Variable Investment Fund, Zero Coupon 2000 Portfolio
SEMIANNUAL REPORT June 30, 1999
(reg.tm)
<PAGE>
The views expressed herein are current to the date of this report. These views
and the composition of the portfolio are subject to change at any time based on
market and other conditions.
* Not FDIC-Insured
* Not Bank-Guaranteed
* May Lose Value
Year 2000 Issues (Unaudited)
The portfolio could be adversely affected if the computer systems used by The
Dreyfus Corporation and the portfolio's other service providers do not properly
process and calculate date-related information from and after January 1, 2000.
The Dreyfus Corporation is working to avoid Year 2000-related problems in its
systems and to obtain assurances from other service providers that they are
taking similar steps. In addition, issuers of securities in which the portfolio
invests may be adversely affected by Year 2000-related problems. This could have
an impact on the value of the portfolio's investments and its share price.
<PAGE>
Contents
THE PORTFOLIO
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2 Letter from the President
3 Discussion of Performance
6 Statement of Investments
8 Statement of Financial Futures
9 Statement of Assets and Liabilities
10 Statement of Operations
11 Statement of Changes in Net Assets
12 Financial Highlights
13 Notes to Financial Statements
FOR MORE INFORMATION
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Back Cover
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The Portfolio
Dreyfus Variable Investment Fund,
Zero Coupon 2000 Portfolio
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus Variable Investment
Fund, Zero Coupon 2000 Portfolio, covering the six-month period from January 1,
1999 through June 30, 1999. Inside, you'll find valuable information about how
the portfolio was managed during the reporting period, including a discussion
with the portfolio manager, Gerald Thunelius.
The past six months have produced mixed results for fixed-income investors.
That' s because economic growth has been stronger than many analysts expected,
fueling fears that inflation pressures may re-emerge. Overseas economies that
had been in recession -- including Japan and the rest of Asia -- appear to have
begun to gain strength. The U.S. economy, which is now in its eighth year of
expansion, has also grown more robustly than expected. In response, the Federal
Reserve raised short-term interest rates modestly on June 30.
In this economic climate, U.S. Treasury securities declined, giving back all of
the gains they achieved during their remarkable rally last summer and fall.
Prices of other types of bonds fell less sharply or remained relatively
unchanged when investors shifted assets back into market sectors they had
previously avoided. Accordingly, many corporate bonds, mortgage-backed
securities, asset-backed securities and U.S. dollar-denominated foreign bonds
provided higher returns than U.S. Treasuries over the first half of 1999.
We appreciate your confidence over the past six months, and we look forward to
your continued participation in Dreyfus Variable Investment Fund, Zero Coupon
2000 Portfolio.
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
July 15, 1999
<PAGE>
DISCUSSION OF PERFORMANCE
Gerald Thunelius, Portfolio Manager
How did Dreyfus Variable Investment Fund, Zero Coupon 2000 Portfolio perform
relative to its benchmark?
For the six-month period ended June 30, 1999, Dreyfus Variable Investment Fund,
Zero Coupon 2000 Portfolio produced a total return, including share price
changes and dividend income generated, of 0.82% .(1) In comparison, the
portfolio' s benchmark, the Merrill Lynch U.S. Treasury Coupon 2-Year Strips
Index, produced a 0.69% total return for the same period.(2) Income dividends
paid from net investment income during the period amounted to $0.326 per share,
representing an annualized distribution rate per share of 5.33%.(3)
What is the portfolio's investment approach?
The portfolio seeks as high an investment return as is consistent with the
preservation of capital. To pursue this goal, the portfolio invests primarily in
debt obligations issued by the U.S. government and its agencies and
instrumentalities that have been stripped of their unmatured interest coupons,
and interest coupons that have been stripped from these debt obligations
Simply put, the term "stripped securities" refers to a debt obligation that does
not entitle the holder to any periodic payments of interest prior to maturity.
