Dreyfus Investment Portfolios NCSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number			811-08673

	Dreyfus Investment Portfolios
	(Exact name of Registrant as specified in charter)

	c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166
	(Address of principal executive offices) (Zip code)

	Bennett A. MacDougall, Esq. 200 Park Avenue New York, New York 10166
	(Name and address of agent for service)

Registrant's telephone number, including area code:				(212) 922-6400

Date of fiscal year end:		12/31
Date of reporting period:		12/31/16

FORM N-CSR

Item 1. Reports to Stockholders.

Dreyfus Investment Portfolios, Core Value Portfolio


		ANNUAL REPORT December 31, 2016

The views expressed in this report reflect those of the portfolio manager(s) only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

Contents

THE FUND


A Letter from the
Chief Executive Officer	2
Discussion of Fund Performance	3
Fund Performance	5
Understanding Your Fund’s Expenses	6
Comparing Your Fund’s Expenses
With Those of Other Funds	6
Statement of Investments	7
Statement of Assets and Liabilities	11
Statement of Operations	12
Statement of Changes in Net Assets	13
Financial Highlights	14
Notes to Financial Statements	16
Report of Independent Registered
Public Accounting Firm	24
Important Tax Information	25
Information About the Renewal of
the Fund’s Management Agreement	26
Board Members Information	29
Officers of the Fund	32

FOR MORE INFORMATION

Back Cover


	Dreyfus Investment Portfolios, Core Value Portfolio		The Fund

A LETTER FROM THE CHIEF EXECUTIVE OFFICER

Dear Shareholder:

We are pleased to present this annual report for Dreyfus Investment Portfolios, Core Value Portfolio, covering the 12-month period from January 1, 2016 through December 31, 2016. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.

Stocks and bonds advanced over 2016 despite bouts of market volatility stemming from various economic and political developments. In January, stocks declined sharply and long-term interest rates fell in response to sluggish global economic growth, falling commodity prices, and worries following the first increase in short-term U.S. interest rates in nearly a decade. However, equities began a sustained rebound in February when U.S. monetary policymakers refrained from additional rate hikes, other central banks eased their monetary policies, and commodity prices recovered. After a bout of volatility in June stemming from the United Kingdom’s referendum to leave the European Union, stocks generally continued to climb over the summer. Stock prices moderated in advance of U.S. elections, but markets subsequently rallied to new highs in anticipation of changes in U.S. fiscal and tax policies. In the bond market, yields of high-quality government bonds moved lower over much of the reporting period amid robust investor demand for current income, but yields surged higher after the election due to expectations of rising interest rates. Corporate-backed bonds fared especially well in this environment.

The transition to a new U.S. president and ongoing global economic headwinds suggest that volatility may persist in the financial markets. Some asset classes and industry groups seem likely to benefit from a changing economic and geopolitical landscape, while others probably will face challenges. Consequently, selectivity seems likely to be an important determinant of investment success in 2017. As always, we encourage you to discuss the implications of our observations with your financial advisor.

Thank you for your continued confidence and support.

Sincerely,

Mark D. Santero
Chief Executive Officer
The Dreyfus Corporation
January 17, 2017

DISCUSSION OF FUND PERFORMANCE

For the period of January 1, 2016 through December 31, 2016, as provided by Brian Ferguson, Portfolio Manager

Fund and Market Performance Overview

For the 12-month period ended December 31, 2016, Dreyfus Investment Portfolios, Core Value Portfolio’s Initial shares produced a total return of 18.32%, and its Service shares returned 18.00%.¹ In comparison, the fund’s benchmark, the Russell 1000 Value Index, produced a total return of 17.34% for the same period.²

U.S. equities gained ground during 2016 despite heightened global and domestic economic concerns, with traditionally defensive, high yielding stocks outperforming early in the year and their more growth-oriented counterparts leading the market in the second half. The fund produced higher returns than its benchmark, largely due to strong stock selections in the financials, information technology and telecommunications services sectors, as well as underweighted exposure to the real estate and health care sectors.

The Fund’s Investment Approach

The fund seeks long-term growth of capital, with current income as a secondary objective. To pursue its goals, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in stocks, focusing on stocks of large-cap value companies. The fund typically invests in the stocks of U.S. issuers, and will limit holdings of foreign stocks to 20%.

When choosing stocks, the fund uses a “bottom-up” stock-selection approach, focusing on individual companies, rather than a “top-down” approach that forecasts market trends. A three-step value screening process is used to select stocks based on value, sound business fundamentals, and positive business momentum.

Stocks Advanced Despite Global Uncertainties

The year 2016 began on a negative note with stocks coming under pressure from deteriorating commodity prices, disappointing global economic growth, and concerns surrounding a recent increase in short-term U.S. interest rates. However, equities rebounded strongly during the spring, bolstered by rebounding commodity prices, better economic data, and more accommodative monetary policies from major central banks.

In June, the United Kingdom’s referendum to leave the European Union prompted another brief-but-sharp decline in equity prices, but stocks again recovered quickly. Stocks continued to advance during the closing months of the reporting period, driven by robust consumer spending, broad-based wage growth, and expectations of more business-friendly policies under a new presidential administration. Financial sector stocks performed particularly well in the weeks after the election, bolstered by expectations of a more favorable regulatory environment.

Allocations and Stock Selections Bolstered Fund Performance

The decision to allocate a relatively large percentage of the fund’s assets to the financials sector contributed to the fund’s positive relative performance. Top performers included banking institutions, such as Bank of America, JPMorgan Chase, and Comerica, as well as capital markets companies, such as The Goldman Sachs Group and Morgan Stanley. Avoiding Wells Fargo, which was impacted by a sales practices scandal, also helped relative performance. Stock selection in the information technology sector produced positive returns. The fund emphasized semiconductor manufacturers and equipment makers, such as Microchip Technology, Texas

DISCUSSION OF FUND PERFORMANCE (continued)

Instruments, and Applied Materials, which benefited from the increasing use of semiconductors in new industrial and consumer applications.

Underweighted exposure to the comparatively weak real estate sector also helped relative performance. In the telecommunications sector, infrastructure developer Communications Sales & Leasing was a strong performer, and the fund benefited from good timing as industry giant AT&T rallied over the first half of 2016 and declined after the position was eliminated. Underweighted exposure to the lagging health care sector further bolstered relative performance, as did favorable individual stock selections including managed care provider UnitedHealth Group. Notable strong performers in other sectors included independent oil and gas companies EOG Resources and Pioneer Natural Resources, and construction materials producer Vulcan Materials.

Although relatively few holdings detracted from the fund’s performance in 2016, Delta Air Lines struggled with industrywide capacity issues and the fund had no exposure to some of the industrial sector’s better performing stocks in the machinery and road-and-rail freight industries. In the energy sector, underweighted exposure to large integrated oil companies dampened returns compared to the benchmark. Our preference for the exploration and production company Occidental Petroleum lagged market averages. Other weak holdings included agricultural chemical maker CF Industries Holdings and pharmacy benefit management company Express Scripts Holding.

Positioned for Additional Growth

While we can’t predict the timing or magnitude of the new presidential administration’s impact on the economy, we believe the announced emphasis on pro-growth, pro-business fiscal, tax, and regulatory policies are likely to boost corporate earnings and revenue growth, particularly for companies exposed to more economically sensitive business trends. Therefore, we have positioned the fund to participate in the market segments most exposed to these trends, including the financials, materials, consumer discretionary, consumer staples, energy, and technology sectors. In contrast, as of the end of the reporting period, the fund held relatively little exposure to the utilities, real estate, telecommunications services, and health care sectors, where growth prospects do not appear to be as bright.

January 17, 2017

Please note, the position in any security highlighted with italicized typeface was sold during the reporting period.

The fund is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies. Individuals may not purchase shares of the fund directly. A variable annuity is an insurance contract issued by an insurance company that enables investors to accumulate assets on a tax-deferred basis for retirement or other long-term goals. The investment objective and policies of Dreyfus Investment Portfolios, Core Value Portfolio made available through insurance products may be similar to other funds managed or advised by Dreyfus. However, the investment results of the fund may be higher or lower than, and may not be comparable to, those of any other Dreyfus fund.

FUND PERFORMANCE

Comparison of change in value of $10,000 investment in Dreyfus Investment Portfolios, Core Value Portfolio Initial shares and Service shares and the Russell 1000 Value Index (the “Index”)


Average Annual Total Returns as of 12/31/16
	1 Year	5 Years	10 Years
Initial shares	18.32%	15.80%	5.65%
Service shares	18.00%	15.50%	5.42%
Russell 1000 Value Index	17.34%	14.80%	5.72%

^† Source: Lipper Inc.

Past performance is not predictive of future performance. The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The fund’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in variable insurance contracts which will reduce returns.

The above graph compares a $10,000 investment made in Initial and Service shares of Dreyfus Investment Portfolios, Core Value Portfolio on 12/31/06 to a $10,000 investment made in the Index on that date.

The fund’s Initial shares are not subject to a Rule 12b-1 fee. The fund’s Service shares are subject to a 0.25% annual Rule 12b-1 fee. All dividends and capital gain distributions are reinvested.

