<PAGE>
MARKED TO INDICATE CHANGES FROM PEA #47
As filed with the Securities and Exchange Commission on June 30, 1997
- --------------------------------------------------------------------------------
Investment Company Act of 1940 File No. 811-5683
Securities Act File No. 33-25355
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 / /
POST-EFFECTIVE AMENDMENT NO. 48 /X/
and
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940 / /
AMENDMENT NO. 50 /X/
--------------
UAM FUNDS, INC.
(FORMERLY THE REGIS FUND, INC.)
(Exact Name of Registrant as Specified in Charter)
One International Place, Boston, MA 02110
(Address of Principal Executive Office)
Registrant's Telephone Number 1 (617) 330-8900
Karl O. Hartmann, Assistant Secretary
c/o Chase Global Funds Services Company
73 Tremont Street
Boston, Massachusetts 02108
(Name and Address of Agent for Service)
--------------
Copy to:
Audrey C. Talley, Esq.
Stradley, Ronon, Stevens & Young LLP
2600 One Commerce Square
Philadelphia, PA 19103-7098
--------------
It is proposed that this filing become effective:
(check appropriate box)
[X] immediately upon filing pursuant to Paragraph (b)
[_] on (date) pursuant to Paragraph (b)
[_] 60 days after filing pursuant to Paragraph (a)
[_] 75 days after filing pursuant to Paragraph (a)
[_] on (date) pursuant to Paragraph (a) of Rule 485
Registrant has previously elected to and hereby continues its
election to register an indefinite number of shares pursuant to Rule 24f-2 under
the Investment Company Act of 1940, as amended. Registrant filed its Rule 24f-2
Notice for the fiscal year ended October 31, 1996 on December 27, 1996.
<PAGE>
UAM FUNDS, INC.
(FORMERLY THE REGIS FUND, INC.)
CROSS REFERENCE SHEET
FILE NOS. 33-25355/811-5683
<TABLE>
<CAPTION>
PART A OF FORM N-1A LOCATION IN PROSPECTUS
- ------------------- ----------------------
<S> <C>
Item 1. Cover Page...................................... Cover Page
Item 2. Synopsis........................................ Fund Expenses; Prospectus Summary
Item 3. Condensed Financial Information................. Financial Highlights
Item 4. General Description of Registrant............... Prospectus Summary; Investment Objectives;
Investment Policies; Other Investment Policies;
Investment Limitations
Item 5. Management of the Fund.......................... Investment Adviser; Administrative Services;
Distributor; Portfolio Transactions
Item 5A. Management's Discussion
of Fund Performance............................. Included in the Registrant's Annual Report to
Shareholders dated October 31, 1996
Item 6. Capital Stock and Other Securities.............. Purchase of Shares; Redemption of Shares;
Valuation of Shares; Dividends, Capital Gains
Distributions and Taxes; General Information
Item 7. Purchase of Securities
Being Offered................................... Cover Page; Purchase of Shares
Item 8. Redemption or Repurchase........................ Redemption of Shares
Item 9. Pending Legal Proceedings....................... Not Applicable
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PART B OF FORM N-1A LOCATION IN STATEMENT
- ------------------- OF ADDITIONAL INFORMATION
-------------------------
<S> <C>
Item 10. Cover Page...................................... Cover Page
Item 11. Table of Contents............................... Cover Page
Item 12. General Information and History................. General Information
Item 13. Investment Objective and Policies............... Investment Objective and Policies; Investment
Limitations
Item 14. Management of the Fund.......................... Management of the Fund; Investment Adviser
Item 15. Control Persons and Principal
Holders of Securities .......................... Management of the Fund
Item 16. Investment Advisory and
Other Services.................................. Investment Adviser
Item 17. Brokerage Allocation and
Other Practices................................. Portfolio Transactions
Item 18. Capital Stock and Other
Securities...................................... General Information
Item 19. Purchase, Redemption and Pricing
of Securities Being Offered..................... Purchase of Shares; Redemption of Shares
Item 20. Tax Status...................................... General Information
Item 21. Underwriters.................................... Not Applicable
Item 22. Calculation of Performance Data................. Performance Calculations
Item 23. Financial Statements............................ Financial Statements
</TABLE>
PART C
Information required to be included in Part C is set forth under the appropriate
item so numbered in Part C to this Registration Statement.
<PAGE>
UAM FUNDS, INC.
(FORMERLY THE REGIS FUND, INC.)
POST-EFFECTIVE AMENDMENT NO. 48
PART A
The following Prospectuses are incorporated herein by reference to Post-
Effective Amendment No. 47 filed on June 4, 1997:
. NWQ Portfolios Institutional Class Shares
. NWQ Portfolios Institutional Service Class Shares
The following Prospectus is also incorporated herein by reference to Post-
Effective Amendment No. 45 filed on February 5, 1997:
. TS&W Portfolios Institutional Class Shares
The following Prospectus is also incorporated herein by reference to Post-
Effective Amendment No. 44 filed on January 24, 1997:
. McKee Portfolios Institutional Class Shares
The following Prospectuses are also incorporated herein by reference to Post-
Effective Amendment No. 43 filed on January 3, 1997:
. Acadian Portfolios Institutional Class Shares
. C&B Portfolios Institutional Class Shares
. DSI Portfolios Institutional Class Shares
. DSI Disciplined Value Portfolio Institutional Service Class
Shares
. FMA Small Company Portfolio Institutional Class Shares
. FMA Small Company Portfolio Institutional Service Class
Shares
. ICM Fixed Income Portfolio Institutional Class Shares
. ICM Equity and ICM Small Company Portfolios Institutional
Class Shares
. Rice, Hall, James Portfolios Institutional Class Shares
. SAMI Preferred Stock Income Portfolio Institutional Class
Shares
. Sirach Portfolios Institutional Class Shares
. Sirach Portfolios Institutional Service Class Shares
. Sterling Partners' Portfolios Institutional Class Shares
. Sterling Partners' Portfolios Institutional Service Class
Shares
The following Prospectus is also incorporated herein by reference to Post-
Effective Amendment No. 25 filed on December 23, 1993:
. Cambiar Anticipation Portfolio Institutional Class Shares
(This Portfolio and class of shares is not yet
operational.)
The following Prospectus is also incorporated herein by reference to Post-
Effective Amendment No. 21 filed on August 30, 1993:
. HJMC Equity Portfolio Institutional Class Shares (This
Portfolio and class of shares is not yet operational.)
<PAGE>
UAM FUNDS, INC. (THE "FUND")
PART A
The Prospectuses for the C&B Equity Portfolio for Taxable Investors
Institutional Classes Shares and the Sterling Partners' Small Cap Value
Portfolio Institutional Class Shares (each individually a "Portfolio," or
collectively the "Portfolios,") dated January 3, 1997 are incorporated herein by
reference to Post-Effective Amendment No. 43 to the Registrant's Registration
Statement on Form N-1A (File No. 33-25355) filed with the Securities and
Exchange Commission on January 3, 1997. The Prospectuses are supplemented by
their respective Financial Highlights as of April 30, 1997 filed herein to
comply with the Fund's undertakings to file a post-effective amendment
containing reasonably current financial statements which need not be audited
within four to six months of the commencement of the Portfolios. The information
under the "Other Investment Policies" heading in the Sterling Partners'
Portfolios Institutional Class Shares Prospectus is also amended.
<PAGE>
UAM FUNDS, INC.
C&B EQUITY PORTFOLIO FOR TAXABLE INVESTORS
INSTITUTIONAL CLASS SHARES
SUPPLEMENT DATED JUNE 30, 1997 TO THE PROSPECTUS DATED JANUARY 3, 1997
FINANCIAL HIGHLIGHTS
(Unaudited)
The following table provides financial highlights for the C & B Equity
Portfolio for Taxable Investors (the "Portfolio") throughout the period
presented and is part of the Portfolio's unaudited financial statements for the
period ended April 30, 1997 which supplement the Portfolio's Statement of
Additional Information. The Statement of Additional Information and the
financial statements therein are available at no cost and can be requested by
writing to the address or calling the telephone number on the cover of the
Prospectus. The following should be read in conjunction with the financial
statements including the notes thereto.
<TABLE>
<CAPTION>
February 12,
1997***to
April 30,
1997
(Unaudited)
- -------------------------------------------------------------------------------
<S> <C>
Net Asset Value, Beginning of Period........................... $ 10.00
- --------------------------------------------------------------------------------
Income from Investment Operations
Net Investment Income...................................... 0.05
Net Realized and Unrealized Loss........................... (0.09)
- --------------------------------------------------------------------------------
Total From Investment Operations......................... (0.04)
- --------------------------------------------------------------------------------
Distributions
Net Investment Income...................................... (0.03)
- --------------------------------------------------------------------------------
Net Asset Value, End of Period................................. $ 9.93
================================================================================
Total Return+**................................................ (0.39)%
================================================================================
Ratios and Supplemental Data
Net Assets, End of Period (Thousands).......................... $ 532
Ratio of Expenses to
Average Net Assets......................................... 1.00%*
Ratio of Net Investment
Income to Average Net Assets............................... 2.81%*
Portfolio Turnover Rate........................................ 3%
Average Commission Rate........................................ $ 0.0504
- --------------------------------------------------------------------------------
Voluntary Waived Fees and Expenses Assumed
by the Adviser Per Share $ 0.49
Ratio of Expenses to Average Net
Assets Including Expense Offsets.......................... 1.00%*
- --------------------------------------------------------------------------------
</TABLE>
* Annualized
** Not Annualized
*** Commencement of Operations.
+ Total return would have been lower had certain fees not been waived and
assumed by the Adviser during the period.
<PAGE>
UAM FUNDS, INC.
STERLING PARTNERS' SMALL CAP VALUE PORTFOLIO
INSTITUTIONAL CLASS SHARES
SUPPLEMENT DATED JUNE 30, 1997 TO THE PROSPECTUS DATED JANUARY 3, 1997
FINANCIAL HIGHLIGHTS
(Unaudited)
The following table provides financial highlights for the Sterling
Partners' Small Cap Value Portfolio (the "Portfolio") throughout the period
presented and is part of the Portfolio's unaudited financial statements for the
period ended April 30, 1997 which supplement the Portfolio's Statement of
Additional Information. The Statement of Additional Information and the
financial statements therein are available at no cost and can be requested by
writing to the address or calling the telephone number on the cover of the
Prospectus. The following should be read in conjunction with the financial
statements including the notes thereto.
<TABLE>
<CAPTION>
January 2,
1997***to
April 30,
1997
(Unaudited)
- --------------------------------------------------------------------------------
<S> <C>
Net Asset Value, Beginning of Period ........................... $ 10.00
- --------------------------------------------------------------------------------
Income from Investment Operations
Net Investment Income ....................................... 0.01
Net Realized and Unrealized Gain ............................ 0.46
- --------------------------------------------------------------------------------
Total From Investment Operations ......................... 0.47
- --------------------------------------------------------------------------------
Distributions
Net Investment Income ....................................... (0.01)
- --------------------------------------------------------------------------------
Total Distributions ...................................... (0.01)
- --------------------------------------------------------------------------------
Net Asset Value, End of Period ................................. $ 10.46
================================================================================
Total Return+ .................................................. 4.70%**
================================================================================
Ratios and Supplemental Data
Net Assets, End of Period (Thousands) .......................... $ 6,790
Ratio of Expenses to Average Net Assets ........................ 1.25%*
Ratio of Net Investment Income to Average Net Assets ........... 0.21%*
Portfolio Turnover Rate ........................................ 32%
Average Commission Rate ........................................ $ 0.0649
- --------------------------------------------------------------------------------
Voluntary Waived Fees and Expenses Assumed by the
Adviser Per Share $ 0.04
Ratio of Expenses to Average Net Assets Including
Expense Offsets ............................................. 1.25%*
- --------------------------------------------------------------------------------
</TABLE>
* Annualized
** Not Annualized
*** Commencement of Operations.
+ Total return would have been lower had certain fees not been waived and
assumed by the Adviser during the period.
