May 1, 2002

                          DREYFUS INVESTMENT PORTFOLIOS
                         -- EMERGING LEADERS PORTFOLIO

                           SUPPLEMENT TO PROSPECTUS
                               DATED MAY 1, 2002

     THE FOLLOWING INFORMATION SUPPLEMENTS AND SHOULD BE READ IN CONJUNCTION
WITH THE INFORMATION CONTAINED IN THE SECTIONS OF THE PORTFOLIO'S PROSPECTUS
ENTITLED "GOAL/APPROACH" AND "MAIN RISKS:"

      The portfolio may invest up to 25% of its assets in foreign securities.

FOREIGN INVESTMENT RISK. The portfolio's performance will be influenced by
political,   social  and  economic  factors  affecting  investments  in  foreign
companies.  Special  risks  associated  with  investments  in  foreign companies
include  exposure  to  currency  fluctuations, less liquidity, less developed or
less  efficient  trading  markets,  lack  of  comprehensive company information,
political  instability  and differing auditing and legal standards.  Investments
in foreign currencies are subject to the risk that those currencies will decline
in  value relative to the U.S. dollar, or, in the case of hedged positions, that
the  U.S.  dollar  will  decline  relative to the currency being hedged. Each of
these risks could increase the portfolio's volatility.

                                                                       192s0502