[dreyfus lion "d" logo] (reg.tm)
[dreyfus logo] (reg.tm)
DREYFUS VARIABLE INVESTMENT FUND,
ZERO COUPON 2000 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. 119SA986
Variable
Investment Fund,
ZERO COUPON 2000
PORTFOLIO
Semi-Annual
Report
June 30, 1998
DREYFUS VARIABLE INVESTMENT FUND, ZERO COUPON 2000 PORTFOLIO
- -----------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance for the Dreyfus Variable Investment
Fund -- Zero Coupon 2000 Portfolio. For the six-month reporting period ended
June 30, 1998, the Portfolio produced a total return, including share price
changes and dividend income generated, of 3.06%,* compared to 2.84 % for the
Merrill Lynch U.S. Treasury Coupon 2-Year Strips Index.** Income dividends paid
from net investment income during the period amounted to $0.339 per share
representing an annualized distribution rate per share of 5.52%.***
Economic Review
In the first half of 1998, three main regions of the world had very different
economic fundamentals. The U.S. entered the year with a strong economy near full
employment with unemployment only slightly above 4%. The tight labor market led
the Federal Reserve Board to contemplate a rise in interest rates, but the U.S.
economy cooled enough over the course of the half-year that no action was taken.
After many years of subpar economic growth, continental Europe moved into a
better economic expansion. Unlike the U.S., Europe has substantial excess
capacity of productive plant and labor. In Asia, weak economies were pervasive
in the aftermath of the Asian financial crisis late last year.
A main influence on the U.S. economy in the first half of 1998 was Asian
economic weakness. It had both positive and negative effects. The positive
effects hit first. Actual inflation and expected inflation dropped, causing a
decline in long-term Treasury bond yields and mortgage rates. This caused a boom
in housing and rising asset prices, including bonds, stocks and houses. The fall
in inflation helped the consumer sector as more of the growth in consumer income
was left over after inflation to buy goods and services. Consumers benefited
from a combination of good growth in income after inflation, a strong labor
market and rising prices of assets they owned.
The negative effect of Asian weakness was directed towards the industrial
sector rather than the consumer sector. By midyear, the evidence of industrial
weakness was clear-cut in response to a slowing of inventory accumulation and
weakened exports. One result of this industrial weakness was to cool off a U.S.
economy that had been growing so rapidly that there were fears that the Federal
Reserve might raise interest rates. This favorable shift in expectations about
Fed policy was one reason for the rise in U.S. bond and stock prices. Another
background factor was the increasing evidence of prospects for multi-year budget
surpluses in the U.S.
Market Environment
The bond market has been very strong from a fundamental point of view.
Everything from reduced supply of U.S. Treasury debt, to the Asian crisis, to
falling commodity prices have worked in the bond market's favor.
At the time of this letter, it is very hard to find any sentiment regarding
the bond market that is not bullish. Generally, there are several themes which
have produced this optimism in the bond market. The first is that Japan may
never put forth a credible financial package, which is believed by many to be a
key element to ending the Asian crisis. Second, OPEC members may never actually
adhere to any-agreed upon cutbacks in oil production, which will keep oil prices
from rising. Also, many believe yields are considered too high on a global
basis. On the domestic front, inflation generally is viewed as nonexistent. And,
the manufacturing sector of the U.S. economy is already signaling much slower
growth ahead.
The 30-year Treasury bond traded in a range of 5.5% to 5.85% during the
reporting period. Currently, the yield is at the lower end of that range. The
above-mentioned themes have been talked about enough that one can assume that at
the moment they are priced into yield levels and could cause yields to drop
When viewing the above bond market themes, you can see that they are somewhat
intertwined. If one of them were to change, the others could be impacted as
well. The Japanese fiscal reform or policy change could have the biggest impact
on the direction of the others. While we believe it will take years for
recoveries to be in place for Asia, the direction is important. If the fiscal
package from Japan is credible and sizable, the financial markets may begin to
assume that the worst is behind. This could in turn positively impact commodity
prices as people anticipate a greater need in the future.