The information regarding portfolio turnover under the heading, "Other
Investment Policies," of the Sterling Partners' Portfolio, Institutional Class
Shares Prospectus is amended as follows:
The Small Cap Value Portfolio will not trade in securities for short term
profits but, when circumstances warrant, securities may be sold without regard
to length of time held. It should be understood that the rate of portfolio
turnover will depend upon market and other conditions, and it will not be a
limiting factor when the Adviser believes that portfolio changes are
appropriate. However, it is expected that the annual portfolio turnover rate for
the Small Cap Value Portfolio will not normally exceed 100%.
In addition to Portfolio trading costs, higher rates of portfolio turnover
may result in the realization of capital gains. (See "DIVIDENDS, CAPITAL GAINS
DISTRIBUTIONS AND TAXES" for information on taxation).
<PAGE>
UAM FUNDS, INC.
(FORMERLY THE REGIS FUND, INC.)
POST-EFFECTIVE AMENDMENT NO. 48
PART B
The following Statement of Additional Information is incorporated herein by
reference to Post-Effective Amendment No. 47 filed on June 4, 1997.
. NWQ Portfolios Institutional Class Shares and
NWQ Portfolios Institutional Service Class Shares
The following Statement of Additional Information is incorporated herein by
reference to Post-Effective Amendment No. 46 filed on May 30, 1997.
. Rice, Hall, James Portfolios Institutional Class Shares
The following Statement of Additional Information is also incorporated herein by
reference to Post-Effective Amendment No. 45 filed on February 5, 1997.
. TS&W Portfolios Institutional Class Shares
The following Statement of Additional Information is also incorporated herein by
reference to Post-Effective Amendment No. 44:
. McKee Portfolios Institutional Class Shares
The following Statements of Additional Information are also incorporated herein
by reference to Post-Effective Amendment No. 43:
. Acadian Portfolios Institutional Class Shares
. C&B Portfolios Institutional Class Shares
. DSI Portfolios Institutional Class Shares and DSI
Disciplined Value Portfolio Institutional Service Class
Shares
. FMA Small Company Portfolio Institutional Class Shares and
Institutional Service Class Shares
. ICM Fixed Income Portfolio Institutional Class Shares
. ICM Equity and ICM Small Company Portfolios Institutional
Class Shares
. SAMI Preferred Stock Income Portfolio Institutional Class
Shares
. Sirach Portfolios Institutional Class Shares and Sirach
Strategic Balanced, Growth, Special Equity and Equity
Portfolios Institutional Service Class Shares
. Sterling Partners' Portfolios Institutional Class Shares
and Institutional Service Class Shares
The following Statement of Additional Information is also incorporated herein by
reference to Post-Effective Amendment No. 25 filed on December 23, 1993:
. Cambiar Anticipation Portfolio Institutional Class Shares
(This Portfolio and class of shares is not yet
operational.)
The following Statement of Additional Information is also incorporated herein by
reference to Post-Effective Amendment No. 21 filed on August 30, 1993:
. HJMC Equity Portfolio Institutional Class Shares (This
Portfolio and class of shares is not yet operational.)
<PAGE>
UAM FUNDS, INC. (THE "FUND")
PART B
The Statements of Additional Information ("SAIs") for the C&B Equity
Portfolio for Taxable Investors Institutional Class Shares and the Sterling
Partners' Small Cap Value Portfolio Institutional Class Shares (each
individually a "Portfolio," or collectively the "Portfolios,") dated January 3,
1997 are incorporated herein by reference to Post-Effective Amendment No. 43 to
the Registrant's Registration Statement on Form N-1A (File No. 33-25355) filed
with the Securities and Exchange Commission on January 3, 1997. The SAIs are
supplemented by their respective Financial Statements as of April 30, 1997 filed
herein to comply with the Fund's undertakings to file a post-effective amendment
containing reasonably current financial statements which need not be audited
within four to six months of the commencement of the Portfolios. The SAIs are
also supplemented, respectively, with updated information under the "Management
of the Fund" and "Performance Calculations" headings.
<PAGE>
UAM FUNDS, INC.
C&B EQUITY PORTFOLIO FOR TAXABLE INVESTORS
INSTITUTIONAL CLASS SHARES
SUPPLEMENT DATED JUNE 30, 1997 TO THE STATEMENT OF ADDITIONAL
INFORMATION DATED JANUARY 3, 1997
FINANCIAL STATEMENTS
(Unaudited)
Attached are the unaudited financial statements for the C&B Equity
Portfolio for Taxable Investors (the "Portfolio") for the period ended April 30,
1997.
<PAGE>
C & B EQUITY PORTFOLIO FOR TAXABLE INVESTORS
PORTFOLIO OF INVESTMENTS
April 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Shares Value+
- -------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS (84.5%)
- -------------------------------------------------------------------------------
Aerospace & Defense (2.5%)
Raytheon Co. 300 $13,087
- -------------------------------------------------------------------------------
Automotive (3.6%)
Genuine Parts Co. 600 19,425
- -------------------------------------------------------------------------------
Broadcasting & Publishing (1.7%)
Readers Digest Association, Inc.,
Class A (Non-Voting) 400 9,200
- -------------------------------------------------------------------------------
Capital Equipment (5.2%)
Dover Corp. 300 15,900
General Signal Corp. 300 11,775
----------
27,675
- -------------------------------------------------------------------------------
Chemicals (5.8%)
Eastman Chemical Co. 300 15,300
Hercules, Inc. 400 15,750
----------
31,050
- -------------------------------------------------------------------------------
Construction (3.1%)
Fluor Corp. 300 16,500
- -------------------------------------------------------------------------------
Consumer Durables (3.1%)
Rubbermaid, Inc. 700 16,800
- -------------------------------------------------------------------------------
Consumer Non-Durables (6.0%)
Hasbro, Inc. 600 15,000
International Flavors & Fragrances, Inc. 400 16,850
----------
31,850
- -------------------------------------------------------------------------------
Electronics (8.8%)
AMP, Inc. 400 14,350
Grainger (W.W.), Inc. 200 15,075
Motorola, Inc. 300 17,175
----------
46,600
- -------------------------------------------------------------------------------
Energy (6.4%)
Burlington Resources, Inc. 400 16,950
Exxon Corp. 300 16,988
----------
33,938
- -------------------------------------------------------------------------------
Financial Services (8.1%)
EXEL Ltd. 400 15,600
Marsh & McLennan Cos., Inc. 100 12,050
State Street Corp. 200 15,750
----------
43,400
- -------------------------------------------------------------------------------
Manufacturing (3.0%)
Pall Corp. 700 16,187
- -------------------------------------------------------------------------------
Multi-Industry (6.2%)
National Service Industries, Inc. 400 16,850
Whitman Corp. 700 16,188
----------
33,038
- -------------------------------------------------------------------------------
Office Equipment (11.6%)
International Business Machines Corp. 150 24,113
Pitney Bowes, Inc. 300 19,200
Xerox Corp. 300 18,450
----------
61,763
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
C & B EQUITY PORTFOLIO FOR TAXABLE INVESTORS
PORTFOLIO OF INVESTMENTS - (Continued)
April 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Shares Value+
- -------------------------------------------------------------------------------
<S> <C> <C>
Pharmaceuticals (5.5%)
Bristol-Myers Squibb Co. 200 $ 13,100
Schering-Plough Corp. 200 16,000
------------
29,100
- -------------------------------------------------------------------------------
Services (3.9%)
Service Corp. International 600 20,550
- -------------------------------------------------------------------------------
TOTAL COMMON STOCKS (Cost $453,280) 450,163
- -------------------------------------------------------------------------------
Face
Amount
- -------------------------------------------------------------------------------
SHORT-TERM INVESTMENT (19.0%)
- -------------------------------------------------------------------------------
Repurchase Agreement (19.0%)
Chase Securities, Inc. 5.20%, dated 4/30/97,
due 5/1/97, to be repurchased at $101,015,
collateralized by $101,578 of various U.S.
Treasury Notes, 4.75%-6.125% due from
8/31/98-10/31/98, valued at $101,081
(Cost $101,000) $101,000 101,000
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS (103.5%) (Cost $554,280) 551,163
- -------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES (-3.5%) (18,884)
- -------------------------------------------------------------------------------
NET ASSETS (100%) $532,279
===============================================================================
</TABLE>
+ See Note A to Financial Statements.
(a) The cost for federal income tax purposes was $554,280. At April 30, 1997,
net unrealized depreciation for all securities based on tax cost was
$3,117. This consisted of aggregate gross unrealized appreciation for all
securities of $17,453 and aggregate gross unrealized depreciation for all
securities of $20,570.
The accompanying notes are an integral part of the financial statements.
<PAGE>
C&B EQUITY PORTFOLIO FOR TAXABLE INVESTORS
STATEMENT OF ASSETS AND LIABILITIES
April 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------
<S> <C>
Assets
Investments, at Cost.................................... $ 554,280
============
Investments, at Value (including Repurchase Agreement
of $101,000) ........................................ $ 551,163
Cash.................................................... 11,296
Receivable due from Investment Adviser - Note B......... 6,782
Dividends Receivable.................................... 530
Interest Receivable..................................... 14
- --------------------------------------------------------------------------
Total Assets......................................... 569,785
- --------------------------------------------------------------------------
Liabilities
Payable for Investments Purchased....................... 17,565
Payable for Administrative Fees - Note C................ 4,589
Payable for Custodian Fees - Note D .................... 1,734
Payable for Directors' Fees - Note G.................... 611
Other Liabilities....................................... 13,007
- --------------------------------------------------------------------------
Total Liabilities.................................... 37,506
- --------------------------------------------------------------------------
Net Assets................................................ $ 532,279
==========================================================================
Net Assets Consist of:
Paid in Capital......................................... $ 534,297
Undistributed Net Investment Income..................... 1,279
Accumulated Net Realized Loss........................... (180)
Unrealized Depreciation................................. (3,117)
- --------------------------------------------------------------------------
Net Assets................................................ $ 532,279
==========================================================================
Institutional Class Shares
Shares Issued and Outstanding ($0.001 par value)
(Authorized 25,000,000).............................. 53,578
Net Asset Value, Offering and Redemption Price
Per Share ........................................... $ 9.93
==========================================================================
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
C&B EQUITY PORTFOLIO FOR TAXABLE INVESTORS
STATEMENT OF OPERATIONS (Unaudited)
For the Period from February 12, 1997* to April 30, 1997 (Unaudited)
<TABLE>
- --------------------------------------------------------------------------------
<S> <C> <C>
Investment Income
Dividends ................................. $1,472
Interest .................................. 2,326
- --------------------------------------------------------------------------------
Total Income ........................... 3,798
- --------------------------------------------------------------------------------
Expenses
Investment Advisory Fees - Note B .........
Basic Fees.............................. $606
Less: Fees Waived....................... (606) -
----------
Administrative Fees - Note C .............. 8,612
Registration and Filing Fees............... 5,867
Custodian Fees - Note D.................... 1,734
Audit Fees................................. 4,465
Printing Fees.............................. 4,126
Directors' Fees - Note G.................. 611
Legal Fees................................. 376
Other Expenses ............................ 298
Expenses Assumed by the Adviser - Note B... (25,093)
- --------------------------------------------------------------------------------
Total Expenses ......................... 996
Expense Offset - Note A.................... -
- --------------------------------------------------------------------------------
Net Expenses............................ 996
- --------------------------------------------------------------------------------
Net Investment Income ......................... 2,802
- --------------------------------------------------------------------------------
Net Realized Loss on Investments .............. (180)
Net Change in Unrealized Appreciation/Depreciation
on Investments ............................ (3,117)
- --------------------------------------------------------------------------------
Net Loss on Investments ....................... (3,297)
- --------------------------------------------------------------------------------
Net Decrease in Net Assets
Resulting from Operations ................. $ (495)
================================================================================
</TABLE>
* Commencement of Operations
The accompanying notes are an integral part of the financial statements.
