DREYFUS VARIABLE INVESTMENT FUND
N-30D, 2000-02-23
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Dreyfus Variable
Investment Fund,
Balanced Portfolio

ANNUAL REPORT December 31, 1999

(reg.tm)





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
Dreyfus and the portfolio's other service providers do not properly process and
calculate date-related information from and after January 1, 2000. Dreyfus has
taken steps designed to avoid year 2000-related problems in its systems and to
monitor the readiness of other service providers. 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.


                                 Contents

                                 THE PORTFOLIO
- ------------------------------------------------------------

                             2   Letter from the President

                             3   Discussion of Performance

                             6   Portfolio Performance

                             8   Statement of Investments

                            15  Statement of Financial Futures

                            16   Statement of Assets and Liabilities

                            17   Statement of Operations

                            18   Statement of Changes in Net Assets

                            19   Financial Highlights

                            20   Notes to Financial Statements

                            25   Report of Independent Auditors

                            26   Important Tax Information

                                 FOR MORE INFORMATION
- ---------------------------------------------------------------------------

                                 Back Cover

                                                                  The Portfolio
                                              Dreyfus Variable Investment Fund,
                                                             Balanced Portfolio

LETTER FROM THE PRESIDENT

Dear Shareholder:

We  are  pleased  to  present this annual report for Dreyfus Variable Investment
Fund,  Balanced  Portfolio,  covering  the 12-month period from January 1, 1999,
through  December  31,  1999. Inside, you'll find valuable information about how
the  portfolio  was  managed during the reporting period, including a discussion
with   the   portfolio   managers,  Ronald  P.  Gala  and  Laurie  A.  Carroll.

On  the  equity  side, the past year has been both highly volatile and generally
rewarding  for investors as most major stock market indices -- including the Dow
Jones   Industrial  Average,  the  S& P  500  Index  of  large-cap  stocks,  the
technology-heavy  Nasdaq  100 and the Russell 2000 Index of small-capitalization
stocks  --  hit new highs. Following the trend established over the past several
years,  however,  growth-oriented  stocks  handily  outperformed  value-oriented
stocks.  Indeed,  until  a more broad-based rally in the fourth quarter, stellar
performance  was  generally limited to a handful of highly valued technology and
telecommunications companies.

On  the  bond  side,  1999  was  challenging  for  most investors. Concerns that
long-dormant inflationary pressures might re-emerge prompted the Federal Reserve
Board  to  raise key short-term interest rates three times during the summer and
fall  of  1999.  U.S.  Treasury  and  agency securities declined sharply in this
environment, while prices of corporate bonds and mortgage-backed securities fell
less severely.

We  appreciate  your  confidence over the past year, and we look forward to your
continued participation in Dreyfus Variable Investment Fund, Balanced Portfolio

Sincerely,


Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
January 14, 2000




DISCUSSION OF PERFORMANCE

Ronald P. Gala and Laurie A. Carroll, Portfolio Managers

How did Dreyfus Variable Investment Fund, Balanced Portfolio perform relative to
its benchmark?

For  the  12-month  period  ended December 31, 1999, Dreyfus Variable Investment
Fund, Balanced Portfolio produced a total return of 8.13%.(1) In comparison, the
portfolio's  Hybrid  Index,  which  is  composed  of  60%  Standard  & Poor's
500((reg.tm)) Composite  Stock  Price Index ("S&P 500") and 40% Lehman Brothers
Intermediate  Government/ Corporate Bond Index ("Intermediate Index") produced a
12.77% total return for the same period.(2)

We  attribute  the  portfolio's relative underperformance to our defensive asset
allocation  strategy.  Early  in  1999,  we shifted a portion of the portfolio's
assets  out  of  stocks,  primarily  because  we  believed  the stock market was
overvalued.   Instead,  we  deployed  those  assets  into  bonds,  a  move  that
constrained the portfolio's returns.

What is the portfolio's investment approach?

The portfolio is a balanced portfolio, with a "neutral" allocation of 60% stocks
and  40%  bonds. However, the portfolio is permitted to invest up to 75%, and as
little  as  40%, of its total assets in stocks, and up to 60%, and as little as
25%, of its total assets in bonds.

When  allocating  assets between stocks and bonds, we assess the relative return
and  risks  of  each  asset  class  using a model that analyzes several factors,
including  interest-rate  adjusted  price/earnings  ratios,  the  valuation  and
volatility  levels  of  stocks  relative  to bonds, and economic factors such as
interest rates.

What other factors influenced the portfolio's performance?

The  fixed-income  portion  of  the portfolio was adversely affected by economic
conditions,  including  rising  interest  rates,  while  the  equity portion was
positively influenced by a rising stock market in 1999.

                                                        The Portfolio


DISCUSSION OF PERFORMANCE (CONTINUED)

Soon  after  the  reporting  period  began,  it  became  apparent  that overseas
economies were beginning to recover from 1998's global financial crisis and that
the  growth of the U.S. economy was stronger than most analysts had expected. In
this  environment,  fixed-income investors began to move away from U.S. Treasury
securities,  to which they had previously fled during the worst of 1998's global
financial  crisis,  and  into  higher  yielding, riskier assets. This caused the
prices  of  U.S.  Treasury securities to fall from relatively high levels, while
prices   of   corporate   bonds,  mortgage-backed  securities  and  asset-backed
securities  rallied  from  low  valuations  compared to historical norms. In the
stock  market,  equity  investors continued to favor the large-cap growth stocks
that  had  led  the  market' s advance over the past several years. In addition,
equity  investors  began to speculate in technology companies that they expected
to benefit from the growth of the Internet.

