<PAGE>
UAM Funds
Funds for the Informed Investor/sm)/
Cambiar Opportunity Portfolio
Annual Report April 30, 2000
UAM(R)
<PAGE>
UAM Funds
Cambiar Opportunity Portfolio
April 30, 2000
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
TABLE OF CONTENTS
-----------------------------------------------------------------------------------------------------
<S> <C>
Shareholders' Letter............................................................................. 1
Portfolio of Investments......................................................................... 5
Statement of Assets and Liabilities.............................................................. 8
Statement of Operations.......................................................................... 9
Statement of Changes in Net Assets............................................................... 10
Financial Highlights............................................................................. 11
Notes to Financial Statements.................................................................... 12
-----------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
UAM FUNDS CAMBIAR OPPORTUNITY PORTFOLIO
--------------------------------------------------------------------------------
May 17, 2000
Dear Shareholders:
The new millennium started much the same as the previous one had ended. A small
group of glamour stocks continued to dominate the markets, driving the NASDAQ
ever higher. Volatility was high, with intraday moves in the S&P 500 of two
percent or more becoming common, but, at least among the favored few, every dip
represented a buying opportunity as everyone knew these stocks could only go up.
Companies deemed part of the "new economy" sported valuations that can only be
described as astounding while firms relegated to the "old economy" languished at
prices not seen in decades. It seemed, if you listened to the pundits, that we
were in for another year of huge outperformance for the NASDAQ and technology
funds, and another dismal year for those remaining in the value camp.
This turbulent environment made for a challenging market for Cambiar. Throughout
the year we consistently applied our investment discipline, searching for
undervalued securities through a variety of measures including low relative
price to earnings, price to sales, price to revenue, and price to cash flow. We
used this volatility to our advantage and found a number of opportunities to
purchase extremely strong companies at very attractive valuations. We were able
to buy some technology companies that were statistically cheap at the time of
purchase and may have been ignored by most traditional value managers.
The markets, however, are a fickle mistress and March saw a dramatic shift with
the Dow Jones (a popular proxy for the old economy despite the inclusion of
Microsoft and Intel) stopping a two-month 2000-point slide on March 7, and the
NASDAQ peaking on March 10. The ensuing correction in the NASDAQ, which
continued through mid-April, surprised even the most bearish with its ferocity.
By April 14, the NASDAQ was down more than 35% from its high, capping a week in
which it lost 25% of its value - a drop similar in magnitude to the 1987 crash.
The Cambiar Opportunity Portfolio increased 4.28% for the quarter ended April
30, 2000 versus 4.46% for the S&P 500. For the twelve months ended April 30,
2000, the Cambiar Opportunity Portfolio increased 23.26% versus 10.13% for the
S&P 500. The portfolio maintained broad positioning in undervalued technology
companies throughout the year and was amply rewarded for these positions. We
took advantage of this continued disparity to sell some of our more fully valued
positions and purchased what we feel are excellent companies at very attractive
levels. Although it would have been preferable to see more broad-based
performance of economic sectors other than tech and telecoms among the Fund's
holdings, the relative underperformance of major sectors such as healthcare,
consumer products, and financial services, for example, has created many
opportunities for 2000.
<PAGE>
UAM FUNDS CAMBIAR OPPORTUNITY PORTFOLIO
--------------------------------------------------------------------------------
We remain convinced, as always, that careful security selection and a
disciplined approach to valuation may result in above-market returns over the
long-term. We believe the market has become structurally more volatile in recent
years and do not expect this to change. While these price movements may be cause
for indigestion, we feel that in the long run, it favors firms like Cambiar who
are price sensitive and focused on fundamental value. We will continue to try
and exploit this volatility to sell stocks where the market's expectations
exceed our own and buy companies the market has overlooked.
With a Fed-engineered slowing, there always comes the risk of a Fed-induced
recession, but we see this as more of a 2001 risk than a 2000 risk. The
fundamentals of the U.S. economy are as strong as they have ever been, with low
unemployment, surging productivity, stable prices and a federal budget that is
in surplus for the first time in a generation. The few clouds on the horizon
include a mammoth trade deficit and high -- and growing -- levels of consumer
debt. On balance, however, we see no reason the economy cannot continue to
expand, albeit at a slower pace, for several more years. In this environment, we
think the equity market will continue to offer attractive returns for careful
investors and that Cambiar is well positioned to capture more than our fair
share of those returns.
Sincerely,
/s/ Brian Barish
Brian Barish
Senior Vice President
Cambiar Investors, Inc.
