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

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number			811-05125

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

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

	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:		12/31/2021

FORM N-CSR

Item 1. Reports to Stockholders.

BNY Mellon Variable Investment Fund, Appreciation Portfolio

ANNUAL REPORT

December 31, 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

T H E F U N D

F O R M O R E I N F O R M AT I O N

Back Cover

DISCUSSION OF FUND PERFORMANCE (Unaudited)

For the period from January 1, 2021 through December 31, 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 12-month period ended December 31, 2021, BNY Mellon Variable Investment Fund, Appreciation Portfolio’s (the “fund”) Initial shares achieved a total return of 27.13%, and its Service shares achieved a total return of 26.78%.¹ In comparison, the fund’s benchmark, the S&P 500^{^®} Index (the “Index”), produced a total return of 28.70% for the same period.²

The reporting period was characterized by market gains and volatility as the world recovered from the COVID-19 pandemic and the global shutdown to contain the spread. The fund underperformed the benchmark, driven by the dual effects of a negative stock-selection effect and a negative allocation effect.

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, plus any borrowings for investment purposes, 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

Market Recovery Continues

The U.S. economy continued on the path of economic recovery during 2021, as reflected by the strong Index performance of 28.70%. President Biden began his presidency by passing a stimulus bill, a domestic infrastructure investment bill, and ramped up vaccination efforts.

Focusing on the pandemic, a trio of vaccines were approved, and inoculations around the country were underway. Businesses began to reopen, and the pent-up demand from consumers to buy, travel, and experience the world outside of their homes drove strong corporate earnings results. These developments added to positive sentiment as investors focused on a path to normalization and recovery. Strong corporate earnings were

reported in the period as the consumer drove sales and earnings beats, while the companies noted pressure from rising input costs and supply-chain disruptions.

The Federal Reserve (the “Fed”) largely maintained its accommodative monetary policies but, toward the end of the year, acknowledged inflation’s rapid rise and moved to tame it. Burgeoning demand, coupled with supply-chain issues, have pushed prices up across all categories. Inflation rose to its highest reading in decades. The inflation data was ahead of the Fed’s 2% goal and prompted Fed Chairman Jerome Powell to acknowledge its persistence and shift focus to taming it. With inflation high and the economy on a steady footing, the Fed began tapering asset purchases by $30 billion per month to wind down its asset purchase program by March 2022. Fed members projected three interest-rate increases annually over the next two years, as the Fed shifts focus to controlling inflation.

Investors reacted positively to the Fed’s acknowledgment of inflation and the clearly laid-out plans to tame it. The certainty of the policies spelled out by the Fed, coupled with data showing the economy on a strong footing, provided a backdrop of optimism. While the positive trajectory led the Index to new record highs, the year wasn’t without volatility as investors were spooked by the arrival of the Delta and subsequent Omicron variants of the coronavirus. But concerns quickly dissipated as vaccines proved effective, and studies indicated less severe symptoms despite higher transmissibility of the Omicron variant. Investors weighed the myriad of concerns but, on balance, believed the economic outlook remained bright with strong consumer demand, clarity around monetary policy and society’s increasing ability to cope with the virus. Within the Index, every sector posted double-digit gains for the year. Notable outperformers include the energy, real estate, financials and information technology sectors.

Asset Allocation and Stock Selection Drove Performance

The fund underperformed the benchmark, driven by the impact of a negative allocation effect. The fund’s holdings in the insurance subsectors resulted in a negative stock-selection effect for the financials sector, detracting from the overall performance in the period. Within the consumer discretionary sector, the fund’s stock selection underperformed and contributed negatively to results. Within the best-performing energy sector, the fund’s performance was held back by, both a negative allocation effect from its underweight allocation and a negative stock-selection effect. The top detractors from relative performance include Netflix, Clarivate Analytics, Walt Disney, Exxon Mobil and Mastercard.

Within the communication services sector, a positive stock-selection effect driven by the fund’s interactive media holdings contributed to performance for the period. Within the health care sector, the positive impact from stock selection added value to the fund, as holdings in the health care providers & services and pharmaceutical subsectors outpaced sector peers. A positive allocation effect stemming from the fund’s underweight allocation to the worst-performing utilities sector supported performance. The top contributors to relative performance include Microsoft, Alphabet, Apple, ASML Holding and Meta Platforms.

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

Continued Economic Recovery Expected

As monetary policy normalizes, and the world learns to cope with subsequent variants of the coronavirus, the economy is expected to continue on a path of recovery and growth. It is, however, not without risks, including inflation, supply-chain issues and geopolitical tensions. On balance, the economic outlook remains positive. The Fund’s investment approach remains unchanged with a focus on the long term. The fund invests in companies with resilient cash flows, solid balance sheets, seasoned management teams and geographically diverse revenue streams. Those characteristics provide the fund a ballast in times of volatility, while positioning us to benefit from growth.

January 18, 2022

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

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

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

Equities are subject generally to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
The fund 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 risk associated with investing directly in the underlying assets.

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

FUND PERFORMANCE (Unaudited)

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

^† Source: Lipper Inc.

Past performance is not predictive of future performance. The fund’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in variable insurance contracts which will reduce returns.

The above graph compares a hypothetical investment of $10,000 made in each Initial shares and Service shares of BNY Mellon Variable Investment Fund, Appreciation Portfolio on 12/31/11 to a hypothetical investment of $10,000 made in the Index on that date.

The fund’s performance shown in the line graph above takes into account all applicable fund fees and expenses for Initial shares and Service shares. The Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.


Average Annual Total Returns as of 12/31/2021
	1 Year	5 Years	10 Years
Initial shares	27.13%	20.48%	14.47%
Service shares	26.78%	20.17%	14.18%
S&P 500^{^®} Index	28.70%	18.47%	16.54%

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

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

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

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

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

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in BNY Mellon Variable Investment Fund, Appreciation Portfolio from July 1, 2021 to December 31, 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 December 31, 2021

	Initial Shares	Service Shares
Expenses paid per $1,000^†	$4.20	$5.52
Ending value (after expenses)	$1,108.50	$1,106.80

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

Using the SEC’s method to compare expenses

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


Expenses and Value of a $1,000 Investment
Assuming a hypothetical 5% annualized return for the six months ended December 31, 2021

		Initial Shares	Service Shares
Expenses paid per $1,000^†		$4.02	$5.30
Ending value (after expenses)		$1,021.22	$1,019.96
^†	Expenses are equal to the fund’s annualized expense ratio of .79% for Initial Shares and 1.04% for Service Shares, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS

December 31, 2021



Description	Shares		Value ($)
Common Stocks - 99.1%
Banks - 2.1%
JPMorgan Chase & Co.	33,235		5,262,762
Capital Goods - 1.0%
Otis Worldwide	11,370		989,986
Raytheon Technologies	18,070		1,555,104
			2,545,090
Commercial & Professional Services - 2.5%
Clarivate	75,110	^a	1,766,587
IHS Markit	14,920		1,983,166
Verisk Analytics	10,615		2,427,969
			6,177,722
Consumer Durables & Apparel - 4.2%
Hermes International	800		1,398,989
LVMH	6,380		5,280,659
NIKE, Cl. B	22,405		3,734,241
			10,413,889
Consumer Services - 3.1%
Marriott International, Cl. A	21,690	^a	3,584,056
McDonald's	16,025		4,295,822
			7,879,878
Diversified Financials - 6.2%
BlackRock	6,965		6,376,875
Intercontinental Exchange	36,035		4,928,507
S&P Global	9,245		4,362,993
			15,668,375
Energy - 1.5%
Chevron	32,365		3,798,033
Food, Beverage & Tobacco - 6.7%
Altria Group	26,135		1,238,538
Nestle, ADR	26,845		3,768,233
PepsiCo	21,295		3,699,154
Philip Morris International	40,615		3,858,425
The Coca-Cola Company	71,565		4,237,364
			16,801,714
Health Care Equipment & Services - 8.1%
Abbott Laboratories	41,780		5,880,117
Intuitive Surgical	11,435	^a	4,108,595
Masimo	9,185	^a	2,689,184
UnitedHealth Group	15,110		7,587,335
			20,265,231
Household & Personal Products - 3.5%
The Estee Lauder Companies, Cl. A	23,655		8,757,081

STATEMENT OF INVESTMENTS (continued)



Description	Shares		Value ($)
Common Stocks - 99.1% (continued)
Insurance - 1.7%
The Progressive	42,080		4,319,512
Materials - 4.1%
Air Products & Chemicals	20,565		6,257,107
The Sherwin-Williams Company	11,730		4,130,837
			10,387,944
Media & Entertainment - 13.2%
Alphabet, Cl. C	4,795	^a	13,874,764
Comcast, Cl. A	78,710		3,961,474
Meta Platforms, Cl. A	37,580	^a	12,640,033
Netflix	4,420	^a	2,662,785
			33,139,056
Pharmaceuticals Biotechnology & Life Sciences - 2.1%
Novo Nordisk, ADR	47,340		5,302,080
Retailing - 5.3%
Amazon.com	4,000	^a	13,337,360
Semiconductors & Semiconductor Equipment - 5.2%
ASML Holding	7,055		5,616,768
Texas Instruments	39,160		7,380,485
			12,997,253
Software & Services - 19.1%
Adobe	7,595	^a	4,306,821
Automatic Data Processing	6,285		1,549,755
Gartner	4,305	^a	1,439,248
Intuit	8,205		5,277,620
Mastercard, Cl. A	7,050		2,533,206
Microsoft	67,350		22,651,152
ServiceNow	2,970	^a	1,927,857
Visa, Cl. A	37,710	^b	8,172,134
			47,857,793
Technology Hardware & Equipment - 6.7%
Apple	94,945		16,859,384
Transportation - 2.8%
Canadian Pacific Railway	31,880		2,293,447
Union Pacific	18,275		4,604,021
			6,897,468
Total Common Stocks (cost $72,334,958)			248,667,625



Description	1-Day Yield (%)	Shares		Value ($)
Investment Companies - .7%
Registered Investment Companies - .7%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares (cost $1,682,704)	0.07	1,682,704	^c	1,682,704
Total Investments (cost $74,017,662)		99.8%		250,350,329
Cash and Receivables (Net)		.2%		433,979
Net Assets		100.0%		250,784,308

ADR—American Depository Receipt

^a Non-income producing security.

^b Security, or portion thereof, on loan. At December 31, 2021, the value of the fund’s securities on loan was $8,090,218 and the value of the collateral was $8,296,414, consisting of U.S. Government & Agency securities. In addition, the value of collateral may include pending sales that are also on loan.

^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	31.0
Communication Services	13.2
Consumer Discretionary	12.6
Health Care	10.2
Consumer Staples	10.2
Financials	10.1
Industrials	6.2
Materials	4.1
Energy	1.5
Investment Companies	.7
	99.8

^† Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS IN AFFILIATED ISSUERS


Description	Value ($) 12/31/2020	Purchases ($)^†	Sales ($)	Value ($) 12/31/2021	Dividends/ Distributions ($)
Registered Investment Companies - .7%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - .7%	1,537,249	42,827,178	(42,681,723)	1,682,704	653
Investment of Cash Collateral for Securities Loaned - .0%
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares - .0%	-	18,711,498	(18,711,498)	-	22,730	^††
Total - .7%	1,537,249	61,538,676	(61,393,221)	1,682,704	23,383

^† Includes 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 ASSETS AND LIABILITIES

December 31, 2021



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments (including securities on loan, valued at $8,090,218)—Note 1(c):
Unaffiliated issuers	72,334,958	248,667,625
Affiliated issuers	1,682,704	1,682,704
Receivable for shares of Beneficial Interest subscribed		558,693
Dividends and securities lending income receivable		140,602
Tax reclaim receivable—Note 1(b)		117,796
Prepaid expenses		2,174
		251,169,594
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)		131,852
Due to Fayez Sarofim & Co.		45,967
Payable for shares of Beneficial Interest redeemed		131,886
Trustees’ fees and expenses payable		1,487
Other accrued expenses		74,094
		385,286
Net Assets ($)		250,784,308
Composition of Net Assets ($):
Paid-in capital		(142,662,474)
Total distributable earnings (loss)		393,446,782
Net Assets ($)		250,784,308


Net Asset Value Per Share	Initial Shares	Service Shares
Net Assets ($)	200,724,776	50,059,532
Shares Outstanding	3,736,761	945,211
Net Asset Value Per Share ($)	53.72	52.96

See notes to financial statements.

