INSURED MUNICIPAL INCOME FUND
SUPPLEMENT TO PROSPECTUS DATED AUGUST 1, 1995
The following amends the information appearing under the caption "Management of
the Fund" on page 19 of the Prospectus:
Elbridge (Ebby) T. Gerry III will be responsible for the day-to-day management
of the Fund's portfolio effective January 22, 1996. Prior to that date, Mr.
Gerry was associated with J.P. Morgan Private Banking since 1981 where he was
responsible for managing municipal assets, including several municipal bond
funds. Mr. Gerry is a senior vice president with portfolio management
responsibility for over $4 billion in municipal assets at Mitchell Hutchins
Asset Management Inc., including municipal bond and money funds and private
accounts.
Dated: January 19, 1996
