April 5, 2004

      DREYFUS INVESTMENT PORTFOLIOS-

         CORE VALUE PORTFOLIO

            Supplement to Prospectus

               dated May 1, 2003

   The following information supersedes and replaces the information in the third

paragraph in the section of the Portfolio’s Prospectus entitled “Management.”

   Investment decisions for the portfolio are made by a committee of portfolio managers.

No individual committee member is primarily responsible for making these investment

decisions. The committee is the Large Cap Value Team of The Boston Company Asset

Management, which is an affiliate of Dreyfus. Each committee member also is an employee of

Dreyfus. The portfolio managers comprising the committee are identified in the Statement of

Additional Information.

P:\Word Processing\INSERTS FOR EDGAR FILINGS FROM ATTY-PARA\Kiesha Astwood\sticker-core value.doc

April 5, 2004

         DREYFUS INVESTMENT PORTFOLIOS-

            CORE VALUE PORTFOLIO

      Supplement to Statement of Additional Information

               dated May 1, 2003

   The following information supersedes and replaces any contrary information

contained in the section of the Portfolio’s Statement of Additional Information entitled

“Management Arrangements.”

   The portfolio managers of Core Value Portfolio, who comprise the Large Cap Value

Team of The Boston Company Asset Management, which is an affiliate of Dreyfus, are Brian C.

Ferguson (chairman of the Large Cap Value Team), William E. Costello, Robert J. Eastman, and

J. David Macey.

P:\Word Processing\INSERTS FOR EDGAR FILINGS FROM ATTY-PARA\Kiesha Astwood\sticker-core value.doc