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Previous: SYNPLICITY INC, SC 13G, 2000-12-11 |
Next: EGAN MICHAEL S, 4, 2000-12-11 |
<TABLE>
<CAPTION>
DEAN LARGE CAP FUND
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2000 (UNAUDITED)
<S> <C> <C>
SHARES COMMON STOCKS - 93.35% VALUE
Aerospace & Defense - 1.96%
63 Raytheon Co. - Class A $ 1,725
7,000 Raytheon Co. - Class B 199,063
-----------------
200,788
-----------------
AUTO MANUFACTURER - 1.24%
5,000 Ford Motor Co. 127,500
-----------------
AUTOMOTIVE & TRANSPORTATION PARTS - 0.10
654 Visteon Corp. * 9,892
-----------------
BANKS - 21.42%
6,700 Bank of America Corp. 350,912
8,000 BB & T Corp. 241,000
4,500 Chase Manhattan Corp. 207,844
2,000 Comerica, Inc. 116,875
8,000 Fleet Boston Corp. 312,000
7,500 Summit Bancorp 258,750
7,000 Suntrust Banks, Inc. 349,125
9,000 Washington Mutual, Inc. 358,312
-----------------
2,194,818
-----------------
COMPUTER HARDWARE - 4.72%
8,000 Compaq Computer Corp. 220,160
7,000 NCR Corp. * 263,812
----------------
483,972
-----------------
COMPUTER SOFTWARE & SERVICES - 0.74%
3,000 Computer Associates International, Inc. 75,937
-----------------
COMPONENTS - 0.52%
1,500 Honeywell International, Inc. 53,438
-----------------
DRUGS & HEALTHCARE - 2.09%
7,000 McKesson HBOC, Inc. 213,938
-----------------
FINANCIAL SERVICES - 5.89%
860 Aegon NV Ord ADR Machines Corp.* 31,928
8,000 Fannie Mae 572,000
-----------------
603,928
-----------------
FOOD WHOLESALE - 4.41%
30,000 SUPERVALU, Inc. 451,875
-----------------
HEALTHCARE - DIVERSE & SERVICES - 2.90%
8,000 HCA - Healthcare Co. 297,000
-----------------
DEAN LARGE CAP FUND
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2000 (UNAUDITED) - CONTINUED
INDUSTRIAL PRODUCTS - 2.75%
7,000 Vulcan Materials Co. $ 281,313
-----------------
INSURANCE - 4.52%
6,000 Ambac, Inc. 439,500
500 Lincoln National Corp. 24,062
-----------------
463,562
-----------------
MANUFACTUING DIVERSIFIED - 0.10%
698 Delphi Automotive System Corp. 10,557
-----------------
MATERIALS & CONSTRUCTION - 2.91%
16,000 Masco Corp. 298,000
-----------------
MEDIA - 2.98%
8,000 Fox Entertainment Co. * 212,000
2,000 News Corporation Ltd 93,750
-----------------
305,750
-----------------
METALS & MINING - ALUMINUM - 2.96%
12,000 ALCOA, Inc. 303,750
-----------------
OIL & NATURAL GAS - 7.94%
5,000 Conoco, Inc. - Class B 134,688
3,500 Exxon Mobil Corp. 311,937
7,000 Texaco, Inc. 367,500
-----------------
814,125
-----------------
REAL ESTATE INVESTMENT TRUST - 2.20
20,000 Host Marriott Corp. 225,000
-----------------
RESTAURANTS - 2.39%
18,000 Tricon Global Restaurant, Inc. 245,000
-----------------
RETAIL - 4.28%
19,500 TJX Companies, Inc. 438,750
-----------------
SHIPPING - 4.44%
10,000 Tidewater, Inc. 455,000
-----------------
TELECOMMUNICATIONS - 9.89%
18,000 Sprint Corp. 527,625
16,000 Worldcom, Inc. * 486,000
-----------------
1,013,625
-----------------
TOTAL COMMON STOCKS (COST $8,884,930) 9,567,518
-----------------
DEAN LARGE CAP FUND
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2000 (UNAUDITED) - CONTINUED
PRINCIPAL
VALUE VALUE
MONEY MARKET SECURITIES - 6.42%
657,948 Firstar Treasury Fund, 5.47% (a) (Cost $657,948) $ 657,948
-----------------
TOTAL INVESTMENTS - 99.77% (COST $9,542,878) 10,225,466
-----------------
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.23% 23,729
-----------------
TOTAL NET ASSETS - 100.0% $ 10,249,195
=================
* Non-income producing
(a) Variable rate security; the coupon rate shown represents the rate at
September 30, 2000.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEAN SMALL CAP FUND
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2000 (UNAUDITED)
<S> <C> <C>
SHARES COMMON STOCKS - 100.51% VALUE
AIRLINES - 0.92%
10,000 America West Holding Corp. - Class B * 121,875
-----------------
BANKS - 1.34%
10,000 Coastal Bancorp 178,750
-----------------
COMPUTER & SOFTWARE RETAILING - 1.52%
6,000 MCSi, Inc. * 201,750
-----------------
COMPUTER & SOFTWARE SERVICES - 0.02%
234 Zengine, Inc. * 3,305
-----------------
CONSULTING SERVICES - 1.42%
22,000 Exponent, Inc. * 188,375
-----------------
CONSUMER PRODUCTS - DURABLES - 1.85%
41,000 York Group, Inc. 246,000
-----------------
CONSUMER PRODUCTS - NON-DURABLES - 0.60%
10,000 Ellis (Perry) International, Inc. * 80,000
-----------------
DISTRIBUTORS - 1.06%
8,000 Advanced Marketing Services, Inc. * 141,000
-----------------
DIVERSIFIED SERVICES - 0.31%
5,000 Cadmus Communication Corp. * 40,625
-----------------
DRUGS & HEALTHCARE - 0.88%
10,000 Begen Brunswig Corp. - Class A 116,875
-----------------
ELECTRONICS - 1.24%
8,000 Nam Tai Electrics, Inc. 165,000
-----------------
FINANCIAL SERVICES - 0.80%
4,000 Leucadia National Corp. * 107,000
-----------------
FOOD & BEVERAGES - 0.92%
21,000 M & F Worldwide Corp. * 122,063
-----------------
FUNERAL/BURIAL SERVICES & EQUIPMENT - 0.44%
30,000 Stewart Enterprises, Inc. - Class A 58,125
-----------------
FURNITURE/FIXTURES - 1.15%
12,500 Flexsteel Industries, Inc. 153,125
-----------------
GROCERY RETAIL - 0.97%
10,000 Marsh Supermarkets, Inc. - Class B 129,375
-----------------
DEAN SMALL CAP FUND
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2000 (UNAUDITED) - CONTINUED
HEALTH PRODUCTS & SERVICES - 2.35%
15,000 Healthsouth Corp. * 120,937
8,000 Sybron International Corp. * 192,000
-----------------
312,937
-----------------
HEAVY CONSTRUCTION - 1.37%
6,000 Pitt-Des Moines, Inc. 182,250
-----------------
INDUSTRIAL PRODUCTS - 1.18%
9,000 ESCO Technologies, Inc. * 156,375
-----------------
INSURANCE - 8.22%
20,000 Gainsco, Inc. 83,750
24,000 London Pacific Group Ltd ADR 477,000
7,000 Landamerica Financial Group, Inc. 199,938
12,000 Stewart Information Services Corp. 184,500
5,000 Triad Guaranty, Inc. * 148,750
-----------------
1,093,938
-----------------
LONG-TERM CARE - 2.01%
45,000 Beverly Enterprises, Inc. * 267,188
-----------------
MATERIALS & CONSTRUCTION - 2.47%
4,000 USG Corp. 100,250
20,000 Washington Group International, Inc. * 228,750
-----------------
329,000
-----------------
MINING & METALS - 2.09%
3,500 Cleveland Cliffs, Inc. 80,063
7,000 Maverick Tube Corp. * 197,750
-----------------
277,813
-----------------
OIL & NATURAL GAS - 12.20%
25,000 Castle Energy Corp. * 185,937
17,000 Kaneb Services, Inc. * 78,625
30,000 Key Energy Services, Inc. * 294,375
45,000 Parker Drilling Co. * 315,000
15,000 Pioneer Natural Resources Co. * 212,812
10,000 Pride International, Inc. * 265,000
10,000 Seitel, Inc. * 143,750
8,000 Trico Marine Services, Inc. * 127,000
-----------------
1,622,499
-----------------
PHARMACEUTICAL - 1.46%
7,000 Questar Pharmaceutical Corp. 194,687
-----------------
DEAN SMALL CAP FUND
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2000 (UNAUDITED) - CONTINUED
REAL ESTATE INVESTMENT TRUST - 12.39%
11,000 Brandywine Realty Trust 222,750
8,000 Glenborough Realty Trust, Inc. 144,000
4,000 Health Care REIT, Inc. 71,000
3,407 Healthcare Realty Trust, Inc. 71,973
18,000 Jameson Inns, Inc. 137,250
5,000 Mid-America Apartment Communities, Inc. 119,688
10,000 Ramco-Gershenson Properties Trust 148,125
22,000 RFS Hotel Investors, Inc. 277,750
21,000 Thornburg Mortgage Asset Corp. 196,875
30,000 Winston Hotels, Inc. 258,750
-----------------
1,648,161
-----------------
