<PAGE>
As filed with the Securities and Exchange Commission on March 26, 1998
Securities Act File No. 33-79858
Investment Company Act of 1940 File No. 811-8544
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 / /
POST-EFFECTIVE AMENDMENT NO. 20 /X/
and
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940 / /
AMENDMENT NO. 21 /X/
-------------
UAM FUNDS TRUST
(Exact Name of Registrant)
c/o United Asset Management Corporation
One International Place
Boston, Massachusetts 02110
(Address of Principal Executive Office)
Registrant's Telephone Number (617) 330-8900
Michael E. DeFao, Secretary
UAM Fund Services, Inc.
211 Congress Street
Boston, Massachusetts 02110
(Name and Address of Agent for Service)
--------------
COPY TO:
Audrey C. Talley, Esq.
Drinker Biddle & Reath LLP
Philadelphia National Bank Building
1435 Chestnut Street
Philadelphia, PA 19103-6933
IT IS PROPOSED THAT THIS FILING BECOME EFFECTIVE
(CHECK APPROPRIATE BOX):
[X] Immediately upon filing pursuant to Paragraph (b)
[_] on (date) pursuant to Paragraph (b)
[_] 60 days after filing pursuant to paragraph (a) (1)
[_] on (date) pursuant to paragraph (a) (1)
[_] 75 days after filing pursuant to Paragraph (a) (2)
[_] on (date) pursuant to Paragraph (a) (2) of Rule 485.
<PAGE>
UAM FUNDS TRUST
FORM N-1A CROSS REFERENCE
FORM N-1A ITEM NUMBER LOCATION IN PROSPECTUS
- --------------------- ----------------------
Item 1. Cover Page................................Cover Page
Item 2. Synopsis..................................Fund Expenses;
Prospectus Summary; Risk
Factors
Item 3. Condensed Financial Information...........Financial Highlights
Item 4. General Description of Registrant.........Prospectus Summary; Risk
Factors; Investment
Objective; Investment
Policies; Other
Investment Policies;
Investment Limitations;
General Information
Item 5. Management of the Fund....................Prospectus Summary;
Investment Adviser;
Administrative Services;
Distributor
Item 5A. Management's Discussion of
Fund Performance..........................Included in Registrant's
March 31, 1997
and April 30, 1997
Annual Reports to
Shareholders
Item 6. Capital Stock and Other Securities........Purchase of Shares;
Redemption of Shares;
Shareholder Services;
Valuation of Shares;
Dividends, Capital Gains
Distributions and Taxes
Item 7. Purchase of Securities Being Offered......Purchase of Shares;
Shareholder Services
Item 8. Redemption or Repurchase..................Redemption of Shares;
Shareholder Services
Item 9. Pending Legal Proceedings.................Not Applicable
<PAGE>
LOCATION IN STATEMENT
FORM N-1A ITEM NUMBER OF ADDITIONAL INFORMATION
- --------------------- -------------------------
Item 10. Cover Page..................................Cover Page
Item 11. Table of Contents...........................Table of Contents
Item 12. General Information and History.............Investment Adviser;
General Information
Item 13. Investment Objectives and Policies..........Investment Adviser;
Investment Limitations
Item 14. Management of the Fund......................Management of the Fund
Item 15. Control Persons and Principal
Holders of Securities.......................Management of the Fund
Item 16. Investment Advisory and Other Services......Investment Adviser
Item 17. Brokerage Allocation and Other Practices....Portfolio Transactions
Item 18. Capital Stock and Other Securities..........General Information
Item 19. Purchase, Redemption and Pricing of
Securities Being Offered....................Purchase and Redemption of
Shares; Purchase of
Shares; Redemption of
Shares
Item 20. Tax Status..................................General Information
Item 21. Underwriters................................Management of the Fund
Item 22. Calculation of Performance Data.............Performance Calculations
Item 23. Financial Statements........................Financial Statements
PART C
- ------
Information required to be included in Part C is set forth under the appropriate
item so numbered in Part C to this Registration Statement.
<PAGE>
UAM FUNDS TRUST
POST-EFFECTIVE AMENDMENT NO. 20
PART A
The following Prospectus is included in this Post-Effective Amendment No. 20:
. Hanson Equity Portfolio Institutional Class Shares
The following Prospectuses are contained in Post-Effective Amendment No. 19
filed on February 3, 1998:
. Heitman/PRA Real Estate Portfolio Institutional Class Shares
. Heitman/PRA Real Estate Portfolio Advisor Class Shares
The following Prospectus is contained in Post-Effective Amendment No. 18 filed
on January 23, 1998:
. Cambiar Opportunity Portfolio Institutional Class Shares
The following Prospectuses are contained in Post-Effective Amendment No. 16
filed on July 10, 1997:
. BHM&S Total Return Bond Portfolio Institutional Class Shares
. BHM&S Total Return Bond Portfolio Institutional Service Class Shares
. Chicago Asset Management Intermediate Bond Portfolio Institutional Class
Shares
. Chicago Asset Management Value/Contrarian Portfolio Institutional Class
Shares
. FPA Crescent Portfolio Institutional Class Shares
. FPA Crescent Portfolio Institutional Service Class Shares
. IRC Enhanced Index Portfolio Institutional Class Shares
. Jacobs International Octagon Portfolio Institutional Class Shares
. MJI International Equity Portfolio Institutional Class Shares
. MJI International Equity Portfolio Institutional Service Class Shares
. TJ Core Equity Portfolio Institutional Service Class Shares
The following Prospectus is contained in Post-Effective Amendment No. 2 filed on
November 25, 1994:
. Dwight Principal Preservation Portfolio Institutional Class Shares
<PAGE>
UAM FUNDS TRUST
HANSON EQUITY PORTFOLIO
INSTITUTIONAL CLASS SHARES
SUPPLEMENT dated March 26, 1998 to the Prospectus dated July 10, 1997, as
supplemented September 8, 1997.
