<PAGE>
UAM Funds
Funds for the Informed Investor(sm)
C&B Balanced Portfolio
Semi-Annual Report April 30, 2000
UAM(R)
<PAGE>
UAM Funds C & B Balanced Portfolio
April 30, 2000
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
TABLE OF CONTENTS
--------------------------------------------------------------------------------
<S> <C>
Shareholders' Letter...................................................... 1
Portfolio of Investments.................................................. 3
Statement of Assets and Liabilities....................................... 7
Statement of Operations................................................... 8
Statement of Changes in Net Assets........................................ 9
Financial Highlights...................................................... 10
Notes to Financial Statements............................................. 11
--------------------------------------------------------------------------------
</TABLE>
<PAGE>
UAM FUNDS C&B BALANCED PORTFOLIO
--------------------------------------------------------------------------------
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 Balanced Portfolio for the six month
period ended April 30, 2000.
For this six month period, the C & B Balanced Portfolio underperformed its
benchmark index. This Index consists of a blended return of 60% of the S&P 500
Index and 40% of the Lehman Government/Corporate Bond Index. Over this period,
the C & B Balanced Portfolio declined -0.10% versus 5.06% for the benchmark
index. Given our "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 not out of line with the expectations of the C & B
style nor inconsistent with the firm's philosophy.
As of April 30, 2000, common stocks represented 62% of the Fund, bonds were 31%
and cash reserves were 7%.
Equity Only Analysis
We believe that our equity investment philosophy and process is designed to
produce competitive results during rising markets and strong relative results in
flat and down periods.
The first four months of this six month period ended April 30, 2000 were
particularly difficult for Cooke & Bieler's "relative value" style since the S&P
500 Index's performance was dominated by growth stocks. However, most recently
in March and April, our style rebounded and the equity portion of the Portfolio
significantly outperformed the S&P 500 Index.
We feel that the strong fundamental characteristics of the companies held in the
equity portion of the C & B Balanced Portfolio should help to provide this
downside protection. The high quality characteristics that we seek, 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.
1
<PAGE>
UAM FUNDS C&B BALANCED PORTFOLIO
--------------------------------------------------------------------------------
Fixed Income Only Analysis
C & B's fixed income philosophy is designed to seek the same pattern of results
as our equity philosophy. The return on the fixed income portion of the C & B
Balanced Portfolio mirrored the return on the Lehman Government/Corporate Bond
Index. The maturities are in line with the benchmark and the quality of the
holdings remains high.
Sincerely,
/s/ Samuel H. Ballam, III
Samuel H. Ballam, III
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
---------------------------------
Composite Index is a blended index which reflects 60% of the S&P 500 Index and
40% of the Lehman Government/Corporate Bond Index.
Lehman Intermediate Government/Corporate Index is an unmanaged index of bonds
with intermediate-term durations, including U.S. treasury bonds and bonds issued
by U.S. government agencies and quasi-federal corporation, and corporate debt
guaranteed by the U.S. government.
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.
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.
2
<PAGE>
UAM FUNDS C&B BALANCED PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
portfolio of investments
Common Stocks - 61.9%
Shares Value
---------- ----------
Aerospace & Defense -- 0.9%
Raytheon Company, Cl B ...................... 1,300 $ 28,844
---------
Apparel/Textiles -- 1.1%
V.F ......................................... 1,310 37,007
---------
Automotive -- 4.2%
Dana ........................................ 470 14,276
Eaton ....................................... 960 80,640
Snap-On ..................................... 1,570 41,507
---------
136,423
---------
Banks -- 1.4%
First Union ................................. 270 8,606
State Street ................................ 400 38,750
---------
47,356
---------
Beauty Products -- 1.2%
Avon Products ............................... 920 38,180
---------
Building & Construction -- 2.5%
Sherwin-Williams ............................ 3,300 82,087
---------
Communications Equipment -- 0.9%
Motorola .................................... 250 29,766
---------
Consumer Non-Durables -- 3.1%
Hasbro ...................................... 3,150 50,203
NIKE ........................................ 1,220 52,994
---------
103,197
---------
Electrical Technology -- 0.6%
Energizer Holdings* ......................... 1,133 19,332
---------
Electronics -- 1.7%
Molex, Cl A ................................. 1,400 55,825
---------
Energy -- 7.1%
Enron ....................................... 100 6,969
Exxon Mobil ................................. 800 62,150
Duke Energy ................................. 1,580 90,850
Royal Dutch Petroleum ADR ................... 1,300 74,587
---------
234,556
---------
The accompanying notes are an integral part of the financial statements.
