<PAGE>
UAM Funds
Funds for the Informed Investor(SM)
Analytic Funds
Semi-Annual Report June 30, 2000
[LOGO OF UAM]
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UAM FUNDS ANALYTIC FUNDS
June 30, 2000
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TABLE OF CONTENTS
--------------------------------------------------------------------------------
Shareholders' Letter ..................................................... 2
Portfolios of Investments
Defensive Equity ...................................................... 5
Enhanced Equity ....................................................... 12
Master Fixed Income ................................................... 18
Short-Term Government ................................................. 20
International ......................................................... 22
Statements of Assets and Liabilities ..................................... 28
Statements of Operations ................................................. 30
Statements of Changes in Net Assets ...................................... 32
Financial Highlights
Defensive Equity ...................................................... 34
Enhanced Equity ....................................................... 35
Master Fixed Income ................................................... 36
Short-Term Government ................................................. 37
International ......................................................... 38
Notes to Financial Statements ............................................ 39
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UAM FUNDS ANALYTIC FUNDS
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June 30, 2000
Dear Fellow Shareholders:
We are pleased to send you The UAM Analytic Funds Semi-Annual report for the
six-months ended June 30, 2000. We appreciate your loyalty and continuing
support.
Subsequent to the dramatic technology sell-off in late March and early April, we
have seen investor preferences shift frequently between value and growth as the
U.S. equity market lacks any dominant investment theme. A heightened degree of
uncertainty surrounds the U.S. market as investors take a "wait and see"
attitude regarding the implications of successive Federal Reserve interest rate
hikes. As new economic data continues to arrive and investor uncertainty
decreases, we expect to see a higher level of consistency in investor
preferences for particular types of securities.
During the first six months of 2000, the S&P 500 returned a lackluster -0.43%,
while the NASDAQ 100 returned 1.95%, reversing the more than 18% gains
high-growth technology companies earned in the first quarter. The S&P/BARRA
Growth and Value indices have shown similar divergent behavior during this year.
We typically see such "style shifts" when investors decipher new economic data,
looking for clarity on the direction of the U.S. economy. Because our model
relies on a certain degree of persistency in equity markets, we have found it
somewhat challenging in recent months to add value over the benchmark.
Risk levels, which soared throughout the first quarter, are still high but have
begun to return to more reasonable levels. Although the market's desire to
reward particular factors has been somewhat inconsistent lately, the broad
diversification and sector neutrality of your portfolio helped maintain returns
that are broadly similar to the S&P 500 index. As a result of this challenging
investment environment, our two US equity mutual funds suffered as both funds
moderately lagged the S&P 500. The UAM Analytic Enhanced Equity Fund returned
-2.07%, trailing the 1.27% return for the average Lipper Large Cap Core Fund,
while the UAM Analytic Defensive Equity Fund returned -3.20%, versus -1.90% for
the average Lipper Equity Income Fund.
Global equity markets moved broadly lower over the first half of the year, led
by second quarter weakness in telecommunication and internet companies. These
shares fell back from their highs in the first part of the period as the
unbounded optimism surrounding their future prospects faltered on rising
inflationary risks and concerns about the costs of third-generation wireless
licenses. Against this backdrop, the UAM Analytic International Equity Fund
turned in a strong relative performance for the first six-months of 2000,
returning 0.00% versus -4.06% for the Morgan Stanley Capital International EAFE
Index. Similarly, the fund outperformed its peer group, the Lipper International
Fund Average, which returned -4.56% for the period. Fund performance was helped
by positions in the telecommunication hardware companies such as Nokia,
Ericsson, and Nortel which were all able to post double-digit returns over the
period.
2
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UAM FUNDS ANALYTIC FUNDS
--------------------------------------------------------------------------------
The first half of 2000 saw a continuation of the Federal Open Market Committee's
policy to slow the economy and curb inflation by raising interest rates. During
this period, the FOMC raised the Federal Funds Rate nearly 2% to 7%. As a
result, credit spreads widened as investors rushed to high quality issues.
The broader bond markets, as measured by the Lehman Brothers Government/
Corporate Bond Index (LBGC), returned 4.16% for the six-month period ending
6/30/2000. Within this index, the Treasury bond sector performed the best,
returning 5.33%. The next best performer was the Agency sector, returning 3.35%.
The Credit (corporate) sector was the least impressive, returning 2.22%.
The performance of the UAM Analytic Master Fixed Income Fund returned 5.34% over
this period, outperforming both the LBGC Index return of 4.16% and the Lipper
Intermediate Investment Grade Universe return of 3.06%. The Master Fixed Income
Fund performance can be attributed to our proprietary volatility forecasting
model which helped us purchase securities at attractive prices relative to the
general market.
The performance of the UAM Analytic Short-Term Government Fund returned 3.52%
over this period, outperforming both the Merrill Lynch 1-3 Year Treasury Index
return of 2.99% and the Lipper Short-Term US Government Universe return of
2.98%. The Short-Term Government Fund performance can be attributed primarily to
security selection.
We thank you for your continued interest and support in the UAM Analytic Funds.
Sincerely,
/s/ Harindra de Silva, Ph.D, CFA /s/ Greg McMurran
Harindra de Silva, Ph.D, CFA Greg McMurran
President/Co-Portfolio Manager Chief Investment Officer
/s/ Dennis Bein, CFA /s/ Steven Sapra /s/ Scott Barker, CFA
Dennis Bein, CFA Steven Sapra Scott Barker, CFA
Portfolio Manager Portfolio Manager Portfolio Manager
/s/ Robert Murdock, Ph.D. /s/ Doug Savarese
Robert Murdock, Ph.D. Doug Savarese
Portfolio Manager Portfolio Manager
3
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UAM FUNDS ANALYTIC FUNDS
--------------------------------------------------------------------------------
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. 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 Indices
-------------------------------------
Blended S&P 500 Index/Lehman Government/Corporate Bond Index is a customized
index which consists of 60% S&P 500 Index and 40% Lehman Government/Corporate
Bond Index.
Lehman Government/Corporate Bond Index is an unmanaged fixed income market
value-weighted index of U.S. government treasury securities, corporate and
yankee bonds. All issues are investment grade (BBB) or higher, with maturities
of at least one year and outstanding par value of at least $100 million of U.S.
government issues and $25 million for others.
Lipper Mutual Fund Averages are equally-weighted benchmarks composed of mutual
funds with similar objectives.
Merrill Lynch 1-3 Year Treasury Index is an unmanaged index composed of U.S.
treasury securities with an outstanding par value of at least $25 million, a
fixed coupon greater than 4.25% and a maturity ranging between one to three
years.
Morgan Stanley Capital International EAFE Index is an arithmetic, market
value-weighted averages of the performance of over 900 securities listed on the
stock exchanges of countries in Europe, Australia and the Far East.
S&P 500 Index is an unmanaged index composed of 400 industrial stocks, 40
financial stocks, 40 utility stocks and 20 transportation stocks.
The comparative indices assume reinvestment of dividends and, unlike a
Portfolio's returns, do not reflect any fees or expenses. If such fees were
reflected in the comparative indices' returns, the performance
would have been lower.
Please note that one cannot invest directly in an unmanaged index.
4
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UAM FUNDS ANALYTIC FUNDS
Defensive Equity Fund
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
COMMON STOCKS - 96.0%
Shares Value
------ -----
Banks -- 7.0%
Bank of America+ ............................... 21,192 $ 911,256
Chase Manhattan Bank+ .......................... 16,221 747,180
Citigroup+ ..................................... 24,238 1,460,339
FleetBoston Financial+ ......................... 3,354 114,036
J.P. Morgan+ ................................... 273 30,064
National City+ ................................. 20,753 354,098
SunTrust+ ...................................... 9,954 454,773
----------
4,071,746
----------
Chemicals -- 2.7%
Eastman Chemical+ .............................. 12,566 600,026
Minnesota Mining & Manufacturing ............... 8,456 697,620
Occidental Petroleum+ .......................... 13,457 283,438
----------
1,581,084
----------
Computer Hardware -- 9.6%
Agilent Technologies*+ ......................... 2,157 159,079
Cisco Systems*+ ................................ 36,333 2,309,416
EMC*+ .......................................... 13,048 1,003,880
Hewlett Packard+ ............................... 7,948 992,506
Network Appliance*+ ............................ 4,144 333,592
Sun Microsystems*+ ............................. 8,692 790,429
----------
5,588,902
----------
Computer Software -- 6.2%
Microsoft*+ .................................... 22,239 1,779,120
Oracle Systems*+ ............................... 16,653 1,399,893
Siebel Systems*+ ............................... 1,412 230,950
Veritas Software*+ ............................. 1,841 208,062
----------
3,618,025
----------
Construction -- 0.1%
Centex ......................................... 1,814 42,629
----------
The accompanying notes are an integral part of financial statements.
5
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UAM FUNDS ANALYTIC FUNDS
Defensive Equity Fund
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
COMMON STOCKS -- continued
Shares Value
------ -----
Defense and Aerospace -- 1.5%
Boeing+ ........................................ 19,007 $ 794,730
TRW+ ........................................... 1,804 78,249
----------
872,979
----------
Department Stores -- 2.2%
Federated Department Stores*+ .................. 5,503 185,726
Target+ ........................................ 10,452 606,216
Wal-Mart Stores+ ............................... 7,998 460,885
----------
1,252,827
----------
Electric Utilities -- 0.8%
Ameren+ ........................................ 13,275 448,031
----------
Electrical Equipment -- 6.0%
ADC Telecommunications*+ ....................... 4,954 415,517
Danaher+ ....................................... 11,177 552,563
Eaton+ ......................................... 2,233 149,611
KLA-Tencor*+ ................................... 955 55,927
Lucent Technologies+ ........................... 2,752 163,056
Molex+ ......................................... 362 17,421
Motorola+ ...................................... 11,808 343,170
Nortel Networks+ ............................... 19,105 1,303,916
Scientific-Atlanta+ ............................ 2,785 207,482
Teradyne*+ ..................................... 3,951 290,399
----------
3,499,062
----------
Energy Resources -- 4.2%
Amerada Hess+ .................................. 11,026 680,855
Chevron+ ....................................... 10,253 869,583
Exxon Mobil+ ................................... 9,337 732,954
Kerr-McGee+ .................................... 2,265 133,493
----------
2,416,885
----------
Environmental Services -- 0.1%
Waste Management+ .............................. 2,564 48,716
----------
The accompanying notes are an integral part of financial statements.
6
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UAM FUNDS ANALYTIC FUNDS
DEFENSIVE EQUITY FUND
JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
COMMON STOCKS -- continued
Shares Value
------ -----
FINANCIAL SERVICES -- 7.3%
Associates First Capital ....................... 10,268 $ 229,105
Federal National Mortgage Association+ ......... 15,254 796,068
General Electric+ .............................. 59,408 3,148,624
MBNA+ .......................................... 2,257 61,221
----------
4,235,018
----------
FOOD & BEVERAGES -- 2.3%
Coca-Cola+ ..................................... 4,031 231,531
SYSCO+ ......................................... 9,410 396,396
WM. Wrigley+ ................................... 8,868 711,103
----------
1,339,030
----------
GAS UTILITIES -- 0.5%
Peoples Energy+ ................................ 9,044 292,800
----------
GOLD -- 0.3%
Freeport-McMoran Copper & Gold, Cl B+ .......... 16,158 149,461
----------
HOME PRODUCTS -- 2.4%
Clorox+ ........................................ 13,286 595,379
Colgate-Palmolive+ ............................. 12,903 772,567
----------
1,367,946
----------
HOTELS -- 0.0%
Harrah's Entertainment*+ ....................... 1,115 23,345
----------
INDUSTRIAL PARTS -- 1.2%
Parker-Hannifin+ ............................... 4,547 155,735
Timken+ ........................................ 1,726 32,147
United Technologies+ ........................... 9,060 533,407
----------
721,289
----------
INFORMATION SERVICES -- 3.3%
America Online*+ ............................... 9,952 524,968
Automatic Data Processing+ ..................... 14,905 798,349
Paychex+ ....................................... 11,506 483,252
Young & Rubicam+ ............................... 1,997 114,203
----------
1,920,772
----------
The accompanying notes are an integral part of the financial statements.
