Dreyfus Variable Investment Fund NCSRS Certified semi-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)

	Deirdre Cunnane, 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:		6/30/2021

FORM N-CSR

Item 1.

Reports to Stockholders.

BNY Mellon Variable Investment Fund, Appreciation Portfolio

SEMIANNUAL REPORT

June 30, 2021

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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

FOR MORE INFORMATION

Back Cover

DISCUSSION OF FUND PERFORMANCE (Unaudited)

For the period from January 1, 2021 through June 30, 2021, as provided by portfolio managers Alan Christensen, Catherine Crain, Gentry Lee, Christopher Sarofim, Charles Sheedy and Fayez Sarofim of Fayez Sarofim & Co., Sub-Investment Adviser

Market and Fund Performance Overview

For the six-month period ended June 30, 2021, BNY Mellon Variable Investment Fund, Appreciation Portfolio’s Initial shares achieved a total return of 14.69%, and its Service shares achieved a total return of 14.54%.¹ In comparison, the fund’s benchmark, the S&P 500^{^®} Index (the “Index”), produced a total return of 15.25% for the same period.²

The theme of economic recovery propelled the U.S. market in the first half of 2021. The fund underperformed its benchmark largely due to inopportune stock selection in the financials and industrials sectors, as well as unfavorable asset allocation and stock selection in the energy sector.

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

Economic Recovery Drove the Market

Economic recovery, accommodative government policies, and continued vaccination progress in the US propelled the market ahead by 15.25% in the first half of 2021. The strong performance is attributable to stimulus policies and vaccination progress, which worked in tandem to support a rapid recovery in spending and business activity. The $1.9 trillion American Rescue Plan, along with previous stimulus bills, helped consumers and businesses with additional stimulus that led to positive spending and retail sales data. Vaccination progress reduced infection rates, allowing states to accelerate the reopening. The Index constituents reported better-than-expected earnings results for fourth quarter of 2020 and first quarter of 2021, echoing these themes. The American consumer was back, with pent-up demand to spend on everything from gasoline to new homes.

Volatility was prevalent in the market, driven by factors that could potentially derail the recovery, including the discovery of new virus variants and fear of rising inflation. New

variants were discovered in countries around the world, prompting shutdowns and travel restrictions, which worried investors.

The return of the consumers with pent-up demand and global supply-chain disruptions created the perfect storm of inflation. Gasoline, automotive and home prices are rising, driven by strong demand from reopening and supply chain disruptions, leading to investor concerns about inflation and the possibility that the Federal Reserve (the “Fed”) will have to raise interest rates to temper it. The subsequent higher interest rates could hinder the economic recovery because it would slow consumer spending and business investment. Fed officials have reiterated their belief that inflation is transitory in nature and signaled no plans to raise interest rates or start tapering, but markets remained sensitive to data showing the prices of essentials climbing. Toward the end of the period, investors became more comfortable with the transitory inflation message as policymakers promised to address supply imbalances.

Value outperformed growth in the first quarter, but growth outperformed value in the second quarter of the year, carrying the Index to record highs at the end of the period. With oil above $70 per barrel, the energy sector rebounded, with increased travel demand, to lead all sectors, while utilities and consumer staples were relative laggards.

Stock Selection and Asset Allocation Hindered Performance

The fund slightly trailed the Index by 10 basis points in the first half of 2021, driven by a negative stock selection effect. Disadvantageous stock selection within the financials sector negatively impacted portfolio results in the period as the fund’s insurance holdings lagged the major banks and the broader sector. Inopportune stock selection combined with an underweight allocation to the top-performing energy sector contributed negatively to performance for the period. Within the industrials sector, the negative impact of inopportune stock selection held back results for the period. The top detractors from relative performance included Verisk Analytics, Masimo, Marriott International, Coca-Cola, and Walt Disney.

Conversely, strong stock selection in the communication services sector contributed positively to results, driven by holdings Facebook and Alphabet, which reported better-than-expected earnings in the period. Adept stock selection within the information technology sector was a positive contributor to results as holdings in the hardware, software and semiconductor industries delivered strong results in the period. Within the consumer staples sector, performance was driven by strategic holdings in the personal products and tobacco industries. The fund’s underweight in the utilities sector added value to the portfolio for the period. The top contributors to relative performance included Alphabet, Microsoft, Facebook, ASML Holding and Texas Instruments.

Focused on Quality Businesses over the Long Term

As we enter a period of economic recovery and growth, the fund’s investment approach remains focused on the long term with an emphasis on companies with resilient cash flows, solid balance sheets and geographically diverse revenue streams. Those characteristics may offer protection against uncertainty associated with additional waves of infections, while positioning us to benefit from a sustained period of economic recovery and growth. We continue to monitor important issues, including inflation, fiscal policy and regulatory

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

developments. While the economy is strengthening due to the reopening, there is still friction in the economy with supply-chain issues, supply-demand imbalances and shortages in certain areas. Those issues are holding back certain areas of the economy despite reopening. The portfolio’s simultaneous focus on quality businesses operating in attractive, growing industries and led by adept management teams position the fund to benefit from a period of sustained economic growth.

July 15, 2021

¹ DUE TO RECENT MARKET VOLATILITY, CURRENT PERFORMANCE MAY BE DIFFERENT THAN THE FIGURES SHOWN. Investors should note that the fund’s short-term performance is highly unusual, in part to unusually favorable market conditions, and is unlikely to be repeated or consistently achieved in the future. 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.

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.

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.

Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

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.

Investing in foreign denominated and/or domiciled securities involves special risks, including changes in currency exchange rates, political, economic, and social instability, limited company information, differing auditing and legal standards, and less market liquidity. These risks generally are greater with emerging market countries.

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 January 1, 2021 to June 30, 2021. 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 June 30, 2021

	Initial Shares	Service Shares
Expenses paid per $1,000^†	$4.31	$5.64
Ending value (after expenses)	$1,146.90	$1,145.40

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 June 30, 2021

		Initial Shares	Service Shares
Expenses paid per $1,000^†		$4.06	$5.31
Ending value (after expenses)		$1,020.78	$1,019.54
^†	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 181/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS

June 30, 2021 (Unaudited)



Description	Shares		Value ($)
Common Stocks - 99.8%
Banks - 2.3%
JPMorgan Chase & Co.	70,725		11,000,567
Capital Goods - 1.1%
Otis Worldwide	22,150		1,811,206
Raytheon Technologies	38,200		3,258,842
			5,070,048
Commercial & Professional Services - 1.9%
Clarivate	60,000	^a	1,651,800
IHS Markit	32,350		3,644,551
Verisk Analytics	21,265		3,715,421
			9,011,772
Consumer Durables & Apparel - 4.3%
Hermes International	1,877		2,734,214
LVMH	13,350		10,468,222
NIKE, Cl. B	47,090		7,274,934
			20,477,370
Consumer Services - 2.8%
Marriott International, Cl. A	41,925	^a	5,723,601
McDonald's	31,925		7,374,356
			13,097,957
Diversified Financials - 6.7%
BlackRock	14,850		12,993,305
Intercontinental Exchange	71,450		8,481,115
S&P Global	24,900		10,220,205
			31,694,625
Energy - 1.4%
Chevron	65,125		6,821,193
Food, Beverage & Tobacco - 7.4%
Altria Group	81,300		3,876,384
Nestle, ADR	56,250		7,016,625
PepsiCo	45,025		6,671,354
Philip Morris International	94,050		9,321,296
The Coca-Cola Company	150,875		8,163,846
			35,049,505
Health Care Equipment & Services - 6.7%
Abbott Laboratories	82,650		9,581,615
Intuitive Surgical	7,375	^a	6,782,345
Masimo	13,375	^a	3,242,769
UnitedHealth Group	29,950		11,993,178
			31,599,907
Household & Personal Products - 3.5%
The Estee Lauder Companies, Cl. A	51,925		16,516,304



Description	Shares		Value ($)
Common Stocks - 99.8% (continued)
Insurance - 1.9%
The Progressive	89,875		8,826,624
Materials - 3.9%
Air Products & Chemicals	40,675		11,701,384
The Sherwin-Williams Company	23,925		6,518,366
			18,219,750
Media & Entertainment - 13.7%
Alphabet, Cl. C	10,144	^a	25,424,110
Comcast, Cl. A	174,465		9,947,994
Facebook, Cl. A	78,835	^a	27,411,718
The Walt Disney Company	12,605	^a	2,215,581
			64,999,403
Pharmaceuticals Biotechnology & Life Sciences - 2.7%
Novo Nordisk, ADR	102,400		8,578,048
Roche Holding, ADR	91,075		4,279,614
			12,857,662
Retailing - 5.8%
Amazon.com	7,900	^a	27,177,264
Semiconductors & Semiconductor Equipment - 6.0%
ASML Holding	17,000		11,744,280
Texas Instruments	87,225		16,773,367
			28,517,647
Software & Services - 18.4%
Adobe	14,650	^a	8,579,626
Automatic Data Processing	13,665		2,714,142
Broadridge Financial Solutions	15,575		2,515,830
Gartner	6,800	^a	1,646,960
Intuit	16,300		7,989,771
Mastercard, Cl. A	13,850		5,056,497
Microsoft	144,285		39,086,806
ServiceNow	3,000	^a	1,648,650
Visa, Cl. A	76,425	^b	17,869,693
			87,107,975
Technology Hardware & Equipment - 6.3%
Apple	216,325		29,627,872
Transportation - 3.0%
Canadian Pacific Railway	81,200		6,245,092
Union Pacific	36,925		8,120,915
			14,366,007
Total Common Stocks (cost $148,830,450)			472,039,452

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	1-Day Yield (%)	Shares		Value ($)
Investment Companies - .6%
Registered Investment Companies - .6%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares (cost $2,792,799)	0.05	2,792,799	^c	2,792,799
Total Investments (cost $151,623,249)		100.4%		474,832,251
Liabilities, Less Cash and Receivables		(.4%)		(1,783,817)
Net Assets		100.0%		473,048,434

ADR—American Depository Receipt

^a Non-income producing security.

^b Security, or portion thereof, on loan. At June 30, 2021, the value of the fund’s securities on loan was $17,690,821 and the value of the collateral was $18,209,961, consisting of U.S. Government & Agency securities.

^c Investment 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	30.7
Communication Services	13.7
Consumer Discretionary	12.9
Consumer Staples	10.9
Financials	10.9
Health Care	9.4
Industrials	6.0
Materials	3.9
Energy	1.4
Investment Companies	.6
	100.4

^† Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS IN AFFILIATED ISSUERS (Unaudited)


Investment Companies	Value 12/31/20($)	Purchases($)^†	Sales ($)	Value 6/30/21($)	Net Assets(%)	Dividends/ Distributions($)
Registered Investment Companies;
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares	1,537,249	21,133,722	(19,878,172)	2,792,799	.6	359
Investment of Cash Collateral for Securities Loaned;
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares	-	7,913,825	(7,913,825)	-	-	11,937^††
Total	1,537,249	29,047,547	(27,791,997)	2,792,799	.6	12,296

^† Inclusive reinvested dividends/distributions.

^†† Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

See notes to financial statements.

STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS June 30, 2021 (Unaudited)


Counterparty/ Purchased Currency	Purchased Currency Amounts	Currency Sold	Sold Currency Amounts	Settlement Date	Unrealized Appreciation ($)
Morgan Stanley
United States Dollar	81,045	Euro	68,155	7/1/2021	228
Gross Unrealized Appreciation					228

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2021 (Unaudited)



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments (including securities on loan, valued at $17,690,821)—Note 1(c):
Unaffiliated issuers	148,830,450	472,039,452
Affiliated issuers	2,792,799	2,792,799
Cash denominated in foreign currency	80,805	80,815
Receivable for shares of Beneficial Interest subscribed		714,408
Receivable for investment securities sold		609,961
Dividends and securities lending income receivable		368,509
Tax reclaim receivable—Note 1(b)		108,128
Unrealized appreciation on forward foreign currency exchange contracts—Note 4		228
Prepaid expenses		3,187
		476,717,487
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)		245,252
Due to Fayez Sarofim & Co.		83,362
Payable for investment securities purchased		3,042,031
Payable for shares of Beneficial Interest redeemed		242,865
Trustees’ fees and expenses payable		1,471
Other accrued expenses		54,072
		3,669,053
Net Assets ($)		473,048,434
Composition of Net Assets ($):
Paid-in capital		125,650,830
Total distributable earnings (loss)		347,397,604
Net Assets ($)		473,048,434


Net Asset Value Per Share	Initial Shares	Service Shares
Net Assets ($)	329,043,031	144,005,403
Shares Outstanding	6,781,399	3,009,240
Net Asset Value Per Share ($)	48.52	47.85

See notes to financial statements.

