October 10, 2000
DREYFUS INVESTMENT PORTFOLIOS--
EMERGING LEADERS PORTFOLIO
SUPPLEMENT TO PROSPECTUS
DATED MAY 1, 2000
THE FOLLOWING INFORMATION SUPPLEMENTS AND SHOULD BE READ IN CONJUNCTION
WITH THE SECTION OF THE PORTFOLIO'S PROSPECTUS ENTITLED "GOAL/APPROACH."
The portfolio currently intends to close to new investors after it reaches
total assets of approximately $750 million.
-------------------------------------------------------------
THE FOLLOWING INFORMATION SUPPLEMENTS AND SHOULD BE READ IN CONJUNCTION
WITH THE SECTION OF THE PORTFOLIO'S PROSPECTUS ENTITLED "MAIN RISKS."
The portfolio may purchase securities of companies in initial public
offerings ("IPOs"). The prices of securities purchased in IPOs can be very
volatile. The effect of IPOs on the portfolio's performance depends on a variety
of factors, including the number of IPOs the portfolio invests in, whether and
to what extent a security purchased in an IPO appreciates in value, and the
asset base of the portfolio. As a portfolio's asset base increases, IPOs often
have a diminished effect on such portfolio's performance.
192s1000
October 10, 2000
DREYFUS INVESTMENT PORTFOLIOS--
FOUNDERS PASSPORT PORTFOLIO
SUPPLEMENT TO PROSPECTUS
DATED MAY 1, 2000
THE SECOND SENTENCE OF THE FIRST PARAGRAPH OF THE SECTION OF THE
PORTFOLIO'S PROSPECTUS ENTITLED "THE PORTFOLIO - GOAL/APPROACH" IS AMENDED ON
THE INSIDE COVER TO READ AS FOLLOWS:
To pursue this goal, the portfolio invests primarily in equity securities
of foreign small-cap companies, which are characterized as "growth"
companies.
IN ADDITION, THE FOLLOWING NEW DEFINITIONAL PARAGRAPH IS ADDED TO THE
INSIDE FRONT COVER OF THE PORTFOLIO'S PROSPECTUS UNDER THE HEADING "CONCEPTS TO
UNDERSTAND":
FOREIGN SMALL-CAP COMPANIES: generally, those foreign companies with
market capitalizations of less than $1.5 billion. This range may fluctuate
depending on changes in the value of the stock market as a whole.
178s1000
