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UAM Funds
Funds for the Informed Investor/sm/
Pell Rudman
Mid-Cap Growth Portfolio
Semi-Annual Report October 31, 1999
[LOGO OF UAM(R)]
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UAM FUNDS PELL RUDMAN MID-CAP GROWTH PORTFOLIO
OCTOBER 31, 1999
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TABLE OF CONTENTS
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Shareholders' Letter .................................................... 1
Portfolio of Investments ................................................ 4
Statement of Assets and Liabilities ..................................... 9
Statement of Operations ................................................. 10
Statement of Changes in Net Assets ...................................... 11
Financial Highlights .................................................... 12
Notes to Financial Statements ........................................... 13
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UAM FUNDS PELL RUDMAN MID-CAP GROWTH PORTFOLIO
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October 31, 1999
Dear Shareholder:
We welcome this opportunity to review the economic and market conditions that
have affected the Pell Rudman Mid-Cap Growth Portfolio during the six-month
period ending October 31, 1999 as well as the critical tenets of our investment
philosophy.
Overview of Economic and Market Conditions
Rising inflation fears and a weaker U.S. currency caused a loss of momentum in
the U.S. financial markets in the second half of fiscal 1999. Continued strength
of the economy has now lasted for over 100 months. This is likely to be the
longest period of sustained growth this century. As much as this supportive
backdrop has helped equity markets for the last decade, it presents some risks
to the outlook as well.
In its early October adoption of a bias toward higher interest rates, Federal
Reserve policymakers noted that "the growth of demand has continued to outpace
that of supply." As long as it continues to be the case, the specter of rate
hikes from the central bank will be a part of the investment landscape. We do
not believe, however, that a serious bout of inflation is likely, and think that
any further action by the Fed will be modest.
Investment Outlook and Philosophy
Our Portfolio incorporates higher growth-rate equities sustained by internal
business dynamics. Relative-earnings growth rates are accelerating. At the same
time, relative valuations remain close to historical lows.
Adherence to our discipline of investing in a diversified portfolio, of
high-quality growth stocks has resulted in the Portfolio's out-performance of
its benchmark. The Portfolio currently offers a very attractive asset class as
absolute valuations are in line with the market averages, but the levels of
profitability and growth prospects are superior to the broad market averages.
Portfolio Analysis
From April 30, 1999 through October 31, 1999 the fund produced a return of
13.33% compared to a return of 8.07% for our benchmark, The Russell Mid-Cap
Growth Index. For the quarter-ended October 31, the Portfolio returned 7.72%
versus 5.70% for the benchmark.
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UAM FUNDS PELL RUDMAN MID-CAP GROWTH PORTFOLIO
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While the Mid-Cap Portfolio's strong, relative-performance came from many
individual stocks representing a broad array of industries, technology stocks
did particularly well as they fully recovered from the Asian financial crisis of
one year ago. Inside the technology sector, semi-conductors, computers, and
communication stocks were strong, while computer service stocks were weak.
Lagging groups included healthcare and finance.
During the quarter, we sold stocks where fundamentals are waning or valuations
have become too rich. We identified many excellent replacement candidates,
focusing on companies with sound businesses and demonstrable competitive
advantages. Several of the new purchases are Internet related companies - either
directly offering Internet services or indirectly supplying technology to
Internet participants. We also found several strong investments in consumer and
industrial stocks.
. MMC Networks - semi-conductor networking applications
. Doubleclick - leading vendor of Internet advertising
. Verio - Internet service provider
. Inktomi-Internet search engine software developer
. Comverse Technology -voice mail/message systems manufacturer
. Veritas Software - leading data storage company
. Danaher - process/environmental controls and tools supplier
. Citrix Systems - client server software company
. BJ's Wholesale Club - discount warehouse chain
. Conextant Systems - semi-conductors and integrated systems providers
The top ten holdings in the Portfolio as of October 31, 1999 were:
. Maxim Integrated Products (3.2%)
. Altera (2.8%)
. JDS Uniphase (2.8%)
. Xilinx (2.6%)
. Lexmark International Group (2.3%)
. Linear Technology (2.3%)
. Microchip Technology (2.2%)
. AMFM (2.2%)
. Univision Communications (2.1%)
. NTL (2.0%)
We believe that adherence to our investment philosophy will inure to the long
term benefit of our shareholders.
