- ------------------------------------------------------------------------------
SAMCO FIXED INCOME PORTFOLIO
- ------------------------------------------------------------------------------
Semi-Annual Report
April 30, 1998 (Unaudited)
Contents
Letter from the President...................................................1
Cumulative Performance......................................................2
Statement of Net Assets ....................................................3
Statement of Operations ....................................................7
Statement of Changes in Net Assets .........................................8
Financial Highlights........................................................9
Notes to Financial Statements .............................................10
SAMCO Fund, Inc.
- ----------------------------------------------------------------------------
SAMCO Fixed Income Portfolio .letter from the president
June 22, 1998
Dear Shareholder,
Enclosed is the Semi-Annual Report to shareholders for the six-month
fiscal period ended April 30, 1998, as required by regulation.
Our regular quarterly narrative discussing developments in the
calendar quarter ended June 30, 1998 will
be sent to you shortly.
Sincerely,
Christina Seix
Chairman
SAMCO Fund, Inc.
- -------------------------------------------------------------------------------
SAMCO Fixed Income Portfolio . Cumulative Performance
April 30, 1998
- -------------------------------------------------------------------------------
Set forth below is the cumulative total return figure for
the period indicated and a graph showing the hypothetical
$10,000 investment made in the SAMCO Fixed Income Portfolio
on December 30, 1997. The cumulative total return figures
and the information in the graph represent past performance;
they reflect changes in the price of the Fund's shares and
assume that any income dividends and/or capital gain
distributions made by the Fund during the period were
reinvested in additional shares of the Fund.
GRAPH: Comparison of change in value of $10,000 investment in
SAMCO Fixed Income Portfolio and the Lehman Aggregate
Bond Index.This is an x-y line graph with x being the
date (starting at 12/30/97 and ending at 4/30/98) and y
being the value of the $10,000 investment in the Fund and
the Lehman Aggregate Bond Index. At 4/30/98 the Value
of the $10,000 investment in the Fund was $10,226 and the
the value of the same investment in the Lehman Aggregate
Bond Index was $10,232.
- ------------------- -----------------------------------------
INVESTMENT
PERFORMANCE
(For the period
ended April 30,
1998)
Total Return
Cumulative Inception (12/30/97)
SAMCO Fixed 2.26%
Income Portfolio
(a)
Lehman Aggregate 2.32%
Bond Index
- ------------------- -----------------------------------------
(a) Reflects waiver of fees and reimbursement of expenses by the investment
advisor. Absent such waiver and reimbursement, the Fund's total return
would have been lower.
SAMCO Fund, Inc.
- ------------------------------------------------------------------------------
SAMCO Fixed Income Portfolio . Statement of Net Assets
