UAM FUNDS TRUST, N-30D, 2000-01-07

UAM FUNDS TRUST
N-30D, 2000-01-07

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UAM Funds
Funds for the Informed Investor(SM)

The TS&W Portfolios
Annual Report October 31, 1999

[LOGO OF UAM(R)]
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UAM FUNDS THE TS&W PORTFOLIOS
OCTOBER 31, 1999

- --------------------------------------------------------------------------------
TABLE OF CONTENTS
- --------------------------------------------------------------------------------

Shareholders' Letter ...................................................... 1

Portfolio of Investments
Equity ............................................................... 9
Fixed Income ......................................................... 12
International Equity ................................................. 15

Statement of Assets and Liabilities ....................................... 20

Statement of Operations ................................................... 21

Statement of Changes in Net Assets
Equity ............................................................... 22
Fixed Income ......................................................... 23
International Equity ................................................. 24

Financial Highlights
Equity ............................................................... 25
Fixed Income ......................................................... 26
International Equity ................................................. 27

Notes to Financial Statements ............................................. 28

Report of Independent Accountants ......................................... 35
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UAM FUNDS THE TS&W PORTFOLIOS

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November 8, 1999

Dear Shareholders:

We are pleased to provide you with our annual report for the period ended
October 31, 1999 on the UAM Funds' Portfolios managed by Thompson, Siegel &
Walmsley, Inc. (TS&W).

The Equity Portfolio's net asset value on October 31, 1999 was $93,234,276, the
Fixed Income Portfolio's net asset value was $66,179,957 and the International
Equity Portfolio was valued at $114,213,345.

Participants in these Portfolios include the TS&W retirement plans, existing
TS&W clients, and others seeking investment management direction from TS&W. We
encourage many of our clients to pursue a balanced investment approach,
utilizing a combination of these Portfolios to achieve their specific investment
objectives.

The Portfolios are managed by the TS&W team of investment professionals
utilizing the same investment philosophy and decision making process which has
been in place at our firm for over two decades. We pursue a conservative
approach that emphasizes relative values in the selection of securities. We
stress quality securities and a diversified approach in structuring portfolios.

Our decision making process focuses on top-down economic analysis; fundamental
analysis of economic sectors, industries, and companies; and an analysis of
absolute and relative values in the market. Our long-term goal is to achieve
above-average results at below-average levels of risk over a complete economic
or market cycle.

TS&W Equity Portfolio

The TS&W Equity Portfolio had total net assets of $93,234,276 on October 31,
1999, with $88,590,192 (95.1% of net assets) invested in common stocks, and the
remainder in cash reserves. For the twelve-month period ended October 31, 1999,
the Portfolio returned 14.6%. The S&P 500 Index returned 25.7% over the same
time period. For the six-month period ended October 31, the Portfolio returned
0.5%, while the S&P 500 was up 2.7%.

We apply a disciplined investment approach to managing the Portfolio. TS&W
pursues a relative value-oriented philosophy that seeks undervalued sectors,
industries and companies in the market. Typically, TS&W prefers to invest in
companies that possess above-average financial characteristics including
profitability and balance sheet strength, and yet trade at valuation levels
below the company's long term average. We sell securities when economic,
valuation, and fundamental criteria are no longer met, or when more attractive
alternatives are found.

1
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UAM FUNDS THE TS&W PORTFOLIOS

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Over the past six months the US stock market has offered investors an unusually
wide assortment of opportunities and frustrations. Frustration has come in the
form of substantial volatility and a preoccupation with short-term results,
while opportunity lies in the long list of companies whose shares have suffered
substantial setbacks. Stock market performance continues to be dominated by a
handful of very large companies, many of them representing the technology
sector. Over the past six months more than 60% of the stocks in the S&P 500 have
declined in price, and the average stock is down nearly 4%, but the fifteen
largest stocks have continued to power higher, dragging the capitalization-
weighted index along with them. These companies can point to strong earnings
growth as a justification for their performance, but the stock market also has
seen fit to reward them with historically high valuation levels, while a
multitude of companies garner limited attention despite attractive prices. A
casual review of market indices might still read bull market, but the story for
most stocks is less cheerful.

Although the market's many moods often frustrate us, TS&W finds numerous reasons
for optimism. We have exploited the market's volatility and short term focus
this year to add new positions in premier companies like Fannie Mae, Intel,
Gillette and Abbott Labs to our portfolio. We own many of the large companies
that have paced the market's performance, and have used their price strength to
fund purchases like those listed above. We trimmed our position in Hewlett
Packard only to repurchase the shares more than 30% below their sale price
within a matter of months. Although trades such as this are not typical for
TS&W, our disciplined value approach, and focus on long term results permits us
to view the stock market's present gyrations as opportunities. As of October 31,
1999, the Portfolio's top ten holdings and percentage of portfolio assets were
GTE (3.3%), American Home Products (3.2%), Masco (3.1%), Sprint (3.0%), Bank of
America (2.9%), Fannie Mae (2.9%), Best Foods (2.8%), Kimberly Clark (2.7%),
Citigroup (2.6%), and Merck (2.6%).

