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
(Address of principal executive offices) (Zip code)
Freddie Jacobs, Jr.
Unified Fund Services, Inc.
431 N. Pennsylvania St.
Indianapolis, IN 46204
(Name and address of agent for service)
Registrant's telephone number, including area code: 800-327-3656
Date of fiscal year end: 3/31
Date of reporting period: 09/30/04
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. section 3507.
Item 1. Reports to Stockholders.
DEAN INVESTMENT ASSOCIATES
- -------------------------------------------------------------------------------
DEAN FAMILY OF FUNDS
LARGE CAP VALUE FUND
SMALL CAP VALUE FUND
BALANCED FUND
INTERNATIONAL FUND
SEMI-ANNUAL REPORT
SEPTEMBER 30, 2004
(UNAUDITED)
DEAN LARGE CAP VALUE FUND HOLDINGS (UNAUDITED)
- --------------------------------------------------------------------------------
(Chart Omitted)
DEAN LARGE CAP VALUE FUND PORTFOLIO ANALYSIS AS OF SEPTEMBER 30, 2004 (1)
Money Market 5.0%
Other Equities 3.5%
Integrated Oils 4.4%
Producer Durables 4.4%
Materials & Processing 4.8%
Auto & Transportation 5.3%
Utilities 5.3%
Health Care 6.1%
Energy 7.2%
Consumer Staples 7.3%
Technology 8.3%
Consumer Discretionary 9.9%
Financial Services 28.5%
1 As a percent of total investments.
ABOUT YOUR FUND'S EXPENSES (UNAUDITED)
- --------------------------------------
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments and (2) ongoing
costs, including management fees, distribution and/or service (12b-1) fees, and
other Fund expenses. This Example is intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire period from April 1, 2004 to September 30, 2004.
DEAN LARGE CAP VALUE FUND HOLDINGS (UNAUDITED)
- --------------------------------------------------------------------------------
ACTUAL EXPENSES
- ---------------
The first line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the first line under the heading entitled "Expenses Paid During Period" to
estimate the expense you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
- --------------------------------------------
The second line of the table below provides information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratio and an assumed rate of return of 5% per year before expenses, which is not
the Fund's actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for
the period. You may use this information to compare the ongoing costs of
investing in the Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads). Therefore, the second line of the table is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of
owning different funds. In addition, if these transactional costs were included,
your costs would have been higher.
- ---------------------------------- -------------------- -------------------------- --------------------------
DEAN LARGE CAP VALUE FUND BEGINNING ACCOUNT ENDING ACCOUNT EXPENSES PAID DURING
CLASS A VALUE VALUE PERIOD*
APRIL 1, 2004 SEPTEMBER 30, 2004 APRIL 1, 2004, -
SEPTEMBER 30, 2004
- ---------------------------------- -------------------- -------------------------- ---------------------------
Actual $1,000.00 $1,028.50 $9.41
- ---------------------------------- -------------------- -------------------------- --------------------------
Hypothetical $1,000.00 $1,015.79 $9.35
(5% return before expenses)
- ---------------------------------- -------------------- -------------------------- --------------------------
*Expenses are equal to the Fund's annualized expense ratio of 1.85% for Class A,
multiplied by the average account value over the period, multiplied by 183/365
(to reflect the one-half year period).
- ---------------------------------- -------------------- -------------------------- --------------------------
DEAN LARGE CAP VALUE FUND BEGINNING ACCOUNT ENDING ACCOUNT EXPENSES PAID DURING
Class C VALUE VALUE PERIOD*
APRIL 1, 2004 SEPTEMBER 30, 2004 APRIL 1, 2004 -
SEPTEMBER 30, 2004
- ---------------------------------- -------------------- -------------------------- --------------------------
Actual $1,000.00 $1,024.80 $13.20
- ---------------------------------- -------------------- -------------------------- --------------------------
Hypothetical $1,000.00 $1,012.03 $13.11
(5% return before expenses)
- ---------------------------------- -------------------- -------------------------- --------------------------
*Expenses are equal to the Fund's annualized expense ratio of 2.60% for Class C,
multiplied by the average account value over the period, multiplied by 183/365
(to reflect the one-half year period).
DEAN SMALL CAP VALUE FUND HOLDINGS (UNAUDITED)
- --------------------------------------------------------------------------------
(Chart Omitted)
DEAN SMALL CAP VALUE FUND PORTFOLIO ANALYSIS AS OF SEPTEMBER 30, 2004 (1)
Other Equities 1.5%
Utilities 1.3%
Energy 2.0%
Health Care 3.1%
Consumer Staples 4.0%
Auto & Transportation 8.7%
Technology 9.1%
Consumer Discretionary 14.9%
Financial Services 16.1%
Producer Durables 16.2%
Materials & Processing 23.0%
1 As a percent of total investments.
ABOUT YOUR FUND'S EXPENSES (UNAUDITED)
- --------------------------------------
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments and (2) ongoing
costs, including management fees, distribution and/or service (12b-1) fees, and
other Fund expenses. This Example is intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire period from April 1, 2004 to September 30, 2004.
ACTUAL EXPENSES
- ---------------
The first line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the first line under the heading entitled Expenses Paid During Period to
estimate the expenses you paid on your account during this period.
DEAN SMALL CAP VALUE FUND HOLDINGS (UNAUDITED)
- --------------------------------------------------------------------------------
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
- --------------------------------------------
The second line of the table below provides information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratio and an assumed rate of return of 5% per year before expenses, which is not
the Fund's actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for
the period. You may use this information to compare the ongoing costs of
investing in the Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads). Therefore, the second line of the table is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of
owning different funds. In addition, if these transactional costs were included,
your costs would have been higher.
- ---------------------------------- -------------------- -------------------------- --------------------------
DEAN SMALL CAP VALUE FUND BEGINNING ACCOUNT ENDING ACCOUNT EXPENSES PAID DURING
Class A VALUE VALUE PERIOD*
APRIL 1, 2004 SEPTEMBER 30, 2004 APRIL 1, 2004 -
SEPTEMBER 30, 2004
- ---------------------------------- -------------------- -------------------------- --------------------------
Actual $1,000.00 $997.30 $9.26
- ---------------------------------- -------------------- -------------------------- --------------------------
Hypothetical $1,000.00 $1,015.79 $9.35
(5% return before expenses)
- ---------------------------------- -------------------- -------------------------- --------------------------
*Expenses are equal to the Fund's annualized expense ratio of 1.85% for Class A,
multiplied by the average account value over the period, multiplied by 183/365
(to reflect the one-half year period).
- ---------------------------------- -------------------- -------------------------- --------------------------
DEAN SMALL CAP VALUE FUND BEGINNING ACCOUNT ENDING ACCOUNT EXPENSES PAID DURING
Class C VALUE VALUE PERIOD*
APRIL 1, 2004 SEPTEMBER 30, 2004 APRIL 1, 2004, -
SEPTEMBER 30, 2004
- ---------------------------------- -------------------- -------------------------- --------------------------
Actual $1,000.00 $993.80 $13.00
- ---------------------------------- -------------------- -------------------------- --------------------------
Hypothetical $1,000.00 $1,012.03 $13.11
(5% return before expenses)
- ---------------------------------- -------------------- -------------------------- --------------------------
*Expenses are equal to the Fund's annualized expense ratio of 2.60% for Class C,
multiplied by the average account value over the period, multiplied by 183/365
(to reflect the one-half year period).
DEAN BALANCED FUND HOLDINGS (UNAUDITED)
- --------------------------------------------------------------------------------
(Chart Omitted)
Dean BALANCED FUND PORTFOLIO ANALYSIS AS OF SEPTEMBER 30, 2004 (1)
Money Market 1.1%
Other Equities 2.5%
Integrated Oils 2.3%
Materials & Processing 3.5%
Producer Durables 3.5%
Energy 3.7%
Auto & Transportation 3.9%
Utilities 4.0%
Consumer Staples 4.9%
Health Care 5.0%
Government Securities 5.2%
Technology 5.7%
Consumer Discretionary 8.0%
Corporate Bonds 10.3%
U.S. Treasury Notes 14.2%
Financial Services 22.2%
1 As a percent of total investments.
ABOUT YOUR FUND'S EXPENSES (UNAUDITED)
- -------------------------------------
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments and (2) ongoing
costs, including management fees, distribution and/or service (12b-1) fees, and
other Fund expenses. This Example is intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire period from April 1, 2004 to September 30, 2004.
DEAM BALANCED FUND HOLDINGS (UNAUDITED)
- -------------------------------------------------------------------------------
ACTUAL EXPENSES
- ---------------
The first line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the first line under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
- --------------------------------------------
The second line of the table below provides information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratio and an assumed rate of return of 5% per year before expenses, which is not
the Fund's actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for
the period. You may use this information to compare the ongoing costs of
investing in the Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads). Therefore, the second line of the table is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of
owning different funds. In addition, if these transactional costs were included,
your costs would have been higher.
- ---------------------------------- -------------------- -------------------------- --------------------------
DEAN BALANCED FUND BEGINNING ACCOUNT ENDING ACCOUNT EXPENSES PAID DURING
CLASS A VALUE VALUE PERIOD*
APRIL 1, 2004 SEPTEMBER 30, 2004 APRIL 1, 2004, -
SEPTEMBER 30, 2004
- ---------------------------------- -------------------- -------------------------- --------------------------
Actual $1,000.00 $1,016.10 $9.35
- ---------------------------------- -------------------- -------------------------- --------------------------
Hypothetical $1,000.00 $1,015.79 $9.35
(5% return before expenses)
- ---------------------------------- -------------------- -------------------------- --------------------------
*Expenses are equal to the Fund's annualized expense ratio of 1.85% for Class A,
multiplied by the average account value over the period, multiplied by 183/365
(to reflect the one-half year period).
- ---------------------------------- -------------------- -------------------------- --------------------------
DEAN BALANCED FUND BEGINNING ACCOUNT ENDING ACCOUNT EXPENSES PAID DURING
CLASS C VALUE VALUE PERIOD*
APRIL 1, 2004 SEPTEMBER 30, 2004 APRIL 1, 2004 -
SEPTEMBER 30, 2004
- ---------------------------------- -------------------- -------------------------- --------------------------
Actual $1,000.00 $1,011.40 $13.11
- ---------------------------------- -------------------- -------------------------- --------------------------
Hypothetical $1,000.00 $1,012.03 $13.11
(5% return before expenses)
- ---------------------------------- -------------------- -------------------------- --------------------------
*Expenses are equal to the Fund's annualized expense ratio of 2.60% for Class C,
multiplied by the average account value over the period, multiplied by 183/365
(to reflect the one-half year period).
