County Health Facilities Authority, Revenue, Refunding (Broward County Nursing Home) 7.50%, 8/15/2020 (LOC; Allied Irish Bank) (a) 1,000,000 1,017,820 Charlotte County, Health Care Facilities Revenue (Charlotte Community Mental Health Project) 9.25%, 7/1/2020............. 1,650,000 1,816,666 Clay County Housing Finance Authority, SFMR 8.20%, 6/1/2021 (Collateralized; GNMA) 710,000 719,081 Dade County Educational Facilities Authority, Revenue (Saint Thomas University) 7.65%, 1/1/2014 (LOC; Sun Bank) (a)..................................... 2,500,000 2,780,800 Dade County Health Facilities Authority, HR (South Shore Hospital and Medical Center) 7.60%, 8/1/2024............... 2,555,000 2,714,943 Dade County Housing Finance Authority: MFMR, Refunding (Cutler Meadows Apartment) 6.50%, 7/1/2022 (Insured; FHA) 1,785,000 1,684,397 SFMR: 7.75%, 9/1/2022 (Collateralized; GNMA)................................ 4,420,000 4,536,379 Refunding 6.95%, 12/15/2012 (Insured; FSA)............................ 1,000,000 1,014,030 Dunes Community Development District, Revenue, Refunding (Intracoastal Waterway Bridge) 5.50%, 10/1/2007........................................................ 4,645,000 4,261,880 Duval County Housing Finance Authority, SFMR: 7.85%, 12/1/2022 (Collateralized; GNMA)................................. 2,625,000 2,686,241 7.70%, 9/1/2024 (Collateralized; GNMA).................................. 1,460,000 1,491,594 Escambia County, PCR (Champion International Corp. Project) 6.90%, 8/1/2022. 4,000,000 3,819,280 Escambia County Housing Finance Authority, SFMR 7.80%, 4/1/2022............. 1,205,000 1,223,388 Florida Board of Education, Capital Outlay: 7%, 6/1/2000............................................................ 2,285,000 2,482,607 7%, 6/1/2020 (Prerefunded 6/1/2000) (b)................................. 2,695,000 2,797,275 Public Education: 6%, 6/1/2022.......................................................... 1,000,000 915,920 Refunding: 5.125%, 6/1/2018.................................................. 4,450,000 3,597,825 7.25%, 6/1/2000................................................... 1,830,000 2,013,732 7.25%, 6/1/2023 (Prerefunded 6/1/2000) (b)........................ 1,420,000 1,508,864 PREMIER STATE MUNICIPAL BOND FUND, Florida Series STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1994 (UNAUDITED) PRINCIPAL LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE -------------- -------------- FLORIDA (CONTINUED) Florida Housing Finance Agency: Home Ownership Revenue 7.90%, 3/1/2022 (Collateralized; GNMA)........... $ 3,800,000 $ 3,867,982 Multi-Family Housing (Driftwood Terrace Project) 7.65%, 12/20/2031 (Collateralized; GNMA).............................. 3,440,000 3,520,874 Single Family Mortgage 6.65%, 7/1/2026.................................. 3,000,000 2,841,120 Florida Municipal Power Agency, Revenue (All Requirements Power Supply Project) 5.10%, 10/1/2025 (Insured; AMBAC)....................................... 6,000,000 4,676,700 Florida Turnpike Authority, Turnpike Revenue 7.50%, 7/1/2019 (Prerefunded 7/1/1999) (b).............................. 5,685,000 6,264,699 Greater Orlando Aviation Authority, Airport Facilities Revenue, Refunding 5.50%, 10/1/2008 (Insured; AMBAC)....................................... 5,940,000 5,406,053 Highlands County Health Facilities Authority, Revenue (Adventist Sunbelt Hospital) 7%, 11/15/2014.......................................................... 1,500,000 1,547,730 Hillsborough County, Utility Revenue, Refunding: 7%, 8/1/2001............................................................ 985,000 1,070,991 6.625%, 8/1/2011........................................................ 4,000,000 3,860,440 7%, 8/1/2014............................................................ 4,765,000 4,701,625 Hillsborough County Aviation Authority, Revenue, Refunding: (Delta Airlines) 7.75%, 1/1/2024........................................ 