-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LGGif70y40vmyXicoWNeE7RK34CQuSmOjGcRKI+xpJXeeQzzF7Kdw0Y4ds+nKh9y 6ibWeGvN9s3rEkPLCYOA6A== 0000813383-09-000013.txt : 20090528 0000813383-09-000013.hdr.sgml : 20090528 20090528155813 ACCESSION NUMBER: 0000813383-09-000013 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20090331 FILED AS OF DATE: 20090528 DATE AS OF CHANGE: 20090528 EFFECTIVENESS DATE: 20090528 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS VARIABLE INVESTMENT FUND CENTRAL INDEX KEY: 0000813383 IRS NUMBER: 133685668 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-05125 FILM NUMBER: 09857558 BUSINESS ADDRESS: STREET 1: THE DREYFUS CORPORATION STREET 2: 200 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2129226832 MAIL ADDRESS: STREET 1: C/O DREYFUS CORP STREET 2: 200 PARK AVENUE, 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10166 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS VARIABLE LIFE INVESTMENT FUND DATE OF NAME CHANGE: 19890925 0000813383 S000001912 Appreciation Portfolio C000005030 Appreciation Portfolio - Initial Shares C000005036 Appreciation Portfolio - Service Shares 0000813383 S000001917 Developing Leaders Portfolio C000005060 Developing Leaders Portfolio - Initial Shares C000005061 Developing Leaders Portfolio - Service Shares 0000813383 S000001919 Growth and Income Portfolio C000005064 Growth and Income Portfolio - Initial Shares C000005065 Growth and Income Portfolio - Service Shares 0000813383 S000001920 International Equity Portfolio C000005066 International Equity Portfolio - Initial Shares C000005067 International Equity Portfolio - Service Shares 0000813383 S000001921 International Value Portfolio C000005068 International Value Portfolio - Initial Shares C000005069 International Value Portfolio - Service Shares 0000813383 S000001923 Money Market Portfolio C000005072 Money Market Portfolio 0000813383 S000001924 Quality Bond Portfolio C000005073 Quality Bond Portfolio - Initial Shares C000005074 Quality Bond Portfolio - Service Shares N-Q 1 form117.htm FORM N-Q form117.htm - Generated by SEC Publisher for SEC Filing

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT 
INVESTMENT COMPANY

Investment Company Act file number  811-5125 

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

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

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

Registrant's telephone number, including area code:  (212) 922-6000 
Date of fiscal year end:  12/31   
Date of reporting period:  3/31/09   

FORM N-Q

Item 1.  Schedule of Investments. 

 

STATEMENT OF INVESTMENTS 
Dreyfus Variable Investment Fund, Appreciation Portfolio 
March 31, 2009 (Unaudited) 

Common Stocks--98.3%  Shares  Value ($) 
Consumer Discretionary--9.3%     
Christian Dior  72,700 a  3,986,731 
McDonald's  178,700  9,751,659 
McGraw-Hill Cos.  190,000  4,345,300 
News, Cl. A  529,836  3,507,514 
News, Cl. B  8,600 a  66,220 
Polo Ralph Lauren  34,900 a  1,474,525 
Target  179,500  6,173,005 
    29,304,954 
Consumer Staples--20.3%     
Altria Group  542,000  8,682,840 
Estee Lauder, Cl. A  56,800 a  1,400,120 
Philip Morris International  542,000  19,284,360 
Procter & Gamble  319,200  15,031,128 
SYSCO  87,400  1,992,720 
Wal-Mart Stores  97,300  5,069,330 
Walgreen  432,300  11,222,508 
Whole Foods Market  61,200 a  1,028,160 
    63,711,166 
Energy--20.4%     
Chevron  222,000  14,927,280 
ConocoPhillips  187,800  7,354,248 
Exxon Mobil  340,164  23,165,168 
Halliburton  87,400  1,352,078 
Occidental Petroleum  122,300  6,805,995 
Royal Dutch Shell, ADR  77,200  3,419,960 
Total, ADR  104,800  5,141,488 
Transocean   36,675 a,b  2,157,957 
    64,324,174 
Financial--1.6%     
Bank of America  200,716  1,368,883 
HSBC Holdings (Rights)   18,208 a,b  184,189 
HSBC Holdings, ADR  43,700 a  1,233,214 
JPMorgan Chase & Co.  87,500  2,325,750 
    5,112,036 
Food & Beverages--15.7%     
Coca-Cola  524,700  23,060,565 
Nestle, ADR  449,000  15,063,950 
PepsiCo  220,900  11,371,932 
    49,496,447 
Health Care--11.9%     
Abbott Laboratories  245,200  11,696,040 
Johnson & Johnson  305,200  16,053,520 
Medtronic  56,800  1,673,896 
Merck & Co.  152,300  4,074,025 
Roche Holding, ADR  111,800  3,845,920 
    37,343,401 
Industrial--4.3%     
Caterpillar  43,700  1,221,852 
Emerson Electric  70,100  2,003,458 
Fluor  69,800  2,411,590 
General Dynamics  18,000  748,620 
General Electric  437,300  4,421,103 

United Technologies  64,000  2,750,720 
    13,557,343 
Information Technology--12.1%     
Apple  55,000 b  5,781,600 
Automatic Data Processing  94,800  3,333,168 
Cisco Systems  222,200 b  3,726,294 
Intel  921,500  13,868,575 
Microsoft  307,000  5,639,590 
QUALCOMM  78,600  3,058,326 
Texas Instruments  164,700  2,719,197 
    38,126,750 
Materials--2.7%     
Freeport-McMoRan Copper & Gold  15,000  571,650 
Praxair  105,700  7,112,553 
Rio Tinto, ADR  5,000 a  670,300 
    8,354,503 
Total Common Stocks     
       (cost $302,779,924)    309,330,774 
 
Other Investment--.9%     
Registered Investment Company;     
Dreyfus Institutional Preferred     
       Plus Money Market Fund     
       (cost $2,790,000)  2,790,000 c  2,790,000 
 
Investment of Cash Collateral for     
Securities Loaned--3.5%     
Registered Investment Company;     
Dreyfus Institutional Cash     
       Advantage Fund     
       (cost $10,904,576)  10,904,576 c  10,904,576 
 
Total Investments (cost $316,474,500)  102.7%  323,025,350 
Liabilities, Less Cash and Receivables  (2.7%)  (8,389,862) 
Net Assets  100.0%  314,635,488 

ADR - American Depository Receipts

a  All or a portion of these securities are on loan. At March 31, 2009, the total market value of the portfolio's securities on 
  loan is $10,814,713 and the total market value of the collateral held by the portfolio is $10,904,576. 
b  Non-income producing security. 
c  Investment in affiliated money market mutual fund. 

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $316,474,500.

Net unrealized appreciation on investments was $6,550,850 of which $66,944,653 related to appreciated investment securities and $60,393,803 related to depreciated investment securities.

Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard No. 157 (FAS 157), Fair Value Measurements.

These inputs are summarized in the three broad levels listed below.

  Level 1 - quoted prices in active markets for identical investments.
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.)
Level 3 - significant unobservable inputs (including 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 .

The following is a summary of the inputs used as of March 31, 2009 in valuing the fund's investments:

      Level 3 -   
  Level 1 -  Level 2 - Other  Significant   
  Quoted  Significant Observable  Unobservable   
Assets ($)  Prices  Inputs  Inputs  Total 
Investment in Securities  304,115,480  18,909,870  0  323,025,350 
Other Financial Instruments+  0  0  0  0 
Liabilities ($)         
Other Financial Instruments+  0  0  0  0 

† Other financial instruments include derivative instruments, such as futures, forward currency exchange contracts, swap contracts and options contracts. Amounts shown represents unrealized appreciation (depreciation) at period end.

Portfolio valuation: Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. 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, except for open short positions, where the asked price is 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. When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair va lue, 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 portfolio calculates its net asset value, the portfolio may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. 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 contracts. For other securities that are fair valued by the Board of Trustees, certain factors may be considered 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. Fin ancial futures are valued at the last sales price. Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange. Forward currency exchange contracts are valued at the forward rate.

Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, the portfolio may lend securities to qualified institutions. It is the portfolio’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by Dreyfus, U.S. Government and Agency securities or letters of credit. The portfolio is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the portfolio bear s the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

STATEMENT OF INVESTMENTS 
Dreyfus Variable Investment Fund, Developing Leaders Portfolio 
March 31, 2009 (Unaudited) 

Common Stocks--99.7%  Shares  Value ($) 
Commercial & Professional Services--8.6%     
ABM Industries   10,100  165,640 
Anixter International   16,500 a,b  522,720 
Applied Industrial Technologies   36,400  614,068 
ATC Technology   58,600 b  656,320 
Beacon Roofing Supply   45,500 a,b  609,245 
Concur Technologies   24,100 a,b  462,479 
Cross Country Healthcare   84,900 a,b  556,095 
Gartner   35,800 a,b  394,158 
MPS Group  139,800 b  831,810 
MWI Veterinary Supply     6,500 b  185,120 
Nash Finch   12,800  359,552 
On Assignment   45,300 b  122,763 
ScanSource   24,800 b  460,784 
School Specialty   11,400 a,b  200,526 
Standard Register   46,400 a  212,512 
Sykes Enterprises   72,100 b  1,199,023 
TeleTech Holdings  121,700 b  1,325,313 
Viad   25,500  360,060 
VistaPrint   24,600 a,b  676,254 
World Fuel Services   19,400 a  613,622 
Wright Express   13,300 b  242,326 
    10,770,390 
Communications--2.2%     
NTELOS Holdings   55,700  1,010,398 
Starent Networks   70,700 a,b  1,117,767 
Syniverse Holdings   16,500 b  260,040 
USA Mobility   45,500 b  419,055 
    2,807,260 
Consumer Durables--3.1%     
Fossil   58,500 b  918,450 
Fuel Systems Solutions   33,200 a,b  447,536 
M/I Homes   55,800  390,042 
Meritage Homes   33,700 a,b  384,854 
Mine Safety Appliances     7,800  156,156 
Polaris Industries   34,200 a  733,248 
WMS Industries   43,000 a,b  899,130 
    3,929,416 
Consumer Non-Durables--4.7%     
American Greetings, Cl. A   89,500  452,870 
Cal-Maine Foods   43,400 a  971,726 
Chattem     7,000 a,b  392,350 
Deckers Outdoor   10,000 b  530,400 
J & J Snack Foods     7,300  252,507 
M & F Worldwide   58,800 b  688,548 
Oxford Industries   66,600  410,922 
Perry Ellis International   58,300 b  201,718 
True Religion Apparel   26,200 a,b  309,422 
Under Armour, Cl. A     8,700 a,b  142,941 
Universal   37,400 a  1,119,008 
Warnaco Group   15,600 b  374,400 
    5,846,812 

Consumer Services--3.7%     
Bally Technologies   17,100 b  314,982 
Bidz.com   60,200 a,b  242,004 
California Pizza Kitchen   20,400 b  266,832 
CEC Entertainment   16,700 b  432,196 
Cox Radio, Cl. A   33,100 a,b  135,710 
Jack in the Box   38,700 a,b  901,323 
P.F. Chang's China Bistro   54,000 a,b  1,235,520 
Peet's Coffee & Tea   24,500 b  529,690 
Pre-Paid Legal Services   20,600 a,b  598,018 
    4,656,275 
Electronic Technology--9.2%     
Anaren   33,900 b  370,866 
Avocent   43,600 b  529,304 
Cognex   85,100  1,136,085 
CTS   61,500  222,015 
Daktronics   16,700 a  109,385 
Dionex   13,400 b  633,150 
DynCorp International, Cl. A   10,100 b  134,633 
Imation   18,800  143,820 
Intermec   13,900 b  144,560 
Intevac   80,900 b  421,489 
Methode Electronics   41,200  147,496 
Microsemi   32,200 b  373,520 
Multi-Fineline Electronix   38,100 b  641,604 
OmniVision Technologies   75,800 b  509,376 
Oplink Communications   61,400 b  472,780 
Orbital Sciences   91,900 b  1,092,691 
Pericom Semiconductor  107,900 b  788,749 
Polycom   38,000 b  584,820 
Skyworks Solutions   93,600 a,b  754,416 
Standard Microsystems   48,200 b  896,520 
TTM Technologies   65,200 a,b  378,160 
Ultratech   15,500 b  193,595 
Volterra Semiconductor   94,900 b  800,956 
    11,479,990 
Energy Minerals--1.6%     
Arena Resources  5,500 b  140,140 
Berry Petroleum, Cl. A   14,900  163,304 
Comstock Resources   11,300 b  336,740 
Contango Oil & Gas   20,400 a,b  799,680 
McMoRan Exploration   59,700 a,b  280,590 
Stone Energy   47,701 b  158,844 
VAALCO Energy   23,400 b  123,786 
    2,003,084 
Finance--16.9%     
Amerisafe   38,100 b  583,692 
AmTrust Financial Services   67,000  639,850 
Aspen Insurance Holdings   65,100  1,462,146 
Bank Mutual   17,100  154,926 
BankFinancial   15,900  158,523 
Cash America International      8,200  128,412 
Community Bank System   22,100  370,175 
Compass Diversified Holdings   50,600  451,352 
CorVel   16,500 b  333,630 
Delphi Financial Group, Cl. A   45,100  607,046 
EZCORP, Cl. A   55,900 b  646,763 
Financial Federal     8,200 a  173,676 

