UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-7987
---------------------------------------------
DEAN FAMILY OF FUNDS
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
2480 KETTERING TOWER DAYTON, OH 45423
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(Address of principal executive offices) (Zip code)
Timothy Ashburn Unified Fund Services
431 N. Pennsylvania St.
Indianapolis, IN 46204
-------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 888-899-8343
Date of fiscal year end: 3/31
-----------------
Date of reporting period: 9/30/03
----------------
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
[LOGO]
DEAN INVESTMENT ASSOCIATES
--------------------------
DEAN FAMILY OF FUNDS
LARGE CAP VALUE FUND
SMALL CAP VALUE FUND
BALANCED FUND
INTERNATIONAL FUND
SEMI-ANNUAL REPORT
September 30, 2003
(Unaudited)
DEAN LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2003 (UNAUDITED)
================================================================================
SHARES COMMON STOCKS-- 97.40% VALUE
- --------------------------------------------------------------------------------
AGENTS, BROKERS & SERVICES-- 2.98%
4,500 Hartford Financial Services Group, Inc. ............ $236,835
--------
CHEMICAL & ALLIED PRODUCTS -- 2.87%
7,000 Dow Chemical Co. ................................... 227,780
--------
CRUDE PETROLEUM & NATURAL GAS -- 3.16%
6,000 Anadarko Petroleum, Inc. ........................... 250,560
--------
DRILLING OIL & GAS WELLS -- 5.39%
11,200 Diamond Offshore Drilling, Inc. .................... 213,920
10,700 Transocean, Inc. * ................................. 214,000
--------
427,920
--------
ELECTRICAL SERVICES -- 3.94%
64,000 Calpine Corp. * .................................... 312,960
--------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT
(NO COMPUTER EQUIPMENT) -- 3.00%
8,000 General Electric Co. ............................... 238,480
--------
ELECTRONIC CONNECTORS -- 3.68%
14,300 Tyco International Ltd. ............................ 292,149
--------
FEDERAL & FEDERALLY SPONSORED CREDIT AGENCIES -- 4.42%
5,000 Fannie Mae ......................................... 351,000
--------
FINANCE SERVICES -- 4.19%
6,600 Morgan Stanley ..................................... 333,036
--------
FIRE, MARINE & CASUALTY INSURANCE -- 6.34%
7,600 ACE Ltd. ........................................... 251,408
4,000 American International Group, Inc. ................. 230,800
432 Travelers Property Casualty Corp., Class A ......... 6,860
887 Travelers Property Casualty Corp., Class B ......... 14,086
--------
503,154
--------
MILLWOOD, VENEER, PLYWOOD & STRUCTURAL WOOD MEMBERS -- 3.08%
10,000 Masco Corp. ........................................ 244,800
--------
NATIONAL COMMERCIAL BANKS -- 9.25%
2,400 Bank of America Corp. .............................. 187,296
6,000 Citigroup, Inc. .................................... 273,060
8,000 J.P. Morgan Chase & Co. ............................ 274,640
--------
734,996
--------
See accompanying notes which are an integral part of the financial statements.
2
DEAN LARGE CAP VALUE FUND (CONTINUED)
================================================================================
SHARES COMMON STOCKS-- 97.40% (CONTINUED) VALUE
- --------------------------------------------------------------------------------
PHARMACEUTICAL PREPARATIONS -- 3.06%
8,000 Pfizer, Inc. ................................... $ 243,040
----------
PRINTED CIRCUIT BOARDS -- 3.57%
20,000 Flextronics International Ltd. * ............... 283,600
----------
RAILROADS, LINE-HAULING -- 5.84%
12,500 Norfolk Southern ............................... 231,250
4,000 Union Pacific Corp. ............................ 232,680
----------
463,930
----------
RETAIL-FAMILY CLOTHING STORES -- 3.91%
16,000 TJX Companies, Inc. ............................ 310,720
----------
RETAIL-LUMBER & OTHER BUILDING MATERIALS DEALERS -- 4.01%
10,000 Home Depot, Inc. ............................... 318,500
----------
SAVINGS INSTITUTIONS, FEDERALLY CHARTERED -- 3.08%
8,000 Charter One Financial, Inc. .................... 244,800
----------
SEMICONDUCTORS & RELATED DEVICES -- 3.46%
10,000 Intel Corp. .................................... 275,100
----------
SERVICES - HEALTH SERVICES -- 4.27%
4,400 Wellpoint Health Network, Inc. * ............... 339,152
----------
SERVICES - PREPACKAGED SOFTWARE -- 3.94%
12,000 Computer Associates International, Inc. ........ 313,320
----------
SURETY INSURANCE -- 3.22%
4,000 AMBAC Financial Group, Inc. .................... 256,000
----------
SURGICAL & MEDICAL INSTRUMENTS & APPARATUS -- 4.02%
11,000 Baxter International, Inc. ..................... 319,660
----------
WHOLESALE - PHARMACEUTICALS -- 2.72%
4,000 AmerisourceBergen Corp. ........................ 216,200
----------
TOTAL COMMON STOCKS (COST $8,441,055) .......... $7,737,692
----------
See accompanying notes which are an integral part of the financial statements.
3
DEAN LARGE CAP VALUE FUND (CONTINUED)
================================================================================
PRINCIPAL
VALUE MONEY MARKET SECURITIES-- 2.61% VALUE
- --------------------------------------------------------------------------------
$207,242 First American Treasury Obligation Fund, Class S
(Cost $207,242) ............................... $ 207,242
----------
TOTAL INVESTMENTS (COST $8,648,297)-- 100.01% .. $7,944,934
----------
LIABILITIES IN EXCESS OF OTHER ASSETS-- (0.01%) (787)
----------
TOTAL NET ASSETS-- 100.00% ..................... $7,944,147
==========
* Non-income producing securities.
See accompanying notes which are an integral part of the financial statements.
4
DEAN SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2003 (UNAUDITED)
================================================================================
SHARES COMMON STOCKS-- 97.52% VALUE
- --------------------------------------------------------------------------------
ACCIDENT & HEALTH INSURANCE -- 1.47%
4,000 Stancorp Financial Group, Inc. ................... $229,800
--------
AIR TRANSPORTATION, NONSCHEDULED -- 1.17%
9,000 Offshore Logistics, Inc. * ....................... 182,700
--------
BALL & ROLLER BEARINGS -- 2.44%
25,000 Timken Co. ....................................... 381,000
--------
CONCRETE GYPSUM PLASTER PRODUCTS -- 2.54%
12,000 Ameron International, Inc. ....................... 396,120
--------
CRUDE PETROLEUM & NATURAL GAS -- 5.09%
15,000 Evergreen Resources, Inc. * ...................... 405,000
11,000 Stone Energy Corp. * ............................. 388,080
--------
793,080
--------
ELECTRICAL WORK -- 2.05%
7,500 EMCOR Group, Inc. * .............................. 319,125
--------
ELECTRONIC COMPONENTS & ACCESSORIES -- 2.92%
26,000 Vishay Intertechnology, Inc. * ................... 455,520
--------
FARM MACHINERY & EQUIPMENT -- 2.09%
19,000 AGCO Corp. * ..................................... 325,660
--------
FOOTWEAR, (NO RUBBER) -- 4.26%
9,000 Brown Shoe Co., Inc. ............................. 285,300
10,500 K-Swiss, Inc. .................................... 377,895
--------
663,195
--------
HOUSEHOLD FURNITURE -- 2.47%
16,000 Furniture Brands International, Inc. ............. 385,600
--------
INDUSTRIAL TRUCKS, TRACTORS, TRAILORS & STACKERS -- 2.73%
23,000 Terex Corp. * .................................... 426,190
--------
LABORATORY ANALYTICAL INSTRUMENTS -- 2.31%
10,000 Mettler Toledo International, Inc. * ............. 359,500
--------
LEISURE DURABLES & TOYS -- 2.56%
28,000 Callaway Golf, Inc. .............................. 399,560
--------
LIFE INSURANCE -- 2.69%
9,000 Delphi Financial Group, Inc. ..................... 418,680
--------
See accompanying notes which are an integral part of the financial statements.
5
DEAN SMALL CAP VALUE FUND (CONTINUED)
================================================================================
SHARES COMMON STOCKS-- 97.52% (CONTINUED) VALUE
- --------------------------------------------------------------------------------
MISCELLANEOUS CHEMICAL PRODUCTS -- 3.13%
43,000 Hercules Inc. * .................................. $487,190
--------
MISCELLANEOUS FOOD PREPARATIONS & KINDRED PRODUCTS -- 2.48%
10,000 American Italian Pasta Co., Class A * ............ 386,900
--------
MOTOR VEHICLE PARTS & ACCESSORIES -- 2.60%
10,000 Superior Industries International, Inc. .......... 405,500
--------
NATIONAL COMMERCIAL BANKS -- 4.65%
7,000 City National Corp. .............................. 356,720
11,000 First Community Bancorp .......................... 368,390
--------
725,110
--------
PAPERBOARD CONTAINERS & BOXES -- 2.84%
17,000 Greif, Inc., Class A ............................. 442,000
--------
PLASTIC MAIL, SYNTHETIC RESIN/RUBBER, CELLULOSE
(NO GLASS) -- 2.42%
65,000 Crompton Corp. ................................... 377,650
--------
PULP MILLS -- 3.20%
33,000 Pope & Talbot Inc. ............................... 498,960
--------
RETAIL-HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES -- 2.47%
20,000 Pier 1 Imports, Inc. ............................. 384,800
--------
RETAIL-WOMEN'S CLOTHING STORES -- 2.68%
13,000 AnnTaylor Stores Corp * .......................... 417,820
--------
REFUSE SYSTEMS -- 1.80%
8,000 Waste Connections, Inc. * ........................ 280,720
--------
SAWMILLS & PLANTING MILLS, GENERAL -- 2.34%
15,000 Universal Forest Products, Inc. .................. 364,050
--------
SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED -- 1.83%
9,000 Coastal Bancorp, Inc. ............................ 285,750
--------
SEMICONDUCTORS & RELATED DEVICES -- 2.46%
18,000 Photronics Inc. * ................................ 382,680
--------
SERVICES - COMPUTER PROGRAMMING, DATA PROCESSING, ETC. -- 3.59%
35,000 Per-Se Technologies, Inc. * ...................... 560,000
--------
See accompanying notes which are an integral part of the financial statements.