1,500,000 1,494,585 (Tampa International Airport): 5.375%, 10/1/2008 (Insured; FGIC)..................................... 2,000,000 1,817,140 5.375%, 10/1/2023 (Insured; FGIC)..................................... 5,750,000 4,669,690 Hillsborough County Port District, Revenue (Tampa Port Authority) 8.25%, 6/1/2009 3,000,000 3,280,140 Indian Trace Community Development District, Water and Sewer Revenue 8.50%, 4/1/1997................................. 500,000 526,515 Jackson County, PCR, Refunding (Gulf Power Co. Project) 6.75%, 3/1/2022..... 3,930,000 4,090,973 Jacksonville, Capital Improvement Revenue Certificates (Gator Bowl Project) 5.50%, 10/1/2019 (Insured; AMBAC)....................................... 2,225,000 1,910,652 Jacksonville Health Facilities Authority, HR, Refunding (Saint Luke's Hospital) 7.125%, 11/15/2020...................................................... 6,700,000 6,837,417 Jupiter, Sales Tax Revenue 7.40%, 9/1/2020 (Prerefunded 11/1/2000) (b)...... 1,750,000 1,944,180 Lake County, Resource Recovery Industrial Development Revenue, Refunding (NRG/Recovery Group) 5.85%, 10/1/2009................................... 6,000,000 5,276,160 Leesburg, HR, Refunding: Capital Improvement (Regional Medical Center Project - B): 8.60%, 7/1/2018 (Prerefunded 7/1/1996) (b)............................ 1,100,000 1,192,873 (Leesburg Regional Medical Center Project - A) 6.25%, 7/1/2009.......... 1,850,000 1,703,943 (Leesburg Regional Medical Center Project - B) 5.65%, 7/1/2008.......... 4,000,000 3,489,560 Leon County Educational Facilities Authority, COP (Southgate Residence Hall Project): 3.75%, 12/1/1995 (c).................................................... 259,200 51,840 9%, 9/1/2014 (c)........................................................ 5,235,000 1,047,000 PREMIER STATE MUNICIPAL BOND FUND, Florida Series STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1994 (UNAUDITED) PRINCIPAL LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE -------------- -------------- FLORIDA (CONTINUED) Manatee County Housing Finance Authority, SFMR 8.10% 11/1/2020.............. $ 520,000 $ 530,743 Miami Beach Redevelopment Agency, Tax Increment Revenue (City Center - Historic Convention Village) 5.625%, 12/1/2009........... 2,000,000 1,766,540 Nassau County, PCR, Refunding (ITT Rayonier, Inc. Project): 7.65%, 6/1/2006......................................................... 4,500,000 4,606,605 6.20%, 7/1/2015......................................................... 1,420,000 1,273,910 North Miami Educational Facilities Revenue (Johnson and Wales University Project) 6.10%, 4/1/2013......................................................... 5,000,000 4,501,350 North Miami Health Facilities Authority, Health Facilities Revenue (Villa Maria Nursing Housing Project) 7.50%, 9/1/2012................... 2,735,000 2,896,529 Orange County Health Facilities Authority, Health Facilities Revenue (Mental Health Service Project) 9.25%, 7/1/2020......................... 3,815,000 4,111,197 Orange County Housing Finance Authority, Mortgage Revenue 8.10%, 11/1/2021.. 875,000 887,714 Orlando and Orange County Expressway Authority, Expressway Revenue, Refunding (Junior Lien) 5.125%, 7/1/2020 (Insured; FGIC).......................... 3,220,000 2,569,077 Orlando Utilities Commission, Water and Electric Revenue: 5.125%, 10/1/2019....................................................... 3,220,000 2,589,588 7%, 10/1/2023 (Prerefunded 10/1/1999) (b)............................... 1,000,000 1,085,870 5.50%, 10/1/2026........................................................ 10,000,000 8,336,200 5.50%, 10/1/2027........................................................ 4,000,000 3,328,680 Osceola County Industrial Development Authority, Revenue (Community Provider Pooled Loan Program) 7.75%, 7/1/2017................ 