First BanCorp/Puerto Rico   64,500  274,770 
First Financial Bancorp   66,300  631,839 
First Merchants   20,400  220,116 
FirstMerit   83,800  1,525,160 
Hercules Technology Growth Capital   51,743  258,715 
Interactive Brokers Group, Cl. A   60,500 b  975,865 
IPC Holdings     9,300  251,472 
Knight Capital Group, Cl. A   78,800 b  1,161,512 
National Penn Bancshares  125,128 a  1,038,562 
Northwest Bancorp   10,500 a  177,450 
Old National Bancorp   62,400 a  697,008 
Old Second Bancorp   50,900 a  323,215 
optionsXpress Holdings   54,000  613,980 
Pacific Capital Bancorp   71,000  480,670 
PacWest Bancorp   58,000  831,140 
PICO Holdings   11,600 b  348,812 
Platinum Underwriters Holdings   24,400  691,984 
PMA Capital, Cl. A   56,200 b  234,354 
Prospect Capital   23,100  196,812 
RSC Holdings   96,700 a,b  508,642 
Signature Bank     4,900 b  138,327 
Southside Bancshares   21,500  406,350 
Susquehanna Bancshares   95,400 a  890,082 
SVB Financial Group   36,800 a,b  736,368 
UMB Financial     4,500  191,205 
United Bankshares   20,400 a  351,696 
Universal American Financial   46,300 b  392,161 
WesBanco   17,300 a  394,959 
World Acceptance   12,900 b  220,590 
WSFS Financial   14,200  317,512 
    21,191,519 
Health Care Technology--12.1%     
Acorda Therapeutics     5,600 b  110,936 
Alnylam Pharmaceuticals   16,000 a,b  304,640 
American Medical Systems Holdings   18,300 b  204,045 
American Oriental Bioengineering   85,700 a,b  330,802 
Analogic   10,500  336,210 
AngioDynamics   38,200 b  429,368 
CONMED   61,900 b  891,979 
Cubist Pharmaceuticals   10,000 b  163,600 
Cyberonics   29,100 b  386,157 
Cynosure, Cl. A   84,672 b  515,653 
Idera Pharmaceuticals   21,900 a,b  141,693 
Invacare   24,700  395,941 
Isis Pharmaceuticals   48,800 a,b  732,488 
Kensey Nash   31,200 b  663,624 
Martek Biosciences   61,000 a,b  1,113,250 
Maxygen   64,900 b  441,320 
Medivation   10,900 a  199,143 
Merit Medical Systems   17,400 b  212,454 
Momenta Pharmaceuticals  131,400 a,b  1,446,714 
Myriad Genetics   25,400 b  1,154,938 
OSI Pharmaceuticals   15,900 b  608,334 
PDL BioPharma   53,600  379,488 
Progenics Pharmaceuticals   24,900 a,b  164,091 
Regeneron Pharmaceuticals   56,800 b  787,248 
Sirona Dental Systems   64,600 a,b  925,072 
Somanetics   15,800 b  239,844 

STERIS   18,100  421,368 
Theravance   11,700 a,b  198,900 
ViroPharma  138,600 a,b  727,650 
Vnus Medical Technologies   16,900 b  359,463 
Zoll Medical     8,900 b  127,804 
    15,114,217 
Industrial Services--2.6%     
Dycom Industries   31,300 b  181,227 
EMCOR Group   46,700 a,b  801,839 
Gulf Island Fabrication   26,000  208,260 
Insituform Technologies, Cl. A   14,600 b  228,344 
Lufkin Industries     8,100  306,828 
Matrix Service   21,100 b  173,442 
Michael Baker   37,900 b  985,400 
Orion Marine Group   12,500 b  163,750 
Perini   19,400 b  238,620 
    3,287,710 
Non-Energy Minerals--1.4%     
Royal Gold     9,800 a  458,248 
Universal Forest Products   31,200  830,232 
Worthington Industries   47,900 a  417,209 
    1,705,689 
Oil & Gas Exploration & Production--.5%     
Clayton Williams Energy     9,200 b  269,008 
EXCO Resources   33,800 b  338,000 
    607,008 
Oil & Gas Products/Services--.1%     
CARBO Ceramics     4,400 a  125,136 
Process Industries--4.2%     
Darling International   77,300 b  286,783 
Glatfelter  147,900  922,896 
Grace (W.R.) & Co.   32,800 b  207,296 
GrafTech International  120,700 b  743,512 
H.B. Fuller   11,000  143,000 
Innophos Holdings   58,500  659,880 
Minerals Technologies   32,400  1,038,420 
Olin   39,500  563,665 
Schulman (A.)   21,600  292,680 
Terra Industries   13,400  376,406 
    5,234,538 
Producer Manufacturing--6.0%     
A.O. Smith   25,400  639,572 
Aaon   28,500 a  516,420 
Acuity Brands     5,000 a  112,700 
Baldor Electric   21,300 a  308,637 
Cascade     9,900  174,537 
Chart Industries   60,800 b  479,104 
CIRCOR International   30,600  689,112 
Columbus McKinnon   17,100 b  149,112 
DXP Enterprises   20,400 b  210,732 
Energy Conversion Devices   19,000 a,b  252,130 
Federal Signal   18,400  96,968 
Gibraltar Industries   21,100  99,592 
Insteel Industries   68,900  479,544 
Kadant   15,800 b  182,016 
Knoll   68,500  419,905 
L.B. Foster, Cl. A   33,000 b  819,390 
Mueller Industries   10,400  225,576 

NCI Building Systems   45,200 a,b  100,344 
Regal-Beloit     8,400 a  257,376 
Robbins & Myers   18,400  279,128 
Tecumseh Products, Cl. A   23,700 b  107,124 
Tredegar   34,600  565,018 
Wabtec     7,900  208,402 
    7,372,439 
Retail Trade--5.3%     
Aeropostale   47,100 a,b  1,250,976 
America's Car-Mart   30,700 b  417,213 
Casey's General Stores   11,200  298,592 
Children's Place Retail Stores   38,900 a,b  851,521 
Fred's, Cl. A   17,800  200,784 
Genesco   12,100 a,b  227,843 
Jo-Ann Stores   36,100 b  589,874 
JoS. A. Bank Clothiers   25,100 a,b  698,031 
Pantry   56,200 b  989,682 
Regis   16,300  235,535 
Shoe Carnival   17,400 b  180,090 
Systemax   54,000 b  697,680 
    6,637,821 
Technology Services--10.8%     
Albany Molecular Research   81,800 b  771,374 
AMERIGROUP   41,200 b  1,134,648 
Arris Group   30,800 b  226,996 
Black Box   18,200  429,702 
CACI International, Cl. A   20,900 b  762,641 
Cass Information Systems     4,600 a  149,178 
Centene   40,100 b  722,602 
Cogent Communications Group   34,800 b  250,560 
Earthlink   26,000 b  170,820 
Emergency Medical Services, Cl. A     3,500 b  109,865 
HEALTHSOUTH   22,100 b  196,248 
InfoSpace   96,000 b  499,200 
JDA Software Group   95,900 b  1,107,645 
Manhattan Associates   78,700 b  1,363,084 
Micros Systems   16,100 b  301,875 
Net 1 UEPS Technologies   36,900 b  561,249 
PharMerica   69,300 b  1,153,152 
Quality Systems     7,200 a  325,800 
Sohu.com   16,100 a,b  665,091 
SPSS   42,000 b  1,194,060 
Tyler Technologies   27,400 b  400,862 
VASCO Data Security International   45,300 b  261,381 
Vignette   97,100 b  648,628 
Wind River Systems   22,500 b  144,000 
    13,550,661 
Transportation--2.1%     
Celadon Group   21,300 b  118,215 
Knightsbridge Tankers   76,400  1,111,620 
Nordic American Tanker Shipping   10,700 a  313,510 
Pacer International  106,900  374,150 
Saia   15,000 b  179,250 
Ship Finance International   40,500 a  265,680 
Werner Enterprises   17,000  257,040 
    2,619,465 
Utilities--4.6%     
Avista   38,900  536,042 

CH Energy Group  3,200 a  150,080 
Cleco  15,000  325,350 
El Paso Electric  92,400  1,301,916 
Nicor  10,600  352,238 
NorthWestern  14,200  305,016 
Ormat Technologies  20,300 a  557,438 
Piedmont Natural Gas  55,200 a  1,429,128 
PNM Resources  60,900  503,034 
UIL Holdings  14,500  323,640 
    5,783,882 
Total Common Stocks     
         (cost $201,109,525)    124,723,312 
 
Other Investment--.8%     
Registered Investment Company;     
Dreyfus Institutional Preferred     
         Plus Money Market Fund     
         (cost $1,015,000)  1,015,000 c  1,015,000 
Investment of Cash Collateral for     
Securities Loaned--19.6%     
Registered Investment Company;     
Dreyfus Institutional Cash     
         Advantage Fund     
         (cost $24,569,940)  24,569,940 c  24,569,940 
Total Investments (cost $226,694,465)  120.1%  150,308,252 
Liabilities, Less Cash and Receivables  (20.1%)  (25,128,013) 
Net Assets  100.0%  125,180,239 

a      All or a portion of these securities are on loan. At March 31, 2009, the total market value of the portfolio's securities on loan is $24,019,070 and the total market value of the collateral held by the portfolio is $24,569,940.
b      Non-income producing security.
c      Investment in affiliated money market mutual fund.

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $226,694,465. Net unrealized depreciation on investments was $76,386,213 of which $3,140,615 related to appreciated investment securities and $79,526,828 related to depreciated investment securities.

Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard No. 157 (FAS 157), Fair Value Measurements.

These inputs are summarized in the three broad levels listed below.

  Level 1 - quoted prices in active markets for identical investments.
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.)
Level 3 - significant unobservable inputs (including 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 .

The following is a summary of the inputs used as of March 31, 2009 in valuing the fund's investments:


† Other financial instruments include derivative instruments, such as futures, forward currency exchange contracts, swap contracts and options contracts. Amounts shown represents unrealized appreciation (depreciation) at period end.

Portfolio valuation: Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. 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, except for open short positions, where the asked price is 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. When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair va lue, 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 portfolio calculates its net asset value, the portfolio may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. 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 contracts. For other securities that are fair valued by the Board of Trustees, certain factors may be considered 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. Fi nancial futures are valued at the last sales price.

Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, the portfolio may lend securities to qualified institutions. It is the portfolio’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 Manager, U.S. Government and Agency securities or letters of credit. The portfolio is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the portfolio bears the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

STATEMENT OF INVESTMENTS 
Dreyfus Variable Investment Fund, Growth And Income Portfolio 
March 31, 2009 (Unaudited) 

Common Stocks--98.9%  Shares  Value ($) 
Consumer Discretionary--9.9%     
American Eagle Outfitters  16,060  196,574 
Best Buy  14,456  548,750 
Carnival  29,702  641,563 
Darden Restaurants  6,430  220,292 
Home Depot  79,798  1,880,041 
Johnson Controls  14,620  175,440 
Kohl's  5,300 a  224,296 
Macy's  17,200  153,080 
McDonald's  2,820  153,887 
News, Cl. A  117,800  779,836 
O'Reilly Automotive  5,150 a  180,302 
Omnicom Group  23,980  561,132 
Ross Stores  5,320  190,882 
Staples  13,790  249,737 
Time Warner  35,900  692,870 
Time Warner Cable  9,011  223,479 
    7,072,161 
Consumer Staples--13.7%     
Cadbury, ADR  12,650  383,295 
Colgate-Palmolive  9,567  564,262 
CVS Caremark  39,209  1,077,855 
Energizer Holdings  6,910 a  343,358 
Kraft Foods, Cl. A  31,030  691,659 
Lorillard  15,750  972,405 
PepsiCo  39,310  2,023,679 
Philip Morris International  54,265  1,930,749 
Wal-Mart Stores  28,528  1,486,309 
Walgreen  11,960  310,482 
    9,784,053 
Energy--12.2%     
Cameron International  8,990 a  197,151 
Chevron  29,778  2,002,273 
Devon Energy  4,220  188,592 
Exxon Mobil  12,256  834,634 
Halliburton  14,020  216,889 
Hess  8,434  457,123 
Marathon Oil  6,970  183,241 
National Oilwell Varco  10,530 a  302,316 
Noble Energy  5,300  285,564 
Occidental Petroleum  39,250  2,184,263 
Southwestern Energy  14,490 a  430,208 
Transocean  3,710 a  218,296 
XTO Energy  40,460  1,238,885 
    8,739,435 