6
DEAN SMALL CAP VALUE FUND (CONTINUED)
================================================================================
SHARES COMMON STOCKS-- 97.52% (CONTINUED) VALUE
- --------------------------------------------------------------------------------
SERVICES - HELP SUPPLY SERVICES -- 1.18%
13,000 Cross Country Healthcare, Inc. * ............... $ 183,170
-----------
SERVICES - MISCELLANEOUS AMUSEMENT & RECREATION -- 2.03%
8,000 Mandalay Resort Group .......................... 316,880
-----------
SERVICES - VIDEO TAPE RENTAL -- 4.09%
19,000 Hollywood Entertainment Corp. * ................ 323,000
16,000 Movie Gallery, Inc. * .......................... 314,400
-----------
637,400
-----------
STATE COMMERCIAL BANK -- 2.30%
30,000 Sterling Bancshares Corp. ...................... 357,900
-----------
STEEL PIPE & TUBES -- 2.79%
28,000 Maverick Tube Corp. * .......................... 434,560
-----------
TRUCKING (NO LOCAL) -- 2.63%
13,000 USF Corp. ...................................... 409,110
-----------
WATER, SEWER, PIPELINE, COMMUNICATION &
POWER LINE CONSTRUCTION -- 2.85%
25,000 Insituform Technologies, Inc., Class A * ....... 444,000
-----------
WATER TRANSPORTATION -- 2.18%
12,000 Tidewater, Inc. ................................ 339,600
-----------
WHOLESALE-ELECTRONIC PARTS & EQUIPMENT -- 2.19%
27,000 Audiovox Corp., Class A * ...................... 341,010
-----------
TOTAL COMMON STOCKS (COST $13,801,205) ......... $15,198,490
-----------
================================================================================
PRINCIPAL
VALUE MONEY MARKET SECURITIES-- 4.61% VALUE
- --------------------------------------------------------------------------------
$718,917 First American Treasury Obligation Fund, Class S
(Cost $718,917) ................................ $ 718,917
-----------
TOTAL INVESTMENTS (COST $14,520,122)-- 102.13% . $15,917,407
-----------
LIABILITIES IN EXCESS OF CASH AND
OTHER ASSETS-- (2.13)% ......................... (332,233)
-----------
TOTAL NET ASSETS-- 100.00% $15,585,174
===========
* Non-income producing securities.
See accompanying notes which are an integral part of the financial statements.
7
DEAN BALANCED FUND
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2003 (UNAUDITED)
================================================================================
SHARES COMMON STOCKS-- 74.17% VALUE
- --------------------------------------------------------------------------------
AGENTS, BROKERS & SERVICES-- 2.50%
4,500 Hartford Financial Services Group, Inc. ............ $236,835
--------
CHEMICAL & ALLIED PRODUCTS -- 2.06%
6,000 Dow Chemical Co. ................................... 195,240
--------
CRUDE PETROLEUM & NATURAL GAS -- 2.03%
4,600 Anadarko Petroleum Corp. ........................... 192,096
--------
DRILLING OIL & GAS WELLS -- 4.17%
11,000 Diamond Offshore Drilling, Inc. .................... 210,100
9,200 Transocean, Inc. * ................................. 184,000
--------
394,100
--------
ELECTRIC SERVICES -- 1.91%
37,000 Calpine Corp. * .................................... 180,930
--------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT
(NO COMPUTER EQUIPMENT) -- 3.85%
12,200 General Electric Co. ............................... 363,682
--------
ELECTRONIC CONNECTORS -- 2.42%
11,193 Tyco International Ltd. ............................ 228,673
--------
FEDERAL & FEDERALLY SPONSORED CREDIT AGENCIES -- 2.45%
3,300 Fannie Mae ......................................... 231,660
--------
FINANCE SERVICES -- 2.99%
5,600 Morgan Stanley ..................................... 282,576
--------
FIRE, MARINE & CASUALTY INSURANCE -- 4.56%
6000 ACE Ltd. ........................................... 198,480
3,700 American International Group, Inc. ................. 213,490
397 Travelers Property Casualty Corp, Class A .......... 6,304
816 Travelers Property Casualty Corp, Class B .......... 12,958
--------
431,232
--------
MILLWOOD, VENEER, PLYWOOD & STRUCTURAL WOOD MEMBERS -- 2.85%
11,000 Masco Corp. ........................................ 269,280
--------
NATIONAL COMMERCIAL BANKS -- 9.23%
3,000 Bank of America Corp. .............................. 234,120
4,700 Citigroup, Inc. .................................... 213,897
7,300 FleetBoston Financial Corp. ........................ 220,095
5,950 J.P. Morgan Chase & Co. ............................ 204,264
--------
872,376
--------
See accompanying notes which are an integral part of the financial statements.
8
DEAN BALANCED FUND (CONTINUED)
================================================================================
SHARES COMMON STOCKS-- 74.17% (CONTINUED) VALUE
- --------------------------------------------------------------------------------
PHARMACEUTICAL PREPARATIONS -- 2.06%
6,400 Pfizer, Inc. ................................... $ 194,432
----------
PRINTED CIRCUIT BOARDS -- 2.10%
14,000 Flextronics International Ltd. * ............... 198,520
----------
RAILROADS, LINE-HAULING -- 4.12%
11,000 Norfolk Southern ............................... 203,500
3,200 Union Pacific Corp. ............................ 186,144
----------
389,644
----------
RETAIL - FAMILY CLOTHING STORES -- 2.05%
10,000 TJX Companies, Inc. ............................ 194,200
----------
RETAIL - LUMBER & OTHER BUILDING MATERIALS DEALERS -- 3.71%
11,000 Home Depot, Inc. ............................... 350,350
----------
SAVINGS INSTITUTIONS, FEDERALLY CHARTERED -- 2.07%
6,400 Charter One Financial, Inc. .................... 195,840
----------
SEMICONDUCTORS & RELATED DEVICES -- 2.62%
9,000 Intel Corp. .................................... 247,590
----------
SERVICES - HEALTH SERVICES -- 2.44%
3,000 WellPoint Health Networks, Inc. * .............. 231,240
----------
SERVICES - PREPACKAGED SOFTWARE -- 2.48%
9,000 Computer Associates International, Inc. ........ 234,990
----------
SURETY INSURANCE -- 2.37%
3,500 AMBAC Financial Group, Inc. .................... 224,000
----------
SURGICAL & MEDICAL INSTRUMENTS & APPARATUS -- 2.46%
8,000 Baxter International, Inc. ..................... 232,480
----------
WATER TRANSPORTATION -- 2.78%
8,000 Carnival Corp. ................................. 263,120
----------
WHOLESALE - PHARMACEUTICALS -- 1.89%
3,300 AmerisourceBergen Corp. ........................ 178,365
----------
TOTAL COMMON STOCKS (COST $7,314,933) .......... $7,013,451
----------
See accompanying notes which are an integral part of the financial statements.
9
DEAN BALANCED FUND (CONTINUED)
================================================================================
PRINCIPAL
VALUE FIXED INCOME OBLIGATIONS-- 18.66% VALUE
- --------------------------------------------------------------------------------
$ 150,000 Bank of America Corp., 7.40%, 01/15/11 ............. $ 178,440
150,000 Commercial Credit Co., 6.625%, 06/01/15 ............ 171,044
150,000 Cox Radio, Inc., 6.375%, 05/15/05 .................. 159,625
150,000 Fannie Mae, 6.50%, 08/15/04 ........................ 156,908
200,000 Fannie Mae, 5.75%, 06/15/05 ........................ 214,616
200,000 Fannie Mae, 7.125%, 03/15/07 ....................... 230,687
300,000 Federal Home Loan Bank, 5.625%, 02/25/04 ........... 305,411
300,000 New Plan Excel, 7.40%, 09/15/09 .................... 347,111
----------
TOTAL FIXED INCOME OBLIGATIONS (COST $1,650,194) ... $1,763,842
----------
================================================================================
PRINCIPAL
VALUE MONEY MARKET SECURITIES-- 6.93% VALUE
- --------------------------------------------------------------------------------
$ 195,285 Cash Trust Series II-- Treasury Cash Series II ..... $ 195,285
460,000 First American Treasury Obligation Fund, Class S ... 460,000
----------
TOTAL MONEY MARKET SECURITIES (COST $655,285) ...... $ 655,285
----------
TOTAL INVESTMENTS (COST $9,620,412)-- 99.76% ....... $9,432,578
----------
OTHER ASSETS LESS LIABILITIES-- 0.24% .............. 22,904
----------
TOTAL NET ASSETS-- 100.00% ......................... $9,455,482
==========
* Non-income producing securities.
See accompanying notes which are an integral part of the financial statements.
10
DEAN INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2003 (UNAUDITED)
================================================================================
SHARES COMMON STOCKS-- 99.36% VALUE
- --------------------------------------------------------------------------------
AUSTRALIA -- 2.66%
5,905 Commonwealth Bank of Australia ....................... $110,714
11,736 News Corp. Ltd. ...................................... 79,596
2,885 Rio Tinto Limited .................................... 64,187
--------
254,497
--------
AUSTRIA -- 2.04%
1,926 Erste Bank der Oesterreichischen Sparkassen AG ....... 194,798
--------
BRAZIL -- 2.99%
640 Aracruz Celulose S.A. Sponsored ADR (b) .............. 17,472
1,170 Companhia Vale do Rio Doce * ......................... 41,616
380 Companhia Vale do Rio Doce ADR (b) ................... 14,022
3,850 Petroleo Brasileiros ADR (b) ......................... 81,812
6,318 Petroleo Brasileiros S.A ............................. 131,540
--------
286,462
--------
CANADA -- 0.79%
23,300 Oncolytics Biotech, Inc. * ........................... 75,796
--------
FINLAND -- 1.35%
8,382 Nokia (AB) ........................................... 129,044
--------
FRANCE -- 10.26%
5,340 Arcelor NPV .......................................... 64,923
1,024 Aventis S.A .......................................... 53,126
1,890 BNP Paribas .......................................... 92,662
8,004 France Telecom * ..................................... 184,091
1,129 L'Oreal S.A .......................................... 77,112
810 LaFarge, S.A ......................................... 52,494
1,471 Sanofi-Synthelabo .................................... 89,421
1,757 Societe Generale ..................................... 117,038
4,917 STMicroelectronics N.V ............................... 118,817
872 Total Fina Elf S.A ................................... 131,607
--------
981,291
--------
GERMANY -- 4.54%
1,529 AMB Generali Holding AG .............................. 89,511
2,198 DaimlerChrysler AG ................................... 76,790
1,937 Deutsche Bank AG ..................................... 117,524
1,019 Henkel KGaA .......................................... 69,124
664 SAP Aktiengesellschaft ............................... 81,193
--------
434,142
--------
See accompanying notes which are an integral part of the financial statements.
11
DEAN INTERNATIONAL FUND (CONTINUED)
================================================================================
SHARES COMMON STOCKS-- 99.36% (CONTINUED) VALUE
- --------------------------------------------------------------------------------
GREECE-- 1.08%
5,290 Public Power Corp. ........................... $ 103,003
---------
HONG KONG -- 1.10%
13,000 Sun Hun Kai Props ............................ 105,342
---------
INDONESIA -- 4.13%
525,000 Bank Central Asia ............................ 211,063
341,000 HM Sampoerna Tbk PT .......................... 183,803
---------
394,866
---------
IRELAND -- 1.25%
9,146 Irish Life & Perm ............................ 120,037
---------
ITALY -- 4.07%
2,500 Assicurazioni Generali S.p.A. * .............. 56,423
8,890 Eni S.p.A. * ................................. 135,829
67,833 Telecom Italia S.p.A. * ...................... 115,412
17,385 Unicredito Italiano S.p.A. * ................. 82,198
---------
389,862
---------
JAPAN -- 17.81%
3,000 Canon, Inc. .................................. 146,623
12,000 Hitachi Ltd. ................................. 66,598
20 Japan Retail Fund ............................ 112,966
27 Japan Telecom Hldg ........................... 79,757
2,700 JFE Holdings Inc. ............................ 58,971
4,000 Kao Corp. .................................... 84,501
13,000 Kirin Brewery ................................ 99,494
10,000 Kuraray Co., Ltd. ............................ 74,028
2,200 Lawson Corp. ................................. 73,652
13,000 Mitsubishi Corp. ............................. 111,364
29,000 Mitsubishi Heavy Industries .................. 84,107
900 NEC Electronics Corp. ........................ 61,469
19 Nippon Building Fund, Inc. ................... 113,270
23,000 Nippon Yusen Kabushiki Kaisha ................ 90,794
9,900 Nissan Motor Co. Ltd. ........................ 106,785
26 NTT Docomo, Inc. ............................. 63,537
2,000 Olympus Optical Co., Ltd. .................... 47,621
2,500 Shin-Etsu Chemical Co., Ltd. ................. 93,989
2,700 Toyota Motor Corp. ........................... 135,058
---------
1,704,584
---------
LUXEMBOURG -- 0.76%
3,100 OTP Bank Rt. * ............................... 72,540
---------
See accompanying notes which are an integral part of the financial statements.
