<PAGE>
UAM Funds
Funds for the Informed Investor/sm/
C & B Equity Portfolio
Semi-Annual Report April 30, 2000
[GRAPHIC]
UAM(R)
<PAGE>
UAM FUNDS C & B EQUITY PORTFOLIO
APRIL 30, 2000
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TABLE OF CONTENTS
--------------------------------------------------------------------------------
Shareholders' Letter ................................................... 1
Portfolio of Investments ............................................... 3
Statement of Assets and Liabilities .................................... 7
Statement of Operations ................................................ 8
Statement of Changes in Net Assets ..................................... 9
Financial Highlights ................................................... 10
Notes to Financial Statements .......................................... 11
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UAM FUNDS C & B EQUITY PORTFOLIO
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May 17, 2000
Dear Shareholder:
The following report provides a detailed description of the securities held and
the statement of operations for the C & B Equity Portfolio for the six-month
period ended April 30, 2000.
For this six month period, the C & B Equity Portfolio rose 2.14% versus 7.20%
for the S&P 500 Index. Given Cooke & Bieler's "high quality, low risk" approach
and the market's emphasis up until March 10, 2000 (the peak of NASDAQ) on
technology and disregard for valuations, these results are not out of line with
the expectations of the Cooke & Bieler style nor inconsistent with the firm's
philosophy.
The first four months of this six month period ended April 30, 2000 were
particularly difficult for Cooke & Bieler's "relative value" style since the
S&P 500 Index's performance was dominated by growth stocks. However, most
recently in March and April, our style rebounded and the Portfolio significantly
outperformed the S&P 500 Index.
As of April 30, 2000, common stocks represented 94% of the portfolio, with cash
reserves being 6%.
Cooke & Bieler continues to employ an investment process in which we seek to
produce above average long-term results, in addition to maintaining strong
relative results in flat and down markets. We feel that the strong fundamental
characteristics of the companies held in the C & B Equity Portfolio should help
to provide this downside protection. The high quality characteristics that we
seek, 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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UAM FUNDS C & B EQUITY PORTFOLIO
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All performance presented in this report is historical and should not be
construed as a guarantee of future results. The investment return and principal
value of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost. A portfolio's
performance assumes the reinvestment of all dividends and capital gains.
There are no assurances that a portfolio will meet its stated objectives.
A portfolio's holdings and allocations are subject to change because it is
actively managed and should not be considered recommendations to buy individual
securities.
Definition of Comparative 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.
2
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UAM FUNDS C & B EQUITY PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
COMMON STOCKS - 93.5%
Shares Value
------ -----
AEROSPACE & DEFENSE -- 1.5%
Raytheon Company, Cl B ... 27,800 $ 616,812
----------
APPAREL/TEXTILES -- 1.5%
V.F ...................... 22,000 621,500
----------
AUTOMOTIVE -- 6.2%
Dana ..................... 10,000 303,750
Eaton .................... 17,200 1,444,800
Snap-On .................. 31,000 819,562
----------
2,568,112
----------
BANKS -- 2.9%
First Union .............. 15,500 494,063
State Street ............. 7,200 697,500
----------
1,191,563
----------
BEAUTY PRODUCTS -- 1.9%
Avon Products ............ 19,000 788,500
----------
BUILDING & CONSTRUCTION -- 3.6%
Sherwin-Williams ......... 59,000 1,467,625
----------
COMMUNICATIONS EQUIPMENT -- 1.1%
Motorola ................. 3,900 464,344
----------
CONSUMER NON-DURABLES -- 4.8%
Hasbro ................... 53,500 852,656
NIKE ..................... 26,000 1,129,375
----------
1,982,031
----------
ELECTRICAL TECHNOLOGY -- 0.9%
Energizer Holdings* ...... 22,500 383,906
----------
ELECTRONICS -- 2.7%
Molex, Cl A .............. 28,000 1,116,500
----------
The accompanying notes are an integral part of the financial statements.