Pell Rudman Trust Company, N.A.
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UAM FUNDS PELL RUDMAN MID-CAP GROWTH PORTFOLIO
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The investment results presented in this report represent past performance and
should not be construed as a guarantee of future results. A portfolio's
performance assumes the reinvestment of all dividends and distributions.
There are no assurances that a portfolio will meet its stated objectives. The
investment return and principal value of an investment will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than their original
cost. A portfolio's holdings are subject to change because it is actively
managed. Portfolio changes should not be considered recommendations for action
by individual investors.
Definition of the Comparative Index
-----------------------------------
Russell Mid-Cap Growth Index is composed of the 800 smallest stocks in the
Russell 1000 Index, with higher price-to-book ratios and higher forecasted
growth values.
The comparative index assumes reinvestment of dividends and, unlike a
portfolio's returns, does not reflect any fees or expenses. If such fees were
reflected in the comparative index's returns, the performance would have been
lower.
Please note that one cannot invest directly in an unmanaged index.
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UAM FUNDS PELL RUDMAN MID-CAP GROWTH PORTFOLIO
OCTOBER 31, 1999 (Unaudited)
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PORTFOLIO OF INVESTMENTS
COMMON STOCKS - 98.3%
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Shares Value
---------- ---------
AUTOMOTIVE -- 0.9%
Harley-Davidson ................................... 1,515 $ 89,858
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BANKS -- 2.2%
Northern Trust .................................... 1,225 118,289
TCF Financial ..................................... 3,300 97,350
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215,639
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BROADCASTING, NEWSPAPERS & ADVERTISING -- 15.7%
Adelphia Communications, Cl A* .................... 1,105 60,222
AMFM* ............................................. 3,085 215,950
Doubleclick* ...................................... 470 65,712
Entercom Communications* .......................... 2,490 124,033
Hispanic Broadcasting* ............................ 1,850 148,925
NTL* .............................................. 2,681 202,080
Outdoor Systems* .................................. 4,650 197,044
TV Guide * ........................................ 2,025 106,059
Univision Communications* ......................... 2,500 212,656
USA Networks * .................................... 2,025 91,125
Young & Rubicam* .................................. 2,890 132,218
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1,556,024
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CHEMICALS -- 0.9%
Cambrex ........................................... 3,055 92,414
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COMMUNICATIONS EQUIPMENT -- 2.9%
Ditech Communications ............................. 349 30,363
L-3 Communications* ............................... 1,865 78,680
Plantronics* ...................................... 2,995 175,395
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284,438
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COMPUTERS & SERVICES -- 9.0%
Citrix Systems* ................................... 1,640 105,063
Comverse Technology* .............................. 1,145 129,814
Exodus Communications* ............................ 1,750 150,281
Inktomi* .......................................... 340 34,489
Lexmark International Group, Cl A* ................ 2,950 230,284
The accompanying notes are an integral part of the financial statements.
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UAM FUNDS PELL RUDMAN MID-CAP GROWTH PORTFOLIO
OCTOBER 31, 1999 (Unaudited)
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COMMON STOCKS - continued
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Shares Value
------ --------
COMPUTERS & SERVICES -- CONTINUED
Veritas Software* ............................. 1,755 $189,211
Verio* ........................................ 1,405 51,985
--------
891,127
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ENTERTAINMENT -- 1.4%
Park Place Entertainment* ..................... 3,775 49,547
SFX Entertainment, Cl A* ...................... 2,525 88,217
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137,764
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FINANCIAL SERVICES -- 2.2%
Bisys Group* .................................. 1,340 68,173
Capital One Financial ......................... 2,770 146,810
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214,983
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INSURANCE -- 1.9%
Aflac ......................................... 2,035 104,039
Ambac Financial Group ......................... 1,435 85,741
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189,780
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MACHINERY -- 3.1%
Danaher ....................................... 1,560 75,367
Dionex* ....................................... 2,160 95,445
Donaldson ..................................... 3,000 69,750
Pentair ....................................... 1,865 70,171
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310,733
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MEDICAL PRODUCTS & SERVICES -- 5.7%
Lincare Holdings* ............................. 3,210 90,281
Medquist* ..................................... 2,675 85,433
Minimed* ...................................... 2,630 199,387
Patterson Dental* ............................. 2,535 114,075
Sybron International* ......................... 3,055 72,747
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Total Medical Products & Services ........... 561,923
--------
The accompanying notes are an integral part of the financial statements.