12
DEAN INTERNATIONAL FUND (CONTINUED)
================================================================================
SHARES COMMON STOCKS-- 99.36% (CONTINUED) VALUE
- --------------------------------------------------------------------------------
MALAYSIA -- 0.77%
29,000 Malayan Banking Berhad ............................. $ 73,263
--------
NETHERLANDS -- 3.54%
6,016 ASML Holdings NV * ................................. 78,817
4,468 ING Groep NV-CVA ................................... 81,847
3,986 Philips Electronics ................................ 90,331
2,000 Royal Dutch Petroleum .............................. 87,830
--------
338,825
--------
RUSSIA -- 0.78%
1,210 Yukos Oil ADR (b) .................................. 75,020
--------
SINGAPORE -- 0.87%
78,000 Mobileone Ord ...................................... 63,173
49,000 Singapore Post Ltd. ................................ 19,984
--------
83,157
--------
SOUTH KOREA -- 3.73%
6,430 KT&G Corp. ......................................... 115,166
4,130 KT&G Corp. GDR (c) ................................. 36,963
295 Samsung Electronics Co., Ltd. ...................... 100,543
240 Samsung Electronics Co., Ltd. GDR (c) .............. 40,560
360 Shinsegae Co., Ltd. ................................ 63,696
--------
356,928
--------
SPAIN -- 2.52%
5,434 Aurea Concesiones de Infraestructuras, S.A
Concesionaria del Estado ........................... 74,926
4,601 Iberdrola, S.A ..................................... 77,425
7,530 Telefonica, S.A. * ................................. 88,918
--------
241,269
--------
SWEDEN -- 1.73%
56,557 Erricsson (LM) * ................................... 82,619
7,557 Skandinaviska Enskilda Banken AB * ................. 82,551
--------
165,170
--------
SWITZERLAND -- 5.86%
957 Nestle S.A ......................................... 220,662
3,239 Novartis AG ........................................ 125,332
953 Roche Holdings AG Genusscheine ..................... 79,020
2,422 UBS AG ............................................. 135,900
--------
560,914
--------
TAIWAN -- 1.32%
8,800 Nanya Technology Corp. GDR * (c) ................... 68,033
14,795 Siliconware Precision ADR * (b) .................... 58,588
--------
126,621
--------
See accompanying notes which are an integral part of the financial statements.
13
DEAN INTERNATIONAL FUND (CONTINUED)
================================================================================
SHARES COMMON STOCKS-- 99.36% (CONTINUED) VALUE
- --------------------------------------------------------------------------------
THAILAND -- 4.26%
43,100 Advanced Info Service, Plc ..................... $ 65,843
96,400 Kasikornbank PCL * ............................. 118,297
94,300 National Finance PCL ........................... 41,329
36,000 Siam Cement Co. ................................ 182,119
----------
407,588
----------
UNITED KINGDOM -- 19.15%
3,439 Astrazeneca Ord ................................ 145,239
14,012 Barclay's Plc .................................. 107,494
26,968 Dixons Group Plc ............................... 60,262
9,652 Glaxosmithkline ................................ 200,288
8,257 Great Universal Stores ......................... 89,992
6,570 HBOS Plc ....................................... 75,098
17,038 HSBC Hldgs Ord ................................. 224,616
7,193 Pearson Plc .................................... 68,148
13,788 Prudential ..................................... 94,092
3,346 Reckitt Benckiser .............................. 67,265
6,405 Royal Bank of Scotland ......................... 162,812
40,480 Shell Trnspt & Trdg ............................ 249,847
13,585 Unilever Plc ................................... 116,011
85,954 Vodafone Group ................................. 171,365
----------
1,832,529
----------
TOTAL COMMON STOCKS (COST $8,637,412) .......... $9,507,548
----------
See accompanying notes which are an integral part of the financial statements.
14
DEAN INTERNATIONAL FUND
================================================================================
SHARES PREFERRED STOCKS -- 0.50% VALUE
- --------------------------------------------------------------------------------
BRAZIL -- 0.50%
17,864 Aracruz Celulose S.A.-- Class B (Cost $34,383) ... $ 48,024
----------
================================================================================
WARRANTS -- 0.00%
- --------------------------------------------------------------------------------
CANADA -- 0.00%
16,821 Oncolytics Biotech, Inc., expiring 2/21/2005
(Cost $0) * ...................................... --
----------
================================================================================
PRINCIPAL
VALUE MONEY MARKET SECURITIES-- 2.05% VALUE
- --------------------------------------------------------------------------------
$ 195,711 Dreyfus Cash Management, 0.92% (Cost $195,711) (a) $ 195,711
----------
TOTAL INVESTMENTS (COST $8,867,506)-- 101.91% .... $9,751,283
----------
LIABILITIES IN EXCESS OF OTHER ASSETS-- (1.91%) .. (182,491)
----------
TOTAL NET ASSETS-- 100.00% ....................... $9,568,792
==========
* Non-income producing securities.
(a) Variable rate security; the coupon rate shown represents the effective rate
at September 30, 2003.
(b) American Depositary Receipt -- A negotiable certificate issued by a U.S.
bank representing a specific number of shares of a foreign stock traded on
a U.S. exchange.
(c) Global Depositary Receipt -- A negotiable certificate held in the bank of
one country representing a specific number of shares of a stock traded on
an exchange of another country.
See accompanying notes which are an integral part of the financial statements.
15
DEAN INTERNATIONAL FUND (CONTINUED)
================================================================================
PERCENTAGE
OF
DIVERSIFICATION OF ASSETS: NET ASSETS
- --------------------------------------------------------------------------------
Apparel 0.77%
Auto Manufacturer 1.92%
Banking 14.36%
Building Materials 1.90%
Capital Goods 1.92%
Chemicals 2.59%
Communications 9.77%
Communication Equipment 1.35%
Computer Hardware 1.53%
Construction Services 0.55%
Distributors 0.67%
Drugs & Healthcare 3.96%
Electric Equipment 2.28%
Electronics 3.35%
Financial Services 7.34%
Food & Beverages 4.56%
Insurance 4.03%
Machinery 0.88%
Manufacturing 1.90%
Media 1.54%
Mining and Metals 1.25%
Oil & Natural Gas 6.73%
Other Consumer Goods & Services 0.93%
Other Industrial Goods & Services 0.50%
Paper and Forest Products 0.68%
Personal Care 1.51%
Pharmaceutical 3.14%
Real Estate Investment Trust 3.46%
Retail 1.71%
Semiconductors 1.32%
Software Products 0.85%
Steel 1.29%
Tobacco Products 1.59%
Transportation Equipment 5.75%
Utilities 0.81%
Wholesale Products 1.16%
Other 2.05%
-------
Total 101.90%
Other assets less liabilities (1.91)%
-------
Grand Total 100.00%
See accompanying notes which are an integral part of the financial statements.
16
DEAN FAMILY OF FUNDS
STATEMENTS OF ASSETS & LIABILITIES
SEPTEMBER 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------------------------------------------------------
LARGE CAP SMALL CAP BALANCED INTERNATIONAL
VALUE FUND VALUE FUND FUND FUND
- --------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investment in securities: (Notes 2 & 6)
At cost ...................................................... $ 8,648,297 $ 14,520,122 $ 9,620,412 $ 8,867,506
============ ============ ============ ============
At value ..................................................... $ 7,944,934 $ 15,917,407 $ 9,432,578 $ 9,751,283
Cash denominated in foreign currency
(Cost $39,133) (Note 5) .................................... -- -- -- 39,874
Dividends and interest receivable (Note 2) ................... 7,676 4,782 27,559 37,555
Receivable for securities sold ............................... -- -- -- 142,805
Receivable for capital shares sold ........................... 1,526 755 1,672 871
Prepaid expenses ............................................. 12,176 13,710 14,099 13,440
------------ ------------ ------------ ------------
TOTAL ASSETS ............................................... 7,966,312 15,936,654 9,475,908 9,985,828
------------ ------------ ------------ ------------
LIABILITIES
Net unrealized depreciation on forward foreign
currency exchange contracts (Note 7) ....................... -- -- -- 45,401
Payable for securities purchased ............................. -- 319,854 -- 167,092
Payable for capital shares redeemed .......................... -- 2,745 -- 178,251
Payable to affiliates (Note 3) ............................... 1,170 10,537 3,848 9,228
Other liabilities ............................................ 20,995 18,344 16,578 17,064
------------ ------------ ------------ ------------
TOTAL LIABILITIES .......................................... 22,165 351,480 20,426 417,036
------------ ------------ ------------ ------------
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,944,147 $ 15,585,174 $ 9,455,482 $ 9,568,792
============ ============ ============ ============
Net Assets consist of:
Paid in capital .............................................. $ 12,963,997 $ 14,862,476 $ 12,100,772 $ 14,257,985
Accumulated net investment income (loss) ..................... (23,879) (71,008) 4,854 1,439,702
Accumulated net realized gains (losses)
from security transactions ................................. (4,292,608) (603,579) (2,462,310) (6,968,386)
Net unrealized appreciation
(depreciation) on investments (Note 2) ..................... (703,363) 1,397,285 (187,834) 883,777
Net unrealized appreciation (depreciation)
on translation of assets and liabilities
in foreign currencies (Note 5) ............................. -- -- -- (44,286)
------------ ------------ ------------ ------------
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,944,147 $ 15,585,174 $ 9,455,482 $ 9,568,792
============ ============ ============ ============
See accompanying notes which are an integral part of the financial statements.
17
DEAN FAMILY OF FUNDS
STATEMENTS OF ASSETS & LIABILITIES (CONTINUED)
SEPTEMBER 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------------------------------------------------------
LARGE CAP SMALL CAP BALANCED INTERNATIONAL
VALUE FUND VALUE FUND FUND FUND
- --------------------------------------------------------------------------------------------------------------------------------
PRICING OF CLASS A SHARES
Net assets applicable to Class A shares ................... $ 7,438,115 $ 14,983,316 $ 8,930,725 $8,990,216
============== ============ ============= ==========
Shares of beneficial interest outstanding
(unlimited numbers of shares
authorized, no par value) ............................... 915,982 1,197,478 1,080,562 1,011,370
============== ============ ============= ==========
Net asset value and redemption price per share ............ $ 8.12 $ 12.51 $ 8.26 $ 8.89
============== ============ ============= ==========
Maximum offering price per share .......................... $ 8.57 $ 13.20 $ 8.72 $ 9.38
============== ============ ============= ==========
PRICING OF CLASS C SHARES
Net assets applicable to Class C shares ................... $ 506,032 $ 601,858 $ 524,757 $ 578,576
============== ============ ============= ==========
Shares of beneficial interest outstanding
(unlimited numbers of shares
authorized, no par value) ............................... 66,114 49,488 67,542 67,068
============== ============ ============= ==========
Net asset value, offering price, and
redemption price per share ................................ $ 7.65 $ 12.16 $ 7.77 $ 8.63
============== ============ ============= ==========
See accompanying notes which are an integral part of the financial statements.
