DREYFUS VARIABLE INVESTMENT FUND - APPRECIATION PORTFOLIO Supplement dated July 20, 2011 to Prospectus dated May 1, 2011

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1 DREYFUS VARIABLE INVESTMENT FUND - APPRECIATION PORTFOLIO Supplement dated July 20, 2011 to Prospectus dated May 1, 2011 The following information supplements the information contained in the section of the fund s Prospectus entitled Fund Details - Goal and Approach : In addition to direct investments, the fund may invest in securities of foreign companies in the form of U.S. dollardenominated American Depositary Receipts ( ADRs ). ADRs typically are issued by an American bank or trust company and evidence ownership of, and may be converted into, an underlying foreign security. ADRs are traded in the United States on national securities exchanges and in the over-the-counter market. The fund may purchase ADRs through sponsored or unsponsored facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary. A depositary may establish an unsponsored facility without participation by the issuer of the deposited security. The following information supplements the information contained in the section of the fund s Prospectus entitled Fund Details Investment Risks : ADR risk. ADRs may be subject to certain of the risks associated with direct investments in foreign companies, such as currency risk, political and economic risk and market risk, because their values depend on the performance of the non-dollar denominated underlying foreign securities. ADRs may be less liquid than the underlying shares in their primary foreign trading market. Investment restrictions in certain countries also may adversely affect the value of ADRs because such restrictions may limit the ability to convert foreign equity securities into ADRs and vice versa. Such restrictions may cause the equity securities of the foreign company to trade at a discount or premium to the market price of the related ADR. In addition, holders of unsponsored ADRs generally bear all the costs of such facilities and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such ADRs in respect of the deposited securities. Supplement dated August 25, 2011 to the Fidelity Variable Insurance Products Initial Class, Service Class, and Service Class 2 Index 500 Portfolio April 30, 2011 Prospectus Effective September 1, 2011, the following information replaces the similar information under the heading Fee Table in the Fund Summary section on page 3. Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) Initial Class Service Class Service Class 2 Management fee 0.045% 0.045% 0.045% Distribution and/or Service (12b-1) fees None 0.10% 0.25% Other expenses 0.055% 0.055% 0.055% Total annual operating expenses 0.10% 0.20% 0.35% The following supplements similar information under the heading Principal Investment Risks in the Fund Summary section on page 3. Correlation to Index. The performance of the fund and its index may vary somewhat due to factors such as transaction costs, sample selection, and timing differences associated with additions to and deletions from the index. The following supplements similar information under the heading Principal Investment Risks in the Fund Basics section beginning on page 6. Correlation to Index. The performance of the fund and its index may vary somewhat due to factors such as fees and expenses of the fund, imperfect correlation between the fund s securities and those in its index, timing differences associated 8239(0811) Page 1 of 5 Cat. No August 30, 2011

2 with additions to and deletions from the index, and changes in the shares outstanding of the component securities. The fund may not be fully invested at times, either as a result of cash flows into the fund or as a result of reserves of cash held by the fund to meet redemptions. The use of sampling techniques or futures or other derivative positions may affect the fund s ability to achieve close correlation with its index. Effective September 1, 2011, the following information replaces the similar information found in the Fund Management section on page 10. The fund s annual management fee rate is 0.045% of its average net assets. Morgan Stanley The Universal Institutional Funds, Inc. Supplement dated June 16, 2011 to Prospectus dated April 29, 2011 of Core Plus Fixed Income Portfolio (Class I) The following disclosure is hereby added as the last sentence of the first paragraph in the section of the Prospectus titled Portfolio Summary - Principal Investment Strategies : The Portfolio may also invest in restricted and illiquid securities. The following disclosure is hereby added as the tenth paragraph in the section of the Prospectus titled Portfolio Summary - Principal Risks : Liquidity Risk. The Portfolio s investments in restricted and illiquid securities may entail greater risk than investments in publicly traded securities. These securities may be more difficult to sell, particularly in times of market turmoil. Illiquid securities may be more difficult to value. If the Portfolio is forced to sell an illiquid security to fund redemptions or for other cash needs, it may be forced to sell the security at a loss. The following disclosure is hereby added at end of the first paragraph in the section of the Prospectus titled Details of the Portfolio - Approach : The Portfolio may purchase certain non-publicly traded restricted securities. These securities may include 144A securities which are exempt from registration and that may only be resold to qualified institutional buyers. The Portfolio may invest up to 15% of its assets in illiquid securities, including restricted securities that are illiquid. The Portfolio may invest an unlimited amount in restricted securities that are considered by the Adviser to be liquid. The following disclosure is hereby added as the tenth paragraph in the section of the Prospectus titled Details of the Portfolios - Risks : The Portfolio s investments in restricted and illiquid securities may entail greater risk than investments in publicly traded securities. These securities may be more difficult to sell, particularly in times of market turmoil. Illiquid securities may be more difficult to value. If the Portfolio is forced to sell an illiquid security to fund redemptions or for other cash needs, it may be forced to sell the security at a loss. T. Rowe Price Variable Insurance Portfolios Supplement dated July 1, 2011 to Prospectus Effective August 1, 2011, the paragraphs under Excessive and Short-Term Trading in section 2 of the prospectus are replaced with the following: Excessive and Short-Term Trading Policy Excessive transactions and short-term trading can be harmful to fund shareholders in various ways, such as disrupting a fund s portfolio management strategies, increasing a fund s trading costs, and negatively affecting its performance. Shortterm traders in funds that invest in foreign securities may seek to take advantage of developments overseas that could lead to 8239(0811) Page 2 of 5