- ------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Face
April 30, 1998 (unaudited) Amount Value *
- ------------------------------------------------------------------------------
Long-Term Investments - 119.0%
Asset-Backed Securities - 17.6%
American Express Master Trust, Ser. 1994-1, Class A, 7.150% due 8/15/99 $ 70,000 $ 70,365
Chase Manhattan Credit Card Master Trust (FRN), Ser. 1995-1, Class A, 5.755%
due 5/15/01 50,000 50,006
Citibank Cr. Card Master Trust (FRN), Ser. 1996-5, Class A, 5.793% due 9/15/05 40,000 39,928
Contimortgage Home Equity Trust (FRN), Ser. 1996-4, Class A10, 5.866% due
1/15/28 67,786 67,906
Countrywide Home Equity Trust (FRN), Ser. 1997-C, Class A, 5.836% due 9/15/22 64,657 64,720
Countrywide Home Equity Trust (FRN), Ser. 1998-A, Class A, 5.846% due 3/15/24 69,642 69,642
Delta Funding Home Equity Loan Trust 1998-1 5.7975% due 10/25/17 70,000 70,000
Discover Card Master Trust (FRN), 1997-4, Class A, 5.726% due 4/16/03 70,000 69,945
Discover Card Master Trust (FRN), Ser. 1996-1, Class A, 5.826% due 7/16/03 70,000 70,116
Discover Card Master Trust I, Ser. 1997-1, Class A, 5.746% due 2/16/05 70,000 69,887
Discover Card Master Trust, Ser. 1992-B, Class A, 6.800% due 6/16/00 35,000 34,945
First Bank South Dakota N.A. (FRN), 5.726% due 12/20/00 40,000 39,992
First Deposit Master Trust, Ser. 1995-2, Class A, 6.050% due 8/15/02 70,000 70,047
First USA Credit Card Trust (FRN), Ser. 1996-2, Class A, 5.832% due 2/10/06 70,000 70,131
First USA Credit Card Trust (FRN), Ser. 1995-5, Class A, 5.858% due 4/15/03 40,000 39,859
Ford Credit Auto Owner Trust, Ser. 1996-A, Class A3, 6.500% due 11/15/99 48,029 48,172
Household Affinity Cr Card Trust (FRN), Ser. 1995-1, Class A, 5.806% due 2/15/02 70,000 70,075
Land 'O Lakes Cap Trust I (144A), 7.450% due 3/15/28 (a) 70,000 69,332
MBNA Master Credit Card Trust, Ser. 1994-1, Class A, 5.900% due 3/15/01 40,000 40,025
MBNAM (FRN), Ser. 1996-H, Class A, 5.725% due 1/15/04 70,000 69,968
Merrill Lynch Home Equity Loan (FRN), Ser. 1997-1, Class A, 5.868% due 9/25/27 37,312 37,312
Premier Auto Trust, Ser. 1997-1, Class A2, 5.900% due 4/6/00 26,427 26,453
Signet Credit Card Master Trust, Ser. 1993-1, Class A, 5.200% due 2/15/02 70,000 69,838
Standard Credit Card Trust, Ser. 1995-6, Class A, 6.750% due 6/7/00 65,000 65,072
UCFC Home Equity Loan (FRN), Ser. 1997-A1, Class A1, 5.788% due 10/15/08 72,832 72,835
UCFC Home Equity Loan (FRN), Ser. 1998-A, Class A1, 5.736% due 7/15/11 68,456 68,456
United Dominion Realty Trust, 7.950% due 7/12/06 55,000 59,194
WFS Financial Owner Trust, Ser. 1997-A, Class A2, 6.150% due 12/20/99 32,781 32,835
--------------
Total Asset-Backed Securities (Cost - $1,627,547) 1,627,056
--------------
Corporate Obligations - 38.2%
Abitibi-Consolidated, 7.500% due 4/1/28 75,000 73,488
Alabama Power Co. 7.000% due 3/31/48 1,800 44,673
American Airlines, 9.710% due 1/2/07 32,442 35,618
Associates Corp, 6.000% due 4/15/03 45,000 44,696
BankBoston NA, 6.375% due 3/25/08 40,000 39,643
Bay Apartment Communities, 6.250% due 1/15/03 55,000 54,181
Bayer Corp. (144A), 6.500% due 10/1/02 (a) 60,000 61,026