Financial--12.8%     
Aflac  4,480  86,733 
Ameriprise Financial  8,040  164,740 
Bank of America  38,030  259,365 
Chubb  13,310  563,279 
Fidelity National Financial, Cl. A  34,270  668,608 
Franklin Resources  17,620  949,189 
Goldman Sachs Group  3,180  337,144 
Invesco  29,340  406,652 
JPMorgan Chase & Co.  69,356  1,843,482 
Marsh & McLennan Cos.  12,340  249,885 
MetLife  21,650  492,971 
Moody's  27,750  636,030 
Morgan Stanley  16,390  373,200 
Northern Trust  8,910  532,996 
Prudential Financial  7,220  137,324 
State Street  8,170  251,473 
Travelers Cos.  14,200  577,088 
Wells Fargo & Co.  42,750  608,760 
    9,138,919 
Health Care--13.5%     
Abbott Laboratories  16,492  786,668 
Alexion Pharmaceuticals  5,500 a  207,130 
AmerisourceBergen  6,350  207,391 
Amgen  3,350 a  165,892 
Baxter International  8,920  456,882 
Biogen Idec  6,310 a  330,770 
Boston Scientific  31,930 a  253,843 
Celgene  8,340 a  370,296 
Cephalon  2,590 a,b  176,379 
Covidien  5,008  166,466 
Genzyme  5,820 a  345,650 
Gilead Sciences  14,200 a  657,744 
Life Technologies  7,093 a  230,381 
McKesson  5,750  201,480 
Medco Health Solutions  8,430 a  348,496 
Merck & Co.  43,050  1,151,588 
Owens & Minor  5,500  182,215 
Pfizer  139,119  1,894,801 
Schering-Plough  19,240  453,102 
St. Jude Medical  10,370 a  376,742 
UnitedHealth Group  12,540  262,462 
Vertex Pharmaceuticals  8,200 a  235,586 
Zimmer Holdings  4,420 a  161,330 
    9,623,294 
Industrial--8.1%     
Cummins  13,090  333,140 
Danaher  6,890  373,576 
Dover  11,840  312,339 
Eaton  7,970  293,774 
General Electric  61,040  617,114 

Goodrich   4,610  174,673 
Honeywell International  18,900  526,554 
Illinois Tool Works  16,350  504,398 
Lockheed Martin   9,100  628,173 
Norfolk Southern  16,960  572,400 
Paccar  13,850 b  356,776 
Parker Hannifin   7,280  247,374 
Union Pacific   6,757  277,780 
United Parcel Service, Cl. B   4,690  230,842 
Waste Management  12,799 b  327,654 
    5,776,567 
Information Technology--20.2%     
Accenture, Cl. A  12,500  343,625 
Akamai Technologies  19,235 a  373,159 
Altera  17,113  300,333 
Amphenol, Cl. A   8,010  228,205 
Apple  11,373 a  1,195,530 
BMC Software   9,680 a  319,440 
Broadcom, Cl. A  22,198 a  443,516 
Cisco Systems  31,220 a  523,559 
Dolby Laboratories, Cl. A   8,140 a  277,655 
Electronic Arts  16,148 a  293,732 
Google, Cl. A   2,663 a  926,884 
Hewlett-Packard  41,687  1,336,485 
Intel  14,908  224,365 
International Business Machines  15,590  1,510,515 
Intuit  13,870 a  374,490 
Juniper Networks  13,260 a  199,696 
Lam Research  14,230 a  324,017 
Microsoft  24,887  457,174 
Motorola  52,440  221,821 
Nokia, ADR  68,110  794,844 
Oracle  51,240  925,907 
QUALCOMM  38,035  1,479,942 
Symantec  18,820 a  281,171 
Taiwan Semiconductor     
      Manufacturing, ADR  52,930  473,724 
Visa, Cl. A  11,739  652,688 
    14,482,477 
Materials--3.0%     
Air Products & Chemicals   2,520  141,750 
Freeport-McMoRan Copper & Gold  14,267  543,715 
Monsanto   7,969  662,224 
Packaging Corp. of America  14,110  183,712 
Potash Corp of Saskatchewan   2,560  206,874 
Praxair   6,119  411,748 
    2,150,023 
Telecommunication Services--2.1%     
AT & T  29,170  735,084 
Metropcs Communications  16,760 a  286,261 
Verizon Communications   2,920  88,184 

Windstream  53,140  428,308 
    1,537,837 
Utilities--3.4%     
Entergy  10,410  708,817 
Exelon  11,300  512,907 
FPL Group  4,110  208,500 
NRG Energy   12,150 a,b  213,840 
PG & E  5,420  207,152 
Questar  19,220  565,645 
    2,416,861 
Total Common Stocks     
       (cost $79,107,585)    70,721,627 
 
Other Investment--.4%     
Registered Investment Company;     
Dreyfus Institutional Preferred     
       Plus Money Market Fund     
       (cost $333,000)  333,000 c  333,000 
 
Investment of Cash Collateral for     
Securities Loaned--1.4%     
Registered Investment Company;     
Dreyfus Institutional Cash     
       Advantage Fund     
       (cost $984,525)  984,525 c  984,525 
 
Total Investments (cost $80,425,110)  100.7%  72,039,152 
Liabilities, Less Cash and Receivables  (.7%)  (509,455) 
Net Assets  100.0%  71,529,697 

ADR - American Depository Receipts

a      Non-income producing security.
b      All or a portion of these securities are on loan. At March 31, 2009, the total market value of the portfolio's securities on loan is $969,241 and the total market value of the collateral held by the portfolio is $984,525.
c      Investment in affiliated money market mutual fund.

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $80,425,110.

Net unrealized depreciation on investments was $8,385,958 of which $2,498,843 related to appreciated investment securities and $10,884,801 related to depreciated investment securities.

Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard No. 157 (FAS 157), Fair Value Measurements.

These inputs are summarized in the three broad levels listed below.

  Level 1 - quoted prices in active markets for identical investments.
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.)
Level 3 - significant unobservable inputs (including 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 .

The following is a summary of the inputs used as of March 31, 2009 in valuing the fund's investments:

      Level 3 -   
  Level 1 -  Level 2 - Other  Significant   
  Quoted  Significant Observable  Unobservable   
Assets ($)  Prices  Inputs  Inputs  Total 
Investment in Securities  72,039,152  0  0  72,039,152 
Other Financial Instruments+  0  0  0  0 
Liabilities ($)         
Other Financial Instruments+  0  0  0  0 

† Other financial instruments include derivative instruments, such as futures, forward currency exchange contracts, swap contracts and options contracts. Amounts shown represents unrealized appreciation (depreciation) at period end.

Portfolio valuation: Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sale price. 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, except for open short positions, where the asked price is 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. When market quotations or official closing prices are not readily available, or are determined not to reflect accurately 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 portfolio calculates its net asset value, the portfolio may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. 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 contracts. For other securities that are fair valued by the Board of Trustees, certain factors may be considered 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, an d public trading in similar securities of the issuer or comparable issuers. Financial futures are valued at the last sales price.

Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, the portfolio may lend securities to qualified institutions. It is the portfolio’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 Manager, U.S. Government and Agency securities or letters of credit. The portfolio is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the portfolio bears the risk of delay in recovery of, or loss of righ ts in, the securities loaned should a borrower fail to return the securities in a timely manner.

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

STATEMENT OF INVESTMENTS 
Dreyfus Variable Investment Fund, International Equity Portfolio 
March 31, 2009 (Unaudited) 

Common Stocks--97.4%  Shares  Value ($) 
Australia--3.9%     
Newcrest Mining  31,892  723,274 
QBE Insurance Group  29,046  390,554 
Telstra  229,847  513,155 
    1,626,983 
Austria--.7%     
Strabag  15,703  308,565 
Brazil--5.2%     
Cia de Bebidas das Americas (AmBev), ADR (Preferred)  10,622  507,201 
Cia Vale do Rio Doce, ADR  42,474  564,904 
Petroleo Brasileiro (Preferred), ADR  20,382  499,359 
Tele Norte Leste Participacoes, ADR  44,182  611,479 
    2,182,943 
Canada--.4%     
Oncolytics Biotech  133,935 a  166,781 
China--.3%     
Harbin Power Equipment, Cl. H  190,000  123,612 
France--6.5%     
Air Liquide  4,400  358,029 
Alstom  5,926  306,941 
GDF SUEZ  7,266  249,546 
Thales  20,555  779,412 
Total  20,952  1,041,796 
    2,735,724 
Germany--6.4%     
Bayer  10,696  511,587 
Deutsche Boerse  4,430  267,094 
Deutsche Telekom  61,815  767,893 
Fresenius Medical Care & Co.  9,535  370,673 
K+S  16,285  755,756 
    2,673,003 
Hong Kong--3.5%     

Huabao International Holdings  795,000  657,604 
Jardine Matheson Holdings  44,000  801,326 
    1,458,930 
Ireland--1.2%     
CRH  17,909  389,745 
CRH (Rights)     5,116 a  111,473 
    501,218 
Japan--21.5%     
Bank of Yokohama  89,000  382,368 
Daiwa Securities Group  69,000  305,409 
Denso  16,700  337,399 
East Japan Railway  7,429  386,516 
Japan Tobacco  453  1,209,794 
KDDI  126  594,568 
Mitsubishi  31,000  412,467 
Nintendo  2,400  704,004 
Nippon Telegraph & Telephone  12,100  459,574 
Nissan Motor  147,500  532,879 
Nissin Foods Holdings  8,300  243,754 
NTT Urban Development  497  399,310 
Rohm  12,800  641,295 
Sawai Pharmaceutical  5,300  246,200 
Secom  9,400  347,960 
Seven & I Holdings  18,100  399,624 
Shimamura  7,100  378,365 
Shin-Etsu Chemical  7,300  358,295 
Takeda Pharmaceutical  18,300  634,621 
    8,974,402 
Luxembourg--1.1%     
Millicom International Cellular  11,917  448,008 
Malaysia--1.0%     
Bursa Malaysia  19,500  27,704 
Telekom Malaysia  420,100  407,373 
    435,077 
Netherlands--2.8%     
Koninklijke Ahold  69,131  757,743 
Unilever  20,936  413,062 

    1,170,805 
Norway--2.1%     
StatoilHydro  33,037  584,521 
Subsea 7   44,222 a  283,618 
    868,139 
Peru--.9%     
Credicorp  7,782  364,509 
Singapore--.9%     
DBS Group Holdings  67,500  378,490 
South Africa--1.3%     
Gold Fields  49,795  549,335 
South Korea--.6%     
LG Telecom  38,342  234,076 
Spain--1.0%     
Acciona  4,070  418,804 
Switzerland--15.4%     
ABB   26,346 a  367,775 
Actelion   10,565 a  482,168 
Bank Sarasin & Cie, Cl. B  12,500  263,002 
Credit Suisse Group  12,914  393,217 
Lonza Group  3,748  370,421 
Nestle  25,647  866,992 
Novartis  22,941  868,223 
Roche Holding  10,528  1,444,675 
Syngenta  3,009  606,400 
Verwalt & Privat-Bank  2,136  125,161 
Zurich Financial Services  4,166  659,138 
    6,447,172 
Thailand--1.1%     
Bangkok Bank  150,100  320,202 
Bank of Ayudhya  497,400  122,816 
    443,018 
United Kingdom--19.5%     
Admiral Group  18,789  230,097 
BAE Systems  149,563  717,835 
BG Group  16,871  255,386 
British American Tobacco  32,051  741,789 

Cable & Wireless  462,506  925,755 
GlaxoSmithKline  46,247  721,635 
ICAP  115,494  504,190 
Prudential  68,644  331,923 
Royal Dutch Shell, Cl. B  22,341  490,775 
Smith & Nephew  58,929  365,273 
Standard Chartered  54,229  674,225 
Tesco  64,163  306,941 
Venture Production  39,345  451,067 
Vodafone Group  820,602  1,445,302 
    8,162,193 
United States--.1%     
Credicorp  1,326  62,110 
 
Total Investments (cost $52,856,948)  97.4%  40,733,897 
Cash and Receivables (Net)  2.6%  1,067,358 
Net Assets  100.0%  41,801,255 
 
ADR - American Depository Receipts     
GDR - Global Depository Receipts     
a Non-income producing security.     

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $52,856,948.

Net unrealized depreciation on investments was $12,123,051 of which $1,221,125 related to appreciated investment securities and $13,344,176 related to depreciated investment securities.

At March 31, 2009, the fund held the following foreign currency contracts:     
        Unrealized 
  Foreign      Appreciation/ 
Forward Currency  Currency      (Depreciation ) 
   Exchange Contracts  Amounts  Cost ($)  Value ($)  at 3/31/2009 ($) 
Buys:         
Hong Kong Dollar,         
   Expiring 4/1/2009  1,048,522  135,279  135,282  3 
Norwegian Krone,         
   Expiring 8/14/2009  6,184,944  893,081  917,098  24,017 
 
    Proceeds ($)     
Sells:         
British Pounds,         
   Expiring 4/1/2009  254,505  360,633  365,174  (4,541) 
British Pounds,         
   Expiring 7/15/2009  648,000  943,695  930,214  13,481 
British Pounds,         
   Expiring 8/14/2009  618,000  893,081  887,378  5,703 
Japanese Yen,         
   Expiring 4/2/2009  572,880  5,927  5,788  139 
Japanese Yen,         
   Expiring 4/3/2009  4,108,113  41,788  41,502  286 
 
Gross Unrealized Appreciation        43,629 
Gross Unrealized Depreciation        (4,541) 

Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard No. 157 (FAS 157), 
                             Fair Value Measurements. 
                             These inputs are summarized in the three broad levels listed below. 
                             Level 1 - quoted prices in active markets for identical investments. 
                             Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, 
                             credit risk, etc.) 
                             Level 3 - significant unobservable inputs (including 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. 
The following is a summary of the inputs used as of March 31, 2009 in valuing the fund's investments: 

      Level 3 -   
      Significant   
    Level 2 - Other Significant  Unobservable   
Assets ($)  Level 1 -Quoted Prices  Observable Inputs  Inputs  Total 
Investment in S  27,059,310  13,674,587  0  40,733,897 
Other Financial  0  43,629  0  43,629 
Liabilities ($)         
Other Financial  0  (4,541)  0  (4,541) 

† Other financial instruments include derivative instruments, such as futures, forward currency exchange contracts, swap contracts and options contracts. Amounts shown represents unrealized appreciation (depreciation) at period end.

