November 1, 2001


                           DREYFUS INVESTMENT PORTFOLIOS
                            - EUROPEAN EQUITY PORTFOLIO

                            Supplement to Prospectus

                                Dated May 1, 2001

THE FOLLOWING  INFORMATION  SUPERSEDES  AND REPLACES THE THIRD  PARAGRAPH IN THE
SECTION OF THE PORTFOLIO'S PROSPECTUS ENTITLED "MANAGEMENT":

Effective  November 1, 2001,  Aaron  Barnfather  became the portfolio's  primary
portfolio  manager.  Since September 2001, he has been a Regional  Specialist at
Newton Investment Management Ltd., the portfolio's  sub-investment adviser. From
September  1994 to  September  2001,  Mr.  Barnfather  was employed by Royal Sun
Alliance Investment Management initially as a Global Equity and Bond Analyst and
later as Associate Director, European Equities.