STATEMENT OF OPERATIONS

Six Months Ended June 30, 2021 (Unaudited)





Investment Income ($):
Income:
Cash dividends (net of $94,136 foreign taxes withheld at source):
Unaffiliated issuers					3,340,983
Affiliated issuers					359
Income from securities lending—Note 1(c)					11,937
Total Income					3,353,279
Expenses:
Investment advisory fee—Note 3(a)					1,181,640
Sub-investment advisory fee—Note 3(a)					482,642
Distribution fees—Note 3(b)					171,349
Professional fees					57,858
Prospectus and shareholders’ reports					20,659
Trustees’ fees and expenses—Note 3(c)					12,276
Custodian fees—Note 3(b)					10,657
Chief Compliance Officer fees—Note 3(b)					7,862
Loan commitment fees—Note 2					6,302
Shareholder servicing costs—Note 3(b)					1,263
Miscellaneous					10,980
Total Expenses					1,963,488
Investment Income—Net					1,389,791
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments and foreign currency transactions					23,852,264
Net realized gain (loss) on forward foreign currency exchange contracts					(889)
Net Realized Gain (Loss)					23,851,375
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions					36,446,388
Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts					228
Net Change in Unrealized Appreciation (Depreciation)					36,446,616
Net Realized and Unrealized Gain (Loss) on Investments					60,297,991
Net Increase in Net Assets Resulting from Operations					61,687,782

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS



	Six Months Ended June 30, 2021 (Unaudited)	Year Ended December 31, 2020
Operations ($):
Investment income—net	1,389,791	2,840,348
Net realized gain (loss) on investments	23,851,375	44,313,337
Net change in unrealized appreciation (depreciation) on investments	36,446,616	39,126,298
Net Increase (Decrease) in Net Assets Resulting from Operations	61,687,782	86,279,983
Distributions ($):
Distributions to shareholders:
Initial Shares	(31,484,801)	(24,163,384)
Service Shares	(14,100,431)	(10,803,682)
Total Distributions	(45,585,232)	(34,967,066)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Initial Shares	5,338,945	8,597,229
Service Shares	3,756,691	15,542,813
Distributions reinvested:
Initial Shares	31,484,801	24,163,384
Service Shares	14,100,431	10,803,682
Cost of shares redeemed:
Initial Shares	(17,578,856)	(42,643,713)
Service Shares	(14,731,657)	(35,436,301)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions	22,370,355	(18,972,906)
Total Increase (Decrease) in Net Assets	38,472,905	32,340,011
Net Assets ($):
Beginning of Period	434,575,529	402,235,518
End of Period	473,048,434	434,575,529
Capital Share Transactions (Shares):
Initial Shares
Shares sold	113,654	212,187
Shares issued for distributions reinvested	715,424	746,129
Shares redeemed	(373,038)	(1,036,750)
Net Increase (Decrease) in Shares Outstanding	456,040	(78,434)
Service Shares
Shares sold	80,055	412,412
Shares issued for distributions reinvested	325,031	339,325
Shares redeemed	(316,669)	(867,172)
Net Increase (Decrease) in Shares Outstanding	88,417	(115,435)

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. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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.



	Six Months Ended
Initial Shares	June 30, 2021			Year Ended December 31,
	(Unaudited)			2020	2019	2018	2017	2016
Per Share Data ($):
Net asset value, beginning of period		47.18	42.76		35.84	44.71	41.01	45.23
Investment Operations:
Investment income—net^a		.16	.33		.43	.53	.56	.68
Net realized and unrealized gain (loss) on investments		6.24	7.99		11.58	(3.27)	9.55	2.48
Total from Investment Operations		6.40	8.32		12.01	(2.74)	10.11	3.16
Distributions:
Dividends from investment income—net		(.16)	(.33)		(.46)	(.52)	(.57)	(.69)
Dividends from net realized gain on investments		(4.90)	(3.57)		(4.63)	(5.61)	(5.84)	(6.69)
Total Distributions		(5.06)	(3.90)		(5.09)	(6.13)	(6.41)	(7.38)
Net asset value, end of period		48.52	47.18		42.76	35.84	44.71	41.01
Total Return (%)		14.69^b	23.69		36.10	(6.86)	27.33	7.91
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets		.81^c	.81		.81	.81	.81	.82
Ratio of net investment income to average net assets		.70^c	.80		1.10	1.30	1.35	1.64
Portfolio Turnover Rate		2.67^b	8.82		6.71	6.50	3.97	4.19
Net Assets, end of period ($ x 1,000)		329,043	298,456		273,832	225,631	271,790	238,340

^a Based on average shares outstanding.

^b Not annualized.

^c Annualized.

See notes to financial statements.



	Six Months Ended
Service Shares	June 30, 2021			Year Ended December 31,
	(Unaudited)			2020		2019		2018		2017		2016
Per Share Data ($):
Net asset value, beginning of period		46.60	42.29		35.49		44.34		40.72		44.96
Investment Operations:
Investment income—net^a		.10	.22		.33		.42		.46		.57
Net realized and unrealized gain (loss) on investments		6.15	7.89		11.46		(3.25)		9.46		2.46
Total from Investment Operations		6.25	8.11		11.79		(2.83)		9.92		3.03
Distributions:
Dividends from investment income—net		(.10)	(.23)		(.36)		(.41)		(.46)		(.58)
Dividends from net realized gain on investments		(4.90)	(3.57)		(4.63)		(5.61)		(5.84)		(6.69)
Total Distributions		(5.00)	(3.80)		(4.99)		(6.02)		(6.30)		(7.27)
Net asset value, end of period		47.85	46.60		42.29		35.49		44.34		40.72
Total Return (%)		14.54^b	23.38		35.78		(7.10)		27.00		7.64
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets		1.06^c	1.06		1.06		1.06		1.06		1.07
Ratio of net investment income to average net assets		.46^c	.55		.85		1.05		1.11		1.41
Portfolio Turnover Rate		2.67^b	8.82		6.71		6.50		3.97		4.19
Net Assets, end of period ($ x 1,000)		144,005	136,119		128,404		112,387		145,485		161,440

^a Based on average shares outstanding.

^b Not annualized.

^c Annualized.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1—Significant Accounting Policies:

Appreciation Portfolio (the “fund”) is a separate diversified series of BNY Mellon Variable Investment Fund (the “Trust”), 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 four 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.

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 Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“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 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 Trust enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.

(a) Portfolio valuation: 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:

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 Trust’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 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.

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 June 30, 2021 in 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	472,039,452	-	-	472,039,452
Investment Companies	2,792,799	-	-	2,792,799
Other Financial Instruments:
Forward Foreign Currency Exchange Contracts^††	-	228	-	228

^† 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.

(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.

Foreign taxes: The fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the fund invests. These foreign taxes, if any, are paid by the fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred or those subject to reclaims as of June 30, 2021, if any, are disclosed in the fund’s Statement of Assets and Liabilities.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

(c) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.

Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of 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 June 30, 2021, The Bank of New York Mellon earned $1,628 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.

wide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

(f) 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.

(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.

As of and during the period ended June 30, 2021, 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 June 30, 2021, the fund did not incur any interest or penalties.

Each tax year in the three-year period ended December 31, 2020 remains subject to examination by the Internal Revenue Service and state taxing authorities.

The tax character of distributions paid to shareholders during the fiscal year ended December 31, 2020 was as follows: ordinary income $2,791,417 and long-term capital gains $32,175,649. The tax character of current year distributions will be determined at the end of the current fiscal year.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

NOTE 2—Bank Lines of Credit:

The fund participates with other long-term open-end funds managed by the Adviser in a $823.5 million 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 $688.5 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $135 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 June 30, 2021, 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 June 30, 2021, Service shares were charged $171,349 pursuant to the Distribution Plan.

purposes, the fund includes net earnings credits, if any, as shareholder servicing costs in the Statement of Operations.

The fund has an arrangement with the custodian whereby the fund will receive interest income or be charged an overdraft fees when cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income 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 inclusive of earnings credits, if any, 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 June 30, 2021, the fund was charged $1,119 for transfer agency services, inclusive of earnings credit, if any. 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 June 30, 2021, the fund was charged $10,657 pursuant to the custody agreement.

During the period ended June 30, 2021, the fund was charged $7,862 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 $204,094, Distribution Plan fees of $29,236, custodian fees of $3,600, Chief Compliance Officer fees of $7,862 and transfer agency fees of $460.

(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 and forward contracts, during the period ended June 30, 2021, amounted to $11,842,271 and $32,658,645, respectively.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 June 30, 2021 is discussed below.

Forward Foreign Currency Exchange Contracts: The fund enters into forward contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of its investment strategy. When executing forward contracts, the fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, the fund incurs a loss if the value of the contract increases 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 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 June 30, 2021 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 June 30, 2021, derivative assets and liabilities (by type) on a gross basis are as follows:


Derivative Financial Instruments:	Assets ($)	Liabilities ($)
Forward contracts	228	-
Total gross amount of derivative
assets and liabilities in the
Statement of Assets and Liabilities	228	-
Derivatives not subject to
Master Agreements	-	-
Total gross amount of assets
and liabilities subject to
Master Agreements	228	-

The following table presents derivative assets net of amounts available for offsetting under Master Agreements and net of related collateral received or pledged, if any, as of June 30, 2021:


			Financial
			Instruments
			and Derivatives
	Gross Amount of		Available	Collateral	Net Amount of
Counterparty	Assets ($)	¹	for Offset ($)	Received ($)	Assets ($)
Morgan Stanley	228		-	-	228


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 during the period ended June 30, 2021:


		Average Market Value ($)
Forward contracts		11,545

At June 30, 2021, accumulated net unrealized appreciation on investments inclusive of derivative contracts was $323,209,230, consisting of $323,529,664 gross unrealized appreciation and $320,434 gross unrealized depreciation.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

At June 30, 2021, 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).

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

At a meeting of the fund’s Board of Trustees held on March 8-9, 2021, the Board considered the renewal of the fund’s Investment Advisory Agreement pursuant to which the Adviser provides the fund with investment advisory and administrative services (the “Agreement”), and the Sub-Investment Advisory Agreement (together, the “Agreements”), pursuant to which Fayez Sarofim & Co. (the “Subadviser”) provides day-to-day management of the fund’s investments. The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser and the Subadviser. In considering the renewal of the Agreements, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

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

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

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

broader group of funds consisting of all large-cap core funds underlying VIPs (the “Performance Universe”), all for various periods ended December 31, 2020, and (2) the fund’s actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the “Expense Group”) and with a broader group of all large-cap core funds underlying VIPs with similar 12b-1/non-12b-1 structures, excluding outliers (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

Performance Comparisons. Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected. The Board discussed with representatives of the Adviser and the Subadviser the results of the comparisons and considered that the fund’s total return performance was above the Performance Group and Performance Universe medians for all periods, except the ten-year period when performance was at the Performance Group median, ranking first in the Performance Group and in the first quartile of the Performance Universe for all periods except the ten-year period. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.

Management Fee and Expense Ratio Comparisons. The Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management and sub-advisory services provided by the Adviser and the Subadviser, respectively. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund’s last fiscal year. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.

The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and the Expense Universe median actual management fee and the fund’s total expenses were higher than the Expense Group median and the Expense Universe median total expenses.

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

management fee. Representatives of the Adviser noted that there were no other funds advised or administered by the Adviser that are in the same Lipper category as the fund.

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

Analysis of Profitability and Economies of Scale. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY Mellon fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided by the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser’s approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY Mellon fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.

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

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

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

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

· The Board was satisfied with the fund’s performance.

· The Board concluded that the fees paid to the Adviser and the Subadviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.