7
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UAM FUNDS ANALYTIC FUNDS
DEFENSIVE EQUITY FUND
JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
COMMON STOCKS -- continued
Shares Value
------ -----
INVESTMENT SERVICES -- 0.1%
T Rowe Price & Associates+ ..................... 957 $ 40,673
----------
LEISURE & LUXURY -- 1.1%
Harley-Davidson+ ............................... 11,195 431,008
Sabre Holdings*+ ............................... 8,147 232,190
----------
663,198
----------
LIFE INSURANCE -- 1.0%
Aflac .......................................... 1,388 63,761
Torchmark+ ..................................... 21,773 537,521
----------
601,282
----------
MEDIA -- 1.6%
Time Warner+ ................................... 5,729 435,404
Walt Disney+ ................................... 12,861 499,168
----------
934,572
----------
MEDICAL PRODUCTS -- 5.6%
Abbott Laboratories+ ........................... 22,089 984,341
Johnson & Johnson+ ............................. 13,684 1,394,057
Mallinckrodt+ .................................. 1,405 61,030
Medtronic+ ..................................... 16,262 810,051
----------
3,249,479
----------
MEDICAL PROVIDERS -- 0.2%
Healthsouth Rehabilitation*+ ................... 12,259 88,112
----------
MISCELLANEOUS MINING -- 0.2%
Owens-Illinois*+ ............................... 11,697 136,709
----------
OIL REFINING -- 0.8%
USX-Marathon Group+ ............................ 18,439 462,127
----------
PHARMACEUTICALS -- 5.9%
Bristol-Myers Squibb+ .......................... 19,352 1,127,254
Medimmune*+ .................................... 395 29,230
Merck+ ......................................... 19,161 1,468,212
Pfizer+ ........................................ 16,064 771,060
----------
3,395,756
----------
The accompanying notes are an integral part of the financial statements.
8
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UAM FUNDS ANALYTIC FUNDS
DEFENSIVE EQUITY FUND
JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
COMMON STOCKS -- continued
Shares Value
------ -----
PROPERTY INSURANCE -- 2.2%
American International Group+ .................. 4,916 $ 577,630
Loews+ ......................................... 6,007 360,420
MGIC Investment+ ............................... 7,118 323,869
----------
1,261,919
----------
PUBLISHING -- 1.2%
Deluxe+ ........................................ 3,142 74,033
Dow Jones+ ..................................... 303 22,195
New York Times, Cl A+ .......................... 15,122 597,319
----------
693,547
----------
RAILROADS -- 1.2%
Kansas City Southern Industries+ ............... 3,923 347,921
Union Pacific+ ................................. 9,077 337,551
----------
685,472
----------
SEMICONDUCTORS -- 6.6%
Advanced Micro Devices*+ ....................... 3,242 250,445
Analog Devices*+ ............................... 4,288 325,888
Intel .......................................... 18,126 2,423,220
Texas Instruments+ ............................. 12,194 837,575
----------
3,837,128
----------
SPECIALTY RETAIL -- 2.9%
Circuit City Stores+ ........................... 1,402 46,529
Dollar General+ ................................ 25,708 501,306
Home Depot+ .................................... 21,243 1,060,822
Lowe's+ ........................................ 2,166 88,941
----------
1,697,598
----------
TELEPHONE -- 5.9%
AT&T+ .......................................... 29,035 918,248
Bell Atlantic .................................. 6,315 320,881
BellSouth+ ..................................... 21,617 921,425
Qualcomm* ...................................... 7,806 468,360
Sprint+ ........................................ 4,108 209,508
Worldcom*+ ..................................... 13,276 609,037
----------
3,447,459
----------
The accompanying notes are an integral part of the financial statements.
9
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UAM FUNDS ANALYTIC FUNDS
ENHANCED EQUITY FUND
JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
COMMON STOCKS -- continued
<TABLE>
<CAPTION>
Shares/
Face Amount Value
----------- -----
<S> <C> <C>
THRIFT & LOAN -- 0.4%
Golden West Financial+ .......................................... 5,142 $ 209,858
-----------
TOBACCO -- 1.0%
Philip Morris+ .................................................. 22,208 589,900
-----------
WIRELESS TECHNOLOGY -- 0.4%
Sprint PCS Group*+ .............................................. 3,513 209,024
-----------
TOTAL COMMON STOCKS
(Cost $51,429,467) ........................................... 55,694,360
-----------
U.S. TREASURY OBLIGATION -- 0.7%
United States Treasury Bill (B) (C)
5.820%, 09/14/00 (Cost $385,290) ............................. $ 390,000 385,515
-----------
SHORT-TERM INVESTMENT -- 3.8%
REPURCHASE AGREEMENT -- 3.8%
Morgan Treasury 6.30%, dated 06/30/00, matures 07/03/00,
repurchase price $2,199,038, (collateralized by U.S.
Government Agency Instruments: total market
value $2,249,357) (Cost $2,198,653) (A) ...................... 2,198,653 2,198,653
-----------
TOTAL INVESTMENTS -- 100.5%
(Cost $54,013,410) (D) ....................................... 58,278,528
-----------
INDEX OPTIONS WRITTEN --(1.0%)
Contracts
---------
S&P 100 Index July 2000, 740 Call ............................... (20) (88,000)
S&P 100 Index July 2000, 795 Call ............................... (50) (56,250)
S&P 100 Index July 2000, 800 Call ............................... (25) (22,500)
S&P 100 Index July 2000, 810 Call ............................... (50) (28,125)
S&P 100 Index August 2000, 780 Call ............................. (25) (65,000)
S&P 500 Index July 2000, 1450 Call .............................. (25) (67,500)
S&P 500 Index July 2000, 1475 Call .............................. (50) (76,250)
S&P 500 Index July 2000, 1500 Call .............................. (30) (22,500)
S&P 500 Index July 2000, 1525 Call .............................. (25) (7,500)
S&P 500 Index July 2000, 1530 Call .............................. (25) (6,250)
</TABLE>
The accompanying notes are an integral part of the financial statements.
10
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UAM FUNDS ANALYTIC FUNDS
DEFENSIVE EQUITY FUND
JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
INDEX OPTIONS -- continued
Contracts Value
--------- -----
S&P 500 Index July 2000, 1575 Call ................ (50) $ (1,875)
S&P 500 Index July 2000, 1600 Call ................ (25) (625)
S&P 500 Index August 2000, 1425 Call .............. (10) (55,000)
S&P 500 Index August 2000, 1450 Call .............. (25) (98,750)
-----------
TOTAL INDEX OPTIONS
(Premiums received ($974,287)) ................. (596,125)
-----------
OTHER ASSETS AND LIABILITIES, NET -- 0.5% ......... 330,924
-----------
TOTAL NET ASSETS -- 100.0% ........................ 58,013,327
===========
+ Security has been pledged as collateral for open written option contracts.
* Non-Income Producing Security
Cl Class
(A) Tri-Party Repurchase Agreement
(B) The rate reflected on the Portfolio of Investments represents the
security's discount rate at purchase.
(C) Security has been pledged as collateral for open future positions.
(D) The cost for federal income tax purposes was $54,013,410. At June 30, 2000,
net unrealized appreciation for all securities based on tax cost was
$4,265,118. This consisted of aggregate gross unrealized appreciation for
all securities of $7,373,200 and aggregate gross unrealized depreciation
for all securities of $3,108,082.
The accompanying notes are an integral part of the financial statements.
11
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UAM FUNDS ANALYTIC FUNDS
ENHANCED EQUITY FUND
JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
COMMON STOCKS - 95.5%
Shares Value
------ -----
APPAREL & TEXTILES -- 0.7%
Liz Claiborne .................................. 1,547 $ 54,532
Springs Industries, Cl A ....................... 32,332 1,034,624
-----------
1,089,156
-----------
BANKS -- 7.2%
Bank of America ................................ 31,431 1,351,533
Chase Manhattan Bank ........................... 39,639 1,825,871
Citigroup ...................................... 59,864 3,606,806
FleetBoston Financial .......................... 32,810 1,115,540
J.P. Morgan .................................... 5,695 627,162
National City Corp ............................. 84,314 1,438,608
SunTrust ....................................... 12,869 587,952
-----------
10,553,472
-----------
CHEMICAL -- 2.7%
Eastman Chemical ............................... 31,519 1,505,032
Minnesota Mining & Manufacturing ............... 19,154 1,580,205
Occidental Petroleum ........................... 41,353 870,998
-----------
3,956,235
-----------
COMPUTER HARDWARE -- 9.3%
Agilent Technologies* .......................... 6,681 492,724
Cisco Systems* ................................. 94,758 6,023,055
EMC* ........................................... 37,596 2,892,542
Hewlett Packard ................................ 17,519 2,187,685
Network Appliance* ............................. 6,880 553,840
Sun Microsystems* .............................. 17,942 1,631,601
-----------
13,781,447
-----------
COMPUTER SOFTWARE -- 6.0%
Microsoft* ..................................... 53,217 4,257,360
Oracle Systems* ................................ 42,845 3,601,658
Siebel Systems* ................................ 2,610 426,898
Veritas Software* .............................. 4,411 498,512
-----------
8,784,428
-----------
The accompanying notes are an integral part of the financial statements.
12
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UAM FUNDS ANALYTIC FUNDS
ENHANCED EQUITY FUND
JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
COMMON STOCKS -- continued
Shares Value
------ -----
CONSTRUCTION -- 0.1%
Centex ......................................... 6,349 $ 149,201
----------
DEFENSE AND AEROSPACE -- 1.5%
Boeing ......................................... 48,564 2,030,582
TRW ............................................ 5,598 242,813
----------
2,273,395
----------
DEPARTMENT STORES -- 2.2%
Federated Department Stores* ................... 13,366 451,103
Target ......................................... 25,541 1,481,378
Wal-Mart Stores ................................ 22,863 1,317,480
----------
3,249,961
----------
ELECTRIC UTILITIES -- 0.3%
Ameren ......................................... 15,044 507,735
----------
ELECTRICAL EQUIPMENT -- 6.2%
ADC Telecommunications* ........................ 14,104 1,182,973
Danaher ........................................ 22,067 1,090,937
Eaton .......................................... 4,325 289,775
KLA-Tencor* .................................... 8,832 517,224
Lucent Technologies ............................ 6,734 398,989
Molex .......................................... 1,376 66,220
Motorola ....................................... 30,306 880,768
Nortel Networks ................................ 52,498 3,582,989
Scientific-Atlanta ............................. 4,906 365,497
Teradyne* ...................................... 9,654 709,569
----------
9,084,941
----------
ENERGY RESOURCES -- 4.1%
Amerada Hess ................................... 29,342 1,811,869
Chevron ........................................ 24,845 2,107,167
Exxon Mobil .................................... 25,390 1,993,115
Kerr-McGee ..................................... 1,709 100,724
----------
6,012,875
----------
The accompanying notes are an integral part of the financial statements.
