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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001056707-03-000009.txt : 20030717
<SEC-HEADER>0001056707-03-000009.hdr.sgml : 20030717
<ACCEPTANCE-DATETIME>20030717161926
ACCESSION NUMBER:		0001056707-03-000009
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20030717
EFFECTIVENESS DATE:		20030717

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DREYFUS INVESTMENT PORTFOLIOS
		CENTRAL INDEX KEY:			0001056707
		IRS NUMBER:				134000024
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-47011
		FILM NUMBER:		03791443

	BUSINESS ADDRESS:	
		STREET 1:		C/O THE DREYFUS CORPORATION
		STREET 2:		200 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
		BUSINESS PHONE:		2129226789

	MAIL ADDRESS:	
		STREET 1:		C/O THE DREYFUS CORPORATION
		STREET 2:		200 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>lp1-172.txt
<DESCRIPTION>SUPPLEMENT TO PROSPECTUS
<TEXT>
                                                                  July 17, 2003

                         EMERGING LEADERS PORTFOLIO
                  (A SERIES OF DREYFUS INVESTMENT PORTFOLIOS)

                          SUPPLEMENT TO PROSPECTUS
                              DATED MAY 1, 2003

      Effective on or about November 1, 2003, the Portfolio's current investment
policy to invest at least 80% of its assets in stocks of small companies will be
modified  so  that,  as of that date, the Portfolio, under normal circumstances,
will  invest  at  least  80%  of  its  assets  in  stocks  of companies that the
Portfolio's investment adviser, The Dreyfus Corporation, believes to be emerging
leaders:  companies  characterized  by  new  or innovative products, services or
processes  having  the potential to enhance earnings or revenue growth. Based on
current market conditions, the Portfolio primarily will invest in companies with
market capitalizations of less than $2 billion at the time of purchase.

                                                                       192s0703

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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