December 1, 1995
DREYFUS VARIABLE INVESTMENT FUND
SUPPLEMENT TO PROSPECTUS DATED MAY 1, 1995
THE FOLLOWING INFORMATION SUPPLEMENTS OR REPLACES THE INFORMATION
CONTAINED IN THE SECTIONS OF THE FUND'S PROSPECTUS ENTITLED "MANAGEMENT OF
THE FUND," "HOW TO BUY FUND SHARES," "SHAREHOLDER SERVICES," AND "HOW TO
REDEEM FUND SHARES":
Dreyfus Transfer, Inc., a wholly-owned subsidiary of The Dreyfus
Corporation, is located at One American Express Plaza, Providence, Rhode
Island 02903, and serves as the Fund's Transfer and Dividend Disbursing Agent
(the "Transfer Agent").
THE FOLLOWING INFORMATION SUPPLEMENTS AND SHOULD BE READ IN
CONJUNCTION WITH THE INFORMATION CONTAINED IN THE SECTION OF THE FUND'S
PROSPECTUS ENTITLED "DESCRIPTION OF THE FUND _ INVESTMENT OBJECTIVES AND
MANAGEMENT POLICIES _ SMALL CAP PORTFOLIO."
As of November 21, 1995, the Small Cap Portfolio also may invest in
debt securities rated as low as the lowest rating assigned by Moody's or
Standard & Poor's, and in unrated debt securities, which have special risks.
See "Investment Considerations and Risks _ Fixed Income Securities" and "_
Lower Rated Securities."
THE FOLLOWING INFORMATION SUPERSEDES ANY CONTRARY INFORMATION
CONTAINED IN THE SECTION OF THE FUND'S PROSPECTUS ENTITLED "MANAGEMENT OF THE
FUND":
The primary portfolio manager of the International Equity Portfolio
is John Christopher Whitaker of M&G Investment Management Limited, the
Series' sub-investment adviser. He has held that position since October 1,
1995 and has been a Director of M&G Investment Management Limited since 1991.
Prior thereto, Mr. Whitaker was a Director of County NatWest Investment
Management.
VIFs120195
December 1, 1995
DREYFUS VARIABLE INVESTMENT FUND
Supplement to Statement of Additional Information
Dated May 1, 1995
The following information supplements or replaces the information
contained in the following section of the Fund's Statement of Additional
Information:
CUSTODIAN, TRANSFER AND DIVIDEND DISBURSING AGENT,
COUNSEL AND INDEPENDENT AUDITORS
Dreyfus Transfer, Inc., a wholly owned subsidiary of the Manager, is
located at One American Express Plaza, Providence, Rhode Island 02903,
and serves as the Fund's transfer and dividend disbursing agent. Under a
transfer agency agreement with the Fund, the Transfer Agent arranges for
the maintenance of shareholder account records for the Fund, the handling
of certain communications between shareholders and the Fund and the
payment of dividends and distributions payable by the Fund. For these
services, the Transfer Agent receives a monthly fee computed on the basis
of the number of shareholder accounts it maintains for the Fund during the
month, and is reimbursed for certain out-of-pocket expenses. The Transfer
Agent has no part in determining the investment policies of the Fund or
which securities are to be purchased or sold by the Fund.