Portfolio valuation: Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. 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, except for open short positions, where the asked price is 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 val ue. When market quotations or official closing prices are not readily available, or are determined not to reflect accurately 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 portfolio calculates its net asset value, the portfolio may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. 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 contracts. For other securities that are fair valued by the Board of Trustees, certain factors may be considered such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the mar ket in which the securities are purchased and sold and public trading in similar securities of the issuer or comparable issuers. Financial futures are valued at the last sales price. Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange. Forward currency exchange contracts are valued at the forward rate.

The portfolio enters into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings and to settle foreign currency transactions. When executing forward currency exchange contracts, the portfolio is obligated to buy or sell a foreign currency at a specified rate on a

certain date in the future. With respect to sales of forward currency exchange contracts, the portfolio would incur a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed. The portfolio realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward currency exchange contracts, the portfolio would incur a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. The portfolio realizes a gain if the value of the contract increases between those dates. The portfolio is also exposed to credit risk associated with counterparty nonperformance on these forward currency exchange contracts which is typically limited to the unrealized gain on each open contract

The portfolio may purchase and write (sell) put and call options in order to gain exposure to or to protect against changes in the market. As a writer of call options, the portfolio receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the portfolio would incur a gain, to the extent of the premium, if the price of the underlying financial instrument decreases between the date the option is written and the date on which the option is terminated. Generally, the portfolio would realize a loss, if the price of the financial instrument increases between those dates.

As a writer of put options, the portfolio receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the portfolio would incur a gain, to the extent of the premium, if the price of the underlying financial instrument increases between the date the option is written and the date on which the option is terminated. Generally, the portfolio would realize a loss, if the price of the financial instrument decreases between those dates

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

STATEMENT OF INVESTMENTS 
Dreyfus Variable Investment Fund, International Value Portfolio 
March 31, 2009 (Unaudited) 

Common Stocks--93.9%  Shares  Value ($) 
Australia--1.7%     
Amcor  174,960  542,137 
Insurance Australia Group  100,341  244,461 
National Australia Bank  34,771  487,440 
    1,274,038 
Brazil--.8%     
Petroleo Brasileiro, ADR  10,380  316,279 
Tele Norte Leste Participacoes, ADR  22,960  317,766 
    634,045 
China--.5%     
PetroChina, ADR  4,290  341,913 
Finland--2.9%     
Nokia  138,650  1,635,793 
UPM-Kymmene  84,928  490,835 
    2,126,628 
France--11.3%     
BNP Paribas  7,610  314,644 
Cap Gemini  12,240  393,868 
Carrefour  20,610  805,046 
Credit Agricole  60,417  667,206 
France Telecom  35,429  807,269 
Lagardere  9,280  260,583 
Sanofi-Aventis  47,484  2,673,644 
Total  42,230  2,099,802 
Vivendi  16,810  445,001 
    8,467,063 
Germany--6.7%     
Allianz  4,110  345,435 
Bayerische Motoren Werke  22,830  660,935 
Daimler  13,474  341,563 
Deutsche Post  58,240  627,535 
Deutsche Telekom  29,500  366,462 
E.ON  33,490  930,389 
MTU Aero Engines Holding  8,190  191,945 
Munchener Ruckversicherungs  5,510  672,032 
RWE  6,717  471,289 
Siemens  6,140  350,859 
    4,958,444 

Greece--2.1%     
Coca-Cola Hellenic Bottling  34,890  500,634 
Public Power  58,520  1,057,398 
    1,558,032 
Hong Kong--2.7%     
BOC Hong Kong Holdings  930,500  952,411 
China Mobile, ADR  9,080  395,162 
Hutchison Whampoa  86,900  426,203 
Johnson Electric Holdings  722,000  140,248 
Yue Yuen Industrial Holdings  41,500  95,233 
    2,009,257 
Italy--3.3%     
Banco Popolare  49,630  228,148 
ENI  24,385  473,659 
Finmeccanica  73,466  914,579 
Mediaset  123,510  550,952 
Unipol Gruppo Finanziario  289,157  256,245 
    2,423,583 
Japan--22.9%     
Aeon  87,400  571,586 
Astellas Pharma  13,900  428,098 
Canon  13,259  386,761 
Central Japan Railway  157  882,794 
Chiyoda  74,700  405,276 
Chuo Mitsui Trust Holdings  151,700  472,126 
Daiwa House Industry  76,000  619,079 
Dentsu  24,200  372,006 
JS Group  44,900  502,692 
Kao  15,000  294,111 
KDDI  202  953,196 
Matsumotokiyoshi Holdings  12,200  195,789 
Mediceo Paltac Holdings  15,200  162,214 
Mitsubishi Chemical Holdings  157,500  542,853 
Mitsubishi Rayon  145,000  281,235 
Mitsubishi UFJ Financial Group  251,200  1,234,062 
Murata Manufacturing  4,200  162,381 
NGK Spark Plug  59,400  506,924 
Nippon Express  122,000  384,800 
Nissan Motor  73,700  266,259 
Nomura Holdings  101,300  510,173 
Nomura Research Institute  21,600  338,258 
Omron  33,600  398,752 
Ricoh  24,700  297,262 

Rohm  8,200  410,829 
Sekisui Chemical  41,300  206,936 
Shimamura  9,000  479,618 
Sumitomo Mitsui Financial Group  30,000  1,058,269 
Takashimaya  67,000  386,387 
Takata  31,000  255,890 
Takeda Pharmaceutical  11,200  388,402 
Terumo  6,200  230,415 
Tokyo Electron  10,000  376,693 
Tokyo Gas  124,900  436,212 
Toyota Motor  28,200  904,453 
Yamaha Motor  41,900  377,153 
Yamato Holdings  35,000  329,708 
    17,009,652 
Malaysia--.5%     
Malayan Banking  351,000  373,660 
Malayan Banking (Rights)  157,950 a  21,837 
    395,497 
Mexico--.5%     
America Movil, ADR, Ser. L  14,130  382,640 
Netherlands--2.8%     
Aegon  46,164  179,340 
Koninklijke DSM  10,170  267,738 
Koninklijke Philips Electronics  20,330  299,276 
Royal Dutch Shell, Cl. A  57,937  1,303,192 
    2,049,546 
Russia--.3%     
Gazprom, ADR  16,610  246,659 
Singapore--2.2%     
DBS Group Holdings  217,845  1,221,514 
Oversea-Chinese Banking  123,000  391,784 
    1,613,298 
South Africa--.4%     
Nedbank Group  36,762  329,878 
South Korea--3.2%     
Hyundai Motor  7,198  291,092 
KB Financial Group, ADR   14,920 a  361,810 
Korea Electric Power, ADR   28,540 a  261,141 
KT, ADR  37,080  511,333 
Samsung Electronics  1,540  636,037 
SK Telecom, ADR  21,990  339,745 
    2,401,158 

Spain--.2%

Banco Santander  20,777  143,267 
Sweden--1.1%     
Sandvik  71,250  408,287 
Svenska Cellulosa, Cl. B  52,160  396,623 
    804,910 
Switzerland--8.8%     
Adecco  14,700 a  459,480 
Ciba Holding  3,546 a  151,397 
Clariant  82,725 a  320,493 
Julius Baer Holding  16,880  415,216 
Nestle  51,890  1,754,131 
Novartis  51,799  1,960,380 
Roche Holding  7,050  967,416 
UBS  54,064 a  508,201 
    6,536,714 
Taiwan--.9%     
Compal Electronics  520,711  374,594 
United Microelectronics  986,000  325,837 
    700,431 
United Kingdom--18.1%     
Anglo American  58,031  987,528 
BP  336,405  2,275,877 
Centrica  270,490  883,923 
Friends Provident  196,267  195,157 
GlaxoSmithKline  97,658  1,523,848 
HSBC Holdings  194,919  1,104,729 
HSBC Holdings (Rights)  56,203 a  113,706 
Old Mutual  490,950  365,603 
Royal Dutch Shell, Cl. A  41,218  929,111 
Tesco  199,900  956,275 
Unilever  87,380  1,652,464 
Vodafone Group  1,228,601  2,163,899 
WPP  56,600  318,961 
    13,471,081 
Total Common Stocks     
(cost $112,540,369)    69,877,734 
 
Preferred Stocks--1.5%     
Germany     
Henkel & Co.     
(cost $1,799,496)  41,070  1,117,506 
 
Other Investment--3.1%     

Registered Investment Company;     
Dreyfus Institutional Preferred Plus Money Market Fund     
       (cost $2,350,000)  2,350,000 b  2,350,000 
 
Total Investments (cost $116,689,865)  98.5%  73,345,240 
Cash and Receivables (Net)  1.5%  1,090,381 
Net Assets  100.0%  74,435,621 
 
ADR - American Depository Receipts     

a      Non-income producing security.
b      Investment in affiliated money market mutual fund.

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $116,689,865.

Net unrealized depreciation on investments was $43,344,625 of which $1,093,458 related to appreciated investment securities and $44,438,083 related to depreciated investment securities.

At March 31, 2009, the fund held the following foreign currency contracts:     
        Unrealized 
  Foreign      Appreciation/ 
Forward Currency  Currency      Depreciation 
   Exchange Contracts  Amounts  Cost ($)  Value ($)  at 3/31/2009 ($) 
Buys:         
Euro,         
   Expiring 4/1/2009  22,097  29,086  29,358  272 
Euro,         
   Expiring 4/2/2009  25,863  34,403  34,362  (41) 
British Pounds,         
   Expiring 4/2/2009  119,347  170,511  171,244  733 
 
 
Sells:    Proceeds ($)     
Hong Kong Dollar,         
   Expiring 4/1/2009  93,731  12,095  12,094  1 
Japanese Yen,         
   Expiring 4/1/2009  27,299,831  281,848  275,797  6,051 
 
Gross Unrealized Appreciation        7,057 
Gross Unrealized Depreciation        (41) 

Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard No. 157 (FAS 157), 
                                                                         Fair Value Measurements. 
                                                                         These inputs are summarized in the three broad levels listed below. 
                                                                         Level 1 - quoted prices in active markets for identical investments. 
                                                                         Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, 
                                                                         credit risk, etc.) 
                                                                         Level 3 - significant unobservable inputs (including 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. 

The following is a summary of the inputs used as of March 31, 2009 in valuing the fund's investments:   
      Level 3 -   
    Level 2 - Other  Significant   
  Level 1 -Quoted  Significant Observable  Unobservable   
Assets ($)  Prices  Inputs  Inputs  Total 
Investment in Securities  49,832,937  23,512,303  0  73,345,240 
Other Financial Instruments+  0  7,057  0  7,057 
Liabilities ($)         
Other Financial Instruments+  0  (41)  0  (41) 

† Other financial instruments include derivative instruments, such as futures, forward currency exchange contracts, swap contracts and options contracts. Amounts shown represents unrealized appreciation (depreciation) at period end.

Portfolio valuation: Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. 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, except for open short positions, where the asked price is 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. When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair va lue, 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 portfolio calculates its net asset value, the portfolio may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. 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 contracts. For other securities that are fair valued by the Board of Trustees, certain factors may be considered 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. Fin ancial futures are valued at the last sales price. Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange. Forward currency exchange contracts are valued at the forward rate.

The portfolio enters into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings and to settle foreign currency transactions. When executing forward currency exchange contracts, the portfolio is obligated to buy or sell a foreign currency at a specified

rate on a certain date in the future. With respect to sales of forward currency exchange contracts, the portfolio would incur a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed. The portfolio realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward currency exchange contracts, the portfolio would incur a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. The portfolio realizes a gain if the value of the contract increases between those dates. The portfolio is also exposed to credit risk associated with counterparty nonperformance on these forward currency exchange contracts, which is typically limited to the unrealized gain on each open contract.