Bear Stearns Co. Inc. (FRN), 5.806% due 4/17/01 70,000 70,000
Canadian Occidental Petroleum, 7.400% due 5/1/28 30,000 30,216
Citicorp (FRN), 5.090% due 2/7/01 70,000 68,823
Computer Associates Int'l (144A), 6.250% due 4/15/03 (a) $ 25,000 $ 24,916
Computer Associates Int'l (144A), 6.500% due 4/15/08 (a) 45,000 44,643
Continental Airlines, 6.541% due 9/15/09 90,000 89,762
Corp. Andina de Formento, 7.100% due 2/1/03 (Latin America) 50,000 50,713
Cummins Engine Co., Inc., 5.650% due 3/1/98 65,000 49,745
Enron Oil & Gas, 6.650% due 4/1/28 45,000 43,567
Federal Express, 7.600% due 7/1/2097 55,000 57,862
First Chicago Corp. 7.750% due 12/1/26 180,000 187,650
Ford Motor Credit (FRN), 5.848% due 4/29/02 40,000 40,033
General Motors Acceptance Corp. (FRN), 5.699% due 2/3/00 70,000 69,937
Goldman Sachs Group (144A), 7.200% due 11/1/06 (a) 75,000 78,433
Gruma SA de CV, 7.625% due 10/15/07 (Mexico) 65,000 64,672
Household Finance Co. (FRN), 5.876% due 6/4/02 40,000 40,055
IBM Corp., 7.125% due 12/1/96 85,000 88,376
Int'l Bank Recon & Development, 5.625% due 3/17/03 45,000 44,579
Kern River Funding Corp. (144A), 6.720% due 9/30/01 (a) 75,000 76,014
Lehman Brothers Holdings, Inc., 6.000% due 2/26/01 90,000 89,540
Mutual Life Insurance Co. - NY (144A), 11.250% due 8/15/24 (a) 155,000 200,193
National Australia Bank, 6.400% due 12/10/07 (Australia) 35,000 35,039
Noram Energy Corp., 6.500% due 2/1/08 75,000 73,753
Norsk Hydro A/S, 6.700% due 1/15/18 (Norway) 50,000 48,872
Owens Corning, 7.700% due 5/1/08 60,000 60,054
Perez Companc SA (144A), 8.125% due 7/15/07 (Argentina) (a) 65,000 62,972
Petroleum Geo-Services, 6.625% due 3/30/08 (Norway) 55,000 54,622
Phillips Petroleum Co., 7.125% due 3/15/28 25,000 24,919
PNC Bank N.A. Corp. (FRN), 5.719% due 8/15/02 70,000 69,831
Post Apartment Homes, 6.850% due 3/16/05 50,000 50,171
PSI Energy, Inc., 7.250% due 3/15/28 75,000 74,152
R&B Falcon Corp. (144A), 6.500% due 4/15/03 (a) 20,000 19,907
R&B Falcon Corp. (144A), 7.375% due 4/15/18 (a) 25,000 24,934
Ras Laffan-Lincs (144A), 7.850% due 3/18/14 (a) 105,000 117,033
Republic of Colombia, 7.625% due 2/15/07 (Colombia) 60,000 56,575
Royal Caribbean Cruises, 7.500% due 10/15/27 55,000 56,119
Salomon, Inc., 6.750% due 2/15/03 70,000 71,127
Salton Sea Funding, 8.300% due 5/30/11 65,000 70,912
Security Pacific (FRN), 7.684% due 3/21/01 65,000 68,423
Shopping Center (144A), 7.625% due 5/15/05 (a) 95,000 98,835
Sithe/Independence Fndg, 9.000% due 12/30/13 60,000 70,312
SocGen Real Estate LLC (144A), 7.640% due 12/29/49 (a) 80,000 80,256
Tenaga Nasional Berhad (144A), 7.625% due 4/29/07 (Malaysia) (a) 55,000 49,378
U.S. West Communications (MTN), 5.340% due 3/25/99 70,000 69,714
United Utilities plc, 6.450% due 4/1/08 (United Kingdom) 55,000 54,639
Unova, Inc., 6.875% due 3/15/05 50,000 50,007
Warner-Lambert Co., 5.750% due 1/15/03 25,000 24,642
Western Resources, Inc. 7.125% due 8/1/09 45,000 46,379
YPF SA, 7.000% due 10/26/02 (Argentina) 84,830 85,993
--------------
Total Corporate Obligations (Cost - $3,547,003) 3,532,624
--------------
Mortgage-Backed Securities - 30.4%