18
DEAN FAMILY OF FUNDS
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED SEPTEMBER 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------------------------------------------------
LARGE CAP SMALL CAP BALANCED INTERNATIONAL
VALUE FUND VALUE FUND FUND FUND
- --------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends (net of foreign withholding
taxes of $24,525 for the
International Fund) (Note 2) ............................. $ 54,591 $ 67,845 $ 53,263 $ 144,601
Interest (Note 2) .......................................... 372 829 57,720 1,750
--------- --------- --------- ---------
TOTAL INCOME ............................................. 54,963 68,674 110,983 146,351
EXPENSES
Investment advisory fees (Note 3) .......................... 41,531 74,149 49,613 59,843
Accounting services fees (Note 3) .......................... 14,396 15,294 16,025 25,849
Shareholder servicing and
transfer agent fees (Note 3)
Class A .................................................. 13,993 16,193 12,605 14,901
Class C .................................................. 897 643 990 890
Custodian fees ............................................. 3,076 5,288 3,870 27,299
Registration fees
Class A .................................................. 7,842 7,753 8,188 9,405
Class C .................................................. 2,598 2,892 1,383 1,964
Administrative Services fees (Note 3) ...................... 8,149 7,771 8,087 7,512
Trustees' fees and expenses ................................ 2,666 3,465 3,225 3,182
Professional fees .......................................... 14,009 18,059 12,949 14,802
Reports to shareholders .................................... 2,726 3,708 2,679 3,276
Insurance expense .......................................... 429 1,025 446 646
Other expenses ............................................. 704 850 794 1,038
--------- --------- --------- ---------
TOTAL EXPENSES ........................................... 113,016 157,090 120,854 170,607
Fees waived and expenses reimbursed
by Adviser (Note 3) ...................................... (34,174) (17,408) (26,082) (67,804)
--------- --------- --------- ---------
NET EXPENSES ............................................. 78,842 139,682 94,772 102,803
--------- --------- --------- ---------
NET INVESTMENT INCOME (LOSS) ............................... (23,879) (71,008) 16,211 43,548
--------- --------- --------- ---------
See accompanying notes which are an integral part of the financial statements.
19
DEAN FAMILY OF FUNDS
STATEMENTS OF OPERATIONS (CONTINUED)
PERIOD ENDED SEPTEMBER 30, 2003 (UNAUDITED)
- -----------------------------------------------------------------------------------------------------------------
LARGE CAP SMALL CAP BALANCED INTERNATIONAL
VALUE FUND VALUE FUND FUND FUND
- -----------------------------------------------------------------------------------------------------------------
REALIZED & UNREALIZED GAINS (LOSSES)
Net realized gains (losses) from:
Security transactions ............................. 68,599 1,729,443 (261,378) 958,694
Foreign currency transactions (Note 5) ............ -- -- -- 129,842
Net change in unrealized
appreciation (depreciation) on:
Investments ......................................... 1,864,061 2,188,489 2,008,331 1,417,940
Foreign currency translation (Note 5) ............... -- -- -- (112,019)
---------- ----------- --------- ----------
NET REALIZED & UNREALIZED
GAINS ON INVESTMENTS
& FOREIGN CURRENCIES ................................ 1,932,660 3,917,932 1,746,953 2,394,457
---------- ----------- --------- ----------
NET INCREASE IN NET ASSETS
FROM OPERATIONS ..................................... $1,908,781 $3,846,924 $ 1,763,164 $2,438,005
========== =========== ========= ==========
See accompanying notes which are an integral part of the financial statements.
20
DEAN FAMILY OF FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------------------------------------------------------
LARGE CAP VALUE FUND SMALL CAP VALUE FUND
-------------------- --------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
SEPTEMBER 30, MARCH 31, SEPTEMBER 30, MARCH 31,
2003 (UNAUDITED) 2003 2003 (UNAUDITED) 2003
- ---------------------------------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) ................................ $ (23,879) $ (38,929) $ (71,008) $ (111,805)
Net realized gains (losses) from
security transactions ...................................... 68,599 (4,361,207) 1,729,443 (2,333,092)
Net change in net unrealized appreciation
(depreciation) on investments .............................. 1,864,061 (1,557,744) 2,188,489 (3,348,565)
----------- ----------- ----------- -----------
Net increase (decrease) in
net assets from operations ................................. 1,908,781 (5,957,880) 3,846,924 (5,793,462)
----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net realized gains, Class A ............................ -- (303,861) -- (76,099)
From net realized gains, Class C ............................ -- (19,592) -- (2,856)
----------- ----------- ----------- -----------
Decrease in net assets from
distributions to shareholders .............................. -- (323,453) -- (78,955)
----------- ----------- ----------- -----------
FROM CAPITAL SHARE TRANSACTIONS:
CLASS A
Proceeds from shares sold ................................... 557,970 781,170 40,867 784,133
Net asset value of shares issued in reinvestment
of distributions to shareholders ......................... -- 278,659 -- 73,536
Payments for shares redeemed ............................... (1,642,757) (3,618,718) (833,636) (4,325,276)
----------- ----------- ----------- -----------
Net increase (decrease) in net assets from
Class A Share transactions ................................. (1,084,787) (2,558,889) (792,769) (3,467,607)
----------- ----------- ----------- -----------
CLASS C
Proceeds from shares sold .................................. 43,403 217,179 4,518 69,716
Net asset value of shares issued in reinvestment
of distributions to shareholders .......................... -- 3,458 -- 875
Payments for shares redeemed ............................... (60,441) (355,380) (79,817) (109,571)
----------- ----------- ----------- -----------
Net increase (decrease) in net assets from
Class C Share transactions ................................. (17,038) (134,743) (75,299) (38,980)
----------- ----------- ----------- -----------
Net increase (decrease) in net assets from
capital share transactions ................................. (1,101,825) (2,693,632) (868,068) (3,506,587)
----------- ----------- ----------- -----------
TOTAL INCREASE (DECREASE)
IN NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . 806,956 (8,974,965) 2,978,856 (9,379,004)
See accompanying notes which are an integral part of the financial statements.
21
- --------------------------------------------------------------------------------------------------------------------------------
DEAN FAMILY OF FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- --------------------------------------------------------------------------------------------------------------------------------
LARGE CAP VALUE FUND SMALL CAP VALUE FUND
-------------------- --------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
SEPTEMBER 30, MARCH 31, SEPTEMBER 30, MARCH 31,
2003 (UNAUDITED) 2003 2003 (UNAUDITED) 2003
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period ............................... 7,137,191 16,112,156 12,606,318 21,985,322
------------ ------------ ------------ ------------
End of period ..................................... $ 7,944,147 $ 7,137,191 $ 15,585,174 $ 12,606,318
============ ============ ============ ============
ACCUMULATED DISTRIBUTIONS
IN EXCESS OF NET
INVESTMENT INCOME ................................... $ -- $ -- $ -- $ --
============ ============ ============ ============
CAPITAL SHARE ACTIVITY:
CLASS A
Shares sold ......................................... 69,219 93,137 3,511 68,872
Shares issued in reinvestment of
distributions to shareholders ....................... -- 38,436 -- 6,898
Shares redeemed ..................................... (204,056) (495,562) (71,162) (394,861)
------------ ------------ ------------ ------------
Net increase (decrease) in shares outstanding ....... (134,837) (363,989) (67,651) (319,091)
Shares outstanding, beginning of year ............... 1,050,819 1,414,808 1,265,129 1,584,220
------------ ------------- ------------ ------------
Shares outstanding, end of year ..................... 915,982 1,050,819 1,197,478 1,265,129
============= ============ ============ ============
CLASS C
Shares sold ....................................... 6,095 29,901 399 6,023
Shares issued in reinvestment of
distributions to shareholders ................... -- 501 -- 84
Shares redeemed ................................... (8,004) (50,571) (7,586) (10,567)
------------ ------------ ------------ ------------
Net increase (decrease) in shares outstanding ..... (1,909) (20,169) (7,187) (4,460)
Shares outstanding, beginning of year ............. 68,023 88,192 56,675 61,135
------------ ------------ ------------ ------------
Shares outstanding, end of year ................... 66,114 68,023 49,488 56,675
============ ============ ============ ============
See accompanying notes which are an integral part of the financial statements.
22
DEAN FAMILY OF FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
- ----------------------------------------------------------------------------------------------------------------------------------
BALANCED FUND INTERNATIONAL FUND
------------- ------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
SEPTEMBER 30, MARCH 31, SEPTEMBER 30, MARCH 31,
2003 (UNAUDITED) 2003 2003 (UNAUDITED) 2003
- ----------------------------------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) ............................... $ 16,211 $ 77,366 $ 43,548 $ (9,183)
Net realized gains (losses) from:
Security transactions ..................................... (261,378) (2,198,227) 958,694 (3,603,468)
Foreign currency transactions ............................. -- -- 129,842 1,405,337
Net change in net unrealized
appreciation (depreciation) on:
Investments ............................................... 2,008,331 (1,464,059) 1,417,940 (921,344)
Foreign currency translation .............................. -- -- (112,019) 10,407
----------- ----------- ----------- -----------
Net decrease in net assets from operations .................. 1,763,164 (3,584,920) 2,438,005 (3,118,251)
----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income, Class A ........................ (11,357) (175,957) -- --
From net investment income, Class C ........................ -- (14,376) -- --
From net realized gains, Class A ........................... -- (213,693) -- --
From net realized gains, Class C ........................... -- (26,738) -- --
From return of capital, Class A ............................ -- (373,414) -- --
From return of capital, Class C ............................ -- (46,723) -- --
Decrease in net assets from
distributions to shareholders .............................. (11,357) (850,901) -- --
----------- ----------- ----------- -----------
FROM CAPITAL SHARE TRANSACTIONS:
CLASS A
Proceeds from shares sold .................................. 26,648 366,531 6,320,388 7,184,374
Net asset value of shares issued in reinvestment
of distributions to shareholders .......................... 11,205 750,912 -- --
Payments for shares redeemed ............................... (891,430) (1,452,762) (6,678,528) (9,305,455)
----------- ----------- ----------- -----------
Net increase (decrease) in net assets from
Class A Share transactions ................................ (853,577) (335,319) (358,140) (2,121,081)
----------- ----------- ----------- -----------
CLASS C
Proceeds from shares sold .................................. 4,849 529,928 2,631 18,514
Net asset value of shares issued in reinvestment
of distributions to shareholders .......................... -- 6,020 -- --
Payments for shares redeemed ............................... (401,517) (525,393) (2,184) (209,987)
----------- ----------- ----------- -----------
Net increase (decrease) in net assets from
Class C Share transactions ................................. (396,668) 10,555 447 (191,473)
----------- ----------- ----------- -----------
Net increase (decrease) in assets from
capital share transactions ................................. (1,250,245) (324,764) (357,693) (2,312,554)
----------- ----------- ----------- -----------
See accompanying notes which are an integral part of the financial statements.
