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

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

	c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street New York, New York 10286
	(Address of principal executive offices) (Zip code)

	Bennett A. MacDougall, Esq. 240 Greenwich Street New York, New York 10286
	(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:		12/31/2019

The following N-CSR relates only to the Registrant's series listed below and does not relate to any series of the Registrant with a different fiscal year end and, therefore, different N-CSR reporting requirements. A separate N-CSR will be filed for any series with a different fiscal year end, as appropriate.

Appreciation Portfolio
            Government Money Market Portfolio
            Growth and Income Portfolio
            International Equity Portfolio
            International Value Portfolio
            Opportunistic Small Cap Portfolio
            Quality Bond Portfolio

FORM N-CSR

Item 1. Reports to Stockholders.

BNY Mellon Variable Investment Fund, Appreciation Portfolio

ANNUAL REPORT

December 31, 2019

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 BNY Mellon Investment Adviser, Inc. or any other person in the BNY Mellon Investment Adviser, Inc. organization. Any such views are subject to change at any time based upon market or other conditions and BNY Mellon Investment Adviser, Inc. disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund in the BNY Mellon Family of Funds are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund in the BNY Mellon Family of Funds.

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

Contents

THE FUND


A Letter from the President of
BNY Mellon Investment Adviser, Inc.	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
Board Members Information	27
Officers of the Fund	29

FOR MORE INFORMATION

Back Cover


	BNY Mellon Variable Investment Fund, Appreciation Portfolio		The Fund

A LETTER FROM THE PRESIDENT OF BNY MELLON INVESTMENT ADVISER, INC.

Dear Shareholder:

We are pleased to present this annual report for BNY Mellon Variable Investment Fund, Appreciation Portfolio (formerly, Dreyfus Variable Investment Fund, Appreciation Portfolio), covering the 12-month period from January 1, 2019 through December 31, 2019. 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.

In January 2019, a pivot in stance from the U.S. Federal Reserve (the “Fed”) helped stimulate a rebound across equity markets that continued into the second quarter of the year. However, escalating trade tensions disrupted equity markets in May. The dip was short-lived, as markets rose once again in June and July of 2019, when a trade deal appeared more likely and the pace of U.S. economic growth remained steady. Nevertheless, concerns continued to emerge over slowing global growth, resulting in bouts of market volatility in August 2019. Stocks rebounded in September and continued an upward path through most of October 2019, bolstered by central bank policy and consistent consumer spending. The rally generally continued through the end of the period, supported in part by an announcement from President Trump that the first phase of a trade deal with China was in process. U.S. equity markets reached new highs during the final months of the period.

In fixed-income markets, the year began with a recovery from the prior months’ volatility. After the Fed’s supportive statements in January 2019, other developed-market central banks followed suit and reiterated their abilities to buttress flagging growth rates by continuing accommodative policies. The Fed cut rates in July, September and October 2019, for a total 75 basis point reduction in the federal funds rate during the 12 months. Rates across much of the Treasury curve saw a slight increase during the month of November, and the long end of the curve rose in December. The yield curve steepened during the latter portion of the period. However, demand for fixed-income instruments during the year was strong, which helped to support positive bond market returns.

We believe that over the near term, the outlook for the U.S. remains positive, but we will monitor relevant data for any signs of a change. As always, we encourage you to discuss the risks and opportunities in today’s investment environment with your financial advisor.

Thank you for your continued confidence and support.

Sincerely,

Renee LaRoche-Morris
President
BNY Mellon Investment Adviser, Inc.
January 15, 2020

DISCUSSION OF FUND PERFORMANCE(Unaudited)

For the period from January 1, 2019 through December 31, 2019, as provided by portfolio managers Catherine P. Crain, Gentry Lee, Christopher Sarofim, Fayez S. Sarofim and Charles Sheedy of Fayez Sarofim& Co., Sub-Investment Adviser

Market and Fund Performance Overview

For the 12-month period ended December 31, 2019, BNY Mellon Variable Investment Fund, Appreciation Portfolio’s (formerly, Dreyfus Variable Investment Fund, Appreciation Portfolio) Initial shares achieved a total return of 36.10%, and its Service shares achieved a total return of 35.78%.¹ In comparison, the fund’s benchmark, the S&P 500^® Index (the “Index”), produced a total return of 31.46% for the same period.²

U.S. stocks posted strong gains during the reporting period amid sustained economic growth, shifting U.S. Federal Reserve (“Fed”) policy and intensifying trade tensions. The fund outperformed its benchmark, largely due to favorable asset allocation as well as good stock selection in several sectors, including information technology, communication services and industrials.

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

Stocks Surge on Easing Monetary Policy, Steady Economic Growth and Progress on Trade

Positive developments in the ongoing trade disputes, accommodative monetary policy and better-than-expected earnings propelled the markets to new heights during the reporting period, with the Index posting its best annual performance since 2013. Gains were broad, as all eleven sectors delivered positive returns for the year. The information technology, communication services and financial sectors led the way, with information technology delivering an impressive 50% return for the year. Progress in the trade negotiations with China was incremental throughout the year but culminated with the announcement of a “Phase 1” deal in the fourth quarter of 2019, easing tensions between the world’s two largest economies. The U.S. House of Representatives

DISCUSSION OF FUND PERFORMANCE(Unaudited) (continued)

approved the new U.S.-Mexico-Canada Trade Agreement, removing trade uncertainty with America’s neighbors. Corporate earnings throughout the year exceeded expectations, providing relief to the markets, and U.S. consumer confidence remained resilient, with record low unemployment, rising wages and a tight labor market. Throughout the year, the Fed lowered the federal funds rate three times to accommodate continued U.S. economic expansion. The year concluded with cautious optimism on the back of these positive developments—a stark reversal from the recession fears that gripped the markets in 2018.

Asset Allocation and Stock Selection Drove Performance

The dual effects of favorable sector allocation and stock selection contributed positively to results. Strategic, underweight positions in the utilities and real estate sectors, in particular, added value to relative results. Within the health care sector, the fund’s relative results also benefited from an underweight allocation, as the sector faced political headwinds. As for stock selection, in the information technology sector, Apple demonstrated growth in the services and wearables categories, while Microsoft’s cloud computing offering continued its momentum with the Pentagon’s JEDI contract win. In the industrial sector, strategic holdings in United Technologies and Canadian Pacific Railway contributed positively to results for the period. Selectively focused stock selection in the overweight allocation to the communication services sector also contributed positively, as Facebook and Alphabet continued to grow their market share in digital advertising. In addition to Apple, Microsoft and Facebook, the largest positive contributors to relative performance included The Estee Lauder Companies and Visa.

On the other hand, the overweight allocation in the consumer staples sector penalized performance relative to the Index. Stock selection in the overweight energy sector also negatively impacted relative results, as the sector struggled with low oil prices throughout the year. The largest detractors to relative results included AbbVie,Fox, The Progressive,Infineon Technologies and Broadridge Financial Solutions.

Industry Leaders Should Benefit from Favorable Conditions

The global outlook has pivoted from pessimism to optimism, as stable global growth, reduced uncertainty and low interest rates continue to create a favorable environment for businesses and consumers alike. While economic growth has slowed in the U.S., synchronized policies around the world to ease monetary conditions helped keep it from falling into recession. Supportive central banks and reduced trade tensions are contributing to a brighter outlook, as the economic expansion enters its eleventh year.

Against this cautiously optimistic backdrop, we believe the markets will reward high-quality companies that can expand market share, grow earnings and provide a degree of defense against market volatility. The fund’s long-practiced investment approach focuses on such companies. Our strategy targets global industry leaders with solid balance sheets and strong pricing power that have the capability to consistently deliver revenue and earnings growth across business cycles. Financial strength and ample free cash flow also enable our portfolio companies to consolidate market share and bolster their competitive positioning over time. Furthermore, we aim to invest with seasoned

management teams, who have strong records of returning cash to shareholders and are well-equipped to extend those records in difficult and volatile times, providing a ballast to the portfolio as market conditions change.

January 15, 2020

² Source: 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 BNY Mellon Variable Investment Fund, Appreciation Portfolio made available through insurance products may be similar to those of other funds managed by BNY Mellon Investment Adviser, Inc. However, the investment results of the fund may be higher or lower than, and may not be comparable to, those of any other BNY Mellon fund.

FUND PERFORMANCE(Unaudited)

Comparison of change in value of a $10,000 investment in Initial shares and Service shares of BNY Mellon Variable Investment Fund, Appreciation Portfolio with a hypothetical investment of $10,000 in 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 hypothetical investment of $10,000 made in each Initial and Service shares of BNY Mellon Variable Investment Fund, Appreciation Portfolio on 12/31/09 to a hypothetical investment of $10,000 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 12/31/19
	1 Year	5 Years	10 Years
Initial shares	36.10%	11.18%	11.93%
Service shares	35.78%	10.90%	11.65%
S&P 500^® Index	31.46%	11.69%	13.55%

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 towww.bnymellonim.com/us 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 BNY Mellon Variable Investment Fund, Appreciation Portfolio from July 1, 2019 to December 31, 2019. 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
Assume actual returns for the six months ended December 31, 2019

	Initial Shares	Service Shares
Expense paid per $1,000^†	$4.33	$5.66
Ending value (after expenses)	$1,121.60	$1,120.20

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, 2019

	Initial Shares	Service Shares
Expense paid per $1,000^†	$4.13	$5.40
Ending value (after expenses)	$1,021.12	$1,019.86
^†Expenses are equal to the fund’s annualized expense ratio of .81% for Initial Shares and 1.06% 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, 2019



Description	Shares		Value ($)
Common Stocks - 99.6%
Banks - 3.7%
JPMorgan Chase & Co.	105,475		14,703,215
Capital Goods - 1.7%
United Technologies	46,750		7,001,280
Commercial & Professional Services - .9%
Verisk Analytics	23,440		3,500,530
Consumer Durables & Apparel - 3.6%
Hermes International	2,677		2,000,459
LVMH Moet Hennessy Louis Vuitton	15,200		7,062,044
NIKE, Cl. B	53,165		5,386,146
			14,448,649
Consumer Services - 1.6%
McDonald's	33,150		6,550,772
Diversified Financials - 7.4%
American Express	58,475		7,279,553
BlackRock	17,975		9,036,032
Intercontinental Exchange	45,275		4,190,201
S&P Global	33,375		9,113,044
			29,618,830
Energy - 5.3%
Chevron	71,875		8,661,656
ConocoPhillips	65,400		4,252,962
Exxon Mobil	121,114		8,451,335
			21,365,953
Food, Beverage & Tobacco - 10.0%
Altria Group	123,025		6,140,178
Nestle, ADR	65,800		7,123,508
PepsiCo	53,625		7,328,929
Philip Morris International	113,650		9,670,478
The Coca-Cola Company	177,825		9,842,614
			40,105,707
Health Care Equipment & Services - 6.1%
Abbott Laboratories	86,900		7,548,134
Intuitive Surgical	13,950	^a	8,246,542
UnitedHealth Group	29,875		8,782,652
			24,577,328
Household & Personal Products - 3.2%
The Estee Lauder Companies, Cl. A	61,850		12,774,499
Insurance - 2.5%
Chubb	38,150		5,938,429
The Progressive	56,000		4,053,840
			9,992,269



Description	Shares		Value ($)
Common Stocks - 99.6% (continued)
Materials - 3.4%
Air Products & Chemicals	9,725		2,285,278
Linde	32,325		6,881,993
The Sherwin-Williams Company	7,975		4,653,732
			13,821,003
Media & Entertainment - 14.0%
Alphabet, Cl. C	12,744	^a	17,038,983
Comcast, Cl. A	236,890		10,652,943
Facebook, Cl. A	103,060	^a	21,153,065
The Walt Disney Company	51,905		7,507,020
			56,352,011
Pharmaceuticals Biotechnology & Life Sciences - 4.6%
AbbVie	67,325		5,960,955
Novo Nordisk, ADR	118,825	^b	6,877,591
Roche Holding, ADR	142,775	^b	5,805,232
			18,643,778
Retailing - 3.4%
Amazon.com	6,400	^a	11,826,176
Booking Holdings	1,000	^a	2,053,730
			13,879,906
Semiconductors & Semiconductor Equipment - 5.5%
ASML Holding	30,500	^b	9,026,170
Texas Instruments	102,650		13,168,968
			22,195,138
Software & Services - 13.0%
Automatic Data Processing	15,815		2,696,458
Broadridge Financial Solutions	16,000		1,976,640
Mastercard, Cl. A	5,000		1,492,950
Microsoft	189,235		29,842,359
Visa, Cl. A	87,100	^b	16,366,090
			52,374,497
Technology Hardware & Equipment - 6.2%
Apple	84,950		24,945,567
Transportation - 3.5%
Canadian Pacific Railway	24,250		6,182,538
Union Pacific	42,750		7,728,772
			13,911,310
Total Investments(cost $153,125,537)	99.6%		400,762,242
Cash and Receivables (Net)	.4%		1,473,276
Net Assets	100.0%		402,235,518

ADR—American Depository Receipt

^aNon-income producing security.

^bSecurity, or portion thereof, on loan. At December 31, 2019, the value of the fund’s securities on loan was $29,284,604 and the value of the collateral was $29,837,007, consisting of U.S. Government & Agency securities.

STATEMENT OF INVESTMENTS (continued)


Portfolio Summary (Unaudited)^†	Value (%)
Information Technology	24.7
Communication Services	14.0
Financials	13.5
Consumer Staples	13.2
Health Care	10.7
Consumer Discretionary	8.7
Industrials	6.1
Energy	5.3
Materials	3.4
	99.6

^† Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS IN AFFILIATED ISSUERS


Investment Companies	Value 12/31/18($)	Purchases($)	Sales ($)	Value 12/31/19($)	Net Assets(%)	Dividends/ Distributions($)
Registered Investment Companies;
Dreyfus Institutional Preferred Government Plus Money Market Fund	1,633,898	34,971,488	36,605,386	-	-	26,898
Investment of Cash Collateral for Securities Loaned;
Dreyfus Institutional Preferred Government Plus Money Market Fund	2,043,845	42,121,780	44,165,625	-	-	-
Total	3,677,743	77,093,268	80,771,011	-	-	26,898

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES
December 31, 2019



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments (including securities on loan, valued at $29,284,604) —Note 1(c):	153,125,537	400,762,242
Cash denominated in foreign currency	31,472	31,883
Receivable for investment securities sold		2,858,337
Dividends, interest and securities lending income receivable		424,909
Tax reclaim receivable		236,330
Receivable for shares of Beneficial Interest subscribed		24,753
Prepaid expenses		6,022
		404,344,476
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)		216,139
Due to Fayez Sarofim & Co.		73,731
Cash overdraft due to Custodian		468,798
Payable for investment securities purchased		1,030,494
Payable for shares of Beneficial Interest redeemed		250,417
Trustees’ fees and expenses payable		2,107
Other accrued expenses		67,272
		2,108,958
Net Assets ($)		402,235,518
Composition of Net Assets ($):
Paid-in capital		122,253,381
Total distributable earnings (loss)		279,982,137
Net Assets ($)		402,235,518


Net Asset Value Per Share	Initial Shares	Service Shares
Net Assets ($)	273,831,591	128,403,927
Shares Outstanding	6,403,793	3,036,258
Net Asset Value Per Share ($)	42.76	42.29

See notes to financial statements.

STATEMENT OF OPERATIONS
Year Ended December 31, 2019




Investment Income ($):
Income:
Cash dividends (net of $176,578 foreign taxes withheld at source):
Unaffiliated issuers					7,156,809
Affiliated issuers					26,898
Income from securities lending—Note 1(c)					28,748
Total Income					7,212,455
Expenses:
Investment advisory fee—Note 3(a)					2,015,718
Sub-investment advisory fee—Note 3(a)					823,322
Distribution fees—Note 3(b)					309,045
Professional fees					90,642
Prospectus and shareholders’ reports					38,968
Trustees’ fees and expenses—Note 3(c)					35,046
Custodian fees—Note 3(b)					16,357
Chief Compliance Officer fees—Note 3(b)					11,793
Loan commitment fees—Note 2					8,978
Shareholder servicing costs—Note 3(b)					2,067
Registration fees					55
Miscellaneous					13,511
Total Expenses					3,365,502
Investment Income—Net					3,846,953
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments and foreign currency transactions					32,180,579
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions					78,909,309
Net Realized and Unrealized Gain (Loss) on Investments					111,089,888
Net Increase in Net Assets Resulting from Operations					114,936,841

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2019	2018
Operations ($):
Investment income—net	3,846,953	4,777,397
Net realized gain (loss) on investments	32,180,579	42,632,807
Net change in unrealized appreciation (depreciation) on investments	78,909,309	(71,694,542)
Net Increase (Decrease) in Net Assets Resulting from Operations	114,936,841	(24,284,338)
Distributions ($):
Distributions to shareholders:
Initial Shares	(31,343,479)	(36,501,235)
Service Shares	(15,388,567)	(18,803,539)
Total Distributions	(46,732,046)	(55,304,774)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Initial Shares	5,039,499	6,205,656
Service Shares	8,181,769	7,827,922
Distributions reinvested:
Initial Shares	31,343,479	36,501,235
Service Shares	15,388,567	18,803,539
Cost of shares redeemed:
Initial Shares	(34,228,478)	(36,212,750)
Service Shares	(29,712,974)	(32,792,813)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions	(3,988,138)	332,789
Total Increase (Decrease) in Net Assets	64,216,657	(79,256,323)
Net Assets ($):
Beginning of Period	338,018,861	417,275,184
End of Period	402,235,518	338,018,861
Capital Share Transactions (Shares):
Initial Shares
Shares sold	129,829	151,190
Shares issued for distributions reinvested	858,978	957,001
Shares redeemed	(880,695)	(891,681)
Net Increase (Decrease) in Shares Outstanding	108,112	216,510
Service Shares
Shares sold	216,261	194,324
Shares issued for distributions reinvested	427,087	497,903
Shares redeemed	(773,381)	(807,266)
Net Increase (Decrease) in Shares Outstanding	(130,033)	(115,039)

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,
		2019	2018	2017	2016	2015
Per Share Data ($):
Net asset value, beginning of period	35.84		44.71	41.01	45.23	49.51
Investment Operations:
Investment income—net^a	.43		.53	.56	.68	.80
Net realized and unrealized gain (loss) on investments	11.58		(3.27)	9.55	2.48	(1.97)
Total from Investment Operations	12.01		(2.74)	10.11	3.16	(1.17)
Distributions:
Dividends from investment income—net	(.46)		(.52)	(.57)	(.69)	(.81)
Dividends from net realized gain on investments	(4.63)		(5.61)	(5.84)	(6.69)	(2.30)
Total Distributions	(5.09)		(6.13)	(6.41)	(7.38)	(3.11)
Net asset value, end of period	42.76		35.84	44.71	41.01	45.23
Total Return (%)	36.10		(6.86)	27.33	7.91	(2.47)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.81		.81	.81	.82	.80
Ratio of net expenses to average net assets	.81		.81	.81	.82	.80
Ratio of net investment income to average net assets	1.10		1.30	1.35	1.64	1.70
Portfolio Turnover Rate	6.71		6.50	3.97	4.19	11.97
Net Assets, end of period ($ x 1,000)	273,832		225,631	271,790	238,340	256,828

^aBased on average shares outstanding.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)




Service Shares		Year Ended December 31,
		2019	2018	2017	2016	2015
Per Share Data ($):
Net asset value, beginning of period	35.49		44.34	40.72	44.96	49.23
Investment Operations:
Investment income—net^a	.33		.42	.46	.57	.68
Net realized and unrealized gain (loss) on investments	11.46		(3.25)	9.46	2.46	(1.96)
Total from Investment Operations	11.79		(2.83)	9.92	3.03	(1.28)
Distributions:
Dividends from investment income—net	(.36)		(.41)	(.46)	(.58)	(.69)
Dividends from net realized gain on investments	(4.63)		(5.61)	(5.84)	(6.69)	(2.30)
Total Distributions	(4.99)		(6.02)	(6.30)	(7.27)	(2.99)
Net asset value, end of period	42.29		35.49	44.34	40.72	44.96
Total Return (%)	35.78		(7.10)	27.00	7.64	(2.72)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.06		1.06	1.06	1.07	1.05
Ratio of net expenses to average net assets	1.06		1.06	1.06	1.07	1.05
Ratio of net investment income to average net assets	.85		1.05	1.11	1.41	1.45
Portfolio Turnover Rate	6.71		6.50	3.97	4.19	11.97
Net Assets, end of period ($ x 1,000)	128,404		112,387	145,485	161,440	231,421

^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 BNY Mellon 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. BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser. Fayez Sarofim & Co. (the “Sub-Adviser”), serves as the fund’s sub–investment adviser.

