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UAM Funds
Funds for the Informed Investor(SM)
C & B Mid Cap Equity Portfolio
Annual Report October 31, 2000
[LOGO OF UAM]
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UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
OCTOBER 31, 2000
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TABLE OF CONTENTS
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Shareholders' Letter .................................................... 1
Portfolio of Investments ................................................ 4
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
Report of Independent Accountants ....................................... 15
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UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
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November 10, 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
twelve-month period ended October 31, 2000.
For this period, the C & B Mid Cap Equity Portfolio outperformed its Benchmark
Index, the Russell Mid Cap Value Index. Over this period, the C & B Mid Cap
Equity Portfolio returned 33.78% versus 11.85% for the Russell Mid Cap Value
Index. With Cooke & Bieler's "high quality, low risk" approach these results are
particularly strong and even beyond expectations.
As of October 31, 2000, common stocks represented 98% of the portfolio, with
cash reserves being 2%.
The twelve-month period ended October 31, 2000 was attractive for Cooke &
Bieler's "relative value" style. Excellent stock selection and substantial
concentration in the right stocks were the primary reasons for the strong
performance.
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 help to provide this downside protection. These high quality
characteristics, as compared to the S&P 500, include (1) balance sheet strength
measured by a relatively low debt to capital ratio, (2) high levels of return on
equity and return on 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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The investment results presented in this report represent past performance and
should not be construed as a guarantee of future results. A portfolio's
performance assumes the reinvestment of all dividends and distributions.
There are no assurances that a portfolio will meet its stated objectives. The
investment return and principal value of an investment will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than their original
cost.
A portfolio's holdings are subject to change because it is actively managed.
Portfolio changes should not be considered recommendations for action by
individual investors.
Definition of the Comparative Indices
-------------------------------------
Russell Mid Cap Index is composed of the 800 smallest stocks in the Russell 1000
Index, with an average capitalization of $1.96 billion.
Russell Mid Cap Value Index is an unmanaged index composed of the 800 smallest
stocks in the Russell 1000 Index with a less than average growth orientation.
Securities in this index tend to exhibit less than price-to-book and
price-earnings ratios, higher dividend yields and lower forecasted growth values
than the growth universe.
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
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UAM FUNDS C & B MID CAP EQUITY PORTFOLIO
OCTOBER 31, 2000
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Growth of a $10,000 Investment
-------------------------------------
AVERAGE ANNUAL TOTAL RETURN**
FOR PERIOD ENDED OCTOBER 31, 2000
-------------------------------------
Since
1 Year 2/18/98*
-------------------------------------
33.78% 11.14%
-------------------------------------
[GRAPH]
C&B S&P Rus Rus Val
2/18/98 10,000 10,000 10,000 10,000
Oct-98 9,730 9,531 9,385 9,418
Oct-99 9,944 11,539 10,992 9,555
Oct-00 13,302 15,191 13,601 11,134
* Beginning of operations. Index comparisons begin on 2/28/98.
** If the adviser and/or portfolio service providers had not limited certain
expenses, the portfolio's total return would have been lower.
*** Beginning with this report, the Portfolio is changing its primary benchmark
from the Russell Mid Cap Index to the Russell Mid Cap Value Index because
the Russell Mid Cap Value Index is a more appropriate benchmark for this
type of portfolio.
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.
See definition of comparative indices on page 2.
