CONSENT OF INDEPENDENT AUDITORS



We consent to the reference to our firm under the caption "Counsel
and Independent Auditors" and to the use of our reports dated
February 9, 2001 for Core Bond Portfolio, Core Value Portfolio,
Emerging Leaders Portfolio, Emerging Markets Portfolio, European
Equity Portfolio, Founders Discovery Portfolio, Founders Growth
Portfolio, Founders International Equity Portfolio, Founders
Passport Portfolio, Japan Portfolio, MidCap Stock Portfolio and
Technology Growth Portfolio, each a Portfolio of Dreyfus Investment
Portfolios, which are incorporated by reference in this Registration
Statement (Form N-1A 333-47011) of Dreyfus Investment Portfolios.



                                          ERNST & YOUNG LLP

New York, New York
April 23, 2001