3 an anticipated difference between the price of the funds shares and price movements in foreign markets. While there is no assurance that T. Rowe Price can prevent all excessive and short-term trading, the Boards of Directors/Trustees of the T. Rowe Price funds have adopted the following trading policy designed to deter such activity and protect the funds shareholders. This policy applies to contract holders notwithstanding any provisions in your insurance contract. Subject to certain exceptions, each T. Rowe Price fund restricts a shareholder s purchases (including through exchanges) into a fund account for a period of 30 calendar days after the shareholder has redeemed or exchanged out of that same fund account (the 30-Day Purchase Block ). The calendar day after the date of redemption is considered Day 1 for purposes of computing the period before another purchase may be made. General Exceptions The following types of transactions generally are not subject to the 30-Day Purchase Block (some of these may not be applicable to Variable Insurance Portfolios): Shares purchased or redeemed in money market funds; Shares purchased or redeemed through a systematic purchase or withdrawal plan; Checkwriting redemptions from bond and money funds; Shares purchased through the reinvestment of dividends or capital gain distributions; Shares redeemed by the fund to pay fund fees or shareholder account fees; Transfers and changes of account registration within the same fund; Shares purchased by asset transfer or direct rollover; Shares purchased or redeemed through IRA conversions and recharacterizations; Transactions in Section 529 college savings plans; Shares converted from one share class to another share class in the same fund; and Shares of T. Rowe Price funds that are purchased by another T. Rowe Price fund, including shares purchased by T. Rowe Price fund-of-fund products, and shares purchased by discretionary accounts managed by T. Rowe Price or one of its affiliates (please note that shareholders of the investing T. Rowe Price fund are still subject to the policy). Transactions in certain rebalancing, asset allocation, and wrap programs and other advisory programs, as well as non-t. Rowe Price fund-of-funds products, may also be exempt from the 30-Day Purchase Block, subject to prior written approval by T. Rowe Price. In addition to the 30-Day Purchase Block, T. Rowe Price may, in its discretion, reject any purchase or exchange into a fund from a person (which includes individuals and entities) whose trading activity could disrupt the management of the fund or dilute the value of the fund s shares, including trading by persons acting collectively (e.g., following the advice of a newsletter). Such persons may be barred from further purchases of T. Rowe Price funds for a period longer than 30 calendar days or permanently. Omnibus Accounts Intermediaries and insurance companies may maintain their underlying accounts directly with the fund, although they often establish an omnibus account (one account with the fund that represents multiple underlying contract holder accounts) on behalf of their customers. When intermediaries or insurance companies establish omnibus accounts in the T. Rowe Price funds, T. Rowe Price is not able to monitor the trading activity of the underlying contract holders. However, T. Rowe Price generally seeks to enforce its excessive and short-term trading policy against individual contract holders when violations of its policies are discovered and monitors aggregate trading activity at the omnibus account level in an attempt to identify activity that indicates potential excessive or short-term trading. If it detects suspicious trading activity, T. Rowe Price contacts the intermediary or insurance company and may request personal identifying information and transaction histories for some or all contract holders. If T. Rowe Price believes that excessive or short-term trading has occurred, it will instruct the intermediary or insurance company to impose restrictions to discourage such practices and take appropriate action with respect to the underlying contract holder, including restricting purchases for 30 calendar days or longer. There is no assurance that T. Rowe Price will be able to properly enforce its excessive and short-term trading policy for omnibus accounts. Because T. Rowe Price generally relies on intermediaries and insurance companies to provide information and impose restrictions for 8239(0811) Page 3 of 5