<PAGE>
C&B EQUITY PORTFOLIO FOR TAXABLE INVESTORS
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
February 12,
1997* to
April 30,
1997
(Unaudited)
- --------------------------------------------------------------------------------
<S> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment Income ......................................... $2,802
Net Realized Loss ............................................ (180)
Net Change in Unrealized Appreciation/Depreciation ............ (3,117)
- --------------------------------------------------------------------------------
Net Decrease in Net Assets Resulting from Operations ....... (495)
- --------------------------------------------------------------------------------
Distributions:
Net Investment Income ......................................... (1,523)
- --------------------------------------------------------------------------------
Capital Share Transactions: (1)
Issued - Regular .............................................. 544,887
- In Lieu of Cash Distributions ........................ 864
Redeemed ...................................................... (11,454)
- --------------------------------------------------------------------------------
Net Increase from Capital Share Transactions ............... 534,297
- --------------------------------------------------------------------------------
Total Increase................................................. 532,279
Net Assets:
Beginning of Period ........................................... -
- --------------------------------------------------------------------------------
End of Period (including undistributed net investment income
of $1,279).................................................. $532,279
================================================================================
(1) Shares Issued and Redeemed:
Shares Issued .............................................. 54,657
In Lieu of Cash Distributions .............................. 89
Shares Redeemed ............................................ (1,168)
- --------------------------------------------------------------------------------
53,578
================================================================================
</TABLE>
* Commencement of Operations
The accompanying notes are an integral part of the financial statements.
<PAGE>
C&B EQUITY PORTFOLIO FOR TAXABLE INVESTORS
FINANCIAL HIGHLIGHTS
Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
<TABLE>
<CAPTION>
February 12,
1997*** to
April 30,
1997
(Unaudited)
- --------------------------------------------------------------------------------
<S> <C>
Net Asset Value, Beginning of Period ........................... $10.00
- --------------------------------------------------------------------------------
Income From Investment Operations
Net Investment Income ........................................ 0.05
Net Realized and Unrealized Loss ............................ (0.09)
- --------------------------------------------------------------------------------
Total From Investment Operations .......................... (0.04)
- --------------------------------------------------------------------------------
Distributions
Net Investment Income ........................................ (0.03)
- --------------------------------------------------------------------------------
Net Asset Value, End of Period ................................. $9.93
================================================================================
Total Return +** ............................................... (0.39)%
================================================================================
Ratios and Supplemental Data
Net Assets, End of Period (Thousands) .......................... $532
Ratio of Expenses to Average Net Assets ........................ 1.00%*
Ratio of Net Investment Income to Average Net Assets ........... 2.81%*
Portfolio Turnover Rate ........................................ 3%
Average Commission Rate ....................................... $0.0504
- --------------------------------------------------------------------------------
Voluntarily Waived Fees and Expenses Assumed by the
Adviser Per Share............................................. $0.49
Ratio of Expenses to Average Net Assets Including
Expense Offsets................................................. 1.00%*
- --------------------------------------------------------------------------------
</TABLE>
* Annualized
** Not Annualized
*** Commencement of Operations
+ Total return would have been lower had certain fees not been waived during
the period.
The accompanying notes are an integral part of the financial statements.
<PAGE>
C & B EQUITY PORTFOLIO FOR TAXABLE INVESTORS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
UAM Funds, Inc. and UAM Funds Trust (collectively the "UAM Funds") are
registered under the Investment Company Act of 1940, as amended. The C & B
Equity Portfolio for Taxable Investors (the "Portfolio"), a portfolio of UAM
Funds Inc., is a diversified, open-end management investment company. At April
30, 1997, the UAM Funds were composed of forty-two active portfolios. The
financial statements of the remaining portfolios are presented separately. The
objective of the Portfolio is to provide maximum long-term, after tax total
return consistent with minimizing risk to principal by investing in common
stocks which have a consistency and predictability in their earnings growth.
A. Significant Accounting Policies: The following significant accounting
policies are in conformity with generally accepted accounting principles. Such
policies are consistently followed by the Portfolio in the preparation of its
financial statements. Generally accepted accounting principles may require
management to make estimates and assumptions that affect the reported amounts
and disclosures in the financial statements. Actual results may differ from
those estimates.
1. Security Valuation: Securities listed on a securities exchange for
which market quotations are readily available are valued at the last
quoted sales price as of the close of the exchange on the day the
valuation is made or, if no sale occurred on such day, at the mean of the
bid and asked prices. Price information on listed securities is taken from
the exchange where the security is primarily traded. Over-the-counter and
unlisted securities are valued at the mean of the current bid and asked
prices. Short-term investments that have remaining maturities of sixty
days or less at time of purchase are valued at amortized cost, if it
approximates market value. The value of other assets and securities for
which no quotations are readily available is determined in good faith at
fair value using methods determined by the Board of Directors.
2. Federal Income Taxes: It is the Portfolio's intention to qualify as a
regulated investment company under Subchapter M of the Internal Revenue
Code and to distribute all of its taxable income. Accordingly, no
provision for Federal income taxes is required in the financial
statements.
3. Repurchase Agreements: In connection with transactions involving
repurchase agreements, the Portfolio's custodian bank takes possession of
the underlying securities, the value of which exceeds the principal amount
of the repurchase transaction, including accrued interest. To the extent
that any repurchase transaction exceeds one business day, the value of the
collateral is monitored on a daily basis to determine the adequacy of the
collateral. In the event of default on the obligation to repurchase, the
Portfolio has the right to liquidate the collateral and apply the proceeds
in satisfaction of the obligation. In the event of default or bankruptcy
by the other party to the agreement, realization and/or retention of the
collateral or proceeds may be subject to legal proceedings.
Pursuant to an Exemptive Order issued by the Securities and Exchange
Commission, the UAM Funds may transfer their daily uninvested cash
balances into a joint trading account which invests in one or more
repurchase agreements. This joint repurchase agreement is covered by the
same collateral requirements as discussed above.
4. Distributions to Shareholders: The Portfolio will normally distribute
substantially all of its net investment income quarterly. Any realized net
capital gains will be distributed annually. All distributions are recorded
on ex-dividend date.
<PAGE>
C & B EQUITY PORTFOLIO FOR TAXABLE INVESTORS
NOTES TO FINANCIAL STATEMENTS (Unaudited)-(Continued)
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.
Permanent book and tax basis differences relating to shareholder
distributions may result in reclassifications to undistributed net
investment income (loss), accumulated net realized gain (loss) and paid in
capital.
Permanent book-tax differences, if any, are not included in ending
undistributed net investment income (loss) for the purpose of calculating
net investment income (loss) per share in the financial highlights.
5. Other: Security transactions are accounted for on trade date, the date
the trade was executed. Costs used in determining realized gains and
losses on the sale of investment securities are based on the specific
identification method. Dividend income is recorded on the ex-dividend
date. Interest income is recognized on the accrual basis. Most expenses of
the UAM Funds can be directly attributed to a particular portfolio.
Expenses which cannot be directly attributed are apportioned among the
portfolios of the UAM Funds based on their relative net assets. Custodian
fees for the Portfolio have been increased to include expense offsets for
custodian balance credits, if any.
B. Advisory Services: Under the terms of an investment advisory agreement,
Cooke & Bieler, Inc. (the "Adviser"), a wholly-owned subsidiary of United Asset
Management Corporation ("UAM"), provides investment advisory services to the
Portfolio at a fee calculated at an annual rate of 0.625% of average daily net
assets. The Adviser has voluntarily agreed to waive a portion of its advisory
fees and to assume expenses, if necessary, in order to keep the Portfolio's
total annual operating expenses, after the effect of expense offset
arrangements, from exceeding 1.00% of average daily net assets.
C. Administration Services: UAM Fund Services, Inc. (the "Administrator"), a
wholly-owned subsidiary of UAM, provides and oversees administrative, fund
accounting, dividend disbursing and transfer agent services to the UAM Funds
under a Fund Administration Agreement (the "Agreement"). Pursuant to the
Agreement, the Administrator is entitled to receive annual fees, computed daily
and payable monthly, of 0.19% of the first $200 million of the combined
aggregate net assets; plus 0.11% of the next $800 million of the combined
aggregate net assets; plus 0.07% of the next $2 billion of the combined
aggregate net assets; plus 0.05% of the combined aggregate net assets in excess
of $3 billion. The fees are allocated among the portfolios of the UAM Funds on
the basis of their relative net assets and are subject to a graduated minimum
fee schedule per portfolio which rises from $2,000 per month, upon inception of
a portfolio, to $70,000 annually after two years. For portfolios with more than
one class of shares, the minimum annual fee increases to $90,000. In addition,
the Administrator receives a Portfolio-specific monthly fee of 0.04% of average
daily net assets of the Portfolio. The Administrator has entered into a Mutual
Funds Service Agreement with Chase Global Funds Services Company ("CGFSC"), an
affiliate of The Chase Manhattan Bank, under which CGFSC agrees to provide
certain services, including but not limited to, administration, fund accounting,
dividend disbursing and transfer agent services. Pursuant to the Mutual Funds
Service Agreement, the Administrator pays CGFSC a monthly fee. For the period
from February 12, 1997, to April 30, 1997, UAM Fund Services, Inc. earned $8,612
from the Portfolio as Administrator of which $8,573 was paid to CGFSC for its
services as sub-Administrator.
D. Custodian: The Chase Manhattan Bank, an affiliate of CGFSC, is custodian
for the Portfolio's assets held in accordance with the custodian agreement.
<PAGE>
C & B EQUITY PORTFOLIO FOR TAXABLE INVESTORS
NOTES TO FINANCIAL STATEMENTS (Unaudited)-(Continued)
E. Distribution Services: UAM Fund Distributors, Inc. (the "Distributor"), a
wholly-owned subsidiary of UAM, distributes the shares of the Portfolio. The
Distributor does not receive any fee or other compensation with respect to the
Portfolio.
F. Account Services: Effective February 28, 1997, the UAM Funds entered into an
Account Services Agreement (the "Services Agreement") with UAM Retirement Plan
Services, Inc. (the "Service Provider"), a wholly-owned subsidiary of UAM. Under
the Services Agreement, the Service Provider agrees to perform certain services
for participants in a self-directed, defined contribution plan, and for whom the
Service Provider provides participant recordkeeping. Pursuant to the Services
Agreement, the Service Provider is entitled to receive, after the end of each
month, a fee at the annual rate of 0.15% of the average aggregate daily net
asset value of shares of the UAM Funds in the accounts for which they provide
services.
G. Directors' Fees: Each Director, who is not an officer or affiliated person,
receives $2,000 per meeting attended, which is allocated proportionally among
the active portfolios of the UAM Funds, plus a quarterly retainer of $150 for
each active portfolio of the UAM Funds, and reimbursement of expenses incurred
in attending Board meetings.
H. Purchases and Sales: For the period ended April 30, 1997, the Portfolio
made purchases of $460,488 and sales of $7,029 of investment securities other
than long-term U.S. Government and short-term securities. There were no
purchases or sales of long-term U.S. Government securities.
I. Other: At April 30, 1997, 80.5% of total shares outstanding were held by
three record shareholders owning more than 10% of the aggregate total shares
outstanding.
The information regarding principal holders of securities under the "Management
of the Fund" heading of the C&B Portfolios Statement of Additional Information
is amended as follows:
PRINCIPAL HOLDERS OF SECURITIES
As of June 20, 1997, the following persons or organizations held of
record or beneficially 5% or more of the shares of a Portfolio, as noted.
C & B Equity Portfolio: First Union National Bank, Trustee, Cadmus
Communication Corp. Pension Plan, 401 S. Tryon, Charlotte, NC 28288, 13.2%*;
Commonwealth Energy System, One Main Street, Cambridge, MA 02142, 10.9%; Hudson
Valley District Council of Carpenters Pension Fund, R.D. 8, Box 327, Middletown,
NY 10940, 7.8%*; Saxon & Co., FBO W. PA Team & MTR Carrier, P.O. Box 7780-1888,
Philadelphia, PA 19182, 5.8%*; Central New York Community Foundation, Inc., 500
South Salina Street, Suite 428, Syracuse, NY 13202, 5.2%.
C & B Balanced Portfolio: UFCW Local 56 & Food Industry Employers Money
Purchase Pension Trust, c/o CoreStates Bank, P.O. Box 7829, Philadelphia, PA
19101-7829, 27.6%; Baptist Health System, Inc., D/B/A Coosa Valley Baptist
Medical Center, 315 West Hickory Street, Sylacauga, AL 35150, 13.8%; Charles J.
Prizer, 4325 Gulf of Mexico Drive, Longboat Key, FL 34228, 12.1%; Stanley B.