FHLMC, Ser. 1704, Class PC, 5.500% due 7/15/03 $ 4,000 $ 3,991
FHLMC, Ser. 1381, Class E, 6.250% due 7/15/06 93,618 93,572
FNMA (TBA), 6.000% due 6/15/13 255,000 251,255
FNMA (TBA), 6.500% due 6/15/13 400,000 401,875
FNMA (TBA), 7.000% due 6/15/13 255,000 259,701
FNMA (TBA), 6.500% due 6/10/28 480,000 475,050
FNMA (TBA), 7.500% due 6/10/28 565,000 579,655
FNMA, Ser. 1993-155, Class D, 5.500% due 2/25/14 243,456 242,668
FNMA, Ser. 1997-15, Class B, 7.500% due 7/18/25 55,000 56,209
GNMA (TBA), 7.500% due 6/18/48 440,000 451,962
--------------
Total Mortgage- Backed Securities (Cost - $2,817,027) 2,815,938
--------------
U.S. Government Securities - 32.8%
U.S. Treasury Bond, 6.125% due 11/15/27 330,000 337,940
U.S. Treausry Note, 5.625% due 11/30/98 20,000 20,019
U.S. Treasury Note, 6.375% due 5/15/99 585,000 589,388
U.S. Treasury Note, 5.625% due 10/31/99 420,000 420,000
U.S. Treasury Note, 6.750% due 4/30/00 355,000 362,433
U.S. Treasury Note, 5.375% due 2/15/01 40,000 39,762
U.S. Treasury Note, 8.000% due 5/15/01 470,000 500,550
U.S. Treasury Note, 6.375% due 9/30/01 260,000 265,606
U.S. Treasury Note 6.250% due 2/15/03 490,000 501,484
--------------
Total U.S. Government Securities (Cost - $3,040,440) 3,037,182
--------------
Total Long-Term Investments (Cost - $11,032,017) 11,012,800
--------------
Repurchase Agreements - 5.8%
Investors Bank & Trust Company Repurchase Agreement,
5.060% due 5/1/98 in the amount of $536,500: Issued 9/30/98
(Collateralized by $559,551, FNMA FRN, 6.737% due 11/25/22
with a market value of $563,393) (Cost - $536,500) 536,500 536,500
--------------
Total Investments-124.8% (Cost - $11,568,517) 11,549,300
--------------
Other Assets & Liabilities, net - (24.8%)
Receivable for securities sold $ 2,915,504
Receivable from investment adviser 31,978
Other assets 233,386
Payable for securities purchased (5,441,441)
Payable to administrator (16,941)
Accrued expenses and other liabilities (13,877)
--------------
Other assets and liabilities, net (2,291,391)
--------------
Net Assets - 100.0%
Applicable to 920,075 outstanding $0.001 par value shares (authorized
2,500,000,000) $ 9,257,909
==============
Net Asset Value, offering price & redemption price per share $ 10.06
==============
Components of Net Assets as of April 30, 1998
Capital stock at par value ($0.001) $ 920
Capital stock in excess of par value 9,233,677
Undistributed net investment income 6,599
Net accumulated realized gain on investments 35,930
Net unrealized depreciation on investments (19,217)
==============
Net Assets $ 9,257,909
==============
</TABLE>
* See note 2 to the Financial Statements
(a) Security exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions excempt
from registration, normally to qualified buyers. At April 30, 1998,
the aggregate value of the securities is $1,007,872 or 10.9 % of net
assets.
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
FRN Floating Rate Note
GNMA Government National Mortgage Association
MTN Medium-Term Note
TBA To Be Announced - Security is subject to delayed delivery.
See Notes to the Financial Statements
SAMCO Fund, Inc.
