Exhibit 1 - Sub-Item 77D

Policies with respect to Security Investments

Dreyfus Investment Portfolios -- Emerging Markets Portfolio currently
employs a value-oriented research-driven approach and focuses on individual
stock selection rather than economic and industry trends, emphasizing three
key factors: value, or how a stock is valued relative to its intrinsic worth
based on traditional value measures; business health, or overall efficiency
and profitability as measured by return on assets and return on equity; and
business momentum, or the presence of a catalyst (such as corporate
restructuring, change in management or spin-off) that potentially will
trigger a price increase near term or midterm. This reflects a change in the
Emerging Markets Portfolio's investment approach from growth-oriented, as
described in the Portfolio's Prospectus dated December 31, 2000, to value-
oriented. Dreyfus Investment Portfolios filed with the Securities and
Exchange Commission on January 3, 2001 a supplement to its Prospectus
describing such change.

Dreyfus Investment Portfolios -- Emerging Leaders Portfolio's current
Prospectus provides that it will invest at least 65% of its total assets in
companies with total market values of less than $2.0 billion at the time of
purchase. This reflects a change in the Emerging Leaders Portfolio's
investment policy by increasing the market capitalization of the Portfolio's
investments from $1.5 billion or less, as was stated in the Portfolio's
Prospectus dated December 31, 2000, to $2.0 billion or less. Dreyfus
Investment Portfolios' Prospectus reflects such change in the Portfolio's
investment policy.