DEAN INTERNATIONAL FUND HOLDINGS (UNAUDITED)
- -------------------------------------------------------------------------------
(Chart Omitted)
DEAN INTERNATIONAL FUND PORTFOLIO ANALYSIS AS OF SEPTEMBER 30, 2004 (1)
Chile 0.4%
South Africa 0.7%
Denmark 0.9%
Mexico 0.9%
Portugal 1.0%
Austria 1.1%
Malaysia 1.4%
Norway 1.5%
Australia 1.7%
Taiwan 2.0%
Greece 2.2%
Belgium 2.6%
Canada 2.8%
Indonesia 3.0%
Thailand 3.1%
Singapore 3.3%
Italy 3.8%
Brazil 4.0%
Germany 4.2%
Spain 4.3%
South Korea 4.9%
Switzerland 6.3%
France 8.8%
Japan 15.5%
United Kingdom 19.6%
1 As a percent of total investments.
DEAN INTERNATIONAL FUND HOLDINGS (UNAUDITED)
- --------------------------------------------------------------------------------
ABOUT YOUR FUND'S EXPENSES (UNAUDITED)
- -------------------------------------
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments and (2) ongoing
costs, including management fees, distribution and/or service (12b-1) fees, and
other Fund expenses. This Example is intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire period from April 1, 2004 to September 30, 2004.
ACTUAL EXPENSES
- ---------------
The first line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the first line under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
- --------------------------------------------
The second line of the table below provides information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratio and an assumed rate of return of 5% per year before expenses, which is not
the Fund's actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for
the period. You may use this information to compare the ongoing costs of
investing in the Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads). Therefore, the second line of the table is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of
owning different funds. In addition, if these transactional costs were included,
your costs would have been higher.
- ---------------------------------- -------------------- -------------------------- --------------------------
DEAN INTERNATIONAL FUND BEGINNING ACCOUNT ENDING ACCOUNT EXPENSES PAID DURING
CLASS A VALUE VALUE PERIOD*
APRIL 1, 2004 SEPTEMBER 30, 2004 APRIL 1, 2004, -
SEPTEMBER 30, 2004
- ---------------------------------- -------------------- -------------------------- --------------------------
Actual $1,000.00 $1,025.80 $10.66
- ---------------------------------- -------------------- -------------------------- --------------------------
Hypothetical $1,000.00 $1,014.54 $10.61
(5% return before expenses)
- ---------------------------------- -------------------- -------------------------- --------------------------
*Expenses are equal to the Fund's annualized expense ratio of 2.10% for Class A,
multiplied by the average account value over the period, multiplied by 183/365
(to reflect the one-half year period).
- ---------------------------------- -------------------- -------------------------- --------------------------
DEAN INTERNATIONAL FUND BEGINNING ACCOUNT ENDING ACCOUNT EXPENSES PAID DURING
CLASS C VALUE VALUE PERIOD*
APRIL 1, 2004 SEPTEMBER 30, 2004 APRIL 1, 2004 -
SEPTEMBER 30, 2004
- ---------------------------------- -------------------- -------------------------- --------------------------
Actual $1,000.00 $1,022.60 $14.45
- ---------------------------------- -------------------- -------------------------- --------------------------
Hypothetical $1,000.00 $1,010.78 $14.37
(5% return before expenses)
- ---------------------------------- -------------------- -------------------------- --------------------------
*Expenses are equal to the Fund's annualized expense ratio of 2.85% for Class C,
multiplied by the average account value over the period, multiplied by 183/365
(to reflect the one-half year period).
DEAN LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2004 (UNAUDITED)
SHARES COMMON STOCKS - 94.60% VALUE
Agents, Brokers & Services - 3.57%
4,500 Hartford Financial Services Group, Inc. $ 278,685
------------------
Cable & Other Pay Services - 2.45%
5,700 Viacom, Inc. 191,292
------------------
Computer & Office Equipment - 3.51%
3,200 International Business Machines Corp. 274,368
------------------
Crude Petroleum & Natural Gas - 2.29%
2,700 Anadarko Petroleum, Inc. 179,172
------------------
Drilling Oil & Gas Wells - 4.90%
10,700 Transocean, Inc. * 382,846
------------------
Electronic & Other Electrical Equipment - 3.44%
8,000 General Electric Co. 268,640
------------------
Electronic Connectors - 1.92%
4,900 Tyco International Ltd. 150,234
------------------
Federal & Federally Sponsored Credit Agencies - 4.06%
5,000 Fannie Mae 317,000
------------------
Finance Services - 2.21%
3,500 Morgan Stanley 172,550
------------------
Fire, Marine & Casualty Insurance - 3.48%
4,000 American International Group, Inc. 271,960
------------------
Grain Mill Products - 2.59%
4,500 General Mills, Inc. 202,050
------------------
Instruments for Measuring & Testing of Electricity & Electrical Signals - 2.49%
9,000 Agilent Technologies, Inc. * 194,130
------------------
Insurance Agents, Brokers & Services - 2.05%
3,500 Marsh & McLennan Companies, Inc. 160,160
------------------
Millwood, Veneer, Plywood & Structural Wood Members - 2.12%
4,800 Masco Corp. 165,744
------------------
See accompanying notes which are an integral part of the financial statements.
DEAN LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2004 - (UNAUDITED)
SHARES COMMON STOCKS - 94.60% - CONTINUED VALUE
National Commercial Banks - 11.12%
4,800 Bank of America Corp. $ 207,984
6,000 Citigroup, Inc. 264,720
5,000 J.P. Morgan Chase & Co. 198,650
2,800 SunTrust Banks, Inc. 197,148
------------------
868,502
------------------
Petroleum Refining - 4.42%
6,000 BP, PLC-SPONS ADR (a) 345,180
------------------
Pharmaceutical Preparations - 3.14%
8,000 Pfizer, Inc. 244,800
------------------
Radio & TV Broadcasting & Communication Equipment - 2.31%
10,000 Motorola, Inc. 180,400
------------------
Radiotelephone Communications - 5.29%
3,000 Dominion Resources, Inc. 195,750
9,000 Vodafone Group PLC-SP ADR (a) 216,990
------------------
412,740
------------------
Railroads, Line-Hauling - 5.28%
4,000 Norfolk Southern 118,960
5,000 Union Pacific Corp. 293,000
------------------
411,960
------------------
Retail-Building Materials, Hardware, Garden Supply - 2.65%
4,700 The Sherwin-Williams Co. 206,612
------------------
Retail-Department Stores - 2.33%
4,000 Federated Department Stores 181,720
------------------
Retail-Drug Stores & Proprietary Stores - 4.59%
8,500 CVS Corp. 358,105
------------------
Retail-Family Clothing Stores - 3.11%
11,000 TJX Companies, Inc. 242,440
------------------
Retail-Lumber & Other Building Materials Dealers - 2.01%
4,000 Home Depot, Inc. 156,800
------------------
Semiconductors & Related Devices - 2.45%
9,000 Texas Instruments, Inc. 191,520
------------------
See accompanying notes which are an integral part of the financial statements.
DEAN LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
September 30, 2004 - (UNAUDITED)
SHARES COMMON STOCKS - 94.60% - CONTINUED VALUE
Services - Health Services - 2.96%
2,200 Wellpoint Health Network, Inc.* $ 231,198
------------------
State Commercial Banks - 1.86%
3,400 State Street Corp. 145,214
------------------
TOTAL COMMON STOCKS (Cost $6,699,810) $ 7,386,022
------------------
SHARES MONEY MARKET SECURITIES - 4.94% VALUE
385,901 First American Treasury Obligation Fund, Class S $ 385,901
------------------
TOTAL MONEY MARKET SECURITIES (Cost $385,901) $ 385,901
------------------
TOTAL INVESTMENTS (Cost $7,085,711) - 99.54% $ 7,771,923
------------------
Other assets less liabilities - 0.46% 35,936
------------------
TOTAL NET ASSETS - 100.00% $ 7,807,859
==================
* Non-income producing securities.
(a) 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.
See accompanying notes which are an integral part of the financial statements.
DEAN SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2004 (UNAUDITED)
SHARES COMMON STOCKS - 100.08% VALUE
Agriculture Chemicals - 1.79%
4,500 Scotts Co. (The) * $ 288,675
--------------------
Air Transportation - 3.40%
35,000 Continental Airlines, Inc. * 298,200
25,000 Airtran Holdings, Inc. * 249,000
--------------------
547,200
--------------------
Apparel & Other Finished Products of Fabric & Similar Materials - 1.57%
40,000 Playtex Products, Inc. * 252,000
--------------------
Ball & Roller Bearings - 2.60%
17,000 Timken Co. 418,540
--------------------
Cookies & Crackers - 1.87%
7,000 J & J Snack Foods Corp. * 300,160
--------------------
Draining & Insulating of Nonferrous Wire - 1.67%
22,000 Andrew Corp * 269,280
--------------------
Drilling Oil & Gas Wells - 1.97%
12,000 Rowan Co., Inc. * 316,800
--------------------
Electronic Components & Accessories - 1.28%
16,000 Vishay Intertechnology, Inc. * 206,400
--------------------
Electrical Work - 1.99%
8,500 EMCOR Group, Inc. * 319,770
--------------------
Fabricated Rubber Products - 1.52%
18,000 Gencorp, Inc. 243,900
--------------------
Farm Machinery & Equipment - 1.97%
14,000 AGCO Corp. * 316,680
--------------------
Fire, Marine & Casualty Insurance - 1.80%
14,000 Harleysville Group, Inc. 289,240
--------------------
Footwear - 2.59%
7,000 Brown Shoe Co., Inc. 175,420
12,500 K-Swiss, Inc. 240,625
--------------------
416,045
See accompanying notes which are an integral part of the financial statements. --------------------
DEAN SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 - (UNAUDITED)
SHARES COMMON STOCKS - 100.08% - CONTINUED VALUE
Gold & Silver Ores - 1.48%
50,000 Coeur D' Alene * $ 237,000
--------------------
Heating Equipment, except Electric & Warm Air, & Plumbing Fixtures - 2.31%
40,000 Jacuzzi Brands, Inc. * 372,000
--------------------
Industrial Trucks, Tractors, Trailors & Stackers - 2.70%
10,000 Terex Corp. * 434,000
--------------------
Leisure Durables & Toys - 0.85%
13,000 Callaway Golf, Inc. 137,410
--------------------
Life Insurance - 1.00%
4,000 Delphi Financial Group, Inc. 160,680
--------------------
Men's & Boys' Furnishings, Work Clothing & Allied Garments - 1.90%
12,000 Quiksilver, Inc. * 305,040
--------------------
Miscellaneous Chemical Products - 2.13%
24,000 Hercules, Inc. * 342,000
--------------------
Miscellaneous Electrical Machinery, Equipment & Supplies - 1.64%
10,000 Rayovac Corp. * 263,500
--------------------
Miscellaneous Plastics Products - 1.72%
11,000 Spartech Corp. 276,100
--------------------
Motor Vehicle Parts & Accessories - 1.68%
9,000 Superior Industries International, Inc. 269,550
--------------------
National Commercial Banks - 2.81%
11,000 First Community Bancorp 451,000
--------------------
Natural Gas & Transmission & Distribution - 1.30%
8,000 Oneok, Inc. 208,160
--------------------
Office Machines - 2.39%
18,000 Nam Tai Electronics, Inc. 384,300
--------------------
Oil & Gas Field Machinery & Equipment - 1.42%
14,000 Gulfmark Offshore, Inc. 228,620
--------------------
See accompanying notes which are an integral part of the financial statements.