3
<PAGE>
UAM FUNDS C&B BALANCED PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Shares Value
---------- ----------
COMMON STOCKS - continued
Financial Services -- 3.9%
Countrywide Credit Industries........................ 2,540 $ 70,167
MBIA................................................. 1,140 56,359
---------
126,526
---------
Food, Beverage & Tobacco -- 6.0%
Anheuser-Busch....................................... 960 67,740
Bestfoods............................................ 1,120 56,280
Ralston Purina Group................................. 1,660 29,361
Whitman.............................................. 3,760 43,005
---------
196,386
---------
Gas Utilities -- 0.9%
NICOR*............................................... 870 29,471
---------
Household Furniture & Fixtures -- 0.5%
Leggett & Platt...................................... 700 14,962
---------
Insurance -- 2.6%
AON.................................................. 2,000 54,125
UnumProvident........................................ 1,920 32,640
---------
86,765
---------
Insurance Companies -- 0.8%
Marsh & McLennan..................................... 250 24,641
---------
Machinery -- 1.3%
Dover................................................ 870 44,207
---------
Medical Products -- 3.7%
Becton Dickinson..................................... 2,200 56,375
Dentsply International............................... 2,200 63,937
---------
120,312
---------
Multi-Industry -- 1.1%
National Service Industries.......................... 1,700 36,550
---------
Office Equipment -- 4.5%
Pitney Bowes......................................... 1,500 61,313
Xerox................................................ 3,230 85,393
---------
146,706
---------
The accompanying notes are an integral part of the financial statements.
4
<PAGE>
UAM FUNDS C & B BALANCED PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
COMMON STOCK - continued
Shares Value
------ ---------
Pharmaceuticals -- 5.0%
Abbott Laboratories................................ 1,220 $ 46,894
Bristol-Myers Squibb............................... 1,220 63,974
Merck.............................................. 790 54,905
---------
165,773
---------
Restaurants -- 2.7%
McDonald's......................................... 700 26,688
Wendy's International.............................. 2,800 62,650
---------
89,338
---------
Retail - Discount -- 2.9%
Family Dollar Stores............................... 5,000 95,313
---------
Services -- 1.3%
SYSCO.............................................. 1,160 43,645
---------
Total Common Stocks
(Cost $2,028,892)............................... 2,033,168
---------
Corporate Bonds-- 16.9%
Face
Amount Value
-------- --------
Boeing
6.350%, 06/15/03................................ $300,000 289,500
Philip Morris
6.375%, 02/01/06................................ 300,000 264,000
--------
Total Corporate Bonds
(Cost $603,608)................................. 553,500
--------
U.S. Treasury Obligation -- 14.4%
U.S. Treasury Note
5.500%, 02/15/08 (Cost $500,386)................ 500,000 471,770
--------
The accompanying notes are an integral part of the financial statemnts.
5
<PAGE>
UAM FUNDS C & B BALANCED PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
SHORT-TERM INVESTMENT - 0.4%
Face
Amount Value
-------- ----------
REPURCHASEAGREEMENT--0.4%
Chase Securities, Inc. 5.65%, dated 04/28/00,
due 05/01/00, to be repurchased at $14,007,
collateralized by $15,343 of a U.S. Treasury Note
valued at $14,000 (Cost $14,000) ................ $ 14,000 $ 14,000
----------
Total Investments-- 93.6% (Cost $3,146,886) (a) .... 3,072,438
----------
Other Assets and Liabilities, Net-- 6.4% ........... 209,657
----------
Total Net Assets-- 100.0% .......................... $3,282,095
==========
* Non-Income Producing Security
ADR American Depositary Receipt
Cl Class
(a) The cost for federal income tax purposes was $3,146,886. At April 30, 2000,
net unrealized depreciation for all securities based on tax cost was
$74,448. This consisted of aggregate gross unrealized appreciation for all
securities of $249,682, and gross unrealized depreciation of all securities
of $324,130.
