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Previous: DREYFUS INVESTMENT PORTFOLIOS, N-30D, 1998-09-01 |
Next: ASSOCIATES HOME EQUITY LOAN TRUST 1998-1, 8-K, 1998-09-01 |
DREYFUS INVESTMENT PORTFOLIOS, MIDCAP STOCK PORTFOLIO
- -----------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with your first semi-annual report for Dreyfus
Investment Portfolios--MidCap Stock Portfolio, which began operations on May 1,
1998. In the two-month period between May 1, 1998 and June 30, 1998, the close
of the Portfolio's semi-annual fiscal period, your Portfolio's total return was
- -4.40% .* This compares with a total return of -3.90% for the Standard & Poor's
MidCap 400 Index for the same period.**
ECONOMIC REVIEW
Fears of Federal Reserve Board tightening appear to have eased due to
accumulating evidence of slower overall economic growth since the spring.
Monetary tightening has been deterred by the Asian financial crisis. The Fed's
main domestic concern is that the tight labor market has begun to fuel faster
wage growth across many industries. However, thus far rising wages have still
not meant rising prices. Instead, this cost-price mix threatens to further
erode corporate profit margins. Market interest rates have already rejected the
slower economy, and the interest rate curve has become quite flat.
The shift to slower economic growth this spring is largely due to the drag
from Asia's recession, but may well be reinforced this summer by the multiplier
impacts of the General Motors strike. Among broader economic factors, the trade
deficit has widened sharply due to both weak exports and strong growth in
imports. Also, inventories soared earlier this year, potentially creating some
drag on future production. However, thus far slowing industrial output has
largely been met by shortening the manufacturing work week, not by cutting jobs.
Hence, the shift to slower growth has not relieved the tightness in the labor
market. Instead, the virtual absence of bad news has left consumers to enjoy
the benefits of rising real wages and lower interest rates that, in turn, have
boosted spending and home ownership.
Although growth in corporate profits has slowed in many sectors in the past
year, consensus estimates of future profit growth continue to be cut by many
analysts. Profit margins had already begun to shrink under the weight of rising
labor costs, making companies' reported profits increasingly dependent on growth
of sales. Overall profits could thus prove quite vulnerable to a period of
significantly slower economic growth.
Virtually all Treasury market interest rates have already fallen near to the
floor set by the Federal Funds rate. This implies that further substantial
interest rate drops are unlikely unless the economy weakens enough to justify
action by the Fed to ease credit.
MARKET OVERVIEW
The brief period when the Portfolio was operating before June 30, 1998 was
marked by general market weakness in May, followed by a rebound in June by
large- capitalization stocks, primarily those with growth characteristics.
Value stocks, especially those in the mid-cap range, were left aside in the
market's June advance.
PORTFOLIO FOCUS
Most of the Portfolio' s underperformance occurred in June, and individual
stock selection was the primary negative factor. Some of the individual stocks
which hurt performance included Billing Concepts, Tel-Save Holdings, Cort
Business Services, and Stratus Computer.
We are maintaining our policy to construct a portfolio that is sector-neutral
relative to the performance benchmark--the Standard & Poor's MidCap 400 Index.
We remain fully invested at all times, with cash usually less than 5%, and held
purely for transaction purposes. We also attempt to keep the beta (volatility)
of the Portfolio at approximately 1.00 relative to the performance benchmark.
Thank you for your confidence in Dreyfus. We look forward to serving your
investment needs.
Sincerely,
[John O'Toole, signature logo]
Portfolio Manager
July 20, 1998
New York, N.Y.
*Total return includes reinvestment of dividends and any capital gains paid.
The Portfolio's performance does not reflect the deduction of additional charges
and expenses imposed in investing in variable insurance contracts, which will
reduce returns.
**SOURCE: LIPPER ANALYTICAL SERVICES, INC. -- Reflects the reinvestment of
income dividends and, where applicable, capital gain distributions. The
Standard & Poor' s MidCap 400 Index is a broad-based index of 400 companies and
is a widely accepted, unmanaged index of mid-cap stock market performance.