STATEMENT OF OPERATIONS

Year Ended December 31, 2021




Investment Income ($):
Income:
Cash dividends (net of $111,299 foreign taxes withheld at source):
Unaffiliated issuers					5,444,036
Affiliated issuers					653
Income from securities lending—Note 1(c)					22,730
Total Income					5,467,419
Expenses:
Investment advisory fee—Note 3(a)					2,313,219
Sub-investment advisory fee—Note 3(a)					944,836
Distribution fees—Note 3(b)					320,865
Professional fees					102,154
Prospectus and shareholders’ reports					30,526
Trustees’ fees and expenses—Note 3(c)					23,148
Custodian fees—Note 3(b)					18,105
Chief Compliance Officer fees—Note 3(b)					14,276
Loan commitment fees—Note 2					9,997
Shareholder servicing costs—Note 3(b)					2,386
Interest expense—Note 2					876
Miscellaneous					20,862
Total Expenses					3,801,250
Investment Income—Net					1,666,169
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments and foreign currency transactions					216,800,860
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions					(110,430,149)
Net Realized and Unrealized Gain (Loss) on Investments					106,370,711
Net Increase in Net Assets Resulting from Operations					108,036,880

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2021	2020
Operations ($):
Investment income—net	1,666,169	2,840,348
Net realized gain (loss) on investments	216,800,860	44,313,337
Net change in unrealized appreciation (depreciation) on investments	(110,430,149)	39,126,298
Net Increase (Decrease) in Net Assets Resulting from Operations	108,036,880	86,279,983
Distributions ($):
Distributions to shareholders:
Initial Shares	(31,784,721)	(24,163,384)
Service Shares	(14,100,431)	(10,803,682)
Total Distributions	(45,885,152)	(34,967,066)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Initial Shares	8,890,258	8,597,229
Service Shares	9,494,352	15,542,813
Distributions reinvested:
Initial Shares	31,784,721	24,163,384
Service Shares	14,100,431	10,803,682
Cost of shares redeemed:
Initial Shares	(182,479,259)	(42,643,713)
Service Shares	(127,733,452)	(35,436,301)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions	(245,942,949)	(18,972,906)
Total Increase (Decrease) in Net Assets	(183,791,221)	32,340,011
Net Assets ($):
Beginning of Period	434,575,529	402,235,518
End of Period	250,784,308	434,575,529
Capital Share Transactions (Shares):
Initial Shares
Shares sold	183,200	212,187
Shares issued for distributions reinvested	721,370	746,129
Shares redeemed	(3,493,168)	(1,036,750)
Net Increase (Decrease) in Shares Outstanding	(2,588,598)	(78,434)
Service Shares
Shares sold	192,253	412,412
Shares issued for distributions reinvested	325,030	339,325
Shares redeemed	(2,492,895)	(867,172)
Net Increase (Decrease) in Shares Outstanding	(1,975,612)	(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.




Initial Shares		Year Ended December 31,
		2021	2020	2019	2018	2017
Per Share Data ($):
Net asset value, beginning of period	47.18		42.76	35.84	44.71	41.01
Investment Operations:
Investment income—net^a	.23		.33	.43	.53	.56
Net realized and unrealized gain (loss) on investments	11.43		7.99	11.58	(3.27)	9.55
Total from Investment Operations	11.66		8.32	12.01	(2.74)	10.11
Distributions:
Dividends from investment income—net	(.22)		(.33)	(.46)	(.52)	(.57)
Dividends from net realized gain on investments	(4.90)		(3.57)	(4.63)	(5.61)	(5.84)
Total Distributions	(5.12)		(3.90)	(5.09)	(6.13)	(6.41)
Net asset value, end of period	53.72		47.18	42.76	35.84	44.71
Total Return (%)	27.13		23.69	36.10	(6.86)	27.33
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.80		.81	.81	.81	.81
Ratio of net investment income to average net assets	.46		.80	1.10	1.30	1.35
Portfolio Turnover Rate	3.81		8.82	6.71	6.50	3.97
Net Assets, end of period ($ x 1,000)	200,725		298,456	273,832	225,631	271,790

^a Based on average shares outstanding.

See notes to financial statements.




Service Shares		Year Ended December 31,
		2021	2020	2019	2018	2017
Per Share Data ($):
Net asset value, beginning of period	46.60		42.29	35.49	44.34	40.72
Investment Operations:
Investment income—net^a	.10		.22	.33	.42	.46
Net realized and unrealized gain (loss) on investments	11.26		7.89	11.46	(3.25)	9.46
Total from Investment Operations	11.36		8.11	11.79	(2.83)	9.92
Distributions:
Dividends from investment income—net	(.10)		(.23)	(.36)	(.41)	(.46)
Dividends from net realized gain on investments	(4.90)		(3.57)	(4.63)	(5.61)	(5.84)
Total Distributions	(5.00)		(3.80)	(4.99)	(6.02)	(6.30)
Net asset value, end of period	52.96		46.60	42.29	35.49	44.34
Total Return (%)	26.78		23.38	35.78	(7.10)	27.00
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.05		1.06	1.06	1.06	1.06
Ratio of net investment income to average net assets	.21		.55	.85	1.05	1.11
Portfolio Turnover Rate	3.81		8.82	6.71	6.50	3.97
Net Assets, end of period ($ x 1,000)	50,060		136,119	128,404	112,387	145,485

^a Based on average shares outstanding.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

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

The following is a summary of the inputs used as of December 31, 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	248,667,625	-	-	248,667,625
Investment Companies	1,682,704	-	-	1,682,704

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

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

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

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 December 31, 2021, if any, are disclosed in the fund’s Statement of Assets and Liabilities.

(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.

NOTES TO FINANCIAL STATEMENTS (continued)

Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of the Adviser, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended December 31, 2021, The Bank of New York Mellon earned $3,099 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. 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. The COVID-19 pandemic has had,

and any other outbreak of an infectious disease or other serious public health concern could have, a significant negative impact on economic and market conditions and could trigger a prolonged period of global economic slowdown. 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 December 31, 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 December 31, 2021, the fund did not incur any interest or penalties.

Each tax year in the four-year period ended December 31, 2021 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $1,170,697, undistributed capital gains $215,943,992 and unrealized appreciation $176,332,093.

The tax character of distributions paid to shareholders during the fiscal periods ended December 31, 2021 and December 31, 2020 were as follows: ordinary income $1,630,599 and $2,791,417, and long-term capital gains $44,254,553 and $32,175,649, respectively.

NOTES TO FINANCIAL STATEMENTS (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.

The average amount of borrowings outstanding under the Facilities during the period ended December 31, 2021 was approximately $85,205 with a related weighted average annualized interest rate of 1.03%.

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

(a) Pursuant to an investment advisory agreement with the Adviser, the investment advisory fee is computed at the annual rate of .5325% of the value of the fund’s average daily net assets. Pursuant to a sub-investment advisory agreement with the Sub-Adviser, the fund pays the Sub-Adviser a monthly sub-investment advisory fee at the annual rate of .2175% of the value of the fund’s average daily net assets. Both fees are payable monthly.

(b) Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Service shares pay the Distributor for distributing its shares, for servicing and/or maintaining Service shares’ shareholder accounts and for advertising and marketing for Service shares. The Distribution Plan provides for payments to be made at an annual rate of .25% of the value of the Service shares’ average daily net assets. The Distributor may make payments to Participating Insurance Companies and to brokers and dealers acting as principal underwriter for their variable insurance products. The fees payable under the Distribution Plan are payable without regard to actual expenses incurred. During the period ended December 31, 2021, Service shares were charged $320,865 pursuant to the Distribution Plan.

The fund has an arrangement with the transfer agent whereby the fund may receive earnings credits when positive cash balances are maintained,

which are used to offset transfer agency fees. For financial reporting 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 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 December 31, 2021, the fund was charged $2,077 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 December 31, 2021, the fund was charged $18,105 pursuant to the custody agreement.

During the period ended December 31, 2021, the fund was charged $14,276 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 $112,539, Distribution Plan fees of $10,486, custodian fees of $4,800, Chief Compliance Officer fees of $3,627 and transfer agency fees of $400.

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

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities during the period ended December 31, 2021, amounted to $16,154,096 and $306,219,705, respectively.

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2021, the cost of investments for federal income tax purposes was $74,017,816; accordingly, accumulated net unrealized appreciation on investments was $176,332,513, consisting of $176,606,976 gross unrealized appreciation and $274,463 gross unrealized depreciation.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of Appreciation Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Appreciation Portfolio (the “Fund”) (one of the funds constituting BNY Mellon Variable Investment Fund), including the statements of investments and investments in affiliated issuers, as of December 31, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting BNY Mellon Variable Investment Fund) at December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

New York, New York
February 8, 2022

IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund hereby reports 100% of the ordinary dividends paid during the fiscal year ended December 31, 2021 as qualifying for the corporate dividends received deduction. Shareholders will receive notification in early 2022 of the percentage applicable to the preparation of their 2021 income tax returns. Also, the fund hereby reports $4.9037 per share as a long-term capital gain distribution paid on March 31, 2021.

BOARD MEMBERS INFORMATION (Unaudited)

Independent Board Members

Joseph S. DiMartino (78)

Chairman of the Board (1995)

Principal Occupation During Past 5 Years:

· Director or Trustee of funds in the BNY Mellon Family of Funds and certain other entities (as described in the fund’s Statement of Additional Information) (1995-Present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ, Inc., a public company providing professional business services, products and solutions, Director (1997-Present)

No. of Portfolios for which Board Member Serves: 96

———————

Peggy C. Davis (78)

Board Member (2006)

Principal Occupation During Past 5 Years:

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

No. of Portfolios for which Board Member Serves: 34

———————

Gina D. France (63)

Board Member (2019)

Principal Occupation During Past 5 Years:

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

Other Public Company Board Memberships During Past 5 Years:

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

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

· CBIZ, Inc., a public company providing professional business services, products and solutions, Director (2015-Present)

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

No. of Portfolios for which Board Member Serves: 24

———————

Joan Gulley (74)

Board Member (2017)

Principal Occupation During Past 5 Years:

· Nantucket Atheneum, public library, Chair (2018-June 2021) and Director (2015-June 2021)

· Orchard Island Club, golf and beach club, Governor (2016-Present)

No. of Portfolios for which Board Member Serves: 42

———————

BOARD MEMBERS INFORMATION (Unaudited) (continued)

Robin A. Melvin (58)

Board Member (2012)

Principal Occupation During Past 5 Years:

· Westover School, a private girls’ boarding school in Middlebury, Connecticut, Trustee (2019-Present)

· Mentor Illinois, a non-profit organization dedicated to increasing the quality of mentoring services in Illinois, Co-Chair (2014–2020); Board Member, Mentor Illinois (2013-2020)

· JDRF, a non-profit juvenile diabetes research foundation, Board Member (June 2021-Present)

Other Public Company Board Memberships During Past 5 Years:

· HPS Corporate Lending Fund, a closed-end management investment company regulated as a business development company, Trustee (August 2021-Present)

No. of Portfolios for which Board Member Serves: 74

———————

Once elected all Board Members serve for an indefinite term, but achieve Emeritus status upon reaching age 80. The address of the Board Members and Officers is c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street, New York, New York 10286. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from the Adviser free of charge by calling this toll free number: 1-800-373-9387.