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

STATEMENT OF INVESTMENTS 
Dreyfus Variable Investment Fund, Money Market Portfolio 
March 31, 2009 (Unaudited) 

Negotiable Bank Certificates of Deposit--3.0%  Principal Amount ($)  Value ($) 
State Street Bank and Trust Co.     
       0.55%, 4/14/09     
       (cost $10,000,000)           10,000,000  10,000,000 
Commercial Paper--60.3%     
Abbey National North America LLC     
       0.25%, 4/1/09           13,000,000  13,000,000 
Alpine Securitization Corp.     
       0.50%, 4/27/09             7,000,000 a  6,997,472 
BNP Paribas Finance Inc.     
       0.98%, 5/12/09           10,000,000  9,988,862 
CAFCO LLC     
       0.40%, 4/6/09           12,000,000 a  11,999,333 
Calyon NA Inc.     
       1.20%, 5/4/09             4,000,000  3,995,600 
Cancara Asset Securitisation Ltd.     
       1.05%, 5/14/09           13,000,000 a  12,983,696 
CHARTA LLC     
       1.10%, 6/4/09           10,000,000 a  9,980,445 
CIESCO LLC     
       0.80%, 4/24/09           11,000,000 a  10,994,378 
CRC Funding LLC     
       0.80%, 4/24/09           11,000,000 a  10,994,378 
Danske Corp., Inc.     
       1.05%, 6/9/09           10,000,000 a  9,979,875 
Gemini Securitization Corp., LLC     
       0.75%, 4/27/09           10,000,000 a  9,994,583 
General Electric Capital Services Inc.     
       1.00%, 5/8/09             5,000,000  4,994,861 
Gotham Funding Corp.     
       0.70%, 4/27/09             3,000,000 a  2,998,483 
Govco Inc.     

       1.10%, 5/20/09  10,000,000 a  9,985,028 
ING (US) Funding LLC     
       1.14%, 5/5/09  10,000,000  9,989,233 
Nordea North America Inc.     
       0.96%, 5/7/09  12,000,000  11,988,480 
Sanpaolo IMI U.S. Financial Co.     
       0.98%, 5/4/09  10,000,000  9,991,017 
Societe Generale N.A. Inc.     
       0.86%, 5/18/09  10,000,000  9,988,772 
Surrey Funding Corp.     
       0.80%, 6/12/09  10,000,000 a  9,984,000 
Thames Asset Global Securitization No. 1 Inc.     
       0.85%, 4/17/09  10,000,000 a  9,996,222 
UBS Finance Delaware LLC     
       0.22%, 4/1/09  13,000,000  13,000,000 
Total Commercial Paper     
       (cost $203,824,718)    203,824,718 
Corporate Note--1.5%     
General Electric Capital Corp.     
       0.56%, 4/24/09     
       (cost $5,000,000)   5,000,000 b  5,000,000 
U.S. Government Agency--7.4%     
Federal Home Loan Mortgage Corp.     
       0.43%, 9/30/09     
       (cost $24,945,653)  25,000,000 c  24,945,653 
Repurchase Agreements--27.8%     
Banc of America Securities LLC     
       0.12%, dated 3/31/09, due 4/1/09 in the amount of   
       $40,000,133 (fully collateralized by $4,960,000     
       Federal Home Loan Bank, 0.96%, due 9/24/10,   
       value $4,966,845, $22,955,000 Federal Home Loan   
       Mortgage Corp., 0%-4%, due 2/19/13-7/11/22, value   
       $21,242,492, $6,169,000 Federal National Mortgage   
       Association, Strips, due 5/15/18, value $4,319,595   
       and $17,236,000 Resolution Funding Corp., Strips,   
       due 7/15/12-4/15/30, value $10,274,329)  40,000,000  40,000,000 
Barclays Financial LLC     

       0.20%, dated 3/31/09, due 4/1/09 in the amount of     
       $9,000,050 (fully collateralized by $9,180,000     
       Federal Home Loan Mortgage Corp., 1.06%, due 7/14/10,     
       value $9,180,000)  9,000,000  9,000,000 
Deutsche Bank Securities     
       0.19%, dated 3/31/09, due 4/1/09 in the amount of     
       $45,000,238 (fully collateralized by $43,571,000     
       Federal National Mortgage Association, 2.50%-3.875%,     
       due 4/9/10-7/12/13, value $44,727,480 and $949,000     
       Tennessee Valley Authority, 6.75%, due 11/1/25, value     
       $1,172,760)  45,000,000  45,000,000 
Total Repurchase Agreements     
       (cost $94,000,000)    94,000,000 
Total Investments (cost $337,770,371)  100.0%  337,770,371 
Cash and Receivables (Net)  .0%  109,680 
Net Assets  100.0%  337,880,051 

a      Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2009, these securities amounted to $116,887,893 or 34.6% of net assets.
b      Variable rate security--interest rate subject to periodic change.
c      On September 7, 2008, the Federal Housing Finance Agency (FHFA) placed Federal National Mortgage Association and Federal Home Loan Mortgage Corporation into conservatorship with FHFA as the conservator. As such, the FHFA will oversee the continuing affairs of these companies.

At March 31, 2009, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard No. 157 (FAS 157), 
       Fair Value Measurements. 
       These inputs are summarized in the three broad levels listed below. 
       Level 1 - quoted prices in active markets for identical investments. 
       Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, 
       credit risk, etc.) 
       Level 3 - significant unobservable inputs (including 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 Investment 
Company Act of 1940. 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 as Level 2. 
The following is a summary of the inputs used as of March 31, 2009 in valuing the fund's investments: 

                             Valuation Inputs  Investments in Securities ($) 
Level 1 - Quoted Prices  0 
Level 2 - Other Significant Observable Inputs  337,770,371 
Level 3 - Significant Unobservable Inputs  0 
Total  337,770,371 

It is the portfolio’s policy to maintain a continuous net asset value per share of $1.00; the portfolio has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that the portfolio will be able to maintain a stable net asset value per share of $1.00.

Portfolio valuation:

Investments in securities are valued at amortized cost in accordance with Rule 2a-7 of the Act, which has been determined by the Board of Trustees to represent the fair value of the portfolio’s investments.

The portfolio may enter into repurchase agreements with financial institutions, deemed to be creditworthy by the Manager, subject to the seller’s agreement to repurchase and the portfolio’s agreement to resell such securities at a mutually agreed upon price. Securities purchased subject to repurchase agreements are deposited with the portfolio’s custodian and, pursuant to the terms of the repurchase agreement, 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 portfolio 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 portfolio maintains its right to sell the underlying securities at market value and may claim any resulting loss against the seller.

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

STATEMENT OF INVESTMENTS 
Dreyfus Variable Investment Fund, Quality Bond Portfolio 
March 31, 2009 (Unaudited) 

  Coupon  Maturity     Principal   
Bonds and Notes--121.1%  Rate (%)  Date  Amount ($)  Value ($) 
Aerospace & Defense--.4%         
L-3 Communications,         
       Gtd. Notes, Ser. B  6.38  10/15/15         340,000  322,150 
Raytheon,         
       Sr. Unscd. Notes  5.50  11/15/12         210,000  220,861 
        543,011 
Agriculture--.2%         
Altria Group,         
       Gtd. Notes  9.70  11/10/18         280,000  305,263 
Asset-Backed Ctfs./Auto Receivables--4.2%         
Americredit Automobile Receivables         
       Trust, Ser. 2008-AF, Cl. A2A  4.47  1/12/12         392,047  380,351 
Americredit Automobile Receivables         
       Trust, Ser. 2005-DA, Cl. A3  4.87  12/6/10         120,170  119,379 
Americredit Automobile Receivables         
       Trust, Ser. 2006-BG, Cl. A3  5.21  10/6/11         484,695  477,143 
Americredit Automobile Receivables         
       Trust, Ser. 2006-RM, Cl. A2  5.42  8/8/11         558,098  541,706 
Americredit Prime Automobile         
       Receivables Trust,         
       Ser. 2007-2M, Cl. A2B  0.91  11/8/10           32,245 a  32,072 
Americredit Prime Automobile         
       Receivables Trust,         
       Ser. 2007-1, Cl. E  6.96  3/8/16         250,166 b  100,066 
Capital Auto receivables Asset         
       Trust, Ser. 2007-3, Cl. A3A  5.02  9/15/11         214,476  214,873 
Capital One Auto Finance Trust,         
       Ser. 2007-A, Cl. A3B  0.56  8/15/11         242,109 a  233,210 
Capital One Auto Finance Trust,         
       Ser. 2007-B, Cl. A3B  0.56  4/15/12         389,539 a  372,831 
Capital One Auto Finance Trust,         
       Ser. 2006-C, Cl. A3A  5.07  7/15/11         214,480  210,060 
Capital One Auto Finance Trust,         
       Ser. 2007-C, Cl. A3A  5.13  4/16/12         807,695  752,838 
Ford Credit Auto Owner Trust,         
       Ser. 2005-C, Cl. C  4.72  2/15/11         240,000  232,908 
Ford Credit Auto Owner Trust,         
       Ser. 2006-C, Cl. C  5.47  9/15/12         215,000  150,017 
Ford Credit Auto Owner Trust,         

       Ser. 2007-A, Cl. D  7.05  12/15/13  250,000 b  146,297 
Honda Auto Receivables Owner         
       Trust, Ser. 2008-1, Cl. A2  3.77  9/20/10  157,602  158,310 
Household Automotive Trust,         
       Ser. 2005-3, Cl. A4  4.94  11/19/12  200,000  196,558 
Hyundai Auto Receivables Trust,         
       Ser. 2007-A, Cl. A3A  5.04  1/17/12  259,622  263,930 
Triad Auto Receivables Owner         
       Trust, Ser. 2006-A, Cl. A3  4.77  1/12/11  123,464  123,192 
Wachovia Auto Loan Owner Trust,         
       Ser. 2007-1, Cl. D  5.65  2/20/13  610,000  257,664 
WFS Financial Owner Trust,         
       Ser. 2005-2, Cl. B  4.57  11/19/12  272,102  271,239 
        5,234,644 
Asset-Backed Ctfs./Home Equity Loans--2.1%         
Ameriquest Mortgage Securities,         
       Ser. 2003-11, Cl. AF6  5.14  1/25/34  480,638 a  377,657 
Citicorp Residential Mortgage         
       Securities, Ser. 2006-2, Cl. A2  5.56  9/25/36  703,590 a  678,713 
CS First Boston Mortgage         
       Securities, Ser. 2005-C4,         
       Cl. AAB  5.07  8/15/38  390,000 a  354,101 
GSAA Home Equity Trust,         
       Ser. 2006-7, Cl. AV1  0.60  3/25/46  91,014 a  85,344 
JP Morgan Mortgage Acquisition,         
       Ser. 2007-HE1, Cl. AF1  0.62  3/25/47  549,893 a  405,089 
Mastr Asset Backed Securities         
       Trust, Ser. 2006-AM1, Cl. A2  0.65  1/25/36  142,960 a  133,568 
Ownit Mortgage Loan Asset-Backed         
       Certificates, Ser. 2005-5,         
       Cl. A2B  0.81  10/25/36  389,297 a  265,155 
Residential Asset Securities,         
       Ser. 2005-EMX4, Cl. A2  0.78  11/25/35  393,171 a  325,356 
        2,624,983 
Asset-Backed Ctfs./Manufactured Housing--.1%         
Green Tree Financial,         
       Ser. 1994-7, Cl. M1  9.25  3/15/20  136,467  129,139 
Automotive, Trucks & Parts--.2%         
Goodyear Tire & Rubber,         
       Gtd. Notes  8.63  12/1/11  335,000  279,725 
Banks--4.2%         
Barclays Bank,         
       Jr. Sub. Bonds  5.93  9/29/49  460,000 a,b  154,459 
Barclays Bank,         
       Sub. Bonds  7.70  4/29/49  430,000 a,b  189,200 

M & I Marshall & Ilsley Bank,           
       Sub. Notes, Ser. BN    1.54  12/4/12  1,750,000 a  1,309,072 
M&T Bank,           
       Sr. Unscd. Bonds    5.38  5/24/12   190,000  178,870 
Manufacturers & Traders Trust,         
       Sub. Notes    5.59  12/28/20   275,000 a  203,663 
Morgan Stanley,           
       Sr. Unscd. Notes    5.30  3/1/13   620,000  596,683 
NB Capital Trust IV,           
       Bank Gtd. Cap. Secs.    8.25  4/15/27   620,000  269,397 
Royal Bank of Scotland Group,         
       Jr. Sub. Bonds    6.99  10/29/49   550,000 a,b  242,294 
Sovereign Bancorp,           
       Sr. Unscd. Notes    1.46  3/23/10   370,000 a  338,083 
Sovereign Bancorp,           
       Sr. Unscd. Notes    4.80  9/1/10   525,000 a  494,161 
Sumitomo Mitsui Banking,           
       Sub. Notes  EUR  4.38  7/29/49   210,000 a,c  154,207 
Sumitomo Mitsui Banking,           
       Sub. Notes    5.63  7/29/49   255,000 a,b  161,731 
SunTrust Preferred Capital I,           
       Bank Gtd. Notes    5.85  12/31/49   435,000 a  108,797 
Wells Fargo & Co.,           
       Sub. Notes    6.38  8/1/11   290,000  284,763 
Wells Fargo Capital XIII,           
       Gtd. Secs.    7.70  12/29/49   985,000 a  469,499 
          5,154,879 
Building & Construction--.2%         
Masco,           
       Sr. Unscd. Notes    1.63  3/12/10   240,000 a  217,203 
Chemicals--.6%           
E.I. Du Pont De Nemours,           
       Sr. Notes    5.75  3/15/19   310,000 d  305,008 
Lubrizol,           
       Gtd. Notes    4.63  10/1/09   445,000  447,590 
          752,598 
Commercial & Professional Services--.9%         
Aramark,           
       Gtd. Notes    8.50  2/1/15   328,000 d  303,400 
ERAC USA Finance,           
       Notes    1.42  4/30/09   110,000 a,b  109,199 
ERAC USA Finance,           
       Bonds    5.60  5/1/15   310,000 b  202,941 
ERAC USA Finance,           
       Gtd. Notes    6.38  10/15/17   500,000 b  322,418 