We expect continued progress for the TS&W Equity Portfolio. Although higher
interest rates are likely to temper the US economy's exuberant growth, we
continue to hold a favorable economic outlook. Importantly, we do not expect a
sharp rise in inflation. The global market forces that fostered a long decline
in inflation during the 1990s remain in place. While short-term interest rates
controlled by the Federal Reserve may rise from today's levels, we believe long
term rates, determined by market action, are approaching a peak. Should markets
succumb to unexpected shocks we believe that the Portfolio's broad
diversification, and emphasis on value would cushion the decline.

2
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UAM FUNDS THE TS&W PORTFOLIOS

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TS&W Fixed Income Portfolio

The TS&W Fixed Income Portfolio had total net assets of $66,179,957 on October
31, 1999. For the twelve-month period ended October 31, 1999 the Portfolio
return was -1.7% versus the Lehman Government/Corporate Index (our "benchmark
index") return of -0.7%. Over the past six-months the Portfolio return was -1.1%
versus the benchmark index return of -0.6%.

The global financial picture changed dramatically over the past year. The shift
from preoccupation with economic crisis, debt defaults and deflation forecasts
in the fall of 1998 to concern about inflation and tighter monetary policy today
have played havoc with fixed income markets. Although official price measures
show little evidence of a trend toward meaningfully higher inflation, signs of
pricing pressures are common, especially for energy. The substantial rise in
interest rates this year caused price declines to overwhelm the income component
of fixed income returns, leading to a modestly negative total return for all but
the shortest maturity bonds.

The TS&W Fixed Income Portfolio ended the period with an average maturity of 9.9
years, and a duration of 5.6 years - slightly longer than the benchmark index
duration of 5.4 years. At the end of October the Portfolio consisted of 33.4%
Treasury and Agency issues, 38.7% corporate bonds, 22.4% in mortgage backed
securities, and 6.1% in cash and equivalents. The average quality of the
Portfolio was maintained at AA with assets spread among 36 issues representing
13 different sectors of the fixed income markets.

We believe that the pace of economic growth in the U.S. will begin to slow and
that the majority of the increase in bond yields has already occurred. This
outlook suggests an improving environment for bonds. Yield levels available on
longer bonds look attractive and we have extended the duration of the Portfolio
to take advantage of this opportunity.

TS&W International Equity Portfolio

The TS&W International Equity Portfolio had total net assets of $114,213,345 on
October 31, 1999. The TS&W International Equity Portfolio returned 33.8% for the
year ending October 31, 1999. The Morgan Stanley Capital International EAFE
Index ("EAFE"), our benchmark index, rose 23.0% for that period. For the
six-month period ended October 31, EAFE rose 6.7% while the Portfolio increased
15.5%.

For the year EAFE excluding Japan rose over 12%, while Japan was up almost 60%.
Stock markets in South Korea, Hong Kong and Singapore were also strong over the
past year. In the final quarter of the fiscal year, though, many of these
performance

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UAM FUNDS THE TS&W PORTFOLIOS

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patterns within EAFE were reversed. In the first nine months of this year,
European markets languished while Asia staged a strong recovery. In the final
quarter Europe was relatively strong, while Japan was flat and the rest of Asia
largely down. A firmer yen boosted the Japanese return.

Business confidence is returning gradually in Japan, industrial production is
picking up, and the economy grew at 3% for the first half of the year. Rising
bond yields in Japan narrowed the differential in real yields between Japan and
the United States from nearly 5% last year to about 2% currently. This has
lessened the pressure on Japanese investors to invest overseas, thus bolstering
the yen. While the stronger yen initially boosts our returns in dollars, it has
a deleterious effect on a highly export dependent country like Japan. This is
why the underlying stock market stalled during the quarter.

In contrast, the subdued Euro has begun to help European industry. In addition,
continued consolidations and industry-wide restructurings have buoyed interest
in the financial and telecommunications sectors. Economic growth is robust in
France and quickening in England, Italy and Germany. Confidence levels are also
rising and are evidenced by strong mutual fund inflows in Europe.

The TS&W International Equity Portfolio is maintaining a modestly overweight
position in Europe and the UK. The tremendous recent stock market rally in Japan
needs significant evidence of tangible profitability improvement to advance
further. Europe's recovery is more broadly based and immediate. Concerns about
Y2K vulnerability will marginalize all but the biggest, and most liquid,
companies. Therefore our investments are concentrated in the developed countries
of the EAFE Index for the immediate future.

Respectfully Submitted,

/s/ Matthew G. Thompson

Matthew G. Thompson, CFA
Managing Director

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UAM FUNDS THE TS&W PORTFOLIOS

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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
-------------------------------------

Lehman Corporate Bond Index is an unmanaged index of all public issues,
fixed-rate, nonconvertible investment grade domestic corporate debt. Also
included are yankee bonds, which are dollar-denominated SEC registered public,
nonconvertible debt issued or guaranteed by foreign sovereign governments,
municipalities, or governmental agencies, or international agencies.