3
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UAM FUNDS C & B EQUITY PORTFOLIO
APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
COMMON STOCKS - continued
Shares Value
------ -----
ENERGY -- 10.8%
Duke Energy .................... 27,400 $1,575,500
Enron .......................... 8,200 571,437
Exxon Mobil .................... 12,500 971,094
Royal Dutch Petroleum ADR ...... 22,700 1,302,412
----------
4,420,443
----------
FINANCIAL SERVICES -- 5.1%
Countrywide Credit Industries .. 41,500 1,146,437
MBIA ........................... 19,300 954,144
----------
2,100,581
----------
FOOD, BEVERAGE & TOBACCO -- 9.6%
Anheuser-Busch ................. 17,200 1,213,675
Bestfoods ...................... 19,600 984,900
Ralston Purina Group ........... 52,000 919,750
Whitman ........................ 72,000 823,500
----------
3,941,825
----------
GAS UTILITIES -- 1.2%
NICOR* ......................... 14,000 474,250
----------
HOUSEHOLD FURNITURE & FIXTURES -- 1.7%
Leggett & Platt ................ 33,000 705,375
----------
INSURANCE -- 4.0%
AON ............................ 38,500 1,041,906
UnumProvident .................. 36,100 613,700
----------
1,655,606
----------
INSURANCE COMPANIES -- 1.0%
Marsh & McLennan ............... 4,200 413,963
----------
MACHINERY -- 2.3%
Dover .......................... 19,000 965,438
----------
The accompanying notes are an integral part of the financial statements.
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UAM FUNDS C & B EQUITY PORTFOLIO
APRIL 30, 2000 (Unaudited)
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COMMON STOCKS - continued
Shares Value
------ -----
MEDICAL PRODUCTS -- 5.7%
Becton Dickinson .......... 41,000 $1,050,625
Dentsply International .... 45,000 1,305,000
----------
2,355,625
----------
MULTI-INDUSTRY -- 1.4%
National Service Industries 27,000 580,500
----------
OFFICE EQUIPMENT -- 6.0%
Pitney Bowes .............. 25,900 1,058,663
Xerox ..................... 53,400 1,411,763
----------
2,470,426
----------
PHARMACEUTICALS -- 7.3%
Abbott Laboratories ....... 25,000 960,938
Bristol-Myers Squibb ...... 22,000 1,153,625
Merck ..................... 12,500 868,750
----------
2,983,313
----------
RESTAURANTS -- 4.5%
McDonald's ................ 12,000 457,500
Wendy's International ..... 63,000 1,409,625
----------
1,867,125
----------
RETAIL - DISCOUNT -- 3.7%
Family Dollar Stores ...... 80,000 1,525,000
----------
SERVICES -- 2.1%
SYSCO ..................... 23,000 865,375
----------
TOTAL COMMON STOCKS
(Cost $39,416,402) ........ 38,525,738
----------
The accompanying notes are an integral part of the financial statements.
5
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UAM FUNDS C & B EQUITY PORTFOLIO
APRIL 30, 2000 (Unaudited)
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SHORT-TERM INVESTMENT - 6.1%
<TABLE>
<CAPTION>
Face
Amount Value
------ -----
REPURCHASE AGREEMENT -- 6.1%
<S> <C> <C>
Chase Securities, Inc. 5.65%, dated 04/28/00,
due 05/01/00, to be repurchased at $2,529,190,
collateralized by $2,770,558 of a U.S. Treasury Note
valued at $2,528,056 (Cost $2,528,000) ............. $ 2,528,000 $ 2,528,000
-----------
TOTAL INVESTMENTS -- 99.6% (Cost $41,944,402) (a) .. 41,053,738
-----------
OTHER ASSETS AND LIABILITIES, NET-- 0.4% ........... 158,166
-----------
TOTAL NET ASSETS -- 100.0% ......................... $41,211,904
===========
</TABLE>
* Non-Income Producing Security
ADR American Depositary Receipt
Cl Class
(a) The cost for federal income tax purposes was $41,944,402. At April 30,
2000, net unrealized depreciation for all securities based on tax cost
was $890,664. This consisted of aggregate gross unrealized appreciation
for all securities of 3,982,652, and gross unrealized depreciation for
all securities of $4,873,316.