Tulin, c/o Coopers & Lybrand, 717 Spring Mill Rd., Villanova, PA 19085, 6.0%;
and St. Andrews Church, Memorial Endowment Fund, P.O. Box 1287, Edgartown, MA
02539, 5.4%.
C & B Equity Portfolio for Taxable Investors: Ann Haupman and Cynthia
Jacobs, Trustees, FBO Ann Haupman and Gunter Haupman Trust, 4 Briga Lane, White
Plains, NY 10605, 42.7%*; Bruce A. Boulware and Lizabeth A. Boulware, 6805
Langley Springs Court, McLean, VA 22101, 18.9%; John J. Medveckis, The Barclay
Apt. 22-C, Philadelphia, PA 19103, 17.0%; Peter A. Thompson, Custodian, James
Adamson Thompson, 647 Spring Mill Road, Villanova, PA 19085, 5.0%*.
The persons or organizations owning 25% or more of the outstanding
shares of a Portfolio may be presumed to "control" (as that term is defined in
the 1940 Act) such Portfolio. As a result, those persons or organizations could
have the ability to vote a majority of the shares of the Portfolio on any matter
requiring the approval of shareholders of such Portfolio.
- ---------------
* Denotes shares held by a trustee or other fiduciary for which beneficial
ownership is disclaimed or presumed disclaimed.
The information under the "Performance Calculations" heading in the
C & B Equity Portfolio for Taxable Investors Institutional Class Shares
Prospectus is supplemented as follows:
The cumulative total rate of return for the Institutional Class Shares
of the C & B Equity Portfolio for Taxable Investors from inception, February 12,
1997, through the period ended on the date of the Financial Statements included
herein is as follows:
<TABLE>
<CAPTION>
Since Inception
Through
Period Ended Inception
April 30, 1997 Date
-------------- ----
<S> <C> <C>
C & B Equity Portfolio for Taxable Investors............... (0.39)% 2/12/97
</TABLE>
<PAGE>
UAM FUNDS, INC.
STERLING PARTNERS' SMALL CAP VALUE PORTFOLIO
INSTITUTIONAL CLASS SHARES
SUPPLEMENT DATED JUNE 30, 1997 TO THE STATEMENT OF ADDITIONAL
INFORMATION DATED JANUARY 3, 1997
FINANCIAL STATEMENTS
(Unaudited)
Attached are the unaudited financial statements for the Sterling Partners'
Small Cap Value Portfolio (the "Portfolio") for the period ended April 30, 1997.
<PAGE>
STERLING PARTNERS' SMALL CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
April 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Shares Value+
- ----------------------------------------------------------------------------------------------------------
COMMON STOCKS (95.6%)
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C>
Automotive (2.7%)
* Strattec Security Corp. 11,000 $ 184,250
- ----------------------------------------------------------------------------------------------------------
Banks (9.1%)
Ocean Financial Corp. 7,040 208,120
Empire Federal Bancorp, Inc. 16,500 218,625
Provident Financial Holdings, Inc. 12,525 191,006
-----------------
617,751
- ----------------------------------------------------------------------------------------------------------
Beverages, Food & Tobacco (4.6%)
Earthgrains Co. 5,425 310,581
- ----------------------------------------------------------------------------------------------------------
Building Materials (9.6%)
* Cameron Ashley Building Products 13,325 179,888
Texas Industries, Inc. 8,650 198,950
Zurn Industries, Inc. 11,175 276,581
-----------------
655,419
- ----------------------------------------------------------------------------------------------------------
Capital Equipment (5.5%)
Keystone International, Inc. 12,075 238,481
Trimas Corp. 5,400 132,975
-----------------
371,456
- ----------------------------------------------------------------------------------------------------------
Construction (1.9%)
* Perini Corp. 17,650 127,963
- ----------------------------------------------------------------------------------------------------------
Entertainment & Leisure Time (4.0%)
* Primadonna Resorts, Inc. 14,600 273,750
- ----------------------------------------------------------------------------------------------------------
Financial Services (6.9%)
Financial Security Assurance Holdings Ltd. 6,875 222,578
Piper Jaffrey Cos., Inc. 15,200 245,100
-----------------
467,678
- ----------------------------------------------------------------------------------------------------------
Health Care (11.9%)
* Advanced Technology Labs, Inc. 6,900 228,562
Kinetic Concepts, Inc. 15,800 235,025
* Magellan Health Services, Inc. 13,100 343,875
-----------------
807,462
- ----------------------------------------------------------------------------------------------------------
Home Furnishings & Appliances (4.6%)
Stanhome, Inc. 10,450 316,113
- ----------------------------------------------------------------------------------------------------------
Insurance (2.4%)
Stewart Information Services Corp. 8,450 161,606
- ----------------------------------------------------------------------------------------------------------
Metals (3.9%)
* Steel of West Virginia, Inc. 29,375 264,375
- ----------------------------------------------------------------------------------------------------------
Multi-Industry (6.9%)
Clarcor, Inc. 10,997 243,309
* Griffon Corp. 18,635 225,949
-----------------
469,258
- ----------------------------------------------------------------------------------------------------------
Oil & Gas (3.1%)
* McFarland Energy, Inc. 17,900 208,088
- ----------------------------------------------------------------------------------------------------------
Retail (7.8%)
CPI Corp. 12,270 197,854
Family Dollar Stores, Inc. 12,650 330,481
-----------------
528,335
- ----------------------------------------------------------------------------------------------------------
Services (3.4%)
* Bell & Howell Co. 9,725 229,753
- ----------------------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
STERLING PARTNERS' SMALL CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
April 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value+
- ----------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C>
Telecommunications (7.3%)
* Anixter International, Inc. 19,700 $ 280,725
Gilbert Associates, Inc., Class A 16,370 216,903
-----------------
497,628
- ----------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS (Cost $6,444,237) 6,491,466
- ----------------------------------------------------------------------------------------------------------
Face
Amount
- ----------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENT (6.7%)
- ----------------------------------------------------------------------------------------------------------
Repurchase Agreement (6.7%)
Chase Securities, Inc. 5.20%, dated 4/30/97, due
5/1/97, to be repurchased at $455,066, collateralized
by $457,605 of various U.S. Treasury Notes,
4.75%-6.125%, due from 8/31/98-10/31/98,
valued at $455,366 (Cost $455,000) $ 455,000 455,000
- ----------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (102.3%) (Cost $6,899,237) (a) 6,946,466
- ----------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES (-2.3%) (156,478)
- ----------------------------------------------------------------------------------------------------------
NET ASSETS (100%) $ 6,789,988
==========================================================================================================
</TABLE>
+ See Note A to Financial Statements.
* Non-Income Producing Security
(a) The cost for federal income tax purposes was $6,899,237. At April 30,
1997, net unrealized appreciation for all securities based on tax cost
was $47,229. This consisted of aggregate gross unrealized appreciation
for all securities of $291,360 and aggregate gross unrealized
depreciation for all securities of $244,131.
The accompanying notes are an integral part of the financial statements.
<PAGE>
STERLING PARTNERS' SMALL CAP VALUE PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
April 30, 1997 (Unaudited)
<TABLE>
- --------------------------------------------------------------------------------------------
<S> <C>
Assets
Investments, at Cost...................................................... $ 6,899,237
=============
Investments, at Value (excluding Repurchase Agreement).................... $ 6,491,466
Repurchase Agreement, at Value ........................................... 455,000
Cash...................................................................... 675
Receivable for Investments Sold........................................... 181,130
Receivable due from Investment Adviser-Note B............................. 29
Receivable for Portfolio Shares Sold...................................... 50,000
Dividends Receivable...................................................... 1,114
Interest Receivable....................................................... 66
- --------------------------------------------------------------------------------------------
Total Assets........................................................... 7,179,480
- --------------------------------------------------------------------------------------------
Liabilities
Payable for Investments Purchased......................................... 379,137
Payable for Administrative Fees-Note C.................................... 2,642
Payable for Custodian Fees-Note D......................................... 1,628
Payable for Directors' Fees-Note H........................................ 607
Other Liabilities......................................................... 5,478
- --------------------------------------------------------------------------------------------
Total Liabilities...................................................... 389,492
- --------------------------------------------------------------------------------------------
Net Assets................................................................... $ 6,789,988
============================================================================================
Net Assets Consist of:
Paid in Capital........................................................... $ 6,677,319
Overdistributed Net Investment Income..................................... (2,601)
Accumulated Net Realized Gain............................................. 68,041
Unrealized Appreciation................................................... 47,229
- --------------------------------------------------------------------------------------------
Net Assets................................................................... $ 6,789,988
============================================================================================
Institutional Class Shares
Shares Issued and Outstanding ($0.001 par value)
(Authorized 25,000,000)................................................ 649,205
Net Asset Value, Offering and Redemption Price
Per Share.............................................................. $ 10.46
============================================================================================
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
STERLING PARTNERS' SMALL CAP VALUE PORTFOLIO
STATEMENT OF OPERATIONS
For the Period from January 2, 1997* to April 30, 1997 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Investment Income
Dividends........................................ $ 11,535
Interest......................................... 8,432
- --------------------------------------------------------------------------------
Total Income.................................. 19,967
- --------------------------------------------------------------------------------
Expenses
Investment Advisory Fees - Note B
Basic Fee......................................$ 13,552
Less: Fees Waived.............................. (13,552) -
Administrative Fees-Note C....................... ----------- 9,050
Custodian Fees-Note D............................ 1,627
Audit Fees....................................... 5,862
Printing Fees.................................... 2,691
Legal Fees....................................... 1,302
Registration and Filing Fees..................... 2,755
Directors' Fees-Note H........................... 1,062
Other Expenses................................... 217
Expenses Assumed by Adviser...................... (7,453)
- --------------------------------------------------------------------------------
Total Expenses................................ 17,113
Expense Offset-Note A............................ -
- --------------------------------------------------------------------------------
Net Expenses.................................. 17,113
- --------------------------------------------------------------------------------
Net Investment Income.............................. 2,854
- --------------------------------------------------------------------------------
Net Realized Gain on Investments................... 68,041
Net Change in Unrealized
Appreciation on Investments...................... 47,229
- --------------------------------------------------------------------------------
Net Gain on Investments............................ 115,270
- --------------------------------------------------------------------------------
Net Increase in Net Assets
Resulting from Operations........................ $ 118,124
================================================================================
* Commencement of Operations
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
STERLING PARTNERS' SMALL CAP VALUE PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
January 2, 1997*
to
April 30, 1997
(Unaudited)
- -------------------------------------------------------------------------------
<S> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment Income........................................ $2,854
Net Realized Gain............................................ 68,041
Net Change in Unrealized Appreciation........................ 47,229
- -------------------------------------------------------------------------------
Net Increase in Net Assets Resulting from Operations...... 118,124
- -------------------------------------------------------------------------------
Distributions:
Net Investment Income........................................ (5,455)
- -------------------------------------------------------------------------------
Total Distributions..................................... (5,455)
- -------------------------------------------------------------------------------
Capital Share Transactions: (1)
Issued - Regular............................................. 6,674,539
- In Lieu of Cash Distributions.................... 5,453
Redeemed..................................................... (2,673)
- -------------------------------------------------------------------------------
Net Increase from Capital Share Transactions ............. 6,677,319
- -------------------------------------------------------------------------------
Total Increase............................................... 6,789,988
Net Assets:
Beginning of Period.......................................... -
- -------------------------------------------------------------------------------
End of Period (including overdistributed net investment
income of $(2,601).......................................... $6,789,988
===============================================================================
(1) Shares Issued and Redeemed:
Shares Issued............................................. 648,919
In Lieu of Cash Distributions............................. 540
Shares Redeemed........................................... (254)
- -------------------------------------------------------------------------------
649,205
===============================================================================
</TABLE>
* Commencement of Operations
The accompanying notes are in integral part of the financial statements.
