Dreyfus Variable Investment Fund NCSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number			811-05125

	Dreyfus Variable Investment Fund
	(Exact name of Registrant as specified in charter)

	c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166
	(Address of principal executive offices) (Zip code)

	Bennett A. MacDougall, Esq. 200 Park Avenue New York, New York 10166
	(Name and address of agent for service)

Registrant's telephone number, including area code:				(212) 922-6400

Date of fiscal year end:		12/31
Date of reporting period:		12/31/17

FORM N-CSR

Item 1. Reports to Stockholders.

Dreyfus Variable Investment Fund, Appreciation Portfolio


		ANNUAL REPORT December 31, 2017

The views expressed in this report reflect those of the portfolio manager(s) only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

Contents

THE FUND


A Letter from the President of Dreyfus	2
Discussion of Fund Performance	3
Fund Performance	6
Understanding Your Fund’s Expenses	7
Comparing Your Fund’s Expenses
With Those of Other Funds	7
Statement of Investments	8
Statement of Investments
in Affiliated Issuers	11
Statement of Assets and Liabilities	12
Statement of Operations	13
Statement of Changes in Net Assets	14
Financial Highlights	15
Notes to Financial Statements	17
Report of Independent Registered
Public Accounting Firm	25
Important Tax Information	26
Information About the Renewal of
the Fund’s Investment Advisory and
Sub-Investment Advisory Agreements	27
Board Members Information	31
Officers of the Fund	34

FOR MORE INFORMATION

Back Cover


	Dreyfus Variable Investment Fund, Appreciation Portfolio		The Fund

A LETTER FROM THE PRESIDENT OF DREYFUS

Dear Shareholder:

We are pleased to present this annual report for Dreyfus Variable Investment Fund, Appreciation Portfolio, covering the 12-month period from January 1, 2017 through December 31, 2017. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.

Stocks set a series of new record highs and bonds produced modestly positive results during 2017. Financial markets early in the year were dominated by the inauguration of a new U.S. president, as equities and corporate-backed bonds surged higher in anticipation of more business-friendly regulatory, tax, and fiscal policies. U.S. and international stocks continued to rally in the spring as corporate earnings grew and global economic conditions improved. Later in the year, the passage of tax reform legislation fueled additional stock market gains.

Despite three short-term interest rate hikes and concerns early in the year that inflation might accelerate in a growing economy, bonds generally produced positive total returns in 2017. Corporate-backed securities and municipal bonds fared particularly well.

The markets’ strong performance last year was supported by solid underlying fundamentals, including sustained economic growth, a robust labor market, and low inflation. We currently expect these favorable conditions to persist in 2018, but we remain watchful for economic and political developments that could negatively impact the markets. As always, we encourage you to discuss the risks and opportunities of today’s investment environment with your financial advisor.

Thank you for your continued confidence and support.

Sincerely,

Renee Laroche-Morris
President
The Dreyfus Corporation
January 16, 2017

DISCUSSION OF FUND PERFORMANCE

For the period from January 1, 2017 through December 31, 2017, as provided by portfolio manager Fayez Sarofim of Fayez Sarofim & Co., Sub-Investment Adviser

Market and Fund Performance Overview

For the 12-month period ended December 31, 2017, Dreyfus Variable Investment Fund, Appreciation Portfolio’s Initial shares achieved a total return of 27.33%, and its Service shares achieved a total return of 27.00%.¹ In comparison, the S&P 500^® Index (the “Index”), the fund’s benchmark, provided a total return of 21.82% for the same period.²

Stocks gained ground in 2017 amid better-than-expected corporate earnings and in anticipation of more stimulative U.S. government policies. Favorable stock selections in the information technology and health care sectors enabled the fund to outperform the Index.

The Fund’s Investment Approach

The fund seeks long-term capital growth consistent with the preservation of capital. Its secondary goal is current income. To pursue these goals, the fund normally invests at least 80% of its net assets in common stocks. The fund focuses on blue-chip companies with total market capitalizations of more than $5 billion at the time of purchase, including multinational companies. These are established companies that have demonstrated sustained patterns of profitability, strong balance sheets, an expanding global presence, and the potential to achieve predictable, above-average earnings growth.

In choosing stocks, we identify economic sectors we believe will expand over the next three to five years or longer. Using fundamental analysis, we then seek companies within these sectors that have proven track records and dominant positions in their industries. The fund employs a “buy-and-hold” investment strategy, which generally has resulted in an annual portfolio turnover rate of below 15%. A low portfolio turnover rate helps reduce the fund’s trading costs and can help limit the distribution of capital gains generated due to portfolio turnover.³

Rising Corporate Earnings Drove Markets Higher

U.S. equities enjoyed steady gains in 2017 as the economy expanded, corporate profits rebounded, and financial-markets volatility waned, powering the Index to a series of all-time highs and a double-digit return for the year. The Federal Reserve Board’s tightening cycle gained traction while most other central banks continued to ease, and the value of the U.S. dollar declined relative to other major currencies. The softer dollar, coupled with strengthening global growth prospects, helped support the performance of many foreign equity markets as well as domestic companies with ample international sales exposure. The information technology sector proved to be

DISCUSSION OF FUND PERFORMANCE (continued)

the best-performing market segment in 2017, contributing almost 40% of the Index’s rise with strength concentrated in mega-cap companies. The telecommunication services and energy sectors were the only segments of the Index to post declines for the year.

Security Selections Drove Relative Performance

The fund meaningfully outperformed the Index in 2017, supported by the overall impact of our stock selection strategy. The fund’s overweighted and selectively focused representation in the top-performing information technology sector was the most significant contributor to relative and absolute results. Correctly emphasized representation in the health care sector also added value compared to the Index. Positions in pharmaceutical developers AbbVie, Abbott Laboratories, and Novo Nordisk generated returns of more than 50% for the year. In the financials sector, the fund’s focus on capital markets, one of the sector’s better-performing segments, also was constructive. The largest contributors to the fund’s return for the year included Apple, Facebook, Microsoft, Philip Morris International, and Texas Instruments.

Factors that modestly constrained relative results during the year included an above-market allocation to the lagging energy sector. This impact, however, was tempered by an emphasis on the major integrated oils, which generally are less sensitive to crude oil prices than oilfield and equipment stocks. Another impediment to relative results was overweighted exposure to the consumer staples sector, though correct stock focus within the sector entirely offset the negative allocation effect, and the sector’s total relative impact on the fund’s performance was positive. The largest detractors from the fund’s returns in 2017 were Exxon Mobil, Occidental Petroleum, Walgreens Boots Alliance, Gilead Sciences, and Air Products and Chemicals.

Positioned for Continued Growth

Although the current bull market is just three months shy of its ninth birthday, we believe that stocks enter 2018 with strong tailwinds, including improving global growth, strong corporate earnings, the impact of tax-reform legislation, and accommodative monetary policies among central banks. However, last year’s supportive combination of positive economic surprises and subdued volatility will be hard to replicate, and we expect market leadership to narrow as the economic cycle matures and as investors seek out fundamentally sound companies with risk-mitigating qualities. Our long-practiced investment approach focuses on such companies. The fund’s portfolio is composed of what we believe are high-quality, competitively advantaged businesses that have proven themselves capable of growing global market share and earnings across market cycles. With their solid balance sheets, ample financial resources, and disciplined capital allocation policies,

these multinational industry leaders should be well positioned to build shareholder value even through periods of market fluctuations.

January 16, 2018

²Source: Lipper Inc. — The S&P 500^® Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Investors cannot invest directly in any index.

³ Achieving tax efficiency is not a part of the fund’s investment objective, and there can be no guarantee that the fund will achieve any particular level of taxable distributions in future years. In periods when the manager has to sell significant amounts of securities (e.g., during periods of significant net redemptions or changes in index components), the fund can be expected to be less tax efficient than during periods of more stable market conditions and asset flows.