<TABLE>
DREYFUS INVESTMENT PORTFOLIOS, MIDCAP STOCK PORTFOLIO
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS JUNE 30, 1998 (UNAUDITED)
Common Stocks--96.9% Shares Value
- ------------------------------------------------------- __________ _________
<S> <C> <C>
Basic Industries--7.3% ABT Building Products 1,000 (a) $ 17,187
AptarGroup 800 49,750
Ball 1,500 60,281
Caraustar Industries 2,300 66,412
Centex Construction Products 1,300 50,050
Crompton & Knowles 2,900 73,043
Cytec Industries 1,800 (a) 79,650
International Specialty Products 3,700 (a) 68,913
Rohm & Haas 800 83,150
__________
548,436
__________
Business Services--12.5% AccuStaff Inc 2,200 (a) 68,750
America Online 800 84,800
BMC Software 2,700 (a) 140,231
Cadence Design System 1,900 (a) 59,375
Computer Task Group 1,000 33,500
Compuware 2,000 (a) 102,250
Cort Business Services 1,500 (a) 47,250
Hertz, Cl. A 1,800 79,763
Keane 800 (a) 44,800
Network Associates 1,250 (a) 59,843
SABRE Group Holdings, Cl. A 2,100 (a) 79,800
Snyder Communications 2,000 (a) 88,000
Sterling Software 2,000 (a) 59,125
__________
947,487
__________
Capital Spending--13.5% Allied Waste Industries 2,000 (a) 48,000
American Power Conversion 1,400 (a) 42,000
Apple Computer 800 (a) 22,950
CHS Electronics 3,100 (a) 55,413
Case 800 38,600
CellStar 2,000 (a) 25,875
Cummins Engine 700 35,875
Danaher 1,400 51,362
Gulfstream Aerospace 1,300 (a) 60,450
Linear Technology 1,000 60,312
Maxim Integrated Products 2,400 (a) 76,050
New Holland 1,200 23,550
Solectron 800 (a) 33,650
Storage Technology 1,600 (a) 69,400
Stratus Computer 1,500 (a) 37,969
Tellabs 1,500 (a) 107,437
Timken 2,000 61,625
USA Waste Service 1,000 (a) 49,375
Waters 2,000 (a) 117,875
__________
1,017,768
__________
DREYFUS INVESTMENT PORTFOLIOS, MIDCAP STOCK PORTFOLIO
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS JUNE 30, 1998 (UNAUDITED)
Common Stocks (continued) Shares Value
- ------------------------------------------------------- __________ _________
Consumer Cyclical--15.7% Bowne & Co. 1,800 $ 81,000
Cracker Barrel Old Country Store 800 25,400
Dollar Tree Stores 1,200 (a) 48,750
Family Dollar Stores 3,200 59,200
Federal-Mogul 400 27,000
Furniture Brands International 2,300 (a) 64,543
General Nutrition 1,500 (a) 46,687
Harley-Davidson 1,300 50,375
IHOP 900 (a) 37,237
King World Productions 900 (a) 22,950
Leggett & Platt 2,800 70,000
McClatchy, Cl. A 200 6,925
Nautica Enterprises 1,300 (a) 34,856
Payless ShoeSource 800 (a) 58,950
Proffitt's 2,300 (a) 92,862
Pulitzer Publishing 700 62,475
Ross Stores 2,000 86,000
TJX Cos. 4,800 115,800
V.F 1,500 77,250
Whole Foods Market 800 (a) 48,400
Zale 2,200 (a) 69,987
__________
1,186,647
__________
Consumer Staples--4.5% Alberto-Culver, Cl. B 1,000 29,000
Hormel Foods 2,000 69,125
Interstate Bakeries 2,200 73,012
Lancaster Colony 800 30,300
Lauder (Estee) 700 48,781
Universal Foods 3,900 86,531
__________
336,749
__________
Energy--6.7% Cliffs Drilling 1,000 (a) 32,812
Cooper Cameron 900 (a) 45,900
El Paso Natural Gas 1,600 61,200
Helmerich & Payne 2,000 44,500
National Fuel Gas 1,400 60,988
Noble Drilling 2,200 (a) 52,938
Questar 1,900 37,288
Rowan Cos. 2,100 (a) 40,819
Sun 2,400 93,150
Valero Energy 1,100 36,575
__________
506,170
__________
Health Care--8.3% Arterial Vascular Engineering 1,300 (a) 46,475
Ballard Medical Products 1,900 34,200
Biogen 1,500 (a) 73,500
DREYFUS INVESTMENT PORTFOLIOS, MIDCAP STOCK PORTFOLIO
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS JUNE 30, 1998 (UNAUDITED)
Common Stocks (continued) Shares Value
- ------------------------------------------------------- _________ _________
Health Care (continued) Biomet 2,400 $ 79,350
Elan, A.D.S. 1,400 (a) 90,038
Lincare Holdings 1,400 (a) 58,888
Rexall Sundown 900 (a) 31,725
STERIS 1,800 (a) 114,469
Watson Pharmaceuticals 2,200 (a) 102,713
__________
631,358
__________
Interest Sensitive--15.1% AFLAC 1,600 48,500
Bear Stearns Cos. 1,500 85,313
CMAC Investment 800 49,200
Charter One Financial 2,200 74,113
City National 2,100 77,569