RESIDENTIAL CONSTRUCTION - 13.03%
13,000 Beazer Homes U.S.A., Inc. * 354,250
16,000 Clayton Homes, Inc. 160,000
5,000 Engle Homes, Inc. 77,812
10,000 MDC Holdings, Inc. 260,000
14,000 M/I Schottenstein Homes, Inc. 285,250
6,000 Ryland Group, Inc. 186,000
12,000 Standard Pacific Corp. 216,000
7,000 Webb Del Corp. * 194,250
-----------------
1,733,562
-----------------
RETAIL - 10.18%
8,000 Abercrombie & Fitch Co. * 152,500
6,000 Blair Corp. 141,000
19,000 Building Materal Holding Corp. 168,625
10,000 Duckwall-Alco Stores, Inc. 90,000
25,000 Keystone Automotive Industries, Inc. 120,312
50,000 Movie Gallery, Inc. 193,750
10,000 REX Stores, Corp. 196,250
10,000 Saks, Inc. 98,750
15,000 TBC Corp. * 73,125
12,000 Wolohand Lumber Co. 120,750
-----------------
1,355,062
-----------------
RAILROAD - 2.37%
13,000 Genesee & Wyoming, Inc. - Class A * 315,250
-----------------
SHIPPING - 1.90%
7,000 Knightsbridge Tanker Ltd 153,125
5,000 Stolt Nielsen SA 100,000
-----------------
253,125
-----------------
SPORTING GOODS - 1.01%
15,000 K2, Inc. * 134,063
-----------------
DEAN SMALL CAP FUND
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2000 (UNAUDITED) - CONTINUED
TELECOMMUNICATIONS - 0.83%
10,000 Atlantic Tele-Network, Inc. 110,000
-----------------
TRANSPORT EQUIPMENT - 0.62%
8,900 Wabash National Corp. 81,769
-----------------
TRANSPORTAION - 2.02%
15,000 Offshore Logistics, Inc. * 268,125
-----------------
TRUCKING - 3.45%
12,000 Arkansas Best Corp. * 184,500
25,000 Motor Cargo Industries, Inc. * 153,125
12,000 Old Dominion Freight Lines, Inc. * 121,500
-----------------
459,125
-----------------
UNIT INVESTMENT TRUSTS - 0.73%
10,000 First Financial Fund * 96,875
-----------------
UTILITIES - 3.19%
6,000 Allete Co. 132,750
5,000 Alliant Corp. * 146,875
8,000 Sierra Pacific Resources * 144,000
-----------------
423,625
-----------------
TOTAL COMMON STOCKS (COST $11,963,346) 13,368,672
-----------------
TOTAL INVESTMENTS - 100.51% (COST $11,963,346) 13,368,672
-----------------
LIABILITIES IN EXCESS OF OTHER ASSETS- (0.51)% (67,301)
-----------------
TOTAL NET ASSETS - 100.0% $ 13,301,371
=================
* Non-income producing
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEAN BALANCED FUND
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2000 (UNAUDITED)
<S> <C> <C>
SHARES COMMON STOCKS - 63.16% VALUE
Aerospace & Defense - 2.44%
9,000 Raytheon Co. - Class B $ 255,937
-----------------
Auto Manufacturer - 0.62%
1,000 General Motors Corp. 65,000
-----------------
AUTOMOTIVE & TRANSPORTATION PARTS - 1.08%
7,500 Visteon Corp. * 113,438
-----------------
BANKS - 10.06%
8,450 Chase Manhattan Corp. 390,284
6,000 Fleet Boston Corp. 234,000
8,000 North Fork Bancorp 173,000
7,500 Summit Bancorp 258,750
-----------------
1,056,034
-----------------
Chemicals - 0.59%
1,500 Dupont Co. 62,156
-----------------
COMPUTER HARDWARE - 1.44%
4,000 NCR Corp. * 150,750
-----------------
Components - 0.68%
2,000 Honeywell International, Inc. 71,250
-----------------
Diversified Conglomerates - 2.27%
1,000 Minnesota Mining and Manufacturing Co. 91,125
5,000 Philip Morris Companies, Inc. 147,188
-----------------
238,313
-----------------
Drugs & Helathcare - 2.04%
7,000 McKesson HBOC, Inc. 213,937
-----------------
Financial Services - 2.04%
3,000 Fannie Mae 214,500
-----------------
Food Wholesale - 1.96%
10,000 Fleming Companies, Inc. * 130,625
5,000 SUPERVALU, Inc. 75,313
-----------------
205,938
-----------------
Grocery Retail - 1.40%
7,000 Albertson's, Inc. 147,000
-----------------
Healthcare Services - 3.62%
5,000 HCA- The Healthcare Co. 185,625
15,000 Quorum Health Group, Inc. * 195,000
-----------------
380,625
-----------------
DEAN BALANCED FUND
SCHEDULE OF INVESTMENTS - September 30, 2000 (Unaudited) - continued
Insurance - 4.65%
1,500 AFLAC, Inc. $ 96,938
2,000 Ambac, Inc. 146,500
4,000 MGIC Investment Corp. * 244,500
-----------------
487,938
-----------------
LEISURE - LODGING - 2.25%
20,000 Hilton Hotels Corp. 236,250
-----------------
MEDIA - 1.51%
6,000 Fox Entertainment Co. * 159,000
-----------------
MATERIALS & CONSTRUCTION - 1.06%
6,000 Masco Corp. 111,750
-----------------
METALS & MINING - ALUMINUM - 1.21%
5,000 ALCOA, Inc. 126,562
-----------------
OIL & NATURAL GAS - 6.39%
5,000 Conoco, Inc. - Class B 134,688
6,000 Diamond Offshore Drilling, Inc. 246,000
1,200 Exxon Mobil Corp. 106,950
3,500 Texaco, Inc. 183,750
-----------------
671,388
-----------------
REAL ESTATE INVESTMENT TRUST - 2.14%
20,000 Host Marriott Corp. 225,000
-----------------
RESTAURANTS - 3.65%
12,500 Tricon Global Restaurant, Inc. * 382,812
-----------------
SHIPPING - 1.73%
4,000 Tidewater, Inc. 182,000
-----------------
SOFTWARE PRODUTS - 0.32%
1,500 Network Associates, Inc. * 33,938
-----------------
TELECOMMUNICATIONS - 4.96%
6,000 AT & T Corp. 174,750
7,000 Citizens Communications Co. * 93,625
2,500 Sprint Corp. 73,281
3,700 Verizon Communications 179,219
-----------------
520,875
-----------------
UTILITIES - 1.39%
4,500 Southern Co. 146,250
-----------------
DEAN BALANCED FUND
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2000 (UNAUDITED) - CONTINUED
WASTE MANAGEMENT - 1.66%
1,000 Waste Management, Inc. $ 174,375
-----------------
TOTAL COMMON STOCKS (COST $6,471,892) 6,633,016
-----------------
FIXED INCOME OBLIGATIONS - 31.23%
PRINCIPAL
VALUE VALUE
150,000 Commercial Credit Co., 6.625%, 06/01/15 149,177
150,000 Cox Radio, Inc., 6.375%, 05/15/05 143,969
450,000 Fannie Mae, 5.25%, 01/15/03 438,420
300,000 Federal Home Loan Bank, 5.62%, 02/25/04 290,768
300,000 Federal Home Loan Bank, 6.10%, 04/29/04 293,681
300,000 First Union, 6.18%, 02/15/36 283,610
300,000 Household Finance, 6.00%, 05/01/04 289,012
300,000 Morgan Stanley Dean Witter & Co., 5.625%, 01/20/04 288,667
300,000 New Plan Excel, 7.40%, 09/15/09 278,804
300,000 PHH Corp., 7.02%, 11/09/01 299,949
250,000 Tennessee Valley Authority, 6.375%, 06/15/05 251,316
300,000 Washington Water Power, 5.99%, 12/10/07 272,440
-----------------
TOTAL FIXED INCOME OBLIGATIONS (COST $3,362,466) 3,279,813
-----------------
MONEY MARKET SECURITIES - 5.44%
570,812 Firstar Treasury Fund, 5.43% (a) (Cost $570,812) 570,812
-----------------
TOTAL INVESTMENTS - 99.83% (COST $10,405,170) 10,483,641
-----------------
OTHER ASSETS LESS LIABILITIES - 0.17% 17,423
-----------------
TOTAL NET ASSETS - 100.0% $ 10,501,064
=================
* Non-income producing
(a) Variable rate security; the coupon rate shown represents the rate at
September 30, 2000.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEAN INTERNATIONAL VALUE FUND
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2000 (UNAUDITED)
<S> <C> <C>
SHARES COMMON STOCKS - 101.87% VALUE
AREGENTINA - 1.32%
56,000 Telecom Argentina - Class B $ 243,746
-----------------
AUSTRIA - 0.71%
3,600 Flughafen Wein AG 130,251
-----------------
BRAZIL - 6.20%
105,000,000 Tele Celular Prf 318,699
309,462,854 Tele Leste Celular Prf 251,596
4 Tele Norte Leste Prf -
104,500,000 Telenordeste Celular Prf 249,214
24,380,087 Telesp Celualr Pfr 321,104
-----------------
1,140,613
-----------------
CANADA - 4.20%
18,700 Abitibi-Consolidated, Inc. 174,621
5,900 Alcan Aluminum, Ltd. 171,361
5,900 BCE, Inc. 137,442
9,400 Teleglobe, Inc. 197,734
6,500 Telesystem International Wireless 91,802