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
UAM FUNDS C & B BALANCED PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<S> <C>
Assets
Investments, at Cost........................................................ $ 3,146,886
===========
Investments, at Value-- Note A.............................................. $ 3,072,438
Cash........................................................................ 665
Receivable for Investments Sold............................................. 206,283
Dividends and Interest Receivable........................................... 23,824
Receivable due from Investment Adviser-- Note B............................. 8,942
-----------
Total Assets............................................................. 3,312,152
-----------
Liabilities
Payable for Investments Purchased........................................... 8,485
Payable for Administrative Fees-- Note C.................................... 4,832
Payable for Custodian Fees-- Note D......................................... 2,631
Payable for Directors' Fees-- Note F........................................ 1,069
Other Liabilities........................................................... 13,040
-----------
Total Liabilities........................................................ 30,057
-----------
Net Assets.................................................................. $ 3,282,095
===========
Net Assets Consist of:
Paid in Capital............................................................. 3,006,048
Undistributed Net Investment Income......................................... 45,678
Accumulated Net Realized Gain............................................... 304,817
Unrealized Depreciation..................................................... (74,448)
-----------
Net Assets.................................................................. $ 3,282,095
===========
Institutional Class Shares
Net Asset Value, Offering and Redemption Price Per Share 352,651
shares issued and outstanding ($0.001 par value) (Authorized 25,000,000). $ 9.31
===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
UAM FUNDS C & B BALANCED PORTFOLIO
FOR THE SIX MONTHS ENDED APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
<TABLE>
<S> <C>
Investment Income
Dividends............................................................. $ 51,232
Interest.............................................................. 137,927
---------
Total Income....................................................... 189,159
---------
Expenses
Administrative Fees-- Note C.......................................... 41,961
Investment Advisory Fees-- Note B..................................... 22,155
Printing Fees......................................................... 9,391
Audit Fees............................................................ 7,778
Registration and Filing Fees.......................................... 6,110
Custodian Fees-- Note D............................................... 2,775
Directors' Fees-- Note F.............................................. 1,249
Legal Fees............................................................ 107
Other Expenses........................................................ 5,801
Investment Advisory Fees Waived--Note B............................... (22,155)
Expenses Assumed by the Investment Adviser--Note B.................... (29,330)
---------
Net Expenses Before Expense Offset................................. 45,842
Expense Offset--Note A................................................ (31)
---------
Net Expenses After Expense Offset.................................. 45,811
---------
Net Investment Income................................................. 143,348
---------
Net Realized Gain on Investments...................................... 322,180
Net Change in Unrealized Appreciation (Depreciation) on Investments... (937,059)
---------
Net Loss on Investments............................................... (614,879)
---------
Net Decrease in Net Assets Resulting from Operations.................. $(471,531)
=========
</TABLE>
The accompanying notes are an integral part of the financial statements.
8
<PAGE>
UAM FUNDS C & B BALANCED PORTFOLIO
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended
April 30, Year Ended
2000 October 31,
(Unaudited) 1999
------------ ------------
<S> <C> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment Income............................................ $ 143,348 $ 487,886
Net Realized Gain................................................ 322,180 1,753,360
Net Change in Unrealized Appreciation (Depreciation)............. (937,059) (1,575,197)
------------ ------------
Net Increase (Decrease) in Net Assets Resulting from Operations.. (471,531) 666,049
------------ ------------
Distributions:
Net Investment Income............................................ (151,241) (483,803)
Net Realized Gain................................................ (1,736,179) (2,992,465)
------------ ------------
Total Distributions.............................................. (1,887,420) (3,476,268)
------------ ------------
Capital Share Transactions: (1)
Issued........................................................... 45,326 44,819
In Lieu of Cash Distributions.................................... 1,813,364 3,382,467
Redeemed......................................................... (10,292,295) (6,855,497)
------------ ------------
Net Decrease from Capital Share Transactions:.................... (8,433,605) (3,428,211)
------------ ------------
Total Decrease............................................. (10,792,556) (6,238,430)
------------ ------------
Net Assets:
Beginning of Period.............................................. 14,074,651 20,313,081
------------ ------------
End of Period (Including undistributed net investment income of
$45,678 and $53,571, respectively)............................. $ 3,282,095 $ 14,074,651
============ ============
(1) Shares Issued and Redeemed:
Shares Issued.................................................... 4,338 3,943
In Lieu of Cash Distributions.................................... 197,319 310,292
Shares Redeemed.................................................. (1,137,820) (607,643)
------------ ------------
Net Decrease in Shares Outstanding............................... (936,163) (293,408)