- -----------------------------------------------------------------------------
SAMCO Fixed Income Portfolio . Statement of Operations
- -----------------------------------------------------------------------------
For the period from December 30, 1997* to April 30, 1998 (Unaudited)
- -----------------------------------------------------------------------------
Investment Income
Interest $ 152,819
-------------
Expenses
Investment advisory fees (Note 2) 6,534
Administration fees 16,941
Custodian fees 7,927
Audit fees 5,454
Legal fees 1,000
Insurance expense 3,636
Amortization of organizational costs 6,473
Directors fees and expenses 1,500
Registration filing fees 500
Miscellaneous fees and expenses 307
-------------
Total operating expenses 50,272
Waiver of investment advisory fees and
reimbursement of other expenses (38,512)
-------------
Net expenses 11,760
-------------
Net investment income 141,059
-------------
Net Realized and Unrealized Gain on Investments
Net realized gain on investments 35,930
Net change in unrealized depreciation on investments (19,217)
-------------
Net realized and unrealized gain on investments 16,713
-------------
=============
Net increase in net assets resulting from operations $ 157,772
=============
- ---------------------------------------------------------------------------
* Commencement of Investment Operations
See Notes to the Financial Statements
SAMCO Fund, Inc.
- -------------------------------------------------------------------------------
SAMCO Fixed Income Portfolio - Statement of Changes in Net Assets
- -------------------------------------------------------------------------------
For the period from, December 30, 1997* to April 30, 1998 (Unaudited)
- -------------------------------------------------------------------------------
Net Increase in Net Assets Resulting from Operations
Net investment income $ 141,059
Net realized gain from investments 35,930
Net change in unrealized depreciation on investments (19,217)
-----------------
Net increase in net assets resulting from operations 157,772
-----------------
Distributions to Shareholders
-----------------
From net investment income 134,460
-----------------
-----------------
Capital Share Transactions (Note 6) 9,134,597
-----------------
Total increase in net assets 9,157,909
Net Assets
Beginning of period 100,000
-----------------
End of period 9,257,909
-----------------
=================
Undistributed net investment income, end of period $ 6,599
=================
- ---------------------------------------------------------------------------
* Commencement of Investment Operations
See Notes to the Financial Statements
SAMCO Fund, Inc.
- ------------------------------------------------------------------------------
SAMCO Fixed Income Portfolio - Financial Highlights
- ------------------------------------------------------------------------------
Period from
For a share outstanding 12/30/97*
throughout the period (Unaudited) to 4/30/98
- ------------------------------------------------------------------------------
Per Share Data
Net asset value, beginning of period $10.00
-------------------
Increases From Investment Operations
Net investment income 0.15
Net realized and unrealized gain on investments 0.07
-------------------
Total from investment operations 0.22
-------------------
Less Distributions
From net investment income (0.16)
-------------------
Net asset value, end of period $10.06
===================
Total Return (c) 2.26%(a)
Ratios/Supplemental Data
Net assets, end of period (000's) $9,258
Ratio of expenses to average net assets 0.45%(b)
Ratio of expenses to average net assets before
expense waivers and reimbursement of other
expenses 2.20%(b)
Ratio of net investment income to average net assets 5.40%(b)
Portfolio turnover 251.11%
- -----------------------------------------------------------------------------
See Notes to the Financial Statements
(a) Not annualized
(b) Annualized
(c) Total return would have been lower had certain expenses not been waived
or reimbursed.
* Commencement of Investment Operations
SAMCO Fund, Inc.
- ----------------------------------------------------------------------------
SAMCO Fixed Income Portfolio .Notes to financial statements
April 30, 1998 (Unaudited)
1. Organization
The SAMCO Fund, Inc. (the "Company") was organized as a
Maryland corporation on August 4, 1997 and is registered
under the Investment Company Act of 1940, as amended, as an
open-end, non-diversified management investment company.
The Company currently has one portfolio, the SAMCO Fixed
Income Portfolio (the "Fund"). The costs incurred by the
Company in connection with the organization and initial
registration of shares are being amortized on a
straight-line basis by the Fund over a sixty-month period
beginning with the commencement of its operations on
December 30, 1997. The unamortized balance of
organizational expenses at April 30, 1998 was $90,628.