Effective June 3, 2019, the Company changed its name from Dreyfus Variable Investment Fund to BNY Mellon Variable Investment Fund. In addition, The Dreyfus Corporation, the fund’s investment adviser, changed its name to “BNY Mellon Investment Adviser, Inc.”, MBSC Securities Corporation, the fund’s distributor, changed its name to “BNY Mellon Securities Corporation” and Dreyfus Transfer, Inc., the fund’s transfer agent, changed its name to “BNY Mellon Transfer, Inc.”

BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, 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.

NOTES TO FINANCIAL STATEMENTS(continued)

releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. 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 Companyenters 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: 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 equity 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 not to 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 such securities are generally categorized within Level 3 of the fair value hierarchy.

NOTES TO FINANCIAL STATEMENTS(continued)

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, 2019in valuing the fund’s investments:


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:^†
Equity Securities - Common Stocks		400,762,242	-	-	400,762,242

^†See Statement of Investments for additional detailed categorizations, if any.

(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.

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 the Adviser, 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, 2019, The Bank of New York Mellon earned $5,744 from the lending of the fund’s portfolio securities, pursuant to the securities lending agreement.

(d) Affiliated issuers: Investments in other investment companies advised by the Adviser are considered “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 and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.

As of and during the period ended December 31, 2019, 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, 2019, the fund did not incur any interest or penalties.

NOTES TO FINANCIAL STATEMENTS(continued)

Each tax year in the four-year period ended December 31, 2019 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At December 31, 2019, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $232,424, undistributed capital gains $32,170,850 and unrealized appreciation $247,578,863.

The tax character of distributions paid to shareholders during the fiscal periods ended December 31, 2019 and December 31, 2018 were as follows: ordinary income $4,291,330 and $4,703,453, and long-term capital gains $42,440,716 and $50,601,321, respectively.

(g) New Accounting Pronouncements: Effective June 1, 2019, the fund adopted Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The update provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. The adoption of ASU 2018-13 had no impact on the operations of the fund for the period ended December 31, 2019.

NOTE 2—Bank Lines of Credit:

The fund participates with other long-term open-end funds managed by the Adviser in a $1.030 billion unsecured credit facility led by Citibank, N.A. (the “Citibank Credit Facility”) and a $300 million unsecured credit facility provided by The Bank of New York Mellon (the “BNYM Credit Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a “Facility”). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $830 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is in amount equal to $200 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNYM Credit 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, 2019, 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 the Adviser, 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 the Sub-Adviser, the fund pays the Sub-Adviser 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.

(b)Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Service shares pay the Distributor for distributing its shares, for servicing and/or maintaining Service shares’ shareholder accounts and for 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, 2019,Service shares were charged $309,045 pursuant to the Distribution Plan.

The fund has an arrangement with the transfer agent whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency fees. The fund had an arrangement with the custodian to receive earnings credits when positive cash balances were maintained, which were used to offset custody fees. Effective February 1, 2019, the arrangement with the custodian changed whereby the fund will no longer receive earnings credits to offset its custody fees and will receive interest income or overdraft fees going forward. For financial reporting purposes, the fund includes net earnings credits, if any, as an expense offset in the Statement of Operations.

The fund compensates BNY Mellon Transfer, Inc., a wholly-owned subsidiary of the Adviser, 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, 2019, the fund was charged $1,777 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations.

NOTES TO FINANCIAL STATEMENTS(continued)

During the period ended December 31, 2019, the fund was charged $16,357 pursuant to the custody agreement.

During the period ended December 31, 2019, the fund was charged $11,793 for services performed by the Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

The components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of: investment advisory fees of $180,513, Distribution Plan fees of $27,193, custodian fees of $4,800, Chief Compliance Officer fees of $3,261 and transfer agency fees of $372.

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

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended December 31, 2019, amounted to $25,209,584 and $71,357,433, respectively.

At December 31, 2019, the cost of investments for federal income tax purposes was $153,182,772; accordingly, accumulated net unrealized appreciation on investments was $247,579,470, consisting of $247,794,427 gross unrealized appreciation and $214,957 gross unrealized depreciation.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of Appreciation Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Appreciation Portfolio (the “Fund”) (one of the funds constituting BNY Mellon Variable Investment Fund), including the statements of investments and investments in affiliated issuers, as of December 31, 2019, 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 the Fund (one of the funds constituting BNY Mellon Variable Investment Fund) at December 31, 2019, 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, 2019, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others 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 investment companies in the BNY Mellon Family of Funds since at least 1957, but we are unable to determine the specific year.

New York, New York
February 10, 2020

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, 2019 as qualifying for the corporate dividends received deduction. Shareholders will receive notification in early 2020 of the percentage applicable to the preparation of their 2019 income tax returns. Also, the fund hereby reports $.0207 per share as a short-term capital gain distribution and $4.6141 per share as a long-term capital gain distribution paid on March 29, 2019.

BOARD MEMBERS INFORMATION(Unaudited)
NDEPENDENT BOARD MEMBERS

Joseph S. DiMartino (76)
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, Inc., a public company providing professional business services, products and solutions,Director (1997-Present)

No. of Portfolios for which Board Member Serves:118

———————

Peggy C. Davis (76)
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: 43

———————

Gina D. France (61)
Board Member (2019)
Principal Occupation During Past 5 Years:

· Founder, President and Chief Executive Officer, France Strategic Partners, a strategy and advisory firm serving corporate clients across the United States (2003 –Present)

· Corporate Director and Trustee (2004 – Present)

Other Public Company Board Memberships During Past 5 Years:

· Huntington Bancshares, a bank holding company headquartered in Columbus, Ohio,Director(2016 – Present)

· Cedar Fair, L.P., a publicly-traded partnership that owns and operates amusement parks and hotels in the U.S. and Canada,Director (2011 – Present)

· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies,Director(2015 – Present)

· Baldwin Wallace University,Trustee (2013- Present)

· FirstMerit Corporation, a diversified financial services company,Director (2004 – 2016)

No. of Portfolios for which Board Member Serves:29

———————

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

Joan Gulley (72)
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)

· Director, Nantucket Library (2015-Present)

No. of Portfolios for which Board Member Serves:49

———————

Ehud Houminer (79)
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 (2012-2018)

No. of Portfolios for which Board Member Serves:49

———————

Robin A. Melvin (56)
Board Member (2012)
Principal Occupation During Past 5 Years:

· Co-chairman, Mentor Illinois, a non-profit organization dedicated to increasing the quantity and quality of mentoring services in Illinois; (2014-Present); Board member (2013-Present)

No. of Portfolios for which Board Member Serves:96

———————

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 BNY Mellon Investment Adviser, Inc. 240 Greenwich Street, New York, New York 10286. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from the Adviser free of charge by calling this toll free number: 1-800-373-9387.

David P. Feldman, Emeritus Board Member
James F. Henry, Emeritus Board Member
Lynn Martin, Emeritus Board Member
Dr. Martin Peretz, Emeritus Board Member
Philip L. Toia, Emeritus Board Member

OFFICERS OF THE FUND(Unaudited)

RENEE LAROCHE-MORRIS, President since May 2019.

President and a director of BNY Mellon Investment Adviser, Inc. since January 2018. She is an officer of 62 investment companies (comprised of 118 portfolios) managed by the Adviser. She is 48 years old and has been an employee of BNY Mellon since 2003.

JAMES WINDELS, Treasurer since November 2001.

Director- BNY Mellon Fund Administration, and an officer of 63 investment companies (comprised of 141 portfolios) managed by the Adviser. He is 61 years old and has been an employee of the Adviser since April 1985.

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

Chief Legal Officer of the Adviser and Associate General Counsel and Managing Director of BNY Mellon since June 2015; Director and Associate General Counsel of Deutsche Bank – Asset & Wealth Management Division from June 2005 to June 2015, and as Chief Legal Officer of Deutsche Investment Management Americas Inc. from June 2012 to May 2015. He is an officer of 63 investment companies (comprised of 141 portfolios) managed by the Adviser. He is 48 years old and has been an employee of the Adviser since June 2015.

DAVID DIPETRILLO, Vice President since May 2019.

Head of North America Product, BNY Mellon Investment Management since January 2018, Director of Product Strategy, BNY Mellon Investment Management from January 2016 to December 2017; Head of US Retail Product and Channel Marketing, BNY Mellon Investment Management from January 2014 to December 2015. He is an officer of 62 investment companies (comprised of 118 portfolios) managed by the Adviser. He is 41 years old and has been an employee of BNY Mellon since 2005.

JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.

Senior Managing Counsel of BNY Mellon since December 2019; Managing Counsel of BNY Mellon from April 2014 to December 2019; Secretary of the Adviser, and an officer of 63 investment companies (comprised of 141 portfolios) managed by the Adviser. He is 53 years old and has been an employee of the Adviser since December 1996.

SONALEE CROSS, Vice President and Assistant Secretary since March 2018.

Counsel of BNY Mellon since October 2016; Associate at Proskauer Rose LLP from April 2016 to September 2016; Attorney at EnTrust Capital from August 2015 to February 2016; Associate at Sidley Austin LLP from September 2013 to August 2015. She is an officer of 63 investment companies (comprised of 141 portfolios) managed by the Adviser. She is 32 years old and has been an employee of the Adviser since October 2016.

DEIRDRE CUNNANE, Vice President and Assistant Secretary since March 2019.

Counsel of BNY Mellon since August 2018; Senior Regulatory Specialist at BNY Mellon Investment Management Services from February 2016 to August 2018; Trustee Associate at BNY Mellon Trust Company (Ireland) Limited from August 2013 to February 2016. She is an officer of 63 investment companies (comprised of 141 portfolios) managed by the Adviser. She is 29 years old and has been an employee of the Adviser since August 2018.

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

Managing Counsel of BNY Mellon since December 2017, Senior Counsel of BNY Mellon from March 2013 to December 2017. She is an officer of 63 investment companies (comprised of 141 portfolios) managed by the Adviser. She is 44 years old and has been an employee of the Adviser since March 2013.

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

Senior Managing Counsel of BNY Mellon, and an officer of 63 investment companies (comprised of 141 portfolios) managed by the Adviser. He is 54 years old and has been an employee of the Adviser since October 1990.

PETER M. SULLIVAN, Vice President and Assistant Secretary since March 2019.

Managing Counsel of BNY Mellon, and an officer of 63 investment companies (comprised of 141 portfolios) managed by the Adviser. He is 51 years old and has been an employee of the Adviser since April 2004.

OFFICERS OF THE FUND (Unaudited)(continued)

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

Managing Counsel of BNY Mellon since December 2019; Counsel of BNY Mellon from May 2016 to December 2019; Attorney at Wildermuth Endowment Strategy Fund/Wildermuth Advisory, LLC from November 2015 to May 2016 and Assistant General Counsel at RCS Advisory Services from July 2014 to November 2015. She is an officer of 63 investment companies (comprised of 141 portfolios) managed by the Adviser. She is 34 years old and has been an employee of the Adviser since May 2016.

GAVIN C. REILLY, Assistant Treasurer since December 2005.

Tax Manager - BNY Mellon Fund Administration, and an officer of 63 investment companies (comprised of 141 portfolios) managed by the Adviser. He is 51 years old and has been an employee of the Adviser since April 1991.

ROBERT S. ROBOL, Assistant Treasurer since August 2005.

Senior Accounting Manager- BNY Mellon Fund Administration, and an officer of 63 investment companies (comprised of 141 portfolios) managed by the Adviser. He is 55 years old and has been an employee of the Adviser since October 1988.

ROBERT SALVIOLO, Assistant Treasurer since July 2007.

Senior Accounting Manager – BNY Mellon Fund Administration, and an officer of 63 investment companies (comprised of 141 portfolios) managed by the Adviser. He is 52 years old and has been an employee of the Adviser since June 1989.

ROBERT SVAGNA, Assistant Treasurer since December 2002.

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

Chief Compliance Officer of the Adviser, the BNY Mellon Family of Funds and BNY Mellon Funds Trust (63 investment companies, comprised of 141 portfolios). He is 62 years old and has served in various capacities with the Adviser 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 BNY Mellon 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 BNY Mellon Family of Funds and BNY Mellon Funds Trust and the Distributor; from January 2012 to May 2015, AML Surveillance Officer of the Distributor. She is an officer of 56 investment companies (comprised of 134 portfolios) managed by the Adviser. She is 51 years old and has been an employee of the Distributor since 1997.

NOTES

For More Information

BNY Mellon Variable Investment Fund, Appreciation Portfolio
240 Greenwich Street
New York, NY 10286

Adviser
BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286

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

Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286

Transfer Agent &
Dividend Disbursing Agent
BNY Mellon Transfer, Inc.
240 Greenwich Street
New York, NY 10286

Distributor
BNY Mellon Securities Corporation
240 Greenwich Street
New York, NY 10286

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

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

E-mailSend your request to info@bnymellon.com

InternetInformation can be viewed online or downloaded atwww.bnymellonim.com/us

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-PORT. The fund’s Forms N-PORT are available on the SEC’s website atwww.sec.gov.

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 atwww.bnymellonim.com/us and on the SEC’s website at www.sec.gov and without charge, upon request, by calling 1-800-373-9387.


© 2020 BNY Mellon Securities Corporation 0112AR1219

BNY Mellon Variable Investment Fund, Government Money Market Portfolio

ANNUAL REPORT

December 31, 2019

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

Contents

THE FUND


A Letter from the President of
BNY Mellon Investment Adviser, Inc.	2
Discussion of Fund Performance	3
Understanding Your Fund’s Expenses	5
Comparing Your Fund’s Expenses
With Those of Other Funds	5
Statement of Investments	6
Statement of Assets and Liabilities	8
Statement of Operations	9
Statement of Changes in Net Assets	10
Financial Highlights	11
Notes to Financial Statements	12
Report of Independent Registered
Public Accounting Firm	18
Board Members Information	19
Officers of the Fund	21

FOR MORE INFORMATION

Back Cover


	BNY Mellon Variable Investment Fund, Government Money Market Portfolio		The Fund

A LETTER FROM THE PRESIDENT OF BNY MELLON INVESTMENT ADVISER, INC.

Dear Shareholder:

We are pleased to present this annual report for BNY Mellon Variable Investment Fund, Government Money Market Portfolio (formerly, Dreyfus Variable Investment Fund, Government Money Market Portfolio), covering the 12-month period from January 1, 2019 through December 31, 2019. 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
BNY Mellon Investment Adviser, Inc.
January 15, 2020

DISCUSSION OF FUND PERFORMANCE(Unaudited)

For the period from January 1, 2019 through December 31, 2019, as provided by Bernard W. Kiernan, Jr., Senior Portfolio Manager

Market and Fund Performance Overview

For the 12-month period ended December 31, 2019, BNY Mellon Variable Investment Fund, Government Money Market Portfolio (formerly, the Dreyfus Variable Investment Fund, Government Money Market Portfolio) produced a yield of 1.65%. Taking into account the effects of compounding, the portfolio provided an effective yield of 1.66% for the same period.¹

Yields of money market instruments declined over the reporting period in response to a dovish shift in policy by the U.S. Federal Reserve (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.

Federal Reserve Cuts Interest Rates to Extend the Expansion

At the beginning of the reporting period, the U.S. economy was relatively strong, and labor markets were healthy, while core inflation, which excludes food and energy prices, remained subdued. By the end of the period, concerns about the global economy and its possible effect on U.S. growth had prompted the Fed to cut the federal funds rate three times, bringing it to a range of 1.50%–1.75%, and expectations of an imminent slowdown waned.

After the rate hike in December 2018, Fed Chairman Jerome Powell made it clear in January 2019 that the Fed would alter its tightening plans if the outlook for growth were to weaken. While the U.S. economy continued to expand, global growth became sluggish, with particular weakness appearing in the manufacturing sector in Europe, as indicated by purchasing managers’ indexes.

By March 2019, a slowing global economy and mixed domestic economic data led the Fed to back off plans for further rate hikes during the year. But concerns about trade tensions with China caused stocks to move sideways until later in the year.