Lehman Government Bond Index is an unmanaged treasury bond index including all
public obligations of the U.S. Treasury, excluding flower bonds and
foreign-targeted issues, and the Agency Bond Index (all publicly issued debt of
U.S. government agencies and quasi-federal corporation, and corporate debt
guaranteed by the U.S. government). In addition to the aggregate index,
sub-indices cover intermediate and long term issues.

Lehman Government/Corporate Index is an unmanaged fixed income market
value-weighted index that combines the Government and Corporate Bond Indices,
including U.S. government treasury securities, corporate and yankee bonds. All
issues are investment grade (BBB) or higher, with maturities of at least one
year and outstanding par value of at least $100 million of U.S. government
issues and $25 million for others. Any security downgraded during the month is
held in the index until month end and then removed. All returns are market value
weighted inclusive of accrued income.

Morgan Stanley Capital International EAFE Index is an arithmetic, market
value-weighted average of the performance of over 900 securities listed on the
stock exchanges of countries in Europe, Australia and the Far East.

Standard & Poor's 500 Index is an unmanaged index composed of 400 industrial
stocks, 40 financial stocks, 40 utility stocks and 20 transportation stocks.

The comparative indices assume reinvestment of dividends and, unlike a
portfolio's returns, do not reflect any fees or expenses. If such fees were
reflected in the comparative indices' returns, the performance would have been
lower. Please note that one cannot invest directly in an unmanaged index.

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UAM FUNDS TS&W EQUITY PORTFOLIO

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Growth of a $10,000 Investment

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AVERAGE ANNUAL TOTAL RETURN**
FOR PERIOD ENDED OCTOBER 31, 1999
- --------------------------------------------------------------------------------
1 Year 5 Years Since
7/17/92*
- --------------------------------------------------------------------------------
14.64% 17.04% 13.84%
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[LINE GRAPH]

TS&W EQUITY PORTFOLIO S&P 500 INDEX

7/17/92 10,000 10,000
Oct-92 9,670 9,945
Oct-93 11,180 11,425
Oct-94 11,719 11,866
Oct-95 13,397 15,000
Oct-96 16,271 18,612
Oct-97 20,552 24,586
Oct-98 22,448 29,996
Oct-99 25,735 37,695

* Beginning of operations. Index comparisons begin on 7/31/92.
** If the adviser and/or portfolio service providers had not limited certain
expenses, the portfolio's total return would have been lower.

The investment results represent past performance 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.

The comparative index assumes reinvestment of dividends and, unlike a
portfolio's returns, does not reflect any fees or expenses. If such fees were
reflected in the comparative index's returns, the performance would have been
lower.

See definition of comparative index on page 5

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UAM FUNDS TS&W FIXED INCOME PORTFOLIO

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Growth of a $10,000 Investment

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AVERAGE ANNUAL TOTAL RETURN**
FOR PERIOD ENDED OCTOBER 31, 1999
- --------------------------------------------------------------------------------
1 Year 5 Years Since
7/17/92*
- --------------------------------------------------------------------------------
-1.71% 6.98% 5.66%
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[LINE GRAPH]

TS&W FIXED INCOME PORTFOLIO LEHMAN GOVERNMENT/CORPORATE INDEX

12/19/92 10,000 10,000
Oct-92 10,130 10,070
Oct-93 11,277 11,445
Oct-94 10,660 10,914
Oct-95 12,230 12,678
Oct-96 12,768 13,361
Oct-97 13,841 14,538
Oct-98 15,199 16,032
Oct-99 14,939 15,926

See definition of comparative index on page 5

7
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UAM FUNDS TS&W INTERNATIONAL EQUITY PORTFOLIO

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Growth of a $10,000 Investment

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AVERAGE ANNUAL TOTAL RETURN**
FOR PERIOD ENDED OCTOBER 31, 1999
- --------------------------------------------------------------------------------
1 Year 5 Years Since
12/18/92*
- --------------------------------------------------------------------------------
33.77% 9.77% 12.28%
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[LINE GRAPH]

TS&W INTERNATIONAL MORGAN STANLEY CAPITAL
EQUITY PORTFOLIO INTERNATIONAL EAFE INDEX

12/19/92 10,000 10,000
Oct-93 12,540 13,547
Oct-94 13,903 14,915
Oct-95 13,749 14,861
Oct-96 14,947 16,419
Oct-97 16,133 17,179
Oct-98 16,564 18,835
Oct-99 22,158 23,173

* Beginning of operations. Index comparisons begin on 12/31/92.
** If the adviser and/or portfolio service providers had not limited certain
expenses, the portfolio's total return would have been lower.