4 omnibus accounts, its ability to monitor and deter excessive trading will be dependent upon the intermediaries and insurance companies timely performance of their responsibilities. There may be limitations on the ability of insurance companies to impose restrictions on the trading practices of certain contract holders. As a result, T. Rowe Price s ability to discourage excessive trading practices in this fund may be limited. T. Rowe Price may allow an intermediary or insurance company to maintain restrictions on trading in the T. Rowe Price funds that differ from the 30-Day Purchase Block. An alternative excessive and short-term trading policy would be acceptable to T. Rowe Price if it believes that the policy would provide sufficient protection to the T. Rowe Price funds and their shareholders that is consistent with the excessive and short-term trading policy adopted by the funds Boards of Directors/Trustees. The terms of your insurance contract may further restrict your ability to trade between investment options available under your contract. You should review your insurance contract carefully or consult with your insurance company directly to determine the trading policy, as well as any rules or conditions on transactions, that will apply to your trades in the T. Rowe Price funds and any other investment options available under your contract. Retirement Plan Accounts If shares are held in a retirement plan, generally the 30-Day Purchase Block applies only to shares redeemed by exchange to another fund. However, the 30-Day Purchase Block may apply to transactions other than exchanges depending on how shares of the plan are held at T. Rowe Price or the excessive trading policy applied by your plan s recordkeeper. An alternative excessive and short-term trading policy may apply to the T. Rowe Price funds where a retirement plan has its own policy deemed acceptable to T. Rowe Price. You should contact T. Rowe Price or your plan recordkeeper to determine which of your transactions are subject to the fund s 30-Day Purchase Block or an alternative policy. Effective Date The new excessive and short-term trading policy becomes effective on August 1, 2011, and the 30-Day Purchase Block applicable to the T. Rowe Price funds will apply to shares of a fund account that are redeemed on or after that date. There is no guarantee that T. Rowe Price will be able to identify or prevent all excessive or short-term trades or trading practices. WELLS FARGO VARIABLE TRUST PROSPECTUSES OF WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS Supplement Dated August 29, 2011 I. Wells Fargo Advantage VT Opportunity Fund Class 2 Effective immediately, the following replaces the information included in the table entitled Annual Fund Operating Expenses and the example of expenses table in the section entitled Fees and Expenses : Annual Fund Operating Expenses 1 (expenses that you pay each year as a percentage of the value of your investment) Management Fees 0.65% Distribution (12b-1) Fees 0.25% Other Expenses 0.21% Acquired Fund Fees and Expenses 0.01% Total Annual Fund Operating Expenses 1.12% Fee Waivers 0.11% Total Annual Fund Operating Expenses After Fee Waiver % 1 Expenses have been adjusted as necessary from amounts incurred during the Fund s most recent fiscal year to reflect current fees and expenses. 2 Funds Management has committed through July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to ensure that the Fund s Total Annual Fund Operating Expenses After Fee Waiver, excluding brokerage commissions, interest, taxes, extraordinary expenses, and the expenses of any money market fund or other fund held by the Fund, do not exceed 1.00%. After this time, the Total Annual Fund Operating Expenses After Fee Waiver may be increased or the commitment to maintain the same may be terminated only with the approval of the Board of Trustees. 8239(0811) Page 4 of 5

5 After 1 Year $103 3 Years $334 5 Years $ Years $1,343 Also effective immediately, the following risks are added to the sections entitled Principal Investment Risks and Descriptions of Principal Investment Risks, respectively: Principal Investment Risks: Growth Style Investment Risk. Growth stocks may be more expensive relative to the values of other stocks and carry potential for significant volatility and loss. Value Style Investment Risk. Value stocks may lose value and may be subject to prolonged depressed valuations. Descriptions of Principal Investment Risks: Growth Style Investment Risk Growth stocks can perform differently from the market as a whole and from other types of stocks. Growth stocks may be designated as such and purchased based on the premise that the market will eventually reward a given company's long-term earnings growth with a higher stock price when that company's earnings grow faster than both inflation and the economy in general. Thus a growth style investment strategy attempts to identify companies whose earnings may or are growing at a rate faster than inflation and the economy. While growth stocks may react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks by rising in price in certain environments, growth stocks also tend to be sensitive to changes in the earnings of their underlying companies and more volatile than other types of stocks, particularly over the short term. Furthermore, growth stocks may be more expensive relative to their current earnings or assets compared to the values of other stocks, and if earnings growth expectations moderate, their valuations may return to more typical norms, causing their stock prices to fall. Finally, during periods of adverse economic and market conditions, the stock prices of growth stocks may fall despite favorable earnings trends. Value Style Investment Risk Value stocks can perform differently from the market as a whole and from other types of stocks. Value stocks may be purchased based upon the belief that a given security may be out of favor. Value investing seeks to identify stocks that have depressed valuations, based upon a number of factors which are thought to be temporary in nature, and to sell them at superior profits when their prices rise in response to resolution of the issues which caused the valuation of the stock to be depressed. While certain value stocks may increase in value more quickly during periods of anticipated economic upturn, they may also lose value more quickly in periods of anticipated economic downturn. Furthermore, there is the risk that the factors which caused the depressed valuations are longer term or even permanent in nature, and that there will not be any rise in valuation. Finally, there is the increased risk in such situations that such companies may not have sufficient resources to continue as ongoing businesses, which would result in the stock of such companies potentially becoming worthless. II. Wells Fargo Advantage VT Core Equity Fund Wells Fargo Advantage VT Core Equity Fund is no longer offered and all references to this fund are hereby removed. 8239(0811) Page 5 of 5

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