FINANCIAL HIGHLIGHTS
(Unaudited)
The following table provides selected per share information for a share
outstanding throughout the period presented. This table is part of the
Portfolio's unaudited financial statements for the period ended February 28,
1998. This report is incorporated by reference into the Portfolio's Statement of
Additional Information. The Statement of Additional Information and the
financial statements therein are available at no cost and can be requested by
writing to the Portfolio or calling the telephone number on the cover of the
Prospectus. Please read the following in conjunction with the financial
statements including the notes thereto.
<PAGE>
HANSON EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
<TABLE>
<CAPTION>
October 2,
1997* to
February 28,
1998
(Unaudited)
- ---------------------------------------------------------------------------------------------
<S> <C>
Net Asset Value, Beginning of Period......................................... $ 10.00
- ---------------------------------------------------------------------------------------------
Income From Investment Operations
Net Investment Loss............................................... (0.01)
Net Realized and Unrealized Gain on Investments................... 0.93
- ---------------------------------------------------------------------------------------------
Total from Investment Operations............................. 0.92
- ---------------------------------------------------------------------------------------------
Net Asset Value, End of Period............................................... $ 10.92
=============================================================================================
Total Return................................................................. 9.20 %***
=============================================================================================
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)..................................... $ 21,533
Ratio of Expenses to Average Net Assets................................... 1.69 % **
Ratio of Net Investment Loss to Average Net Assets........................ (0.34) % **
Portfolio Turnover Rate................................................... 7.67 %
Average Commission Rate................................................... $0.0599
- ---------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets Including Expense Offsets......... 1.69 % **
- ---------------------------------------------------------------------------------------------
</TABLE>
* Commencement of Operations
** Annualized
*** Not Annualized
The accompanying notes are an integral part of the financial statements.
<PAGE>
UAM FUNDS TRUST
POST-EFFECTIVE AMENDMENT NO. 20
PART B
The following Statement of Additional Information is included in this Post-
Effective Amendment No. 20:
. Hanson Equity Portfolio Institutional Class Shares
The following Statement of Additional Information is contained in Post-Effective
Amendment No. 19 filed on February 3, 1998:
. Heitman/PRA Real Estate Portfolio Institutional Class Shares and Advisor
Class Shares
The following Statement of Additional Information is contained in Post-Effective
Amendment No. 18 filed on January 23, 1998:
. Cambiar Opportunity Portfolio Institutional Class Shares
The following Statements of Additional Information are contained in Post-
Effective Amendment No. 16 filed on July 10, 1997:
. BHM&S Total Return Bond Portfolio Institutional Class Shares and
Institutional Service Class Shares
. Chicago Asset Management Intermediate Bond Portfolio Institutional Class
Shares and Chicago Asset Management Value/Contrarian Portfolio Institutional
Class Shares
. FPA Crescent Portfolio Institutional Class Shares and Institutional Service
Class Shares
. IRC Enhanced Index Portfolio Institutional Class Shares
. Jacobs International Octagon Portfolio Institutional Class Shares
. MJI International Equity Portfolio Institutional Class Shares and
Institutional Service Class Shares
. TJ Core Equity Portfolio Institutional Service Class Shares
The following Statement of Additional Information is contained in Post-Effective
Amendment No. 2 filed on November 25, 1994:
. Dwight Principal Preservation Portfolio Institutional Class Shares
<PAGE>
UAM FUNDS TRUST
HANSON EQUITY PORTFOLIO
INSTITUTIONAL CLASS SHARES
SUPPLEMENT dated March 26 1998 to the Statement of Additional
Information dated July 10, 1997.
FINANCIAL STATEMENTS
(Unaudited)
The following is intended to supplement the Statement of Additional Information
of the Portfolio dated July 10, 1997:
MANAGEMENT OF THE FUND
PRINCIPAL HOLDERS OF SECURITIES
As of February 28, 1998, the following persons or organizations held of
record 5% or more of the shares of the Portfolio:
Charles Schwab & Co. Inc., Reinvest Account, Attn: Mutual Funds, 101
Montgomery Street, San Francisco, CA 94104, 99.75%*.
The persons or organizations owning 25% or more of the outstanding shares
of the Portfolio may be presumed to control (as that term is defined in the 1940
Act) the Porfolio. As a result, those persons or organizations could have the
ability to vote a majority of the shares of the Portfolio on any matter
requiring the approval of shareholders of such Portfolio.
As of February 28, 1998, the Trustees and officers of the Fund owned less
than 1% of the Fund's outstanding shares.
* Denotes shares held by a trustee or other fiduciary for which beneficial
ownership is disclaimed or presumed disclaimed.
FINANCIAL STATEMENTS
The Financial Statements of the Hanson Equity Portfolio for the period
ended February 28, 1998 and the Financial Highlights for the periods presented
are on the following pages.