23
DEAN FAMILY OF FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
BALANCED FUND INTERNATIONAL FUND
------------- ------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
SEPTEMBER 30, MARCH 31, SEPTEMBER 30, MARCH 31,
2003 (UNAUDITED) 2003 2003 (UNAUDITED) 2003
TOTAL INCREASE (DECREASE)
IN NET ASSETS ......................................... 501,562 (4,760,585) 2,080,312 (5,430,805)
NET ASSETS:
Beginning of year ..................................... 8,953,920 13,714,505 7,488,480 12,919,285
----------- ------------ ----------- ------------
End of year ........................................... $ 9,455,482 $ 8,953,920 $ 9,568,792 $ 7,488,480
=========== ============ =========== ============
ACCUMULATED UNDISTRIBUTED
NET INVESTMENT INCOME ................................. $ 4,854 $ -- $ 43,548 $ 1,396,154
=========== ============ =========== ============
CAPITAL SHARE ACTIVITY:
CLASS A
Shares sold ........................................... 3,399 42,256 775,108 963,187
Shares issued in reinvestment of
distributions to shareholders ....................... 1,379 102,047 -- --
Shares redeemed ....................................... (111,085) (189,947) (793,132) (1,249,417)
----------- ------------ ----------- ------------
Net increase (decrease) in shares outstanding ......... (106,307) (45,644) (18,024) (286,230)
Shares outstanding, beginning of year ................. 1,186,869 1,232,513 1,029,394 1,315,624
----------- ------------ ----------- ------------
Shares outstanding, end of year ....................... 1,080,562 1,186,869 1,011,370 1,029,394
=========== ============ =========== ============
CLASS C
Shares sold ........................................... 644 65,651 328 2,181
Shares issued in reinvestment of
distributions to shareholders ....................... -- 865 -- --
Shares redeemed ....................................... (51,673) (73,086) (263) (27,935)
----------- ------------ ----------- ------------
Net increase (decrease) in shares outstanding ......... (51,029) (6,570) 65 (25,754)
Shares outstanding, beginning of year ................. 118,571 125,141 67,003 92,757
----------- ------------ ----------- ------------
Shares outstanding, end of year ....................... 67,542 118,571 67,068 67,003
=========== ============ =========== ============
See accompanying notes which are an integral part of the financial statements.
24
DEAN FAMILY OF FUNDS
LARGE CAP VALUE FUND -- CLASS A
FINANCIAL HIGHLIGHTS
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- ---------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) MARCH 31, 2003 MARCH 31, 2002 MARCH 31, 2001 MARCH 31, 2000 MARCH 31, 1999
----------- -------------- -------------- ----------------------------- --------------
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value,
beginning of period . . . . . . $ 6.40 $ 10.75 $ 11.97 $ 11.11 $ 10.65 $ 12.21
-------- -------- ---------- ---------- ----------- ---------
Income (loss) from
investment operations:
Net investment
income (loss) . . . . . . . . (0.02) (0.03) (0.06)(a) 0.02 0.01 0.05
Net realized and
unrealized gains
(losses) on investments . . . 1.74 (4.08) 0.12 0.97 0.46 (1.44)
-------- -------- ---------- ---------- ----------- ---------
Total income (loss) from
investment operations . . . . . 1.72 (4.11) 0.06 0.99 0.47 (1.39)
-------- -------- ---------- ---------- ----------- ---------
Less distributions:
From net investment income . . -- -- -- (0.13) (0.01) (0.05)
From net realized gains . . . . -- (0.24) (1.28) -- -- (0.12)
-------- -------- ---------- ---------- ----------- ---------
Total distributions . . . . . . . -- (0.24) (1.28) (0.13) (0.01) (0.17)
-------- -------- ---------- ---------- ----------- ---------
Net asset value, end of period . $ 8.12 $ 6.40 $ 10.75 $ 11.97 $ 11.11 $ 10.65
======== ========= ========== ========== =========== ==========
Total Return (b) . . . . . . . . 26.88% (38.49)% 0.17% 9.03% 4.38% (11.48)%
======== ========= ========== ========== ============ ==========
Net assets, end of period . . .$ 7,438,115 $ 6,725,313 $ 15,204,763 $ 14,247,739 $ 10,134,912 $9,315,112
========= ========== ========== ========== =========== ==========
Ratio of expenses to
average net assets:
Before fee waivers and/or
expense reimbursement
by Adviser . . . . . . . . . 2.66%(c) 2.31% 1.91% 2.23% 2.11% 2.29%
After fee waivers and/or
expense reimbursement
by Adviser . . . . . . . . . 1.85%(c) 1.85% 1.85% 1.85% 1.85% 1.85%
Ratio of net investment income
(loss) to average net assets . . (0.53)%(c) (0.32)% (0.52)% 0.19% 0.02% 0.46%
Portfolio turnover rate . . . . . 22% 55% 102% 103% 71% 55%
<FN>
(a) Net investment income (loss) is based on average shares outstanding during the
year.
(b) Total returns shown exclude the effect of applicable sales loads and are
not annualized.
(c) Annualized.
</FN>
See accompanying notes which are an integral part of the financial statements.
25
DEAN FAMILY OF FUNDS
LARGE CAP VALUE FUND -- CLASS C
FINANCIAL HIGHLIGHTS (CONTINUED)
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) MARCH 31, 2003 MARCH 31, 2002 MARCH 31, 2001 MARCH 31, 2000 MARCH 31, 1999
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value,
beginning of period . . . . . . . $ 6.05 $ 10.29 $ 11.59 $ 10.71 $ 10.57 $ 12.16
--------- --------- ---------- --------- ---------- ----------
Income (loss) from
investment operations:
Net investment loss . . . . . . . (0.05) (0.09) (0.14)(a) (0.04) (0.03) (0.02)
Net realized and
unrealized gains
(losses) on investments 1.65 (3.91) 0.12 0.93 0.18 (1.45)
--------- --------- ---------- --------- ---------- ----------
Total income (loss) from
investment operations . . . . . . 1.60 (4.00) (0.02) 0.89 0.15 (1.47)
--------- --------- ---------- --------- ---------- ----------
Less distributions:
From net investment income . . . -- -- -- (0.01) (0.01) --
From net realized gains . . . . . -- (0.24) (1.28) -- -- (0.12)
--------- --------- ---------- --------- ---------- ----------
Total distributions . . . . . . . -- (0.24) (1.28) (0.01) (0.01) (0.12)
--------- --------- ---------- --------- ---------- ----------
Net asset value, end of period $ 7.65 $ 6.05 $ 10.29 $ 11.59 $ 10.71 $ 10.57
======== ======== ========== ========= ========== ==========
Total Return(b) . . . . . . . . . 26.45% (39.16)% (0.52)% 8.35% 1.38% (12.12)%
======== ======== ========== ========= ========== ==========
Net assets, end of period . . . . $ 506,032 $ 411,878 $ 907,393 $ 441,646 $ 511,730 $ 531,871
======== ======== ========== ========= ========== ==========
Ratio of expenses to
average net assets:
Before fee waivers and/or
expense reimbursement
by Adviser . . . . . . . . . . . 3.64%(c) 2.65% 3.03% 4.37% 4.04% 8.53%
After fee waivers and/or
expense reimbursement
by Adviser . . . . . . . . . . . 2.60%(c) 2.60% 2.60% 2.60% 2.60% 2.60%
Ratio of net investment loss
to average net assets . . . . . (1.28)%(c) (1.06)% (1.28)% (0.56)% (0.22)% (0.31)%
Portfolio turnover rate . . . . . 22% 55% 102% 103% 71% 55%
<FN>
(a) Net investment income (loss) is based on average shares outstanding during the
year.
(b) Total returns shown exclude the effect of applicable sales loads and are
not annualized.
(c) Annualized.
</FN>
See accompanying notes which are an integral part of the financial statements.
26
DEAN FAMILY OF FUNDS
SMALL CAP VALUE FUND -- CLASS A
FINANCIAL HIGHLIGHTS (CONTINUED)
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) MARCH 31, 2003 MARCH 31, 2002 MARCH 31, 2001 MARCH 31, 2000 MARCH 31, 1999
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value,
beginning of period . . . . . . $ 9.55 $ 13.37 $ 10.40 $ 8.95 $ 9.15 $ 12.84
------------ ---------- ---------- --------- ---------- ---------
Income (loss) from
investment operations:
Net investment
income (loss) . . . . . . . . . (0.05) (0.08) 0.03(a) 0.08 0.14 0.08
Net realized and
unrealized gains
(losses) on investments . . . . 3.01 (3.69) 2.97 1.44 (0.19) (3.03)
------------ ---------- ---------- --------- ---------- ---------
Total income (loss) from
investment operations . . . . . 2.96 (3.77) 3.00 1.52 (0.05) (2.95)
------------ ---------- ---------- --------- ---------- ---------
Less distributions:
From net investment income . . . -- -- (0.03) (0.07) (0.15) (0.06)
From net realized gains . . . . . -- (0.05) -- -- -- (0.68)
------------ ---------- ------------ --------- ---------- ---------
Total distributions . . . . . . . -- (0.05) (0.03) (0.07) (0.15) (0.74)
------------ ---------- ------------ --------- ---------- ---------
Net asset value, end of period . $ 12.51 $ 9.55 $ 13.37 $ 10.40 $ 8.95 $ 9.15
============ ========== ============= =========== =========== ===========
Total Return (b) . . . . . . . . . 30.99% (28.24)% 28.88% 16.94% (0.53)% (23.39)%
============ ========== ============ =========== =========== ===========
Net assets, end of period . . . .$ 14,983,316 $12,078,397 $ 21,187,653 $16,208,623 $ 13,333,607 $15,479,055
============ =========== ============ =========== =========== ===========
Ratio of expenses to
average net assets:
Before fee waivers and/or
expense reimbursement
by Adviser . . . . . . . . . 2.08%(c) 2.01% 1.84% 2.40% 1.92% 1.89%
After fee waivers and/or
expense reimbursement
by Adviser . . . . . . . . . 1.85%(c) 1.85% 1.84% 1.85% 1.85% 1.85%
Ratio of net investment income
(loss) to average net assets . . (0.93)%(c) (0.65)% 0.26% 0.79% 1.49% 0.83%
Portfolio turnover rate . . . . . 52% 82% 67% 54% 90% 79%
<FN>
(a) Net investment income (loss) is based on average shares outstanding during the
year.
(b) Total returns shown exclude the effect of applicable sales loads and are
not annualized.
(c) Annualized.
</FN>
See accompanying notes which are an integral part of the financial statements.