The fund’s performance shown in the line graph above takes into account all applicable fund fees and expenses for Initial and Service shares (after any expense reimbursements). The Index is an unmanaged index, which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads), redemption fees and expenses associated with variable annuity or insurance contracts, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Investment Portfolios, Core Value Portfolio from July 1, 2016 to December 31, 2016. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.


Expenses and Value of a $1,000 Investment
assuming actual returns for the six months ended December 31, 2016
	Initial Shares		Service Shares
Expenses paid per $1,000^†		$5.82		$7.17
Ending value (after expenses)		$1,163.50		$1,162.10

COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses

The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.


Expenses and Value of a $1,000 Investment
assuming a hypothetical 5% annualized return for the six months ended December 31, 2016
	Initial Shares		Service Shares
Expenses paid per $1,000^†		$5.43		$6.70
Ending value (after expenses)		$1,019.76		$1,018.50

^† Expenses are equal to the fund’s annualized expense ratio of 1.07% for Initial shares and 1.32% for Service shares, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS
December 31, 2016



Common Stocks - 97.9%	Shares		Value ($)
Automobiles & Components - .6%
Goodyear Tire & Rubber	5,989		184,880
Banks - 11.0%
Bank of America	45,832		1,012,887
BB&T	4,597		216,151
JPMorgan Chase & Co.	16,211		1,398,847
PNC Financial Services Group	3,708		433,688
SunTrust Banks	4,002		219,510
			3,281,083
Capital Goods - 7.4%
General Dynamics	1,705		294,385
Honeywell International	3,721		431,078
Quanta Services	4,690	^a	163,447
Raytheon	6,246		886,932
United Technologies	3,933		431,135
			2,206,977
Diversified Financials - 15.5%
Berkshire Hathaway, Cl. B	8,146	^a	1,327,635
Charles Schwab	7,458		294,367
E*TRADE Financial	11,153	^a	386,451
Goldman Sachs Group	3,345		800,960
Morgan Stanley	5,016		211,926
Raymond James Financial	4,817		333,674
Synchrony Financial	18,077		655,653
Voya Financial	15,337		601,517
			4,612,183
Energy - 14.1%
Anadarko Petroleum	7,888		550,030
EOG Resources	6,851		692,636
Halliburton	12,573		680,074
Kinder Morgan	11,864		245,703
Marathon Petroleum	5,977		300,942
Occidental Petroleum	9,157		652,253
Phillips 66	6,093		526,496
Pioneer Natural Resources	1,179		212,303
Valero Energy	4,839		330,600
			4,191,037

STATEMENT OF INVESTMENTS (continued)



Common Stocks - 97.9% (continued)	Shares		Value ($)
Exchange-Traded Funds - .2%
iShares Russell 1000 Value ETF	576		64,529
Food & Staples Retailing - 1.1%
Walgreens Boots Alliance	3,822		316,309
Food, Beverage & Tobacco - 8.1%
Archer-Daniels-Midland	6,076		277,369
Coca-Cola	6,091		252,533
Coca-Cola European Partners	6,139		192,765
ConAgra Foods	7,330		289,902
Kellogg	6,981		514,570
Lamb Weston Holdings	4,037		152,800
Molson Coors Brewing, Cl. B	5,303		516,035
Mondelez International, Cl. A	4,407		195,362
			2,391,336
Health Care Equipment & Services - 5.9%
Abbott Laboratories	8,066		309,815
AmerisourceBergen	1,920		150,125
Boston Scientific	14,762	^a	319,302
Humana	1,043		212,803
Laboratory Corporation of America Holdings	1,406	^a	180,502
UnitedHealth Group	2,643		422,986
Zimmer Biomet Holdings	1,371		141,487
			1,737,020
Insurance - 4.2%
Athene Holding, Cl. A	4,937		236,927
Chubb	2,184		288,550
Hartford Financial Services Group	3,028		144,284
Prudential Financial	5,678		590,853
			1,260,614
Materials - 5.7%
CF Industries Holdings	10,340		325,503
Dow Chemical	2,409		137,843
Martin Marietta Materials	1,882		416,919
Packaging Corporation of America	4,676		396,618
Vulcan Materials	3,252		406,988
			1,683,871
Media - 4.6%
Comcast, Cl. A	4,140		285,867
Omnicom Group	5,741		488,617



Common Stocks - 97.9% (continued)	Shares		Value ($)
Media - 4.6% (continued)
Time Warner	6,007		579,856
			1,354,340
Pharmaceuticals, Biotechnology & Life Sciences - 3.4%
Bristol-Myers Squibb	3,485		203,663
Eli Lilly & Co.	3,371		247,937
Merck & Co.	9,694		570,686
			1,022,286
Real Estate - 1.0%
Communications Sales & Leasing	11,712	^b	297,602
Retailing - .9%
Staples	28,277		255,907
Semiconductors & Semiconductor Equipment - 2.7%
Applied Materials	5,312		171,418
Microchip Technology	2,287	^c	146,711
Texas Instruments	6,593		481,091
			799,220
Software & Services - 3.3%
Alphabet, Cl. A	315	^a	249,622
eBay	7,692	^a	228,375
Oracle	7,378		283,684
Teradata	7,581	^a	205,976
			967,657
Technology Hardware & Equipment - 3.7%
Apple	2,638		305,533
Cisco Systems	12,829		387,692
Corning	8,869		215,251
Harris	1,995		204,428
			1,112,904
Telecommunication Services - 2.3%
AT&T	16,301		693,282
Transportation - 2.2%
Delta Air Lines	9,687		476,504

STATEMENT OF INVESTMENTS (continued)



Common Stocks - 97.9% (continued)	Shares		Value ($)
Transportation - 2.2% (continued)
United Continental Holdings	2,319	^a	169,009
			645,513
Total Investments (cost $23,346,510)	97.9%		29,078,550
Cash and Receivables (Net)	2.1%		624,981
Net Assets	100.0%		29,703,531

ETF—Exchange-Traded Fund

^aNon-income producing security.
^bInvestment in real estate investment trust.
^cSecurity, or portion thereof, on loan. At December 31, 2016, the value of the fund’s securities on loan was $146,711 and the value of the collateral held by the fund was $151,183, consisting of U.S. Government & Agency securities.


Portfolio Summary (Unaudited) ^†	Value (%)
Diversified Financials	15.5
Energy	14.1
Banks	11.0
Food, Beverage & Tobacco	8.1
Capital Goods	7.4
Health Care Equipment & Services	5.9
Materials	5.7
Media	4.6
Insurance	4.2
Technology Hardware & Equipment	3.7
Pharmaceuticals, Biotechnology & Life Sciences	3.4
Software & Services	3.3
Semiconductors & Semiconductor Equipment	2.7
Telecommunication Services	2.3
Transportation	2.2
Food & Staples Retailing	1.1
Real Estate	1.0
Retailing	.9
Automobiles & Components	.6
Exchange-Traded Funds	.2
	97.9

^†Based on net assets.

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES
December 31, 2016



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments (including securities on loan, valued at $146,711)—Note 1(b):	23,346,510	29,078,550
Receivable for investment securities sold		1,030,775
Dividends and securities lending income receivable		45,919
Prepaid expenses		219
		30,155,463
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 3(b)		35,901
Cash overdraft due to Custodian		115,133
Payable for investment securities purchased		249,657
Payable for shares of Beneficial Interest redeemed		4,705
Accrued expenses		46,536
		451,932
Net Assets ($)		29,703,531
Composition of Net Assets ($):
Paid-in capital		22,016,283
Accumulated undistributed investment income—net		321,975
Accumulated net realized gain (loss) on investments		1,633,233
Accumulated net unrealized appreciation (depreciation) on investments		5,732,040
Net Assets ($)		29,703,531


Net Asset Value Per Share	Initial Shares	Service Shares
Net Assets ($)	17,958,317	11,745,214
Shares Outstanding	1,021,755	663,200
Net Asset Value Per Share ($)	17.58	17.71

See notes to financial statements.

STATEMENT OF OPERATIONS
Year Ended December 31, 2016




Investment Income ($):
Income:
Cash dividends:
Unaffiliated issuers					663,289
Affiliated issuers					271
Income from securities lending—Note 1(b)					1,924
Total Income					665,484
Expenses:
Management fee—Note 3(a)					219,699
Professional fees					49,281
Distribution fees—Note 3(b)					27,114
Custodian fees—Note 3(b)					13,218
Prospectus and shareholders’ reports					7,281
Trustees’ fees and expenses—Note 3(c)					6,490
Loan commitment fees—Note 2					512
Shareholder servicing costs—Note 3(b)					168
Interest expense—Note 2					118
Registration fees					53
Miscellaneous					17,694
Total Expenses					341,628
Less—reduction in fees due to earnings credits—Note 3(b)					(6)
Net Expenses					341,622
Investment Income—Net					323,862
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments					1,863,490
Net unrealized appreciation (depreciation) on investments					2,792,011
Net Realized and Unrealized Gain (Loss) on Investments					4,655,501
Net Increase in Net Assets Resulting from Operations					4,979,363