-----------------
772,960
-----------------
CZECK REPUBLIC - 2.35%
35,000 Ceska Sporitelna 180,652
19,100 Cesky Telecom 251,674
-----------------
432,326
-----------------
GERMANY - 6.89%
2,900 AMB Aach & Mun Bet 253,353
7,700 Bayer AG 285,047
3,600 Gehe AG 127,233
1,500 Jenoptik AG 48,738
26,400 Real Time Systemized Entertainment 297,035
1,290 SAP AG 256,702
-----------------
1,268,108
-----------------
FINLAND - 0.80%
3,620 Nokia (AB) 146,691
-----------------
FRANCE - 12.39%
1,241 AXA 162,079
5,600 Carrefour 413,625
7,200 Sanofi-Synthelabo 386,940
2,400 Soc Generale 134,169
DEAN INTERNATIONAL VALUE FUND
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2000 (UNAUDITED) - CONTINUED
FRANCE - 12.39% - (CONTINUED)
3,410 STMicroelectronics 167,160
2,630 Total Fina 384,799
5,480 Transiciel 297,406
9,000 Vivendi Environmental 333,569
-----------------
2,279,747
-----------------
GREAT BRITIAN - 15.38%
2,050 Astrazeneca 107,410
43,200 Bank of Scotland 380,012
37,400 BP Amoco 332,862
31,000 British American Tobacco 200,281
12,000 British Sky Broadcast 184,684
15,000 British Telecom 157,673
1 Dixons Group 3
7,500 Glaxo Wellcome 227,085
17,400 Ganada Compass 162,836
28,300 Great Universal Stores 179,908
13,100 HSBC Holdings 186,313
13,100 Lloyds TSB Group 122,207
9,620 Sema Group 161,295
114,200 Vodafone Airtouch 426,308
-----------------
2,828,877
-----------------
HONG KONG - 1.18%
18,000 Cheug Kong Holdings 217,586
-----------------
IRELAND - 1.45%
1,250 Baltic Republic Fund Prf 198,837
8,600 Bank of Ireland 68,758
-----------------
267,595
-----------------
ITALY - 3.15%
131,000 Parmalat Finanziaria 191,321
36,500 Telecom Italia 387,804
-----------------
579,125
-----------------
JAPAN - 13.38%
1,300 Acom Co. 108,273
34 DDI Corp. 223,394
13,000 Fujitsu 301,962
15,000 Kirin Brewery 154,081
1,200 Kyocera Corp. 183,232
16,000 Marsushita Electrical Industries 419,026
6,000 NEC Corp. 136,313
19 Nippon Telegraph and Telephone 186,378
DEAN INTERNATIONAL VALUE FUND
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2000 (UNAUDITED) - CONTINUED
JAPAN - 13.38% - (CONTINUED)
4 NTT Docomo 1,062
27,000 Sakura Bank 201,388
3,100 Sony Corp. 314,418
23,000 Sumitomo Marine and Fire 136,433
2,000 Yamanouchi Pharmaceuticals 96,243
-----------------
2,462,203
-----------------
MEXICO - 1.32%
191,014 Grupo Iusacell 242,712
-----------------
NETHERLANDS - 10.18%
14,900 Ahold 422,465
4,300 Akzo Nobel NV 185,365
5,100 Fortis NL 156,168
2,780 Ing Groep NV 185,170
4,800 Pinkroccade NV 289,728
3,000 Royal Dutch Petroleum Co. NV 181,318
5,600 Seagull Holdings NV 93,893
5,400 SNT Group 176,315
3,614 VNU NV 181,763
-----------------
1,872,185
-----------------
POLAND - 1.45%
49,800 Telekomunikacja PO 266,974
-----------------
PORTUGAL - 2.43%
25,800 Portugal Telecom 265,240
14,500 Telecel Comuni 181,826
-----------------
447,066
-----------------
SOUTH KOREA - 3.06%
4,300 Korea Telecom 257,580
1,250 SK Telecom 304,892
-----------------
562,472
-----------------
SPAIN - 4.60%
31,200 Altadis SA 450,159
2,500 Aumar 38,166
23,500 BCO Sant Cent Hisp 257,977
5,083 Telefonica SA 100,707
-----------------
847,009
-----------------
DEAN INTERNATIONAL VALUE FUND
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2000 (UNAUDITED) - CONTINUED
SWEDEN - 5.06%
16,500 Ericsson (LM) 250,934
7,500 Pharmacia Corp. 453,130
4,700 Pyrosequencing AB 70,258
7,880 Skandia Insurance 156,242
-----------------
930,564
-----------------
SWITZERLAND - 2.99%
67 Nestle SA 139,551
82 Novartis AG 125,723
2,140 UBS AG 284,772
-----------------
550,046
-----------------
UNITED STATES - 1.38%
5,500 Mips Technologies Inc. - Class A 253,000
-----------------
TOTAL COMMON STOCKS (COST $19,039,769) 18,741,856
-----------------
PRINCIPAL
VALUE VALUE
MONEY MARKET SECURITIES - 5.65%
1,039,336 Dreyfus Cash Management, (Cost $1,039,336) 1,039,336
-----------------
TOTAL INVESTMENTS - 107.52% (COST $20,079,105) 19,781,192
-----------------
LIABILITIES IN EXCESS OF OTHER ASSETS - (7.52)% (1,384,092)
-----------------
TOTAL NET ASSETS - 100.0% $ 18,397,100
=================
* Non-income producing
DEAN INTERNATIONAL VALUE FUND
DVERSIFICATION OF ASSETS:
Banking 7.49%
Beverages-Brewers 0.84%
Chemicals-Diversified 2.56%
Computer Hardware 1.64%
Computer Software & Services 3.89%
Consumer Electronics 3.99%
Diversified Computer Products 0.74%
Diversified Foods 1.80%
Drug Manufacturers 7.01%
Drug & Sundries - Wholesale 0.69%
Grocery 4.54%
Insurance 5.70%
Internet & Intranet Software and Services 0.75%
Lodging 0.89%
Logistics & Other Transportation Services 0.21%
Media 0.99%
Metals & Mining 0.93%
Miscellaneous Electrical Products 1.00%
Oil & Natural Gas 4.89%
Paper & Paper Products 0.95%
Real Estate Development 1.18%
Retail 0.98%
Semiconductors 2.55%
Tobacco 3.54%
Telecommunications 14.80%
Utilities 1.81%
Wireless Communications 15.15%
Other 16.03%
-----------------
Total 107.52%
Liabilities in excess of other assets (7.52)%
-----------------
Grand Total 100.00%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEAN FAMILY OF FUNDS
STATEMENT OF ASSETS & LIABILITIES
SEPTEMBER 30, 2000 (UNAUDITED)
<S> <C> <C> <C> <C>
LARGE CAP SMALL CAP BALANCED INTERNATIONAL
VALUE FUND VALUE FUND FUND VALUE FUND
--------------------------------------------------------------------
ASSETS
Investment in securities:
At amortized cost $ 9,542,878 $ 11,963,346 $ 10,405,170 $ 20,079,105
============== ============== ============== ==============
At value (Note 2) $ 10,225,466 $ 13,368,672 $ 10,483,641 $ 19,781,192
Cash 69,002 - - -
Cash denominated in foreign currency (Cost $113,007) - - - 113,007
Dividends and interest receivable 11,701 31,173 71,023 32,590
Receivable for securities sold 78,005 125,233 - 544,375
Receivable for capital shares sold 110,554 44,737 56,755 27,368
Organizational expenses, net (Note 2) 4,992 4,992 4,992 -
Net unrealized appreciation on forward foreign
currency exchange contracts (Note 6) - - - 165,737
Receivable from affiliates (Note 4) 10,705 14,571 17,472 12,063
Other assets 4,391 18,208 12,821 38,515
-------------- -------------- -------------- --------------
TOTAL ASSETS 10,514,816 13,607,586 10,646,704 20,714,847
-------------- -------------- -------------- --------------
LIABILITIES
Bank overdraft - 75,603 106,065 479,998
Dividends payable 100,684 - - -
Payable for securities purchased 115,082 41,719 - 1,757,406
Payable for capital shares redeemed 25,358 144,237 1,000 22,195
Payable to affiliates (Note 4) 22,519 16,772 20,170 34,466
Other liabilities 1,978 27,884 18,405 23,682
-------------- -------------- -------------- --------------
TOTAL LIABILITIES 265,621 306,215 145,640 2,317,747
-------------- -------------- -------------- --------------
NET ASSETS $ 10,249,195 $ 13,301,371 $ 10,501,064 $ 18,397,100
============== ============== ============== ==============
Net Assets consist of:
Paid in capital 9,898,632 15,855,498 10,659,286 14,644,106
Undistributed net investment income (22,996) 22,334 (2,417) (91,617)
Accumulated net realized gains (losses) from security
transactions (309,029) (3,981,787) (234,276) 3,976,787
Net unrealized appreciation (depreciation)
on investments 682,588 1,405,326 78,471 (297,913)
Net unrealized appreciation (depreciation) on translation
of assets and liabilities in foreign currencies - - - 165,737