In  the second and third quarters of 1999, rapid economic growth raised concerns
among  U.S.  fixed-income investors that inflationary pressures might re-emerge.
In response, the Federal Reserve Board increased short-term interest rates three
times  during  the  summer  and  fall  of  1999  in  an  attempt  to forestall a
reacceleration of inflation.

These changes in monetary policy caused the prices of most bonds to fall. In the
stock  market,  while  a  handful  of  technology,  telecommunications  and deep
cyclical  stocks prospered, most other industry groups languished. The portfolio
maintained  significant exposure to technology stocks during this time, but most
speculative Internet companies did not meet the portfolio's risk/reward criteria
and,   as   a  result,  we  did  not  own  them.  Instead,  we  favored  large,
well-established technology companies that provide products and services for the
Internet's infrastructure.

The   fourth   quarter  saw  further  deterioration  of  the  bond  market  amid
expectations  of further interest-rate hikes while the stock market broadened to
benefit  a number of different industry groups. In fact, on the last trading day
of  the  year,  several  major  indices hit new record highs. These developments
helped  boost  returns  from the portfolio's equity holdings, but further eroded
the performance of our fixed-income investments.


What is the portfolio's current strategy?

We  have  continued  to  maintain  a  relatively  defensive  strategy because we
currently  believe  that  the  U.S.  stock market remains overvalued relative to
bonds.  That  said,  however,  we have continued to emphasize carefully selected
technology  stocks, including Microsoft, America Online, Cisco Systems and, more
recently,  Yahoo! and Nokia. In addition, even though interest rates are rising,
we  remain  confident in the fundamentals of financial stocks, such as Citigroup
and  Morgan  Stanley  Dean  Witter  & Co. On the other hand, we have reduced our
holdings  of  Philip  Morris  Cos.  and  Tyco  International after disappointing
performance in 1999.

Within  the portfolio's fixed-income portion, we have continued to emphasize the
investments  in  asset-backed  securities, corporate bonds and government agency
holdings,   but   have  limited  our  exposure  to  U.S.  Treasury  holdings  in
anticipation of higher interest rates.

January 14, 2000

(1)  TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. SHARE PRICE, YIELD AND
INVESTMENT RETURN FLUCTUATE SUCH 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: LIPPER ANALYTICAL SERVICES, INC. -- REFLECTS THE REINVESTMENT OF
INCOME DIVIDENDS AND, WHERE APPLICABLE, CAPITAL GAIN DISTRIBUTIONS. THE STANDARD
& POOR'S 500((reg.tm)) COMPOSITE STOCK PRICE INDEX IS A WIDELY ACCEPTED,
UNMANAGED INDEX OF U.S. STOCK MARKET PERFORMANCE. THE LEHMAN BROTHERS
INTERMEDIATE GOVERNMENT/CORPORATE BOND INDEX IS A WIDELY ACCEPTED, UNMANAGED
INDEX OF GOVERNMENT AND CORPORATE BOND MARKET PERFORMANCE COMPOSED OF U.S.
GOVERNMENT, TREASURY AND AGENCY SECURITIES, FIXED-INCOME SECURITIES AND
NONCONVERTIBLE INVESTMENT-GRADE CORPORATE DEBT, WITH AN AVERAGE MATURITY OF 1-10
YEARS.

                                                        The Portfolio

PORTFOLIO PERFORMANCE

Comparison of change in value of $10,000 investment in Dreyfus Variable
Investment Fund, Balanced Portfolio with the Standard & Poor's 500 Composite
Stock Price Index, the Lehman Brothers Intemediate Government/Corporate Bond
Index and a Hybrid Index

(+)  SOURCE: LIPPER ANALYTICAL SERVICES, INC.

PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.

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.

THE ABOVE GRAPH COMPARES A $10,000 INVESTMENT MADE IN DREYFUS VARIABLE
INVESTMENT FUND, BALANCED PORTFOLIO ON 5/1/97 (INCEPTION DATE) TO A $10,000
INVESTMENT MADE ON THAT DATE IN EACH OF THE STANDARD & POOR'S 500 COMPOSITE
STOCK PRICE INDEX, THE LEHMAN BROTHERS INTERMEDIATE GOVERNMENT/CORPORATE BOND
INDEX AND A HYBRID INDEX, WHICH ARE DESCRIBED BELOW. ALL DIVIDENDS AND CAPITAL
GAIN DISTRIBUTIONS ARE REINVESTED. THE HYBRID INDEX IS CALCULATED ON A
YEAR-TO-YEAR BASIS.