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2016	2015
Operations ($):
Investment income—net	323,862	268,663
Net realized gain (loss) on investments	1,863,490	4,043,371
Net unrealized appreciation (depreciation) on investments	2,792,011	(4,940,829)
Net Increase (Decrease) in Net Assets Resulting from Operations	4,979,363	(628,795)
Distributions to Shareholders from ($):
Investment income—net:
Initial Shares	(191,807)	(171,896)
Service Shares	(77,183)	(67,061)
Net realized gain on investments:
Initial Shares	(2,717,752)	(2,336,587)
Service Shares	(1,526,399)	(1,374,475)
Total Distributions	(4,513,141)	(3,950,019)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Initial Shares	1,790,283	2,070,552
Service Shares	341,208	405,935
Distributions reinvested:
Initial Shares	2,909,559	2,508,483
Service Shares	1,603,582	1,441,536
Cost of shares redeemed:
Initial Shares	(6,180,059)	(4,124,702)
Service Shares	(1,370,060)	(2,381,881)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions	(905,487)	(80,077)
Total Increase (Decrease) in Net Assets	(439,265)	(4,658,891)
Net Assets ($):
Beginning of Period	30,142,796	34,801,687
End of Period	29,703,531	30,142,796
Undistributed investment income—net	321,975	267,766
Capital Share Transactions (Shares):
Initial Shares
Shares sold	108,329	113,108
Shares issued for distributions reinvested	201,075	137,980
Shares redeemed	(378,750)	(221,497)
Net Increase (Decrease) in Shares Outstanding	(69,346)	29,591
Service Shares
Shares sold	21,023	21,583
Shares issued for distributions reinvested	109,759	78,686
Shares redeemed	(84,512)	(126,233)
Net Increase (Decrease) in Shares Outstanding	46,270	(25,964)

See notes to financial statements.

FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. The fund’s total returns do not reflect expenses associated with variable annuity or insurance contracts. These figures have been derived from the fund’s financial statements.




	Year Ended December 31,
Initial Shares	2016	2015	2014	2013	2012
Per Share Data ($):
Net asset value, beginning of period	17.61	20.38	19.43	14.28	12.17
Investment Operations:
Investment income—net^a	.19	.17	.15	.16	.19
Net realized and unrealized gain (loss) on investments	2.46	(.55)	1.78	5.20	2.04
Total from Investment Operations	2.65	(.38)	1.93	5.36	2.23
Distributions:
Dividends from investment income—net	(.18)	(.16)	(.18)	(.21)	(.12)
Dividends from net realized gain on investments	(2.50)	(2.23)	(.80)	—	—
Total Distributions	(2.68)	(2.39)	(.98)	(.21)	(.12)
Net asset value, end of period	17.58	17.61	20.38	19.43	14.28
Total Return (%)	18.32	(2.22)	10.31	37.87	18.34
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.07	1.07	1.03	1.02	1.05
Ratio of net expenses to average net assets	1.07	1.07	1.03	.99	.80
Ratio of net investment income to average net assets	1.20	.92	.79	.95	1.43
Portfolio Turnover Rate	87.64	105.48	66.78	65.33	67.59
Net Assets, end of period ($ x 1,000)	17,958	19,216	21,637	20,605	16,630

^aBased on average shares outstanding.

See notes to financial statements.




	Year Ended December 31,
Service Shares	2016	2015	2014	2013	2012
Per Share Data ($):
Net asset value, beginning of period	17.71	20.48	19.51	14.34	12.23
Investment Operations:
Investment income—net^a	.15	.12	.11	.12	.16
Net realized and unrealized gain (loss) on investments	2.48	(.55)	1.79	5.22	2.04
Total from Investment Operations	2.63	(.43)	1.90	5.34	2.20
Distributions:
Dividends from investment income—net	(.13)	(.11)	(.13)	(.17)	(.09)
Dividends from net realized gain on investments	(2.50)	(2.23)	(.80)	—	—
Total Distributions	(2.63)	(2.34)	(.93)	(.17)	(.09)
Net asset value, end of period	17.71	17.71	20.48	19.51	14.34
Total Return (%)	18.00	(2.50)	10.09	37.52	18.02
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.32	1.32	1.28	1.27	1.30
Ratio of net expenses to average net assets	1.32	1.32	1.28	1.24	1.05
Ratio of net investment income to average net assets	.94	.67	.54	.70	1.17
Portfolio Turnover Rate	87.64	105.48	66.78	65.33	67.59
Net Assets, end of period ($ x 1,000)	11,745	10,927	13,165	15,451	12,560

^aBased on average shares outstanding.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Core Value Portfolio (the “fund”) is a separate diversified series of Dreyfus Investment Portfolios (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently offering four series, including the fund. The fund is only offered to separate accounts established by insurance companies to fund variable annuity contracts and variable life insurance policies.The fund’s investment objective is to seek long-term capital growth. The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser.

MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of the fund’s shares, which are sold without a sales charge. The fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Initial and Service. Each class of shares has identical rights and privileges, except with respect to the Distribution Plan, and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

The Company accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The Company enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.

(a) Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

NOTES TO FINANCIAL STATEMENTS (continued)

Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American Depository Receipts and futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Company’s Board of Trustees (the “Board”). Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.

The following is a summary of the inputs used as of December 31, 2016 in valuing the fund’s investments:


	Level 1 - Unadjusted Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 -Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:
Equity Securities - Domestic Common Stocks^†	29,014,021	-	-	29,014,021
Exchange-Traded Funds	64,529	-	-	64,529

^† See Statement of Investments for additional detailed categorizations.

At December 31, 2016, there were no transfers between levels of the fair value hierarchy.

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.

Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by Dreyfus, or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended December 31, 2016, The Bank of New York Mellon earned $452 from lending portfolio securities, pursuant to the securities lending agreement.

(c) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” under the Act. Investments in affiliated investment companies during the period ended December 31, 2016 were as follows:

NOTES TO FINANCIAL STATEMENTS (continued)


Affiliated Investment Company	Value 12/31/2015 ($)	Purchases ($)	Sales ($)	Value 12/31/2016 ($)	Net Assets (%)
Dreyfus Institutional Cash Advantage Fund, Institutional Shares^†	319,117	5,745,475	6,064,592	-	-
Dreyfus Institutional Preferred Government Plus Money Market Fund^††	32,833	6,623,407	6,656,240	-	-
Dreyfus Institutional Preferred Money Market Fund, Hamilton Shares^†	-	851,589	851,589	-	-
Total	351,950	13,220,471	13,572,421	-	-

^† During the period ended December 31, 2016, Dreyfus Institutional Cash Advantage Fund was acquired by Dreyfus Institutional Preferred Money Market Fund.
^†† Formerly Dreyfus Institutional Preferred Plus Money Market Fund.

(d) Dividends and distributions to shareholders: Dividends and distributions are recorded on the ex-dividend date. Dividends from investment income-net and dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

(e) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes.

tax expense in the Statement of Operations. During the period ended December 31, 2016, the fund did not incur any interest or penalties.

Each tax year in the four-year period ended December 31, 2016 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At December 31, 2016, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $314,770, undistributed capital gains $1,908,333 and unrealized appreciation $5,456,942.

The tax character of distributions paid to shareholders during the fiscal periods ended December 31, 2016 and December 31, 2015 were as follows: ordinary income $528,010 and $952,052, and long-term capital gains $3,985,131 and $2,997,967, respectively.

During the period ended December 31, 2016, as a result of permanent book to tax differences, primarily due to the tax treatment for dividend reclassification, the fund decreased accumulated undistributed investment income-net by $663 and increased accumulated net realized gain (loss) on investments by the same amount. Net assets and net asset value per share were not affected by this reclassification.

NOTE 2—Bank Lines of Credit:

The fund participates with other Dreyfus-managed funds in an $810 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of New York Mellon (each, a “Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. Prior to October 5, 2016, the unsecured credit facility with Citibank, N.A. was $555 million and prior to January 11, 2016, the unsecured credit facility with Citibank, N.A. was $480 million. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing.

The average amount of borrowings outstanding under the Facilities during the period ended December 31, 2016 was approximately $8,200 with a related weighted average annualized interest rate of 1.44%.

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE 3—Management Fee and Other Transactions with Affiliates:

(a) Pursuant to a management agreement with Dreyfus, the management fee is computed at the annual rate of .75% of the value of the fund’s average daily net assets and is payable monthly.

(b) Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Service shares pay the Distributor for distributing its shares, for servicing and/or maintaining Service shares’ shareholder accounts and for advertising and marketing for Service shares. The Distribution Plan provides for payments to be made at an annual rate of .25% of the value of the Service shares’ average daily net assets. The Distributor may make payments to Participating Insurance Companies and to brokers and dealers acting as principal underwriter for their variable insurance products. The fees payable under the Distribution Plan are payable without regard to actual expenses incurred. During the period ended December 31, 2016, Service shares were charged $27,114 pursuant to the Distribution Plan.

The fund has arrangements with the transfer agent and the custodian whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.

The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the fund. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended December 31, 2016, the fund was charged $109 for transfer agency services and $13 for cash management services. These fees are included in Shareholder servicing costs in the Statement of Operations. Cash management fees were partially offset by earnings credits of $6.

The fund compensates The Bank of New York Mellon under a custody agreement for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended December 31, 2016, the fund was charged $13,218 pursuant to the custody agreement.

During the period ended December 31, 2016, the fund was charged $9,640 for services performed by the Chief Compliance Officer and his staff.

The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $19,065, Distribution Plan fees $2,498, custodian fees $7,000, Chief Compliance Officer fees $7,314 and transfer agency fees $24.