See definition of comparative index on page 5

8
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UAM FUNDS TS&W EQUITY PORTFOLIO
OCTOBER 31, 1999

Shares Value
---------- ----------

AEROSPACE & DEFENSE -- 4.4%
B.F. Goodrich ................................ 60,000 $1,421,250
Boeing ....................................... 30,000 1,381,875
Raytheon, Class B ............................ 45,000 1,310,625
----------
4,113,750
----------
BANKS -- 7.0%
Bank of America .............................. 42,500 2,735,937
First Union .................................. 44,000 1,878,250
Union Planters ............................... 43,500 1,935,750
----------
6,549,937
----------
BASIC MATERIALS -- 2.1%
Air Products & Chemicals ..................... 70,000 1,925,000
----------
BEAUTY PRODUCTS -- 0.8%
Gillette ..................................... 20,000 723,750
----------
CAPITAL EQUIPMENT -- 2.3%
W.W. Grainger ................................ 50,000 2,118,750
----------
CONSUMER CYCLICAL -- 3.1%
Masco ........................................ 93,600 2,854,800
----------
ELECTRONICS -- 4.8%
Hewlett-Packard .............................. 17,000 1,259,062
Intel ........................................ 25,000 1,934,375
Motorola ..................................... 13,500 1,315,406
----------
4,508,843
----------
ENERGY -- 6.1%
Duke Energy .................................. 42,500 2,401,250
Schlumberger ................................. 33,340 2,019,154
Texaco ....................................... 20,000 1,227,500
----------
5,647,904
----------
FINANCIAL SERVICES -- 5.5%
Citigroup .................................... 45,000 2,435,625
Fannie Mae ................................... 38,500 2,723,875
----------
5,159,500
----------

The accompanying notes are an integral part of the financial statements.

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UAM FUNDS TS&W EQUITY PORTFOLIO
OCTOBER 31, 1999

Shares Value
------ ----------
FOOD, BEVERAGE & TOBACCO -- 6.5%
Bestfoods ......................................... 44,000 $2,585,000
Hershey Foods ..................................... 43,500 2,196,750
Unilever, New York Shares ......................... 20,066 1,338,151
----------
6,119,901
----------
HEALTH CARE -- 2.0%
Johnson & Johnson ................................. 17,500 1,833,125
----------
INSURANCE -- 6.7%
Chubb ............................................. 36,500 2,002,938
Travelers Property Casualty, Class A .............. 55,000 1,980,000
UnumProvident ..................................... 67,500 2,223,281
----------
6,206,219
----------
LODGING & RESTAURANTS -- 2.1%
McDonald's ........................................ 47,000 1,938,750
----------
MANUFACTURING -- 4.6%
Minnesota Mining & Manufacturing .................. 20,000 1,901,250
Pall .............................................. 110,000 2,413,125
----------
4,314,375
----------
OIL & GAS -- 3.3%
Halliburton ....................................... 28,550 1,075,978
Unocal ............................................ 58,400 2,014,800
----------
3,090,778
----------
PAPER & PACKAGING -- 2.7%
Kimberly-Clark .................................... 40,500 2,556,563
----------
PHARMACEUTICALS -- 6.6%
Abbott Laboratories ............................... 17,500 706,562
American Home Products ............................ 57,500 3,004,375
Merck ............................................. 30,400 2,418,700
----------
6,129,637
----------
REAL ESTATE INVESTMENT TRUSTS -- 4.8%
Equity Residential Properties Trust ............... 31,072 1,299,198
Liberty Property Trust ............................ 72,500 1,694,688
Nationwide Health Properties ...................... 90,000 1,490,625
----------
4,484,511
----------

The accompanying notes are an integral part of the financial statements.

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UAM FUNDS TS&W EQUITY PORTFOLIO
OCTOBER 31, 1999

<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------
COMMON STOCKS -- continued
- ----------------------------------------------------------------------------------------

Shares Value
---------- ---------
<S> <C> <C>
RETAIL -- 2.8%
J.C. Penney ......................................... 45,000 $1,141,875
Wal-Mart Stores ..................................... 25,000 1,428,125
-----------
2,570,000
-----------
TECHNOLOGY -- 8.2%
Cadence Design Systems* ............................. 100,000 1,518,750
Corning ............................................. 30,000 2,358,750
Electronic Data Systems ............................. 40,000 2,340,000
Nortel Networks ..................................... 23,500 1,455,531
-----------
7,673,031
-----------
TELECOMMUNICATIONS -- 8.7%
GTE ................................................. 41,000 3,075,000
MCI WorldCom* ....................................... 25,765 2,209,349
Sprint (FON Group) .................................. 37,500 2,786,719
-----------
8,071,068
-----------
TOTAL COMMON STOCKS
(Cost $71,616,049) ............................... 88,590,192
-----------

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SHORT-TERM INVESTMENT -- 4.9%
- ----------------------------------------------------------------------------------------

<CAPTION>
Face
Amount
----------
<S> <C> <C>
REPURCHASE AGREEMENT -- 4.9%
Chase Securities, Inc. 5.150%, dated 10/29/99,
due 11/01/99 to be repurchased at $4,602,975
collateralized by $4,616,653 of various
U.S. Treasury Bills and U.S. Treasury Notes,
valued at $4,601,127 (Cost $4,601,000) ........... $4,601,000 4,601,000
-----------
TOTAL INVESTMENTS -- 100.0%
(Cost $76,217,049) (a) ........................... 93,191,192
-----------
OTHER ASSETS AND LIABILITIES, NET -- 0.0% ........... 43,084
-----------
TOTAL NET ASSETS -- 100.0% .......................... $93,234,276
===========
</TABLE>
* Non-income producing security.
(a) The cost for Federal income tax purposes was $76,294,453. At October 31,
1999, net unrealized appreciation for all securities based on tax cost was
$16,896,739. This consisted of aggregate gross unrealized appreciation for
all securities of $21,716,194, and aggregate gross unrealized depreciation
for all securities of $4,819,455.