Please note: the position in any security highlighted with italicized typeface was sold during the reporting period.

Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
The fund is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies. Individuals may not purchase shares of the fund directly. A variable annuity is an insurance contract issued by an insurance company that enables investors to accumulate assets on a tax-deferred basis for retirement or other long-term goals. The investment objective and policies of Dreyfus Variable Investment Fund, Appreciation Portfolio made available through insurance products may be similar to those of other funds managed by Dreyfus. However, the investment results of the fund may be higher or lower than, and may not be comparable to, those of any other Dreyfus fund.

FUND PERFORMANCE

Comparison of change in value of $10,000 investment in Dreyfus Variable Investment Fund, Appreciation Portfolio Initial shares and Service shares and the S&P 500^® Index (the “Index”)

^† Source: Lipper Inc.

Past performance is not predictive of future performance. The fund’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 Initial and Service shares of Dreyfus Variable Investment Fund, Appreciation Portfolio on 12/31/07 to a $10,000 investment made in the Index on that date.

The fund’s performance shown in the line graph above takes into account all applicable fund fees and expenses for Initial and Service shares. The Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund 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 12/31/17
	1 Year	5 Years	10 Years
Initial shares	27.33%	11.90%	7.72%
Service shares	27.00%	11.62%	7.45%
S&P 500^® Index	21.82%	15.78%	8.49%

The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.

The fund’s Initial shares are not subject to a Rule 12b-1 fee. The fund’s Service shares are subject to a 0.25% annual Rule 12b-1 fee. All dividends and capital gain distributions are reinvested.

The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads), redemption fees and expenses associated with variable annuity or insurance contracts, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Variable Investment Fund, Appreciation Portfolio from July 1, 2017 to December 31, 2017. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.


Expenses and Value of a $1,000 Investment
assuming actual returns for the six months ended December 31, 2017
	Initial Shares		Service Shares
Expenses paid per $1,000^†		$4.28		$5.61
Ending value (after expenses)		$1,122.90		$1,121.50

COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses

The Securities and Exchange Commission (“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.


Expenses and Value of a $1,000 Investment
assuming a hypothetical 5% annualized return for the six months ended December 31, 2017
	Initial Shares		Service Shares
Expenses paid per $1,000^†		$4.08		$5.35
Ending value (after expenses)		$1,021.17		$1,019.91

^†Expenses are equal to the fund’s annualized expense ratio of .80% for Initial shares and 1.05% for Service shares, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS
December 31, 2017



Description	Shares	Value ($)
Common Stocks - 99.4%
Banks - 4.8%
JPMorgan Chase & Co.	138,000	14,757,720
Wells Fargo & Co.	87,325	5,298,008
		20,055,728
Capital Goods - 1.6%
United Technologies	51,900	6,620,883
Consumer Durables & Apparel - 2.5%
Hermes International	2,677	1,432,976
LVMH Moet Hennessy Louis Vuitton	15,500	4,553,112
NIKE, Cl. B	72,840	4,556,142
		10,542,230
Consumer Services - 1.5%
McDonald's	36,650	6,308,198
Diversified Financials - 8.9%
American Express	73,125	7,262,044
BlackRock	21,750	11,173,192
Intercontinental Exchange	81,700	5,764,752
S&P Global	35,675	6,043,345
State Street	71,425	6,971,794
		37,215,127
Energy - 6.7%
Chevron	86,950	10,885,270
ConocoPhillips	89,650	4,920,889
Exxon Mobil	147,614	12,346,435
		28,152,594
Food & Staples Retailing - .9%
Walgreens Boots Alliance	52,100	3,783,502
Food, Beverage & Tobacco - 18.5%
Altria Group	190,200	13,582,182
Anheuser-Busch, ADR	37,800	4,216,968
Coca-Cola	246,125	11,292,215
Constellation Brands, Cl. A	23,100	5,279,967
Nestle, ADR	117,575	10,107,923
PepsiCo	66,575	7,983,674
Philip Morris International	232,850	24,600,602
		77,063,531
Health Care Equipment & Services - 2.6%
Abbott Laboratories	110,825	6,324,783
UnitedHealth Group	20,500	4,519,430
		10,844,213
Household & Personal Products - 3.7%
Estee Lauder, Cl. A	84,825	10,793,133



Description	Shares		Value ($)
Common Stocks - 99.4% (continued)
Household & Personal Products - 3.7% (continued)
Procter & Gamble	49,025		4,504,417
			15,297,550
Insurance - 2.8%
Chubb	79,350		11,595,415
Materials - 2.0%
Air Products & Chemicals	9,925		1,628,494
Praxair	42,825		6,624,171
			8,252,665
Media - 5.6%
Comcast, Cl. A	253,375		10,147,669
Twenty-First Century Fox, Cl. A	140,711		4,858,751
Walt Disney	75,850		8,154,634
			23,161,054
Pharmaceuticals, Biotechnology & Life Sciences - 6.6%
AbbVie	83,925		8,116,387
Novartis, ADR	57,925		4,863,383
Novo Nordisk, ADR	149,175		8,006,222
Roche Holding, ADR	212,400		6,707,592
			27,693,584
Semiconductors & Semiconductor Equipment - 5.0%
ASML Holding	38,250		6,648,615
Texas Instruments	136,675		14,274,337
			20,922,952
Software & Services - 16.7%
Alphabet, Cl. C	13,769	^a	14,407,882
Automatic Data Processing	18,965		2,222,508
Facebook, Cl. A	119,185	^a	21,031,385
Microsoft	257,010		21,984,635
Visa, Cl. A	87,900	^b	10,022,358
			69,668,768
Technology Hardware & Equipment - 5.9%
Apple	145,825		24,677,965
Transportation - 3.1%
Canadian Pacific Railway	32,575		5,953,407
Union Pacific	52,200		7,000,020
			12,953,427
Total Common Stocks (cost $174,392,042)			414,809,386

STATEMENT OF INVESTMENTS (continued)



Description	Shares		Value ($)
Other Investment - .5%
Registered Investment Company;
Dreyfus Institutional Preferred Government Plus Money Market Fund (cost $1,867,769)	1,867,769	^c	1,867,769
Total Investments (cost $176,259,811)	99.9%		416,677,155
Cash and Receivables (Net)	.1%		598,029
Net Assets	100.0%		417,275,184

ADR—American Depository Receipt

^aNon-income producing security.

^bSecurity, or portion thereof, on loan. At December 31, 2017, the value of the fund’s securities on loan was $9,922,134 and the value of the collateral held by the fund was $10,150,840, consisting of U.S. Government & Agency securities.

^cInvestment in affiliated money market mutual fund.


