April 20, 2004

         FOUNDERS DISCOVERY PORTFOLIO

      (A SERIES OF DREYFUS INVESTMENT PORTFOLIOS)

            Supplement to Prospectus

               dated May 1, 2003

   The following information supersedes and replaces the information in the

third paragraph contained in the section of the Portfolio’s Prospectus entitled

“Management”:

The portfolio’s primary portfolio managers are Robert T. Ammann, C.F.A., James

Padgett, C.F.A. and Brad Orr, C.F.A. Mr. Ammann has been a primary portfolio

manager of the portfolio since its inception and has been employed by Founders since

1993. He is a vice president of investments and a senior portfolio manager at Founders.

Mr. Padgett has been a primary portfolio manager of the portfolio since April 2004 and

has been employed by Founders since 2002. He is a senior portfolio manager at

Founders. Prior to joining Founders, Mr. Padgett was an equity analyst for Berger

Financial LLC from 2000 to 2002, and a portfolio manager at Colorado Public

Employees’ Retirement Association from 1997 to 2000. Mr. Orr has been a primary

portfolio manager of the portfolio since April 2004 and has been employed by Founders

since 1995. He is a senior portfolio manager at Founders. Mr. Ammann has informed

management that he intends to resign from Founders on or about May 14, 2004, at which

time he will no longer serve as a portfolio manager of the portfolio.

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