July 19, 1996
PREMIER STATE MUNICIPAL
BOND FUND
SUPPLEMENT TO PROSPECTUS
DATED AUGUST 14, 1995
THE FOLLOWING INFORMATION SUPERSEDES OR REPLACES ANY CONTRARY
INFORMATION CONTAINED IN THE SECTION OF THE FUND'S PROSPECTUS ENTITLED "HOW
TO BUY FUND SHARES -- CLASS A SHARES."
Effective immediately, a CDSC of 1% will be assessed at the time of
redemption of Class A shares purchased without an initial sales charge as
part of an investment of at least $1,000,000 and redeemed within one year of
purchase.
PSTEBFs071996