David P. Feldman, Emeritus Board Member
Ehud Houminer, Emeritus Board Member
Lynn Martin, Emeritus Board Member
Dr. Martin Peretz, Emeritus Board Member
Philip L. Toia, Emeritus Board Member

OFFICERS OF THE FUND (Unaudited)

DAVID DIPETRILLO, President since January 2021.

Vice President and Director of the Adviser since February 2021; Head of North America Product, BNY Mellon Investment Management since January 2018; Director of Product Strategy, BNY Mellon Investment Management from January 2016 to December 2017. He is an officer of 56 investment companies (comprised of 109 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 43 years old and has been an employee of BNY Mellon since 2005.

JAMES WINDELS, Treasurer since November 2001.

Vice President of the Adviser since September 2020; Director–BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 63 years old and has been an employee of the Adviser since April 1985.

PETER M. SULLIVAN, Chief Legal Officer since July 2021 and Vice President and Assistant Secretary since March 2019.

Chief Legal Officer of the Adviser and Associate General Counsel of BNY Mellon since July 2021; Senior Managing Counsel of BNY Mellon from December 2020 to July 2021; Managing Counsel of BNY Mellon from March 2009 to December 2020, and an officer of 57 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 53 years old and has been an employee of BNY Mellon since April 2004.

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

Senior Managing Counsel of BNY Mellon since December 2019; Managing Counsel of BNY Mellon from April 2014 to December 2019; Secretary of the Adviser, and an officer of 57 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 55 years old and has been an employee of the Adviser since December 1996.

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

Managing Counsel of BNY Mellon since December 2021, Counsel of BNY Mellon from August 2018 to December 2021; and Senior Regulatory Specialist at BNY Mellon Investment Management Services from February 2016 to August 2018. She is an officer of 57 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 31 years old and has been an employee of the Adviser since August 2018.

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

Vice President of BNY Mellon ETF Investment Adviser; LLC since February 2020; Senior Managing Counsel of BNY Mellon since September 2021; Managing Counsel of BNY Mellon from December 2017 to September 2021; and Senior Counsel of BNY Mellon from March 2013 to December 2017. She is an officer of 57 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 46 years old and has been an employee of the Adviser since March 2013.

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

Senior Managing Counsel of BNY Mellon, and an officer of 57 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 56 years old and has been an employee of the Adviser since October 1990.

AMANDA QUINN, Vice President and Assistant Secretary since March 2020.

Counsel of BNY Mellon since June 2019; Regulatory Administration Manager at BNY Mellon Investment Management Services from September 2018 to May 2019; and Senior Regulatory Specialist at BNY Mellon Investment Management Services from April 2015 to August 2018. She is an officer of 57 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 36 years old and has been an employee of the Adviser since June 2019.

OFFICERS OF THE FUND (Unaudited) (continued)

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

Chief Compliance Officer since August 2021 and Vice President since February 2020 of BNY Mellon ETF Investment Adviser, LLC; Chief Compliance Officer since August 2021 and Vice President and Assistant Secretary since February 2020 of BNY Mellon ETF Trust; Managing Counsel of BNY Mellon from December 2019 to August 2021; Counsel of BNY Mellon from May 2016 to December 2019; Assistant Secretary of the Adviser from April 2018 to August 2021. She is an officer of 56 investment companies (comprised of 129 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 36 years old and has been an employee of BNY Mellon since May 2016.

GAVIN C. REILLY, Assistant Treasurer since December 2005.

Tax Manager–BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 53 years old and has been an employee of the Adviser since April 1991.

ROBERT SALVIOLO, Assistant Treasurer since July 2007.

Senior Accounting Manager–BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of the Adviser since June 1989.

ROBERT SVAGNA, Assistant Treasurer since December 2002.

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

Chief Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust since 2004; Chief Compliance Officer of the Adviser from 2004 until June 2021. He is an officer of 56 investment companies (comprised of 117 portfolios) managed by the Adviser. He is 64 years old.

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

Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust. She is an officer of 49 investment companies (comprised of 122 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 53 years old and has been an employee of the Distributor since 1997.

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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.


© 2022 BNY Mellon Securities Corporation 0112AR1221

BNY Mellon Variable Investment Fund, Government Money Market Portfolio

ANNUAL REPORT

December 31, 2021

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

Contents

T H E F U N D

F O R M O R E I N F O R M AT I O N

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 July 1, 2021 to December 31, 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 December 31, 2021


Expenses paid per $1,000^†		$.25
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 December 31, 2021


Expenses paid per $1,000^†		$.26
Ending value (after expenses)		$1,024.95
^†	Expenses are equal to the fund’s annualized expense ratio of .05%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS

December 31, 2021



U.S. Government Agencies Obligations - 6.9%	Annualized Yield (%)	Principal Amount ($)		Value ($)
Federal Farm Credit Banks:
1/18/2022	0.05	2,000,000	^a	1,999,953
5/25/2022	0.07	5,000,000	^a	4,998,600
1/3/2022, 3 Month SOFR +.04%	0.09	5,000,000	^b	5,000,000
Federal Home Loan Banks:
1/3/2022, 3 Month SOFR +.04%	0.09	3,000,000	^b	3,000,000
Federal National Mortgage Association:
1/3/2022, 3 Month SOFR +.19%	0.24	5,000,000	^b,c	5,000,000
Total U.S. Government Agencies Obligations (cost $19,998,553)				19,998,553
U.S. Cash Management Bills - 18.0%
1/25/2022	0.04	28,000,000	^a	27,999,253
2/15/2022	0.05	10,000,000	^a	9,999,375
2/22/2022	0.05	14,000,000	^a	13,998,989
Total U.S. Cash Management Bills (cost $51,997,617)				51,997,617
U.S. Treasury Bills - 23.1%
1/13/2022	0.04	50,000,000	^a	49,999,333
3/24/2022	0.08	10,000,000	^a	9,998,292
6/2/2022	0.10	5,000,000	^a	4,997,889
12/1/2022	0.23	2,000,000	^a	1,995,732
Total U.S. Treasury Bills (cost $66,991,246)				66,991,246
U.S. Treasury Floating Rate Notes - 5.9%
1/4/2022, 3 Month U.S. T-BILL +.03%	0.12	10,000,000	^b	10,000,000
1/4/2022, 3 Month U.S. T-BILL +.06%	0.14	7,000,000	^b	7,000,471
Total U.S. Treasury Floating Rate Notes (cost $17,000,471)				17,000,471
U.S. Treasury Notes - 1.7%
9/30/2022 (cost $4,993,715)	0.13	5,000,000		4,993,715
Repurchase Agreements - 43.5%
ABN Amro Bank, Tri-Party Agreement thru BNY Mellon, dated 12/31/2021, due at 1/3/2022 in the amount of $40,000,167 (fully collateralized by: U.S. Treasuries (including strips), 1.38%-3.38%, due 8/15/2024-2/15/2051, valued at $40,800,006)	0.05	40,000,000		40,000,000

STATEMENT OF INVESTMENTS (continued)



Repurchase Agreements - 43.5%(continued)	Annualized Yield (%)	Principal Amount ($)	Value ($)
Bank of Montreal, Tri-Party Agreement thru BNY Mellon, dated 12/31/2021, due at 1/3/2022 in the amount of $30,000,125 (fully collateralized by: Federal Home Loan Mortgage Corp Agency Collateralized Mortgage Obligation, 0.41%-11.74%, due 2/15/2027-5/15/2049, Federal Home Loan Mortgage Corp Agency Debentures and Agency Strips, 1.50%-6.25%, due 6/25/2032-11/25/2051, Federal National Mortgage Association Agency Collateralized Mortgage Obligation, 0.04%-6.50%, due 1/25/2023-10/25/2060, Federal National Mortgage Association Agency Debentures and Agency Strips, 3.50%, due 11/1/2044, Federal National Mortgage Association Agency Mortgage-Backed Securities, 0.70%, due 11/25/2024, Government National Mortgage Association Agency Collateralized Mortgage Obligation, 0.36%-6.20%, due 6/16/2028-5/20/2069, valued at $32,392,445)	0.05	30,000,000	30,000,000
Credit Agricole CIB, Tri-Party Agreement thru BNY Mellon, dated 12/31/2021, due at 1/3/2022 in the amount of $6,000,025 (fully collateralized by: U.S. Treasuries (including strips), 0.13%-2.63%, due 9/30/2022-11/15/2029, valued at $6,120,000)	0.05	6,000,000	6,000,000



Repurchase Agreements - 43.5%(continued)	Annualized Yield (%)	Principal Amount ($)	Value ($)
Fixed Income Clearing, Tri-Party Agreement thru State Street, dated 12/31/2021, due at 1/3/2022 in the amount of $50,000,208 (fully collateralized by: U.S. Treasuries (including strips), 4.50%, due 5/15/2038, valued at $51,000,080)	0.05	50,000,000	50,000,000
Total Repurchase Agreements (cost $126,000,000)			126,000,000
Total Investments (cost $286,981,602)		99.1%	286,981,602
Cash and Receivables (Net)		.9%	2,497,719
Net Assets		100.0%	289,479,321

SOFR—Secured Overnight Financing Rate

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

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

^b 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.

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


Portfolio Summary (Unaudited) ^†	Value (%)
U.S. Treasury Securities	48.7
Repurchase Agreements	43.5
U.S. Government Agencies Obligations	6.9
	99.1

^† Based on net assets.

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2021



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments (including repurchase agreements of $126,000,000) —Note 1(b)	286,981,602	286,981,602
Cash		2,559,150
Receivable for shares of Beneficial Interest subscribed		28,671
Interest receivable		9,311
Prepaid expenses		1,277
		289,580,011
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 2(b)		5,687
Payable for shares of Beneficial Interest redeemed		41,670
Trustees’ fees and expenses payable		670
Other accrued expenses		52,663
		100,690
Net Assets ($)		289,479,321
Composition of Net Assets ($):
Paid-in capital		289,480,919
Total distributable earnings (loss)		(1,598)
Net Assets ($)		289,479,321


Shares Outstanding
(unlimited number of $.001 par value shares of Beneficial Interest authorized)			289,449,645
Net Asset Value Per Share ($)			1.00

See notes to financial statements.

STATEMENT OF OPERATIONS

Year Ended December 31, 2021




Investment Income ($):
Interest Income					158,307
Expenses:
Investment advisory fee—Note 2(a)					1,429,029
Professional fees					95,986
Chief Compliance Officer fees—Note 2(b)					14,276
Trustees’ fees and expenses—Note 2(c)					13,843
Custodian fees—Note 2(b)					12,561
Prospectus and shareholders’ reports					11,813
Shareholder servicing costs—Note 2(b)					579
Miscellaneous					6,834
Total Expenses					1,584,921
Less—reduction in expenses due to undertaking—Note 2(a)					(1,455,243)
Net Expenses					129,678
Investment Income—Net, representing net increase in net assets resulting from operations					28,629

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2021	2020
Operations ($):
Investment Income—Net, representing net increase in net assets resulting from operations	28,629	414,281
Distributions ($):
Distributions to shareholders	(28,629)	(414,281)
Beneficial Interest Transactions ($1.00 per share):
Net proceeds from shares sold	1,152,356,151	889,695,845
Distributions reinvested	28,629	414,281
Cost of shares redeemed	(1,104,175,296)	(830,774,471)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions	48,209,484	59,335,655
Total Increase (Decrease) in Net Assets	48,209,484	59,335,655
Net Assets ($):
Beginning of Period	241,269,837	181,934,182
End of Period	289,479,321	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.