5,235,000 5,163,542 Palm Beach County, Solid Waste Industrial Development Revenue: (Okeelanta Power LP Project) 6.85%, 2/15/2021........................... 6,750,000 6,170,378 (Osceola Power Limited Partnership) 6.85%, 1/1/2014..................... 4,300,000 3,998,398 Palm Beach County Housing Finance Authority, Single Family Mortgage Purchase Revenue 7.60%, 3/1/2023......................................................... 3,405,000 3,432,717 Pinellas County, PCR, Refunding (Florida Power Corp.) 7.20%, 12/1/2014...... 3,000,000 3,136,230 Pinellas County Health Facilities Authority, Revenue (Hospital - Morton Plant Health Systems Project) 5.50%, 11/15/2009 (Insured; MBIA) 2,000,000 1,809,820 Pinellas County Housing Finance Authority, SFMR 7.70%, 8/1/2022............. 2,810,000 2,852,262 Polk County Housing Finance Authority, SFMR: 8.10%, 9/1/2020......................................................... 605,000 625,007 7.875%, 9/1/2022........................................................ 1,330,000 1,343,899 Saint Lucie County: Sales Tax Revenue, Refunding 5%, 10/1/2019.............................. 2,500,000 1,963,125 SWDR (Florida Power and Light Co. Project) 7.15%, 2/1/2023.............. 4,000,000 4,061,480 South Indian River Water Control District, Refunding 7.50%, 10/1/2006 (Prerefunded 10/1/1998) (b)............................................. 1,000,000 1,094,990 PREMIER STATE MUNICIPAL BOND FUND, Florida Series STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1994 (UNAUDITED) PRINCIPAL LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE -------------- -------------- FLORIDA (CONTINUED) Sunrise, Special Tax District Number 1, Refunding 6.375%, 11/1/2021 (LOC; Bayerische Hypotheken-und Weschel Bank) (a)..... $ 2,500,000 $ 2,381,250 Tampa: Allegany Health System Revenue (Saint Joseph Hospital): 7.125%, 12/1/2005 (Prerefunded 12/1/1999) (b)......................... 2,500,000 2,729,775 7.375%, 12/1/2023 (Prerefunded 12/1/1999) (b)......................... 3,455,000 3,810,519 Water and Sewer Revenue: 6.30%, 10/1/2006 (d).................................................. 6,100,000 6,216,632 Refunding 6.60%, 10/1/2014 (Insured; FGIC, Prerefunded 10/1/2002) (b). 10,000,000 10,617,300 Volushia County Health Facilities Authority, Hospital Facilities Revenue (Memorial Health System Project): 8.125%, 6/1/2008...................................................... 1,970,000 2,250,824 8.25%, 6/1/2020 (Prerefunded 6/1/2000) (b)............................ 2,500,000 2,871,225 U.S. RELATED--4.2% Guam Airport Authority, Revenue 6.70%, 10/1/2023............................ 5,000,000 4,737,350 Puerto Rico Commonwealth: 6.25%, 7/1/2010......................................................... 2,000,000 1,935,840 6.80%, 7/1/2021 (Prerefunded 7/1/2000) (b).............................. 2,000,000 2,171,960 Virgin Islands Port Authority, Airport Revenue (Cyril E. King Airport Project) 8.10%, 10/1/2005...................................................... 2,500,000 2,685,375 -------------- TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $256,765,539)................... $252,906,114 ============== SHORT-TERM MUNICIPAL INVESTMENTS--8.3% FLORIDA: Dade County, Water and Sewer Systems Revenue, VRDN 3.30% (e)................ $ 4,300,000 $ 4,300,000 Dade County Industrial Development Authority, Exempt Facilities Revenue, VRDN (Florida Power and Light Co.) 3.55% (e)................................. 10,000,000 10,000,000 Jacksonville Health Facilities Authority, Health Facilities Revenue, VRDN: (Baptist Health Properties Project) 3.75% (e)........................... 5,000,000 5,000,000 (HSI Support Systems, Inc.) 3.20% (e)................................... 3,500,000 3,500,000 -------------- TOTAL SHORT-TERM MUNICIPAL INVESTMENTS (cost $22,800,000)................... $ 22,800,000 ============== TOTAL INVESTMENTS--100.0% (cost $279,565,539)..................................................... $275,706,114 ==============
