November 8, 1999
DREYFUS VARIABLE INVESTMENT FUND
Growth and Income Portfolio
Supplement to Prospectus dated May 1, 1999
The fund employs a "bottom-up" approach focusing primarily on low and
moderately priced stocks with market capitalizations of $1 billion or more
at the time of purchase. The portfolio manager uses fundamental analysis to
create a broadly diversified, value-tilted portfolio with a weighted average
P/E ratio less than that of the S&P 500, and a long-term projected earnings
growth greater than that of the S&P 500. The manager also considers balance
sheet and income statement items, such as return on equity and debt-to-
capital ratios, as well as projected dividend growth rates. The fund looks
for companies with strong positions in their industries that have the
potential for something positive to happen, including above-average earnings
growth or positive changes in company management or the industry.