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.
<PAGE>
UAM FUNDS CAMBIAR OPPORTUNITY PORTFOLIO
--------------------------------------------------------------------------------
Definition of Comparative Indices
---------------------------------
Dow Jones Industrial Average is a price-weighted average of thirty blue-chip
stocks that are generally the leaders in their industry and are listed on the
New York Stock Exchange. It has been a widely followed indicator of the stock
market since October 1, 1928.
NASDAQ Composite Index is a market capitalization, price only, unmanaged index
that tracks the performance of domestic common stocks traded on the regular
NASDAQ market as well as national market system traded foreign common stocks and
ADRs.
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.
<PAGE>
UAM FUNDS CAMBIAR OPPORTUNITY PORTFOLIO
--------------------------------------------------------------------------------
Growth of a $10,000 Investment
---------------------------------
AVERAGE ANNUAL TOTAL RETURN**
FOR PERIODS ENDED APRIL 30, 2000 [GRAPH APPEARS HERE]
---------------------------------
Since
1 Year 6/30/98*
---------------------------------
23.26% 25.69%
---------------------------------
[GRAPH OF CAMBIAR OPPORTUNITY PORTFOLIO S&P 500 INDEX appears HERE]
* Beginning of operations.
** If the adviser and/or portfolio service providers had not limited certain
expenses, the portfolio's total return would have been lower.
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.
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.
4
<PAGE>
UAM FUNDS CAMBIAR OPPORTUNITY PORTFOLIO
APRIL 30, 2000
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
COMMON STOCKS - 98.6%
<TABLE>
<CAPTION>
Shares Value
-------- --------
<S> <C> <C>
AEROSPACE & DEFENSE -- 1.7%
Raytheon Company, C1 B............................. 3,200 $ 71,000
--------
BANKS -- 4.5%
First Union ....................................... 3,000 95,625
ING Groep ADR ..................................... 1,625 89,273
--------
184,898
--------
BROADCASTING, NEWSPAPERS & ADVERTISING -- 2.4%
Fox Entertainment Group, C1 A*.................... 3,800 97,850
--------
COMPUTERS & SERVICES -- 21.8%
3Com* ............................................. 7,000 275,625
Compaq Computer ................................... 8,800 257,400
J.D. Edwards & Company* ........................... 4,000 71,250
Novell* ........................................... 8,200 160,925
Synopsys* ......................................... 2,900 121,437
--------
886,637
--------
CONTAINERS & PACKAGING -- 1.3%
Owens-Illinois* ................................... 4,000 54,000
--------
FOOD, BEVERAGE & TOBACCO -- 5.9%
Diageo ADR ........................................ 5,100 173,400
Philip Morris ..................................... 3,100 67,812
--------
241,212
--------
INSURANCE -- 8.3%
Allstate .......................................... 3,000 70,875
MBIA .............................................. 2,600 128,537
Metlife Inc* ...................................... 8,400 139,125
--------
338,537
--------
MEDICAL PRODUCTS -- 1.9%
Baxter International .............................. 1,200 78,150
--------
METALS & MINING -- 2.2%
Minerals Technologies ............................. 1,900 87,875
--------
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
<PAGE>
UAM FUNDS CAMBIAR OPPORTUNITY PORTFOLIO
APRIL 30, 2000
--------------------------------------------------------------------------------
COMMON STOCKS - continued
<TABLE>
<CAPTION>
Shares Value
-------- ---------
<S> <C> <C>
MISCELLANEOUS BUSINESS SERVICES -- 5.2%
First Data ................................... 2,500 $ 121,719
Manpower ..................................... 2,500 88,281
---------
210,000
---------
PETROLEUM & FUEL PRODUCTS -- 12.0%
Conoco, C1 B ................................. 5,000 124,375
Halliburton .................................. 2,800 123,725
Schlumberger ................................. 900 68,906
Shell Transport & Trading .................... 2,000 96,500
Transocean Sedco Forex ....................... 1,600 75,200
---------
488,706
---------
PHARMACEUTICALS -- 11.4%
Abbott Laboratories .......................... 3,400 130,688
Elan Group ADR* .............................. 2,200 94,325
Mylan Laboratories ........................... 4,000 113,500
Watson Pharmaceuticals* ...................... 2,800 125,825
---------
464,338
---------
RETAIL-SPECIALTY -- 7.1%
Abercrombie & Fitch, C1 A* ................... 5,000 55,000
Jones Apparel Group* ......................... 3,000 89,063
Office Depot* ................................ 8,700 91,894
Warnaco Group ................................ 4,900 52,063
---------
288,020
---------
TELEPHONES & TELECOMMUNICATION -- 9.8%
AT&T ......................................... 3,600 168,075
Global TeleSystems Group* .................... 6,100 88,831
SBC Communications ........................... 3,300 144,581
---------
401,487
---------
TRANSPORTATION -- 3.1%
Galileo International ........................ 5,500 127,188
---------
TOTAL COMMON STOCKS
(Cost $3,923,298) .......................... 4,019,898
---------
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
UAM FUNDS CAMBIAR OPPORTUNITY PORTFOLIO
APRIL 30, 2000