DEAN SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 - (UNAUDITED)
SHARES COMMON STOCKS - 100.08% - CONTINUED VALUE
Orthopedic, Prosthetic & Surgical Appliances & Supplies - 2.05%
15,000 STERIS Corp. * $ 329,100
--------------------
Paperboard Containers & Boxes - 1.31%
5,000 Greif, Inc. Cl A 210,750
--------------------
Paper Mills - 1.54%
20,000 Glatfelter 247,800
--------------------
Plastic Mail, Synthetic Resin/Rubber, Cellulose - 1.48%
25,000 Crompton Corp. 237,250
--------------------
Pulp Mills - 1.10%
10,000 Pope & Talbot Inc. 176,000
--------------------
Radio Broadcasting Stations - 1.36%
17,000 Citadel Broadcasting Corp. * 217,940
--------------------
Radio & TV Broadcasting & Communications Equipment - 1.43%
8,500 Comtech Telecommunications * 230,350
--------------------
Retail-Department Stores - 1.68%
4,700 Neiman Marcus Group, Inc. Cl A 270,250
--------------------
Retail-Grocery Stores - 2.11%
2,000 Arden Group, Inc. 170,000
5,000 Weis Markets, Inc. 169,400
--------------------
339,400
--------------------
Retail-Miscellaneous Shopping Goods Stores - 1.84%
8,000 Barnes & Noble, Inc.* 296,000
--------------------
Rolling, Drawing & Extruding of Nonferrous Metals - 1.13%
10,000 Tredegar Corp. 182,000
--------------------
Savings Institution, Federally Chartered - 2.09%
11,500 BankUnited Financial Corp. * 335,225
--------------------
Semiconductors & Related Devices - 4.97%
20,500 Photronics, Inc. * 340,710
8,000 Qlogic Corp. 236,880
14,000 Zoran Corp. * 220,080
--------------------
797,670
--------------------
See accompanying notes which are an integral part of the financial statements.
DEAN SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 - (UNAUDITED)
SHARES COMMON STOCKS - 100.08% - CONTINUED VALUE
Services - Computer Programming, Data Processing, Etc. - 1.02%
12,000 Per-Se Technologies, Inc. * $ 164,640
--------------------
Services - Prepackaged Software - 3.57%
25,000 Mapics, Inc. * 226,250
10,000 SS&C Technologies, Inc. 195,300
11,000 Sybase, Inc. * 151,690
--------------------
573,240
--------------------
Services - Video Tape Rental - 1.75%
16,000 Movie Gallery, Inc. 280,480
--------------------
Special Industry Machinery - 1.61%
9,000 Cymer, Inc. 257,940
--------------------
State Commercial Bank - 6.88%
10,000 Cathay General Bancorp 371,900
12,000 Central Pacific Financial Corp. 330,240
30,000 Sterling Bancshares Corp. 403,500
--------------------
1,105,640
--------------------
Steel Pipe & Tubes - 2.49%
13,000 Maverick Tube Corp. * 400,530
--------------------
Surety Insurance - 1.55%
4,500 Triad Guaranty, Inc. * 249,660
--------------------
Television Broadcasting Stations - 1.41%
19,000 Gray Television, Inc. Cl A 226,100
--------------------
Water Transportation - 2.23%
11,000 Tidewater, Inc. 358,050
--------------------
Wholesale-Electronic Parts & Equipment - 2.10%
20,000 Audiovox Corp., Cl A * 336,800
--------------------
TOTAL COMMON STOCKS (Cost $14,463,122) $ 16,076,865
--------------------
SHARES MONEY MARKET SECURITES - 0.11% VALUE
18,432 First American Treasury Obligation Fund - Class A $ 18,432
--------------------
TOTAL MONEY MARKET SECURITIES (Cost $18,432) $ 18,432
--------------------
See accompanying notes which are an integral part of the financial statements.
DEAN SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 - (UNAUDITED)
VALUE
TOTAL INVESTMENTS (Cost $14,481,554) - 100.19% $ 16,095,297
--------------------
Liabilities in excess of cash and other assets - (0.19)% (30,757)
--------------------
TOTAL NET ASSETS - 100.00% $ 16,064,540
====================
* Non-income producing securities.
See accompanying notes which are an integral part of the financial statements.
DEAN BALANCED FUND
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2004 (UNAUDITED)
SHARES COMMON STOCKS - 69.07% VALUE
Agents, Brokers & Services - 3.41%
4,500 Hartford Financial Services Group, Inc. $ 278,685
-----------------
Cable & Other Pay Television Services - 1.52%
3,700 Viacom, Inc. 124,172
-----------------
Computer & Office Equipment - 2.18%
2,075 International Business Machines Corp. 177,911
-----------------
Crude Petroleum & Natural Gas - 1.46%
1,800 Anadarko Petroleum, Inc. 119,448
-----------------
Drilling Oil & Gas Wells - 2.27%
5,200 Transocean, Inc. * 186,056
-----------------
Electronic & Other Electrical Equipment - 2.46%
6,000 General Electric Co. 201,480
-----------------
Electronic Connectors - 1.95%
5,193 Tyco International Ltd. 159,217
-----------------
Federal & Federally Sponsored Credit Agencies - 2.56%
3,300 Fannie Mae 209,220
-----------------
Finance Services - 1.99%
3,300 Morgan Stanley 162,690
-----------------
Fire, Marine & Casualty Insurance - 3.08%
3,700 American International Group, Inc. 251,563
-----------------
Grain Mill Products - 2.20%
4,000 General Mills, Inc. 179,600
-----------------
Instruments for Measuring & Testing Electricity & Electrical Signals- 1.58%
6,000 Agilent Technologies, Inc. * 129,420
-----------------
Insurance Agents, Brokers & Services - 1.90%
3,400 Marsh & McLennan Companies, Inc. 155,584
-----------------
Millwood, Veneer, Plywood & Structural Wood Members - 1.31%
3,100 Masco Corp. 107,043
-----------------
See accompanying notes which are an integral part of the financial statements.
DEAN BALANCED FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 - (UNAUDITED)
SHARES COMMON STOCKS - 69.07% - CONTINUED VALUE
National Commercial Banks - 8.09%
3,400 Bank of America Corp. $ 147,322
4,700 Citigroup, Inc. 207,364
4,350 J.P. Morgan Chase & Co. 172,825
1,900 SunTrust Banks, Inc. 133,779
-----------------
661,290
-----------------
Petroleum Refining - 2.32%
3,300 BP, PLC-SPONS ADR (a) 189,849
-----------------
Pharmaceutical Preparations - 2.39%
6,400 Pfizer, Inc. 195,840
-----------------
Radio & TV Broadcasting & Communication Equipment - 1.98%
9,000 Motorola, Inc. 162,360
-----------------
Radiotelephone Communications - 3.99%
3,000 Dominion Resources, Inc. 195,750
5,400 Vodafone Group PLC-SP ADR (a) 130,194
-----------------
325,944
-----------------
Railroads, Line-Hauling - 3.89%
4,400 Norfolk Southern 130,856
3,200 Union Pacific Corp. 187,520
-----------------
318,376
-----------------
Retail-Building Materials, Hardware, Garden Supply - 2.15%
4,000 The Sherwin-Williams Co. 175,840
-----------------
Retail-Department Stores - 1.67%
3,000 Federated Department Stores 136,290
-----------------
Retail-Drug Stores & Proprietary Stores - 2.68%
5,200 CVS Corp. 219,076
-----------------
Retail-Family Clothing Stores - 1.89%
7,000 TJX Companies, Inc. 154,280
-----------------
Retail-Lumber & Other Building Materials Dealers - 2.87%
6,000 Home Depot, Inc. 235,200
-----------------
Semiconductors & Related Devices - 1.56%
6,000 Texas Instruments, Inc. 127,680
-----------------
See accompanying notes which are an integral part of the financial statements.
DEAN BALANCED FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 - (UNAUDITED)
SHARES COMMON STOCKS - 69.07% - CONTINUED VALUE
Services - Health Services - 2.57%
2,000 Wellpoint Health Network, Inc. * $ 210,180
-----------------
State Commercial Banks - 1.15%
2,200 State Street Corp. 93,962
-----------------
TOTAL COMMON STOCKS (Cost $5,102,579) $ 5,648,256
-----------------
Principal
Value FIXED INCOME OBLIGATIONS - 29.58% VALUE
$ 150,000 Bank of America Corp., 7.400%, 01/15/11 $ 175,041
150,000 Commercial Credit Co., 6.625%, 06/01/15 168,298
150,000 Cox Radio, Inc., 6.375%, 05/15/05 152,777
200,000 Fannie Mae, 7.125%, 03/15/07 219,505
200,000 Fannie Mae, 5.75%, 06/15/05 204,923
300,000 New Plan Excel, 7.40%, 09/15/09 341,161
300,000 U.S. Treasury Notes, 6.500%, 05/15/05 308,251
200,000 U.S. Treasury Notes, 6.00%, 08/15/09 223,640
300,000 U.S. Treasury Notes, 6.125%, 08/15/07 326,988
300,000 U.S. Treasury Notes, 1.875%, 01/31/06 298,312
-----------------
TOTAL FIXED INCOME OBLIGATIONS (Cost $2,346,425) $ 2,418,896
-----------------
SHARES MONEY MARKET SECURITIES - 1.10% VALUE
90,216 First American Treasury Obligation Funds - Class A $ 90,216
-----------------
TOTAL MONEY MARKET SECURITIES (Cost $90,216) $ 90,216
-----------------
TOTAL INVESTMENTS (Cost $7,539,220) - 99.75% $ 8,157,368
-----------------
Other assets less liabilities - 0.25% 20,144
-----------------
TOTAL NET ASSETS - 100.00% $ 8,177,512
=================
* Non-income producing securities.
(a) 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.
See accompanying notes which are an integral part of the financial statements.