PREMIER STATE MUNICIPAL BOND FUND, Florida Series SUMMARY OF ABBREVIATIONS AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit COP Certificate of Participation MBIA Municipal Bond Investors Assurance FGIC Financial Guaranty Insurance Company MFMR Multi-Family Mortgage Revenue FHA Federal Housing Administration PCR Pollution Control Revenue FSA Financial Security Assurance SFMR Single Family Mortgage Revenue GNMA Government National Mortgage Association SWDR Solid Waste Disposal Revenue HR Hospital Revenue VRDN Variable Rate Demand Notes
SUMMARY OF COMBINED RATINGS (UNAUDITED) FITCH (F) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE - --------- --------- -------------------- ----------------------- AAA Aaa AAA 35.0% AA Aa AA 13.8 A A A 10.3 BBB Baa BBB 21.5 BB Ba BB .5 F1+ & F1 MIG1, VMIG1 & P1 SP1 & A1 8.3 Not Rated (g) Not Rated (g) Not Rated (g) 10.6 -------- 100.0% ======
NOTES TO STATEMENT OF INVESTMENTS: (a) Secured by letters of credit. (b) 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. (c) Non-income producing security; interest payments in default. The valuation of these securities has been determined in good faith under the direction of the Board of Trustees. (d) Inverse floater security - the interest rate is subject to change periodically. (e) Security payable on demand. The interest rate, which is subject to change, is based upon bank prime rates or an index of market interest rates. (f) Fitch currently provides creditworthiness information for a limited number of investments. (g) Securities which, while not rated by Fitch, Moody's or Standard & Poor's, have been determined by the Fund's Board of Trustees to be of comparable quality to those rated securities in which the Fund may invest. See independent accountants' review report and notes to financial statements.
PREMIER STATE MUNICIPAL BOND FUND, Florida Series STATEMENT OF ASSETS AND LIABILITIES OCTOBER 31, 1994 (UNAUDITED) ASSETS: Investments in securities, at value (cost $279,565,539)-see statement..................................... $275,706,114 Cash.................................................................... 1,743,113 Interest receivable..................................................... 4,493,646 Receivable for investment securities sold............................... 3,660,413 Receivable for shares of Beneficial Interest subscribed................. 216,316 Prepaid expenses........................................................ 11,532 -------------- 285,831,134 LIABILITIES: Due to The Dreyfus Corporation.......................................... $135,072 Due to the Distributor.................................................. 71,781 Payable for shares of Beneficial Interest redeemed...................... 570,461 Accrued expenses........................................................ 300,942 1,078,256 ---------- -------------- NET ASSETS ................................................................ $284,752,878 ============== REPRESENTED BY: Paid-in capital......................................................... $287,832,036 Accumulated undistributed net realized gain on investments.............. 780,267 Accumulated net unrealized (depreciation) on investments_Note 3(b)...... (3,859,425) -------------- NET ASSETS at value......................................................... $284,752,878 ============== Shares of Beneficial Interest outstanding: Class A Shares (unlimited number of $.001 par value shares authorized)............... 18,858,609 ============== Class B Shares (unlimited number of $.001 par value shares authorized)............... 1,674,647 ============== NET ASSET VALUE per share: Class A Shares ($261,537,021 / 18,858,609 shares).................................... $13.87 ======= Class B Shares ($23,215,857 / 1,674,647 shares)...................................... $13.86 ======= See independent accountants' review report and notes to financial statements.