Portfolio Summary (Unaudited) ^†	Value (%)
Food, Beverage & Tobacco	18.5
Software & Services	16.7
Diversified Financials	8.9
Energy	6.7
Pharmaceuticals, Biotechnology & Life Sciences	6.6
Technology Hardware & Equipment	5.9
Media	5.6
Semiconductors & Semiconductor Equipment	5.0
Banks	4.8
Household & Personal Products	3.7
Transportation	3.1
Insurance	2.8
Health Care Equipment & Services	2.6
Consumer Durables & Apparel	2.5
Materials	2.0
Capital Goods	1.6
Consumer Services	1.5
Food & Staples Retailing	.9
Money Market Investment	.5
	99.9

^†Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS IN AFFILIATED ISSUERS


Registered Investment Companies	Value 12/31/16($)	Purchases($)	Sales ($)	Value 12/31/17($)	Net Assets(%)	Dividends/ Distributions($)
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares	1,363,070	125,398,599	126,761,669	–	–	–
Dreyfus Institutional Preferred Government Plus Money Market Fund	2,116,167	44,868,509	45,116,907	1,867,769	.5	14,735
Total	3,479,237	170,267,108	171,878,576	1,867,769	.5	14,735

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES
December 31, 2017



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments (including securities on loan, valued at $9,922,134)—Note 1(c):
Unaffiliated issuers	174,392,042	414,809,386
Affiliated issuers	1,867,769	1,867,769
Cash		13,407
Dividends and securities lending income receivable		806,913
Receivable for investment securities sold		613,104
Prepaid expenses		4,239
		418,114,818
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 3(b)		237,695
Due to Fayez Sarofim & Co.		76,895
Payable for shares of Beneficial Interest redeemed		449,420
Accrued expenses		75,624
		839,634
Net Assets ($)		417,275,184
Composition of Net Assets ($):
Paid-in capital		125,908,730
Accumulated undistributed investment income—net		313,234
Accumulated net realized gain (loss) on investments		50,631,889
Accumulated net unrealized appreciation (depreciation) on investments and foreign currency transactions		240,421,331
Net Assets ($)		417,275,184


Net Asset Value Per Share	Initial Shares	Service Shares
Net Assets ($)	271,790,016	145,485,168
Shares Outstanding	6,079,171	3,281,330
Net Asset Value Per Share ($)	44.71	44.34

See notes to financial statements.

STATEMENT OF OPERATIONS
Year Ended December 31, 2017




Investment Income ($):
Income:
Cash dividends (net of $192,268 foreign taxes withheld at source):
Unaffiliated issuers					8,860,481
Affiliated issuers					14,735
Income from securities lending—Note 1(c)					22,012
Total Income					8,897,228
Expenses:
Investment advisory fee—Note 3(a)					2,194,334
Sub-investment advisory fee—Note 3(a)					896,277
Distribution fees—Note 3(b)					395,060
Professional fees					108,379
Custodian fees—Note 3(b)					54,102
Trustees’ fees and expenses—Note 3(c)					26,761
Prospectus and shareholders’ reports					18,647
Loan commitment fees—Note 2					8,176
Shareholder servicing costs—Note 3(b)					2,369
Miscellaneous					19,979
Total Expenses					3,724,084
Less—reduction in fees due to earnings credits—Note 3(b)					(175)
Net Expenses					3,723,909
Investment Income—Net					5,173,319
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments					50,697,356
Net unrealized appreciation (depreciation) on investments and foreign currency transactions					42,703,302
Net Realized and Unrealized Gain (Loss) on Investments					93,400,658
Net Increase in Net Assets Resulting from Operations					98,573,977

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2017	2016
Operations ($):
Investment income—net	5,173,319	6,615,195
Net realized gain (loss) on investments	50,697,356	54,795,197
Net unrealized appreciation (depreciation) on investments	42,703,302	(29,273,746)
Net Increase (Decrease) in Net Assets Resulting from Operations	98,573,977	32,136,646
Distributions to Shareholders from ($):
Investment income—net:
Initial Shares	(3,397,259)	(4,007,827)
Service Shares	(1,710,007)	(2,543,769)
Net realized gain on investments:
Initial Shares	(32,675,856)	(36,865,750)
Service Shares	(22,119,380)	(33,615,443)
Total Distributions	(59,902,502)	(77,032,789)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Initial Shares	7,444,269	5,270,922
Service Shares	8,089,313	8,903,056
Distributions reinvested:
Initial Shares	36,073,115	40,873,577
Service Shares	23,829,387	36,159,212
Cost of shares redeemed:
Initial Shares	(35,224,654)	(42,252,305)
Service Shares	(61,387,520)	(92,527,613)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions	(21,176,090)	(43,573,151)
Total Increase (Decrease) in Net Assets	17,495,385	(88,469,294)
Net Assets ($):
Beginning of Period	399,779,799	488,249,093
End of Period	417,275,184	399,779,799
Undistributed investment income—net	313,234	247,181
Capital Share Transactions (Shares):
Initial Shares
Shares sold	177,820	127,906
Shares issued for distributions reinvested	937,609	1,041,157
Shares redeemed	(847,904)	(1,035,420)
Net Increase (Decrease) in Shares Outstanding	267,525	133,643
Service Shares
Shares sold	198,043	217,885
Shares issued for distributions reinvested	625,749	928,366
Shares redeemed	(1,507,252)	(2,328,849)
Net Increase (Decrease) in Shares Outstanding	(683,460)	(1,182,598)

See notes to financial statements.

FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. The fund’s total returns do not reflect expenses associated with variable annuity or insurance contracts. These figures have been derived from the fund’s financial statements.




Initial Shares		Year Ended December 31,
		2017	2016	2015	2014	2013
Per Share Data ($):
Net asset value, beginning of period	41.01		45.23	49.51	47.95	40.47
Investment Operations:
Investment income—net^a	.56		.68	.80	.89	.86
Net realized and unrealized gain (loss) on investments	9.55		2.48	(1.97)	2.86	7.59
Total from Investment Operations	10.11		3.16	(1.17)	3.75	8.45
Distributions:
Dividends from investment income—net	(.57)		(.69)	(.81)	(.90)	(.87)
Dividends from net realized gain on investments	(5.84)		(6.69)	(2.30)	(1.29)	(.10)
Total Distributions	(6.41)		(7.38)	(3.11)	(2.19)	(.97)
Net asset value, end of period	44.71		41.01	45.23	49.51	47.95
Total Return (%)	27.33		7.91	(2.47)	8.09	21.11
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.81		.82	.80	.80	.81
Ratio of net expenses to average net assets	.81		.82	.80	.80	.81
Ratio of net investment income to average net assets	1.35		1.64	1.70	1.84	1.95
Portfolio Turnover Rate	3.97		4.19	11.97	3.65	7.71
Net Assets, end of period ($ x 1,000)	271,790		238,340	256,828	329,802	360,197

^aBased on average shares outstanding.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)




Service Shares		Year Ended December 31,
		2017	2016	2015	2014	2013
Per Share Data ($):
Net asset value, beginning of period	40.72		44.96	49.23	47.69	40.25
Investment Operations:
Investment income—net^a	.46		.57	.68	.76	.75
Net realized and unrealized gain (loss) on investments	9.46		2.46	(1.96)	2.85	7.55
Total from Investment Operations	9.92		3.03	(1.28)	3.61	8.30
Distributions:
Dividends from investment income—net	(.46)		(.58)	(.69)	(.78)	(.76)
Dividends from net realized gain on investments	(5.84)		(6.69)	(2.30)	(1.29)	(.10)
Total Distributions	(6.30)		(7.27)	(2.99)	(2.07)	(.86)
Net asset value, end of period	44.34		40.72	44.96	49.23	47.69
Total Return (%)	27.00		7.64	(2.72)	7.83	20.83
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.06		1.07	1.05	1.05	1.06
Ratio of net expenses to average net assets	1.06		1.07	1.05	1.05	1.06
Ratio of net investment income to average net assets	1.11		1.41	1.45	1.59	1.70
Portfolio Turnover Rate	3.97		4.19	11.97	3.65	7.71
Net Assets, end of period ($ x 1,000)	145,485		161,440	231,421	264,795	254,928

^aBased on average shares outstanding.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Appreciation Portfolio (the “fund”) is a separate diversified series of Dreyfus Variable Investment Fund (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently offering seven series, including the fund. The fund is only offered to separate accounts established by insurance companies to fund variable annuity contracts and variable life insurance policies. The fund’s investment objective is to seek long-term capital growth consistent with the preservation of capital. The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser. Fayez Sarofim & Co. (“Sarofim & Co.”) serves as the fund’s sub–investment adviser.

MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of the fund’s shares, which are sold without a sales charge. The fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Initial and Service. Each class of shares has identical rights and privileges, except with respect to the Distribution Plan, and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

The Company 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 Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The Company enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these

NOTES TO FINANCIAL STATEMENTS (continued)

arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.