(c) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended December 31, 2016, amounted to $25,793,549 and $31,529,639, respectively.

At December 31, 2016, the cost of investments for federal income tax purposes was $23,621,608; accordingly, accumulated net unrealized appreciation on investments was $5,456,942, consisting of $5,957,834 gross unrealized appreciation and $500,892 gross unrealized depreciation.

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

Shareholders and Board of Trustees
Dreyfus Investment Portfolios, Core Value Portfolio

We have audited the accompanying statement of assets and liabilities, including the statement of investments, of Dreyfus Investment Portfolios, Core Value Portfolio (one of the series comprising Dreyfus Investment Portfolios) as of December 31, 2016, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2016 by correspondence with the custodian and others. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Dreyfus Investment Portfolios, Core Value Portfolio at December 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York
February 10, 2017

IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the portfolio hereby reports 100% of the ordinary dividends paid during the fiscal year ended December 31, 2016 as qualifying for the corporate dividends received deduction. Shareholders will receive notification in early 2017 of the percentage applicable to the preparation of their 2016 income tax returns. Also, the fund hereby reports $.1528 per share as a short-term capital gain distribution and $2.3509 per share as a long-term capital gain distribution paid on March 24, 2016.

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AGREEMENT (Unaudited)

At a meeting of the fund’s Board of Trustees held on July 20-21, 2016, the Board considered the renewal of the fund’s Management Agreement pursuant to which Dreyfus provides the fund with investment advisory and administrative services (the “Agreement”). The Board members, a majority of whom are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from Dreyfus representatives. In considering the renewal of the Agreement, the Board considered all factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

Analysis of Nature, Extent, and Quality of Services Provided to the Fund. The Board considered information provided to them at the meeting and in previous presentations from Dreyfus representatives regarding the nature, extent, and quality of the services provided to funds in the Dreyfus fund complex. Dreyfus provided the number of open accounts in the fund, the fund’s asset size and the allocation of fund assets among distribution channels. Dreyfus also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the Dreyfus fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or Dreyfus) and Dreyfus’ corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the fund.

The Board also considered research support available to, and portfolio management capabilities of, the fund’s portfolio management personnel and that Dreyfus also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered Dreyfus’ extensive administrative, accounting and compliance infrastructures. The Board also considered portfolio management’s brokerage policies and practices (including policies and practices regarding soft dollars) and the standards applied in seeking best execution.

Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, which included information comparing (1) the fund’s performance with the performance of a group of comparable funds (the “Performance Group”) and with a broader group of funds (the “Performance Universe”), all for various periods ended May 31, 2016, and (2) the fund’s actual and contractual management fees and total expenses with those of a group of comparable funds (the “Expense Group”) and with a broader group of funds (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. Dreyfus previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

Group median for all periods, except for the one- and ten-year periods when the fund’s performance was slightly below the median, and above the Performance Universe median for all periods. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.

The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board noted that the fund’s contractual management fee was at the Expense Group median and the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.

Dreyfus representatives reviewed with the Board the management or investment advisory fees (1) paid by funds advised or administered by Dreyfus that are in the same Broadridge category as the fund and (2) paid to Dreyfus or the Dreyfus-affiliated primary employer of the fund’s primary portfolio manager(s) for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (the “Similar Clients”), and explained the nature of the Similar Clients. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness of the fund’s management fee.

Analysis of Profitability and Economies of Scale. Dreyfus representatives reviewed the expenses allocated and profit received by Dreyfus and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to Dreyfus and its affiliates for managing the funds in the Dreyfus fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not unreasonable, given the services rendered and service levels provided by Dreyfus. The Board also had been provided with information prepared by an independent consulting firm regarding Dreyfus’ approach to allocating costs to, and determining the profitability of, individual funds and the entire Dreyfus fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.

The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreement, considered in relation to the mix of services provided by Dreyfus, including the nature, extent and quality of such services, supported the renewal of the Agreement and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Dreyfus representatives noted that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the possibility that Dreyfus may have realized any economies of scale would be less. Dreyfus representatives also noted that, as a result of shared and allocated costs among funds in the Dreyfus fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund’s asset level. The Board also considered potential benefits to Dreyfus from acting as

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AGREEMENT (Unaudited) (continued)

investment adviser and noted the soft dollar arrangements in effect for trading the fund’s investments.

At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.

· The Board concluded that the nature, extent and quality of the services provided by Dreyfus are adequate and appropriate.

· The Board was satisfied with the fund’s performance.

· The Board concluded that the fee paid to Dreyfus supported the renewal of the Agreement in light of the considerations described above.

· The Board determined that the economies of scale which may accrue to Dreyfus and its affiliates in connection with the management of the fund had been adequately considered by Dreyfus in connection with the fee rate charged to the fund pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.

In evaluating the Agreement, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with Dreyfus and its affiliates, of the fund and the services provided to the fund by Dreyfus. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreement, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for this fund had the benefit of a number of years of reviews of prior or similar agreements during which lengthy discussions took place between the Board and Dreyfus representatives. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on their consideration of the same or similar arrangements in prior years. The Board determined to renew the Agreement.

BOARD MEMBERS INFORMATION (Unaudited)

INDEPENDENT BOARD MEMBERS

Joseph S. DiMartino (73)

Chairman of the Board (1995)

Principal Occupation During Past 5 Years:

· Corporate Director and Trustee (1995-present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies, Director (1997-present)

No. of Portfolios for which Board Member Serves: 135

———————

Francine J. Bovich (65)

Board Member (2015)

Principal Occupation During Past 5 Years:

· Trustee, The Bradley Trusts, private trust funds (2011-present)

Other Public Company Board Memberships During Past 5 Years:

· Annaly Capital Management, Inc., Board Member (May 2014-present)

No. of Portfolios for which Board Member Serves: 76

———————

Gordon J. Davis (75)

Board Member (2012)

Principal Occupation During Past 5 Years:

· Partner in the law firm of Venable LLP (2012-present)

· Partner in the law firm of Dewey & LeBoeuf LLP (1994-2012)

Other Public Company Board Memberships During Past 5 Years:

· Consolidated Edison, Inc., a utility company, Director (1997-2014)

· The Phoenix Companies, Inc., a life insurance company, Director (2000-2014)

No. of Portfolios for which Board Member Serves: 58

———————

BOARD MEMBERS INFORMATION (Unaudited) (continued)
INDEPENDENT BOARD MEMBERS (continued)

Nathan Leventhal (73)

Board Member (2009)

Principal Occupation During Past 5 Years:

· President Emeritus of Lincoln Center for the Performing Arts (2001-present)

· Chairman of the Avery Fisher Artist Program (1997-2014)

· Commissioner, NYC Planning Commission (2007-2011)

Other Public Company Board Memberships During Past 5 Years:

· Movado Group, Inc., Director (2003-present)

No. of Portfolios for which Board Member Serves: 48

———————

Robin A. Melvin (53)

Board Member (2014)

Principal Occupation During Past 5 Years:

· Co-chairman, Illinois Mentoring Partnership, non-profit organization dedicated to increasing the quantity and quality of mentoring services in Illinois; (2014-present; board member since 2013)

· Director, Boisi Family Foundation, a private family foundation that supports youth-serving organizations that promote the self sufficiency of youth from disadvantaged circumstances (1995-2012)

No. of Portfolios for which Board Member Serves: 107

———————

Roslyn M. Watson (67)

Board Member (2014)

Principal Occupation During Past 5 Years:

· Principal, Watson Ventures, Inc., a real estate investment company (1993-present)

No. of Portfolios for which Board Member Serves: 62

———————

Benaree Pratt Wiley (70)

Board Member (2009)

Principal Occupation During Past 5 Years:

· Principal, The Wiley Group, a firm specializing in strategy and business development (2005-present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies, Director (2008-present)

No. of Portfolios for which Board Member Serves: 86

———————

INTERESTED BOARD MEMBERS

J. Charles Cardona (61)

Board Member (2014)

Principal Occupation During Past 5 Years:

· Retired President and a Director of the Manager (2008-2016), Chairman of the Distributor (2013-2016, Executive Vice President, 1997-2013),

No. of Portfolios for which Board Member Serves: 34

J. Charles Cardona is deemed to be an “interested person” (as defined under the Act) of the Company as a result of his affiliation with The Dreyfus Corporation.

———————

Isabel P. Dunst (69)

Board Member (2014)

Principal Occupation During Past 5 Years:

· Of Counsel to the law firm of Hogan Lovells LLP (2015-present; previously, Partner, 1990-2014)

No. of Portfolios for which Board Member Serves: 34

Isabel P. Dunst is deemed to be an “interested person” (as defined under the Act) of the Company as a result of her affiliation with Hogan Lovells LLP, which provides legal services to BNY Mellon and certain of its affiliates.

———————

Once elected all Board Members serve for an indefinite term, but achieve Emeritus status upon reaching age 80. The address of the Board Members and Officers is c/o The Dreyfus Corporation, 200 Park Avenue, New York, New York 10166. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-DREYFUS.

Clifford L. Alexander, Jr., Emeritus Board Member
Whitney I. Gerard, Emeritus Board Member
George L. Perry, Emeritus Board Member

OFFICERS OF THE FUND (Unaudited)

BRADLEY J. SKAPYAK, President since January 2010.

