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UAM Funds
Funds for the Informed Investor(sm)
DSI Portfolios
Semi-Annual Report April 30, 2000
UAM(R)
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UAM FUNDS DSI PORTFOLIOS
APRIL 30, 2000
<TABLE>
<CAPTION>
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TABLE OF CONTENTS
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<S> <C>
Shareholders' Letter ................................................... 1
Portfolios of Investments
Small Cap Value ..................................................... 7
Disciplined Value ................................................... 10
Balanced ............................................................ 14
Limited Maturity Bond ............................................... 21
Money Market ........................................................ 25
Statements of Assets and Liabilities ................................... 29
Statements of Operations ............................................... 30
Statements of Changes in Net Assets
Small Cap Value ..................................................... 31
Disciplined Value ................................................... 32
Balanced ............................................................ 33
Limited Maturity Bond................................................ 34
Money Market ........................................................ 35
Financial Highlights
Small Cap Value ..................................................... 36
Disciplined Value ................................................... 37
Balanced ............................................................ 39
Limited Maturity Bond ............................................... 40
Money Market ........................................................ 41
Notes to Financial Statements .......................................... 42
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April 30, 2000
Dear Shareholders:
We are pleased to report on the investment results and strategies for the DSI
Disciplined Value Portfolio, the DSI Limited Maturity Bond Portfolio, the DSI
Balanced Portfolio, the DSI Small Cap Value Portfolio, and the DSI Money Market
Portfolio.
UAM: DSI DISCIPLINED VALUE PORTFOLIO
The Disciplined Value Portfolio posted a net performance result of -3.40% for
the six-month period ending April 30, 2000. In the same time period the Standard
& Poor's 500 ("S&P500") returned 7.20% and the Lipper Equity Income Fund Index
(the Portfolio's category) returned -0.90%.
EQUITY MARKET COMMENTARY
The first six months of the current fiscal year started with a whimper and ended
with a bang. Fears of continued interest rate hikes on the part of the Federal
Reserve weighed heavily on the more economically sensitive and interest rate
sensitive parts of the market (read value) for the first four months of the
period. As longer term interest rates defied the will of Mr. Greenspan and fell
steadily from mid-January, these same sectors recovered smartly in March. Value
(and the portfolio) soared in March, far surpassing the return of all of the
technology-laden growth indexes. As interest rates began to turn upward again in
April, stock prices again turned downward with growth stocks bearing the brunt
of the decline. As of this writing value has moved ahead of growth for the
calendar year-to-date period and the severe downward correction in
technology/internet/biotechnology continues unabated.
We wrote in our last quarterly letter that we believed "the fourth quarter of
1999 represented the point of maximum downside pressure for us and for the
value style of investing." We were perhaps two months premature in that
assessment, as that maximum pressure point may have been reached in early March,
2000 with the peak in the NASDAQ Composite Index. Based on our analysis the
value segment of the market should remain the best relative bargain since the
value/growth paradigm was first put in place in the late 1970's. We are looking
forward to the balance of 2000 and well beyond as we anticipate the recovery in
the value style to play itself out.
For the six month period, the strongest performing sector for us was Capital
Goods, led by Philips Electronics (+78%) and Tyco International (+14%). Consumer
Cyclicals was also strong, as CompUSA was acquired by Groupo Sanborn's at nearly
a 100% premium to its year-end closing price and as Cendant (+39%) soared on
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an equity infusion from Liberty Media. We eliminated Cendant on that strength.
These two holdings more than offset the sizable declines in several of our
retail holdings (Federated Department Stores, J.C. Penney, and TJX Companies).
Liz Claiborne and Jones New York were also strong in this sector, as both stocks
reacted positively to the news that Warren Buffett recognized the value inherent
in each and acquired a major stake in both companies.
Technology was the best performing sector in the S&P 500 (up 37%). For us,
Compaq Computer (+49%) and Seagate Technology (+72%) were strong, but this
strength was partially offset by Synopsys (-33%) and Xerox (-28%). The Financial
sector performed poorly in the higher interest rate environment. Having 20% of
the portfolio invested in that sector hurt us. Chase Manhattan, Bank of America,
and UNUM/Provident were all poor performers, offset somewhat by Travelers
Property & Casualty (acquired by Citigroup) and Cigna.
UAM: DSI SMALL CAP VALUE PORTFOLIO
The Small Cap Value Portfolio posted a net performance result of +35.28% for the
six-month period ending April 30, 2000. In the same time period, the S&P 600
Index returned +17.26% and the Russell 2000 returned +18.72%.
Our strong outcome was a result of improving fundamentals at companies like
Benchmark Electronics and Actel as well as companies involved in mergers and
acquisitions like DII Group and Apex. In addition, some technology stocks that
were selectively added in mid-1999 did very well in the November--April period.
As is typical of this portfolio, the stocks that hurt performance, like Mapix
and Laidlaw, experienced earnings disappointments.
Recent uncertainty regarding inflation and interest rates has unsettled
investors and worked against the small company stocks. When the market's
unprecedented volatility abates, we believe that investors' interest will again
broaden to include and benefit small caps. We continue to believe that our
portfolio represents excellent value based on the strong fundamental prospects
of the companies we own.
UAM: DSI LIMITED MATURITY BOND PORTFOLIO
The Limited Maturity Bond Portfolio posted a net performance of +0.79% for the
six-month period ended April 30, 2000. During the same period the Lehman
Brothers Intermediate Government/Corporate Bond Index returned +1.07%.
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FIXED INCOME MARKET COMMENTARY
Interest rates began the fiscal period at a relatively low level. At the close
of October the Treasury 10-year and 5-year were priced to yield 6.03% and 5.93%
respectively. Investors at that time seemed comfortable with the Federal
Reserve's inflation fighting ability, and anticipated a Y2K economic slowdown.
As the economic and potential inflation picture became clearer, however, bond
market players became nervous.
The Federal Reserve raised interest rates in mid November. In just that short
amount of time perceptions had changed. The Fed, it was assumed, needed to
tighten credit swiftly and aggressively. Due to Y2K liquidity considerations,
however, the Fed could not do so. This activity or lack of activity put
tremendous pressure on interest rates going into year-end. The Treasury 10-year
and 5-year rose 0.60% and 0.40% respectively.
Y2K came and went with nary a whimper. However, the fixed income market has been
anything but dull since. During the first four months of 2000 interest rates
have been higher and lower, sometimes on the same day. So why should one be
surprised that over the last six months, the market was both up and down? The
yield on the Treasury 30-year bond actually fell 0.20% from 6.16% to 5.96% while
the 10-year and 5-year rose 0.20% and over 0.60% respectively. This action has
further inverted the yield curve, and at the end of the period the interest rate
on the 2-year Treasury was more than 0.70%, greater than that of the 30-year
bond.
This relatively unusual yield curve shape evolved quickly during the first four
months of 2000. The Federal Reserve twice raised interest rates by a total of 50
basis points in its continuing effort to slow a red-hot economy. An exuberant
consumer (confident from the wealth generated by the rising stock market and
plenty of available jobs) continues to spend freely, which further propels the
economic expansion. The personal savings rate is hovering at the lowest level in
40 years, and personal consumption expenditures have been growing well above
average for the past two years. The remarkably high 7.3% increase in fourth
quarter Gross Domestic Product tells the Fed all it needs to know about the
economy's supercharged growth. Armed with these and other economic observations,
the Fed continued its course of gradual and steady rate increases.
FIXED INCOME MARKET OUTLOOK
Looking forward, we anticipate that the Fed will continue to raise rates,
keeping pressure on the bond market in general and shorter maturity bonds in
particular. We expect that Chairman Greenspan will continue his pattern of
gradual rate increases
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until there are clear signs that the pace of economic growth is subsiding. Also,
the rapid rise in oil prices may serve to exacerbate fears of emerging
inflation, putting upward pressure on interest rates. As a result, we expect in
the near term to maintain the portfolio's duration in a range of 0-10% shorter
than the benchmark index, depending on our assessment of market conditions and
our outlook for further rate increases by the Fed. This is the same strategy we
have been following since last summer. In addition, we will continue to
emphasize spread product in the portfolio to exploit the highest yield premium
to Treasuries seen in recent times.
UAM: DSI BALANCED PORTFOLIO
The Balanced Portfolio has returned a net -0.88% for the six month period ending
April 30, 2000, compared with the Lipper Balanced Fund Index return of 5.22% for
the same period.
EQUITY MARKET COMMENTARY
Our investment strategy for the equity portion of the Balanced Portfolio is
identical to that of the Disciplined Value Portfolio. Please refer to that
section for equity commentary.
FIXED INCOME MARKET COMMENTARY
Our fixed income strategy is discussed in the section pertaining to our
management of the Limited Maturity Bond Portfolio. In general, we have a market
weighting in lower coupon mortgage-backed securities and an above average
weighting in investment grade corporate bonds. Less-than-investment grade
corporates are under our limit of ten percent.
UAM: DSI MONEY MARKET PORTFOLIO
The DSI Money Market Portfolio ended the fiscal period yielding 5.64% versus
5.45% (7 Day Average) for the IBC Money Fund Average/All Taxable. The Portfolio
ended the period with 92.6% of investments in high quality commercial paper and
7.4% in Treasury repurchase agreements. The Portfolio's average days to maturity
as of April 30/th/ was 38 days.
We continue to pursue a strategy of investing in only the highest quality
short-term investments for the Portfolio. Money Market rates of interest are a
direct function of the Federal Funds Rate and monetary Policy.
The Money Market Portfolio is neither insured nor guaranteed by the US
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Government. The Portfolio is managed according to 2a-7 guidelines, however,
there is no assurance that the stable net asset value of $1.00 will be
maintained.
Sincerely,
/s/ Peter M. Whitman, Jr.
Peter M. Whitman, Jr.
All performance presented in this report is historical and should not be
construed as a guarantee of future results. 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
performance assumes the reinvestment of all dividends and capital gains.
There are no assurances that a portfolio will meet its stated objectives.
A portfolio's holdings and allocations are subject to change because it is
actively managed and should not be considered recommendations to buy
individual securities.
Yield will fluctuate as market conditions change. An investment in the DSI Money
Market portfolio is not insured by the Federal Deposit Insurance Corporation or
any other government agency. Although the portfolio seeks to preserve the
value of your investment at $1.00 per share, it is possible to lose
money by investing in the portfolio.
For DSI Small Cap Value Portfolio
Ten Largest Equity Holdings
(as a percentage of the Portfolio)
1. Actel (4.8%) 6. Ross Stores (3.8%)
2. Mastec (4.7%) 7. Tetra Tech (3.6%)
3. Benchmark Electronics (4.5%) 8. Hadco (3.6%)
4. Artesyn Tech (4.3%) 9. Excel Technology (3.2%)
5. Progress Software (4.2%) 10. Cambrex (3.1%)
For DSI Disciplined Value Portfolio
Ten Largest Equity Holdings
(as a percentage of the Portfolio)
1. BP Amoco (ADR) (4.5%) 6. Compaq Computers (3.2%)
2. Chase Manhattan (4.2%) 7. Imperial Chemical
3. FMC (3.6%) Industries (ADR) (3.2%)
4. Philips Electronics (3.5%) 8. Merrill Lynch (2.9%)
5. United Technologies (3.4%) 9. Citigroup (2.8%)
10. Union Pacific (2.8%)
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Definition of the Comparative Indices
-------------------------------------
IBC's Money Fund Average/All Taxable is an average of all major money market
fund yields, published weekly for 7- and 30-day yields.