The "zero inflation" scenario could be hindered by any rise in commodity
prices. In fact, core inflation in the U.S. has been moving up. If it were not
for the Asian crisis' impact on commodity prices, it is likely that fewer people
would be proclaiming that inflation is dead.
While only time will tell what will occur, the external pressure being exerted
on Japan to reform seems great by any historical standards. It is our opinion
that Japan may reform sooner than the markets are anticipating (albeit it could
take years to work through), but we are less convinced about the prediction that
rates will fall precipitously further without more defining news on the bond
market themes discussed above.
Portfolio Overview
In light of our apprehension for a continued bond market rally, we currently
believe that a neutral stance in duration is warranted. Going forward, we
anticipate that the target duration will be in the area of 2.5 years. Over the
last 6 months ended June 30, 1998 the duration of the Fund has been as high as
3.0 years. As the Fund moves closer to maturity the target duration will become
shorter too. Our more bullish stance worked out well, as rates declined over
that time. Of course, we will have to see what develops and our approach is
subject to change.
During the reporting period, we positioned the Fund in an effort to take
advantage of a flatter yield curve (utilizing futures), which worked well.
However, we believe that positioning the Fund for a steepening yield curve might
be warranted in the future. The reasons for this are twofold. First, if
inflation picks up, even minimally, 30-year Treasury bonds should underperform
shorter maturity treasuries. (Inflation would eat away at longer maturities.)
Or, if the economy really does slow down, we currently believe that the Fed
would remove their tightening bias, which could help shorter maturity
securities. Second, during economic slowdowns banks generally have tended to
invest capital because loan demand slows. This could mean better buying of
shorter dated securities.
Very truly yours,
[Gerald E. Thunelius signature logo]
Gerald E. Thunelius
Portfolio Manager
July 23, 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 connection with investing in variable insurance
contracts, which will reduce returns.
**SOURCE: MERRILL LYNCH, PIERCE, FENNER AND SMITH INC. -- The Merrill Lynch
U.S. Treasury Coupon 2-Year Strips Index is an unmanaged zero coupon index with
constant maturity and duration. The Index does not take into account charges,
fees and other expenses.
*** Distribution rate per share is based upon dividends per share paid from net
investment income during the period (annualized), divided by the net asset value
per share at the end of the period.
<TABLE>
DREYFUS VARIABLE INVESTMENT FUND, ZERO COUPON 2000 PORTFOLIO
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STATEMENT OF INVESTMENTS JUNE 30, 1998 (UNAUDITED)
Principal
Bonds and Notes--95.9% Amount Value
- -------------------------------------------------------
____________ ___________
Foreign--2.6% Deutsche Bank AG,
<S> <C> <C>
Medium-Term Notes, Zero Coupon, 2000 $..1,000,000 $ 910,005
____________
Municipal Bonds--3.7% New Jersey Economic Development Authority,
State Pension Funding Bonds, Ser. 1997B,
Zero Coupon, 2001 1,500,000 1,294,125
____________
U.S. Government
Agencies--89.6% Chattanooga Valley,
Secured First Mortgage, Zero Coupon, 1/1/2000 176,000 161,440
FACO Coupon Strips,
Ser. 97-1, Zero Coupon, 7/21/2000 4,743,000 4,223,058
FICO Coupon Strips:
Ser. 1, Zero Coupon, 11/11/2000 1,132,000 990,309
Ser.15, Zero Coupon, 9/7/2001 2,500,000 2,091,050
Federal Home Loan Mortgage,
Principal Strips:
Zero Coupon, 5/15/2000 5,000,000 4,504,650
Zero Coupon, 5/15/2000 1,000,000 902,417
Federal National Mortgage Association:
Medium-Term Note, Coupon Strips:
Zero Coupon, 2/7/2001 1,338,000 1,156,191
Zero Coupon, 4/8/2001 5,500,000 4,722,410
Zero Coupon, 7/24/2001 1,227,000 1,032,005
Principal Strips,
Zero Coupon, 8/7/2001 6,000,000 5,058,840
Tennessee Valley Authority:
