x.general:n-sar77D.doc
N-SAR Item 77.D.  Policies with Respect to Security
Investment



     At a meeting held on July 16, 2003, the Board of
Dreyfus Investment Portfolios revised, effective November 1,
2003, the Emerging Leaders Portfolio's (the "Portfolio")
policy to invest at least 80% of its assets in stocks of
small companies so that, as of that date, the Portfolio,
under normal circumstances, invests at least 80% of its
assets in stocks of companies that the Portfolio's
investment adviser, The Dreyfus Corporation, believes to be
emerging leaders: companies characterized by new or
innovative products, services or processes having the
potential to enhance earnings or revenue growth.  Based on
current market conditions, the Portfolio primarily will
invest in companies with market capitalizations of less than
$2 billion at the time of purchase.  This change to the
Portfolio's investment policy is reflected in a supplement
filed pursuant to Rule 497(e) under the Securities Act of
1933, as amended, dated and filed on July 17, 2003, to be
attached to the Portfolio's prospectus dated May 1, 2003.