Lipper Balanced Fund Index is an unmanaged index of open-end equity funds whose
primary objective is to conserve principal by maintaining at all time a balanced
portfolio of both stocks and bonds. Typically, the stock/bond ratio ranges
around 60% to 40%.
Lipper Equity Income Fund Index
S&P 500 Index is an unmanaged index comprised of stocks representing major U.S.
market industries, including 400 industrial stocks, 40 financial stocks, 40
utility stocks and 20 transportation stocks.
S&P Small Cap 600 Index is an unmanaged index comprised of 600 domestic stocks
representative of smaller market capitalizations.
Index returns assume reinvestment of dividends and, unlike a portfolio's
returns, do not reflect any fees or expenses. If such fees and
expenses were included in the index returns, the performance
would have been lower.
Please note that one cannot invest directly in an unmanaged index.
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UAM FUNDS DSI SMALL CAP VALUE PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
COMMON STOCKS - 99.3%
Shares Value
-------- ----------
AIR TRANSPORTATION -- 0.8%
Amtran*....................................... 9,760 $ 159,820
----------
CHEMICALS -- 5.6%
Cambrex....................................... 15,365 629,965
OM Group...................................... 11,150 512,900
----------
1,142,865
----------
COMMUNICATIONS EQUIPMENT -- 7.2%
Andrew*....................................... 16,880 496,905
Channell Commercial*.......................... 15,380 191,289
InterVoice-Brite*............................. 31,685 506,960
World Access.................................. 17,315 272,711
----------
1,467,865
----------
COMPUTERS & SERVICES -- 20.6%
Artesyn Technologies*......................... 36,660 879,840
Equinox Systems*.............................. 19,695 135,403
Interphase*................................... 12,000 228,000
MAPICS........................................ 38,575 255,559
Mastec*....................................... 11,100 958,762
Progress Software*............................ 42,770 855,400
Sunquest*..................................... 32,200 362,250
Sybase*....................................... 26,800 541,025
----------
4,216,239
----------
ELECTRONICS -- 17.8%
Act Manufacturing*............................ 8,155 296,638
Benchmark Electronics*........................ 23,050 926,322
Excel Technology.............................. 21,035 659,973
Hadco*........................................ 8,900 732,581
Lecroy*....................................... 20,235 263,055
Merix......................................... 14,685 321,234
Performance Technologies...................... 12,455 435,147
----------
3,634,950
----------
ENTERTAINMENT -- 2.1%
Penn National Gaming*......................... 34,355 429,437
----------
The accompanying notes are an integral part of the financial statements.
7
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UAM FUNDS DSI SMALL CAP VALUE PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
COMMON STOCKS - continued
Shares Value
-------- ----------
ENVIRONMENTAL SERVICES -- 2.9%
Waste Connections.............................. 47,020 $ 587,750
FINANCIAL SERVICES -- 9.8%
Dain Rauscher.................................. 3,935 243,724
Hamilton Bank*................................. 28,665 524,928
Metris......................................... 14,310 536,625
Profit Recovery Group International............ 27,355 480,422
Tucker Anthony Sutro........................... 13,100 219,425
----------
2,005,124
----------
INSURANCE -- 1.9%
Radian Group................................... 7,650 389,672
----------
MANUFACTURING -- 4.0%
Pentair........................................ 11,930 456,322
York International............................. 15,175 366,097
----------
822,419
----------
MEDICAL PRODUCTS & SERVICES -- 2.0%
RehabCare Group*............................... 10,530 313,926
Sierra Health Services*........................ 24,545 87,442
----------
401,368
----------
MISCELLANEOUS BUSINESS SERVICES -- 4.3%
Personnel Group of America*.................... 29,130 152,933
Tetra Tech*.................................... 31,205 733,318
----------
886,251
----------
PETROLEUM & FUEL PRODUCTS -- 3.4%
Helmerich & Payne.............................. 14,400 450,900
Noble Affiliates............................... 6,800 245,225
----------
696,125
----------
PHOTOGRAPHIC EQUIPMENT & SUPPLIES -- 1.3%
Polaroid....................................... 13,235 267,182
----------
The accompanying notes are an integral part of the financial statements.
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APRIL 30, 2000 (Unaudited)
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COMMON STOCKS - continued
Shares Value
-------- -----------
RETAIL -- 8.1%
Ann Taylor Stores*............................ 25,450 $ 526,497
Petsmart*..................................... 65,435 212,664
Ross Stores................................... 37,385 773,402
United Retail Group*.......................... 16,900 135,200
-----------
1,647,763
-----------
SEMI-CONDUCTORS/INSTRUMENTS -- 4.9%
Actel*........................................ 26,940 988,361
-----------
TRANSPORTATION -- 2.6%
Intermet...................................... 45,450 332,353
Triumph Group*................................ 7,710 207,206
-----------
539,559
-----------
TOTAL COMMON STOCKS
(Cost $16,868,982)............................ 20,282,750
-----------
SHORT-TERM INVESTMENT -- 0.9%
Face
Amount Value
-------- -----------
REPURCHASE AGREEMENT -- 0.9%
Chase Securities, Inc. 5.65%, dated 04/28/00,
due 05/01/00, to be repurchased at $171,081,
collaterized by $187,407 of a U.S. Treasury Note
valued at $171,004 (Cost $171,000)............... $171,000 171,000
-----------
TOTAL INVESTMENTS -- 100.2%
(Cost $17,039,982) (a)........................... 20,453,750
-----------
OTHER ASSETS AND LIABILITIES, NET -- (0.2%)....... (32,738)
-----------
TOTAL NET ASSETS -- 100.0%........................ $20,421,012
===========
* Non-Income Producing Security
(a) The cost for federal income tax purposes was $17,039,982. At April 30, 2000,
net unrealized appreciation for all securities based on tax cost was
$3,413,768. This consisted of aggregate gross unrealized appreciation for
all securities of $5,370,306 and aggregate gross unrealized depreciation for
all securities of $1,956,538.
The accompanying notes are an integral part of the financial statements.
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UAM FUNDS DSI DISCIPLINED VALUE PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
COMMON STOCKS - 96.5%
Shares Value
-------- ----------
AIRCRAFT -- 3.4%
United Technologies........................... 14,176 $ 881,570
----------
APPAREL -- 4.1%
Jones Apparel Group*.......................... 15,500 460,156
Liz Claiborne................................. 13,000 602,062
----------
1,062,218
----------
BANKS -- 6.4%
Bank of America............................... 5,543 271,607
Chase Manhattan Bank.......................... 15,076 1,086,414
Washington Mutual............................. 11,285 288,473
----------
1,646,494
----------
CAPITAL GOODS -- 2.5%
Tyco International............................ 14,000 643,125
----------
CHEMICALS -- 8.2%
FMC*.......................................... 15,700 913,544
IMC Global.................................... 24,600 379,762
Imperial Chemical Industries ADR.............. 23,326 810,579
----------
2,103,885
----------
COMPUTERS & SERVICES -- 10.2%
Compaq Computer............................... 27,733 811,190
Electronics for Imaging*...................... 9,594 501,287
Ikon Office Solutions......................... 42,475 249,541
International Business Machines............... 6,010 670,866
Seagate Technology*........................... 7,700 391,256
----------
2,624,140
----------
CRUISE LINES -- 0.9%
Royal Caribbean Cruises....................... 11,170 232,476
----------
ELECTRICAL SERVICES -- 4.6%
Niagara Mohawk Holdings*...................... 39,300 545,288
Unicom........................................ 15,910 632,423
----------
1,177,711
----------
The accompanying notes are an integral part of the financial statements.
10
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UAM FUNDS DSI DISCIPLINED VALUE PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
COMMON STOCKS - continued
Shares Value
-------- ----------
ELECTRONICS -- 5.9%
Philips Electronics*...................... 19,952 $ 890,358
Synopsys*................................. 15,200 636,500
----------
1,526,858
----------
ENERGY -- 6.1%
BP Amoco ADR.............................. 22,416 1,143,216
Exxon Mobil............................... 5,300 411,744
----------
1,554,960
----------
ENVIRONMENTAL SERVICES -- 1.5%
Waste Management*......................... 24,000
381,000
----------
FINANCIAL SERVICES -- 10.2%
Citigroup................................. 12,197 724,959
Fannie Mae................................ 10,400 627,250
Merrill Lynch............................. 7,200 733,950
Morgan Stanley Dean Witter................ 7,029 539,476
----------
2,625,635
----------
FOOD,BEVERAGE & TOBACCO -- 2.1%
Philip Morris............................. 11,200 245,000
Tricon Global Restaurants*................ 8,290 282,896
----------
527,896
----------
HEALTHCARE -- 1.8%
Tenet Healthcare*......................... 18,600 474,300
----------
INSURANCE -- 4.3%
CIGNA..................................... 6,300 502,425
UnumProvident............................. 21,200 360,400
Wellpoint Health Networks................. 3,300 243,375
----------
1,106,200
----------
MEDICAL PRODUCTS -- 2.2%
Johnson & Johnson......................... 6,700 552,750
----------
The accompanying notes are an integral part of the financial statements.
11
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APRIL 30, 2000 (Unaudited)
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COMMON STOCKS - continued
Shares Value
-------- ----------
PAPER & PAPER PRODUCTS -- 4.3%
Boise Cascade................................... 8,500 $ 276,781
Fort James...................................... 17,210 411,964
Smurfit-Stone Container*........................ 12,128 184,194
Temple-Inland................................... 4,800 240,600
----------
1,113,539
----------
PHARMACEUTICALS -- 2.0%
American Home Products.......................... 9,152 514,228
----------
PRINTING & PUBLISHING -- 2.4%
Reader's Digest, Cl A........................... 19,200 614,400
----------
RAILROADS -- 2.8%
Union Pacific................................... 17,100 720,338
----------
RETAIL -- 4.2%
Federated Department Stores*.................... 13,100 445,400
J.C. Penney..................................... 13,918 192,242
TJX............................................. 22,672 435,019
----------
1,072,661
----------
TELEPHONES & TELECOMMUNICATION -- 6.4%
AT&T............................................ 11,240 524,768
Centurytel...................................... 13,000 318,500
GTE............................................. 4,647 314,834
SBC Communications.............................. 10,900 477,556
----------
1,635,658
----------
TOTAL COMMON STOCKS
(Cost $25,203,647).............................. 24,792,042
----------
The accompanying notes are an integral part of the financial statements.
12
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UAM FUNDS DSI DISCIPLINED VALUE PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
SHORT-TERM INVESTMENT -- 3.5%
Face
Amount Value
-------- -----------
REPURCHASE AGREEMENT -- 3.5%
Chase Securities, Inc. 5.65%, dated 04/28/00,
due 05/01/00, to be repurchased at $895,421,
collateralized by $980,874 of a U.S. Treasury Note
valued at $895,020 (Cost $895,000)................... $895,000 $ 895,000
-----------
TOTAL INVESTMENTS -- 100.0%
(Cost $26,098,647) (a)............................... 25,687,042
-----------
OTHER ASSETS AND LIABILITIES, NET -- 0.0%.............. 10,892
-----------
TOTAL NET ASSETS -- 100.0%............................. $25,697,934
===========
* Non-Income Producing Security
ADR American Depositary Receipt
Cl Class
(a) The cost for federal income tax purposes was $26,098,647. At April 30,
2000, net unrealized depreciation for all securities based on tax cost was
$411,605. This consisted of aggregate gross unrealized appreciation for
all securities of $2,851,216 and aggregate gross unrealized depreciation
for all securities of $3,262,821.