--------------------------------------------------------------------------------
SHORT-TERM INVESTMENT- 2.9%
<TABLE>
<CAPTION>
Face
Amount Value
-------- ----------
<S> <C> <C>
REPURCHASE AGREEMENT -- 2.9%
Chase Securities Inc. 5.65%, dated 04/28/00, due 05/01/00
to be repurchased at $118,056, collateralized by $129,322 of a
U.S. Treasury Note valued at $118,003 (Cost $118,000).......... $118,000 $ 118,000
----------
TOTAL INVESTMENTS -- 101.5%
(Cost $4,041,298)(a)........................................... 4,137,898
----------
OTHER ASSETS AND LIABILITIES, NET -- (1.5%)...................... (62,438)
----------
TOTAL NET ASSETS -- 100.0%....................................... $4,075,460
==========
</TABLE>
* Non-Income Producing Security
ADR American Depositary Receipt
Cl Class
(a) The cost for federal income tax purposes was $4,041,298. At April 30,
1999, net unrealized appreciation for all securities based on tax cost was
$96,600. This consisted of aggregate gross unrealized appreciation for all
securities of $498,005 and aggregate gross unrealized depreciation for all
securities of $401,405.
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
UAM FUNDS CAMBIAR OPPORTUNITY PORTFOLIO
APRIL 30, 2000
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C>
Assets
Investments, at Cost ................................................ $4,041,298
==========
Investments, at Value--Note A ....................................... $4,137,898
Cash ................................................................ 732
Receivable from Investment Adviser--Note B .......................... 10,218
Dividends and Interest Receivable ................................... 3,966
Receivable for Portfolio Shares Sold ................................ 490
Other Assets ........................................................ 1,473
----------
Total Assets ..................................................... 4,154,777
----------
Liabilities
Payable for Investments Purchased ................................... 48,083
Payable for Administrative Fees--Note C ............................. 6,914
Payable to Investment Adviser--Note B ............................... 3,383
Payable for Custodian Fees--Note D .................................. 1,000
Payable for Trustees' Fees--Note F .................................. 100
Other Liabilities ................................................... 19,837
----------
Total Liabilities ................................................ 79,317
----------
Net Assets .......................................................... $4,075,460
==========
Net Assets Consist of:
Paid in Capital ..................................................... 3,218,196
Undistributed Net Investment Income ................................. 339
Accumulated Net Realized Gain ....................................... 760,325
Unrealized Appreciation ............................................. 96,600
----------
Net Assets .......................................................... $4,075,460
==========
Institutional Class Shares
Shares Issued and Outstanding (Unlimited authorization, no par value) 288,433
Net Asset Value, Offering and Redemption Price Per Share ............ $ 14.13
==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
8
<PAGE>
UAM FUNDS CAMBIAR OPPORTUNITY PORTFOLIO
FOR THE YEAR ENDED APRIL 30, 2000
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
Investment Income
Dividends........................................................... $ 34,288
Interest............................................................ 6,808
---------
Total Income..................................................... 41,096
---------
Expenses
Administrative Fees--Note C......................................... 87,167
Investment Advisory Fees--Note B.................................... 31,375
Printing Fees....................................................... 16,867
Professional Fees................................................... 13,288
Registration and Filing Fees........................................ 13,113
Custodian Fees--Note D.............................................. 4,267
Trustees' Fees--Note F.............................................. 2,113
Other Expenses...................................................... 4,706
Investment Advisory Fees Waived--Note B............................. (31,375)
Expenses Assumed by the Adviser--Note B............................. (100,558)
---------
Net Expenses Before Expense Offset............................. 40,963
Expense Offset--Note A.............................................. (214)
---------
Net Expenses After Expense Offset.............................. 40,749
---------
Net Investment Income............................................... 347
---------
Net Realized Gain on Investments.................................... 760,324
Net Change in Unrealized Appreciation (Depreciation) on
Investments........................................................ (100,179)
---------
Net Gain on Investments............................................. 660,145
---------
Net Increase in Net Assets Resulting from Operations................ $ 660,492
=========
The accompanying notes are an integral part of the financial statements.