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

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

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

Effective June 1, 2019, the fund adopted a liquidity risk management program (the “Liquidity Risk Management Program”) pursuant to the requirements of Rule 22e-4 under the Investment Company Act of 1940, as amended. Rule 22e-4 requires registered open-end funds, including mutual funds and exchange-traded funds but not money market funds, to establish liquidity risk management programs in order to effectively manage fund liquidity and shareholder redemptions. The rule is designed to mitigate the risk that a fund could not meet redemption requests without significantly diluting the interests of remaining investors.

The rule requires the fund to assess, manage and review their liquidity risk at least annually considering applicable factors such as investment strategy and liquidity during normal and foreseeable stressed conditions, including whether the strategy is appropriate for an open-end fund and whether the fund has a relatively concentrated portfolio or large positions in particular issuers. The fund must also assess its use of borrowings and derivatives, short-term and long-term cash flow projections in normal and stressed conditions, holdings of cash and cash equivalents, and borrowing arrangements and other funding sources.

The rule also requires the fund to classify its investments as highly liquid, moderately liquid, less liquid or illiquid based on the number of days the fund expects it would take to liquidate the investment, and to review these classifications at least monthly or more often under certain conditions. The periods range from three or fewer business days for a highly liquid investment to greater than seven calendar days for settlement of a less liquid investment. Illiquid investments are those a fund does not expect to be able to sell or dispose of within seven calendar days without significantly changing the market value. The fund is prohibited from acquiring an investment if, after the acquisition, its holdings of illiquid assets will exceed 15% of its net assets. In addition, if a fund permits redemptions in-kind, the rule requires the fund to establish redemption in-kind policies and procedures governing how and when it will engage in such redemptions.

Pursuant to the rule’s requirements, the Liquidity Risk Management Program has been reviewed and approved by the Board. Furthermore, the Board has received a written report prepared by the Program’s Administrator that addresses the operation of the Program, assesses its adequacy and effectiveness and describes any material changes made to the Program.

Assessment of Program

In the opinion of the Program Administrator, the Program approved by the Board continues to be adequate for the fund and the Program has been implemented effectively. The Program Administrator has monitored the fund’s liquidity risk and the liquidity classification of the securities held by the fund and has determined that the Program is operating effectively.

During the period from January 1, 2020 to December 31, 2020, there were no material changes to the Program and no material liquidity events that impacted the fund. During the period, the fund held sufficient highly liquid assets to meet fund redemptions.

Under normal expected foreseeable fund redemption forecasts and foreseeable stressed fund redemption forecasts, the Program Administrator believes that the fund maintains sufficient highly liquid assets to meet expected fund redemptions.

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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-mail Send your request to info@bnymellon.com

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

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-PORT. The fund’s Forms N-PORT are available on the SEC’s website at www.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 at www.im.bnymellon.com and on the SEC’s website at www.sec.gov and without charge, upon request, by calling 1-800-373-9387.


© 2021 BNY Mellon Securities Corporation 0112SA0621

BNY Mellon Variable Investment Fund, Government Money Market Portfolio

SEMIANNUAL REPORT

June 30, 2021

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

Contents

THE FUND


Understanding Your Fund’s Expenses	2
Comparing Your Fund’s Expenses With Those of Other Funds	2
Statement of Investments	3
Statement of Assets and Liabilities	6
Statement of Operations	7
Statement of Changes in Net Assets	8
Financial Highlights	9
Notes to Financial Statements	10
Information About the Renewal of the Fund’s Investment Advisory Agreement	16

FOR MORE INFORMATION

Back Cover

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 January 1, 2021 to June 30, 2021. 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 June 30, 2021


Expenses paid per $1,000^†		$.20
Ending value (after expenses)		$1,000.10

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 June 30, 2021


Expenses paid per $1,000^†		$.20
Ending value (after expenses)		$1,024.60
^†	Expenses are equal to the fund’s annualized expense ratio of .04%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS

June 30, 2021 (Unaudited)



U.S. Government Agencies Obligations - 14.8%	Annualized Yield (%)	Principal Amount ($)		Value ($)
Federal Farm Credit Banks:
7/1/2021, 3 Month SOFR +.04%	0.09	5,000,000	^a	5,000,000
Federal Home Loan Banks:
7/1/2021, 3 Month SOFR +.02%	0.07	25,000,000	^a	25,000,000
7/1/2021, 3 Month SOFR +.04%	0.09	3,000,000	^a	3,000,000
Federal National Mortgage Association:
7/1/2021, 3 Month SOFR +.19%	0.24	5,000,000	^a,b	5,000,000
Total U.S. Government Agencies Obligations (cost $38,000,000)				38,000,000
U.S. Treasury Bills - 9.7%
12/30/2021 (cost $24,992,733)	0.06	25,000,000	^c	24,992,733
U.S. Treasury Notes - 10.6%
9/15/2021	2.75	5,000,000		5,027,271
10/31/2021	2.00	22,068,000		22,209,962
Total U.S. Treasury Notes (cost $27,237,233)				27,237,233
U.S. Treasury Floating Rate Notes - 8.6%
7/7/2021, 3 Month U.S. T-BILL +.03%	0.08	10,000,000	^a	10,000,000
7/7/2021, 3 Month U.S. T-BILL +.06%	0.11	7,000,000	^a	7,000,757
7/7/2021, 3 Month U.S. T-BILL +.22%	0.27	5,000,000	^a	5,000,010
Total U.S. Treasury Floating Rate Notes (cost $22,000,767)				22,000,767
Repurchase Agreements - 64.7%
ABN Amro Bank, Tri-Party Agreement thru BNY Mellon, dated 6/30/2021, due at 7/1/2021 in the amount of $40,000,056 (fully collateralized by: U.S. Treasuries (including strips), 0.38%-4.38%, due 1/31/2024-5/15/2047, valued at $40,800,002)	0.05	40,000,000		40,000,000

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Repurchase Agreements - 64.7%(continued)	Annualized Yield (%)	Principal Amount ($)	Value ($)
Bank of Montreal, Tri-Party Agreement thru BNY Mellon, dated 6/30/2021, due at 7/1/2021 in the amount of $52,000,072 (fully collateralized by: Federal Home Loan Mortgage Corp Agency Collateralized Mortgage Obligation, 4.00%-5.88%, due 2/15/2027-12/15/2043, Federal Home Loan Mortgage Corp Agency Debentures and Agency Strips, 1.50%-5.96%, due 2/15/2038-6/25/2051, Federal National Mortgage Association Agency Collateralized Mortgage Obligation, 0.15%-6.11%, due 2/25/2027-6/25/2051, Federal National Mortgage Association Agency Mortgage-Backed Securities, 1.91%-4.50%, due 5/1/2026-7/1/2051, Government National Mortgage Association Agency Collateralized Mortgage Obligation, 0.01%-6.66%, due 3/20/2040-12/20/2070, Government National Mortgage Association Agency Mortgage-Backed Securities, 2.00%-6.50%, due 3/20/2036-2/20/2051, U.S. Treasuries (including strips), 0.00%, due 10/7/2021, valued at $55,070,081)	0.05	52,000,000	52,000,000
HSBC Securities USA, Tri-Party Agreement thru BNY Mellon, dated 6/30/2021, due at 7/1/2021 in the amount of $26,000,032 (fully collateralized by: U.S. Treasuries (including strips), 0.00%-7.63%, due 8/15/2021-8/15/2050, valued at $26,520,000)	0.05	26,000,000	26,000,000



Repurchase Agreements - 64.7%(continued)	Annualized Yield (%)	Principal Amount ($)	Value ($)
ING Financial Markets, Tri-Party Agreement thru BNY Mellon, dated 6/30/2021, due at 7/1/2021 in the amount of $48,000,067 (fully collateralized by: U.S. Treasuries (including strips), 0.00%-5.50%, due 7/15/2021-2/15/2051, valued at $48,960,005)	0.05	48,000,000	48,000,000
Total Repurchase Agreements (cost $166,000,000)			166,000,000
Total Investments (cost $278,230,733)		108.4%	278,230,733
Liabilities, Less Cash and Receivables		(8.4%)	(21,675,215)
Net Assets		100.0%	256,555,518

SOFR—Secured Overnight Financing Rate

U.S. T-BILL—U.S. Treasury Bill Money Market Yield

^a Variable rate security—interest rate resets periodically and 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. Security description also includes the reference rate and spread if published and available.

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

^c Security is a discount security. Income is recognized through the accretion of discount.


Portfolio Summary (Unaudited) ^†	Value (%)
Repurchase Agreements	64.7
U.S. Treasury Securities	28.9
U.S. Government Agencies Obligations	14.8
	108.4

^† Based on net assets.

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2021 (Unaudited)



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments (including repurchase agreements of $166,000,000) —Note 1(b)	278,230,733	278,230,733
Cash		2,882,949
Receivable for shares of Beneficial Interest subscribed		627,971
Interest receivable		123,022
Due from BNY Mellon Investment Adviser, Inc. and affiliates—Note 2(b)		5,576
Prepaid expenses		1,286
		281,871,537
Liabilities ($):
Payable for investment securities purchased		24,992,733
Payable for shares of Beneficial Interest redeemed		293,799
Trustees’ fees and expenses payable		983
Other accrued expenses		28,504
		25,316,019
Net Assets ($)		256,555,518
Composition of Net Assets ($):
Paid-in capital		256,557,116
Total distributable earnings (loss)		(1,598)
Net Assets ($)		256,555,518


Shares Outstanding
(unlimited number of $.001 par value shares of Beneficial Interest authorized)			256,525,842
Net Asset Value Per Share ($)			1.00

See notes to financial statements.

STATEMENT OF OPERATIONS

Six Months Ended June 30, 2021 (Unaudited)





Investment Income ($):
Interest Income					68,503
Expenses:
Investment advisory fee—Note 2(a)					699,518
Professional fees					47,899
Chief Compliance Officer fees—Note 2(b)					7,862
Prospectus and shareholders’ reports					6,956
Trustees’ fees and expenses—Note 2(c)					6,688
Custodian fees—Note 2(b)					6,201
Shareholder servicing costs—Note 2(b)					298
Miscellaneous					4,069
Total Expenses					779,491
Less—reduction in expenses due to undertaking—Note 2(a)					(725,081)
Net Expenses					54,410
Investment Income—Net, representing net increase in net assets resulting from operations					14,093

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS



	Six Months Ended June 30, 2021 (Unaudited)	Year Ended December 31, 2020
Operations ($):
Investment Income—Net, representing net increase in net assets resulting from operations	14,093	414,281
Distributions ($):
Distributions to shareholders	(14,093)	(414,281)
Beneficial Interest Transactions ($1.00 per share):
Net proceeds from shares sold	642,756,374	889,695,845
Distributions reinvested	14,093	414,281
Cost of shares redeemed	(627,484,786)	(830,774,471)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions	15,285,681	59,335,655
Total Increase (Decrease) in Net Assets	15,285,681	59,335,655
Net Assets ($):
Beginning of Period	241,269,837	181,934,182
End of Period	256,555,518	241,269,837

See notes to financial statements.

FINANCIAL HIGHLIGHTS

The following table describes the performance for the fiscal periods indicated. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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.



Six Months Ended
June 30, 2021		Year Ended December 31,
(Unaudited)		2020	2019	2018	2017	2016
Per Share Data ($):
Net asset value, beginning of period	1.00	1.00	1.00	1.00	1.00	1.00
Investment Operations:
Investment income—net	.000^a	.002	.017	.013	.003	.000^a
Distributions:
Dividends from investment income—net	(.000)^a	(.002)	(.017)	(.013)	(.003)	(.000)^a
Net asset value, end of period	1.00	1.00	1.00	1.00	1.00	1.00
Total Return (%)	.01^b	.21	1.67	1.28	.34	.02
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.56^c	.56	.58	.58	.58	.62
Ratio of net expenses to average net assets	.04^c	.26	.57	.58	.57	.39
Ratio of net investment income to average net assets	.01^c	.17	1.65	1.26	.37	.01
Net Assets, end of period ($ x 1,000)	256,556	241,270	181,934	181,596	196,347	148,659

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

^b Not annualized.

^c Annualized.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1—Significant Accounting Policies:

Government Money Market Portfolio (the “fund”) is a separate diversified series of BNY Mellon Variable Investment Fund (the “Trust”), 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 four 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 preservation 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 to the public without a sales charge.

