-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 TWpeUKl8Fb3Z7HVshxAuBHdC6ZwEoqwh1AbNopSyXAkWtJ69WcpiDTSngQjGQwfu
 jMCCyWGkow70TBwqaS7fEg==

<SEC-DOCUMENT>0001056707-98-000002.txt : 19980807
<SEC-HEADER>0001056707-98-000002.hdr.sgml : 19980807
ACCESSION NUMBER:		0001056707-98-000002
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19980806
SROS:			NONE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DREYFUS INVESTMENT PORTFOLIOS
		CENTRAL INDEX KEY:			0001056707
		STANDARD INDUSTRIAL CLASSIFICATION:	 []
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		
		SEC FILE NUMBER:	333-47011
		FILM NUMBER:		98678482

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

	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
<DESCRIPTION>SUPPLEMENT TO PROSPECTUS
<TEXT>

                                                                  July 31, 1998

            DREYFUS INVESTMENT PORTFOLIOS SUPPLEMENT TO PROSPECTUS,

                               DATED MAY 1, 1998

      THE  FOLLOWING  INFORMATION SUPERSEDES AND REPLACES THE INFORMATION IN THE
SECOND  SENTENCE  OF  THE FIRST PARAGRAPH CONTAINED IN THE SECTION OF THE FUND'S
PROSPECTUS ENTITLED "DIVIDENDS, DISTRIBUTIONS AND TAXES."

      The  Core  Value Portfolio declares and pays dividends from net investment
income  quarterly.  The  MidCap Stock Portfolio declares and pays dividends from
net investment income annually.


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