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UAM Funds
Funds for the Informed Investor(SM)
C & B Equity Portfolio
Annual Report October 31, 2000
[LOGO OF UAM]
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UAM FUNDS C & B 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 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 Equity Portfolio for the twelve-month
period ended October 31, 2000.
For this period, the C & B Equity Portfolio outperformed its benchmark index,
the S&P 500 Index. Over this period, the C & B Equity Portfolio returned 10.89%
versus 6.09% for the S&P 500. Given Cooke & Bieler's "high quality, low risk"
approach, these results are consistent with the expectations of the Cooke &
Bieler style outperforming in a "flat" market.
The period ended October 31, 2000 was attractive for Cooke & Bieler's "relative
value" style since the S&P 500 Index's performance was negatively impacted by
the technology sector. Cooke & Bieler has been cautious with technology stocks
due to the high risk, extended valuations in this category.
As of October 31, 2000, common stocks represented 92% of the portfolio, with
cash reserves being 8%.
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 Equity Portfolio should help
to provide this downside protection. These high quality characteristics, as
compared to the S&P 500 Index, include (1) balance sheet strength measured by a
relatively low debt to capital ratio, (2) high levels of return on equity and
return on capital, (3) consistent growth in earnings and dividends, and (4) use
of excess cash flow to repurchase stock.
Sincerely,
/s/ Samuel H. Ballam, III
Samuel H. Ballam, III
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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 Index
-------------------------------
S&P 500 Index is an unmanaged index comprised of stocks representing major U.S.
market industries, including 400 industrial stocks, 40 financial stocks, 40
utility stocks and 20 transportation stocks.
Index returns assume reinvestment of dividends and, unlike a portfolio's
returns, do not reflect any fees or expenses. If such fees and expenses were
included in the index returns, the performance would have been lower.
Please note that one cannot invest directly in an unmanaged index.
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UAM FUNDS C & B 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
-------------------------------------
1 Year 5 Years 10 Years
-------------------------------------
10.89% 15.16% 15.21%
-------------------------------------
[GRAPH]
C & B S & P
--------- ---------
Oct 90 10,000 10,000
Oct 91 13,804 13,348
Oct 92 15,278 14,676
Oct 93 15,897 16,860
Oct 94 16,639 17,511
Oct 95 20,347 22,135
Oct 96 24,821 27,465
Oct 97 32,374 36,282
Oct 98 34,498 44,264
Oct 99 37,164 55,626
Oct 00 41,212 59,014
* 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.
See definition of comparative index on page 2.
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UAM FUNDS C & B EQUITY PORTFOLIO
OCTOBER 31, 2000
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PORTFOLIO OF INVESTMENTS
COMMON STOCKS - 92.2%
Shares Value
----------- ----------
APPAREL/TEXTILES -- 1.4%
V.F ....................................... 18,700 $ 510,744
----------
AUTOMOTIVE -- 5.3%
Eaton ..................................... 17,500 1,191,094
Snap-On ................................... 26,300 672,294
----------
1,863,388
----------
BANKS -- 3.1%
Chase Manhattan ........................... 12,000 546,000
FleetBoston Financial ..................... 14,000 532,000
----------
1,078,000
----------
BEAUTY PRODUCTS -- 1.3%
Avon Products ............................. 9,600 465,600
----------
BUILDING & CONSTRUCTION -- 2.9%
Sherwin-Williams .......................... 47,100 1,021,481
----------
CHEMICALS -- 1.9%
Avery Dennison ............................ 13,000 656,500
----------
COMMUNICATIONS EQUIPMENT -- 1.8%
Motorola .................................. 25,000 623,437
----------
CONSUMER DURABLE -- 2.6%
Leggett & Platt ........................... 56,000 917,000
----------
CONSUMER NON-DURABLES -- 5.7%
Energizer Holdings* ....................... 19,100 377,225
Hasbro .................................... 48,800 524,600
Nike, Cl B ................................ 28,000 1,118,250
----------
2,020,075
----------
DIVERSIFIED MANUFACTURING -- 2.0%
Hubbell, Cl B ............................. 30,000 718,125
----------
ELECTRONICS -- 2.6%
Molex, Cl A ............................... 23,800 935,637
----------
The accompanying notes are an integral part of the financial statements.