The accompanying notes are an integral part of the financial statements.
13
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UAM FUNDS DSI BALANCED PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
COMMON STOCKS - 63.5%
Shares Value
-------- ----------
AIRCRAFT -- 2.1%
United Technologies........................... 6,300 $ 391,781
----------
APPAREL -- 2.4%
Jones Apparel Group*.......................... 6,600 195,937
Liz Claiborne................................. 5,200 240,825
----------
436,762
----------
BANKS -- 3.7%
Bank of America............................... 2,561 125,489
Chase Manhattan Bank.......................... 5,900 425,169
Washington Mutual............................. 5,147 131,570
----------
682,228
----------
CAPITAL GOODS -- 1.5%
Tyco International............................ 6,200 284,813
----------
CHEMICALS -- 5.4%
Cambrex....................................... 3,300 135,300
FMC........................................... 6,200 360,762
IMC Global.................................... 6,700 103,431
Imperial Chemical Industries.................. 6,600 229,350
OM Group...................................... 3,400 156,400
----------
985,243
----------
COMMUNICATIONS EQUIPMENT -- 0.1%
InterVoice-Brite*............................. 1,120 17,850
----------
COMPUTERS & SERVICES -- 7.3%
Artesyn Technologies*......................... 8,900 215,825
Compaq Computer............................... 11,060 323,505
Electronics for Imaging*...................... 4,062 212,240
Ikon Office Solutions......................... 18,110 106,396
International Business Machines............... 2,700 301,387
Seagate Technology*........................... 3,400 172,762
----------
1,332,115
----------
The accompanying notes are an integral part of the financial statements.
14
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APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
COMMON STOCKS - continued
Shares Value
-------- ----------
ELECTRICAL SERVICES -- 2.6%
Niagara Mohawk Holdings......................... 15,000 $ 208,125
Unicom.......................................... 6,800 270,300
----------
478,425
----------
ELECTRONICS -- 3.8%
Oak Industries.................................. 4,675 97,298
Philips Electronics............................. 7,688 343,077
Synopsys*....................................... 6,000 251,250
----------
691,625
----------
ENERGY -- 3.5%
BP Amoco ADR.................................... 9,012 459,612
Exxon Mobil..................................... 2,300 178,681
----------
638,293
----------
ENVIRONMENTAL SERVICES -- 1.7%
Waste Connections*.............................. 10,700 133,750
Waste Management................................ 10,800 171,450
----------
305,200
----------
FINANCIAL SERVICES -- 6.1%
Citigroup....................................... 5,248 311,928
Fannie Mae...................................... 4,200 253,312
Merrill Lynch................................... 3,200 326,200
Morgan Stanley, Dean Witter, Discover........... 2,986 229,175
----------
1,120,615
----------
FOOD,BEVERAGE & TOBACCO -- 1.3%
Philip Morris................................... 5,200 113,750
Tricon Global Restaurants*...................... 3,865 131,893
----------
245,643
----------
INSURANCE -- 2.7%
CIGNA........................................... 2,800 223,300
UnumProvident................................... 9,700 164,900
Wellpoint Health Networks*...................... 1,500 110,625
----------
498,825
----------
The accompanying notes are an integral part of the financial statements.
15
<PAGE>
UAM FUNDS DSI BALANCED PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
COMMON STOCKS - continued
Shares Value
-------- ----------
MEDICAL PRODUCTS & SERVICES -- 2.4%
Johnson & Johnson................................. 3,000 $ 247,500
Tenet Healthcare*................................. 7,400 188,700
----------
436,200
----------
PAPER & PAPER PRODUCTS -- 2.7%
Boise Cascade..................................... 3,850 125,366
Fort James........................................ 7,200 172,350
Smurfit-Stone Container*.......................... 6,200 94,162
Temple-Inland..................................... 2,250 112,781
----------
504,659
----------
PHARMACEUTICALS -- 1.2%
American Home Products............................ 3,775 212,108
----------
PRINTING & PUBLISHING -- 1.4%
Reader's Digest, Cl A............................. 8,200 262,400
----------
RAILROADS -- 1.2%
Union Pacific..................................... 5,050 212,731
----------
RETAIL -- 2.5%
Federated Department Stores*...................... 5,200 176,800
J.C. Penney....................................... 6,200 85,637
TJX............................................... 9,793 187,903
----------
450,340
----------
SEMI-CONDUCTORS/INSTRUMENTS -- 1.1%
Actel*............................................ 5,500 202,469
----------
SOFTWARE/SERVICES -- 1.2%
MAPICS*........................................... 8,000 53,000
Progress Software*................................ 8,200 164,000
----------
217,000
----------
TELEPHONES & TELECOMMUNICATION -- 5.0%
AT&T ............................................. 4,825 225,267
Centurytel........................................ 5,430 133,035
GTE............................................... 1,820 123,305
Mastec*........................................... 2,600 224,575
SBC Communications................................ 4,800 210,300
----------
916,482
----------
The accompanying notes are an integral part of the financial statements.
16
<PAGE>
UAM FUNDS DSI BALANCED PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
COMMON STOCKS - continued
Shares Value
-------- -----------
WHOLESALE -- 0.6%
Performance Technologies*...................... 2,920 $ 102,017
-----------
TOTAL COMMON STOCKS
(Cost $11,511,881)........................... 11,625,824
-----------
CORPORATE BONDS -- 13.7%
Face
Amount
--------
COMPUTERS & SERVICES -- 0.8%
First Data MTN.................................
6.375%, 12/15/07 ............................ 150,000 140,020
-----------
FINANCIAL SERVICES -- 1.2%
Leucadia National
7.750%, 08/15/13 ............................ 250,000 230,312
-----------
INSURANCE -- 0.4%
First Colony
6.625%, 08/01/03 ............................ 85,000 82,769
-----------
RETAIL -- 2.7%
Harcourt General
8.875%, 06/01/22 ............................ 250,000 250,313
Kroger
7.150%, 03/01/03 ............................ 250,000 241,875
-----------
492,188
-----------
TELEPHONES & TELECOMMUNICATION -- 2.3%
Cable & Wireless Communications
6.750%, 12/01/08 ............................ 250,000 246,563
GTE Hawaiian Telephone
7.375%, 09/01/06 ............................ 175,000 171,500
-----------
418,063
The accompanying notes are an integral part of the financial statements.
17
<PAGE>
UAM FUNDS DSI BALANCED PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
CORPORATE BONDS - continued
Face
Amount Value
-------- ----------
UTILITIES -- 6.3%
Boston Edison
6.800%, 03/15/03............................. 325,000 $ 319,313
Emerson Electric
5.500%, 09/15/08............................. 200,000 177,750
Kansas Gas & Electric
6.200%, 01/15/06............................. 250,000 191,426
Potomac Electric Power
6.250%, 10/15/07............................. 500,000 470,625
----------
1,159,114
----------
TOTAL CORPORATE BONDS
(Cost $2,695,124)............................ 2,522,466
----------
U.S. TREASURY OBLIGATIONS -- 3.1%
Face
Amount Value
-------- ----------
U.S. Treasury Bond
4.750%, 02/15/04............................. $150,000 141,000
U.S. Treasury Notes
5.625%, 02/28/01............................. 150,000 149,034
5.750%, 08/15/03............................. 50,000 48,741
6.250%, 08/15/23............................. 125,000 125,059
U.S. Treasury STRIPS
0.000%, 11/15/04............................. 150,000 112,106
----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $529,131).............................. 575,940
----------
U.S. GOVERNMENT AGENCY OBLIGATION -- 1.6%
Indonesia AID
9.020%, 08/01/19 (Cost $323,416)............. 297,204 287,417
----------
The accompanying notes are an integral part of the financial statements.
18
<PAGE>
UAM FUNDS DSI BALANCED PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS -- 14.9%
<TABLE>
<CAPTION>
Face
Amount Value
-------- -----------
<S> <C> <C>
Federal Home Loan Mortgage Corporation
6.500%, 12/01/14............................................. $196,492 $ 188,078
8.000%, 03/01/28............................................. 380,197 380,197
7.000%, 10/01/29............................................. 394,439 377,798
Federal National Mortgage Association
7.000%, 11/01/11............................................. 315,173 308,081
9.000%, 06/01/25............................................. 30,486 31,315
9.000%, 06/01/25............................................. 88,400 90,803
6.500%, 07/01/26............................................. 337,073 314,530
7.000%, 10/01/27............................................. 123,509 118,144
6.500%, 06/01/28............................................. 321,319 299,829
6.000%, 07/01/28............................................. 569,386 515,471
Federal National Mortgage Association, Ser 1998-M4, Cl B REMIC
6.424%, 12/25/23............................................. 100,000 95,075
-----------
TOTAL U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS
(Cost $2,827,119)............................................ 2,719,321
-----------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 2.1%
The Money Store Home Equity Trust, Ser 1996-B Cl A7
7.550%, 06/15/20............................................. 148,614 148,342
The Money Store Home Equity Trust, Ser 1997-D Cl AF7
6.485%, 12/15/38............................................. 250,000 237,208
UCFC Home Equity Loan, Ser 1995-C1 Cl A3
6.775%, 09/10/17............................................. 7,600 7,512
-----------
COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $410,290).............................................. 393,062
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
19
<PAGE>
UAM FUNDS DSI BALANCED PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS -- 1.0%
Face
Amount Value
-------- -----------
Chase Securities, Inc. 5.62%, dated 04/28/00,
due 05/01/00, to be repurchased at $159,075,
collateralized by $174,256 of a U.S. Treasury
Note valued at $159,004......................... $159,000 $ 159,000
U.S. Treasury Bill (A)+
5.640%, 07/27/00................................ 15,000 14,796
-----------
TOTAL SHORT-TERM INVESTMENTS
(Cost$173,798)............................... 173,796
-----------
TOTAL INVESTMENTS -- 99.9%
(Cost $18,470,759) (a)....................... 18,297,826
-----------
OTHER ASSETS AND LIABILITIES, NET -- (0.1%)....... 10,383
-----------
TOTAL NET ASSETS -- 100.0%........................ $18,308,209
===========
+ All or a portion of this security was pledged to cover margin
requirements for open future contracts.
* Non-Income Producing Security
(A) The rate reported on the Statement of Net Assets is the effective
yield as of April 30, 2000.
ADR American Depositary Receipt
AID Agency for International Development
Cl Class
MTN Medium Term Note
REMIC Real Estate Mortgage Investment Conduit
Ser Series
STRIPS Separately Traded Registered Interest and Principal Securities
(a) The cost for federal income tax purposes was $18,470,759. At April 30,
2000, net unrealized depreciation for all securities based on tax cost
was $172,933. This consisted of aggregate gross unrealized
appreciation for all securities of $1,532,947 and aggregate gross
unrealized depreciation for all securities of $1,705,880.
The accompanying notes are an integral part of the financial statements.
