N-SAR Item 77.D.  Policies with Respect to Security Investment

I. At a meeting held on May 10, 2005, the Board of Dreyfus Investment Portfolios
revised, effective June 30, 2005, the Emerging Leaders Portfolio's investment
approach so that, as of that date, investment decisions for the Portfolio are
made by a committee of portfolio managers that comprise the Smallcap Team of
Franklin Portfolio Associates, LLC, an affiliate of The Dreyfus Corporation.
These portfolio managers select stocks through a "bottom-up" approach that seeks
to identify undervalued securities using a quantitative screening process. This
process is driven by computer models that identify and rank stocks based on:

o     fundamental momentum, meaning measures that reflect the changes in
      short-term earnings outlook through factors such as revised earnings
      estimates and earnings surprises

o     relative value, such as current and forecasted price-to-earnings ratios,
      price-to-book ratios, yields and other price-sensitive data for a stock
      compared to its past, its peers and the models' overall stock universe

o     long-term growth, based on measures that reflect the changes in estimated
      long-term earnings growth over multiple horizons

o     additional factors, such as technical factors, trading by company
      insiders or share issuance/buy-back data

Next, through a "bottom-up" approach, the portfolio managers focus on stock
selection as opposed to making proactive decisions about industry or sector
exposure. Over time, the portfolio managers will attempt to construct a
portfolio that has exposure to industries and market capitalizations that is
generally similar to the Emerging Leaders Portfolio's benchmark. Finally, within
each sector, the portfolio managers seek to overweight the most attractive
stocks and underweight or not hold the stocks that have been ranked least
attractive.

This change to the Emerging Leaders Portfolio's investment approach is reflected
in a supplement filed pursuant to Rule 497(e) under the Securities Act of 1933,
as amended, dated May 11, 2005 and filed with the Securities and Exchange
Commission on May 10, 2005, to be attached to the Portfolio's prospectus dated
May 1, 2005.


II. At a meeting held on April 21, 2005, the Board of Dreyfus Investment
Portfolios revised, effective May 1, 2005, the definition of "growth companies"
for Founders International Equity Portfolio to reflect companies included in the
Morgan Stanley Capital International (World) ex U.S. Growth Index (the "MSCI
Growth Index") in lieu of companies included in the Citigroup Primary Market
Index. The MSCI Growth Index became, as of May 1, 2005, Founders International
Equity Portfolio's secondary performance benchmark. These changes are reflected
in the Prospectus for Founders International Equity Portfolio dated May 1, 2005
and filed with the Securities and Exchange Commission pursuant to Rule
485(b)(1)(vii) under the Securities Act of 1933, as amended, on April 25, 2005.