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OCTOBER 31, 2000
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COMMON STOCKS - CONTINUED
Shares Value
----------- ----------
ENERGY -- 5.7%
Exxon Mobil ............................... 10,600 $ 945,387
Royal Dutch Petroleum ADR ................. 18,200 1,080,625
----------
2,026,012
----------
FINANCIAL SERVICES -- 6.5%
Countrywide Credit Industries ............. 22,100 827,369
MBIA ...................................... 10,200 741,412
Moody's ................................... 27,100 713,069
----------
2,281,850
----------
FOOD, BEVERAGE & TOBACCO -- 6.2%
Anheuser-Busch ............................ 12,000 549,000
Ralston Purina Group ...................... 34,000 824,500
Whitman ................................... 62,000 806,000
----------
2,179,500
----------
INSURANCE -- 2.6%
AON ....................................... 22,100 915,769
----------
MACHINERY -- 2.2%
Dover ..................................... 18,000 763,875
----------
MEDICAL PRODUCTS -- 6.8%
Becton Dickinson .......................... 32,300 1,082,050
Dentsply International .................... 38,200 1,325,062
----------
2,407,112
----------
MULTI-INDUSTRY-- 1.3%
National Service Industries ............... 23,000 470,063
----------
OFFICE EQUIPMENT-- 3.5%
Pitney Bowes .............................. 28,900 857,969
Xerox ..................................... 45,400 383,063
----------
1,241,032
----------
PHARMACEUTICALS-- 7.9%
Abbott Laboratories ....................... 14,300 755,219
Bristol-Myers Squibb ...................... 17,500 1,066,406
Merck ..................................... 10,600 953,338
----------
2,774,963
----------
The accompanying notes are an integral part of the financial statements.
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OCTOBER 31, 2000
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COMMON STOCKS - CONTINUED
Shares Value
----------- ----------
RESTAURANTS -- 5.4%
McDonald's ................................ 26,300 $ 815,300
Wendy's International ..................... 50,100 1,089,675
----------
1,904,975
----------
RETAIL-DISCOUNT -- 8.3%
BJ's Wholesale Club* ...................... 25,700 846,494
Cons Stores* .............................. 69,000 819,375
Family Dollar Stores ...................... 64,500 1,253,719
----------
2,919,588
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SERVICES -- 1.0%
SYSCO ..................................... 6,800 354,875
----------
UTILITIES -- 4.2%
Duke Energy ............................... 17,000 1,469,437
----------
TOTAL COMMON STOCKS
(Cost $31,458,833) ..................... 32,519,038
----------
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SHORT-TERM INVESTMENT-- 7.8%
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Face
Amount
------
REPURCHASE AGREEMENT-- 7.8%
Chase Securities, Inc. 6.35%, dated 10/31/00,
due 11/01/00 to be repurchased at $2,741,483,
collateralized by $2,053,075 of various
U.S. Treasury Obligations valued at
$2,741,054 (Cost $2,741,000) ................. $ 2,741,000 2,741,000
------------
TOTAL INVESTMENTS-- 100.0% (Cost $34,199,833)(a) ... 35,260,038
------------
OTHER ASSETS AND LIABILITIES, NET -- 0.0% .......... (9,208)
------------
TOTAL NET ASSETS-- 100.0% .......................... $ 35,250,830
============
* Non-Income Producing Security
ADR American Depositary Receipt
Cl Class
(a) The cost for federal income tax purposes was $35,292,465. At October 31,
2000, net unrealized depreciation for all securities based on tax cost was
$32,427. This consisted of aggregate gross unrealized appreciation for all
securities of $3,978,304, and gross unrealized depreciation for all
securities of $4,010,731.>
The accompanying notes are an integral part of the financial statements.
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OCTOBER 31, 2000
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STATEMENT OF ASSETS AND LIABILITIES
Assets
Investments, at Cost ........................................... $34,199,833
===========
Investments, at Value-- Note A ................................. $35,260,038
Cash ........................................................... 9,991
Dividends and Interest Receivable .............................. 34,641
Receivable for Portfolio Shares Sold ........................... 173
Other Assets ................................................... 6,316
-----------
Total Assets ................................................ 35,311,159
-----------
Liabilities
Payable for Investment Advisory Fees-- Note B .................. 18,237
Payable for Administration Fees -- Note C ...................... 10,706
Payable for Custodian Fees -- Note D ........................... 3,000
Payable for Directors' Fees -- Note F .......................... 1,500
Other Liabilities .............................................. 26,886
-----------
Total Liabilities ........................................... 60,329
-----------
Net Assets ..................................................... $35,250,830
===========
Net Assets Consist of:
Paid in Capital ................................................ 27,649,325
Undistributed Net Investment Income ............................ 154,468
Accumulated Net Realized Gain .................................. 6,386,832
Unrealized Appreciation ........................................ 1,060,205
-----------
Net Assets ..................................................... $35,250,830
===========
Institutional Class Shares
Shares Issued and Outstanding ($0.001 par value)
(Authorized 25,000,000) ..................................... 4,046,594
Net Asset Value, Offering and Redemption Price Per Share ....... $8.71
=====
The accompanying notes are an integral part of the financial statements.