	Year Ended December 31,
	2021	2020	2019	2018	2017
Per Share Data ($):
Net asset value, beginning of period	1.00	1.00	1.00	1.00	1.00
Investment Operations:
Investment income—net	.000^a	.002	.017	.013	.003
Distributions:
Dividends from investment income—net	(.000)^a	(.002)	(.017)	(.013)	(.003)
Net asset value, end of period	1.00	1.00	1.00	1.00	1.00
Total Return (%)	.01	.21	1.67	1.28	.34
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.55	.56	.58	.58	.58
Ratio of net expenses to average net assets	.05	.26	.57	.58	.57
Ratio of net investment income to average net assets	.01	.17	1.65	1.26	.37
Net Assets, end of period ($ x 1,000)	289,479	241,270	181,934	181,596	196,347

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

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Government Money Market Portfolio (the “fund”) is a separate diversified series of BNY Mellon Variable Investment Fund (the “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 (continued)

The following is a summary of the inputs used as of December 31, 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	-	286,981,602	-	286,981,602

^† 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 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. 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. The COVID-19 pandemic has had, and any other outbreak of an infectious disease or other serious public health concern could have, a significant negative impact on economic and market conditions and could trigger a prolonged period of global economic slowdown. 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.

NOTES TO FINANCIAL STATEMENTS (continued)

Each tax year in the four-year period ended December 31, 2021 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At December 31, 2021, the components of total distributable earnings (loss) on a tax basis were substantially the same as for financial reporting purposes.

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

The accumulated capital loss carryover is available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to December 31, 2021. The fund has $1,598 of short-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal periods ended December 31, 2021 and December 31, 2020 were all ordinary income.

At December 31, 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 $1,455,243 during the period ended December 31, 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 December 31, 2021, the fund was charged $475 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 December 31, 2021, the fund was charged $12,561 pursuant to the custody agreement.

During the period ended December 31, 2021, the fund was charged $14,276 for services performed by the Chief Compliance Officer and his

NOTES TO FINANCIAL STATEMENTS (continued)

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 $117,605, custodian fees of $3,938, Chief Compliance Officer fees of $3,627 and transfer agency fees of $102, which are offset against an expense reimbursement currently in effect in the amount of $119,585.

(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.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Government Money Market Portfolio (the “Fund”) (one of the funds constituting BNY Mellon Variable Investment Fund), including the statement of investments, as of December 31, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting BNY Mellon Variable Investment Fund) at December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

New York, New York
February 8, 2022

BOARD MEMBERS INFORMATION (Unaudited)

Independent Board Members

Joseph S. DiMartino (78)

Chairman of the Board (1995)

Principal Occupation During Past 5 Years:

· Director or Trustee of funds in the BNY Mellon Family of Funds and certain other entities (as described in the fund’s Statement of Additional Information) (1995-Present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ, Inc., a public company providing professional business services, products and solutions, Director (1997-Present)

No. of Portfolios for which Board Member Serves: 96

———————

Peggy C. Davis (78)

Board Member (2006)

Principal Occupation During Past 5 Years:

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

No. of Portfolios for which Board Member Serves: 34

———————

Gina D. France (63)

Board Member (2019)

Principal Occupation During Past 5 Years:

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

Other Public Company Board Memberships During Past 5 Years:

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

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

· CBIZ, Inc., a public company providing professional business services, products and solutions, Director (2015-Present)

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

No. of Portfolios for which Board Member Serves: 24

———————

Joan Gulley (74)

Board Member (2017)

Principal Occupation During Past 5 Years:

· Nantucket Atheneum, public library, Chair (2018-June 2021) and Director (2015-June 2021)

· Orchard Island Club, golf and beach club, Governor (2016-Present)

No. of Portfolios for which Board Member Serves: 42

———————

Robin A. Melvin (58)

Board Member (2012)

Principal Occupation During Past 5 Years:

· Westover School, a private girls’ boarding school in Middlebury, Connecticut, Trustee (2019-Present)

· Mentor Illinois, a non-profit organization dedicated to increasing the quality of mentoring services in Illinois, Co-Chair (2014–2020); Board Member, Mentor Illinois (2013-2020)

· JDRF, a non-profit juvenile diabetes research foundation, Board Member (June 2021-Present)

Other Public Company Board Memberships During Past 5 Years:

· HPS Corporate Lending Fund, a closed-end management investment company regulated as a business development company, Trustee (August 2021-Present)

No. of Portfolios for which Board Member Serves: 74

———————

David P. Feldman, Emeritus Board Member
Ehud Houminer, Emeritus Board Member
Lynn Martin, Emeritus Board Member
Dr. Martin Peretz, Emeritus Board Member
Philip L. Toia, Emeritus Board Member

OFFICERS OF THE FUND (Unaudited)

DAVID DIPETRILLO, President since January 2021.

JAMES WINDELS, Treasurer since November 2001.

PETER M. SULLIVAN, Chief Legal Officer since July 2021 and Vice President and Assistant Secretary since March 2019.

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

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

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

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

AMANDA QUINN, Vice President and Assistant Secretary since March 2020.

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

GAVIN C. REILLY, Assistant Treasurer since December 2005.

ROBERT SALVIOLO, Assistant Treasurer since July 2007.

ROBERT SVAGNA, Assistant Treasurer since December 2002.

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

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

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

ANNUAL REPORT

December 31, 2021

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

Contents

T H E F U N D

F O R M O R E I N F O R M AT I O N

Back Cover

DISCUSSION OF FUND PERFORMANCE (Unaudited)

For the period from January 1, 2021 through December 31, 2021, as provided by portfolio managers John Bailer, Karen Behr, Brian Ferguson, Keith Howell, David Intoppa and John Porter III of Newton Investment Management North America, LLC, Sub-Investment Adviser

Market and Fund Performance Overview

For the 12-month period ended December 31, 2021, BNY Mellon Variable Investment Fund, Growth and Income Portfolio’s (the “fund”) Initial shares achieved a total return of 25.63%, and its Service shares achieved a total return of 25.31%.¹ In comparison, the fund’s benchmark, the S&P 500^{^®} Index (the “Index”), produced a total return of 28.70% 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 underperformed the Index largely due to unfavorable selections in the information technology and consumer discretionary sectors.

The Fund’s Investment Approach

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

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

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

Stocks Weather COVID-19 Variants, Supply Bottlenecks, Inflation and Monetary Policy

Markets performed well during the reporting period, supported generally by strong corporate earnings. Early in the period, stocks benefited from the approval of multiple COVID-19 vaccines in November 2020, which brightened the global economic outlook and improved investor sentiment. Investors also factored the likelihood of additional stimulus and infrastructure spending into their calculations. Returns were also boosted by interest rates, which remained low.

With the end of the pandemic apparently in view early in 2021, government lockdowns were eased, and 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. With continued economic rebound likely, investors began to shift away from growth-oriented stocks and into value-oriented stocks.

But with the emergence of the Delta variant of COVID-19 midway through 2021, questions about whether the economic recovery would stall weighed on the market. In addition, supply-chain bottlenecks hindered sales in some industries and created winners and losers. Supply-chain bottlenecks, combined with loose monetary policy and massive federal spending, caused inflation to rise during the reporting period. While the Federal Reserve (the “Fed”) initially called it “transitory,” it acknowledged late in the period that pricing pressures were more permanent. In response, the Fed announced that in addition to tapering its bond purchases late in 2021, it was likely to hike interest rate hikes in 2022.

Growth stocks came into, and fell out of, favor at times. When concerns about the economy rose, the market favored growth stocks, but when positive news on the pandemic emerged, value and cyclical stocks came into favor. When expectations that the Fed would begin to tighten monetary policy rose, the performance of growth stocks lagged, and when the Omicron variant of the COVID-19 posed a threat to the economic recovery, growth stocks benefited, while cyclical stocks lagged.

While markets wavered at times as investors digested pandemic news, rising inflation and Fed policy, markets were supported by strong corporate earnings worldwide, especially in the U.S.

Stock Selection Hindered Performance

The fund’s performance was hampered primarily by stock selections in the information technology and consumer discretionary sectors. In the information technology sector, an underweight position hurt returns somewhat, but the primary detractors were positions in Microsoft and Zoom Video Communications. The fund had an underweight position in Microsoft, but shares rose 52% during the period. Shares of Zoom Video Communications fell 45% as the company had difficulty maintaining the momentum of 2020, and investors viewed shares as too expensive. Shares of Block (formerly Square) and Twilio also detracted as valuations on both were too high, given growth expectations. In the consumer discretionary sector, shares of Peloton Interactive, an exercise equipment company, declined 60% as sales growth failed to keep pace with that of 2020. In the hotel and leisure industry, the fund’s positions in Las Vegas Sands and Wynn Resorts detracted. Both companies are exposed to the gaming market in Macau, which has failed to recover from the pandemic as quickly as expected.

On the other hand, positions in the materials and financials sectors contributed positively. In the materials sector, the fund’s overweight position was beneficial as was a position in CF Industries Holdings, an agricultural chemicals company. The company benefited from higher commodity prices and improved pricing, and shares rose 87%. A position in Freeport-McMoRan, a copper mining company, was also advantageous. Shares rose 61%, 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. Shares of Alcoa, an aluminum company, also contributed positively, rising due to strong demand, higher prices and limited supply due to China’s constraint on exports. In the financials sector, the fund’s overweight position was beneficial, and shares in the capital markets and consumer finance industries were especially advantageous. In the capital markets industry, shares of Goldman Sachs and Morgan Stanley benefited from strong proprietary trading and merger and acquisition activity. In the consumer finance industry, Capital One Financial gained due to healthy consumer demand fueled in part by federal stimulus spending.

Positioned for Further Economic Recovery

We believe that with the strong rebound from the bottom in 2020 and the rotation into value stocks to some degree in 2021, the market is moving toward a mid-cycle environment. We

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

anticipate that earnings will continue to grow, but with federal stimulus spending coming to an end and interest rates rising, markets will no longer enjoy the tailwinds that occurred over the past two years. Consumer spending and employment remain strong, however, though markets may be choppy in the coming year. In this environment, we believe that an actively managed approach will perform well, and that a fund that incorporates both growth and income stocks will be well positioned.

The fund’s largest overweight positions are in the financials and health care sectors, and we have added to both. The largest underweight positions are in the consumer staples and consumer discretionary sectors, and we have reduced our holdings in both.

January 18, 2022

¹ Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. The fund’s performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in variable insurance contracts, which will reduce returns. The fund’s returns reflect the absorption of certain fund expenses by BNY Mellon Investment Adviser, Inc. pursuant to an agreement in effect through April 30, 2022, at which time it may be extended, modified or terminated. Had these expenses not been absorbed, returns would have been lower.

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

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

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

FUND PERFORMANCE (Unaudited)

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

^† Source: Lipper Inc.

The above graph compares a hypothetical $10,000 investment made in Initial shares and Service shares of BNY Mellon Variable Investment Fund, Growth and Income Portfolio on 12/31/11 to a hypothetical investment of $10,000 made in the Index on that date.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses. The Index is widely regarded as the best single gauge of large-cap U.S. equities. The Index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.