DEAN INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2004 - (UNAUDITED)
SHARES COMMON STOCKS - 97.72% VALUE
Australia - 1.64%
3,505 Commonwealth Bank of Australia $ 76,645
32,100 WMC Resources Limited 124,624
------------------
201,269
------------------
Austria - 1.03%
3,044 Erste Bank der Oesterreichischen Sparkassen AG * 126,644
------------------
Belgium - 2.60%
4,380 Belgacom * 156,879
2,500 KBC Bankverzekeringsholding 162,692
------------------
319,571
------------------
Brazil - 3.61%
1,000 All America Latina Logist-PR * 20,462
1,350 Aracruz Celulose S.A. Sponsored ADR (a) 44,712
2,230 Brasil Telecom Participacoes S.A. ADR (a) 72,252
3,840 CIA Vale Do Rio Doce-SP ADR (a) 73,920
1,770 CIA Vale Do Rio Doce-Pref A 34,094
4,700 Natura Cosmeticos S.A. 95,019
3,250 Petroleo Brasileiros ADR (a) 103,740
------------------
444,199
------------------
Canada - 2.35%
2,862 Inco Ltd. * 111,712
30,200 Oncolytics Biotech, Inc. * 177,058
------------------
288,770
------------------
Chile - 0.39%
1,800 Corpbanca ADR (a) * 48,326
------------------
Denmark - 0.89%
2,330 Carlsberg AS-B * 108,886
------------------
France - 8.63%
6,848 Arcelor NPV 126,550
1,890 BNP Paribas 122,057
6,671 France Telecom 166,195
1,330 LaFarge, S.A. * 116,367
2,550 Sanofi-Aventis * 184,948
922 Total Fina Elf S.A. * 187,789
1,370 Vinci S.A. * 157,638
------------------
1,061,544
See accompanying notes which are an integral part of the financial statements. -------------------
DEAN INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 - (UNAUDITED)
SHARES COMMON STOCKS - 97.72% - CONTINUED VALUE
Germany - 4.12%
2,340 BASF AG * $ 137,459
1,962 Celesio AG 133,529
1,650 Deutsche Boerse AG * 83,504
3,900 Deutsche Postbank AG * 151,699
------------------
506,191
------------------
Greece - 2.20%
6,600 EFG Eurobank Ergasias * 154,918
4,670 Public Power Corp. 115,764
------------------
270,682
------------------
Indonesia - 2.99%
810,000 Bank Central Asia 176,856
286,500 HM Sampoerna Tbk PT 190,791
------------------
367,647
------------------
Italy - 3.76%
3,200 Assicurazioni Generali * 87,948
11,700 Enel S.p.A. 95,611
3,140 Eni S.p.A. 70,350
19,750 Snam Rete Gas S.p.A. 95,414
49,433 Telecom Italia S.p.A. 113,269
------------------
462,592
------------------
Japan - 15.24%
2,110 ACOM Co., Ltd. 130,565
5,000 Bridgestone Corp. * 92,773
15,000 Hitachi Ltd. * 90,641
23 Japan Retail Fund 172,163
3,400 JFE Holdings Inc. * 96,865
3,000 Lawson Corp. 103,979
2,500 Matsui Securities Co., Ltd. * 62,718
1,800 NEC Electronics Corp. 91,948
19 Nippon Building Fund, Inc. 149,462
20,000 Nippon Yusen Kabushiki Kaisha 103,434
11,100 Nissan Motor Co. Ltd. 120,855
51 NTT Docomo Inc. * 86,531
1,400 Promise Co. Ltd. 91,585
2,600 Shin-Etsu Chemical Co. 93,417
6,000 JS Group Corp. 109,695
5,200 Toyota Motor Corp. 199,102
20 West Japan Railway Co. 78,029
------------------
1,873,762
------------------
See accompanying notes which are an integral part of the financial statements.
DEAN INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 - (UNAUDITED)
SHARES COMMON STOCKS - 97.72% - CONTINUED VALUE
Malaysia - 1.39%
66,700 Astro All Asia Networks PLC * $ 85,657
29,000 Malayan Banking Berhad * 83,947
------------------
169,604
Mexico - 0.84%
5,000 Desarrolladora Homtex-ADR * (a) 103,250
------------------
Norway - 1.48%
2,490 Norsk Hydro A.S. 181,252
------------------
Portugal - 1.00%
42,280 Electricidade De Portugal SA 123,396
------------------
Singapore - 3.25%
128,000 Mobileone Ord 119,363
146,000 Singapore Post Ltd. 69,375
74,750 Singapore Press Holdings 210,451
------------------
399,189
------------------
South Africa - 0.71%
18,300 MTN Group Limited 87,105
------------------
South Korea - 4.84%
2,040 Hyundai Motor Co. * 94,072
6,830 KT&G Corp. - 144A GDR * (b) 90,497
4,770 KT&G Corp. * 126,137
295 Samsung Electronics Co., Ltd. 117,334
240 Samsung Electronics Co., Ltd. GDR (b) 47,520
450 Shinsegae Co., Ltd. * 119,779
------------------
595,339
------------------
Spain - 4.21%
7,565 Abertis Infraestructuras S.A. 141,210
1,550 Acciona S. A. 99,233
4,900 Altadis S.A. * 166,741
5,301 Iberdrola, S.A. * 109,944
------------------
517,128
------------------
Switzerland - 6.23%
627 Nestle S.A. 143,607
3,779 Novartis AG * 176,133
2,673 Roche Holdings AG Genusscheine 276,141
2,422 UBS AG 170,492
------------------
766,373
------------------
See accompanying notes which are an integral part of the financial statements.
DEAN INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 - (UNAUDITED)
SHARES COMMON STOCKS - 97.72% - CONTINUED VALUE
Taiwan - 1.92%
6,831 China Steel-GDR (b) $ 131,770
20,896 Compal Electronics 104,482
------------------
236,252
------------------
Thailand - 3.09%
51,500 Advanced Info Service, Plc. 129,294
440,100 Bank of Ayudhya Public Company * 111,552
21,700 Siam Cement Co. 139,341
------------------
380,187
------------------
United Kingdom - 19.46%
3,709 Astrazeneca Ord * 152,025
14,200 Admiral Group PLC * 74,007
17,000 BHP Billiton PLC * 178,891
24,472 Centrica PLC 111,156
20,000 EGG PLC * 34,021
7,242 Glaxosmithkline * 156,084
11,557 GUS PLC * 188,225
17,300 HSBC Holdings Ord * 274,558
6,200 Imperial Tobacco Group PLC 135,085
18,600 National Grid Transco PLC 156,935
61,959 Shell Transport & Trading 454,658
5,400 Standard Chartered PLC * 92,687
17,200 Tesco PLC 88,786
116,434 Vodafone Group * 278,654
------------------
2,375,772
------------------
TOTAL COMMON STOCKS (Cost $10,286,750) $ 12,014,930
------------------
SHARES PREFERRED STOCKS - 0.32% VALUE
Brazil - 0.32%
12,064 Aracruz Celulose S.A. - Class B (Cost $23,727) $ 39,707
------------------
SHARES WARRANTS - 0.37% VALUE
Canada - 0.37%
16,821 Oncolytics Biotech, Inc. expiring 2/21/2005 (Cost $0) $ 45,455
9,200 Oncolytics Biotech, Inc. expiring 10/7/2005(Cost $209) -
------------------
$ 45,455
------------------
See accompanying notes which are an integral part of the financial statements.
DEAN INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 - (UNAUDITED)
TOTAL INVESTMENTS (Cost $10,310,686) - 98.41% $ 12,100,092
------------------
Cash and other assets less liabilities - 1.59% 195,906
------------------
TOTAL NET ASSETS - 100.00% $ 12,295,998
==================
* Non-income producing securities.
(a) 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.
(b) 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.
DEAN INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2004 - (UNAUDITED)
DIVERSIFICATION OF ASSETS:
PERCENTAGE OF
NET ASSETS
--------------
Auto Manufacturer 3.37%
Banking 14.26%
Building Materials 5.06%
Chemicals 1.88%
Communications 5.70%
Electronics 2.97%
Financial Services 3.27%
Food & Beverages 2.78%
Insurance 1.32%
Media 2.41%
Mining and Metals 4.26%
Oil & Natural Gas 8.11%
Paper and Forest Products 0.69%
Personal Care 0.77%
Pharmaceutical 10.58%
Real Estate Investment Trust 3.45%
Retail 3.35%
Iron & Steel 2.89%
Tobacco Products 5.77%
Transportation 4.13%
Utilities 9.04%
Other 2.35%
------------------
Total 98.41%
Other assets less liabilities 1.59%
------------------
Grand Total 100.00%
------------------
See accompanying notes which are an integral part of the financial statements.
DEAN FAMILY OF FUNDS
STATEMENTS OF ASSETS & LIABILITIES
SEPTEMBER 30, 2004 (UNAUDITED)
LARGE CAP SMALL CAP BALANCED INTERNATIONAL
VALUE FUND VALUE FUND FUND FUND
---------------------------------------------------------------
ASSETS
Investment in securities: (Notes 2,5,6 & 7)
At cost $ 7,085,711 $ 14,481,554 $ 7,539,220 $10,310,686
============== ============== ============= ==============
At value $ 7,771,923 $ 16,095,297 $ 8,157,368 $12,100,092
Cash denominated in foreign currency (Cost $42,663) (Note 6) - - - 44,157
Dividends and interest receivable (Note 2 & 6) 6,517 6,517 31,404 37,953
Receivable for securities sold - 298,560 - 10,384
Receivable for capital shares sold 51,604 912 17,013 261,641
Net unrealized appreciation on forward foreign
currency exchange contracts (Note 8) - - - 18,951
Receivable from advisor (Note 4) 1,483 - 5,805 -
Prepaid expenses 11,742 9,056 9,475 8,734
-------------- -------------- ------------- --------------
TOTAL ASSETS 7,843,269 16,410,342 8,221,065 12,481,912
-------------- -------------- ------------- --------------
LIABILITIES
Payable to custodian - 26 62 16,733
Payable for securities purchased - 294,066 - 91,297
Payable to trustees 515 744 987 1,979
Payable for capital shares redeemed 5,527 12,871 - -
Payable to adviser (Note 4) - 10,956 - 27,317
Other liabilities 29,368 27,139 42,504 48,588
-------------- -------------- ------------- --------------
TOTAL LIABILITIES 35,410 345,802 43,553 185,914
-------------- -------------- ------------- --------------
NET ASSETS $ 7,807,859 $ 16,064,540 $ 8,177,512 $12,295,998
============== ============== ============= ==============
Net assets consist of:
Paid in capital $ 11,371,755 $ 12,504,180 $ 9,498,077 $14,924,356
Accumulated undistributed net investment income (loss) (4,514) 12,076 (2,126) 53,926
Accumulated net realized gains (losses) from security
transactions (4,245,594) 1,934,541 (1,936,587) (4,492,135)
Net unrealized appreciation (depreciation)
on investments (Note 2) 686,212 1,613,743 618,148 1,789,406
Net unrealized appreciation (depreciation) on translation
of assets and liabilities in foreign currencies (Note 6) - - - 20,445
-------------- -------------- ------------- --------------
NET ASSETS $ 7,807,859 $ 16,064,540 $ 8,177,512 $12,295,998
============== ============== ============= ==============
See accompanying notes which are an integral part of the financial statements.
DEAN FAMILY OF FUNDS
STATEMENTS OF ASSETS & LIABILITIES (CONTINUED) LARGE CAP SMALL CAP BALANCED INTERNATIONAL
SEPTEMBER 30, 2004 (UNAUDITED) VALUE FUND VALUE FUND FUND FUND
---------------------------------------------------------------
PRICING OF CLASS A SHARES
Net assets applicable to Class A shares $ 7,194,203 $ 15,524,840 $ 7,694,034 $11,436,098
============== ============== ============= ==============
Shares of beneficial interest outstanding (unlimited
numbers of shares authorized) 739,172 1,043,731 806,869 1,065,619
============== ============== ============= ==============
Net asset value and redemption price per share $ 9.73 $ 14.87 $ 9.54 $ 10.73
============== ============== ============= ==============
Maximum offering price per share $ 10.27 $ 15.69 $ 10.07 $ 11.32
============== ============== ============= ==============
PRICING OF CLASS C SHARES
Net assets applicable to Class C shares $ 613,656 $ 539,700 $ 483,478 $ 859,900
============== ============== ============= ==============
Shares of beneficial interest outstanding (unlimited
numbers of shares authorized) 67,405 37,613 54,234 82,623
============== ============== ============= ==============
Net asset value, offering price, and redemption
price per share $ 9.10 $ 14.35 $ 8.91 $ 10.41
============== ============== ============= ==============
See accompanying notes which are an integral part of the financial statements.