Stripped securities are bonds that are issued and trade at a discount from their
face amount. The discount varies depending on the time of maturity, prevailing
interest rates and the perceived credit quality of the issuer. Investors who
hold stripped securities until maturity know the total amount of their return at
the time of investment.
The portfolio has the ability to invest in other zero coupon securities issued
by state and local governments and their agencies, and in investment-grade zero
coupon securities issued by domestic corporations.
The Portfolio
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DISCUSSION OF PERFORMANCE (CONTINUED)
At least 65% of the portfolio' s assets will be invested in zero coupon
securities that will mature on or about December 31, 2000. On that date, the
portfolio will be liquidated. Prior to December 31, 2000, shareholders will be
informed of the liquidation of the portfolio and will be given the opportunity
to exchange their investment for another portfolio of Dreyfus Variable
Investment Fund. If the portfolio has not received instructions from its
shareholders before the liquidation date, their investment will automatically be
invested in the Dreyfus Money Market Portfolio.
What other factors influenced the portfolio's performance?
When the Federal Reserve Board cut key short-term interest rates last fall, just
before the six-month reporting period began, they were concerned about economic
weakness in the overseas markets. Their strategy was apparently successful:
evidence emerged in the first quarter of 1999 that troubled economies in Japan
and Southeast Asia had begun to recover. At the same time, the U.S. economy
appeared to gain strength.
In fact, stronger-than-expected U.S. economic growth during the second quarter
of 1999 created concerns that long-dormant inflation pressures might re-emerge.
Because high rates of inflation effectively erode the future value of bonds'
interest and principal payments, inflation fears tend to cause bond prices to
fall. By the time the Federal Reserve Board actually tightened monetary policy
modestly on June 30 to forestall a rise in inflation, investors had already
translated their concerns into lower bond prices.
What is the portfolio's current strategy?
As of June 30, 1999, the portfolio was composed of approximately 88% agency
bonds, 3.6% municipal bonds, 2.5% foreign bonds and the balance in cash
equivalents. Our emphasis on agency bonds during the past six months has proved
beneficial. As the U.S. economy continued to exhibit strong growth, and many
global economies appeared to have rebounded from the financial problems of the
fall, investors seem
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to have been more willing to take on investments that entail greater risks. As a
result, the agency bond market has been the recipient of some of the assets that
were being moved away from the "safe haven" provided by U.S. Treasury
securities.
In addition, we implemented a "barbell" strategy, in which we purchased some
bonds on two ends of the maturity spectrum -- both before our targeted maturity
date as well as after that date.
Finally, in the rising interest-rate environment during the reporting period, we
reduced the portfolio's average duration (a measure of sensitivity to changing
interest rates) by emphasizing bonds with shorter maturities, thereby making
assets more available for higher yielding investments at a later date. Indeed,
as interest rates rose throughout the period, we were able to quickly take
advantage of opportunities to lock in higher yields.
July 15, 1999
(1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. SHARE PRICE AND INVESTMENT
RETURN FLUCTUATE SO THAT UPON REDEMPTION, PORTFOLIO SHARES MAY BE WORTH MORE OR
LESS THAN THEIR ORIGINAL COST. THE PORTFOLIO'S PERFORMANCE DOES NOT REFLECT THE
DEDUCTION OF ADDITIONAL CHARGES AND EXPENSES IMPOSED IN CONNECTION WITH
INVESTING IN VARIABLE INSURANCE CONTRACTS, WHICH WILL REDUCE RETURNS.
(2) SOURCE: MERRILL LYNCH, PIERCE, FENNER AND SMITH, INC. -- THE MERRILL LYNCH
U.S. TREASURY COUPON 2-YEAR STRIPS INDEX IS AN UNMANAGED ZERO COUPON INDEX WITH
CONSTANT MATURITY AND DURATION. THE INDEX DOES NOT TAKE INTO ACCOUNT CHARGES,
FEES AND OTHER EXPENSES.
(3) DISTRIBUTION RATE PER SHARE IS BASED UPON DIVIDENDS PER SHARE PAID FROM NET
INVESTMENT INCOME DURING THE PERIOD (ANNUALIZED), DIVIDEND BY THE NET ASSET
VALUE PER SHARE AT THE END OF THE PERIOD.