(a) Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of

the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

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. These securities are generally categorized within Level 2 of the fair value hierarchy.

Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined to not accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Company’s Board of Trustees (the “Board”). Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.

Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange.

The following is a summary of the inputs used as of December 31, 2017 in valuing the fund’s investments:

NOTES TO FINANCIAL STATEMENTS (continued)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:
Equity Securities - Domestic Common Stocks^†		362,319,188	-	-	362,319,188
Equity Securities - Foreign Common Stocks^†		46,504,110	5,986,088^††	-	52,490,198
Registered Investment Company		1,867,769	-	-	1,867,769

^†See Statement of Investments for additional detailed categorizations.

^††Securities classified within Level 2 at period end as the values were determined pursuant to the fund’s fair valuation procedures.

At December 31, 2017, the amount of securities transferred between levels equals fair value of exchange traded equity securities reported as Level 2 in the table above. It is the fund’s policy to recognize transfers between levels at the end of the reporting period.

(b) Foreign currency transactions: The fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized on securities transactions between trade and settlement date, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments resulting from changes in exchange rates. Foreign currency gains and losses on foreign currency transactions are also included with net realized and unrealized gain or loss on investments.

(c) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses 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, accretion of discount and

amortization of premium on investments, is recognized on the accrual basis.

Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by Dreyfus, or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended December 31, 2017, The Bank of New York Mellon earned $4,048 from lending portfolio securities, pursuant to the securities lending agreement.

(d) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” under the Act.

(e) Dividends and distributions to shareholders: Dividends and distributions are recorded on the ex-dividend date. Dividends from investment income-net are normally declared and paid quarterly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund 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 gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

(f) Federal income taxes: It is the policy of the fund 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.

NOTES TO FINANCIAL STATEMENTS (continued)

As of and during the period ended December 31, 2017, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended December 31, 2017, the fund did not incur any interest or penalties.

Each tax year in the four-year period ended December 31, 2017 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At December 31, 2017, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $408,388, undistributed capital gains $50,593,970 and unrealized appreciation $240,364,096.

The tax character of distributions paid to shareholders during the fiscal periods ended December 31, 2017 and December 31, 2016 were as follows: ordinary income $5,358,909 and $6,712,726, and long-term capital gains $54,543,593 and $70,320,063, respectively.

NOTE 2—Bank Lines of Credit:

The fund participates with other Dreyfus-managed funds in an $830 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of New York Mellon (each, a “Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. Prior to October 4, 2017, the unsecured credit facility with Citibank, N.A. was $810 million. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended December 31, 2017, the fund did not borrow under the Facilities.

NOTE 3—Investment Advisory Fee, Sub-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 .5325% of the value of the fund’s average daily net assets. Pursuant to a sub-investment advisory agreement with Sarofim & Co., the fund pays Sarofim & Co. a monthly sub-investment advisory fee at the annual rate of .2175% of the value of the fund’s average daily net assets. Both fees are payable monthly.

advertising and marketing for Service shares. The Distribution Plan provides for payments to be made at an annual rate of .25% of the value of the Service shares’ average daily net assets. The Distributor may make payments to Participating Insurance Companies and to brokers and dealers acting as principal underwriter for their variable insurance products. The fees payable under the Distribution Plan are payable without regard to actual expenses incurred. During the period ended December 31, 2017, Service shares were charged $395,060 pursuant to the Distribution Plan.

The fund has arrangements with the transfer agent and the custodian whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.

The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the fund. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended December 31, 2017, the fund was charged $1,980 for transfer agency services and $175 for cash management services. These fees are included in Shareholder servicing costs in the Statement of Operations. Cash management fees were offset by earnings credits of $175.

The fund compensates The Bank of New York Mellon under a custody agreement for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended December 31, 2017, the fund was charged $54,102 pursuant to the custody agreement.

During the period ended December 31, 2017, the fund was charged $11,202 for services performed by the Chief Compliance Officer and his staff.

The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: investment advisory fees $188,262, Distribution Plan fees $30,964, custodian fees $9,500, Chief Compliance Officer fees $8,406 and transfer agency fees $563.

(c) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended December 31, 2017, amounted to $16,213,631 and $91,885,608, respectively.

At December 31, 2017, the cost of investments for federal income tax purposes was $176,317,046; accordingly, accumulated net unrealized appreciation on investments was $240,360,109, consisting of gross unrealized appreciation.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of Dreyfus Variable Investment Fund, Appreciation Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Dreyfus Variable Investment Fund, Appreciation Portfolio (one of the series comprising Dreyfus Variable Investment Fund) (the “Fund”), including the statements of investments and investments in affiliated issuers, as of December 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of Dreyfus Variable Investment Fund, Appreciation Portfolio at December 31, 2017, 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 its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and others or by other appropriate auditing procedures where replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Dreyfus investment companies since at least 1957, but we are unable to determine the specific year.

New York, New York
February 09, 2018

IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund hereby reports 100% of the ordinary dividends paid during the fiscal year ended December 31, 2017 as qualifying for the corporate dividends received deduction. Shareholders will receive notification in early 2018 of the percentage applicable to the preparation of their 2017 income tax returns. Also, the fund hereby reports $.0268 per share as a short-term capital gain distribution and $5.8089 per share as a long-term capital gain distribution paid on March 31, 2017.

INFORMATION ABOUT THE RENEWAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited)

At a meeting of the fund’s Board of Trustees held on July 18, 2017, the Board considered the renewal of the fund’s Investment Advisory Agreement, pursuant to which Dreyfus provides the fund with investment advisory and administrative services (the “Agreement”), and the Sub-Investment Advisory Agreement (together, the “Agreements”), pursuant to which Fayez Sarofim & Co. (the “Subadviser”) provides day-to-day management of the fund’s investments. The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of Dreyfus and the Subadviser. In considering the renewal of the Agreements, the Board considered all factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

Analysis of Nature, Extent, and Quality of Services Provided to the Fund. The Board considered information provided to them at the meeting and in previous presentations from Dreyfus representatives regarding the nature, extent, and quality of the services provided to funds in the Dreyfus fund complex. Dreyfus provided the number of open accounts in the fund, the fund’s asset size and the allocation of fund assets among distribution channels. Dreyfus also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the Dreyfus fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or Dreyfus) and Dreyfus’ corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the fund.

The Board also considered research support available to, and portfolio management capabilities of, the fund’s portfolio management personnel and that Dreyfus also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered Dreyfus’ extensive administrative, accounting and compliance infrastructures, as well as Dreyfus’ supervisory activities over the Subadviser. The Board also considered portfolio management’s brokerage policies and practices (including policies and practices regarding soft dollars) and the standards applied in seeking best execution.

INFORMATION ABOUT THE RENEWAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited) (continued)

“Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. Dreyfus previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

Dreyfus representatives stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations that may be applicable to the fund and comparison funds. The Board discussed with representatives of Dreyfus, its affiliates and/or the Subadviser the results of the comparisons and considered that the fund’s total return performance was below the Performance Group and Performance Universe medians, except for the one- and ten-year periods when the fund’s performance was at the Performance Group median and above the Performance Universe median. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index and noted that the fund’s performance was above the return of the index in four of the ten years.

The Board had discussed with representatives of Dreyfus, its affiliates and the Subadviser the investment strategy employed in the management of the fund’s assets and how that strategy affected the fund’s relative performance. They discussed, among other matters, the fact that the economic market in recent years was not of the type best suited to the Subadviser’s specific investment strategy.

The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was at the Expense Group median and the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.

Dreyfus representatives reviewed with the Board the management or investment advisory fees (1) paid by funds advised or administered by Dreyfus that are in the same Broadridge category as the fund and (2) paid to Dreyfus or the Subadviser or its affiliates for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (the “Similar Clients”), and explained the nature of the Similar Clients. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness of the fund’s management fee.