3
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UAM FUNDS C & B MIDCAP EQUITY PORTFOLIO
OCTOBER 31, 2000
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PORTFOLIO OF INVESTMENTS
COMMON STOCKS - 99.8%
Shares Value
---------- --------
APPAREL/TEXTILES -- 4.7%
Tommy Hilfiger* ............................. 6,200 $ 72,075
--------
AUTOMOTIVE -- 1.9%
Snap-On ..................................... 1,145 29,269
--------
CONSUMER NON-DURABLES -- 2.7%
Hasbro ...................................... 3,885 41,764
--------
DIVERSIFIED MANUFACTURING -- 16.2%
ESCO Technologies* .......................... 5,850 106,397
Federal Signal .............................. 2,890 67,554
Hubbell ..................................... 3,025 72,411
--------
246,362
--------
ELECTRONICS -- 3.1%
Avnet ....................................... 900 24,188
Molex, Cl A ................................. 581 22,841
--------
47,029
--------
ENERGY -- 2.0%
Burlington Resources ........................ 840 30,240
--------
FINANCIAL SERVICES -- 7.2%
AMBAC Financial Group ....................... 530 42,301
Countrywide Credit Industries ............... 960 35,940
MBIA ........................................ 420 30,529
--------
108,770
--------
FOOD, BEVERAGE & TOBACCO -- 3.8%
Whitman ..................................... 4,420 57,460
--------
INSURANCE -- 4.0%
AON ......................................... 600 24,862
UnumProvident ............................... 1,290 36,442
--------
61,304
--------
The accompanying notes are an integral part of the financial statements.
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UAM FUNDS C & B MIDCAP EQUITY PORTFOLIO
OCTOBER 31, 2000
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COMMON STOCKS - continued
Shares Value
---------- ---------
MEDICAL PRODUCTS -- 8.5%
Becton Dickinson .......................... 1,900 $ 63,650
Dentsply International .................... 1,880 65,212
---------
128,862
---------
SERVICES -- 1.9%
Viad ...................................... 1,320 28,215
---------
OFFICE FURNITURE & Fixtures -- 7.3%
Steelcase, Cl A ........................... 6,300 111,037
---------
PHARMACEUTICALS -- 8.2%
Covance* .................................. 3,560 30,705
Perrigo* .................................. 14,260 94,472
---------
125,177
---------
RESTAURANTS -- 8.7%
CBRL Group ................................ 4,650 83,119
Wendy's International ..................... 2,260 49,155
---------
132,274
---------
RETAIL-DISCOUNT -- 11.2%
BJ's Wholesale Club* ...................... 1,080 35,572
Consolidated Stores* ...................... 5,930 70,419
Family Dollar Stores ...................... 3,275 63,658
---------
169,649
---------
UTILITIES -- 8.4%
Conectiv .................................. 2,700 48,431
NICOR ..................................... 1,400 49,438
Washington Gas Light ...................... 1,170 29,835
---------
127,704
---------
TOTAL COMMON STOCKS
(Cost $1,328,160) ...................... 1,517,191
---------
The accompanying notes are an integral part of the financial statements.
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UAM FUNDS C & B MIDCAP EQUITY PORTFOLIO
OCTOBER 31, 2000
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SHORT-TERM INVESTMENT -- 1.8%
<TABLE>
<CAPTION>
Face
Amount Value
---------- -----------
<S> <C> <C>
REPURCHASE AGREEMENT -- 1.8%
Chase Securities, Inc. 6.35%, dated 10/31/00,
due 11/01/00 to be repurchased at $28,005,
collateralized by $20,973 of various
U.S. Treasury Obligations valued at
$28,001 (Cost $28,000) ................................. $ 28,000 $ 28,000
-----------
TOTAL INVESTMENTS -- 101.6% (COST $1,356,160) (A) ......... 1,545,191
-----------
OTHER ASSETS AND LIABILITIES, NET -- (1.6%) ............... (25,108)
-----------
TOTAL NET ASSETS -- 100.0% ................................ $ 1,520,083
===========
</TABLE>
* Non-Income Producing Security
Cl Class
(a) The cost for federal income tax purposes was $1,390,898. At October 31,
2000, net unrealized appreciation for all securities based on tax cost was
$154,293. This consisted of aggregate gross unrealized appreciation for all
securities of $231,299, and gross unrealized depreciation for all
securities of $77,006.
The accompanying notes are an integral part of the financial statements.