Major central banks in other developed markets also implemented supportive policies. Late in 2019, the European Central Bank reduced short-term interest rates and reimplemented quantitative easing, while the Bank of Japan remained dovish. China also continued to add stimulus to their economy. As a result, these factors led to signs of improvement in the global economy, especially in the manufacturing sector in Europe. Geopolitical concerns also waned somewhat later in the year, as the election in the UK resolved the Brexit issue,

DISCUSSION OF FUND PERFORMANCE(Unaudited) (continued)

and trade tensions eased with the December 2019 announcement of a “Phase 1” deal between the U.S. and China.

Despite trade tensions with China, the U.S. economy remained strong relative to other developed economies but slowed relative to its pace in 2018. Gross domestic product grew by 2.0% in the second quarter of 2019 and 2.1% in the third quarter. This followed growth rates of 3.1% in the first quarter and 2.9% for full-year 2018.

The labor market generally remained strong throughout the reporting period, though somewhat weaker than in 2018. Job creation averaged 180,000 during the period, down from 223,000 for full-year 2018. The high occurred in January 2019, with 312,000, and the low came in February 2019, with 56,000. The unemployment rate remained steady, varying between 3.5% and 4.0%. Wage growth continued to be relatively strong, remaining at or above 3.0%, year-over-year, during the reporting period.

Despite steady economic growth, a strong labor market and rising wages, inflation remained subdued. The “core” Personal Consumption Expenditure Price Index (“core PCE Price Index”), which excludes volatile food and energy prices, stayed below the Fed’s 2.0% target until the third quarter of 2019. As prospects brightened for an interim U.S.-China trade agreement, and the Fed cut interest rates, fears of a growth slowdown eased, economic data became more positive, and the core PCE Price Index hit 2.1%, the highest since the first quarter of 2018.

Additional Rate Cuts Unlikely

With core inflation remaining near the Fed’s target rate and the economy continuing to expand, the Fed announced that it will leave rates unchanged for an extended period. Given this environment, we have maintained the fund’s weighted-average maturity in a range that is modestly shorter than industry averages. As always, we have retained our longstanding focus on quality and liquidity.

January 15, 2020

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.

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 BNY Mellon Variable Investment Fund, Government Money Market Portfolio made available through insurance products may be similar to those of other funds managed or advised by BNY Mellon Investment Adviser, Inc. However, the investment results of the fund may be higher or lower than, and may not be comparable to, those of any other BNY Mellon 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 BNY Mellon Variable Investment Fund, Government Money Market Portfolio from July 1, 2019 to December 31, 2019. 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
Assume actual returns for the six months ended December 31, 2019


Expense paid per $1,000^†		$2.93
Ending value (after expenses)		$1,007.40

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, 2019


Expense 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, 2019



U.S. Government Agencies - 19.2%	Annualized Yield (%)	Principal Amount ($)		Value ($)
Federal Farm Credit Banks:
1/6/2020, 1 Month LIBOR -.09%	1.63	10,000,000	^a	9,999,716
1/1/2020, 3 Month SOFR +.12%	1.66	3,000,000	^a	3,000,168
Federal Home Loan Banks:
1/2/2020, 3 Month SOFR +.02%	1.56	5,000,000	^a	5,000,000
3/25/2020, 3 Month LIBOR -.21%	1.74	10,000,000	^a	10,000,000
1/2/2020, 3 Month SOFR +.10%	1.64	5,000,000	^a	5,000,000
1/1/2020, 3 Month SOFR +.12%	1.66	2,000,000	^a	2,000,000
Total U.S. Government Agencies (cost $34,999,884)				34,999,884
U.S. Treasury Notes - 27.5%
1/31/2020 (cost $50,001,503)	2.00	50,000,000		50,001,503
U.S. Treasury Floating Rate Notes - 6.6%
1/7/2020, 3 Month U.S. T-BILL +.05%	1.57	7,000,000	^a	6,999,931
1/7/2020, 3 Month U.S. T-BILL +.22%	1.75	5,000,000	^a	5,000,195
Total U.S. Treasury Floating Rate Notes (cost $12,000,126)				12,000,126
Repurchase Agreements - 31.9%
Barclays Bank, Tri-Party Agreement thru BNY Mellon, dated 12/31/2019, due at 1/2/2020 in the amount of $35,003,014 (fully collateralized by: original par of $28,956,800, U.S. Treasuries (including strips), 1.75%-3.38%, due 12/31/24-4/15/32, valued at $35,700,071)	1.55	35,000,000		35,000,000
BNP Paribas, Tri-Party Agreement thru BNY Mellon, dated 12/31/2019, due at 1/2/2020 in the amount of $20,001,722 (fully collateralized by: original par of $20,982,761, U.S. Treasuries (including strips), 0.00%-3.38%, due 2/15/23-11/15/48, valued at $20,400,000)	1.55	20,000,000		20,000,000



Repurchase Agreements - 31.9% (continued)	Annualized Yield (%)	Principal Amount ($)	Value ($)
Credit Agricole CIB, Tri-Party Agreement thru BNY Mellon, dated 12/31/2019, due at 1/2/2020 in the amount of $3,000,258 (fully collateralized by: original par of $2,865,796, U.S. Treasuries (including strips), 0.13%-3.00%, due 8/31/20-8/15/48, valued at $3,060,000)	1.55	3,000,000	3,000,000
Total Repurchase Agreements (cost $58,000,000)			58,000,000
Total Investments(cost $155,001,513)		85.2%	155,001,513
Cash and Receivables (Net)		14.8%	26,932,669
Net Assets		100.0%	181,934,182

LIBOR—London Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

^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.


Portfolio Summary (Unaudited)^†	Value (%)
U.S. Treasury Securities	34.1
Repurchase Agreements	31.9
U.S. Government Agencies	19.2
	85.2

^†Based on net assets.

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES
December 31, 2019



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments (including repurchase agreements of $58,000,000) —Note 1(b)	155,001,513	155,001,513
Cash		1,637,102
Receivable for shares of Beneficial Interest subscribed		24,931,598
Interest receivable		495,346
Prepaid expenses		553
		182,066,112
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 2(b)		79,533
Payable for shares of Beneficial Interest redeemed		885
Trustees’ fees and expenses payable		328
Other accrued expenses		51,184
		131,930
Net Assets ($)		181,934,182
Composition of Net Assets ($):
Paid-in capital		181,935,780
Total distributable earnings (loss)		(1,598)
Net Assets ($)		181,934,182


Shares Outstanding
(unlimited number of $.001 par value shares of Beneficial Interest authorized)			181,904,506
Net Asset Value Per Share ($)			1.00

See notes to financial statements.

STATEMENT OF OPERATIONS
Year Ended December 31, 2019




Investment Income ($):
Interest Income					4,112,439
Expenses:
Investment advisory fee—Note 2(a)					923,121
Professional fees					83,655
Trustees’ fees and expenses—Note 2(c)					16,582
Chief Compliance Officer fees—Note 2(b)					11,793
Prospectus and shareholders’ reports					10,144
Custodian fees—Note 2(b)					9,436
Shareholder servicing costs—Note 2(b)					418
Miscellaneous					7,091
Total Expenses					1,062,240
Less—reduction in fees due to earnings credits—Note 2(b)					(1,181)
Net Expenses					1,061,059
Investment Income—Net, representing net increase in net assets resulting from operations					3,051,380

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2019	2018
Operations ($):
Investment income—net	3,051,380	2,210,044
Net realized gain (loss) on investments	-	(1,598)
Net Increase (Decrease) in Net Assets Resulting from Operations	3,051,380	2,208,446
Distributions ($):
Distributions to shareholders	(3,051,380)	(2,217,870)
Beneficial Interest Transactions ($1.00 per share):
Net proceeds from shares sold	726,180,919	606,814,742
Distributions reinvested	3,051,380	2,217,870
Cost of shares redeemed	(728,894,164)	(623,774,319)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions	338,135	(14,741,707)
Total Increase (Decrease) in Net Assets	338,135	(14,751,131)
Net Assets ($):
Beginning of Period	181,596,047	196,347,178
End of Period	181,934,182	181,596,047

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,
	2019	2018	2017	2016	2015
Per Share Data ($):
Net asset value, beginning of period	1.00	1.00	1.00	1.00	1.00
Investment Operations:
Investment income—net	.017	.013	.003	.000^a	.000^a
Distributions:
Dividends from investment income—net	(.017)	(.013)	(.003)	(.000)^a	(.000)^a
Net asset value, end of period	1.00	1.00	1.00	1.00	1.00
Total Return (%)	1.67	1.28	.34	.02	.00^b
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.58	.58	.58	.62	.62
Ratio of net expenses to average net assets	.57	.58	.57	.39	.23
Ratio of net investment income to average net assets	1.65	1.26	.37	.01	.00^b
Net Assets, end of period ($ x 1,000)	181,934	181,596	196,347	148,659	152,576

^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 BNY Mellon 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 fund is managed by Dreyfus Cash Investment Strategies, a division of BNY Mellon Investment Adviser, Inc. (the “Adviser”), the fund’s investment adviser and a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”). BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of BNY Mellon, 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.

registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. 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.

(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 fair market value, the fair value of the portfolio securities will be determined by procedures established by and under the general oversight of the Company’s Board of Trustees (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).

NOTES TO FINANCIAL STATEMENTS(continued)

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, 2019in valuing the fund’s investments:


Valuation Inputs	Short-Term Investments ($)^†
Level 1 - Unadjusted Quoted Prices	-
Level 2 - Other Significant Observable Inputs	155,001,513
Level 3 - Significant Unobservable Inputs	-
Total	155,001,513

^† See Statement of Investments for additional detailed categorizations, if any.

(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 the Adviser, 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 funds managed by the Adviser 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 and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.

Each tax year in the four-year period ended December 31, 2019 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At December 31, 2019, the components of accumulated earnings on a tax basis were substantially the same as for financial reporting purposes.

The fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.

The accumulated capital loss carryover is available for federal income tax purposes to be applied against future netrealized capital gains, if any, realized subsequent to December 31, 2019. The fund has $1,598 of short-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal periods ended December 31, 2019 and December 31, 2018 were all ordinary income.

At December 31, 2019, 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).

(e) New Accounting Pronouncements: Effective June 1, 2019, the fund adopted Accounting Standards Update 2017-08, Receivables—

NOTES TO FINANCIAL STATEMENTS(continued)

Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization On Purchased Callable Debt Securities (“ASU 2017-08”). The update shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date.

Also effective June 1, 2019, the fund adopted Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The update provides guidance that modifies certain disclosure requirements for fair value measurements. The adoption of ASU 2017-08 and ASU 2018-13 had no impact on the operations of the fund for the period ended December 31, 2019.

NOTE 2―Investment Adivsory Fee and Other Transactions with Affiliates:

(a)Pursuant to an investment advisory agreement with the Adviser, 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.

(b)The fund has an arrangement with the transfer agent whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency fees. The fund had an arrangement with the custodian to receive earnings credits when positive cash balances were maintained, which were used to offset custody fees. Effective February 1, 2019, the arrangement with the custodian changed whereby the fund will no longer receive earnings credits to offset its custody fees and will receive interest income or overdraft fees going forward. For financial reporting purposes, the fund includes net earnings credits, if any, as an expense offset in the Statement of Operations.

The fund compensates BNY Mellon Transfer, Inc., a wholly-owned subsidiary of the Adviser, 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, 2019, the fund was charged $379 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations.

The fund compensates The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of the Adviser, 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, 2019, the fund was charged $9,436 pursuant to the

custody agreement. These fees were partially offset by earnings credits of $1,181.

The components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of: investment advisory fees of $72,985, custodian fees of $3,200, Chief Compliance Officer fees of $3,261 and transfer agency fees of $87.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of Government Money Market Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Government Money Market Portfolio (the “Fund”) (one of the funds constituting BNY Mellon Variable Investment Fund), including the statement of investments, as of December 31, 2019, 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 the Fund (one of the funds constituting BNY Mellon Variable Investment Fund) at December 31, 2019, 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

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

New York, New York
February 10, 2020

BOARD MEMBERS INFORMATION(Unaudited)
INDEPENDENT BOARD MEMBERS

Joseph S. DiMartino (76)
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, Inc., a public company providing professional business services, products and solutions,Director (1997-Present)

No. of Portfolios for which Board Member Serves:118

———————

Peggy C. Davis (76)
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: 43

———————

Gina D. France (61)
Board Member (2019)
Principal Occupation During Past 5 Years:

· Founder, President and Chief Executive Officer, France Strategic Partners, a strategy and advisory firm serving corporate clients across the United States (2003 –Present)

· Corporate Director and Trustee (2004 – Present)

Other Public Company Board Memberships During Past 5 Years:

· Huntington Bancshares, a bank holding company headquartered in Columbus, Ohio,Director(2016 – Present)

· Cedar Fair, L.P., a publicly-traded partnership that owns and operates amusement parks and hotels in the U.S. and Canada,Director (2011 – Present)

· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies,Director(2015 – Present)

· Baldwin Wallace University,Trustee (2013- Present)

· FirstMerit Corporation, a diversified financial services company,Director (2004 – 2016)

No. of Portfolios for which Board Member Serves:29

———————

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

Joan Gulley (72)
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)

· Director, Nantucket Library (2015-Present)

No. of Portfolios for which Board Member Serves:49

———————

Ehud Houminer (79)
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 (2012-2018)

No. of Portfolios for which Board Member Serves:49

———————

Robin A. Melvin (56)
Board Member (2012)
Principal Occupation During Past 5 Years:

· Co-chairman, Mentor Illinois, a non-profit organization dedicated to increasing the quantity and quality of mentoring services in Illinois; (2014-Present); Board member (2013-Present)

No. of Portfolios for which Board Member Serves:96

———————

David P. Feldman, Emeritus Board Member
James F. Henry, Emeritus Board Member
Lynn Martin, Emeritus Board Member
Dr. Martin Peretz, Emeritus Board Member
Philip L. Toia, Emeritus Board Member

OFFICERS OF THE FUND(Unaudited)

RENEE LAROCHE-MORRIS, President since May 2019.

JAMES WINDELS, Treasurer since November 2001.

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

DAVID DIPETRILLO, Vice President since May 2019.

JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.

SONALEE CROSS, Vice President and Assistant Secretary since March 2018.

DEIRDRE CUNNANE, Vice President and Assistant Secretary since March 2019.

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

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

PETER M. SULLIVAN, Vice President and Assistant Secretary since March 2019.

OFFICERS OF THE FUND (Unaudited)(continued)

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

GAVIN C. REILLY, Assistant Treasurer since December 2005.

ROBERT S. ROBOL, Assistant Treasurer since August 2005.

ROBERT SALVIOLO, Assistant Treasurer since July 2007.

ROBERT SVAGNA, Assistant Treasurer since December 2002.

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

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

NOTES

For More Information

BNY Mellon Variable Investment Fund, Government Money Market Portfolio
240 Greenwich Street
New York, NY 10286

Adviser
BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286

Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286

Transfer Agent &
Dividend Disbursing Agent
BNY Mellon Transfer, Inc.
240 Greenwich Street
New York, NY 10286

Distributor
BNY Mellon Securities Corporation
240 Greenwich Street
New York, NY 10286

Telephone Call your representative or 1-800-373-9387

Mail BNY Mellon Family of Funds to: BNY Mellon Institutional Services, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144

E-mail Send your request to instserv@bnymellon.com

Internet Access Dreyfus Money Market Funds at www.dreyfus.com

The fund will disclose daily, onwww.dreyfus.com, the fund’s complete schedule of holdings as of the end of the previous business day. The schedule of holdings will remain on the website for a period of five months. The fund files a monthly schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) on Form N-MFP. The fund’s Forms N-MFP are available on the SEC’s website at www.sec.gov.

Information regarding how the fund voted proxies related to portfolio securities for the most recent 12-month period ended June 30 is available atwww.dreyfus.com and on the SEC’s website at www.sec.gov and without charge, upon request, by calling 1-800-373-9387

BNY Mellon Variable Investment Fund, Growth and Income Portfolio

ANNUAL REPORT

December 31, 2019

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

Contents

THE FUND


A Letter from the President of
BNY Mellon Investment Adviser, Inc.	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	13
Statement of Assets and Liabilities	14
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	17
Notes to Financial Statements	19
Report of Independent Registered
Public Accounting Firm	27
Important Tax Information	28
Board Members Information	29
Officers of the Fund	31

FOR MORE INFORMATION

Back Cover


	BNY Mellon Variable Investment Fund, Growth and Income Portfolio		The Fund

A LETTER FROM THE PRESIDENT OF BNY MELLON INVESTMENT ADVISER, INC.

Dear Shareholder:

We are pleased to present this annual report for BNY Mellon Variable Investment Fund, Growth and Income Portfolio (formerly, Dreyfus Variable Investment Fund, Growth and Income Portfolio), covering the 12-month period from January 1, 2019 through December 31, 2019. 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
BNY Mellon Investment Adviser, Inc.
January 15, 2020

DISCUSSION OF FUND PERFORMANCE(Unaudited)

For the period from January 1, 2019 through December 31, 2019, as provided by John Bailer, David Intoppa and Leigh N. Todd, Portfolio Managers

Market and Fund Performance Overview

For the 12-month period ended December 31, 2019, BNY Mellon Variable Investment Fund, Growth and Income Portfolio’s (formerly, Dreyfus Variable Investment Fund, Growth and Income Portfolio) Initial shares achieved a total return of 29.12%, and its Service shares achieved a total return of 28.79%.¹ In comparison, the fund’s benchmark, the S&P 500^® Index (the “Index”), produced a total return of 31.46% for the same period.²

U.S. stocks posted strong gains during the reporting period, amid sustained economic growth, supportive central bank policy and international trade tensions. The fund lagged the Index largely due to unsuccessful security selections in the communication services, health care and information technology sectors.

The Fund’s Investment Approach

The fund seeks long-term capital growth, current income and growth of income, consistent with reasonable investment risk. To pursue its goal, the fund normally invests primarily in stocks of domestic and foreign issuers. We seek to create a portfolio that includes a blend of growth and dividend-paying stocks, as well as other investments that provide income. We choose stocks through a disciplined investment process that combines computer-modeling techniques, “bottom-up” fundamental analysis and risk management. The investment process is designed to provide investors with investment exposure to sector weightings and risk characteristics similar to those of the Index.