The accompanying notes are an integral part of the financial statements.
6
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UAM FUNDS C & B EQUITY PORTFOLIO
APRIL 30, 2000 (Unaudited)
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STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
Assets
<S> <C>
Investments, at Cost ............................................................ $ 41,944,402
============
Investments, at Value - Note A .................................................. $ 41,053,738
Cash ............................................................................ 634
Receivable for Investment Sold .................................................. 769,539
Receivable for Portfolio Shares Sold ............................................ 120
Dividends and Interest Receivable ............................................... 52,508
------------
Total Assets ............................................................... 41,876,539
------------
Liabilities
Payable for Investments Purchased ............................................... 625,180
Payable for Investment Advisory Fees - Note B ................................... 14,543
Payable for Administration Fees - Note C ........................................ 9,338
Payable for Directors' Fees - Note F ............................................ 1,601
Payable for Custodian Fees - Note D ............................................. 582
Other Liabilities ............................................................... 13,391
------------
Total Liabilities .......................................................... 664,635
------------
Net Assets ...................................................................... $ 41,211,904
============
Net Assets Consist of:
Paid in Capital ................................................................. 36,622,686
Undistributed Net Investment Income ............................................. 161,028
Accumulated Net Realized Gain ................................................... 5,318,854
Unrealized Depreciation ......................................................... (890,664)
------------
Net Assets ...................................................................... $ 41,211,904
============
Institutional Class Shares
Net Asset Value, Offering and Redemption Price Per Share 5,104,148
shares outstanding ($0.001 par value) (Authorized 25,000,000) .............. $ 8.07
============
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
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UAM FUNDS C & B EQUITY PORTFOLIO
FOR THE SIX MONTHS ENDED APRIL 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
Investment Income
<S> <C>
Dividends ..................................................................... $ 549,028
Interest ...................................................................... 71,593
-----------
Total Income .............................................................. 620,621
-----------
Expenses
Investment Advisory Fees -- Note B ............................................ 179,049
Administrative Fees -- Note C ................................................. 61,374
Registration and Filing Fees .................................................. 11,438
Printing Fees ................................................................. 8,398
Audit Fees .................................................................... 8,175
Custodian Fees -- Note D ...................................................... 4,103
Legal Fees .................................................................... 2,624
Directors' Fees -- Note F ..................................................... 2,319
Other Expenses ................................................................ 21,294
Investment Advisory Fees Waived -- Note B ..................................... (10,618)
-----------
Net Expenses Before Expense Offset ........................................ 288,156
Expense Offset -- Note A ...................................................... (2,650)
-----------
Net Expenses After Expense Offset ......................................... 285,506
-----------
Net Investment Income ......................................................... 335,115
-----------
Net Realized Gain on Investments .............................................. 5,585,867
Net Change in Unrealized Appreciation (Depreciation) on Investments (6,161,574)
-----------
Net Loss on Investments ....................................................... (575,707)
-----------
Net Decrease in Net Assets Resulting from Operations .......................... $ (240,592)
===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
8
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UAM FUNDS C & B EQUITY PORTFOLIO