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UAM FUNDS C & B MIDCAP EQUITY PORTFOLIO
OCTOBER 31, 2000
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STATEMENT OF ASSETS AND LIABILITIES
Assets
Investments, at Cost ........................................... $1,356,160
==========
Investments, at Value -- Note A ................................ $1,545,191
Cash ........................................................... 58
Receivable due from Investment Adviser -- Note B ............... 13,651
Dividends and Interest Receivable .............................. 1,442
Other Assets ................................................... 7,600
----------
Total Assets ................................................ 1,567,942
----------
Liabilities
Payable for Portfolio Shares Redeemed .......................... 20,111
Payable for Administrative Fees -- Note C ...................... 7,457
Payable for Directors' Fees -- Note F .......................... 850
Payable for Custodian Fees -- Note D ........................... 500
Other Liabilities .............................................. 18,941
----------
Total Liabilities ........................................... 47,859
----------
Net Assets ..................................................... $1,520,083
==========
Net Assets Consist of:
Paid in Capital ................................................ 1,279,833
Undistributed Net Investment Income ............................ 1,830
Accumulated Net Realized Gain .................................. 49,389
Unrealized Appreciation ........................................ 189,031
----------
Net Assets ..................................................... $1,520,083
==========
Institutional Class Shares
Shares Issued and Outstanding ($0.001 par value)
(Authorized 25,000,000) ..................................... 118,931
Net Asset Value, Offering and Redemption Price Per Share ....... $12.78
======
The accompanying notes are an integral part of the financial statements.
7
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UAM FUNDS C & B MIDCAP EQUITY PORTFOLIO
FOR THE YEAR ENDED OCTOBER 31, 2000
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STATEMENT OF OPERATIONS
<TABLE>
<S> <C>
Investment Income
Dividends ...................................................................... $ 19,105
Interest ....................................................................... 2,268
---------
Total Income ................................................................ 21,373
---------
Expenses
Administrative Fees-- Note C ................................................... 77,235
Printing Fees .................................................................. 16,585
Audit Fees ..................................................................... 13,166
Registration and Filing Fees ................................................... 7,720
Investment Advisory Fees -- Note B ............................................. 8,072
Directors' Fees -- Note F ...................................................... 3,049
Custodian Fees -- Note D ....................................................... 2,565
Legal Fees ..................................................................... 186
Other Expenses ................................................................. 3,719
Investment Advisory Fees Waived -- Note B ...................................... (8,072)
Expenses Assumed by the Adviser -- Note B ...................................... (111,256)
---------
Net Expenses Before Expense Offset .......................................... 12,969
Expense Offset--Note A ......................................................... (53)
---------
Net Expenses After Expense Offset ........................................... 12,916
---------
Net Investment Income .......................................................... 8,457
---------
Net Realized Gain on Investments ............................................... 68,467
Net Change in Unrealized Appreciation (Depreciation) on Investments ............ 258,870
---------
Net Gain on Investments ........................................................ 327,337
---------
Net Increase in Net Assets Resulting from Operations ........................... $ 335,794
=========
</TABLE>
The accompanying notes are an integral part of the financial statements.