THE PORTFOLIO'S PERFORMANCE SHOWN IN THE LINE GRAPH TAKES INTO ACCOUNT ALL
APPLICABLE FEES AND EXPENSES OF THE PORTFOLIO. THE STANDARD & POOR'S 500
COMPOSITE STOCK PRICE INDEX IS A WIDELY ACCEPTED, UNMANAGED INDEX OF U.S. STOCK
MARKET PERFORMANCE. THE LEHMAN BROTHERS INTERMEDIATE GOVERNMENT/CORPORATE BOND
INDEX IS A WIDELY ACCEPTED, UNMANAGED INDEX OF GOVERNMENT AND CORPORATE BOND
MARKET PERFORMANCE COMPOSED OF U.S. GOVERNMENT, TREASURY AND AGENCY SECURITIES,
FIXED-INCOME SECURITIES AND NONCONVERTIBLE INVESTMENT-GRADE CORPORATE DEBT, WITH
AN AVERAGE MATURITY OF 1-10 YEARS. THE INDICES DO NOT TAKE INTO ACCOUNT CHARGES,
FEES AND OTHER EXPENSES. THE HYBRID INDEX IS COMPOSED OF 60% STANDARD & POOR'S
500 COMPOSITE STOCK PRICE INDEX AND 40% LEHMAN BROTHERS INTERMEDIATE
GOVERNMENT/CORPORATE BOND INDEX. UNDER NORMAL CIRCUMSTANCES, THE PORTFOLIO'S
TOTAL ASSETS ARE ALLOCATED APPROXIMATELY 60% TO COMMON STOCKS AND 40% TO BONDS;
HOWEVER, THE PORTFOLIO IS PERMITTED TO INVEST UP TO 75%, AND AS LITTLE AS 40%,
OF ITS TOTAL ASSETS IN COMMON STOCKS AND UP TO 60%, AND AS LITTLE AS 25%, OF ITS
TOTAL ASSETS IN BONDS, AS DEEMED ADVISABLE BY THE DREYFUS CORPORATION. FURTHER
INFORMATION RELATING TO PORTFOLIO PERFORMANCE, INCLUDING EXPENSE REIMBURSEMENTS,
IF APPLICABLE, IS CONTAINED IN THE FINANCIAL HIGHLIGHTS SECTION OF THE
PROSPECTUS AND ELSEWHERE IN THIS REPORT.



Average Annual Total Returns AS OF 12/31/99
<TABLE>

                                                                              Inception                              From
                                                                                Date              1 Year           Inception
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                            <C>                 <C>              <C>

PORTFOLIO                                                                      5/1/97              8.13%            18.33%
</TABLE>


PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.

                                                        The Portfolio


STATEMENT OF INVESTMENTS
<TABLE>

December 31, 1999


COMMON STOCKS--46.7%                                                                             Shares                Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                               <C>                    <C>

ALCOHOL & TOBACCO--.2%

Philip Morris Cos.                                                                                5,200                  120,575

CONSUMER CYCLICAL--4.5%

Bed Bath & Beyond                                                                                 3,600  (a)             125,100

Delphi Automotive Systems                                                                         2,117                   33,343

Delta Air Lines                                                                                   2,900                  144,456

Federated Department Stores                                                                       3,500  (a)             176,969

Ford Motor                                                                                       10,600                  566,437

Gap                                                                                               3,200                  147,200

General Motors                                                                                    3,000                  218,063

Home Depot                                                                                        6,900                  473,081

K mart                                                                                            7,500  (a)              75,469

Limited                                                                                           3,000                  129,937

Office Depot                                                                                      9,800  (a)             107,188

Safeway                                                                                           7,200  (a)             256,050

Sears, Roebuck & Co.                                                                              7,000                  213,063

TJX Cos.                                                                                         12,400                  253,425

Tommy Hilfiger                                                                                    4,400  (a)             102,575

Wal-Mart Stores                                                                                  15,300                1,057,613

                                                                                                                       4,079,969

CONSUMER STAPLES--2.4%

Fortune Brands                                                                                    5,600                  185,150

IBP                                                                                               5,600                  100,800

Procter & Gamble                                                                                  7,000                  766,937

Quaker Oats                                                                                       3,700                  242,813

Ralston-Purina Group                                                                              7,900                  220,213

Sara Lee                                                                                         17,600                  388,300

Unilever, N.V. (New York Shares)                                                                  4,985                  271,371

                                                                                                                       2,175,584

ENERGY--2.8%

Amerada Hess                                                                                      3,300                  187,275

Atlantic Richfield                                                                                4,600                  397,900

Chevron                                                                                           2,100                  181,913

Diamond Offshore Drilling                                                                         3,200                   97,800

Exxon Mobil                                                                                       7,100                  571,994

Global Marine                                                                                     6,700  (a)             111,387

KeySpan                                                                                           3,500                   81,156

Royal Dutch Petroleum (New York Shares)                                                          10,900                  658,790



COMMON STOCKS (CONTINUED)                                                                        Shares                 Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------

ENERGY (CONTINUED)

Texaco                                                                                            4,600                  249,837

                                                                                                                       2,538,052

HEALTH CARE--4.4%

Amgen                                                                                             3,200  (a)             192,200

Bausch & Lomb                                                                                     1,600                  109,500

Biogen                                                                                            2,700  (a)             228,150

Biomet                                                                                            3,500                  140,000

Bristol-Myers Squibb                                                                             10,400                  667,550

Cardinal Health                                                                                   3,400                  162,775

Johnson & Johnson                                                                                 4,800                  447,000

Merck & Co.                                                                                      11,100                  744,394

Pfizer                                                                                            6,000                  194,625

Schering-Plough                                                                                  12,100                  510,469

United Healthcare                                                                                 1,900                  100,937

Warner-Lambert                                                                                    3,900                  319,556

Wellpoint Health Networks                                                                         2,400  (a)             158,250

                                                                                                                       3,975,406

INTEREST SENSITIVE--8.2%

Allstate                                                                                         13,500                  324,000

Ambac Financial Group                                                                             3,000                  156,562

Bank of America                                                                                   7,500                  376,406

Bank One                                                                                          3,400                  109,013

CIGNA                                                                                             2,600                  209,463

Chase Manhattan                                                                                   7,200                  559,350

Citigroup                                                                                        15,400                  855,662

Comerica                                                                                          4,100                  191,419

Conseco                                                                                           6,600                  117,975

Edwards (A.G.)                                                                                    2,300                   73,744

Fannie Mae                                                                                        6,400                  399,600

FleetBoston Financial                                                                             6,600                  229,762

General Electric                                                                                  7,400                1,145,150

Household International                                                                           4,000                  149,000