Average Annual Total Returns as of 12/31/2021
	1 Year	5 Years	10 Years
Initial shares	25.63%	18.20%	16.45%
Service shares	25.31%	17.90%	16.16%
S&P 500^{^®} Index	28.70%	18.47%	16.54%

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

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

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in BNY Mellon Variable Investment Fund, Growth and Income Portfolio from July 1, 2021 to December 31, 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 December 31, 2021

	Initial Shares	Service Shares
Expenses paid per $1,000^†	$4.20	$5.51
Ending value (after expenses)	$1,083.40	$1,082.30

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

Using the SEC’s method to compare expenses


Expenses and Value of a $1,000 Investment
Assuming a hypothetical 5% annualized return for the six months ended December 31, 2021

		Initial Shares	Service Shares
Expenses paid per $1,000^†		$4.08	$5.35
Ending value (after expenses)		$1,021.17	$1,019.91
^†	Expenses are equal to the fund’s annualized expense ratio of .80% for Initial Shares and 1.05% for Service Shares, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS

December 31, 2021



Description	Shares		Value ($)
Common Stocks - 98.4%
Automobiles & Components - 1.6%
General Motors	12,593	^a	738,328
Tesla	975	^a	1,030,360
			1,768,688
Banks - 3.4%
Bank of America	19,398		863,017
Comerica	8,003		696,261
JPMorgan Chase & Co.	8,941		1,415,807
U.S. Bancorp	14,412		809,522
			3,784,607
Capital Goods - 8.3%
AMETEK	5,779		849,744
Armstrong World Industries	4,837		561,672
Eaton	3,854		666,048
Howmet Aerospace	36,807		1,171,567
Hubbell	3,028		630,642
Ingersoll Rand	26,463		1,637,266
L3Harris Technologies	3,565		760,201
Northrop Grumman	1,754		678,921
Quanta Services	4,911		563,095
Rockwell Automation	1,713		597,580
Trane Technologies	5,365		1,083,891
			9,200,627
Commercial & Professional Services - .6%
Cintas	1,576		698,436
Consumer Durables & Apparel - .8%
Newell Brands	11,491		250,963
Peloton Interactive, Cl. A	17,769	^a	635,419
			886,382
Consumer Services - 1.3%
Booking Holdings	386	^a	926,103
International Game Technology	17,640		509,972
			1,436,075
Diversified Financials - 7.8%
Ameriprise Financial	5,773		1,741,483
Berkshire Hathaway, Cl. B	5,604	^a	1,675,596
Capital One Financial	1,860		269,867
CME Group	1,743		398,206
Equitable Holdings	8,151		267,271
LPL Financial Holdings	2,762		442,169
Morgan Stanley	13,744		1,349,111
State Street	6,868		638,724

STATEMENT OF INVESTMENTS (continued)



Description	Shares		Value ($)
Common Stocks - 98.4% (continued)
Diversified Financials - 7.8% (continued)
The Charles Schwab	12,608		1,060,333
Voya Financial	12,280	^b	814,287
			8,657,047
Energy - 4.9%
ConocoPhillips	7,333		529,296
Devon Energy	26,199		1,154,066
EQT	56,773	^a	1,238,219
Exxon Mobil	12,217		747,558
Hess	8,018		593,573
Marathon Petroleum	18,279		1,169,673
			5,432,385
Food & Staples Retailing - .6%
Sysco	8,573		673,409
Food, Beverage & Tobacco - .4%
PepsiCo	2,550		442,961
Health Care Equipment & Services - 8.8%
Becton Dickinson & Co.	1,877		472,028
CVS Health	12,240		1,262,678
DexCom	1,349	^a	724,346
Edwards Lifesciences	5,261	^a	681,563
HCA Healthcare	1,001		257,177
Intuitive Surgical	2,722	^a	978,015
Laboratory Corp. of America Holdings	1,305	^a	410,044
Masimo	1,751	^a	512,658
McKesson	3,534		878,446
Medtronic	8,033		831,014
Teladoc Health	5,856	^a	537,698
UnitedHealth Group	2,975		1,493,866
Zimmer Biomet Holdings	5,952		756,142
			9,795,675
Insurance - 3.7%
Aon, Cl. A	2,755		828,043
Assurant	7,487		1,166,924
Chubb	3,600		695,916
The Hartford Financial Services Group	5,643		389,593
Willis Towers Watson	4,139		982,971
			4,063,447
Materials - 2.9%
Alcoa	16,082		958,165
CF Industries Holdings	15,379		1,088,526
Freeport-McMoRan	21,856		912,051
Vulcan Materials	1,401		290,820
			3,249,562



Description	Shares		Value ($)
Common Stocks - 98.4% (continued)
Media & Entertainment - 8.9%
Alphabet, Cl. A	928	^a	2,688,453
Alphabet, Cl. C	1,030	^a	2,980,398
Comcast, Cl. A	15,796		795,013
Match Group	3,070	^a	406,008
Meta Platforms, Cl. A	4,208	^a	1,415,361
Pinterest, Cl. A	10,642	^a	386,837
Roku	1,794	^a	409,391
Snap, Cl. A	11,260	^a	529,558
The Walt Disney Company	1,819	^a	281,745
			9,892,764
Pharmaceuticals Biotechnology & Life Sciences - 7.5%
AbbVie	20,606		2,790,052
Danaher	4,606		1,515,420
Eli Lilly & Co.	6,364		1,757,864
Horizon Therapeutics	6,502	^a	700,656
Merck & Co.	7,618		583,844
Organon & Co.	17,823		542,710
Seagen	2,929	^a	452,823
			8,343,369
Real Estate - .5%
Medical Properties Trust	21,526	^c	508,659
Retailing - 4.5%
Amazon.com	1,385	^a	4,618,061
Farfetch, Cl. A	10,033	^a	335,403
			4,953,464
Semiconductors & Semiconductor Equipment - 6.7%
Applied Materials	11,062		1,740,716
Marvell Technology	9,041		790,997
NVIDIA	8,918		2,622,873
Qualcomm	12,614		2,306,722
			7,461,308
Software & Services - 12.7%
Ansys	1,629	^a	653,424
Bill.com Holdings	1,067	^a	265,843
Block	7,906	^a	1,276,898
CrowdStrike Holdings, CI. A	2,202	^a,b	450,859
Datadog, Cl. A	3,911	^a	696,588
Dolby Laboratories, Cl. A	6,803		647,782
HubSpot	1,204	^a	793,617
Microsoft	14,871		5,001,415
PayPal Holdings	1,491	^a	281,173
salesforce.com	4,317	^a	1,097,079
Snowflake, Cl. A	1,701	^a	576,214

STATEMENT OF INVESTMENTS (continued)



Description		Shares		Value ($)
Common Stocks - 98.4% (continued)
Software & Services - 12.7% (continued)
SS&C Technologies Holdings		5,747		471,139
Twilio, Cl. A		3,907	^a	1,028,869
Visa, Cl. A		2,530	^b	548,276
Zoom Video Communications, CI. A		1,864	^a	342,808
				14,131,984
Technology Hardware & Equipment - 6.6%
Apple		22,308		3,961,232
Cisco Systems		28,440		1,802,243
Corning		14,273		531,384
Zebra Technologies, Cl. A		1,762	^a	1,048,742
				7,343,601
Telecommunication Services - .6%
Vodafone Group, ADR		42,154	^b	629,359
Transportation - 1.3%
Norfolk Southern		2,875		855,916
Uber Technologies		13,200	^a	553,476
				1,409,392
Utilities - 4.0%
Clearway Energy, Cl. C		20,653	^b	744,128
Exelon		32,436		1,873,503
NextEra Energy Partners		7,363		621,437
The AES		29,160		708,588
Vistra Energy		21,578		491,331
				4,438,987
Total Common Stocks (cost $69,502,461)				109,202,188
	1-Day Yield (%)
Investment Companies - 1.4%
Registered Investment Companies - 1.4%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares (cost $1,584,938)	0.07	1,584,938	^d	1,584,938



Description	1-Day Yield (%)	Shares		Value ($)
Investment of Cash Collateral for Securities Loaned - .6%
Registered Investment Companies - .6%
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares (cost $622,733)	0.07	622,733	^d	622,733
Total Investments (cost $71,710,132)		100.4%		111,409,859
Liabilities, Less Cash and Receivables		(.4%)		(459,407)
Net Assets		100.0%		110,950,452

ADR—American Depository Receipt

^a Non-income producing security.

^b Security, or portion thereof, on loan. At December 31, 2021, the value of the fund’s securities on loan was $2,853,154 and the value of the collateral was $2,958,009, consisting of cash collateral of $622,733 and U.S. Government & Agency securities valued at $2,335,276. In addition, the value of collateral may include pending sales that are also on loan.

^c Investment in real estate investment trust within the United States.

^d 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	26.1
Health Care	16.3
Financials	14.9
Industrials	10.2
Communication Services	9.5
Consumer Discretionary	8.1
Energy	4.9
Utilities	4.0
Materials	2.9
Investment Companies	2.0
Consumer Staples	1.0
Real Estate	.5
	100.4

^† Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS IN AFFILIATED ISSUERS


Description	Value ($) 12/31/2020	Purchases ($)^†	Sales ($)	Value ($) 12/31/2021	Dividends/ Distributions ($)
Registered Investment Companies - 1.4%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - 1.4%	1,591,806	23,882,889	(23,889,757)	1,584,938	1,209
Investment of Cash Collateral for Securities Loaned - .6%
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares - .6%	567,336	7,250,875	(7,195,478)	622,733	5,482	^††
Total - 2.0%	2,159,142	31,133,764	(31,085,235)	2,207,671	6,691

^† Includes reinvested dividends/distributions.

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2021



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments (including securities on loan, valued at $2,853,154)—Note 1(c):
Unaffiliated issuers	69,502,461	109,202,188
Affiliated issuers	2,207,671	2,207,671
Receivable for investment securities sold		538,680
Dividends and securities lending income receivable		72,747
Receivable for shares of Beneficial Interest subscribed		21,170
Prepaid expenses		852
		112,043,308
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)		68,126
Liability for securities on loan—Note 1(c)		622,733
Payable for investment securities purchased		320,882
Payable for shares of Beneficial Interest redeemed		14,534
Trustees’ fees and expenses payable		900
Other accrued expenses		65,681
		1,092,856
Net Assets ($)		110,950,452
Composition of Net Assets ($):
Paid-in capital		52,769,134
Total distributable earnings (loss)		58,181,318
Net Assets ($)		110,950,452


Net Asset Value Per Share	Initial Shares	Service Shares
Net Assets ($)	106,014,838	4,935,614
Shares Outstanding	2,549,561	118,429
Net Asset Value Per Share ($)	41.58	41.68

See notes to financial statements.

STATEMENT OF OPERATIONS

Year Ended December 31, 2021




Investment Income ($):
Income:
Cash dividends (net of $126 foreign taxes withheld at source):
Unaffiliated issuers					1,353,656
Affiliated issuers					1,209
Income from securities lending—Note 1(c)					5,482
Total Income					1,360,347
Expenses:
Investment advisory fee—Note 3(a)					799,768
Professional fees					102,561
Chief Compliance Officer fees—Note 3(b)					14,276
Prospectus and shareholders’ reports					13,910
Distribution fees—Note 3(b)					12,631
Custodian fees—Note 3(b)					7,938
Trustees’ fees and expenses—Note 3(c)					6,461
Loan commitment fees—Note 2					2,157
Shareholder servicing costs—Note 3(b)					767
Miscellaneous					17,285
Total Expenses					977,754
Less—reduction in expenses due to undertaking—Note 3(a)					(110,008)
Net Expenses					867,746
Investment Income—Net					492,601
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments					19,072,590
Net change in unrealized appreciation (depreciation) on investments					4,407,570
Net Realized and Unrealized Gain (Loss) on Investments					23,480,160
Net Increase in Net Assets Resulting from Operations					23,972,761

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2021	2020
Operations ($):
Investment income—net	492,601	631,905
Net realized gain (loss) on investments	19,072,590	6,549,576
Net change in unrealized appreciation (depreciation) on investments	4,407,570	12,103,813
Net Increase (Decrease) in Net Assets Resulting from Operations	23,972,761	19,285,294
Distributions ($):
Distributions to shareholders:
Initial Shares	(7,014,637)	(6,409,913)
Service Shares	(343,017)	(336,298)
Total Distributions	(7,357,654)	(6,746,211)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Initial Shares	3,095,610	1,960,181
Service Shares	43,155	193,323
Distributions reinvested:
Initial Shares	7,014,637	6,409,913
Service Shares	343,017	336,298
Cost of shares redeemed:
Initial Shares	(11,743,048)	(10,813,413)
Service Shares	(1,013,964)	(841,513)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions	(2,260,593)	(2,755,211)
Total Increase (Decrease) in Net Assets	14,354,514	9,783,872
Net Assets ($):
Beginning of Period	96,595,938	86,812,066
End of Period	110,950,452	96,595,938
Capital Share Transactions (Shares):
Initial Shares
Shares sold	80,423	70,955
Shares issued for distributions reinvested	196,863	279,286
Shares redeemed	(301,041)	(364,347)
Net Increase (Decrease) in Shares Outstanding	(23,755)	(14,106)
Service Shares
Shares sold	1,110	6,673
Shares issued for distributions reinvested	9,633	14,719
Shares redeemed	(25,957)	(28,426)
Net Increase (Decrease) in Shares Outstanding	(15,214)	(7,034)

See notes to financial statements.