The Portfolio
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STATEMENT OF INVESTMENTS
<TABLE>
<CAPTION>
June 30, 1999 (Unaudited)
Principal
BONDS AND NOTES--94.1% Amount ($) Value ($)
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<S> <C> <C>
FOREIGN--2.5%
Deutsche Bank AG,
Medium-Term Notes, Zero Coupon, 2000 1,000,000 969,199
MUNICIPAL BONDS--3.6%
New Jersey Economic Development Authority,
State Pension Funding Bonds, Ser. 1997B,
Zero Coupon, 2001 1,500,000 1,355,625
U.S. GOVERNMENT AGENCIES--88.0%
Chattanooga Valley,
Secured First Mortgage, Zero Coupon, 1/1/2000 176,000 171,226
FACO Coupon Strips,
Ser. 97-1, Zero Coupon, 7/21/2000 4,743,000 4,475,315
FICO Coupon Strips:
Ser. 1, Zero Coupon, 11/11/2000 1,132,000 1,048,166
Ser. 15, Zero Coupon, 9/7/2001 2,500,000 2,197,725
Federal Home Loan Bank Coupon Strips,
Ser. A-1, Zero Coupon, 2/25/2003 1,789,000 1,432,511
Federal Home Loan Mortgage:
Coupon Strips, Zero Coupon, 5/15/2000 5,000,000 4,771,300
Principal Strips, Zero Coupon, 5/15/2000 1,000,000 954,750
Federal National Mortgage Association:
Medium-Term Notes, Coupon Strips:
Zero Coupon, 4/8/2001 5,500,000 4,961,385
Zero Coupon, 7/24/2001 1,227,000 1,087,989
Principal Strips,
Zero Coupon, 8/7/2001 6,000,000 5,308,140
Tennessee Valley Authority:
Coupon Strips, Zero Coupon, 11/1/2000 3,000,000 2,782,290
Principal Strips, Zero Coupon, 11/1/2000 4,500,000 4,183,065
33,373,862
TOTAL BONDS AND NOTES
(cost $35,491,889) 35,698,686
SHORT-TERM INVESTMENTS--5.2%
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U.S. GOVERNMENTS--.2%
U.S. Treasury Bills:
4.42%, 7/1/1999 10,000 (a) 10,000
5.08%, 7/22/1999 10,000 (a) 9,976
4.93%, 8/19/1999 25,000 (a) 24,851
4.42%, 8/26/1999 10,000 (a) 9,932
54,759
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Principal
SHORT-TERM INVESTMENTS (CONTINUED) Amount ($) Value ($)
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U.S. GOVERNMENT AGENCIES--5.0%
Federal Farm Credit Bank,
4.5%, 7/1/1999 1,910,000 1,910,000
TOTAL SHORT-TERM INVESTMENTS
(cost $1,964,755) 1,964,759
TOTAL INVESTMENTS (cost $37,456,644) 99.3% 37,663,445
CASH AND RECEIVABLES (NET) .7% 268,788
NET ASSETS 100.0% 37,932,233
(A) HELD BY THE CUSTODIAN IN A SEGREGATED ACCOUNT AS COLLATERAL FOR OPEN
FINANCIAL FUTURES POSITIONS.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Portfolio
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STATEMENT OF FINANCIAL FUTURES
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Unrealized
Market Value Appreciation
Covered (Depreciation)
Contracts by Contracts ($) Expiration at 6/30/99 ($)
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<S> <C> <C> <C> <C>
FINANCIAL FUTURES SHORT
U.S. Treasury 2 year Notes 25 5,198,438 September '99 (9,625)
U.S. Treasury 10 year Notes 2 222,375 September '99 (1,813)
FINANCIAL FUTURES LONG
U.S. Treasury 5 year Notes 25 2,725,000 September '99 15,281
U.S. Treasury Bonds 14 1,622,688 September '99 12,563
16,406
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
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STATEMENT OF ASSETS AND LIABILITIES
June 30, 1999 (Unaudited)
Cost Value
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ASSETS ($):
Investments in securities--See Statement of Investments 37,456,644 37,663,445
Cash 305,411
Receivable for futures variation margin--Note 4(a) 4,335
Prepaid expenses 745
37,973,936
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LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 14,610
Payable for shares of Beneficial Interest redeemed 6,131
Accrued expenses 20,962
41,703
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NET ASSETS ($) 37,932,233
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COMPOSITION OF NET ASSETS ($):
Paid-in capital 37,779,317
Accumulated undistributed investment income--net 170,095
Accumulated net realized gain (loss) on investments (240,386)
Accumulated net unrealized appreciation (depreciation)
on investments (including $16,406 net unrealized
appreciation on financial futures)--Note 4(b) 223,207
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NET ASSETS ($) 37,932,233
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SHARES OUTSTANDING
(unlimited number of $.001 par value shares
of Beneficial Interest authorized) 3,074,254
NET ASSET VALUE, offering and redemption price per share ($) 12.34
SEE NOTES TO FINANCIAL STATEMENTS.