MBNA                                                                                             10,900                  297,025

MGIC Investment                                                                                   2,500                  150,469

Marsh & McLennan Cos.                                                                             4,400                  421,025

Merrill Lynch                                                                                     3,000                  250,500

Morgan Stanley Dean Witter & Co.                                                                  2,800                  399,700

                                                                                            The Portfolio

STATEMENT OF INVESTMENTS (CONTINUED)


COMMON STOCKS (CONTINUED)                                                                        Shares                Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------

INTEREST SENSITIVE (CONTINUED)

SLM Holding                                                                                       3,800                  160,550

St. Paul Cos.                                                                                     6,200                  208,862

SunTrust Banks                                                                                    3,600                  247,725

UnionBanCal                                                                                       2,900                  114,369

XL Capital, Cl. A                                                                                 4,600                  238,625

                                                                                                                       7,385,956

PRODUCER GOODS--3.7%

American Power Conversion                                                                         6,200  (a)             163,525

Boeing                                                                                            5,200                  216,125

Deere & Co.                                                                                       4,400                  190,850

Dow Chemical                                                                                      2,500                  334,062

duPont (E.I.) deNemours & Co.                                                                     4,600                  303,025

General Dynamics                                                                                  4,000                  211,000

Georgia-Pacific Group                                                                             6,400                  324,800

Ingersoll-Rand                                                                                    2,700                  148,669

International Paper                                                                               3,800                  214,462

Kerr-McGee                                                                                        2,000                  124,000

Kimberly-Clark                                                                                    2,000                  130,500

PPG Industries                                                                                    2,000                  125,125

Rohm & Haas                                                                                       3,700                  150,544

Tyco International                                                                                7,200                  279,900

USG                                                                                               1,700                   80,113

Union Carbide                                                                                     1,800                  120,150

United Technologies                                                                               3,600                  234,000

                                                                                                                       3,350,850

SERVICES--3.8%

ALLTEL                                                                                            2,900                  239,794

America Online                                                                                   10,800  (a)             814,725

Comcast, Cl. A (Non-voting)                                                                       6,800                  341,700

Fox Entertainment Group, Cl. A                                                                    8,700  (a)             216,956

Gannett                                                                                           5,000                  407,812

IMS Health                                                                                        5,400                  146,813

Infinity Broadcasting, Cl. A                                                                      9,700  (a)             351,019

Tribune                                                                                           8,000                  440,500

Yahoo!                                                                                            1,100  (a)             475,956

                                                                                                                       3,435,275



COMMON STOCKS (CONTINUED)                                                                        Shares                Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------

TECHNOLOGY--12.5%

ADC Telecommunications                                                                            2,500  (a)             181,406

Applied Materials                                                                                 2,700  (a)             342,056

BMC Software                                                                                      1,500  (a)             119,906

Cisco Systems                                                                                    11,100  (a)           1,189,087

Computer Associates International                                                                 4,800                  335,700

Compuware                                                                                         5,300  (a)             197,425

Dell Computer                                                                                    15,800  (a)             805,800

EMC                                                                                               3,600  (a)             393,300

Eaton                                                                                             2,100                  152,513

Gateway                                                                                           3,600  (a)             259,425

General Instrument                                                                                3,500  (a)             297,500

Intel                                                                                            12,700                1,045,369

International Business Machines                                                                   4,000                  432,000

Lexmark International Group, Cl. A                                                                4,600  (a)             416,300

Lucent Technologies                                                                               9,800                  733,162

Micron Technology                                                                                 3,200  (a)             248,800

Microsoft                                                                                        20,100  (a)           2,346,675

Motorola                                                                                          3,700                  544,825

Nokia, A.D.S.                                                                                     1,200                  228,000

RealNetworks                                                                                      1,800  (a)             216,562

Tellabs                                                                                           8,100  (a)             519,919

Texas Instruments                                                                                 2,800                  271,250

                                                                                                                      11,276,980

UTILITIES--4.2%

AT&T                                                                                             11,800                  598,850

Ameren                                                                                            3,700                  121,175

BellSouth                                                                                        13,100                  613,244

Consolidated Edison                                                                               4,500                  155,250

FPL Group                                                                                         6,400                  274,000

GTE                                                                                               6,100                  430,431

MCI WorldCom                                                                                     16,500  (a)             875,531

SBC Communications                                                                               10,100                  492,375

Sempra Energy                                                                                     5,700                   99,038

UtiliCorp United                                                                                  4,050                   78,722

                                                                                                                       3,738,616

TOTAL COMMON STOCKS

   (cost $31,607,582)                                                                                                 42,077,263

                                                                                            The Portfolio

STATEMENT OF INVESTMENTS (CONTINUED)

                                                                                              Principal
BONDS AND NOTES--49.2%                                                                       Amount ($)                Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------

FINANCE--5.4%

American Express Credit Account Master Trust,

  Asset Backed Ctfs., Ser. 1997-1, Cl. A,

   6.40%, 4/15/2005                                                                             600,000                  593,943

Atlantic Richfield, Notes,

   5.55%, 4/15/2003                                                                             500,000                  481,668

Citibank Credit Card Master Trust,

  Asset Backed Ctfs., Ser. 1998-1, Cl. A,

   5.75%, 1/15/2003                                                                             600,000                  593,835

General Motors Acceptance Corp., Bonds,

   6.15%, 4/5/2007                                                                              430,000                  399,372

Lehman Brothers Holdings, Notes,

   7.50%, 9/1/2006                                                                            1,000,000                  985,849

Merrill Lynch, Notes,

   6%, 2/17/2009                                                                                600,000                  538,721