Cullen/Frost Bankers 900 48,825
Downey Financial 900 29,418
Edwards (A.G.) 800 34,150
FIRSTPLUS Financial Group 1,500 (a) 54,000
First Security 1,300 27,828
Imperial Bancorp 1,500 (a) 45,000
Mercantile Bankshares 1,500 52,218
North Fork Bancorp 950 23,216
Old Republic International 2,300 67,419
PMI Group 1,000 73,375
Provident Financial Group 1,500 68,438
RenaissanceRe Holdings 900 41,681
SouthTrust 2,200 95,700
T. Rowe Price Associates 2,000 75,125
Zions Bancorporation 1,300 69,063
__________
1,140,151
__________
Mining and Metals--1.1% Bethlehem Steel 2,200 (a) 27,363
Cleveland-Cliffs 200 10,725
General Cable 1,450 41,869
__________
79,957
__________
Transportation--1.7% GATX 1,200 52,650
Trico Marine Services 1,800 (a) 24,638
UAL 700 (a) 54,600
__________
131,888
__________
Utilities--10.5% AES 1,000 (a) 52,563
BEC Energy 2,200 91,300
Century Telephone Enterprises 2,300 105,513
Commonwealth Energy Systems 3,200 120,800
DREYFUS INVESTMENT PORTFOLIOS, MIDCAP STOCK PORTFOLIO
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS JUNE 30, 1998 (UNAUDITED)
Common Stocks (continued) Shares Value
- ------------------------------------------------------- _________ _________
Utilities (continued) DQE 1,800 $ 64,800
GPU 2,300 86,969
Montana Power 1,500 52,125
Pinnacle West Capital 2,200 99,000
STAR Telecommunications 1,400 (a) 31,325
Sierra Pacific Resources 1,500 54,469
Tel-Save Holdings 2,600 (a) 38,350
__________
797,214
__________
TOTAL COMMON STOCKS
(cost $7,558,015) $7,323,825
==========
Principal
Amount
Short-Term Investments--3.7% ___________
- ------------------------------------------------------
U.S. Treasury Bills: 4.90%, 9/17/98 $124,000 $ 122,688
4.885%, 9/24/98 126,000 124,560
4.97%, 10/8/98 35,000 34,521
__________
TOTAL SHORT-TERM INVESTMENTS
(cost $281,736) $ 281,769
==========
TOTAL INVESTMENTS (cost $7,839,751) 100.6% $7,605,594
====== ==========
LIABILITIES, LESS CASH AND RECEIVABLES (.6%) $ (44,274)
====== ==========
NET ASSETS 100.0% $7,561,320
====== ==========
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(a) Non-income producing.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS INVESTMENT PORTFOLIOS, MIDCAP STOCK PORTFOLIO
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1998 (UNAUDITED)
Cost Value
____________ ____________
<S> <C> <C>
ASSETS: Investments in securities--See Statement of Investments $7,839,751 $7,605,594
Cash 37,276
Receivable for investment securities sold 581,885
Dividends receivable 2,718
Prepaid expenses--Note 1(e) 29,242
Due from The Dreyfus Corporation and affiliates 1,409
__________
8,258,124
__________
LIABILITIES: Payable for investment securities purchased 653,465
Accrued expenses 43,339
__________
696,804
__________
NET ASSETS $7,561,320
==========
REPRESENTED BY: Paid-in capital $7,831,646
Accumulated undistributed investment income--net 7,671
Accumulated net realized gain (loss) on investments (43,840)
Accumulated net unrealized appreciation (depreciation)
on investments--Note 3 (234,157)
___________
NET ASSETS $7,561,320
===========
SHARES OUTSTANDING
(UNLIMITED NUMBER OF $.001 PAR VALUE SHARES OF BENEFICIAL INTEREST AUTHORIZED) 632,856
NET ASSET VALUE, offering and redemption price per share $11.95
======
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS INVESTMENT PORTFOLIOS, MIDCAP STOCK PORTFOLIO
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONS
FROM MAY 1, 1998 (COMMENCEMENT OF OPERATIONS) TO JUNE 30, 1998 (UNAUDITED)
INVESTMENT INCOME
<S> <C> <C>
INCOME: Interest $ 11,335
Cash dividends 7,299
_________
Total Income $ 18,634
EXPENSES: Investment advisory fee--Note 2(a) 8,222
Auditing fees 5,000
Custodian fees--Note 2(a) 4,057
Registration fees 2,310
Shareholders' reports 1,250
Legal fees 1,130
Trustees' fees and expenses--Note 2(b) 1,071
Organization expenses--Note 1(e) 1,008
Shareholder servicing costs 161
Miscellaneous 257
_________
Total Expenses 24,466
Less--expense reimbursement from Dreyfus
due to undertaking--Note 2(a) (13,503)
__________
Net Expenses 10,963