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UAM FUNDS PELL RUDMAN MID-CAP GROWTH PORTFOLIO
OCTOBER 31, 1999 (Unaudited)
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COMMON STOCKS - continued
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Shares Value
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MISCELLANEOUS BUSINESS SERVICES -- 13.2%
Affiliated Computer Services, Cl A* ........... 2,535 $ 96,330
Ceridian* ..................................... 5,430 119,121
Concord EFS* .................................. 6,292 169,884
CSG Systems International* .................... 3,838 131,691
Fiserv* ....................................... 4,515 144,198
Lason * ....................................... 1,865 69,238
Navigant Consulting* .......................... 2,890 82,546
Nova* ......................................... 2,675 69,550
Paychex ....................................... 4,515 177,778
Solectron* .................................... 2,575 193,769
Transaction Systems Architects* ............... 1,815 55,811
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1,309,916
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MISCELLANEOUS MANUFACTURING -- 0.5%
Blyth Industries* ............................. 1,815 45,488
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PETROLEUM & FUEL PRODUCTS -- 1.0%
Apache ........................................ 950 37,050
Devon Energy .................................. 1,730 67,254
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104,304
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PROFESSIONAL SERVICES -- 1.5%
Apollo Group, Cl A* ........................... 2,785 73,106
Devry* ........................................ 3,535 74,456
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147,562
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RETAIL -- 7.0%
Bed Bath and Beyond* .......................... 3,760 125,020
Dollar General ................................ 4,478 118,107
Dollar Tree Stores* ........................... 2,515 109,088
Jack In The Box* .............................. 3,675 88,430
Men's Wearhouse* .............................. 3,245 70,984
Papa John's International* .................... 1,725 64,364
TJX ........................................... 4,520 122,605
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698,598
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The accompanying notes are an integral part of the financial statements.
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UAM FUNDS PELL RUDMAN MID-CAP GROWTH PORTFOLIO
OCTOBER 31, 1999 (Unaudited)
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COMMON STOCKS - continued
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Shares Value
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SEMI-CONDUCTORS/INSTRUMENTS -- 20.9%
Altera* ....................................... 5,735 $ 278,864
Conexant Systems* ............................. 1,375 128,391
JDS Uniphase* ................................. 1,645 274,407
Flextronics International* .................... 1,050 74,484
Linear Technology ............................. 3,275 228,841
Maxim Integrated Products* .................... 4,065 320,627
Microchip Technology* ......................... 3,300 219,656
Sanmina* ...................................... 1,500 135,000
Vitesse Semiconductor* ........................ 3,460 158,511
Xilinx* ....................................... 3,275 257,292
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2,076,073
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TELEPHONES & TELECOMMUNICATION -- 4.3%
American Tower Systems* ....................... 3,210 61,191
Crown Castle International* ................... 4,325 82,986
Global TeleSystems Group* ..................... 1,350 32,316
United States Cellular* ....................... 2,165 191,603
Voicestream Wireless* ? ....................... 600 59,250
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427,346
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TEXTILES & APPAREL -- 1.6%
Jones Apparel Group* .......................... 3,000 94,875
WestPoint Stevens* ............................ 3,210 60,789
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155,664
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WHOLESALE -- 2.4%
BJ's Wholesale Club* .......................... 3,325 102,452
United Stationers ............................. 2,680 67,670
US Foodservice* ............................... 3,580 68,691
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238,813
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TOTAL COMMON STOCKS
(Cost $8,008,993) .......................... 9,748,447
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The accompanying notes are an integral part of the financial statements.
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UAM FUNDS PELL RUDMAN MID-CAP GROWTH PORTFOLIO
OCTOBER 31, 1999 (Unaudited)
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SHORT -TERM INVESTMENT--1.6%
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Face
Amount Value
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REPURCHASE AGREEMENT -- 1.6%
Chase Securities, Inc. 5.15%, dated 10/29/99,
due 11/01/99, to be repurchased at $155,067,
collateralized by $155,527 of various U.S.
