May 24, 1996
DREYFUS VARIABLE INVESTMENT FUND
SUPPLEMENT TO PROSPECTUS DATED MAY 1, 1996
THE FOLLOWING INFORMATION SUPERSEDES ANY CONTRARY INFORMATION
CONTAINED IN THE FUND'S PROSPECTUS:
Effective May 24, 1996, LaurelCapital Advisors no longer will serve
as the sub-investment adviser of the Fund's Disciplined Stock Portfolio and
Small Company Stock Portfolio, and The Boston Company Asset Management, Inc.
no longer will serve as the sub-investment adviser of the Fund's
International Value Portfolio. As of this date, The Dreyfus Corporation, the
Fund's investment adviser, will assume the day-to-day management of each
Portfolio's investments. Bert Mullins, James Wadsworth and Sandor Cseh will
continue to serve as the primary portfolio manager of the Disciplined Stock
Portfolio, Small Company Stock Portfolio and International Value Portfolio,
respectively. In addition, to their business experience as described in the
Fund's prospectus, Bert Mullins, James Wadsworth and Sandor Cseh also are
each employed by The Dreyfus Corporation as portfolio managers.
THE FOLLOWING INFORMATION SUPERSEDES ANY CONTRARY INFORMATION
CONTAINED IN THE SECTION OF THE FUND'S PROSPECTUS ENTITLED "MANAGEMENT OF THE
FUND--TRANSFER AND DIVIDEND DISBURSING AGENT AND CUSTODIAN."
Effective May 10, 1996, The Bank of New York, 90 Washington Street,
New York, New York 10286, serves as the Fund's Custodian with respect to the
International Equity, International Value, Managed Assets and Money Market
Portfolios.
As of such date, Mellon Bank, N.A., One Mellon Bank Center,
Pittsburgh, Pennsylvania 15258, serves as the Fund's Custodian with respect
to the Capital Appreciation, Growth and Income, Quality Bond, Small Cap, Zero
Coupon 2000, Small Company Stock and Disciplined Stock Portfolios.
VIFs052496
May 24, 1996
DREYFUS VARIABLE INVESTMENT FUND
Supplement to Statement of Additional Information
dated May 1, 1996
The following information supersedes any contrary information
contained in the Fund's Statement of Additional Information:
Effective May 24, 1996, Laurel Capital Advisors no longer will serve
as the sub-investment adviser of the Fund's Disciplined Stock Portfolio
and Small Company Stock Portfolio, and The Boston Company Asset
Management, Inc. no longer will serve as the sub-investment adviser of the
Fund's International Value Portfolio. As of this date, The Dreyfus
Corporation, the Fund's investment adviser, will assume the day-to-day
management of each Portfolio's investments.
The following information supersedes any contrary information
contained in the section of the Fund's Statement of Additional Information
entitled "Transfer and Dividend Disbursing Agent, Custodian, Counsel and
Independent Auditors."
Effective May 10, 1996, The Bank of New York, 90 Washington Street,
New York, New York 10286, serves as the Fund's Custodian with respect to
the International Equity, International Value, Managed Assets and Money
Market Portfolios.
As of such date, Mellon Bank, N.A., One Mellon Bank Center,
Pittsburgh, Pennsylvania 15258, serves as the Fund's Custodian with
respect to the Capital Appreciation, Growth and Income, Quality Bond,
Small Cap, Zero Coupon 2000, Small Company Stock and Disciplined Stock
Portfolios.