27
DEAN FAMILY OF FUNDS
SMALL CAP VALUE FUND -- CLASS C
FINANCIAL HIGHLIGHTS (CONTINUED)
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
=============================================================================================================================
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) MARCH 31, 2003 MARCH 31, 2002 MARCH 31, 2001 MARCH 31, 2000 MARCH 31, 1999
- -----------------------------------------------------------------------------------------------------------------------------
Net asset value,
beginning of period ........ $ 9.31 $ 13.05 $ 10.20 $ 8.80 $ 9.05 $ 12.79
-------- ----------- ----------- -------- ---------- ----------
Income (loss) from
investment operations:
Net investment
income (loss) ............. (0.10) (0.11) (0.06)(a) 0.03 (0.01) 0.01
Net realized and
unrealized gains
(losses) on investments ... 2.95 (3.58) 2.91 1.44 (0.09) (3.03)
-------- ----------- ----------- -------- ---------- ----------
Total income (loss) from
investment operations ...... 2.85 (3.69) 2.85 1.47 (0.10) (3.02)
-------- ----------- ----------- -------- ---------- ----------
Less distributions:
From net investment income . -- -- -- (0.07) (0.15) (0.04)
From net realized gains .... -- (0.05) -- -- -- (0.68)
-------- ----------- ----------- -------- ---------- ----------
Total distributions .......... -- (0.05) -- (0.07) (0.15) (0.72)
-------- ----------- ----------- -------- ---------- ----------
Net asset value, end of period $ 12.16 $ 9.31 $ 13.05 $ 10.20 $ 8.80 $ 9.05
======== =========== ============ ======== ========== ==========
Total Return (b) ............. 30.61% (28.32)% 27.94% 16.66% (1.11)% (24.00)%
======== =========== ============ ======== ========== ==========
Net assets, end of period .... $601,858 $ 527,921 $ 797,669 $683,137 $2,344,244 $2,560,618
======== =========== ============ ======== ========== ==========
Ratio of expenses to
average net assets:
Before fee waivers and/or
expense reimbursement
by Adviser ................ 2.98%(c) 2.19% 3.69% 3.18% 2.32% 2.70%
After fee waivers and/or
expense reimbursement
by Adviser ................. 2.60%(c) 2.19% 2.60% 2.31% 2.31% 2.60%
Ratio of net investment income
(loss) to average net assets (1.68)%(c) (0.99)% (0.49)% 0.35% (0.31)% 0.17%
Portfolio turnover rate ...... 52% 82% 67% 54% 90% 79%
<FN>
(a) Net investment income (loss) is based on average shares outstanding during
the year.
(b) Total returns shown exclude the effect of applicable sales loads and are
not annualized.
(c) Annualized.
See accompanying notes which are an integral part of the financial statements.
28
</FN>
DEAN FAMILY OF FUNDS
BALANCED FUND -- CLASS A
FINANCIAL HIGHLIGHTS (CONTINUED)
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
====================================================================================================================================
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) MARCH 31, 2003 MARCH 31, 2002 MARCH 31, 2001 MARCH 31, 2000 MARCH 31, 1999
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value,
beginning of period ..... $ 6.89 $ 10.15 $ 10.92 $ 10.16 $ 10.75 $ 11.55
---------- ---------- ----------- ----------- ---------- -----------
Income (loss) from investment
operations:
Net investment income ... 0.02 0.06 0.09(a) 0.20 0.28 0.19
Net realized and
unrealized gains
(losses) on investments . 1.36 (2.69) (0.26) 0.98 (0.66) (0.56)
---------- ---------- ----------- ----------- ---------- -----------
Total income (loss) from
investment operations ... 1.38 (2.63) (0.17) 1.18 (0.38) (0.37)
---------- ---------- ----------- ----------- ---------- -----------
Less distributions:
From net investment ..... (0.01) (0.06) (0.10) (0.19) (0.21) (0.19)
income
From net realized gains . -- (0.26) (0.50) (0.23) -- (0.24)
From return of capital .. -- (0.31) -- -- -- --
---------- ---------- ----------- ----------- ---------- -----------
Total distributions ............ (0.01) (0.63) (0.60) (0.42) (0.21) (0.43)
---------- ---------- ----------- ----------- ---------- -----------
Net asset value, end of period . $ 8.26 $ 6.89 $ 10.15 $ 10.92 $ 10.16 $ 10.75
========== ========== =========== =========== ========== ===========
Total Return (b) ............... 20.03% (26.10)% (1.75)% 11.93% (3.52)% (3.22)%
========== ========== =========== =========== ========== ===========
Net assets, end of period ...... $8,930,725 $8,183,461 $12,509,111 $12,453,481 $8,606,480 $10,391,582
========== ========== =========== =========== ========== ===========
Ratio of expenses to
average net assets:
Before fee waivers and/or
expense reimbursement
by Adviser .............. 2.41%(c) 2.21% 2.01% 2.04% 2.13% 2.09%
After fee waivers and/or
expense reimbursement
by Adviser .............. 1.85%(c) 1.85% 1.85% 1.84% 1.85% 1.85%
Ratio of net investment income
to average net assets .... 0.38%(c) 0.77% 0.88% 1.89% 2.63% 1.79%
Portfolio turnover rate .... 20% 51% 86% 66% 196% 60%
<FN>
(a) Net investment income (loss) is based on average shares outstanding during
the year.
(b) Total returns shown exclude the effect of applicable sales loads and are
not annualized.
(c) Annualized.
See accompanying notes which are an integral part of the financial statements.
</FN>
29
DEAN FAMILY OF FUNDS
BALANCED FUND -- CLASS C
FINANCIAL HIGHLIGHTS (CONTINUED)
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
=============================================================================================================================
SIX MONTHS ENDED
SEPTEMBER 30, YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
2003
(UNAUDITED) MARCH 31, 2003 MARCH 31, 2002 MARCH 31, 2001 MARCH 31, 2000 MARCH 31, 1999
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value,
beginning of period ..... $ 6.50 $ 9.63 $ 10.40 $ 10.00 $ 10.73 $ 11.52
-------- --------- ---------- -------- ---------- ----------
Income (loss) from investment
operations:
Net investment income
(loss) ................ (0.01) 0.01 --(a) 0.12 (0.22) 0.11
Net realized and
unrealized gains
(losses) on investments 1.28 (2.53) (0.23) 0.95 (0.34) (0.55)
-------- --------- ---------- -------- ---------- ----------
Total income (loss) from
investment operations ... 1.27 (2.52) (0.23) 1.07 (0.56) (0.44)
-------- --------- ---------- -------- ---------- ----------
Less distributions:
From net investment
income ................ -- (0.04) (0.04) (0.12) (0.17) (0.11)
From net realized gains . -- (0.26) (0.50) (0.55) -- (0.24)
From return of capital .. -- (0.31) -- -- -- --
-------- --------- ---------- -------- ---------- ----------
Total distributions ............ -- (0.61) (0.54) (0.67) (0.17) (0.35)
-------- --------- ---------- -------- ---------- ----------
Net asset value, end of period . $ 7.77 $ 6.50 $ 9.63 $ 10.40 $ 10.00 $ 10.73
======== ========= ========== ======== ========== ==========
Total Return (b) ............... 19.54% (26.37)% (2.38)% 11.03% (5.24)% (3.81)%
======== ========= ========== ======== ========== ==========
Net assets, end of period ...... $524,757 $ 770,459 $1,205,394 $485,234 $1,291,000 $1,885,376
======== ========= ========== ======== ========== ==========
Ratio of expenses to
average net assets:
Before fee waivers and/or
expense reimbursement
by Adviser ........... 2.62%(c) 2.35% 4.01% 2.73% 2.74% 3.14%
After fee waivers and/or
expense reimbursement
by Adviser .............. 2.60%(c) 2.35% 2.60% 2.60% 2.60% 2.60%
Ratio of net investment income
(loss) to average net
assets ...................... (0.34)%(c) 0.29% 0.00% 1.14% (2.13)% 1.04%
Portfolio turnover rate ........ 20% 51% 86% 66% 196% 60%
<FN>
(a) Net investment income (loss) is based on average shares outstanding during
the year.
(b) Total returns shown exclude the effect of applicable sales loads and are
not annualized.
(c) Annualized.
See accompanying notes which are an integral part of the financial statements.
</FN>
30
DEAN FAMILY OF FUNDS
INTERNATIONAL FUND -- CLASS A
FINANCIAL HIGHLIGHTS (CONTINUED)
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
================================================================================
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) MARCH 31, 2003 MARCH 31, 2002 MARCH 31, 2001 MARCH 31, 2000 MARCH 31, 1999
Net asset value,
beginning of period ..... $ 6.84 $ 9.18 $ 9.96 $ 20.11 $ 12.41 $ 11.76
---------- ---------- ----------- ----------- ----------- ----------
Income (loss) from
investment operations:
Net investment
income (loss) ............... 0.04 -- (0.06)(a) (0.11) (0.13) (0.01)
Net realized and
unrealized gains
(losses) on investments ..... 2.01 (2.34) (0.71) (5.88) 8.50 0.69
---------- ---------- ----------- ----------- ----------- ----------
Total income (loss) from
investment operations ... 2.05 (2.34) (0.77) (5.99) 8.37 0.68
---------- ---------- ----------- ----------- ----------- ----------
Less distributions:
From net investment
income ................ -- -- (0.01) (0.01) -- --
From net realized gains . -- -- -- (4.15) (0.67) (0.03)
---------- ---------- ----------- ----------- ----------- ----------
Total distributions ............ -- -- (0.01) (4.16) (0.67) (0.03)
---------- ---------- ----------- ----------- ----------- ----------
Net asset value, end of period . $ 8.89 $ 6.84 $ 9.18 $ 9.96 $ 20.11 $ 12.41
========== ========== =========== =========== =========== ==========
Total Return (b) ............... 29.97% (25.49)% (7.77)% (30.61)% 69.26% 5.82%
========== ========== =========== =========== =========== ==========
Net assets, end of period ...... $8,990,216 $7,041,919 $12,078,887 $14,614,461 $19,605,996 $5,981,899
========== ========== =========== =========== =========== ==========
Ratio of expenses to
average net assets:
Before fee waivers and/or
expense reimbursement
by Adviser .................. 3.52%(c) 3.07% 2.73% 2.26% 2.89% 4.25%
After fee waivers and/or
expense reimbursement
by Adviser .................. 2.10%(c) 2.10% 2.10% 2.06% 2.09% 2.09%
Ratio of net investment income
(loss) to average net
assets ...................... 0.95%(c) (0.05)% (0.67)% (0.72)% (0.82)% (0.70)%
Portfolio turnover rate ........ 102% 143% 121% 146% 157% 100%
<FN>
(a) Net investment income (loss) is based on average shares outstanding during
the year.
(b) Total returns shown exclude the effect of applicable sales loads and are
not annualized.
(c) Annualized.
See accompanying notes which are an integral part of the financial statements.
</FN>
31
DEAN FAMILY OF FUNDS
INTERNATIONAL FUND -- CLASS C
FINANCIAL HIGHLIGHTS (CONTINUED)
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
==============================================================================================================================
SIX MONTHS ENDED
SEPTEMBER 30, 2003 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) MARCH 31, 2003 MARCH 31, 2002 MARCH 31, 2001 MARCH 31, 2000 MARCH 31, 1999
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value,
beginning of period ..... $ 6.66 $ 9.06 $ 9.88 $ 19.76 $ 12.28 $ 11.72
-------- -------- -------- ---------- ---------- ----------
Income (loss) from
investment operations:
Net investment
income (loss) ............... 0.01 (0.07) (0.12)(a) (0.21) (0.24) (0.10)
Net realized and
unrealized gains
(losses) on investments ..... 1.96 (2.33) (0.70) (5.78) 8.43 0.69
-------- -------- -------- ---------- ---------- ----------
Total income (loss) from
investment operations ... 1.97 (2.40) (0.82) (5.99) 8.19 0.59
-------- -------- -------- ---------- ---------- ----------
Less distributions:
From net investment
income ................ -- -- -- (0.01) -- --
From net realized gains . -- -- -- (3.88) (0.71) (0.03)
-------- -------- -------- ---------- ---------- ----------
Total distributions ............ -- -- -- (3.89) (0.71) (0.03)
-------- -------- -------- ---------- ---------- ----------
Net asset value, end of period . $ 8.63 $ 6.66 $ 9.06 $ 9.88 $ 19.76 $ 12.28
======== ======== ======== =========== ========== ==========
Total Return (b) ............... 29.58% (26.49)% (8.30)% (30.90)% 68.54% 5.07%
======== ======== ======== =========== ========== ==========
Net assets, end of period ...... $578,576 $446,561 $840,398 $1,326,365 $1,902,892 $1,453,569
======== ======== ======== =========== ========== ==========
Ratio of expenses to
average net assets:
Before fee waivers and/or
expense reimbursement
by Adviser .................. 4.17%(c) 3.23% 4.16% 2.72% 3.53% 5.91%
After fee waivers and/or
expense reimbursement
by Adviser .................. 2.85%(c) 2.85% 2.85% 2.72% 2.71% 2.84%
Ratio of net investment income
(loss) to average net
assets ...................... 0.21%(c) (0.71)% (1.30)% (1.40)% (1.61)% (1.23)%
Portfolio turnover rate ........ 102% 143% 121% 146% 157% 100%
<FN>
(a) Net investment income (loss) is based on average shares outstanding during
the year.