20
<PAGE>
UAM FUNDS DSI LIMITED MATURITY BOND PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
CORPORATE BONDS AND NOTES - 26.5%
Face
Amount Value
---------- -----------
BANKS -- 1.4%
Northern Trust
6.625%, 10/01/03.............................. $ 250,000 $ 242,660
-----------
TELECOMMUNICATIONS -- 2.9%
Cable & Wireless Communications
6.750%, 03/06/08.............................. 500,000 493,750
-----------
ENTERTAINMENT -- 0.0%
Time Warner
9.125%, 01/15/13.............................. 5,000 5,356
-----------
FINANCIAL SERVICES -- 2.7%
Finova Capital
6.900%, 06/19/04............................. 520,000 466,700
-----------
INDUSTRIAL -- 16.0%
D.R. Horton
8.000%, 02/01/09.............................. 250,000 211,250
Harcourt General
8.875%, 06/01/22.............................. 500,000 500,625
Philip Morris
6.950%, 06/01/06.............................. 800,000 783,052
Phillips Petroleum
9.180%, 09/15/21.............................. 600,000 592,500
U.S. Home
7.950%, 03/01/01.............................. 250,000 249,317
Xerox
5.875%, 06/15/37.............................. 400,000 399,500
-----------
2,736,244
-----------
MEDICAL PRODUCTS & SERVICES -- 2.6%
Columbia/HCA Healthcare
8.360%, 04/15/24.............................. 500,000 452,500
-----------
UTILITIES-ELECTRIC -- 0.9%
Limestone Electron Trust
8.625%, 03/15/03.............................. 150,000 149,438
-----------
TOTAL CORPORATE BONDS AND NOTES
(Cost $4,763,517)............................. 4,546,648
-----------
The accompanying notes are an integral part of the financial statements.
21
<PAGE>
UAM FUNDS DSI LIMITED MATURITY BOND PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS -- 9.4%
<TABLE>
<CAPTION>
Face
Amount Value
---------- -----------
<S> <C> <C>
U.S. Treasury Bond
4.750%, 02/15/04....................................... $ 375,000 $ 352,500
U.S. Treasury Notes
4.625%, 11/30/00....................................... 375,000 371,186
5.625%, 02/28/01....................................... 900,000 894,204
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $1,638,883)...................................... 1,617,890
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 24.4%
Federal Home Loan Mortgage Corporation
7.050%, 06/08/05....................................... 850,000 828,656
6.570%, 07/30/08....................................... 1,000,000 933,360
6.540%, 08/26/08....................................... 500,000 465,686
6.435%, 09/08/08....................................... 500,000 463,105
6.250%, 01/21/09....................................... 500,000 457,010
8.500%, 11/01/24....................................... 443,487 450,414
-----------
Indonesia AID
9.020%, 08/01/19....................................... 594,408 574,834
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $4,464,899)...................................... 4,173,065
-----------
U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS -- 16.5%
Federal National Mortgage Association
6.500%, 03/01/13....................................... 1,114,931 1,067,189
9.500%, 08/01/21....................................... 139,054 145,833
9.000%, 06/01/25....................................... 238,118 244,590
7.000%, 10/01/27....................................... 683,144 653,468
Federal National Mortgage Association, Ser 1998-M2, Cl B
6.247%, 03/17/21....................................... 770,000 712,966
-----------
TOTAL U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS
(Cost $2,967,849)...................................... 2,824,046
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
22
<PAGE>
UAM FUNDS DSI LIMITED MATURITY BOND PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
ASSET-BACKED SECURITIES - 10.1%
<TABLE>
<CAPTION>
Face
Amount Value
-------- -----------
<S> <C> <C>
American Express Credit Account Master Trust, Ser 1998-1, C1 A5
5.360%, 01/17/06 .............................................. 800,000 $ 799,328
Discover Card Master Trust I, Ser 98-6, C1 A
5.850%, 01/17/06 .............................................. 400,000 381,960
The Money Store, Ser 1997-D, C1 AF7
6.485%, 12/15/38 .............................................. 585,000 555,066
-----------
TOTAL ASSET-BACKED SECURITIES
(Cost $1,778,772) ............................................. 1,736,354
-----------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 8.1%
Advanta Mortgage Loan Trust, Ser 1996-2, C1 A3
7.440%, 08/25/18 .............................................. 246,646 245,854
Deutsche Mortgage and Asset Receiving, Ser 1998-C1, C1 A2
6.538%, 02/15/08 .............................................. 700,000 649,168
Merrill Lynch Mortgage Investors STRIPS, Ser 1994-A, C1 A4
0.000%, 02/15/09 .............................................. 13,781 13,313
Money Store Home Equity Trust, Ser 96-B, C1 A7
7.550%, 06/15/20 .............................................. 487,638 486,746
-----------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $1,461,176) ............................................. 1,395,081
-----------
SHORT-TERM INVESTMENTS -- 2.7%
Value
-----------
Caisse Centrale Commercial Paper
6.062%, 05/15/00 .............................................. $454,000 452,935
U.S. Treasury Bill (A) +
5.639%, 07/27/00 .............................................. 10,000 9,864
-----------
TOTAL SHORT-TERM INVESTMENTS
(Cost $462,801) ............................................... 462,799
-----------
TOTAL INVESTMENTS -- 97.7%
(Cost $17,537,897) (a) ........................................ 16,755,883
-----------
OTHER ASSETS AND LIABILITIES, NET -- 2.3% .......................... 387,721
-----------
TOTAL NET ASSETS -- 100.0% ......................................... $17,143,604
===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
23
<PAGE>
UAM FUNDS DSI LIMITED MATURITY BOND PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
+ All or a portion of this security was pledged to cover margin requirements for open future contracts.
(A) The rate reported on the Statement of Net Assets is the effective yield as of April 30, 2000.
AID Agency for International Development
Cl Class
Ser Series
STRIPS Separately Traded Registered Interest and Principal Securities
(a) The cost for federal income tax purposes was $17,537,897. At April 30, 2000, net unrealized
depreciation for all securities based on tax cost was $782,014. This consisted of aggregate gross
unrealized appreciation for all securities of $4,071 and aggregate gross unrealized depreciation for
all securities of $786,085.
</TABLE>
The accompanying notes are an integral part of the financial statements.
24
<PAGE>
UAM FUNDS DSI MONEY MARKET PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
COMMERCIAL PAPER - 94.9%
Face Amortized
Amount Cost
---------- ------------
AUTOMOTIVE -- 4.4%
Volkswagon America
6.000%, 05/01/00......................... $4,500,000 $ 4,500,000
------------
CHEMICALS -- 6.7%
Dupont Ei Nemours
6.100%, 06/08/00......................... 1,000,000 993,561
6.010%, 10/16/00......................... 2,000,000 1,943,907
Monsanto
6.210%, 06/13/00......................... 4,000,000 3,970,330
------------
6,907,798
------------
ELECTRICAL SERVICES -- 3.9%
Duke Energy
6.000%, 05/01/00......................... 4,000,000 4,000,000
------------
FINANCIAL SERVICES -- 35.2%
American Express
6.000%, 05/03/00......................... 4,500,000 4,498,500
American General Finance
5.930%, 05/30/00......................... 4,000,000 3,980,892
Caterpillar Financial
6.130%, 11/14/00......................... 2,000,000 1,932,910
Cooperative Associates
6.020%, 05/04/00......................... 1,095,000 1,094,451
5.970%, 07/21/00......................... 2,000,000 1,973,135
CSW Credit
6.050%, 05/01/00......................... 4,000,000 4,000,000
GE Capital
6.240%, 10/05/00......................... 4,000,000 3,891,147
GMAC
6.070%, 05/03/00......................... 3,200,000 3,198,921
The accompanying notes are an integral part of the financial statements.
25
<PAGE>
UAM FUNDS DSI MONEY MARKET PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
COMMERCIAL PAPER - continued
<TABLE>
<CAPTION>
Face Amortized
Amount Cost
----------- -----------
<S> <C> <C>
FINANCIAL SERVICES -- continued
Goldman Sachs
6.010%, 05/15/00 ................... $ 4,000,000 $ 3,990,651
Merrill Lynch
6.220%, 08/24/00 ................... 4,000,000 3,920,522
National Rural Utilities
6.153%, 06/05/00 ................... 3,660,000 3,638,365
-----------
36,119,494
-----------
FOOD, BEVERAGE & TOBACCO -- 6.8%
Archer Daniels
6.010%, 05/19/00 ................... 4,000,000 3,987,980
Coca Cola
6.000%, 05/10/00 ................... 3,000,000 2,995,500
-----------
6,983,480
-----------
GAS UTILITIES -- 1.9%
Consolidated Natural Gas
6.130%, 05/03/00 ................... 2,000,000 1,999,319
-----------
HOUSEHOLD PRODUCTS -- 3.9%
Sherwin-Williams
6.180%, 06/20/00 ................... 4,000,000 3,965,667
-----------
INSURANCE -- 3.9%
Northern Rock
6.110%, 06/06/00 ................... 4,000,000 3,975,560
-----------
LEASING & RENTING -- 3.9%
International Lease Financing
6.000%, 05/02/00 ................... 3,000,000 2,999,500
5.860%, 05/03/00 ................... 1,000,000 999,674
-----------
3,999,174
-----------
OFFICE AUTOMATION & EQUIPMENT -- 3.9%
Pitney Bowes
6.050%, 05/01/00 ................... 4,000,000 4,000,000
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
26
<PAGE>
UAM FUNDS DSI MONEY MARKET PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
COMMERCIAL PAPER - continued
<TABLE>
<CAPTION>
Face Amortized
Amount Cost
----------- -----------
<S> <C> <C>
PETROLEUM REFINING -- 3.9%
Exxon Project
6.050%, 05/15/00 ....................... $ 4,000,000 $ 3,990,589
-----------
PHARMACEUTICALS -- 3.9%
American Home Products
6.040%, 05/01/00 ....................... 4,000,000 4,000,000
-----------
PROFESSIONAL SERVICES -- 3.9%
Nordbanken
5.890%, 05/08/00 ....................... 4,000,000 3,995,419
-----------
REAL ESTATE -- 2.9%
USAA Capital
5.860%, 05/11/00 ....................... 3,000,000 2,995,117
-----------
TELECOMMUNICATIONS -- 5.8%
AT&T
5.940%, 05/02/00 ....................... 4,000,000 3,999,340
GTE Funding
6.010%, 05/08/00 ....................... 2,000,000 1,997,663
-----------
5,997,003
-----------
TOTAL COMMERCIAL PAPER
(Cost $97,428,620) ..................... 97,428,620
-----------
U.S.GOVERNMENT AGENCY OBLIGATIONS -- 7.7%
Federal Home Loan Bank Discount Note
5.600%, 05/01/00 ....................... 870,000 870,000
5.800%, 05/05/00 ....................... 6,000,000 5,996,133
Federal Home Loan Mortgage Discount Note
5.300%, 05/01/00 ....................... 1,040,000 1,040,000
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $7,906,133) ...................... 7,906,133
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
27
<PAGE>
UAM FUNDS DSI MONEY MARKET PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
ASSET-BACKED SECURITY -- 3.6%
<TABLE>
<CAPTION>
Shares Value
----------- -------------
<S> <C> <C>
CNH Equipment Trust, Ser 2000-1, C1 A1 A
6.178%, 04/09/01 (Cost $3,665,353) ............. 3,665,353 $ 3,665,353
-------------
TOTAL INVESTMENTS -- 106.2%
(Cost $109,000,106) (a) ........................ 109,000,106
-------------
OTHER ASSETS AND LIABILITIES, NET -- (6.2%) ...... (6,337,086)
-------------
TOTAL NET ASSETS -- 100.0% ....................... $ 102,663,020
=============
</TABLE>
Cl Class
Ser Series
(a) Aggregate cost for federal income tax purposes
The accompanying notes are an integral part of the financial statements.