Province of Ontario, Bonds,

   7.75%, 6/4/2002                                                                              500,000                  510,725

US Bank, Notes,

   5.70%, 12/15/2008                                                                            500,000                  439,843

Wells Fargo, Sr. Notes,

   6.75%, 10/1/2006                                                                             350,000                  339,473

                                                                                                                       4,883,429

INDUSTRIAL--10.2%

Albertson's, Sr. Notes,

   6.95%, 8/1/2009                                                                              700,000                  673,555

Coca-Cola Enterprises, Notes,

   7.125%, 9/30/2009                                                                          1,500,000                1,469,870

Comcast Cable Communications, Notes,

   6.20%, 11/15/2008                                                                            500,000                  453,980

duPont (E.I.) deNemours & Co., Notes,

   6.50%, 9/1/2002                                                                              500,000                  496,827

McDonald's, Notes,

   5.90%, 5/11/2001                                                                             500,000                  495,025

Monsanto, Notes,

   5.375%, 12/1/2001                                                                            300,000  (b)             291,626

News America Holdings, Sr. Notes,

   8.625%, 2/1/2003                                                                             900,000                  930,775

Norfolk Southern, Sr. Notes,

   6.20%, 4/15/2009                                                                           1,500,000                1,351,401

PPG Industries, Notes,

   6.25%, 2/15/2002                                                                             500,000                  493,176


                                                                                              Principal
BONDS AND NOTES (CONTINUED)                                                                  Amount ($)                 Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------

INDUSTRIAL (CONTINUED)

Safeway, Notes,

   5.875%, 11/15/2001                                                                         1,000,000                  978,586

Time Warner, Notes,

   7.75%, 6/15/2005                                                                           1,500,000                1,521,660

                                                                                                                       9,156,481

UTILITIES--4.3%

AT&T, Notes,

   5.625%, 3/15/2004                                                                            750,000                  711,707

MCI WorldCom, Sr. Notes,

   6.40%, 8/15/2005                                                                           1,000,000                  961,848

PECO Energy, Notes,

   6.625%, 3/1/2003                                                                           1,000,000                  979,459

Viacom, Sr. Notes,

   7.50%, 1/15/2002                                                                             550,000                  553,494

Wisconsin Electric Power, Notes,

   7.25%, 8/1/2004                                                                              700,000                  703,377

                                                                                                                       3,909,885

U.S. GOVERNMENT & AGENCIES--29.3%

Federal Home Loan Bank, Bonds:

   5.61%, 6/22/2001                                                                           1,100,000                1,086,363

   5.875%, 9/17/2001                                                                          2,500,000                2,473,412

   4.875%, 1/22/2002                                                                            500,000                  483,977

   5.25%, 4/25/2002                                                                           1,500,000                1,459,098

   5.125%, 9/15/2003                                                                            600,000                  568,104

Federal Home Loan Mortgage Corp., Notes:

   5.75%, 7/15/2003                                                                           3,100,000                3,002,939

   5%, 1/15/2004                                                                                600,000                  561,584

   5.125%, 10/15/2008                                                                           750,000                  657,900

   5.75%, 3/15/2009                                                                             750,000                  685,312

Federal National Mortgage Association, Notes:

   5.25%, 1/15/2003                                                                           1,300,000                1,249,941

   4.75%, 11/14/2003                                                                          1,500,000                1,397,964

   5.125%, 2/13/2004                                                                          2,200,000                2,066,084

   5.625%, 5/14/2004                                                                          1,500,000                1,432,037

U.S. Treasury Bonds,

   11.125%, 8/15/2003                                                                         1,100,000                1,262,624

U.S. Treasury Notes:

   5.25%, 1/31/2001                                                                           1,020,000                1,011,248

   8%, 5/15/2001                                                                                600,000                  613,938

   6.625%, 6/30/2001                                                                          1,350,000                1,358,033

                                                                                            The Portfolio

STATEMENT OF INVESTMENTS (CONTINUED)

                                                                                              Principal
BONDS AND NOTES (CONTINUED)                                                                  Amount ($)                Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------

U.S. GOVERNMENT & AGENCIES (CONTINUED)

U.S. Treasury Notes (continued):

   7.50%, 5/15/2002                                                                           1,430,000                1,468,267

   5.75%, 10/31/2002                                                                            500,000                  493,310

   7.50%, 2/15/2005                                                                             835,000                  871,130

   7%, 7/15/2006                                                                                500,000                  512,315

   6.50%, 10/15/2006                                                                          1,690,000                1,686,113

                                                                                                                      26,401,693

TOTAL BONDS AND NOTES

   (cost $45,420,370)                                                                                                 44,351,488
- ------------------------------------------------------------------------------------------------------------------------------------

SHORT-TERM INVESTMENTS--3.2%
- ------------------------------------------------------------------------------------------------------------------------------------

REPURCHASE AGREEMENT--2.8%

  Greenwich Capital Markets, Tri-Party

  Repurchase Agreement, 2.8%, dated

  12/31/1999, due 1/3/2000, in the amount

  of $2,550,595 (fully collateralized by

  $2,580,000 U.S. Treasury Inflation Protected

   Securities, 3.875%, 1/15/2009, value $2,605,642)                                           2,550,000                2,550,000

U.S. TREASURY BILLS--.4%

   5.08%, 3/2/2000                                                                              354,000  (c)             351,058

TOTAL SHORT-TERM INVESTMENTS

   (cost $2,900,953)                                                                                                   2,901,058
- ------------------------------------------------------------------------------------------------------------------------------------

TOTAL INVESTMENTS (cost $79,928,905)                                                              99.1%               89,329,809

CASH AND RECEIVABLES (NET)                                                                          .9%                  800,138

NET ASSETS                                                                                       100.0%               90,129,947

(A) NON-INCOME PRODUCING.