Chief Operating Officer and a director of the Manager since June 2009, Chairman of Dreyfus Transfer, Inc., an affiliate of the Manager and the transfer agent of the funds, since May 2011 and Executive Vice President of MBSC Securities Corporation since June 2007. He is an officer of 64 investment companies (comprised of 135 portfolios) managed by the Manager. He is 58 years old and has been an employee of the Manager since February 1988.

BENNETT A. MACDOUGALL, Chief Legal Officer since October 2015.

Chief Legal Officer of the Manager and Associate General Counsel and Managing Director of BNY Mellon since June 2015; from June 2005 to June 2015, he served in various capacities with Deutsche Bank – Asset & Wealth Management Division, including as Director and Associate General Counsel, and Chief Legal Officer of Deutsche Investment Management Americas Inc. from June 2012 to May 2015. He is an officer of 65 investment companies (comprised of 160 portfolios) managed by the Manager. He is 45 years old and has been an employee of the Manager since June 2015.

JANETTE E. FARRAGHER, Vice President and Secretary since December 2011.

Associate General Counsel of BNY Mellon, and an officer of 65 investment companies (comprised of 160 portfolios) managed by the Manager. She is 54 years old and has been an employee of the Manager since February 1984.

JAMES BITETTO, Vice President and Assistant Secretary since August 2005.

Managing Counsel of BNY Mellon and Secretary of the Manager, and an officer of 65 investment companies (comprised of 160 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since December 1996.

JONI LACKS CHARATAN, Vice President and Assistant Secretary since August 2005.

Managing Counsel of BNY Mellon, and an officer of 65 investment companies (comprised of 160 portfolios) managed by the Manager. She is 61 years old and has been an employee of the Manager since October 1988.

JOSEPH M. CHIOFFI, Vice President and Assistant Secretary since August 2005.

Managing Counsel of BNY Mellon, and an officer of 65 investment companies (comprised of 160 portfolios) managed by the Manager. He is 55 years old and has been an employee of the Manager since June 2000.

MAUREEN E. KANE, Vice President and Assistant Secretary since April 2015.

Managing Counsel of BNY Mellon since July 2014; from October 2004 until July 2014, General Counsel, and from May 2009 until July 2014, Chief Compliance Officer of Century Capital Management. She is an officer of 65 investment companies (comprised of 160 portfolios) managed by the Manager. She is 54 years old and has been an employee of the Manager since July 2014.

SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.

Senior Counsel of BNY Mellon since March 2013, from August 2005 to March 2013, Associate General Counsel of Third Avenue Management. She is an officer of 65 investment companies (comprised of 160 portfolios) managed by the Manager. She is 41 years old and has been an employee of the Manager since March 2013.

JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.

Senior Managing Counsel of BNY Mellon, and an officer of 65 investment companies (comprised of 160 portfolios) managed by the Manager. He is 51 years old and has been an employee of the Manager since October 1990.

JAMES WINDELS, Treasurer since November 2001.

Director – Mutual Fund Accounting of the Manager, and an officer of 65 investment companies (comprised of 160 portfolios) managed by the Manager. He is 58 years old and has been an employee of the Manager since April 1985.

RICHARD CASSARO, Assistant Treasurer since January 2008.

Senior Accounting Manager – Money Market, Municipal Bond and Equity Funds of the Manager, and an officer of 65 investment companies (comprised of 160 portfolios) managed by the Manager. He is 57 years old and has been an employee of the Manager since September 1982.

GAVIN C. REILLY, Assistant Treasurer since December 2005.

Tax Manager of the Investment Accounting and Support Department of the Manager, and an officer of 65 investment companies (comprised of 160 portfolios) managed by the Manager. He is 48 years old and has been an employee of the Manager since April 1991.

ROBERT S. ROBOL, Assistant Treasurer since August 2005.

Senior Accounting Manager of the Manager, and an officer of 65 investment companies (comprised of 160 portfolios) managed by the Manager. He is 52 years old and has been an employee of the Manager since October 1988.

ROBERT SALVIOLO, Assistant Treasurer since July 2007.

Senior Accounting Manager – Equity Funds of the Manager, and an officer of 65 investment companies (comprised of 160 portfolios) managed by the Manager. He is 49 years old and has been an employee of the Manager since June 1989.

ROBERT SVAGNA, Assistant Treasurer since December 2002.

Senior Accounting Manager – Fixed Income and Equity Funds of the Manager, and an officer of 65 investment companies (comprised of 160 portfolios) managed by the Manager. He is 49 years old and has been an employee of the Manager since November 1990.

JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.

Chief Compliance Officer of the Manager and The Dreyfus Family of Funds (65 investment companies, comprised of 160 portfolios). He is 59 years old and has served in various capacities with the Manager since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.

CARIDAD M. CAROSELLA, Anti-Money Laundering Compliance Officer since January 2016.

Anti-Money Laundering Compliance Officer of the Dreyfus Family of Funds and BNY Mellon Funds Trust since January 2016; from May 2015 to December 2015, Interim Anti-Money Laundering Compliance Officer of the Dreyfus Family of Funds and BNY Mellon Funds Trust and the Distributor; from January 2012 to May 2015, AML Surveillance Officer of the Distributor and from 2007 to December 2011, Financial Processing Manager of the Distributor. She is an officer of 60 investment companies (comprised of 155 portfolios) managed by the Manager. She is 48 years old and has been an employee of the Distributor since 1997.

For More Information

Dreyfus Investment Portfolios, Core Value Portfolio

200 Park Avenue
New York, NY 10166

Manager

The Dreyfus Corporation
200 Park Avenue
New York, NY 10166

Custodian

The Bank of New York Mellon
225 Liberty Street
New York, NY 10286

Transfer Agent &
Dividend Disbursing Agent

Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166

Distributor

MBSC Securities Corporation
200 Park Avenue
New York, NY 10166

Telephone 1-800-258-4260 or 1-800-258-4261

Mail The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144 Attn: Institutional Services Department

E-mail Send your request to info@dreyfus.com

Internet Information can be viewed online or downloaded at www.dreyfus.com

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at http://www.dreyfus.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-DREYFUS.


© 2017 MBSC Securities Corporation 0172AR1216

Dreyfus Investment Portfolios, MidCap Stock Portfolio


		ANNUAL REPORT December 31, 2016

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

Contents

THE FUND


A Letter from the
Chief Executive Officer	2
Discussion of Fund Performance	3
Fund Performance	5
Understanding Your Fund’s Expenses	6
Comparing Your Fund’s Expenses
With Those of Other Funds	6
Statement of Investments	7
Statement of Assets and Liabilities	12
Statement of Operations	13
Statement of Changes in Net Assets	14
Financial Highlights	15
Notes to Financial Statements	17
Report of Independent Registered
Public Accounting Firm	25
Important Tax Information	26
Information About the Renewal of
the Fund’s Management Agreement	27
Board Members Information	30
Officers of the Fund	33

FOR MORE INFORMATION

Back Cover


	Dreyfus Investment Portfolios, MidCap Stock Portfolio		The Fund

A LETTER FROM THE CHIEF EXECUTIVE OFFICER

Dear Shareholder:

We are pleased to present this annual report for Dreyfus Investment Portfolios, MidCap Stock Portfolio, covering the 12-month period from January 1, 2016 through December 31, 2016. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.

Thank you for your continued confidence and support.

Sincerely,

Mark D. Santero
Chief Executive Officer
The Dreyfus Corporation
January 17, 2017

DISCUSSION OF FUND PERFORMANCE

For the period of January 1, 2016 through December 31, 2016, as provided by C. Wesley Boggs, William S. Cazalet, CAIA, and Ronald P. Gala, CFA, Portfolio Managers

Market and Fund Performance Overview

For the 12-month period ended December 31, 2016, Dreyfus Investment Portfolios, MidCap Stock Portfolio’s Initial shares produced a total return of 15.47%, and its Service shares produced a total return of 15.20%.¹ In comparison, the fund’s benchmark, the S&P MidCap 400 Index (the “Index”), produced a total return of 20.74% for the same period.²

Midcap stocks achieved solid returns in 2016 on the strength of positive economic growth and expectations of changing U.S. fiscal, tax, and regulatory policies under a new presidential administration. The fund lagged its Index, mainly due to security selection shortfalls in the energy and financials sectors.

The Fund’s Investment Approach

The fund seeks investment results that are greater than the total return performance of publicly traded common stocks of medium-sized domestic companies in the aggregate, as represented by the Index. To pursue this goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in stocks of midcap companies.

The fund invests in growth and value stocks, which are chosen through a disciplined investment process that combines computer modeling techniques, fundamental analysis, and risk management. Consistency of returns compared to the Index is a primary goal of the investment process.

Economic and Political Developments Drove Equity Markets

U.S. stocks across all capitalization ranges moved sharply lower over the opening weeks of 2016 due to weakening commodity prices, disappointing global economic data, and higher short-term U.S. interest rates. However, equities began a dramatic recovery in February and rallied through the spring in response to rebounding commodity prices, global monetary easing, and indications that additional U.S. rate increases would be delayed.