<PAGE>
HANSON EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
February 28, 1998 (Unaudited)
Shares Value+
- --------------------------------------------------------------------------------
COMMON STOCKS (97.6%)
- --------------------------------------------------------------------------------
Aerospace & Defense (4.8%)
AlliedSignal, Inc. 13,600 $ 578,850
Lockheed Martin Corp. 4,000 466,750
-------------------
1,045,600
- --------------------------------------------------------------------------------
Automotive (3.3%)
Lear Corp. 13,500 713,812
- --------------------------------------------------------------------------------
Banks (3.0%)
Wells Fargo & Co. 2,000 644,000
- --------------------------------------------------------------------------------
Beverages, Food & Tobacco (1.9%)
ConAgra, Inc. 13,900 417,000
- --------------------------------------------------------------------------------
Capital Equipment (2.5%)
Deere & Co. 9,400 527,575
- --------------------------------------------------------------------------------
Computers (8.0%)
Hewlett-Packard Co. 9,100 609,700
Intel Corp. 6,200 555,869
International Business Machines Corp. 5,300 553,519
-------------------
1,719,088
- --------------------------------------------------------------------------------
Construction (5.8%)
American Standard Companies, Inc. 14,500 645,250
Clayton Homes, Inc. 30,500 606,187
-------------------
1,251,437
- --------------------------------------------------------------------------------
Consumer Staples (6.2%)
Colgate-Palmolive Co. 8,500 690,094
Kimberly-Clark Corp. 11,500 640,406
-------------------
1,330,500
- --------------------------------------------------------------------------------
Electronics (6.5%)
Rockwell International Corp. 11,000 665,500
Solectron Corp. 15,000 725,625
-------------------
1,391,125
- --------------------------------------------------------------------------------
Energy (8.3%)
British Petroleum Co. plc ADR 7,000 578,812
Enron Corp. 13,000 611,000
Transocean Offshore, Inc. 14,000 602,000
-------------------
1,791,812
- --------------------------------------------------------------------------------
Entertainment & Leisure Time (3.5%)
Carnival Corp., Class A 12,800 753,600
- --------------------------------------------------------------------------------
Financial Services (6.3%)
Fannie Mae 12,400 791,275
Franklin Resources, Inc. 11,000 561,000
-------------------
1,352,275
- --------------------------------------------------------------------------------
Home Furnishings & Appliances (3.1%)
Newell Co. 14,400 660,600
- --------------------------------------------------------------------------------
Industrial (2.5%)
Dover Corp. 14,000 540,750
- --------------------------------------------------------------------------------
Insurance (6.3%)
AFLAC, Inc. 10,700 657,381
American International Group, Inc. 5,800 697,088
-------------------
1,354,469
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of the financial statements.
<PAGE>
- --------------------------------------------------------------------------------
Manufacturing (3.1%)
General Electric Co. 8,500 $ 660,875
- --------------------------------------------------------------------------------
Multi-Industry (2.2%)
Raychem Corp. 11,000 477,813
- --------------------------------------------------------------------------------
Pharmaceuticals (2.9%)
Johnson & Johnson 8,250 622,875
- --------------------------------------------------------------------------------
Retail (5.7%)
OfficeMax, Inc. 13,300 221,944
Walgreen Co. 7,700 282,494
Wal-Mart Stores, Inc. 15,800 731,737
-------------------
1,236,175
- --------------------------------------------------------------------------------
Services (6.2%)
Manpower, Inc. 14,500 611,719
Omnicom Group, Inc. 15,800 722,850
-------------------
1,334,569
- --------------------------------------------------------------------------------
Telecommunications (3.1%)
AirTouch Communications, Inc. 15,000 674,063
- --------------------------------------------------------------------------------
Transportation (2.4%)
Burlington Northern Santa Fe 5,200 518,050
- --------------------------------------------------------------------------------
TOTAL COMMON STOCKS (Cost $19,220,390) 21,018,063
- --------------------------------------------------------------------------------
Face
Amount
- --------------------------------------------------------------------------------
SHORT-TERM INVESTMENT (0.8%)
- --------------------------------------------------------------------------------
Repurchase Agreement
Chase Securities, Inc. 5.56%, dated
02/27/98, due 03/02/98, to be repurchased
at $177,082, collateralized by $156,734 of
various U.S. Treasury Obligations,
5.375%-12.375%, due from 8/13/98-11/15/27,
valued at $177,002 (Cost $177,000) $177,000 177,000
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS (98.4%) (Cost $19,397,390) (a) 21,195,063
- --------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES (NET) (1.6%) 337,825
- --------------------------------------------------------------------------------
NET ASSETS (100%) $21,532,888
================================================================================
+ See note A to Financial Statements.
ADR American Depositary Receipt
(a) The cost for federal income tax purposes was $19,397,390. At February 28,
1998, net unrealized appreciation for all securities based on tax cost was
$1,797,673. This consisted of aggregate gross unrealized appreciation for
all securities of $2,049,295 and aggregate gross unrealized depreciation
for all securities of $251,622.
The accompanying notes are an integral part of the financial statements.
<PAGE>
HANSON EQUITY PORTFOLIO
STATEMENT OF OPERATIONS
For the Period October 2,1997* to February 28,1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
<S> <C>
Investment Income
Interest ................................................... $ 24,411
Dividends .................................................. 84,040
- -------------------------------------------------------------------------------------
Total Income ......................................... 108,451
- -------------------------------------------------------------------------------------
Expenses
Investment Advisory Fees - Note B .......................... 56,373
Filing and Registration Fees ............................... 19,494
Administrative Fees - Note C ............................... 14,773
Printing Fees .............................................. 14,573
Brokerage Fees ............................................. 13,407
Audit Fees ................................................. 10,636
Custodian Fees - Note D .................................... 1,490
Trustees' Fees - Note F .................................... 1,300
Other Expenses ............................................. 4,121
- -------------------------------------------------------------------------------------
Total Expenses ....................................... 136,167
Expense Offset - Note A .................................... (117)
- -------------------------------------------------------------------------------------
Net Expenses ......................................... 136,050
- -------------------------------------------------------------------------------------
Net Investment Loss ............................................. (27,599)
- -------------------------------------------------------------------------------------
Net Realized Gain on Investments ................................ 43,224
Net Change in Unrealized Appreciation/Depreciation on Investments 1,797,673
- -------------------------------------------------------------------------------------
Net Gain on Investments ......................................... 1,840,897
- -------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting from Operations ............ $ 1,813,298
=====================================================================================
</TABLE>
* Commencement of Operations
The accompanying notes are an integral part of the financial statements.