PREMIER STATE MUNICIPAL BOND FUND, Florida Series STATEMENT OF OPERATIONS SIX MONTHS ENDED OCTOBER 31, 1994 (UNAUDITED) INVESTMENT INCOME: INTEREST INCOME......................................................... $ 9,885,139 EXPENSES: Management fee_Note 2(a).............................................. $ 841,764 Shareholder servicing costs_Note 2(c)................................. 461,199 Distribution fees (Class B shares)_Note 2(b).......................... 58,855 Professional fees..................................................... 16,939 Custodian fees........................................................ 16,028 Prospectus and shareholders' reports.................................. 12,328 Trustees' fees and expenses_Note 2(d)................................. 1,196 Registration fees..................................................... 1,013 Miscellaneous......................................................... 11,364 ------------ 1,420,686 Less_reduction in management fee due to undertakings_Note 2(a)............................................ 27,718 ------------ TOTAL EXPENSES.................................................. 1,392,968 -------------- INVESTMENT INCOME--NET.......................................... 8,492,171 -------------- REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS: Net realized gain on investments_Note 3(a).............................. $1,532,778 Net realized gain on financial futures_Note 3(a)........................ 11,431 ------------ NET REALIZED GAIN..................................................... 1,544,209 Net unrealized (depreciation) on investments............................ (13,160,073) -------------- NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS..................... (11,615,864) -------------- NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $ (3,123,693) ============== See independent accountants' review report and notes to financial statements.
PREMIER STATE MUNICIPAL BOND FUND, Florida Series STATEMENT OF CHANGES IN NET ASSETS YEAR ENDED SIX MONTHS ENDED APRIL 30, OCTOBER 31, 1994 1994 (UNAUDITED) -------------- ------------------- OPERATIONS: Investment income--net................................................. $ 18,361,672 $ 8,492,171 Net realized gain on investments....................................... 322,634 1,544,209 Net unrealized (depreciation) on investments for the period............ (12,210,827) (13,160,073) -------------- -------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.. 6,473,479 (3,123,693) -------------- -------------- DIVIDENDS TO SHAREHOLDERS: From investment income--net: Class A shares....................................................... (17,572,099) (7,900,450) Class B shares....................................................... (789,573) (591,721) From net realized gain on investments: Class A shares....................................................... (884,752) ___ Class B shares....................................................... (51,557) ___ In excess of net realized gain on investments: Class A shares....................................................... (721,877) ___ Class B shares....................................................... (42,065) ___ -------------- -------------- TOTAL DIVIDENDS.................................................. (20,061,923) (8,492,171) -------------- -------------- BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from shares sold: Class A shares....................................................... 43,755,340 7,387,811 Class B shares....................................................... 18,173,895 2,546,557 Dividends reinvested: Class A shares....................................................... 6,943,770 2,907,897 Class B shares....................................................... 401,953 250,145 Cost of shares redeemed: Class A shares....................................................... (48,253,346) (27,870,470) Class B shares....................................................... (856,937) (1,120,605) -------------- -------------- INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS................................................... 20,164,675 (15,898,665) -------------- -------------- TOTAL INCREASE (DECREASE) IN NET ASSETS........................ 6,576,231 (27,514,529) NET ASSETS: Beginning of period.................................................... 305,691,176 312,267,407 -------------- -------------- End of period.......................................................... $312,267,407 $284,752,878 ============== ==============
SHARES -------------------------------------------------------------------------- CLASS A CLASS B ------------------------------------ ------------------------------------ YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED APRIL 30, OCTOBER 31, 1994 APRIL 30, OCTOBER 31, 1994 1994 (UNAUDITED) 1994 (UNAUDITED) -------------- ----------------- -------------- ------------------- CAPITAL SHARE TRANSACTIONS: Shares sold......................... 2,866,976 512,642 1,194,240 176,610 Shares issued for dividends reinvested. 457,470 202,426 26,554 17,412 Shares redeemed..................... (3,200,998) (1,939,051) (56,660) (77,591) --------------- ------------- ------------- --------------- NET INCREASE (DECREASE) IN SHARES OUTSTANDING................. 123,448 (1,223,983) 1,164,134 116,431 ============== ============= ============= ============= See independent accountants' review report and notes to financial statements.