________
INVESTMENT INCOME--NET 7,671
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 3:
Net realized gain (loss) on investments $ (43,840)
Net unrealized appreciation (depreciation)
on investments (234,157)
__________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (277,997)
_________
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $(270,326)
=========
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS INVESTMENT PORTFOLIOS, MIDCAP STOCK PORTFOLIO
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
FROM MAY 1, 1998 (COMMENCEMENT OF OPERATIONS) TO JUNE 30, 1998 (UNAUDITED)
OPERATIONS:
<S> <C> <C>
Investment income--net $ 7,671
Net realized gain (loss) on investments (43,840)
Net unrealized appreciation (depreciation) on investments (234,157)
__________
Net Increase (Decrease) in Net Assets Resulting from Operations (270,326)
__________
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold 7,894,686
Cost of shares redeemed (113,040)
__________
Increase (Decrease) in Net Assets from Beneficial Interest Transactions 7,781,646
__________
Total Increase (Decrease) in Net Assets 7,511,320
NET ASSETS:
Beginning of Period--Note 1 50,000
__________
End of Period $7,561,320
==========
UNDISTRIBUTED INVESTMENT INCOME--NET $ 7,671
__________
Shares
__________
CAPITAL SHARE TRANSACTIONS:
Shares sold 638,446
Shares redeemed (9,590)
__________
Net Increase (Decrease) in Shares Outstanding 628,856
==========
</TABLE> SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
DREYFUS INVESTMENT PORTFOLIOS, MIDCAP STOCK PORTFOLIO
- -----------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (UNAUDITED)
Contained below is per share operating performance data for a share of
Beneficial Intetest outstanding, total investment return, ratios to average net
assets and other supplemental data for the period from May 1, 1998 (commencement
of operations) to June 30, 1998. This information has been derived from the
Series' financial statements.
PER SHARE DATA:
<S> <C> <C>
Net asset value, beginning of period $12.50
______
Investment Operations:
Investment income--net .01
Net realized and unrealized gain (loss) on investments (.56)
______
Total from Investment Operations (.55)
______
Net asset value, end of period $11.95
======
TOTAL INVESTMENT RETURN (4.40%)*
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .17%*
Ratio of net investment income to average net assets .12%*
Decrease reflected in above expense ratio due to undertaking by The Dreyfus Corporation .21%*
Portfolio Turnover Rate 11.13%*
Net Assets, end of period (000's Omitted) $7,561
- -------------------
* Not annualized.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS INVESTMENT PORTFOLIOS, MIDCAP STOCK PORTFOLIO
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus Investment Portfolios (the "Fund") had no operations until May 1, 1998
(commencement of operations) other than matters relating to its organization and
registration as a diversified open-end management investment company under the
Investment Company Act of 1940 ("Act") and the Securities Act of 1933 and the
sale and issuance of 4,000 shares of Beneficial Interest ("Initial Shares") to
The Dreyfus Corporation (" Dreyfus" ). The Fund operates as a series company
currently offering two series including the MidCap Stock Portfolio ("the
Series" ). The Fund is only offered to variable annuity and variable life
insurance separate accounts established by insurance companies to fund variable
annuity contracts and variable life insurance policies and to qualified pension
and retirement plans. The Series' investment objective is to provide investment
results that are greater than the total return performance of publicly-traded
common stocks of medium-size domestic companies in the aggregate, as represented
by the Standard & Poor' s MidCap 400 Index. Dreyfus serves as the Series'
investment adviser. Dreyfus is a direct subsidiary of Mellon Bank, N.A.
(" Mellon" ), which is a wholly-owned subsidiary of Mellon Bank Corporation.