9
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UAM FUNDS CAMBIAR OPPORTUNITY PORTFOLIO
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Year June 30,
Ended 1998* to
April 30, April 30,
2000 1999
----------- -----------
<S> <C> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment Income...................................... $ 347 $ 5,520
Net Realized Gain.......................................... 760,324 223,483
Net Change in Unrealized Appreciation (Depreciation)....... (100,179) 196,779
----------- -----------
Net Increase in Net Assets Resulting from Operations...... 660,492 425,782
----------- -----------
Distributions:
Net Investment Income...................................... (525) (5,895)
In Excess of Net Investment Income......................... (13,692) --
Net Realized Gain.......................................... (209,451) --
----------- -----------
Total Distributions...................................... (223,668) (5,895)
----------- -----------
Capital Share Transactions (1):
Issued..................................................... 1,260,107 2,225,861
In Lieu of Cash Distributions.............................. 179,693 4,455
Redeemed................................................... (189,971) (261,396)
----------- -----------
Net Increase from Capital Share Transactions.............. 1,249,829 1,968,920
----------- -----------
Total Increase........................................... 1,686,653 2,388,807
Net Assets:
Beginning of Period........................................ 2,388,807 --
----------- -----------
End of Period (including undistributed net income of $339
and $0, respectively).................................... $ 4,075,460 $ 2,388,807
=========== ===========
(1) Shares Issued and Redeemed:
Shares Issued.............................................. 94,418 217,909
In Lieu of Cash Distributions.............................. 13,767 483
Shares Redeemed............................................ (14,169) (23,975)
----------- -----------
Net Increase in Shares Outstanding......................... 94,016 194,417
=========== ===========
</TABLE>
* Commencement of Operations
The accompanying notes are an integral part of the financial statements.
10
<PAGE>
UAM FUNDS CAMBIAR OPPORTUNITY PORTFOLIO
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Period
Year June 30,
Ended 1998* to
April 30, April 30,
2000 1999
---------- ----------
Net Asset Value, Beginning of Period.......... $ 12.29 $ 10.00
Income from Investment Operations
Net Investment Income....................... -- 0.04
Net Realized and Unrealized Gain............ 2.78 2.29
------- -------
Total from Investment Operations............ 2.78 2.33
------- -------
Distributions:
Net Investment Income....................... -- (0.04)
In Excess of Net Investment Income.......... (0.07) --
Net Realized Gain........................... (0.87) --
------- -------
Total Distributions......................... (0.94) (0.04)
------- -------
Net Asset Value, End of Period................ $ 14.13 $ 12.29
======= =======
Total Return+................................. 23.26% 23.44%***
======= =======
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)......... $ 4,075 $ 2,389
Ratio of Expenses to Average Net Assets....... 1.31% 1.31%**
Ratio of Net Investment Income to
Average Net Assets.......................... 0.01% 0.42%**
Portfolio Turnover Rate....................... 95% 78%
* Commencement of Operations
** Annualized
*** Not annualized
+ Total return would have been lower had certain expenses not been waived and
assumed by the Adviser during the period.
The accompanying notes are an integral part of the financial statements.
11
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UAM FUNDS CAMBIAR OPPORTUNITY PORTFOLIO
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
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 Cambiar Opportunity Portfolio (the "Portfolio"), a portfolio of UAM
Funds Trust, is a diversified, open-end management investment company. At April
30, 2000, the UAM Funds were comprised of 49 active portfolios. The objective of
the Portfolio is to provide capital growth and preservation by investing
primarily in common stocks that have limited downside risk with positive upside
potential.
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 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 Trustees.
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 agreement, real-
12
<PAGE>
UAM FUNDS CAMBIAR OPPORTUNITY PORTFOLIO
--------------------------------------------------------------------------------
ization and/or retention of the collateral or proceeds may be subject to
legal proceedings.
Pursuant to an Exemptive Order issued by the Securities and Exchange
Commission, the UAM Funds may transfer their daily uninvested cash balances
into a joint trading account which invests in one or more repurchase
agreements. This joint repurchase agreement is covered by the same collateral
requirements as discussed above.
4. Distributions to Shareholders: The Portfolio will distribute substantially
all of its net investment income quarterly. Any realized net capital gains
will be distributed at least 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 and losses on investments.