DEAN FAMILY OF FUNDS
STATEMENTS OF OPERATIONS
SIX MONTH PERIOD ENDED SEPTEMBER 30, 2004 (UNAUDITED)
LARGE CAP SMALL CAP BALANCED INTERNATIONAL
VALUE FUND VALUE FUND FUND FUND
--------------------------------------------------------------
INVESTMENT INCOME
Dividends (net of foreign withholding taxes of
$23,275 for the International Fund) (Note 2 & 6) $ 68,485 $ 81,104 $ 55,131 $ 228,587
Interest (Note 2) 763 2,650 41,975 1,335
--------------- --------------- ----------- -------------
TOTAL INCOME 69,248 83,754 97,106 229,922
EXPENSES
Investment advisory fees (Note 4) 38,693 80,641 43,374 73,161
Professional fees 15,727 29,008 17,706 19,285
Accounting services fees (Note 4) 13,164 14,036 14,245 22,324
Shareholder servicing and transfer agent fees (Note 4)
Class A 11,718 14,570 10,982 11,463
Class C 790 598 794 714
Custodian fees 4,084 5,719 4,343 30,017
Administrative services fees (Note 4) 7,521 7,565 7,522 7,519
Registration fees
Class A 5,420 5,435 5,598 6,883
Class C 4,650 4,597 4,886 4,462
Trustees' fees and expenses 1,885 3,801 2,423 2,829
Insurance expense 1,691 2,898 1,931 1,958
Other expenses 1,217 1,640 1,187 3,131
Reports to shareholders 970 1,720 574 997
--------------- --------------- ----------- -------------
TOTAL EXPENSES 107,530 172,228 115,565 184,743
Fees waived and expenses reimbursed by Adviser (Note 4) (33,768) (21,185) (33,321) (58,794)
--------------- --------------- ----------- -------------
NET EXPENSES 73,762 151,043 82,244 125,949
--------------- --------------- ----------- -------------
NET INVESTMENT INCOME (LOSS) $ (4,514) $ (67,289) $ 14,862 $ 103,973
--------------- --------------- ----------- -------------
REALIZED & UNREALIZED GAINS (LOSSES)
Net realized gains from:
Security transactions $ 453,697 $ 715,402 $ 477,870 $ 667,668
Foreign currency transactions (Note 6) - - - 47,844
Net change in unrealized appreciation (depreciation) on:
Investments (234,959) (708,507) (360,895) (460,148)
Foreign currency translation (Note 6) - - - (32,277)
--------------- --------------- ----------- -------------
NET REALIZED & UNREALIZED GAINS
ON INVESTMENTS & FOREIGN CURRENCIES 218,738 6,895 116,975 223,087
--------------- --------------- ----------- -------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ 214,224 $ (60,394) $ 131,837 $ 327,060
=============== =============== =========== =============
See accompanying notes which are an integral part of the financial statements.
DEAN FAMILY OF FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
LARGE CAP VALUE FUND SMALL CAP VALUE FUND
PERIOD YEAR PERIOD YEAR
ENDED ENDED ENDED ENDED
SEPTEMBER 30,2004 MARCH 31, SEPTEMBER 30, 2004 MARCH 31,
(UNAUDITED) 2004 (UNAUDITED) 2004
--------------- ------------ --------------- -------------
FROM OPERATIONS:
Net investment (loss) $ (4,514) $ (33,710) $ (67,289) $ (160,255)
Net realized gains (losses) from security transactions 453,697 (338,084) 715,402 3,791,781
Net change in net unrealized appreciation (depreciation)
on investments (234,959) 3,488,596 (708,507) 3,113,453
-------------- ------------- -------------- -------------
Net increase (decrease) in net assets from operations 214,224 3,116,802 (60,394) 6,744,979
-------------- ------------- -------------- --------------
FROM CAPITAL SHARE TRANSACTIONS:
CLASS A
Proceeds from shares sold 194,979 896,869 52,582 171,183
Payments for shares redeemed (659,454) (3,091,338) (908,351) (2,298,194)
-------------- ------------- -------------- -------------
Net decrease in net assets from Class A
Share transactions (464,475) (2,194,469) (855,769) (2,127,011)
-------------- ------------- -------------- -------------
CLASS C
Proceeds from shares sold 90,815 100,279 24,492 14,159
Payments for shares redeemed (43,897) (148,611) (164,958) (117,276)
-------------- ------------- -------------- -------------
Net increase (decrease) in net assets from Class C
Share transactions 46,918 (48,332) (140,466) (103,117)
-------------- ------------- -------------- -------------
Net decrease in net assets from capital share transactions (417,557) (2,242,801) (996,235) (2,230,128)
-------------- ------------- -------------- -------------
TOTAL INCREASE (DECREASE) IN NET ASSETS $ (203,333) $ 874,001 $ (1,056,629) $4,514,851
NET ASSETS:
Beginning of period/year $ 8,011,192 $ 7,137,191 $17,121,169 $12,606,318
-------------- ------------- -------------- -------------
End of period/year $ 7,807,859 $ 8,011,192 $16,064,540 $17,121,169
============== ============= ============== =============
ACCUMULATED UNDISTRIBUTED
NET INVESTMENT INCOME (LOSS) $ (4,514) $ - $ 12,076 $ 77,745
============== ============= ============== =============
See accompanying notes which are an integral part of the financial statements.
DEAN FAMILY OF FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
LARGE CAP VALUE FUND SMALL CAP VALUE FUND
PERIOD YEAR PERIOD YEAR
ENDED ENDED ENDED ENDED
SEPTEMBER 30, 2004 MARCH 31, SEPTEMBER 30, 2004 MARCH 31,
(UNAUDITED) 2004 (UNAUDITED) 2004
--------------- ------------ --------------- ------------
CAPITAL SHARE ACTIVITY:
CLASS A
Shares sold 20,204 105,819 3,683 12,756
Shares redeemed (69,500) (368,170) (62,032) (175,805)
-------------- ------------- -------------- -------------
Net (decrease) in shares outstanding (49,296) (262,351) (58,349) (163,049)
Shares outstanding, beginning of period/year 788,468 1,050,819 1,102,080 1,265,129
-------------- ------------- -------------- -------------
Shares outstanding, end of period/year 739,172 788,468 1,043,731 1,102,080
============== ============= ============== =============
CLASS C
Shares sold 10,189 12,667 1,692 1,125
Shares redeemed (4,922) (18,552) (11,588) (10,291)
-------------- ------------- -------------- -------------
Net increase (decrease) in shares outstanding 5,267 (5,885) (9,896) (9,166)
Shares outstanding, beginning of period/year 62,138 68,023 47,509 56,675
-------------- ------------- -------------- -------------
Shares outstanding, end of period/year 67,405 62,138 37,613 47,509
============== ============= ============== =============
See accompanying notes which are an integral part of the financial statements.
DEAN FAMILY OF FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
BALANCED FUND INTERNATIONAL FUND
PERIOD YEAR PERIOD YEAR
ENDED ENDED ENDED ENDED
SEPTEMBER 30, 2004 MARCH 31, SEPTEMBER 30, 2004 MARCH 31,
(UNAUDITED) 2004 (UNAUDITED) 2004
--------------- ------------ --------------- -------------
FROM OPERATIONS:
Net investment income $ 14,862 $ 34,691 $ 103,973 $ 29,378
Net realized gains (losses) from:
Security transactions 477,870 (213,526) 667,668 1,643,117
Foreign currency transactions - - 47,844 79,806
Net change in net unrealized appreciation/depreciation on:
Investments (360,895) 3,175,208 (460,148) 2,783,344
Foreign currency translation - - (32,277) (15,902)
-------------- ------------- -------------- -------------
Net increase in net assets from operations 131,837 2,996,373 327,060 4,519,743
-------------- ------------- -------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income, Class A (16,987) (34,691) - (371,564)
From net investment income, Class C - - - (24,437)
From return of capital, Class A - (15,877) - (37,820)
From return of capital, Class C - (2,645) - (2,725)
-------------- ------------- -------------- -------------
Decrease in net assets from distributions
to shareholders (16,987) (53,213) - (436,546)
-------------- ------------- -------------- -------------
FROM CAPITAL SHARE TRANSACTIONS:
CLASS A
Proceeds from shares sold 72,006 102,009 508,993 7,519,780
Net asset value of shares issued in
reinvestment of distributions to shareholders 16,678 49,798 - 385,875
Payments for shares redeemed (1,290,210) (2,270,456) (221,042) (7,960,019)
-------------- ------------- -------------- -------------
Net increase (decrease) in net assets from Class A
Share transactions (1,201,526) (2,118,649) 287,951 (54,364)
-------------- ------------- -------------- -------------
CLASS C
Proceeds from shares sold 63,765 12,562 156,228 281,385
Net asset value of shares issued in
reinvestment of distributions to shareholders - 282 - 18,896
Payments for shares redeemed (188,337) (402,515) (98,598) (194,237)
-------------- ------------- -------------- -------------
Net increase (decrease) in net assets from Class C
Share transactions (124,572) 389,671 57,630 106,044
-------------- ------------- -------------- -------------
Net increase (decrease) in assets from capital share (1,326,098) 2,508,320 345,581 51,680
transactions -------------- ------------- -------------- -------------
TOTAL INCREASE (DECREASE) IN NET ASSETS $(1,211,248) $ 434,840 $ 672,641 $4,134,877
See accompanying notes which are an integral part of the financial statements.
DEAN FAMILY OF FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
BALANCED FUND INTERNATIONAL FUND
PERIOD YEAR PERIOD YEAR
ENDED ENDED ENDED ENDED
SEPTEMBER 30, 2004 MARCH 31, SEPTEMBER 30, 2004 MARCH 31,
(UNAUDITED) 2004 (UNAUDITED) 2004
--------------- ------------ --------------- -------------
CAPITAL SHARE ACTIVITY:
NET ASSETS:
Beginning of period/year $ 9,388,760 $ 8,953,920 $11,623,357 $7,488,480
-------------- ------------- -------------- -------------
End of period/year $ 8,177,512 $ 9,388,760 $12,295,998 $11,623,357
============== ============= ============== =============
ACCUMULATED UNDISTRIBUTED
NET INVESTMENT INCOME (LOSS) $ (2,126) $ - $ 53,926 $ (50,047)
============== ============= ============== =============
CLASS A
Shares sold 7,702 11,574 49,493 888,007
Shares issued in reinvestment of distributions
to shareholders 1,748 5,616 - 40,195
Shares redeemed (136,482) (270,158) (21,555) (919,915)
-------------- ------------- -------------- -------------
Net increase (decrease) in shares outstanding (127,032) (252,968) 27,938 8,287
Shares outstanding, beginning of period/year 933,901 1,186,869 1,037,681 1,029,394
-------------- ------------- -------------- -------------
Shares outstanding, end of period/year 806,869 933,901 1,065,619 1,037,681
============== ============= ============== =============
CLASS C
Shares sold 7,236 1,544 15,915 27,485
Shares issued in reinvestment of distributions
to shareholders - 33 - 2,032
Shares redeemed (21,354) (51,796) (10,066) (19,746)
-------------- ------------- -------------- -------------
Net increase (decrease) in shares outstanding (14,118) (50,219) 5,849 9,771
Shares outstanding, beginning of period/year 68,352 118,571 76,774 67,003
-------------- ------------- -------------- -------------
Shares outstanding, end of period/year 54,234 68,352 82,623 76,774
============== ============= ============== =============
See accompanying notes which are an integral part of the financial statements.