The market’s advance faltered in June over concerns regarding the United Kingdom’s referendum to leave the European Union, but the decline proved short lived. By early July, the market had regained most of its lost ground, and encouraging U.S. economic data helped the Index advance further over the summer. Midcap stocks gave back some of their previous gains in October when investors became more cautious ahead of the presidential election. After the election, midcap stocks again rallied strongly, and the Index achieved record highs as investors anticipated higher government spending, lower corporate taxes, and a less stringent regulatory environment.

For the reporting period overall, midcap stocks generally produced higher returns than large-cap stocks, but midcap stocks underperformed their small-cap counterparts on average.

Security Selections Produced Mixed Results

Although the fund participated significantly in its benchmark’s gains, relative performance was dampened by some disappointing security selections. In the energy sector, oil refiners such as Western Refining lost value in a challenging environment for profit margins, and offshore drilling services provider Oceaneering International declined when its earnings were reduced during the reporting period. The fund’s investments among financial institutions also generally lagged sector

DISCUSSION OF FUND PERFORMANCE (continued)

averages. Within the financials sector, the fund generally struggled with security selection shortfalls among capital markets companies and an underweighted exposure to banks.

In other areas, voice-recognition technologies provider Nuance Communications lost value when its management revised downward the company’s future earnings expectations. Likewise, natural food retailer Sprouts Farmers Market struggled in the wake of two guidance reductions during the year.

The fund achieved better relative results from our stock selection in the real estate sector. Among materials producers, overweighted exposure to metals-and-mining companies helped the fund participate more fully in the industry group’s rebound from previous weakness. In addition, steel producer and a metal recycler Steel Dynamics benefited over the final weeks of the year from expectations of higher infrastructure spending by the U.S. government. In the information technology sector, electronic design automation tools supplier Mentor Graphics gained considerable value late in the reporting period after an acquisition offer from a large German technology company, and self-service equipment maker NCR Corp. exhibited strong earnings momentum and consistently surpassed analysts’ estimates. Among individual stocks, regional financial services provider Synovus Financial reported better-than-expected quarterly earnings and benefited from post-election expectations of a friendlier regulatory environment.

Maintaining a Disciplined Investment Process

As of the reporting period’s end, our quantitative models have continued to identify what we believe are attractive investment opportunities across a broad spectrum of midcap companies and industry groups. Indeed, recent bouts of volatility have provided opportunities to purchase the stocks of companies ranked highly by our process. When the fund’s holdings reach what we perceive to be fuller valuations, we expect to replace them with high-quality companies that display then-currently attractive valuations in our model. In addition, we continue to maintain a broadly diversified portfolio.

January 17, 2017

Stocks of midcap companies often experience sharper price fluctuations than stocks of large-cap companies.

The fund is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies. Individuals may not purchase shares of the fund directly. A variable annuity is an insurance contract issued by an insurance company that enables investors to accumulate assets on a tax-deferred basis for retirement or other long-term goals. The investment objective and policies of Dreyfus Investment Portfolios, MidCap Stock Portfolio made available through insurance products may be similar to other funds managed by Dreyfus. However, the investment results of the fund may be higher or lower than, and may not be comparable to, those of any other Dreyfus fund.

FUND PERFORMANCE

Comparison of change in value of $10,000 investment in Dreyfus Investment Portfolios, MidCap Stock Portfolio Initial shares and Service shares and the S&P MidCap 400 Index (the “Index”)


Average Annual Total Returns as of 12/31/16
	1 Year	5 Years	10 Years
Initial shares	15.47%	15.36%	7.89%
Service shares	15.20%	15.07%	7.69%
S&P MidCap 400 Index	20.74%	15.33%	9.16%

^† Source: Lipper Inc.

Past performance is not predictive of future performance. The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The fund’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in variable insurance contracts which will reduce returns.

The above graph compares a $10,000 investment made in Initial and Service shares of Dreyfus Investment Portfolios, MidCap Stock Portfolio on 12/31/06 to a $10,000 investment made in the Index on that date.

The fund’s performance shown in the line graph above takes into account all applicable fund fees and expenses for Initial and Service shares (after any expense reimbursements). The Index is a widely accepted, unmanaged total return index measuring the performance of the midsize company segment of the U.S. stock market. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Investment Portfolios, MidCap Stock Portfolio from July 1, 2016 to December 31, 2016. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.


Expenses and Value of a $1,000 Investment
assuming actual returns for the six months ended December 31, 2016
	Initial Shares		Service Shares
Expenses paid per $1,000^†		$4.51		$5.84
Ending value (after expenses)		$1,111.20		$1,110.40

COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses


Expenses and Value of a $1,000 Investment
assuming a hypothetical 5% annualized return for the six months ended December 31, 2016
	Initial Shares		Service Shares
Expenses paid per $1,000^†		$4.32		$5.58
Ending value (after expenses)		$1,020.86		$1,019.61

^† Expenses are equal to the fund’s annualized expense ratio of .85% for Initial shares and 1.10% for Service shares, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS
December 31, 2016



Common Stocks - 99.5%	Shares		Value ($)
Banks - 4.7%
Cathay General Bancorp	69,395		2,639,092
Commerce Bancshares	5,187		299,861
East West Bancorp	15,465		786,086
First Horizon National	81,360		1,628,014
Synovus Financial	84,090		3,454,417
			8,807,470
Capital Goods - 14.3%
BWX Technologies	55,610		2,207,717
CLARCOR	21,600		1,781,352
Curtiss-Wright	29,600		2,911,456
GATX	36,585	^a	2,252,904
HD Supply Holdings	60,615	^b	2,576,744
Huntington Ingalls Industries	5,585		1,028,701
Lennox International	19,915	^a	3,050,381
Oshkosh	29,200		1,886,612
Owens Corning	33,990		1,752,524
Spirit AeroSystems Holdings, Cl. A	39,955		2,331,374
Toro	51,500		2,881,425
Woodward	31,170		2,152,289
			26,813,479
Consumer Durables & Apparel - 5.5%
Brunswick	55,420		3,022,607
Kate Spade & Co	13,700	^b	255,779
KB Home	78,680	^a	1,243,931
NVR	1,470	^b	2,453,430
Tempur Sealy International	37,700	^a,b	2,574,156
TRI Pointe Group	58,805	^b	675,081
			10,224,984
Consumer Services - 2.5%
Brinker International	39,870	^a	1,974,761
Darden Restaurants	34,865		2,535,383
Wyndham Worldwide	2,270		173,360
			4,683,504
Diversified Financials - 2.9%
Affiliated Managers Group	13,850	^b	2,012,405
CBOE Holdings	8,615		636,562

STATEMENT OF INVESTMENTS (continued)



Common Stocks - 99.5% (continued)	Shares		Value ($)
Diversified Financials - 2.9% (continued)
SEI Investments	57,100		2,818,456
			5,467,423
Energy - 3.0%
CONSOL Energy	48,400		882,332
Dril-Quip	36,210	^b	2,174,410
World Fuel Services	55,950		2,568,664
			5,625,406
Food & Staples Retailing - 1.2%
Casey's General Stores	1,800		213,984
Sprouts Farmers Markets	110,980	^a,b	2,099,742
			2,313,726
Food, Beverage & Tobacco - 4.0%
Blue Buffalo Pet Products	47,900	^b	1,151,516
Dean Foods	135,960		2,961,209
Ingredion	26,450		3,305,192
			7,417,917
Health Care Equipment & Services - 5.0%
Allscripts Healthcare Solutions	17,520	^b	178,879
Halyard Health	41,200	^b	1,523,576
Hologic	34,925	^b	1,401,191
Teleflex	18,875		3,041,706
WellCare Health Plans	24,000	^b	3,289,920
			9,435,272
Household & Personal Products - 1.3%
Church & Dwight	52,800		2,333,232
Insurance - 6.9%
Aspen Insurance Holdings	20,630		1,134,650
CNO Financial Group	136,360		2,611,294
Hanover Insurance Group	26,295		2,393,108
Old Republic International	124,260		2,360,940
Primerica	41,145	^a	2,845,177
Reinsurance Group of America	12,945		1,628,869
			12,974,038
Materials - 8.8%
Bemis	18,820		899,972
Cabot	54,295		2,744,069
Celanese, Ser. A	12,900		1,015,746
Commercial Metals	82,750		1,802,295
Owens-Illinois	145,000	^b	2,524,450



Common Stocks - 99.5% (continued)	Shares		Value ($)
Materials - 8.8% (continued)
PolyOne	34,605		1,108,744
Reliance Steel & Aluminum	32,420		2,578,687
Steel Dynamics	54,745		1,947,827
Worthington Industries	39,745		1,885,503
			16,507,293
Media - .9%
New York Times, Cl. A	122,725		1,632,243
Pharmaceuticals, Biotechnology & Life Sciences - 5.0%
Agilent Technologies	19,150		872,474
Charles River Laboratories International	30,820	^b	2,348,176
Mettler-Toledo International	6,300	^b	2,636,928
United Therapeutics	23,775	^a,b	3,410,048
			9,267,626
Real Estate - 8.6%
First Industrial Realty Trust	100,400	^c	2,816,220
General Growth Properties	71,665	^c	1,790,192
Hospitality Properties Trust	67,535	^c	2,143,561
Kilroy Realty	20,355	^c	1,490,393
Lamar Advertising, Cl. A	45,095	^c	3,032,188
Tanger Factory Outlet Centers	65,700	^c	2,350,746
Weingarten Realty Investors	71,570	^c	2,561,490
			16,184,790
Retailing - 2.9%
American Eagle Outfitters	152,680	^a	2,316,155
Big Lots	52,040	^a	2,612,928
Foot Locker	6,180	^a	438,100
			5,367,183
Semiconductors & Semiconductor Equipment - .2%
Integrated Device Technology	12,445	^b	293,204
Software & Services - 11.0%
Acxiom	31,250	^b	837,500
ANSYS	6,415	^b	593,323
CDK Global	3,200		191,008
Citrix Systems	28,525	^b	2,547,568
Convergys	70,565	^a	1,733,076
CoreLogic	48,530	^b	1,787,360
DST Systems	25,900		2,775,185
Fair Isaac	10,900		1,299,498
Manhattan Associates	32,550	^b	1,726,127