13
<PAGE>
UAM FUNDS ANALYTIC FUNDS
ENHANCED EQUITY FUND
JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
COMMON STOCKS -- continued
Shares Value
------ -----
FINANCIAL SERVICES -- 6.6%
American Express ............................... 40,434 $2,107,622
General Electric ............................... 145,169 7,693,957
----------
9,801,579
----------
FOOD & BEVERAGES -- 2.2%
Coca-Cola ...................................... 10,078 578,855
PepsiCo ........................................ 4,675 207,745
SYSCO .......................................... 32,182 1,355,667
W M. Wrigley ................................... 13,322 1,068,258
----------
3,210,525
----------
FOREST PRODUCTS -- 0.1%
Westvaco ....................................... 3,443 85,429
----------
GAS UTILITIES -- 0.5%
Peoples Energy ................................. 22,610 731,999
----------
GOLD -- 0.2%
Freeport-McMoran Copper & Gold, Cl B ........... 32,145 297,341
----------
GROCERY RETAILING -- 0.2%
Safeway* ....................................... 5,768 260,281
----------
HOME PRODUCTS -- 1.4%
Colgate-Palmolive .............................. 34,792 2,083,171
----------
HOTELS -- 0.6%
Harrah's Entertainment* ........................ 42,064 880,715
----------
INDUSTRIAL PARTS -- 1.2%
Parker-Hannifin ................................ 10,674 365,584
Timken ......................................... 6,040 112,495
United Technologies ............................ 22,771 1,340,643
----------
1,818,722
----------
INFORMATION SERVICES -- 3.4%
America Online* ................................ 25,565 1,348,554
Automatic Data Processing ...................... 36,422 1,950,853
Paychex ........................................ 31,147 1,308,174
Young & Rubicam ................................ 5,814 332,488
----------
4,940,069
----------
The accompanying notes are an integral part of the financial statements.
14
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UAM FUNDS ANALYTIC FUNDS
ENHANCED EQUITY FUND
JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
COMMON STOCKS -- continued
Shares Value
------ -----
INVESTMENT SERVICES -- 0.1%
T Rowe Price & Associates ...................... 4,202 $ 178,585
-----------
LEISURE & LUXURY -- 1.0%
Harley-Davidson ................................ 27,988 1,077,538
Sabre Holdings* ................................ 16,324 465,234
-----------
1,542,772
-----------
LIFE INSURANCE -- 1.1%
Aflac .......................................... 4,756 218,479
Jefferson-Pilot ................................ 758 42,780
Torchmark ...................................... 53,204 1,313,474
-----------
1,574,733
-----------
MEDIA -- 2.1%
Time Warner .................................... 14,735 1,119,860
Walt Disney .................................... 51,565 2,001,367
-----------
3,121,227
-----------
MEDICAL PRODUCTS -- 4.6%
Abbott Laboratories ............................ 17,572 783,052
Johnson & Johnson .............................. 36,087 3,676,363
Mallinckrodt ................................... 8,011 347,978
Medtronic ...................................... 40,088 1,996,884
-----------
6,804,277
-----------
MEDICAL PROVIDERS -- 0.4%
Healthsouth Rehabilitation* .................... 78,623 565,103
-----------
MISCELLANEOUS MINING -- 0.3%
Owens-Illinois* ................................ 35,815 418,588
-----------
OIL REFINING -- 0.8%
USX-Marathon Group ............................. 48,655 1,219,416
-----------
PHARMACEUTICALS -- 7.0%
Bristol-Myers Squibb ........................... 51,731 3,013,331
Merck .......................................... 50,417 3,863,203
Pfizer ......................................... 70,627 3,390,096
-----------
10,266,630
-----------
The accompanying notes are an integral part of the financial statements.
15
<PAGE>
UAM FUNDS ANALYTIC FUNDS
ENHANCED EQUITY FUND
JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
COMMON STOCKS -- continued
Shares Value
------ -----
PROPERTY INSURANCE -- 2.7%
American International Group ................... 20,565 $2,416,388
Cincinnati Financial ........................... 4,374 137,508
Loew's ......................................... 11,462 687,720
MGIC Investment ................................ 15,348 698,334
----------
3,939,950
----------
PUBLISHING -- 1.2%
Deluxe ......................................... 5,915 139,372
Dow Jones ...................................... 1,030 75,447
New York Times, Cl A ........................... 40,129 1,585,096
----------
1,799,915
----------
RAILROADS -- 0.9%
Kansas City Southern Industries ................ 9,397 833,396
Union Pacific .................................. 14,599 542,900
----------
1,376,296
----------
SEMICONDUCTORS -- 6.5%
Analog Devices* ................................ 7,525 571,900
Advanced Micro Devices* ........................ 8,105 626,111
Intel .......................................... 47,106 6,297,483
Texas Instruments .............................. 29,797 2,046,681
----------
9,542,175
----------
SPECIALTY RETAIL -- 2.8%
Circuit City Stores ............................ 3,655 121,300
Dollar General ................................. 62,820 1,224,990
Home Depot ..................................... 51,908 2,592,156
Lowe's ......................................... 4,658 191,269
----------
4,129,715
----------
TELEPHONE -- 5.8%
AT&T ........................................... 80,181 2,535,737
Bell Atlantic .................................. 17,764 902,633
BellSouth ...................................... 44,314 1,888,884
Qualcomm* ...................................... 20,242 1,214,520
Sprint ......................................... 10,034 511,734
Worldcom* ...................................... 32,728 1,501,397
----------
8,554,905
----------
The accompanying notes are an integral part of the financial statements.
16
<PAGE>
UAM FUNDS ANALYTIC FUNDS
ENHANCED EQUITY FUND
JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
COMMON STOCKS--continued
<TABLE>
<CAPTION>
Shares/
Face Amount Value
----------- ------------
<S> <C> <C>
THRIFT & LOAN -- 0.2%
Golden West Financial........................................... 8,778 $ 358,252
------------
TOBACCO -- 0.9%
Philip Morris .................................................. 52,209 1,386,802
------------
WIRELESS TECHNOLOGY -- 0.4%
Sprint PCS Group* .............................................. 9,903 589,229
------------
TOTAL COMMON STOCKS
(Cost $133,741,976) ......................................... 140,921,247
------------
U.S. TREASURY OBLIGATION -- 0.5%
United States Treasury Bill (B) (C)
5.820%, 09/14/00 (Cost $661,885) ............................ $ 670,000 662,295
------------
SHORT-TERM INVESTMENT -- 3.1%
REPURCHASE AGREEMENT -- 3.1%
Morgan Agency 6.75%, dated 06/30/00, matures 07/03/00,
repurchase price $4,642,080, (collateralized by U.S.
Government Agency Instruments: total market
value $4,734,557) (Cost $4,641,210) (A) ..................... 4,641,210 4,641,210
------------
TOTAL INVESTMENTS -- 99.1%
(Cost $139,045,071) (D) ..................................... 146,224,752
------------
OTHER ASSETS AND LIABILITIES, NET -- 0.9% ...................... 1,288,657
------------
TOTAL NET ASSETS -- 100.0% ..................................... $147,513,409
------------
</TABLE>
* Non-Income Producing Security
Cl Class
(A) Tri-Party Repurchase Agreement
(B) The rate reflected on the Portfolio of Investments represents the
security's discount rate at purchase.
(C) Security has been pledged as collateral for open future positions.
(D) The cost for federal income tax purposes was $139,045,071. At June 30,
2000, net unrealized appreciation for all securities based on tax cost was
$7,179,681. This consisted of aggregate gross unrealized appreciation for
all securities of $14,867,081 and aggregate gross unrealized depreciation
for all securities of $7,687,400.
The accompanying notes are an integral part of the financial statements.
17
<PAGE>
UAM FUNDS ANALYTIC FUNDS
MASTER FIXED INCOME FUND
JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 14.4%
Contracts/
Face Amount Value
----------- -----
FEDERAL HOME LOAN BANK
7.125%, 02/15/05 ............................ $ 200,000 $ 200,692
FEDERAL NATIONAL MORTGAGE ASSOCIATION
6.640%, 07/02/07 ............................ 470,000 457,202
----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $711,304) ............................. 657,894
----------
U.S. TREASURY OBLIGATIONS -- 84.4%
U.S. Treasury Bills
5.820%, 09/14/00 (B) ........................ 40,000 39,540
5.770%, 12/07/00 (B) (C)+ ................... 1,503,000 1,464,057
U.S. Treasury Bonds
12.375%, 05/15/04 ............................ 310,000 373,259
11.250%, 02/15/15 ............................ 75,000 110,390
9.000%, 11/15/18 ............................ 75,000 97,219
8.875%, 02/15/19 ............................ 150,000 192,656
8.125%, 08/15/19 ............................ 300,000 361,875
U.S. Treasury Notes
6.625%, 03/31/02 ............................ 400,000 400,748
6.250%, 08/31/02 ............................ 100,000 99,625
5.750%, 10/31/02 ............................ 100,000 98,531
10.750%, 02/15/03 ............................ 100,000 110,250
7.500%, 02/15/05 ............................ 100,000 104,875
6.250%, 02/15/07 ............................ 200,000 200,186
5.625%, 05/15/08 ............................ 200,000 192,874
----------
Total U.S. Treasury Obligations
(Cost $3,920,471) ........................... 3,846,085
----------
INDEXOPTION -- (0.0%)
S&P 100 Index July 2000, 730 Puts (Cost $1,770) 5 656
----------
The accompanying notes are an integral part of the financial statements.
18
<PAGE>
UAM FUNDS ANALYTIC FUNDS
MASTER FIXED INCOME FUND
JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
SHORT-TERM INVESTMENT -- 0.5%
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
REPURCHASE AGREEMENT -- 0.5%
Morgan Treasury 6.25%, dated 06/30/99, matures 07/03/00,
repurchase price $23,251 (collateralized by U.S. ..........
Government Agency Instruments: total market
value $23,783 (Cost $23,247) (A) .......................... $ 23,247 $ 23,247
-----------
TOTAL INVESTMENTS -- 99.3%
(Cost $4,656,792) (D) ..................................... 4,527,882
-----------
INDEX OPTIONS WRITTEN -- (0.2%)
Biotechnology Index July 2000, 560 Puts ...................... (3) (3,525)
Phlx Kbw Bank Index July 2000, 730 Puts ...................... (2) (4,500)
S&P 100 Index July 2000, 755 Puts ............................ (14) (6,475)
-----------
TOTAL INDEX OPTIONS
(Premiums received ($17,773)) ............................. (14,500)
-----------
OTHER ASSETS AND LIABILITIES, NET -- 0.9% .................... 41,834
-----------
TOTAL NET ASSETS -- 100.0% ................................... $ 4,555,216
-----------
</TABLE>
+ Security has been pledged as collateral for open written option contracts.
(A) Tri-Party Repurchase Agreement
(B) The rate reflected on the Portfolio of Investments represents the
security's discount rate at purchase.
(C) Security has been pledged as collateral for open future positions.
(D) The cost for federal income tax purposes was $4,656,792. At June 30, 2000,
net unrealized appreciation for all securities based on tax cost was
$128,910. This consisted of aggregate gross unrealized appreciation for all
securities of $10,924 and aggregate gross unrealized depreciation for all
securities of $139,834.
The accompanying notes are an integral part of the financial statements.