In selecting securities, we seek companies that possess some or all of the following characteristics: growth of earnings potential; operating margin improvement; revenue growth prospects; business improvement; good business fundamentals; dividend yield consistent with the fund’s strategy pertaining to income; value, or how a stock is priced relative to its perceived intrinsic worth; and healthy financial profile, which measures the financial well-being of the company.

The fund may use listed equity options to seek to enhance and/or mitigate risk. The fund will engage in “covered” option transactions where the fund has in its possession, for the duration of the strategy, the underlying physical asset or cash to satisfy any obligation the fund may have with respect to the option strategy.

Stocks Surge on Supportive Federal Reserve Policy and Reduced Trade Tensions

The reporting period began with widespread expectations of interest rate cuts, as the U.S. Federal Reserve (the “Fed”) had earlier moved from a tightening policy to one that was “data dependent.” With this shift, stocks rallied late in 2018 and continued to rise early in 2019. In the second quarter, however, stocks generally moved sideways, weighed down at times by concerns about trade tensions and global growth.

Three quarter-point rate cuts in the second half of the period provided an additional boost to equity markets. The Fed announced an initial reduction at its July 2019 meeting and

DISCUSSION OF FUND PERFORMANCE(Unaudited) (continued)

followed up with two additional rate cuts in September and October 2019. These reductions brought the federal funds rate to 1.50-1.75%, as trade tensions and other geopolitical concerns appeared to be weighing on economic growth. Other major central banks were also supportive.

In the third quarter of 2019, interest rate cuts and the prospect of a U.S.-China trade agreement led investors to anticipate a pickup in global growth. Investors’ concerns about trade tensions and the global economy hindered performance at times, but stocks finished up strong later in the reporting period, when the “Phase 1” U.S.-China trade deal was announced.

Sector Allocation and Stock Selection Drove Fund Performance

The fund’s relative performance was driven largely by unsuccessful stock selection in three sectors. An overweight position in the materials sector also hindered relative returns. Stock selection in the communication services, health care and information technology sectors were primarily responsible for the underperformance. In communication services, the fund’s lack of exposure to Facebook, which performed well, detracted from relative returns. The fund’s overweight position inNetflix also hindered relative performance, as it lagged the Index due to disappointing subscriber growth. In the health care sector, a position in Anthem, a managed care company, hampered performance, as shares were pressured by investors’ concerns about Medicare-For-All and other proposals to reduce health care costs. A position inSage Therapeutics also detracted from performance, as the company’s depression drug failed clinical trials. In the information technology sector, an underweight position in Apple hurt performance; the company reported strong results related to the iPhone 11, wearables and services. The fund’s performance was also hindered by a lack of exposure to Mastercard, which has been enjoying success in the global payments business. An overweight position in Corning detracted from performance as well; the company’s results were hurt by display overcapacity and optical spending weakness. Other detractors included Mosaic, an agricultural chemicals company, Marathon Petroleum andOccidental Petroleum.

On the other hand, the fund’s performance was helped by sector allocations, including an overweight position in the information technology sector and underweight positions in the utilities, real estate and consumer staples sectors. Also beneficial was stock selection in the industrials, financial, utilities and energy sectors. In the industrial sector, a decision to avoid shares of Boeing proved advantageous, as the company continued to experience trouble with its 737 Max airliner. A position inCoStar Group also benefited relative performance; the company has been reporting strong results for its real estate management software product and services. Several positions in the financial sector were also helpful, as the sector benefited broadly from strong earnings and capital returns. Positions inAmeriprise Financial, Progressive, Citigroup and Voya Financial were particularly beneficial. In the utilities sector, the fund’s position in NextEra Energy, which focuses on renewable energy, proved advantageous. In the energy sector, the fund did not own ExxonMobil, which has been struggling with production, and it did own Hess, which has benefited from a new find in Guyana. Other positive contributors included Chipotle Mexican Grill, a restaurant company, and Qualcomm, a leader in 5G technology.

Positioned for Further Gains

Given supportive monetary policy, resolution of Brexit uncertainty, improving economic data and progress on trade relations with China, we are optimistic about the economy and the prospect for stronger corporate earnings in 2020. We have emphasized stocks in the information technology, financial, materials, energy and industrial sectors and have underweight positions in the communication services, consumer staples, real estate, consumer discretionary, health care and utilities sectors.

January 15, 2020

² Source: 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.

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

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 BNY Mellon Variable Investment Fund, Growth and Income Portfolio made available through insurance products may be similar to those of other funds managed or advised by BNY Mellon Investment Adviser, Inc. However, the investment results of the fund may be higher or lower than, and may not be comparable to, those of any other fund.

FUND PERFORMANCE(Unaudited)

Comparison of change in value of a $10,000 investment in Initial shares and Service shares of BNY Mellon Variable Investment Fund, Growth and Income Portfolio with a hypothetical investment of $10,000 in S&P 500^® Index (the “Index”)

^† Source: Lipper Inc.

The above graph compares a hypothetical $10,000 investment made in Initial and Service shares of BNY Mellon Variable Investment Fund, Growth and Income Portfolio on 12/31/09 to a hypothetical investment of $10,000 made in the Index on that date.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses. 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 12/31/19
	1 Year	5 Years	10 Years
Initial shares	29.12%	10.49%	12.94%
Service shares	28.79%	10.22%	12.66%
S&P 500^® Index	31.46%	11.69%	13.55%

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 www.bnymellonim.com/us for the fund’s most recent month-end returns.

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)

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in BNY Mellon Variable Investment Fund, Growth and Income Portfolio from July 1, 2019 to December 31, 2019. 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
Assume actual returns for the six months ended December 31, 2019

	Initial Shares	Service Shares
Expense paid per $1,000^†	$4.95	$6.26
Ending value (after expenses)	$1,087.70	$1,086.60

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, 2019

	Initial Shares	Service Shares
Expense paid per $1,000^†	$4.79	$6.06
Ending value (after expenses)	$1,020.47	$1,019.21
^†Expenses are equal to the fund’s annualized expense ratio of .94% for Initial Shares and 1.19% 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, 2019



Description	Shares		Value ($)
Common Stocks - 98.4%
Automobiles & Components - .5%
General Motors	12,771		467,419
Banks - 5.8%
Bank of America	35,089		1,235,835
Citigroup	14,830		1,184,769
JPMorgan Chase & Co.	13,438		1,873,257
U.S. Bancorp	12,075		715,927
			5,009,788
Capital Goods - 7.7%
AMETEK	5,505		549,069
Gardner Denver Holdings	19,940	^a	731,399
Honeywell International	1,382		244,614
Ingersoll-Rand	6,716		892,691
L3Harris Technologies	2,489		492,498
Northrop Grumman	490		168,545
Quanta Services	9,608		391,142
Rockwell Automation	3,401		689,281
United Technologies	13,470		2,017,267
W.W. Grainger	1,427		483,068
			6,659,574
Consumer Durables & Apparel - .6%
Lennar, Cl. A	8,931		498,260
Consumer Services - 2.2%
Chipotle Mexican Grill	501	^a	419,392
McDonald's	3,556		702,701
Wynn Resorts	5,403		750,315
			1,872,408
Diversified Financials - 6.9%
Berkshire Hathaway, Cl. B	8,071	^a	1,828,081
Capital One Financial	2,908		299,262
E*TRADE Financial	10,723		486,502
LPL Financial Holdings	3,748		345,753
Morgan Stanley	16,257		831,058
Raymond James Financial	2,040		182,498
The Charles Schwab	4,360		207,362
The Goldman Sachs Group	4,431		1,018,820
Voya Financial	13,366	^b	815,059
			6,014,395
Energy - 5.3%
Apergy	9,544	^a	322,396
ConocoPhillips	9,548		620,906
Hess	11,068		739,453



Description	Shares		Value ($)
Common Stocks - 98.4% (continued)
Energy - 5.3% (continued)
Marathon Petroleum	22,067		1,329,537
Phillips 66	6,582		733,301
Pioneer Natural Resources	2,281		345,275
Schlumberger	6,856		275,611
Valero Energy	2,132		199,662
			4,566,141
Food & Staples Retailing - .6%
Walmart	4,118		489,383
Food, Beverage & Tobacco - 2.8%
Archer-Daniels-Midland	10,396		481,855
Conagra Brands	13,944		477,443
PepsiCo	10,861		1,484,373
			2,443,671
Health Care Equipment & Services - 7.5%
Alcon	6,607	^a	373,758
Anthem	3,961		1,196,341
Becton Dickinson and Co.	2,281		620,364
Boston Scientific	19,764	^a	893,728
CVS Health	4,665		346,563
Danaher	3,623	^b	556,058
Humana	880		322,538
Intuitive Surgical	1,157	^a	683,961
Masimo	2,086	^a	329,713
Medtronic	10,727		1,216,978
			6,540,002
Household & Personal Products - .4%
Colgate-Palmolive	5,520		379,997
Insurance - 3.5%
American International Group	25,692		1,318,770
Assurant	3,712		486,569
Chubb	3,851		599,447
The Hartford Financial Services Group	3,365		204,491
Willis Towers Watson	2,127		429,526
			3,038,803
Materials - 5.0%
CF Industries Holdings	19,323		922,480
Dow	5,502		301,125
Freeport-McMoRan	34,406		451,407
Louisiana-Pacific	7,643		226,768
Martin Marietta Materials	3,039		849,826
Newmont Goldcorp	9,843		427,678
The Mosaic Company	15,928		344,682

STATEMENT OF INVESTMENTS (continued)



Description	Shares		Value ($)
Common Stocks - 98.4% (continued)
Materials - 5.0% (continued)
Vulcan Materials	5,515		794,105
			4,318,071
Media & Entertainment - 5.2%
Alphabet, Cl. A	642	^a	859,888
Alphabet, Cl. C	1,450	^a	1,938,679
Comcast, Cl. A	6,685		300,624
Electronic Arts	3,233	^a	347,580
Omnicom Group	2,475		200,524
Pinterest, Cl. A	17,980	^a	335,147
Twitter	16,752	^a	536,902
			4,519,344
Pharmaceuticals Biotechnology & Life Sciences - 5.6%
Charles River Laboratories International	2,239	^a	342,030
Eli Lilly & Co.	5,886		773,597
Merck & Co.	17,508		1,592,353
Pfizer	16,781		657,480
Sarepta Therapeutics	3,783	^a,b	488,158
Vertex Pharmaceuticals	1,745	^a	382,068
Zoetis	4,490		594,251
			4,829,937
Real Estate - .9%
American Tower	2,389	^c	549,040
Outfront Media	10,485	^c	281,208
			830,248
Retailing - 4.5%
Amazon.com	1,544	^a	2,853,065
O'Reilly Automotive	1,735	^a	760,381
Target	2,352		301,550
			3,914,996
Semiconductors & Semiconductor Equipment - 6.3%
Advanced Micro Devices	15,424	^a,b	707,345
Applied Materials	8,239		502,909
Broadcom	1,100		347,622
Microchip Technology	8,904	^b	932,427
NVIDIA	4,128		971,318
Qualcomm	20,283		1,789,569
Texas Instruments	1,481		189,997
			5,441,187
Software & Services - 14.0%
HubSpot	2,214	^a	350,919
International Business Machines	1,453		194,760
Microsoft	25,550		4,029,235
PayPal Holdings	7,691	^a	831,935



Description		Shares		Value ($)
Common Stocks - 98.4% (continued)
Software & Services - 14.0% (continued)
Proofpoint		3,323	^a	381,414
Salesforce.com		7,613	^a	1,238,178
ServiceNow		2,842	^a	802,353
Shopify, Cl. A		1,626	^a	646,465
Splunk		5,509	^a	825,083
Square, Cl. A		8,773	^a	548,839
Twilio, Cl. A		3,533	^a,b	347,223
Visa, Cl. A		10,471	^b	1,967,501
				12,163,905
Technology Hardware & Equipment - 6.7%
Apple		11,979		3,517,633
Cisco Systems		6,054		290,350
Cognex		12,763		715,239
Corning		18,202		529,860
Western Digital		5,681		360,573
Zebra Technologies, Cl. A		1,612	^a	411,769
				5,825,424
Telecommunication Services - 1.6%
AT&T		34,803		1,360,101
Transportation - 1.8%
Delta Air Lines		8,117		474,682
Union Pacific		6,282		1,135,723
				1,610,405
Utilities - 3.0%
Clearway Energy, Cl. C		10,319	^b	205,864
Edison International		8,112		611,726
NextEra Energy		2,768		670,299
PPL		32,152		1,153,614
				2,641,503
Total Common Stocks(cost $62,247,566)				85,434,962

Exchange-Traded Funds - .5%
Registered Investment Companies - .5%
iShares Russell 1000 Value ETF (cost $413,678)		3,038		414,626
	1-Day Yield (%)
Investment Companies - .6%
Registered Investment Companies - .6%
Dreyfus Institutional Preferred Government Plus Money Market Fund (cost $543,727)	1.60	543,727	^d	543,727

STATEMENT OF INVESTMENTS (continued)



Description	1-Day Yield (%)	Shares		Value ($)
Investment of Cash Collateral for Securities Loaned - .1%
Registered Investment Companies - .1%
Dreyfus Institutional Preferred Government Plus Money Market Fund (cost $41,828)	1.60	41,828	^d	41,828
Total Investments(cost $63,246,799)		99.6%		86,435,143
Cash and Receivables (Net)		.4%		376,923
Net Assets		100.0%		86,812,066

ETF—Exchange-Traded Fund

^aNon-income producing security.

^bSecurity, or portion thereof, on loan. At December 31, 2019, the value of the fund’s securities on loan was $5,632,917 and the value of the collateral was $5,732,622, consisting of cash collateral of $41,828 and U.S. Government & Agency securities valued at $5,690,794.

^cInvestment in real estate investment trust within the United States.

^dInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.


Portfolio Summary (Unaudited)^†	Value (%)
Information Technology	27.0
Financials	16.1
Health Care	13.1
Industrials	9.5
Consumer Discretionary	7.8
Communication Services	6.8
Energy	5.3
Materials	5.0
Consumer Staples	3.8
Utilities	3.0
Investment Companies	1.2
Real Estate	1.0
	99.6

^† Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS IN AFFILIATED ISSUERS


Investment Companies	Value 12/31/18 ($)	Purchases ($)	Sales ($)	Value 12/31/19 ($)	Net Assets (%)	Dividends/ Distributions ($)
Registered Investment Companies;
Dreyfus Institutional Preferred Government Plus Money Market Fund	605,949	17,163,830	17,226,052	543,727	.6	26,256
Investment of Cash Collateral for Securities Loaned;
Dreyfus Institutional Preferred Government Plus Money Market Fund	-	4,288,970	4,247,142	41,828	.1	-
Total	605,949	21,452,800	21,473,194	585,555	.7	26,256

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES
December 31, 2019



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments (including securities on loan, valued at $5,632,917)—Note 1(b):
Unaffiliated issuers	62,661,244	85,849,588
Affiliated issuers	585,555	585,555
Receivable for investment securities sold		1,189,994
Dividends, interest and securities lending income receivable		72,584
Receivable for shares of Beneficial Interest subscribed		2,187
Prepaid expenses		1,286
		87,701,194
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)		61,753
Payable for investment securities purchased		661,573
Payable for shares of Beneficial Interest redeemed		64,051
Liability for securities on loan—Note 1(b)		41,828
Trustees’ fees and expenses payable		661
Other accrued expenses		59,262
		889,128
Net Assets ($)		86,812,066
Composition of Net Assets ($):
Paid-in capital		57,784,938
Total distributable earnings (loss)		29,027,128
Net Assets ($)		86,812,066


Net Asset Value Per Share	Initial Shares	Service Shares
Net Assets ($)	82,327,792	4,484,274
Shares Outstanding	2,587,422	140,677
Net Asset Value Per Share ($)	31.82	31.88

See notes to financial statements.

STATEMENT OF OPERATIONS
Year Ended December 31, 2019




Investment Income ($):
Income:
Cash dividends:
Unaffiliated issuers					1,552,958
Affiliated issuers					26,256
Income from securities lending—Note 1(b)					9,272
Interest					13
Total Income					1,588,499
Expenses:
Investment advisory fee—Note 3(a)					618,076
Professional fees					84,799
Prospectus and shareholders’ reports					13,307
Chief Compliance Officer fees—Note 3(b)					11,793
Distribution fees—Note 3(b)					11,048
Trustees’ fees and expenses—Note 3(c)					7,604
Custodian fees—Note 3(b)					7,049
Loan commitment fees—Note 2					1,893
Shareholder servicing costs—Note 3(b)					717
Miscellaneous					17,076
Total Expenses					773,362
Investment Income—Net					815,137
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments					6,116,807
Net change in unrealized appreciation (depreciation) on investments					13,770,294
Net Realized and Unrealized Gain (Loss) on Investments					19,887,101
Net Increase in Net Assets Resulting from Operations					20,702,238

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2019	2018
Operations ($):
Investment income—net	815,137	733,653
Net realized gain (loss) on investments	6,116,807	9,174,467
Net change in unrealized appreciation (depreciation) on investments	13,770,294	(13,144,415)
Net Increase (Decrease) in Net Assets Resulting from Operations	20,702,238	(3,236,295)
Distributions ($):
Distributions to shareholders:
Initial Shares	(9,496,804)	(8,070,416)
Service Shares	(534,779)	(479,210)
Total Distributions	(10,031,583)	(8,549,626)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Initial Shares	2,453,424	2,953,110
Service Shares	33,603	219,876
Distributions reinvested:
Initial Shares	9,496,804	8,070,416
Service Shares	534,779	479,210
Cost of shares redeemed:
Initial Shares	(9,502,967)	(12,182,314)
Service Shares	(686,807)	(1,318,092)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions	2,328,836	(1,777,794)
Total Increase (Decrease) in Net Assets	12,999,491	(13,563,715)
Net Assets ($):
Beginning of Period	73,812,575	87,376,290
End of Period	86,812,066	73,812,575
Capital Share Transactions (Shares):
Initial Shares
Shares sold	83,060	92,133
Shares issued for distributions reinvested	335,162	273,936
Shares redeemed	(319,680)	(385,558)
Net Increase (Decrease) in Shares Outstanding	98,542	(19,489)
Service Shares
Shares sold	1,119	6,747
Shares issued for distributions reinvested	18,860	16,250
Shares redeemed	(23,125)	(41,128)
Net Increase (Decrease) in Shares Outstanding	(3,146)	(18,131)

See notes to financial statements.

