DREYFUS INVESTMENT PORTFOLIOS, 497, 1999-09-13

DREYFUS INVESTMENT PORTFOLIOS
497, 1999-09-13

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                                                             September 10, 1999

                        DREYFUS INVESTMENT PORTFOLIOS-

                          FOUNDERS PASSPORT PORTFOLIO

                           SUPPLEMENT TO PROSPECTUS

                               DATED MAY 1, 1999

      THE  FOLLOWING  INFORMATION SUPERSEDES AND REPLACES THE INFORMATION IN THE
SECTION IN THE PORTFOLIO'S PROSPECTUS ENTITLED "MANAGEMENT - PORTFOLIO MANAGER.

      The  Portfolio' s  primary portfolio manager is Tracy P. Stouffer. She has
been  employed  by  Founders  since  July  1999.  Prior to joining Founders, Ms.
Stouffer  was  a  vice  president  and  portfolio  manager with Federated Global
Incorporated  from 1995 to July 1999, and a vice president and portfolio manager
with Clariden Asset Management, Inc. from 1988 to 1995.

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