19
<PAGE>
UAM FUNDS ANALYTIC FUNDS
SHORT-TERM GOVERNMENT FUND
JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 44.1%
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
FEDERAL NATIONAL MORTGAGE ASSOCIATION
5.375%, 03/15/02 ....................................... $ 750,000 $ 732,187
Federal National Mortgage Association Medium Term Note
6.180%, 03/15/01 ....................................... 750,000 746,677
6.670%, 08/01/01 ....................................... 100,000 99,848
----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $1,601,307) ...................................... 1,578,712
----------
U.S. TREASURY OBLIGATIONS -- 45.5%
U.S. Treasury Bill (B) (C)
5.820%, 09/14/00 ....................................... 10,000 9,885
U.S. Treasury Bond
10.750%, 05/15/03 ....................................... 200,000 222,500
U.S. Treasury Notes
6.500%, 05/31/02 ....................................... 100,000 100,062
6.250%, 06/30/02 ....................................... 300,000 298,968
6.375%, 08/15/02 ....................................... 100,000 99,843
6.250%, 08/31/02 ....................................... 75,000 74,719
5.875%, 09/30/02 ....................................... 350,000 345,951
5.750%, 11/30/02 ....................................... 275,000 270,867
10.750%, 02/15/03 ....................................... 100,000 110,250
5.500%, 02/28/03 ....................................... 100,000 97,843
----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $1,647,030) ...................................... 1,630,888
----------
FOREIGN BOND -- 7.7%
Shell Canada
8.875%, 01/14/01 (Cost $296,574) ....................... 275,000 277,409
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
20
<PAGE>
UAM FUNDS ANALYTIC FUNDS
SHORT-TERM GOVERNMENT FUND
JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
SHORT-TERM INVESTMENT -- 8.4%
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
REPURCHASE AGREEMENT -- 8.4%
Morgan Treasury 6.25%, dated 06/30/00, matures 07/03/00,
repurchase price $301,366, (collateralized by U.S. Government
Agency Instruments: total market value $308,263)
(Cost $301,314) (A) ........................................... $ 301,314 $ 301,314
-----------
TOTAL INVESTMENTS -- 105.7%
(Cost $3,846,225) (D) ......................................... 3,788,323
-----------
OTHER ASSETS AND LIABILITIES, NET -- (5.7%) ...................... (203,123)
-----------
TOTAL NET ASSETS -- 100.0% ....................................... $ 3,585,200
-----------
</TABLE>
(A) Tri-Party Repurchase Agreement
(B) The rate reflected on the Portfolio of Investments represents the
security's discount rate at purchase.
(C) Security has been pledged as collateral for open future positions.
(D) The cost for federal income tax purposes was $3,846,225. At June 30, 2000,
net unrealized depreciation for all securities based on tax cost was
$57,902. This consisted of aggregate gross unrealized appreciation for all
securities of $372 and aggregate gross unrealized depreciation for all
securities of $58,274.
The accompanying notes are an integral part of the financial statements.
21
<PAGE>
UAM FUNDS ANALYTIC FUNDS
INTERNATIONAL FUND
JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
COMMON STOCKS - 84.0%
Shares Value
------ -----
AUSTRALIA -- 2.2%
National Australia Bank ADR .................... 1,011 $ 83,660
News Corp ADR .................................. 910 49,595
WMC ADR ........................................ 1,541 27,738
--------
160,993
--------
FINLAND -- 2.7%
Nokia ADR ...................................... 3,262 162,896
UPM-Kymmene ADR ................................ 1,262 32,339
--------
195,235
--------
FRANCE -- 6.7%
Alcatel ADR .................................... 712 47,348
Aventis ADR .................................... 1,155 83,810
France Telecom ADR ............................. 692 98,610
LVMH ADR ....................................... 625 52,187
STMicroelectronics - NY Shares ................. 744 47,756
Total Fina Elf ADR ............................. 1,196 91,868
Vivendi ADR .................................... 3,560 62,300
--------
483,879
--------
GERMANY -- 9.1%
Allianz, Registered ............................ 327 118,320
Carrefour* ..................................... 940 67,578
DaimlerChrysler ADR ............................ 1,053 54,822
DaimlerChrysler, Registered .................... 122 6,383
Deutsche Bank, Registered ...................... 1,008 82,928
Deutsche Telekom, Registered ................... 1,772 100,563
E.On ........................................... 1,470 71,946
Muenchener Rueckvers, Registered ............... 248 78,518
Siemens ........................................ 505 75,736
--------
656,794
--------
HONG KONG -- 1.1%
China Mobile ADR* .............................. 161 28,628
Hutchison Whampoa ADR .......................... 726 50,200
--------
78,828
--------
The accompanying notes are an integral part of the financial statements.
22
<PAGE>
UAM FUNDS ANALYTIC FUNDS
INTERNATIONAL FUND
JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
COMMON STOCKS - continued
Shares Value
------ -----
ITALY -- 2.5%
San Paolo IMI ADR .............................. 2,081 $ 73,615
Telecom Italia ADR ............................. 377 51,861
TIM ADR* ....................................... 5,862 60,086
--------
185,562
--------
JAPAN -- 26.6%
Acom ........................................... 300 25,252
Asahi Glass .................................... 5,000 55,912
DAI Nippon Printing ............................ 3,000 52,911
Daiichi Pharmaceutical ......................... 3,000 76,154
Daikin Industries .............................. 1,000 23,261
Daito Trust Construction ....................... 2,000 33,028
Denki Kagaku Kogyo ............................. 12,000 53,223
Fuji Bank ...................................... 4,000 30,424
Fujitsu ........................................ 1,000 34,632
Furukawa ....................................... 3,000 7,729
Furukawa Electric .............................. 3,000 62,706
Heiwa .......................................... 1,700 38,181
Honda Motor .................................... 1,000 34,066
Inax ........................................... 4,000 24,648
Itoham Foods ................................... 10,000 42,276
JGC ............................................ 12,000 48,467
Kajima ......................................... 3,000 9,569
Kawasaki Steel ................................. 11,000 15,778
Konica ......................................... 7,000 59,451
Kubota ......................................... 8,000 29,065
Misawa Homes ................................... 13,000 42,814
Mitsubishi ..................................... 6,000 54,298
Mitsubishi Electric ............................ 5,000 54,166
Mitsui Chemicals ............................... 3,000 20,978
NEC ............................................ 3,000 94,272
Nichirei ....................................... 17,000 72,511
Nippon Express ................................. 7,000 43,003
Nippon Mitsubishi Oil .......................... 8,000 36,690
NSK ............................................ 3,000 26,328
NTT ............................................ 8 106,445
Okamura ........................................ 16,000 59,036
Promise ........................................ 300 23,724
Ricoh .......................................... 2,000 42,370
Sakura Bank .................................... 7,000 48,419
The accompanying notes are an integral part of the financial statements.
23
<PAGE>
UAM FUNDS ANALYTIC FUNDS
INTERNATIONAL FUND
JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
COMMON STOCKS - continued
Shares Value
------ -----
Seiyu* ......................................... 4,000 $ 16,986
Sekisui House .................................. 5,000 46,287
Sony ........................................... 400 37,369
Sumitomo Bank .................................. 3,000 36,803
Sumitomo Realty & Development .................. 10,000 45,013
Sumitomo Trust & Banking ....................... 2,000 14,249
Taisho Pharmaceutical .......................... 1,000 35,859
Teikoku Oil .................................... 8,000 25,970
Tokai Bank ..................................... 3,000 14,806
Tokyo Electric Power ........................... 2,600 63,424
Toyota Motor ................................... 2,000 91,158
Yamato Transport ............................... 1,000 24,866
----------
1,934,577
----------
NETHERLANDS -- 3.7%
Aegon ARS ...................................... 2,008 71,535
KPN ADR ........................................ 624 28,041
Philips Electronics - NY Shares ................ 1,368 64,980
Royal Dutch Petroleum - NY Shares .............. 1,717 105,703
----------
270,259
----------
NEW ZEALAND -- 0.6%
Telecom New Zealand ADR ........................ 1,495 42,047
----------
SPAIN -- 2.0%
Banco Bilbao Viscaya Argentaria ADR ............ 1 15
Banco Santander Central Hispano ADR ............ 7,904 82,004
Telefonica ADR ................................. 975 62,461
----------
144,480
----------
SWEDEN -- 2.3%
Ericsson ADR ................................... 6,480 129,600
Volvo ADR ...................................... 1,721 37,647
----------
167,247
----------
SWITZERLAND -- 5.7%
Credit Suisse Group ADR ........................ 1,532 76,409
Nestle ADR ..................................... 1,080 107,730
Novartis ADR ................................... 3,080 123,200
Roche Holdings ADR ............................. 1,100 104,913
----------
412,252
----------
The accompanying notes are an integral part of the financial statements.
24
<PAGE>
UAM FUNDS ANALYTIC FUNDS
INTERNATIONAL FUND
JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
COMMON STOCKS - continued
Shares Value
------ -----
UNITED KINGDOM -- 18.8%
Arm Holdings* .................................. 2,000 $ 21,474
AstraZeneca Group .............................. 1,836 85,897
Atlantic Telecom Group* ........................ 1,289 8,699
BAE Systems CALS* .............................. 12 18
Barclays ....................................... 2,292 57,109
Bioglan Pharma ................................. 1,500 12,682
BP Amoco ....................................... 12,840 123,454
British Sky Broadcasting Group* ................ 3,651 71,536
British Telecommunications ..................... 1,565 20,269
CGNU ........................................... 2,187 36,483
Colt Telecom Group* ............................ 317 10,576
Cookson Group .................................. 9,161 30,634
Glaxo Wellcome ................................. 600 17,534
HSBC Holdings .................................. 8,300 95,096
HSBC Holdings ADR .............................. 1,351 78,274
Invensys ....................................... 9,834 36,986
JJB Sports ..................................... 3,674 31,480
Logica ......................................... 1,821 43,191
London Bridge Software Holdings ................ 1,000 7,355
Millennium & Copthorne Hotels .................. 57 354
Morrison Supermarkets .......................... 15,000 32,075
National Grid Group ............................ 9,984 78,885
Ocean Group .................................... 3,709 61,310
Premier Farnell ................................ 1,410 10,381
Prudential ..................................... 4,202 61,685
Sage Group ..................................... 2,387 19,367
Shire Pharmaceuticals Group* ................... 1,000 17,440
Tate & Lyle .................................... 5,795 29,001
Tesco .......................................... 25,037 78,027
Thistle Hotels ................................. 10,220 19,839
Trafficmaster* ................................. 2,000 17,895
Vodafone AirTouch .............................. 36,745 148,785
----------
1,363,791
----------
TOTAL COMMON STOCKS
(Cost $5,906,968) ........................... 6,095,944
----------
The accompanying notes are an integral part of the financial statements.
25
<PAGE>
UAM FUNDS ANALYTIC FUNDS
INTERNATIONAL FUND
JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
PREFERRED STOCK -- 0.5%
<TABLE>
<CAPTION>
Shares/Free
Amount Value
------ -----
<S> <C> <C>
GERMANY -- 0.5%
SAP (Cost $48,760) .............................. 183 $ 33,718
----------
RIGHTS -- 0.0%
SWEDEN -- 0.0%
Volvo ADR Redemption Rights* (Cost $0) .......... 1,513 851
----------
U.S. TREASURY OBLIGATION -- 4.9%
U.S. Treasury Bill (A)(B)
5.820%, 09/14/00 (Cost $355,666) ............. $ 360,000 355,861
----------
TOTAL INVESTMENTS -- 89.4%
(Cost $6,311,394) (C) ........................ 6,486,374
----------
OTHER ASSETS AND LIABILITIES, NET -- 10.6% ...... 770,145
----------
TOTAL NET ASSETS -- 100.0% ...................... $7,256,519
==========
</TABLE>
* Non-income producing security.