FINANCIAL HIGHLIGHTS



	Year Ended December 31,
Initial Shares	2021	2020	2019	2018	2017
Per Share Data ($):
Net asset value, beginning of period	35.68	31.82	28.03	32.72	28.81
Investment Operations:
Investment income—net^a	.18	.23	.30	.27	.26
Net realized and unrealized gain (loss) on investments	8.50	6.17	7.36	(1.66)	5.22
Total from Investment Operations	8.68	6.40	7.66	(1.39)	5.48
Distributions:
Dividends from investment income—net	(.19)	(.23)	(.33)	(.26)	(.23)
Dividends from net realized gain on investments	(2.59)	(2.31)	(3.54)	(3.04)	(1.34)
Total Distributions	(2.78)	(2.54)	(3.87)	(3.30)	(1.57)
Net asset value, end of period	41.58	35.68	31.82	28.03	32.72
Total Return (%)	25.63	24.63	29.12	(4.68)	19.71
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.91	.93	.93	.93	.90
Ratio of net expenses to average net assets	.80	.82	.93	.93	.90
Ratio of net investment income to average net assets	.47	.77	1.00	.87	.85
Portfolio Turnover Rate	53.70	66.45	61.08	63.89	61.00
Net Assets, end of period ($ x 1,000)	106,015	91,818	82,328	69,774	82,070

^a Based on average shares outstanding.

See notes to financial statements.



	Year Ended December 31,
Service Shares	2021	2020	2019	2018	2017
Per Share Data ($):
Net asset value, beginning of period	35.76	31.88	28.08	32.76	28.85
Investment Operations:
Investment income—net^a	.09	.16	.22	.19	.18
Net realized and unrealized gain (loss) on investments	8.51	6.19	7.37	(1.65)	5.22
Total from Investment Operations	8.60	6.35	7.59	(1.46)	5.40
Distributions:
Dividends from investment income—net	(.09)	(.16)	(.25)	(.18)	(.15)
Dividends from net realized gain on investments	(2.59)	(2.31)	(3.54)	(3.04)	(1.34)
Total Distributions	(2.68)	(2.47)	(3.79)	(3.22)	(1.49)
Net asset value, end of period	41.68	35.76	31.88	28.08	32.76
Total Return (%)	25.31	24.33	28.79	(4.90)	19.38
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.16	1.18	1.18	1.18	1.15
Ratio of net expenses to average net assets	1.05	1.07	1.18	1.18	1.15
Ratio of net investment income to average net assets	.22	.52	.76	.62	.60
Portfolio Turnover Rate	53.70	66.45	61.08	63.89	61.00
Net Assets, end of period ($ x 1,000)	4,936	4,778	4,484	4,039	5,306

^a Based on average shares outstanding.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Growth and Income Portfolio (the “fund”) is a separate 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. Effective September 1, 2021 (the “Effective Date”), the Adviser has engaged its affiliate, Newton Investment Management North America, LLC (the “Sub-Adviser”) as the fund’s sub-investment adviser pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser. As the fund’s sub-investment adviser, the Sub-Adviser provides the day-to-day management of the fund’s investments, subject to the Adviser’s supervision and approval. The Adviser (and not the fund) pays the Sub-Adviser for its sub-advisory services. As of the Effective Date, portfolio managers responsible for managing the fund’s investments who were employees of Mellon Investments Corporation (“Mellon”) in a dual employment arrangement with the Adviser, have become employees of the Sub-Adviser, and are no longer employees of Mellon.

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

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

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

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

NOTES TO FINANCIAL STATEMENTS (continued)

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

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.

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 December 31, 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	109,202,188	-	-	109,202,188
Investment Companies	2,207,671	-	-	2,207,671

^† 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 December 31, 2021, if any, are disclosed in the fund’s Statement of Assets and Liabilities.

NOTES TO FINANCIAL STATEMENTS (continued)

securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended December 31, 2021, The Bank of New York Mellon earned $746 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.

(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.

Each tax year in the four year period ended December 31, 2021 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $2,129,480 undistributed capital gains $16,634,174 and unrealized appreciation $39,417,664.

The tax character of distributions paid to shareholders during the fiscal periods ended December 31, 2021 and December 31, 2020 were as follows: ordinary income $1,257,376 and $630,155, and long-term capital gains $6,100,278 and $6,116,056, respectively.

NOTE 2—Bank Lines of Credit:

NOTES TO FINANCIAL STATEMENTS (continued)

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 December 31, 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 .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 $110,008 during the period ended December 31, 2021.

As of the Effective Date, pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser pays the Sub-Adviser a monthly fee at an annual rate of .36% of the value of the fund’s average daily net assets.

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 December 31, 2021, the fund was charged $674 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 $69,976, Distribution Plan fees of $1,036, custodian fees of $2,400, Chief Compliance Officer fees of $3,627 and transfer agency fees of $133, which are offset against an expense reimbursement currently in effect in the amount of $9,046.

(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.

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended December 31, 2021, amounted to $55,680,017 and $65,067,077, respectively.

At December 31, 2021, the cost of investments for federal income tax purposes was $71,992,195 accordingly, accumulated net unrealized appreciation on investments was $39,417,664, consisting of $41,875,975 gross unrealized appreciation and $2,458,311 gross unrealized depreciation.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Growth and Income Portfolio (the “Fund”) (one of the funds constituting BNY Mellon Variable Investment Fund), including the statements of investments and investments in affiliated issuers, as of December 31, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting BNY Mellon Variable Investment Fund) at December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

New York, New York
February 8, 2022

IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the portfolio hereby reports 70.52% of the ordinary dividends paid during the fiscal year ended December 31, 2021 as qualifying for the corporate dividends received deduction. Shareholders will receive notification in early 2022 of the percentage applicable to the preparation of their 2021 income tax returns. Also, the portfolio hereby reports $2.2969 per share as a long-term capital gain distribution and $.2889 per share as a short-term capital gain distribution paid on March 31, 2021.

BOARD MEMBERS INFORMATION (Unaudited)

Independent Board Members

Joseph S. DiMartino (78)

Chairman of the Board (1995)

Principal Occupation During Past 5 Years:

· Director or Trustee of funds in the BNY Mellon Family of Funds and certain other entities (as described in the fund’s Statement of Additional Information) (1995-Present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ, Inc., a public company providing professional business services, products and solutions, Director (1997-Present)

No. of Portfolios for which Board Member Serves: 96

———————

Peggy C. Davis (78)

Board Member (2006)

Principal Occupation During Past 5 Years:

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

No. of Portfolios for which Board Member Serves: 34

———————

Gina D. France (63)

Board Member (2019)

Principal Occupation During Past 5 Years:

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

Other Public Company Board Memberships During Past 5 Years:

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

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

· CBIZ, Inc., a public company providing professional business services, products and solutions, Director (2015-Present)

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

No. of Portfolios for which Board Member Serves: 24

———————

BOARD MEMBERS INFORMATION (Unaudited) (continued)

Joan Gulley (74)

Board Member (2017)

Principal Occupation During Past 5 Years:

· Nantucket Atheneum, public library, Chair (2018-June 2021) and Director (2015-June 2021)

· Orchard Island Club, golf and beach club, Governor (2016-Present)

No. of Portfolios for which Board Member Serves: 42

———————

Robin A. Melvin (58)

Board Member (2012)

Principal Occupation During Past 5 Years:

· Westover School, a private girls’ boarding school in Middlebury, Connecticut, Trustee (2019-Present)

· Mentor Illinois, a non-profit organization dedicated to increasing the quality of mentoring services in Illinois, Co-Chair (2014–2020); Board Member, Mentor Illinois (2013-2020)

· JDRF, a non-profit juvenile diabetes research foundation, Board Member (June 2021-Present)

Other Public Company Board Memberships During Past 5 Years:

· HPS Corporate Lending Fund, a closed-end management investment company regulated as a business development company, Trustee (August 2021-Present)

No. of Portfolios for which Board Member Serves: 74

———————

David P. Feldman, Emeritus Board Member
Ehud Houminer, Emeritus Board Member
Lynn Martin, Emeritus Board Member
Dr. Martin Peretz, Emeritus Board Member
Philip L. Toia, Emeritus Board Member

OFFICERS OF THE FUND (Unaudited)

DAVID DIPETRILLO, President since January 2021.

JAMES WINDELS, Treasurer since November 2001.

PETER M. SULLIVAN, Chief Legal Officer since July 2021 and Vice President and Assistant Secretary since March 2019.

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

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

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

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

AMANDA QUINN, Vice President and Assistant Secretary since March 2020.

OFFICERS OF THE FUND (Unaudited) (continued)

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

GAVIN C. REILLY, Assistant Treasurer since December 2005.

ROBERT SALVIOLO, Assistant Treasurer since July 2007.

ROBERT SVAGNA, Assistant Treasurer since December 2002.

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

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

This page intentionally left blank.

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

Sub-Adviser

Newton Investment Management

North America, LLC

BNY Mellon Center

201 Washington Place

Boston, MA 02108

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


© 2022 BNY Mellon Securities Corporation 0108AR1221

BNY Mellon Variable Investment Fund, Opportunistic Small Cap Portfolio

ANNUAL REPORT

December 31, 2021

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

Contents

T H E F U N D

F O R M O R E I N F O R M AT I O N

Back Cover

DISCUSSION OF FUND PERFORMANCE (Unaudited)

For the period from January 1, 2021 through December 31, 2021, as provided by portfolio managers Patrick Kent, James Boyd and Andrew Leger of Newton Investment Management North America, LLC, Sub-Investment Adviser

Market and Fund Performance Overview

For the 12-month period ended December 31, 2021, BNY Mellon Variable Investment Fund, Opportunistic Small Cap Portfolio’s (the “fund”) Initial shares produced a total return of 16.46%, and its Service shares produced a total return of 16.16%.¹ In comparison, the Russell 2000^{^®} Index (the “Index”), the fund’s benchmark, produced a total return of 14.82% 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 outperformed the Index, mainly due to stock selection decisions.

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. In general, the fund seeks exposure to securities and sectors that are perceived to be attractive from a valuation and fundamental standpoint.

Stocks Weather COVID-19 Variants, Supply Bottlenecks, Inflation and Monetary Policy

While markets wavered at times as investors digested pandemic news, rising inflation and Fed policy, markets were supported by strong corporate earnings worldwide, especially in the U.S.

Security Selection Decisions Benefited Fund Performance

The fund’s performance versus the Index was primarily the result of stock selection decisions. Selections in the health care, consumer discretionary and utilities sector were the leading positive contributors. In the health care sector, an underweight position was also advantageous. In the health care sector, an underweight to the biotechnology industry was beneficial, and a position in Xenon Pharmaceutical also contributed positively. Similarly, in the pharmaceuticals industry, an underweight was beneficial, and a position in GW Pharmaceuticals also was advantageous. Selections in the health care providers & services industry also were favorable. Apria, which makes products for sleep apnea and other illnesses, performed especially well. In the consumer discretionary sector, shares of publisher Houghton Mifflin Harcourt were the primary driver of performance as the company continued to benefit from a move into digital products. In the utilities sector, the leading positive contributor was NextEra Energy Partners, which focuses on renewable energy.