28
<PAGE>
UAM FUNDS DSI PORTFOLIOS
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
DSI
DSI DSI Limited DSI
Small Cap Disciplined DSI Maturity Money
Value Value Balanced Bond Market
Portfolio Portfolio Portfolio Portfolio Portfolio
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Assets
Investments, at Cost ................. $17,039,982 $26,098,647 $18,470,759 $17,537,897 $109,000,106
=========== =========== =========== =========== ============
Investments, at Value -- Note A ...... $20,453,750 $25,687,042 $18,297,826 $16,755,883 $109,000,106
Foreign Currency, at Value (Cost $244
and $622, respectively) .......... -- -- 227 578 --
Cash ................................. 636 8,036 17,051 190,709 402
Receivable for Portfolio Shares Sold . 13,858 1,070 550 1,247 99,860
Dividends and Interest Receivable .... 1,989 54,511 116,467 221,911 10,064
Receivable for Daily Variation
on Futures Contracts ............. -- -- 125 375 --
Other Assets ......................... 2,147 8,624 4,053 4,387 16,404
----------- ----------- ----------- ----------- ------------
Total Assets ..................... 20,472,380 25,759,283 18,436,299 17,175,090 109,126,836
----------- ----------- ----------- ----------- ------------
Liabilities
Payable for Investment Advisory Fees
-- Note B ........................ 13,988 16,033 18,243 6,447 15,904
Payable for Administrative Fees
-- Note C ........................ 5,580 8,937 7,930 6,799 9,712
Payable for Custodian Fees-- Note D .. 4,683 14,490 9,095 1,723 3,314
Payable for Portfolio Shares Redeemed -- 1,479 65,806 -- 5,909,024
Distribution and Service Fees Payable
-- Note E ........................ -- 2,844 -- -- --
Payable for Directors' Fees-- Note G . 482 392 824 707 1,469
Payable for Distributions ............ -- -- -- -- 497,487
Other Liabilities .................... 26,634 17,174 26,192 15,810 26,906
----------- ----------- ----------- ----------- ------------
Total Liabilities .................... 51,367 61,349 128,090 31,486 6,463,816
----------- ----------- ----------- ----------- ------------
Net Assets ........................... $20,421,013 $25,697,934 $18,308,209 $17,143,604 $102,663,020
=========== =========== =========== =========== ============
Net Assets Consist of:
Paid in Capital ...................... 15,822,410 31,124,034 20,251,706 20,636,688 102,677,810
Undistributed Net Investment Income
(Loss) ........................... (107,524) (21,786) 24,290 75,531 1,895
Accumulated Net Realized Gain
(Loss) ........................... 1,292,359 (4,992,709) (1,796,556) (2,791,713) (16,685)
Unrealized Appreciation (Depreciation) 3,413,768 (411,605) (171,231) (776,902) --
----------- ----------- ----------- ----------- ------------
Net Assets ........................... $20,421,013 $25,697,934 $18,308,209 $17,143,604 $102,663,020
=========== =========== =========== =========== ============
Institutional Class Shares
Net Assets ........................... 20,421,013 25,672,125 18,308,209 17,143,604 102,663,020
Shares Issued and Outstanding ($0.001
par value) (Authorized 25,000,000) 1,598,749 3,031,942 2,246,445 1,962,670 102,663,020
Net Asset Value, Offering and
Redemption Price Per Share ....... $ 12.77 $ 8.47 $ 8.15 $ 8.73 $ 1.00
=========== =========== =========== =========== ============
Institutional Service Class Shares
Net Assets ........................... $ -- $ 25,809 $ -- $ -- $ --
Shares Issued and Outstanding
($0.001 par value)
(Authorized 10,000,000) .......... -- 3,039 -- -- --
Net Asset Value, Offering and
Redemption Price Per Share ....... $ -- $ 8.49 $ -- $ -- $ --
=========== =========== =========== =========== ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
29
<PAGE>
UAM FUNDS DSI PORTFOLIOS
FOR THE SIX MONTHS ENDED
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
DSI DSI
Small DSI Limited DSI
Cap Disciplined DSI Maturity Money
Value Value Balanced Bond Market
Portfolio Portfolio Portfolio Portfolio Portfolio
----------- ------------ ----------- --------- -----------
<S> <C> <C> <C> <C> <C>
Investment Income
Dividends................................ $ 27,341 $ 254,724 $ 105,996 $ -- $ --
Interest................................. 18,550 11,382 309,137 600,788 3,282,963
Less: Foreign Taxes Withheld............. -- (5,716) (2,369) -- --
----------- ------------ ----------- --------- -----------
Total Income.......................... 45,891 260,390 412,764 600,788 3,282,963
----------- ------------ ----------- --------- -----------
Expenses
Investment Advisory Fees - Note B........ 80,461 111,729 64,682 41,950 221,073
Administrative Fees - Note C............. 43,644 66,393 48,524 45,864 70,629
Custodian Fees - Note D.................. 5,579 17,901 9,484 6,761 14,328
Distribution and Service Plan Fees
Institutional Service Class - Note E.. -- 609 -- -- --
Directors' Fees - Note G................. 1,307 1,773 1,618 1,503 2,362
Audit Fees............................... 6,732 8,175 4,794 7,107 6,863
Legal Fees............................... 450 2,117 1,232 950 6,432
Printing Fees............................ 7,979 3,986 3,911 3,915 4,679
Registration and Filing Fees............. 14,447 8,181 9,693 6,514 10,035
Shareholder Servicing Fees............... 948 4,421 24,288 129 28,417
Other Expenses........................... 2,083 11,291 7,972 7,602 13,199
Investment Advisory Fees Waived -
Note B................................ (9,466) -- -- -- (121,590)
----------- ------------ ----------- --------- -----------
Net Expenses Before Expense Offset....... 154,164 236,576 176,198 122,295 256,427
----------- ------------ ----------- --------- -----------
Expense Offset - Note A.................. (749) (369) (4) (2,830) (3,703)
----------- ------------ ----------- --------- -----------
Net Expenses After Expense
Offset................................ 153,415 236,207 176,194 119,465 252,724
----------- ------------ ----------- --------- -----------
Net Investment Income (Loss)............. (107,524) 24,183 236,570 481,323 3,030,239
----------- ------------ ----------- --------- -----------
Net Realized Gain (Loss) on:
Investments........................... 1,664,714 (4,535,137) (1,665,388) (339,877) (2,999)
Futures Contracts..................... -- -- 1,684 5,277 --
----------- ------------ ----------- --------- -----------
Net Realized Gain (Loss) on
Investment and Future Contracts....... 1,664,714 (4,535,137) (1,663,704) (334,600) (2,999)
----------- ------------ ----------- --------- -----------
Net Change in Unrealized
Appreciation (Depreciation) on:
Investments........................... 3,960,519 3,305,911 1,141,450 11,796 --
Foreign Exchange Translations......... -- -- (13) (38) --
Futures Contracts..................... -- -- 2,577 5,393 --
----------- ------------ ----------- --------- -----------
Net Change in Unrealized
Appreciation (Depreciation)........... 3,960,519 3,305,911 1,144,014 17,151 --
----------- ------------ ----------- --------- -----------
Net Gain (Loss).......................... 5,625,233 (1,229,226) (519,690) (317,449) (2,999)
----------- ------------ ----------- --------- -----------
Net Increase (Decrease) in Net Assets
Resulting from Operations............. $ 5,517,709 $ (1,205,043) $ (283,120) $ 163,874 $ 3,027,240
=========== ============ =========== ========= ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
30
<PAGE>
UAM FUNDS DSI SMALL CAP VALUE PORTFOLIO
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months December 16,
Ended 1998* to
April 30, 2000 October 31,
(Unaudited) 1999
-------------- ------------
<S> <C> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment Loss......................................... $ (107,524) $ (158,979)
Net Realized Gain (Loss).................................... 1,664,714 (372,355)
Net Change in Unrealized Appreciation (Depreciation)........ 3,960,519 (546,751)
-------------- ------------
Net Increase (Decrease) in Net Assets Resulting
from Operations........................................... 5,517,709 (1,078,085)
-------------- ------------
Capital Share Transactions - Note J:
Institutional Class:
Issued...................................................... 2,290,473 17,491,674
Redeemed.................................................... (3,280,309) (520,449)
-------------- ------------
Net Increase (Decrease) from Capital Share Transactions:.... (989,836) 16,971,225
-------------- ------------
Total Increase............................................ 4,527,873 15,893,140
Net Assets:
Beginning of Period......................................... 15,893,140 --
-------------- ------------
End of Period (including undistributed net investment
income of ($107,524) and $0, respectively)................ $ 20,421,013 $ 15,893,140
============== ============
</TABLE>
* Commencement of Operations
The accompanying notes are an integral part of the financial statements.
31
<PAGE>
UAM FUNDS DSI DISCIPLINED VALUE PORTFOLIO
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months Year Ended
April 30,2000 October 31,
(Unaudited) 1999
------------- ------------
<S> <C> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment Income....................................... $ 24,183 $ 678,619
Net Realized Gain (Loss).................................... (4,535,137) 5,588,615
Net Change in Unrealized
Appreciation (Depreciation)............................... 3,305,911 (5,103,926)
------------- ------------
Net Increase (Decrease) in Net Assets Resulting
from Operations........................................... (1,205,043) 1,163,308
------------- ------------
Distributions:
Net Investment Income:
Institutional Class....................................... (146,422) (663,362)
Institutional Service Class............................... (13) (75,165)
Net Realized Gain:
Institutional Class....................................... (5,783,647) (7,217,145)
Institutional Service Class............................... (1,972) (1,845,173)
------------- ------------
Total Distributions......................................... (5,932,054) (9,800,845)
------------- ------------
Capital Share Transactions - Note J:
Institutional Class:
Issued...................................................... 2,944,788 10,958,386
In Lieu of Cash Distributions............................... 5,674,977 7,838,345
Redeemed.................................................... (15,002,551) (41,532,201)
------------- ------------
Net Decrease from
Institutional Class Shares................................ (6,382,786) (22,735,470)
------------- ------------
Institutional Service Class:
Issued...................................................... 136,875 1,663,181
In Lieu of Cash Distributions............................... 1,985 1,920,338
Redeemed.................................................... (2,781,290) (17,090,102)
------------- ------------
Net Decrease from Institutional
Service Class Shares...................................... (2,642,430) (13,506,583)
------------- ------------
Net Decrease from Capital
Share Transactions........................................ (9,025,216) (36,242,053)
------------- ------------
Total Decrease............................................ (16,162,313) (44,879,590)
Net Assets:
Beginning of Period......................................... 41,860,247 86,739,837
------------- ------------
End of Period (including undistributed
net investment income (loss) of
$(21,786) and $100,466, respectively)..................... $ 25,697,934 $ 41,860,247
============= ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
32
<PAGE>
UAM FUNDS DSI BALANCED PORTFOLIO
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Six Months Year Ended
April 30,2000 October 31,
(Unaudited) 1999
------------- ------------
Increase (Decrease) in Net Assets
Operations:
Net Investment Income..................... $ 236,570 $ 840,647
Net Realized Gain (Loss).................. (1,663,704) 2,337,455
Net Change in Unrealized
Appreciation (Depreciation)............. 1,144,014 (1,363,156)
------------- ------------
Net Increase (Decrease) in Net Assets
Resulting from Operations............... (283,120) 1,814,946
------------- ------------
Distributions:
Net Investment Income..................... (323,926) (889,522)
Net Realized Gain......................... (2,428,585) (1,439,425)
------------- ------------
Total Distributions....................... (2,752,511) (2,328,947)
------------- ------------
Capital Share Transactions - Note J:
Institutional Class:
Issued.................................... 781,255 4,125,694
In Lieu of Cash Distributions............. 2,752,511 2,314,685
Redeemed.................................. (6,909,492) (15,173,864)
------------- ------------
Net Decrease from Capital
Share Transactions...................... (3,375,726) (8,733,485)
------------- ------------
Total Increase (Decrease)............... (6,411,357) (9,247,486)
Net Assets:
Beginning of Period....................... 24,719,566 33,967,052
------------- ------------
End of Period (including undistributed
net investment income of $24,290
and $111,646, respectively)............. $ 18,308,209 $ 24,719,566
============= ============
The accompanying notes are an integral part of the financial statements.