(B) SECURITY EXEMPT FROM REGISTRATION UNDER RULE 144A OF THE SECURITIES ACT OF
    1933.  THIS SECURITY MAY BE RESOLD IN TRANSACTIONS EXEMPT FROM REGISTRATION,
    NORMALLY TO QUALIFIED INSTITUTIONAL BUYERS. AT DECEMBER 31, 1999, THIS
    SECURITY AMOUNTED TO $291,626 OR APPROXIMATELY .3% OF NET ASSETS.

(C) PARTIALLY HELD BY THE CUSTODIAN IN A SEGREGATED ACCOUNT AS COLLATERAL FOR
    OPEN FINANCIAL FUTURES POSITIONS.
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS.


STATEMENT OF FINANCIAL FUTURES

December 31, 1999
<TABLE>

                                                                   Market Value                                        Unrealized
                                                                        Covered                                    (Depreciation)
                                            Contracts          by Contracts ($)             Expiration            at 12/31/99 ($)
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                              <C>                 <C>                    <C>                           <C>

FINANCIAL FUTURES LONG

5 Year U.S. Treasury Notes                         83                 8,135,297             March 2000                   (69,031)

FINANCIAL FUTURES SHORT

Standard & Poor's 500                               8                 2,968,400             March 2000                   (73,113)

                                                                                                                        (142,144)
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS.

                                                        The Portfolio

STATEMENT OF ASSETS AND LIABILITIES

December 31, 1999

                                                            Cost         Value
- --------------------------------------------------------------------------------

ASSETS ($):

Investments in securities--
   See Statement of Investments--Note 1(b)             79,928,905    89,329,809

Cash                                                                     99,615

Dividends and interest receivable                                       822,036

Prepaid expenses                                                          2,454

                                                                     90,253,914
- --------------------------------------------------------------------------------

LIABILITIES ($):

Due to The Dreyfus Corporation and affiliates                            63,387

Payable for futures variation margin--Note 4(a)                          28,342

Loan commitment fees payable                                                 75

Accrued expenses                                                         32,163

                                                                        123,967
- --------------------------------------------------------------------------------

NET ASSETS ($)                                                       90,129,947
- --------------------------------------------------------------------------------

COMPOSITION OF NET ASSETS ($):

Paid-in capital                                                      80,219,878

Accumulated undistributed investment income--net                         13,289

Accumulated net realized gain (loss) on investments                     638,020

Accumulated net unrealized appreciation (depreciation)
   on investments [including ($142,144) net unrealized
   (depreciation) on financial futures]--Note 4(b)                    9,258,760
- --------------------------------------------------------------------------------

NET ASSETS ($)                                                       90,129,947
- --------------------------------------------------------------------------------

SHARES OUTSTANDING

(unlimited number of $.001 par value shares of Beneficial Interest authorized)
5,625,437

NET ASSET VALUE, offering and redemption price per share ($)              16.02

SEE NOTES TO FINANCIAL STATEMENTS.


STATEMENT OF OPERATIONS

Year Ended December 31, 1999

- --------------------------------------------------------------------------------

INVESTMENT INCOME ($):

INCOME:

Interest                                                             2,449,235

Cash dividends (net of $8,003 foreign taxes withheld at source)        455,163

TOTAL INCOME                                                         2,904,398

EXPENSES:

Investment advisory fee--Note 3(a)                                     574,439

Professional fees                                                       23,538

Custodian fees--Note 3(a)                                               22,573

Prospectus and shareholders' reports                                    20,505

Registration fees                                                        7,997

Trustees' fees and expenses--Note 3(b)                                   1,111

Loan commitment fees--Note 2                                               726

Shareholder servicing costs                                                630

Miscellaneous                                                            4,517

TOTAL EXPENSES                                                         656,036

INVESTMENT INCOME--NET                                               2,248,362
- --------------------------------------------------------------------------------

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):

Net realized gain (loss) on investments                              4,885,031

Net realized gain (loss) on financial futures                        (897,850)

NET REALIZED GAIN (LOSS)                                             3,987,181

Net unrealized appreciation (depreciation) on investments
   [including ($113,994) net unrealized (depreciation)
   on financial futures]                                              (167,147)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS                3,820,034

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS                  6,068,396

SEE NOTES TO FINANCIAL STATEMENTS.

                                                        The Portfolio

STATEMENT OF CHANGES IN NET ASSETS

                                                      Year Ended December 31,
                                                    ----------------------------
                                                     1999                1998
- --------------------------------------------------------------------------------

OPERATIONS ($):

Investment income--net                          2,248,362            1,641,276

Net realized gain (loss) on investments         3,987,181            3,392,359

Net unrealized appreciation (depreciation)
   on investments                               (167,147)            6,714,434

NET INCREASE (DECREASE) IN NET ASSETS
   RESULTING FROM OPERATIONS                    6,068,396           11,748,069
- --------------------------------------------------------------------------------

DIVIDENDS TO SHAREHOLDERS FROM ($):

Investment income--net                        (2,235,073)          (1,647,249)

Net realized gain on investments              (3,835,273)          (3,168,608)

TOTAL DIVIDENDS                               (6,070,346)          (4,815,857)
- --------------------------------------------------------------------------------

BENEFICIAL INTEREST TRANSACTIONS ($):

Net proceeds from shares sold                  43,286,441           28,199,314

Dividends reinvested                            6,070,346            4,815,857

Cost of shares redeemed                      (19,065,662)         (21,250,964)