On a less positive note, the communication services sector was the primary detractor. An overweight position in the interactive media & services industry hindered performance as did shares of EverQuote, an online insurance portal. In the media industry, Cardlytics, a digital advertising company serving the banking industry, was the leading detractor. Positions in SOC Telemed, an acute care telemedicine firm, Array Technologies, which makes solar panel tracking systems, and Paya Holdings, a payments company, were also primary detractors.

An Optimistic Outlook for Small-Cap Stocks

Given their more reasonable valuations, we remain positive on small-cap stocks in the U.S. market. While the valuation of the S&P 500^{^®} Index is at the high end of its historical range, valuations on small caps are closer to their average. Importantly, many segments of the domestic economy, which small caps are more exposed to, remain constrained by lingering concerns over the pandemic. This is likely to continue to abate. Moreover, in our view earnings growth for small caps is likely to be higher than for large caps in 2022 and 2023.

January 18, 2022

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^{^®} Index 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.

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.

FUND PERFORMANCE (Unaudited)

Comparison of change in value of a $10,000 investment in Initial shares and Service shares of BNY Mellon Variable Investment Fund, Opportunistic Small Cap Portfolio with a hypothetical investment of $10,000 in the Russell 2000^{^®} Index (the “Index”).

^† Source: Lipper Inc.

The above graph compares a hypothetical investment of $10,000 made in Initial and Service shares of BNY Mellon Variable Investment Fund, Opportunistic Small Cap Portfolio on 12/31/11 to a hypothetical investment of $10,000 made in the Index on that date.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses. The Index measures the performance of the small-cap segment of the U.S. equity universe. The 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 Index 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. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.


Average Annual Total Returns as of 12/31/2021
	1 Year	5 Years	10 Years
Initial shares	16.46%	11.40%	13.58%
Service shares	16.16%	11.12%	13.29%
Russell 2000^{^®} Index	14.82%	12.02%	13.23%

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

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

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

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 July 1, 2021 to December 31, 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 December 31, 2021

	Initial Shares	Service Shares
Expenses paid per $1,000^†	$4.09	$5.35
Ending value (after expenses)	$1,005.20	$1,003.80

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 December 31, 2021

		Initial Shares	Service Shares
Expenses paid per $1,000^†		$4.13	$5.40
Ending value (after expenses)		$1,021.12	$1,019.86
^†	Expenses are equal to the fund’s annualized expense ratio of .81% for Initial Shares and 1.06% for Service Shares, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS

December 31, 2021



Description	Shares		Value ($)
Common Stocks - 96.3%
Banks - 9.8%
BankUnited	136,634		5,780,985
Essent Group	104,804		4,771,726
First Bancorp	491,990		6,779,622
First Interstate BancSystem, Cl. A	92,477		3,761,040
First Merchants	80,386		3,367,370
Silvergate Capital, Cl. A	20,158	^a	2,987,416
Synovus Financial	120,513		5,768,957
			33,217,116
Capital Goods - 16.3%
Array Technologies	260,380	^a,b	4,085,362
EnerSys	53,375		4,219,827
Fluor	268,696	^a	6,655,600
Gibraltar Industries	53,274	^a	3,552,310
GrafTech International	485,243		5,740,425
Matrix Service	234,662	^a	1,764,658
Maxar Technologies	121,766		3,595,750
Regal Rexnord	17,367		2,955,516
Terex	56,125		2,466,694
Titan Machinery	89,876	^a	3,027,922
Triumph Group	92,434	^a	1,712,802
Valmont Industries	15,838		3,967,419
Wabash National	256,667		5,010,140
WESCO International	47,061	^a	6,192,757
			54,947,182
Commercial & Professional Services - 1.9%
The Brink's Company	46,036		3,018,580
U.S. Ecology	102,215	^a	3,264,747
			6,283,327
Consumer Durables & Apparel - 2.3%
Callaway Golf	139,443	^a	3,826,316
GoPro, Cl. A	393,862	^a	4,060,717
			7,887,033
Consumer Services - 7.4%
Bloomin‘ Brands	222,899	^a	4,676,421
Cracker Barrel Old Country Store	17,151		2,206,305
Houghton Mifflin Harcourt	743,306	^a	11,967,227
OneSpaWorld Holdings	137,927	^a,b	1,382,029
Papa John's International	35,476		4,734,982
			24,966,964
Diversified Financials - 1.3%
PJT Partners, Cl. A	57,743		4,278,179

STATEMENT OF INVESTMENTS (continued)



Description	Shares		Value ($)
Common Stocks - 96.3% (continued)
Energy - 4.1%
CNX Resources	355,040	^a,b	4,881,800
PBF Energy, Cl. A	379,161	^a,b	4,917,718
Viper Energy Partners	186,032		3,964,342
			13,763,860
Food & Staples Retailing - 1.2%
The Chefs' Warehouse	125,547	^a	4,180,715
Health Care Equipment & Services - 9.3%
Acadia Healthcare	71,343	^a	4,330,520
Apria	171,273	^a	5,583,500
Health Catalyst	103,004	^a,b	4,081,018
Innovage Holding	164,705	^a,b	823,525
ModivCare	23,951	^a	3,551,694
NuVasive	50,241	^a	2,636,648
Privia Health Group	192,909	^a,b	4,990,556
R1 RCM	121,873	^a	3,106,543
SOC Telemed	402,735	^a	515,501
TransMedics Group	97,265	^a	1,863,597
			31,483,102
Household & Personal Products - 1.1%
Spectrum Brands Holdings	35,052		3,565,489
Insurance - 2.3%
BRP Group, Cl. A	115,776	^a	4,180,671
The Hanover Insurance Group	28,264		3,704,280
			7,884,951
Materials - 6.6%
Alamos Gold, Cl. A	588,092		4,522,428
IAMGOLD	725,728	^a,b	2,271,529
Largo	186,019	^a	1,722,536
MP Materials	111,926	^a,b	5,083,679
Summit Materials, Cl. A	115,134	^a	4,621,479
Tronox Holdings, Cl. A	174,635		4,196,479
			22,418,130
Media & Entertainment - 2.5%
Cardlytics	27,071	^a,b	1,789,122
Eventbrite, Cl. A	284,965	^a,b	4,969,790
TrueCar	465,484	^a	1,582,646
			8,341,558
Pharmaceuticals Biotechnology & Life Sciences - 5.7%
Alkermes	210,495	^a	4,896,114
Arena Pharmaceuticals	41,601	^a	3,866,397
Generation Bio	62,985	^a	445,934
Quanterix	96,938	^a	4,110,171
Ultragenyx Pharmaceutical	23,547	^a	1,980,067



Description		Shares		Value ($)
Common Stocks - 96.3% (continued)
Pharmaceuticals Biotechnology & Life Sciences - 5.7% (continued)
Xenon Pharmaceuticals		130,305	^a	4,070,728
				19,369,411
Real Estate - 1.9%
Colliers International Group		42,976	^b	6,388,382
Retailing - 1.4%
Party City Holdco		824,529	^a	4,592,627
Semiconductors & Semiconductor Equipment - 3.7%
Diodes		48,604	^a	5,337,205
MaxLinear		94,513	^a	7,125,335
				12,462,540
Software & Services - 6.5%
ChannelAdvisor		311,175	^a	7,679,799
Everbridge		32,503	^a,b	2,188,427
Limelight Networks		446,789	^a	1,532,486
Paya Holdings		661,666	^a,b	4,194,962
Zuora, Cl. A		343,820	^a	6,422,558
				22,018,232
Technology Hardware & Equipment - 5.2%
ADTRAN		277,228		6,329,115
Arlo Technologies		385,186	^a	4,040,601
Extreme Networks		409,353	^a	6,426,842
Ondas Holdings		93,380	^a,b	626,580
				17,423,138
Transportation - 1.9%
SkyWest		163,691	^a	6,433,056
Utilities - 3.9%
Clearway Energy, Cl. C		191,976	^b	6,916,895
NextEra Energy Partners		76,343	^b	6,443,349
				13,360,244
Total Common Stocks (cost $266,028,316)				325,265,236

Exchange-Traded Funds - 1.4%
Registered Investment Companies - 1.4%
iShares Russell 2000 ETF (cost $4,891,712)		21,988	^b	4,891,231
	1-Day Yield (%)
Investment Companies - 2.3%
Registered Investment Companies - 2.3%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares (cost $7,865,339)	0.07	7,865,339	^c	7,865,339

STATEMENT OF INVESTMENTS (continued)



Description	1-Day Yield (%)	Shares		Value ($)
Investment of Cash Collateral for Securities Loaned - 4.9%
Registered Investment Companies - 4.9%
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares (cost $16,400,206)	0.07	16,400,206	^c	16,400,206
Total Investments (cost $295,185,573)		104.9%		354,422,012
Liabilities, Less Cash and Receivables		(4.9%)		(16,595,828)
Net Assets		100.0%		337,826,184

ETF—Exchange-Traded Fund

^a Non-income producing security.

^b Security, or portion thereof, on loan. At December 31, 2021, the value of the fund’s securities on loan was $36,812,405 and the value of the collateral was $37,744,226, consisting of cash collateral of $16,400,206 and U.S. Government & Agency securities valued at $21,344,020. In addition, the value of collateral may include pending sales that are also on loan.

^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	20.0
Information Technology	15.4
Health Care	15.0
Financials	13.4
Consumer Discretionary	11.1
Investment Companies	8.6
Materials	6.6
Energy	4.1
Utilities	4.0
Communication Services	2.5
Consumer Staples	2.3
Real Estate	1.9
	104.9

^† Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS IN AFFILIATED ISSUERS


Description	Value ($) 12/31/2020	Purchases ($)^†	Sales ($)	Value ($) 12/31/2021	Dividends/ Distributions ($)
Registered Investment Companies - 2.3%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - 2.3%	7,330,027	82,511,295	(81,975,983)	7,865,339	3,338
Investment of Cash Collateral for Securities Loaned - 4.9%
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares - 4.9%	11,599,220	140,150,478	(135,349,492)	16,400,206	112,068	^††
Total - 7.2%	18,929,247	222,661,773	(217,325,475)	24,265,545	115,406

^† Includes reinvested dividends/distributions.

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2021



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments (including securities on loan, valued at $36,812,405)—Note 1(c):
Unaffiliated issuers	270,920,028	330,156,467
Affiliated issuers	24,265,545	24,265,545
Receivable for shares of Beneficial Interest subscribed		116,466
Receivable for investment securities sold		66,003
Dividends and securities lending income receivable		64,062
Prepaid expenses		4,999
		354,673,542
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)		223,174
Liability for securities on loan—Note 1(c)		16,400,206
Payable for shares of Beneficial Interest redeemed		91,671
Payable for investment securities purchased		42,638
Trustees’ fees and expenses payable		3,143
Other accrued expenses		86,526
		16,847,358
Net Assets ($)		337,826,184
Composition of Net Assets ($):
Paid-in capital		219,330,992
Total distributable earnings (loss)		118,495,192
Net Assets ($)		337,826,184


Net Asset Value Per Share	Initial Shares	Service Shares
Net Assets ($)	316,091,896	21,734,288
Shares Outstanding	5,471,953	396,810
Net Asset Value Per Share ($)	57.77	54.77

See notes to financial statements.