-------------- -------------- -------------- --------------
Net Assets $ 10,249,195 $ 13,301,371 $ 10,501,064 $ 18,397,100
============== ============== ============== ==============
STATEMENT OF ASSETS & LIABILITIES
SEPTEMBER 30, 2000 (UNAUDITED)
PRICING OF CLASS A SHARES
Net assets applicable to Class A shares $ 9,852,283 $ 12,401,149 $ 9,756,540 $ 16,623,274
============== ============== ============== ==============
Shares of beneficial interest outstanding (unlimited
numbers of shares authorized, no par value) 880,529 1,246,892 921,471 992,742
============== ============== ============== ==============
Net asset value and redemption price per share (Note 2) $ 11.19 $ 9.95 $ 10.59 $ 16.74
============== ============== ============== ==============
Maximum offering price per share (Note 2) $ 11.81 $ 10.50 $ 11.18 $ 17.67
============== ============== ============== ==============
PRICING OF CLASS C SHARES
Net assets applicable to Class C shares $ 396,912 $ 900,222 $ 744,524 $ 1,773,826
============== ============== ============== ==============
Shares of beneficial interest outstanding (unlimited
numbers of shares authorized, no par value) 36,421 92,366 71,416 108,085
============== ============== ============== ==============
Net asset value, offering price, and redemption
price per share (Note 2) $ 10.90 $ 9.75 $ 10.43 $ 16.41
============== ============== ============== ==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEAN FAMILY OF FUNDS
STATEMENT OF OPERATIONS
SIX MONTHS ENDED SEPTEMBER 30, 2000 (UNAUDITED)
<S> <C> <C> <C> <C>
LARGE CAP SMALL CAP BALANCED INTERNATIONAL
VALUE FUND VALUE FUND FUND VALUE FUND
------------------------------------------------------------------
INVESTMENT INCOME
Dividends (net of foreign witholding taxes of
$14,806 for the International Value Fund) $ 185,781 $ 196,437 $ 64,847 $ 125,427
Interest 6,402 3,296 124,252 3,528
--------------- --------------- -------------- ---------------
TOTAL INCOME 192,183 199,733 189,099 128,955
EXPENSES
Investment advisory fees (Note 4) 51,500 70,174 50,847 120,492
Accounting services fees (Note 4) 11,393 11,717 11,298 10,807
Shareholder services and transfer agent fees
Class A (Note 4) 8,438 9,214 7,944 7,641
Class C (Note 4) 496 1,934 1,765 1,092
Custodian Fees 4,850 10,427 6,131 25,013
Registration fees - Common 2,715 2,654 2,746 2,774
Registration fees - Class A 3,273 3,170 - -
Registration fees - Class C 3,273 3,212 - -
Administration Fees (Note 4) 6,110 7,210 6,149 9,005
Professional fees 17,621 22,115 15,742 27,991
Insurance expense 1,646 1,296 954 614
Amortization of organization expenses (Note2) 1,578 1,578 1,578 -
Distribution expenses - (Note 4)
12b-1 Fees - Class A - 3,790 - -
Other expenses 8,638 15,692 7,661 27,700
--------------- --------------- -------------- ---------------
TOTAL EXPENSES 121,531 164,183 112,815 233,129
Fees reimbursed by Administrator (11,074) (14,294) (11,328) (19,803)
Fees waived and reimbursed by Adviser (13,350) (13,600) (18,945) (8,126)
--------------- --------------- -------------- ---------------
NET EXPENSES 97,107 136,289 82,542 205,200
--------------- --------------- -------------- ---------------
NET INVESTMENT INCOME (LOSS) 95,076 63,444 106,557 (76,245)
--------------- --------------- -------------- ---------------
REALIZED & UNREALIZED GAINS (LOSSES) Net realized gains (losses) from:
Security transactions 266,711 (2,325,769) 391,359 1,756,643
Foreign Currency transactions (Note 5) - - - (517,314)
Net change in unrealized appreciation/depreciation on:
Investments (201,380) 3,597,498 57,501 (5,491,703)
Foreign Currency translation (Note 5) - - - 663,827
--------------- --------------- -------------- ---------------
NET REALIZED & UNREALIZED GAINS (LOSSES)
ON INVESTMENTS & FOREIGN CURRENCIES 65,331 1,271,729 448,860 (3,588,547)
--------------- --------------- -------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS 160,407 1,335,173 555,417 (3,664,792)
--------------- --------------- -------------- ---------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEAN FAMILY OF FUNDS
STATEMENT OF CHANGES IN NET ASSETS
<S> <C> <C> <C> <C>
LARGE CAP VALUE FUND SMALL CAP VALUE FUND
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
SEPTEMBER 30, MARCH 31, SEPTEMBER 30, MARCH 31,
2000 (UNAUDITED) 2000 2000 (UNAUDITED) 2000
----------------------------- -----------------------------
FROM OPERATIONS:
Net investment income (loss) $ 95,076 $ 254 $ 63,444 $ 227,648
Net realized gains (losses) from security transactions 266,711 (405,221) (2,325,769) (1,175,621)
Net change in net unrealized appreciation/depreciation
on investments (201,380) 770,094 3,597,498 690,309
------------- ------------- ------------- -------------
Net increase (decrease) in net assets from operations 160,407 365,127 1,335,173 (257,664)
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income, Class A (111,954) (5,614) - (234,500)
From net investment income, Class C - (291) - (46,481)
From net realized gains, Class A - - - -
From net realized gains, Class C - - - -
------------- ------------- ------------- -------------
Decrease in net assets from distributions
to shareholders (111,954) (5,905) - (280,981)
------------- ------------- ------------- -------------
FROM CAPITAL SHARE TRANSACTIONS:
CLASS A
Proceeds from shares sold 732,376 1,812,505 275,272 2,510,418
Net asset value of shares issued in
reinvestment of distributions to shareholders 100,993 5,083 - 211,327
Payments for shares redeemed (1,163,703) (1,380,371) (2,432,961) (4,503,468)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets from Class A
Share transactions (330,334) 437,217 (2,157,689) (1,781,723)
------------- ------------- ------------- -------------
CLASS C
Proceeds from shares sold 108,651 386,237 29,448 1,667,134
Net asset value of shares issued in
reinvestment of distributions to shareholders - - - 36,474
Payments for shares redeemed (224,217) (383,017) (1,583,412) (1,745,062)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets from Class C
Share transactions (115,566) 3,220 (1,553,964) (41,454)
------------- ------------- ------------- -------------
Net increase (decrease) in assets from capital share
transactions (445,900) 440,437 (3,711,653) (1,823,177)
------------- ------------- ------------- -------------
TOTAL INCREASE (DECREASE) IN NET ASSETS (397,447) 799,659 (2,376,480) (2,361,822)
NET ASSETS:
Beginning of period/year 10,646,642 9,846,983 15,677,851 18,039,673
------------- ------------- ------------- -------------
End of period/year $ 10,249,195 $ 10,646,642 $ 13,301,371 $ 15,677,851
============= ============= ============= =============
UNDISTRIBUTED NET INVESTMENT INCOME (22,996) (5,651) 22,334 (41,551)
============= ============= ============= =============
DEAN FAMILY OF FUNDS
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
LARGE CAP VALUE FUND SMALL CAP VALUE FUND
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
SEPTEMBER 30, MARCH 31, SEPTEMBER 30, MARCH 31,
2000 (UNAUDITED) 2000 2000 (UNAUDITED) 2000
----------------------------- -----------------------------
CAPITAL SHARE ACTIVITY:
CLASS A
Shares sold 65,811 165,599 30,444 253,552
Shares issued in reinvestment of distributions
to shareholders 9,025 458 486 23,995
