November 5, 1998
DREYFUS INVESTMENT PORTFOLIOS--
CORE VALUE PORTFOLIO
MIDCAP STOCK PORTFOLIO
SUPPLEMENT TO PROSPECTUS
DATED MAY 1, 1998
THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES THE INFORMATION IN THE
SECOND SENTENCE OF THE FIRST PARAGRAPH CONTAINED IN THE SECTION OF THE FUND'S
PROSPECTUS ENTITLED "DIVIDENDS, DISTRIBUTIONS AND TAXES."
Each Portfolio declares and pays dividends from net investment income
annually.
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EFFECTIVE SEPTEMBER 30, 1998, THE FOLLOWING PROCEDURE SHOULD BE USED BY
PARTICIPATING INSURANCE COMPANIES AND ELIGIBLE PLANS FOR THE PURCHASE OF SHARES
OF BOTH CORE VALUE PORTFOLIO AND MIDCAP STOCK PORTFOLIO (EACH A "PORTFOLIO") BY
WIRE.
Wire payments may be made if the bank account of the Participating
Insurance Company or Eligible Plan is in a commercial bank that is a member of
the Federal Reserve System or any other bank having a correspondent bank in New
York City. Immediately available funds may be transmitted by wire to The Bank of
New York (DDA#8900375108/DREYFUS INVESTMENT PORTFOLIOS: CORE VALUE PORTFOLIO or
DDA#8900375108/DREYFUS INVESTMENT PORTFOLIOS: MIDCAP STOCK PORTFOLIO) , for
purchase of Portfolio shares. The wire must include the Portfolio account number
(for new accounts, a taxpayer identification number should be included instead),
account registration and dealer number if applicable of the Participating
Insurance Company or Eligible Plan.
172/174s1198
