DREYFUS INVESTMENT PORTFOLIOS

CORE VALUE PORTFOLIO

On June 12, 2014, Core Value Portfolio, a series of Dreyfus Investment Portfolios (the "Fund"), purchased 4,860 shares of common stock of Exelon Corporation (CUSIP No. 30161N101) (the "Shares") at a purchase price of $35.00 per Share, including underwriter compensation of $1.05 per Share.  The Shares were purchased from Goldman, Sachs & Co., a member of the underwriting syndicate of which BNY Mellon Capital Markets, LLC, an affiliate of the Fund's investment adviser, was also a member.  BNY Mellon Capital Markets, LLC received no benefit in connection with the transaction.  The following is a list of the syndicate's members:

Barclays Capital Inc.

Goldman, Sachs & Co.

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Credit Suisse Securities (USA) LLC

J.P. Morgan Securities LLC

BNP Paribas Securities Corp.

Citigroup Global Markets Inc.

Mitsubishi UFJ Securities (USA), Inc.

RBS Securities Inc.

Scotia Capital (USA) Inc.

Wells Fargo Securities, LLC

Mizuho Securities USA Inc.

Piper Jaffray & Co.

RBC Capital Markets, LLC

Loop Capital Markets LLC

BNY Mellon Capital Markets, LLC

CIBC World Markets Corp.

Credit Agricole Securities (USA) Inc.

KeyBanc Capital Markets Inc.

PNC Capital Markets LLC

SMBC Nikko Securities America, Inc.

TD Securities (USA) LLC

Blaylock Beal Wan, LLC

Samuel A. Ramirez & Company, Inc.

The Huntington Investment Group

Accompanying this statement are materials presented to the Board of Trustees for the Fund, which ratified the purchase in compliance with the Fund's Rule 10f-3 Procedures at a Board meeting held on November 19, 2014.  These materials include additional information about the terms of the transaction.