Shares redeemed (106,323) (128,526) (274,036) (479,679)
------------- ------------- ------------- -------------
Net increase (decrease) in shares outstanding (31,487) 37,531 (243,106) (202,132)
Shares outstanding, beginning of period/year 912,016 874,485 1,489,998 1,692,130
------------- ------------- ------------- -------------
Shares outstanding, end of period/year 880,529 912,016 1,246,892 1,489,998
============= ============= ============= =============
CLASS C
Shares sold 10,144 34,255 3,450 171,850
Shares issued in reinvestment of distributions
to shareholders - - - 4,216
Shares redeemed (21,523) (36,767) (177,607) (192,399)
------------- ------------- ------------- -------------
Net increase (decrease) in shares outstanding (11,379) (2,512) (174,157) (16,333)
Shares outstanding, beginning of period/year 47,800 50,312 266,523 282,856
------------- ------------- ------------- -------------
Shares outstanding, end of period/year 36,421 47,800 92,366 266,523
============= ============= ============= =============
DEAN FAMILY OF FUNDS
STATEMENT OF CHANGES IN NET ASSETS
BALANCED FUND INTERNATIONAL FUND
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
SEPTEMBER 30, MARCH 31, SEPTEMBER 30, MARCH 31,
2000 (UNAUDITED) 2000 2000 (UNAUDITED) 2000
----------------------------- -----------------------------
FROM OPERATIONS:
Net investment income (loss) $ 106,557 $ 229,523 $ (76,245) $ (116,982)
Net realized gains (losses) from:
Sucurity transactions 391,359 (425,355) 1,756,643 4,227,540
Foreign currency transactions - - (517,314) (153,921)
Net change in net unrealized appreciation/depreciation on:
Investments 57,501 (315,269) (5,491,703) 4,485,028
Foreign currency translation - 663,827 (501,463)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets from operations 555,417 (511,101) (3,664,792) 7,940,202
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income, Class A (98,271) (201,579) (6,971) -
From net investment income, Class C (6,860) (25,340) (714) -
From net realized gains, Class A - - - (581,344)
From net realized gains, Class C - - - (71,848)
------------- ------------- ------------- -------------
Decrease in net assets from distributions
to shareholders (105,131) (226,919) (7,685) (653,192)
------------- ------------- ------------- -------------
FROM CAPITAL SHARE TRANSACTIONS:
CLASS A
Proceeds from shares sold 3,126,803 881,512 943,553 7,315,297
Net asset value of shares issued in
reinvestment of distributions to shareholders 40,810 186,364 6,410 549,618
Payments for shares redeemed (2,426,211) (2,219,190) (589,503) (770,188)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets from Class A
Share transactions 741,402 (1,151,314) 360,460 7,094,727
------------- ------------- ------------- -------------
CLASS C
Proceeds from shares sold 9,602 764,774 241,544 341,340
Net asset value of shares issued in
reinvestment of distributions to shareholders 8,900 19,107 673 54,718
Payments for shares redeemed (606,605) (1,274,025) (41,988) (704,375)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets from Class C
Share transactions (588,103) (490,144) 200,229 (308,317)
------------- ------------- ------------- -------------
Net increase (decrease) in assets from capital share transactions 153,298 (1,641,458) 560,689 6,786,410
------------- ------------- ------------- -------------
TOTAL INCREASE (DECREASE IN NET ASSETS 603,584 (2,379,478) (3,111,788) 14,073,420
NET ASSETS:
Beginning of period/year 9,897,480 12,276,958 21,508,888 7,435,468
------------- ------------- ------------- -------------
End of period/year $ 10,501,064 $ 9,897,480 $ 18,397,100 $ 21,508,888
============= ============= ============= =============
UNDISTRIBUTED NET INVESTMENT INCOME (2,417) (3,843) (91,617) 7,687
============= ============= ============= =============
DEAN FAMILY OF FUNDS
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
BALANCED FUND INTERNATIONAL VALUE FUND
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
SEPTEMBER 30, MARCH 31, SEPTEMBER 30, MARCH 31,
2000 (UNAUDITED) 2000 2000 (UNAUDITED) 2000
----------------------------- -----------------------------
CAPITAL SHARE ACTIVITY:
CLASS A
Shares sold 305,940 82,833 52,481 515,105
Shares issued in reinvestment of distributions
to shareholders 4,076 18,034 343 36,326
Shares redeemed (235,483) (220,172) (34,806) (58,736)
------------- ------------- ------------- -------------
Net increase (decrease) in shares outstanding 74,533 (119,305) 18,018 492,695
Shares outstanding, beginning of period/year 846,938 966,243 974,724 482,029
------------- ------------- ------------- -------------
Shares outstanding, end of period/year 921,471 846,938 992,742 974,724
============= ============= ============= =============
CLASS C
Shares sold 957 72,970 13,990 23,272
Shares issued in reinvestment of distributions
to shareholders 895 1,852 36 3,665
Shares redeemed (59,521) (121,513) (2,244) (48,981)
------------- ------------- ------------- -------------
Net increase (decrease) in shares outstanding (57,669) (46,691) 11,782 (22,044)
Shares outstanding, beginning of period/year 129,085 175,776 96,303 118,347
------------- ------------- ------------- -------------
Shares outstanding, end of period/year 71,416 129,085 108,085 96,303
============= ============= ============= =============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DEAN FAMILY OF FUNDS
LARGE CAP VALUE FUND - CLASS A
FINANCIAL HIGHLIGHTS
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<S> <C> <C> <C> <C>
PERIOD ENDED FROM (C)
SEPTEMBER YEAR ENDED YEAR ENDED INCEPTION
30, 2000 MARCH 31, MARCH 31, THROUGH
(UNAUDITED) 2000 1999 MARCH 31, 1997
------------- ------------- ------------- -------------
Net asset value, beginning of period $ 11.11 $ 10.65 $ 12.21 $ 10.00
------------- ------------- ------------- -------------
Income (loss) from investment operations:
Net investment income (loss) 0.10 0.01 0.05 0.03
Net realized and unrealized gains (losses)
on investments 0.11 0.46 (1.44) 2.36
------------- ------------- ------------- -------------
Total from investment operations 0.21 0.47 (1.39) 2.39
------------- ------------- ------------- -------------
Less distributions:
From net investment income (0.13) (0.01) (0.05) (0.03)
From capital gains - - (0.12) (0.15)
------------- ------------- ------------- -------------
Total distributions (0.13) (0.01) (0.17) (0.18)
------------- ------------- ------------- -------------
Net asset value, end of period $ 11.19 $ 11.11 $ 10.65 $ 12.21
============= ============= ============= =============
Total Return (b) 1.88% 4.38% (11.48)% 24.11%
Net assets, end of period 9,852,283 10,134,912 9,315,112 7,669,807
============= ============= ============= =============
Ratio of expenses to average net assets:
Before fee waivers and/or expense reimbursement by Adviser 2.27% (a) 2.11% 2.29% 2.72% (a)
After fee waivers and/or reimbursements by Adviser 1.85% (a) 1.85% 1.85% 1.84% (a)
Ratio of net investment income (loss) to average net assets 1.88% (a) 0.02% 0.46% 0.30% (a)
Portfolio turnover rate 96% (a) 71% 55% 54% (a)
(a) Annualized
(b) Total returns shown exclude the effect of applicable sales loads and are not
annualized. (c) Represents the period from the initial Public Offering of Shares
(May 28, 1997) through March 31, 1998.
