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.

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