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OCTOBER 31, 2000
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STATEMENT OF OPERATIONS
Investment Income
Dividends ......................................................... $ 928,028
Interest .......................................................... 123,603
Less: Foreign Tax Withholding ..................................... (4,595)
-----------
Total Income ................................................... 1,047,036
-----------
Expenses
Investment Advisory Fees-- Note B ................................. 303,795
Administrative Fees -- Note C ..................................... 118,159
Printing Fees ..................................................... 19,548
Custodian Fees -- Note D .......................................... 18,474
Registration and Filing Fees ...................................... 18,403
Audit Fees ........................................................ 14,422
Directors' Fees -- Note F ......................................... 4,149
Legal Fees ........................................................ 2,524
Other Expenses .................................................... 22,437
Investment Advisory Fees Waived -- Note B ......................... (35,665)
-----------
Net Expenses Before Expense Offset ............................. 486,246
Expense Offset-- Note A ........................................... (1,133)
-----------
Net Expenses After Expense Offset .............................. 485,113
-----------
Net Investment Income ............................................. 561,923
-----------
Net Realized Gain on Investments .................................. 6,653,845
Net Change in Unrealized Appreciation
(Depreciation) on Investments .................................... (4,210,705)
-----------
Net Gain on Investments ........................................... 2,443,140
-----------
Net Increase in Net Assets Resulting from Operations .............. $ 3,005,063
===========
The accompanying notes are an integral part of the financial statements.
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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 ......................................... $ 561,923 $ 1,208,077
Net Realized Gain ............................................. 6,653,845 24,115,362
Net Change in Unrealized Appreciation (Depreciation) .......... (4,210,705) (16,676,902)
------------- -------------
Net Increase in Net Assets
Resulting from Operations ................................... 3,005,063 8,646,537
------------- -------------
Distributions:
Net Investment Income ......................................... (483,787) (1,266,336)
Net Realized Gain ............................................. (24,216,251) (21,471,480)
------------- -------------
Total Distributions ........................................... (24,700,038) (22,737,816)
------------- -------------
Capital Share Transactions: (1)
Issued ........................................................ 14,894,576 14,299,792
In Lieu of Cash Distributions ................................. 23,875,293 22,378,374
Redeemed ...................................................... (55,115,656) (108,551,660)
------------- -------------
Net Decrease from Capital Share Transactions .................. (16,345,787) (71,873,494)
------------- -------------
Total Decrease ............................................ (38,040,762) (85,964,773)
Net Assets:
Beginning of Period ........................................... 73,291,592 159,256,365
------------- -------------
End of Period (Including undistributed net investment income of
$154,468 and $76,332, respectively) ......................... $ 35,250,830 $ 73,291,592
============= -------------
(1) Shares Issued and Redeemed:
Shares Issued ................................................. 1,608,727 1,138,312
In Lieu of Cash Distributions ................................. 3,155,020 1,965,887
Shares Redeemed ............................................... (6,796,141) (8,753,508)
------------- -------------
Net Decrease in Shares Outstanding ............................ (2,032,394) (5,649,309)
============= =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
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FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Selected Per Share Data & Rations
For a Share Outstanding Throughout Each Period
Years Ended October 31
---------------------------------------------------
2000 1999 1998 1997 1996
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning
of Period ................................... $ 12.06 $ 13.58 $ 16.71 $ 17.89 $ 15.68
Income from Investment
Operations
Net Investment Income ...................... 0.12 0.16 0.18 0.25 0.36
Net Realized and
Unrealized Gain (Loss) ..................... 0.54 0.72 0.76 3.82 2.94
-------- -------- -------- -------- --------
Total from
Investment Operations ...................... 0.66 0.88 0.94 4.07 3.30
-------- -------- -------- -------- --------
Distributions:
Net Investment Income ...................... (0.09) (0.16) (0.19) (0.26) (0.35)
Net Realized Gain .......................... (3.92) (2.24) (3.88) (4.99) (0.74)
-------- -------- -------- -------- --------
Total Distributions ....................... (4.01) (2.40) (4.07) (5.25) (1.09)
-------- -------- -------- -------- --------
Net Asset Value,
End of Period ............................... $ 8.71 $ 12.06 $ 13.58 $ 16.71 $ 17.89
======== ======== ======== ======== ========
Total Return .................................. 10.89%+ 7.73% 6.56% 30.43% 21.99%
======== ======== ======== ======== ========
Ratios and Supplemental Data
Net Assets, End of Period
(Thousands) ................................. $ 35,251 $ 73,292 $159,256 $149,848 $169,044
Ratio of Expenses to
Average Net Assets .......................... 1.00% 0.89% 0.83% 0.83% 0.81%
Ratio of Net Investment Income
to Average Net Assets ....................... 1.16% 1.12% 1.26% 1.47% 1.92%
Portfolio Turnover Rate ....................... 48% 43% 43% 55% 29%
</TABLE>
+ Total return would have been lower had certain fees not been waived and
expenses assumed by the Adviser during the periods indicated.