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 Year Ended Year Ended Year Ended Year Ended Year Ended
September 30, 2004 March 31, March 31, March 31, March 31, March 31,
(Unaudited) 2004 2003 2002 2001 2000
------------------ ---------- ---------- --------- ---------- ----------
Net asset value, beginning of period $ 9.46 $ 6.40 $ 10.75 $ 11.97 $ 11.11 $ 10.65
------------------ ----------- ----------- ---------- ---------- -----------
Income (loss) from investment operations:
Net investment income (loss) - (0.04) (0.03) (0.06)(a) 0.02 0.01
Net realized and unrealized gains (losses)
on investments 0.27 3.10 (4.08) 0.12 0.97 0.46
------------------ ----------- ----------- ---------- ---------- ------------
Total income (loss) from investment operations 0.27 3.06 (4.11) 0.06 0.99 0.47
------------------ ----------- ----------- ---------- ---------- ------------
Less distributions:
From net investment income - - - - (0.13) (0.01)
From net realized gains - - (0.24) (1.28) - -
------------------ ----------- ----------- ----------- ----------- -------------
Total distributions - - (0.24) (1.28) (0.13) (0.01)
------------------ ----------- ----------- ----------- ----------- -------------
Net asset value, end of period $ 9.73 $ 9.46 $ 6.40 $ 10.75 $ 11.97 $ 11.11
================== =========== ============ =========== =========== =============
Total Return (b) 2.85% 47.81% (38.49)% 0.17% 9.03% 4.38%
================== =========== ============ =========== =========== =============
Net assets, end of period $ 7,194,203 $ 7,459,239 $ 6,725,313 $ 15,204,763 $14,247,739 $10,134,912
================== =========== ============ =========== =========== ==============
Ratio of expenses to average net assets:
Before fee waivers and/or expense
reimbursement by Adviser 2.69% (c) 2.58% 2.31% 1.91% 2.23% 2.11%
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 (0.06)%(c) (0.37)% (0.32)% (0.52)% 0.19% 0.02%
Portfolio turnover rate 22% 42% 55% 102% 103% 71%
(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.
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 Year Ended Year Ended Year Ended Year Ended Year Ended
September 30, 2004 March 31, March 31, March 31, March 31, March 31,
(Unaudited) 2004 2003 2002 2001 2000
------------------ ----------- --------- ------------ ----------- -------------
Net asset value, beginning of period $ 8.88 $ 6.05 $ 10.29 $ 11.59 $ 10.71 $ 10.57
------------------ ----------- ---------- ----------- ----------- -------------
Income (loss) from investment operations:
Net investment loss (0.04) (0.09) (0.09) (0.14)(a) (0.04) (0.03)
Net realized and unrealized gains (losses)
on investments 0.26 2.92 (3.91) 0.12 0.93 0.18
------------------ ----------- ----------- ----------- ------------ ------------
Total income (loss) from investment operations 0.22 2.83 (4.00) (0.02) 0.89 0.15
------------------ ----------- ----------- ----------- ------------ ------------
Less distributions:
From net investment income - - - - (0.01) (0.01)
From net realized gains - - (0.24) (1.28) - -
------------------ ----------- ----------- ------------ ----------- ------------
Total distributions - - (0.24) (1.28) (0.01) (0.01)
------------------ ----------- ----------- ------------ ----------- ------------
Net asset value, end of period $ 9.10 $ 8.88 $ 6.05 $ 10.29 $ 11.59 $ 10.71
=================== =========== ============ =========== =========== ============
Total Return (b) 2.48% 46.78% (39.16)% (0.52)% 8.35% 1.38%
=================== =========== ============ =========== =========== ============
Net assets, end of period $ 613,656 $ 551,953 $ 411,878 $ 907,393 $ 441,646 $ 511,730
=================== =========== ============ =========== =========== ============
Ratio of expenses to average net assets:
Before fee waivers and/or expense
reimbursement by Adviser 3.79% (c) 4.24% 2.65% 3.03% 4.37% 4.04%
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 (0.81)%(c) (1.11)% (1.06)% (1.28)% (0.56)% (0.22)%
Portfolio turnover rate 22% 42% 55% 102% 103% 71%
(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.
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 Year Ended Year Ended Year Ended Year Ended Year Ended
September 30, March 31, March 31, March 31, March 31, March 31,
2004 (Unaudited) 2004 2003 2002 2001 2000
----------------- ----------- ----------- ----------- ----------- -------------
Net asset value, beginning of period $ 14.91 $ 9.55 $ 13.37 $ 10.40 $ 8.95 $ 9.15
----------------- ----------- ------------ ----------- ------------ --------------
Income (loss) from investment operations:
Net investment income (loss) (0.05) (0.14) (0.08) 0.03 (a) 0.08 0.14
Net realized and unrealized gains (losses)
on investments 0.01 5.50 (3.69) 2.97 1.44 (0.19)
----------------- ----------- ------------- ----------- ------------ -------------
Total income (loss) from investment operations (0.04) 5.36 (3.77) 3.00 1.52 (0.05)
----------------- ----------- ------------- ----------- ------------ -------------
Less distributions:
From net investment income - - - (0.03) (0.07) (0.15)
From net realized gains - - (0.05) - - -
------------------ ---------- ------------- ----------- ------------- ------------
Total distributions - - (0.05) (0.03) (0.07) (0.15)
------------------ ---------- ------------- ----------- ------------- ------------
Net asset value, end of period $ 14.87 $ 14.91 $ 9.55 $ 13.37 $ 10.40 $ 8.95
================== ========== ============= ============ ============= ===========
Total Return (b) (0.27)% 56.13% (28.24)% 28.88% 16.94% (0.53)%
================== ========== ============= ============ ============= ===========
Net assets, end of period $ 15,524,840 $16,435,083 $ 12,078,397 $21,187,653 $ 16,208,623 $ 13,333,607
================= =========== ============= ============= ============ ===========
Ratio of expenses to average net assets:
Before fee waivers and/or expense
reimbursement by Adviser 2.08% (c) 2.08% 2.01% 1.84% 2.40% 1.92%
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 (loss)
to average net assets (0.79)%(c) (0.99)% (0.65)% 0.26% 0.79% 1.49%
Portfolio turnover rate 43% 82% 82% 67% 54% 90%
(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.
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 Year Ended Year Ended Year Ended Year Ended Year Ended
September 30, March 31, March 31, March 31, March 31, March 31,
2004 (Unaudited) 2004 2003 2002 2001 2000
----------------- ----------- ----------- ----------- ------------ ----------
Net asset value, beginning of period $ 14.44 $ 9.31 $ 13.05 $ 10.20 $ 8.80 $ 9.05
----------------- ----------- ------------ ----------- ------------ ----------
Income (loss) from investment operations:
Net investment income (loss) (0.10) (0.23) (0.11) (0.06)(a) 0.03 (0.01)
Net realized and unrealized gains (losses)
on investments 0.01 5.36 (3.58) 2.91 1.44 0.09)
----------------- ----------- ------------ ------------ ---------- ----------
Total income (loss) from investment operations (0.09) 5.13 (3.69) 2.85 1.47 (0.10)
----------------- ----------- -------------- ------------ ---------- ----------
Less distributions:
From net investment income - - - - (0.07) (0.15)
From net realized gains - - (0.05) - - -
----------------- ----------- -------------- ------------ ---------- ---------
Total distributions - - (0.05) - (0.07) (0.15)
----------------- ----------- -------------- ------------ ---------- ---------
Net asset value, end of period $ 14.35 $ 14.44 $ 9.31 $ 13.05 $ 10.20 $ 8.80
================= =========== ============== ============ ========== =========
Total Return (b) (0.62)% 55.10% (28.32)% 27.94% 16.66% (1.11)%
================= =========== ============== ============ ========== =========
Net assets, end of period $ 539,700 $ 686,086 $ 527,921 $ 797,669 $ 683,137 $2,344,244
================= =========== ============== ============= ========= =========
Ratio of expenses to average net assets:
Before fee waivers and/or expense
reimbursement by Adviser 3.81% (c) 3.53% 2.19% 3.69% 3.18% 2.32%
After fee waivers and/or expense
reimbursement by Adviser 2.60% (c) 2.60% 2.19% 2.60% 2.31% 2.31%
Ratio of net investment income (loss)
to average net assets (1.55)%(c) (1.74)% (0.99)% (0.49)% 0.35% (0.31)%
Portfolio turnover rate 43% 82% 82% 67% 54% 90%
(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.
DEAN FAMILY OF FUNDS
BALANCED FUND - CLASS A
FINANCIAL HIGHLIGHTS (Continued)
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Six Months Ended Year Ended Year Ended Year Ended Year Ended Year Ended
September 30, 2004 March 31, March 31, March 31, March 31, March 31,
(Unaudited) 2004 2003 2002 2001 2000
------------------ ------------ ----------- ------------ ------------ -----------
Net asset value, beginning of period $ 9.41 $ 6.89 $ 10.15 $ 10.92 $ 10.16 $ 10.75
------------------ ------------ ----------- ------------ ------------ ----------
Income (loss) from investment operations:
Net investment income 0.02 0.04 0.06 0.09 (a) 0.20 0.28
Net realized and unrealized gains (losses)
on investments 0.13 2.53 (2.69) (0.26) 0.98 (0.66)
------------------ ------------ ------------ ------------ ----------- ---------
Total income (loss) from investment operations 0.15 2.57 (2.63) (0.17) 1.18 (0.38)
------------------ ------------ ------------ ------------ ----------- ---------
Less distributions:
From net investment income (0.02) (0.03) (0.06) (0.10) (0.19) (0.21)
From net realized gains - - (0.26) (0.50) (0.23) -
From return of capital - (0.02) (0.31) - - -
------------------ ------------ ------------ ------------ ------------ ---------
Total distributions (0.02) (0.05) (0.63) (0.60) (0.42) (0.21)
------------------ ------------ ------------ ------------ ------------ ---------
Net asset value, end of period $ 9.54 $ 9.41 $ 6.89 $ 10.15 $ 10.92 $ 10.16
================== ============= ============= =========== ============ =========
Total Return (b) 1.61% 37.36% (26.10)% (1.75)% 11.93% (3.52)%
================== ============= ============= ============ ============ =========
Net assets, end of period $ 7,694,034 $ 8,786,461 $ 8,183,461 $ 12,509,111 $ 12,453,481 $8,606,480
================== ============= ============= ============ ============ =========
Ratio of expenses to average net assets:
Before fee waivers and/or expense
reimbursement by Adviser 2.56% (c) 2.41% 2.21% 2.01% 2.04% 2.13%
After fee waivers and/or expense
reimbursement by Adviser 1.85% (c) 1.85% 1.85% 1.85% 1.84% 1.85%
Ratio of net investment income
to average net assets 0.39% (c) 0.41% 0.77% 0.88% 1.89% 2.63%
Portfolio turnover rate 15% 44% 51% 86% 66% 196%
(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.