Treasury Bills and U.S. Treasury Notes, valued
at $155,004 (Cost $155,000) ................. $155,000 $ 155,000
---------
TOTAL INVESTMENTS -- 99.9%
(Cost $8,163,993) (a) ...................... 9,903,447
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OTHER ASSETS AND LIABILITIES, NET-- 0.1% ...... 13,878
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TOTAL NET ASSETS-- 100.0% ..................... $9,917,325
==========
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* Non-Income Producing Security
(a) The cost for federal income tax purposes was $8,163,993. At October 31,
1999, net unrealized appreciation for all securities based on tax cost was
$1,739,454. This consisted of aggregate gross unrealized appreciation for
all securities of $2,073,868 and aggregate gross unrealized depreciation for
all securities of $334,414.
Cl Class
The accompanying notes are an integral part of the financial statements.
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UAM FUNDS PELL RUDMAN MID-CAP GROWTH PORTFOLIO
OCTOBER 31, 1999 (Unaudited)
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STATEMENT OF ASSETS AND LIABILITIES
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Assets
Investments, at Cost .......................................... $ 8,163,993
===========
Investments, at Value - Note A ................................ $ 9,903,447
Cash .......................................................... 766
Receivable for Investments Sold ............................... 26,360
Receivable from Investments Advisor - Note B .................. 9,609
Dividends and Interest Receivable ............................. 902
Other Assets .................................................. 815
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Total Assets ............................................... 9,941,899
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Liabilities
Payable for Administrative Fees - Note C ...................... 10,690
Payable for Custodian Fees - Note D ........................... 2,644
Payable for Trustees' Fees - Note F ........................... 650
Other Liabilities ............................................. 10,590
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Total Liabilities .......................................... 24,574
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Net Assets .................................................... $ 9,917,325
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Net Assets Consist of:
Paid in Capital ............................................... $ 8,187,536
Undistributed Net Investment Loss ............................. (29,098)
Accumulated Net Realized Gain ................................. 19,433
Unrealized Appreciation ....................................... 1,739,454
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Net Assets .................................................... $ 9,917,325
===========
Institutional Class Shares
Shares Issued and Outstanding (Unlimited authorization,
no par value) ............................................... 686,245
Net Asset Value, Offering and Redemption Price Per Share ...... $14.45
======
The accompanying notes are an integral part of the financial statements.
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UAM FUNDS PELL RUDMAN MID-CAP GROWTH PORTFOLIO FOR THE
SIX MONTHS ENDED OCTOBER 31, 1999 (Unaudited)
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STATEMENT OF OPERATIONS
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Investment Income
Dividends .................................................... $ 7,158
Interest ..................................................... 10,328
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Total Income .............................................. 17,486
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Expenses
Administrative Fees - Note C ................................. 48,244
Investment Advisory Fees - Note B ............................ 39,801
Printing Expenses ............................................ 9,164
Filing and Registration Fees ................................. 7,256
Audit Fees ................................................... 6,587
Custodian Fees - Note D ...................................... 6,547
Trustees' Fees - Note F ...................................... 1,205
Legal Fees ................................................... 118
Other Expenses ............................................... 4,616
Investment Advisory Fees Waived--Note B ...................... (39,801)
Expenses Assumed by the Adviser--Note B ...................... (31,873)
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Net Expenses .............................................. 51,864
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Net Investment Loss .......................................... (34,378)
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Net Realized Gain on Investments ............................. 75,435
Net Unrealized Appreciation (Depreciation) of
Investment Securities ....................................... 1,054,248
-----------
Net Realized and Unrealized Gain on Investments .............. 1,129,683
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Net Increase in Net Assets Resulting From Operations ......... $ 1,095,305
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The accompanying notes are an integral part of the financial statements.
