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UAM Funds
Funds for the Informed Investor (sm)
C & B Mid Cap Equity Portfolio
Semi-Annual Report April 30, 2000
[GRAPHIC]
UAM (R)
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UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
APRIL 30, 2000
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TABLE OF CONTENTS
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Shareholders' Letter ...................................................... 1
Portfolio of Investments .................................................. 3
Statement of Assets and Liabilities ....................................... 6
Statement of Operations ................................................... 7
Statement of Changes in Net Assets ........................................ 8
Financial Highlights ...................................................... 9
Notes to Financial Statements ............................................. 10
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UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
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May 17, 2000
Dear Shareholder:
The following report provides a detailed description of the securities held and
the statement of operations for the C & B Mid Cap Equity Portfolio for the
six-month period ended April 30, 2000.
For this six month period, the C & B Mid Cap Equity Portfolio increased by
10.56% versus 17.38% for the Russell Mid Cap Index. Given Cooke & Bieler's "high
quality, low risk" approach, and the market's emphasis up until March 10, 2000
(the peak of NASDAQ) on technology and disregard for valuations, these results
are particularly strong.
As of April 30, 2000, common stocks represented 97% of the portfolio, with cash
reserves being 3%.
Relative results in recent months were particularly favorable due to an
underweight in technology and the market embracing well-managed,
fundamentally-strong companies.
Cooke & Bieler continues to employ an investment process that we believe is
designed to produce above average long-term results, with particularly strong
relative results in flat and down markets. The strong fundamental
characteristics of the companies held in the C & B Mid Cap Equity Portfolio
should provide this downside protection. The high quality characteristics that
we seek, as compared to the Russell Mid Cap Index, include (1) balance sheet
strength measured by a relatively low debt to capital ratio, (2) high levels of
return on equity and return on capital, (3) consistent growth in earnings and
dividends, and (4) use of excess cash flow to repurchase stock.
Sincerely,
/s/ Samuel H. Ballam, III
Samuel H. Ballam, III
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UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
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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.
Definition of Comparative Indices
---------------------------------
Russell Mid-Cap Index is an unmanaged comprised of 800 stocks of U.S. companies
with mid-market capitalization.
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 C & B MID CAP EQUITY PORTFOLIO
APRIL 30, 2000 (Unaudited)
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PORTFOLIO OF INVESTMENTS
COMMON STOCKS - 96.6%
Shares Value
------ -----
AUTOMOTIVE -- 3.9%
Snap-On ..................................... 1,585 $ 41,903
--------
BIO/SPECIAL PHARMACEUTICALS -- 1.1%
Millipore ................................... 170 12,187
--------
BUILDING & CONSTRUCTION -- 1.9%
Sherwin-Williams ............................ 830 20,646
--------
CONSUMER NON-DURABLES -- 3.8%
Hasbro ...................................... 2,510 40,003
--------
ELECTRONICS -- 2.2%
Molex, Cl A ................................. 581 23,167
--------
ENERGY -- 2.3%
Burlington Resources ........................ 615 24,177
--------
FINANCIAL SERVICES -- 8.1%
Ambac Financial Group ....................... 700 33,600
Countrywide Credit Industries ............... 960 26,520
MBIA ........................................ 530 26,202
--------
86,322
--------
FOOD, BEVERAGE & TOBACCO -- 4.5%
Whitman ..................................... 4,220 48,266
--------
INSURANCE -- 5.0%
AON ......................................... 600 16,238
UnumProvident ............................... 2,145 36,465
--------
52,703
--------
MANUFACTURING -- 9.5%
ESCO Electronics* ........................... 4,050 66,066
Hussman International ....................... 2,550 35,381
--------
101,447
--------
MEDICAL PRODUCTS -- 10.6%
Becton Dickinson ............................ 1,150 29,469
Dentsply International ...................... 2,880 83,520
--------
112,989
--------
The accompanying notes are an integral part of the financial statements.
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UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
APRIL 30, 2000 (Unaudited)
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COMMON STOCKS - continued
Shares Value
------ -----
MISCELLANEOUS BUSINESS SERVICES -- 3.2%
Viad ...................................... 1,320 $ 33,495
---------
MULTI-INDUSTRY -- 3.0%
National Service Industries ............... 1,470 31,605
---------
PHARMACEUTICALS -- 5.0%
Covance* .................................. 2,490 22,877
Perrigo* .................................. 5,260 29,916
---------
52,793
---------
RESTAURANTS -- 12.2%
CBRL Group ................................ 6,940 96,293
Wendy's International ..................... 1,510 33,786
---------
130,079
---------
RETAIL -- 3.5%
Consolidated Stores* ...................... 3,000 37,313
Delhaize America, Cl A* ................... 1 18
---------
37,331
---------
RETAIL - DISCOUNT -- 4.0%
Family Dollar Stores ...................... 2,250 42,891
---------
TECHNOLOGY -- 3.3%
Avnet ..................................... 450 35,381
---------
UTILITIES -- 9.5%
Conectiv .................................. 1,700 30,175
NICOR* .................................... 1,200 40,650
Washington Gas Light ...................... 1,170 29,981
---------
100,806
---------
TOTAL COMMON STOCKS
(Cost $1,032,238) .................... 1,028,191
---------
The accompanying notes are an integral part of the financial statements.