ERAC USA Finance,         
       Notes  7.95  12/15/09  210,000 b  199,600 
        1,137,558 
Commercial Mortgage Pass-Through Ctfs.--7.3%         
Banc of America Commercial         
       Mortgage, Ser. 2002-2, Cl. A3  5.12  7/11/43  190,000  179,152 
Bayview Commercial Asset Trust,         
       Ser. 2006-SP1, Cl. A1  0.79  4/25/36   57,113 a,b  36,838 
Bayview Commercial Asset Trust,         
       Ser. 2004-1, Cl. A  0.88  4/25/34  123,460 a,b  85,002 
Bayview Commercial Asset Trust,         
       Ser. 2006-2A, Cl. B2  1.99  7/25/36  337,412 a,b  125,791 
Bayview Commercial Asset Trust,         
       Ser. 2006-1A, Cl. B2  2.22  4/25/36   79,696 a,b  29,515 
Bayview Commercial Asset Trust,         
       Ser. 2005-3A, Cl. B3  3.52  11/25/35   84,893 a,b  35,249 
Bayview Commercial Asset Trust,         
       Ser. 2005-4A, Cl. B3  4.02  1/25/36   61,573 a,b  12,315 
Bear Stearns Commercial Mortgage         
       Securities Trust,         
       Ser. 2007-T28, Cl. A4  5.74  9/11/42  650,000 a  491,232 
Bear Stearns Commercial Mortgage         
       Securities, Ser. 2006-PW12,         
       Cl. AAB  5.88  9/11/38  430,000 a  371,350 
Credit Suisse/Morgan Stanley         
       Commercial Mortgage         
       Certificates, Ser. 2006-HC1A,         
       Cl. A1  0.75  5/15/23  418,266 a,b  330,283 
Crown Castle Towers,         
       Ser. 2006-1A, Cl. AFX  5.24  11/15/36  950,000 b  874,000 
Crown Castle Towers,         
       Ser. 2006-1A, Cl. B  5.36  11/15/36  190,000 b  168,150 
Crown Castle Towers,         
       Ser. 2006-1A, Cl. C  5.47  11/15/36  505,000 b  439,350 
Crown Castle Towers,         
       Ser. 2005-1A, Cl. D  5.61  6/15/35  240,000 b  220,800 
Crown Castle Towers,         
       Ser. 2006-1A, Cl. D  5.77  11/15/36  350,000 b  308,000 
Global Signal Trust,         
       Ser. 2006-1, Cl. C  5.71  2/15/36  350,000 b  320,250 
Global Signal Trust,         
       Ser. 2006-1, Cl. D  6.05  2/15/36  340,000 b  312,800 
Global Signal Trust,         
       Ser. 2006-1, Cl. E  6.50  2/15/36  170,000 b  156,400 
Goldman Sachs Mortgage Securities         

       Corporation II, Ser. 2007-EOP,         
       Cl. B  0.77  3/6/20  1,065,000 a,b  709,662 
Goldman Sachs Mortgage Securities         
       Corporation II, Ser. 2007-EOP,         
       Cl. E  0.96  3/6/20   395,000 a,b  263,048 
Goldman Sachs Mortgage Securities         
       Corporation II, Ser. 2007-EOP,         
       Cl. K  1.57  3/6/20   225,000 a,b  141,069 
JP Morgan Chase Commercial         
       Mortgage Securities,         
       Ser. 2005-LDP5, Cl. A2  5.20  12/15/44   725,000  666,463 
LB-UBS Commercial Mortgage Trust,         
       Ser. 2007-C7, Cl. A3  5.87  9/15/45   495,000 a  348,284 
Merrill Lynch Mortgage Trust,         
       Ser. 2005-CKI1, Cl. A2  5.39  11/12/37   165,000 a  152,792 
Merrill Lynch Mortgage Trust,         
       Ser. 2002-MW1, Cl. A3  5.40  7/12/34   534,453  532,704 
Morgan Stanley Capital I,         
       Ser. 2005-HQ5, Cl. A2  4.81  1/14/42   448,807  445,481 
Morgan Stanley Capital I,         
       Ser. 2007-T27, Cl. A4  5.80  6/11/42   360,000 a  272,497 
SBA CMBS Trust,         
       Ser. 2006-1A, Cl. D  5.85  11/15/36   135,000 b  118,800 
TIAA Seasoned Commercial Mortgage         
       Trust, Ser. 2007-C4, Cl. A3  6.09  8/15/39   325,000 a  268,969 
Wachovia Bank Commercial Mortgage         
       Trust, Ser. 2005-C16, Cl. A2  4.38  10/15/41   355,577  342,816 
Wachovia Bank Commercial Mortgage         
       Trust, Ser. 2005-C19, Cl. A5  4.66  5/15/44   300,000  243,937 
        9,002,999 
Diversified Financial Services--5.5%         
American Express Credit,         
       Sr. Unscd. Notes  0.59  11/9/09   315,000 a  305,717 
Ameriprise Financial,         
       Jr. Sub. Notes  7.52  6/1/66   233,000 a  117,206 
Amvescap,         
       Gtd. Notes  5.38  2/27/13   250,000  180,946 
Boeing Capital,         
       Sr. Unscd. Notes  7.38  9/27/10   490,000  520,494 
Capmark Financial Group,         
       Gtd. Notes  7.88  5/10/12   550,000 a  109,025 
Caterpillar Financial Services,         
       Sr. Unscd. Notes  7.15  2/15/19   390,000  357,322 
Citigroup,         
       Sr. Unscd. Notes  5.50  4/11/13   680,000  597,948 

Citigroup,         
       Sr. Unscd. Notes  6.13  5/15/18  85,000  73,489 
Countrywide Home Loans,         
       Gtd. Notes  4.13  9/15/09  210,000  207,541 
Credit Suisse Guernsey,         
       Jr. Sub. Notes  5.86  5/29/49  481,000 a  178,470 
Fresenius US Finance II,         
       Sr. Unscd. Notes  9.00  7/15/15   40,000 b  41,800 
General Electric Capital,         
       Sr. Unscd. Notes  1.23  10/21/10  945,000 a  864,202 
Goldman Sachs Capital II,         
       Gtd. Bonds  5.79  12/29/49  315,000 a  131,223 
Goldman Sachs Group,         
       Sub. Notes  5.63  1/15/17  195,000  152,123 
Goldman Sachs Group,         
       Sub. Notes  6.75  10/1/37  350,000  237,294 
HSBC Finance Capital Trust IX,         
       Gtd. Notes  5.91  11/30/35  625,000 a  125,219 
Jefferies Group,         
       Sr. Unscd. Debs.  6.25  1/15/36  440,000  242,235 
John Deere Capital,         
       Sr. Unscd. Notes  1.30  9/1/09  310,000 a  307,650 
JPMorgan Chase & Co.,         
       Sr. Unscd. Notes  6.00  1/15/18  535,000  541,310 
JPMorgan Chase & Co.,         
       Sr. Unscd. Notes  6.40  5/15/38  445,000  437,749 
Merrill Lynch & Co.,         
       Sub. Notes  5.70  5/2/17  740,000  438,782 
MUFG Capital Finance 1,         
       Bank Gtd. Bonds  6.35  7/29/49  250,000 a  167,720 
Pearson Dollar Finance Two,         
       Gtd. Notes  6.25  5/6/18  430,000 b  374,185 
Windsor Financing,         
       Sr. Scd. Notes  5.88  7/15/17   97,388 b  86,245 
        6,795,895 
Electric Utilities--6.4%         
AES,         
       Sr. Unscd. Notes  7.75  10/15/15  285,000  250,088 
AES,         
       Sr. Unscd. Notes  8.00  10/15/17  270,000  232,875 
Cleveland Electric Illuminating,         
       Sr. Unscd. Notes  5.70  4/1/17  500,000  444,925 
Consolidated Edison of NY,         
       Sr. Unscd. Debs., Ser. 06-D  5.30  12/1/16  400,000  388,674 
Consolidated Edison of NY,         

       Sr. Unscd. Debs., Ser. 08-A  5.85  4/1/18  230,000  228,241 
Consumers Energy,         
       First Mortgage Bonds, Ser. O  5.00  2/15/12  655,000  652,320 
Edison Mission Energy,         
       Sr. Unscd. Notes  7.50  6/15/13  55,000  43,725 
Electricite De France,         
       Notes  6.95  1/26/39  335,000 b  333,076 
Enel Finance International,         
       Gtd. Notes  5.70  1/15/13  185,000 b  187,155 
Enel Finance International,         
       Gtd. Bonds  6.25  9/15/17  645,000 b  585,380 
Energy Future Holdings,         
       Gtd. Notes  10.88  11/1/17  850,000  552,500 
FirstEnergy,         
       Sr. Unscd. Notes, Ser. B  6.45  11/15/11  245,000  245,368 
FPL Group Capital,         
       Gtd. Debs.  5.63  9/1/11  950,000  1,010,227 
National Grid,         
       Sr. Unscd. Notes  6.30  8/1/16  605,000  589,018 
Nevada Power,         
       Mortgage Notes  6.50  8/1/18  305,000  292,411 
Nevada Power,         
       Mortgage Notes, Ser. R  6.75  7/1/37  265,000  224,329 
NiSource Finance,         
       Gtd. Notes  1.82  11/23/09  260,000 a  248,103 
NiSource Finance,         
       Gtd. Notes  5.25  9/15/17  375,000  279,976 
Ohio Power,         
       Sr. Unscd. Notes  1.61  4/5/10  390,000 a  381,022 
Pacific Gas & Electric,         
       Sr. Unscd. Notes  6.25  3/1/39  50,000  49,695 
Pacific Gas & Electric,         
       Sr. Unscd. Notes  6.35  2/15/38  260,000  261,867 
Sierra Pacific Power,         
       Mortgage Notes, Ser. P  6.75  7/1/37  130,000  110,048 
Southern,         
       Sr. Unscd. Notes, Ser. A  5.30  1/15/12  290,000 d  302,515 
        7,893,538 
Environmental Control--.4%         
Allied Waste North America,         
       Sr. Unscd. Notes, Ser. B  7.13  5/15/16  115,000  107,383 
USA Waste Services,         
       Sr. Unscd. Notes  7.00  7/15/28  210,000  186,775 
Waste Management,         
       Gtd. Notes  7.38  5/15/29  200,000  182,115 

          476,273 
Food & Beverages--3.9%           
Anheuser-Busch InBev Worldwide,         
       Gtd. Notes    8.20  1/15/39  635,000 b  624,792 
Bottling Group,           
       Sr. Unscd. Notes    5.13  1/15/19  325,000  327,716 
Chesapeake Energy,           
       Gtd. Notes    9.50  2/15/15  690,000  674,475 
Coca-Cola,           
       Sr. Unscd. Notes    4.88  3/15/19  295,000  298,699 
Diageo Capital,           
       Gtd. Notes    7.38  1/15/14  445,000  489,422 
Kraft Foods,           
       Sr. Unscd. Notes    6.00  2/11/13  100,000  105,440 
Kraft Foods,           
       Sr. Unscd. Notes    6.13  2/1/18  755,000  757,984 
Kroger,           
       Gtd. Notes    6.15  1/15/20  410,000  406,296 
Safeway,           
       Sr. Unscd. Notes    6.35  8/15/17  410,000  420,853 
Stater Brothers Holdings,           
       Gtd. Notes    7.75  4/15/15  257,000  248,005 
Stater Brothers Holdings,           
       Gtd. Notes    8.13  6/15/12  293,000  290,070 
SUPERVALU,           
       Sr. Unscd. Bonds    7.50  5/15/12  125,000  123,438 
SUPERVALU,           
       Sr. Unscd. Bonds    7.50  11/15/14  35,000  34,344 
          4,801,534 
Foreign/Governmental--.9%           
Brazilian Government,           
       Unsub. Bonds  BRL  12.50  1/5/16  750,000 c,d  339,476 
Federal Republic of Brazil,           
       Sr. Unscd. Bonds    6.00  1/17/17  505,000  506,263 
United Mexican States,           
       Sr. Unscd. Notes    5.63  1/15/17  326,000 d  320,458 
          1,166,197 
Health Care--1.7%           
Abbott Laboratories,           
       Sr. Unscd. Notes    6.00  4/1/39  320,000  319,292 
Ace INA Holdings,           
       Gtd. Notes    5.80  3/15/18  255,000  230,758 
American Home Products,           
       Sr. Unscd. Notes    6.95  3/15/11  325,000 a  346,337 
Community Health Systems,           

