December 12, 1996
PREMIER INSURED MUNICIPAL
BOND FUND
(CALIFORNIA SERIES)
(CONNECTICUT SERIES)
(FLORIDA SERIES)
(NEW JERSEY SERIES)
(NEW YORK SERIES)
SUPPLEMENT TO PROSPECTUS
DATED DECEMBER 2, 1996
At a meeting held on October 31, 1996, the Board of Trustees approved,
subject to shareholder approval, an Agreement and Plan of Reorganization
providing for the transfer of all or substantially all of the assets, subject
to liabilities, of each of the California Series, Connecticut Series,
Florida Series, New Jersey Series and New York Series (each, a "Series")
in a tax free exchange (the "Exchange") for shares of corresponding Funds
advised by The Dreyfus Corporation that have substantially similar investment
objectives and management policies as the Series, but which do not
invest primarily in insured Municipal Obligations. The corresponding Funds
are Premier California Municipal Bond Fund, the Connecticut Series, the
Florida Series and the newly formed New Jersey Series of Premier State
Municipal Bond Fund and Premier New York Municipal Bond Fund (each, a
"Fund"). Each Series will distribute pro rata the applicable Fund shares
received in the Exchange to its shareholders in liquidation of the Series,
after which the Series will be terminated as a series of Premier Insured
Municipal Bond Fund. Thus, each shareholder will receive for his or her Class
A, Class B or Class C Series shares a number of corresponding Class A, Class
B or Class C Fund shares equal to the value of such Series shares as of the
date of the Exchange. No sales charge or contingent deferred sales charge
will be imposed at the time of the Exchange.
(CONTINUED ON REVERSE SIDE)
A special meeting of each Series' shareholders to consider the
Exchange is scheduled to be held on Thursday, February 27, 1997. A
Prospectus/Proxy Statement with respect to the proposed Exchange is
expected to be mailed prior thereto to each Series' shareholders of record on
or about January 20, 1997. The subjective differences between each Series and
its corresponding Fund are set forth in the Prospectus/Proxy Statement.
PIMBs121296