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UAM FUNDS PELL RUDMAN MID-CAP GROWTH PORTFOLIO
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STATEMENT OF CHANGES IN NET ASSETS
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Six Months September 10
Ended 1998* to
October 31, 1999 April 30,
(Unaudited) 1999
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Increase (Decrease) in Net Assets
Operations:
Net Investment Loss ............................. $ (34,378) $ (11,483)
Net Realized Gain (Loss) on Securities Sold ..... 75,435 (56,002)
Net Unrealized Appreciation (Depreciation) of
Investment Securities ......................... 1,054,248 685,206
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Net Increase in Net Assets Resulting from
Operations .................................... 1,095,305 617,721
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Capital Share Transactions: (1)
Issued .......................................... 2,886,546 5,631,775
Redeemed ........................................ (249,127) (64,895)
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Net Increase from Capital Share Transactions .... 2,637,419 5,566,880
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Total Increase .................................. 3,732,724 6,184,601
Net Assets:
Beginning of Period ............................. 6,184,601 --
----------- -----------
End of Period (Including undistributed
net investment income (loss) of
$(29,098) and $5,280, respectively) .......... $ 9,917,325 $ 6,184,601
=========== ===========
(1) Share Issued and Redeemed:
Shares Issued ................................... 219,934 489,956
Shares Redeemed ................................. (18,262) (5,383)
----------- -----------
Net Increase in Shares Outstanding .............. 201,672 484,573
=========== ===========
* Commencement of Operations
The accompanying notes are an integral part of the financial statements.
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UAM FUNDS PELL RUDMAN MID-CAP GROWTH PORTFOLIO
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FINANCIAL HIGHLIGHTS
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Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Period
Six Months September 10,
Ended 1998* to
October 31, 1999 April 30,
(Unaudited) 1999
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Net Asset Value, Beginning of Period ....... $12.76 $10.00
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Income from Investment Operations
Net Investment Loss ..................... (0.05) (0.02)
Net Realized and Unrealized Gain ........ 1.74 2.78
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Total from Investment Operations ........ 1.69 2.76
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Net Asset Value, End of Period ............. $14.45 $12.76
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Total Return+ .............................. 13.33%*** 27.50%***
====== ======
Ratios and Supplemental Data
Net Assets, End of Period (Thousands) ...... $9,917 $6,185
Ratio of Expenses to Average Net Assets .... 1.30%** 1.30%**
Ratio of Net Investment Income to
Average Net Assets ....................... (0.86)%** (0.68)%**
Portfolio Turnover Rate .................... 21% 24%
* Commencement of Operations
** Annualized
*** Not annualized
+ Total return would have been lower had certain fees not been waived and
expenses assumed by the Adviser during the period.
The accompanying notes are an integral part of the financial statements.
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UAM FUNDS PELL RUDMAN MID-CAP GROWTH PORTFOLIO
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NOTES TO FINANCIAL STATEMENTS (Unaudited)
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UAM Funds, Inc., UAM Funds, Inc. II and UAM Funds Trust (collectively the
"UAM Funds") are registered under the Investment Company Act of 1940, as
amended. The Pell Rudman Mid-Cap Growth Portfolio (the "Portfolio"), a portfolio
of UAM Funds Trust, is a diversified, open-end management investment company. At
October 31, 1999, the UAM Funds were comprised of 48 active portfolios. The
information presented in the financial statements pertains only to the
Portfolio. The objective of the Portfolio is to provide capital appreciation by
investing primarily in quality growth companies with medium market
capitalizations (i.e., companies with market capitalizations that fall within
the range of the Russell Mid-Cap Growth Index at the time of investment).
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: Investments for which market quotations are
readily available are stated at market value, which is determined using the
last reported sale price from the exchange where the security is primarily
traded. If no sales are reported, as in the case of some securities traded
over-the-counter, the market value is determined using the last reported
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 following procedures approved 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 ("collateral"), 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 col-
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UAM FUNDS PELL RUDMAN MID-CAP GROWTH PORTFOLIO
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lateral 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 counterparty 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 distribute
substantially all of its net investment income quarterly. Any realized net
capital gains will be distributed at least annually. All distributions are
recorded on ex-dividend date.
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 and tax basis differences relating to shareholder
distributions may result in reclassifications to undistributed net
investment income (loss), accumulated net realized gain (loss) and paid in
capital.
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 is executed. Costs used in determining realized gains or
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 an accrual basis. Most expenses of the UAM
Funds can be directly attributed to a particular portfolio. Expenses that
cannot be directly attributed to a portfolio or share class are apportioned
among the portfolios of the UAM Funds based on their relative net assets.