STATEMENT OF OPERATIONS

Year Ended December 31, 2021




Investment Income ($):
Income:
Cash dividends (net of $26,551 foreign taxes withheld at source):
Unaffiliated issuers					2,287,398
Affiliated issuers					3,338
Income from securities lending—Note 1(c)					112,068
Total Income					2,402,804
Expenses:
Investment advisory fee—Note 3(a)					2,528,255
Professional fees					103,981
Distribution fees—Note 3(b)					54,470
Prospectus and shareholders’ reports					42,070
Trustees’ fees and expenses—Note 3(c)					19,550
Chief Compliance Officer fees—Note 3(b)					14,276
Custodian fees—Note 3(b)					13,566
Loan commitment fees—Note 2					7,457
Shareholder servicing costs—Note 3(b)					1,352
Miscellaneous					25,861
Total Expenses					2,810,838
Investment (Loss)—Net					(408,034)
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments					64,142,601
Net change in unrealized appreciation (depreciation) on investments					(14,081,002)
Net Realized and Unrealized Gain (Loss) on Investments					50,061,599
Net Increase in Net Assets Resulting from Operations					49,653,565

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2021	2020
Operations ($):
Investment income (loss)—net	(408,034)	342,943
Net realized gain (loss) on investments	64,142,601	2,161,849
Net change in unrealized appreciation (depreciation) on investments	(14,081,002)	49,035,655
Net Increase (Decrease) in Net Assets Resulting from Operations	49,653,565	51,540,447
Distributions ($):
Distributions to shareholders:
Initial Shares	(342,095)	(1,469,047)
Service Shares	-	(66,238)
Total Distributions	(342,095)	(1,535,285)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Initial Shares	16,726,030	13,882,857
Service Shares	1,470,360	1,214,440
Distributions reinvested:
Initial Shares	342,095	1,469,047
Service Shares	-	66,238
Cost of shares redeemed:
Initial Shares	(33,340,521)	(36,150,285)
Service Shares	(2,872,363)	(2,247,850)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions	(17,674,399)	(21,765,553)
Total Increase (Decrease) in Net Assets	31,637,071	28,239,609
Net Assets ($):
Beginning of Period	306,189,113	277,949,504
End of Period	337,826,184	306,189,113
Capital Share Transactions (Shares):
Initial Shares
Shares sold	296,401	409,112
Shares issued for distributions reinvested	6,297	51,564
Shares redeemed	(594,724)	(927,661)
Net Increase (Decrease) in Shares Outstanding	(292,026)	(466,985)
Service Shares
Shares sold	27,690	36,881
Shares issued for distributions reinvested	-	2,444
Shares redeemed	(53,728)	(61,128)
Net Increase (Decrease) in Shares Outstanding	(26,038)	(21,803)

See notes to financial statements.

FINANCIAL HIGHLIGHTS



	Year Ended December 31,
Initial Shares	2021	2020	2019	2018	2017
Per Share Data ($):
Net asset value, beginning of period	49.66	41.78	41.20	60.91	49.44
Investment Operations:
Investment income (loss)—net^a	(.06)	.06	.26	(.06)	(.12)
Net realized and unrealized gain (loss) on investments	8.23	8.07	8.35	(9.48)	12.21
Total from Investment Operations	8.17	8.13	8.61	(9.54)	12.09
Distributions:
Dividends from investment income-net	(.06)	(.25)	-	-	-
Dividends from net realized gain on investments	-	-	(8.03)	(10.17)	(.62)
Total distributions	(.06)	(.25)	(8.03)	(10.17)	(.62)
Net asset value, end of period	57.77	49.66	41.78	41.20	60.91
Total Return (%)	16.46	19.89	21.78	(19.08)	24.69
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.82	.85	.84	.84	.85
Ratio of net investment income (loss) to average net assets	(.10)	.16	.64	(.12)	(.22)
Portfolio Turnover Rate	59.71	68.67	65.42	67.90	70.11
Net Assets, end of period ($ x 1,000)	316,092	286,250	260,321	146,730	189,582

^a Based on average shares outstanding.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)



	Year Ended December 31,
Service Shares	2021	2020	2019	2018	2017
Per Share Data ($):
Net asset value, beginning of period	47.15	39.65	39.53	58.98	48.01
Investment Operations:
Investment income (loss)—net^a	(.19)	(.03)	.16	(.19)	(.25)
Net realized and unrealized gain (loss) on investments	7.81	7.68	7.99	(9.09)	11.84
Total from Investment Operations	7.62	7.65	8.15	(9.28)	11.59
Distributions:
Dividends from investment income-net	-	(.15)	-	-	-
Dividends from net realized gain on investments	-	-	(8.03)	(10.17)	(.62)
Total distributions	-	(.15)	(8.03)	(10.17)	(.62)
Net asset value, end of period	54.77	47.15	39.65	39.53	58.98
Total Return (%)	16.16	19.58	21.49	(19.29)	24.37
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.07	1.10	1.09	1.09	1.10
Ratio of net investment income (loss) to average net assets	(.36)	(.09)	.41	(.37)	(.47)
Portfolio Turnover Rate	59.71	68.67	65.42	67.90	70.11
Net Assets, end of period ($ x 1,000)	21,734	19,939	17,628	15,291	20,322

^a Based on average shares outstanding.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

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. Effective September 1, 2021 (the “Effective Date”), the Adviser has engaged its affiliate, Newton Investment Management North America, LLC (the “Sub-Adviser”) as the fund’s sub-investment adviser pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser. As the fund’s sub-investment adviser, the Sub-Adviser provides the day-to-day management of the fund’s investments, subject to the Adviser’s supervision and approval. The Adviser (and not the fund) pays the Sub-Adviser for its sub-advisory services. As of the Effective Date, portfolio managers responsible for managing the fund’s investments who were employees of Mellon Investments Corporation (“Mellon”) in a dual employment arrangement with the Adviser, have become employees of the Sub-Adviser, and are no longer employees of Mellon.

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 has identical rights and privileges, except with respect to the Distribution Plan, and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

NOTES TO FINANCIAL STATEMENTS (continued)

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

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

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS (continued)

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 December 31, 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	325,265,236	-	-	325,265,236
Exchange-Traded Funds	4,891,231	-	-	4,891,231
Investment Companies	24,265,545	-	-	24,265,545

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

managed by the Adviser, or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. During the period ended December 31, 2021, The Bank of New York Mellon earned $15,275 from the lending of the fund’s portfolio securities, pursuant to the securities lending agreement.

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

NOTES TO FINANCIAL STATEMENTS (continued)

(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 four-year period ended December 31, 2021 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $16,288,499, undistributed capital gains $43,530,432 and unrealized appreciation $58,676,261.

The tax character of distributions paid to shareholders during the fiscal periods ended December 31, 2021 and December 31, 2020 were as follows: ordinary income $342,095 and $1,535,285, respectively.

NOTE 2—Bank Lines of Credit:

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

NOTES TO FINANCIAL STATEMENTS (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 December 31, 2021, the fund was charged $1,158 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 $211,148, Distribution Plan fees of $4,517, custodian fees of $3,600, Chief Compliance Officer fees of $3,627 and transfer agency fees of $282.

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

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended December 31, 2021, amounted to $195,581,221 and $214,047,545, respectively.

At December 31, 2021, the cost of investments for federal income tax purposes was $295,745,751; accordingly, accumulated net unrealized appreciation on investments was $58,676,261, consisting of $84,232,573 gross unrealized appreciation and $25,556,312 gross unrealized depreciation.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of Opportunistic Small Cap Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Opportunistic Small Cap Portfolio (the “Fund”) (one of the funds constituting BNY Mellon Variable Investment Fund), including the statements of investments and investments in affiliated issuers, as of December 31, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting BNY Mellon Variable Investment Fund) at December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

New York, New York
February 8, 2022

IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the portfolio hereby reports 99.47% of the ordinary dividends paid during the fiscal year ended December 31, 2021 as qualifying for the corporate dividends received deduction. Shareholders will receive notification in early 2022 of the percentage applicable to the preparation of their 2021 income tax returns.

BOARD MEMBERS INFORMATION (Unaudited)

Independent Board Members

Joseph S. DiMartino (78)

Chairman of the Board (1995)

Principal Occupation During Past 5 Years:

· Director or Trustee of funds in the BNY Mellon Family of Funds and certain other entities (as described in the fund’s Statement of Additional Information) (1995-Present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ, Inc., a public company providing professional business services, products and solutions, Director (1997-Present)

No. of Portfolios for which Board Member Serves: 96

———————

Peggy C. Davis (78)

Board Member (2006)

Principal Occupation During Past 5 Years:

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

No. of Portfolios for which Board Member Serves: 34

———————

Gina D. France (63)

Board Member (2019)

Principal Occupation During Past 5 Years:

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

Other Public Company Board Memberships During Past 5 Years:

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

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

· CBIZ, Inc., a public company providing professional business services, products and solutions, Director (2015-Present)

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

No. of Portfolios for which Board Member Serves: 24

———————

Joan Gulley (74)

Board Member (2017)

Principal Occupation During Past 5 Years:

· Nantucket Atheneum, public library, Chair (2018-June 2021) and Director (2015-June 2021)

· Orchard Island Club, golf and beach club, Governor (2016-Present)

No. of Portfolios for which Board Member Serves: 42

———————

BOARD MEMBERS INFORMATION (Unaudited) (continued)

Robin A. Melvin (58)

Board Member (2012)

Principal Occupation During Past 5 Years:

· Westover School, a private girls’ boarding school in Middlebury, Connecticut, Trustee (2019-Present)

· Mentor Illinois, a non-profit organization dedicated to increasing the quality of mentoring services in Illinois, Co-Chair (2014–2020); Board Member, Mentor Illinois (2013-2020)

· JDRF, a non-profit juvenile diabetes research foundation, Board Member (June 2021-Present)

Other Public Company Board Memberships During Past 5 Years:

· HPS Corporate Lending Fund, a closed-end management investment company regulated as a business development company, Trustee (August 2021-Present)

No. of Portfolios for which Board Member Serves: 74

———————

David P.Feldman, Emeritus Board Member
Ehud Houminer, Emeritus Board Member
Lynn Martin, Emeritus Board Member
Dr. Martin Peretz, Emeritus Board Member
Philip L. Toia, Emeritus Board Member

OFFICERS OF THE FUND (Unaudited)

DAVID DIPETRILLO, President since January 2021.

JAMES WINDELS, Treasurer since November 2001.

PETER M. SULLIVAN, Chief Legal Officer since July 2021 and Vice President and Assistant Secretary since March 2019.

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

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

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

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

AMANDA QUINN, Vice President and Assistant Secretary since March 2020.

OFFICERS OF THE FUND (Unaudited) (continued)

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

GAVIN C. REILLY, Assistant Treasurer since December 2005.

ROBERT SALVIOLO, Assistant Treasurer since July 2007.

ROBERT SVAGNA, Assistant Treasurer since December 2002.

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

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

This page intentionally left blank.

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

Sub-Adviser

Newton Investment Management

North America, LLC

BNY Mellon Center

201 Washington Place

Boston, MA 02108

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


© 2022 BNY Mellon Securities Corporation 0121AR1221

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.

Item 3. Audit Committee Financial Expert.

The Registrant's Board has determined that Gina D. France, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Ms. France is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $139,412 in 2020 and $139,412 in 2021.

(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $45,186 in 2020 and $31,535 in 2021. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $0 in 2020 and $0 in 2021.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $12,416 in 2020 and $19,008 in 2021. These services consisted of: (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held, and (iv) determination of Passive Foreign Investment Companies. The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval by the Audit Committee were $0 in 2020 and $12,369 in 2021.

(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2020 and $201 in 2021. These services consisted of a review of the Registrant's anti-money laundering program.

The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee, were $0 in 2020 and $0 in 2021.

(e)(1) Audit Committee Pre-Approval Policies and Procedures. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. The pre-approved services in the Policy can include pre-approved audit services, pre-approved audit-related services, pre-approved tax services and pre-approved all other services. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.

(e)(2) Note. None of the services described in paragraphs (b) through (d) of this Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) None of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $1,264,899 in 2020 and $3,095,435 in 2021.

Auditor Independence. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence.

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) Code of ethics referred to in Item 2.

(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: February 7, 2022

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: February 7, 2022

By: /s/ James Windels

James Windels

Treasurer (Principal Financial Officer)

Date: February 7, 2022

EXHIBIT INDEX

(a)(1) Code of ethics referred to in Item 2.

(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-CSRCertified annual shareholder report (management investment company)