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October 11, 1999 DREYFUS INVESTMENT PORTFOLIOS -- EUROPEAN EQUITY PORTFOLIO SUPPLEMENT TO PROSPECTUS DATED MAY 1, 1999 Joanna Bowen is the primary portfolio manager for the Portfolio. Ms. Bowen has been a primary portfolio manager for the Portfolio since its commencement of operations. She joined Newton in 1993 as a European fund manager, was appointed an Associate Director of Newton in 1997 and was appointed a Director of Newton in 1999. 181s1099
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