DEAN FAMILY OF FUNDS
LARGE CAP VALUE FUND - CLASS C
FINANCIAL HIGHLIGHTS
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
PERIOD ENDED FROM (C)
SEPTEMBER YEAR ENDED YEAR ENDED INCEPTION
30, 2000 MARCH 31, MARCH 31, THROUGH
(UNAUDITED) 2000 1999 MARCH 31, 1997
------------- ------------- ------------- -------------
Net asset value, beginning of period $ 10.71 $ 10.57 $ 12.16 $ 10.76
------------- ------------- ------------- -------------
Income (loss) from investment operations:
Net investment income (loss) 0.06 (0.03) (0.02) (0.01)
Net realized and unrealized gains (losses)
on investments 0.13 0.18 (1.45) 1.56
------------- ------------- ------------- -------------
Total from investment operations 0.19 0.15 (1.47) 1.55
------------- ------------- ------------- -------------
Less distributions:
From net investment income - (0.01) - -
From capital gains - - (0.12) (0.15)
------------- ------------- ------------- -------------
Total distributions - (0.01) (0.12) (0.15)
------------- ------------- ------------- -------------
Net asset value, end of period $ 10.90 $ 10.71 $ 10.57 $ 12.16
============= ============= ============= =============
Total Return 1.74% 1.38% (12.12)% 14.63%
Net assets, end of period 396,912 511,730 531,871 136,237
============= ============= ============= =============
Ratio of expenses to average net assets:
Before fee waivers and/or expense reimbursement by Adviser 4.25% (a) 4.04% 8.53% 52.73% (a)
After fee waivers and/or reimbursements by Adviser 2.60% (a) 2.60% 2.60% 2.59% (a)
Ratio of net investment income (loss) to average net assets 1.13% (a) (0.22)% (0.31)% (0.55)%(a)
Portfolio turnover rate 96% (a) 71% 55% 54% (a)
(a) Annualized
(b) Total returns shown exclude the effect of applicable sales loads and are not
annualized. (c) Represents the period from the initial Public Offering of Shares
(August 19, 1997) through March 31, 1998.
DEAN FAMILY OF FUNDS
SMALL CAP VALUE FUND - CLASS A
FINANCIAL HIGHLIGHTS
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
PERIOD ENDED FROM (C)
SEPTEMBER YEAR ENDED YEAR ENDED INCEPTION
30, 2000 MARCH 31, MARCH 31, THROUGH
(UNAUDITED) 2000 1999 MARCH 31, 1997
------------- ------------- ------------- -------------
Net asset value, beginning of period $ 8.95 $ 9.15 $ 12.84 $ 10.00
------------- ------------- ------------- -------------
Income (loss) from investment operations:
Net investment income (loss) 0.05 0.14 0.08 0.03
Net realized and unrealized gains (losses)
on investments 0.95 (0.19) (3.03) 3.30
------------- ------------- ------------- -------------
Total from investment operations 1.00 (0.05) (2.95) 3.33
------------- ------------- ------------- -------------
Less distributions:
From net investment income - (0.15) (0.06) (0.02)
From capital gains - - (0.68) (0.47)
------------- ------------- ------------- -------------
Total distributions - (0.15) (0.74) (0.49)
------------- ------------- ------------- -------------
Net asset value, end of period $ 9.95 $ 8.95 $ 9.15 $ 12.84
============= ============= ============= =============
Total Return (b) 11.17% (0.53)% (23.39)% 33.86%
Net assets, end of period 12,401,149 13,333,607 15,479,055 19,437,554
============= ============= ============= =============
Ratio of expenses to average net assets:
Before fee waivers and/or expense reimbursement by Adviser 2.25% (a) 1.92% 1.89% 1.98% (a)
After fee waivers and/or reimbursements by Adviser 1.85% (a) 1.85% 1.85% 1.84% (a)
Ratio of net investment income (loss) to average net assets 1.00% (a) 1.49% 0.83% 0.35% (a)
Portfolio turnover rate 48% (a) 90% 79% 62% (a)
(a) Annualized
(b) Total returns shown exclude the effect of applicable sales loads and are not
annualized. (c) Represents the period from the initial Public Offering of Shares
(May 28, 1997) through March 31, 1998.
DEAN FAMILY OF FUNDS
SMALL CAP VALUE FUND - CLASS C
FINANCIAL HIGHLIGHTS
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
PERIOD ENDED FROM (C)
SEPTEMBER YEAR ENDED YEAR ENDED INCEPTION
30, 2000 MARCH 31, MARCH 31, THROUGH
(UNAUDITED) 2000 1999 MARCH 31, 1997
------------- ------------- ------------- -------------
Net asset value, beginning of period $ 8.80 $ 9.05 $ 12.79 $ 10.95
------------- ------------- ------------- -------------
Income (loss) from investment operations:
Net investment income (loss) 0.01 (0.01) 0.01 (0.02)
Net realized and unrealized gains (losses)
on investments 0.94 (0.09) (3.03) 2.33
------------- ------------- ------------- -------------
Total from investment operations 0.95 (0.10) (3.02) 2.31
------------- ------------- ------------- -------------
Less distributions:
From net investment income - (0.15) (0.04) -
From capital gains - - (0.68) (0.47)
------------- ------------- ------------- -------------
Total distributions - (0.15) (0.72) (0.47)
------------- ------------- ------------- -------------
Net asset value, end of period $ 9.75 $ 8.80 $ 9.05 $ 12.79
============= ============= ============= =============
Total Return 10.80% (1.11)% (24.00)% 21.63%
Net assets, end of period 900,222 2,344,244 2,560,618 1,392,036
============= ============= ============= =============
Ratio of expenses to average net assets:
Before fee waivers and/or expense reimbursement by Adviser 2.95% (a) 2.32% 2.70% 6.41% (a)
After fee waivers and/or reimbursements by Adviser 2.60% (a) 2.31% 2.60% 2.59% (a)
Ratio of net investment income (loss) to average net assets 0.25% (a) (0.31)% 0.17% (0.42)%(a)
Portfolio turnover rate 48% (a) 90% 79% 62% (a)
(a) Annualized
(b) Total returns shown exclude the effect of applicable sales loads and are not
annualized. (c) Represents the period from the initial Public Offering of Shares
(August 1, 1997) through March 31, 1998.
DEAN FAMILY OF FUNDS
BALANCED FUND - CLASS A
FINANCIAL HIGHLIGHTS
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
PERIOD ENDED FROM (C)
SEPTEMBER YEAR ENDED YEAR ENDED INCEPTION
30, 2000 MARCH 31, MARCH 31, THROUGH
(UNAUDITED) 2000 1999 MARCH 31, 1997
------------- ------------- ------------- -------------
Net asset value, beginning of period $ 10.16 $ 10.75 $ 11.55 $ 10.00
------------- ------------- ------------- -------------
Income (loss) from investment operations:
Net investment income (loss) 0.10 0.28 0.19 0.17
Net realized and unrealized gains (losses)
on investments 0.44 (0.66) (0.56) 1.62
------------- ------------- ------------- -------------
Total from investment operations 0.54 (0.38) (0.37) 1.79
------------- ------------- ------------- -------------
Less distributions:
From net investment income (0.11) (0.21) (0.19) (0.16)
From capital gains - - (0.24) (0.08)
------------- ------------- ------------- -------------
Total distributions (0.11) (0.21) (0.43) (0.24)
------------- ------------- ------------- -------------
Net asset value, end of period $ 10.59 $ 10.16 $ 10.75 $ 11.55
============= ============= ============= =============
Total Return (b) 5.37% (3.52)% (3.22)% 18.07%
Net assets, end of period 9,756,540 8,606,480 10,391,582 7,262,670
============= ============= ============= =============
Ratio of expenses to average net assets:
Before fee waivers and/or expense reimbursement by Adviser 2.23% (a) 2.13% 2.09% 2.60% (a)
After fee waivers and/or reimbursements by Adviser 1.85% (a) 1.85% 1.85% 1.84% (a)
Ratio of net investment income (loss) to average net assets 1.85% (a) 2.63% 1.79% 1.85% (a)
Portfolio turnover rate 44% (a) 196% 60% 64% (a)
(a) Annualized
(b) Total returns shown exclude the effect of applicable sales loads and are not
annualized. (c) Represents the period from the initial Public Offering of Shares
(May 28, 1997) through March 31, 1998.