The accompanying notes are an integral part of the financial statements.
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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 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 the
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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.
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.
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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 September 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
$72,500, and a fee based on the number of active shareholder accounts.
For the year ended October 31, 2000, the Administrator was paid $118,159,
of which $50,070 was paid to SEI for their services, $17,347 to DST for their
services, and $11,610 to UAMSSC for their 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 $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 $22,713,420 and sales of $62,359,545 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.
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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 0.09% 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
October 31, 2000, the Portfolio had no borrowings under the agreement.
I. Other: At October 31, 2000, 69% of total shares outstanding were held by
3 record shareholders each owning 10% or greater of the aggregate total shares
outstanding.
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REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
UAM Funds, Inc. and Shareholders of
C & B 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 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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FEDERAL INCOME TAX INFORMATION (Unaudited)
The C&B Equity Portfolio hereby designates $24,216,251 long-term dividend for
the purpose of the dividend paid deduction on its federal income tax return.
For the year ended October 31, 2000 the percentage of dividends paid that
qualify for the 70% dividend received deduction for corporate shareholders is
100%.
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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
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UAM Funds
P.O. Box 219081
Kansas City, MO 64121
(toll free)
1-877-UAM-LINK (826-5465)
www.uam.com
Investment Adviser
Cooke &Bieler, Inc.
1700 Market Street
Philadelphia, PA 19103
Distributor
UAM Fund Distributors, Inc.
211 Congress Street
Boston, MA 02110
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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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Supplement dated October 27, 2000, to the Annual Report of the Financials for
the C&B Equity Portfolio.
The Annual Report is hereby supplemented to reflect the following:
On December 14, 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.
1,991,341 105,766 1,122,817
3.To approve the proposed changes to the Fund's fundamental investment
restrictions.
a) Diversification of Investments:.............. 2,082,623 10,624 1,126,677
b) Borrowing:................................... 2,082,623 10,624 1,126,677
c) Issuing of Senior Securities:................ 2,082,623 10,624 1,126,677
d) Underwriting:................................ 2,082,623 10,624 1,126,677
e) Industry Concentration:...................... 2,082,623 10,624 1,126,677
f) Investment in Real Estate:................... 2,082,623 10,624 1,126,677
g) Commodities:................................. 2,082,623 10,624 1,126,677
h) Lending:..................................... 2,082,623 10,624 1,126,677
i) Illiquid Securities:......................... 2,082,623 10,624 1,126,677
j) Control or Management:....................... 2,082,623 10,624 1,126,677
k) Unseasoned Issuers:.......................... 2,082,623 10,624 1,126,677
l) Borrowing exceeding 5%:...................... 2,082,623 10,624 1,126,677
m) Pledging:.................................... 2,082,623 10,624 1,126,677
n) Margin Purchases and Short Sales:............ 2,082,623 10,624 1,126,677
</TABLE>
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<TABLE>
<CAPTION>
For: Against: Abstain:
--------- -------- ---------
<S> <C> <C> <C>
o) Directors' Ownership of Shares:.............. 2,082,623 10,624 1,126,677
p) Interest in Oil, Gas or Other Mineral
Exploration or Development Programs:......... 2,082,623 10,624 1,126,677
q) Futures and Options:......................... 2,082,623 10,624 1,126,677
4.To ratify the selection of PricewaterhouseCoopers LLP as the independent
auditors.
2,495,828 774 747,777
5.To approve an Interim Investment Advisory Agreement between each Fund and
its investment adviser.
2,508,259 8,282 727,838
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.
2,488,514 8,282 747,583
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