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STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
April 30, 2000 October 31,
(Unaudited) 1999
Increase (Decrease) in Net Assets
Operations:
<S> <C> <C>
Net Investment Income .......................................................... $ 335,115 $ 1,208,077
Net Realized Gain .............................................................. 5,585,867 24,115,362
Net Change in Unrealized Appreciation (Depreciation) .......................... (6,161,574) (16,676,902)
------------- -------------
Net Increase (Decrease) in Net Assets
Resulting from Operations ...................................................... (240,592) 8,646,537
------------- -------------
Distributions:
Net Investment Income .......................................................... (250,419) (1,266,336)
Net Realized Gain .............................................................. (24,216,251) (21,471,480)
------------- -------------
Total Distributions ............................................................. (24,466,670) (22,737,816)
------------- -------------
Capital Share Transactions: (1)
Issued ......................................................................... 12,373,347 14,299,792
In Lieu of Cash Distributions .................................................. 23,655,617 22,378,374
Redeemed ....................................................................... (43,401,390) (108,551,660)
------------- -------------
Net Decrease from Capital Share Transactions .................................... (7,372,426) (71,873,494)
------------- -------------
Total Decrease ................................................................. (32,079,688) (85,964,773)
Net Assets:
Beginning of Period ............................................................ 73,291,592 159,256,365
------------- -------------
End of Period (Including undistributed net investment income of $161,028
and $76,332, respectively) ..................................................... $ 41,211,904 $ 73,291,592
============= =============
(1) Shares Issued and Redeemed:
Shares Issued .................................................................. 1,306,881 1,138,312
In Lieu of Cash Distributions .................................................. 3,128,497 1,965,887
Shares Redeemed ................................................................ (5,410,218) (8,753,508)
------------- -------------
Net Decrease in Shares Outstanding .............................................. (974,840) (5,649,309)
============= =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
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UAM FUNDS C & B EQUITY PORTFOLIO
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FINANCIAL HIGHLIGHTS
Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Six Months
Ended Year Ended October 31,
April 30, 2000 ---------------------------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
----------- ---- ---- ---- ---- ----
Net Asset Value, Beginning
<S> <C> <C> <C> <C> <C> <C>
of Period ................... $ 12.06 $ 13.58 $ 16.71 $ 17.89 $ 15.68 $ 13.13
Income from Investment
Operations
Net Investment Income ...... 0.06 0.16 0.18 0.25 0.36 0.34
Net Realized and
Unrealized Gain (Loss) ..... (0.09) 0.72 0.76 3.82 2.94 2.55
----------- ----------- ----------- ----------- ----------- -----------
Total from
Investment Operations ...... (0.03) 0.88 0.94 4.07 3.30 2.89
----------- ----------- ----------- ----------- ----------- -----------
Distributions:
Net Investment Income ...... (0.04) (0.16) (0.19) (0.26) (0.35) (0.34)
Net Realized Gain .......... (3.92) (2.24) (3.88) (4.99) (0.74) --
----------- ----------- ----------- ----------- ----------- -----------
Total Distributions ........ (3.96) (2.40) (4.07) (5.25) (1.09) (0.34)
----------- ----------- ----------- ----------- ----------- -----------
Net Asset Value,
End of Period ............... $ 8.07 $ 12.06 $ 13.58 $ 16.71 $ 17.89 $ 15.68
=========== =========== =========== =========== =========== ===========
Total Return+ ................... 2.14%** 7.73% 6.56% 30.43% 21.99% 22.28%
=========== =========== =========== =========== =========== ===========
Ratios and Supplemental Data
Net Assets, End of Period
(Thousands) ................. $ 41,212 $ 73,292 $ 159,256 $ 149,848 $ 169,044 $ 245,813
Ratio of Expenses to
Average Net Assets .......... 1.00%* 0.89% 0.83% 0.83% 0.81% 0.79%
Ratio of Net Investment Income
to Average Net Assets ....... 1.16%* 1.12% 1.26% 1.47% 1.92% 2.35%
Portfolio Turnover Rate ......... 26% 43% 43% 55% 29% 42%
</TABLE>
* Annualized
** Not Annualized
+ Total return would have been lower had certain fees not been waived and
expenses assumed by the Adviser during the periods indicated.