<PAGE>
HANSON EQUITY PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
February 28, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------
<S> <C>
Assets
Investments, at Cost ................................................. $19,397,390
=============
Investments, at Value ................................................ $21,195,063
Cash ................................................................. 1,147
Dividends and Interest Receivables ................................... 25,847
Receivable for Investments Sold ...................................... 350,564
- -------------------------------------------------------------------------------------------
Total Assets ....................................................... 21,572,621
- -------------------------------------------------------------------------------------------
Liabilities
Payable for Investment Advisory Fees - Note B ........................ 11,155
Payable for Administrative Fees - Note C ............................. 3,313
Payable for Trustees' Fees - Note F .................................. 638
Other Liabilities .................................................... 24,627
- -------------------------------------------------------------------------------------------
Total Liabilities .................................................. 39,733
- -------------------------------------------------------------------------------------------
Net Assets ............................................................. $21,532,888
===========================================================================================
Net Assets Consist Of:
Paid in Capital ..................................................... $19,719,590
Undistributed Net Investment Loss ................................... (27,599)
Accumulated Net Realized Gain ....................................... 43,224
Unrealized Appreciation ............................................. 1,797,673
- -------------------------------------------------------------------------------------------
Net Assets ............................................................. $21,532,888
===========================================================================================
Institutional Class Shares
Shares Issued and Outstanding (Unlimited authorization, no par value) 1,971,778
Net Asset Value, Offering and Redemption Price Per Share ............ $ 10.92
===========================================================================================
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
HANSON EQUITY PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
October 2,
1997* to
February 28,
1998
(Unaudited)
- ---------------------------------------------------------------------------------------------
<S> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment Loss .................................................... $ (27,599)
Net Realized Gain ...................................................... 43,224
Net Change in Unrealized Appreciation/Depreciation ..................... 1,797,673
- ---------------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting from Operations ................. 1,813,298
- ---------------------------------------------------------------------------------------------
Capital Share Transactions: (1)
Issued ................................................................. 20,097,270
Redeemed ............................................................... (377,680)
- ---------------------------------------------------------------------------------------------
Net Increase from Capital Share Transactions ......................... 19,719,590
- ---------------------------------------------------------------------------------------------
Total Increase ......................................................... 21,532,888
Net Assets:
Beginning of Period .................................................... --
- ---------------------------------------------------------------------------------------------
End of Period (including undistributed net investment loss of ($27,599)) $ 21,532,888
=============================================================================================
(1) Shares Issued and Redeemed:
Shares Issued ........................................................ 2,009,844
Shares Redeemed ...................................................... (38,066)
- ---------------------------------------------------------------------------------------------
1,971,778
=============================================================================================
</TABLE>
* Commencement of Operations
The accompanying notes are an integral part of the financial statements.
<PAGE>
HANSON EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
<TABLE>
<CAPTION>
October 2,
1997* to
February 28,
1998
(Unaudited)
- ----------------------------------------------------------------------------------------------
<S> <C>
Net Asset Value, Beginning of Period........................................ $ 10.00
- ----------------------------------------------------------------------------------------------
Income From Investment Operations
Net Investment Loss.............................................. (0.01)
Net Realized and Unrealized Gain on Investments.................. 0.93
- ----------------------------------------------------------------------------------------------
Total from Investment Operations............................ 0.92
- ----------------------------------------------------------------------------------------------
Net Asset Value, End of Period.............................................. $ 10.92
==============================================================================================
Total Return................................................................ 9.20 %***
==============================================================================================
Ratios and Supplemental Data
Net Assets, End of Period (Thousands).................................... $ 21,533
Ratio of Expenses to Average Net Assets.................................. 1.69 % **
Ratio of Net Investment Loss to Average Net Assets....................... (0.34) % **
Portfolio Turnover Rate.................................................. 7.67 %
Average Commission Rate.................................................. $0.0599
- ----------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets Including Expense Offsets........ 1.69 % **
- ----------------------------------------------------------------------------------------------
</TABLE>
* Commencement of Operations
** Annualized
*** Not Annualized
The accompanying notes are an integral part of the financial statements.
<PAGE>
HANSON EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited)
UAM Funds Trust and UAM Funds, Inc. (collectively the "UAM Funds") are
registered under the Investment Company Act of 1940, as amended. The Hanson
Equity Portfolio (the "Portfolio"), a portfolio of UAM Funds Trust, is a
diversified, open-end management investment company. At February 28, 1998, the
UAM Funds were comprised of forty-six active portfolios. The financial
statements of the remaining portfolios are presented separately. The objective
of the Hanson Equity Portfolio is to achieve maximum long-term total return,
consistent with reasonable risk to principal, by investing in a diversified
portfolio of equity securities, primarily the common stock of large, U.S.-based
companies with outstanding financial characteristics and strong growth prospects
that can be purchased at reasonable valuations.
A. Significant Accounting Policies: The following significant accounting
policies are in conformity with generally accepted accounting principles. Such
policies are consistently followed by the Portfolio in the preparation of its
financial statements. Generally accepted accounting principles may require
management to make estimates and assumptions that affect the reported amounts
and disclosures in the financial statements. Actual results may differ from
those estimates.
1. Security Valuation: Securities listed on a securities exchange for
which market quotations are readily available are valued at the last
quoted sales price as of the close of the exchange on the day the
valuation is made or, if no sale occurred on such day, at the bid
price on such day. Price information on listed securities is taken
from the exchange where the security is primarily traded.
Over-the-counter and unlisted securities are valued at the current bid
price. Short-term investments that have remaining maturities of sixty
days or less at time of purchase are valued at amortized cost, if it
approximates market value. The value of other assets and securities
for which no quotations are readily available is determined in good
faith at fair value using methods determined by the Board of Trustees.