       Gtd. Notes  8.88  7/15/15  205,000  194,750 
Coventry Health Care,         
       Sr. Unscd. Notes  5.95  3/15/17  225,000  143,455 
Davita,         
       Gtd. Notes  6.63  3/15/13  335,000  326,625 
Novartis Securities Investment,         
       Gtd. Notes  5.13  2/10/19  230,000  233,974 
Wellpoint,         
       Sr. Unscd. Notes  5.88  6/15/17  255,000  240,100 
Wellpoint,         
       Notes  7.00  2/15/19  90,000  90,207 
        2,125,498 
Machinery--.2%         
Atlas Copco,         
       Sr. Unscd. Bonds  5.60  5/22/17  260,000 b  235,272 
Manufacturing-Diversified--.4%         
Honeywell International,         
       Sr. Unscd. Notes  5.00  2/15/19  485,000  485,164 
Media--3.5%         
BSKYB Finance UK,         
       Gtd. Notes  6.50  10/15/35  300,000 b  214,527 
Comcast,         
       Gtd. Notes  5.50  3/15/11  530,000  537,867 
Comcast,         
       Gtd. Notes  6.30  11/15/17  425,000  414,211 
Cox Communications,         
       Notes  6.25  6/1/18  405,000 b  360,379 
CSC Holdings,         
       Sr. Unscd. Notes  8.50  4/15/14   25,000 b  24,750 
CSC Holdings,         
       Sr. Unscd. Notes  8.63  2/15/19  310,000 b  299,925 
Echostar DBS,         
       Gtd. Notes  7.75  5/31/15  390,000  360,750 
News America Holdings,         
       Gtd. Debs.  7.70  10/30/25  425,000  373,352 
News America,         
       Gtd. Notes  6.15  3/1/37  460,000  336,315 
News America,         
       Gtd. Notes  6.65  11/15/37  355,000  266,723 
Reed Elsevier Capital,         
       Gtd. Notes  4.63  6/15/12  670,000  632,320 
Time Warner Cable,         
       Gtd. Notes  6.75  7/1/18  535,000  503,047 
        4,324,166 

Mining--.5%

Alcoa,         
       Sr. Unscd. Notes  6.00  7/15/13  130,000  103,854 
BHP Billiton Finance USA,         
       Gtd. Notes  6.50  4/1/19  155,000  157,323 
Rio Tinto Finance USA,         
       Gtd. Notes  5.88  7/15/13  395,000  354,527 
        615,704 
Office Services & Supplies--.1%         
Staples,         
       Sr. Unscd. Notes  9.75  1/15/14  120,000  125,743 
Oil & Gas--1.0%         
Amerada Hess,         
       Sr. Unscd. Notes  6.65  8/15/11  470,000  479,690 
Chesapeake Energy,         
       Gtd. Notes  7.50  6/15/14  90,000  81,675 
Marathon Oil,         
       Sr. Notes  7.50  2/15/19  175,000  176,615 
Petro-Canada,         
       Sr. Unscd. Notes  6.80  5/15/38  450,000  338,782 
Valero Energy,         
       Sr. Unscd. Notes  9.38  3/15/19  155,000  160,276 
        1,237,038 
Packaging & Containers--.7%         
Ball,         
       Gtd. Notes  6.63  3/15/18  200,000  195,000 
Ball,         
       Gtd. Notes  6.88  12/15/12  120,000  121,800 
Crown Americas,         
       Gtd. Notes  7.63  11/15/13  325,000  327,844 
Owens Brockway Glass Container,         
       Gtd. Notes  6.75  12/1/14  250,000  241,250 
        885,894 
Paper & Paper Related--.1%         
Georgia-Pacific,         
       Gtd. Notes  7.00  1/15/15  110,000 b  103,400 
Pipelines--.5%         
El Paso,         
       Sr. Unscd. Notes  8.25  2/15/16  350,000  329,000 
Trans-Canada Pipelines,         
       Sr. Unscd. Notes  7.63  1/15/39  330,000  327,257 
        656,257 
Property & Casualty Insurance--2.0%         
Jackson National Life Global         
       Funding, Sr. Scd. Notes  5.38  5/8/13  270,000 b  231,640 
Leucadia National,         

       Sr. Unscd. Notes  7.13  3/15/17   305,000  210,450 
Lincoln National,         
       Sr. Unscd. Notes  1.41  3/12/10   425,000 a  398,792 
Lincoln National,         
       Jr. Sub. Bonds  6.05  4/20/67  1,050,000 a  241,367 
MetLife,         
       Sr. Unscd. Notes  5.00  6/15/15  1,050,000  865,011 
Nippon Life Insurance,         
       Notes  4.88  8/9/10   475,000 b  448,941 
Willis North America,         
       Gtd. Notes  6.20  3/28/17   155,000  108,798 
        2,504,999 
Real Estate Investment Trusts--3.3%         
Arden Realty,         
       Sr. Unscd. Notes  5.25  3/1/15   350,000  315,827 
Boston Properties,         
       Sr. Unscd. Notes  5.00  6/1/15   470,000  337,844 
Commercial Net Realty,         
       Sr. Unscd. Notes  6.15  12/15/15   210,000  150,409 
Duke Realty,         
       Sr. Unscd. Notes  5.88  8/15/12   450,000 d  342,297 
Federal Realty Investment Trust,         
       Sr. Unscd. Bonds  5.65  6/1/16   325,000  240,078 
Federal Realty Investment Trust,         
       Sr. Unscd. Notes  6.00  7/15/12   100,000  83,377 
Healthcare Realty Trust,         
       Sr. Unscd. Notes  5.13  4/1/14   475,000  354,837 
HRPT Properties Trust,         
       Sr. Unscd. Notes  1.92  3/16/11   238,000 a  182,903 
Liberty Property,         
       Sr. Unscd. Notes  5.50  12/15/16   185,000  119,678 
Mack-Cali Realty,         
       Sr. Unscd. Notes  5.05  4/15/10   225,000  211,757 
Mack-Cali Realty,         
       Sr. Unscd. Notes  5.25  1/15/12   400,000  332,056 
Mack-Cali Realty,         
       Sr. Unscd. Notes  5.80  1/15/16   400,000 d  268,383 
Prologis,         
       Sr. Unscd. Notes  6.63  5/15/18   435,000  220,805 
Regency Centers,         
       Gtd. Notes  5.25  8/1/15  78,000  51,669 
Regency Centers,         
       Gtd. Notes  5.88  6/15/17   120,000  80,641 
Simon Property Group,         
       Sr. Unscd. Notes  5.00  3/1/12   354,000  301,529 

Simon Property Group,         
       Sr. Unscd. Notes  5.75  5/1/12   150,000  129,836 
WEA Finance,         
       Sr. Notes  7.13  4/15/18   435,000 b  340,379 
        4,064,305 
Residential Mortgage Pass-Through Ctfs.--.6%         
ChaseFlex Trust,         
       Ser. 2006-2, Cl. A1A  5.59  9/25/36       55,506 a  54,548 
Citigroup Mortgage Loan Trust,         
       Ser. 2005-WF2, Cl. AF7  5.25  8/25/35   926,336 a  535,903 
Impac Secured Assets CMN Owner         
       Trust, Ser. 2006-1, Cl. 2A1  0.87  5/25/36   236,591 a  161,785 
        752,236 
State/Territory General Obligations--2.3%         
Clark County         
       GO (Bond Bank) (Insured; MBIA,         
       Inc.)  5.25  12/1/12   105,000 e  119,497 
Clark County School District,         
       GO, Ser. F (Insured: FSA)  5.50  12/15/11   110,000 e  122,808 
Clark County School District,         
       GO, Ser. F (Insured; FSA)  5.50  12/15/11   75,000 e  83,733 
Cypress-Fairbanks Independent         
       School District, GO, Ser. A         
       (Schoolhouse) (Insured;         
       PSF-GTD)  5.25  2/15/10   95,000 e  98,897 
Delaware Housing Authority,         
       SFMR D-2, Revenue Bonds  5.80  7/1/16   340,000  351,587 
Erie Tobacco Asset Securitization         
       Corporation, Tobacco         
       Settlement Asset-Backed Bonds  6.00  6/1/28   400,000  240,020 
Michigan Tobacco Settlement         
       Finance Authority, Tobacco         
       Settlement Asset-Backed Bonds  7.31  6/1/34  1,390,000  813,150 
Tobacco Settlement Authority of         
       Iowa, Tobacco Settlement         
       Asset-Backed Bonds  6.50  6/1/23   670,000  481,918 
Tobacco Settlement Finance         
       Authority of West Virginia,         
       Tobacco Settlement         
       Asset-Backed Bonds  7.47  6/1/47   725,000  391,428 
Williamson County,         
       GO, Ser. A (Insured; FSA)  6.00  8/15/10  75,000 e  80,557 
        2,783,595 
Telecommunications--3.2%         
AT & T,         

       Sr. Unscd. Notes  5.60  5/15/18   355,000  346,060 
AT & T,         
       Gtd. Notes  7.30  11/15/11   440,000 a,d  473,066 
Cisco Systems,         
       Notes  5.90  2/15/39   350,000  322,660 
KPN,         
       Sr. Unscd. Notes  8.00  10/1/10   115,000  119,016 
Telecom Italia Capital,         
       Gtd. Notes  5.25  10/1/15   240,000  202,624 
Telecom Italia Capital,         
       Gtd. Notes  7.72  6/4/38   180,000  150,095 
Telefonica Emisiones,         
       Gtd. Notes  1.59  6/19/09   250,000 a  249,131 
Time Warner Cable,         
       Gtd. Notes  5.85  5/1/17   440,000  395,072 
Time Warner,         
       Gtd. Notes  5.88  11/15/16   900,000  853,055 
Verizon Communications,         
       Sr. Unscd. Notes  7.35  4/1/39   250,000  244,238 
Verizon Wireless Capital,         
       Sr. Unscd. Notes  5.55  2/1/14   645,000 b  646,215 
        4,001,232 
Textiles & Apparel--.3%         
Mohawk Industries,         
       Sr. Unscd. Notes  6.25  1/15/11   400,000 a  359,157 
Transportation--.3%         
Canadian National Railway,         
       Notes  5.55  3/1/19   335,000  344,995 
Norfolk Southern,         
       Sr. Unscd. Notes  5.75  4/1/18  85,000  84,617 
        429,612 
U.S. Government Agencies/Mortgage-Backed--47.0%         
Federal Home Loan Mortgage Corp.:         
       4.00%      1,995,000 f,g  1,997,494 
       4.50%      6,490,000 f,g  6,625,888 
       5.00%       420,000 f,g  435,422 
       5.50%      3,250,000 f,g  3,372,382 
       3.50%, 9/1/10       122,215 g  121,821 
       5.00%, 12/1/35 - 6/1/37      2,794,377 g  2,889,697 
       Multiclass Mortgage         
                 Participation Ctfs.,         
                 Ser. 2586, Cl. WE, 4.00%,         
                 12/15/32       525,868 g,h  522,886 
       Multiclass Mortgage         
                 Participation Ctfs.         

                 (Interest Only), Ser. 2764,         
                 Cl. IT, 5.00%, 6/15/27      6,562,927 g,h  313,781 
Federal National Mortgage Association:         
       4.00%      5,980,000 f,g  6,011,772 
       4.50%      5,250,000 f,g  5,366,487 
       5.00%      7,075,000 f,g  7,306,519 
       4.00%, 5/1/10       533,391 g  543,371 
       5.00%, 11/1/20 - 2/1/39      5,158,861 g  5,359,827 
       5.50%, 9/1/34 - 6/1/38      3,298,656 g  3,428,129 
       6.00%, 9/1/22 - 11/1/37      6,832,668 g  7,152,979 
       7.00%, 6/1/29 - 9/1/29           90,973 g  98,304 
Government National Mortgage Association I:         
       5.50%, 4/15/33 - 3/15/34      2,283,589  2,386,918 
       Ser. 2007-46, Cl. A, 3.14%,         
                 11/16/29       381,815  381,782 
       Ser. 2005-90, Cl. A, 3.76%,         
                 9/16/28       622,390  628,019 
       Ser. 2005-29, Cl. A, 4.02%,         
                 7/16/27       429,628  435,146 
       Ser. 2006-3, Cl. A, 4.21%,         
                 1/16/28       723,573  733,054 
       Ser. 2006-55, Cl. A, 4.25%,         
                 7/16/29       788,997  802,135 
       Ser. 2005-87, Cl. A, 4.45%,         
                 3/16/25       461,603  468,742 
       Ser. 2004-39, Cl. LC,         
                 5.50%, 12/20/29       833,942  843,693 
Government National Mortgage Association II         
       7.00%, 9/20/28 - 7/20/29      14,331  15,343 
        58,241,591 
U.S. Government Securities--15.8%         
U.S. Treasury Bonds         
       4.50%, 2/15/36      3,048,000  3,512,823 
U.S. Treasury Notes:         
       2.50%, 3/31/13      1,669,000  1,744,107 
       4.63%, 8/31/11      1,363,000  1,484,393 
       4.75%, 8/15/17      1,930,000 d  2,258,102 
       4.88%, 4/30/11      1,247,000 d  1,351,729 
       4.88%, 5/31/11      7,345,000  7,987,695 
U.S. Treasury Strip         
       0.00%, 2/15/36      3,115,000  1,166,427 
        19,505,276 
Waste Management--.1%         
Allied Waste North America,         
       Sr. Unscd. Notes  7.25  3/15/15   165,000  156,109 