STATEMENT OF INVESTMENTS (continued)



Common Stocks - 99.5% (continued)	Shares		Value ($)
Software & Services - 11.0% (continued)
Mentor Graphics	85,250		3,144,872
NeuStar, Cl. A	50,360	^a,b	1,682,024
Nuance Communications	128,805	^b	1,919,195
VeriSign	3,380	^a,b	257,117
			20,493,853
Technology Hardware & Equipment - 4.2%
Arrow Electronics	17,265	^b	1,230,995
Belden	24,080		1,800,462
InterDigital	16,720		1,527,372
NCR	83,335	^b	3,380,068
			7,938,897
Telecommunication Services - .4%
CenturyLink	34,505	^a	820,529
Utilities - 6.2%
FirstEnergy	58,775		1,820,262
Great Plains Energy	86,330		2,361,125
MDU Resources Group	105,900		3,046,743
NiSource	62,680		1,387,735
Westar Energy	52,390		2,952,176
			11,568,041
Total Common Stocks (cost $158,459,512)			186,170,110
Other Investment - .6%
Registered Investment Company;
Dreyfus Institutional Preferred Government Plus Money Market Fund (cost $1,199,499)	1,199,499	^d	1,199,499
Investment of Cash Collateral for Securities Loaned - 6.7%
Registered Investment Company;
Dreyfus Institutional Preferred Money Market Fund, Hamilton Shares (cost $12,494,102)	12,494,102	^d	12,494,102
Total Investments (cost $172,153,113)	106.8%		199,863,711
Liabilities, Less Cash and Receivables	(6.8%)		(12,665,216)
Net Assets	100.0%		187,198,495

^aSecurity, or portion thereof, on loan. At December 31, 2016, the value of the fund’s securities on loan was $16,486,373 and the value of the collateral held by the fund was $17,006,370, consisting of cash collateral of $12,494,102 and U.S. Government & Agency securities valued at $4,512,268.
^bNon-income producing security.
^cInvestment in real estate investment trust.
^dInvestment in affiliated money market mutual fund.


Portfolio Summary (Unaudited) ^†	Value (%)
Capital Goods	14.3
Software & Services	11.0
Materials	8.8
Real Estate	8.6
Money Market Investments	7.3
Insurance	6.9
Utilities	6.2
Consumer Durables & Apparel	5.5
Health Care Equipment & Services	5.0
Pharmaceuticals, Biotechnology & Life Sciences	5.0
Banks	4.7
Technology Hardware & Equipment	4.2
Food, Beverage & Tobacco	4.0
Energy	3.0
Diversified Financials	2.9
Retailing	2.9
Consumer Services	2.5
Household & Personal Products	1.3
Food & Staples Retailing	1.2
Media	.9
Telecommunication Services	.4
Semiconductors & Semiconductor Equipment	.2
	106.8

^†Based on net assets.

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES
December 31, 2016



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments (including securities on loan, valued at $16,486,373)—Note 1(b):
Unaffiliated issuers	158,459,512	186,170,110
Affiliated issuers	13,693,601	13,693,601
Cash		11,547
Dividends and securities lending income receivable		263,582
Prepaid expenses		2,110
		200,140,950
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 3(b)		152,578
Liability for securities on loan—Note 1(b)		12,494,102
Payable for shares of Beneficial Interest redeemed		237,286
Accrued expenses		58,489
		12,942,455
Net Assets ($)		187,198,495
Composition of Net Assets ($):
Paid-in capital		154,669,459
Accumulated undistributed investment income—net		1,911,067
Accumulated net realized gain (loss) on investments		2,907,371
Accumulated net unrealized appreciation (depreciation) on investments		27,710,598
Net Assets ($)		187,198,495


Net Asset Value Per Share	Initial Shares	Service Shares
Net Assets ($)	123,226,202	63,972,293
Shares Outstanding	6,133,274	3,197,823
Net Asset Value Per Share ($)	20.09	20.00

See notes to financial statements.

STATEMENT OF OPERATIONS
Year Ended December 31, 2016




Investment Income ($):
Income:
Cash dividends:
Unaffiliated issuers					3,374,246
Affiliated issuers					3,260
Income from securities lending—Note 1(b)					84,609
Total Income					3,462,115
Expenses:
Management fee—Note 3(a)					1,286,415
Distribution fees—Note 3(b)					137,939
Professional fees					62,574
Trustees’ fees and expenses—Note 3(c)					46,846
Custodian fees—Note 3(b)					24,256
Prospectus and shareholders’ reports					17,643
Loan commitment fees—Note 2					1,859
Shareholder servicing costs—Note 3(b)					1,464
Miscellaneous					14,807
Total Expenses					1,593,803
Less—reduction in fees due to earnings credits—Note 3(b)					(50)
Net Expenses					1,593,753
Investment Income—Net					1,868,362
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments					3,001,502
Net unrealized appreciation (depreciation) on investments					19,665,475
Net Realized and Unrealized Gain (Loss) on Investments					22,666,977
Net Increase in Net Assets Resulting from Operations					24,535,339

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2016	2015
Operations ($):
Investment income—net	1,868,362	1,682,208
Net realized gain (loss) on investments	3,001,502	11,812,133
Net unrealized appreciation (depreciation) on investments	19,665,475	(17,983,109)
Net Increase (Decrease) in Net Assets Resulting from Operations	24,535,339	(4,488,768)
Distributions to Shareholders from ($):
Investment income—net:
Initial Shares	(1,238,123)	(944,587)
Service Shares	(437,208)	(179,129)
Net realized gain on investments:
Initial Shares	(8,219,760)	(24,657,461)
Service Shares	(3,656,285)	(6,393,134)
Total Distributions	(13,551,376)	(32,174,311)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Initial Shares	9,957,409	9,905,018
Service Shares	15,951,441	28,104,037
Distributions reinvested:
Initial Shares	9,457,883	25,602,048
Service Shares	4,093,493	6,572,263
Cost of shares redeemed:
Initial Shares	(26,474,897)	(44,189,452)
Service Shares	(9,488,390)	(12,307,883)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions	3,496,939	13,686,031
Total Increase (Decrease) in Net Assets	14,480,902	(22,977,048)
Net Assets ($):
Beginning of Period	172,717,593	195,694,641
End of Period	187,198,495	172,717,593
Undistributed investment income—net	1,911,067	1,718,036
Capital Share Transactions (Shares):
Initial Shares
Shares sold	530,948	482,702
Shares issued for distributions reinvested	537,991	1,278,824
Shares redeemed	(1,445,546)	(2,221,204)
Net Increase (Decrease) in Shares Outstanding	(376,607)	(459,678)
Service Shares
Shares sold	863,832	1,364,856
Shares issued for distributions reinvested	233,381	328,942
Shares redeemed	(514,524)	(611,910)
Net Increase (Decrease) in Shares Outstanding	582,689	1,081,888

See notes to financial statements.

FINANCIAL HIGHLIGHTS




	Year Ended December 31,
Initial Shares	2016	2015	2014	2013	2012
Per Share Data ($):
Net asset value, beginning of period	18.95	23.03	20.87	15.68	13.16
Investment Operations:
Investment income—net^a	.21	.18	.14	.20	.23
Net realized and unrealized gain (loss) on investments	2.50	(.50)	2.35	5.24	2.36
Total from Investment Operations	2.71	(.32)	2.49	5.44	2.59
Distributions:
Dividends from investment income—net	(.21)	(.14)	(.21)	(.25)	(.07)
Dividends from net realized gain on investments	(1.36)	(3.62)	(.12)	-	-
Total Distributions	(1.57)	(3.76)	(.33)	(.25)	(.07)
Net asset value, end of period	20.09	18.95	23.03	20.87	15.68
Total Return (%)	15.47	(2.29)	12.09	34.99	19.67
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.85	.85	.85	.86	.85
Ratio of net expenses to average net assets	.85	.85	.85	.86	.85
Ratio of net investment income to average net assets	1.16	.89	.64	1.11	1.58
Portfolio Turnover Rate	65.52	80.27	83.06	68.72	73.96
Net Assets, end of period ($ x 1,000)	123,226	123,354	160,482	158,682	128,410

^aBased on average shares outstanding.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)




