September 27, 1995
PREMIER STATE MUNICIPAL BOND FUND
(ARIZONA SERIES)
(COLORADO SERIES)
(OREGON SERIES)
SUPPLEMENT TO PROSPECTUS
DATED AUGUST 14, 1995
A Special Meeting of Shareholders of the Arizona Series, the Colorado
Series and the Oregon Series of Premier State Municipal Bond Fund (the
"Series") will be held on November 15, 1995 to consider an Agreement and Plan
of Reorganization ("Reorganization"). The Reorganization would provide for
the transfer of all or substantially all of each Series' assets, subject to
liabilities, attributable to its Class A and Class B shares, to Premier
Municipal Bond Fund in a tax free exchange (the "Exchange") for corresponding
Class A and Class B shares of Premier Municipal Bond Fund, and the assumption
by Premier Municipal Bond Fund of stated liabilities.
In accordance with the terms set forth herein, shareholders of the
Series who purchased Class A shares on or after January 1, 1995 and who
choose to redeem such shares rather than participate in the Exchange will be
reimbursed upon redemption prior to the Exchange the sales load applicable to
such Class A share purchases, in accordance with the sales load schedule set
forth on page 43 in Premier State Municipal Bond Fund's current prospectus
dated August 14, 1995 (the "Sales Load Reimbursement"). Class B shares held
by shareholders of the Series who choose to redeem such shares rather than
participate in the Exchange will not be subject to any contingent deferred
sales charge upon redemption prior to the Exchange (the "CDSC Waiver").
The Sales Load Reimbursement/CDSC Waiver will be available to Class A
and Class B shareholders of the Series who redeem their shares at any time
during the period from September 29, 1995 to the later of December 1, 1995 or
the consummation of the Exchange.
If you have any questions pertaining to the Exchange or the Sales
Load Reimbursement/CDSC Waiver, please contact your Service Agent.
PSTEBFs092795