Investment Objective
The Fund is designed to provide investors with a total
return which consistently exceeds the total return of the
broad U.S. investment grade bond market. Total investment
return is the aggregate of dividend and interest income and
realized and unrealized capital gains/losses on
investments. The Fund seeks to achieve its objective
through superior security selection and emphasis on current
income, while maintaining a duration neutral posture.
2. Summary of Significant Accounting Policies
The preparation of financial statements in conformity with
generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported
amounts and disclosures in the financial statements. Actual
results could differ from those estimates.
Securities
Securities transactions are recorded on a trade date basis.
Interest income and expenses are recorded on an accrual
basis. The Fund amortizes discount or premium using the
yield-to-maturity method on a daily basis, except for
securities having a maturity date of less than sixty days at
the time of acquisition which are amortized on a
straight-line basis. Dividend income is recorded on the
ex-dividend date. The Fund uses the specific identification
method for determining gain or loss on sales of securities.
Income Tax
There is no provision for Federal income or excise tax since
the Fund intends to continue to qualify as a regulated
investment company ("RIC") and intends to comply with the
requirements of Subchapter M of the Internal Revenue Code
applicable to RICs and to distribute all of its taxable
income.
Valuation
Securities traded on an exchange are valued at their last
sales price on that exchange. Securities for which
over-the-counter market quotations are available are valued
at the latest bid price. Securities purchased with sixty
days or less remaining to maturity are valued at amortized
cost which approximates fair value.
Expenses
Seix Investment Advisors, Inc. (the "Investment Adviser")
has agreed to voluntarily waive its fee and to reimburse the
Fund for expenses exceeding 0.45% of average daily net
assets. During the period ended April 30, 1998, the
Investment Adviser, voluntarily waived $6,534 of advisory
fees, and $31,978 for reimbursement of other expenses is due
from the Investment Adviser.
2. Summary of Significant Accounting Policies
Dividends to Shareholders
It is the policy of the Fund to declare and pay dividends
from net investment income monthly. Dividends from net
short-term capital gains and net long-term capital gains, if
any, are normally declared and paid annually, but the Fund
may make distributions on a more frequent basis to comply
with the distribution requirements of the Internal Revenue
Code. To the extent that a net realized capital gain can be
reduced by a capital loss carryover, such gain will not be
distributed.
Income and capital gain distributions are determined in
accordance with federal tax regulations and may differ from
those determined in accordance with generally accepted
accounting principles. Permanent book and tax differences
relating to shareholder distributions will result in
reclassifications to paid-in capital and may affect the
distributable amount of net investment income per share.
Undistributed net investment income, accumulated net
investment loss, or distributions in excess of net
investment income may include temporary book and tax
differences which may reverse in a subsequent period.
3. Investment Advisory Agreement and Administration Agreement
The Company's Board of Directors has approved an investment
advisory agreement with the Investment Adviser. For its
services as investment adviser, the Company pays the
Investment Adviser a monthly fee at an annual rate of 0.25%
of the Fund's average daily net assets. Currently, the
Investment Adviser is waiving all of its fee.
Pursuant to its Administration Agreement, AMT Capital
Services, Inc. (the "Administrator"), two employees of which
serve as officers of the Company, earns a fee for providing
fund administration services to the Company. The Company
pays the Administrator a monthly fee at the annual rate not
to exceed 0.15% of the Fund's average daily net assets and
reimbursement for out-of-pocket expenses pursuant to the
Administration Agreement. Pursuant to the Administration
Agreement, the Administrator will be paid a minimum fee of
$50,000 for services provided to the Company for the first
twelve months after the fund commences operations.