The accompanying notes are an integral part of the financial statements.

11
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UAM FUNDS TS&W FIXED INCOME PORTFOLIO
OCTOBER 31, 1999

Face
Amount Value
----------- -----------
BANKS -- 0.8%
Capital One Bank 6.700%, 05/15/08 ........... $ 549,000 $ 508,813
-----------
COMPUTERS & SERVICES -- 3.1%
Sun Microsystems 7.500%, 08/15/06 ........... 2,000,000 2,017,500
-----------
ENERGY -- 4.3%
Enron 6.625%, 11/15/05 ...................... 3,000,000 2,876,250
-----------
FINANCIAL SERVICES -- 11.4%
CIT Group Holdings 6.375%, 08/01/02 ......... 3,000,000 2,962,500
Country Wide Funding 8.250%, 07/15/02 ....... 2,000,000 2,062,500
Lehman Brothers Holdings 7.125%, 07/15/02 ... 2,500,000 2,503,125
-----------
7,528,125
-----------
INDUSTRIAL -- 6.8%
Caterpillar 6.625%, 07/15/28 ................ 750,000 658,125
Eaton:
6.500%, 06/01/25 ......................... 500,000 488,125
7.625%, 04/01/24 ......................... 750,000 731,250
8.875%, 06/15/19 ......................... 775,000 868,969
TRW:
6.050%, 01/15/05 ......................... 1,000,000 936,250
6.650%, 01/15/28 ......................... 1,000,000 837,500
-----------
4,520,219
-----------
REAL ESTATE INVESTMENT TRUSTS -- 2.8%
Duke Realty 6.800%, 02/12/09 ................ 1,000,000 925,809
EOP Operating 6.763%, 06/15/07 .............. 1,000,000 935,842
-----------
1,861,651
-----------
TELECOMMUNICATIONS -- 2.3%
Lucent Technologies 6.450%, 03/15/29 ....... 1,700,000 1,538,500
-----------
TRANSPORTATION -- 7.2%
CSX 7.450%, 05/01/07 ........................ 2,865,000 2,857,838
General Motors 6.250%, 05/01/05 ............. 2,000,000 1,927,500
-----------
4,785,338
-----------
TOTAL CORPORATE OBLIGATIONS
(Cost $26,837,821) ..................................... 25,636,396
-----------

The accompanying notes are an integral part of the financial statements.

12
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UAM FUNDS TS&W FIXED INCOME PORTFOLIO
OCTOBER 31, 1999

Face
Amount Value

U.S. TREASURY BONDS -- 12.0%
8.125%, 08/15/19 ............................ $3,490,000 $4,109,337
7.125%, 02/15/23 ............................ 3,525,000 3,798,149
-----------
7,907,486
-----------
U.S. TREASURY NOTES -- 8.7%
6.250%, 08/31/00 ............................ 2,000,000 2,011,170
6.250%, 02/15/03 ............................ 2,000,000 2,016,865
6.500%, 08/15/05 ............................ 1,000,000 1,018,026
6.250%, 08/15/23 ............................ 750,000 733,101
-----------
5,779,162
-----------
TOTAL U.S. GOVERNMENT SECURITIES
(Cost $13,073,495) .......................... 13,686,648
-----------

- --------------------------------------------------------------------------------
AGENCY SECURITIES -- 22.4%
- --------------------------------------------------------------------------------

FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 10.0%
6.500%, 02/01/03 ............................ 1,243,760 1,226,270
7.000%, 03/01/11 ............................ 1,298,779 1,296,750
6.000%, 02/01/14 ............................ 2,120,462 2,037,632
7.500%, 04/01/29 ............................ 2,025,425 2,029,223
-----------
6,589,875
-----------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 7.9%
7.500%, 01/15/07 ............................ 669 671
12.500%, 11/15/13 ............................ 5,233 6,033
7.500%, 12/15/28 ............................ 2,918,886 2,928,009
7.000%, 03/15/29 ............................ 2,357,810 2,313,602
-----------
5,248,315
-----------

The accompanying notes are an integral part of the financial statements.