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

The Trust enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown. The

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

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

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.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The following is a summary of the inputs used as of June 30, 2021 in 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:^†
Short-Term Investments	-	278,230,733	-	278,230,733

^† 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) Risk: Certain events particular to the industries in which the fund’s investments conduct their operations, as well as general economic, political and public health conditions, may have a significant negative impact on the investee’s operations and profitability. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming

increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

(d) 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.

(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 three-year period ended December 31, 2020 remains subject to examination by the Internal Revenue Service and state taxing authorities.

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.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The fund has an unused capital loss carryover of $1,598 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to December 31, 2020. These short-term losses can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal year ended December 31, 2020 was all ordinary income. The tax character of current year distributions will be determined at the end of the current fiscal year.

At June 30, 2021, 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).

(f) New accounting pronouncements: In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), and in January 2021, the FASB issued Accounting Standards Update 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04 and ASU 2021-01 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 and ASU 2021-01 on the fund’s investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform. Management is also currently actively working with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines.

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.

The Adviser has undertaken to waive receipt of the investment advisory fee and/or reimburse operating expenses in order to facilitate a daily yield at or above a certain level which may change from time to time. This undertaking is voluntary and not contractual, and may be terminated at any time. The reduction in expenses, pursuant to the undertaking, amounted to $725,081 during the period ended June 30, 2021.

(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. For financial reporting purposes, the fund includes net earnings credits, if any, as shareholder servicing costs 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 inclusive of earnings credits, if any, 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 June 30, 2021, the fund was charged $252 for transfer agency services, inclusive of earnings credit, if any. 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 June 30, 2021, the fund was charged $6,201 pursuant to the custody agreement.

The components of “Due from BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of: investment advisory fees of $111,537, custodian fees of $2,938, Chief Compliance Officer fees of $7,862 and transfer agency fees of $106, which are offset against an expense reimbursement currently in effect in the amount of $128,019.

(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.

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

At a meeting of the fund’s Board of Trustees held on March 8-9, 2021, the Board considered the renewal of the fund’s Investment Advisory Agreement pursuant to which the Adviser provides the fund with investment advisory and administrative services (the “Agreement”). The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser. In considering the renewal of the Agreement, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper, which included information comparing (1) the performance of the fund’s Initial shares with the performance of a group of US government money market funds underlying variable insurance products (“VIPs”) selected by Broadridge as comparable to the fund (the “Performance Group”) and with a broader group of funds consisting of all money market instrument funds underlying VIPs (the “Performance Universe”), all for various periods ended December 31, 2020, and (2) the fund’s actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the “Expense Group”) and with a broader group of all money market instrument funds underlying VIPs and US government money market funds underlying VIPs with similar 12b-

1/non-12b-1 structures, excluding outliers (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Performance Group and Performance Universe comparisons were provided based on both “gross” (i.e., without including fees and expenses) and “net” (i.e., including fees and expenses) total returns. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

Performance Comparisons. Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected. The Board discussed with representatives of the Adviser the results of the comparisons and considered that the fund’s gross total return performance was at or above the Performance Group and Performance Universe medians for all periods, except the ten-year period when it was two basis points below the Performance Universe median. The Board also considered that the fund’s net total return performance was below the Performance Group and Performance Universe medians for all periods, although they noted the relative proximity of the fund’s net total return performance to the Performance Group and/or Performance Universe medians in certain periods and that the fund’s net total return performance ranked in the third quartile of the Performance Universe in each period shown.

Management Fee and Expense Ratio Comparisons. The Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services provided by the Adviser. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund’s last fiscal year which included reductions for a fee waiver arrangement in place that reduced the management fee paid to the Adviser. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.

The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was equal to the Expense Group median and higher than the Expense Universe median actual management fee and the fund’s total expenses were lower than the Expense Group median and higher than the Expense Universe median total expenses.

Representatives of the Adviser stated that, for the past fiscal year, the Adviser had limited fund expenses to maintain a minimum yield pursuant to a voluntary undertaking by the Adviser in effect during the period. This undertaking is voluntary, not contractual, and may be terminated by the Adviser at any time.

Representatives of the Adviser noted that there were no other funds advised or administered by the Adviser that are in the same Lipper category as the fund or separate

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

accounts and/or other types of client portfolios advised by the Adviser that are considered to have similar investment strategies and policies as the fund.

Analysis of Profitability and Economies of Scale. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY Mellon fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided by the Adviser and its affiliates. The Board also considered the expense limitation arrangement and its effect on the profitability of the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser’s approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY Mellon fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.

The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreement, considered in relation to the mix of services provided by the Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreement and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY Mellon fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund’s asset level. The Board also considered potential benefits to the Adviser from acting as investment adviser and took into consideration that there were no soft dollar arrangements in effect for trading the fund’s investments.

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

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

· The Board was satisfied with the fund’s gross performance.

· The Board concluded that the fee paid to the Adviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.

· The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been

adequately considered by the Adviser in connection with the fee rate charged to the fund pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.

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

This page intentionally left blank.

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, on www.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 at www.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

SEMIANNUAL REPORT

June 30, 2021

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

Contents

THE FUND

FOR MORE INFORMATION

Back Cover

DISCUSSION OF FUND PERFORMANCE (Unaudited)

For the period from January 1, 2021 through June 30, 2021, as provided by John Bailer, CFA, David Intoppa, Leigh N. Todd, CFA and Brian Ferguson, Portfolio Managers

Market and Fund Performance Overview

For the six-month period ended June 30, 2021, BNY Mellon Variable Investment Fund, Growth and Income Portfolio’s Initial shares achieved a total return of 15.96%, and its Service shares achieved a total return of 15.78%.¹ In comparison, the fund’s benchmark, the S&P 500^{^®} Index (the “Index”), produced a total return of 15.25% for the same period.²

U.S. stocks rose during the reporting period as the economy continued to recover from the COVID-19 pandemic. The fund outperformed the Index largely due to successful security selections in the materials and communication services 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.

Market Rebound Continues, Inflation Concerns Emerge

Early in the reporting period, stocks benefited from a number of factors. With the approval of multiple COVID-19 vaccines in November 2020, investor sentiment improved, and the global economic outlook brightened. Returns were also boosted by interest rates, which remained low, and by the stimulus package approved by Congress, which provided support to consumers, small businesses and the economy generally. Investors also began to factor the likelihood of additional stimulus and infrastructure spending into their calculations.

As government lockdowns were eased, businesses that had been hard hit by the pandemic began to show signs of recovery. Businesses also became more confident and increased their capital spending. In addition, inventory shortages began to appear, providing another catalyst to economic growth. With the end of the pandemic in view and continued economic rebound likely, investors began to shift away from growth-oriented stocks and into value-oriented stocks. This shift persisted into early 2021.

Toward the end of the reporting period, the economic rebound continued, but combined with the Federal Reserve’s (the “Fed”) indications that it would tolerate higher inflation rates until the economy fully recovered, this led to a rise in inflation expectations. As a result, yields at the long end of the Treasury yield curve began to increase. These higher interest rates weighed heavily on the stock market performance, especially that of technology and other growth-oriented stocks.

Later, investors became concerned that the Fed would tighten monetary policy sooner than expected, potentially slowing the economy. This resulted in somewhat of a shift back to growth-oriented stocks.

Stock Selection in the Materials and Communication Services Sectors Were Beneficial

The fund benefited from both the shift to value-oriented stocks early in the reporting period and the shift back toward growth-oriented stocks that occurred later. The fund’s relative performance was driven largely by successful stock selection in two sectors, materials and communication services. In the materials sector, a position in CF Industries Holdings, an agricultural chemicals company, benefited from higher commodity prices and improved pricing, and shares rose more than 35%. A position in Freeport-McMoRan, a copper mining company, was also advantageous. Shares rose not only because of a surge in commodity prices in response to inflationary pressures, but also due to growing long-term demand for copper from the electric vehicle industry. In the communication services sector, the fund benefited from its lack of exposure to Disney and Netflix, both of which saw their shares fall following strong performances in 2020 due to the pandemic. In addition, the fund’s position in Alphabet (parent of Google) was advantageous as the company benefited not only from the shift to growth stocks but also from strong advertising revenues related to the travel and leisure industries.

On the other hand, the fund’s performance was hindered by certain asset allocation and stock selection decisions. The fund’s overweight position in the health care sector was detrimental as this sector lagged the Index. In addition, a position in Sarepta Therapeutics, a biotech company, hindered performance as its shares fell due to disappointing trial data on one of its products. In the industrial sector, the fund��s position in Array Technologies, which makes solar energy equipment, hampered returns as the company encountered higher input costs.

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

Positioned for Further Economic Recovery

While growth-oriented stocks performed well during the reporting period, we believe they are unlikely to repeat their performance in 2021. Looking ahead, the fund has increased its overweight to the energy sector and has lessened its exposure to the information technology sector. The fund has also increased its positions in the health care sector from neutral to overweight and has shifted from an overweight position to an underweight position in the materials sector.

July 15, 2021

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.

The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets. Derivatives can be highly volatile, illiquid and difficult to value, and there is the risk that changes in the value of a derivative held by the fund will not correlate with the underlying instruments or the fund’s other investments.

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 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, Growth and Income Portfolio from January 1, 2021 to June 30, 2021. 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 June 30, 2021

	Initial Shares	Service Shares
Expenses paid per $1,000^†	$4.28	$5.62
Ending value (after expenses)	$1,159.60	$1,157.80

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 June 30, 2021

		Initial Shares	Service Shares
Expenses paid per $1,000^†		$4.01	$5.26
Ending value (after expenses)		$1,020.83	$1,019.59
^†	Expenses are equal to the fund’s annualized expense ratio of .80% for Initial Shares and 1.05% for Service Shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS

June 30, 2021 (Unaudited)



Description	Shares		Value ($)
Common Stocks - 98.2%
Automobiles & Components - 1.6%
General Motors	7,336	^a	434,071
Tesla	1,957	^a	1,330,173
			1,764,244
Banks - 4.8%
Bank of America	38,811		1,600,178
JPMorgan Chase & Co.	12,830		1,995,578
Truist Financial	6,715		372,682
U.S. Bancorp	12,777		727,906
Wells Fargo & Co.	11,741		531,750
			5,228,094
Capital Goods - 7.9%
AMETEK	6,134		818,889
Armstrong World Industries	4,558		488,891
Carrier Global	9,838		478,127
Eaton	6,679		989,694
Howmet Aerospace	15,890	^a	547,728
Hubbell	2,522		471,210
Ingersoll Rand	16,167	^a	789,111
L3Harris Technologies	6,308		1,363,474
Northrop Grumman	1,457		529,518
Quanta Services	5,692		515,524
Rockwell Automation	2,478	^b	708,758
Trane Technologies	4,600		847,044
			8,547,968
Consumer Durables & Apparel - .7%
VF	9,018		739,837
Consumer Services - 2.4%
Aramark	23,215		864,759
Booking Holdings	410	^a	897,117
Las Vegas Sands	5,045	^a	265,821
Wynn Resorts	4,689	^a	573,465
			2,601,162
Diversified Financials - 8.3%
Ally Financial	10,705		533,537
Ameriprise Financial	7,172		1,784,967
Berkshire Hathaway, Cl. B	5,508	^a	1,530,783
Capital One Financial	8,319		1,286,866
Equitable Holdings	8,638		263,027
Morgan Stanley	9,701		889,485
The Charles Schwab	18,742		1,364,605
The Goldman Sachs Group	947		359,415



