Rule 497(d)
Registration No. 33-55996
BEAR STEARNS & CO. INC.
MUNICIPAL SECURITIES TRUSTS
INSURED MUNICIPAL SECURITIES TRUST
NEW YORK MUNICIPAL TRUST
(the "Trusts")
Supplement dated May 8, 1995 to Prospectus dated April 28, 1995
Public Offering - Offering Price
Effective immediately, the method used by the Evaluator for
computing the sales charge for secondary market purchases shall be based upon
the number of years remaining to maturity of each Bond. Bonds will be deemed to
mature on their stated maturity dates unless bonds have been called for
redemption, funds have been placed in escrow to redeem them on an earlier call
date or are subject to a "mandatory put," in which case the maturity will be
deemed to be such other date.
The table below sets forth the various sales charges based on the
length of maturity of each Bond.
NEW EFFECTIVE SALES CHARGE
As Percent of Public
Time to Maturity Offering Price
- ---------------- --------------
less than 6 months 0%
6 mos. to 1 year 1%
over 1 yr. to 2 yrs. 1 1/2%
over 2 yrs. to 4 yrs. 2 1/2%
over 4 yrs. to 8 yrs. 3 1/2%
over 8 yrs. to 15 yrs. 4 1/2%
over 15 years 5 1/2%
C/M 01472.0018 281307.1