The Board considered the fee to the Subadviser in relation to the fee paid to Dreyfus by the fund and the respective services provided by the Subadviser and Dreyfus.

profitability results were not unreasonable, given the services rendered and service levels provided by Dreyfus. The Board also had been provided with information prepared by an independent consulting firm regarding Dreyfus’ approach to allocating costs to, and determining the profitability of, individual funds and the entire Dreyfus fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.

The Board considered on the advice of its counsel the profitability analysis (1) as part of its evaluation of whether the fees under the Agreements, considered in relation to the mix of services provided by Dreyfus and the Subadviser, including the nature, extent and quality of such services, supported the renewal of the Agreements and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Dreyfus representatives stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the possibility that Dreyfus may have realized any economies of scale would be less. Dreyfus representatives also stated that, as a result of shared and allocated costs among funds in the Dreyfus fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund’s asset level. The Board also considered potential benefits to Dreyfus and the Subadviser from acting as investment adviser and sub-investment adviser, respectively, and took into consideration the soft dollar arrangements in effect for trading the fund’s investments.

At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreements. Based on the discussions and considerations as described above, the Board concluded and determined as follows.

· The Board concluded that the nature, extent and quality of the services provided by Dreyfus and the Subadviser are adequate and appropriate.

· The Board agreed to continue to closely monitor performance and determined to approve renewal of the Agreements through March 31, 2018.

· The Board concluded that the fees paid to Dreyfus and the Subadviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above, subject to review no later than the next renewal consideration.

· The Board determined that the economies of scale which may accrue to Dreyfus and its affiliates in connection with the management of the fund had been adequately considered by Dreyfus in connection with the fee rate charged to the fund pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the

INFORMATION ABOUT THE RENEWAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited) (continued)

fund, the Board would seek to have those economies of scale shared with the fund.

In evaluating the Agreements, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with Dreyfus and its affiliates and the Subadviser, of Dreyfus and the Subadviser and the services provided to the fund by Dreyfus and the Subadviser. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreements, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for this fund had the benefit of a number of years of reviews of the Agreements for the fund, or substantially similar agreements for other Dreyfus funds that the Board oversees, during which lengthy discussions took place between the Board and Dreyfus representatives. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on their consideration of the fund’s arrangements, or substantially similar arrangements for other Dreyfus funds that the Board oversees, in prior years. The Board determined to renew the Agreements through March 31, 2018.

BOARD MEMBERS INFORMATION (Unaudited)

INDEPENDENT BOARD MEMBERS

Joseph S. DiMartino (74)

Chairman of the Board (1995)

Principal Occupation During Past 5 Years:

· Corporate Director and Trustee (1995-present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies, Director (1997-present)

No. of Portfolios for which Board Member Serves: 127

———————

Peggy C. Davis (74)

Board Member (2006)

Principal Occupation During Past 5 Years:

· Shad Professor of Law, New York University School of Law (1983-present)

No. of Portfolios for which Board Member Serves: 46

———————

David P. Feldman (78)

Board Member (1994)

Principal Occupation During Past 5 Years:

· Corporate Director and Trustee (1985-present)

Other Public Company Board Memberships During Past 5 Years:

· BBH Mutual Funds Group (5 registered mutual funds), Director (1992-2014)

No. of Portfolios for which Board Member Serves: 32

———————

Joan Gulley (70)

Board Member (2017)

Principal Occupation During Past 5 Years:

· PNC Financial Services Group, Inc.(1993-2014), Executive Vice President and Chief Human Resources Officer and Executive Committee Member (2008-2014)

No. of Portfolios for which Board Member Serves: 54

———————

BOARD MEMBERS INFORMATION (Unaudited) (continued)
INDEPENDENT BOARD MEMBERS (continued)

Ehud Houminer (77)

Board Member (2006)

Principal Occupation During Past 5 Years:

· Board of Overseers at the Columbia Business School, Columbia University (1992-present)

· Trustee, Ben Gurion University

Other Public Company Board Memberships During Past 5 Years:

· Avnet, Inc., an electronics distributor, Director (1993-2012)

No. of Portfolios for which Board Member Serves: 54

———————

Lynn Martin (78)

Board Member (2012)

Principal Occupation During Past 5 Years:

· President of The Martin Hall Group LLC, a human resources consulting firm (2005-2012)

Other Public Company Board Memberships During Past 5 Years:

· AT&T, Inc., a telecommunications company, Director (1999-2012)

· Ryder System, Inc., a supply chain and transportation management company, Director (1993-2012)

No. of Portfolios for which Board Member Serves: 32

———————

Robin A. Melvin (54)

Board Member (2012)

Principal Occupation During Past 5 Years:

· Co-chairman, Illinois Mentoring Partnership, non-profit organization dedicated to increasing the quantity and quality of mentoring services in Illinois; (2014-present; board member since 2013)

· Director, Boisi Family Foundation, a private family foundation that supports youth-serving organizations that promote the self sufficiency of youth from disadvantaged circumstances (1995-2012)

No. of Portfolios for which Board Member Serves: 101

———————

Dr. Martin Peretz (78)

Board Member (1990)

Principal Occupation During Past 5 Years:

· Editor-in-Chief Emeritus of The New Republic Magazine (2011-2012) (previously,

Editor-in-Chief, 1974-2011)

· Lecturer at Harvard University (1969-2012)

No. of Portfolios for which Board Member Serves: 32

———————

Once elected all Board Members serve for an indefinite term, but achieve Emeritus status upon reaching age 80. The address of the Board Members and Officers is c/o The Dreyfus Corporation, 200 Park Avenue, New York, New York 10166. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-DREYFUS.

James F. Henry, Emeritus Board Member
Philip L. Toia, Emeritus Board Member

OFFICERS OF THE FUND (Unaudited)

BRADLEY J. SKAPYAK, President since January 2010.

Chief Operating Officer and a director of the Manager since June 2009, Chairman of Dreyfus Transfer, Inc., an affiliate of the Manager and the transfer agent of the funds, since May 2011 and Chief Executive Officer of MBSC Securities Corporation since August 2016. He is an officer of 63 investment companies (comprised of 127 portfolios) managed by the Manager. He is 59 years old and has been an employee of the Manager since February 1988.

BENNETT A. MACDOUGALL, Chief Legal Officer since October 2015.

Chief Legal Officer of the Manager and Associate General Counsel and Managing Director of BNY Mellon since June 2015; from June 2005 to June 2015, he served in various capacities with Deutsche Bank – Asset & Wealth Management Division, including as Director and Associate General Counsel, and Chief Legal Officer of Deutsche Investment Management Americas Inc. from June 2012 to May 2015. He is an officer of 64 investment companies (comprised of 152 portfolios) managed by the Manager. He is 46 years old and has been an employee of the Manager since June 2015.

JANETTE E. FARRAGHER, Vice President and Secretary since December 2011.

Associate General Counsel of BNY Mellon, and an officer of 64 investment companies (comprised of 152 portfolios) managed by the Manager. She is 55 years old and has been an employee of the Manager since February 1984.

JAMES BITETTO, Vice President and Assistant Secretary since August 2005.

Managing Counsel of BNY Mellon and Secretary of the Manager, and an officer of 64 investment companies (comprised of 152 portfolios) managed by the Manager. He is 51 years old and has been an employee of the Manager since December 1996.

JOSEPH M. CHIOFFI, Vice President and Assistant Secretary since August 2005.

Managing Counsel of BNY Mellon, and an officer of 64 investment companies (comprised of 152 portfolios) managed by the Manager. He is 56 years old and has been an employee of the Manager since June 2000.

MAUREEN E. KANE, Vice President and Assistant Secretary since April 2015.