33
<PAGE>
UAM FUNDS DSI LIMITED MATURITY BOND PORTFOLIO
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months Year Ended
April 30,2000 October 31,
(Unaudited) 1999
------------- -------------
<S> <C> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment Income..................................... $ 481,323 $ 1,647,224
Net Realized Loss......................................... (334,600) (397,108)
Net Change in Unrealized
Appreciation (Depreciation)............................. 17,151 (944,252)
------------ ------------
Net Increase in Net Assets
Resulting from Operations............................... 163,874 305,864
------------ ------------
Distributions:
Net Investment Income..................................... (594,259) (1,706,809)
------------ ------------
Capital Share Transactions - Note J:
Institutional Class:
Issued.................................................... 222,283 20,557,641
In Lieu of Cash Distributions............................. 581,389 1,662,227
Redeemed.................................................. (4,090,378) (35,945,818)
------------ ------------
Net Decrease from Capital
Share Transactions:..................................... (3,286,706) (13,725,950)
------------ ------------
Total Decrease......................................... (3,717,091) (15,126,895)
Net Assets:
Beginning of Period....................................... 20,860,695 35,987,590
------------ ------------
End of Period (including undistributed
net investment income of $75,531
and $188,467, respectively)............................... $ 17,143,604 $ 20,860,695
============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
34
<PAGE>
UAM FUNDS DSI MONEY MARKET PORTFOLIO
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months Year Ended
April 30,2000 October 31,
(Unaudited) 1999
------------- -------------
<S> <C> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment Income................................... $ 3,030,239 $ 5,452,845
Net Realized Gain (Loss)................................ (2,999) 668
------------- -------------
Net Increase in Net Assets
Resulting from Operations............................. 3,027,240 5,453,513
------------- -------------
Distributions:
Net Investment Income................................... (3,028,312) (5,452,821)
------------- -------------
Capital Share Transactions - Note J:
Institutional Class:
Issued.................................................. 293,990,380 677,244,037
In Lieu of Cash Distributions........................... 1,162,758 1,945,263
Redeemed................................................ (318,868,748) (703,671,169)
------------- -------------
Net Decrease from
Capital Share Transactions:........................... (23,715,610) (24,481,869)
------------- -------------
Total Decrease....................................... (23,716,682) (24,481,177)
Net Assets:
Beginning of Period..................................... 126,379,702 150,860,879
------------- -------------
End of Period (including undistributed
net investment income (loss) of $1,895 and
($32), respectively).................................... $ 102,663,020 $ 126,379,702
============= =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
35
<PAGE>
UAM FUNDS DSI SMALL CAP VALUE PORTFOLIO
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Institutional Class Shares
----------------------------
Six Months December 16,
Ended 1998*** to
April 30, October 31,
2000 1999
------------ --------------
<S> <C> <C>
Net Asset Value, Beginning of Period............... $ 9.44 $ 10.00
------- -------
Income from Investment Operations:
Net Investment Loss.............................. (0.07) (0.09)
Net Realized and Unrealized Loss................. 3.40 (0.47)
------- -------
Total from Investment Operations................. 3.33 (0.56)
------- -------
Net Asset Value, End of Period..................... 12.77 $ 9.44
======= =======
Total Return+...................................... 35.28%** (5.60)%**
======= =======
Ratios and Supplemental Data
Net Assets, End of Period (Thousands).............. $20,421 $15,893
Ratio of Expenses to Average Net Assets............ 1.63%* 1.85%*
Ratio of Net Investment Loss to Average Net Asset.. (1.14)%* (1.11)%*
Portfolio Turnover Rate............................ 46% 91%
</TABLE>
* Annualized
** Not Annualized
*** Commencement of Operations
+ Total return would have been lower had certain expenses not been waived by
the Adviser during the periods indicated.
The accompanying notes are an integral part of the financial statements.
36
<PAGE>
UAM FUNDS DSI DISCIPLINED VALUE PORTFOLIO
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Period
Institutional Class Shares
-----------------------------------------------------------------
Six Months
Ended
April 30,2000 Years Ended October 31
----------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
--------------- -------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period............. $ 10.63 $ 12.47 $ 14.27 $ 12.99 $ 11.76 $ 11.11
------- ------- ------- ------- ------- -------
Income from Investment
Operations:
Net Investment Income........... 0.01 0.16 0.17 0.19 0.23 0.25
Net Realized and
Unrealized Gain (Loss)........ (0.37) (0.49)@ 0.38 3.10 2.26 1.70
------- ------- ------- ------- ------- -------
Total from Investment
Operations.................... (0.36) (0.33) 0.55 3.29 2.49 1.95
------- ------- ------- ------- ------- -------
Distributions:
Net Investment Income........... (0.04) (0.13) (0.16) (0.20) (0.22) (0.25)
Net Realized Gain............... (1.76) (1.38) (2.19) (1.81) (1.04) (1.05)
------- ------- ------- ------- ------- -------
Total Distributions............. (1.80) (1.51) (2.35) (2.01) (1.26) (1.30)
------- ------- ------- ------- ------- -------
Net Asset Value,
End of Period................ $ 8.47 $ 10.63 $ 12.47 $ 14.27 $ 12.99 $ 11.76
======= ======= ======= ======= ======= =======
Total Return...................... (3.40)%** (3.47)% 4.37% 28.99% 22.92% 20.12%
======= ======= ======= ======= ======= =======
Ratios and Supplemental Data
Net Assets,
End of Period (Thousands)......... $25,672 $39,191 $69,681 $78,545 $63,596 $47,938
Ratio of Expenses to
Average Net Assets.............. 1.59%* 1.19% 1.04% 1.05% 1.04% 1.00%
Ratio of Net Investment Income
to Average Net Assets........... 0.64%* 1.01% 1.24% 1.42% 1.89% 2.26%
Portfolio Turnover Rate........... 25% 42% 64% 126% 135% 121%
</TABLE>
@ The amounts shown for a share outstanding throughout the period does not
accord with aggregate net losses on investments for the period because of
the timing of sales and repurchases of the portfolio shares in relation to
fluctuating market value of the investments in the Portfolio.
* Annualized
** Not Annualized
The accompanying notes are an integral part of the financial statements.
37
<PAGE>
UAM FUNDS DSI DISCIPLINED VALUE PORTFOLIO OCTOBER 31, 1999
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Period
Institutional Service Class Shares
----------------------------------------------------------
Six Months Year Year May 23,
Ended Ended Ended 1997*** to
April 30,2000 October 31, October 31, October 31,
(Unaudited) 1999 1998 1997
--------------- ------------ ------------ -------------
<S> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period................. $ 10.62 $ 12.46 $ 14.25 $ 13.10
-------- -------- -------- -------
Income from Investment Operations:
Net Investment Income............... (0.02) 0.11 0.14 0.07
Net Realized and Unrealized Gains... (0.34) (0.46)@ 0.38 1.15
-------- -------- -------- -------
Total from Investment Operations.... (0.36) (0.35) 0.52 1.22
-------- -------- -------- -------
Distributions:
Net Investment Income............... (0.01) (0.11) (0.12) (0.07)
Net Realized Gain................... (1.76) (1.38) (2.19) --
-------- -------- -------- -------
Total Distributions................. (1.77) (1.49) (2.31) (0.07)
-------- -------- -------- -------
Net Asset Value, End of Period........ 8.49 $ 10.62 $ 12.46 $ 14.25
======== ======== ======== =======
Total Return.......................... (3.48)%** (3.62)% 4.13% 9.31%**
======== ======== ======== =======
Ratios and Supplemental Data
Net Assets,
End of Period (Thousands)........... $ 26 $ 2,669 $ 17,059 $13,444
Ratio of Expenses to
Average Net Assets.................. 1.65%* 1.44% 1.29% 1.30%*
Ratio of Net Investment Income
to Average Net Assets............... 0.10%* 0.76% 0.94% 0.68%*
Portfolio Turnover Rate............... 25% 42% 64% 126%
</TABLE>
* Annualized
** Not Annualized
*** Initial offering of Institutional Service Class Shares
@ The amounts shown for a share outstanding throughout the period does not
accord with aggregate net losses on investments for the period because of
the timing of sales and repurchases of the portfolio shares in relation to
fluctuating market value of the investments in the Portfolio.
The accompanying notes are an integral part of the financial statements.
38
<PAGE>
UAM FUNDS DSI BALANCED PORTFOLIO
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Institutional Class Shares
-------------------------------------------------
Six Months Year December 22
Ended Ended 1997*** to
April 30,2000 October 31, October 31,
(Unaudited) 1999+ 1998+
---------------- ------------- --------------
<S> <C> <C> <C>
Net Asset Value, Beginning of Period..................... $ 9.37 $ 10.34 $ 10.00
------- ------- -------
Income from Investment Operations:
Net Investment Income.................................. 0.11 0.29 0.30
Net Realized and Unrealized Gain....................... (0.20) (0.53)@ 0.29
------- ------- -------
Total from Investment Operations....................... (0.09) (0.24) 0.59
------- ------- -------
Distributions:
Net Investment Income.................................. (0.14) (0.29) (0.25)
Net Realized Gain...................................... (0.99) (0.44) --
------- ------- -------
Total Distributions.................................... (1.13) (0.73) (0.25)
------- ------- -------
Net Asset Value, End of Period........................... $ 8.15 $ 9.37 $ 10.34
======= ======= =======
Total Return............................................. (0.88)** (2.67)%+ 5.93%**+
======= ======= =======
Ratios and Supplemental Data
Net Assets, End of Period (Thousands).................... $18,308 $24,720 $33,967
Ratio of Expenses to Average Net Assets.................. 1.67%* 1.23% 0.73%*
Ratio of Net Investment Income to
Average Net Assets....................................... 2.24%* 2.60% 3.47%*
Portfolio Turnover Rate.................................. 31% 67% 73%
</TABLE>
* Annualized
** Not Annualized
*** Commencement of Operations
+ Total return would have been lower had certain expenses not been waived by
the Adviser during the periods indicated.
@ The amounts shown for a share outstanding throughout the period does not
accord with aggregate net losses on investments for the period because of
the timing of sales and repurchases of the portfolio shares in relation to
fluctuating market value of the investments in the Portfolio.
The accompanying notes are an integral part of the financial statements.