Permanent book and tax basis differences relating to shareholder
distributions resulted in reclassifications of $1,739 to decrease
undistributed net investment income, a decrease of $14,031 to accumulated net
realized gain and an increase of $15,770 to paid in capital.
Permanent book-tax differences 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. Most expenses of the UAM Funds can be
directly attributed to a particular portfolio. Expenses which cannot be
directly attributed to a portfolio are apportioned among the portfolios of
the UAM Funds based on their relative net assets. Custodian fees for the
Portfolio are shown gross of expense offsets, if any, for custodian balance
credits.
B. Investment Advisory Services: Under the terms of an investment advisory
agreement, Cambiar Investors, Inc. (the "Adviser "), a subsidiary of United
Asset Management Corporation ("UAM "), provides investment advisory services to
the Portfolio at a fee calculated at an annual rate of 1.00% of average daily
net assets.
13
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UAM FUNDS CAMBIAR OPPORTUNITY PORTFOLIO
--------------------------------------------------------------------------------
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 1.30% 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") 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
$72,500, and a fee based on the number of active shareholder accounts.
For the year ended April 30, 2000, the Administrator was paid $87,167, of
which $18,038 was paid to SEI for their services, $14,639 to DST for their
services, and $9,455 to UAMSSC for their services.
Prior to November 1, 1999, the Administrator was party to a separate Sub-
Administration Service Agreement with Chase Global Fund Services Company
("CGFSC"). For its services CGFSC received $26,784.
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. Trustees' Fees: Each Trustee, who is not an officer or affiliated person,
receives $2,000 per meeting attended plus reimbursement of expenses incurred in
attending Trustee 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.
14
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UAM FUNDS CAMBIAR OPPORTUNITY PORTFOLIO
--------------------------------------------------------------------------------
G. Purchases and Sales: For the year ended April 30, 2000, the Portfolio
made purchases of $4,082,744 and sales of $2,888,401 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. 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 year ended April 30, 2000, the Portfolio had no
borrowings under the agreement.
I. Other: At April 30, 2000, 60% of total shares outstanding were held by 3
record shareholders, each owning 10% or greater of the aggregate total shares
outstanding.
15
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UAM FUNDS CAMBIAR OPPORTUNITY PORTFOLIO
--------------------------------------------------------------------------------
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of
UAM Funds Trust and Shareholders of
Cambiar Opportunity Portfolio
In our opinion, the accompanying statement of assets and liabilities,
including the portfolio of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of the Cambiar Opportunity Portfolio
(one of the portfolios constituting UAM Funds Trust, hereafter referred to as
the "Fund") at April 30, 2000, and the results of its operations, the changes in
its net assets and the financial highlights for each of the periods indicated,
in conformity with accounting principles generally accepted in the United
States. These financial statements and financial highlights (hereafter referred
to as "financial statements") are the responsibility of the Fund's management;
our responsibility is to express an opinion on these financial statements based
on our audits. We conducted our audits of these financial statements in
accordance with auditing standards generally accepted in the United States,
which require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at April 30, 2000 by correspondence with the
custodian and brokers, provide a reasonable basis for the opinion expressed
above.
PRICEWATERHOUSECOOPERS LLP
Boston, Massachusetts
June 14, 2000
16
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UAM FUNDS CAMBIAR OPPORTUNITY PORTFOLIO
--------------------------------------------------------------------------------
Federal Income Tax Information:(Unaudited)
For the period ended April 30, 2000, the percentage of dividends paid from
investment company taxable income that qualify for the 70% dividend received
deduction for corporate shareholders is 4.01% for the Cambiar Opportunity
Portfolio.
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UAM FUNDS CAMBIAR OPPORTUNITY PORTFOLIO
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Officers and Trustee
Norton H. Reamer William H. Park
Trustee, President and Chairman Vice President
John T. Bennett, Jr. Gary L. French
Trustee Treasurer
Nancy J. Dunn Robert R. Flaherty
Trustee Assistant Treasurer
Philip D. English Robert J. Della Croce
Trustee Assistant Treasurer
William A. Humenuk Martin J. Wolin, Esq.
Trustee Secretary
James P. Pappas Theresa DelVecchio
Trustee Assistant Secretary
Peter M. Whitman, Jr.
Trustee
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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
Cambiar Investors, Inc.
8400 East Prentice Avenue
Suite 460
Englewood, CO 80111
Distributor
UAM Fund Distributors, Inc.
211 Congress Street
Boston, MA 02110
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This report has been prepared for
shareholders and may be distributed to
others only if preceded or accompanied by
a current prospectus.
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