(A) The rate reflected on the Portfolio of Investments represents the
security's discount rate at purchase.
(B) Security has been pledged as collateral for open future positions.
(C) The cost for federal income tax purposes was $6,311,394. At June 30, 2000,
net unrealized appreciation for all securities based on tax cost was
$174,980. This consisted of aggregate gross unrealized appreciation for
all securities of $609,706 and aggregate gross unrealized depreciation for
all securities of $434,726.
ADR American Depositary Shares
ARS American Registered Shares
CALS Capital Amortizing Loan Stock
The accompanying notes are an integral part of the financial statements.
26
<PAGE>
UAM FUNDS ANALYTIC FUNDS
INTERNATIONAL FUND
JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
At June 30, 2000 sector diversification of the Fund was as follows:
% of
Net Market
Sector Diversification Assets Value
------ -----
Telecommunications ................................ 15.1% $1,098,217
Financial Services ................................ 11.3 822,788
Pharmaceuticals ................................... 7.7 557,489
Food &Beverages ................................... 6.6 481,385
Oil & Gas ......................................... 5.3 383,684
Insurance ......................................... 5.1 366,542
Manufacturing ..................................... 4.3 311,546
Electronics ....................................... 3.9 286,506
Automotive ........................................ 3.1 224,927
Engineering and Construction ...................... 2.0 147,136
Electric Utilities ................................ 2.0 142,308
Commercial Services ............................... 1.8 133,106
Media ............................................. 1.8 129,830
Transportation .................................... 1.8 129,179
Building Materials ................................ 1.4 103,822
Business Equipment ................................ 1.4 101,406
Real Estate ....................................... 1.1 78,041
Computers ......................................... 1.1 77,824
Chemicals ......................................... 1.0 74,200
Metals and Mining ................................. 1.0 69,844
Semiconductors .................................... 1.0 69,230
Software .......................................... 0.9 60,440
Distribution/Wholesale ............................ 0.7 54,298
Holding Companies ................................. 0.7 50,218
Retail ............................................ 0.7 48,466
Leisure Time ...................................... 0.5 38,181
Home Furnishings .................................. 0.5 37,369
Forest Products ................................... 0.4 32,339
Lodging ........................................... 0.3 20,192
------- ----------
Total Investments ................................. 84.5% $6,130,513
U.S. Treasury Bill ................................ 4.9 355,861
Other Assets and Liabilities ...................... 10.6 770,145
------- ----------
Net Assets ........................................ 100.0% $7,256,519
======= ==========
The accompanying notes are an integral part of the financial statements.
27
<PAGE>
UAM FUNDS
--------------------------------------------------------------------------------
STATEMENTS OF ASSETS & LIABILITIES
<TABLE>
<CAPTION>
Defensive Equity Fund Enhanced Equity Fund
--------------------- --------------------
<S> <C> <C>
Assets
Investments, at Cost .............................. $ 54,013,410 $ 139,045,071
------------- -------------
Investments, at Value ............................. $ 58,278,528 $ 146,224,752
Cash .............................................. -- --
Receivable for Investment Securities Sold ......... 397,684 945,907
Dividends and Interest Receivable ................. 67,442 147,343
Receivable from Adviser ........................... -- --
Receivable for Portfolio Shares Sold .............. -- 537,326
Receivable for Daily Variation on
Futures Contracts .............................. 32,825 73,225
Foreign Withholding Tax Reclaim
Receivable ..................................... -- --
Other Assets ...................................... -- 90,241
------------- -------------
Total Assets ................................... 58,776,479 148,018,794
------------- -------------
Liabilities
Written Options Outstanding at Market
Value (premium received $974,287,
$0, $17,773, $0 and $0, respectively) .......... 596,125 --
Distributions Payable ............................. -- --
Payable for Investment Securities Purchased ....... -- --
Payable for Custodian Fees ........................ -- 397
Payable for Investment Advisory Fees .............. 20,538 72,342
Payable for Administration Fees ................... 23,800 11,597
Payable for Directors' Fees ....................... 3,552 854
Payable for Portfolio Shares Redeemed ............. 44,863 398,796
Payable for Daily Variation on
Futures Contracts .............................. -- --
Other Liabilities ................................. 74,274 21,399
------------- -------------
Total Liabilities .............................. 763,152 505,385
------------- -------------
Net Assets ........................................ $ 58,013,327 $ 147,513,409
============= =============
Net Assets Consist of:
Paid in Capital ................................... $ 54,550,956 $ 143,110,570
Undistributed Net Investment Income (Loss) ........ 43,602 (4,748)
Accumulated Net Realized Gain (Loss) .............. (1,160,686) (2,607,919)
Unrealized Appreciation (Depreciation) ............ 4,579,455 7,015,506
------------- -------------
Net Assets ........................................ $ 58,013,327 $ 147,513,409
============= =============
Institutional Class Shares:
Shares Issued and Outstanding
(authorized 100 million shares--
$0.001 par value) .............................. 5,082,917 12,287,036
------------- -------------
Net Asset Value, Offering and
Redemption Price Per Share ........................ $ 11.41 $ 12.01
============= =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
28
<PAGE>
ANALYTIC FUNDS
JUNE 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Master Fixed Income Fund Short-Term Government Fund International Fund
------------------------ -------------------------- ------------------
$ 4,656,792 $ 3,846,225 $ 6,311,394
------------- ------------- -------------
$ 4,527,882 $ 3,788,323 $ 6,486,374
2,632 -- 731,471
-- -- --
67,435 56,539 49,126
8,868 9,085 7,725
-- 3,154 58,440
-- 4,550 29,231
-- -- 2,831
11,650 3,576 --
------------- ------------- -------------
4,618,467 3,865,227 7,365,198
------------- ------------- -------------
14,500 -- --
22,129 16,754 --
-- 222,750 --
-- -- 21,122
-- -- --
8,333 9,971 7,658
1,442 918 659
-- -- 31,189
172 4,773 22,684
16,675 24,861 25,367
------------- ------------- -------------
63,251 280,027 108,679
------------- ------------- -------------
$ 4,555,216 $ 3,585,200 $ 7,256,519
============= ============= =============
$ 4,937,994 $ 4,464,484 $ 6,834,252
(1,709) (631) 33,851
(263,639) (822,233) 263,185
(117,430) (56,420) 125,231
------------- ------------- -------------
$ 4,555,216 $ 3,585,200 $ 7,256,519
============= ============= =============
487,876 364,132 645,168
------------- ------------- -------------
$ 9.34 $ 9.85 $ 11.25
============= ============= =============
29
<PAGE>
UAM FUNDS
STATEMENTS OF OPERATIONS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Enhanced
Defensive Equity Fund Equity Fund
--------------------- -----------
<S> <C> <C>
Investment Income
Dividends ........................................... $ 390,870 $ 940,585
Interest ............................................ 88,302 239,351
Less: Foreign Taxes Withheld ........................ (113) (274)
----------- -----------
Total Investment Income .......................... 479,059 1,179,662
----------- -----------
Expenses
Investment Advisory Fees ............................ 190,043 438,096
Administration Fees ................................. 92,833 97,828
Custodian Fees ...................................... 6,234 4,734
Audit Fees .......................................... 10,221 7,730
Legal Fees .......................................... 6,082 4,388
Shareholder Servicing Fees .......................... 15,707 27,873
Printing Fees ....................................... 5,344 3,564
Directors' Fees ..................................... 1,596 1,447
Registration and Filing Fees ........................ 10,863 29,729
Other Expenses ...................................... 24,977 10,063
----------- -----------
Total Expenses ................................... 363,900 625,452
----------- -----------
Waiver of Investment Advisory Fees .................. (50,329) --
Reimbursement of Other Expenses by
Adviser .......................................... -- --
----------- -----------
Net Expenses ..................................... 313,571 625,452
----------- -----------
Net Investment Income ............................... 165,488 554,210
----------- -----------
Net Realized Gain (Loss) on:
Investments ...................................... 1,441,311 (2,034,190)
Written Options .................................. 11,961 --
Foreign Currency Transactions .................... -- --
Futures .......................................... (232,419) 234,232
----------- -----------
Total Net Realized Gain (Loss) ...................... 1,220,853 (1,799,958)
----------- -----------
Net Change in Unrealized Appreciation
(Depreciation):
Investments ...................................... (4,418,524) (1,121,675)
Written Options .................................. 887,364 --
Foreign Currency Transactions .................... -- --
Futures .......................................... (296,787) (732,950)
----------- -----------
Net Change in Unrealized Appreciation
(Depreciation) ................................... (3,827,947) (1,854,625)
----------- -----------
Net Realized and Unrealized Gain (Loss) ............. (2,607,094) (3,654,583)
----------- -----------
Increase (Decrease) in Net Assets FM MENU Resulting
from Operations .................................. $(2,441,606) $(3,100,373)
=========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
30
<PAGE>
ANALYTIC FUNDS
FOR THE SIX MONTHS ENDED
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Short-Term
Master Fixed Income Fund Government Fund International Fund
------------------------ --------------- ------------------
$ -- $ -- $ 51,543
147,510 120,117 42,573
-- -- (5,418)
--------- --------- ---------
147,510 120,117 88,698
--------- --------- ---------
9,906 5,686 29,991
39,851 39,742 40,938
4,202 371 18,872
7,730 7,730 12,899
2,095 1,995 279
1,496 1,198 1,770
3,092 3,059 4,557
1,247 1,247 1,239
7,480 7,480 8,088
3,330 2,931 7,239
--------- --------- ---------
80,429 71,439 125,872
--------- --------- ---------
(9,906) (5,686) (29,991)
(52,913) (54,381) (56,785)
--------- --------- ---------
17,610 11,372 39,096
--------- --------- ---------
129,900 108,745 49,602
--------- --------- ---------
(90,341) (17,834) 66,698
63,431 -- --
-- -- (14,683)
14,204 26,783 165,288
--------- --------- ---------
(12,706) 8,949 217,303
--------- --------- ---------
104,877 11,183 32,795
(12,089) -- --
-- -- (6)
20,767 1,483 (59,238)
--------- --------- ---------
113,555 12,666 (26,449)
--------- --------- ---------
100,849 21,615 190,854
--------- --------- ---------
$ 230,749 $ 130,360 $ 240,456
========= ========= =========
31
<PAGE>
UAM FUNDS
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Defensive Equity Fund Enhanced Equity Fund
----------------------------------- -------------------------------------
Six Months Year Six Months Year
Ended Ended Ended Ended
June 30, 2000 December 31, June 30, 2000 December 31,
(Unaudited) 1999 (Unaudited) 1999
------------- ------------- -------------- -------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment Income ................... $ 165,488 $ 486,852 $ 554,210 $ 644,250
Net Realized Gain (Loss) ................ 1,220,853 11,032,867 (1,799,958) 6,711,407
Net Change in Unrealized
Appreciation (Depreciation) ........... (3,827,947) 678,088 (1,854,625) 5,151,941
------------- ------------- ------------- -------------
Net Increase (Decrease) in Net
Assets Resulting from
Operations ............................ (2,441,606) 12,197,807 (3,100,373) 12,507,598
------------- ------------- ------------- -------------
Distributions:
Net Investment Income ................... (167,032) (426,622) (554,210) (644,250)
In Excess of Net
Investment Income ..................... -- -- (4,748) (400)
Net Realized Gain ....................... -- (11,032,867) -- (6,711,407)
In Excess of Net Realized Gain .......... -- (907,335) -- (409,193)
------------- ------------- ------------- -------------
Total Distributions ..................... (167,032) (12,366,824) (558,958) (7,765,250)
------------- ------------- ------------- -------------
Capital Share Transactions (1):
Issued .................................. 10,227,514 38,394,761 59,306,953 123,588,384
In Lieu of Cash Distributions ........... 159,398 12,012,217 550,626 7,609,964
Redeemed ................................ (20,606,697) (35,417,260) (53,869,894) (24,644,159)
------------- ------------- ------------- -------------
Net Increase (Decrease) from
Capital Share Transactions ............ (10,219,785) 14,989,718 5,987,685 106,554,189
------------- ------------- ------------- -------------
Total Increase (Decrease) in
Net Assets ............................ (12,828,423) 14,820,701 2,328,354 111,296,537
------------- ------------- ------------- -------------
Net Assets:
Beginning of Period ..................... 70,841,750 56,021,049 145,185,055 33,888,518
------------- ------------- ------------- -------------
End of Period ........................... $ 58,013,327 $ 70,841,750 $ 147,513,409 $ 145,185,055
============= ============= ============= =============
(1) Shares Issued and Redeemed:
Issued .................................. 902,145 2,928,264 5,016,798 10,118,879
In Lieu of Cash Distributions ........... 13,957 1,044,605 45,615 635,075
Redeemed ................................ (1,826,071) (2,740,814) (4,569,714) (2,067,583)
------------- ------------- ------------- -------------
Net Increase (Decrease) in
Shares Outstanding .................... (909,969) 1,232,055 492,699 8,686,371
============= ============= ============= =============
</TABLE>
* Commencement of operations
The accompanying notes are an integral part of the financial statements.