Managing Counsel of BNY Mellon since July 2014; from October 2004 until July 2014, General Counsel, and from May 2009 until July 2014, Chief Compliance Officer of Century Capital Management. She is an officer of 64 investment companies (comprised of 152 portfolios) managed by the Manager. She is 55 years old and has been an employee of the Manager since July 2014.

SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.

Senior Counsel of BNY Mellon since March 2013, from August 2005 to March 2013, Associate General Counsel of Third Avenue Management. She is an officer of 64 investment companies (comprised of 152 portfolios) managed by the Manager. She is 42 years old and has been an employee of the Manager since March 2013.

JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.

Senior Managing Counsel of BNY Mellon, and an officer of 64 investment companies (comprised of 152 portfolios) managed by the Manager. He is 52 years old and has been an employee of the Manager since October 1990.

NATALYA ZELENSKY, Vice President and Assistant Secretary since March 2017.

Counsel and Vice President of BNY Mellon since May 2016; Attorney at Wildermuth Endowment Strategy Fund/Wildermuth Advisory, LLC from November 2015 until May 2016; Assistant General Counsel at RCS Advisory Services from July 2014 until November 2015; Associate at Sutherland, Asbill & Brennan from January 2013 until January 2014; Associate at K&L Gates from October 2011 until January 2013. She is an officer of 64 investment companies (comprised of 152 portfolios) managed by Dreyfus. She is 32 years old and has been an employee of the Manager since May 2016.

JAMES WINDELS, Treasurer since November 2001.

Director – Mutual Fund Accounting of the Manager, and an officer of 64 investment companies (comprised of 152 portfolios) managed by the Manager. He is 59 years old and has been an employee of the Manager since April 1985.

RICHARD CASSARO, Assistant Treasurer since January 2008.

Senior Accounting Manager – Money Market and Municipal Bond Funds of the Manager, and an officer of 64 investment companies (comprised of 152 portfolios) managed by the Manager. He is 58 years old and has been an employee of the Manager since September 1982.

GAVIN C. REILLY, Assistant Treasurer since December 2005.

Tax Manager of the Investment Accounting and Support Department of the Manager, and an officer of 64 investment companies (comprised of 152 portfolios) managed by the Manager. He is 49 years old and has been an employee of the Manager since April 1991.

ROBERT S. ROBOL, Assistant Treasurer since August 2005.

Senior Accounting Manager – Dreyfus Financial Reporting of the Manager, and an officer of 64 investment companies (comprised of 152 portfolios) managed by the Manager. He is 53 years old and has been an employee of the Manager since October 1988.

ROBERT SALVIOLO, Assistant Treasurer since July 2007.

Senior Accounting Manager – Equity Funds of the Manager, and an officer of 64 investment companies (comprised of 152 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since June 1989.

ROBERT SVAGNA, Assistant Treasurer since December 2002.

Senior Accounting Manager – Fixed Income and Equity Funds of the Manager, and an officer of 64 investment companies (comprised of 152 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since November 1990.

JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.

Chief Compliance Officer of the Manager and The Dreyfus Family of Funds (64 investment companies, comprised of 152 portfolios). He is 60 years old and has served in various capacities with the Manager since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.

CARIDAD M. CAROSELLA, Anti-Money Laundering Compliance Officer since January 2016.

Anti-Money Laundering Compliance Officer of the Dreyfus Family of Funds and BNY Mellon Funds Trust since January 2016; from May 2015 to December 2015, Interim Anti-Money Laundering Compliance Officer of the Dreyfus Family of Funds and BNY Mellon Funds Trust and the Distributor; from January 2012 to May 2015, AML Surveillance Officer of the Distributor and from 2007 to December 2011, Financial Processing Manager of the Distributor. She is an officer of 58 investment companies (comprised of 146 portfolios) managed by the Manager. She is 49 years old and has been an employee of the Distributor since 1997.

NOTES

For More Information

Dreyfus Variable Investment Fund, Appreciation Portfolio

200 Park Avenue
New York, NY 10166

Manager

The Dreyfus Corporation
200 Park Avenue
New York, NY 10166

Sub-Investment Adviser

Fayez Sarofim & Co.
Two Houston Center
Suite 2907
Houston, TX 77010

Custodian

The Bank of New York Mellon
225 Liberty Street
New York, NY 10286

Transfer Agent &
Dividend Disbursing Agent

Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166

Distributor

MBSC Securities Corporation
200 Park Avenue
New York, NY 10166

Telephone 1-800-258-4260 or 1-800-258-4261

Mail The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144 Attn: Institutional Services Department

E-mail Send your request to info@dreyfus.com

Internet Information can be viewed online or downloaded at www.dreyfus.com

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at http://www.dreyfus.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-DREYFUS.


© 2018 MBSC Securities Corporation 0112AR1217

Dreyfus Variable Investment Fund, Government Money Market Portfolio


		ANNUAL REPORT December 31, 2017

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

Contents

THE FUND

FOR MORE INFORMATION

Back Cover


	Dreyfus Variable Investment Fund, Government Money Market Portfolio		The Fund

A LETTER FROM THE PRESIDENT OF DREYFUS

Dear Shareholder:

We are pleased to present this annual report for Dreyfus Variable Investment Fund, Government Money Market Portfolio, covering the 12-month period from January 1, 2017 through December 31, 2017. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.

Thank you for your continued confidence and support.

Sincerely,

Renee Laroche-Morris
President
The Dreyfus Corporation
January 16, 2018

DISCUSSION OF FUND PERFORMANCE

For the period from January 1, 2017 through December 31, 2017, as provided by Bernard W. Kiernan, Jr., Senior Portfolio Manager

Market and Fund Performance Overview

For the 12-month period ended December 31, 2017, Dreyfus Variable Investment Fund, Government Money Market Portfolio produced a yield of 0.34%. Taking into account the effects of compounding, the fund provided an effective yield of 0.34% for the same period.¹

Yields of money market instruments climbed during 2017 in response to a series of increases in short-term interest rates from the Federal Reserve Board (the “Fed”).

The Fund’s Investment Approach

The fund seeks as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goal, the fund normally invests at least 99.5% of its total assets in securities issued or guaranteed as to principal and interest by the U.S. government or its agencies or instrumentalities, repurchase agreements collateralized solely by cash and/or government securities, and cash (including tri-party repurchase agreements). The securities in which the fund invests include those backed by the full faith and credit of the U.S. government and those that are neither insured nor guaranteed by the U.S. government.

Short-Term Interest Rates Moved Higher

The reporting period began in the wake of a December 2016 interest-rate hike from the Fed—which raised the target for the federal funds rate 0.25 percentage points to between 0.50% and 0.75%—as investors and policymakers looked forward to stronger economic growth stemming, in part, from the business-friendly policies of a newly elected U.S. presidential administration. The economy appeared to maintain its momentum in January 2017, when manufacturing and non-manufacturing activity continued to expand. The economy added 216,000 new jobs in January 2017 but the unemployment rate rose to 4.8% in that month. February saw the addition of 232,000 jobs and an unemployment rate of 4.7%. Corporate earnings exceeded expectations, and consumer and business confidence proved strong. In March, the Fed again raised the federal funds rate, sending it to between 0.75% and 1.00%. Although the unemployment rate fell to 4.5%, job creation declined to 50,000 new positions in March. The U.S. economy produced a 1.2% annualized growth rate over the first quarter of the year.

Consumer confidence moderated in April and U.S. manufacturing activity slowed, but corporate earnings continued to exceed forecasts. The labor market rebounded with 207,000 new jobs and an unemployment rate of 4.4%. In May, 145,000 new jobs were created, and the unemployment rate slid to 4.3%. Manufacturing activity continued to expand in June with 15 of 18 manufacturing industries reporting growth. The unemployment rate ticked higher to 4.4%, and 210,000 new jobs were added. The Fed again raised short-term interest rates, sending the federal funds rate to between 1.00% and 1.25%. The U.S. economy grew at a more robust 3.1% annualized rate during the second quarter of 2017.