The accompanying notes are an integral part of the financial statements.
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UAM FUNDS C & B EQUITY PORTFOLIO
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NOTES TO FINANCIAL STATEMENTS (Unaudited)
UAM Funds, Inc., UAM Funds, Inc. II and UAM Trust Funds (collectively
the "UAM Funds") are registered under the Investment Company Act of 1940, as
amended. The C & B Equity Portfolio (the "Portfolio"), a portfolio of UAM Funds,
Inc., is a diversified, open-end management investment company. At April 30,
2000, the UAM Funds were comprised of 49 active portfolios. The information
presented in the financial statements pertains only to the Portfolio. The
objective of the Portfolio is to provide maximum long-term total return with
minimal risk to principal.
A. Significant Accounting Policies: The following significant accounting
policies are in conformity with generally accepted accounting principles. Such
policies are consistently followed by the Portfolio in the preparation of its
financial statements. Generally accepted accounting principles may require
Management to make estimates and assumptions that affect the reported amounts
and disclosures in the financial statements. Actual results may differ from
those estimates.
1. Security Valuation: Investments for which market quotations
are readily available are stated at market value, which is determined
using the last reported sale price from the exchange where the security
is primarily traded. If no sales are reported, as in the case of some
securities traded over-the-counter, the market value is determined by
using the last reported bid price. Short-term investments with
maturities of sixty days or less at time of purchase are valued at
amortized cost, if it approximates market value. The value of other
assets and securities for which no quotations are readily available is
determined in good faith at fair value following procedures approved by
the Board of Directors.
2. Federal Income Taxes: It is the Portfolio's intention to
qualify as a regulated investment company under Subchapter M of the
Internal Revenue Code and to distribute all of its taxable income.
Accordingly, no provision for Federal income taxes is required in the
financial statements.
3. Repurchase Agreements: In connection with transactions
involving repurchase agreements, the Portfolio's custodian bank takes
possession of the underlying securities ("collateral"), the value of
which exceeds the principal amount of the repurchase transaction,
including accrued interest. To the extent that any repurchase
transaction exceeds one business day, the value of the collateral is
monitored on a daily basis to determine the adequacy of the collateral.
In the event of default on the obligation to repurchase, the Portfolio
has the right to liquidate the collateral and apply the proceeds in
satisfaction of the obligation. In the event of default or bankruptcy by
the counterparty to the
11
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UAM FUNDS C & B EQUITY PORTFOLIO
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agreement, realization and/or retention of the collateral or proceeds
may be subject to legal proceedings.
Pursuant to an Exemptive Order issued by the Securities and
Exchange Commission, the UAM Funds may transfer their daily uninvested
cash balances into a joint trading account which invests in one or more
repurchase agreement. This joint repurchase agreement is covered by the
same collateral requirements as discussed above.
4. Distributions to Shareholders: The Portfolio will distribute
substantially all of its net investment income quarterly. Any realized
net capital gains will be distributed annually. All distributions are
recorded on ex-dividend date.
The amount and character of income and capital gain
distributions to be paid are determined in accordance with Federal
income tax regulations, which may differ from generally accepted
accounting principles. These differences are primarily due to differing
book and tax treatments in the timing of the recognition of gains or
losses on investments.
Permanent book and tax basis differences relating to shareholder
distributions may result in reclassifications to undistributed net
investment income (loss), accumulated gain (loss) and paid in capital.
Permanent book-tax differences, if any, are not included in
ending undistributed net investment income (loss) for the purpose of
calculating net investment income (loss) per share in the financial
highlights.
5. Other: Security transactions are accounted for on trade date,
the date the trade is executed. Costs used in determining realized gains
and losses on the sale of investment securities are based on the
specific identification method. Dividend income is recorded on the
ex-dividend date. Interest income is recognized on the accrual basis.