39
<PAGE>
UAM FUNDS DSI LIMITED MATURITY BOND PORTFOLIO
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Institutional Class Shares
-----------------------------------------------------------------------------------
Six Months
Ended Years Ended October 31
April 30, 2000 ----------------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
--------------- ------- ------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period....................... $ 8.94 $ 9.39 $ 9.46 $ 9.40 $ 9.51 $ 9.31
------- ------- ------- ------- ------- -------
Income from Investment Operations:
Net Investment Income..................... 0.24 0.56 0.55 0.58 0.62 0.69
Net Realized and Unrealized
Gain (Loss)........................... (0.17) (0.46) (0.08) 0.05 (0.13) 0.17
------- ------- ------- ------- ------- -------
Total from Investment Operations.......... 0.07 0.10 0.47 0.63 0.49 0.86
------- ------- ------- ------- ------- -------
Distributions:
Net Investment Income..................... (0.28) (0.55) (0.54) (0.57) (0.60) (0.66)
------- ------- ------- ------- ------- -------
Total Distributions....................... (0.28) (0.55) (0.54) (0.57) (0.60) (0.66)
------- ------- ------- ------- ------- -------
Net Asset Value, End of Period............ $ 8.73 $ 8.94 $ 9.39 $ 9.46 $ 9.40 $ 9.51
======= ======= ======= ======= ======= =======
Total Return................................ 0.79%** 1.04% 5.08% 6.93% 5.34% 9.58%
======= ======= ======= ======= ======= =======
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)....... $17,144 $20,861 $35,988 $32,712 $30,433 $29,294
Ratio of Expenses to Average
Net Assets................................ 1.31%* 1.03% 0.97% 0.95% 1.00% 0.88%
Ratio of Net Investment Income
to Average Net Assets..................... 5.17%* 5.58% 5.98% 6.17% 6.55% 7.12%
Portfolio Turnover Rate..................... 34% 63% 107% 51% 121% 126%
</TABLE>
* Annualized
** Not Annualized
The accompanying notes are an integral part of the financial statements.
40
<PAGE>
UAM FUNDS DSI MONEY MARKET PORTFOLIO
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Institutional Class Shares
----------------------------------------------------------------------------
Six Months
Ended Years Ended October 31
April 30,2000 ---------------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
------------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period................... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
--------- --------- --------- --------- --------- ---------
Income from Investment
Operations:
Net Investment Income................. 0.027 0.047 0.053 0.051 0.051 0.053
--------- --------- --------- --------- --------- ---------
Total from Investment
Operations............................ 0.027 0.047 0.053 0.051 0.051 0.053
--------- --------- --------- --------- --------- ---------
Distributions:
Net Investment Income................. (0.027) (0.047) (0.053) (0.051) (0.051) (0.053)
--------- --------- --------- --------- --------- ---------
Total Distributions................... (0.027) (0.047) (0.053) (0.051) (0.051) (0.053)
--------- --------- --------- --------- --------- ---------
Net Asset Value, End of Period.......... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
========= ========= ========= ========= ========= =========
Total Return+........................... 2.77%** 4.77% 5.38% 5.26% 5.26% 5.48%
========= ========= ========= ========= ========= =========
Ratios and Supplemental Data
Net Assets, End of Period
(Thousands) .......................... $ 102,663 $ 126,380 $ 150,861 $ 152,216 $ 220,124 $ 124,147
Ratio of Expenses to Average
Net Assets ........................... 0.47%* 0.46% 0.36% 0.37% 0.38% 0.50%
Ratio of Net Investment Income
to Average Net Assets ................ 5.50%* 4.66% 5.27% 5.14% 5.14% 5.35%
</TABLE>
* Annualized
** Not Annualized
+ Total return would have been lower had certain expenses not been waived by
the Adviser during the periods indicated.
The accompanying notes are an integral part of the financial statements.
41
<PAGE>
UAM FUNDS DSI PORTFOLIOS
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited)
UAM Funds, Inc., UAM Funds, Inc. II and UAM Funds Trust (collectively the
"UAM Funds") are registered under the Investment Company Act of 1940, as
amended. The DSI Small Cap Value Portfolio, DSI Disciplined Value Portfolio, DSI
Balanced Portfolio, DSI Limited Maturity Bond Portfolio, and DSI Money Market
Portfolio, (the "Portfolios"), portfolios of UAM Funds, Inc., are diversified,
open-end management investment companies. At April 30, 2000, the UAM Funds were
comprised of 49 active portfolios. The information presented in the financial
statements pertains only to the Portfolios. The Portfolios are authorized to
offer two separate classes of shares - Institutional Class Shares and
Institutional Service Class Shares ("Service Class Shares"). As of April 30,
2000, DSI Disciplined Value Portfolio has issued Service Class Shares. Both
classes of shares have identical voting rights (except Institutional Service
Class shareholders have exclusive voting rights with respect to matters relating
to distribution and shareholder servicing of such shares), dividend, liquidation
and other rights. The objectives of the Portfolios are as follows:
DSI Small Cap Value Portfolio seeks maximum capital appreciation
consistent with reasonable risk to principal by investing in primarily
smaller capital companies.
DSI Disciplined Value Portfolio seeks to achieve maximum long-term
total return consistent with reasonable risk to principal through
diversified equity investments.
DSI Balanced Portfolio seeks to provide maximum long-term capital
growth consistent with reasonable risk to principal by investing in a
diversified portfolio of equity, primarily investment grade fixed income
and money market securities.
DSI Limited Maturity Bond Portfolio seeks to provide maximum total
return consistent with reasonable risk to principal by investing in
investment grade fixed income securities. The Portfolio will ordinarily
maintain an average weighted maturity of less than six years.
DSI Money Market Portfolio seeks to provide maximum current income
consistent with the preservation of capital and liquidity by investing in
short-term investment grade money market obligations issued or guaranteed
by financial institutions, non financial corporations, and the United
States Government, as well as repurchase agreements collateralized by such
securities.
42
<PAGE>
UAM FUNDS DSI PORTFOLIOS
--------------------------------------------------------------------------------
A. Significant Accounting Policies: The following significant accounting
policies are in conformity with generally accepted accounting principles. Such
policies are consistently followed by the Portfolios in the preparation of their
financial statements. Generally accepted accounting principles may require
Management to make estimates and assumptions that affect the reported amounts
and disclosures in the financial statements. Actual results may differ from
those estimates.
1. Security Valuation: Investments for which market quotations are
readily available are stated at market value, which is determined using the
last reported sale price from the exchange where the security is primarily
traded. If no sales are reported, as in the case of some securities traded
over-the-counter, the market value is determined by using the last reported
bid price. Fixed income securities are stated on the basis of valuations
provided by brokers and/or a pricing service which uses information with
respect to transactions in fixed income securities, quotations from
dealers, market transactions in comparable securities and various
relationships between securities in determining value. Securities quoted in
foreign currencies are translated into U.S. dollars at the current exchange
rate. Short-term investments with maturities of sixty days or less at time
of purchase are valued at amortized cost, if it approximates market value.
The value of other assets and securities for which no quotations are
readily available is determined in good faith at fair value using methods
determined by the Board of Directors.
2. Federal Income Taxes: It is each 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.
Each Portfolio, except the DSI Money Market Portfolio, may be subject to
taxes imposed by countries in which they invest. Such taxes are generally
based on either income or gains earned or repatriated. These Portfolios
accrue such taxes to net investment income, net realized gains, and net
unrealized gains as income and/or capital gains are earned.
3. Repurchase Agreements: In connection with transactions involving
repurchase agreements, the Portfolios' custodian bank takes possession of
the underlying securities ("collateral"), the value of which exceeds the
principal amount of the repurchase transaction, including accrued interest.
To the extent that any repurchase transaction exceeds one business day, the
value of the collateral is monitored on a daily basis to determine the
adequacy of the collater-
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UAM FUNDS DSI PORTFOLIOS
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al. In the event of default on the obligation to repurchase, each 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. Futures and Options Contracts: Each Portfolio, except the DSI Money
Market Portfolio, may use futures and options contracts to hedge against
changes in the values of securities the Portfolios own or expect to
purchase. Each Portfolio, except the DSI Money Market Portfolio, may also
write covered options on securities it owns or in which it may invest to
increase its current returns.
The potential risk to the Portfolios is that the change in value of
futures and options contracts may not correspond to the change in value of
the hedged instruments. In addition, losses may arise from changes in the
value of the underlying instruments, if there is an illiquid secondary
market for the contracts, or if the counterparty to the contract is unable
to perform.
Futures contracts are valued at the quoted daily settlement prices
established by the exchange on which they trade. Exchange traded options
are valued at the last sale price, or if no sales are reported, the last
bid price for purchased options and the last ask price for written options.
The following Portfolios had futures contracts open at April 30, 2000:
<TABLE>
<CAPTION>
Number Aggregate Net
of Face Unrealized
Contracts Contracts Value Expiration Date Depreciation
--------- --------- --------- --------------- ------------
<S> <C> <C> <C> <C>
DSI Balanced
Purchases:
U.S. Treasury 2 Year Note.................. 1 $ 96,953 June 2000 $1,719
DSI Limited Maturity Bond
Purchases:
U.S. Treasury 10 Year Note................. 3 290,859 June 2000 5,156
</TABLE>
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5. Foreign Currency Translation: The books and records of each
Portfolio are maintained in U.S. dollars. Investment securities and other
assets and liabilities denominated in a foreign currency are translated
into U.S. dollars on the date of valuation. The Portfolios do not isolate
that portion of realized or unrealized gains and losses resulting from
changes in the foreign exchange rate from fluctuations arising from changes
in the market prices of the securities. These gains and losses are included
in net realized and unrealized gain and loss on investments on the
statement of operations. Net realized and unrealized gains and losses on
foreign currency transactions represent net foreign exchange gains or
losses from forward foreign currency exchange contracts, disposition of
foreign currencies, currency gains or losses realized between trade and
settlement dates on securities transactions and the difference between the
amount of the investment income and foreign withholding taxes re corded on
the Portfolios' books and the U.S. dollar equivalent amounts actually
received or paid.
6. Forward Foreign Currency Exchange Contracts: Each Portfolio, except
the DSI Money Market Portfolio, may enter into forward foreign currency
exchange contracts to protect the value of securities held and related
receivables and payables against changes in future foreign exchange rates.
A forward currency contract is an agreement between two parties to buy and
sell currency at a set price on a future date. The market value of the
contract will fluctuate with changes in currency exchange rates. The
contract is marked-to-market daily using the current forward rate and the
change in market value is recorded by the Portfolios as unrealized gain or
loss. The Portfolios recognize realized gain or loss when the contract is
closed, equal to the difference between the value of the contract at the
time it was opened and the value at the time it was closed. Risks may also
arise from the unanticipated movements in the value of a foreign currency
relative to the U.S. dollar. Risks may arise upon entering into these
contracts from the potential inability of counterparties to meet the terms
of their contracts and are generally limited to the amount of unrealized
gain on the contracts, if any, at the date of default.
7. Distributions to Shareholders: The DSI Money Market Portfolio will
declare daily and distribute monthly substantially all of its net
investment income. The DSI Small Cap Value, DSI Disciplined Value, DSI
Limited Maturity Bond, and DSI Balanced Portfolios will distribute
substantially all of their net investment income quarterly. Any realized
net capital gains will be distributed annually. All distributions are
recorded on ex-dividend date.
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UAM FUNDS DSI PORTFOLIOS
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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 for
foreign currency transactions and the timing of the recognition of gains or
losses on investments.
Permanent book-tax 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.