PREMIER STATE MUNICIPAL BOND FUND, Florida Series FINANCIAL HIGHLIGHTS Contained below is per share operating performance data for a share of Beneficial Interest outstanding, total investment return, ratios to average net assets and other supplemental data for each period indicated. This information has been derived from the Series' financial statements. CLASS A SHARES CLASS B SHARES ------------------------------------------------------- ----------------------------------- SIX MONTHS SIX MONTHS ENDED OCTOBER ENDED OCTOBER YEAR ENDED APRIL 30, 31, 1994 YEAR ENDED APRIL 30 31, 1994 -------------------------------------------- ---------------------- PER SHARE DATA: 1990 1991 1992 1993 1994 (UNAUDITED) 1993(1) 1994 (UNAUDITED) ------ ------ ------ ------ ------ --------- ------ ------ ---------- Net asset value, beginning of period... $13.48 $13.34 $13.93 $14.33 $15.02 $14.43 $14.59 $15.01 $14.42 ------ ------ ------ ------ ------ ------ ------ ------ ------ INVESTMENT OPERATIONS: Investment income--net.. 1.02 .99 .95 .92 .85 .41 .24 .77 .37 Net realized and unrealized gain (loss) on investments (.11) .61 .41 .86 (.51) (.56) .42 (.51) (.56) ------ ------ ------ ------ ------ ------ ------ ------ ------ TOTAL FROM INVESTMENT OPERATIONS........ .91 1.60 1.36 1.78 .34 (.15) .66 .26 (.19) ------ ------ ------ ------ ------ ------ ------ ------ ------ DISTRIBUTIONS: Dividends from investment income--net........... (1.02) (.99) (.95) (.92) (.85) (.41) (.24) (.77) (.37) Dividends from net realized gain on investments... (.03) (.02) (.01) (.17) (.04) --- --- (.04) --- Dividends in excess of net realized gain on investments --- --- --- --- (.04) --- --- (.04) --- ------ ------ ------ ------ ------ ------ ------ ------ ------ TOTAL DISTRIBUTIONS... (1.05) (1.01) (.96) (1.09) (.93) (.41) (.24) (.85) (.37) ------ ------ ------ ------ ------ ------ ------ ------ ------ Net asset value, end of period $13.34 $13.93 $14.33 $15.02 $14.43 $13.87 $15.01 $14.42 $13.86 ====== ====== ====== ====== ====== ====== ====== ====== ====== TOTAL INVESTMENT RETURN (2). 6.83% 12.40% 10.09% 12.84% 2.14% (2.24%)(3) 15.60%(3) 1.54% (2.80%)(3) RATIOS/SUPPLEMENTAL DATA: Ratio of expenses to average net assets.... --- .21% .52% .69% .80% .87%(3) 1.12%(3) 1.34% 1.38%(3) Ratio of net investment income to average net assets 7.24% 7.11% 6.65% 6.21% 5.61% 5.59%(3) 4.87%(3) 4.91% 5.03%(3) Decrease reflected in above expense ratios due to undertakings by the Manager 1.08% .74% .41% .21% .10% .02%(3) .12%(3) .09% .02%(3) Portfolio Turnover Rate. 27.69% .28% 20.99% 33.18% 20.84% 18.99%(4) 33.18% 20.84% 18.99%(4) Net Assets, end of period (000's Omitted) $67,416 $177,927 $245,474 $299,775 $289,791 $261,537 $5,916 $22,476 $23,216 - ------------------------- (1) From January 15, 1993 (commencement of initial offering) to April 30, 1993. (2) Exclusive of sales load. (3) Annualized. (4) Not annualized. See independent accountants' review report and notes to financial statements.