DEAN FAMILY OF FUNDS
BALANCED FUND - CLASS C
FINANCIAL HIGHLIGHTS (Continued)
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Six Months Ended Year Ended Year Ended Year Ended Year Ended Year Ended
September 30, March 31, March 31, March 31, March 31, March 31,
2004 (Unaudited) 2004 2003 2002 2001 2000
----------------- ---------- ---------- ----------- ----------- ------------
Net asset value, beginning of period $ 8.81 $ 6.50 $ 9.63 $ 10.40 $ 10.00 $ 10.73
----------------- ---------- ---------- ------------ ------------ ------------
Income (loss) from investment operations:
Net investment income (loss) (0.02) (0.03) 0.01 - (a) 0.12 (0.22)
Net realized and unrealized gains (losses)
on investments 0.12 2.38 (2.53) (0.23) 0.95 (0.34)
----------------- ---------- ---------- ------------ ------------ ------------
Total income (loss) from investment operations 0.10 2.35 (2.52) (0.23) 1.07 (0.56)
----------------- ---------- ---------- ------------ ------------ ------------
Less distributions:
From net investment income - - (0.04) (0.04) (0.12) (0.17)
From net realized gains - - (0.26) (0.50) (0.55) -
From return of capital - (0.04) (0.31) - - -
------------------ --------- ----------- ------------- ------------ -----------
Total distributions - (0.04) (0.61) (0.54) (0.67) (0.17)
------------------ --------- ----------- ------------- ------------ -----------
Net asset value, end of period $ 8.91 $ 8.81 $ 6.50 $ 9.63 $ 10.40 $ 10.00
================== ========= =========== ============= ============ ===========
Total Return (b) 1.14% 36.16% (26.37)% (2.38)% 11.03% (5.24)%
================== ========= =========== ============= ============ ===========
Net assets, end of period $ 483,478 $ 602,299 $ 770,459 $ 1,205,394 $ 485,234 $ 1,291,000
================== ========= =========== ============= ============ ===========
Ratio of expenses to average net assets:
Before fee waivers and/or expense
reimbursement by Adviser 4.14% (c) 3.79% 2.35% 4.01% 2.73% 2.74%
After fee waivers and/or expense
reimbursement by Adviser 2.60% (c) 2.60% 2.35% 2.60% 2.60% 2.60%
Ratio of net investment income (loss)
to average net assets (0.35)%(c) (0.32)% 0.29% 0.00% 1.14% (2.13)%
Portfolio turnover rate 15% 44% 51% 86% 66% 196%
(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.
DEAN FAMILY OF FUNDS
INTERNATIONAL FUND - CLASS A
FINANCIAL HIGHLIGHTS (Continued)
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Six Months Ended Year Ended Year Ended Year Ended Year Ended Year Ended
September 30, March 31, March 31, March 31, March 31, March 31,
2004 (Unaudited) 2004 2003 2002 2001 2000
----------------- ----------- ----------- ------------ ---------- -----------
Net asset value, beginning of period $ 10.45 $ 6.84 $ 9.18 $ 9.96 $ 20.11 $ 12.41
----------------- ----------- ------------ ------------ ---------- -----------
Income (loss) from investment operations:
Net investment income (loss) 0.10 0.04 - (0.06)(a) (0.11) (0.13)
Net realized and unrealized gains (losses)
on investments 0.18 3.98 (2.34) (0.71) (5.88) 8.50
----------------- ----------- ------------ ------------- ---------- ----------
Total income (loss) from investment operations 0.28 4.02 (2.34) (0.77) (5.99) 8.37
----------------- ----------- ------------- ------------- ---------- ----------
Less distributions:
From net investment income - (0.37) - (0.01) (0.01) -
From net realized gains - - - - (4.15) (0.67)
From return of capital - (0.04) - - - -
------------------ ---------- -------------- ------------- ---------- ----------
Total distributions - (0.41) - (0.01) (4.16) (0.67)
------------------ ---------- -------------- ------------- ---------- ----------
Net asset value, end of period $ 10.73 $ 10.45 $ 6.84 $ 9.18 $ 9.96 $ 20.11
================== ========== =============== ============ =========== =========
Total Return (b) 2.58% 59.23% (25.49)% (7.77)% (30.61)% 69.26%
================== ========== =============== ============ =========== =========
Net assets, end of period $ 11,436,098 $10,842,350 $ 7,041,919 $ 12,078,887 $ 14,614,461$ 19,605,996
================== ========== =============== ============ ============ ==========
Ratio of expenses to average net assets:
Before fee waivers and/or expense
reimbursement by Adviser 3.11% (c) 3.34% 3.07% 2.73% 2.26% 2.89%
After fee waivers and/or expense
reimbursement by Adviser 2.10% (c) 2.10% 2.10% 2.10% 2.06% 2.09%
Ratio of net investment income (loss)
to average net assets 1.83% (c) 0.33% (0.05)% (0.67)% (0.72)% (0.82)%
Portfolio turnover rate 45% 131% 143% 121% 146% 157%
(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.
DEAN FAMILY OF FUNDS
INTERNATIONAL FUND - CLASS C
FINANCIAL HIGHLIGHTS (Continued)
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Six Months Ended Year Ended Year Ended Year Ended Year Ended Year Ended
September 30, March 31, March 31, March 31, March 31, March 31,
2004 (Unaudited) 2004 2003 2002 2001 2000
---------------- ----------- ----------- ----------- ----------- ------------
Net asset value, beginning of period $ 10.17 $ 6.66 $ 9.06 $ 9.88 $ 19.76 $ 12.28
---------------- ----------- ----------- ----------- ------------ ------------
Income (loss) from investment operations:
Net investment income (loss) 0.07 (0.15) (0.07) (0.12)(a) (0.21) (0.24)
Net realized and unrealized gains (losses)
on investments 0.17 4.05 (2.33) (0.70) (5.78) 8.43
--------------- ----------- ----------- ------------ ------------ ----------
Total income (loss) from investment operations 0.24 3.90 (2.40) (0.82) (5.99) 8.19
--------------- ------------ ----------- ------------ ------------ ----------
Less distributions:
From net investment income - (0.35) - - (0.01) -
From net realized gains - - - - (3.88) (0.71)
From return of capital - (0.04) - - - -
---------------- ---------- ------------ ------------ ------------- ----------
Total distributions - (0.39) - - (3.89) (0.71)
---------------- ---------- ------------ ------------ ------------- ----------
Net asset value, end of period $ 10.41 $ 10.17 $ 6.66 $ 9.06 $ 9.88 $ 19.76
================ ========== ============= =========== ============== ==========
Total Return (b) 2.26% 59.15% (26.49)% (8.30)% (30.90)% 68.54%
================ ========== ============= =========== ============= ==========
Net assets, end of period $ 859,900 $ 781,007 $ 446,561 $ 840,398 $ 1,326,365 $ 1,902,892
================ ========== ============= =========== ============= ==========
Ratio of expenses to average net assets:
Before fee waivers and/or expense
reimbursement by Adviser 3.84% (c) 4.70% 3.23% 4.16% 2.72% 3.53%
After fee waivers and/or expense
reimbursement by Adviser 2.85% (c) 2.85% 2.85% 2.85% 2.72% 2.71%
Ratio of net investment income (loss)
to average net assets 1.07% (c) (0.42)% (0.71)% (1.30)% (1.40)% (1.61)%
Portfolio turnover rate 45% 131% 143% 121% 146% 157%
(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.
DEAN FAMILY OF FUNDS
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2004 (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 (formerly
the International Value 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, when the initial shares of the International Fund were
purchased at $10.00 per share.
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 and
service 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 and service 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 and service 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; (iii) each class has
exclusive voting rights with respect to matters relating to its own distribution
arrangements; iv) each class has different exchange privileges.
The Funds indemnify the Trust's officers and trustees for certain liabilities
that might arise from their performance of their duties to the Funds.
Additionally, in the normal course of business the Funds enter into contracts
that contain a variety of representations and warranties and which provide
general indemnifications. The Funds' maximum exposure under these arrangements
is unknown, as this would involve future claims that may be made against the
Funds that have not yet occurred. However, based on experience, the Funds expect
the risk of loss to be remote.
DEAN FAMILY OF FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the Trust's significant accounting policies:
Security valuation - On each day that the Trust is open for business, the share
price (net asset value) of Class C shares and the public offering price (net
asset value plus applicable sales load) of Class A shares is determined as of
the close of the regular session of trading on the New York Stock Exchange,
generally 4:00 p.m., Eastern time. The Trust is open for business on each day
the New York Stock Exchange is open for business and on any other day when there
is sufficient trading in a Fund's investments that its net asset value might be
materially affected.
Portfolio securities are valued as follows: (1) securities that are traded on
stock exchanges are valued at the last reported sale price as of the close of
the regular session of trading on the New York Stock Exchange on the day the
securities are being valued, or, if not traded on a particular day, at the
closing bid price; (2) securities traded in the NASDAQ over-the-counter market
are generally valued at the NASDAQ Official Closing Price; (3) securities traded
in the over-the-counter market, that are not quoted by NASDAQ are valued at the
last sale price as of the close of the regular session of trading on the New
York Stock Exchange on the day the securities are being valued or, if the last
sale price is not readily available, at the last bid price as quoted by brokers
that make markets in the securities; (4) securities that are traded both in the
over-the-counter market and on a stock exchange are valued according to the
broadest and most representative market; (5) 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; (6) securities mainly traded on a non-U.S.
exchange are generally valued according to the preceding closing values on that
exchange; and (7) securities (and other assets) for which market quotations are
not readily available are valued at their fair value as determined in good faith
in accordance with consistently applied procedures established by and under the
general supervision of the Board of Trustees.
If an event that may change the value of a security held in a Fund's portfolio
occurs after the closing of the applicable market, the Board of Trustees might
decide to value the security based on fair value. This may cause the value of
the security on the books of the Fund to be significantly different from the
market quotation and may affect the calculation of the Fund's net asset value.
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.
DEAN FAMILY OF FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
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.
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 subchapter M of the Internal Revenue
Code of 1986, as amended, (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.
As of March 31, 2004, for federal income tax purposes, the Funds have capital
loss carryforwards available to offset future capital gains, if any, in the
following amounts:
- ------------------------------------------------------------------------------------------------------
Fund Amount Expires March 31,
- ------------------------------------------------------------------------------------------------------
Large Cap Value Fund $ 1,993,573 2011
- ------------------------------------------------------------------------------------------------------
Large Cap Value Fund $ 2,705,717 2012
- ------------------------------------------------------------------------------------------------------
Balanced Fund $ 1,396,625 2011
- ------------------------------------------------------------------------------------------------------
Balanced Fund $ 1,017,834 2012
- ------------------------------------------------------------------------------------------------------
International Fund $ 4,231,852 2010
- ------------------------------------------------------------------------------------------------------
International Fund $ 257,124 2011
- ------------------------------------------------------------------------------------------------------
International Fund $ 158,432 2012
- ------------------------------------------------------------------------------------------------------
DEAN FAMILY OF FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
The following information is based upon the federal income tax cost of portfolio
investments as of September 30, 2004:
- ----------------------------------------------------------------------------------------------------------------
LARGE CAP SMALL CAP BALANCED INTERNATIONAL
VALUE FUND VALUE FUND FUND FUND
- ----------------------------------------------------------------------------------------------------------------
Gross unrealized appreciation $ 793,964 $ 2,260,414 $ 747,903 $ 1,902,734
Gross unrealized depreciation (107,752) (646,671) (129,755) (113,328)
------------ ------------- ------------ --------------
Net unrealized appreciation (depreciation) $ 686,212 $ 1,613,743 $ 618,148 $ 1,789,406
============ ============= ============ ==============
Federal income tax cost $ 7,085,711 $ 14,481,554 $ 7,539,220 $ 10,310,686
============ ============= ============ ==============
- ----------------------------------------------------------------------------------------------------------------
3. DISTRIBUTION TO SHAREHOLDERS
THE LARGE CAP VALUE FUND
There were no distributions for the Large Cap Value Fund for the six months
ended September 30, 2004 and the fiscal year ended March 31, 2004.
