Nov. 08, 2017

Small Cap Stock Index Portfolio

Small Cap Stock Index Portfolio

November 8, 2017

DREYFUS INVESTMENT PORTFOLIOS

Small Cap Stock Index Portfolio

Supplement to Summary and Statutory Prospectus

dated May 1, 2017

The following information supersedes and replaces the first paragraph in "Principal Investment Strategy" in the summary prospectus and "Fund Summary – Principal Investment Strategy" in the statutory prospectus:

To pursue its goal, the fund generally is fully invested in all of the stocks that comprise the S&P SmallCap 600 Index and in futures whose performance is tied to the index. The fund generally invests in all 600 stocks in the index in proportion to their weighting in the index; however, at times, the fund may invest in a representative sample of stocks included in the index and in futures whose performance is tied to the index. Under these circumstances, the fund expects to invest in approximately 500 or more of the stocks in the index.

Index sampling risk is deleted from "Principal Risks" in the summary prospectus and "Fund Summary – Principal Risks" in the statutory prospectus.