PREMIER STATE MUNICIPAL BOND FUND, Florida Series NOTES TO FINANCIAL STATEMENTS (UNAUDITED) NOTE 1--SIGNIFICANT ACCOUNTING POLICIES: Premier State Municipal Bond Fund (the "Fund") is registered under the Investment Company Act of 1940 ("Act") as a non-diversified open-end management investment company and operates as a series company currently offering fifteen series including the Florida Series (the "Series"). Dreyfus Service Corporation, until August 24, 1994, acted as the distributor of the Fund's shares. Dreyfus Service Corporation is a wholly-owned subsidiary of The Dreyfus Corporation ("Manager"). Effective August 24, 1994, the Manager became a direct subsidiary of Mellon Bank, N.A. On August 24, 1994, Premier Mutual Fund Services, Inc. (the "Distributor") was engaged as the Fund's distributor. The Distributor, located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned subsidiary of Institutional Administration Services, Inc., a provider of mutual fund administration services, the parent company of which is Boston Institutional Group, Inc. The Fund accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series' operations; expenses which are applicable to all series are allocated among them on a pro rata basis. The Series offers both Class A and Class B shares. Class A shares are subject to a sales charge imposed at the time of purchase and Class B shares are subject to a contingent deferred sales charge imposed at the time of redemption on redemptions made within five years of purchase. Other differences between the two Classes include the services offered to and the expenses borne by each Class and certain voting rights. (A) PORTFOLIO VALUATION: The Series' investments (excluding options and financial futures on municipal and U.S. treasury securities) are valued each business day by an independent pricing service ("Service") approved by the Board of Trustees. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Options and financial futures on municipal and U.S. treasury securities are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day. Investments not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. Bid price is used when no asked price is available. (B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on the identified cost basis. Interest income, adjusted for amortization of premiums and original issue discounts on investments, is earned from settlement date and recognized on the accrual basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. 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 STATE MUNICIPAL BOND FUND, Florida 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 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 continue to qualify as a regulated investment company, which can distribute tax exempt dividends, by complying with the applicable provisions of the Internal Revenue Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all Federal income and excise taxes. NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES: (A) Pursuant to a management agreement ("Agreement") with the Manager, the management fee is computed at the annual rate of .55 of 1% of the average daily value of the Series' net assets and is payable monthly. The Agreement provides for an expense reimbursement from the Manager should the Series' aggregate expenses, exclusive of taxes, brokerage, interest on borrowings and extraordinary expenses, exceed the expense limitation of any state having jurisdiction over the Series for any full fiscal year. However, the Manager had undertaken from May 1, 1994 through June 30, 1994 to waive receipt of the management fee payable to it by the Series in excess of an annual rate of .50 of 1% (excluding certain expenses as described above) of the Series' average daily net assets and thereafter, had undertaken from July 1, 1994 through July 7, 1994 to reduce the management fee paid by the Series, to the extent that the Series' aggregate expenses (excluding certain expenses as described above) exceeded specified annual percentages of the Series' average daily net assets. The reduction in management fee, pursuant to the undertakings, amounted to $27,718 for the six months ended October 31, 1994. Dreyfus Service Corporation retained $12,377 during the six months ended October 31, 1994 from commissions earned on sales of the Series' Class A shares. Prior to August 24, 1994, Dreyfus Service Corporation retained $15,723 from contingent deferred sales charges imposed upon redemptions of the Series' Class B shares. (B) On August 3, 1994, the Series' shareholders approved a revised Distribution Plan with respect to Class B shares only (the "Class B Distribution Plan") pursuant to Rule 12b-1 under the Act. Pursuant to the Class B Distribution Plan, effective August 24, 1994, the Fund pays the Distributor for distributing the Series' Class B shares at an annual rate of .50 of 1% of the value of the average daily net assets of Class B shares. Prior to August 24, 1994, the Distribution Plan ("prior Class B Distribution Plan") provided that the Series pay