2. Federal Income Taxes: It is the Portfolio's intention to qualify as
a regulated investment company under Subchapter M of the Internal
Revenue Code and to distribute all of its taxable income. Accordingly,
no provision for Federal income taxes is required in the financial
statements.
3. Repurchase Agreements: In connection with transactions involving
repurchase agreements, the Portfolio's custodian bank takes possession
of the underlying securities, the value of which exceeds the principal
amount of the repurchase transaction, including accrued interest. To
the extent that any repurchase transaction exceeds one business day,
the value of the collateral is monitored on a daily basis to determine
the adequacy of the collateral. In the event of default on the
obligation to repurchase, the Portfolio has the right to liquidate the
collateral and apply the proceeds in satisfaction of the obligation.
In the event of default or bankruptcy by the other party to the
agreement, realization and/or retention of the collateral or proceeds
may be subject to legal proceedings.
Pursuant to an Exemptive Order issued by the Securities and Exchange
Commission, the UAM Funds may transfer their daily uninvested cash
balances into a joint trading account which invests in one or more
repurchase agreements. This joint repurchase agreement is covered by
the same collateral requirements as discussed above.
4. Distributions to Shareholders: The Portfolio will normally
distribute substantially all of its net investment income quarterly.
Any realized net capital gains will be distributed annually. All
distributions are recorded on ex-dividend date.
<PAGE>
The amount and character of income and capital gain distributions to
be paid are determined in accordance with Federal income tax
regulations which may differ from generally accepted accounting
principles.
Permanent book-tax differences, if any, are not included in ending
undistributed net investment income (loss) for the purpose of
calculating net investment income (loss) per share in the financial
highlights.
5. Other: Security transactions are accounted for on trade date, the
date the trade was executed. Costs used in determining realized gains
and losses on the sale of investment securities are based on the
specific identification method. Dividend income is recorded on the
ex-dividend date. Interest income is recognized on the accrual basis.
Most expenses of the UAM Funds can be directly attributed to a
particular portfolio. Expenses which cannot be directly attributed are
apportioned among the portfolios of the UAM Funds based on their
relative net assets. Custodian fees for the Portfolio have been
increased to include expense offsets, if any, for custodian balance
credits.
B. Advisory Services: Under the terms of an investment advisory agreement,
Hanson Investment Management Company (the "Adviser"), a wholly-owned subsidiary
of United Asset Management Corporation ("UAM"), provides investment advisory
services to the Portfolio at a fee calculated at an annual rate of 0.70% of
average daily net assets for the month.
C. Administration Services: UAM Fund Services, Inc. (the "Administrator"), a
wholly-owned subsidiary of UAM, provides and oversees administrative, fund
accounting, dividend disbursing and transfer agent services to the UAM Funds
under a Fund Administration Agreement (the "Agreement"). Pursuant to the
Agreement, the Administrator is entitled to receive annual fees, computed daily
and payable monthly, of 0.19% of the first $200 million of the combined
aggregate net assets; plus 0.11% of the next $800 million of the combined
aggregate net assets; plus 0.07% of the next $2 billion of the combined
aggregate net assets; plus 0.05% of the combined aggregate net assets in excess
of $3 billion. The fees are allocated among the portfolios of the UAM Funds on
the basis of their relative net assets and are subject to a graduated minimum
fee schedule per portfolio which rises from $2,000 per month, upon inception of
a portfolio, to $70,000 annually after two years. For portfolios with more than
one class of shares, the minimum annual fee increases to $90,000. In addition,
the Administrator receives a Portfolio-specific monthly fee at an annual rate of
0.04% of average daily net assets of the Portfolio. The Administrator has
entered into a Mutual Funds Service Agreement with Chase Global Funds Services
Company ("CGFSC"), an affiliate of The Chase Manhattan Bank, under which CGFSC
agrees to provide certain services, including but not limited to,
administration, fund accounting, dividend disbursing and transfer agent
services. Pursuant to the Mutual Funds Service Agreement, the Administrator pays
CGFSC a monthly fee. For the period October 2, 1997 (commencement of operations)
to February 28, 1998, $11,552 was paid to CGFSC for its services.
D. Custodian: The Chase Manhattan Bank ("the Bank"), an affiliate of CGFSC, is
custodian for the Portfolio's assets held in accordance with the custodian
agreement.
E. Distribution Services: UAM Fund Distributors, Inc. (the "Distributor"), a
wholly-owned subsidiary of UAM, distributes the shares of the Portfolio. The
Distributor does not receive any fee or other compensation with respect to the
Portfolio.
F. Trustees' Fees: Each Trustee, who is not an officer or affiliated person,
receives $2,000 per meeting attended, which is allocated proportionally among
the active portfolios of UAM Funds, plus a quarterly retainer of $150 for each
active portfolio of the UAM Funds, and reimbursement of expenses incurred in
attending Trustee meetings.
<PAGE>
G. Purchases and Sales: For the period October 2, 1997 (commencement of
operations) to February 28, 1998, the Portfolio made purchases of $20,679,080
and sales of $1,501,915 of investment securities other than long-term U.S.
Government and short-term securities. There were no purchases or sales of
long-term U.S. Government securities.
H. Other: At February 28, 1997, 100.0% of total shares outstanding were held by
9 record shareholders.