Description	Shares		Value ($)
Common Stocks - 98.2% (continued)
Diversified Financials - 8.3% (continued)
Voya Financial	16,195	^b	995,992
			9,008,677
Energy - 5.3%
Devon Energy	34,382		1,003,611
EQT	27,890	^a	620,831
Exxon Mobil	24,355		1,536,313
Hess	9,989		872,239
Marathon Petroleum	18,269		1,103,813
Valero Energy	8,061		629,403
			5,766,210
Food & Staples Retailing - .5%
Sysco	7,470		580,792
Food, Beverage & Tobacco - 2.1%
Mondelez International, Cl. A	12,246		764,640
PepsiCo	3,513		520,521
Philip Morris International	10,007		991,794
			2,276,955
Health Care Equipment & Services - 9.7%
Anthem	1,375		524,975
Becton Dickinson & Co.	2,254		548,150
CVS Health	12,157		1,014,380
Danaher	4,407		1,182,663
DexCom	1,433	^a	611,891
Edwards Lifesciences	5,578	^a	577,713
HCA Healthcare	2,066		427,125
Intuitive Surgical	1,100	^a	1,011,604
Masimo	1,857	^a	450,230
McKesson	1,692		323,578
Medtronic	13,075		1,623,000
Teleflex	1,822		732,061
UnitedHealth Group	956		382,821
Zimmer Biomet Holdings	6,406		1,030,213
			10,440,404
Insurance - 2.1%
Aon, Cl. A	2,918	^b	696,702
Assurant	9,721		1,518,226
			2,214,928
Materials - 2.2%
CF Industries Holdings	16,132		829,991
Freeport-McMoRan	11,210		416,003
Newmont	14,555		922,496
Vulcan Materials	1,483		258,146
			2,426,636

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Shares		Value ($)
Common Stocks - 98.2% (continued)
Media & Entertainment - 9.6%
Alphabet, Cl. A	1,303	^a	3,181,652
Alphabet, Cl. C	1,093	^a	2,739,408
Comcast, Cl. A	14,378		819,834
Facebook, Cl. A	4,468	^a	1,553,568
Match Group	2,575	^a,b	415,219
Pinterest, Cl. A	11,294	^a	891,661
Snap, Cl. A	11,950	^a	814,273
			10,415,615
Pharmaceuticals Biotechnology & Life Sciences - 5.7%
AbbVie	19,938		2,245,816
Eli Lilly & Co.	9,090		2,086,337
Horizon Therapeutics	6,901	^a	646,210
Organon & Co.	11,184	^a	338,428
Seagen	3,109	^a	490,849
Viatris	25,578		365,510
			6,173,150
Retailing - 4.1%
Amazon.com	1,185	^a	4,076,590
Farfetch, Cl. A	7,781	^a	391,851
			4,468,441
Semiconductors & Semiconductor Equipment - 7.0%
Applied Materials	13,579		1,933,650
Marvell Technology	11,008		642,097
Microchip Technology	4,260		637,892
NVIDIA	2,531		2,025,053
ON Semiconductor	13,282	^a	508,435
Qualcomm	12,711		1,816,783
			7,563,910
Software & Services - 12.8%
Ansys	1,728	^a	599,720
Crowdstrike Holdings, CI. A	2,336	^a	587,060
Dolby Laboratories, Cl. A	3,450		339,100
HubSpot	1,283	^a	747,630
Medallia	10,962	^a,b	369,967
Microsoft	15,784		4,275,886
PayPal Holdings	4,657	^a	1,357,422
salesforce.com	4,582	^a	1,119,245
Snowflake, Cl. A	1,805	^a	436,449
Square, Cl. A	3,526	^a	859,639
Twilio, Cl. A	1,475	^a	581,386
Visa, Cl. A	8,026	^b	1,876,639
Zoom Video Communications, CI. A	1,653	^a	639,761
			13,789,904



Description		Shares		Value ($)
Common Stocks - 98.2% (continued)
Technology Hardware & Equipment - 6.3%
Apple		29,283		4,010,600
Cisco Systems		20,537		1,088,461
Corning		17,165		702,048
Zebra Technologies, Cl. A		1,869	^a	989,617
				6,790,726
Telecommunication Services - .7%
Vodafone Group, ADR		41,274	^b	707,024
Transportation - 1.5%
FedEx		1,152		343,676
Uber Technologies		14,009	^a	702,131
Union Pacific		2,699		593,591
				1,639,398
Utilities - 2.9%
Clearway Energy, Cl. C		18,113		479,632
Exelon		27,689		1,226,900
NextEra Energy Partners		8,452		645,395
PPL		9,348		261,464
The AES		17,816		464,463
				3,077,854
Total Common Stocks (cost $66,904,945)				106,221,929
	1-Day Yield (%)
Investment Companies - 2.1%
Registered Investment Companies - 2.1%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares (cost $2,270,993)	0.05	2,270,993	^c	2,270,993

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	1-Day Yield (%)	Shares		Value ($)
Investment of Cash Collateral for Securities Loaned - .7%
Registered Investment Companies - .7%
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares (cost $715,068)	0.01	715,068	^c	715,068
Total Investments (cost $69,891,006)		101.0%		109,207,990
Liabilities, Less Cash and Receivables		(1.0%)		(1,048,438)
Net Assets		100.0%		108,159,552

ADR—American Depository Receipt

^a Non-income producing security.

^b Security, or portion thereof, on loan. At June 30, 2021, the value of the fund’s securities on loan was $5,378,149 and the value of the collateral was $5,502,601, consisting of cash collateral of $715,068 and U.S. Government & Agency securities valued at $4,787,533.

^c Investment 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	26.0
Health Care	15.4
Financials	15.2
Communication Services	10.3
Industrials	9.4
Consumer Discretionary	8.9
Energy	5.3
Utilities	2.9
Investment Companies	2.8
Consumer Staples	2.6
Materials	2.2
	101.0

^† Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS IN AFFILIATED ISSUERS (Unaudited)


Investment Companies	Value 12/31/20 ($)	Purchases ($)^†	Sales ($)	Value 6/30/21 ($)	Net Assets (%)	Dividends/ Distributions ($)
Registered Investment Companies;
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares	1,591,806	10,715,386	(10,036,199)	2,270,993	2.1	566
Investment of Cash Collateral for Securities Loaned;
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares	567,336	3,522,960	(3,375,228)	715,068	.7	2,229^††
Total	2,159,142	14,238,346	(13,411,427)	2,986,061	2.8	2,795

^† Includes reinvested dividends/distributions.

^†† Represents securities lending income earned from reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borowers of securities.

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2021 (Unaudited)



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments (including securities on loan, valued at $5,378,149)—Note 1(c):
Unaffiliated issuers	66,904,945	106,221,929
Affiliated issuers	2,986,061	2,986,061
Receivable for investment securities sold		505,048
Dividends and securities lending income receivable		67,293
Receivable for shares of Beneficial Interest subscribed		39
Prepaid expenses		1,266
		109,781,636
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)		64,243
Cash overdraft due to Custodian		2,714
Payable for investment securities purchased		787,035
Liability for securities on loan—Note 1(c)		715,068
Payable for shares of Beneficial Interest redeemed		9,813
Trustees’ fees and expenses payable		543
Other accrued expenses		42,668
		1,622,084
Net Assets ($)		108,159,552
Composition of Net Assets ($):
Paid-in capital		58,534,501
Total distributable earnings (loss)		49,625,051
Net Assets ($)		108,159,552


Net Asset Value Per Share	Initial Shares	Service Shares
Net Assets ($)	102,931,621	5,227,931
Shares Outstanding	2,675,768	135,601
Net Asset Value Per Share ($)	38.47	38.55

See notes to financial statements.

STATEMENT OF OPERATIONS

Six Months Ended June 30, 2021 (Unaudited)





Investment Income ($):
Income:
Cash dividends (net of $126 foreign taxes withheld at source):
Unaffiliated issuers					656,815
Affiliated issuers					566
Income from securities lending—Note 1(c)					2,229
Total Income					659,610
Expenses:
Investment advisory fee—Note 3(a)					383,213
Professional fees					54,633
Prospectus and shareholders’ reports					9,077
Chief Compliance Officer fees—Note 3(b)					7,862
Distribution fees—Note 3(b)					6,220
Custodian fees—Note 3(b)					4,384
Trustees’ fees and expenses—Note 3(c)					3,030
Loan commitment fees—Note 2					1,364
Shareholder servicing costs—Note 3(b)					420
Registration fees					4
Miscellaneous					9,673
Total Expenses					479,880
Less—reduction in expenses due to undertaking—Note 3(a)					(63,658)
Net Expenses					416,222
Investment Income—Net					243,388
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments					10,898,260
Net change in unrealized appreciation (depreciation) on investments					4,024,827
Net Realized and Unrealized Gain (Loss) on Investments					14,923,087
Net Increase in Net Assets Resulting from Operations					15,166,475

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS



	Six Months Ended June 30, 2021 (Unaudited)	Year Ended December 31, 2020
Operations ($):
Investment income—net	243,388	631,905
Net realized gain (loss) on investments	10,898,260	6,549,576
Net change in unrealized appreciation (depreciation) on investments	4,024,827	12,103,813
Net Increase (Decrease) in Net Assets Resulting from Operations	15,166,475	19,285,294
Distributions ($):
Distributions to shareholders:
Initial Shares	(6,769,878)	(6,409,913)
Service Shares	(337,757)	(336,298)
Total Distributions	(7,107,635)	(6,746,211)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Initial Shares	1,534,091	1,960,181
Service Shares	4,702	193,323
Distributions reinvested:
Initial Shares	6,769,878	6,409,913
Service Shares	337,757	336,298
Cost of shares redeemed:
Initial Shares	(4,854,975)	(10,813,413)
Service Shares	(286,679)	(841,513)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions	3,504,774	(2,755,211)
Total Increase (Decrease) in Net Assets	11,563,614	9,783,872
Net Assets ($):
Beginning of Period	96,595,938	86,812,066
End of Period	108,159,552	96,595,938
Capital Share Transactions (Shares):
Initial Shares
Shares sold	41,416	70,955
Shares issued for distributions reinvested	190,742	279,286
Shares redeemed	(129,706)	(364,347)
Net Increase (Decrease) in Shares Outstanding	102,452	(14,106)
Service Shares
Shares sold	126	6,673
Shares issued for distributions reinvested	9,502	14,719
Shares redeemed	(7,670)	(28,426)
Net Increase (Decrease) in Shares Outstanding	1,958	(7,034)

See notes to financial statements.

FINANCIAL HIGHLIGHTS


	Six Months Ended
	June 30, 2021	Year Ended December 31,
Initial Shares	(Unaudited)	2020	2019	2018	2017	2016
Per Share Data ($):
Net asset value, beginning of period	35.68	31.82	28.03	32.72	28.81	29.98
Investment Operations:
Investment income—net^a	.09	.23	.30	.27	.26	.33
Net realized and unrealized gain (loss) on investments	5.38	6.17	7.36	(1.66)	5.22	2.27
Total from Investment Operations	5.47	6.40	7.66	(1.39)	5.48	2.60
Distributions:
Dividends from investment income—net	(.09)	(.23)	(.33)	(.26)	(.23)	(.34)
Dividends from net realized gain on investments	(2.59)	(2.31)	(3.54)	(3.04)	(1.34)	(3.43)
Total Distributions	(2.68)	(2.54)	(3.87)	(3.30)	(1.57)	(3.77)
Net asset value, end of period	38.47	35.68	31.82	28.03	32.72	28.81
Total Return (%)	15.96^b	24.63	29.12	(4.68)	19.71	10.04
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.93^c	.93	.93	.93	.90	.90
Ratio of net expenses to average net assets	.80^c	.82	.93	.93	.90	.90
Ratio of net investment income to average net assets	.49^c	.77	1.00	.87	.85	1.17
Portfolio Turnover Rate	28.61^b	66.45	61.08	63.89	61.00	64.41
Net Assets, end of period ($ x 1,000)	102,932	91,818	82,328	69,774	82,070	74,797

^a Based on average shares outstanding.

^b Not annualized.

^c Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)


	Six Months Ended
	June 30, 2021	Year Ended December 31,
Service Shares	(Unaudited)	2020	2019	2018	2017	2016
Per Share Data ($):
Net asset value, beginning of period	35.76	31.88	28.08	32.76	28.85	30.01
Investment Operations:
Investment income—net^a	.04	.16	.22	.19	.18	.25
Net realized and unrealized gain (loss) on investments	5.38	6.19	7.37	(1.65)	5.22	2.29
Total from Investment Operations	5.42	6.35	7.59	(1.46)	5.40	2.54
Distributions:
Dividends from investment income—net	(.04)	(.16)	(.25)	(.18)	(.15)	(.27)
Dividends from net realized gain on investments	(2.59)	(2.31)	(3.54)	(3.04)	(1.34)	(3.43)
Total Distributions	(2.63)	(2.47)	(3.79)	(3.22)	(1.49)	(3.70)
Net asset value, end of period	38.55	35.76	31.88	28.08	32.76	28.85
Total Return (%)	15.78^b	24.33	28.79	(4.90)	19.38	9.78
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.18^c	1.18	1.18	1.18	1.15	1.15
Ratio of net expenses to average net assets	1.05^c	1.07	1.18	1.18	1.15	1.15
Ratio of net investment income to average net assets	.24^c	.52	.76	.62	.60	.92
Portfolio Turnover Rate	28.61^b	66.45	61.08	63.89	61.00	64.41
Net Assets, end of period ($ x 1,000)	5,228	4,778	4,484	4,039	5,306	5,283

^a Based on average shares outstanding.