The Portfolio
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STATEMENT OF OPERATIONS
Six Months Ended June 30, 1999 (Unaudited)
STATEMENT OF INVESTMENTS (CONTINUED)
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INVESTMENT INCOME ($):
INTEREST INCOME 1,123,800
EXPENSES:
Investment advisory fee--Note 3(a) 84,832
Auditing fees 15,181
Prospectus and shareholders' reports 7,391
Custodian fees--Note 3(a) 3,755
Legal fees 1,081
Shareholder servicing costs 952
Trustees' fees and expenses--Note 3(b) 335
Loan commitment fees--Note 2 60
Miscellaneous 12,446
TOTAL EXPENSES 126,033
INVESTMENT INCOME--NET 997,767
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REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments (67,084)
Net realized gain (loss) on financial futures 21,682
Net unrealized appreciation (depreciation) on investments
(including $16,406 net unrealized
appreciation on financial futures) (612,258)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (657,660)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 340,107
SEE NOTES TO FINANCIAL STATEMENTS.
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STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
June 30, 1999 Year Ended
(Unaudited) December 31, 1998
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OPERATIONS ($):
Investment income--net 997,767 1,954,940
Net realized gain (loss) on investments (45,402) 88,493
Net unrealized appreciation (depreciation)
on investments (612,258) 467,097
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 340,107 2,510,530
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DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net (827,672) (1,955,398)
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BENEFICIAL INTEREST TRANSACTIONS ($):
Net proceeds from shares sold 3,949,611 9,622,198
Dividends reinvested 827,846 1,955,398
Cost of shares redeemed (4,885,651) (8,710,873)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS (108,194) 2,866,723
TOTAL INCREASE (DECREASE) IN NET ASSETS (595,759) 3,421,855
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NET ASSETS ($):
Beginning of Period 38,527,992 35,106,137
END OF PERIOD 37,932,233 38,527,992
Undistributed investment income--net 170,095 --
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CAPITAL SHARE TRANSACTIONS (SHARES):
Shares sold 318,205 770,401
Shares issued for dividends reinvested 66,918 157,239
Shares redeemed (393,546) (698,443)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING (8,423) 229,197
SEE NOTES TO FINANCIAL STATEMENTS.
The Portfolio
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FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.
Total return shows how much your investment in the portfolio would have
increased (or decreased) during each period, assuming you had reinvested all
dividends and distributions. These figures have been derived from the
portfolio's financial statements.