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UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
APRIL 30, 2000 (Unaudited)
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SHORT-TERM INVESTMENT - 5.0%
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
REPURCHASE AGREEMENT -- 5.0%
<S> <C> <C>
Chase Securities, Inc. 5.65%, dated 04/28/00,
due 05/01/00, to be repurchased at $53,025,
collateralized by $58,085 of a U.S. Treasury Note
valued at $53,000 (Cost of $53,000) ............................................. $53,000 $ 53,000
-----------
TOTAL INVESTMENTS -- 101.6% (Cost $1,085,238) (a) .................................. 1,081,191
-----------
OTHER ASSETS AND LIABILITIES, NET -- (1.6%) ........................................ (16,643)
-----------
TOTAL NET ASSETS -- 100.0% ......................................................... $ 1,064,548
===========
</TABLE>
* Non-Income Producing Security
Cl Class
(a) The cost for federal income tax purposes was $1,085,238. At April 30,
2000, net unrealized depreciation for all securities based on tax cost was
$4,047. This consisted of aggregate gross unrealized appreciation for all
securities of $133,767, and gross unrealized depreciation for all
securities of $137,814.
The accompanying notes are an integral part of the financial statements.
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UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
APRIL 30, 2000 (Unaudited)
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STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
Assets
<S> <C>
Investments, at Cost ............................................. $ 1,085,238
===========
Investments, at Value -- Note A .................................. $ 1,081,191
Cash ............................................................. 64
Receivable for Portfolio Shares Sold ............................. 14,441
Receivable due from Investment Adviser -- Note B ................. 8,832
Dividends and Interest Receivable ................................ 1,970
-----------
Total Assets ................................................ 1,106,498
-----------
Liabilities
Payable for Investments Purchased ................................ 27,760
Payable for Administrative Fees -- Note C ........................ 4,197
Payable for Custodian Fees -- Note D ............................. 1,811
Payable for Directors' Fees -- Note F ............................ 576
Other Liabilities ................................................ 7,606
-----------
Total Liabilities ........................................... 41,950
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Net Assets ....................................................... $ 1,064,548
===========
Net Assets Consist of:
Paid in Capital .................................................. 1,059,748
Undistributed Net Investment Income .............................. 2,176
Accumulated Net Realized Gain .................................... 6,671
Unrealized Depreciation .......................................... (4,047)
-----------
Net Assets ....................................................... $ 1,064,548
===========
Institutional Class Shares
Net Asset Value, Offering and Redemption Price Per Share 100,395
shares outstanding ($0.001 par value) (Authorized 25,000,000) $ 10.60
===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
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UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
FOR THE SIX MONTHS ENDED APRIL 30, 2000 (Unaudited)
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STATEMENT OF OPERATIONS
Investment Income
Dividends ......................................................... $ 8,887
Interest .......................................................... 853
--------
Total Income .................................................. 9,740
--------
Expenses
Administrative Fees -- Note C ..................................... 36,731
Printing Fees ..................................................... 5,021
Registration and Filing Fees ...................................... 5,351
Audit Fees ........................................................ 4,264
Investment Advisory Fees -- Note B ................................ 3,050
Custodian Fees -- Note D .......................................... 2,023
Directors' Fees -- Note F ......................................... 1,358
Legal Fees ........................................................ 34
Other Expenses .................................................... 4,091
Investment Advisory Fees Waived -- Note B ......................... (3,050)
Expenses Assumed by the Adviser--Note B ........................... (52,747)
--------
Net Expenses Before Expense Offset ............................ 6,126
Expense Offset -- Note A .......................................... (52)
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Net Expenses After Expense Offset ............................. 6,074
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Net Investment Income ............................................. 3,666
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Net Realized Gain on Investments .................................. 25,749
Net Change in Unrealized Appreciation (Depreciation) on Investments 65,792
--------
Net Gain on Investments ........................................... 91,541
--------
Net Increase in Net Assets Resulting from Operations .............. $ 95,207
========
The accompanying notes are an integral part of the financial statements.