^b Not annualized.

^c Annualized.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1—Significant Accounting Policies:

Growth and Income Portfolio (the “fund”) is a separate non-diversified series of BNY Mellon Variable Investment Fund (the “Trust”), 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 four 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.

On February 10, 2021, BNY Mellon Investment Management announced its intention to realign several of its investment firms. As a result of this realignment, which is scheduled to occur, subject to regulatory requirements, in the third quarter of 2021 (the “Effective Date”), portfolio managers responsible for managing the fund’s investments who are employees of Mellon Investments Corporation (“Mellon”) in a dual employment arrangement with the Adviser, will become employees of Newton Investment Management North America, LLC (“Newton”), which, like Mellon, will be an affiliate of the Adviser, and will no longer be employees of Mellon. Consequently, as of the Effective Date and subject to the approval of the Trust’s Board of Trustees (the “Board”), the Adviser will engage Newton to serve as the fund’s sub-adviser, pursuant to a sub-investment advisory agreement between the Adviser and Newton. As the fund’s sub-adviser, Newton will provide the day-to-day management of the fund’s investments, subject to the Adviser’s supervision and approval. It is currently anticipated that the fund’s portfolio managers who are responsible for the day-to-day management of the fund’s investments will continue to manage the fund’s investments as of the Effective Date. It is also currently anticipated that there will be no material changes to the fund’s investment objective, strategies or policies, no reduction in the nature or level of services provided to the fund, and no increase in the management fee payable by the fund as a result of the engagement of Newton as the fund’s sub-adviser. The Adviser (and not the fund) will pay Newton for its sub-advisory services.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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.

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.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 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 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.

The following is a summary of the inputs used as of June 30, 2021 in 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	106,221,929	-	-	106,221,929
Investment Companies	2,986,061	-	-	2,986,061

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

(b) Foreign taxes: The fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the fund invests. These foreign taxes, if any, are paid by the fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred or those subject to reclaims as of June 30, 2021, if any, are disclosed in the fund’s Statement of Assets and Liabilities.

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 June 30, 2021, The Bank of New York Mellon earned $303 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) Risk: Certain events particular to the industries in which the fund’s investments conduct their operations, as well as general economic, political and public health conditions, may have a significant negative impact on the investee’s operations and profitability. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

Each tax year in the three year period ended December 31, 2020 remains subject to examination by the Internal Revenue Service and state taxing authorities.

The tax character of distributions paid to shareholders during the fiscal year ended December 31, 2020 was as follows: ordinary income $630,155 and long-term capital gains $6,116,056. The tax character of current year distributions will be determined at the end of the current fiscal year.

NOTE 2—Bank Lines of Credit:

amount equal to $688.5 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $135 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 June 30, 2021, the fund did not borrow under the Facilities.

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. The Adviser has contractually agreed, from January 1, 2021 through April 30, 2022, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the direct expenses of none of the classes (excluding Rule 12b-1 Distribution Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .80% of the value of the fund’s average daily net assets. On or after April 30, 2022, the Adviser may terminate this expense limitation at any time. The reduction in expenses, pursuant to the undertaking, amounted to $63,658 during the period ended June 30, 2021.

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. For financial reporting purposes, the fund includes net earnings credits, if any, as shareholder servicing costs in the Statement of Operations.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 inclusive of earnings credits, if any, 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 June 30, 2021, the fund was charged $365 for transfer agency services, inclusive of earnings credit, if any. 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 $65,922, Distribution Plan fees of $1,062, custodian fees of $2,100, Chief Compliance Officer fees of $7,862 and transfer agency fees of $144, which are offset against an expense reimbursement currently in effect in the amount of $12,847.

(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 June 30, 2021, amounted to $28,681,822 and $32,514,873, respectively.

At June 30, 2021, accumulated net unrealized appreciation on investments was $39,316,984, consisting of $39,930,658 gross unrealized appreciation and $613,674 gross unrealized depreciation.

At June 30, 2021, 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).

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

At a meeting of the fund’s Board of Trustees held on March 8-9, 2021 (the “15(c) Meeting”), the Board considered the renewal of the fund’s Investment Advisory Agreement pursuant to which the Adviser provides the fund with investment advisory and administrative services (the “Agreement”). The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the fund (the “Independent Trustees”), were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser. In considering the renewal of the Agreement, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

Analysis of Nature, Extent, and Quality of Services Provided to the Fund. The Board considered information provided to it at the 15(c) Meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to funds in the BNY Mellon fund complex, including the fund. The Adviser provided the number of open accounts in the fund, the fund’s asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the BNY Mellon fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or the Adviser) and the Adviser’s corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the fund.

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

Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper, which included information comparing (1) the performance of the fund’s Initial shares with the performance of a group of multi-cap core funds underlying variable insurance products (“VIPs”) selected by Broadridge as comparable to the fund (the “Performance Group”) and with a broader group of funds consisting of all large-cap core funds underlying VIPs (the “Performance Universe”), all for various periods ended December 31, 2020, and (2) the fund’s actual and contractual management fees and total expenses with those of the

same group of funds in the Performance Group (the “Expense Group”) and with a broader group of all large-cap core funds underlying VIPs and multi-cap core funds underlying VIPs with similar 12b-1/non-12b-1 structures, excluding outliers (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

Performance Comparisons. Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected. The Board discussed with representatives of the Adviser the results of the comparisons and considered that the fund’s total return performance was above the Performance Group and Performance Universe medians for all periods (ranking highest in the Performance Group for the one-, two- and three-year periods, highest in the Performance Universe for the three-year period and in the first quartile of the Performance Group and the Performance Universe for all periods). The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.

Management Fee and Expense Ratio Comparisons. The Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services provided by the Adviser. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund’s last fiscal year, which included reductions for a fee waiver arrangement in place that reduced the management fee paid to the Adviser. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.

The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was slightly higher than the Expense Group median and higher the Expense Universe median actual management fee and the fund’s total expenses were higher than the Expense Group median and Expense Universe median total expenses.

Representatives of the Adviser stated that the Adviser has contractually agreed, until April 30, 2022, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of none of its classes (excluding Rule 12b-1 fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 0.80% of the fund’s average daily net assets.

Representatives of the Adviser noted that there were no other funds advised or administered by the Adviser that are in the same Lipper category as the fund or separate accounts and/or other types of client portfolios advised by the Adviser that are considered to have similar investment strategies and policies as the fund.

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

Analysis of Profitability and Economies of Scale. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY Mellon fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided by the Adviser and its affiliates. The Board also considered the expense limitation arrangement and its effect on the profitability of the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser’s approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY Mellon fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.

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

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

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

· The Board was satisfied with the fund’s performance.

· The Board concluded that the fee paid to the Adviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.

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

***************************************************

At a meeting of the fund’s Board of Trustees held on May 11, 2021 (the “Meeting”), the Board discussed with representatives of the Adviser plans to realign Mellon Investments Corporation’s (“Mellon”) equities and multi-asset capabilities with Newton Investment Management North America, LLC (“Newton US”) (the “Firm Realignment”), with such realignment scheduled to occur, subject to regulatory requirements, in the third quarter of 2021 (the “Effective Date”). The Adviser noted that, as a result of the Firm Realignment, the portfolio managers who are currently responsible for managing the investments of the fund as employees of Mellon in a dual employment arrangement with the Adviser, will become employees of Newton US as of the Effective Date. Consequently, the Adviser proposed to engage Newton US to serve as the fund’s sub-investment adviser, pursuant to a sub-investment advisory agreement between the Adviser and Newton US (the “New Sub-Advisory Agreement”), to be effective on the Effective Date. In addition, the Adviser proposed amending the Fund’s current investment advisory agreement (the “Current Investment Advisory Agreement”) to reflect the engagement of Newton US as sub-investment adviser to the fund (as proposed to be amended, the “Amended Investment Advisory Agreement”), to be effective on the Effective Date.

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

At the Meeting, the Adviser recommended the approval of the New Sub-Advisory Agreement, pursuant to which Newton US would serve as sub-investment adviser to the fund, and the Amended Investment Advisory Agreement. The recommendation for the approval of the New Sub-Advisory Agreement and the Amended Investment Advisory Agreement was based on the following considerations, among others: (i) approval of the New Sub-Advisory Agreement and the Amended Investment Advisory Agreement would permit the fund’s current portfolio managers to continue to be responsible for the day-to-day management of the Fund’s portfolio after the Effective Date as employees of Newton US; (ii) there will be no material changes to the fund’s investment objective, strategies or policies, no reduction in the nature or level of services provided to the fund, and no increases in the management fee payable by the fund as a result of the proposed changes to the investment advisory arrangements; and (iii) the Adviser (and not the fund) will pay Newton US for its sub-investment advisory services. The Board also considered the fact that the Adviser stated that it believes there are no material changes to the information the Board had previously considered at the 15(c) Meeting, at which the Board re-approved the Current Investment Advisory Agreement for the ensuing year, other than the information about the Firm Realignment and Newton US.

At the Meeting, the Board members, all of whom are Independent Trustees, considered and approved the New Sub-Advisory Agreement and the Amended Investment Advisory Agreement. In determining whether to approve the New Sub-Advisory Agreement and the Amended Investment 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 and a form of the Amended Investment Advisory Agreement; (ii) information regarding the Firm Realignment and how it is expected to enhance investment capabilities; (iii) information regarding Newton US; and (iv) an opinion of counsel that the proposed changes to the investment advisory arrangements would not result in an “assignment” of the Current Investment Advisory Agreement under the 1940 Act and the Investment Advisers Act of 1940, as amended, and, therefore, do not require the approval of fund shareholders. The Board also considered the substance of discussions with representatives of the Adviser at the Meeting and the 15(c) Meeting.

Nature, Extent and Quality of Services to be Provided. In examining the nature, extent and quality of the services that were expected to be provided by Newton US to the fund under the New Sub-Advisory Agreement, the Board considered: (i) Newton US’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; and (iii) the investment strategy for the fund, which would remain the same after the Effective Date. 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 expected to be provided to the fund by Newton US 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 Newton US under the

New Sub-Advisory Agreement, as well as Newton US’s ability to render such services based on its resources and the experience of the investment team, which will include the fund’s current portfolio managers, 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. The Board also considered, as it related to the Amended Investment Advisory Agreement, that the nature, extent and quality of the services that are provided by the Adviser are expected to remain the same, including the Adviser’s extensive administrative, accounting and compliance infrastructures, as well as the Adviser’s supervisory activities over the fund’s portfolio management personnel.

Investment Performance. The Board had considered the fund’s investment performance and that of the investment team managing the fund’s portfolio at the 15(c) Meeting (including comparative data provided by Broadridge). 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 Newton US 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 and the Amended Investment Advisory Agreement.

Costs of Services to be Provided and Profitability. The Board considered the proposed fee payable under the New Sub-Advisory Agreement, 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 considered the fee payable to Newton US in relation to the fee paid to the Adviser by the fund and the respective services provided by Newton US and the Adviser. The Board recognized that, because Newton US’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 Current Investment Advisory Agreement, and that the Board had received and considered a profitability analysis of the Adviser and its affiliates, including Newton US, at the 15(c) Meeting. The Board concluded that the proposed fee payable to Newton US 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 under the Amended Investment Advisory Agreement and Newton US under the New Sub-Advisory Agreement.

Economies of Scale to be Realized. The Board recognized that, because the fee payable to Newton US would 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 Current Investment Advisory Agreement, which had been done at the 15(c) Meeting. At the 15(c) Meeting, the Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered by the Adviser in connection with the fee rate charged to the fund pursuant to the Current Investment Advisory Agreement and that, to the extent in the future it were determined that material economies of scale had not

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

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

The Board also considered whether there were any ancillary benefits that would accrue to Newton US as a result of its relationship with the fund, and such ancillary benefits, if any, were determined to be reasonable.