FINANCIAL HIGHLIGHTS




	Year Ended December 31,
Initial Shares	2019	2018	2017	2016	2015
Per Share Data ($):
Net asset value, beginning of period	28.03	32.72	28.81	29.98	32.68
Investment Operations:
Investment income—net^a	.30	.27	.26	.33	.26
Net realized and unrealized gain (loss) on investments	7.36	(1.66)	5.22	2.27	.28
Total from Investment Operations	7.66	(1.39)	5.48	2.60	.54
Distributions:
Dividends from investment income—net	(.33)	(.26)	(.23)	(.34)	(.27)
Dividends from net realized gain on investments	(3.54)	(3.04)	(1.34)	(3.43)	(2.97)
Total Distributions	(3.87)	(3.30)	(1.57)	(3.77)	(3.24)
Net asset value, end of period	31.82	28.03	32.72	28.81	29.98
Total Return (%)	29.12	(4.68)	19.71	10.04	1.59
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.93	.93	.90	.90	.88
Ratio of net expenses to average net assets	.93	.93	.90	.90	.88
Ratio of net investment income to average net assets	1.00	.87	.85	1.17	.84
Portfolio Turnover Rate	61.08	63.89	61.00	64.41	62.03
Net Assets, end of period ($ x 1,000)	82,328	69,774	82,070	74,797	78,296

^a Based on average shares outstanding.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)




	Year Ended December 31,
Service Shares	2019	2018	2017	2016	2015
Per Share Data ($):
Net asset value, beginning of period	28.08	32.76	28.85	30.01	32.71
Investment Operations:
Investment income—net^a	.22	.19	.18	.25	.18
Net realized and unrealized gain (loss) on investments	7.37	(1.65)	5.22	2.29	.27
Total from Investment Operations	7.59	(1.46)	5.40	2.54	.45
Distributions:
Dividends from investment income—net	(.25)	(.18)	(.15)	(.27)	(.18)
Dividends from net realized gain on investments	(3.54)	(3.04)	(1.34)	(3.43)	(2.97)
Total Distributions	(3.79)	(3.22)	(1.49)	(3.70)	(3.15)
Net asset value, end of period	31.88	28.08	32.76	28.85	30.01
Total Return (%)	28.79	(4.90)	19.38	9.78	1.32
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.18	1.18	1.15	1.15	1.13
Ratio of net expenses to average net assets	1.18	1.18	1.15	1.15	1.13
Ratio of net investment income to average net assets	.76	.62	.60	.92	.59
Portfolio Turnover Rate	61.08	63.89	61.00	64.41	62.03
Net Assets, end of period ($ x 1,000)	4,484	4,039	5,306	5,283	5,739

^a Based on average shares outstanding.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Growth and Income Portfolio (the “fund”) is a separate non-diversified series of BNY Mellon 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, current income and growth of income consistent with reasonable investment risk. BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser.

NOTES TO FINANCIAL STATEMENTS(continued)

authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. 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.

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:

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 American Depository Receipts and futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.

NOTES TO FINANCIAL STATEMENTS(continued)

The following is a summary of the inputs used as of December 31, 2019in valuing the fund’s investments:


	Level 1-Unadjusted Quoted Prices	Level 2-Other Significant Observable Inputs	Level 3-Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:^†
Equity Securities—Common Stocks	85,434,962	–	–	85,434,962
Exchange-Traded Funds	414,626	–	–	414,626
Investment Companies	585,555	–	–	585,555

^†See Statement of Investments for additional detailed categorizations, if any.

(b)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 the Adviser, 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 the Adviser, 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, 2019, The Bank of New York Mellon earned $1,972 from the lending of the fund’s portfolio securities, pursuant to the securities lending agreement.

(c) Affiliated issuers: Investments in other investment companies advised by the Adviser are considered “affiliated” under the Act.

(d) 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.

(e) 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 and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.

Each tax year in the four year period ended December 31, 2019 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At December 31, 2019, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $106,647 undistributed capital gains $6,113,799 and unrealized appreciation $22,806,682.

The tax character of distributions paid to shareholders during the fiscal periods ended December 31, 2019 and December 31, 2018 were as follows: ordinary income $951,352 and $2,574,824, and long-term capital gains $9,080,231 and $5,974,802, respectively.

NOTES TO FINANCIAL STATEMENTS(continued)

provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. The adoption of ASU 2018-13 had no impact on the operations of the fund for the period ended December 31, 2019.

NOTE 2—Bank Lines of Credit:

NOTE 3—Investment Advisory Fee and Other Transactions with Affiliates:

(a)Pursuant to an investment advisory agreement with the Adviser, the investment advisory fee is computed at the annual rate of .75% of the value of the fund’s average daily net assets and is payable monthly.

arrangement with the custodian to receive earnings credits when positive cash balances were maintained, which were used to offset custody fees. Effective February 1, 2019, the arrangement with the custodian changed whereby the fund will no longer receive earnings credits to offset its custody fees and will receive interest income or overdraft fees going forward. For financial reporting purposes, the fund includes net earnings credits, if any, as an expense offset in the Statement of Operations.

The fund compensates BNY Mellon Transfer, Inc., a wholly-owned subsidiary of the Adviser, 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, 2019, the fund was charged $580 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations.

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, 2019, the fund was charged $7,049 pursuant to the custody agreement.

The components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of: investment advisory fees of $54,635, Distribution Plan fees of $937, custodian fees of $2,800, Chief Compliance Officer fees of $3,261 and transfer agency fees of $120.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended December 31, 2019, amounted to $49,506,280 and $56,669,546, respectively.

At December 31, 2019, the cost of investments for federal income tax purposes was $63,628,461; accordingly, accumulated net unrealized

NOTES TO FINANCIAL STATEMENTS(continued)

appreciation on investments was $22,806,682, consisting of $23,890,016 gross unrealized appreciation and $1,083,334 gross unrealized depreciation.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of Growth and Income Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Growth and Income Portfolio (the “Fund”) (one of the funds constituting BNY Mellon Variable Investment Fund), including the statements of investments and investments in affiliated issuers, as of December 31, 2019, 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 the Fund (one of the funds constituting BNY Mellon Variable Investment Fund) at December 31, 2019, 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

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

New York, New York
February 10, 2020

IMPORTANT TAX INFORMATION(Unaudited)

For federal tax purposes, the portfolio hereby reports 100% of the ordinary dividends paid during the fiscal year ended December 31, 2019 as qualifying for the corporate dividends received deduction. Shareholders will receive notification in early 2020 of the percentage applicable to the preparation of their 2019 income tax returns. Also, the portfolio hereby reports $.0294 per share as a short-term capital gain distribution and $3.5122 per share as a long-term capital gain distribution paid on March 29, 2019.

BOARD MEMBERS INFORMATION(Unaudited)
INDEPENDENT BOARD MEMBERS

Joseph S. DiMartino (76)
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, Inc., a public company providing professional business services, products and solutions,Director (1997-Present)

No. of Portfolios for which Board Member Serves:118

———————

Peggy C. Davis (76)
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: 43

———————

Gina D. France (61)
Board Member (2019)
Principal Occupation During Past 5 Years:

· Founder, President and Chief Executive Officer, France Strategic Partners, a strategy and advisory firm serving corporate clients across the United States (2003 –Present)

· Corporate Director and Trustee (2004 – Present)

Other Public Company Board Memberships During Past 5 Years:

· Huntington Bancshares, a bank holding company headquartered in Columbus, Ohio,Director(2016 – Present)

· Cedar Fair, L.P., a publicly-traded partnership that owns and operates amusement parks and hotels in the U.S. and Canada,Director (2011 – Present)

· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies,Director(2015 – Present)

· Baldwin Wallace University,Trustee (2013- Present)

· FirstMerit Corporation, a diversified financial services company,Director (2004 – 2016)

No. of Portfolios for which Board Member Serves:29

———————

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

Joan Gulley (72)
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)

· Director, Nantucket Library (2015-Present)

No. of Portfolios for which Board Member Serves:49

———————

Ehud Houminer (79)
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 (2012-2018)

No. of Portfolios for which Board Member Serves:49

———————

Robin A. Melvin (56)
Board Member (2012)
Principal Occupation During Past 5 Years:

· Co-chairman, Mentor Illinois, a non-profit organization dedicated to increasing the quantity and quality of mentoring services in Illinois; (2014-Present); Board member (2013-Present)

No. of Portfolios for which Board Member Serves:96

———————

David P. Feldman, Emeritus Board Member
James F. Henry, Emeritus Board Member
Lynn Martin, Emeritus Board Member
Dr. Martin Peretz, Emeritus Board Member
Philip L. Toia, Emeritus Board Member

OFFICERS OF THE FUND(Unaudited)

RENEE LAROCHE-MORRIS, President since May 2019.

JAMES WINDELS, Treasurer since November 2001.

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

DAVID DIPETRILLO, Vice President since May 2019.

JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.

SONALEE CROSS, Vice President and Assistant Secretary since March 2018.

DEIRDRE CUNNANE, Vice President and Assistant Secretary since March 2019.

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

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

PETER M. SULLIVAN, Vice President and Assistant Secretary since March 2019.

OFFICERS OF THE FUND (Unaudited)(continued)

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

GAVIN C. REILLY, Assistant Treasurer since December 2005.

ROBERT S. ROBOL, Assistant Treasurer since August 2005.

ROBERT SALVIOLO, Assistant Treasurer since July 2007.

ROBERT SVAGNA, Assistant Treasurer since December 2002.

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

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

NOTES

For More Information

BNY Mellon Variable Investment Fund, Growth and Income Portfolio
240 Greenwich Street
New York, NY 10286

Adviser
BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286

Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286

Transfer Agent &
Dividend Disbursing Agent
BNY Mellon Transfer, Inc.
240 Greenwich Street
New York, NY 10286

Distributor
BNY Mellon Securities Corporation
240 Greenwich Street
New York, NY 10286

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

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

E-mailSend your request to info@bnymellon.com

InternetInformation can be viewed online or downloaded atwww.bnymellonim.com/us


© 2020 BNY Mellon Securities Corporation 0108AR1219

BNY Mellon Variable Investment Fund, International Equity Portfolio

ANNUAL REPORT

December 31, 2019

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

Contents

THE FUND


A Letter from the President of
BNY Mellon Investment Adviser, Inc.	2
Discussion of Fund Performance	3
Fund Performance	6
Understanding Your Fund’s Expenses	8
Comparing Your Fund’s Expenses
With Those of Other Funds	8
Statement of Investments	9
Statement of Investments
in Affiliated Issuers	12
Statement of Forward Foreign
Currency Exchange Contracts	13
Statement of Assets and Liabilities	14
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	17
Notes to Financial Statements	19
Report of Independent Registered
Public Accounting Firm	30
Important Tax Information	31
Information About the Renewal of
the Fund’s Sub-Investment
Advisory Agreement	32
Board Members Information	35
Officers of the Fund	37

FOR MORE INFORMATION

Back Cover


	BNY Mellon Variable Investment Fund, International Equity Portfolio		The Fund

A LETTER FROM THE PRESIDENT OF BNY MELLON INVESTMENT ADVISER, INC.

Dear Shareholder:

We are pleased to present this annual report for BNY Mellon Variable Investment Fund, International Equity Portfolio (formerly, Dreyfus Variable Investment Fund, International Equity Portfolio), covering the 12-month period from January 1, 2019 through December 31, 2019. 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
BNY Mellon Investment Adviser, Inc.
January 15, 2020

DISCUSSION OF FUND PERFORMANCE(Unaudited)

For the period from January 1, 2019 through December 31, 2019, as provided by the fund’s primary portfolio managers, Paul Markham, Jeff Munroe and Yuko Takano of Newton Investment Management Limited (“Newton”), Sub-Investment Adviser

Market and Fund Performance Overview

For the 12-month period ended December 31, 2019, BNY Mellon Variable Investment Fund, International Equity Portfolio’s (formerly, Dreyfus Variable Investment Fund, International Equity Portfolio) Initial Shares produced a total return of 20.06%, and its Service Shares produced a total return of 19.77%.¹ This compares with a 22.01% return produced by the fund’s benchmark, the MSCI EAFE Index (the “Index”), for the same period.²

International equities posted strong gains over the reporting period, amid supportive central bank policies and a challenging geopolitical landscape. Underperformance was driven by stock selection in information technology, communication services and each of the consumer sectors.

The Fund’s Investment Approach

The fund seeks capital growth by investing at least 80% of its net assets, plus any borrowings for investment purposes, in stocks of foreign companies and depositary receipts evidencing ownership in such securities. At least 75% of the fund’s net assets will be invested in countries represented in the Index. The fund may invest up to 25% of its net assets in stocks of companies located in countries (other than the United States) not represented in the Index, including up to 20% in emerging-market countries.

The core of the investment philosophy of Newton, an affiliate of BNY Mellon Investment Adviser, Inc., the fund’s investment adviser, is the belief that no company, market or economy can be considered in isolation; each must be understood within a global context. Newton believes that a global comparison of companies is the most effective method of stock analysis, and Newton’s global analysts research investment opportunities by global sector rather than by region. The process begins by identifying a core list of investment themes that Newton believes will positively or negatively affect certain sectors or industries and cause stocks within these sectors or industries to outperform or underperform others. Newton then identifies specific companies using these investment themes to help focus on areas where thematic and strategic research indicates superior returns are likely to be achieved.

Sell decisions for individual stocks will typically be a result of one or more of the following: a change in investment theme or strategy; profit-taking; a significant change in the prospects of the company; price movement and market activity have created an extreme valuation; or the valuation of a company has become expensive against its peers.

Markets Pivot on Central Bank Statements and Trade Policy

International equity markets were challenged by an array of geopolitical developments in 2019. These ranged from civil protests in Hong Kong and attacks on Saudi Arabia’s oil infrastructure, to an impeachment inquiry against the U.S. president and the seemingly interminable Brexit saga in the U.K. However, greater certainty as to the timing, and the

DISCUSSION OF FUND PERFORMANCE(Unaudited) (continued)

ultimate nature, of Brexit was eventually reached, as Boris Johnson’s government negotiated a revised withdrawal agreement, and then gained a meaningful parliamentary majority following December’s general election. It was, however, the continuing trade tensions between the U.S. and China that remained the key variable shaping investor sentiment for much of the period. Alternating signs of progress and deterioration in the trade dispute between the two nations persistently fueled volatility in equity markets, although the year concluded with President Trump indicating that he would sign the first phase of a deal.

Although a pivot away from the U.S. Federal Reserve’s (the “Fed”) prior course of monetary policy normalization heralded a rebound in equities over the start of the year, mounting cyclical and geopolitical concerns ensured that market volatility was never far away. The Fed moved to cut interest rates in July, September and October to support weak inflation and flagging growth. During the 12 months, the European Central Bank announced yet another phase of quantitative easing as well. This monetary stimulus, in tandem with an apparent easing of short-term, trade-war tensions, bolstered sentiment and enabled international equities to deliver a positive return.

Security Selections Dampened Fund Results

During the 12 months, underperformance was driven by some disappointing stock selection in information technology, communication services and each of the consumer sectors. Concerns around domestic demand in India continued to weigh on Suzuki Motor. Despite some initial optimism around a good Indian recovery over the second half, investor concern grew that a slowdown in the country’s automobile market may persist. After a strong year of performance in 2018, Thales, which provides electrical systems and services for the aerospace, defense, transportation and security markets, struggled, as the prospect of a global economic slowdown contributed to a downbeat start to the year. With some investors having adopted a more cautious view on its aerospace and transport divisions, the company subsequently announced a cut to its full-year, organic growth forecast and a decline in order intake over the first nine months of the year. Given a downturn in commercial satellite markets and delays in the signing of some defense contracts, as well as some production concerns, we believe the issues being experienced by Thales are predominantly cyclical in nature.

Conversely, stock picking aided relative returns in financials and industrials. Although the market has the potential to become jittery over acquisition risk at times, TechnoPro Holdings contributed positively to relative returns over the year, as its staffing business continued to benefit from its position at the confluence between general labor shortages in Japan and a global lack of information technology professionals. Indeed, it remains particularly attractive from a thematic perspective and, given its sustainable, low-teens earnings growth, does not appear unduly valued in our view. M3 performed strongly over 2019, as shares continued to march higher. It is a Japanese company that offers digital solutions and real-life services to various customers within the health care space, and it is benefiting from a shift to digital and the need to drive greater efficiency across the industry.

Finding Opportunities in a Challenging Environment

We believe political risks are likely to remain elevated over the coming year, as global trade tensions continue, the U.S. gears up for a presidential election, and Brexit trade discussions remain at an early stage. Furthermore, long-term structural factors remain, which present a

threat to global growth. Debt in the world’s major economies is at historically high levels, while the changing climate and technological innovation have the potential to disrupt industries across the world. The Chinese economy, widely viewed as the engine driving global growth, has continued to lose momentum, and the country faces significant debt and liquidity challenges. Thus, it is not difficult to envisage a scenario where the headwinds facing equity markets persist.

In this uncertain environment, we continue to focus the portfolio on stocks with a visible growth trajectory, with a distinctive product or positioning advantage and the tailwind of thematic support. As we noted at the end of the third quarter, we think the portfolio is positioned well for the current environment and we believe this has been borne out in recent performance.

January 15, 2020

² Source: Lipper Inc. — The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted, market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. It reflects reinvestment of net dividends and, where applicable, capital gain distributions. Investors cannot invest directly in any index.

The fund’s performance will be influenced by political, social and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. These risks are enhanced in emerging-market countries.

The fund may, but is not required to, use derivative instruments. A small investment in derivatives could have a potentially large impact on the fund's performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.

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 BNY Mellon Variable Investment Fund, International Equity Portfolio, made available through insurance products, may be similar to those of other funds managed or advised by BNY Mellon Investment Adviser, Inc. However, the investment results of the fund may be higher or lower than, and may not be comparable to, those of any other BNY Mellon Investment Adviser, Inc. fund.

FUND PERFORMANCE(Unaudited)

Comparison of change in value of a $10,000 investment in Initial shares and Service shares of BNY Mellon Variable Investment Fund, International Equity Portfolio with a hypothetical investment of $10,000 in the MSCI EAFE Index (the “Index”)

^† Source: Lipper Inc.

