March 11, 1998
DREYFUS PREMIER INSURED
MUNICIPAL BOND FUND
SUPPLEMENT TO PROSPECTUS
DATED DECEMBER 1, 1997
At a meeting held on March 3, 1998, the Board of Trustees of Dreyfus
Premier Insured Municipal Bond Fund (the "Fund") approved, subject to
shareholder approval, an Agreement and Plan of Reorganization (the "Plan")
between the Fund and Dreyfus Premier Municipal Bond Fund (the "Acquiring
Fund"), a fund with substantially similar investment objectives and
management policies as the Fund, except that it is not required to invest
primarily in insured Municipal Obligations. The Plan provides for the
transfer of all the assets, subject to liabilities, of the Fund, in a
tax-free exchange for the shares of the Acquiring Fund (the "Exchange"). The
Fund will distribute to its shareholders the Acquiring Fund shares received
in the Exchange in complete liquidation of the Fund. Each shareholder will
receive for his or her Class A, Class B or Class C shares of the Fund a
number of corresponding Class A, Class B or Class C Acquiring Fund shares
equal to the value of such Fund shares as of the date of the Exchange. No
sales load or contingent deferred sales charge will be imposed at the time of
the Exchange.
In accordance with the terms set forth herein, shareholders of the
Fund who purchased Class A shares subject to a front end sales load on or
after January 1, 1997 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 11 of the Fund's current prospectus
dated December 1, 1997 (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 Fund who choose to redeem such
shares rather than participate in the Exchange will not be subject to any
CDSC upon redemption prior to the
(CONTINUED ON REVERSE SIDE)
Exchange (the "CDSC Waiver"). The Sales Load Reimbursement/CDSC Waiver will
be available to shareholders of the Fund who redeem their shares at any time
during the period from April 1, 1998 to the consummation of the Exchange.
A special meeting of Fund shareholders to consider the Exchange is
scheduled to be held on Tuesday, June 2, 1998. A Prospectus/Proxy Statement
with respect to the proposed Exchange will be mailed to Fund shareholders
prior to the meeting. The Prospectus/Proxy Statement will include information
about the Exchange and the Fund and Acquiring Fund.
If you have any questions pertaining to the Exchange or the Sales
Load Reimbursement/ CDSC Waiver, please contact your Service Agent.
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