(b) Total returns shown exclude the effect of applicable sales loads and are
not annualized.
(c) Annualized.
See accompanying notes which are an integral part of the financial statements.
</FN>
32
DEAN FAMILY OF FUNDS
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2003 (UNAUDITED)
1. ORGANIZATION
The Dean Family of Funds (the Trust) is registered under the Investment Company
Act of 1940 as an open-end management investment company. The Trust was
organized as an Ohio business trust under a Declaration of Trust dated December
18, 1996. The Trust has established four series: the Large Cap Value Fund, the
Small Cap Value Fund, the Balanced Fund, and the International Fund (the Funds).
The Trust was capitalized on March 17, 1997, when the initial shares of each
Fund (except for the International Fund) were purchased at $10.00 per share. The
International Fund was capitalized on October 13, 1997.
The LARGE CAP VALUE FUND seeks to provide capital appreciation and dividend
income over the long-term by investing primarily in the common stocks of large
companies.
The SMALL CAP VALUE FUND seeks to provide capital appreciation by investing
primarily in the common stocks of small companies.
The BALANCED FUND seeks to preserve capital while producing a high total return
by allocating its assets among equity securities, fixed-income securities and
money market instruments.
The INTERNATIONAL FUND seeks to provide long-term capital growth by investing
primarily in the common stocks of foreign companies.
The Funds each offer two classes of shares: Class A shares (sold subject to a
maximum front-end sales load of 5.54% of net asset value and a distribution fee
of up to 0.25% per annum of the average daily net assets allocable to Class A
shares) and Class C shares (sold subject to a maximum contingent deferred sales
load of 1.00% of net asset value if redeemed within a one-year period from
purchase and a distribution fee of up to 1.00% per annum of average daily net
assets allocable to Class C shares). Each Class A and Class C share of a Fund
represents identical interests in the Fund's investment portfolio and has the
same rights, except that (i) Class C shares bear the expenses of higher
distribution fees, which is expected to cause Class C shares to have a higher
expense ratio and to pay lower dividends than Class A shares; (ii) certain other
class specific expenses will be borne solely by the class to which such expenses
are attributable; and (iii) each class has exclusive voting rights with respect
to matters relating to its own distribution arrangements.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the Trust's significant accounting policies:
Security valuation - The Funds' portfolio securities are valued as of the close
of the regular session of trading on the New York Stock Exchange (generally 4:00
p.m., Eastern time). Securities traded on a stock exchange or quoted by NASDAQ
are valued based upon the last reported sale price or official closing price on
the principal exchange where the security is traded, or, if not traded on a
particular day, at the last bid price. Securities traded in the over-the-counter
market, and that are not quoted by NASDAQ, are valued at the last sale price or,
if the last sale price is not readily available, at the last price as quoted by
brokers that make markets in the securities.
U.S. Government obligations are valued at their most recent bid prices as
obtained from one or more of the major market makers for such securities. With
respect to the International Fund, securities mainly traded on a non-U.S.
exchange are generally valued according to the preceding closing values on that
exchange and the translated U.S. dollar value of foreign securities and forward
foreign currency exchange contracts is determined using spot and forward
currency exchange rates, respectively, supplied by a quotation service.
Securities for which market quotations are not readily available are valued at
their fair market value as determined in good faith by the Board of Trustees or
in accordance with consistently applied procedures established by and under the
general supervision of the Board of Trustees.
33
DEAN FAMILY OF FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2003 (UNAUDITED)
Share valuation - The net asset value per share of each class of shares of each
Fund is calculated daily by dividing the total value of a Fund's assets
attributable to that class, less liabilities attributable to that class, by the
number of shares of that class outstanding. The maximum offering price of Class
A shares of each Fund is equal to the net asset value per share plus a sales
load equal to 5.54% of the net asset value (or 5.25% of the offering price). The
offering price of Class C shares of each Fund is equal to the net asset value
per share.
The redemption price per share of Class A shares and Class C shares of each Fund
is equal to net asset value per share. A contingent deferred sales load is
imposed upon certain redemptions of Class A shares that were purchased at net
asset value if a commission was paid by the Underwriter to a participating
unaffiliated dealer at the time of the purchase and the Class A shares are
redeemed within one year from the date of purchase. The contingent deferred
sales load will equal the commission percentage paid at the time of purchase (up
to 1.00%) applied to the lesser of the net asset value of the Class A shares at
the time of purchase or the net asset value of the Class A shares at the time of
redemption. In addition, Class C shares of each Fund are subject to a contingent
deferred sales load of 1.00% of the original purchase price if redeemed within a
one-year period from the date of purchase.
Investment income - Dividend income is recorded on the ex-dividend date.
Interest income is accrued as earned. Discounts and premiums on securities
purchased are amortized in accordance with income tax regulations which
approximate generally accepted accounting principles.
Distributions to shareholders - The Balanced Fund distributes substantially all
of its net investment income, if any, on a quarterly basis. Each of the Large
Cap Value Fund, Small Cap Value Fund, and the International Fund distribute
substantially all of its net investment income, if any, on an annual basis. In
addition, each Fund distributes any net realized long-term capital gains at
least once each year. Management will determine the timing and frequency of the
distributions of any net realized short-term capital gains. At the November 13,
2003 meeting of the Board of Trustees, the Board authorized a dividend payment
to be made by the International Fund prior to December 31, 2003.
Allocation between classes - Investment income earned, realized capital gains
and losses, and unrealized appreciation and depreciation for the Funds are
allocated daily to each class of shares based upon its proportionate share of
the total net assets of the Fund. Class specific expenses are charged directly
to the class incurring the expense. Common expenses that are not attributable to
a specific class are allocated daily to each class of shares based upon its
proportionate share of the total net assets of the Fund.
Investment transactions - Investment transactions are accounted for on the trade
date. Securities sold are valued on a specific identification basis.
Estimates - The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of income and expense
during the reporting period. Actual results could differ from those estimates.
Federal income tax - It is the policy of each Fund to continue to qualify as a
regulated investment company by complying with the provisions available to
certain investment companies, as defined in Sub-Chapter M of the Internal
Revenue Code (the "Code"), and to make distributions of net investment income
and net realized capital gains sufficient to relieve it from all, or
substantially all, federal income taxes.
34
DEAN FAMILY OF FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2003 (UNAUDITED)
The following information is based upon the federal income tax cost of portfolio
investments as of September 30, 2003:
- -----------------------------------------------------------------------------------------------------------------------------
LARGE CAP SMALL CAP BALANCED INTERNATIONAL
VALUE FUND VALUE FUND FUND FUND
------------ ------------ ------------- -------------
Gross unrealized appreciation ...................... $ 560,489 $ 1,780,294 $ 748,337 $ 1,053,647
Gross unrealized depreciation ...................... (1,263,852) (383,009) (936,171) (169,870)
------------ ------------ ------------- ------------
Net unrealized appreciation (depreciation) ......... $ (703,363) $ 1,397,285 $ (187,834) $ 883,777
============ ============ ============= ============
Federal income tax cost ............................ $ 8,648,297 $ 14,520,122 $ 9,620,412 $ 8,867,506
============ ============ ============= ============
3. COMMITMENTS AND TRANSACTIONS WITH AFFILIATES
Certain officers of the Trust are also officers or employees of C.H. Dean &
Associates, Inc. (the Adviser) or of Unified Fund Services, Inc. (UFS), the
administrative services agent, transfer and shareholder servicing agent, and
accounting services agent for the Trust.
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENT
The Fund's investments are managed by the Adviser pursuant to the terms of an
advisory agreement. In accordance with the advisory agreement, the Adviser is
entitled to an investment management fee, computed and accrued daily and paid
monthly, at an annual rate of 1.00% of the average daily net assets of the Large
Cap Value Fund, the Small Cap Value Fund and the Balanced Fund and 1.25% of the
average daily net assets of the International Fund.
Newton Capital Management Ltd. (Newton Capital) has been retained by the Adviser
to manage the investments of the International Fund. The Adviser (not the Fund)
pays Newton Capital a fee for its services equal to the annual rate of 0.50% of
the Fund's average daily net assets.
Pursuant to an Expense Limitation Agreement between the Adviser and the Trust,
the Adviser waived a portion of its advisory fees for each Fund and in the case
of the International Fund, reimbursed expenses, to the extent that the Fund's
operating expenses exceeded the applicable "operating expense limit" amount
during the period ended September 30, 2003. There is no obligation for the Trust
to repay the amounts of the advisory fees waived or expenses reimbursed. The
Adviser waived fees of $34,174 for the Large Cap Value Fund, $17,408 for the
Small Cap Value Fund, $26,082 for the Balanced Fund, and waived fees and
reimbursed expenses of $67,804 for the International Fund during the period
ended September 30, 2003. The "operating expense limit" with respect to each
class of each Fund is based on a percentage of the average daily net assets of
each class of each Fund as follows:
MAXIMUM OPERATING
FUND CLASS EXPENSE LIMIT
---- ----- -------------
Large Cap Value Fund Class A 1.85%
Large Cap Value Fund Class C 2.60%
Small Cap Value Fund Class A 1.85%
Small Cap Value Fund Class C 2.60%
Balanced Fund Class A 1.85%
Balanced Fund Class C 2.60%
International Fund Class A 2.10%
International Fund Class C 2.85%
35
DEAN FAMILY OF FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2003 (UNAUDITED)
ADMINISTRATION AGREEMENT
Under the terms of a Mutual Fund Services Agreement, UFS serves as
administrative services agent for the Trust. UFS supplies non-investment related
administrative and compliance services for the Funds. UFS supervises the
preparation of tax returns, reports to shareholders, reports to and filings with
the Securities and Exchange Commission and state securities commissions, and
materials for meetings of the Board of Trustees. For these services, UFS
receives a monthly fee from each Fund at an annual rate of 0.09% on its average
daily net assets up to $100 million, 0.06% on the next $150 million of such net
assets, and 0.03% on such net assets in excess of $250 million, subject to a
$15,000 minimum annual fee for each Fund. In addition each Fund pays additional
expenses including, but not limited to, fees for federal and state securities
registration.
