March 22, 2000

                        DREYFUS INVESTMENT PORTFOLIOS
              SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION
                           DATED DECEMBER 15, 1999


1. The following information replaces all contrary information contained in the
sections of the Statement of Additional Information ("SAI") entitled
"Description of the Fund and Portfolios", "Management of the Fund" and
"Management Arrangements":

      Effective March 22, 2000, Dreyfus Service Corporation ("DSC") became the
distributor to the Fund. DSC is located at 200 Park Avenue, New York, NY 10166.

2. The following information replaces the information contained in the section
of the SAI entitled "Management of the Fund - Officers of the Fund":

Stephen E. Canter, President.   President, Chief Operating Officer, and Chief
      Investment Officer of the Manager, and an officer of other investment
      companies advised and administered by the Manager.  Mr. Canter also is
      a Director or an Executive Committee Member of the other investment
      management subsidiaries of Mellon Financial Corporation, each of which
      is an affiliate of the Manager.  He is 54 years old.

Mark N. Jacobs, Vice President.   Vice President, Secretary, and General
      Counsel of the Manager, and an officer of other investment companies
      advised and administered by the Manager.  He is 53 years old.

Joseph Connolly, Vice President and Treasurer. Director - Mutual Fund Accounting
      of the Manager, and an officer of other investment companies advised and
      administered by the Manager. He is 42 years old.

Steven F. Newman, Secretary.   Assistant Secretary and Associate General
      Counsel of the Manager, and an officer of other investment companies
      advised and administered by the Manager.  He is 50 years old.

Michael A. Rosenberg, Assistant Secretary.   Associate General Counsel of the
      Manager, and an officer of other investment companies advised and
      administered by the Manager.  He is 40 years old.

Jeff Prusnofsky, Assistant Secretary.   Assistant General Counsel of the
      Manager, and an officer of other investment companies advised and
      administered by the Manager.  He is 34 years old.

William McDowell, Assistant Treasurer. Senior Accounting Manager - Taxable Fixed
      Income of the Manager, and an officer of other investment companies
      advised and administered by the Manager. He is 41 years old.

James Windels, Assistant Treasurer.   Senior Treasury Manager of the Manager,
      and an officer of other investment companies advised and administered
      by the Manager.  He is 41 years old.


      The address of each Fund officer is 200 Park Avenue, New York, NY 10166.