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UAM FUNDS TS&W FIXED INCOME PORTFOLIO
OCTOBER 31, 1999

<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
AGENCY SECURITES -- continued
- -------------------------------------------------------------------------------------

Face
Amount Value
<S> <C> <C>
FEDERAL HOME LOAN BANK -- 4.5%
5.875%, 09/17/01 ............................. $3,000,000 $ 2,985,332
------------
TOTAL AGENCY SECURITIES
(Cost $15,070,786) ........................... 14,823,522
------------
<CAPTION>
- -------------------------------------------------------------------------------------
AGENCY DEBENTURES -- 12.7%
- -------------------------------------------------------------------------------------
<S> <C> <C>
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 12.7%
5.750%, 04/15/03 ............................. 1,500,000 1,473,318
6.500%, 08/15/04 ............................. 2,000,000 2,005,441
6.375%, 06/15/09 ............................. 2,000,000 1,952,866
6.250%, 05/15/29 ............................. 3,250,000 2,988,805
------------
TOTAL AGENCY DEBENTURES
(Cost $8,443,725) ............................ 8,420,430
------------
<CAPTION>
- -------------------------------------------------------------------------------------
SHORT-TERM INVESTMENT -- 6.1%
- -------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT -- 6.1%
Chase Securities, Inc. 5.150%, dated 10/29/99,
due 11/01/99 to be repurchased at $4,029,729
collateralized by $4,041,704 of various
U.S. Treasury Bills and U.S. Treasury Notes,
valued at $4,028,111 (Cost $4,028,000) ....... 4,028,000 4,028,000
------------
TOTAL INVESTMENTS -- 100.6%
(Cost $67,453,827) (a) ....................... 66,594,996
------------
OTHER ASSETS AND LIABILITIES, NET -- (0.6%) ..... (415,039)
------------
TOTAL NET ASSETS -- 100.0% ...................... $ 66,179,957
============
</TABLE>

(a) The cost for federal income tax purposes was $67,459,706. At October 31,
1999, net unrealized depreciation for all securities based on tax cost was
$864,710. This consisted of aggregate gross unrealized appreciation for all
securities of $905,666, and aggregate gross unrealized depreciation for all
securities of $1,770,376.

The accompanying notes are an integral part of the financial statements.

14
<PAGE>

UAM FUNDS TS&W INTERNATIONAL EQUITY PORTFOLIO
OCTOBER 31, 1999

Shares Value
-------- ---------
AUSTRALIA -- 1.7%
Brambles Industries ...................... 68,500 $ 1,924,881
-----------
FINLAND -- 3.7%
Nokia Oyj ADR ............................ 12,000 1,386,750
Sonera Oyj ............................... 95,800 2,876,771
-----------
4,263,521
-----------
FRANCE -- 9.9%
Alcatel .................................. 13,000 2,030,502
Axa ...................................... 15,500 2,186,221
Cap Gemini ............................... 10,400 1,575,177
Castorama Dubois ......................... 5,000 1,497,765
Total Fina, Series B ..................... 18,202 2,460,118
Valeo .................................... 22,115 1,588,698
-----------
11,338,481
-----------
GERMANY -- 8.3%
Adidas-Salomon ........................... 12,000 868,367
BHW Holding .............................. 73,000 1,424,297
Deutsche Lufthansa, Registered ........... 100,000 2,103,602
Mannesmann ............................... 22,610 3,555,293
Veba ..................................... 28,000 1,513,752
-----------
9,465,311
-----------
HONG KONG -- 4.1%
HSBC Holdings ............................ 177,074 2,125,647
Hutchison Whampoa ........................ 250,000 2,510,299
-----------
4,635,946
-----------
ITALY -- 1.1%
Telecom Italia RNC ....................... 250,000 1,227,978
-----------
JAPAN -- 15.8%
Fujitsu .................................. 110,000 3,313,189
Nomura Securities ........................ 170,000 2,806,427
NTT Mobile Communications Network ........ 146 3,879,328
Ricoh .................................... 142,000 2,316,950

The accompanying notes are an integral part of the financial statements.

15
<PAGE>

UAM FUNDS TS&W INTERNATIONAL EQUITY PORTFOLIO
OCTOBER 31, 1999

Shares Value

JAPAN -- continued
Riso Kagaku .................................. 33,800 $ 1,458,993
Suzuki Motor ................................. 115,000 1,747,338
Takefuji ..................................... 20,000 2,589,928
-----------
18,112,153
-----------
NETHERLANDS -- 6.5%
ING Groep .................................... 36,861 2,174,246
Koninklijke Philips Electronics .............. 22,080 2,264,318
TNT Post Group ............................... 65,000 1,654,483
Vedior ....................................... 80,000 1,346,306
-----------
7,439,353
-----------
NORWAY -- 1.6%
Petroleum Geo-Services* ...................... 120,000 1,789,447
-----------
SINGAPORE -- 2.5%
Datacraft Asia* .............................. 618,000 2,842,800
-----------
SOUTH KOREA -- 1.6%
Samsung Electronic ........................... 10,654 1,777,148
-----------
SPAIN -- 3.1%
Endesa ....................................... 91,200 1,825,439
Repsol ADR ................................... 82,000 1,681,000
-----------
3,506,439
-----------
SWEDEN -- 8.2%
Assa Abloy, Series B ......................... 174,680 1,944,431
Ericsson ADR ................................. 66,000 2,817,375
Europolitan Holdings ......................... 98,500 1,132,390
ForeningsSparbanken .......................... 90,000 1,434,307
Getinge Industrier, Series B ................. 71,200 779,562
Scandic Hotels ............................... 135,000 1,264,599
-----------
9,372,664
-----------
SWITZERLAND -- 3.8%
Credit Suisse Group, Registered .............. 12,000 2,306,633
Roche Holding ................................ 170 2,040,937
-----------
4,347,570
-----------

The accompanying notes are an integral part of the financial statements.