The above graph compares a hypothetical $10,000 investment made in Initial and Service shares of BNY Mellon Variable Investment Fund, International Equity Portfolio on 12/31/09 to a hypothetical investment of $10,000 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 (Europe, Australasia, Far East) is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. 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 12/31/19
	1 Year	5 Years	10 Years
Initial shares	20.06%	4.29%	5.04%
Service shares	19.77%	4.04%	4.77%
MSCI EAFE Index	22.01%	5.67%	5.50%

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 www.bnymellonim.com/us for the fund’s most recent month-end returns.

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)

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in BNY Mellon Variable Investment Fund, International Equity Portfolio from July 1, 2019 to December 31, 2019. 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
Assume actual returns for the six months ended December 31, 2019

	Initial Shares	Service Shares
Expense paid per $1,000^†	$7.29	$8.59
Ending value (after expenses)	$1,067.00	$1,065.90

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, 2019

	Initial Shares	Service Shares
Expense paid per $1,000^†	$7.12	$8.39
Ending value (after expenses)	$1,018.15	$1,016.89
^†Expenses are equal to the fund’s annualized expense ratio of 1.40% for Initial Shares and 1.65% 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, 2019



Description	Shares		Value ($)
Common Stocks - 99.8%
China - 2.4%
Alibaba Group Holding, ADR	1,857	^a	393,870
Tencent Holdings	6,779		326,757
			720,627
Denmark - 1.3%
Chr. Hansen Holding	5,002		397,496
France - 10.2%
AXA	14,377		404,941
Bureau Veritas	13,778		359,478
L'Oreal	1,837		543,989
Thales	5,800		601,922
Total	5,610		309,603
Valeo	6,085		214,390
Vivendi	20,084		581,679
			3,016,002
Germany - 11.1%
Bayer	6,781		553,811
Deutsche Post	13,455		513,295
Deutsche Wohnen	5,015		204,874
HELLA GmbH & Co.	3,895		215,568
Infineon Technologies	11,071		252,216
LEG Immobilien	4,428		524,255
SAP	7,607		1,026,663
			3,290,682
Hong Kong - 3.0%
AIA Group	84,000		881,794
Ireland - .8%
AIB Group	68,297		237,947
Japan - 22.4%
Ebara	5,100		156,067
FANUC	1,600		299,370
Japan Airlines	9,336		291,882
Japan Tobacco	11,500		257,455
M3	8,600		261,589
Pan Pacific International Holdings	30,500		508,357
Recruit Holdings	18,505		698,099
Seven & i Holdings	9,900		364,730
Sony	11,700		796,942
Sugi Holdings	7,700		408,191
Suntory Beverage & Food	8,500		355,552
Suzuki Motor	15,200		638,888
TechnoPro Holdings	12,400		873,038

STATEMENT OF INVESTMENTS (continued)



Description	Shares		Value ($)
Common Stocks - 99.8% (continued)
Japan - 22.4% (continued)
Topcon	25,800		337,890
Toyota Industries	7,100		413,630
			6,661,680
Netherlands - 4.9%
Royal Dutch Shell, Cl. B	23,629		700,940
Wolters Kluwer	10,145		739,905
			1,440,845
Norway - 2.2%
DNB	18,944		353,880
Mowi	12,097		314,437
			668,317
South Korea - 1.3%
Samsung SDI	1,902		388,146
Sweden - 1.3%
Swedbank, Cl. A	26,693		397,416
Switzerland - 13.1%
Alcon	4,536	^a	256,843
Credit Suisse Group	25,075		339,541
Lonza Group	643		234,664
Novartis	11,676		1,108,725
Roche Holding	3,497		1,134,592
Zurich Insurance Group	1,972		809,135
			3,883,500
Taiwan - 1.9%
Taiwan Semiconductor Manufacturing, ADR	9,913		575,945
United Kingdom - 23.9%
Anglo American	7,369		212,106
Associated British Foods	9,638		331,674
B&M European Value Retail	34,973		189,748
Barclays	313,082		744,982
Diageo	15,169		643,072
Ferguson	4,852		440,247
GlaxoSmithKline	44,373		1,045,633
Informa	42,271		479,853
M&G	15,578	^a	48,945
Persimmon	11,109		396,569
Prudential	15,578		298,996
RELX	30,532		769,204
Royal Bank of Scotland Group	148,959		474,139
St. James's Place	27,703		427,318



Description		Shares		Value ($)
Common Stocks - 99.8% (continued)
United Kingdom - 23.9% (continued)
Unilever		10,193		585,738
				7,088,224
Total Common Stocks(cost $26,715,844)				29,648,621
	1-Day Yield (%)
Investment Companies - .3%
Registered Investment Companies - .3%
Dreyfus Institutional Preferred Government Plus Money Market Fund (cost $87,105)	1.60	87,105	^b	87,105
Total Investments(cost $26,802,949)		100.1%		29,735,726
Liabilities, Less Cash and Receivables		(.1%)		(29,452)
Net Assets		100.0%		29,706,274

ADR—American Depository Receipt

^aNon-income producing security.

^bInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.


Portfolio Summary (Unaudited)^†	Value (%)
Pharmaceuticals Biotechnology & Life Sciences	13.7
Commercial & Professional Services	11.6
Insurance	8.1
Banks	7.4
Food, Beverage & Tobacco	6.4
Capital Goods	5.0
Automobiles & Components	5.0
Media & Entertainment	4.7
Consumer Durables & Apparel	4.0
Household & Personal Products	3.8
Retailing	3.7
Software & Services	3.5
Energy	3.4
Semiconductors & Semiconductor Equipment	2.8
Diversified Financials	2.7
Transportation	2.7
Food & Staples Retailing	2.6
Real Estate	2.5
Technology Hardware & Equipment	2.4
Materials	2.1
Health Care Equipment & Services	1.7
Investment Companies	.3
	100.1

^† Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS IN AFFILIATED ISSUERS


Investment Companies	Value 12/31/18($)	Purchases($)	Sales($)	Value 12/31/2019($)	Net Assets(%)	Dividends/ Distributions($)
Registered Investment Companies;
Dreyfus Institutional Preferred Government Plus Money Market Fund	313,118	8,253,691	8,479,704	87,105	.3	13,197

See notes to financial statements.

STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTSDecember 31, 2019


Counterparty/ Purchased Currency	Purchased Currency Amounts	Currency Sold	Sold Currency Amounts	Settlement Date	Unrealized Appreciation (Depreciation)($)
State Street Bank and Trust Company
Swiss Franc	4,263	United States Dollar	4,401	1/3/2020	5
UBS Securities
British Pound	453,000	United States Dollar	597,482	1/15/2020	2,821
United States Dollar	557,124	British Pound	453,000	1/15/2020	(43,179)
Gross Unrealized Appreciation					2,826
Gross Unrealized Depreciation					(43,179)

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES
December 31, 2019



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments
Unaffiliated issuers	26,715,844	29,648,621
Affiliated issuers	87,105	87,105
Cash denominated in foreign currency	4,434	4,446
Tax reclaim receivable		91,675
Dividends and interest receivable		36,062
Receivable for shares of Beneficial Interest subscribed		17,279
Unrealized appreciation on forward foreign currency exchange contracts—Note 4		2,826
Prepaid expenses		1,778
		29,889,792
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)		27,899
Unrealized depreciation on forward foreign currency exchange contracts—Note 4		43,179
Payable for shares of Beneficial Interest redeemed		27,979
Payable for investment securities purchased		4,399
Trustees’ fees and expenses payable		200
Other accrued expenses		79,862
		183,518
Net Assets ($)		29,706,274
Composition of Net Assets ($):
Paid-in capital		26,330,416
Total distributable earnings (loss)		3,375,858
Net Assets ($)		29,706,274


Net Asset Value Per Share	Initial Shares	Service Shares
Net Assets ($)	24,321,266	5,385,008
Shares Outstanding	1,262,719	279,762
Net Asset Value Per Share ($)	19.26	19.25

See notes to financial statements.

STATEMENT OF OPERATIONS
Year Ended December 31, 2019




Investment Income ($):
Income:
Cash dividends (net of $75,556 foreign taxes withheld at source):
Unaffiliated issuers					744,782
Affiliated issuers					13,197
Income from securities lending—Note 1(c)					5
Total Income					757,984
Expenses:
Investment advisory fee—Note 3(a)					221,297
Professional fees					106,687
Prospectus and shareholders’ reports					18,617
Custodian fees—Note 3(b)					14,492
Distribution fees—Note 3(b)					13,943
Chief Compliance Officer fees—Note 3(b)					11,793
Trustees’ fees and expenses—Note 3(c)					2,775
Loan commitment fees—Note 2					673
Shareholder servicing costs—Note 3(b)					333
Miscellaneous					16,329
Total Expenses					406,939
Investment Income—Net					351,045
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments and foreign currency transactions					104,691
Net realized gain (loss) on forward foreign currency exchange contracts					85,132
Net Realized Gain (Loss)					189,823
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions					4,825,841
Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts					(50,482)
Net Change in Unrealized Appreciation (Depreciation)					4,775,359
Net Realized and Unrealized Gain (Loss) on Investments					4,965,182
Net Increase in Net Assets Resulting from Operations					5,316,227

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2019	2018
Operations ($):
Investment income—net	351,045	382,397
Net realized gain (loss) on investments	189,823	2,490,370
Net change in unrealized appreciation (depreciation) on investments	4,775,359	(8,317,693)
Net increase from payment by affiliate	-	198
Net Increase (Decrease) in Net Assets Resulting from Operations	5,316,227	(5,444,728)
Distributions ($):
Distributions to shareholders:
Initial Shares	(2,304,862)	(343,225)
Service Shares	(533,241)	(73,009)
Total Distributions	(2,838,103)	(416,234)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Initial Shares	1,538,570	2,198,806
Service Shares	256,553	531,637
Distributions reinvested:
Initial Shares	2,304,862	343,225
Service Shares	533,241	73,009
Cost of shares redeemed:
Initial Shares	(4,433,126)	(3,974,146)
Service Shares	(1,425,294)	(1,654,823)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions	(1,225,194)	(2,482,292)
Total Increase (Decrease) in Net Assets	1,252,930	(8,343,254)
Net Assets ($):
Beginning of Period	28,453,344	36,796,598
End of Period	29,706,274	28,453,344
Capital Share Transactions (Shares):
Initial Shares
Shares sold	85,082	107,479
Shares issued for distributions reinvested	128,980	16,383
Shares redeemed	(246,980)	(196,958)
Net Increase (Decrease) in Shares Outstanding	(32,918)	(73,096)
Service Shares
Shares sold	14,301	25,709
Shares issued for distributions reinvested	29,807	3,481
Shares redeemed	(79,200)	(80,525)
Net Increase (Decrease) in Shares Outstanding	(35,092)	(51,335)

See notes to financial statements.

FINANCIAL HIGHLIGHTS



	Year Ended December 31,
Initial Shares	2019	2018	2017	2016	2015
Per Share Data ($):
Net asset value, beginning of period	17.67	21.21	16.85	18.00	18.35
Investment Operations:
Investment income—net^a	.22	.24	.19	.22	.21
Net realized and unrealized gain (loss) on investments	3.19	(3.52)	4.37	(1.23)	.07
Total from Investment Operations	3.41	(3.28)	4.56	(1.01)	.28
Distributions:
Dividends from investment income—net	(.25)	(.26)	(.20)	(.16)	(.63)
Dividends from net realized capital gains	(1.57)	-	-	-	-
Total Distributions	(1.82)	(.26)	(.20)	(.16)	(.63)
Payment by affiliate	-	.00^b,c	.00^b,c	.02^c	-
Net asset value, end of period	19.26	17.67	21.21	16.85	18.00
Total Return (%)	20.06	(15.72)^c	27.32^c	(5.54)^c	1.38
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.33	1.31	1.14	1.17	1.14
Ratio of net expenses to average net assets	1.33	1.31	1.14	1.17	1.14
Ratio of net investment income to average net assets	1.23	1.17	.97	1.28	1.13
Portfolio Turnover Rate	34.20	35.83	28.36	36.91	32.28
Net Assets, end of period ($ x 1,000)	24,321	22,896	29,037	24,574	28,330

^a Based on average shares outstanding.

^b Amount represents less than $.01 per share.

^c In 2018, 2017 and 2016, the fund received proceeds from a class action settlement from The Bank of New York Mellon Corporation. In 2018 and 2017, this payment had no impact on total return. In 2016, the total return would have been (5.65%) had payment not been made by The Bank of New York Mellon Corporation.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)



	Year Ended December 31,
Service Shares	2019	2018	2017	2016	2015
Per Share Data ($):
Net asset value, beginning of period	17.65	21.19	16.82	17.97	18.31
Investment Operations:
Investment income—net^a	.18	.19	.14	.18	.17
Net realized and unrealized gain (loss) on investments	3.18	(3.53)	4.38	(1.24)	.07
Total from Investment Operations	3.36	(3.34)	4.52	(1.06)	.24
Distributions:
Dividends from investment income—net	(.19)	(.20)	(.15)	(.11)	(.58)
Dividends from net realized capital gains	(1.57)	-	-	-	-
Total Distributions	(1.76)	(.20)	(.15)	(.11)	(.58)
Payment by affiliate	-	.00^b,c	.00^b,c	.02^c	-
Net asset value, end of period	19.25	17.65	21.19	16.82	17.97
Total Return (%)	19.77	(15.91)^c	27.02^c	(5.83)^c	1.17
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.58	1.56	1.39	1.42	1.39
Ratio of net expenses to average net assets	1.58	1.56	1.39	1.42	1.39
Ratio of net investment income to average net assets	1.00	.94	.73	1.05	.90
Portfolio Turnover Rate	34.20	35.83	28.36	36.91	32.28
Net Assets, end of period ($ x 1,000)	5,385	5,558	7,760	7,454	9,389

^a Based on average shares outstanding.

^b Amount represents less than $.01 per share.

^c In 2018, 2017 and 2016, the fund received proceeds from a class action settlement from The Bank of New York Mellon Corporation. In 2018 and 2017, this payment had no impact on total return. In 2016, the total return would have been (5.94%) had payment not been made by The Bank of New York Mellon Corporation.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

International Equity Portfolio (the “fund”) is a separate non-diversified series of BNY Mellon 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 capital growth. BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser. Effective December 31, 2019, Newton Investment Management (North America) Limited (“NIMNA”) reorganized into Newton Investment Management Limited (“NIM” or the “Sub-Adviser”), a wholly-owned subsidiary of BNY Mellon and an affiliate of the Adviser. Consequently, the sub-investment advisory agreement between the Adviser and NIMNA was terminated and NIM now serves as the fund’s sub-adviser pursuant to a sub-investment advisory agreement between the Adviser and NIM. There was no change to the fund’s investment objective, polices or strategies as a result of the reorganization of NIMNA into Sub-Adviser.

BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, 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.

NOTES TO FINANCIAL STATEMENTS(continued)

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 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 is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. 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.

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:

NOTES TO FINANCIAL STATEMENTS(continued)

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.

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

Forward foreign currency exchange contracts (“forward contracts”) are valued at the forward rate and are generally categorized within Level 2 of the fair value hierarchy.

The following is a summary of the inputs used as of December 31, 2019in valuing the fund’s investments:


	Level 1- Unadjusted Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3- Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:^†
Equity Securities - Common Stocks	29,648,621	-	-	29,648,621
Investment Companies	87,105	-	-	87,105
Other Financial Instruments:
Forward Foreign Currency Exchange Contracts^††	-	2,826	-	2,826
Liabilities ($)
Other Financial Instruments:
Forward Foreign Currency Exchange Contracts^††	-	(43,179)	-	(43,179)

^† See Statement of Investments for additional detailed categorizations, if any.

^†† Amount shown represents unrealized appreciation (depreciation) at period end, but only variation margin on exchanged traded and centrally cleared derivatives, if any, are reported in the Statement of Assets and Liabilities.

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.

Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of the Adviser, 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 the Adviser, 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, 2019, The Bank of New York Mellon earned $1 from the lending of the fund’s portfolio securities, pursuant to the securities lending agreement.

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

NOTES TO FINANCIAL STATEMENTS(continued)

developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls and delayed settlements, and their prices may be more volatile than those of comparable securities in the U.S.

(f) Dividends and distributions to shareholders: Dividends and distributions are recorded on the ex-dividend date. Dividends from investment income-net and 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.

(g) 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 and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.

Each tax year in the four-year period ended December 31, 2019 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At December 31, 2019, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $492,449, accumulated capital losses $25,410 and unrealized appreciation $2,908,819.

The fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.

The accumulated capital loss carryover is available for federal income tax purposes to be applied against future netrealized capital gains, if any, realized subsequent to December 31, 2019. The fund has $25,410 of short-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal periods ended December 31, 2019 and December 31, 2018 were as follows: ordinary income $374,168 and $416,234, and long-term capital gains $2,463,935 and $0, respectively.

(h) New Accounting Pronouncements: Effective June 1, 2019, the fund adopted Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The update provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. The adoption of ASU 2018-13 had no impact on the operations of the fund for the period ended December 31, 2019.

NOTE 2—Bank Lines of Credit:

The fund participates with other long-term open-end funds managed by the Adviser in a $1.030 billion unsecured credit facility led by Citibank, N.A. (the “Citibank Credit Facility”) and a $300 million unsecured credit facility provided by The Bank of New York Mellon (the “BNYM Credit Facility”), a subsidiary of BNY Mellon and an affiliate of the Adviser, each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a “Facility”). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $830 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is in amount equal to $200 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNYM Credit 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, 2019, the fund did not borrow under the Facilities.

NOTE 3—Investment Advisory Fee, Sub-Investment Advisory Fee and Other Transactions with Affiliates:

Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the sub-investment advisory fee is payable monthly by the Adviser, and is based upon the value of the fund’s average daily net assets, computed at the following rates:

NOTES TO FINANCIAL STATEMENTS(continued)

Average Net Assets

0 up to $100 million ....................................... .35%

$100 million up to $1 billion .......................... .30%

$1 billion up to $1.5 billion ............................ .26%

In excess of $1.5 billion .................................. .20%

The fund compensates BNY Mellon Transfer, Inc., a wholly-owned subsidiary of the Adviser, 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, 2019, the fund was charged $300 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations.

The components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of: investment advisory fees of $18,661, Distribution Plan fees of $1,129, custodian fees of $4,800, Chief Compliance Officer fees of $3,261 and transfer agency fees of $48.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities and forward contracts, during the period ended December 31, 2019, amounted to $9,840,615 and $12,841,514, respectively.

Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. The fund enters into International Swaps and Derivatives Association, Inc. Master Agreements or similar agreements (collectively, “Master Agreements”) with its over-the counter (“OTC”) derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties. Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under a Master Agreement, the fund may offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment in the event of default or termination.

Each type of derivative instrument that was held by the fund during the period ended December 31, 2019 is discussed below.

NOTES TO FINANCIAL STATEMENTS(continued)

the contract decreases between those dates. With respect to purchases of forward contracts, the fund incurs a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract increases between those dates. Any realized or unrealized gains or losses which occurred during the period are reflected in the Statement of Operations. The fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. The fund is also exposed to credit risk associated with counterparty nonperformance on these forward contracts, which is generally limited to the unrealized gain on each open contract. This risk may be mitigated by Master Agreements, if any, between the fund and the counterparty and the posting of collateral, if any, by the counterparty to the fund to cover the fund’s exposure to the counterparty. Forward contracts open at December 31, 2019 are set forth in the Statement of Forward Foreign Currency Exchange Contracts.

The provisions of ASC Topic 210 “Disclosures about Offsetting Assets and Liabilities” require disclosure on the offsetting of financial assets and liabilities. These disclosures are required for certain investments, including derivative financial instruments subject to Master Agreements which are eligible for offsetting in the Statement of Assets and Liabilities and require the fund to disclose both gross and net information with respect to such investments. For financial reporting purposes, the fund does not offset derivative assets and derivative liabilities that are subject to Master Agreements in the Statement of Assets and Liabilities.

At December 31, 2019, derivative assets and liabilities (by type) on a gross basis are as follows:


Derivative Financial Instruments:	Assets ($)	Liabilities ($)
Forward contracts	2,826	(43,179)
Total gross amount of derivative
assets and liabilities in the
Statement of Assets and Liabilities	2,826	(43,179)
Derivatives not subject to
Master Agreements	-	-
Total gross amount of assets
and liabilities subject to
Master Agreements	2,826	(43,179)

The following tables present derivative assets and liabilities net of amounts available for offsetting under Master Agreements and net of related collateral received or pledged, if any, as of December 31, 2019:


			Financial
			Instruments
			and Derivatives
	Gross Amount of		Available	Collateral	Net Amount of
Counterparty	Assets ($)	¹	for Offset ($)	Received ($)	Assets ($)
State Street Bank and Trust Company	5		-	-	5
UBS Securities	2,821		(2,821)	-	-
Total	2,826		(2,821)	-	5

			Financial
			Instruments
			and Derivatives
	Gross Amount of		Available	Collateral	Net Amount of
Counterparty	Liabilities ($)	¹	for Offset ($)	Pledged ($)	Liabilities ($)
UBS Securities	(43,179)		2,821	-	(40,358)

¹ Absent a default event or early termination, OTC derivative assets and liabilities are presented at gross amounts and are not offset in the Statement of Assets and Liabilities.

The following summarizes the average market value of derivatives outstanding duringthe period ended December 31, 2019:


		Average Market Value ($)
Forward contracts		2,489,080

At December 31, 2019, the cost of investments for federal income tax purposes was $26,826,097; accordingly, accumulated net unrealized appreciation on investments inclusive of derivative contracts was $2,909,634, consisting of $4,781,953 gross unrealized appreciation and $1,872,319 gross unrealized depreciation.

NOTE 5—Plan of Liquidation:

On November 26, 2019, the Board approved a Plan of Liquidation (the “Plan”). The Plan provides for the liquidation of the fund, the pro rata distribution of the assets of the fund to its shareholders and the closing of fund shareholder accounts (the “Liquidation”). The Liquidation of the fund will occur on or about April 30, 2020. Accordingly, effective March 31, 2020, the fund will be closed to any investments for new accounts.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of International Equity Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of International Equity Portfolio (the “Fund”) (one of the funds constituting BNY Mellon Variable Investment Fund), including the statements of investments, investments in affiliated issuers and forward foreign currency exchange contracts, as of December 31, 2019, 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 the Fund (one of the funds constituting BNY Mellon Variable Investment Fund) at December 31, 2019, 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

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

New York, New York
February 10, 2020

IMPORTANT TAX INFORMATION(Unaudited)

In accordance with federal tax law, the fund elects to provide each shareholder with their portion of the fund’s foreign taxes paid and the income sourced from foreign countries. Accordingly, the fund hereby reports the following information regarding its fiscal year ended December 31, 2019:

- the total amount of taxes paid to foreign countries was $75,556.

- the total amount of income sourced from foreign countries was $820,429.

Where required by federal tax law rules, shareholders will receive notification of their proportionate share of foreign taxes paid and foreign sourced income for the 2019 calendar year with Form 1099-DIV which will be mailed in early 2020. Also, the fund hereby reports $1.5658 per share as a long-term capital gain distribution paid on March 20, 2019.

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

At a meeting of the fund’s Board of Trustees (the “Board”) held on November 6, 2019 (the “Meeting”), the Board discussed with representatives of the Adviser (a) plans to wind down the operations of and dissolve the fund’s then-current sub-investment adviser, Newton Investment Management (North America) Limited (“NIMNA”); and (b) a proposal that Newton Investment Management Limited (“NIM”), an affiliate of NIMNA and the Adviser, assume the investment advisory responsibilities of NIMNA, pursuant to a sub-investment advisory agreement between the Adviser and NIM (the “New Sub-Advisory Agreement”), to be effective December 31, 2019 (the “Effective Date”).

At the Meeting, the Adviser recommended the approval of the New Sub-Advisory Agreement, pursuant to which NIM would serve as sub-adviser to the fund. The recommendation for the approval of the New Sub-Advisory Agreement was based on the following considerations, among others: (i) the transfer of the provision of sub-investment advisory services from NIMNA to NIM was not expected to have a material impact on the fund’s day-to-day operations, or the nature, extent or quality of the sub-investment advisory services currently provided to the fund; (ii) the personnel who have been principally responsible for managing the fund’s investment portfolio would continue to serve in that capacity following the Effective Date; and (iii) the substantive terms of the New Sub-Advisory Agreement were substantially similar to those of the current sub-investment advisory agreement between the Adviser and NIMNA (the “Current Agreement”). The Board also considered the fact that the Adviser expressed confidence in NIM and its investment management capabilities.

At the Meeting, the Board, including a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the fund (the “Independent Trustees”), considered and approved the New Sub-Advisory Agreement. In determining whether to approve the New Sub-Advisory Agreement, the Board considered the materials prepared by the Adviser received in advance of the Meeting and other information presented at the Meeting, which included: (i) a form of the New Sub-Advisory Agreement; (ii) information regarding the transition of sub-investment advisory services from NIMNA to NIM; (iii) information regarding investment due diligence of NIM performed by the Adviser; (iv) information regarding NIM’s compliance program; and (v) an opinion of counsel that replacing NIMNA with NIM as the sub-investment adviser to the fund would not result in a “change of control” or an “assignment” of an advisory contract within the meaning of the 1940 Act, and, therefore, does not require the approval of fund shareholders. The Board also considered the substance of discussions with representatives of the Adviser at the Meeting and at a Board meeting on March 12-13, 2019 (the “March Meeting”) at which the Board re-approved the Current Agreement for the ensuing year until March 31, 2020.

Nature, Extent and Quality of Services to be Provided by NIM. In examining the nature, extent and quality of the services that had been furnished by NIMNA to the fund under the Current Agreement, and were expected to be provided by NIM to the

fund under the New Sub-Advisory Agreement, the Board considered: (i) NIM’s organization, qualification and background, as well as the qualifications of its personnel; (ii) the expertise of the personnel providing portfolio management services, which would remain the same after the Effective Date; (iii) the investment strategy for the fund, which would remain the same after the Effective Date; and (iv) NIM’s compliance program. The Board also considered the review process undertaken by the Adviser and the Adviser’s favorable assessment of the nature and quality of the sub-investment advisory services provided by NIMNA and expected to be provided to the fund by NIM after the Effective Date. Based on their consideration and review of the foregoing information, the Board concluded that the nature, extent and quality of the sub-investment advisory services to be provided by NIM under the New Sub-Advisory Agreement, as well as NIM’s ability to render such services based on its resources and the experience of the investment team, which will remain the same, were adequate and appropriate for the fund in light of the fund’s investment objective, and supported a decision to approve the New Sub-Advisory Agreement.

Investment Performance of NIM. The Board had considered NIMNA’s investment performance in managing the fund’s portfolio at the March Meeting (including comparative data provided by Broadridge Financial Solutions, Inc.). The Board considered the performance and that the same investment professionals would continue to manage the fund’s assets after the Effective Date, as factors in evaluating the services to be provided by NIM under the New Sub-Advisory Agreement after the Effective Date, and determined that these factors, when viewed together with the other factors considered by the Board, supported a decision to approve the New Sub-Advisory Agreement.

Costs of Services to be Provided and Profitability. The Board considered the proposed fee payable under the New Sub-Advisory Agreement (which was the same as that payable under the Current Agreement and had been considered at the March Meeting), noting that the proposed fee would be paid by the Adviser and, thus, would not impact the fees paid by the fund or the Adviser’s profitability. The Board recognized that, because NIM’s fee would be paid by the Adviser, and not the fund, an analysis of profitability was more appropriate in the context of the Board’s consideration of the fund’s Management Agreement, pursuant to which the Adviser provides the fund with investment management and administrative services (the “Management Agreement”), and, therefore, the Board had received and considered a profitability analysis of the Adviser and its affiliates, including NIMNA, at the March Meeting. The Board concluded that the proposed fee payable to NIM by the Adviser was appropriate and the Adviser’s profitability was not excessive in light of the nature, extent and quality of the services to be provided to the fund by the Adviser and NIM under the New Sub-Advisory Agreement.

Economies of Scale to be Realized. The Board recognized that, because NIM’s fee would continue to be paid by the Adviser, and not the fund, an analysis of economies of scale was more appropriate in the context of the Board’s consideration of the Management Agreement, which had been done at the March Meeting.

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

The Board also considered whether there were any ancillary benefits that would accrue to NIM as a result of NIM’s relationship with the fund. The Board concluded that NIM may direct fund brokerage transactions to certain brokers to obtain research and other services, but noted that NIMNA currently paid, and that, after the Effective Date, NIM would pay, for such research and other services, not the fund by way of brokerage commission costs.

In considering the materials and information described above, the Independent Trustees received assistance from, and met separately with, their independent legal counsel, and were provided with a written description of their statutory responsibilities and the legal standards that are applicable to the approval of investment advisory and sub-investment advisory agreements.

After full consideration of the factors discussed above, with no single factor identified as being of paramount importance, the Board, including a majority of the Independent Trustees, with the assistance of independent legal counsel, approved the New Sub-Advisory Agreement for the fund effective as of the Effective Date.

BOARD MEMBERS INFORMATION(Unaudited)
INDEPENDENT BOARD MEMBERS

Joseph S. DiMartino (76)
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, Inc., a public company providing professional business services, products and solutions,Director (1997-Present)

No. of Portfolios for which Board Member Serves:118

———————

Peggy C. Davis (76)
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: 43

———————

Gina D. France (61)
Board Member (2019)
Principal Occupation During Past 5 Years:

· Founder, President and Chief Executive Officer, France Strategic Partners, a strategy and advisory firm serving corporate clients across the United States (2003 –Present)

· Corporate Director and Trustee (2004 – Present)

Other Public Company Board Memberships During Past 5 Years:

· Huntington Bancshares, a bank holding company headquartered in Columbus, Ohio,Director(2016 – Present)

· Cedar Fair, L.P., a publicly-traded partnership that owns and operates amusement parks and hotels in the U.S. and Canada,Director (2011 – Present)

· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies,Director(2015 – Present)

· Baldwin Wallace University,Trustee (2013- Present)

· FirstMerit Corporation, a diversified financial services company,Director (2004 – 2016)

No. of Portfolios for which Board Member Serves:29

———————

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

Joan Gulley (72)
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)

· Director, Nantucket Library (2015-Present)

No. of Portfolios for which Board Member Serves:49

———————

Ehud Houminer (79)
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 (2012-2018)

No. of Portfolios for which Board Member Serves:49

———————

Robin A. Melvin (56)
Board Member (2012)
Principal Occupation During Past 5 Years:

· Co-chairman, Mentor Illinois, a non-profit organization dedicated to increasing the quantity and quality of mentoring services in Illinois; (2014-Present); Board member (2013-Present)

No. of Portfolios for which Board Member Serves:96

———————

David P. Feldman, Emeritus Board Member
James F. Henry, Emeritus Board Member
Lynn Martin, Emeritus Board Member
Dr. Martin Peretz, Emeritus Board Member
Philip L. Toia, Emeritus Board Member

OFFICERS OF THE FUND(Unaudited)

RENEE LAROCHE-MORRIS, President since May 2019.

JAMES WINDELS, Treasurer since November 2001.

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

DAVID DIPETRILLO, Vice President since May 2019.

JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.

SONALEE CROSS, Vice President and Assistant Secretary since March 2018.

DEIRDRE CUNNANE, Vice President and Assistant Secretary since March 2019.

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

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

PETER M. SULLIVAN, Vice President and Assistant Secretary since March 2019.

OFFICERS OF THE FUND (Unaudited)(continued)

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

GAVIN C. REILLY, Assistant Treasurer since December 2005.

ROBERT S. ROBOL, Assistant Treasurer since August 2005.

ROBERT SALVIOLO, Assistant Treasurer since July 2007.

ROBERT SVAGNA, Assistant Treasurer since December 2002.

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

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

NOTES

For More Information

BNY Mellon Variable Investment Fund, International Equity Portfolio
240 Greenwich Street
New York, NY 10286

Adviser
BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286

Sub-Adviser
Newton Investment
Management Limited
160 Queen Victoria Street
London, EC4V 4LA
UK

Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286

Transfer Agent &
Dividend Disbursing Agent
BNY Mellon Transfer, Inc.
240 Greenwich Street
New York, NY 10286

Distributor
BNY Mellon Securities Corporation
240 Greenwich Street
New York, NY 10286

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

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

E-mailSend your request to info@bnymellon.com

InternetInformation can be viewed online or downloaded atwww.bnymellonim.com/us


© 2020 BNY Mellon Securities Corporation 0109AR1219

BNY Mellon Variable Investment Fund, International Value Portfolio

ANNUAL REPORT

December 31, 2019

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

Contents

THE FUND


A Letter from the President of
BNY Mellon Investment Adviser, Inc.	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	12
Statement of Forward Foreign
Currency Exchange Contracts	13
Statement of Assets and Liabilities	14
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	17
Notes to Financial Statements	19
Report of Independent Registered
Public Accounting Firm	30
Important Tax Information	31
Board Members Information	32
Officers of the Fund	34

FOR MORE INFORMATION

Back Cover


	BNY Mellon Variable Investment Fund, International Value Portfolio		The Fund

A LETTER FROM THE PRESIDENT OF BNY MELLON INVESTMENT ADVISER, INC.

Dear Shareholder:

We are pleased to present this annual report for BNY Mellon Variable Investment Fund, International Value Portfolio (formerly, Dreyfus Variable Investment Fund, International Value Portfolio), covering the 12-month period from January 1, 2019 through December 31, 2019. 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
BNY Mellon Investment Adviser, Inc.
January 15, 2020

DISCUSSION OF FUND PERFORMANCE(Unaudited)

For the period from January 1, 2019 through December 31, 2019, as provided by James A. Lydotes, CFA and Chris Yao, Portfolio Managers

Market and Fund Performance Overview

For the 12-month period ended December 31, 2019, BNY Mellon Variable Investment Fund, International Value Portfolio’s (formerly, Dreyfus Variable Investment Fund, International Value Portfolio) Initial Shares produced a total return of 22.39%, and its Service Shares produced a total return of 21.92%.¹ This compares with a 22.01% return produced by the fund’s benchmark, the MSCI EAFE Index (the “Index”), for the same period.²

Despite concerns about international trade conflicts, international equities gained ground amid steady economic growth during the reporting period. The fund’s Initial Shares outperformed the Index, largely due to favorable stock selections in France, Australia and Hong Kong. Underperformance was due largely to selections in the Netherlands, Finland and Belgium.

The Fund’s Investment Approach

The fund seeks long-term capital growth. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in stocks. The fund normally invests substantially all of its assets in the stocks of foreign companies, including those located in emerging-market countries. The fund’s investment approach is value-oriented and research-driven. In selecting stocks, the portfolio managers identify potential investments through extensive quantitative and fundamental research.

Emphasizing individual stock selection rather than economic and industry trends, the fund focuses on three key factors:value, or how a stock is valued relative to its intrinsic worth, based on traditional value measures;business health, or overall efficiency and profitability as measured by return on assets and return on equity; andbusiness momentum, or the presence of a catalyst (such as corporate restructuring, change in management or spin-off) that potentially will trigger a price increase in the near to medium term.

Stocks Surge on Supportive Federal Reserve Policy and Reduced Trade Tensions

The reporting period began with wide expectations of interest rate cuts, as the Federal Reserve (the “Fed”) had earlier moved from a tightening policy to one that was “data dependent.” With this shift, stocks began to rally the last week of 2018 and continued to rise early in 2019. In the second quarter, however, stocks generally moved sideways, weighed down at times by concerns about trade tensions and global growth.

Three, quarter-point rate cuts in the second half of the period provided an additional boost to equity markets. The Fed announced an initial reduction at its July 2019 meeting and followed up with two additional rate cuts in September and October 2019. These reductions brought the federal funds rate to 1.50%-1.75%, as trade tensions and other geopolitical concerns appeared to be weighing on economic growth. Other major central banks were also supportive.

DISCUSSION OF FUND PERFORMANCE(Unaudited) (continued)

Stock Selection Drove Relative Performance

The fund outperformed the Index most significantly in France, Australia and Hong Kong. In France, shares of luxury goods conglomerate LVMH Moet Hennessy Louis Vuitton rose 59%, despite some concerns about its sales in Hong Kong, and shares of money center bank BNP Paribas rose 38%, primarily late in the year on additional central bank stimulus and the prospect of stronger economic growth. In Australia, a position in Macquarie Group, an investment bank and asset manager, surged 33% on strong results, primarily in niche areas of asset management such as infrastructure, green energy and commodities. In addition, a position in Aristocrat Leisure, a casino game producer, rose 57% on the company’s continued success in transitioning to a digital platform. In Hong Kong,AIA Group, a global insurance company, climbed 29%, primarily due to strong growth in mainland China.