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 members, all of whom are Independent Trustees, with the assistance of independent legal counsel, approved the New Sub-Advisory Agreement and Amended Investment Advisory Agreement for the fund effective as of the Effective Date.

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

Assessment of Program

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-mail Send your request to info@bnymellon.com

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


© 2021 BNY Mellon Securities Corporation 0108SA0621

BNY Mellon Variable Investment Fund, Opportunistic Small Cap Portfolio

SEMIANNUAL REPORT

June 30, 2021

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

Contents

THE FUND

FOR MORE INFORMATION

Back Cover

DISCUSSION OF FUND PERFORMANCE (Unaudited)

For the period from January 1, 2021 through June 30, 2021, as provided by Patrick Kent and James Boyd, Portfolio Managers

Market and Fund Performance Overview

For the six-month period ended June 30, 2021, BNY Mellon Variable Investment Fund, Opportunistic Small Cap Portfolio’s Initial shares produced a total return of 15.85%, and its Service shares produced a total return of 15.72%.¹ In comparison, the Russell 2000^{^®} Index (the “Index”), the fund’s benchmark, produced a total return of 17.54% for the same period.²

Small-cap stocks rose over the reporting period, as the economy recovered in response to easing government shutdowns and the prospect of COVID-19 vaccines. The fund lagged the Index, mainly due to a decision to avoid exposure to stocks driven by speculative buying.

The Fund’s Investment Approach

The fund seeks capital growth. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in the stocks of small-cap companies. The fund currently considers small-cap companies to be those companies with market capitalizations that fall within the range of the companies in the Index. Stocks are selected for the fund’s portfolio based primarily on bottom-up, fundamental analysis. The fund’s portfolio managers use a disciplined investment process that relies, in general, on proprietary fundamental research and valuation.

Generally, elements of the process include analysis of mid-cycle business prospects, estimation of the intrinsic value of the company and the identification of a revaluation trigger catalyst. In general, the fund seeks exposure to securities and sectors that are perceived to be attractive from a valuation and fundamental standpoint.

Market Rebound Continues, Inflation Concerns Emerge

Security Selection Decisions Hindered Fund Performance

The fund’s performance versus the Index was primarily the result of stock selection decisions. The fund, which focuses on fundamentals and intrinsic value, chose not to invest in AMC Entertainment

Holdings and GameStop, two stocks whose performance has been driven by speculative buying, not fundamentals. In addition, the fund’s position in Paya Holdings, an electronic payments company, hindered performance. Despite the company’s strong fundamentals, shares declined as part of a more generalized sell-off in companies recently taken public via special purpose companies (SPACs). A position in Array Technologies, a solar energy company, also hampered performance as the company encountered higher input costs. AdaptHealth, a home medical equipment company, also detracted from performance. Shares declined in response to a personal scandal involving the CEO.

On a more positive note, certain stock selections proved favorable. Raven Industries, a maker of precision agricultural equipment performed well because the company was purchased at a premium by CNH Industrial. Shares of Louisiana-Pacific, a maker of particle board, also contributed positively to performance. Shares approximately doubled during the reporting period, and the fund exited its position. In addition, Houghton-Mifflin Harcourt, a publishing company, also added to returns. A turnaround play, the shares approximately tripled during the period.

An Optimistic Outlook for Small-Cap Stocks

The backdrop for small-cap equities remains favorable, given the improving economy and accommodative policies of central banks around the world. Growth-oriented stocks overtook value-oriented stocks late in the period, and this may continue, given the possibility of a slowdown in the economy due to tightening of monetary policy by the Fed or to a resurgence in COVID-19. Nevertheless, stocks that are more dependent on a continued economic recovery could also continue to perform well, as many have in the first half of the year, and we continue to look for opportunities in industries that will benefit from the continued economic recovery.

July 15, 2021

² Source: Lipper Inc. — The Russell 2000^{^®}Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000^{^®} Index, representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 is constructed to provide a comprehensive and unbiased, small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true, small-cap opportunity set. Investors cannot invest directly in any index.

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.

Stocks of small- and/or mid-cap companies often experience sharper price fluctuations than stocks of large-cap companies.

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, Opportunistic Small Cap 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, Opportunistic Small Cap Portfolio from January 1, 2021 to June 30, 2021. 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 June 30, 2021

	Initial Shares	Service Shares
Expenses paid per $1,000^†	$4.44	$5.78
Ending value (after expenses)	$1,158.50	$1,157.20

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 June 30, 2021

		Initial Shares	Service Shares
Expenses paid per $1,000^†		$4.16	$5.41
Ending value (after expenses)		$1,020.68	$1,019.44
^†	Expenses are equal to the fund’s annualized expense ratio of .83% for Initial Shares and 1.08% for Service Shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS

June 30, 2021 (Unaudited)



Description	Shares		Value ($)
Common Stocks - 97.2%
Automobiles & Components - .5%
Thor Industries	15,952		1,802,576
Banks - 9.4%
BankUnited	141,522		6,041,574
Essent Group	109,397		4,917,395
First Bancorp	510,751		6,088,152
First Interstate BancSystem, Cl. A	94,550		3,955,026
First Merchants	83,315		3,471,736
Silvergate Capital, Cl. A	20,601	^a	2,334,505
Synovus Financial	123,209		5,406,411
			32,214,799
Capital Goods - 16.2%
Array Technologies	269,553	^a,b	4,205,027
EnerSys	55,093		5,384,239
Fluor	257,374	^a	4,555,520
Gibraltar Industries	55,653	^a	4,246,880
GrafTech International	485,243		5,638,524
Matrix Service	203,995	^a	2,141,947
Maxar Technologies	104,680		4,178,826
Raven Industries	29,931	^a	1,731,508
Rexnord	97,309		4,869,342
Terex	54,764		2,607,862
Titan Machinery	93,618	^a	2,896,541
Valmont Industries	16,344		3,858,001
Wabash National	266,491		4,263,856
WESCO International	48,548	^a	4,991,705
			55,569,778
Commercial & Professional Services - 3.5%
Covanta Holding	296,427		5,220,079
The Brink's Company	47,719		3,666,728
U.S. Ecology	80,928	^a	3,036,419
			11,923,226
Consumer Durables & Apparel - 1.4%
Callaway Golf	143,983	^a	4,856,547
Consumer Services - 6.2%
Bloomin‘ Brands	177,750	^a	4,824,135
Cracker Barrel Old Country Store	10,417		1,546,508
Houghton Mifflin Harcourt	829,923	^a	9,162,350
OneSpaWorld Holdings	142,944	^a,b	1,385,127
Papa John's International	42,370		4,425,123
			21,343,243

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Shares		Value ($)
Common Stocks - 97.2% (continued)
Diversified Financials - 1.2%
PJT Partners, Cl. A	59,841		4,271,451
Energy - 4.0%
CNX Resources	362,828	^a	4,956,230
PBF Energy, Cl. A	393,344	^a	6,018,163
Viper Energy Partners	138,892		2,615,336
			13,589,729
Food & Staples Retailing - 1.4%
The Chefs' Warehouse	148,455	^a	4,725,323
Health Care Equipment & Services - 9.4%
Acadia Healthcare	73,665	^a	4,622,479
Apria	181,007	^a	5,068,196
Health Catalyst	105,270	^a,b	5,843,538
ModivCare	18,397	^a	3,128,778
NuVasive	52,168	^a	3,535,947
Privia Health Group	82,777	^a,b	3,672,815
R1 RCM	126,316	^a	2,809,268
SOC Telemed	614,069	^a,b	3,494,053
			32,175,074
Insurance - 2.1%
BRP Group, Cl. A	119,986	^a	3,197,627
The Hanover Insurance Group	29,290		3,972,896
			7,170,523
Materials - 6.1%
Alamos Gold, Cl. A	670,610		5,130,166
IAMGOLD	752,140	^a,b	2,218,813
Largo Resources	98,778	^a	1,539,949
MP Materials	132,122	^a,b	4,870,017
Summit Materials, Cl. A	119,346	^a	4,159,208
Tronox Holdings, Cl. A	134,371		3,009,910
			20,928,063
Media & Entertainment - 4.5%
Cardlytics	27,655	^a,b	3,510,249
Eventbrite, Cl. A	295,199	^a,b	5,608,781
EverQuote, Cl. A	112,838	^a	3,687,546
TrueCar	479,994	^a	2,711,966
			15,518,542
Pharmaceuticals Biotechnology & Life Sciences - 5.5%
Alkermes	193,578	^a	4,746,533
Arena Pharmaceuticals	43,118	^a	2,940,648
FibroGen	39,776	^a	1,059,235
Generation Bio	64,396	^a,b	1,732,252
PTC Therapeutics	17,937	^a	758,197
Ultragenyx Pharmaceutical	24,409	^a	2,327,398



Description	Shares		Value ($)
Common Stocks - 97.2% (continued)
Pharmaceuticals Biotechnology & Life Sciences - 5.5% (continued)
uniQure	34,732	^a	1,069,746
Xenon Pharmaceuticals	156,632	^a	2,916,488
Zogenix	71,216	^a,b	1,230,612
			18,781,109
Real Estate - 2.1%
Colliers International Group	63,087	^b	7,064,482
Retailing - 2.9%
Party City Holdco	807,581	^a	7,534,731
Sally Beauty Holdings	106,929	^a	2,359,923
			9,894,654
Semiconductors & Semiconductor Equipment - 2.1%
Diodes	65,588	^a	5,231,955
MaxLinear	44,058	^a	1,872,024
			7,103,979
Software & Services - 10.2%
ChannelAdvisor	294,217	^a	7,211,259
Cloudera	109,471	^a	1,736,210
Everbridge	35,721	^a,b	4,860,914
Medallia	181,486	^a	6,125,152
Paya Holdings, CI. A	682,988	^a,b	7,526,528
Vonage Holdings	128,732	^a	1,855,028
Zuora, Cl. A	328,382	^a	5,664,589
			34,979,680
Technology Hardware & Equipment - 3.5%
ADTRAN	283,275		5,849,629
Arlo Technologies	320,002	^a	2,166,414
Extreme Networks	286,780	^a	3,200,465
Ondas Holdings	96,791	^a,b	768,521
			11,985,029
Transportation - 2.1%
SkyWest	168,847	^a	7,272,240
Utilities - 2.9%
Clearway Energy, Cl. C	163,010		4,316,505
NextEra Energy Partners	74,639		5,699,434
			10,015,939
Total Common Stocks (cost $271,427,308)			333,185,986

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description		Shares		Value ($)
Exchange-Traded Funds - .9%
Registered Investment Companies - .9%
iShares Russell 2000 ETF (cost $3,005,588)		13,611	^b	3,121,955
	1-Day Yield (%)
Investment Companies - 1.1%
Registered Investment Companies - 1.1%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares (cost $3,675,821)	0.05	3,675,821	^c	3,675,821

Investment of Cash Collateral for Securities Loaned - 4.6%
Registered Investment Companies - 4.6%
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares (cost $15,851,472)	0.01	15,851,472	^c	15,851,472
Total Investments (cost $293,960,189)		103.8%		355,835,234
Liabilities, Less Cash and Receivables		(3.8%)		(12,928,049)
Net Assets		100.0%		342,907,185

ETF—Exchange-Traded Fund

^a Non-income producing security.

^b Security, or portion thereof, on loan. At June 30, 2021, the value of the fund’s securities on loan was $41,668,682 and the value of the collateral was $42,875,855, consisting of cash collateral of $15,851,472 and U.S. Government & Agency securities valued at $27,024,383.