INCREASE (DECREASE) IN NET ASSETS FROM
   BENEFICIAL INTEREST TRANSACTIONS           30,291,125           11,764,207

TOTAL INCREASE (DECREASE) IN NET ASSETS       30,289,175           18,696,419
- --------------------------------------------------------------------------------

NET ASSETS ($):

Beginning of Period                            59,840,772           41,144,353

END OF PERIOD                                  90,129,947           59,840,772

Undistributed investment income--net               13,289                   --
- --------------------------------------------------------------------------------

CAPITAL SHARE TRANSACTIONS (SHARES):

Shares sold                                     2,665,579            1,876,334

Shares issued for dividends reinvested            378,221              309,182

Shares redeemed                               (1,173,446)          (1,360,556)

NET INCREASE (DECREASE) IN SHARES OUTSTANDING   1,870,354              824,960

SEE NOTES TO FINANCIAL STATEMENTS.


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>

                                                                                                Year Ended December 31,
                                                                                       ---------------------------------------
                                                                                       1999           1998            1997a
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                   <C>              <C>             <C>

PER SHARE DATA ($):

Net asset value, beginning of period                                                  15.94           14.04            12.50

Investment Operations:

Investment income--net                                                                  .47(b)          .43              .25

Net realized and unrealized gain (loss) on investments                                  .80            2.67             2.06

Total from Investment Operations                                                       1.27            3.10             2.31

Distributions:

Dividends from investment income--net                                                  (.46)           (.43)            (.25)

Dividends from net realized gain on investments                                        (.73)           (.77)            (.52)

Total Distributions                                                                   (1.19)          (1.20)            (.77)

Net asset value, end of period                                                        16.02           15.94            14.04
- ------------------------------------------------------------------------------------------------------------------------------------

TOTAL RETURN (%)                                                                       8.13           22.34            18.48(c
- ------------------------------------------------------------------------------------------------------------------------------------

RATIOS/SUPPLEMENTAL DATA (%):

Ratio of expenses to average net assets                                                 .86             .87              .67(c)

Ratio of net investment income to average net assets                                   2.94            2.98             1.91(c)

Portfolio Turnover Rate                                                               98.61          111.75            45.78(c)
- ------------------------------------------------------------------------------------------------------------------------------------

Net Assets, end of period ($ X 1,000)                                                90,130          59,841             41,144

(A)  FROM MAY 1, 1997 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 1997.

(B)  BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.

(C)  NOT ANNUALIZED.
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS.

                                                        The Portfolio

NOTES TO FINANCIAL STATEMENTS

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 Balanced 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 portfolio's investment objective is to
provide investment results that are greater than the total return performance of
common  stocks and bonds in the aggregate, as represented by a hybrid index, 60%
of which is composed of the common stocks in the Standard & Poor's 500 Composite
Stock  Price  Index  and  40%  of  which  is composed of the bonds in the Lehman
Brothers  Intermediate  Government/Corporate Bond Index. The Dreyfus Corporation
(" Dreyfus" ) serves as the portfolio's investment adviser.  Dreyfus is a direct
subsidiary  of  Mellon Bank, N.A. ("Mellon"), which is a wholly-owned subsidiary
of  Mellon  Financial  Corporation.  Premier  Mutual  Fund  Services,  Inc. (the
" Distributor" ) is  the  distributor  of the portfolio's shares, which are sold
without a sales charge.

The  fund 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  (including  options and
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.   Securities  not  listed  on  an  exchange or the
national  securities market, or securities for which there were no transactions,
are    valued    at    the    average    of    the    most    recent

bid  and  asked  prices.   Bid  price  is used when no asked price is available.
Securities  for  which  there are no such valuations are valued at fair value as
determined  in  good  faith  under  the  direction  of  the  Board  of Trustees.
Investments  denominated in foreign currencies are translated to U.S. dollars at
the  prevailing  rates  of  exchange.   Forward  currency exchange contracts are
valued at the forward rate.

(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.  Dividend income is
recognized  on  the  ex-dividend  date  and  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 $1,869 during the period ended December 31, 1999 based
on   available  cash  balances  left  on  deposit.   Income  earned  under  this
arrangement is included in interest income.

The  portfolio may enter into repurchase agreements with financial institutions,
deemed  to  be  creditworthy by the portfolio's Manager, subject to the seller's
agreement  to repurchase and the portfolio's agreement to resell such securities
at  a  mutually  agreed  upon  price. Securities purchased subject to repurchase
agreements  are  deposited  with  the portfolio's custodian and, pursuant to the
terms  of  the repurchase agreement, must have an aggregate market value greater
than  or equal to the terms of the repurchase price plus accrued interest at all
times.  If  the  value of the underlying securities falls below the value of the
repurchase price plus accrued interest, the portfolio will require the seller to
deposit  additional  collateral  by  the  next  business day. If the request for
additional  collateral  is  not  met,  or  the seller defaults on its repurchase
obligation,  the portfolio maintains its right to sell the underlying securities
at market value and may claim any resulting loss against the seller.

(c)  Dividends  to shareholders: Dividends are recorded on the ex-dividend date.
Dividends from investment income-net are declared and paid quarterly.  Dividends
from  net realized capital gain are normally declared and paid annually, but the
portfolio may make distributions on
                                                          The Portfolio

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

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, if any, 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.