	Year Ended December 31,
Service Shares	2016	2015	2014	2013	2012
Per Share Data ($):
Net asset value, beginning of period	18.88	22.97	20.83	15.65	13.14
Investment Operations:
Investment income—net^a	.17	.15	.09	.16	.19
Net realized and unrealized gain (loss) on investments	2.47	(.52)	2.34	5.23	2.35
Total from Investment Operations	2.64	(.37)	2.43	5.39	2.54
Distributions:
Dividends from investment income—net	(.16)	(.10)	(.17)	(.21)	(.03)
Dividends from net realized gain on investments	(1.36)	(3.62)	(.12)	-	-
Total Distributions	(1.52)	(3.72)	(.29)	(.21)	(.03)
Net asset value, end of period	20.00	18.88	22.97	20.83	15.65
Total Return (%)	15.20	(2.52)	11.76	34.70	19.34
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.10	1.10	1.10	1.11	1.10
Ratio of net expenses to average net assets	1.10	1.10	1.10	1.11	1.10
Ratio of net investment income to average net assets	.94	.72	.40	.86	1.32
Portfolio Turnover Rate	65.52	80.27	83.06	68.72	73.96
Net Assets, end of period ($ x 1,000)	63,972	49,363	35,213	23,838	17,836

^aBased on average shares outstanding.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

MidCap Stock Portfolio (the “fund”) is a separate diversified series of Dreyfus Investment Portfolios (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently offering four series, including the fund. The fund is only offered to separate accounts established by insurance companies to fund variable annuity contracts and variable life insurance policies. The fund’s investment objective is to seek investment results that are greater than the total return performance of publicly traded common stocks of medium-size domestic companies in the aggregate, as represented by the Standard & Poor’s MidCap 400^® Index. The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser.

NOTES TO FINANCIAL STATEMENTS (continued)

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.

The following is a summary of the inputs used as of December 31, 2016 in valuing the fund’s investments:

NOTES TO FINANCIAL STATEMENTS (continued)


	Level 1 - Unadjusted Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:
Equity Securities- Domestic Common Stocks^†	186,170,110	-	-	186,170,110
Registered Investment Companies	13,693,601	-	-	13,693,601

^†See Statement of Investments for additional detailed categorizations.

At December 31, 2016, there were no transfers between levels of the fair value hierarchy.

Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by Dreyfus, or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended December 31, 2016, The Bank of New York Mellon earned $17,892 from lending portfolio securities, pursuant to the securities lending agreement.

(c) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” under the Act. Investments in

affiliated investment companies during the period ended December 31, 2016 were as follows:


Affiliated Investment Company	Value 12/31/2015 ($)	Purchases ($)	Sales ($)	Value 12/31/2016 ($)	Net Assets (%)
Dreyfus Institutional Cash Advantage Fund, Institutional Shares^†	2,401,926	120,703,813	123,105,739	-	-
Dreyfus Institutional Preferred Government Plus Money Market Fund^††	458,721	25,660,748	24,919,970	1,199,499	.6
Dreyfus Institutional Preferred Money Market Fund, Hamilton Shares^†	-	47,453,503	34,959,401	12,494,102	6.7
Total	2,860,647	193,818,064	182,985,110	13,693,601	7.3

NOTES TO FINANCIAL STATEMENTS (continued)

tax expense in the Statement of Operations. During the period ended December 31, 2016, the fund did not incur any interest or penalties.

Each tax year in the four-year period ended December 31, 2016 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At December 31, 2016, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $1,887,753, undistributed capital gains $2,994,498 and unrealized appreciation $27,623,471.

The tax character of distributions paid to shareholders during the fiscal periods ended December 31, 2016 and December 31, 2015 were as follows: ordinary income $1,675,331 and $8,873,053, and long-term capital gains $11,876,045 and $23,301,258, respectively.

NOTE 2—Bank Lines of Credit:

NOTE 3—Management Fee and Other Transactions with Affiliates:

(a) Pursuant to a management agreement with Dreyfus, the management fee is computed at the annual rate of .75% of the value of the fund's average daily net assets and is payable monthly.

acting as principal underwriter for their variable insurance products. The fees payable under the Distribution Plan are payable without regard to actual expenses incurred. During the period ended December 31, 2016, Service shares were charged $137,939 pursuant to the Distribution Plan.

The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the fund. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended December 31, 2016, the fund was charged $1,191 for transfer agency services and $107 for cash management services. These fees are included in Shareholder servicing costs in the Statement of Operations. Cash management fees were partially offset by earnings credits of $50.

During the period ended December 31, 2016, the fund was charged $9,640 for services performed by the Chief Compliance Officer and his staff.

The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $119,947, Distribution Plan fees $13,568, custodian fees $11,453, Chief Compliance Officer fees $7,314 and transfer agency fees $296.

(c) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended December 31, 2016, amounted to $112,351,705 and $120,608,635, respectively.

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2016, the cost of investments for federal income tax purposes was $172,240,240; accordingly, accumulated net unrealized appreciation on investments was $27,623,471, consisting of $31,633,002 gross unrealized appreciation and $4,009,531 gross unrealized depreciation.

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

Shareholders and Board of Trustees
Dreyfus Investment Portfolios, MidCap Stock Portfolio

We have audited the accompanying statement of assets and liabilities, including the statement of investments, of Dreyfus Investment Portfolios, MidCap Stock Portfolio (one of the series comprising Dreyfus Investment Portfolios) as of December 31, 2016, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Dreyfus Investment Portfolios, MidCap Stock Portfolio at December 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York
February 10, 2017

IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund hereby reports 100% of the ordinary dividends paid during the fiscal year ended December 31, 2016 as qualifying for the corporate dividends received deduction. Shareholders will receive notification in early 2017 of the percentage applicable to the preparation of their 2016 income tax returns. Also, the fund hereby reports $1.3623 per share as a long-term capital gain distribution paid on March 23, 2016.

INFORMATION ABOUT THE RENEWAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT (Unaudited)

INFORMATION ABOUT THE RENEWAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT (Unaudited) (continued)

comparisons and noted that the fund’s total return performance was above the Performance Group and Performance Universe medians for all periods (ranking first in the Performance Group for all periods, except for the ten-year period), except for the ten-year period when the fund’s performance was slightly below the Performance Universe median. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.

The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board noted that the fund’s contractual management fee was below the Expense Group median and the fund’s actual management fee and total expenses were at the Expense Group and Expense Universe medians.

that is disproportionate to, or even in the opposite direction from, changes in the fund’s asset level. The Board also considered potential benefits to Dreyfus from acting as investment adviser and noted the soft dollar arrangements in effect for trading the fund’s investments.

· The Board concluded that the nature, extent and quality of the services provided by Dreyfus are adequate and appropriate.

· The Board was satisfied with the fund’s performance.

· The Board concluded that the fee paid to Dreyfus supported the renewal of the Agreement in light of the considerations described above.

BOARD MEMBERS INFORMATION (Unaudited)

INDEPENDENT BOARD MEMBERS

Joseph S. DiMartino (73)

Chairman of the Board (1995)

Principal Occupation During Past 5 Years:

· Corporate Director and Trustee (1995-present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies, Director (1997-present)

No. of Portfolios for which Board Member Serves: 135

———————

Francine J. Bovich (65)

Board Member (2014)

Principal Occupation During Past 5 Years:

· Trustee, The Bradley Trusts, private trust funds (2011-present)

Other Public Company Board Memberships During Past 5 Years:

· Annaly Capital Management, Inc., Board Member (May 2014-present)

No. of Portfolios for which Board Member Serves: 76

———————

Gordon J. Davis (75)

Board Member (2012)

Principal Occupation During Past 5 Years:

· Partner in the law firm of Venable LLP (2012-present)

· Partner in the law firm of Dewey & LeBoeuf LLP (1994-2012)

Other Public Company Board Memberships During Past 5 Years:

· Consolidated Edison, Inc., a utility company, Director (1997-2014)

· The Phoenix Companies, Inc., a life insurance company, Director (2000-2014)

No. of Portfolios for which Board Member Serves: 58

———————

Nathan Leventhal (73)

Board Member (2009)

Principal Occupation During Past 5 Years:

· President Emeritus of Lincoln Center for the Performing Arts (2001-present)

· Chairman of the Avery Fisher Artist Program (1997-2014)

· Commissioner, NYC Planning Commission (2007-2011)

Other Public Company Board Memberships During Past 5 Years:

· Movado Group, Inc., Director (2003-present)

No. of Portfolios for which Board Member Serves: 48

———————

Robin A. Melvin (53)

Board Member (2014)

Principal Occupation During Past 5 Years:

· Co-chairman, Illinois Mentoring Partnership, non-profit organization dedicated to increasing the quantity and quality of mentoring services in Illinois; (2014-present; board member since 2013)

· Director, Boisi Family Foundation, a private family foundation that supports youth-serving organizations that promote the self sufficiency of youth from disadvantaged circumstances (1995-2012)

No. of Portfolios for which Board Member Serves: 107

———————

Roslyn M. Watson (67)

Board Member (2014)

Principal Occupation During Past 5 Years:

· Principal, Watson Ventures, Inc., a real estate investment company (1993-present)

No. of Portfolios for which Board Member Serves: 62

———————

Benaree Pratt Wiley (70)

Board Member (2009)

Principal Occupation During Past 5 Years:

· Principal, The Wiley Group, a firm specializing in strategy and business development (2005-present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies, Director (2008-present)

No. of Portfolios for which Board Member Serves: 86

———————

BOARD MEMBERS INFORMATION (Unaudited) (continued)
INTERESTED BOARD MEMBERS