<PAGE>
STERLING PARTNERS' SMALL CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
January 2,
1997*** to
April 30, 1997
(Unaudited)
- -------------------------------------------------------------------------------------------------------
<S> <C>
Net Asset Value, Beginning of Period......................................... $10.00
- -------------------------------------------------------------------------------------------------------
Income From Investment Operations
Net Investment Income..................................................... 0.01
Net Realized & Unrealized Gain ........................................... 0.46
- -------------------------------------------------------------------------------------------------------
Total From Investment Operations....................................... 0.47
- -------------------------------------------------------------------------------------------------------
Distributions
Net Investment Income..................................................... (0.01)
- -------------------------------------------------------------------------------------------------------
Total Distributions.................................................... (0.01)
- -------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period............................................... $10.46
=======================================================================================================
Total Return+................................................................ 4.70 %**
=======================================================================================================
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)........................................ $6,790
Ratio of Expenses to Average Net Assets...................................... 1.25 %*
Ratio of Net Investment Income to Average Net Assets......................... 0.21 %*
Portfolio Turnover Rate...................................................... 32 %
Average Commission Rate ..................................................... $0.0649
- -------------------------------------------------------------------------------------------------------
Voluntarily Waived Fees and Expenses Assumed by the Adviser Per Share........ $0.04
Ratio of Expenses to Average Net Assets Including Expense Offsets ........... 1.25%*
- -------------------------------------------------------------------------------------------------------
</TABLE>
* Annualized
** Not Annualized
*** Commencement of Operations
+ Total return would have been lower had certain fees not been waived and
assumed by the Adviser during the period.
The accompanying notes are an integral part of the financial statements.
<PAGE>
STERLING PARTNERS' SMALL CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited)
UAM Funds, Inc. and UAM Funds Trust, (collectively the "UAM Funds") are
registered under the Investment Company Act of 1940, as amended. The Sterling
Partners' Small Cap Value Portfolio ( the "Portfolio"), a portfolio of UAM
Funds, Inc., is a diversified, open-end management investment company. At April
30, 1997, the UAM Funds were composed of forty-two active portfolios. The
financial statements of the remaining portfolios are presented separately. The
objective of the Portfolio is to provide maximum long-term total return
consistent with reasonable risk to principal, by investing primarily in equity
securities of smaller companies, in terms of market capitalization.
A. Significant Accounting Policies: The following significant accounting
policies are in conformity with generally accepted accounting principles. Such
policies are consistently followed by the Portfolio in the preparation of its
financial statements. Generally accepted accounting principles may require
management to make estimates and assumptions that affect the reported amounts
and disclosures in the financial statements. Actual results may differ from
those estimates.
1. Security Valuation: Equity securities listed on a securities exchange
and unlisted securities for which market quotations are readily
available are valued at the last quoted sales price as of the close of
the exchange on the day the valuation is made. Price information on
listed securities is taken from the exchange where the security is
primarily traded. In addition, listed and unlisted securities not traded
on the valuation date for which market quotations are readily available
are valued at the average between the bid and asked 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. Short- term investments that have
remaining maturities of sixty days or less at time of purchase are
valued at amortized cost, if it approximates market value. The value of
other assets and securities for which no quotations are readily
available is determined in good faith at fair value using methods
determined by the Board of Directors.
2. Federal Income Taxes: It is the Portfolio's intention to qualify as a
regulated investment company under Subchapter M of the Internal Revenue
Code and to distribute all of its taxable income. Accordingly, no
provision for Federal income taxes is required in the financial
statements.
3. Repurchase Agreements: In connection with transactions involving
repurchase agreements, the Portfolio's custodian bank takes possession
of the underlying securities, the value of which exceeds the principal
amount of the repurchase transaction, including accrued interest. To the
extent that any repurchase transaction exceeds one business day, the
value of the collateral is monitored on a daily basis to determine the
adequacy of the collateral. In the event of default on the obligation to
repurchase, the Portfolio has the right to liquidate the collateral and
apply the proceeds in satisfaction of the obligation. In the event of
default or bankruptcy by the other party to the agreement, realization
and/or retention of the collateral or proceeds may be subject to legal
proceedings.
Pursuant to an Exemptive Order issued by the Securities and Exchange
Commission, the UAM Funds may transfer their daily uninvested cash
balances into a joint trading account which invests in one or more
repurchase agreements. This joint repurchase agreement is covered by the
same collateral requirements as discussed above.
4. Distributions to Shareholders: The Portfolio will normally distribute
substantially all of its net investment income to shareholders
quarterly. Any realized net capital gains will be distributed annually.
All distributions are recorded on ex-dividend date.
<PAGE>
STERLING PARTNERS' SMALL CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited)-(Continued)
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 in-
kind transactions.
Permanent book and tax basis differences relating to shareholder
distributions may result in reclassifications to undistributed net
investment income (loss), accumulated gain (loss) and paid in capital.
Permanent book-tax differences, if any, are not included in ending
undistributed net investment income for the purpose of calculating net
investment income per share in the financial highlights.
5. Other: Security transactions are accounted for on trade date, the
date the trade was executed. Costs used in determining realized gains
and losses on the sale of investment securities are based on the
specific identification method. Dividend income is recorded on the ex-
dividend date. Interest income is recognized on the accrual basis.
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. Custodian fees for
the Portfolio have been increased to include expense offsets for
custodian balance credits, if any.
B. Advisory Services: Under the terms of an investment advisory agreement,
Sterling Capital Management Company (the "Adviser"), a wholly-owned subsidiary
of United Asset Management Corporation ("UAM"), provides investment advisory
services to the Portfolio at a fee calculated at an annual rate of 1.00% of
average daily net assets. The Adviser has voluntarily agreed to waive a portion
of its advisory fees and to assume expenses, if necessary, in order to keep the
total annual operating expenses, after the effect of expense offset
arrangements, from exceeding 1.25% of average daily net assets.
C. Administration Services: UAM Fund Services, Inc. (the "Administrator"), a
wholly-owned subsidiary of UAM, provides and oversees administrative, fund
accounting, dividend disbursing and transfer agent services to the UAM Funds
under a Fund Administration Agreement (the "Agreement"). Pursuant to the
Agreement, the Administrator is entitled to receive annual fees, computed daily
and payable monthly, of 0.19% of the first $200 million of the combined
aggregate net assets; plus 0.11% of the next $800 million of the combined
aggregate net assets; plus 0.07% of the next $2 billion of the combined
aggregate net assets; plus 0.05% of the combined aggregate net assets in excess
of $3 billion. The fees are allocated among the portfolios of the UAM Funds on
the basis of their relative net assets and are subject to a graduated minimum
fee schedule per portfolio which rises from $2,000 per month, upon inception of
a portfolio, to $70,000 annually after two years. For portfolios with more than
one class of shares, the minimum annual fee increases to $90,000. In addition,
the Administrator receives a Portfolio-specific monthly fee of 0.04% of average
daily net assets. The Administrator has entered into a Mutual Funds Service
Agreement with Chase Global Funds Services Company ("CGFSC"), an affiliate of
The Chase Manhattan Bank, under which CGFSC agrees to provide certain services,
including but not limited to, administration, fund accounting, dividend
disbursing and transfer agent services. Pursuant to the Mutual Funds Service
Agreement, the Administrator pays CGFSC a monthly fee. For the period ended
April 30, 1997, UAM Fund Services, Inc. earned $9,050 from the Portfolio as
Administrator of which $8,508 was paid to CGFSC for their services.
D. Custodian: The Chase Manhattan Bank, an affiliate of CGFSC, is custodian for
the Portfolio's assets held in accordance with the custodian agreement.
<PAGE>
STERLING PARTNERS' SMALL CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (Unaudited)-(Continued)
E. Distribution and Service Plans: UAM Fund Distributors, Inc. (the
"Distributor"), a wholly-owned subsidiary of UAM, distributes the shares of the
Portfolio. The Distributor does not receive any fee or other compensation with
respect to the Portfolio.
F. Purchases and Sales: For the period ended April 30, 1997, purchases and
sales of investment securities other than long-term U.S. Government securities
and short-term securities were $7,541,811 and $1,165,615, respectively.
G. Directors' Fees: Each Director, who is not an officer or affiliated person,
receives $2,000 per meeting attended, which is allocated proportionally among
the active portfolios of UAM Funds, plus a quarterly retainer of $150 for each
active portfolio of the UAM Funds, and reimbursement of expenses incurred in
attending Board meetings.
H. Line of Credit: The Portfolio, along with certain other Portfolios of UAM
Funds, collectively entered into an agreement which enables them to participate
in a $100 million unsecured line of credit with several banks. Borrowings will
be made solely to temporarily finance the repurchase of Capital shares. Interest
is charged to each participating Portfolio based on its borrowings at a rate per
annum equal to the Federal Funds rate plus 0.50%. In addition, a commitment fee
of 1/8th of 1% per annum, payable at the end of each calendar quarter, is
accrued by each participating Portfolio based on its average daily unused
portion of the line of credit. During the period ended April 30, 1997, the
Portfolio had no borrowings under the agreement.
<PAGE>
The information regarding principal holders of securities under the "Management
of the Fund" heading of the Sterling Partners' Portfolios Statement of
Additional Information is amended as follows:
PRINCIPAL HOLDERS OF SECURITIES
As of June 20, 1997, the following persons or organizations held of
record or beneficially 5% or more of the shares of a Portfolio, as noted.
Sterling Partners' Balanced Portfolio: UMBSC & Co., Trustee, FBO
Interstate Brands Conserv Growth, P.O. Box 419260, Kansas City, MO 64141, 16.4*;
The Chase Manhattan Bank, Trustee for Employee Savings Plan & Trust of Bowers
Fibers, Inc., 770 Broadway, New York, NY 6.7%*; Fleet National Bank, Trustee,
FBO Smith Helms Sterling, Muliss & Moore Partners, P.O. Box 92800, Rochester,
NY, 6.5%* and The Chase Manhattan Bank, Trustee, FBO J.C. Steele & Sons, Inc.,
Retirement & Profit Sharing Plan, 770 Broadway, New York, NY 10003, 6.2%*.
Sterling Partners' Equity Portfolio: H. Keith Brunnemer, Jr., Michael
Peeler Fund, P.O. Box 6024, Charlotte, NC, 28207, 10.1%; The Chase Manhattan
Bank, Trustee, FBO J.C. Steele & Sons, Inc., Retirement & Profit Sharing Plan,
770 Broadway, New York, NY, 8.1%* and Hartnat & Co., Smith Anderson, P.O. Box
92800, Rochester, NY 14692-8900, 6.4%*.
Sterling Partners' Short-Term Fixed Income Portfolio: Charles Schwab &
Co., Inc., Trustee, FBO Reinvest Account, 101 Montgomery Street, San Francisco,
CA 94104, 95.4%*.
Sterling Partners' Small Cap Value Portfolio: Wachovia Bank of North
Carolina, Trustee, FBO UNX Chemicals, Inc., Retirement Plan & Trust, 301 N.
Main, P.O. Box 3073, Winston-Salem, NC 27150, 6.7%*; First Union Brokerage
Services, Trustee, FBO Erskine B. Bowles Management Trust, 201 S. College
Street, 5th Floor, Charlotte, NC 28202, 6.4%*; William B. McGuire, Jr., Summit
Properties, 212 S. Tyron Street, Suite 500, Charlotte, NC 28281 5.3%; Wachovia
Bank of North Carolina, Trustee, FBO The Coastal Chemical Corp., 301 N. Main,
P.O. Box 3073, Winston-Salem, NC 27150, 5.2%*.
* Denotes shares held by a Trustee or other fiduciary for which beneficial
ownership is disclaimed or presumed disclaimed.
The persons or organizations owning 25% or more of the outstanding
shares of a Portfolio may be presumed to "control" (as that term is defined in
the 1940 Act) such Portfolio. As a result, those persons or organizations could
have the ability to vote a majority of the shares of the Portfolio on any matter
requiring the approval of shareholders of such Portfolio.
<PAGE>
The information under the "Performance Calculations" heading in the
Sterling Partners' Small Cap Value Portfolio Institutional Class Shares
Prospectus is supplemented as follows:
The cumulative total rate of return for the Institutional Class Shares
of the Sterling Partner's Small Cap Value Portfolio from inception, January 2,
1997, through the period ended on the date of the Financial Statements included
herein is as follows:
<TABLE>
<CAPTION>
Since Inception
Through
Period Ended Inception
April 30, 1997 Date
-------------- ----
<S> <C> <C>
Sterling Partners' Small Cap Value Portfolio ...... 4.70% 1/2/97
</TABLE>
<PAGE>
PART C
UAM FUNDS, INC.
