May 1, 2002


                         DREYFUS INVESTMENT PORTFOLIOS
                   -- FOUNDERS INTERNATIONAL EQUITY PORTFOLIO


                            Supplement to Prospectus
                               dated May 1, 2002

Effective April 24, 2002, A. Edward Allinson has been appointed primary
portfolio manager of Dreyfus Investment Portfolios - Founders International
Equity Portfolio (the "Portfolio"). Accordingly, the section of the Portfolio's
Prospectus entitled "Management" is amended by adding the following:

"A. Edward Allinson is the portfolio's primary portfolio manager.  Mr. Allinson,
a  chartered  financial  analyst,  has been a senior vice  president  and senior
portfolio manager of Mellon Growth Advisors LLC, an affiliate of Founders, since
2001. In April of 2002, he also became an employee of Founders. Mr. Allinson was
formerly a principal at State Street Global  Advisors  from 1999 to 2001,  and a
senior  portfolio  manager with Brown  Brothers  Harriman & Company from 1991 to
1999."

The paragraph concerning Douglas A. Loeffler in this section is deleted, since
he is no longer associated with Founders.