4. Investment Transactions
Purchase cost and proceeds from sales of investment
securities, other than short-term investments, for the
period ended April 30, 1998 were as follows:
Purchases Purchases Sales Sales
U.S. Government Other Securities U.S. Government Other Securities
- -------------------- ----------------- ---------------------- ------------------
$10,747,914 $21,390,708 $7,699,520 $13,349,160
4. Investment Transactions (continued)
The components of net unrealized appreciation (depreciation)
of investments based on Federal tax cost at April 30, 1998
for the Fund were as follows:
Cost for Federal
Appreciation Depreciation Net Depreciation Tax Purposes
---------------- ---------------------- --------------------- ----------------
$6,240 ($25,457) ($19,217) $11,568,517
5. Repurchase Agreements
The Fund may enter into repurchase agreements under which a
bank or securities firm that is a primary or reporting
dealer in U.S. Government securities agrees, upon entering
into a contract, to sell U.S. Government securities to the
Fund and repurchase such securities from the Fund at a
mutually agreed upon price and date.
The Fund will engage in repurchase transactions with parties
selected on the basis of such party's creditworthiness. The
collateral on repurchase agreements must have an aggregate
market value greater than or equal to the repurchase price
plus accrued interest at all times. If the value of the
underlying securities falls below the value of the
repurchase price plus accrued interest, the Fund will
require the seller to deposit additional collateral by the
next business day. If the request for additional collateral
is not met, or the seller defaults on its repurchase
obligation, the Fund maintains the right to sell the
underlying securities at market value and may claim any
resulting loss against the seller. However, in the event of
default or bankruptcy by the counterparty to the agreement,
realization and/or retention of the collateral may be
subject to legal proceedings.
6. Capital Share Transactions
As of April 30, 1998, there were 2,500,000,000 shares of
$.001 par value capital stock authorized. Transactions in
capital stock were as follows:
For the Period from
12/30/97* to 4/30/98
Shares Amount
--------------------- ---------------------
Shares Sold 896,721 $9,000,137
Shares Reinvested 13,354 134,460
--------------------- ---------------------
Net Increase 910,075 $9,134,597
===================== =====================
- ------------------------------------------------------------------------------
* Commencement of Operations
<TABLE>
<S> <C>
SAMCO FUND, INC.
-----------------------------------------------------------------------------
BOARD OF DIRECTORS ADVISER
Christina Seix* Seix Investment Advisors, Inc.
Director 300 Tice Blvd.
Chairman and Chief Investment Officer Woodcliff Lake, NJ 07675
Seix Investment Advisors, Inc. phone (201) 391 0300
fax (201) 391 0303
John G. Talty*
Director FUND ADMINISTRATOR
President AND DISTRIBUTOR
Seix Investment Advisors, Inc. AMT Capital Services, Inc.
600 Fifth Avenue, 26th Floor
New York, NY 10020
Peter J. Bourke* phone (212) 332 5211
Director and Assistant Secretary fax (212) 332 5190
Managing Director
Seix Investment Advisors, Inc.
CUSTODIAN AND
FUND ACCOUNTING AGENT
John R. O'Brien Investors Bank & Trust Company
Director P.O. Box 1537
Retired Boston, MA 02205
John E. Manley, Sr. TRANSFER AGENT AND
Director DIVIDEND DISBURSING AGENT
Retired Investors Bank & Trust Company
P.O. Box 1537
Boston, MA 02205
LEGAL COUNSEL
Dechert Price & Rhoads
30 Rockefeller Plaza
* interested person as defined in the Investment New York, NY 10112
Company Act of 1940
INDEPENDENT ACCOUNTANTS
Ernst & Young LLP
787 Seventh Avenue
New York, NY 10019
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
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<NAME> SAMCO FIXED INCOME PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 11569
<INVESTMENTS-AT-VALUE> 11549
<RECEIVABLES> 2916
<ASSETS-OTHER> 265
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14730
<PAYABLE-FOR-SECURITIES> 5441
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31
<TOTAL-LIABILITIES> 5472
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9234
<SHARES-COMMON-STOCK> 1
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<OVERDISTRIBUTION-GAINS> 0
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</TABLE>