NOTE 2--Bank Line of Credit:

The  portfolio  participates  with other Dreyfus-managed funds in a $500 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 December 31, 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 .75 of 1% of the value of the
portfolio' s  average  daily  net  assets  and  is payable monthly.  Dreyfus had
undertaken  from  January  1,  1999  through  December  31,  1999, to reduce the
investment  advisory  fee  paid  by  the  portfolio,  to  the  extent  that  the
portfolio' s  aggregate  expenses,  exclusive  of  taxes, brokerage, interest on
borrowings,  commitment fees and extraordinary expenses, exceeded an annual rate
of  1.25%  of  the value of the portfolio's average daily net assets. No expense
reimbursement was required for the period ended December 31, 1999.

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.  During the period ended December 31, 1999, the portfolio was charged
$33 pursuant to the transfer agency agreement.

The  portfolio  compensates  Mellon  under  a  custody  agreement  for providing
custodial services for the portfolio. During the period ended December 31, 1999,
the portfolio was charged $22,573 pursuant to the custody agreement.

(b)  Each  trustee  who  is  not  an  "affiliated  person" as defined in the Act
received from the fund an annual fee of $2,500 and an attendance fee of $250 per
meeting.   The  Chairman  of  the  Board  received  an  additional  25%  of such
compensation.

Each  non-affiliated trustee is a Board member of one or more funds comprising a
certain  group  of  funds  (" Fund Group") within the Dreyfus complex. Effective
January  1,  2000,  for  their  participation  as a trustee in a Fund Group, the
trustees receive an annual fee of $40,000 each, $6,000 for each meeting attended
in  person and $500 for each telephonic meeting in which they participate. These
fees  are allocated among the funds in the Fund Group. The Chairman of the Board
receives an additional 25% of such compensation.

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
December 31, 1999, amounted to $94,271,105 and $68,913,108, 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
contracts  at  the  close  of  each  day's trading.  Typically, 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,
                                                          The Portfolio

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

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 December 31, 1999 are set forth in the
Statement of Financial Futures.

(b) At December 31, 1999, accumulated net unrealized appreciation on investments
and financial futures was $9,258,760, consisting of $11,930,097 gross unrealized
appreciation and $2,671,337 gross unrealized depreciation.

At  December  31,  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).


REPORT OF INDEPENDENT AUDITORS

Shareholders and Board of Trustees Dreyfus Variable Investment Fund, Balanced
Portfolio

We  have audited the accompanying statement of assets and liabilities, including
the  statements  of  investments  and  financial  futures,  of  Dreyfus Variable
Investment  Fund, Balanced Portfolio (one of the series constituting the Dreyfus
Variable  Investment Fund) as of December 31, 1999, and the related statement of
operations  for  the year then ended, the statement of changes in net assets for
each  of  the  two  years in the period then ended, and financial highlights for
each  of  the years indicated therein.  These financial statements and financial
highlights  are  the responsibility of the Fund's management. Our responsibility
is  to express an opinion on these financial statements and financial highlights
based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in  the  United  States.   Those  standards require that we plan and perform the
audit  to obtain reasonable assurance about whether the financial statements and
financial  highlights  are  free  of  material  misstatement.  An audit includes
examining,  on  a test basis, evidence supporting the amounts and disclosures in
the  financial  statements.  Our procedures included verification by examination
of  securities held by the custodian as of December 31, 1999 and confirmation of
securities  not  held  by the custodian by correspondence with others.  An audit
also includes assessing the accounting principles used and significant estimates
made  by  management,  as  well  as  evaluating  the overall financial statement
presentation.   We  believe  that  our audits provide a reasonable basis for our
opinion.

In  our  opinion,  the financial statements and financial highlights referred to
above  present  fairly,  in  all  material  respects,  the financial position of
Dreyfus  Variable  Investment Fund, Balanced Portfolio at December 31, 1999, the
results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended, and the financial highlights
for  each  of  the  indicated  years,  in  conformity with accounting principles
generally accepted in the United States.


New York, New York

February 3, 2000

                                                        The Portfolio


IMPORTANT TAX INFORMATION (Unaudited)

For  Federal tax purposes, the portfolio hereby designates $.1120 per share as a
long-term capital gain distribution of the $.7550 per share paid on December 30,
1999  and  also  designates  $.0530  per  share  as  a  long-term  capital  gain
distribution   of   the   $.1910   per   share   paid   on   March   31,  1999.

The  portfolio  also  designates 8.25% of the ordinary dividends paid during the
fiscal  year  ended  December 31, 1999 as qualifying for the corporate dividends
received deduction.

NOTES

                         For More Information

                         Dreyfus Variable
                         Investment Fund,
                         Balanced 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) 2000 Dreyfus Service Corporation
                                                                      154AR9912





COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN
DREYFUS VARIABLE INVESTMENT FUND, BALANCED PORTFOLIO
WITH THE STANDARD & POOR'S 500 COMPOSITE STOCK PRICE INDEX,
THE LEHMAN BROTHERS INTERMEDIATE GOVERNMENT / CORPORATE
BOND INDEX AND A HYBRID INDEX



EXHIBIT A:


                              STANDARD
                  DREYFUS     & POOR'S      LEHMAN
                 VARIABLE       500        BROTHERS
                INVESTMENT   COMPOSITE   INTERMEDIATE
                   FUND,       STOCK     GOVERNMENT /
  PERIOD         BALANCED      PRICE       CORPORATE    HYBRID
                 PORTFOLIO     INDEX*     BOND INDEX*   INDEX*

  5/1/97        10,000      10,000         10,000   10,000
 12/31/97       11,847      12,255         10,674   11,623
 12/31/98       14,494      15,760         11,575   14,009
 12/31/99       15,673      19,075         11,619   15,799


*Source: Lipper Analytical Services, Inc.


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