TRANSFER AGENT AND SHAREHOLDER SERVICING AGENT
Under the terms of the Mutual Fund Services Agreement, UFS serves as transfer
and shareholder servicing agent for the Trust. UFS maintains the records of each
shareholder's account, answers shareholder inquires concerning accounts,
processes purchases and redemptions of the Funds' shares, acts as dividend and
distribution disbursing agent and performs other shareholder servicing
functions. For these services, UFS receives a monthly fee of $1.30 per active
shareholder account, subject to a $1,000 minimum monthly fee for each class of
each Fund. The Trust also receives a discount based on assets of each share
class of 50% for a share class with assets up to $2 million and 25% for a share
class with assets between $2 and $5 million. There is no discount for a share
class with assets over $5 million. In addition, each Fund pays out-of-pocket
expenses including, but not limited to, postage and supplies. For the period
ended September 30, 2003, each share class accrued transfer agent and
shareholder servicing fees as follows:
TRANSFER AGENT
AND SHAREHOLDER
FUND CLASS SERVICING FEES
---- ----- --------------
Large Cap Value Fund Class A $ 13,993
Large Cap Value Fund Class C 897
Small Cap Value Fund Class A 16,193
Small Cap Value Fund Class C 643
Balanced Fund Class A 12,605
Balanced Fund Class C 990
International Fund Class A 14,901
International Fund Class C 890
ACCOUNTING SERVICES AGREEMENT
Under the terms of the Mutual Fund Services Agreement, UFS serves as accounting
services agent for the Trust. UFS calculates the daily net asset value per share
and maintains the financial books and records of the Funds. For these services,
UFS receives a monthly fee from each Fund at a rate of 0.05% of its average
daily net assets up to $100 million, 0.04% of the next $150 million of such net
assets, and 0.03% of such net assets in excess of $250 million, subject to
$26,000 minimum annual fees for each Fund. In addition, each Fund pays certain
out-of-pocket expenses incurred by UFS in obtaining valuations of such Fund's
portfolio securities.
36
DEAN FAMILY OF FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2003 (UNAUDITED)
UNDERWRITING AGREEMENT
2480 Securities LLC (the Underwriter), an affiliate of the Adviser, serves as
principal underwriter for the Funds and, as such, is the exclusive agent for the
distribution of shares of the Funds. Under the terms of the Underwriting
Agreement between the Trust and the Underwriter, the Underwriter earned no fees
from underwriting and broker commissions on the sale of shares of the Large Cap
Value Fund, the Small Cap Value Fund, the Balanced Fund, and the International
Fund, respectively, during the period ended September 30, 2003.
PLANS OF DISTRIBUTION
The Trust has a Plan of Distribution (Class A Plan) under which Class A shares
may directly incur or reimburse the Underwriter for expenses related to the
distribution and promotion of shares. The annual limitation for payment of such
expenses under the Class A Plan is 0.25% of each Fund's average daily net assets
attributable to such shares. For the period ended September 30, 2003, Class A
shares of each Fund did not incur any distribution expenses.
The Trust also has a Plan of Distribution (Class C Plan), which provides for two
categories of payments. First, the Class C Plan provides for the payment to the
Underwriter, dealers and other organizations in an amount not to exceed 0.25%
per year of each Fund's average daily net assets attributable to Class C shares
for certain account maintenance and service fees. In addition, the Class C
shares may directly incur or reimburse the Underwriter in an amount not to
exceed 0.75% per year of each Fund's average daily net assets attributable to
Class C shares for certain distribution-related expenses incurred in the
distribution and promotion of the Fund's Class C shares. For the period ended
September 30, 2003, Class C shares of each Fund did not incur any distribution
expenses.
4. INVESTMENT TRANSACTIONS
Investment transactions, other than short-term investments, were as follows for
the period ended September 30, 2003:
LARGE CAP SMALL CAP BALANCED INTERNATIONAL
VALUE FUND VALUE FUND FUND FUND
---------- ---------- ---- ----
Purchases of portfolio securities . . . . . . . . . . $ 1,734,043 $ 7,497,180 $ 1,871,011 $ 9,287,453
============= ============ ============ ===========
Proceeds from sales and maturities
of portfolio securities . . . . . . . . . . . $ 2,908,521 $ 8,397,697 $ 3,532,545 $ 9,365,466
============= ============ ============ ===========
5. FOREIGN CURRENCY TRANSLATION
With respect to the International Fund, amounts denominated in or expected to
settle in foreign currencies are translated into U.S. dollars based on exchange
rates on the following basis:
A. The market values of investment securities and other assets and liabilities
are translated at the closing rate of exchange each day.
B. Purchases and sales of investment securities and income and expenses are
translated at the rate of exchange prevailing on the respective dates of
such transactions.
37
DEAN FAMILY OF FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2003 (UNAUDITED)
The Fund does not isolate that portion of the results of operations resulting
from changes in foreign exchange rates on investments from those resulting from
changes in market prices of securities held. Such fluctuations are included with
the net realized and unrealized gains and losses from investments.
Reported net realized foreign exchange gains or losses arise from 1) sales of
foreign currencies, 2) currency gains or losses realized between the trade and
settlement dates on securities transactions, and 3) the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on the
Fund's books, and the U.S. dollar equivalent to the amounts actually received or
paid. Reported net unrealized foreign exchange gains or losses arise from
changes in the value of assets and liabilities, other than investments,
resulting from changes in exchange rates.
6. RISK ASSOCIATED WITH FOREIGN SECURITIES
Investments in securities of foreign issuers carry certain risks not ordinarily
associated with investments in securities of domestic issuers. Such risks
include future political and economic developments and the possible imposition
of exchange controls or other foreign governmental laws and restrictions. In
addition, with respect to certain countries, there is the possibility of
expropriation of assets, confiscatory taxation, political or social instability
or diplomatic developments which could adversely affect investments in those
countries.
Certain countries may also impose substantial restrictions on investments in
their capital markets by foreign entities, including restrictions on investments
in issuers or industries deemed sensitive to relevant national interests. These
factors may limit the investment opportunities available to the International
Fund or result in a lack of liquidity and high price volatility with respect to
securities of issuers from developing countries.
7. FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
The International Fund may enter into forward foreign currency exchange
contracts as a way of managing foreign exchange rate risk. The Fund may enter
into these contracts for the purchase or sale of a specific foreign currency at
a fixed price on a future date as a hedge or cross-hedge against either specific
transactions or portfolio positions (a cross-hedge occurs when forward foreign
currency contracts are executed for a currency that has a high correlation with
the currency that is being hedged). The objective of the Fund's foreign currency
hedging transactions is to reduce the risk that the U.S. dollar value of the
Fund's securities denominated in foreign currency will decline in value due to
changes in foreign currency exchange rates. These contracts are valued daily,
and the Fund's net equity therein, representing unrealized gain or loss on the
contracts as measured by the difference between the forward foreign exchanges
rates at the dates of entry into the contracts and the forward foreign exchange
rates at the reporting date, is included in the Statement of Assets and
Liabilities. Realized and unrealized gains or losses are included in the Fund's
Statement of Operations. Risks may arise upon entering into these contracts from
the potential inability of counterparties to meet the terms of their contracts
and from unanticipated movements in the value of a foreign currency relative to
the U.S. dollar. These contracts may involve market or credit risk in excess of
the amounts reflected on the Fund's statement of assets and liabilities.
38
DEAN FAMILY OF FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2003 (UNAUDITED)
As of September 30, 2003, the International Fund had forward foreign currency
exchange contracts outstanding as follows:
NET APPRECIATION
(DEPRECIATION)
SETTLEMENT DATE TO DELIVER TO RECEIVE IN U.S. DOLLARS
--------------- ---------- ---------- ---------------
10/01/03 .............................. (13,773) GBP 22,696 USD $ (186)
11/14/03 .............................. (63,000) USD 55,084 EUR 1,068
11/14/03 .............................. (141,000) USD 84,713 GBP (705)
11/14/03 .............................. (53,471) EUR 63,000 USD 808
11/14/03 .............................. (327,000) USD 291,483 EUR 12,020
12/15/03 .............................. (120,495) EUR 16,635,000 JPY 9,265
12/15/03 .............................. (33,270,000) JPY 170,909 GBP (16,169)
12/15/03 .............................. (101,451,000) JPY 740,564 EUR (49,875)
12/15/03 .............................. (658,539) EUR 84,816,000 JPY (5,267)
12/15/03 .............................. (180,501) GBP 33,270,000 JPY 1,489
01/15/04 .............................. (849,000) HKD 67,852 GBP 2,151
--------
Total depreciation on contracts ....... $(45,401)
========
EUR - Euro Dollar
USD - U.S. Dollar
GBP - British Pound Sterling
HKD - Hong Kong Dollar
JPY - Japanese Yen
8. PROXY VOTING
A description of the policies and procedures that the Trust uses to determine
how to vote proxies relating to portfolio securities is available without
charge, upon request, by calling 1-800-327-3656 or on the Securities and
Exchange Commission's website at http://www.sec.gov.
39
DEAN FAMILY OF FUNDS
2480 Kettering Tower
Dayton, Ohio 45423
BOARD OF TRUSTEES
Dr. Sam B. Gould
Frank J. Perez
Dr. David H. Ponitz
Gilbert P. Williamson
INVESTMENT ADVISER
C.H. DEAN & ASSOCIATES, INC.
2480 Kettering Tower
Dayton, Ohio 45423
UNDERWRITER
2480 SECURITIES LLC
2480 Kettering Tower
Dayton, Ohio 45423
TRANSFER AGENT
UNIFIED FUND SERVICES, INC.
P.O. Box 6110
Indianapolis, Indiana 46206-6110
SHAREHOLDER SERVICE
Nationwide: (Toll-Free) 888-899-8343
TABLE OF CONTENTS
====================================================
Portfolios of Investments:
Large Cap Value Fund ..................... 2
Small Cap Value Fund ..................... 5
Balanced Fund ............................ 8
International Fund ....................... 11
Financial Statements ..................... 17
Notes to Financial Statements ............ 33
====================================================
This report is not authorized for distribution to prospective shareholders of
The Dean Family of Funds unless preceded or accompanied by an effective
prospectus.
[LOGO]
DEAN INVESTMENT ASSOCIATES
--------------------------
DEAN FAMILY OF FUNDS
LARGE CAP VALUE FUND
SMALL CAP VALUE FUND
BALANCED FUND
INTERNATIONAL FUND
SEMI-ANNUAL REPORT
September 30, 2003
(Unaudited)
ITEM 2. CODE OF ETHICS. N/A
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. N/A
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. N/A
ITEM 5. AUDIT COMMITTEE OF LISTED COMPANIES. Not applicable.
ITEM 6. RESERVED.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END FUNDS.
Not applicable.
ITEM 8. RESERVED.
ITEM 9. CONTROLS AND PROCEDURES.
(a) Based on an evaluation of the registrant's disclosure controls and
procedures as of a date within 90 days of. the disclosure controls and
procedures are reasonably designed to ensure that the information required in
filings on Forms N-CSR is recorded, processed, summarized, and reported on a
timely basis.
(b) There were no significant changes in the registrant's internal control over
financial reporting that occurred during the registrant's last fiscal half-year
that have materially affected, or are reasonably likely to materially affect,
the registrant's internal control over financial reporting.
ITEM 10. EXHIBITS.
(a)(1) N/A
(a)(2) Certifications required by Item 10(a)(2) of Form N-CSR are filed
herewith.
(b) Certification required by Item 10(b) of Form N-CSR is filed herewith.
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.
(Registrant) DEAN FAMILY OF FUNDS
---------------------
By /s/ Stephen M. Miller
---------------------
Stephen M. Miller, President, Principal Executive Officer
Date December 4, 2003
------------------
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/ Stephen M. Miller
---------------------
Stephen M. Miller, President, Principal Executive Officer
Date December 4, 2003
------------------
By /s/ Debra E. Rindler
--------------------
Debra E. Rindler, Secretary and Treasurer, Principal Financial Officer
Date December 4, 2003
------------------