(FORMERLY THE REGIS FUND, INC.)
POST-EFFECTIVE AMENDMENT NO.48
OTHER INFORMATION
Item 24. Financial Statements and Exhibits
(A) Financial Statements
Unaudited financial highlights for the C & B Equity Portfolio
for Taxable Investors for the period from February 12, 1997
(commencement of operations) to April 30, 1997 are included in
Part A (the prospectus).
Unaudited financial highlights for the Sterling Partners' Small
Cap Value Portfolio for the period from January 2, 1997
(commencement of operations) to April 30, 1997 are included in
Part A (the prospectus).
Incorporated by reference to Post-Effective Amendment No.43 (in
Part A) for the classes of shares listed below are "Financial
Highlights" for the period from the date indicated to the fiscal
year ended October 31, 1996:
Acadian International Equity Portfolio Institutional Class Shares
(March 29, 1993)
Acadian Emerging Markets Portfolio Institutional Class Shares
(June 17, 1993)
C & B Balanced Portfolio Institutional Class Shares
(December 29, 1989)
C & B Equity Portfolio Institutional Class Shares (May 15, 1990)
DSI Disciplined Value Portfolio Institutional Class Shares
(December 12, 1989)
DSI Limited Maturity Bond Portfolio Institutional Class Shares
(December 18, 1989)
DSI Money Market Portfolio Institutional Class Shares
(December 28, 1989)
FMA Small Company Portfolio Institutional Class Shares
(July 31, 1991)
ICM Equity Portfolio Institutional Class Shares (October 1, 1993)
ICM Fixed Income Portfolio Institutional Class Shares
(November 3, 1992)
ICM Small Company Portfolio Institutional Class Shares
(April 19, 1989)
McKee U.S. Government Portfolio Institutional Class Shares
(March 2, 1995)
McKee Domestic Equity Portfolio Institutional Class Shares
(March 2, 1995)
McKee International Equity Portfolio Institutional Class Shares
(May 26, 1994)
NWQ Balanced Portfolio Institutional Class Shares
(August 2, 1994)
NWQ Value Equity Portfolio Institutional Class Shares
(September 21, 1994)
NWQ Balanced Portfolio Institutional Service Class Shares
(January 22, 1996)
Rice, Hall, James Small Cap Portfolio Institutional Class Shares
(July 1, 1994)
Sirach Fixed Income Portfolio Institutional Class Shares
(December 1, 1993)
Sirach Growth Portfolio Institutional Class Shares
(December 1, 1993)
Sirach Short-Term Reserves Portfolio Institutional Class Shares
(December 1, 1993)
Sirach Strategic Balanced Portfolio Institutional Class Shares
(December 1, 1993)
Sirach Special Equity Portfolio Institutional Class Shares
(October 2, 1989)
Sirach Equity Portfolio Institutional Class Shares (July 1, 1996)
Sirach Growth Portfolio Institutional Service Class Shares
(March 22, 1996)
Sirach Special Equity Portfolio Institutional Service Class
Shares (March 22, 1996)
SAMI Preferred Stock Income Portfolio Institutional Class Shares
(June 23, 1992)
Sterling Partners' Balanced Portfolio Institutional Class Shares
(March 15, 1991)
Sterling Partners' Equity Portfolio Institutional Class Shares
(March 15, 1991)
Sterling Partners' Short-Term Fixed Income Portfolio
Institutional Class Shares (February 10, 1992)
TS&W Equity Portfolio Institutional Class Shares (July 17, 1992)
TS&W Fixed Income Portfolio Institutional Class Shares
(July 17, 1992)
TS&W International Equity Portfolio Institutional Class Shares
(December 18, 1992)
<PAGE>
Included in Part B:
The following unaudited Financial Statements for the C&B Equity Portfolio for
Taxable Investors and the Sterling Partners' Small Cap Value Portfolio are
included in Part B of this Post-Effective Amendment:
(a) Statement of Net Assets as of April 30, 1997;
(b) Statement of Operations for the period ended April 30, 1997;
(c) Statement of Changes in Net Assets for the period ended April 30,
1997;
(d) Financial Highlights as of April 30, 1997; and
(e) Notes to Financial Statements.
The following audited Financial Statements for the NWQ Balanced and Value
Equity Portfolios are incorporated by reference to Post-Effective Amendment No.
47 filed on June 4, 1997:
(a) Statement of Net Assets as of October 31, 1996;
(b) Statement of Operations for the period ended October 31, 1996;
(c) Statement of Changes in Net Assets for the period ended
October 31, 1996;
(d) Financial Highlights as of October 31, 1996;
(e) Notes to Financial Statements; and
(f) Report of Independent Accountants.
The following audited Financial Statements for the Rice, Hall, James Small Cap
Portfolio are also incorporated by reference to Post-Effective Amendment No. 46
filed on May 30, 1997:
(a) Statement of Net Assets as of October 31, 1996;
(b) Statement of Operations for the period ended October 31, 1996;
(c) Statement of Changes in Net Assets for the period ended
October 31, 1996;
(d) Financial Highlights as of October 31, 1996;
(e) Notes to Financial Statements; and
(f) Report of Independent Accountants.
The following unaudited Financial Statements for the Rice, Hall, James Small/Mid
Cap Portfolio are also incorporated by reference to Post-Effective Amendment No.
46 filed on May 30, 1997:
(a) Statement of Net Assets as of April 30, 1997;
(b) Statement of Operations for the period ended April 30, 1997;
(c) Statement of Changes in Net Assets for the period ended
April 30, 1997;
(d) Financial Highlights as of April 30, 1997; and
(e) Notes to Financial Statements.
The audited October 31, 1996 Financial Statements for the following portfolios
are also incorporated by reference to Post-Effective Amendment No. 45 filed on
February 5, 1997:
TS&W Equity Portfolio
TS&W Fixed Income Portfolio
TS&W International Equity Portfolio
The audited October 31, 1996 Financial Statements for the following Portfolios
are also incorporated herein by reference to Post-Effective Amendment No. 44
filed on January 24, 1997:
McKee U.S. Government Portfolio
McKee Domestic Equity Portfolio
McKee International Equity Portfolio
The audited October 31, 1996 Financial Statements for the following Portfolios
are also incorporated herein by reference to the Annual Reports for the Fund
each dated October 31, 1996, filed electronically pursuant to Section 30(b)(2)
of the Investment Company Act of 1940, as amended, (Accession Number:
0000950109-96-008722):
Acadian International Equity Portfolio
Acadian Emerging Markets Portfolio
C & B Balanced Portfolio
C & B Equity Portfolio
DSI Disciplined Value Portfolio
DSI Limited Maturity Bond Portfolio
<PAGE>
DSI Money Market Portfolio
FMA Small Company Portfolio
ICM Equity Portfolio
ICM Fixed Income Portfolio
ICM Small Company Portfolio
Sirach Fixed Income Portfolio
Sirach Growth Portfolio
Sirach Short-Term Reserves
Sirach Strategic Balanced Portfolio
Sirach Special Equity Portfolio
Sirach Equity Portfolio
SAMI Preferred Stock Income Portfolio
Sterling Partners' Balanced Portfolio
Sterling Partners' Equity
Sterling Partners' Short-Term Fixed Income Portfolio
The Financial Statements for the above-referenced Portfolios for the time
periods set forth in each Portfolio's Annual Report dated October 31, 1996
include:
(a) Statement of Net Assets as of October 31, 1996;
(b) Statement of Operations for the period ended October 31, 1996;
(c) Statement of Changes in Net Assets for the period ended October 31, 1996;
(d) Financial Highlights as of October 31, 1996;
(e) Notes to Financial Statements; and
(f) Report of Independent Accountants.
<PAGE>
(B) EXHIBITS
Exhibits previously filed by the Fund are incorporated by
reference to such filings. The following table describes the location of
all exhibits. In the table, the following references are used: RS =
original Registration Statement on Form N-1A filed October 31, 1988; Pre
EA = Pre-Effective Amendment No. 1 filed March, 1989; PEA = Post-
Effective Amendment (pertinent numbers for each PEA are included after
"PEA", e.g., PEA #3 means the third PEA under the Securities Act of
1933.)
<TABLE>
<CAPTION>
INCORPORATED BY
EXHIBIT REFERENCE TO (LOCATION):
------- ------------------------
<S> <C> <C>
1. Articles of Incorporation PEA#37
A. Amendments PEA#37
B. Articles Supplementary PEA#37, PEA#41, PEA#42, PEA#44.
PEA#45, PEA#47
2. By-Laws Pre EA
3. Voting Trust Agreement Not Applicable
4. Specimen of Securities PEA #1, PEA #2, PEA #12, PEA #13,
PEA #16, PEA #19, PEA #21, PEA
#24, PEA# 25, PEA#33, PEA#37,
PEA#39, PEA#40, PEA#41, PEA#42,
PEA#45, PEA #47
5. Investment Advisory Agreements RS, Pre EA, PEA #1, PEA #2, PEA
#5, PEA #7, PEA #12, PEA #13, PEA
#16, PEA #19, PEA #21, PEA #24,
PEA# 25, PEA#31, PEA#33, PEA#37,
PEA#40, PEA#41, PEA#42, PEA#44,
PEA#45, PEA #47
6. Distribution Agreement PEA #2
Form of Amended and Restated
Distribution Agreement between
RFI Distributors and The Regis
Fund, Inc. PEA #28
7. Directors' and Officers'
Contracts and Programs Not Applicable
8. Custody Agreements
A. Custodian Agreement Pre EA
B. Corporate Custody Agreement PEA#2
C. Global Custody Agreement PEA#44
9. Other Material Contracts
A. Fund Administration
Agreement between UAM
Funds, Inc. and UAM Fund
Services, Inc. PEA#40
B. Mutual Funds Service Agreement
between UAM Fund Services, Inc.
and Chase Global Funds Services
Company PEA#40
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
INCORPORATED BY
EXHIBIT REFERENCE TO (LOCATION):
------- ------------------------
<S> <C> <C>
10. Opinion and Consent of Counsel Pre EA
11. Other Opinions and Consents
A. Consent of Independent Accountants
with respect to 1996 Annual Reports PEA#43
B. Consent of Independent Accountants
with respect to 1996 Annual Report
for the McKee Portfolios PEA#44
C. Consent of Independent Accountants
with respect to 1996 Annual Report
for the TS&W Portfolios PEA#45
D. Consent of Independent Accountants
with respect to 1996 Annual Report
for the Rice, Hall, James Small Cap
Portfolio PEA#46
E. Consent of Independent Accountants
with respect to 1996 Annual Report for
the NWQ Portfolios PEA#47
F. Consent of Independent Accountants Filed herewith
12. Other Financial Statements
A. 1996 Annual Reports PEA#43
13. Agreements relating to Initial
Capital
A. Purchase Agreement Pre EA
14. Model Retirement Plans Not Applicable
15. 12b-1 Plans
A. Form of Distribution Plan PEA #28
B. Form of Selling Dealer Agreement PEA #28
C. Form of Shareholder Services Plan PEA #28
D. Form of Service Agreement
(12b-1 Plan) PEA #28
E. Form of Service Agreement
(Shareholder Services Plan) PEA #28
16. Performance Quotation Schedules
for the period ended:
A. October 31, 1996 PEA#43
B. October 31, 1996 (for McKee Portfolios) PEA#44
C. October 31, 1996 (for TS&W Portfolios) PEA#45
D. October 31, 1996 (for Rice, Hall, James
Small Cap Portfolio) and April 30, 1997
(for Rice, Hall, James Small/Mid Cap
Portfolio) PEA#46
E. October 31, 1996 (for NWQ Portfolios) PEA#47
F. April 30, 1997 (for C&B Equity Portfolio
for Taxable Investors) Filed herewith
G. April 30, 1997 (for Sterling Partners'
Small Cap Value Portfolio) Filed herewith
18. Rule 18f-3 Multiple Class Plan PEA #36
24. Powers of Attorney PEA #5, PEA #8, PEA #35,
Filed herewith
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
27. Financial Data Schedules
for the period ended:
<S> <C> <C>
A. October 31, 1996 PEA #43
B. October 31, 1996 (for McKee Portfolios) PEA #44
C. October 31, 1996 (for TS&W Portfolios) PEA #45
D. October 31, 1996 (for Rice, Hall, James
Small Cap Portfolio) and April 30, 1997
(for Rice, Hall, James Small/Mid Cap
Portfolio) PEA #46
E. October 31, 1996 (for NWQ Portfolios) PEA #47
F. April 30, 1997 (for C&B Equity Portfolio
for Taxable Investors) Filed herewith
G. April 30, 1997 (for Sterling Partners'
Small Cap Value Portfolio) Filed herewith
</TABLE>
<TABLE>
<CAPTION>
ITEM 26. NUMBER OF HOLDERS OF SECURITIES (MAY 30, 1997).