8
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UAM FUNDS C & B MIDCAP EQUITY PORTFOLIO
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STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Year Ended Year Ended
October 31, October 31,
2000 1999
----------- -----------
<S> <C> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment Income .................................................. $ 8,457 $ 9,202
Net Realized Gain ...................................................... 68,467 81,380
Net Change in Unrealized Appreciation (Depreciation) ................... 258,870 (45,094)
----------- -----------
Net Increase in Net Assets Resulting from
Operations ........................................................... 335,794 45,488
----------- -----------
Distributions:
Net Investment Income .................................................. (9,285) (8,033)
Net Realized Gain ...................................................... (32,452) --
----------- -----------
Total Distributions .................................................... (41,737) (8,033)
----------- -----------
Capital Share Transactions: (1)
Issued ................................................................. 337,670 730,939
In Lieu of Cash Distributions .......................................... 41,737 8,033
Redeemed ............................................................... (599,867) (362,462)
----------- -----------
Net Increase (Decrease) from Capital Share Transactions: ............... (220,460) 376,510
----------- -----------
Total Increase ................................................... 73,597 413,965
Net Assets:
Beginning of Period .................................................... 1,446,486 1,032,521
----------- -----------
End of Period (including undistributed net investment income of
$1,830 and $2,658, respectively) ..................................... $ 1,520,083 $ 1,446,486
=========== ===========
(1) Shares Issued and Redeemed:
Shares Issued .......................................................... 29,265 76,598
In Lieu of Cash Distributions .......................................... 4,337 830
Shares Redeemed ........................................................ (61,619) (36,989)
----------- -----------
Net Increase (Decrease) in Shares Outstanding .......................... (28,017) 40,439
=========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
9
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UAM FUNDS C & B MIDCAP EQUITY PORTFOLIO
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FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Period
February 18,
Year Ended Year Ended 1998*** to
October 31, October 31, October 31,
2000 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 ........................... 0.07 0.06 0.05
Net Realized and Unrealized Gains (Losses) ...... 3.16 0.15 (0.32)
------- ------- -------
Total from Investment Operations ................ 3.23 0.21 (0.27)
------- ------- -------
Distributions:
Net Investment Income ........................... (0.08) (0.06) (0.04)
Net Realized Gains .............................. (0.21) -- --
------- ------- -------
Total Distributions ............................. (0.29) (0.06) (0.04)
------- ------- -------
Net Asset Value, End of Period ..................... $ 12.78 $ 9.84 $ 9.69
======= ======= =======
Total Return+ ...................................... 33.78% 2.19% (2.17)%**
======= ======= =======
Ratios and Supplemental Data
Net Assets, End of Period (Thousands) .............. $ 1,520 $ 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 0.66% 0.70% 0.86%*
Portfolio Turnover Rate ............................ 101% 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.
The accompanying notes are an integral part of the financial statements.
10
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UAM FUNDS C & B MIDCAP EQUITY PORTFOLIO
OCTOBER 31, 2000
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NOTES TO FINANCIAL STATEMENTS
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
October 31, 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 accounting principles generally accepted in the
United States of America. Such policies are consistently followed by the
Portfolio in the preparation of its financial statements. Accounting principles
generally accepted in the United States of America 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
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UAM FUNDS C & B MIDCAP EQUITY PORTFOLIO
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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 accounting principles generally accepted in the
United States of America. 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. 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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UAM FUNDS C & B MIDCAP EQUITY PORTFOLIO
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B. Investment Advisory Services: Under the terms of an investment advisory
agreement, Cooke & Bieler, 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 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. Old Mutual, Plc.
gained control of United Asset Management on Sept. 26, 2000.
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 year ended October 31, 2000, the Administrator was paid $77,235, of
which $35,409 was paid to SEI for their services, $14,443 to DST for their
services, and $8,552 to UAMSSC for their 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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UAM FUNDS C & B MIDCAP EQUITY PORTFOLIO
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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 $3,000 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 $200 for each
active portfolio of the UAM Funds.
G. Purchases and Sales: For the year ended October 31, 2000, the Portfolio
made purchases of $1,285,223 and sales of $1,506,396 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 October 31, 2000, 81% of total shares outstanding were held by
1 record shareholder.
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REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
UAM Funds, Inc. and Shareholders of
C & B Mid Cap Equity 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 C & B Mid Cap Equity Portfolio (the
"Portfolio"), a portfolio of UAM Funds, Inc., at October 31, 2000, and the
results of its operations, the changes in its net assets and the financial
highlights for the periods indicated, in conformity with accounting principles
generally accepted in the United States of America. These financial statements
and financial highlights (hereafter referred to as "financial statements") are
the responsibility of the Portfolio'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 of America, 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 October 31, 2000 by correspondence with the custodian, provide
a reasonable basis for our opinion.