<PAGE>
PART C
UAM FUNDS TRUST
OTHER INFORMATION
ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS
(A) FINANCIAL STATEMENTS:
Included in Part A for the Portfolio listed below are "Financial
Highlights" from the date indicated to the period ended February 28, 1998:
Hanson Equity Portfolio Institutional Class Shares (10/2/97)
Contained in Post-Effective Amendment No. 19 in Part A for the Portfolio
listed below are "Financial Highlights" from the date indicated to the
period ended June 30, 1997:
Heitman/PRA Real Estate Portfolio Institutional Class Shares (1/4/89)
Heitman/PRA Real Estate Portfolio Advisor Class Shares (5/15/95)
Contained in Post-Effective Amendment No. 16 in Part A for the Portfolios
listed below are "Financial Highlights" for the periods from the date
indicated to the fiscal year ended April 30, 1997:
BHM&S Total Return Bond Portfolio Institutional Class Shares (November 1,
1995)
BHM&S Total Return Bond Portfolio Institutional Service Class Shares
(November 1, 1995)
Chicago Asset Management Intermediate Bond Portfolio Institutional Class
Shares (January 24, 1995)
Chicago Asset Management Value/Contrarian Portfolio Institutional Class
Shares (December 16, 1994)
IRC Enhanced Index Portfolio Institutional Class Shares (January 23, 1996)
Jacobs International Octagon Portfolio Institutional Class Shares (January
2, 1997)
MJI International Equity Portfolio Institutional Class Shares (September
16, 1994)
MJI International Equity Portfolio Institutional Service Class Shares
(December 31, 1996)
TJ Core Equity Portfolio Institutional Service Class Shares (September 28,
1995)
Contained in Post-Effective Amendment No. 16 in Part A for the Portfolio
listed below are "Financial Highlights" for the periods from the date
indicated to the fiscal year ended March 31, 1997:
FPA Crescent Portfolio Institutional Class Shares (June 2, 1993)
FPA Crescent Portfolio Institutional Service Class Shares (January 24,
1997)
<PAGE>
Included in Part B for the Portfolio listed below are Financial Statements
dated February 28, 1998:
Hanson Equity Portfolio Institutional Class Shares
The Financial Statements for the above-referenced Portfolio include:
(a) Statement of Assets and Liabilities as of February 28, 1998;
(b) Statement of Operations for the period ended February 28, 1998;
(c) Statement of Changes in Net Assets for the period ended February 28,
1998;
(d) Financial Highlights as of February 28, 1998; and
(e) Notes to Financial Statements.
Contained in Post-Effective Amendment No. 19 in Part B for the portfolio
listed below are Financial Statements dated December 31, 1996 and June 30,
1997:
Heitman/PRA Real Estate Portfolio Institutional Class Shares
Heitman/PRA Real Estate Portfolio Advisor Class Shares
The Financial Statements for the above-referenced Portfolio for the time
periods set forth in the Annual Report dated December 31, 1996 include:
(a) Statement of Assets and Liabilities as of December 31, 1996;
(b) Statement of Operations for the period ended December 31, 1996;
(c) Statement of Changes in Net Assets for the period ended December 31,
1996;
(d) Financial Highlights as of December 31, 1996;
(e) Notes to Financial Statements; and
(f) Report of Independent Accountants.
The Financial Statements for the above-referenced Portfolio for the time
periods set forth in the Semi-Annual Report dated June 30, 1997 include:
(a) Statement of Assets and Liabilities as of June 30, 1997;
(b) Statement of Operations for the period ended June 30, 1997;
(c) Statement of Changes in Net Assets for the period ended June 30, 1997;
(d) Financial Highlights as of June 30, 1997; and
(e) Notes to Financial Statements.
Contained in Post-Effective Amendment No. 16 in Part B for the Portfolios
listed below are Financial Statements dated April 30, 1997:
BHM&S Total Return Bond Portfolio Institutional Class Shares
BHM&S Total Return Bond Portfolio Institutional Service Class Shares
Chicago Asset Management Value/Contrarian Portfolio Institutional Class
Shares
<PAGE>
Chicago Asset Management Intermediate Bond Portfolio Institutional Class
Shares
IRC Enhanced Index Portfolio Institutional Class Shares
Jacobs International Octagon Portfolio Institutional Class Shares
MJI International Equity Portfolio Institutional Class Shares
MJI International Equity Portfolio Institutional Service Class Shares
TJ Core Equity Portfolio Institutional Service Class Shares
The Financial Statements for the above-referenced Portfolios for the time
periods set forth in each Portfolio's Semi-Annual Report dated April 30,
1997 include:
(a) Statement of Net Assets as of April 30, 1997;
(b) Statement of Operations for the period ended April 30, 1997;
(c) Statement of Changes in Net Assets for the period ended April 30, 1997;
(d) Financial Highlights as of April 30, 1997;
(e) Notes to Financial Statements; and
(f) Report of Independent Accountants.
Contained in Post-Effective Amendment No. 16 in Part B for the Portfolio
listed below are Financial Statements dated March 31, 1997:
FPA Crescent Portfolio Institutional Class Shares
FPA Crescent Portfolio Institutional Service Class Shares
The Financial Statements for the above-referenced Portfolio for the time
periods set forth in the Portfolio's Annual Report dated March 31, 1997
include:
(a) Statement of Net Assets as of March 31, 1997;
(b) Statement of Operations for the period ended March 31, 1997;
(c) Statement of Changes in Net Assets for the period ended March 31, 1997;
(d) Financial Highlights as of March 31, 1997;
(e) Notes to Financial Statements; and
(f) Report of Independent Accountants.