Coupon Strips, Zero Coupon, 11/1/2000 3,000,000 2,635,917
Principal Strips, Zero Coupon, 11/1/2000 4,500,000 3,949,556
____________
31,427,843
____________
TOTAL BONDS AND NOTES
(cost $33,143,464) $33,631,973
============
DREYFUS VARIABLE INVESTMENT FUND, ZERO COUPON 2000 PORTFOLIO
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STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1998 (UNAUDITED)
Principal
Short-Term Investments--4.2% Amount Value
- -------------------------------------------------------
____________ ___________
U.S. Government Agency
Discount Notes--3.3% Federal Home Loan Banks,
5.85%, 7/1/1998 $..1,166,000 $ 1,166,000
____________
U.S. Treasury Bills--.9% 4.90%, 7/2/1998 161,000 (a) 160,989
4.94%, 7/23/1998 102,000 (a) 101,696
4.90%, 7/30/1998 52,000 (a) 51,804
____________
314,489
____________
TOTAL SHORT-TERM INVESTMENTS
(cost $1,480,465) $ 1,480,489
============
TOTAL INVESTMENTS (cost $34,623,929) 100.1% $35,112,462
====== =============
LIABILITIES, LESS CASH AND RECEIVABLES (.1%) $ (28,549)
====== =============
NET ASSETS 100.0% $35,083,913
====== =============
Notes to Statement of Investments:
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(a)Held by custodian in a segregated account as collateral for open financial
futures positions.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS VARIABLE INVESTMENT FUND, ZERO COUPON 2000 PORTFOLIO
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STATEMENT OF FINANCIAL FUTURES JUNE 30, 1998 (UNAUDITED)
Unrealized
Market Value Appreciation
Covered (Depreciation)
Financial Futures Long Contracts by Contracts Expiration at 6/30/98
___________________ ___________ _____________ ____________ ____________
<S> <C> <C> <C> <C>
U.S. Treasury 5 year Notes 85 $ 9,323,438 September '98 $ 16,039
U.S. Treasury 10 year Notes 5 569,219 September '98 (2,344)
____________
$ 13,695
============
Financial Futures Short
____________________
U.S. Treasury 30 year Bonds 33 $ 4,078,594 September '98 $ (15,000)
============
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS VARIABLE INVESTMENT FUND, ZERO COUPON 2000 PORTFOLIO
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STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1998 (UNAUDITED)
Cost Value
____________ ___________
<S> <C> <C>
ASSETS: Investments in securities--See Statement of Investments $34,623,929 $35,112,462
Cash 2,673
Receivable for futures variation margin--Note 4(a) 2,828
Prepaid expenses and other assets 4,222
____________
35,122,185
____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates 14,504
Payable for shares of Beneficial Interest redeemed 6,472
Accrued expenses 17,296
____________
38,272
____________
NET ASSETS $35,083,913
============
REPRESENTED BY: Paid-in capital $34,738,026
Accumulated undistributed investment income--net 158,672
Accumulated net realized gain (loss) on investments (300,013)
Accumulated net unrealized appreciation (depreciation)
on investments [including ($1,305) net unrealized
depreciation on financial futures]--Note 4(b) 487,228
____________
NET ASSETS $35,083,913
============
SHARES OUTSTANDING
(UNLIMITED NUMBER OF $.001 PAR VALUE SHARES OF BENEFICIAL INTEREST AUTHORIZED) 2,831,214
NET ASSET VALUE, offering and redemption price per share $12.39
========
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS VARIABLE INVESTMENT FUND, ZERO COUPON 2000 PORTFOLIO
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STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 1998 (UNAUDITED)
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income $1,052,726
EXPENSES: Investment advisory fee--Note 3(a) $ 78,036
Auditing fees 8,933
Prospectus and shareholders' reports 5,426
Custodian fees--Note 3(a) 2,931
Trustees' fees and expenses--Note 3(b) 934
Shareholder servicing costs 931
Legal fees 551
Loan commitment fees--Note 2 137
Registration fees 100
Miscellaneous 1,072
___________
Total Expenses 99,051
___________
INVESTMENT INCOME--NET 953,675
___________
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments $ 29,450
Net realized gain (loss) on financial futures (45,986)