Dreyfus Service Corporation at an annual rate of .50 of 1% of the value of the Series' Class B shares average daily net assets, for the costs and expenses in connection with advertising, marketing and distributing the Series' Class B shares. Dreyfus Service Corporation made payments to one or more Service Agents based on the value of the Series' Class B shares owned by clients of the Service Agent. During the six months ended October 31, 1994, $22,263 was charged to the Series pursuant to the Class B Distribution Plan and $36,592 was charged to the Series pursuant to the prior Class B Distribution Plan. PREMIER STATE MUNICIPAL BOND FUND, Florida 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 Serv ice Agents in respect of these services. The Distributor determines the amounts to be paid to Service Agents. From May 1, 1994 through August 23, 1994, $224,083 and $18,296 were charged to Class A and Class B shares, respectively, by Dreyfus Service Corporation. From August 24, 1994 through October 31, 1994, $129,109 and $11,132 were charged to Class A and Class B shares, respectively, by the Distributor pursuant to the Shareholder Services Plan. (D) Prior to August 24, 1994 certain officers and trustees of the Fund were "affiliated persons," as defined in the Act, of the Manager and/or Dreyfus Service Corporation. Each trustee who is not an "affiliated person" receives from the Fund an annual fee of $2,500 and an attendance fee of $250 per meeting. NOTE 3--SECURITIES TRANSACTIONS: (A) The aggregate amount of purchases and sales of investment securities amounted to $96,092,444 and $115,966,110, respectively, for the six months ended October 31, 1994, and consisted entirely of long-term and short-term municipal investments. The Series is engaged in trading financial futures contracts. The Series is exposed to market risk as a result of changes in the value of the underlying financial instruments. Investments in financial futures require the Series to "mark to market" on a daily basis, which reflects the change in the market value of the contract at the close of each day's trading. Accordingly, variation margin payments are made or received to reflect daily unrealized gains or losses. When the contracts are closed, the Series recognizes a realized gain or loss. These investments require initial margin deposits with a custodian, which consists of cash or cash equivalents, up to approximately 10% of the contract amount. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. At October 31, 1994, there were no financial futures contracts outstanding. (B) At October 31, 1994, accumulated net unrealized depreciation on investments was $3,859,425, consisting of $7,630,560 gross unrealized appreciation and $11,489,985 gross unrealized depreciation. At October 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 STATE MUNICIPAL BOND FUND, Florida Series REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS SHAREHOLDERS AND BOARD OF TRUSTEES PREMIER STATE MUNICIPAL BOND FUND, FLORIDA SERIES We have reviewed the accompanying statement of assets and liabilities, including the statement of investments, of Premier State Municipal Bond Fund, Florida Series (one of the Series constituting the Premier State Municipal Bond Fund) as of October 31, 1994, and the related statements of operations and changes in net assets and financial highlights for the six month period ended October 31, 1994. These financial statements and financial highlights are the responsibility of the Fund's management. We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data, and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, which will be performed for the full year with the objective of expressing an opinion regarding the financial statements and financial highlights taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to the interim financial statements and financial highlights referred to above for them to be in conformity with generally accepted accounting principles. We have previously audited, in accordance with generally accepted auditing standards, the statement of changes in net assets for the year ended April 30, 1994 and financial highlights for each of the five years in the period ended April 30, 1994 and in our report dated June 7, 1994, we expressed an unqualified opinion on such statement of changes in net assets and financial highlights. (Ernst & Young LLP Signature Logo) New York, New York December 6, 1994 PREMIER STATE MUNICIPAL BOND FUND, FLORIDA SERIES 144 Glenn Curtiss Boulevard Uniondale, NY 11556 MANAGER The Dreyfus Corporation 200 Park Avenue New York, NY 10166 CUSTODIAN The Bank of New York 90 Washington Street New York, NY 10286 TRANSFER AGENT & DIVIDEND DISBURSING AGENT The Shareholder Services Group, Inc. P.O. Box 9671 Providence, RI 02940 Further information is contained in the Prospectus, which must precede or accompany this report. Printed in U.S.A. 051/615SA9410BKR Semi-Annual Report Premier State Municipal Bond Fund Florida Series October 31, 1994 (Dreyfus Lion Logo) -----END PRIVACY-ENHANCED MESSAGE-----