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STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months Year
Ended Ended
April 30, 2000 October 31,
(Unaudited) 1999
-------------- ------------
Increase (Decrease) in Net Assets
Operations:
<S> <C> <C>
Net Investment Income ........................................ $ 3,666 $ 9,202
Net Realized Gain ............................................ 25,749 81,380
Net Change in Unrealized Appreciation (Depreciation) ......... 65,792 (45,094)
----------- -----------
Net Increase in Net Assets Resulting from
Operations ................................................ 95,207 45,488
----------- -----------
Distributions:
Net Investment Income ........................................ (4,148) (8,033)
Net Realized Gain ............................................ (32,452) --
----------- -----------
Total Distributions ..................................... (36,600) (8,033)
----------- -----------
Capital Share Transactions: (1)
Issued ....................................................... 72,337 730,939
In Lieu of Cash Distributions ................................ 36,600 8,033
Redeemed ..................................................... (549,482) (362,462)
----------- -----------
Net Increase (Decrease) from Capital Share Transactions: ...... (440,545) 376,510
----------- -----------
Total Increase (Decrease) ............................... (381,938) 413,965
Net Assets:
Beginning of Period .......................................... 1,446,486 1,032,521
----------- -----------
End of Period (including undistributed net investment income of
$2,176 and $2,658, respectively) .......................... $ 1,064,548 $ 1,446,486
=========== ===========
(1) Shares Issued and Redeemed:
Shares Issued ................................................ 7,067 76,598
In Lieu of Cash Distributions ................................ 3,916 830
Shares Redeemed .............................................. (57,536) (36,989)
----------- -----------
Net Increase in Shares Outstanding ........................... (46,553) 40,439
=========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
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FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Period
Six Months February 18,
Ended Year Ended 1998*** to
April 30, 2000 October 31, October 31,
(Unaudited) 1999 1998
-------------- ------------ ------------
<S> <C> <C> <C>
Net Asset Value, Beginning of Period ................................... $ 9.84 $ 9.69 $ 10.00
--------- --------- ---------
Income from Investment Operations
Net Investment Income ............................................. 0.04 0.06 0.05
Net Realized and Unrealized Gains (Losses) ........................ 0.96 0.15 (0.32)
--------- --------- ---------
Total from Investment Operations .................................. 1.00 0.21 (0.27)
--------- --------- ---------
Distributions:
Net Investment Income ............................................. (0.03) (0.06) (0.04)
Net Realized Gains ................................................ (0.21) -- --
--------- --------- ---------
Total Distributions ............................................... (0.24) (0.06) (0.04)
--------- --------- ---------
Net Asset Value, End of Period ......................................... 10.60 $ 9.84 $ 9.69
--------- --------- ---------
Total Return+ .......................................................... 10.56%** 2.19% (2.71)%**
========= ========= =========
Ratios and Supplemental Data
Net Assets, End of Period (Thousands) .................................. $ 1,065 $ 1,446 $ 1,033
Ratio of Expenses to Average Net Assets ................................ 1.00%* 1.00% 1.01%*
Ratio of Net Investment Income to
Average Net Assets ................................................ 0.60%* 0.70% 0.86%*
Portfolio Turnover Rate ................................................ 47% 81% 37%
</TABLE>
* Annualized
** Not annualized
*** Commencement of Operations
+ Total return would have been lower had certain fees not been waived and
expenses assumed by the Adviser during the periods indicated.
The accompanying notes are an integral part of the financial statements.
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APRIL 30, 2000
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NOTES TO FINANCIAL STATEMENTS (Unaudited)
UAM Funds, Inc., UAM Funds, Inc. II and UAM Trust Funds (collectively the
"UAM Funds") are registered under the Investment Company Act of 1940, as
amended. The C & B Mid Cap Equity Portfolio (the "Portfolio"), a portfolio of
UAM Funds, Inc., is a diversified, open-end management investment company. At
April 30, 2000, the UAM Funds were comprised of 49 active portfolios. The
information presented in the financial statements pertains only to the
Portfolio. The objective of the Portfolio is to provide maximum long-term total
return with minimal risk to principal.
A. Significant Accounting Policies: The following significant accounting
policies are in conformity with generally accepted accounting principles. Such
policies are consistently followed by the Portfolio in the preparation of its
financial statements. Generally accepted accounting principles may require
Management to make estimates and assumptions that affect the reported amounts
and disclosures in the financial statements. Actual results may differ from
those estimates.