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 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
12
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UAM FUNDS C & B EQUITY PORTFOLIO
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the Portfolio's total annual operating expenses, after the effect of expense
offset arrangements, from exceeding 1.00% of average daily net assets.
C. Administrative Services: UAM Fund Services, Inc. (the
"Administrator"), a wholly-owned subsidiary of UAM, provides and oversees
administrative, fund accounting, dividend disbursing, shareholder servicing and
transfer agent services to the Portfolio under a Fund Administration Agreement
(the "Agreement"). The Administrator has entered into separate Service
Agreements with SEI Investments Mutual Funds Services ("SEI"), a wholly-owned
subsidiary of SEI Investments Company, DST Systems, Inc. ("DST"), and UAM
Shareholder Service Center ("UAMSSC"), an affiliate of UAM, to assist in
providing certain services to the Portfolio.
Pursuant to the Agreement, the Portfolio pays the Administrator 0.073%
per annum of the average daily net assets of the Portfolio, an annual base fee
of $72,500, and a fee based on the number of active shareholder accounts.
For the six months ended April 30, 2000, the Administrator was paid
$61,374, of which $26,510 was paid to SEI for their services, $8,137 to DST for
their services, and $5,968 to UAMSSC for their services.
Effective November 1, 1999, the UAM Funds' Board of Directors approved
a change in the Sub-administrator from Chase Global Funds Service Company to SEI
Investments Mutual Funds Services.
D. Custodian: The Chase Manhattan Bank is custodian for the Portfolio's
assets and the assets are held in accordance with the custodian agreement.
E. Distribution Services: UAM Fund Distributors, Inc. (the
"Distributor"), a wholly-owned subsidiary of UAM, distributes the shares of the
Portfolio. The Distributor does not receive any fee or other compensation with
respect to the Portfolio.
F. Directors' Fees: Each Director, who is not an officer or affiliated
person, receives $2,000 per meeting attended plus reimbursement of expenses
incurred in attending Board meetings, which is allocated proportionally among
the active portfolios of UAM Funds, plus a quarterly retainer of $150 for each
active portfolio of the UAM Funds.
G. Purchases and Sales: For the six months ended April 30, 2000, the
Portfolio made purchases of $14,045,995 and sales of $44,666,572 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.
13
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UAM FUNDS C & B EQUITY PORTFOLIO
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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 0.08% per annum, payable at the end of each
calendar quarter, is accrued by each participating portfolio based on its
average daily unused portion of the line of credit. During the six months ended
April 30, 2000, the Portfolio had no borrowings under the agreement.
I. Other: At April 30, 2000, 66% of total shares outstanding were held
by 4 record shareholders each owning 10% or greater of the aggregate total
shares outstanding.
14
<PAGE>
NOTES
<PAGE>
NOTES
<PAGE>
NOTES
<PAGE>
UAM FUNDS C & B EQUITY PORTFOLIO
--------------------------------------------------------------------------------
Officers and Directors
Norton H. Reamer William H. Park
Director, President and Chairman Vice President
John T. Bennett, Jr. Gary L. French
Director Treasurer
Nancy J. Dunn Robert R. Flaherty
Director Assistant Treasurer
Philip D. English Robert J. Della Croce
Director Assistant Treasurer
William A. Humenuk Martin J. Wolin, Esq.
Director Secretary
James P. Pappas Theresa DelVecchio
Director Assistant Secretary
Peter M. Whitman, Jr.
Director
--------------------------------------------------------------------------------
UAM Funds
P.O. Box 219081
Kansas City, MO 64121
(toll free)
1-877-UAM-LINK (826-5465)
www.uam.com
Investment Adviser
Cooke & Bieler, Inc.
1700 Market Street
Philadelphia, PA 19103
Distributor
UAM Fund Distributors, Inc.
211 Congress Street
Boston, MA 02110
This report has been prepared for
shareholders and may be distributed
to others only if preceded or
accompanied by a current prospectus.