^c Investment 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 (%)
Industrials	21.8
Information Technology	15.8
Health Care	14.9
Financials	12.7
Consumer Discretionary	11.0
Investment Companies	6.6
Materials	6.1
Communication Services	4.5
Energy	4.0
Utilities	2.9
Real Estate	2.1
Consumer Staples	1.4
	103.8

^† Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS IN AFFILIATED ISSUERS (Unaudited)


Investment Companies	Value 12/31/20 ($)		Purchases ($)^†	Sales ($)	Value 6/30/21 ($)		Net Assets(%)		Dividends/ Distributions ($)
Registered Investment Companies;
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares	7,330,027		51,265,230	(54,919,436)		3,675,821		1.1	1,581
Investment of Cash Collateral for Securities Loaned;
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares	11,599,220	79,611,768		(75,359,516)		15,851,472		4.6	82,798^††
Total	18,929,247	130,876,998		(130,278,952)		19,527,293		5.7	84,379

^† Included reinvested dividends/distributions.

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2021 (Unaudited)



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments (including securities on loan, valued at $41,668,682)—Note 1(c):
Unaffiliated issuers	274,432,896	336,307,941
Affiliated issuers	19,527,293	19,527,293
Receivable for investment securities sold		4,540,989
Dividends and securities lending income receivable		85,290
Receivable for shares of Beneficial Interest subscribed		29,248
Tax reclaim receivable—Note 1(b)		920
Prepaid expenses		5,680
		360,497,361
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)		227,831
Liability for securities on loan—Note 1(c)		15,851,472
Payable for investment securities purchased		1,000,769
Payable for shares of Beneficial Interest redeemed		447,928
Trustees’ fees and expenses payable		3,198
Other accrued expenses		58,978
		17,590,176
Net Assets ($)		342,907,185
Composition of Net Assets ($):
Paid-in capital		226,178,476
Total distributable earnings (loss)		116,728,709
Net Assets ($)		342,907,185


Net Asset Value Per Share	Initial Shares	Service Shares
Net Assets ($)	320,779,916	22,127,269
Shares Outstanding	5,582,146	405,584
Net Asset Value Per Share ($)	57.47	54.56

See notes to financial statements.

STATEMENT OF OPERATIONS

Six Months Ended June 30, 2021 (Unaudited)





Investment Income ($):
Income:
Cash dividends (net of $12,404 foreign taxes withheld at source):
Unaffiliated issuers					928,897
Affiliated issuers					1,581
Income from securities lending—Note 1(c)					82,798
Total Income					1,013,276
Expenses:
Investment advisory fee—Note 3(a)					1,249,378
Professional fees					55,045
Distribution fees—Note 3(b)					26,997
Prospectus and shareholders’ reports					26,051
Trustees’ fees and expenses—Note 3(c)					10,223
Chief Compliance Officer fees—Note 3(b)					7,862
Custodian fees—Note 3(b)					7,635
Loan commitment fees—Note 2					4,326
Shareholder servicing costs—Note 3(b)					683
Miscellaneous					15,553
Total Expenses					1,403,753
Investment (Loss)—Net					(390,477)
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments					59,719,955
Net change in unrealized appreciation (depreciation) on investments					(11,442,396)
Net Realized and Unrealized Gain (Loss) on Investments					48,277,559
Net Increase in Net Assets Resulting from Operations					47,887,082

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS



	Six Months Ended June 30, 2021 (Unaudited)	Year Ended December 31, 2020
Operations ($):
Investment income (loss)—net	(390,477)	342,943
Net realized gain (loss) on investments	59,719,955	2,161,849
Net change in unrealized appreciation (depreciation) on investments	(11,442,396)	49,035,655
Net Increase (Decrease) in Net Assets Resulting from Operations	47,887,082	51,540,447
Distributions ($):
Distributions to shareholders:
Initial Shares	(342,095)	(1,469,047)
Service Shares	-	(66,238)
Total Distributions	(342,095)	(1,535,285)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Initial Shares	7,576,747	13,882,857
Service Shares	744,094	1,214,440
Distributions reinvested:
Initial Shares	342,095	1,469,047
Service Shares	-	66,238
Cost of shares redeemed:
Initial Shares	(17,831,979)	(36,150,285)
Service Shares	(1,657,872)	(2,247,850)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions	(10,826,915)	(21,765,553)
Total Increase (Decrease) in Net Assets	36,718,072	28,239,609
Net Assets ($):
Beginning of Period	306,189,113	277,949,504
End of Period	342,907,185	306,189,113
Capital Share Transactions (Shares):
Initial Shares
Shares sold	135,706	409,112
Shares issued for distributions reinvested	6,297	51,564
Shares redeemed	(323,836)	(927,661)
Net Increase (Decrease) in Shares Outstanding	(181,833)	(466,985)
Service Shares
Shares sold	14,173	36,881
Shares issued for distributions reinvested	-	2,444
Shares redeemed	(31,437)	(61,128)
Net Increase (Decrease) in Shares Outstanding	(17,264)	(21,803)

See notes to financial statements.

FINANCIAL HIGHLIGHTS


	Six Months Ended
	June 30, 2021	Year Ended December 31,
Initial Shares	(Unaudited)	2020	2019	2018	2017	2016
Per Share Data ($):
Net asset value, beginning of period	49.66	41.78	41.20	60.91	49.44	46.02
Investment Operations:
Investment income (loss)—net^a	(.06)	.06	.26	(.06)	(.12)	(.02)
Net realized and unrealized gain (loss) on investments	7.93	8.07	8.35	(9.48)	12.21	7.07
Total from Investment Operations	7.87	8.13	8.61	(9.54)	12.09	7.05
Distributions:
Dividends from investment income-net	(.06)	(.25)	-	-	-	-
Dividends from net realized gain on investments	-	-	(8.03)	(10.17)	(.62)	(3.63)
Total distributions	(.06)	(.25)	(8.03)	(10.17)	(.62)	(3.63)
Net asset value, end of period	57.47	49.66	41.78	41.20	60.91	49.44
Total Return (%)	15.85^b	19.89	21.78	(19.08)	24.69	17.07
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.83^c	.85	.84	.84	.85	.86
Ratio of net investment income (loss) to average net assets	(.22)^c	.16	.64	(.12)	(.22)	(.05)
Portfolio Turnover Rate	46.06^b	68.67	65.42	67.90	70.11	88.08
Net Assets, end of period ($ x 1,000)	320,780	286,250	260,321	146,730	189,582	162,171

^a Based on average shares outstanding.

^b Not annualized.

^c Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)


	Six Months Ended
	June 30, 2021	Year Ended December 31,
Service Shares	(Unaudited)	2020	2019	2018	2017	2016
Per Share Data ($):
Net asset value, beginning of period	47.15	39.65	39.53	58.98	48.01	44.90
Investment Operations:
Investment income (loss)—net^a	(.12)	(.03)	.16	(.19)	(.25)	(.13)
Net realized and unrealized gain (loss) on investments	7.53	7.68	7.99	(9.09)	11.84	6.87
Total from Investment Operations	7.41	7.65	8.15	(9.28)	11.59	6.74
Distributions:
Dividends from investment income-net	-	(.15)	-	-	-	-
Dividends from net realized gain on investments	-	-	(8.03)	(10.17)	(.62)	(3.63)
Total distributions	-	(.15)	(8.03)	(10.17)	(.62)	(3.63)
Net asset value, end of period	54.56	47.15	39.65	39.53	58.98	48.01
Total Return (%)	15.72^b	19.58	21.49	(19.29)	24.37	16.79
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.08^c	1.10	1.09	1.09	1.10	1.11
Ratio of net investment income (loss) to average net assets	(.47)^c	(.09)	.41	(.37)	(.47)	(.30)
Portfolio Turnover Rate	46.06^b	68.67	65.42	67.90	70.11	88.08
Net Assets, end of period ($ x 1,000)	22,127	19,939	17,628	15,291	20,322	17,353

^a Based on average shares outstanding.

^b Not annualized.

^c Annualized.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1—Significant Accounting Policies:

Opportunistic Small Cap Portfolio (the “fund”) is a separate diversified series of BNY Mellon Variable Investment Fund (the “Trust”), 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 four 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.

BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of the fund’s shares, which are sold to the public 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

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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.

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 (Unaudited) (continued)

For 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.

The following is a summary of the inputs used as of June 30, 2021 in 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	333,185,986	-	-	333,185,986
Exchange-Traded Funds	3,121,955	-	-	3,121,955
Investment Companies	19,527,293	-	-	19,527,293

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

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 June 30, 2021, The Bank of New York Mellon earned $11,286 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) Risk: Certain events particular to the industries in which the fund’s investments conduct their operations, as well as general economic, political and public health conditions, may have a significant negative impact on the investee’s operations and profitability. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. To the

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

(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.

Each tax year in the three-year period ended December 31, 2020 remains subject to examination by the Internal Revenue Service and state taxing authorities.

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 fund has an unused capital loss carryover of $3,896,783 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to December 31, 2020. These long-term losses can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal year ended December 31, 2020 was as follows: ordinary income $1,535,285. The tax character of current year distributions will be determined at the end of the current fiscal year.

NOTE 2—Bank Lines of Credit:

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

The fund has an arrangement with the custodian whereby the fund will receive interest income or be charged an overdraft fees when cash balances

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income 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 inclusive of earnings credits, if any, 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 June 30, 2021, the fund was charged $589 for transfer agency services, inclusive of earnings credit, if any. 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 $212,149, Distribution Plan fees of $4,560, custodian fees of $3,000, Chief Compliance Officer fees of $7,862 and transfer agency fees of $260.

(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 June 30, 2021, amounted to $149,828,518 and $160,359,362, respectively.

At June 30, 2021, accumulated net unrealized appreciation on investments was $61,875,045, consisting of $73,734,484 gross unrealized appreciation and $11,859,439 gross unrealized depreciation.

At June 30, 2021, 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).

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

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

Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper, which included information comparing (1) the performance of the fund’s Initial shares with the performance of a group of small-cap core funds underlying variable insurance products (“VIPs”) selected by Broadridge as comparable to the fund (the “Performance Group”) and with a broader group of funds consisting of all small-cap core funds underlying VIPs (the “Performance Universe”), all for various periods ended December 31, 2020, and (2) the fund’s actual and contractual management fees and total expenses with those of the

same group of funds in the Performance Group (the “Expense Group”) and with a broader group of all small-cap core funds underlying VIPs with similar 12b-1/non-12b-1 structures, excluding outliers (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

Performance Comparisons. Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected. The Board discussed with representatives of the Adviser the results of the comparisons and considered that the fund’s total return performance was above the Performance Group and Performance Universe medians for all periods, except the three-year period when performance was at and below the Performance Group and Performance Universe medians, respectively. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.

Management Fee and Expense Ratio Comparisons. The Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services provided by the Adviser. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund’s last fiscal year. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.

The Board considered that the fund’s contractual management fee was lower than the Expense Group median contractual management fee, the fund’s actual management fee was lower than the Expense Group median and Expense Universe median actual management fee and the fund’s total expenses were equal to the Expense Group median and slightly higher than the Expense Universe median total expenses.

Representatives of the Adviser reviewed with the Board the management or investment advisory fees paid to the Adviser, or the primary employer of the fund’s primary portfolio manager(s) that is affiliated with the Adviser, for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (the “Similar Clients”), and explained the nature of the Similar Clients. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness of the fund’s management fee. Representatives of the Adviser noted that there were no other funds advised or administered by the Adviser that are in the same Lipper category as the fund.

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

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

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

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

· The Board was satisfied with the fund’s performance.

· The Board concluded that the fee paid to the Adviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.

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

*************************************************

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

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

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

Assessment of Program

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For More Information

BNY Mellon Variable Investment Fund, Opportunistic Small Cap 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-mail Send your request to info@bnymellon.com

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


© 2021 BNY Mellon Securities Corporation 0121SA0621

Item 2.

Code of Ethics.

Not applicable.

Item 3.

Audit Committee Financial Expert.

Not applicable.

Item 4.

Principal Accountant Fees and Services.

Not applicable.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Investments.

(a) Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures applicable to Item 10.

Item 11.

Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.

Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(a)(3) Not applicable.

(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

BNY Mellon Variable Investment Fund

By: /s/ David DiPetrillo
David DiPetrillo
President (Principal Executive Officer)

Date: August 5, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ David DiPetrillo
David DiPetrillo
President (Principal Executive Officer)

Date: August 5, 2021

By: /s/ James Windels
James Windels
Treasurer (Principal Financial Officer)

Date: August 5, 2021

EXHIBIT INDEX

(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)

(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)

Dreyfus Variable Investment Fund N-CSRSCertified semi-annual shareholder report (management investment company)