Premier Mutual Fund Services, Inc. is the distributor of the Series' shares,
which are sold without a sales charge.
As of June 30, 1998, MBIC Investment Corp., an indirect subsidiary of Mellon
Bank Corporation, held 400,000 shares of the Series.
The Fund accounts separately for the assets, liabilities and operations of
each series. Expenses directly attributable to each series are charged to that
series' operations; expenses which are applicable to all series are allocated
among them on a pro rata basis.
The Series' financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management estimates
and assumptions. Actual results could differ from those estimates.
(A) PORTFOLIO VALUATION: Investments in securities (including options and
financial futures) 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. 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. Securities for which there are no such
valuations are valued at fair value as determined in good faith under the
direction of the Board of Trustees.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on a trade date basis. Realized gain and loss from securities
transactions are recorded on the identified cost basis. Dividend income is
recognized on the ex-dividend date and interest income, including, where
applicable, amortization of discount on investments, is recognized on the
accrual basis. Under the terms of the custodian agreement, the Series received
net earnings credits of $2,144 during the period ended June 30, 1998 based on
available cash balances left on deposit. Income earned under this arrangement is
included in interest income.
DREYFUS INVESTMENT PORTFOLIOS, MIDCAP STOCK PORTFOLIO
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
(C) DIVIDENDS TO SHAREHOLDERS: Dividends are recorded on the ex-dividend date.
Dividends from investment income-net and dividends from net realized capital
gain, if any, are normally declared and paid annually, but the Series may make
distributions on a more frequent basis to comply with the distribution
requirements of the Internal Revenue Code. To the extent that net realized
capital gain can be offset by capital loss carryovers, if any, it is the policy
of the Series not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Series to qualify as a
regulated investment company, if such qualification is in the best interests of
its shareholders, by complying with the applicable provisions of the Internal
Revenue Code, and to make distributions of taxable income sufficient to relieve
it from substantially all Federal income and excise taxes.
(E) OTHER: Organization expenses paid by the Fund are included in prepaid
expenses and are being amortized to operations from May 1, 1998, the date
operations commenced, over the period during which it is expected that a benefit
will be realized, not to exceed five years. At June 30, 1998, the unamortized
balance of such expenses amounted to $29,242. In the event that any of the
Initial Shares are redeemed during the amortization period, the redemption
proceeds will be reduced by any unamortized organization expenses in the same
proportion as the number of such shares being redeemed bears to the number of
such shares outstanding at the time of such redemption.
NOTE 2--INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to an Investment Advisory Agreement with Dreyfus, the investment
advisory fee is computed at the annual rate of .75 of 1% of the value of the
Series' average daily net assets and is payable monthly. However, Dreyfus had
undertaken from May 1, 1998 through June 30, 1998, to reduce the management fee
and reimburse such excess expenses paid by the Series, to the extent that the
Series' aggregate annual expenses (exclusive of taxes, brokerage, interest on
borrowings and extraordinary expenses) exceeded an annual rate of 1% of the
value of the Series' average daily net assets. The expense reimbursement,
pursuant to the undertaking, amounted to $13,503 during the period ended June
30, 1998.
The Series compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of
Dreyfus, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the Series.
The Series compensates Mellon under a custody agreement for providing
custodial services for the Series. During the period ended June 30, 1998, the
Series was charged $4,057 pursuant to the custody agreement.
(B) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $1,000 and an attendance fee of $250 per
meeting. The Chairman of the Board receives an additional 25% of such
compensation.
DREYFUS INVESTMENT PORTFOLIOS, MIDCAP STOCK PORTFOLIO
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
NOTE 3--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended June 30, 1998 amounted
to $8,364,449 and $762,841, respectively.
At June 30, 1998, accumulated net unrealized depreciation on investments was
$234,157, consisting of $176,340 gross unrealized appreciation and $410,497
gross unrealized depreciation.
At June 30, 1998, the cost of investments for Federal income tax purposes was
substantially the same as the cost for financial reporting purposes (see the
Statement of Investments).
[reg.tm, signature logo]
[reg.tm, signature logo]
DREYFUS INVESTMENT PORTFOLIOS,
MIDCAP STOCK PORTFOLIO
200 Park Avenue
New York, NY 10166
INVESTMENT ADVISER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
Mellon Bank, N.A.
One Mellon Bank Center
Pittsburgh, PA 15258
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 174SA986
Investment Portfolios,
MIDCAP STOCK PORTFOLIO
Semi-Annual
Report
June 30, 1998
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