8. Other: Security transactions are accounted for on trade date, the
date the trade is executed. Costs used in determining realized gains and
losses on the sale of investment securities are based on the specific
identification method. Dividend income is recorded on the ex-dividend date,
except that certain dividends from foreign securities are recorded as soon
as the Portfolios are informed of the ex-dividend date. Interest income is
recognized on the accrual basis. Discounts and premiums on securities
purchased are amortized using the effective yield basis over their
respective lives. Most expenses of the UAM Funds can be directly attributed
to a particular portfolio. Expenses which cannot be directly attributed to
a portfolio or share class are apportioned among the portfolios of the UAM
Funds based on their relative net assets. Income, expenses (other than
class specific expenses), and realized and unrealized gains or losses are
allocated to each class of shares based upon their relative net assets.
Custodian fees for the Portfolios are shown gross of expense offsets, if
any, for custodian balance credits.
B. Investment Advisory Services: Under the terms of an investment advisory
agreement, Dewey Square Investors Corporation (the "Adviser"), a subsidiary of
United Asset Management Corporation ("UAM"), provides investment advisory
services to the Portfolios for a monthly fee calculated at an annual rate of
0.85% of the average daily net assets for DSI Small Cap Value Portfolio; 0.75%
of the average daily net assets for DSI Disciplined Value Portfolio; 0.65% of
the average daily net assets for DSI Balanced Portfolio; 0.45% of the average
daily net assets for DSI Limited Maturity Bond Portfolio; and 0.40% of the
average daily net assets for DSI
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UAM FUNDS DSI PORTFOLIOS
--------------------------------------------------------------------------------
Money Market Portfolio. In addition, the Adviser has voluntarily agreed to limit
its management fee for DSI Small Cap Value Portfolio and DSI Money Market
Portfolio to 0.75% and 0.18% of the average daily net assets, respectively.
C. Administrative Services: UAM Fund Services, Inc. (the "Administrator"),
a wholly-owned subsidiary of UAM, provides and oversees administrative, fund
accounting, dividend disbursing, shareholder servicing and transfer agent
services to the Portfolio under a Fund Administration Agreement (the
"Agreement"). The Administrator has entered into separate Service Agreements
with SEI Mutual Funds Services ("SEI"), a wholly-owned subsidiary of
SEI Investments Company, DST Systems, Inc. ("DST"), and UAM Shareholder Service
Center ("UAMSSC"), an affiliate of UAM, to assist in providing certain services
to the Portfolios.
Pursuant to the Agreement, the DSI Small Cap Value, DSI Disciplined Value,
DSI Balanced, DSI Limited Maturity Bond and DSI Money Market Portfolios pay the
Administrator 0.073%, 0.093%, 0.093%, 0.073% and 0.053% per annum of the average
daily net assets of each portfolio, respectively. In addition, the DSI Small Cap
Value, DSI Disciplined Value, DSI Balanced, DSI Limited Maturity Bond and DSI
Money Market Portfolios pay an annual base fee of $72,500, $94,250, $72,500,
$72,500 and $72,500, respectively, and a fee based on the number of active
shareholder accounts.
For the six-months ended April 30, 2000, the Administrator earned the
following amounts from each Portfolio as Administrator and paid the following to
SEI, DST and UAMSSC for their services:
<TABLE>
<CAPTION>
Administration Portion Paid Portion Paid Portion Paid
DSI Portfolios Fee to SEI to DST to UAMSSC
-------------- -------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Small Cap Value.......... $43,644 $20,382 $ 5,769 $ 3,700
Disciplined Value........ 66,393 24,886 13,717 6,810
Balanced................. 48,524 20,776 6,221 3,926
Limited Maturity.........
Bond..................... 45,864 21,150 6,619 4,364
Money Market............. 70,629 34,293 8,632 6,563
</TABLE>
Prior to November 1, 1999, Chase Global Fund Services Company served as the
Portfolios' Sub-Administrator.
D. Custodian: The Chase Manhattan Bank is custodian for the Portfolios'
assets held in accordance with the custodian agreement. As a part of the
custodian agreement, the custodian has a lien on the securities of the Portfolio
to cover any advances made by the custodian to the Portfolios.
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UAM FUNDS DSI PORTFOLIOS
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E. Distribution Services: UAM Fund Distributors, Inc. (the "Distributor"),
a wholly-owned subsidiary of UAM, distributes the shares of the Portfolios.
The DSI Disciplined Value Portfolio has adopted a Distribution and Service
Plan (the "Plan") on behalf of the Service Class Shares pursuant to Rule 12b-1
under the Investment Company Act of 1940. Under the Plan, the Service Class
Shares may not incur distribution and service fees which exceed an annual rate
of 0.75% of the net assets of that class of shares, however, the Board has
currently limited aggregate payments under the Plans to 0.50% per annum of the
DSI Disciplined Value Portfolio's net assets. The DSI Disciplined Value
Portfolio's Service Class Shares are not currently making payments for
distribution fees, however the DSI Disciplined Value Portfolio's Service Class
Shares pay service fees at an annual rate of 0.25% of the average daily value of
Service Class Shares owned by clients of the Service Agents. The Distributor
does not receive any fee or other compensation with respect to the DSI Small Cap
Value, DSI Balanced, DSI Limited Maturity Bond, and DSI Money Market Portfolios.
F. Directors' Fees: Each Director, who is not an officer or affiliated
person, receives $2,000 per meeting attended plus reimbursement of expenses
incurred in attending Board meetings, which is allocated proportionally among
the active portfolios of UAM Funds, plus a quarterly retainer of $150 for each
active portfolio of the UAM Funds.
G. Purchases and Sales: For the six-months ended April 30, 2000, purchases
and sales of investment securities other than long-term U.S. Government
securities and short-term securities were:
DSI Portfolios Purchases Sales
-------------- ----------- -----------
Small Cap Value................................ $ 8,467,373 $18,412,898
Disciplined Value.............................. 7,666,822 30,263,077
Balanced....................................... 5,817,265 8,762,902
Limited Maturity Bond.......................... 442,548 2,890,551
Purchases and sales of long-term U.S. Government securities were $701,831
and $3,553,266, respectively, for the DSI Balanced Portfolio and $5,177,216 and
$4,629,745, respectively, for the DSI Limited Maturity Bond Portfolio. There
were no purchases or sales of long-term U.S. Government securities for the DSI
Small Cap Value Portfolio and the DSI Disciplined Value Portfolio.
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UAM FUNDS DSI PORTFOLIOS
--------------------------------------------------------------------------------
H. Line of Credit: The DSI Small Cap Value, DSI Disciplined Value, DSI
Balanced, and DSI Limited Maturity Bond Portfolios, along with certain other
portfolios of UAM Funds, collectively entered into an agreement which enables
them to participate in a $100 million unsecured line of credit with several
banks. Borrowings will be made solely to temporarily finance the repurchase of
capital shares. Interest is charged to each participating portfolio based on its
borrowings at a rate per annum equal to the Federal Funds rate plus 0.50%. In
addition, a commitment fee of 0.08% per annum, payable at the end of each
calendar quarter, is accrued by each participating portfolio based on its
average daily unused portion of the line of credit. During the six months ended
April 30, 2000, the Portfolios had no borrowings under the agreement.
I. Other: At April 30, 2000, the percentage of total shares outstanding
held by record shareholders owning 10% or greater of the aggregate total shares
outstanding for each Portfolio was as follows:
No. of %
DSI Portfolios Shareholders Ownership
-------------- -------------- -----------
Small Cap Value ....................... 1 90.2%
Disciplined Value - Institutional Class 1 58.1
Balanced .............................. 1 99.9
Limited Maturity Bond ................. 1 78.5
Money Market .......................... 2 65.6
There was a special meeting of shareholders held on April 28, 2000, at
which the shareholders of the Institutional Service Class of the DSI Disciplined
Value Portfolio voted on a proposal to approve the liquidation and dissolution
of the Institutional Service Class of the DSI Disciplined Value Portfolio. The
following were the results of the vote:
Shares % %
Voted of Vote of Total
----------- ----------- ------------
For............................ 1,589 100.00% 52.52%
Against........................ -- -- --
Abstain........................ -- -- --
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UAM FUNDS DSI PORTFOLIOS
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J. Capital Share Transactions: Transactions in capital shares for the
Portfolios, by class, were as follows:
<TABLE>
<CAPTION>
Institutional
Institutional Class Shares Service Class Shares
--------------------------------- ------------------------------------
Six Months Year Six Months Year
Ended Ended Ended Ended
April 30, 2000 October 31, April 30, 2000 October 31,
DSI Portfolios (Unaudited) 1999 (Unaudited) 1999
-------------- -------------- ------------ -------------- -----------
<S> <C> <C> <C> <C>
Small Cap Value:*
Issued.......................... 199,316 1,737,728 -- --
In Lieu of Cash Distributions... -- -- -- --
Redeemed........................ (284,985) (53,310) -- --
-------------- ------------ -------------- -----------
Net Increase (Decrease) from
Capital Share Transactions.... (85,669) 1,684,418 -- --
============== ============ ============== ===========
Disciplined Value:
Issued.......................... 308,942 876,964 17,018 134,021
In Lieu of Cash Distributions... 666,752 684,531 233 167,901
Redeemed........................ (1,629,653) (3,461,323) (265,546) (1,419,707)
-------------- ------------ -------------- -----------
Net Decrease from Capital
Share Transactions............ (653,959) (1,899,828) (248,295) (1,117,785)
============== ============ ============== ===========
Balanced:
Issued.......................... 96,095 593,835 -- --
In Lieu of Cash Distributions... 338,302 230,715 -- --
Redeemed........................ (827,358) (1,469,429) -- --
-------------- ------------ -------------- -----------
Net Decrease from Capital
Share Transactions............ (392,961) (644,879) -- --
============== ============ ============== ===========
Limited Maturity Bond:
Issued.......................... 25,092 2,208,432 -- --
In Lieu of Cash Distributions... 66,159 181,650 -- --
Redeemed........................ (463,150) (3,890,033) -- --
-------------- ------------ -------------- -----------
Net Decrease from Capital
Share Transactions............ (371,899) (1,499,951) -- --
============== ============ ============== ===========
Money Market:
Issued.......................... 293,990,380 677,242,414 -- --
In Lieu of Cash Distributions... 1,162,758 1,945,262 -- --
Redeemed........................ (318,868,748) (703,666,583) -- --
-------------- ------------ -------------- -----------
Net Decrease from Capital Share
Transactions.................. (23,715,610) (24,478,907) -- --
============== ============ ============== ===========
</TABLE>
* The Small Cap Value Portfolio commenced operations on December 16, 1998.
50
<PAGE>
NOTES
<PAGE>
NOTES
<PAGE>
UAM FUNDS DSI PORTFOLIOS
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Officers and Directors
Norton H. Reamer William H. Park
Director, President and Chairman Vice President
John T. Bennett, Jr. Gary L. French
Director Treasurer
Nancy J. Dunn Robert R. Flaherty
Director Assistant Treasurer
Philip D. English Robert J. Della Croce
Director Assistant Treasurer
William A. Humenuk Martin J. Wolin, Esq.
Director Secretary
James P. Pappas Theresa DelVecchio
Director Assistant Secretary
Peter M. Whitman, Jr.
Director
--------------------------------------------------------------------------------
UAM Funds
P.O. Box 219081
Kansas City, MO 64121
(toll free)
1-877-UAM-LINK (826-5465)
www.uam.com
Investment Adviser
Dewey Square Investors Corporation
One Financial Center - 24th floor
Boston, MA 02111
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.
-----------------------------------