The economy generated 138,000 new jobs in July, and the unemployment rate returned to 4.3%. Activity in the manufacturing and services sectors continued to grow but at slower

DISCUSSION OF FUND PERFORMANCE (continued)

rates than previously. In August, 208,000 jobs were added, and the unemployment rate rose to 4.4%. Housing starts exceeded forecasts, but retail sales generally disappointed.

September saw U.S. factory activity climb to a 13-year high as companies invested to make their operations more efficient. In that month, the labor market produced only 38,000 new jobs, in part due to hurricanes affecting Florida and Texas. Yet, the unemployment rate fell to 4.2%. The U.S. economy expanded at a 3.2% annualized rate over the third quarter.

The unemployment rate declined to 4.1% in October, its lowest level since December 2000, and 211,000 jobs were created. In October, automobile purchases increased 0.7% as Gulf Coast residents replaced flood-damaged vehicles. November saw a renewed surge in stock prices when tax reform legislation made progress. The holiday shopping season got off to a strong start with a 0.8% increase in retail sales. The U.S. economy added an estimated 252,000 jobs, and the unemployment rate remained at 4.1%. The Fed implemented its third interest-rate hike of 2017 in December, raising the federal funds rate to between 1.25% and 1.50%. In that month, the unemployment rate remained at 4.1% and an estimated 148,000 new jobs were created. Retail sales during the holiday season climbed 4.9% compared to the previous year, and investors responded positively to the enactment of federal tax-reform legislation before year-end.

Additional Rate Hikes Expected

The Fed began in October to further moderate its accommodative monetary policy by unwinding its balance sheet through the sale of U.S. government securities. In addition, we believe more short-term interest-rate hikes are anticipated in 2018.

In the rising-interest-rate environment, we have maintained the fund’s weighted average maturity in a range that is modestly shorter than industry averages. This strategy is intended to capture higher yields as they become available. As always, we have retained our longstanding focus on quality and liquidity.

January 16, 2018

¹ Effective yield is based upon dividends declared daily and reinvested monthly. Past performance is no guarantee of future results. Yields fluctuate. The fund’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. Yields provided for the fund reflect the absorption of certain fund expenses by The Dreyfus Corporation pursuant to an undertaking in effect that may be extended, terminated, or modified at any time. Had these expenses not been absorbed, fund yields would have been lower, and in some cases, seven-day yields during the reporting period would have been negative absent the expense absorption.

You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

Although the fund’s board has no current intention to impose a fee upon the sale of shares or temporarily suspend redemptions if the fund’s liquidity falls below certain levels, the board reserves the ability to do so after providing at least 60 days’ prior written notice to shareholders.

The fund is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies. Individuals may not purchase shares of the fund directly. A variable annuity is an insurance contract issued by an insurance company that enables investors to accumulate assets on a tax-deferred basis for retirement or other long-term goals. The investment objective and policies of Dreyfus Variable Investment Fund, Government Money Market Portfolio made available through insurance products may be similar to those of other funds managed or advised by Dreyfus. However, the investment results of the fund may be higher or lower than, and may not be comparable to, those of any other Dreyfus fund.

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Variable Investment Fund, Government Money Market Portfolio from July 1, 2017 to December 31, 2017. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.


Expenses and Value of a $1,000 Investment
assuming actual returns for the six months ended December 31, 2017

Expenses paid per $1,000^†						$2.93
Ending value (after expenses)						$1,002.60

COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses


Expenses and Value of a $1,000 Investment
assuming a hypothetical 5% annualized return for the six months ended December 31, 2017

Expenses paid per $1,000^†						$2.96
Ending value (after expenses)						$1,022.28

^† Expenses are equal to the fund’s annualized expense ratio of .58%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS
December 31, 2017


Description	Principal Amount ($)		Value ($)
U.S. Government Agencies - 45.5%
Federal Farm Credit Bank
1.37%, 1/9/18, 1 Month LIBOR + 0.045%	175,000	^a	175,051
Federal Home Loan Bank
1.11%, 1/2/18	15,000,000		14,999,538
Federal Home Loan Bank
1.15%, 1/25/18, 1 Month LIBOR - 0.175%	5,000,000	^a	5,000,000
Federal Home Loan Bank
1.26%, 1/26/18	20,000,000		19,982,569
Federal Home Loan Bank
1.27%, 1/23/18, 1 Month LIBOR - 0.035%	5,000,000	^a	5,000,298
Federal Home Loan Bank
1.35%, 4/5/18	10,000,000		9,965,011
Federal Home Loan Bank
1.35%, 1/19/18, 1 Month LIBOR - 0.1425%	10,000,000	^a	10,000,000
Federal Home Loan Bank
1.37%, 1/17/18, 1 Month LIBOR - 0.12%	5,000,000	^a	5,000,000
Federal Home Loan Bank
1.45%, 2/22/18, 3 Month LIBOR + 0%	5,000,000	^a	5,000,000
Federal Home Loan Mortgage Corp.
1.15%, 1/12/18, Notes, Ser. 1	9,253,000	^b	9,251,830
Federal National Mortgage Association
1.59%, 3/21/18, 3 Month LIBOR - 0.05%	5,000,000	^a,b	5,000,000
Total U.S. Government Agencies (cost $89,374,297)			89,374,297
U.S. Treasury Notes - 17.8%
U.S. Treasury Notes
1.13%, 2/28/18	15,000,000		14,990,854
U.S. Treasury Notes
1.16%, 2/15/18	20,000,000		19,995,471
Total U.S. Treasury Notes (cost $34,986,325)			34,986,325
Repurchase Agreements - 36.2%
Bank of Nova Scotia
Tri-Party Agreement thru BNY Mellon, 1.36%, dated 12/29/17, due 1/2/18 in the amount of $21,003,173 (fully collateralized by $19,573,555 U.S. Treasuries, 0.13%-6.25%, due 4/15/19-2/15/46, value $21,424,313)	21,000,000		21,000,000
BNP Paribas
Tri-Party Agreement thru BNY Mellon, 1.38%, dated 12/29/17, due 1/2/18 in the amount of $40,006,133 (fully collateralized by $42,462,248 U.S. Treasuries (including strips), 0%-2.50%, due 1/4/18-5/15/46, value $40,800,534)	40,000,000		40,000,000


Description	Principal Amount ($)	Value ($)
Repurchase Agreements - 36.2% (continued)
BNP Paribas
Tri-Party Agreement thru BNY Mellon, 1.30%, dated 12/14/17, due 1/12/18 in the amount of $10,010,472 (fully collateralized by $9,872,198 U.S. Treasuries (including strips), 0%-3.63%, due 4/15/28-8/15/45, value $10,201,923)	10,000,000	10,000,000
Total Repurchase Agreements (cost $71,000,000)		71,000,000
Total Investments (cost $195,360,622)	99.5%	195,360,622
Cash and Receivables (Net)	.5%	986,556
Net Assets	100.0%	196,347,178

^a Variable rate security—rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date.

^b The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.


Portfolio Summary (Unaudited) ^†	Value (%)
Federal Home Loan Bank	38.2
Repurchase Agreements	36.2
U.S. Treasury Notes	17.8
Federal Home Loan Mortgage Corporation	4.7
Federal National Mortgage Association	2.5
Federal Farm Credit Bank	.1
	99.5

^† Based on net assets.

