August 15, 2000
DREYFUS VARIABLE INVESTMENT FUND
SMALL CAP PORTFOLIO
SUPPLEMENT TO PROSPECTUS
DATED MAY 1, 2000
THE FOLLOWING INFORMATION SUPPLEMENTS THE SECTION OF THE PROSPECTUS
ENTITLED "MAIN RISKS."
The fund may purchase securities of companies in initial public offerings
(" IPOs" ). The prices of securities purchased in IPOs can be very volatile. The
effect of IPOs on the fund' s performance depends on a variety of factors,
including the number of IPOs the fund invests in, whether and to what extent a
security purchased in an IPO appreciates in value, and the asset base of the
fund. As a fund's asset base increases, IPOs often have a diminished effect on
such fund's performance.
121s0800