Total Bonds and Notes     
       (cost $162,965,142)      150,107,687 
  Face Amount   
  Covered by   
Options--.0%  Contracts ($)  Value ($) 
Call Options     
U.S. Treasury Bond Futures,     
       May 2009 @128     
       (cost $30,030)           1,000,000 i  38,281 
  Principal   
Short-Term Investments--1.6%  Amount ($)  Value ($) 
U.S. Treasury Bills;     
       0.01%, 4/9/09  1,600,000  1,599,966 
       0.24%, 5/7/09  425,000 j  424,938 
Total Short-Term Investments     
       (cost $2,024,895)    2,024,904 
 
Other Investment--1.3%  Shares  Value ($) 
Registered Investment Company;     
Dreyfus Institutional Preferred     
       Plus Money Market Fund     
       (cost $1,562,000)  1,562,000 k  1,562,000 
Investment of Cash Collateral for     
Securities Loaned--3.6%     
Registered Investment Company;     
Dreyfus Institutional Cash     
       Advantage Fund     
       (cost $4,420,771)  4,420,771 k  4,420,771 
Total Investments (cost $171,002,838)  127.6%  158,153,643 
Liabilities, Less Cash and Receivables  (27.6%)  (34,200,650) 
Net Assets  100.0%  123,952,993 
 
FSA--Financial Security Assurance     
GO--General Obligation     
MBIA--Municipal Bond Investors Assurance Insurance Corporation     
PSF-GTD--Permanent School Fund Guaranteed     
SFMR--Single Family Mortgage Revenue     

a      Variable rate security--interest rate subject to periodic change.
b      Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2009, these securities amounted to $11,653,588 or 9.4% of net assets.
c      Principal amount stated in U.S. Dollars unless otherwise noted. BRL--Brazilian Real EUR--Euro
d      All or a portion of these securities are on loan. At March 31, 2009, the total market value of the portfolio's securities
  on loan is $4,267,870 and the total market value of the collateral held by the portfolio is $4,420,771.
e      These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
f      Purchased on a forward commitment basis.
g      On September 7, 2008, the Federal Housing Finance Agency (FHFA) placed Federal National Mortgage Association and Federal Home Loan Mortgage Corporation into conservatorship with FHFA as the conservator. As such, the FHFA will oversee the continuing affairs of these companies.
h      Notional face amount shown.
i      Non-income producing security.
j      All or partially held by a broker as collateral for open financial futures positions.
k      Investment in affiliated money market mutual fund.

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $171,002,838. Net unrealized depreciation on investments was $12,970,395 of which $2,061,118 related to appreciated investment securities and $15,031,513 related to depreciated investment securities.

STATEMENT OF FINANCIAL FUTURES           
Dreyfus Variable-Quality Bond Portfolio           
March 31, 2009 (Unaudited)           
 
          Unrealized 
    Market Value      Appreciation/ 
    Covered by      (Depreciation) 
  Contracts  Contracts ($)  Expiration    at 3/31/2009 ($) 
Financial Futures Long           
British Long Gilt  16  2,828,594  June 2009    15,380 
U.S. Treasury Bonds  16  2,075,250  June 2009    74,109 
Euro Bond 10 year Notes  26  4,298,271  June 2009    5,029 
Financial Futures Short           
U.S. Treasury 2 year Notes  41  (8,933,515)  June 2009    (44,203) 
U.S. Treasury 5 year Notes  5  (593,828)  June 2009    (7,969) 
U.S. Treasury 10 year Notes  47  (5,831,672)  June 2009    (50,656) 
 
Gross Unrealized Appreciation          94,518 
Gross Unrealized Depreciation          (102,828) 
 
 
STATEMENT OF OPTIONS WRITTEN           
March 31, 2009 (Unaudited)           
 
      Face Amount     
      Covered by     
  Contracts    Contracts ($)    Value ($) 
 Call Options:           
Federal National Mortgage Corp.,           
       April 2009 @ 100.148  505    504,500  a,b  (148,858) 
Federal National Mortgage Corp.,           
       April 2009 @ 100.718  555    555,000  a,b  (132,800) 
U.S. Treasury 10 Year Notes,           
       April 2009 @ 126  200    200,000  a  (7,500) 
U.S. Treasury Bonds,           
       May 2009 @ 131  100    100,000  a  (22,344) 
 Put Options:           
Federal National Mortgage Corp.,           
       April 2009 @ 100.148  505    504,500  a,b  (267) 
Federal National Mortgage Corp.,           

       April 2009 @ 100.718  555  555,000  a,b     (988)
U.S. Treasury 10 Year Notes,         
       April 2009 @ 121  200  200,000  a  (4,375) 
U.S. Treasury Bond,         
       May 2009 @ 123  100  100,000  a    (7,969) 
(Premiums received $203,900)                      
 
Gross Unrealized Depreciation          (325,101) 

LIBOR-BBA- London Interbank Offered Rate British Bankers' Association

a      Non-income producing security.
b      On September 7, 2008, the Federal Housing Finance Agency (FHFA) placed Federal National Mortgage Association and Federal Home Loan Mortgage Corporation into conservatorship with FHFA as the conservator. As such, the FHFA will oversee the continuing affairs of these companies.
At March 31, 2009, the fund held the following forward foreign currency exchange contracts:     
(Unaudited)         
        Unrealized 
        Appreciation/ 
Forward Currency  Foreign      (Depreciation) 
Exchange Contracts  Currency Amount  Cost ($)  Value ($)  at 3/31/2009 ($) 
Purchases:         
Norwegian Krone, expiring 4/24/2009  6,060,000  957,340  900,662  (56,678) 
Sweedish Krona, expiring 4/24/2009  7,580,000  951,604  922,035  (29,569) 
 
Sales:         
Brazilian Real, expiring 4/24/2009  220,000  93,478  94,283  (805) 
Brazilian Real, expiring 4/24/2009  255,000  112,982  109,282  3,700 
Brazilian Real, expiring 4/24/2009  275,000  121,870  117,854  4,016 
Euro, expiring 4/24/2009  170,000  217,398  225,848  (8,450) 
 
Gross Unrealized Appreciation        7,716 
Gross Unrealized Depreciation        (95,502) 

Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard No. 157 (FAS 157), 
                                                                           Fair Value Measurements. 
                                                                           These inputs are summarized in the three broad levels listed below. 
                                                                           Level 1 - quoted prices in active markets for identical investments. 
                                                                           Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, 
                                                                           credit risk, etc.) 
                                                                           Level 3 - significant unobservable inputs (including 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. 
The following is a summary of the inputs used as of March 31, 2009 in valuing the fund's investments: 

    Level 2 - Other Significant  Level 3 -Significant   
Assets ($)  Level 1 -Quoted Prices  Observable Inputs  Unobservable Inputs  Total 
Investment in Securities  5,982,771  152,132,591                                               0  158,115,362 
Other Financial Instruments+  132,799  7,716                                               0  140,515 
Liabilities ($)         
Other Financial Instruments+  (427,929)  (95,502)                                               0  (523,431) 

† Other financial instruments include derivative instruments, such as futures, forward currency exchange contracts, swap contracts and options contracts. Amounts shown represents unrealized appreciation (depreciation) at period end.

Portfolio valuation: Investments in securities, excluding short-term investments (other than U.S. Treasury Bills), financial futures, options, swap transactions and forward currency exchange contracts are valued each business day by an independent pricing service (the “Service”) approved by the Board of Trustees. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio’s securities) are valued as determined by the Service, based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indicati ons as to values from dealers; and general market conditions. Restricted securities, as well as securities or other assets for which recent market quotations are not readily available, not valued by a pricing service approved by the Board of Trustees, or determined by the portfolio not to reflect accurately fair value are valued at fair value as determined in good faith under the direction of the Board of Trustees. The factors that may be considered when fair valuing a security include 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. Short-term investments, excluding U.S.Treasury Bills, are carried at amortized cost, which approximates value. Registered investment companies that are not traded on an exchange are valued at their net asset value. Financial futures and options, which are traded on a n exchange, are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day. Options traded over-the-counter are priced at the mean between the bid prices and asked prices. Investments in swap transactions are valued each business day by an independent pricing service approved by the Board of Trustees. Swaps are valued by the service by using a swap pricing model which incorporates among other factors, default probabilities, recovery rates, credit curves of the underlying issuers and swap spreads on interest rates. Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange. Forward currency exchange contracts are valued at the forward rate.

 

Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, the portfolio may lend securities to qualified institutions. It is the portfolio’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 will be 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 Manager, U.S. Government and Agency securities or letters of credit. The portfolio will be entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the portfolio would bear the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.

A mortgage dollar roll transaction involves a sale by the portfolio of mortgage related securities that it holds with an agreement by the portfolio to repurchase similar securities at an agreed upon price and date. The securities purchased will bear the same interest rate as those sold, but generally will be collateralized by pools of mortgages with different prepayment histories than those securities sold.

The portfolio may invest in financial futures contracts in order to gain exposure to or protect against changes in the market. The portfolio is exposed to market risk as a result of changes in the value of the underlying financial instruments. Investments in financial futures require the portfolio to “mark to market” on a daily basis, which reflects the change in market value of the contracts at the close of each day’s trading. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses. When the contracts are closed, the portfolio recognizes a realized gain or loss. These investments require initial margin deposits with a broker, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change.

As a writer of call options, the portfolio receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the portfolio would incur a gain, to the extent of the premium if the price of the underlying financial instrument decreases between the date the option is written and the date on which the option is terminated. Generally, the portfolio would realize a loss if the price of the financial instrument increases between those dates.

As a writer of put options, the portfolio receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the portfolio would incur a gain, to the extent of the premium if the price of the underlying financial instrument increases between the date the option is written and the date on which the option is terminated. Generally, the portfolio would realize a loss if the price of the financial instrument decreases between those dates.

The portfolio may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings and to settle foreign currency transactions. When executing forward currency exchange contracts, the portfolio is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward currency exchange contracts, the portfolio would incur a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed. The portfolio realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward currency exchange contracts, the portfolio would incur a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. The portfolio realize s a gain if the value of the contract increases between those dates. The portfolio is also exposed to credit risk associated with counterparty nonperformance on these forward currency exchange contracts which is typically limited to the unrealized gain on each open contract.

The portfolio may enter into swap agreements to exchange the interest rate on, or return generated by, one nominal instrument for the return generated by another nominal instrument.

The portfolio accrues for the interim payments on swap contracts on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) of swap contracts in the Statement of Assets and Liabilities. Once the interim payments are settled in cash, the net amount is recorded as realized gain (loss) on swaps, in addition to realized gain (loss) recorded upon the termination of swap contracts in the Statement of Operations. Fluctuations in the value of swap contracts are recorded as a component of net change in unrealized appreciation (depreciation) on investments.

Credit default swaps involve commitments to pay a fixed interest rate in exchange for payment if a credit event affecting a third party (the referenced company) occurs. Credit events may include a failure to pay interest or principal, bankruptcy, or restructuring. For those credit default swaps in which the fund is receiving a fixed rate, the fund is providing credit protection on the underlying instrument.

The maximum payouts for these contracts are limited to the notional amount of each swap.

The portfolio may enter into interest rate swaps which involve the exchange of commitments to pay and receive interest based on a notional principal amount.

Total return swaps involve commitments to pay interest in exchange for a market-linked return based on a national amount. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the portfolio will receive a payment from or make a payment to the counterparty, respectively.

Risks may arise upon entering into these agreements from the potential inability of the counterparties to meet the terms of the agreement and are generally limited to the amount of net payments to be received, if any, at the date of default.

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

Item 2.  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-Q 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-Q 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 Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3.  Exhibits. 

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

FORM N-Q

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.

Dreyfus Variable Investment Fund

By:  /s/ J. David Officer 
  J. David Officer 
President         
 
Date:  May 28, 2009 

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/ J. David Officer 
  J. David Officer 
President         
 
Date:  May 28, 2009 

By:  /s/ James Windels 
  James Windels 
Treasurer       
 
Date:  May 28, 2009 

EXHIBIT INDEX

              (a) 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)

 

 EX-99.CERT 2 cert302.htm CERTIFICATION cert302.htm - Generated by SEC Publisher for SEC Filing

SECTION 302 CERTIFICATION

I, J. David Officer, certify that:

1. I have reviewed this report on Form N-Q of Dreyfus Variable Investment Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By:  /s/ J. David Officer 
  J. David Officer 
President        
Date:  May 28, 2009 

1

SECTION 302 CERTIFICATION

I, James Windels, certify that:

1. I have reviewed this report on Form N-Q of Dreyfus Variable Investment Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By:  /s/ James Windels 
  James Windels 
Treasurer        
Date:  May 28, 2009 

2

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