DREYFUS INVESTMENT PORTFOLIOS
485APOS, EX-99.(M), 2000-10-31
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                                                                 Exhibit (m)
                          DREYFUS INVESTMENT PORTFOLIOS

                                DISTRIBUTION PLAN

          INTRODUCTION: It has been proposed that the above-captioned investment
company (the "Fund") adopt a Distribution Plan (the "Plan") in accordance with
Rule 12b-1, promulgated under the Investment Company Act of 1940, as amended
(the "Act"), with respect to Service shares of (a) each series of the Fund set
forth on Exhibit A hereto, as such Exhibit may be revised from time to time, or
(b) if no series are set forth on such Exhibit, the Fund. Under the Plan, the
Fund would pay the Fund's distributor (the "Distributor") for (i) advertising,
marketing and distributing Service shares and (ii) providing services to holders
of Service shares. The Distributor would be permitted to pay third parties in
respect of these services. If this proposal is to be implemented, the Act and
said Rule 12b-1 require that a written plan describing all material aspects of
the proposed financing be adopted by the Fund.

          The Fund's Board, in considering whether the Fund should implement a
written plan, has requested and evaluated such information as it deemed
necessary to make an informed determination as to whether a written plan should
be implemented and has considered such pertinent factors as it deemed necessary
to form the basis for a decision to use assets attributable to the Fund's
Service shares for such purposes.

          In voting to approve the implementation of such a plan, the Board
members have concluded, in the exercise of their reasonable business judgment
and in light of their respective fiduciary duties, that there is a reasonable
likelihood that the plan set forth below will benefit the Fund and holders of
its Service shares.

          THE PLAN: The material aspects of this Plan are as follows:

               1. The Fund shall pay to the Distributor a fee at the annual rate
set forth on Exhibit A hereto of the value of the Fund's average daily net
assets attributable to its Service shares for (i) advertising, marketing and
distributing Service shares and (ii) the provision of personal services to
shareholders and/or the maintenance of shareholder accounts with respect to such
shares. The Distributor may pay third parties a fee in respect of these
services. The Distributor shall determine the amounts to be paid to third
parties and the basis on which such payments will be made. Payments to third
parties are subject to compliance by each such party with the terms of any
related Plan agreement between it and the Distributor.

               2. For the purposes of determining the fees payable under this
Plan, the value of the Fund's net assets attributable to Service shares shall be
computed in the manner specified in the Fund's charter documents as then in
effect for the computation of the value of the Fund's net assets attributable to
such shares.

               3. The Fund's Board shall be provided, at least quarterly, with a
written report of all amounts expended pursuant to this Plan. The report shall
state the purpose for which the amounts were expended.

               4. This Plan will become effective at such time as is specified
by the Fund's Board, provided the Plan is approved by a majority of the Board
members, including a majority of the Board members who are not "interested
persons" (as defined in the Act) of the Fund and have no direct or indirect
financial interest in the operation of this Plan or in any agreements entered
into in connection with this Plan, pursuant to a vote cast in person at a
meeting called for the purpose of voting on the approval of this Plan.

               5. This Plan shall continue for a period of one year from its
effective date, unless earlier terminated in accordance with its terms, and
thereafter shall continue automatically for successive annual periods, provided
such continuance is approved at least annually in the manner provided in
paragraph 4 hereof.

               6. This Plan may be amended at any time by the Fund's Board,
provided that (a) any amendment to increase materially the costs which the Fund
may bear pursuant to this Plan shall be effective only upon approval by a vote
of the holders of a majority of the Fund's outstanding Service shares, and (b)
any material amendments of the terms of this Plan shall become effective only
upon approval as provided in paragraph 4 hereof.

               7. This Plan is terminable without penalty at any time by (a)
vote of a majority of the Board members who are not "interested persons" (as
defined in the Act) of the Fund and have no direct or indirect financial
interest in the operation of this Plan or in any agreements entered into in
connection with this Plan, or (b) vote of the holders of a majority of the
Fund's outstanding Service shares.

               8. The obligations hereunder and under any related Plan agreement
shall only be binding upon the assets and property of the Fund and shall not be
binding upon any Board member, officer or shareholder of the Fund individually.


Dated:  October 30, 2000

Effective as of:  _______, 2001



<PAGE>


                                    EXHIBIT A



                                                    FEE AS A PERCENTAGE OF
NAME OF SERIES                                      AVERAGE DAILY NET ASSETS
--------------                                      ------------------------


Core Bond Portfolio                                          .25%

Core Value Portfolio                                         .25%

Emerging Leaders Portfolio                                   .25%

Emerging Markets Portfolio                                   .25%

European Equity Portfolio                                    .25%

Founders Discovery Portfolio                                 .25%

Founders Growth Portfolio                                    .25%

Founders International Equity Portfolio                      .25%

Founders Passport Portfolio                                  .25%

Japan Portfolio                                              .25%

MidCap Stock Portfolio                                       .25%

Technology Growth Portfolio                                  .25%


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