16
<PAGE>

UAM FUNDS TS&W INTERNATIONAL EQUITY PORTFOLIO
OCTOBER 31, 1999

Shares Value
-------- -------

UNITED KINGDOM -- 21.3%
Avis Europe ............................ 400,000 $ 1,708,615
British Aerospace ...................... 270,000 1,576,937
Flextech ............................... 183,000 2,646,477
Geest .................................. 315,000 2,374,092
Glaxo Wellcome ......................... 63,000 1,858,908
Misys .................................. 250,000 2,086,482
Norwich Union .......................... 205,000 1,571,988
Psion .................................. 140,000 3,519,090
Railtrack Group ........................ 90,351 1,828,761
Rio Tinto .............................. 109,227 1,868,064
Unilever ............................... 182,142 1,689,215
Vodafone AirTouch ...................... 350,000 1,627,292
------------
24,355,921
------------
TOTAL COMMON STOCKS
(Cost $66,566,121) .................. 106,399,613
------------

- --------------------------------------------------------------------------------
CONVERTIBLE BONDS -- 4.2%
- --------------------------------------------------------------------------------

Face
Amount
------------
JAPAN -- 2.8%
Sony 1.400%, 03/31/05 .................. JPY165,000,000 3,260,432
------------
SWITZERLAND -- 1.4%
Novartis 2.000%, 10/06/02 .............. $1,100,000 1,573,000
------------
TOTAL CONVERTIBLE BONDS
(Cost $3,099,320) ................... 4,833,432
------------

The accompanying notes are an integral part of the financial statements.

17
<PAGE>

UAM FUNDS TS&W INTERNATIONAL EQUITY PORTFOLIO
OCTOBER 31, 1999

* Non-Income Producing Security.
ADR American Depositary Receipt
JPY Japanese Yen
(a) The cost for federal income tax purposes was $73,302,441. At October 31,
1999, net unrealized appreciation for all securities based on tax cost was
$41,567,604. This consisted of aggregate gross unrealized appreciation for
all securities of $44,801,317, and aggregate gross unrealized depreciation
for all securities of $3,233,713.

The accompanying notes are an integral part of the financial statements.

18
<PAGE>

UAM FUNDS TS&W INTERNATIONAL EQUITY PORTFOLIO
OCTOBER 31, 1999

- --------------------------------------------------------------------------------

At October 31, 1999 sector diversification of the Portfolio was as follows:

% of
Net
Sector Diversification (Unaudited) Assets Value
------ -------
Aerospace & Defense ...................... 1.4% $ 1,576,937
Automotive ............................... 2.9 3,336,036
Banking .................................. 8.3 9,465,139
Computers ................................ 9.2 10,493,940
Construction Materials ................... 1.3 1,497,765
Consumer Products ........................ 6.7 7,617,523
Electronics .............................. 8.0 9,127,336
Financial Services ....................... 4.7 5,396,355
Food ..................................... 3.5 4,063,308
Human Resources .......................... 1.2 1,346,306
Insurance ................................ 3.3 3,758,209
Machinery ................................ 3.1 3,555,293
Manufacturing ............................ 1.3 1,513,752
Metals ................................... 1.7 1,944,431
Minerals ................................. 1.6 1,868,064
Multi-Industry ........................... 3.9 4,435,179
Oil & Gas ................................ 5.2 5,930,565
Pharmaceuticals .......................... 5.5 6,252,407
Repurchase Agreement ..................... 3.2 3,637,000
Telecommunications ....................... 16.3 18,593,209
Telephone ................................ 1.1 1,227,978
Television ............................... 2.3 2,646,477
Transportation ........................... 4.9 5,586,836
------ -------------
Total Investments .................... 100.6% $ 114,870,045
Other Assets and Liabilities ............. (0.6) (656,700)
------ -------------
Net Assets ........................... 100.0% $ 114,213,345
====== =============

The accompanying notes are an integral part of the financial statements.