DEAN FAMILY OF FUNDS
BALANCED FUND - CLASS C
FINANCIAL HIGHLIGHTS
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
PERIOD ENDED FROM (C)
SEPTEMBER YEAR ENDED YEAR ENDED INCEPTION
30, 2000 MARCH 31, MARCH 31, THROUGH
(UNAUDITED) 2000 1999 MARCH 31, 1997
------------- ------------- ------------- -------------
Net asset value, beginning of period $ 10.00 $ 10.73 $ 11.52 $ 10.71
------------- ------------- ------------- -------------
Income (loss) from investment operations:
Net investment income (loss) 0.06 (0.22) 0.11 0.07
Net realized and unrealized gains (losses)
on investments 0.45 (0.34) (0.55) 0.92
------------- ------------- ------------- -------------
Total from investment operations 0.51 (0.56) (0.44) 0.99
------------- ------------- ------------- -------------
Less distributions:
From net investment income (0.08) (0.17) (0.11) (0.10)
From capital gains - - (0.24) (0.08)
------------- ------------- ------------- -------------
Total distributions (0.08) (0.17) (0.35) (0.18)
------------- ------------- ------------- -------------
Net asset value, end of period $ 10.43 $ 10.00 $ 10.73 $ 11.52
============= ============= ============= =============
Total Return 4.27% (5.24)% (3.81)% 9.37%
Net assets, end of period 744,524 1,291,000 1,885,376 1,083,890
============= ============= ============= =============
Ratio of expenses to average net assets:
Before fee waivers and/or expense reimbursement by Adviser 2.60% (a) 2.74% 3.14% 7.39% (a)
After fee waivers and/or reimbursements by Adviser 2.60% (a) 2.60% 2.60% 2.59% (a)
Ratio of net investment income (loss) to average net assets 1.11% (a) (2.13)% 1.04% 0.99% (a)
Portfolio turnover rate 44% (a) 196% 60% 64% (a)
(a) Annualized
(b) Total returns shown exclude the effect of applicable sales loads and are not
annualized. (c) Represents the period from the initial Public Offering of Shares
(August 1, 1997) through March 31, 1998.
DEAN FAMILY OF FUNDS
INTERNATIONAL VALUE FUND - CLASS A
FINANCIAL HIGHLIGHTS
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
PERIOD ENDED FROM (C)
SEPTEMBER YEAR ENDED YEAR ENDED INCEPTION
30, 2000 MARCH 31, MARCH 31, THROUGH
(UNAUDITED) 2000 1999 MARCH 31, 1997
------------- ------------- ------------- -------------
Net asset value, beginning of period $ 20.11 $ 12.41 $ 11.76 $ 10.00
------------- ------------- ------------- -------------
Income (loss) from investment operations:
Net investment income (loss) (0.07) (0.13) (0.01) (0.05)
Net realized and unrealized gains (losses)
on investments (3.29) 8.50 0.69 1.81
------------- ------------- ------------- -------------
Total from investment operations (3.36) 8.37 0.68 1.76
------------- ------------- ------------- -------------
Less distributions:
From net investment income (0.01) - - -
From capital gains - (0.67) (0.03) -
------------- ------------- ------------- -------------
Total distributions (0.01) (0.67) (0.03) -
------------- ------------- ------------- -------------
Net asset value, end of period $ 16.74 $ 20.11 $ 12.41 $ 11.76
============= ============= ============= =============
Total Return (b) (16.73)% 69.26% 5.82% 17.60%
Net assets, end of period 16,623,274 19,605,996 5,981,899 1,295,896
============= ============= ============= =============
Ratio of expenses to average net assets:
Before fee waivers and/or expense reimbursement by Adviser 2.41% (a) 2.89% 4.25% 16.66% (a)
After fee waivers and/or reimbursements by Adviser 2.09% (a) 2.09% 2.09% 2.04% (a)
Ratio of net investment income (loss) to average net assets (0.75)%(a) (0.82)% (0.70)% (1.30)%(a)
Portfolio turnover rate 165% (a) 157% 100% 109% (a)
(a) Annualized
(b) Total returns shown exclude the effect of applicable sales loads and are not
annualized. (c) Represents the period from the initial Public Offering of Shares
(October 31, 1997) through March 31, 1998.
DEAN FAMILY OF FUNDS
INTERNATIONAL VALUE FUND - CLASS C
FINANCIAL HIGHLIGHTS
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
PERIOD ENDED FROM (C)
SEPTEMBER YEAR ENDED YEAR ENDED INCEPTION
30, 2000 MARCH 31, MARCH 31, THROUGH
(UNAUDITED) 2000 1999 MARCH 31, 1997
------------- ------------- ------------- -------------
Net asset value, beginning of period $ 19.76 $ 12.28 $ 11.72 $ 9.89
------------- ------------- ------------- -------------
Income (loss) from investment operations:
Net investment income (loss) (0.11) (0.24) (0.10) (0.04)
Net realized and unrealized gains (losses)
on investments (3.23) 8.43 0.69 1.87
------------- ------------- ------------- -------------
Total from investment operations (3.34) 8.19 0.59 1.83
------------- ------------- ------------- -------------
Less distributions:
From net investment income (0.01) - - -
From capital gains - (0.71) (0.03) -
------------- ------------- ------------- -------------
Total distributions (0.01) (0.71) (0.03) -
------------- ------------- ------------- -------------
Net asset value, end of period $ 16.41 $ 19.76 $ 12.28 $ 11.72
============= ============= ============= =============
Total Return (16.92)% 68.54% 5.07% 18.50%
Net assets, end of period 1,773,826 1,902,892 1,453,569 87,249
============= ============= ============= =============
Ratio of expenses to average net assets:
Before fee waivers and/or expense reimbursement by Adviser 2.55% (a) 3.53% 5.91% 58.89% (a)
After fee waivers and/or reimbursements by Adviser 2.55% (a) 2.71% 2.84% 2.82% (a)
Ratio of net investment income (loss) to average net assets (1.21)%(a) (1.61)% (1.23)% (1.94)%(a)
Portfolio turnover rate 165% (a) 157% 100% 109% (a)
(a) Annualized
(b) Total returns shown exclude the effect of applicable sales loads and are not
annualized. (c) Represents the period from the initial Public Offering of Shares
(November 6, 1997) through March 31, 1998.
</TABLE>
<PAGE>
DEAN FAMILY OF FUNDS
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2000 (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 fund series: the Large Cap Value Fund,
the Small Cap Value Fund, the Balanced Fund, and 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 Value Fund) were purchased at
$10.00 per share. The initial public offering of shares of the International
Value Fund commenced on October 13, 1997. The Trust had no operations prior to
the public offering of shares except for the initial issuance of shares.
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 VALUE 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 5.25% and a distribution fee of up to 0.25% of
the average daily net assets) and Class C shares (sold subject to a maximum
contingent deferred sales load of 1% if redeemed within a one-year period from
purchase and a distribution fee of up to 1% of average daily net assets). Each
Class A and Class C share of a Fund represents identical interests in the Fund's
investment portfolio and has the same rights, except that (i) Class C shares
bear the expenses of higher distribution fees, which is expected to cause Class
C shares to have a higher expense ratio and to pay lower dividends than Class A
shares; (ii) certain other class specific expenses will be borne solely by the
class to which such expenses are attributable; and (iii) each class has
exclusive voting rights with respect to matters relating to its own distribution
arrangements.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the Trust's significant accounting policies:
Security valuation - The Funds' portfolio securities are valued as of the close
of business of the regular session of trading on the New York Stock Exchange
(normally 4:00 p.m., Eastern time). Securities traded on a national stock
exchange or quoted by NASDAQ are valued based upon the closing price on the
principal exchange where the security is traded, or, if not traded on a
particular day, at the closing bid price. U.S. Government obligations are valued
at their most recent bid prices as obtained from one or more of the major market
makers for such securities. With respect to the International Value Fund, the
U.S. dollar value of foreign securities and forward foreign currency exchange
contracts is determined using spot and forward currency exchange rates,
respectively, supplied by a quotation service.