<TABLE>
<CAPTION>
Six Months Ended
June 30, 1999 Year Ended December 31,
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(Unaudited) 1998 1997 1996 1995 1994
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<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value,
beginning of period 12.50 12.30 12.29 12.70 11.39 12.57
Investment Operations:
Investment income--net .33 .67 .69 .68 .69 .69
Net realized and unrealized
gain (loss) on investments (.22) .20 .14 (.36) 1.31 (1.18)
Total from Investment Operations .11 .87 .83 .32 2.00 (.49)
Distributions:
Dividends from investment
income--net (.27) (.67) (.69) (.68) (.69) (.68)
Dividends from net realized gain
on investments -- -- (.13) (.05) -- (.01)
Total Distributions (.27) (.67) (.82) (.73) (.69) (.69)
Net asset value, end of period 12.34 12.50 12.30 12.29 12.70 11.39
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TOTAL RETURN (%) 1.65(a) 7.27 7.01 2.59 17.95 (3.91)
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RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses
to average net assets .67(a) .59 .61 .66 .68 --
Ratio of net investment income
to average net assets 5.29(a) 5.41 5.65 5.54 5.73 6.04
Decrease reflected in above
expense ratios due to undertakings
by The Dreyfus Corporation -- -- -- -- .03 1.05
Portfolio Turnover Rate 11.97(b) 84.71 200.54 98.28 49.43 --
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Net Assets, end of period
($ x 1,000) 37,932 38,528 35,106 31,796 22,291 10,913
(A) ANNUALIZED.
(B) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--Significant Accounting Policies:
Dreyfus Variable Investment Fund (the "fund") is registered under the Investment
Company Act of 1940, as amended (the "Act" ), as an open-end management
investment company, operating as a series company currently offering thirteen
series, including the Zero Coupon 2000 Portfolio (the "portfolio") and is
intended to be a funding vehicle for variable annuity contracts and variable
life insurance policies to be offered by the separate accounts of life insurance
companies. The portfolio is a diversified series. The Series' investment
objective is to provide as high an investment return as is consistent with the
preservation of capital. The Dreyfus Corporation ("Dreyfus") serves as the
portfolio' s investment adviser. Dreyfus is a direct subsidiary of Mellon Bank,
N.A. (" Mellon" ). Premier Mutual Fund Services, Inc. is the distributor of the
portfolio's shares, which are sold without a sales charge.
The portfolio accounts separately for the assets, liabilities and operations of
each series. Expenses directly attributable to each series are charged to that
series operations; expenses which are applicable to all series are allocated
among them on a pro rata basis.
The portfolio' s financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management estimates
and assumptions. Actual results could differ from those estimates.
(a) Portfolio valuation: Investments in securities (excluding short-term
investments other than U.S. Treasury Bills and financial futures) are valued
each business day by an independent pricing service ("Service") approved by the
Board of Trustees. Investments for which quoted bid prices are readily available
and are representative of the bid side of the market in the judgment of the
Service are valued at the mean between the quoted bid prices (as obtained by the
Service from dealers in such securities) and asked prices (as calculated by the
Service based upon its evaluation of the market for such securities). Other
investments (which constitute a majority of the portfolio's securities) The
Portfolio
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
are carried at fair value as determined by the Service, based on methods which
include consideration of: yields or prices of securities of comparable quality,
coupon, maturity and type; indications as to values from dealers; and general
market conditions. Securities for which there are no such valuations are valued
at fair value as determined in good faith under the Board of Trustees.
Short-term investments, excluding U. S. Treasury Bills, are carried at amortized
cost, which approximates value. Financial futures are valued at the last sales
price on the securities exchange on which such securities are primarily traded
or at the last sales price on the national securities market on each business
day.
(b) Securities transactions and investment income: Securities transactions are
recorded on a trade date basis. Realized gain and loss from securities
transactions are recorded on the identified cost basis. Interest income,
including, where applicable, amortization of discount on investments, is
recognized on the accrual basis. Under the terms of the custody agreement, the
portfolio received net earnings credits of $754 during the period ended June 30,
1999 based on available cash balances left on deposit. Income earned under this
arrangement is included in interest income.
(c) Dividends to shareholders: Dividends are recorded on the ex-dividend date.