___________
Net Realized Gain (Loss) (16,536)
Net unrealized appreciation (depreciation) on investments
[including ($20,211) net unrealized depreciation
on financial futures] 118,860
___________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 102,324
___________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $1,055,999
===========
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS VARIABLE INVESTMENT FUND, ZERO COUPON 2000 PORTFOLIO
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STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
June 30, 1998 Year Ended
(Unaudited) December 31, 1997
_______________ _______________
OPERATIONS:
<S> <C> <C>
Investment income--net $ 953,675 $ 1,852,449
Net realized gain (loss) on investments (16,536) (236,008)
Net unrealized appreciation (depreciation) on investments 118,860 641,766
____________ ____________
Net Increase (Decrease) in Net Assets Resulting from Operations 1,055,999 2,258,207
____________ ____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net (795,461) (1,851,991)
Net realized gain on investments -- (341,946)
____________ ____________
Total Dividends (795,461) (2,193,937)
____________ ____________
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold 2,966,879 7,185,361
Dividends reinvested 637,279 2,193,937
Cost of shares redeemed (3,886,920) (6,133,188)
____________ ____________
Increase (Decrease) in Net Assets from Beneficial Interest Transactions (282,762) 3,246,110
____________ ____________
Total Increase (Decrease) in Net Assets (22,224) 3,310,380
NET ASSETS:
Beginning of Period 35,106,137 31,795,757
____________ ____________
End of Period $35,083,913 $35,106,137
============ ============
UNDISTRIBUTED INVESTMENT INCOME--NET $ 158,672 $ 458
____________ ____________
Shares Shares
____________ ____________
CAPITAL SHARE TRANSACTIONS:
Shares sold 239,753 586,814
Shares issued for dividends reinvested 51,494 179,780
Shares redeemed (313,513) (500,612)
____________ ____________
Net Increase (Decrease) in Shares Outstanding (22,266) 265,982
============ ============
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS VARIABLE INVESTMENT FUND, ZERO COUPON 2000 PORTFOLIO
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FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average net
assets and other supplemental data for each period indicated. This information
has been derived from the Series' financial statements.
Six Months Ended
June 30, 1998 Year Ended December 31,
___________________________________________________
PER SHARE DATA: (Unaudited) 1997 1996 1995 1994 1993
__________ ______ ______ ______ ______ ______
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.30 $12.29 $12.70 $11.39 $12.57 $11.77
______ ______ ______ ______ ______ ______
Investment Operations:
Investment income--net .39 .69 .68 .69 .69 .79
Net realized and unrealized gain (loss)
on investments .04 .14 (.36) 1.31 (1.18) .96
______ ______ ______ ______ ______ ______
Total from Investment Operations .43 .83 .32 2.00 (.49) 1.75
______ ______ ______ ______ ______ ______
Distributions:
Dividends from investment income--net (.34) (.69) (.68) (.69) (.68) (.78)
Dividends from net realized gain on investments -- (.13) (.05) -- (.01) (.17)
______ ______ ______ ______ ______ ______
Total Distributions (.34) (.82) (.73) (.69) (.69) (.95)
______ ______ ______ ______ ______ ______
Net asset value, end of period $12.39 $12.30 $12.29 $12.70 $11.39 $12.57
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN 6.17%(1) 7.01% 2.59% 17.95% (3.91%) 15.19%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .57%(1) .61% .66% .68% -- --
Ratio of net investment income
to average net assets 5.50%(1) 5.65% 5.54% 5.73% 6.04% 6.21%
Decrease reflected in above expense ratios due
to undertakings by The Dreyfus Corporation -- -- -- .03% 1.05% 2.43%
Portfolio Turnover Rate 5.16%(2) 200.54% 98.28% 49.43% -- 106.35%
Net Assets, end of period (000's Omitted) $35,084 $35,106 $31,796 $22,291 $10,913 $5,696
- -----------------------------
(1) Annualized.