<PAGE>
(B) EXHIBITS
Exhibits previously filed by the Fund are incorporated by reference to such
filings. The following table describes the location of all exhibits. In the
table, the following reference is used: PEA19 = Post-Effective Amendment No. 19
filed on February 3, 1998, PEA18 = Post-Effective Amendment No. 18 filed on
January 23, 1998, PEA17 = Post-Effective Amendment No. 17 filed on December 15,
1997, PEA16 = Post-Effective Amendment No. 16 filed on July 10, 1997, PEA15 =
Post-Effective Amendment No. 15 filed on January 3, 1997, PEA14 = Post-Effective
Amendment No. 14 filed on September 17, 1996, PEA13 = Post-Effective Amendment
No. 13 filed on August 28, 1996, PEA12 = Post-Effective Amendment No. 12 filed
on July 17, 1996, PEA11 = Post-Effective No. 11 filed on July 1, 1996, PEA10 =
Post-Effective Amendment No. 10 filed on July 1, 1996, PEA9 = Post-Effective
Amendment No. 9 filed on May 1, 1996, PEA8 = Post-Effective Amendment No. 8
filed on March 13, 1996, PEA7 = Post-Effective Amendment No. 7 filed on August
28, 1995, PEA4 = Post-Effective Amendment No. 4 filed on February 9, 1995, PEA3
= Post-Effective Amendment No. 3 filed on December 14, 1994, PEA2 = Post-
Effective Amendment No. 2 filed on November 25, 1994, PEA1 = Post-Effective
Amendment No. 1 filed on November 15, 1994, RS = original Registration Statement
on Form N-1A filed on June 3, 1994 and Pre EA = Pre-Effective Amendment No. 1
filed on August 24, 1994.
Incorporated by
Exhibit Reference to (Location):
- ------- ---------------------------
1. Declaration of Trust RS
A. Certificate of Amendment to
Certificate of Trust PEA8
2. By-Laws RS
3. Not Applicable
4. Specimen Share Certificate PEA1, PEA2, PEA3, PEA4, PEA11, PEA12,
PEA14, PEA17, PEA18
5. Forms of Investment Advisory
Agreements RS, PEA1, PEA2, PEA3, PEA4,
PEA12, PEA14, PEA17, PEA18
6. A. Form of Distribution
Agreement (UAM Funds
Distributors, Inc.) RS
B. Form of Distribution
Agreement (ACG Capital
Corporation) PEA17, PEA19
7. Not Applicable
8. Form of Custody Agreements RS
A. Global Custody Agreement PEA16
9. A. Fund Administration Agreement PEA13
B. Mutual Funds Service
Agreement PEA16
10. Opinion and Consent of Counsel Pre EA
11. Consent of Independent
Accountants Not Applicable
<PAGE>
12. Other Financial Statements Not Applicable
13. Agreement for Providing
Initial Capital Pre EA
14. Not Applicable
15. Not Applicable
16. Performance Quotation Schedules PEA16, PEA17, PEA19
18. Rule 18f-3 Multiple Class Plan PEA 8
24. Powers of Attorney RS, PEA7, PEA16
27. Financial Data Schedules
for periods ended:
A. December 31, 1996 PEA19
B. June 30, 1997 PEA19
C. February 28, 1998 Filed herewith
ITEM 25. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT
Registrant is not controlled by or under common control with any person.
ITEM 26. NUMBER OF HOLDERS OF SECURITIES
<TABLE>
<CAPTION>
NUMBER OF RECORD HOLDERS
TITLE OF CLASS OR SERIES AS OF DECEMBER 31, 1997
- --------------------------- ------------------------
<S> <C>
BHM&S Total Return Bond Portfolio Institutional Class Shares.........................15
BHM&S Total Return Bond Portfolio Institutional Service Class Shares.................25
Chicago Asset Management Value/Contrarian Portfolio Institutional Class Shares.......34
Chicago Asset Management Intermediate Bond Portfolio Institutional Class Shares......10
Dwight Principal Preservation Portfolio Institutional Class Shares*...................0
FPA Crescent Portfolio Institutional Class Shares.................................1,633
FPA Crescent Portfolio Institutional Service Class Shares............................41
Hanson Equity Portfolio Institutional Class Shares....................................0
IRC Enhanced Index Portfolio Institutional Class Shares...............................4
Jacobs International Octagon Portfolio Institutional Class Shares.................1,124
MJI International Equity Portfolio Institutional Class Shares........................46
MJI International Equity Portfolio Institutional Service Class Shares................20
TJ Core Equity Portfolio Institutional Service Class Shares..........................22
Total.............................................................................2,974
</TABLE>
* Portfolio or class has been authorized for sale of shares but has not yet to
begin operations.
ITEM 27. INDEMNIFICATION
Reference is made to Article VI of Registrant's Declaration of Trust, which is
incorporated herein by reference. Registrant hereby also makes the undertaking
consistent with Rule 484 under the Securities Act of 1933, as amended.
<PAGE>
Insofar as indemnification for liability arising under the Securities Act of
1933 may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.
ITEM 28. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER
Reference is made to the caption "Fund Management and Administration" in the
Prospectuses constituting Part A of this Registration Statement and "Investment
Adviser" in Part B of this Registration Statement. The information required by
this Item 28 with respect to each director, officer, or partner of each
investment adviser of the Registrant is incorporated by reference to the Forms
ADV filed by the investment advisers listed below with the Securities and
Exchange Commission pursuant to the Investment Advisers Act of 1940, as amended,
on the dates and under the File numbers indicated:
Investment Adviser Date Filed File No.
- ------------------ ---------- --------
Jacobs Asset Management, L.P. April 15, 1997 801-49790
First Pacific Advisors, Inc. March 27, 1997 801-39512
Cambiar Investors, Inc. March 26, 1997 801-09538
Chicago Asset Management Company May 1, 1997 801-20197
Murray Johnstone International Ltd. March 31, 1997 801-34926
Tom Johnson Investment Management, Inc. January 21, 1997 801-42549
Dwight Asset Management Company May 20, 1997 801-45304
Investment Research Company February 14, 1997 801-31292
Hanson Investment Management Company February 26, 1997 801-14817
Heitman/PRA Securities Advisors, Inc. December 21, 1997 801-48252
Barrow, Hanley, Mewhinney & Strauss, Inc. February 14, 1997 801-31237
Jacobs Asset Management, L.P., First Pacific Advisors, Inc., Cambiar Investors,
Inc., Chicago Asset Management Company, Murray Johnstone International Ltd., Tom
Johnson Investment Management, Inc., Dwight Asset Management Company, Investment
Research Company, Hanson Investment Management Company, Heitman/PRA Securities
Advisors, Inc., and Barrow, Hanley, Mewhinney & Strauss, Inc. are affiliates of
United Asset Management Corporation ("UAM"), a Delaware corporation owning firms
engaged primarily in institutional investment management.
