December 7, 1998
DREYFUS INVESTMENT PORTFOLIOS
- FOUNDERS GROWTH PORTFOLIO
- FOUNDERS INTERNATIONAL EQUITY PORTFOLIO
- FOUNDERS PASSPORT PORTFOLIO
SUPPLEMENT TO PROSPECTUS
DATED SEPTEMBER 30, 1998
THE FOLLOWING INFORMATION SUPERSEDES AND REPLACES THE INFORMATION IN THE
SECTION IN THE PORTFOLIOS' PROSPECTUS ENTITLED "MANAGEMENT OF THE FUND-FOUNDERS
GROWTH PORTFOLIO."
Founders Growth Portfolio -- Scott A. Chapman and Thomas M. Arrington. Mr.
Chapman and Mr. Arrington have been the Portfolio's primary portfolio managers,
and employed by Founders, since December 1998. Prior to joining Founders, Mr.
Chapman was employed for seven years at HighMark Capital Management, Inc.
(" HighMark Capital"), a subsidiary of Union BanCal Corporation, as a securities
research analyst, and most recently, as a vice president and director of growth
strategy. Prior to joining Founders, Mr. Arrington was employed for eight years
at HighMark Capital where he held various positions, including vice president
and director of income and growth strategy, securities research analyst, and
most recently, vice president and director of income equity strategy.
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