January 30, 1996
PREMIER STATE MUNICIPAL BOND FUND
(ARIZONA SERIES)
(COLORADO SERIES)
(OREGON SERIES)
SUPPLEMENT TO PROSPECTUS
DATED AUGUST 14, 1995
At a Special Meeting of Shareholders of the Arizona Series (the
"Series") scheduled to be held on February 12, 1996, shareholders of the
Series will consider an Agreement and Plan of Reorganization (the "Plan"),
pursuant to which the Series would transfer all or substantially all of its
assets, subject to liabilities, attributable to its Class A and Class B
shares, to Premier Municipal Bond Fund in a tax free exchange for
corresponding Class A and Class B shares of Premier Municipal Bond Fund (the
"Exchange"). Shareholders of the Colorado Series and Oregon Series approved
the Plan at a meeting held on November 15, 1995. The Exchange with respect to
the Colorado and Oregon Series occurred as of the close of business on
December 1, 1995 at which time such Series shareholders became shareholders
of Premier Municipal Bond Fund, and each such Series was liquidated and its
existence as a series of the Fund terminated. Accordingly, the Fund is no
longer offering shares of its Colorado and Oregon Series.
THE FOLLOWING INFORMATION SUPERSEDES ANY CONTRARY INFORMATION
CONTAINED IN THE SECTION OF THE FUND'S PROSPECTUS ENTITLED "MANAGEMENT OF THE
FUND":
Effective January 17, 1996, the primary portfolio manager for each of
the Maryland Series, the Pennsylvania Series and the Texas Series is Douglas
J. Gaylor. Mr. Gaylor has been employed by The Dreyfus Corporation since
January 1996. Prior to joining The Dreyfus Corporation, Mr. Gaylor was a
Municipal Portfolio Manager at the PNC Bank since September 1993. From 1989
to September 1993 Mr. Gaylor was a Municipal Portfolio Manager at Wilmington
Trust Company. Effective January 17, 1996, the primary portfolio manager for
the Florida Series is Stephen C. Kris. Mr. Kris has been employed by The
Dreyfus Corporation since February 1988.
PSTEBs013096
