February 16, 1994
DREYFUS INSURED MUNICIPAL BOND FUND, INC.
Supplement to Prospectus
Dated August 27, 1993
The following information supplements and should be read in conjunction
with the section of the Fund's Prospectus entitled "Management of the Fund."
The Fund's manager, The Dreyfus Corporation ("Dreyfus"), has entered into
an Agreement and Plan of Merger (the "Merger Agreement") providing for the
merger of Dreyfus with a subsidiary of Mellon Bank Corporation ("Mellon").
Following the merger, it is planned that Dreyfus will be a direct
subsidiary of Mellon Bank, N.A. Closing of this merger is subject to a number
of contingencies, including receipt of certain regulatory approvals and
approvals of the stockholders of Dreyfus and of Mellon. The merger is expected
to occur in mid-1994, but could occur significantly later.
As a result of regulatory requirements and the terms of the Merger
Agreement, Dreyfus will seek various approvals from the Fund's board and
shareholders before completion of the merger. Shareholder approval will be
solicited by a proxy statement.
The following information supplements and supersedes information
contained in the section in the Fund's Prospectus entitled "Redemption of Fund
Shares--Redemption by Wire or Telephone" and describes a new telephone
redemption privilege.
Wire Redemption Privilege. An investor may request by wire or telephone that
redemption proceeds (minimum $1,000) be wired to the investor's account at a
bank which is a member of the Federal Reserve System, or a correspondent bank
if the investor's bank is not a member. An investor may direct that redemption
proceeds be paid by check (maximum $150,000 per day) made out to the owners
of record and mailed to the investor's address. Redemption proceeds of less
than $1,000 will be paid automatically by check. Holders of jointly registered
Fund or bank accounts may have redemption proceeds of only up to $250,000 wired
within any 30-day period. The Fund reserves the right to refuse
any redemption request, including requests made shortly after a change of
address, and may limit the amount involved or the number of such requests.
Telephone Redemption Privilege. An investor may redeem Fund shares (maximum
$150,000 per day) by telephone if the investor has checked the appropriate box
on the Fund's Account Application or has filed a Shareholder Services Form with
the Transfer Agent. The redemption proceeds will be paid by check and mailed
to the investor's address. An investor may telephone redemption instructions
by calling 1-800-221-4060 or, if the investor is calling from overseas, 1-401-
455-3306. The Fund reserves the right to refuse any request made by telephone,
including requests made shortly after a change of address, and may limit the
amount involved or the number of telephone redemption requests. This Privilege
may be modified or terminated at any time by the Transfer Agent or the Fund.
Shares for which certificates have been issued are not eligible for this
Privilege.