Custodian fees for the Portfolio are shown gross of expense offsets, if
any, for custodian balance credits.
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UAM FUNDS PELL RUDMAN MID-CAP GROWTH PORTFOLIO
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B. Investment Advisory Services: Under the terms of an investment advisory
agreement, Pell Rudman Trust Company, N.A., (the "Adviser"), a subsidiary of
United Asset Management Corporation ("UAM"), provides investment advisory
services to the Portfolio at a fee calculated at an annual rate of 1.00% of
average daily net assets for the month. The Adviser has voluntarily agreed to
waive a portion of its advisory fees and to assume expenses if necessary, in
order to keep the Portfolio's total annual operating expenses, after the effect
of expense offset arrangements, from exceeding 1.30% of average daily net
assets.
C. Administrative Services: UAM Fund Services, Inc. (the "Administrator"),
a wholly-owned subsidiary of UAM, provides and oversees administrative, fund
accounting, dividend disbursing, shareholder servicing and transfer agent
services to the Portfolio under a Fund Administration Agreement (the
"Agreement"). The Administrator has entered into separate Service Agreements
with Chase Global Funds Services Company ("CGFSC"), a corporate affiliate of The
Chase Manhattan Bank, DST Systems, Inc. ("DST), and UAM Shareholder Service
Center ("UAMSSC"), an affiliate of UAM, to assist in providing certain services
to the Portfolio.
Pursuant to the Agreement, the Portfolio pays the Administrator 0.079% per
annum of the average daily net assets of the Portfolio, an annual base fee of
$87,500, and a fee based on the number of active shareholder accounts.
For the six-month period ended October 31, 1999, the Administrator was paid
$48,244, of which $27,802 was paid to CGFSC for their services, $7,049 to DST
for their services, and $4,519 to UAMSSC for their services.
Effective November 1, 1999, the UAM Funds' Board of Trustees approved a
change in the Sub-administrator from CGFSC to SEI Investments Mutual Funds
Services.
D. Custodian: The Chase Manhattan Bank 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 plus reimbursement of expenses
incurred in attending Trustee meetings, 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.
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UAM FUNDS PELL RUDMAN MID-CAP GROWTH PORTFOLIO
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G. Purchases and Sales: For the six months ended October 31, 1999, the
Portfolio made purchases of $4,197,151 and sales of $1,606,270 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. Line of Credit: The Portfolio, along with certain other Portfolios of
UAM Funds, collectively entered into an agreement which enables them to
participate in a $100 million unsecured line of credit with several banks.
Borrowings will be made solely to temporarily finance the repurchase of capital
shares. Interest is charged to each participating Portfolio based on its
borrowings at a rate per annum equal to the Federal Funds rate plus 0.50%. In
addition, a commitment fee of 0.08% per annum, payable at the end of each
calendar quarter, is accrued by each participating Portfolio based on its
average daily unused portion of the line of credit. At October 31, 1999, the
Portfolio had no borrowings under the agreement.
I. Other: At October 31, 1999, 93% of total shares outstanding were held by
5 record shareholders, each owning more than 10% of the aggregate total shares
outstanding. UAM was the record shareholder of 21% of the aggregate total shares
outstanding.
16
<PAGE>
UAM FUNDS PELL RUDMAN MID-CAP GROWTH PORTFOLIO
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Officers and Trustees
Norton H. Reamer William H. Park
Trustee, President and Chairman Vice President
John T. Bennett, Jr. Michael E. DeFao
Trustee Secretary
Nancy J. Dunn Gary L. French
Trustee Treasurer
Philip D. English Robert R. Flaherty
Trustee Assistant Treasurer
William A. Humenuk Robert J. Della Croce
Trustee Assistant Treasurer
James P. Pappas
Trustee
Peter M. Whitman, Jr.
Trustee
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UAM Funds
P.O. Box 219081
Kansas City, MO 64121
(toll free)
1-877-UAM-LINK (826-5465)
www.uam.com
Investment Adviser
Pell Rudman Trust Company, N.A.
100 Federal Street
Boston, MA 02110
Distributor
UAM Fund Distributors, Inc.
211 Congress Street
Boston, MA 02110
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This report has been prepared for shareholders and may be distributed to others
only if preceded or accompanied by a current prospectus.
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