ITEM 29. PRINCIPAL UNDERWRITERS
(a) UAM Fund Distributors, Inc., ("UAMFSI") the firm which acts as sole
distributor of the Registrant's shares, also acts as sole distributor for
UAM Funds, Inc., Analytic Optioned Equity Fund, Inc. and The Analytic
Series Fund. ACG Capital Corporation ("ACG") acts as sole distributor of
the Heitman/PRA Real Estate Portfolio Advisor Class Shares.
(b) The information required with respect to each Director and officer of ACG
is incorporated by reference to Schedule A of Form BD filed pursuant to the
Securities and Exchange Act of 1934 (SEC File No. 8-47813).
<PAGE>
(c) The information required with respect to each Director and officer of
UAMFSI is incorporated by reference to Schedule A of Form BD filed pursuant
to the Securities and Exchange Act of 1934 (SEC File No. 8-41126).
(d) Not applicable.
ITEM 30. LOCATION OF ACCOUNTS AND RECORDS
The books, accounts and other documents required by Section 31(a) under the
Investment Company Act of 1940, as amended, and the rules promulgated thereunder
will be maintained in the physical possession of the Registrant, the
Registrant's Advisers, the Registrant's Sub-Transfer and Sub-Administrative
Agent (Chase Global Funds Services Company, 73 Tremont Street, Boston,
Massachusetts 02108) and the Registrant's Custodian Bank.
ITEM 31. MANAGEMENT SERVICES
Not Applicable
ITEM 32. UNDERTAKINGS
(a) Not applicable
(b) (i) Not applicable (Heitman/PRA Real Estate Portfolio will continue
operations of an existing portfolio of another Registrant after a
reorganization).
(ii) Registrant hereby undertakes to file a Post-Effective Amendment
including reasonably current financial statements which need not be
certified for the Cambiar Opportunity Portfolio Institutional Class
Shares within four to six months from the effective date of the
Registrant's Post-Effective Amendment.
(iii) Registrant hereby undertakes to file a Post-Effective Amendment
including reasonably current financial statements which need not be
certified for the Dwight Principal Preservation Portfolio
Institutional Class Shares within four to six months from the
effective date of the Registrant's Post-Effective Amendment.
(c) Registrant hereby undertakes to furnish each person to whom a
prospectus is delivered with a copy of the Registrant's latest annual
report to shareholders, upon request and without charge.
(d) Registrant hereby undertakes to call a meeting of shareholders for
the purpose of voting upon the question of the removal of a Trustee
or Trustees when requested in writing to do so by the holders of at
least 10% of the Registrant's outstanding shares and in connection
with such meeting to comply with the provisions of Section 16(c) of
the Investment Company Act of 1940, as amended, relating to
shareholder communications.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it meets all of
the requirements for effectiveness of this Registration Statement pursuant to
Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment
to the Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Boston and Commonwealth of
Massachusetts on the 26 day of March 1998.
UAM FUNDS TRUST
*
-------------------
Norton H. Reamer
Chairman and President
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities and on the date indicated:
* , Chairman and President March 26, 1998
- ----------------------
Norton H. Reamer
* , Trustee March 26, 1998
- ----------------------
John T. Bennett, Jr.
* , Trustee March 26, 1998
- ----------------------
Nancy J. Dunn
* , Trustee March 26, 1998
- ----------------------
Philip D. English
* , Trustee March 26, 1998
- ----------------------
William A. Humenuk
* , Trustee March 26, 1998
- ----------------------
Charles H. Salisbury
* , Trustee March 26, 1998
- ----------------------
Peter M. Whitman, Jr.
/s/ Gary L. French , Treasurer March 26, 1998
- ----------------------
Gary L. French
/s/ Michael E. DeFao March 26, 1998
- ----------------------
* Michael D. DeFao
(Attorney-in-Fact)
<PAGE>
UAM FUNDS TRUST
(FORMERLY THE REGIS FUND II)
FILE NOS. 811-8544/33-79858
POST-EFFECTIVE AMENDMENT NO. 20
EXHIBIT INDEX
Exhibit No. Description
----------- -----------
27(C) Financial Data Schedules for period ended
February 28, 1998
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> HANSON EQUITY PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-START> OCT-02-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 19,397,390
<INVESTMENTS-AT-VALUE> 21,195,063
<RECEIVABLES> 376,411
<ASSETS-OTHER> 1,147
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 21,572,621
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39,733
<TOTAL-LIABILITIES> 39,733
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,719,590
<SHARES-COMMON-STOCK> 1,971,778
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (27,599)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 43,224
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,797,673
<NET-ASSETS> 21,532,888
<DIVIDEND-INCOME> 84,040
<INTEREST-INCOME> 24,411
<OTHER-INCOME> 0
<EXPENSES-NET> (136,050)
<NET-INVESTMENT-INCOME> (27,599)
<REALIZED-GAINS-CURRENT> 43,224
<APPREC-INCREASE-CURRENT> 1,797,673
<NET-CHANGE-FROM-OPS> 1,813,298
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,009,844
<NUMBER-OF-SHARES-REDEEMED> (38,066)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 21,532,888
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 56,373
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 136,050
<AVERAGE-NET-ASSETS> 19,608,631
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 0.93
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.92
<EXPENSE-RATIO> 1.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