(2) Not annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
DREYFUS VARIABLE INVESTMENT FUND, ZERO COUPON 2000 PORTFOLIO
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus Variable Investment Fund (the "Fund" ) is registered under the
Investment Company Act of 1940 ("Act") as an open-end management investment
company, operating as a series company currently offering thirteen series,
including the Zero Coupon 2000 Portfolio (the "Series") and is intended to be a
funding vehicle for variable annuity contracts and variable life insurance
policies to be offered by the separate accounts of life insurance companies. The
Series is a diversified portfolio. The Series' investment objective is to
provide as high an investment return as is consistent with the preservation of
capital. The Dreyfus Corporation ("Dreyfus") serves as the Series' investment
adviser. Dreyfus is a direct subsidiary of Mellon Bank, N.A. ("Mellon"). Premier
Mutual Fund Services, Inc. is the distributor of the Series' shares, which are
sold without a sales charge.
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 (excluding short-term
investments other than U.S. Treasury Bills and financial futures) are valued
each business day by an independent pricing service ("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
carried at fair value as determined by the Service, based on methods which
include consideration of: yields or prices of securities of comparable quality,
coupon, maturity and type; indications as to values from dealers; and general
market conditions. Short-term investments, excluding U. S. Treasury Bills, are
carried at amortized cost, which approximates value. 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 on each business day.
(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. 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 receives net earnings credits based on available cash balances left on
deposit. Income earned under this arrangement is included in interest income.
(C) DIVIDENDS TO SHAREHOLDERS: Dividends are recorded on the ex-dividend date.
Dividends from investment income-net are declared and paid monthly. 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, it is the
policy of the Series not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Series to continue to
qualify as a regulated investment company, if such qualification is in the best
interests of its shareholders, by complying with the applicable provisions of
the Internal Revenue Code, and to make distributions of taxable income
sufficient to relieve it from substantially all Federal income and excise taxes
DREYFUS VARIABLE INVESTMENT FUND, ZERO COUPON 2000 PORTFOLIO
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
The Series has an unused capital loss carryover of approximately $258,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to December 31, 1997. The
carryover does not include net realized securities losses from November 1, 1997
through December 31, 1997 which are treated, for Federal income tax purposes, as
arising in fiscal 1998. If not applied, the carryover expires in fiscal 2005.
NOTE 2--BANK LINE OF CREDIT:
The Series participates with other Dreyfus-managed funds in a $600 million
redemption credit facility (" Facility" ) to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the Series has agreed to pay commitment fees on its pro rata portion
of the Facility. Interest is charged to the Series at rates based on prevailing
market rates in effect at the time of borrowings. During the period ended June
30, 1998, the Series did not borrow under the Facility.
NOTE 3--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 .45 of 1% of the value of the
Series' average daily net assets and is payable monthly.
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 to provide custodial
services for the Series. During the period ended June 30, 1998, the Series was
charged $2,931 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 $2,500 and an attendance fee of $250 per
meeting. The Chairman of the Board receives an additional 25% of such
compensation.
NOTE 4--SECURITIES TRANSACTIONS:
(A) The aggregate amount of purchases and sales of investment securities,
excluding short-term securities and financial futures, during the period ended
June 30, 1998, amounted to $1,771,719 and $4,415,376, respectively.
The Series may invest in financial futures contracts in order to gain exposure
to or protect against changes in the market. The Series is exposed to market
risk as a result of changes in the value of the underlying financial
instruments. Investments in financial futures require the Series to "mark to
market" on a daily basis, which reflects the change in the market value of the
contract at the close of each day' s trading. Typically, variation margin
payments are received or made to reflect daily unrealized gains or losses. When
the contracts are closed, the Series recognizes a realized gain or loss. These
investments require initial margin deposits with a custodian, which consist of
cash or cash equivalents, up to approximately 10% of the contract amount. 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. Contracts open at June
30, 1998, are set forth in the Statement of Financial Futures.
(B) At June 30, 1998, accumulated net unrealized appreciation on investments
and financial futures, was $487,228, consisting of $509,103 gross unrealized
appreciation and $21,875 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).
