March 11, 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
At a Special Meeting of Shareholders of the California Series, the
Connecticut Series and the New Jersey Series (the "Series") held on March 10,
1997, shareholders of each Series approved an Agreement and Plan of
Reorganization (the "Plan"), pursuant to which each Series will transfer all
or substantially all of its assets, subject to liabilities, in a tax free
exchange for shares of corresponding Funds advised by The Dreyfus
Corporation, and the assumption by the corresponding Funds of stated liabiliti
es (the "Exchange"). The corresponding Funds with respect to the Series are
Premier California Municipal Bond Fund and the Connecticut Series and the New
Jersey Series of Premier State Municipal Bond Fund. The Exchange is expected
to occur on or about March 31, 1997, at which time Series shareholders will
become shareholders of the corresponding Funds and each Series will be
liquidated and its existence as a series of the Fund terminated. A Special
Meeting of Shareholders of the Florida Series and the New York Series to
consider the Plan was convened on February 27, 1997 and adjourned to March
25, 1997.
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
(CONTINUED ON REVERSE SIDE)
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 31,
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.
PIMBs031197