<S> <C>
Acadian Emerging Markets Portfolio Institutional Class Shares................................... 39
Acadian International Equity Portfolio Institutional Class Shares............................... 16
C&B Balanced Portfolio Institutional Class Shares............................................... 49
C&B Equity Portfolio Institutional Class Shares................................................. 192
C&B Equity Portfolio for Taxable Investors Institutional Class Shares........................... 12
DSI Disciplined Value Portfolio Institutional Class Shares...................................... 81
DSI Disciplined Value Portfolio Institutional Service Class Shares.............................. 2
DSI Limited Maturity Bond Portfolio Institutional Class Shares.................................. 41
DSI Money Market Portfolio Institutional Class Shares........................................... 90
FMA Small Company Portfolio Institutional Class Shares.......................................... 55
ICM Equity Portfolio Institutional Class Shares................................................. 106
ICM Fixed Income Portfolio Institutional Class Shares........................................... 37
ICM Small Company Portfolio Institutional Class Shares.......................................... 360
McKee Domestic Equity Portfolio Institutional Class Shares...................................... 32
McKee International Equity Portfolio Institutional Class Shares................................. 40
McKee U.S. Government Portfolio Institutional Class Shares...................................... 29
NWQ Balanced Portfolio Institutional Class Shares............................................... 22
NWQ Balanced Portfolio Institutional Service Class Shares....................................... 22
NWQ Value Equity Portfolio Institutional Class Shares........................................... 28
Rice, Hall, James Small Cap Portfolio Institutional Class Shares................................ 365
Rice, Hall, James Small\Mid Cap Portfolio Institutional Class Shares............................ 85
SAMI Preferred Stock Income Portfolio Institutional Class Shares................................ 29
Sirach Equity Portfolio Institutional Class Shares ............................................. 41
Sirach Fixed Income Portfolio Institutional Class Shares........................................ 47
Sirach Growth Portfolio Institutional Class Shares.............................................. 137
Sirach Growth Portfolio Institutional Service Class Shares...................................... 13
Sirach Short-Term Reserves Portfolio Institutional Class Shares................................. 34
Sirach Special Equity Portfolio Institutional Class Shares...................................... 192
Sirach Special Equity Portfolio Institutional Service Class Shares.............................. 8
Sirach Strategic Balanced Portfolio Institutional Class Shares.................................. 76
Sirach Strategic Balanced Portfolio Institutional Service Class Shares.......................... 3
Sterling Partners' Balanced Portfolio Institutional Class Shares................................ 138
Sterling Partners' Equity Portfolio Institutional Class Shares.................................. 115
Sterling Partners' Short-Term Fixed-Income Portfolio Institutional Class Shares................. 32
Sterling Partners' Small Cap Value Portfolio Institutional Class Shares......................... 85
TS&W Equity Portfolio Institutional Class Shares................................................ 264
TS&W Fixed Income Portfolio Institutional Class Shares.......................................... 171
TS&W International Equity Portfolio Institutional Class Shares.................................. 387
C&B Mid Cap Equity Portfolio*................................................................... 0
HJMC Equity Portfolio Institutional Class Shares *.............................................. 0
McKee Small Cap Equity Portfolio Institutional Class Shares*.................................... 0
NWQ Value Equity Portfolio Institutional Service Class Shares *................................. 0
Sirach Equity Portfolio Institutional Service Class Shares*..................................... 0
Sterling Partners' Balanced Portfolio Institutional Service Class Shares*....................... 0
Sterling Partners' Equity Portfolio Institutional Service Class Shares*......................... 0
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Sterling Partners' Short-Term Fixed-Income Portfolio Institutional Service Class Shares*........ 0
TS&W Balanced Portfolio Institutional Class Shares*............................................. 0
TOTAL........................................................................................... 3,473
</TABLE>
* Portfolio has been authorized for sale of shares but has yet to begin
operations.
ITEM 27. INDEMNIFICATION
Reference is made to Article NINTH of the Registrant's Articles of
Incorporation, which was filed as Exhibit No. 1 to the Registrant's initial
registration statement. Insofar as indemnification for liability arising under
the Securities Act of 1933 may be permitted to directors, officers and
controlling persons of the Registrant pursuant to the foregoing provision, or
otherwise, the Registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as
expressed in the Act and is, therefor, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will
be governed by the final adjudication of such issue.
ITEM 28. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISERS
Reference is made to the captions "Investment Adviser" and "Administrative
Services" in the Prospectuses constituting Part A of this Registration Statement
and "Management of the Fund" and "Investment Adviser" in Part B of this
Registration Statement.
Acadian Asset Management, Inc.
Listed below are the executive officers and directors of Acadian Asset
Management, Inc. ("AAM"). The business address of AAM is Two International Place
- - 26th Floor, Boston, Massachusetts 02110. No officer or director of AAM has any
other affiliation with the Registrant.
Dr. Gary L. Bergstrom, President and Director
Ronald D. Frashure, Executive Vice President and Director
John R. Chisholm, Senior Vice President
Stella M. Hammond, Senior Vice President
Churchill G. Franklin, Senior Vice President
Richard O. Michaud, Senior Vice President
Matthew V. Pierce, Senior Vice President
James W. Graves, Senior Vice President
Cooke & Bieler, Inc.
Listed below are the executive officers and directors of Cooke & Bieler,
Inc. ("C&B"). The business address of C&B is 1700 Market Street, Philadelphia,
Pennsylvania 19103. No officer or Director of C&B has any other affiliation with
the Registrant.
James C. A. McClennon, Partner and Director
Robert B. Arthur, Partner and Director
Walter W. Grant, Partner and Director
Charles E. Haldeman, Partner and Director
John J. Medveckis, Partner and Director
Russell G. Redenbaug, Partner and Director
<PAGE>
Ronald D. Henrikisen, Director
Robert R. Glauber, Director
R. James O'Neil, Vice President
Bruce A. Smith, Vice President
Peter A. Thompson, Vice President
Kermit S. Eck, Vice President
Michael M. Meyer, Vice President
Dewey Square Investors Corporation
Listed below are the executive officers and directors of Dewey Square
Investors Corporation ("DSI"). The business address of DSI is One Financial
Center, Boston, Massachusetts 02111. Mr. Whitman is a director of the
Registrant. No other officer or director of DSI has any other affiliation with
the Registrant.
Peter M. Whitman, Jr., President
Ronald L. McCullough, Vice President
G.A. David Gray, Vice President
Eva S. Dewitz, Vice President
Marilyn R. Stegner, Secretary and Treasurer
Fiduciary Management Associates, Inc.
Listed below are the executive officers and directors of Fiduciary
Management Associates, Inc. ("FMA"). The business address of FMA is 55 West
Monroe Street, Suite No. 2550, Chicago, Illinois 60603. No officer or director
of FMA has any other affiliation with the Registrant.
Robert F. Carr III, Director, Chairman and Secretary
Patricia A. Falkowski, President & Chief Investment Officer
Robert W. Thornburgh, Jr., Executive Vice President and Treasurer
Philip E. Arnold, Chairman of Executive Committee
Lloyd J. Spicer, Senior Vice President
Albert W. Gustafson, Senior Vice President
Investment Counselors of Maryland, Inc.
Listed below are the executive officers and directors of Investment
Counselors of Maryland, Inc. ("ICM"). The business address of ICM is 803
Cathedral Street, Baltimore, Maryland 21201. No officer or director of ICM has
any other affiliation with the Registrant.
Craig Lewis, Principal and Director
Linda W. McCleary, Principal and Director
Robert D. McDorman, Jr., Principal and Director
Stephen T. Scott, Principal and Director
David E. Nelson, Principal and Director
Paul L. Borssuck, Principal
Charles W. Neuhauser, Senior Vice President
Daniel O. Shackelford, Senior Vice President
Robert F. Boyd, Executive Vice President
<PAGE>
C.S. McKee & Company, Inc.
Listed below are the executive officers and directors of C.S. McKee &
Company, Inc. ("C.S. McKee"). The business address of C.S. McKee is One Gateway
Center, Pittsburgh, Pennsylvania 15222. No officer or director of C.S. McKee has
any other affiliation with the Registrant.
Charles E. Jacobs, Chairman
James H. Hanes, President and Director
Joseph F. Bonomo, Jr., Senior Vice President
Walter C. Bean, Senior Vice President
William J. Andrews, Vice President
Kathryn J. Murin, Senior Vice President
Joseph A. Murvar, Portfolio Manager
Malcolm G. Nimick, Portfolio Manager
Norman S. Allan, Senior Vice President
Bradford J. Hanes, Assistant Vice President
Lloyd F. Stamy, Jr., Senior Vice President
William Vescio, Vice President
Susan A. Darragh, Treasurer
NWQ Investment Management Company
Listed below are the executive officers and directors of NWQ
Investment Management Company, Inc. ("NWQ"). The business address of NWQ is 655
South Hope Street, 11th Floor, Los Angeles, California 90017. No officer or
director of NWQ has any other affiliation with the Registrant.
David A. Polak, President and Director
Edward C. Friedel, Jr., Director and Managing Director
James P. Owen, Managing Director
James H. Galbreath, Director and Managing Director
Mary-Gene Slaven, Clerk, CFO, COO and Managing Director
Michael C. Mendez, Managing Director
Phyllis G. Thomas, Managing Director
Paul R. Guastamacchio, Vice President and Portfolio Manager
Martin Pollack, Vice President and Portfolio Manager
Thomas J. Laird, Vice President and Portfolio Manager
Justin T. Clifford, Vice President
Jeffrey M. Cohen, Vice President and Portfolio Manager
Karen S. McCue, Vice President and Director of Institutional
Marketing
Ronald R. Sternal, Vice President
Ronald R. Halverson, Vice President
Kathy Seraff, Vice President
Rice, Hall, James & Associates
Listed below are the executive officers and directors of Rice, Hall,
James & Associates ("RHJ"). The business address of RHJ is 600 West Broadway,
Suite 1000, San Diego, California 92101. No officer or director of RHJ has any
other affiliation with the Registrant.
Walter H. Beck, Director and Partner
Charles G. King, Partner and Portfolio Manager
Thomas W. McDowell, Director, President, Chief Executive Officer
and Portfolio Manager
Gary S. Rice, Partner and Portfolio Manager
<PAGE>
David P. Tessmer, Director, Partner and Portfolio Manager
Timothy A. Todaro, Partner and Portfolio Manager
Samuel R. Trozzo, Chairman and Portfolio Manager
Mitchell S. Little, Partner
Michelle P. Connell, Partner and Portfolio Manager
James Dickinson, Partner and Portfolio Manager
Patricia A. Urbonya, Partner and Operations Manager
Sirach Capital Management, Inc.
Listed below are the executive officers and directors of Sirach
Capital Management, Inc. ("Sirach"). The business address of Sirach is 3323 One
Union Square, 600 University Street, Seattle, Washington 98101. No officer or
director of Sirach has any other affiliation with the Registrant.
Harvey G. Bateman, Treasurer and Director
Barry E. Fetterman, Secretary and Director
Thomas Gillespie, Vice President and Director
George B. Kauffman, Chairman of the Board and Director
William B. Sanders, President and Director
Spectrum Asset Management, Inc.
Listed below are the executive officers and directors of Spectrum
Asset Management, Inc. ("SAMI"). The business address of SAMI is 4 High Ridge
Park, Stamford, Connecticut 06905. No officer or director of SAMI has any other
affiliation with the Registrant.
Scott T. Fleming, Chairman of the Board and Chief Financial
Officer
Bernard M. Sussman, Senior Vice President
L. Phillip Jacoby, IV, Vice President - Portfolio Management
Margaret S. Gilliland, Vice President
Patrick G. Hurley, Hedge Manager
Sterling Capital Management Company
Listed below are the executive officers and directors of Sterling
Capital Management Company ("Sterling"). The business address of Sterling is One
First Union Center, 301 S. College Street, Suite 3200, Charlotte, NC 28202. No
officer or director of Sterling has any other affiliation with the
Registrant.
W. Olin Nisbet, III, Chairman and Chief Executive Officer
Mark W. Whalen, President and Director
David M. Ralston, Executive Vice President/Chief Investment
Officer & Director
J. Calvin Rivers, Jr., Executive Vice President & Director
Harry F. Wolfe, Jr., Senior Vice President
Alexander W. McAlister, Senior Vice President
James R. Norris, Senior Vice President
Brian R. Walton, Senior Vice President
Eduardo A. Brea, Vice President
Mary D. Chaney, Vice President/Secretary/Treasurer
Rebecca G. Douglass, Vice President
K. Lee Carter, Vice President
Mary Weeks Fountain, Vice President
Esther L. Glenn Vice President
Robert W. Bridges, Vice President
Anthony T. Corallo, Vice President
<PAGE>
Thompson, Siegel & Walmsley, Inc.
Listed below are the executive officers and directors of Thompson,
Siegel and Walmsley, Inc. ("TS&W"). The business address of TS&W is 5000
Monument Avenue, Richmond, Virginia 23230. No officer or director of TS&W has
any other affiliation with the Registrant.
John T. Siegel, President, Treasurer and Director
Matthew G. Thompson, Senior Vice President and Director
S. Pierce Walmsley, IV, Senior Vice President and Director
Kathleen M. Blanton, Vice President
Lori N. Anderson, Vice President
Charles A. Gomer, III, Vice President
Paul A. Ferwerda, Vice President
Peter D. Hartman, Vice President
G.D. Rothenberg, Vice President
Horace P. Whitworth, II, Vice President and Secretary
Elizabeth Cabell Jennings, Vice President
Alan C. Ashworth, Vice President
AAM, C&B, DSI, FMA, ICM, C.S. McKee, NWQ, RHJ, Sirach, SAMI, Sterling
and TS&W are each wholly-owned affiliates of United Asset Management Corporation
("UAM"), a Delaware corporation acquiring and owning firms engaged primarily in
institutional investment management.
ITEM 29. PRINCIPAL UNDERWRITERS
(a) UAM Fund Distributors, Inc., the firm which acts as sole
distributor of the Registrant's shares, also acts as
distributor for UAM Funds Trust (formerly The Regis Fund
II), Analytic Optioned Equity Fund, Inc. and The Analytic
Series Fund, Inc.
(b) Not applicable.
(c) Not applicable.
ITEM 30. LOCATION OF ACCOUNTS AND RECORDS
The books, accounts and other documents required by Section 3(a)
under the Investment Company Act of 1940, as amended (the "1940 Act") and rules
promulgated thereunder will be maintained in the physical possession of the
Registrant, the Registrant's Advisers, the Registrant's Sub-Transfer and
Sub-Administrative Agent (Chase Global Funds Services Company, 73 Tremont
Street, Boston, Massachusetts 02108) and the Registrant's Custodian Bank (The
Chase Manhattan Bank, 4 Chase MetroTech Center, Brooklyn, New York 11245.)
ITEM 31. MANAGEMENT SERVICES
Not applicable.
ITEM 32. UNDERTAKINGS
(a) Not applicable
(b) (i) Registrant undertakes to file a post-effective
amendment containing reasonably current financial statements, which need not be
certified, for the NWQ Special Equity Portfolio and NWQ Small Cap Value
Portfolio within four to six months of the effective date of such Portfolios or
the commencement of operations of the Portfolios, whichever is later.
(ii) Registrant undertakes to file a post-effective
amendment containing reasonably current financial statements, which need not be
certified for the TS&W Balanced Portfolio within four to six months of the
effective date of such Portfolio or the commencement of operations of the
Portfolio, whichever is later.
(iii) Registrant undertakes to file a post-effective
amendment containing reasonably current financial statements, which need not be
certified for the McKee Small Cap Equity Portfolio within four to six months of
the effective date of such Portfolio or the commencement of operations of the
Portfolio, whichever is later.
<PAGE>
(iv) Registrant undertakes to file a post-effective
amendment containing reasonably current financial statements, which need not be
certified for the C & B Mid Cap Equity Portfolio within four to six months of
the effective date of such Portfolio or the commencement of operations of the
Portfolio, whichever is later.
(v) Registrant undertakes to file a post-effective
amendment containing reasonably current financial statements, which need not be
certified, for the DSI Balanced Portfolio Institutional Class Shares within four
to six months of the commencement of operations of the Portfolio.
(vi) Registrant undertakes to file a post-effective
amendment containing reasonably current financial statements, which need not be
certified, for the HJMC Equity Portfolio Institutional Class Shares within four
to six months of the commencement of operations of such Portfolio.
(vii) Registrant undertakes to file a post-effective
amendment containing reasonably current financial statements, which need not be
certified, for the Cambiar Anticipation Portfolio Institutional Class Shares
within four to six months of the commencement of operations of the
Portfolio.
(c) Registrant undertakes to comply with the provisions of
Section 16(c) of the 1940 Act in regard to shareholders' rights to call a
meeting of shareholders for the purpose of voting on the removal of Directors
and to assist in shareholder communications in such matters, to the extent
required by law. Specifically, the Registrant will, if requested to do so by the
holders of at least 10% of the Registrant's outstanding shares, call a meeting
of shareholders for the purpose of voting upon the question of the removal of a
Director and the Registrant will assist in shareholder communications as
required by Section 16(c) of the 1940 Act.
(d) Registrant undertakes to furnish each person to whom a
prospectus is delivered with a copy of the Registrant's latest annual report to
shareholders, upon request and without charge.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant has duly caused this Amendment to
the Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Boston and Commonwealth of
Massachusetts on the 30th day of June, 1997. The Registrant certifies that it
meets all of the requirements for effectiveness of this Amendment pursuant to
Rule 485(b) under the Securities Act of 1933.
UAM FUNDS, INC.
*
----------------------
Norton H. Reamer
Chairman and President
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities and on the date indicated:
<TABLE>
<S> <C> <C>
* , Chairman and President June 30, 1997
- ---------------------------
Norton H. Reamer
* , Director June 30, 1997
- ---------------------------
John T. Bennett, Jr.
* , Director June 30, 1997
- ---------------------------
Nancy J. Dunn
* , Director June 30, 1997
- ---------------------------
Philip D. English
* , Director June 30, 1997
- ---------------------------
William A. Humenuk
* , Director June 30, 1997
- ---------------------------
Peter M. Whitman, Jr.
* , Director June 30, 1997
- ---------------------------
Charles H. Salisbury
/s/ Gary L. French , Treasurer and Principal June 30, 1997
- --------------------------- Financial and Accounting
Gary L. French Officer
/s/ Karl O. Hartmann June 30, 1997
- ---------------------------
* Karl O. Hartmann
(Attorney-in-Fact)
</TABLE>
<PAGE>
UAM FUNDS, INC.
(FORMERLY THE REGIS FUND, INC.)
FILE NOS. 811-5683/33-25355
POST-EFFECTIVE AMENDMENT # 48
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description
----------- -----------
<S> <C>
EX-11F Consent of Independent Accountants
EX-16F&G Performance Quotation Schedules
EX-24A&B Powers of Attorney for Nancy J. Dunn
and Charles H. Salisbury
EX-27F&G Financial Data Schedules
</TABLE>
A-1
<PAGE>
EX-11F
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Prospectuses and
Statements of Additional Information constituting parts of this Post-Effective
Amendment No. 48 to the registration statement on Form N-1A (the "Registration
Statement") of our reports dated December 9, 1996, relating to the financial
statements and financial highlights appearing in the October 31, 1996 Annual
Reports to Shareholders of the 30 portfolios comprising UAM Funds, Inc., which
are also incorporated by reference into the Registration Statement. We also
consent to the references to us under the heading "Financial Highlights",
"Independent Accountants" and "Reports" in the Prospectuses and under the
headings "Financial Statements" in the Statements of Additional Information.
Price Waterhouse LLP
Boston, Massachusetts
June 27, 1997
<PAGE>
Exhibit 16F
Schedule or Computation of Performance Quotations
C & B Equity Portfolio for Taxable Investors
1. Cumulative Total Return (February 12, 1997 - April 30, 1997)
N
P(1+T) = ERV
Where: P = A hypothetical initial payment of $1,000
T = average annual total return
N = number of years
ERV = ending redeemable value at end of the period
Since Inception
02/12/97
--------
P = $1,000
T = -0.390%
N = 0.214 years
ERV = $999
<PAGE>
Exhibit 16G
Schedule or Computation of Performance Quotations
Sterling Partners' Small Cap Value Portfolio
1. Cumulative Total Return (January 2, 1997 - April 30, 1997)
N
P(1+T) = ERV
Where: P = A hypothetical initial payment of $1,000
T = average annual total return
N = number of years
ERV = ending redeemable value at end of the period
Since Inception
01/02/97
--------
P = $1,000
T = 4.700%
N = 0.326 years
ERV = $1,015
<PAGE>
Exhibit 24a
POWER OF ATTORNEY
The undersigned Director of UAM Funds, Inc. (the "Fund") hereby appoints Michael
E. DeFao, Karl O. Hartmann and Audrey C. Talley her true and lawful
attorneys-in-fact with authority to execute in the name of such Director on
behalf of the Fund and to file with the U.S. Securities and Exchange Commission,
Commodity Futures Trading Commission or any other federal or state regulatory
body ("Regulatory Agency"), on behalf of the Fund any and all regulatory
materials necessary or advisable to enable the Fund to comply with the
Securities Act of 1933, as amended, and/or the Investment Company Act of 1940,
as amended, and any other rules, regulations and requirements of such Regulatory
Agency. The powers of the aforesaid attorneys-in-fact are hereby expressly
limited to the execution and filing of such documents with the appropriate
Regulatory Agency.
/s/ Nancy J. Dunn
----------------------
Nancy J. Dunn
Date: June 20, 1997
<PAGE>
Exhibit 24B
POWER OF ATTORNEY
The undersigned Director of UAM Funds, Inc. (the "Fund") hereby appoints Michael
E. DeFao, Karl O. Hartmann and Audrey C. Talley his true and lawful
attorneys-in-fact with authority to execute in the name of such Director on
behalf of the Fund and to file with the U.S. Securities and Exchange Commission,
Commodity Futures Trading Commission or any other federal or state regulatory
body ("Regulatory Agency"), on behalf of the Fund any and all regulatory
materials necessary or advisable to enable the Fund to comply with the
Securities Act of 1933, as amended, and/or the Investment Company Act of 1940,
as amended, and any other rules, regulations and requirements of such Regulatory
Agency. The powers of the aforesaid attorneys-in-fact are hereby expressly
limited to the execution and filing of such documents with the appropriate
Regulatory Agency.
/s/ Charles H. Salisbury
----------------------------
Charles H. Salisbury
Date: June 20, 1997
<TABLE> <S> <C>
<PAGE>
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<NAME> UAM FUNDS, INC.
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<NUMBER> 45
<NAME> C&B EQUITY PORTFOLIO FOR TAXABLE INVESTORS
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<PER-SHARE-DIVIDEND> (0.03)
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000842286
<NAME> UAM FUNDS, INC.
<SERIES>
<NUMBER> 42
<NAME> STERLING PARTNERS' SMALL CAP VALUE PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> JAN-02-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 6,899
<INVESTMENTS-AT-VALUE> 6,947
<RECEIVABLES> 232
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,179
<PAYABLE-FOR-SECURITIES> 379
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10
<TOTAL-LIABILITIES> 389
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,677
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<ACCUMULATED-NET-GAINS> 68
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<NET-CHANGE-IN-ASSETS> 6,790
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<GROSS-EXPENSE> 38
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<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0.46
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</TABLE>