Among sectors, the materials and financial sectors were the fund’s leading performers. In the materials sector, Shin-Etsu Chemical, a Japanese company, posted gains on strong recent results and on its exposure to the semiconductor industry cycle, which is trending upward. Fortescue Metals Group, an Australian iron ore company, rose 28% due to stronger prices and marked improvements in their balance sheet. In the financial sector, the Australian financial services company Macquarie Group contributed positively, as did UK insurance company Legal & General Group, which rose 45% on strong annuity sales. The recent election results also benefited these shares, as the concern about nationalization of utility companies, in which Legal & General Group has invested on behalf of pension investors, was removed.

On a less positive note, the fund lagged in the Netherlands, Finland and Belgium. In the Netherlands, the fund’s lack of exposure to the information sector dragged on performance, as it rose 80% during the period. In addition, a position in NN Group, an insurance company and asset manager, lagged due to waning earnings results and the exit of its CEO. In Finland, shares of telecommunications giantNokia fell, as it experienced delays in upgrades to its 5G products. In Belgium,UCB, a biopharmaceutical company, reported weaker earnings due to higher spending on research and development.

As for sectors, communication services and consumer staples were the laggards. In the communication services sector, Deutsche Telekom cuts its dividend in the third quarter, and shares lagged due to concerns about T-Mobile, of which Deutsche Telekom is a majority owner. T-Mobile is awaiting final approval of its proposed merger with Sprint Corporation. While the FCC approved the deal in October, the deal still faces legal challenge by a group of state attorneys general. In consumer staples, the fund’s performance was hindered by its lack of exposure to Swiss food company Nestle, which posted a 36% gain. In addition, Seven & i Holdings declined, due to rising costs stemming from growing wage pressures.

Optimistic about an Improving Economy

We are optimistic about the economy in the near term, given supportive monetary policies, the announcement of a “Phase 1” trade agreement between the U.S. and China, and China’s ongoing economic stimulus efforts. Progress on a “Phase 2” agreement would also be a positive development. We anticipate that the global economy will reaccelerate over the near term, resulting in a broadening of opportunities in the market.

The fund has moved from an underweight position in the UK to a nearly neutral position and has increased its overweight position in Spain. The fund has also moved from an overweight to an underweight position in Hong Kong and from an overweight position to neutral in Italy. As for sectors, the fund has shifted from underweight to overweight positions in the industrial and materials sectors and has moved from overweight to underweight positions in the financial and information technology sectors.

January 15, 2020

¹ Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. 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. Return figures for the fund reflect the absorption of certain fund expenses by BNY Mellon Investment Adviser Inc. pursuant to an undertaking in effect through May 1, 2020, at which time it may be extended, terminated, or modified. Had these expenses not been absorbed, the fund’s returns would have been lower.

² Source: Lipper Inc. — The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Reflects reinvestment of net dividends and, where applicable, capital gain distributions. Investors cannot invest directly in any index.

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

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 BNY Mellon Variable Investment Fund, International Value Portfolio made available through insurance products may be similar to those of other funds managed or advised by BNY Mellon Investment Adviser Inc. However, the investment results of the fund may be higher or lower than, and may not be comparable to, those of any other BNY Mellon fund.

The fund may, but is not required to, use derivative instruments. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.

FUND PERFORMANCE(Unaudited)

Comparison of change in value of a $10,000 investment in Initial shares and Service shares of BNY Mellon Variable Investment Fund, International Value Portfolio with a hypothetical investment of $10,000 in the MSCI EAFE Index (the “Index”)

^† Source: Lipper Inc.

The above graph compares a hypothetical investment of $10,000 made in Initial and Service shares of BNY Mellon Variable Investment Fund, International Value Portfolio on 12/31/09 to a hypothetical investment of $10,000 made in the Index on that date.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses. The Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. 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 12/31/19
	1 Year	5 Years	10 Years
Initial shares	22.39%	4.64%	2.99%
Service shares	21.92%	4.37%	2.72%
MSCI EAFE Index	22.01%	5.67%	5.50%

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 www.bnymellonim.com/us for the fund’s most recent month-end returns.

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)

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in BNY Mellon Variable Investment Fund, International Value Portfolio from July 1, 2019 to December 31, 2019. 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
Assume actual returns for the six months ended December 31, 2019

	Initial Shares	Service Shares
Expense paid per $1,000^†	$4.49	$5.78
Ending value (after expenses)	$1,069.30	$1,067.40

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, 2019

	Initial Shares	Service Shares
Expense paid per $1,000^†	$4.38	$5.65
Ending value (after expenses)	$1,020.87	$1,019.61
^†Expenses are equal to the fund’s annualized expense ratio of .86% for Initial Shares and 1.11% 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, 2019



Description	Shares		Value ($)
Common Stocks - 98.0%
Australia - 6.2%
Aristocrat Leisure	21,115		498,904
Brambles	26,110		214,742
Fortescue Metals Group	144,747		1,085,850
Macquarie Group	9,570		925,766
Northern Star Resources	19,121		151,759
			2,877,021
Austria - 1.3%
OMV	10,442		586,577
Denmark - 1.5%
Vestas Wind Systems	6,678		674,832
France - 10.9%
Air Liquide	2,420		342,572
Atos	7,819		651,829
BNP Paribas	14,461		856,950
Cie Generale des Etablissements Michelin	2,314		283,181
LVMH Moet Hennessy Louis Vuitton	1,717		797,732
Sanofi	12,978		1,304,636
Teleperformance	1,479		360,665
Vinci	4,035		448,080
			5,045,645
Germany - 8.1%
Allianz	3,887		952,234
Deutsche Boerse	4,059		638,100
Deutsche Post	11,690		445,962
Deutsche Telekom	80,677		1,318,518
Evonik Industries	11,858		361,923
			3,716,737
Hong Kong - 2.0%
Galaxy Entertainment Group	54,000		397,777
Sun Hung Kai Properties	34,000		520,540
			918,317
Ireland - 1.0%
ICON	2,562	^a	441,253
Italy - 2.4%
Enel	81,653		647,726
Leonardo	37,654		441,371
			1,089,097
Japan - 21.8%
Asahi Kasei	31,600		358,883
Bandai Namco Holdings	6,700		408,888



Description	Shares	Value ($)
Common Stocks - 98.0% (continued)
Japan - 21.8% (continued)
Casio Computer	13,800	278,273
Chubu Electric Power	52,200	740,567
Denso	15,300	699,276
Hitachi	17,100	728,035
ITOCHU	15,400	359,222
Minebea Mitsumi	17,500	366,734
Mitsubishi Electric	46,400	639,919
Recruit Holdings	13,200	497,969
Seven & i Holdings	12,100	445,781
Shin-Etsu Chemical	4,000	443,974
Shionogi & Co.	11,500	716,216
Shiseido	3,200	229,188
Showa Denko KK	12,500	333,510
Sony	18,900	1,287,367
Sumitomo Mitsui Financial Group	29,600	1,100,040
West Japan Railway	5,200	451,826
		10,085,668
Netherlands - 6.7%
Heineken	6,990	744,238
ING Groep	48,595	582,592
Koninklijke Ahold Delhaize	18,417	460,578
NN Group	13,799	523,477
Royal Dutch Shell, Cl. B	26,123	774,924
		3,085,809
Portugal - .9%
Galp Energia	25,270	422,346
Singapore - 1.0%
United Overseas Bank	23,000	451,638
Spain - 5.4%
ACS Actividades de Construccion y Servicios	10,755	430,077
Amadeus IT Group	7,163	584,929
Iberdrola	86,973	895,579
Industria de Diseno Textil	16,956	598,165
		2,508,750
Sweden - 4.5%
Epiroc, Cl. A	29,563	360,923
Essity, Cl. B	21,960	707,589
Lundin Petroleum	12,106	411,403
Swedish Match	11,971	617,060
		2,096,975
Switzerland - 9.4%
Julius Baer Group	11,695	603,360

STATEMENT OF INVESTMENTS (continued)



Description		Shares		Value ($)
Common Stocks - 98.0% (continued)
Switzerland - 9.4% (continued)
Novartis		13,012		1,235,589
Roche Holding		5,190		1,683,881
STMicroelectronics		30,898		830,759
				4,353,589
United Kingdom - 14.9%
Anglo American		21,699		624,574
BAE Systems		74,722		559,021
Barclays		150,355		357,771
Bunzl		12,579		344,073
Centrica		213,515		252,560
Cineworld Group		76,911		223,211
Diageo		13,965		592,030
Ferguson		4,380		397,420
GlaxoSmithKline		32,034		754,869
Legal & General Group		209,489		840,792
Melrose Industries		97,863		311,240
Unilever		20,870		1,202,670
Vodafone Group		217,907		423,607
				6,883,838
Total Common Stocks(cost $41,917,948)				45,238,092

Exchange-Traded Funds - .8%
United States - .8%
iShares MSCI EAFE ETF (cost $366,092)		5,249		364,491
	1-Day Yield (%)
Investment Companies - .3%
Registered Investment Companies - .3%
Dreyfus Institutional Preferred Government Plus Money Market Fund (cost $151,358)	1.60	151,358	^b	151,358
Total Investments(cost $42,435,398)		99.1%		45,753,941
Cash and Receivables (Net)		.9%		423,240
Net Assets		100.0%		46,177,181

ETF—Exchange-Traded Fund

^aNon-income producing security.

^bInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.


Portfolio Summary (Unaudited)^†	Value (%)
Pharmaceuticals Biotechnology & Life Sciences	13.3
Capital Goods	11.6
Materials	8.0
Banks	7.3
Consumer Durables & Apparel	6.0
Utilities	5.5
Insurance	5.0
Energy	4.8
Diversified Financials	4.7
Household & Personal Products	4.6
Food, Beverage & Tobacco	4.2
Telecommunication Services	3.8
Software & Services	2.7
Commercial & Professional Services	2.3
Automobiles & Components	2.1
Food & Staples Retailing	2.0
Transportation	1.9
Consumer Services	1.9
Semiconductors & Semiconductor Equipment	1.8
Technology Hardware & Equipment	1.6
Retailing	1.3
Real Estate	1.1
Investment Companies	1.1
Media & Entertainment	.5
	99.1

^† Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS IN AFFILIATED ISSUERS


Investment Companies	Value 12/31/18($)	Purchases($)	Sales ($)	Value 12/31/19($)	Net Assets(%)	Dividends/ Distributions($)
Registered Investment Companies;
Dreyfus Institutional Preferred Government Plus Money Market Fund	-	13,501,578	13,350,220	151,358	.3	4,015

See notes to financial statements.

STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTSDecember 31, 2019


Counterparty/ Purchased Currency	Purchased Currency Amounts	Currency Sold	Sold Currency Amounts	Settlement Date	Unrealized Appreciation (Depreciation)($)
Barclays Capital
United States Dollar	26,266	Swedish Krona	244,814	1/2/2020	126
Citigroup
United States Dollar	10,841	Danish Krone	72,196	1/2/2020	2
Deutsche Bank
United States Dollar	42,899	Australian Dollar	61,274	1/2/2020	(102)
J.P. Morgan Securities
United States Dollar	9,359	Euro	8,344	1/2/2020	(2)
UBS Securities
United States Dollar	7,826	Singapore Dollar	10,552	1/2/2020	(20)
United States Dollar	166,056	Japanese Yen	18,086,381	1/7/2020	(470)
Gross Unrealized Appreciation					128
Gross Unrealized Depreciation					(594)

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES
December 31, 2019



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments
Unaffiliated issuers	42,284,040	45,602,583
Affiliated issuers	151,358	151,358
Cash denominated in foreign currency	125,183	125,437
Receivable for investment securities sold		262,942
Tax reclaim receivable		110,021
Dividends and interest receivable		33,220
Receivable for shares of Beneficial Interest subscribed		10,752
Unrealized appreciation on forward foreign currency exchange contracts—Note 4		128
Prepaid expenses		4,142
		46,300,583
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)		35,283
Payable for shares of Beneficial Interest redeemed		8,028
Unrealized depreciation on forward foreign currency exchange contracts—Note 4		594
Trustees’ fees and expenses payable		300
Other accrued expenses		79,197
		123,402
Net Assets ($)		46,177,181
Composition of Net Assets ($):
Paid-in capital		55,508,264
Total distributable earnings (loss)		(9,331,083)
Net Assets ($)		46,177,181


Net Asset Value Per Share	Initial Shares	Service Shares
Net Assets ($)	18,462,989	27,714,192
Shares Outstanding	1,535,112	2,302,883
Net Asset Value Per Share ($)	12.03	12.03

See notes to financial statements.

STATEMENT OF OPERATIONS
Year Ended December 31, 2019




Investment Income ($):
Income:
Cash dividends (net of $132,269 foreign taxes withheld at source):
Unaffiliated issuers					1,478,396
Affiliated issuers					4,015
Income from securities lending—Note 1(c)					9
Total Income					1,482,420
Expenses:
Investment advisory fee—Note 3(a)					454,920
Professional fees					108,689
Distribution fees—Note 3(b)					69,630
Custodian fees—Note 3(b)					30,521
Prospectus and shareholders’ reports					25,139
Chief Compliance Officer fees—Note 3(b)					11,793
Trustees’ fees and expenses—Note 3(c)					2,373
Loan commitment fees—Note 2					1,014
Shareholder servicing costs—Note 3(b)					689
Miscellaneous					16,041
Total Expenses					720,809
Less—reduction in expenses due to undertaking—Note 3(a)					(258,892)
Net Expenses					461,917
Investment Income—Net					1,020,503
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments and foreign currency transactions					(211,397)
Net realized gain (loss) on forward foreign currency exchange contracts					3,336
Net Realized Gain (Loss)					(208,061)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions					8,227,471
Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts					(361)
Net Change in Unrealized Appreciation (Depreciation)					8,227,110
Net Realized and Unrealized Gain (Loss) on Investments					8,019,049
Net Increase in Net Assets Resulting from Operations					9,039,552

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2019	2018
Operations ($):
Investment income—net	1,020,503	891,242
Net realized gain (loss) on investments	(208,061)	3,281,458
Net change in unrealized appreciation (depreciation) on investments	8,227,110	(13,160,351)
Net increase from payment by affiliate	-	102
Net Increase (Decrease) in Net Assets Resulting from Operations	9,039,552	(8,987,549)
Distributions ($):
Distributions to shareholders:
Initial Shares	(375,494)	(342,309)
Service Shares	(529,593)	(500,324)
Total Distributions	(905,087)	(842,633)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Initial Shares	1,277,756	2,634,951
Service Shares	4,536,907	5,976,338
Distributions reinvested:
Initial Shares	375,494	342,309
Service Shares	529,593	500,324
Cost of shares redeemed:
Initial Shares	(3,395,107)	(4,135,642)
Service Shares	(7,956,285)	(11,111,204)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions	(4,631,642)	(5,792,924)
Total Increase (Decrease) in Net Assets	3,502,823	(15,623,106)
Net Assets ($):
Beginning of Period	42,674,358	58,297,464
End of Period	46,177,181	42,674,358
Capital Share Transactions (Shares):
Initial Shares
Shares sold	115,489	221,877
Shares issued for distributions reinvested	33,950	28,313
Shares redeemed	(308,564)	(352,295)
Net Increase (Decrease) in Shares Outstanding	(159,125)	(102,105)
Service Shares
Shares sold	418,208	501,536
Shares issued for distributions reinvested	47,754	41,315
Shares redeemed	(716,631)	(941,892)
Net Increase (Decrease) in Shares Outstanding	(250,669)	(399,041)

See notes to financial statements.

FINANCIAL HIGHLIGHTS




Initial Shares		Year Ended December 31,
		2019	2018	2017	2016	2015
Per Share Data ($):
Net asset value, beginning of period	10.04		12.27	9.70	10.04	10.55
Investment Operations:
Investment income—net^a	.26		.21	.19	.18	.18
Net realized and unrealized gain (loss) on investments	1.97		(2.24)	2.54	(.33)	(.45)
Total from Investment Operations	2.23		(2.03)	2.73	(.15)	(.27)
Distributions:
Dividends from investment income—net	(.24)		(.20)	(.16)	(.19)	(.24)
Payment by affiliate	-		.00b,c	.00^b,c	.00^b,c	-
Net asset value, end of period	12.03		10.04	12.27	9.70	10.04
Total Return (%)	22.39		(16.81)^c	28.52^c	(1.45)^c	(2.72)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.43		1.42	1.37	1.38	1.38
Ratio of net expenses to average net assets	.86		.86	.86	.85	.83
Ratio of net investment income to average net assets	2.34		1.82	1.75	1.87	1.66
Portfolio Turnover Rate	66.11		78.31	62.39	108.21	147.24
Net Assets, end of period ($ x 1,000)	18,463		17,018	22,045	17,241	21,814

^aBased on average shares outstanding.
^bAmount represents less than $.01.
^cThe fund received proceeds from a class action settlement from The Bank of New York Mellon Corporation. This payment had no impact on total return.
See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)




Service Shares		Year Ended December 31,
		2019	2018	2017	2016	2015
Per Share Data ($):
Net asset value, beginning of period	10.05		12.28	9.72	10.04	10.55
Investment Operations:
Investment income—net^a	.24		.19	.17	.13	.17
Net realized and unrealized gain (loss) on investments	1.95		(2.25)	2.54	(.29)	(.47)
Total from Investment Operations	2.19		(2.06)	2.71	(.16)	(.30)
Distributions:
Dividends from investment income—net	(.21)		(.17)	(.15)	(.16)	(.21)
Payment by affiliate	-		.00^b,c	.00^b,c	.00^b,c	-
Net asset value, end of period	12.03		10.05	12.28	9.72	10.04
Total Return (%)	21.92		(16.98)^c	28.14^c	(1.58)^c	(2.98)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.68		1.67	1.62	1.61	1.63
Ratio of net expenses to average net assets	1.11		1.11	1.11	1.10	1.08
Ratio of net investment income to average net assets	2.18		1.62	1.49	1.41	1.53
Portfolio Turnover Rate	66.11		78.31	62.39	108.21	147.24
Net Assets, end of period ($ x 1,000)	27,714		25,657	36,253	26,862	18,566

^aBased on average shares outstanding.

^bAmount represents less than $.01.

^cThe fund received proceeds from a class action settlement from The Bank of New York Mellon Corporation. This payment had no impact on total return.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

International Value Portfolio (the “fund”) is a separate diversified series of BNY Mellon 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. BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser.