<PAGE>
UAM Funds
Funds for the Informed Investor(SM)
C&B Mid Cap Equity Portfolio
Semi-Annual Report April 30, 1999
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[LOGO OF UAM FUNDS APPEARS HERE]
<PAGE>
UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
APRIL 30, 1999
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TABLE OF CONTENTS
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<TABLE>
<S> <C>
Shareholders' Letter........................................................ 1
Portfolio of Investments.................................................... 3
Statement of Assets and Liabilities......................................... 6
Statement of Operations..................................................... 7
Statement of Changes in Net Assets.......................................... 8
Financial Highlights........................................................ 9
Notes to Financial Statements............................................... 10
</TABLE>
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<PAGE>
UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
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May 18, 1999
Dear Shareholder:
The following report provides a detailed description of the securities held
and the statement of operations for the C&B Mid Cap Equity Portfolio for the
six-month period ended April 30, 1999.
For this period, the C&B MidCap Equity Portfolio underperformed its benchmark
index, the S&P MidCap 400 Index. Over this period, the C&B Mid Cap Equity
Portfolio increased by 3.24% versus 18.85% for the S&P Mid Cap 400 Index.
Given Cooke & Bieler's "high quality, low risk" approach and given the gener-
ous returns for this six month period, these results are not out of line with
the expectations of the Cooke & Bieler style nor inconsistent with the firm's
philosophy.
As of April 30, 1999, common stocks represented 96% of the portfolio, with
cash reserves being 4%.
The first half of this six-month period ended April 30, 1999 was particularly
difficult for Cooke & Bieler's "relative value" style since the S&P MidCap 400
Index's performance was dominated by growth stocks. However, most recently
from February to April, our style rebounded and the Portfolio slightly
outperformed the S&P MidCap 400 Index.
Cooke & Bieler continues to employ an investment process that it believes is
designed to produce above average long-term results, with particularly strong
relative results in flat and down markets. The strong fundamental characteris-
tics of the companies held in the C&B Mid Cap Equity Portfolio should provide
this downside protection. These high quality characteristics, as compared to
the S&P 500, include (1) balance sheet strength measured by a relatively low
debt to capital ratio, (2) high levels of return on equity and return on capi-
tal, (3) consistent growth in earnings and dividends, and (4) use of excess
cash flow to repurchase stock.
Sincerely,
Cooke & Bieler, Inc.
The investment results presented in the Adviser's letter represent past
performance and should not be construed as a guarantee of future results. A
Portfolio's performance assumes the reinvestment of all dividends and
distributions.
There are no assurances that a Portfolio will meet its stated objectives.
The investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than their
original cost.
A Portfolio's holdings are subject to change because it is actively managed.
Portfolio changes should not be considered recommendations for action by
individual investors.
1
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UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
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Definition of the Comparative Indices
-------------------------------------
The S&P MidCap 400 Index consists of 400 domestic stocks chosen for market
size (medium market capitalization of approximately $700 million), liquidity,
and industry group representation. It is a market-value weighted index with
each stock affecting the index in proportion to its market value.
The S&P 500 Index is an unmanaged index composed of 400 industrial, 40 finan-
cial, 40 utility and 20 transportation stocks.
The comparative indices assume reinvestment of dividends and, unlike a
Portfolio's returns, does not reflect any fees or expenses. If such fees were
reflected in the comparative indices' returns, the performance would have been
lower.
Please note that one cannot invest directly in an unmanaged index.
2
<PAGE>
UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
APRIL 30, 1999 (Unaudited)
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PORTFOLIO OF INVESTMENTS
COMMON STOCKS - 95.9%
<TABLE>
<CAPTION>
Shares Value+
----------- ------------
<S> <C> <C>
BEVERAGES, FOOD & TOBACCO - 12.0%
Ralston-Ralston Purina Group......................... 1,130 $ 34,465
Wendy's International Corp. ......................... 2,280 61,703
Whitman Corp. ....................................... 4,820 78,927
------------
175,095
------------
CAPITAL EQUIPMENT - 8.4%
Grainger (W.W.), Inc. ............................... 320 16,060
Hussmann International, Inc. ........................ 2,870 45,561
Snap-On, Inc. ....................................... 1,845 60,078
------------
121,699
------------
CONSTRUCTION - 3.1%
Sherwin-Williams Co. ................................ 1,450 45,131
------------
CONSUMER NON-DURABLES - 4.6%
Hasbro, Inc. ........................................ 1,140 38,902
Millipore Corp. ..................................... 920 28,233
------------
67,135
------------
ELECTRONICS - 13.8%
*Marshall Industries................................. 6,000 96,750
Molex Inc., Class A.................................. 2,610 75,363
*Vishay Intertechnology, Inc. ....................... 1,620 28,249
------------
200,362
------------
ENERGY - 2.9%
Burlington Resources, Inc. .......................... 930 42,838
------------
FINANCIAL SERVICES - 7.1%
Ambac Financial Group, Inc. ......................... 1,060 63,997
MBIA, Inc. .......................................... 590 39,678
------------
103,675
------------
INSURANCE - 6.2%
UNUM Corp. .......................................... 1,175 64,184
XL Capital Ltd. ..................................... 420 25,489
------------
89,673
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
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UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
APRIL 30, 1999 (Unaudited)
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COMMON STOCKS - continued
<TABLE>
<CAPTION>
Shares Value+
----------- ------------
<S> <C> <C>
MULTI-INDUSTRY - 4.8%
National Service Industries, Inc. ................... 1,800 $ 70,088
------------
MULTI-MEDIA - 1.0%
Banta Corp. ......................................... 690 14,706
------------
PAPER & PACKAGING - 1.0%
Caraustar Industries, Inc. .......................... 590 15,045
------------
PHARMACEUTICALS - 7.0%
*Covance, Inc. ...................................... 2,950 64,716
Mylan Laboratories, Inc. ............................ 1,640 37,207
------------
101,923
------------
PRINTING & PUBLISHING - 3.9%
McClatchy Co., Class A............................... 1,570 56,324
------------
RETAIL - 9.7%
*BJ'S Wholesale Club, Inc. .......................... 3,060 81,281
Dollar General Corp. ................................ 380 13,324
Food Lion, Inc., Class A............................. 3,000 30,750
Food Lion, Inc., Class B............................. 1,500 15,188
------------
140,543
------------
SERVICES - 2.0%
Sysco Corp. ......................................... 990 29,391
------------
UTILITIES - 8.4%
NICOR, Inc. ......................................... 1,740 63,292
Washington Gas Light Co. ............................ 2,510 59,142
------------
122,434
------------
TOTAL COMMON STOCKS (Cost $1,322,765)............................ 1,396,062
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
4
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UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
APRIL 30, 1999 (Unaudited)
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SHORT-TERM INVESTMENT - 7.8%
<TABLE>
<CAPTION>
Face Amount Value+
----------- ------------
<S> <C> <C>
REPURCHASE AGREEMENT - 7.8%
Chase Securities, Inc. 4.87%, dated 4/30/99, due
5/3/99, to be repurchased at $113,046
collateralized by $104,502 of various U.S.
Treasury Notes, 5.50%-7.00% due from 5/15/06-
5/15/08, valued at $113,060 (Cost $113,000)...... $ 113,000 $ 113,000
------------
TOTAL INVESTMENTS - 103.7% (Cost $1,435,765)(a)............... 1,509,062
------------
OTHER ASSETS AND LIABILITIES (NET) - (3.7)%................... (52,987)
------------
NET ASSETS - 100%............................................. $ 1,456,075
============
</TABLE>
+ See Note A to Financial Statements.
* Non-Income Producing Security
(a) The cost for federal income tax purpose was $1,435,765. At April 30, 1999,
net unrealized appreciation for all securities based on tax cost was
$73,297. This consisted of aggregate gross unrealized appreciation for all
securities of $117,822 and aggregate gross unrealized depreciation for all
securities of $44,525.
The accompanying notes are an integral part of the financial statements.
5
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UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
APRIL 30, 1999 (Unaudited)
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<TABLE>
<S> <C>
STATEMENT OF ASSETS AND LIABILITIES
Assets
Investments, at Cost............................................. $1,435,765
==========
Investments, at Value - Note A................................... $1,509,062
Cash............................................................. 145
Receivable for Investment Sold................................... 18,009
Receivable due from Investment Adviser - Note B.................. 7,540
Dividends Receivable............................................. 2,378
Interest Receivable.............................................. 15
Other Assets..................................................... 6
----------
Total Assets.................................................... 1,537,155
----------
Liabilities
Payable for Investments Purchased................................ 59,820
Payable for Administrative Fees - Note C......................... 5,017
Payable for Directors' Fees - Note F............................. 1,137
Other Liabilities................................................ 15,106
----------
Total Liabilities............................................... 81,080
----------
Net Assets....................................................... $1,456,075
==========
Net Assets Consist of:
Paid in Capital.................................................. $1,493,120
Undistributed Net Investment Income.............................. 2,022
Accumulated Net Realized Loss.................................... (112,364)
Unrealized Appreciation.......................................... 73,297
----------
Net Assets....................................................... $1,456,075
==========
Institutional Class Shares
Shares Issued and Outstanding ($0.001 par value) (Authorized
25,000,000)..................................................... 146,118
Net Asset Value, Offering and Redemption Price Per Share......... $ 9.97
==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
FOR THE SIX MONTHS ENDED
APRIL 30, 1999 (Unaudited)
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<TABLE>
<S> <C>
STATEMENT OF OPERATIONS
Investment Income
Dividends............................................................ $ 8,318
Interest............................................................. 2,856
--------
Total Income........................................................ 11,174
--------
Expenses
Administrative Fees - Note C......................................... 31,754
Printing Fees........................................................ 4,667
Registration and Filing Fees......................................... 3,888
Investment Advisory Fees - Note B.................................... 3,474
Audit Fees........................................................... 3,131
Directors' Fees - Note F............................................ 2,048
Shareholder Servicing Fees - Note C.................................. 1,236
Custodian Fees - Note D.............................................. 852
Other Expenses....................................................... 2,459
Investment Advisory Fees Waived - Note B............................. (3,474)
Expenses Assumed By the Adviser - Note B............................. (44,485)
--------
Net Expenses Before Expense Offset.................................. 5,550
Expense Offset - Note A.............................................. (12)
--------
Net Expense After Expense Offset.................................... 5,538
--------
Net Investment Income................................................ 5,636
--------
Net Realized Loss on Investments..................................... (44,358)
Net Change in Unrealized Appreciation/Depreciation on Investments.... 98,042
--------
Net Gain on Investments.............................................. 53,684
--------
Net Increase in Net Assets Resulting from Operations................. $ 59,320
========
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
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UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
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STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months February 18,
Ended 1998* to
April 30, 1999 October 31,
(Unaudited) 1998
-------------- ------------
<S> <C> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment Income............................. $ 5,636 $ 4,953
Net Realized Loss................................. (44,358) (68,006)
Net Change in Unrealized
Appreciation/Depreciation........................ 98,042 (24,745)
---------- ----------
Net Increase (Decrease) in Net Assets Resulting
from Operations.................................. 59,320 (87,798)
---------- ----------
Distributions:
Net Investment Income............................. (5,103) (3,464)
---------- ----------
Capital Share Transactions: (1)
Issued............................................ 506,749 1,175,119
In Lieu Of Cash Distributions..................... 5,103 3,463
Redeemed.......................................... (142,515) (54,799)
---------- ----------
Net Increase from Capital Share Transactions...... 369,337 1,123,783
---------- ----------
Total Increase.................................... 423,554 1,032,521
Net Assets:
Beginning of Period............................... 1,032,521 --
---------- ----------
End of Period (including undistributed net
investment income of $2,022 and $1,489,
respectively).................................... $1,456,075 $1,032,521
========== ==========
(1) Shares Issued and Redeemed:
Issued............................................ 53,606 111,277
In Lieu of Cash Distributions..................... 550 360
Redeemed.......................................... (14,547) (5,128)
---------- ----------
39,609 106,509
========== ==========
</TABLE>
* Commencement of Operations
The accompanying notes are an integral part of the financial statements.
8
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UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
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FINANCIAL HIGHLIGHTS
Selected Per Share Data & Ratios
For a Share Outstanding Throughout the Period
<TABLE>
<CAPTION>
Six Months February 18,
Ended 1998*** to
April 30, 1999 October 31,
(Unaudited) 1998
-------------- ------------
<S> <C> <C>
Net Asset Value, Beginning of Period............. $ 9.69 $10.00
------ ------
Income From Investment Operations:
Net Investment Income........................... 0.04 0.05
Net Realized and Unrealized Gain (Loss)......... 0.28 (0.32)
------ ------
Total From Investment Operations................ 0.32 (0.27)
------ ------
Distributions:
Net Investment Income........................... (0.04) (0.04)
------ ------
Net Asset Value, End of Period................... $ 9.97 $ 9.69
====== ======
Total Return+.................................... 3.24%** (2.71)%**
====== ======
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)............ $1,456 $1,033
Ratio of Expenses to Average Net Assets.......... 1.00%* 1.01%*
Ratio of Net Investment Income to Average Net
Assets.......................................... 1.01%* 0.86%*
Portfolio Turnover Rate.......................... 49% 37%
Ratio of Voluntarily Waived Fees and Expenses
Assumed by Affiliates to Average Net Assets..... 8.62%* 11.01%*
Ratio of Expenses to Average Net Assets Including
Expense Offsets................................. 1.00%* 1.00%*
</TABLE>
* Annualized
** Not Annualized
*** Commencement of Operations
+ Total return would have been lower had certain fees not been waived and
expenses assumed by Affiliates.
The accompanying notes are an integral part of the financial statements.
9
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UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
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NOTES TO FINANCIAL STATEMENTS (Unaudited)
UAM Funds Trust and UAM Funds, Inc. and (collectively the "UAM Funds") are
registered under the Investment Company Act of 1940, as amended. The C & B Mid
Cap Equity Portfolio (the "Portfolio"), a portfolio of UAM Funds, Inc., is a
diversified, open-end management investment company. At April 30, 1999, the
UAM Funds were comprised of 44 active portfolios. The financial statements of
the remaining portfolios are presented separately. The objective of the Port-
folio is to provide maximum long-term total return with minimal risk to
principal.
A. Significant Accounting Policies: The following significant accounting poli-
cies are in conformity with generally accepted accounting principles. Such
policies are consistently followed by the Portfolio in the preparation of its
financial statements. Generally accepted accounting principles may require
Management to make estimates and assumptions that affect the reported amounts
and disclosures in the financial statements. Actual results may differ from
those estimates.
1. Security Valuation: Investments for which market quotations are read-
ily available are stated at market value, which is determined using the
last reported sale price from the exchange where the security is primarily
traded. If no sales are reported, as in the case of some securities traded
over-the-counter, the market value is determined by using the average last
reported bid and last reported offer prices quoted on such day. Fixed in-
come securities are stated on the basis of valuation provided by brokers
and/or a pricing service which uses information with respect to transac-
tions in fixed income securities, quotations from dealers, market transac-
tions in comparable securities and various relationships between securi-
ties in determining value. Short-term investments that have remaining ma-
turities 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 secu-
rities for which no quotations are readily available is determined in good
faith at fair value following procedures approved by the Board of Direc-
tors.
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 provi-
sion for Federal income taxes is required in the financial statements.
10
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UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
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3. Repurchase Agreements: In connection with transactions involving re-
purchase agreements, the Portfolio's custodian bank takes possession of
the underlying securities ("collateral"), the value of which exceeds the
principal amount of the repurchase transaction, including accrued inter-
est. To the extent that any repurchase transaction exceeds one business
day, the value of the collateral is monitored on a daily basis to deter-
mine the adequacy of the collateral. In the event of default on the obli-
gation to repurchase, the Portfolio has the right to liquidate the collat-
eral and apply the proceeds in satisfaction of the obligation. In the
event of default or bankruptcy by the counterparty to the agreement, real-
ization 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 bal-
ances into a joint trading account which invests in one or more repurchase
agreement. This joint repurchase agreement is covered by the same collat-
eral requirements as discussed above.
4. Distributions to Shareholders: The Portfolio will distribute substan-
tially all of its net investment income quarterly. Any realized net capi-
tal gains will be distributed annually. All distributions are recorded on
ex-dividend date.
The amount and character of income and capital gain distributions to be
paid are determined in accordance with Federal income tax regulations,
which may differ from generally accepted accounting principles. These dif-
ferences 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 distri-
butions 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 un-
distributed net investment income (loss) for the purpose of calculating
net investment income (loss) per share in the financial highlights.
5. Other: Security transactions are accounted for on trade date, the
date the trade is executed. Costs used in determining realized gains 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
11
<PAGE>
UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
- -------------------------------------------------------------------------------
directly attributed to a particular portfolio. Expenses that cannot be di-
rectly attributed are apportioned among the portfolios of the UAM Funds
based on their relative net assets. Custodian fees for the Portfolio are
shown gross of expense offsets, if any, for custodian balance credits.
B. Investment Advisory Services: Under the terms of an investment advisory
agreement, Cooke & Bieler, Inc. (the "Adviser"), a subsidiary of 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. Administrative Services: UAM Fund Services, Inc. (the "Administrator"), a
wholly-owned subsidiary of UAM, provides and oversees administrative, fund ac-
counting, dividend disbursing, and transfer agent services to the Portfolio
under a Fund Administration Agreement. The Administrator has entered into a
Mutual Funds Service Agreement with Chase Global Funds Services Company
("CGFSC"), a corporate affiliate of The Chase Manhattan Bank, under which
CGFSC provides certain services, including administrative and fund accounting
services. The Administrator has entered into an Agency Agreement with DST Sys-
tems, Inc. ("DST"), under which DST provides transfer agent and dividend-dis-
bursing services. The Administrator has also entered into an agreement with
UAM Shareholder Service Center, Inc. ("UAMSSC"), an affiliate of UAM, to serve
as the shareholder-servicing agent for the UAM Funds.
In exchange for administrative services, the Portfolio pays a five-part fee
to the Administrator as follows:
--Effective April 15, 1999, an annual base fee, which is retained by the
Administrator, calculated at an annual rate equal to $14,500 for the
first operational share class.
--A portfolio-specific monthly fee of 0.06% per annum of the average daily
net assets of the Portfolio, which is retained by the Administrator.
--An annual base fee that the Administrator pays to CGFSC for its
administrative and fund accounting services calculated at an annual rate
of no more than $52,500 for the first operational share class plus
0.039% of their pro rata share of the combined average net assets of the
UAM Funds.
--An annual base fee that the Administrator pays to DST for its services
as transfer agent and dividend-disbursing agent equal to $10,500 for
each operational share class.
12
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UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
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--An annual base fee that the Administrator pays to UAMSSC for its serv-
ices as shareholder-servicing agent equal to $7,500 for the first opera-
tional share class.
The Portfolio also pays certain account and transaction fees and out-of-
pocket expenses that may be based on the number of open and closed accounts,
the type of account or the services provided to the account.
For the six months ended April 30, 1999, the Administrator earned $31,754
from the Portfolio of which $21,181 and $3,955 was paid to CGFSC and UAMSSC,
respectively, for their services.
D. Custodian: The Chase Manhattan Bank is custodian for the Portfolio's as-
sets are held in accordance with the custodian agreement.
E. Distribution Services: UAM Fund Distributors, Inc. (the "Distributor"), a
wholly-owned subsidiary of UAM, distributes the shares of the Portfolio. The
Distributor does not receive any fee or other compensation with respect to the
portfolio.
F. Directors' Fees: Each Director, who is not an officer or affiliated per-
son, receives $2,000 per meeting attended plus reimbursement of expenses in-
curred in attending Board meetings, which is allocated proportionally among
the active portfolios of UAM Funds, plus a quarterly retainer of $150 for each
active portfolio of the UAM Funds.
G. Purchases and Sales: For the six months ended April 30, 1999, the Portfo-
lio made purchases of $884,602 and sales of $511,824 of investment securities.
Other than long-term U.S. Government and short-term securities. There were no
purchases or sales of long-term U.S. Government securities.
H. Other: At April 30, 1999, 84.2% of total shares outstanding were held by
2 record shareholders each owning 10% or greater of the aggregate total shares
outstanding.
13
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UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
Officers and Directors
Norton H. Reamer William H. Park
Director, President and Chairman Vice President
John T. Bennett, Jr. Michael E. DeFao
Director Secretary
Nancy J. Dunn Gary L. French
Director Treasurer
Philip D. English Robert R. Flaherty
Director Assistant Treasurer
William A. Humenuk Michael J. Leary
Director Assistant Treasurer
James P. Pappas Michelle Azrialy
Director Assistant Secretary
Peter M. Whitman, Jr.
Director
- --------------------------------------------------------------------------------
UAM Funds
P.O. Box 419081
Kansas City, MO 64141-6081
(toll free)
1-877-UAM-LINK (826-5465)
www.uam.com
Investment Adviser
Cooke & Beiler, Inc.
1700 Market Street
Philadelphia, PA 19103
Distributor
UAM Fund Distributors, Inc.
211 Congress Street
Boston, MA 02110
This report has been prepared for
shareholders and may be distributed
to others only if preceded or
accompanied by a current prospectus.