32
<PAGE>
ANALYTIC FUNDS
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Short-Term
Master Fixed Income Fund Government Fund International Fund
---------------------------------- --------------------------------- ---------------------------------
Six Months Year Six Months Year Six Months September 30,
Ended Ended Ended Ended Ended 1999* to
June 30, 2000 December 31, June 30, 2000 December 31, June 30, 2000 December 31,
(Unaudited) 1999 (Unaudited) 1999 (Unaudited) 1999
------------- -------------- -------------- ------------- ------------- ------------
<S> <S> <C> <C> <C> <C>
$ 129,900 $ 271,041 $ 108,745 $ 250,798 $ 49,602 $ 2,410
(12,706) (33,991) 8,949 (38,109) 217,303 30,054
113,555 (347,300) 12,666 (104,091) (26,449) 151,680
------------- ------------- ------------- ------------- ------------- -------------
230,749 (110,250) 130,360 108,598 240,456 184,144
------------- ------------- ------------- ------------- ------------- -------------
(129,864) (271,041) (108,745) (247,686) -- (323)
-- (1,104) -- -- -- --
-- -- -- -- -- (2,010)
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
(129,864) (272,145) (108,745) (247,686) -- (2,333)
------------- ------------- ------------- ------------- ------------- -------------
711,584 1,954,031 415,651 1,158,772 6,403,197 1,474,017
128,310 255,148 109,596 246,484 -- 2,333
(908,528) (2,258,036) (690,982) (2,796,079) (1,045,295) --
------------- ------------- ------------- ------------- ------------- -------------
(68,634) (48,857) (165,735) (1,390,823) 5,357,902 1,476,350
------------- ------------- ------------- ------------- ------------- -------------
32,251 (431,252) (144,120) (1,529,911) 5,598,358 1,658,161
------------- ------------- ------------- ------------- ------------- -------------
4,522,965 4,954,217 3,729,320 5,259,231 1,658,161 --
------------- ------------- ------------- ------------- ------------- -------------
$ 4,555,216 $ 4,522,965 $ 3,585,200 $ 3,729,320 $ 7,256,519 $ 1,658,161
============= ============= ============= ============= ============= =============
77,170 204,226 42,393 116,714 592,904 147,144
13,930 27,073 11,175 24,703 --
218
(98,813) (240,544) (70,494) (281,086) (95,098) --
------------- ------------- ------------- ------------- ------------- -------------
(7,713) (9,245) (16,926) (139,669) 497,806 147,362
============= ============= ============= ============= ============= =============
</TABLE>
33
<PAGE>
UAM FUNDS DEFENSIVE EQUITY FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Period
Six Months
Ended Years Ended December 31,
June 30, 2000 --------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
----------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period ..... $ 11.82 $ 11.77 $ 12.41 $ 13.71 $ 12.64 $ 10.60
Income from Investment
Operations
Net Investment Income .... 0.03 0.10 0.05 0.12 0.19 0.23
Net Realized and
Unrealized Gain (Loss) . (0.41) 2.33 3.05 2.49 1.78 2.04
-------- -------- -------- -------- -------- --------
Total from Investment
Operations ............. (0.38) 2.43 3.10 2.61 1.97 2.27
-------- -------- -------- -------- -------- --------
Distributions:
Net Investment Income .... (0.03) (0.08) (0.05) (0.12) (0.19) (0.23)
Net Realized Gain ........ -- (2.13) (3.69) (3.79) (0.71) --
In Excess of Realized Gain -- (0.17) -- -- -- --
-------- -------- -------- -------- -------- --------
Total Distributions ...... (0.03) (2.38) (3.74) (3.91) (0.90) (0.23)
-------- -------- -------- -------- -------- --------
Net Asset Value,
End of Period ............ $ 11.41 $ 11.82 $ 11.77 $ 12.41 $ 13.71 $ 12.64
======== ======== ======== ======== ======== ========
Total Return+ ............... (3.20)%** 21.35% 28.89% 19.11% 15.66% 21.52%
======== ======== ======== ======== ======== ========
Ratios and Supplemental Data
Net Assets, End of Period
(Thousands) ............. $ 58,013 $ 70,842 $ 56,021 $ 46,286 $ 52,484 $ 42,648
Ratio of Expenses to
Average Net Assets ....... 0.99%* 1.04% 1.38% 1.30% 1.23% 1.22%
Ratio of Net Investment
Income to Average
Net Assets ............... 0.52%* 0.74% 0.40% 0.75% 1.43% 1.87%
Portfolio Turnover Rate ..... 136% 360% 299% 75% 43% 32%
</TABLE>
The information set forth in this table for the periods prior to August 31, 1998
is the financial data of the Defensive Equity Portfolio of Analytic Optioned
Equity Fund, Inc. Analytic Defensive Equity Fund acquired the assets and assumed
the liabilities of the Defensive Equity Portfolio of Analytic Optioned Equity
Fund, Inc. on August 31, 1998. The net asset values at the beginning of each
period and the changes in net asset values including the net asset values at the
end of each period through the date of reorganization have been restated to
reflect the conversion ratio of 0.95328 used on the date of reorganization.
* Annualized
** Not Annualized
+ Total return would have been lower had certain expenses not been waived and
assumed by the Adviser during the period.
The accompanying notes are an integral part of the financial statements.
34
<PAGE>
UAM FUNDS ENHANCED EQUITY FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Six Months
Ended Years Ended December 31,
June 30, 2000 -------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
---------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period ...... $ 12.31 $ 10.90 $ 8.43 $ 7.43 $ 7.95 $ 6.04
Income from Investment
Operations
Net Investment Income ..... 0.04 0.10 0.06 0.09 0.13 0.14
Net Realized and
Unrealized Gain (Loss) .. (0.30) 2.06 3.07 2.12 1.69 1.98
--------- --------- --------- --------- --------- ---------
Total from Investment
Operations .............. (0.26) 2.16 3.13 2.21 1.82 2.12
--------- --------- --------- --------- --------- ---------
Distributions:
Net Investment Income ..... (0.04) (0.10) (0.06) (0.09) (0.13) (0.14)
In Excess of Net Investment
Income .................. -- -- (0.01) (0.01) -- --
Net Realized Gain ......... -- (0.61) (0.59) (1.10) (2.20) (0.07)
In Excess of Net Realized
Gain .................... -- (0.04) -- (0.01) (0.01) --
--------- --------- --------- --------- --------- ---------
Total Distributions ....... (0.04) (0.75) (0.66) (1.21) (2.34) (0.21)
--------- --------- --------- --------- --------- ---------
Net Asset Value,
End of Period ............ $ 12.01 $ 12.31 $ 10.90 $ 8.43 $ 7.43 $ 7.95
========= ========= ========= ========= ========= =========
Total Return ................. (2.07)%** 20.06%+ 37.82%+ 29.86%+ 22.95%+ 35.36%+
========= ========= ========= ========= ========= =========
Ratios and Supplemental Data
Net Assets, End of Period
(Thousands) .............. $ 147,513 $ 145,185 $ 33,889 $ 7,331 $ 3,519 $ 2,318
Ratio of Expenses to
Average Net Assets ........ 0.86%* 0.99% 1.26% 1.00% 0.91% 0.05%
Ratio of Net Investment
Income to Average
Net Assets ................ 0.76%* 1.08% 0.78% 1.17% 1.53% 2.02%
Portfolio Turnover Rate ...... 138% 261% 297% 189% 179% 10%
</TABLE>
The information set forth in this table for the periods prior to July 27, 1998
is the financial data of the Enhanced Equity Fund, series of a predecessor
company, The Analytic Series Fund, Inc. Analytic Enhanced Equity Fund acquired
the assets and assumed the liabilities of the Enhanced Equity Fund of The
Analytic Series Fund, Inc. on July 27, 1998. The net asset values at the
beginning of each period and the changes in net asset values including the net
asset values at the end of each period through the date of reorganization have
been restated to reflect the conversion ratio of 0.61425 used on the date of
reorganization.
* Annualized
** Not Annualized
Total return would have been lower had certain expenses not been waived and
assumed by the Adviser during the period.
The accompanying notes are an integral part of the financial statements.
35
<PAGE>
UAM FUNDS MASTER FIXED INCOME FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Six Months
Ended Years Ended December 31,
June 30, 2000 -------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
----------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period ......... $ 9.13 $ 9.81 $ 10.00 $ 11.62 $ 11.78 $ 10.75
Income from Investment
Operations
Net Investment Income ........ 0.28 0.48 0.51 0.67 0.66 0.69
Net Realized and
Unrealized Gain (Loss) ..... 0.21 (0.67) (0.14) 0.46 (0.01) 1.03
-------- -------- -------- -------- -------- ---------
Total from Investment
Operations ................. 0.49 (0.19) 0.37 1.13 0.65 1.72
-------- -------- -------- -------- -------- ---------
Distributions:
Net Investment Income ........ (0.28) (0.48) (0.51) (0.67) (0.66) (0.69)
In Excess of Net Investment
Income ..................... -- (0.01) -- -- -- --
Net Realized Gain ............ -- -- (0.05) (1.98) (0.14) --
In Excess of Net Realized
Gain ....................... -- -- -- (0.10) (0.01) --
-------- -------- -------- -------- -------- ---------
Total Distributions .......... (0.28) (0.49) (0.56) (2.75) (0.81) (0.69)
-------- -------- -------- -------- -------- ---------
Net Asset Value,
End of Period .............. $ 9.34 $ 9.13 $ 9.81 $ 10.00 $ 11.62 $ 11.78
======== ======== ======== ======== ======== =========
Total Return+ ................... 5.34%** (2.00)% 3.80% 10.04% 5.69% 16.43%
======== ======== ======== ======== ======== =========
Ratios and Supplemental Data
Net Assets, End of Period
(Thousands) .................. $ 4,555 $ 4,523 $ 4,954 $ 5,712 $ 28,926 $ 24,868
Ratio of Expenses to
Average Net Assets ........... 0.80%* 0.87% 1.07% 0.90% 0.72% 0.69%
Ratio of Net Investment
Income to Average
Net Assets ................... 5.90%* 5.13% 5.06% 5.60% 5.66% 5.99%
Portfolio Turnover Rate ......... 52% 81% 98% 40% 22% 32%
</TABLE>
The information set forth in this table for the periods prior to July 27, 1998
is the financial data of the Master Fixed Income Fund, series of a predecessor
company, The Analytic Series Fund, Inc. Analytic Master Fixed Income Fund
acquired the assets and assumed the liabilities of the Master Fixed Income Fund
of The Analytic Series Fund, Inc. on July 27, 1998. The net asset values at the
beginning of each period and the changes in net asset values including the net
asset values at the end of each period through the date of reorganization have
been restated to reflect the conversion ratio of 1.1312 used on the date of
reorganization.
* Annualized
** Not Annualized
+ Total return would have been lower had certain expenses not been waived and
assumed by the Adviser during the period.
The accompanying notes are an integral part of the financial statements.
36
<PAGE>
UAM FUNDS SHORT-TERM GOVERNMENT FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Six Months
Ended Years Ended December 31,
June 30, 2000 -------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
----------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period .................. $ 9.79 $ 10.10 $ 9.97 $ 9.99 $ 10.14 $ 9.70
Income from Investment
Operations
Net Investment Income ................. 0.28 0.56 0.56 0.56 0.63 0.57
Net Realized and
Unrealized Gain (Loss) .............. 0.06 (0.31) 0.14 (0.02) (0.10) 0.44
-------- -------- -------- -------- -------- --------
Total from Investment
Operations .......................... 0.34 0.25 0.70 0.54 0.53 1.01
-------- -------- -------- -------- -------- --------
Distributions:
Net Investment Income ................. (0.28) (0.56) (0.56) (0.56) (0.67) (0.57)
In Excess of Net Investment
Income .............................. -- -- (0.01) -- -- --
Return of Capital ..................... -- -- -- -- (0.01) --
-------- -------- -------- -------- -------- --------
Total Distributions ................... (0.28) (0.56) (0.57) (0.56) (0.68) (0.57)
-------- -------- -------- -------- -------- --------
Net Asset Value,
End of Period ........................ $ 9.85 $ 9.79 $ 10.10 $ 9.97 $ 9.99 $ 10.14
======== ======== ======== ======== ======== ========
Total Return+ ............................ 3.52%** 2.54% 7.10% 5.54% 5.28% 10.65%
======== ======== ======== ======== ======== ========
Ratios and Supplemental Data
Net Assets, End of Period
(Thousands) ........................... $ 3,585 $ 3,729 $ 5,259 $ 2,978 $ 1,008 $ 28.880
Ratio of Expenses to
Average Net Assets .................... 0.60%* 0.69% 0.84% 0.60% 0.56% 0.50%
Ratio of Net Investment
Income to Average
Net Assets ............................ 5.74%* 5.68% 5.43% 5.57% 5.99% 5.76%
Portfolio Turnover Rate .................. 21% 62% 25% 34% 31% 10%
</TABLE>
The information set forth in this table for the periods prior to July 27, 1998
is the financial data of the Short-Term Government Fund, series of a predecessor
company, The Analytic Series Fund, Inc. Analytic Short-Term Government Fund
acquired the assets and assumed the liabilities of the Short-Term Government
Fund of The Analytic Series Fund, Inc. on July 27, 1998. The net asset values at
the beginning of each period and the changes in net asset values including the
net asset values at the end of each period through the date of reorganization
have been restated to reflect the conversion ratio of 1.0162 used on the date of
reorganization.
* Annualized
** Not Annualized
+ Total return would have been lower had certain expenses not been waived and
assumed by the Adviser during the period.
The accompanying notes are an integral part of the financial statements.
37
<PAGE>
UAM FUNDS INTERNATIONAL FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Period
Six Months
Ended September 30, 1999***
June 30, 2000 to December 31,
(Unaudited) 1999
----------- ----
Net Asset Value, Beginning of Period ..... $ 11.25 $ 10.00
Income from Investment Operations
Net Investment Income ................. 0.04@ 0.01
Net Realized and Unrealized Gain
(Loss) .............................. (0.04)@ 1.25
-------- --------
Total from Investment Operations ...... -- 1.26
-------- --------
Distributions:
Net Investment Income ................. -- --
Net Realized Gain ..................... -- (0.01)
-------- --------
Total Distributions ................... -- (0.01)
-------- --------
Net Asset Value, End of Period ........... $ 11.25 $ 11.25
======== ========
Total Return+ ............................ 0.00%** 12.67%**
======== ========
Ratios and Supplemental Data
Net Assets, End of Period (Thousands) .... $ 7,257 $ 1,658
Ratio of Expenses to Average Net Assets .. 1.30%* 1.30%*
Ratio of Net Investment Income
to Average Net Assets ................. 1.65%* 0.66%*
Portfolio Turnover Rate .................. 27% 5%
* Annualized
** Not annualized
*** Commencement of operations.
+ Total return would have been lower had certain expenses not been waived and
assumed by the Adviser during the periods indicated.
@ The amounts shown for a share outstanding throughout the period does not
accord with aggregate net gains on investments for the period because of
the timing of sales and repurchases of the portfolio shares in relation to
fluctuating market value of the investments in the Portfolio.
The accompanying notes are an integral part of the financial statements.
38
<PAGE>
UAM FUNDS ANALYTIC FUNDS
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. Organization
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. Analytic Defensive Equity Fund, Analytic Enhanced Equity Fund, Analytic
Master Fixed Income Fund, Analytic Short-Term Government Fund and Analytic
International Fund (the "Funds") are funds of UAM Funds, Inc. II, formerly PBHG
Advisor Funds, Inc. which are diversified, open-end management investment
companies. At June 30, 2000, the UAM Funds were comprised of 49 active
portfolios. The information presented in the financial statements pertains only
to the Funds. The Funds have distinct investment objectives and policies that
are described in the prospectus.
A. Significant Accounting Policies: The following significant accounting
policies are in conformity with generally accepted accounting principles. Such
policies are consistently followed by the Funds in the preparation of their
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. Fixed income securities are stated on the
basis of valuations provided by brokers and/or a pricing service which uses
information with respect to transactions in fixed income securities,
quotations from dealers, market transactions in comparable securities and
various relationships between securities in determining value. Securities
quoted in foreign currencies are translated into U.S. dollars at the
current exchange rate. Short-term investments with 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 are stated at fair value
following procedures approved by the Board of Directors.
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UAM FUNDS ANALYTIC FUNDS
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2. Federal Income Taxes: It is each Fund'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.
The Analytic International Fund may be subject to taxes imposed by
countries in which it invests. Such taxes are generally based on either
income or gains earned or repatriated. The Analytic International Fund
accrues and applies such taxes to net investment income, net realized gains
and net unrealized gains as income and/or capital gains are earned.
3. Repurchase Agreements: The collateral for repurchase agreements are
held by a third party custodian bank until the respective agreements
mature. Provisions of the repurchase agreements and procedures adopted by
Analytic Investors, Inc. (the "Adviser"), ensure that the market value of
the collateral, including accrued interest thereon, is sufficient in the
event of default by the counterparty. If the counterparty defaults and the
value of the collateral declines, or if the counterparty enters into
insolvency proceedings, realization of the collateral by a fund may be
delayed or limited.
4. Foreign Currency Translation: The books and records of the Analytic
International Fund are maintained in U.S. dollars. Investment securities
and other assets and liabilities denominated in a foreign currency are
translated into U.S. dollars on the date of valuation. The Analytic
International Fund does not isolate that portion of realized or unrealized
gains and losses resulting from changes in the foreign exchange rate from
fluctuations arising from changes in the market prices of the securities.
These gains and losses are included in net realized and unrealized gains
and losses on investments on the statement of operations. Net realized and
unrealized gains and losses on foreign currency transactions represent net
foreign exchange gains or losses from forward foreign currency exchange
contracts, disposition of foreign currencies, currency gains or losses
realized between trade and settlement dates on securities transactions and
the difference between the amount of the investment income and foreign
withholding taxes recorded on the Analytic International Equity Fund's
books and the U.S. dollar equivalent amounts actually received or paid.
5. Distributions to Shareholders: Distributions from net investment
income for the Defensive Equity and Enhanced Equity Funds are declared and
paid quarterly, if available. Distributions from net investment income for
the Master Fixed Income Fund and the Short-Term Government Fund are
declared daily and paid monthly. Distributions from net investment income
for the
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UAM FUNDS ANALYTIC FUNDS
--------------------------------------------------------------------------------
International Fund are declared and paid annually. Distributions of net
realized capital gains, for all funds, will be distributed annually.
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. These
differences are primarily due to differing book and tax treatments in the
timing of the recognition of gains or losses on investments and foreign
currency transactions.
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.
6. Other: Security transactions are accounted for on trade date, the
date the trade is 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,
except that certain dividends from foreign securities are recorded as soon
as the Funds are informed of the ex-dividend date. Interest income is
recognized on the accrual basis. Discounts and premiums on securities
purchased are amortized using the effective yield basis over their
respective lives. 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.
7. Derivative Financial Instruments: Each fund may utilize various
call option, put option and financial futures strategies in pursuit of its
objective. These techniques will be used primarily to hedge against changes
in securities prices, interest rates, or foreign currency exchange rates on
securities held or intended to be acquired by the fund to reduce the
volatility of the currency exposure associated with foreign securities, or
as an efficient means of adjusting exposure to stock and bond markets. The
portfolios will only write covered call and put options on common stock or
stock indices.
8. Forward Foreign Currency Exchange Contracts: The Analytic
International Fund may enter into forward foreign currency exchange
contracts to protect the value of securities held and related receivables
and payables against changes in future foreign exchange rates. A forward
currency contract is an agreement between two parties to buy and sell
currency at a set price on a future date. The market value of the contract
will fluctuate with changes in currency
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UAM FUNDS ANALYTIC FUNDS
--------------------------------------------------------------------------------
exchange rates. The contract is marked-to-market daily using the current
forward rate and the change in market value is recorded by the Analytic
International Fund as unrealized gain or loss. The Analytic International
Fund recognizes realized gains or losses when the contract is closed, equal
to the difference between the value of the contract at the time it was
opened and the value at the time it was closed. Risks may arise from the
unanticipated movements in the value of a foreign currency relative to the
U.S. dollar. Risks may also arise upon entering into these contracts from
the potential inability of counterparties to meet the terms of their
contracts and are generally limited to the amount of unrealized gain on the
contracts, if any, at the date of default. The Analytic International Fund
had no outstanding forward foreign currency exchange contracts at June 30,
2000.
9. Written Option Accounting Principles: When a covered put or call
option is written in a fund, an amount equal to the premium received by the
fund is included in the fund's statement of assets and liabilities as an
asset and an equivalent liability. The amount of the liability will be
subsequently marked-to-market to reflect the current market value of the
option written. When a fund writes a covered option, securities equal in
value to the exercise price are placed in a segregated account to
collateralize the outstanding option.
When a covered written call expires on its stipulated expiration date,
or if the fund enters into a closing purchase transaction, the fund will
realize a gain (or loss if the cost of the closing purchase transaction
exceeds the premium received when the call option was written) without
regard to any unrealized gain or loss on the underlying security, and the
liability related to such option will be extinguished. When a covered
written call option is exercised, the fund will realize a gain or loss from
the sale of the underlying security and the proceeds of the sale are
increased by the premium originally received.