============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
9
<PAGE>
UAM FUNDS C & B BALANCED PORTFOLIO
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Six Months
Ended
April 30, Year Ended October 31,
---------------------------------------------------
2000
(Unaudited) 1999 1998 1997 1996 1995
----------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period............... $ 10.92 $ 12.84 $ 13.75 $ 12.94 $ 13.13 $ 11.86
------- ------- ------- ------- ------- -------
Income from Investment Operations
Net Investment Income........................... 0.30 0.35 0.41 0.42 0.45 0.52
Net Realized and Unrealized
Gain (Loss)..................................... (0.35) --@ 0.66 1.98 1.29 1.51
------- ------- ------- ------- ------- -------
Total from
Investment Operations......................... (0.05) 0.35 1.07 2.40 1.74 2.03
------- ------- ------- ------- ------- -------
Distributions:
Net Investment Income........................... (0.21) (0.34) (0.41) (0.44) (0.45) (0.52)
Net Realized Gain............................... (1.35) (1.93) (1.57) (1.15) (1.48) (0.24)
------- ------- ------- ------- ------- -------
Total Distributions............................. (1.56) (2.27) (1.98) (1.59) (1.93) (0.76)
------- ------- ------- ------- ------- -------
Net Asset Value,
End of Period................................... $9.31 $ 10.92 $ 12.84 $ 13.75 $ 12.94 $ 13.13
======= ======= ======= ======= ======= =======
Total Return+...................................... (0.10)%** 3.10% 8.56% 20.39% 14.70% 17.83%
======= ======= ======= ======= ======= =======
Ratios and Supplemental Data
Net Assets, End of Period (Thousands).............. $3,282 $14,075 $20,313 $24,066 $22,629 $24,146
Ratio of Expenses to Average Net Assets............ 1.00%* 1.00% 1.00% 1.00% 1.00% 1.00%
Ratio of Net Investment Income
to Average Net Assets........................... 3.12%* 2.88% 2.97% 3.20% 3.51% 3.80%
Portfolio Turnover Rate............................ 14% 28% 24% 35% 21% 22%
</TABLE>
* Annualized
** Not Annualized
+ Total return would have been lower had certain fees not been waived and
expenses assumed by the Adviser during the periods indicated.
@ The amount shown for a share outstanding throughout the period does not accord
with aggregate net gains on investments for the period because of the timing
of sales and repurchases of the Portfolio shares in relation to fluctuating
market value of the investments in the Portfolio.
The accompanying notes are an integral part of the financial statements.
10
<PAGE>
UAM FUNDS C & B BALANCED PORTFOLIO
--------------------------------------------------------------------------------
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 Balanced 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. Fixed income securities are stated on the basis of valuation
provided by brokers and/or a pricing service which uses information with
respect to transactions in fixed income securities, quotations from
dealers, market transactions in comparable securities and various
relationships between securities in determining value. Short-term
investments 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
11
<PAGE>
UAM FUNDS C & B BALANCED PORTFOLIO
--------------------------------------------------------------------------------
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 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 ex-dividend date.
The amount and character of income and capital gain distributions to be
paid are determined in accordance with Federal income tax regulations,
which may differ from generally accepted accounting principles. These
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 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 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.
12
<PAGE>
UAM FUNDS C & B BALANCED PORTFOLIO
--------------------------------------------------------------------------------
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 0.093% per
annum of the average daily net assets of the Portfolio, an annual base fee of
$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
$41,961, of which $19,389 was paid to SEI for their services, $6,745 to DST for
their services, and $4,486 to UAMSSC for their services.
Effective November 1, 1999, the UAM Funds' 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 and the assets are held in accordance with the custodian agreement.
E. Distribution Services: UAM Fund Distributors, Inc. (the "Distributor"),
a wholly-owned subsidiary of UAM, distributes the shares of the Portfolio. The
Distributor does not receive any fee or other compensation with respect to the
Portfolio.
F. Directors' Fees: Each Director, who is not an officer or affiliated
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.
13
<PAGE>
UAM FUNDS C & B BALANCED PORTFOLIO
--------------------------------------------------------------------------------
G. Purchases and Sales: For the six months ended April 30, 2000, the
Portfolio made purchases of $1,223,761 and sales of $8,160,055 of investment
securities other than long-term U.S. Government and short-term securities. There
were no purchases of U.S. Government securities. Sales of long-term U.S.
Government securities were $3,067,624.
H. Line of Credit: The Portfolio, along with certain other portfolios of
UAM Funds, collectively entered into an agreement which enables them to
participate in a $100 million unsecured line of credit with several banks.
Borrowings will be made solely to temporarily finance the repurchase of capital
shares. Interest is charged to each participating portfolio based on its
borrowings at a rate per annum equal to the Federal Funds rate plus 0.50%. In
addition, a commitment fee of 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 Portfolio had no borrowings under the agreement.
I. Other: At April 30, 2000, 66% of total shares outstanding were held by
3 record shareholders each owning 10% or greater of the aggregate total shares
outstanding.
14
<PAGE>
NOTES
<PAGE>
NOTES
<PAGE>
UAM FUNDS C&B MIDCAP EQUITY PORTFOLIO
--------------------------------------------------------------------------------
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
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.
----------------------------------------