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.
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
The redemption price per share of Class A shares and Class C shares of each Fund
is equal to net asset value per share. However, Class C shares of each Fund are
subject to a contingent deferred sales load of 1% of the original purchase price
if redeemed within a one-year period from the date of purchase.
Investment income - Dividend income is recorded on the ex-dividend date.
Interest income is accrued as earned. Discounts and premiums on securities
purchased are amortized in accordance with income tax regulations which
approximate generally accepted accounting principles.
Distributions to shareholders - The Large Cap Value Fund, the Balanced Fund and
the International Value Fund each expects to distribute substantially all of its
net investment income, if any, on a quarterly basis. The Small Cap Value Fund
expects to distribute substantially all of its net investment income, if any, on
an annual basis. Each Fund expects to distribute 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
total net assets of the Fund. Class specific expenses are charged directly to
the class incurring the expense. Common expenses which 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.
Organization expenses - Expenses of the organization have been capitalized and
are being amortized on a straight-line basis over five years. In the event any
of the initial shares of a Fund are redeemed during the amortization period, the
redemption proceeds will be reduced by a pro rata portion of any unamortized
organization expenses in the same proportion as the number of initial shares
being redeemed bears to the number of initial shares of the Fund outstanding at
the time of redemption.
Security transactions - Security 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 each Fund's policy to comply with the special
provisions of the Internal Revenue Code available to regulated investment
companies. As provided therein, in any fiscal year in which a Fund so qualifies
and distributes at least 90% of its taxable net income, the Fund (but not the
shareholders) will be relieved of federal income tax on the income distributed.
Accordingly, no provision for income taxes has been made.
In order to avoid imposition of the excise tax applicable to regulated
investment companies, it is also each Fund's intention to declare as dividends
in each calendar year at least 98% of its net investment income (earned during
the calendar year) and 98% of its net investment income (earned during the
twelve months ended October 31) plus undistributed amounts from prior years.
<PAGE>
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
The following information is based upon the federal income tax cost of portfolio
investments as of September 30, 2000:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
LARGE CAP SMALL CAP BALANCED INTERNATIONAL
VALUE FUND VALUE FUND FUND VALUE FUND
Gross unrealized appreciation..................... $ 1,126,507 $ 2,513,395 $ 812,216 $ 1,654,067
GROSS UNREALIZED DEPRECIATION..................... (443,919) (1,108,069) (733,745) (1,951,980)
------------ ------------ ----------- ---------------
NET UNREALIZED APPRECIATION (DEPRECIATION)........ $ 682,588 $ 1,405,326 $ 78,471 $ (297,913)
============ ============ ============ ===============
FEDERAL INCOME TAX COST........................... $ 9,542,877 $ 11,963,346 $10,405,169 $ 20,079,105
============ ============ =========== =============
3. INVESTMENT TRANSACTIONS
Investment transactions, other than short-term investments, were as follows for
the six months ended September 30, 2000:
LARGE CAP SMALL CAP BALANCED INTERNATIONAL
VALUE FUND VALUE FUND FUND VALUE FUND
PURCHASES OF PORTFOLIO SECURITIES.................. $ 4,788,393 $ 3,414,840 $ 2,076,815 $ 14,878,122
=========== ============= =========== =============
PROCEEDS FROM SALES AND MATURITIES OF PORTFOLIO
SECURITIES $ 5,741,287 $ 7,153,874 $ 2,218,834 $ 13,843,765
=========== ============= =========== =============
</TABLE>
4. TRANSACTIONS WITH AFFILIATES
Certain trustees and officers of the Trust are also officers of C.H. Dean &
Associates, Inc. (the Advisor) or of Unified Fund Services (UFS), the
administrative services agent, shareholder servicing and transfer 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. Each Fund pays the Adviser an investment management fee,
computed and accrued daily and paid monthly, at an annual rate of 1.00% of the
average daily net assets for the Large Cap Value Fund, the Small Cap Value Fund
and the Balanced Fund and 1.25% of the average daily net assets for the
International Value Fund.
Newton Capital Management Ltd. (Newton Capital) has been retained by the Adviser
to manage the investments of the International Value Fund. The Adviser (not the
Fund) pays Newton Capital a fee for its services equal to the rate of 0.50% of
the Fund's average daily net assets.
In order to voluntarily reduce operating expenses during the six months ended
September 30, 2000 the Adviser waived $13,350 of its advisory fees for the Large
Cap Value Fund; waived $13,600 of its advisory fee for the Small Cap Value Fund;
waived $18,945 advisory fees for the Balanced Fund; and waived $8,126 of its
advisory fees for the International Value Fund.
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
4.TRANSACTIONS WITH AFFILIATES (CONTINUED)
average daily net assets up to $100 million, 0.06% on the next $150 million of
such net assets, and 0.05% on such net assets in excess of $250 million, subject
to a $1,250 minimum monthly fee.
TRANSFER AGENT AND SHAREHOLDER SERVICING AGREEMENT
Under the terms of the Mutual Fund Services Agreement, UFS serves as transfer
agent and shareholder services agent for the Trust. UFS maintains the records of
each shareholder's account, answers shareholder's inquiries concerning their
accounts, processes purchases and redemptions of the Funds' shares, acts as
dividend and distribution disbursing agent and performs other shareholder
service functions. For these services, UFS receives a monthly fee based on the
number of shareholder accounts in each class of each Fund, subject to a $1,000
minimum monthly fee for each class of shares of a Fund. In addition, each Fund
pays out-of-pocket expenses including, but not limited to, postage and supplies.
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 a
$26,000 minimum annual fee 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.
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 $8, $16,
$1,211 and $394 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 Value Fund, respectively, during the six months ended
September 30, 2000.
PLANS OF DISTRIBUTION
The Trust has a Plan of Distribution (Class A Plan) under which Class A shares
may directly incur or reimburse the Adviser 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 average daily net assets
attributable to such shares.
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 of an account maintenance fee, in an amount equal to an annual rate
of 0.25% of a Fund's average daily net assets attributable to Class C shares. In
addition, the Class C shares may directly incur or reimburse the Underwriter in
an amount not to exceed 0.75% per annum of a 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.
5. FOREIGN CURRENCY TRANSLATION
With respect to the International Value 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.
C. The Fund does not isolate that portion of the results of operations resulting
from changes in foreign exchange rates on investments from those resulting from
changes in market prices of securities held. Such fluctuations are included with
the net realized and unrealized gains and losses from investments.
5. FOREIGN CURRENCY TRANSLATION - CONTINUED
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 exchanges or losses arise from changes in
the value of assets and liabilities, other than investments, resulting from
changes in exchange rates.
6. FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
The International Value Fund enters into 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. 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. All foreign currency exchange
contracts are "marked-to-market" daily at the applicable translations rates
resulting in unrealized gains or losses. Realized and unrealized gains or losses
are included in the Fund's Statement of Assets and Liabilities and 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.
As of September 30, 2000, the International Value Fund had forward foreign
currency exchange contracts outstanding as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
NET UNREALIZED
SETTLEMENT TO RECEIVE INITIAL MARKET APPRECIATION
DATE (TO DELIVER) VALUE VALUE (DEPRECIATION)
CONTRACTS TO SELL
12/15/00................................... (769,209) EUR $ (658,443) $ (681,401) $ (22,957)
12/15/00................................... (243,598) GBP (368,418) (164,177) 204,241
12/15/00................................... (37,100,000) JPY (348,308) (348,005) 303
12/15/00................................... (32,800,000) JPY (318,447) (307,670) 10,776
------- ------- -------
TOTAL SELL CONTRACTS.......................... (1,693,616) (1,501,253) 192,363
--------- --------- -------
CONTRACTS TO BUY
10/02/00................................... 41,553 EUR 36,695 36,668 (27)
12/15/00................................... 372,864 EUR 355,651 330,300 (25,351)
10/02/00................................... 10,538,936 JPY 97,900 97,529 (371)
12/15/00................................... 69,315,000 JPY 650,753 650,187 (566)
12/15/00................................... 38,050,000 JPY 357,227 356,916 (311)
------- ------- ------
TOTAL BUY CONTRACTS........................... 1,498,226 1,471,600 (26,626)
--------- --------- ------
NET CONTRACTS................................. $ (195,390) $ (29,653) $ 165,737
=========== ========= =========
</TABLE>
EUR - Euro dollar
GBP - British Pound Sterling
JPY - Japanese Yen
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