The tax character of distributions paid during fiscal years 2003 and 2004 was as
follows:
- ----------------------------------------------------------------------------------------------
2004 2003
---- ----
- ----------------------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ - $ 323,453
Long-term capital gain - -
------------------- ------------------
$ - $ 323,453
=================== ==================
- ----------------------------------------------------------------------------------------------
As of March 31, 2004, and March 31, 2003, the components of distributable earnings on a tax basis
were as follows:
- ----------------------------------------------------------------------------------------------
2004 2003
---- ----
- ----------------------------------------------------------------------------------------------
Undistributed ordinary income $ - $ -
Accumulated capital and other losses * (4,699,691) (4,361,206)
Unrealized appreciation (depreciation) 921,171 (2,567,425)
------------------- ------------------
$ (3,778,520) $ (6,928,631)
=================== ==================
- ----------------------------------------------------------------------------------------------
* Included in this amount for 2004 and 2003 are post-October losses of $0 and
$2,367,633, respectively. This amount is deemed to reverse on the first business
day of the Fund's next taxable year.
THE SMALL CAP VALUE FUND
There were no distributions for the Small Cap Value Fund for the six months
ended September 30, 2004 and the fiscal year ended March 31, 2004.
DEAN FAMILY OF FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
The tax character of distributions paid during fiscal years 2003 and 2004 was as
follows:
- ----------------------------------------------------------------------------------------------------
2004 2003
---- ----
- ----------------------------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ - $ -
Long-term capital gain - 78,955
-------------- -----------------
$ - $ 78,955
============== =================
- ----------------------------------------------------------------------------------------------------
As of March 31, 2004, and March 31, 2003, the components of distributable earnings on a tax basis
were as follows:
- ----------------------------------------------------------------------------------------------------
2004 2003
---- ----
- ----------------------------------------------------------------------------------------------------
Undistributed ordinary income $ 77,745 $ -
Undistributed accumulated capital and other losses * 1,220,759 (2,333,022)
Unrealized appreciation (depreciation) 2,322,250 (791,203)
-------------- -----------------
$ 3,620,754 $ (3,124,225)
============== =================
- ----------------------------------------------------------------------------------------------------
* Included in this amount for 2004 and 2003 are post-October losses of $0 and
$1,977,163, respectively. This amount is deemed to reverse on the first business
day of the Fund's next taxable year.
THE BALANCED FUND
On June 30, 2003, an income distribution of $0.0096 per share was paid to Class
A shareholders on record as of June 27, 2003. On December 30, 2003, an income
distribution of $0.0416 and $0.0391 per share was paid to Class A and Class C
shareholders of record as of December 29, 2003, respectively.
On September 30, 2004, an income distribution of $0.0211 per share was paid to
Class A shareholders of record as of September 29, 2004. The Fund paid Class A
shareholders an income dividend of $16,987.
The tax character of distributions paid during fiscal years 2003 and 2004 was as
follows:
- ----------------------------------------------------------------------------------------------------------------
2004 2003
---- ----
- ----------------------------------------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 34,691 $ 430,764
Long-term capital gain - -
------------------- ------------------
34,691 430,764
Return of capital 18,522 420,137
------------------- ------------------
$ 53,213 $ 850,901
=================== ==================
DEAN FAMILY OF FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
As of March 31, 2004, and March 31, 2003, the components of distributable
earnings on a tax basis were as follows:
- ------------------------------------------------------------------------------------------------------------------
2004 2003
---- ----
- ----------------------------------------------------------------------------------------------------------------
Undistributed ordinary income $ - $ -
Undistributed accumulated capital and other losses * (2,414,459) (2,200,932)
Unrealized appreciation (depreciation) 979,043 (2,196,165)
------------------- ------------------
$ (1,435,416) $ (4,397,097)
=================== ==================
- ----------------------------------------------------------------------------------------------------------------
* Included in this amount for 2004 and 2003 are post-October losses of $0 and
$804,307, respectively. This amount is deemed to reverse on the first business
day of the Fund's next taxable year.
THE INTERNATIONAL FUND
On December 15, 2003, an income distribution of $0.4055 and $0.3928 per share
was paid to Class A and Class C shareholders of record as of December 12, 2003,
respectively.
The Fund paid no distributions during the six months ended September 30, 2004.
The tax character of distributions paid during fiscal year 2003 and 2004 was as
follows:
- -------------------------------------------------------------------------------------------------
2004 2003
---- ----
- -------------------------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 396,001 $ -
Long-term capital gain -
------------------------ -------------------
396,001 -
Return of capital 40,545 -
------------------------ -------------------
$ 436,546 $ -
======================== ===================
- -------------------------------------------------------------------------------------------------
As of March 31, 2004, and March 31, 2003, the components of distributable
earnings on a tax basis were as follows:
- -------------------------------------------------------------------------------------------------
2004 2003
---- ----
- -------------------------------------------------------------------------------------------------
Undistributed ordinary income $ - $ 1,442,897
Accumulated capital and other losses * (4,647,408) (6,834,588)
Unrealized appreciation (depreciation) 1,691,989 (1,735,478)
------------------------ -------------------
$ (2,955,419) $ (7,127,169)
======================== ===================
- -------------------------------------------------------------------------------------------------
* Included in this amount for 2004 and 2003 are post-October losses of $0 and
$1,187,614, respectively. This amount is deemed to reverse on the first business
day of the Fund's next taxable year.
DEAN FAMILY OF FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
4. COMMITMENTS AND TRANSACTIONS WITH AFFILIATED AND RELATED PARTIES.
Certain officers of the Trust are also officers or employees of Dean Investment
Associates, LLC (formerly 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. As of September 30, 2004,
the Advisor was owed $10,956 and $27,317 from the Small Cap and International
Funds, respectively. As of September 30, 2004, the Advisor owed $1,483 and
$5,805 to the Large Cap and Balanced Funds, respectively.
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 to the extent
that the Fund's operating expenses exceeded the applicable operating expense
limit amount during the six month period ended September 30, 2004. There is no
obligation for the Trust to repay the amounts of the advisory fees waived. The
Adviser waived fees of $33,768 for the Large Cap Value Fund, $21,185 for the
Small Cap Value Fund, $33,321 for the Balanced Fund, and $58,794 for the
International Fund during the six months ending September 30, 2004. 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:
DEAN FAMILY OF FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
September 30, 2004 (Unaudited)
FUND CLASS MAXIMUM OPERATING
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%
DEAN FAMILY OF FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2004 (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 50% discount 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 six months ended September 30, 2004, each share
class accrued transfer agent and shareholder servicing fees as follows:
FUND CLASS TRANSFER AGENT AND
SHAREHOLDER SERVICING
FEES
- ---------------------------- ------------ --------------------
Large Cap Value Fund Class A $ 11,718
Large Cap Value Fund Class C 790
Small Cap Value Fund Class A 14,570
Small Cap Value Fund Class C 599
Balanced Fund Class A 10,982
Balanced Fund Class C 794
International Fund Class A 11,463
International Fund Class C 714
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.
DEAN FAMILY OF FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2004 (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 $0, $7,
$0, and $225 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 six months ended September
30, 2004.
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 six months ended September 30, 2004, 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 six months
ended September 30, 2004, Class C shares of each Fund did not incur any
distribution expenses.
5. INVESTMENT TRANSACTIONS
Investment transactions, other than short-term investments, were as follows for
the six month period ended September 30, 2004:
- -----------------------------------------------------------------------------------------------------------------
LARGE CAP SMALL CAP BALANCED INTERNATIONAL
VALUE FUND VALUE FUND FUND FUND
- -----------------------------------------------------------------------------------------------------------------
Purchases of portfolio securities $ 1,665,342 $ 6,953,764 $ 1,071,071 $ 5,830,860
Purchases of U.S. government obligations - - 223,594 -
============================================================
Proceeds from sales and maturities
of portfolio securities $ 2,334,841 $ 7,752,699 $ 2,205,437 $ 5,102,096
Proceeds from sales and maturities of U.S.
government obligations - - 150,000 -
- -----------------------------------------------------============================================================
A complete schedule of portfolio holdings for the Funds will be filed with the
U.S. Securities and Exchange Commission (the "SEC") for the first and third
quarters of each fiscal year on Form N-Q. The Funds' Forms N-Q are available on
the SEC's website at http://www.sec.gov. In addition, the Funds' Forms N-Q may
be reviewed and copied at the Commission's Public Reference Room in Washington,
DC. Information on the operation of the Public Reference Room may be obtained by
calling 1-800-SEC-0330.
DEAN FAMILY OF FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
6. 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.
The Fund isolates the portion of the results of operations 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.
7. RISK ASSOCIATED WITH FOREIGN SECURITIESs
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.
8. 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
DEAN FAMILY OF FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------
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.
As of September 30, 2004, the International Fund had forward foreign currency
exchange contracts outstanding as follows:
- -----------------------------------------------------------------------------------------------------------
NET APPRECIATION
SETTLEMENT (DEPRECIATION)
DATE TO DELIVER TO RECEIVE IN U.S. DOLLARS
- -----------------------------------------------------------------------------------------------------------
11/15/04 346,000 USD 293,918 EUR $ 18,591
---------------------
Total appreciation on contracts $ 18,591
=====================
- ------------------------------------------------------------------------------------------------------------
EUR - Euro Dollar USD - U.S. Dollar
9. PROXY VOTING
A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities and information regarding how
the Funds voted those proxies during the 12-month period ended June 30, 2004,
are available, without charge, upon request by calling 1-800-327-3656 or on the
SEC's website at http://www.sec.gov.
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Companies.
Not applicable.
Item 6. Schedule of Investments.
Not applicable - schedule filed with Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.
Not applicable.
Item 8. Purchases of Equity Securities by Closed-End Funds.
Not applicable.
Item 9. Submission of Matters to a Vote of Security Holders.
None
Item 10. Controls and Procedures.
(a) Based on an evaluation of the registrant's disclosure controls and
procedures as of a date within 90 days of filing date of this Form N-CSR, 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 11. Exhibits.
(a)(1)
Not Applicable
(a)(2) Certifications by the registrant's principal executive officer
and principal financial officer, pursuant to Section 302 of the
Sarbanes- Oxley Act of 2002 and required by Rule 30a-2under the
Investment Company Act of 1940 are filed herewith.
(a)(3) Not Applicable
(b) Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002 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
Date _12/6/04___________________________________________________________________
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
Date___12/6/04__________________________________________________________________
By
*____/s/ Debra E. Rindler______________________________________________________
Debra E. Rindler, Secretary and Treasurer
Date__12/6/04__________________________________________________________________