When a covered written put expires, or if the fund enters into a
closing purchase transaction, the fund will realize a gain or loss on the
option transaction and the liability related to such option is
extinguished. When a put option is exercised, the fund purchases the
security, the cost of the security is reduced by the premium originally
received, and no gain or loss is recognized.
The Funds trade written option contracts with off-balance sheet risk
in the normal course of its investment activities in order to manage
exposure to market risks such as interest rates. The contractual amounts of
these instruments represent the investment the Fund has in particular
classes of financial instruments and does not necessarily represent the
amounts potentially subject to risk.
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UAM FUNDS ANALYTIC FUNDS
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The measurement of the risks associated with these instruments is
meaningful only when all related and offsetting transactions are
considered.
10. Futures Contracts: Each Fund may enter into futures contracts to
the extent permitted by its investment policies and objectives. Upon
entering into a futures contract, a fund will deposit securities for the
initial margin with its custodian in a segregated account. Subsequent
payments, which are dependent on the daily fluctuations in the value of the
underlying instrument, are made or received by a fund each day (daily
variation margin) and are recorded as unrealized gains or losses until the
contracts are closed When the contract is closed, a fund records a realized
gain or loss equal to the difference between the proceeds from (or cost of)
the closing transactions and a fund's basis in the contract. Risks of
entering into futures contracts include the possibility that a change in
the value of the contract may not correlate with the changes in the value
of the underlying instruments. Second, it is possible that a lack of
liquidity for futures contracts could exist in the secondary market,
resulting in an inability to close a futures position prior to its maturity
date. Third, the purchase of a futures contract involves the risk that a
fund could lose more than the original margin deposit required to initiate
a futures transaction.
B. Investment Advisory Services: The Funds and the Adviser are parties to an
Investment Advisory Agreement (the "Advisory Agreement"). Under the terms of the
Advisory Agreement, the Adviser is entitled to a fee, which is calculated daily
and paid monthly, at an annual rate of 0.60% of the average net assets of the
Enhanced Equity and Defensive Equity Funds; 0.45% of the average net assets of
the Master Fixed Income Fund; 0.30% of the average net assets of the Short-Term
Government Fund; and 1.00% of the average net assets of the International Fund.
The Adviser has agreed to waive or limit its advisory fees or assume other
expenses in an amount that operates to limit the aggregate annual total of
certain operating expenses of each Analytic fund as follows: 0.99% of the
Defensive Equity and the Enhanced Equity Funds; 0.80% of the Master Fixed Income
Fund; 0.60% of the Short-Term Government Fund and 1.30% of the International
Fund. The fee waiver/expense reimbursement arrangement for each fund is expected
to remain in effect for the current fiscal year and can be terminated at any
time at the option of the Adviser.
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UAM FUNDS ANALYTIC FUNDS
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C. Administrative Services: UAM Fund Services, Inc. (the "Administrator"), a
wholly-owned subsidiary of United Asset Management Corporation ("UAM"), provides
and oversees administrative, fund accounting, dividend disbursing, shareholder
servicing and transfer agent services to the Funds under a Fund Administration
Agreement (the "Agreement"). The Administrator has entered into separate Service
Agreements with SEI Investments Mutual Fund Services ("SEI"), a wholly owned
subsidiary of SEI Investments Company, DST Systems, Inc., ("DST") and UAM
Shareholder Service Center ("UAMSSC"), an affiliate of UAM, to assist in
providing certain services to the Funds.
Pursuant to the Agreement, the Funds pay the Administrator 0.093% per annum
of the average daily net assets of the Defensive Equity, the Enhanced Equity and
the International Funds; and 0.073% per annum of the average daily net assets of
the Master Fixed Income and the Short-Term Government Funds. Each fund also pays
an annual base fee of $72,500 per fund and a fee based on the number of active
shareholder accounts.
For the six months ended June 30, 2000, the Administrator earned the
following amounts from the Funds and paid the following to SEI, DST and UAMSSC
for their services:
Portion Portion Portion
Administration Paid to Paid to Paid to
Analytic Funds Fees SEI DST UAMSSC
-------------- ---- --- --- ------
Defensive Equity ........... $92,833 $26,954 $13,015 $23,187
Enhanced Equity ............ 97,828 39,357 7,630 9,722
Master Fixed Income ........ 39,851 18,113 5,833 5,236
Short-Term Government ...... 39,742 18,021 6,397 4,787
International .............. 40,938 18,308 5,819 5,222
D. Custodian: The First Union National Bank is custodian for the Funds' 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 Funds. The
Distributor does not receive any fee or other compensation with respect to the
Funds.
F. Directors' Fees: Each Director, who is not an officer or affiliated person,
receives $2,000 per meeting attended plus reimbursement of expenses incurred in
attending Board 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 ANALYTIC FUNDS
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G. Purchases and Sales: The cost of securities purchased and the proceeds from
securities sold, other than short-term investments and options for the funds for
the year ended June 30, 2000 were as follows:
Purchases Sales
--------- -----
Defensive Equity $ 84,607,578 $ 95,603,411
Enhanced Equity 202,542,128 189,296,755
Master Fixed Income 1,800,017 1,495,690
Short-Term Government 700,719 247,859
International 5,731,201 1,168,677
There were no purchases or sales of long-term U.S. Government securities.
Transactions in option contracts written in the Defensive Equity Fund were as
follows:
Number of
Contracts Premiums
--------- --------
Outstanding at December 31, 1999 450 $ 1,136,424
Options written 3,550 8,000,645
Options terminated in closing purchase transactions (3,100) (7,442,451)
Options expired (465) (720,331)
----------- -----------
Outstanding at June 30, 2000 435 $ 974,287
=========== ===========
Transactions in option contracts written in the Master Fixed Income Fund were as
follows:
Number of
Contracts Premiums
--------- --------
Outstanding at December 31, 1999 35 $ 27,707
Options written 158 127,743
Options terminated in closing purchase transactions (59) (29,397)
Options expired (115) (108,280)
--------- ---------
Outstanding at June 30, 2000 19 $ 17,773
========= =========
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UAM FUNDS ANALYTIC FUNDS
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The following Funds had futures contracts open as of June 30, 2000.
Number
Contract of Trade Settlement Unrealized
Description Contracts Price Month Gain (Loss)
----------- --------- ----- ----- ----------
Defensive Equity
S&P 500 13 $1,468.10 September 2000 $ (63,825)
==========
Enhanced Equity
S&P 500 29 $1,468.10 September 2000 $ (164,175)
==========
Master Fixed Income
U.S. Long Bond 5 $ 97.34 September 2000 $ 3,544
U.S. 10 Year Agency 3 92.48 September 2000 3,611
U.S. 2 Year Note 1 99.19 September 2000 1,052
----------
$ 8,207
==========
Short-Term Government
Australian Dollar 3 $ 59.80 September 2000 $ 5,040
British Pound (1) 151.86 September 2000 (448)
Canadian Dollar (1) 67.67 September 2000 (240)
Euro 3 0.96 September 2000 2,783
Japanese Yen (1) 95.77 September 2000 (1,910)
Swiss Franc (3) 61.62 September 2000 (3,743)
----------
$ 1,482
==========
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UAM FUNDS ANALYTIC FUNDS
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Number
Contract of Trade Settlement Unrealized
Description Contracts Price/(1)/ Month Gain (Loss)
----------- --------- -------- ----- ----------
International
ASX Share Price Index (8) 3,345.00 AUD September-00 $(17,208)
Australian Dollar 12 59.80 September-00 (2,400)
CAC 40 Index 8 6,468.00 EUR July-00 (7,627)
Canadian Dollar 2 67.67 September-00 (960)
DAX Undex 2 6,950.00 EUR September-00 (19,740)
DJ Euro Stoxx 50 5 5,197.00 EUR September-00 (7,591)
Euro 10 0.96 September-00 (9,250)
FTSE 100 Index (3) 6,357.00 GBP September-00 8,455
Great British Pound (4) 151.86 September-00 (650)
Hang Seng Index (1) 16,240.00 HKD July-00 (1,694)
IBEX Index 3 10,497.50 EUR July-00 (12,799)
Japanese Yen (3) 95.77 July-00 (713)
MIB 30 Index (1) 47,064.00 EUR September-00 (243)
Nikkei 300 Index 17 313.80 JPY September-00 1,758
OMX Index 14 1,308.75 SEK July-00 (7,098)
S&P 500 Index (1) 1,468.10 September-00 7,388
S&P/TSE 60 Index 5 629.00 CAD September-00 20,623
--------
$(49,749)
========
(1) In U.S. Dollars unless otherwise indicated.
AUD-- Australian Dollar
CAD-- Canadian Dollar
EUR-- Euro
GBP-- Great British Pound
HKD-- Hong Kong Dollar
JPY-- Japanese Yen
SEK-- Swedish Krona
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UAM FUNDS ANALYTIC FUNDS
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H. Other: At June 30, 2000, the percentage of total shares outstanding held by
record shareholders owning 10% or greater of the aggregate total shares
outstanding for each Fund was as follows:
Analytic Funds No of Shareholders % Ownership
-------------- ------------------ -----------
Defensive Equity 1 22.5%
Enhanced Equity 3 73.0
Master Fixed Income 2 34.4
Short-Term Government 1 63.0
International 3 92.8
At June 30, 2000, the following Funds had available the following capital loss
carryovers for Federal income tax purposes, which will expire on the dates
indicated:
2002 2003 2004 2005 2006 2007
----- ----- ----- ----- ----- -----
Master Fixed Income -- -- -- -- $208,911 $14,131
Short-Term Government $46,629 $257,536 $444,657 $3,860 -- 70,796
On June 19, 2000, Old Mutual, plc and United Asset Management Corporation
announced an agreement for Old Mutual to acquire United Asset Management. Old
Mutual is a UK-based financial services group with substantial asset management,
insurance and banking businesses. The closing of the transaction is expected to
take place during the fourth quarter of 2000 and is subject to a number of
conditions. As required by the Investment Company Act of 1940, the portfolio's
shareholders will be asked to approve a new investment advisory agreement with
the adviser, to take effect upon the consummation of the transaction. The new
agreement will be identical to the current agreement in all respects except for
its effective and termination dates. The new agreement will have no effect on
the contractual advisory fee rate payable by the portfolio. No changes are
currently planned which would affect the services being provided to the
portfolio.
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UAM FUNDS ANALYTIC FUNDS
JUNE 30, 2000
--------------------------------------------------------------------------------
Officers and Directors
Norton H. Reamer William H. Park
Director, President and Chairman Vice President
John T. Bennett, Jr. Gary L. French
Director Treasurer
Nancy J. Dunn Robert R. Flaherty
Director Assistant Treasurer
Philip D. English Robert J. Della Croce
Director Assistant Treasurer
William A. Humenuk Martin J. Wolin, Esq.
Director Secretary
James P. Pappas Theresa DelVecchio
Director Assistant Secretary
Peter M. Whitman, Jr.
Director
--------------------------------------------------------------------------------
UAM Funds
P.O. Box 219081
Kansas City, MO 64121
(toll free)
1-877-UAM-LINK (826-5465)
www.uam.com
Investment Adviser
Analytic Investors, Inc.
700 South Flower Street
Suite 2400
Los Angeles, CA 90017
Distributor
UAM Fund Distributors, Inc.
211 Congress Street
Boston, MA 02110
This report has been prepared for shareholders and may be distributed to others
only if preceded or accompanied by a current prospectus.