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES
December 31, 2017



	Cost		Value
Assets ($):
Investments in securities—See Statement of Investments (including repurchase agreements of $71,000,000) —Note 1(b)	195,360,622		195,360,622
Cash			1,028,664
Interest receivable			180,951
Prepaid expenses			689
			196,570,926
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 2(b)			97,308
Payable for shares of Beneficial Interest redeemed			77,875
Accrued expenses			48,565
			223,748
Net Assets ($)			196,347,178
Composition of Net Assets ($):
Paid-in capital			196,339,352
Accumulated undistributed investment income—net			7,826
Net Assets ($)			196,347,178
Shares Outstanding
(unlimited number of $.001 par value shares of Beneficial Interest authorized)		196,308,078
Net Asset Value Per Share ($)		1.00

See notes to financial statements.

STATEMENT OF OPERATIONS
Year Ended December 31, 2017




Investment Income ($):
Interest Income					1,528,969
Expenses:
Investment advisory fee—Note 2(a)					813,896
Professional fees					73,168
Trustees’ fees and expenses—Note 2(c)					13,362
Custodian fees—Note 2(b)					12,679
Prospectus and shareholders’ reports					12,237
Shareholder servicing costs—Note 2(b)					534
Miscellaneous					16,935
Total Expenses					942,811
Less—reduction in expenses due to undertaking—Note 2(a)					(18,661)
Less—reduction in fees due to earnings credits—Note 2(b)					(2,882)
Net Expenses					921,268
Investment Income—Net, representing net increase in net assets resulting from operations					607,701

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2017	2016
Operations ($):
Investment income—net	607,701	15,606
Net realized gain (loss) on investments	-	815
Net Increase (Decrease) in Net Assets Resulting from Operations	607,701	16,421
Distributions to Shareholders from ($):
Investment income—net	(600,690)	(19,832)
Beneficial Interest Transactions ($1.00 per share):
Net proceeds from shares sold	502,509,413	327,176,459
Distributions reinvested	600,690	19,832
Cost of shares redeemed	(455,428,616)	(331,110,588)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions	47,681,487	(3,914,297)
Total Increase (Decrease) in Net Assets	47,688,498	(3,917,708)
Net Assets ($):
Beginning of Period	148,658,680	152,576,388
End of Period	196,347,178	148,658,680
Undistributed investment income—net	7,826	-

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 fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. The fund’s total returns do not reflect expenses associated with variable annuity or insurance contracts. These figures have been derived from the fund’s financial statements.




	Year Ended December 31,
	2017	2016	2015	2014	2013
Per Share Data ($):
Net asset value, beginning of period	1.00	1.00	1.00	1.00	1.00
Investment Operations:
Investment income—net	.003	.000^a	.000^a	.000^a	.000^a
Distributions:
Dividends from investment income—net	(.003)	(.000)^a	(.000)^a	(.000)^a	(.000)^a
Net asset value, end of period	1.00	1.00	1.00	1.00	1.00
Total Return (%)	.34	.02	.00^b	.00^b	.00^b
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.58	.62	.62	.59	.60
Ratio of net expenses to average net assets	.57	.39	.23	.14	.14
Ratio of net investment income to average net assets	.37	.01	.00^b	.00^b	.00^b
Net Assets, end of period ($ x 1,000)	196,347	148,659	152,576	125,621	127,944

^a Amount represents less than $.001 per share.

^b Amount represents less than .01%.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Government Money Market Portfolio (the “fund”) is a separate diversified series of Dreyfus Variable Investment Fund (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently offering seven series, including the fund. The fund is only offered to separate accounts established by insurance companies to fund variable annuity contracts and variable life insurance policies. The fund’s investment objective is to seek as high a level of current income as is consistent with the preservaton of capital and the maintenance of liquidity. The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser. MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of the fund’s shares, which are sold without a sales charge.

The fund operates as a “government money market fund” as that term is defined in Rule 2a-7 under the Act. It is the fund’s policy to maintain a constant net asset value (“NAV”) per share of $1.00 and the fund has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that the fund will be able to maintain a constant NAV per share of $1.00.

The Company enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.

(a) Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 under the Act. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined by procedures established by and under the general supervision of the Board.

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected within Level 2 of the fair value hierarchy.

The following is a summary of the inputs used as of December 31, 2017 in valuing the fund’s investments:

NOTES TO FINANCIAL STATEMENTS (continued)


Valuation Inputs	Short-Term Investments ($)^†
Level 1 - Unadjusted Quoted Prices	—
Level 2 - Other Significant Observable Inputs	195,360,622
Level 3 - Significant Unobservable Inputs	–
Total	195,360,622

^† See Statement of Investments for additional detailed categorizations.

At December 31, 2017, there were no transfers between levels of the fair value hierarchy. It is the fund’s policy to recognize transfers between levels at the end of the reporting period.

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and is recognized on the accrual basis. Realized gains and losses from securities transactions are recorded on the identified cost basis.

The fund may enter into repurchase agreements with financial institutions, deemed to be creditworthy by Dreyfus, subject to the seller’s agreement to repurchase and the fund’s agreement to resell such securities at a mutually agreed upon price. Pursuant to the terms of the repurchase agreement, such securities 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 fund 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 fund maintains its right to sell the underlying securities at market value and may claim any resulting loss against the seller. The collateral is held on behalf of the fund by the tri-party administrator with respect to any tri-party agreement. The fund may also jointly enter into one or more repurchase agreements with other Dreyfus-managed funds in accordance with an exemptive order granted by the SEC pursuant to section 17(d) and Rule 17d-1 under the Act. Any joint repurchase agreements must be collateralized fully by U.S. Government securities.

(c) Dividends and distributions to shareholders: It is the policy of the fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund 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 gains can be offset by

capital loss carryovers, it is the policy of the fund not to distribute such gains.

(d) Federal income taxes: It is the policy of the fund 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.

Each tax year in the four-year period ended December 31, 2017 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At December 31, 2017, the components of accumulated earnings on a tax basis were substantially the same as for financial reporting purposes.

The tax character of distributions paid to shareholders during the fiscal periods ended December 31, 2017 and December 31, 2016 were all ordinary income.

During the period ended December 31, 2017, as a result of permanent book to tax differences, primarily due to dividend reclassification, the fund increased accumulated undistributed investment income-net by $815 and decreased accumulated net realized gain (loss) on investments by the same amount. Net assets and net asset value per share were not affected by this reclassification.

At December 31, 2017, 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).

NOTE 2―Investment Adivsory 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 .50% of the value of the fund’s average daily net assets and is payable monthly. Dreyfus has undertaken to waive receipt of the investment advisory fee and/or reimburse operating expenses in order to facilitate a daily yield at or above a certain level which may change from time to time. This undertaking is voluntary and not contractual, and may be terminated at any time. The

NOTES TO FINANCIAL STATEMENTS (continued)

reduction in expenses, pursuant to the undertaking, amounted to $18,661 during the period ended December 31, 2017.

(b) The fund has arrangements with the transfer agent and the custodian whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.

The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the fund. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended December 31, 2017, the fund was charged $419 for transfer agency services and $28 for cash management services. These fees are included in Shareholder servicing costs in the Statement of Operations. Cash management fees were offset by earnings credits of $28.

The fund compensates The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, under a custody agreement for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended December 31, 2017, the fund was charged $12,679 pursuant to the custody agreement. These fees were partially offset by earnings credits of $2,854.

During the period ended December 31, 2017, the fund was charged $11,202 for services performed by the Chief Compliance Officer and his staff.

The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: investment advisory fees $84,277, custodian fees $4,399, Chief Compliance Officer fees $8,406 and transfer agency fees $226.

(c) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of Dreyfus Variable Investment Fund, Government Money Market Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Dreyfus Variable Investment Fund, Government Money Market Portfolio (one of the series comprising Dreyfus Variable Investment Fund) (the “Fund”), including the statement of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of Dreyfus Variable Investment Fund, Government Money Market Portfolio at December 31, 2017, 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 its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for opinion