Dividends from investment income-net are declared and paid monthly. Dividends
from net realized capital gain are normally declared and paid annually, but the
portfolio may make distributions on a more frequent basis to comply with the
distribution requirements of the Internal Revenue Code of 1986, as amended (the
" Code" ). To the extent that net realized capital gain can be offset by capital
loss carryovers, it is the policy of the portfolio not to distribute such gain.
(d) Federal income taxes: It is the policy of the portfolio to continue to
qualify as a regulated investment company, if such qualification is in the best
interests of its shareholders, by complying with the applicable provisions of
the Code, and to make distributions of taxable income sufficient to relieve it
from substantially all Federal income and excise taxes.
<PAGE>
The portfolio has an unused capital loss carryover of approximately $146,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to December 31, 1998. The
carryover does not include net realized securities losses from November 1, 1998
through December 31, 1998 which are treated, for Federal income tax purposes, as
arising in fiscal 1999. If not applied, the carryover expires in fiscal 2005
NOTE 2--Bank Line of Credit:
The portfolio participates with other Dreyfus-managed funds in a $600 million
redemption credit facility (the "Facility" ) to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the portfolio has agreed to pay commitment fees on its pro rata
portion of the Facility. Interest is charged to the portfolio at rates based on
prevailing market rates in effect at the time of borrowings. During the period
ended June 30, 1999, the portfolio did not borrow under the Facility.
NOTE 3--Investment Advisory Fee and Other Transactions With Affiliates:
(a) Pursuant to an Investment Advisory Agreement with Dreyfus, the investment
advisory fee is computed at the annual rate of .45 of 1% of the value of the
portfolio's average daily net assets and is payable monthly.
The portfolio compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of
Dreyfus, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the portfolio.
The portfolio compensates Mellon under a custody agreement to provide custodial
services for the portfolio. During the period ended June 30, 1999, the portfolio
was charged $3,755 pursuant to the custody agreement.
(b) Each trustee who is not an "affiliated person" as defined in the Act
receives from the fund an annual fee of $2,500 and an attendance fee of $250 per
meeting. The Chairman of the Board receives an additional 25% of such
compensation.
The Portfolio
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
NOTE 4--Securities Transactions:
(a) The aggregate amount of purchases and sales of investment securities,
excluding short-term securities and financial futures, during the period ended
June 30, 1999, amounted to $4,467,503 and $6,892,761, respectively.
The portfolio may invest in financial futures contracts in order to gain
exposure to or protect against changes in the market. The portfolio is exposed
to market risk as a result of changes in the value of the underlying financial
instruments. Investments in financial futures require the portfolio to "mark to
market" on a daily basis, which reflects the change in the market value of the
contract at the close of each day's trading. Accordingly, variation margin
payments are received or made to reflect daily unrealized gains or losses. When
the contracts are closed, the portfolio recognizes a realized gain or loss.
These investments require initial margin deposits with a custodian, which
consist of cash or cash equivalents, up to approximately 10% of the contract
amount. The amount of these deposits is determined by the exchange or Board of
Trade on which the contract is traded and is subject to change. Contracts open
at June 30, 1999 are set forth in the Statement of Financial Futures.
(b) At June 30, 1999, accumulated net unrealized appreciation on investments and
financial futures, was $223,207, consisting of $271,692 gross unrealized
appreciation and $48,485 gross unrealized depreciation.
At June 30, 1999, the cost of investments for Federal income tax purposes was
substantially the same as the cost for financial reporting purposes (see the
Statement of Investments).
<PAGE>
For More Information
Dreyfus Variable
Investment Fund,
Zero Coupon 2000
Portfolio
200 Park Avenue
New York, NY 10166
Investment Adviser
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
Mellon Bank, N.A.
One Mellon Bank Center
Pittsburgh, PA 15258
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Distributor
Premier Mutual Fund Services, Inc.
60 State Street
Boston, MA 02109
To obtain information:
BY TELEPHONE Call 1-800-554-4611 or 516-338-3300
BY MAIL Write to: The Dreyfus Family of Funds 144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144 Attn: Institutional Servicing
(c) 1999 Dreyfus Service Corporation 119SA996
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