1. Security Valuation: Investments for which market quotations are
readily available are stated at market value, which is determined using
the last reported sale price from the exchange where the security is
primarily traded. If no sales are reported, as in the case of some
securities traded over-the-counter, the market value is determined by using
the last reported bid price. 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 following procedures approved by the Board of Directors.
2. Federal Income Taxes: It is the Portfolio's intention to qualify as
a regulated investment company under Subchapter M of the Internal Revenue
Code and to distribute all of its taxable income. Accordingly, no provision
for Federal income taxes is required in the financial statements.
3. Repurchase Agreements: In connection with transactions involving
repurchase agreements, the Portfolio's custodian bank takes possession of
the underlying securities ("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 collateral. In the event of default on the obligation to
repurchase, the Portfolio has the right to liquidate the collateral and
apply the proceeds in satisfaction of the obligation. In the event of
default or bankruptcy by the counterparty to the
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UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
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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
agreement. This joint repurchase agreement is covered by the same
collateral requirements as discussed above.
4. Distributions to Shareholders: The Portfolio will distribute
substantially all of its net investment income quarterly. Any realized
net capital gains will be distributed annually. All distributions are
recorded on exdividend date.
The amount and character of income and capital gain distributions to
be paid are determined in accordance with Federal income tax regulations,
which may differ from generally accepted accounting principles. These
differences are primarily due to differing book and tax treatments in the
timing of the recognition of gains or losses on investments.
Permanent book and tax basis differences relating to shareholder
distributions may result in reclassifications to undistributed net
investment income (loss), accumulated gain (loss) and paid in capital.
Permanent book-tax differences, if any, are not included in ending
undistributed net investment income (loss) for the purpose of calculating
net investment income (loss) per share in the financial highlights.
5. Other: Security transactions are accounted for on trade date, the
date the trade is executed. Costs used in determining realized gains and
losses on the sale of investment securities are based on the specific
identification method. Dividend income is recorded on the exdividend date.
Interest income is recognized on the accrual basis. Most expenses of the
UAM Funds can be directly attributed to a particular portfolio. Expenses
that cannot be directly attributed are apportioned among the portfolios of
the UAM Funds based on their relative net assets. Custodian fees for the
Portfolio are shown gross of expense offsets, if any, for custodian balance
credits.
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B. Investment Advisory Services: Under the terms of an investment advisory
agreement, Cooke & Bieler, Inc. (the "Adviser"), a subsidiary of UAM, provides
investment advisory services to the Portfolio at a fee calculated at an annual
rate of 0.625% of average daily net assets. The Adviser has voluntarily agreed
to waive a portion of its advisory fees and to assume expenses, if necessary, in
order to keep the Portfolio's total annual operating expenses, after the effect
of expense offset arrangements, from exceeding 1.00% of average daily net
assets.
C. Administrative Services: UAM Fund Services, Inc. (the "Administrator"),
a wholly-owned subsidiary of UAM, provides and oversees administrative, fund
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 Investments 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 Portfolio.
Pursuant to the Agreement, the Portfolio pays the Administrator 0.073% per
annum of the average daily net assets of the Portfolio, an annual base fee of no
more than $72,500, and a fee based on the number of active shareholder accounts.
For the six months ended April 30, 2000, the Administrator was paid
$36,731, of which $17,632 was paid to SEI for their services, $6,337 to DST for
their services, and $4,017 to UAMSSC for their services.
Effective November 1, 1999, the Fund's Board of Directors approved a change
in the Sub-administrator from Chase Global Funds Service Company to SEI
Investments Mutual Funds Services.
D. Custodian: The Chase Manhattan Bank is custodian for the Portfolio's
assets held in accordance with the custodian agreement.
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E. Distribution Services: UAM Fund Distributors, Inc. (the "Distributor"),
a wholly-owned subsidiary of UAM, distributes the shares of the Portfolio. The
Distributor does not receive any fee or other compensation with respect to the
portfolio.
F. Directors' Fees: Each Director, who is not an officer or affiliated
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, the
Portfolio made purchases of $560,825 and sales of $1,035,201 of investment
securities other than long-term U.S. Government and short-term securities.
There were no purchases or sales of long-term U.S. Government securities.
H. Other: At April 30, 2000, 81% of total shares outstanding were held by 1
record shareholder.
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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
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UAM Funds
P.O. Box 219081
Kansas City, MO 64121
(toll free)
1-877-UAM-LINK (826-5465)
www.uam.com
Investment Adviser
Cooke & Bieler, Inc.
1700 Market Street
Philadelphia, PA 19103
Distributor
UAM Fund Distributors, Inc.
211 Congress Street
Boston, MA 02110
This report has been prepared for
shareholders and may be distributed to
others only if preceded or accompanied by
a current prospectus.