PRICEWATERHOUSECOOPERS LLP
Boston, Massachusetts
December 15, 2000
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UAM FUNDS C & B MIDCAP EQUITY PORTFOLIO
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Federal Income Tax Information (Unaudited)
For the year ended October 31, 2000 the percentage of dividends paid that
qualify for the 70% dividend received deduction for corporate shareholders is
38.78%.
The accompanying notes are an integral part of the financial statements.
16
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UAM FUNDS C & B MIDCAP EQUITY PORTFOLIO
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Officers and Directors
James F. Orr, III William H. Park
Director, President and Chairman Vice President
John T. Bennett, Jr. Gary L. French
Director Treasurer
Nancy J. Dunn Robert J. Della Croce
Director Assistant Treasurer
Philip D. English Linda T. Gibson, Esq.
Director Secretary
William A. Humenuk Martin J. Wolin, Esq.
Director Assistant Secretary
James P. Pappas Theresa DelVecchio
Vice President Assistant Secretary
--------------------------------------------------------------------------------
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.
----------------------------------------
<PAGE>
[LOGO OF UAM FUNDS]
Supplement dated October 27, 2000, to the Annual Report of the Financials for
the C&B Mid Cap Equity Portfolio.
The Annual Report is hereby supplemented to reflect the following:
On October 31, 2000, there was a Special Meeting of Shareholders of the
Fund, at which the shareholders of the Portfolio voted on the listed
proposals. The following were the results of the vote:
<TABLE>
<CAPTION>
For: Against: Abstain:
---------- -------- --------
<S> <C> <C> <C>
1.To elect the Trustees/Directors.
01) John T. Bennett, Jr.......................... 19,010,168 -- 451,579
02) Nancy J. Dunn................................ 19,032,354 -- 429,393
03) William A. Humenuk........................... 19,032,469 -- 429,278
04) Philip D. English............................ 19,032,469 -- 429,278
05) James F. Orr, III............................ 19,030,371 -- 431,371
2.To approve the proposed change of the investment objective of the Fund from
fundamental to non-fundamental.
102,637 1,071 --
3.To approve the proposed changes to the Fund's fundamental investment
restrictions.
a) Diversification of Investments:............... 103,130 577 --
b) Borrowing:.................................... 102,637 1,071 --
c) Issuing of Senior Securities:................. 103,130 577 --
d) Underwriting:................................. 103,130 577 --
e) Industry Concentration:....................... 103,130 577 --
f) Investment in Real Estate:.................... 103,130 577 --
g) Commodities:.................................. 102,637 1,071 --
h) Lending:...................................... 102,637 1,071 --
i) Illiquid Securities:.......................... 102,637 1,071 --
j) Control or Management:........................ 102,637 1,071 --
k) Unseasoned Issuers:........................... 103,130 577 --
l) Borrowing exceeding 5%:....................... 103,130 577 --
m) Pledging:..................................... 102,637 1,071 --
n) Margin Purchases and Short Sales:............. 102,637 1,071 --
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
For: Against: Abstain:
------- -------- --------
<S> <C> <C> <C>
o) Directors' Ownership of Shares:................. 103,130 577 --
p) Interest in Oil, Gas or Other Mineral
Exploration or Development Programs:............ 103,130 577 --
q) Futures and Options:............................ 103,130 577 --
4.To ratify the selection of PricewaterhouseCoopers LLP as the independent
auditors.
109,651 -- --
5.To approve an Interim Investment Advisory Agreement between each Fund and
its investment adviser.
109,651 -- --
6.To approve an Investment Advisory Agreement between the Fund and its
investment adviser, subject to completion of the merger between United Asset
Management Corporation and Old Mutual Plc.
109,651 -- --
</TABLE>
[LOGO OF UAM FUNDS]
