January 20, 1997
PREMIER INSURED
MUNICIPAL BOND FUND
(California Series)
(Connecticut Series)
(Florida Series)
(New Jersey Series)
(New York Series)
Supplement to Prospectus
Dated December 2, 1996
A Special Meeting of Shareholders of the California Series, the
Connecticut Series, the Florida Series, the New Jersey Series and the New York
Series of Premier Insured Municipal Bond Fund (the "Series") will be held on
February 27, 1997 to consider an Agreement and Plan of Reorganization (the
"Reorganization"). The Reorganization would provide for the transfer of all or
substantially all of each Series' assets, subject to liabilities, in a tax free
exchange (the "Exchange") for shares of corresponding Funds advised by The
Dreyfus Corporation, and the assumption by the corresponding Funds of stated
liabilities. The corresponding Funds, which have substantially similar
investment objectives and management policies as the Series, but which do not
invest primarily in insured Municipal Obligations, are Premier California
Municipal Bond Fund, the Connecticut Series, the Florida Series and the New
Jersey Series of Premier State Municipal Bond Fund and Premier New York
Municipal Bond Fund.
In accordance with the terms set forth herein, shareholders of the
Series who purchased Class A shares subject to a front end sales load on or
after January 1, 1996 and who choose to redeem such shares rather than
participate in the Exchange will be reimbursed upon redemption prior to the
Exchange the sales load applicable to the Class A shares in accordance with the
sales load schedule set forth on page 23 of Premier Insured Municipal Bond
Fund's current prospectus dated December 2, 1996 (the "Sales Load
Reimbursement"). Class A, Class B and Class C shares purchased subject to a
contingent deferred sales charge ("CDSC") and held by shareholders of the Series
who choose to redeem such shares rather than participate in the Exchange will
not be subject to any CDSC upon redemption prior to the Exchange (the "CDSC
Waiver").
The Sales Load Reimbursement/CDSC Waiver will be available to Class A,
Class B and Class C shareholders of the Series who redeem their shares at any
time during the period from January 24, 1997 to the later of March 4, 1997 or
the consummation of the Exchange.
If you have any questions pertaining to the Exchange or the Sales Load
Reimbursement/ CDSC Waiver, please contact your Service Agent.
PIMBs012097