19
<PAGE>

UAM FUNDS THE TS&W PORTFOLIOS
OCTOBER 31, 1999

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TS&W TS&W
TS&W Fixed International
Equity Income Equity
Portfolio Portfolio Portfolio
------------ ------------ -------------
<S> <C> <C> <C>
Assets
Investments, at Cost ................................... $ 76,217,049 $ 67,453,827 $ 73,302,441
============ ============ ============
Investments, at Value -- Note A ........................ $ 93,191,192 $ 66,594,996 $114,870,045
Cash ................................................... -- 399,342 --
Receivable for Investments Sold ........................ -- -- 880,649
Dividends Receivable ................................... 134,907 -- 55,837
Receivable for Portfolio Shares Sold ................... 21,648 12,012 59,427
Foreign Withholding Tax Reclaim Receivable ............. -- -- 57,158
Interest Receivable .................................... 1,975 1,080,134 4,495
Other Assets ........................................... 9,347 6,612 11,913
------------ ------------ ------------
Total Assets ........................................ 93,359,069 68,093,096 115,939,524
------------ ------------ ------------
Liabilities
Payable for Investments Purchased ...................... -- 1,527,460 681,420
Payable to Custodian Bank -- Note D .................... 14,780 -- 587,012
Payable for Portfolio Shares Redeemed .................. 9,988 -- 301,679
Payable for Investment Advisory
Fees -- Note B ...................................... 56,266 24,107 93,611
Payable for Administration
Fees -- Note C ...................................... 19,607 14,707 21,974
Payable for Custodian Fees -- Note D ................... 1,868 1,287 15,338
Payable for Distributions .............................. -- 323,377 --
Payable for Directors' Fees -- Note G .................. 821 763 876
Other Liabilities ...................................... 21,463 21,438 24,269
------------ ------------ ------------
Total Liabilities ................................... 124,793 1,913,139 1,726,179
------------ ------------ ------------
Net Assets ............................................. $ 93,234,276 $ 66,179,957 $114,213,345
============ ============ ============
Net Assets Consist of:
Paid in Capital ........................................ $ 67,334,276 $ 67,117,128 $ 61,755,275
Undistributed Net Investment Income
(Loss) .............................................. 81,275 (45,848) 441,486
Accumulated Net Realized Gain (Loss) ................... 8,844,582 (32,492) 10,451,958
Unrealized Appreciation (Depreciation) ................. 16,974,143 (858,831) 41,564,626
------------ ------------ ------------
Net Assets ............................................. $ 93,234,276 $ 66,179,957 $114,213,345
============ ============ ============
Institutional Class Share
Shares Issued and Outstanding ($0.001
par value) (Authorized 25,000,000) .................. 6,044,716 6,569,572 5,661,164
Net Asset Value, Offering and Redemption
Price Per Share ..................................... $15.42 $10.07 $20.17
====== ====== ======
</TABLE>

The accompanying notes are an integral part of the financial statements.

20
<PAGE>

UAM FUNDS TS&W EQUITY PORTFOLIOS
FOR THE YEAR ENDED OCTOBER 31, 1999

Net Investment Income ............................. 1,277,410 3,820,178 443,140
------------ ------------ ------------
Net Realized Gain (Loss) on:
Investments .................................... 8,899,483 (26,614) 11,965,857
Foreign Exchange Translations .................. -- -- (16,195)
------------ ------------ ------------
Total Net Realized Gain (Loss) on
Investments and Foreign
Exchange Transactions .......................... 8,899,483 (26,614) 11,949,662
------------ ------------ ------------
Net Change in Unrealized
Appreciation/Depreciation on:
Investments .................................... 1,805,809 (4,949,303) 21,436,520
Foreign Exchange Translations .................. -- -- (5,031)
------------ ------------ ------------
Total Net Change in Unrealized
Appreciation/Depreciation ...................... 1,805,809 (4,949,303) 21,431,489
------------ ------------ ------------
Net Gain (Loss) on Investments and
Foreign Exchange Transactions .................. 10,705,292 (4,975,917) 33,381,151
------------ ------------ ------------
Net Increase (Decrease) in Net Assets
Resulting from Operations ...................... $ 11,982,702 $ (1,155,739) $ 33,824,291
============ ============ ============
</TABLE>

The accompanying notes are an integral part of the financial statements.

21
<PAGE>

UAM FUNDS TS&W EQUITY PORTFOLIOS

Net Assets:
Beginning of Period ....................................................... 95,336,169 95,581,734
------------ ------------
End of Period (including undistributed net investment income of
$81,275 and $202,316, respectively) ..................................... $ 93,234,276 $ 95,336,169
============ ============

(1) Shares Issued and Redeemed:
Issued .................................................................... 1,009,007 679,379
In Lieu of Cash Distributions ............................................. 583,015 1,154,833
Redeemed .................................................................. (1,965,262) (1,202,471)
------------ ------------
Net Increase (Decrease) in Shares Outstanding ............................. (373,240) 631,741
============ ============
</TABLE>

The accompanying notes are an integral part of the financial statements.

22
<PAGE>

UAM FUNDS TS&W FIXED INCOME PORTFOLIO

Year Ended Year Ended
October 31, October 31,
1999 1998
------------ ------------
<S> <C> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment Income ..................................................... $ 3,820,178 $ 3,929,887
Net Realized Gain (Loss) .................................................. (26,614) 985,973
Net Change in Unrealized Appreciation/Depreciation ........................ (4,949,303) 1,922,171
------------ ------------
Net Increase (Decrease) in Net Assets Resulting
from Operations ......................................................... (1,155,739) 6,838,031
------------ ------------
Distributions:
Net Investment Income ..................................................... (3,839,813) (3,913,808)
Net Realized Gain ......................................................... (897,855) --
In Excess of Net Investment Income ........................................ -- (16,079)
------------ ------------
Total Distributions ....................................................... (4,737,668) (3,929,887)
------------ ------------
Capital Share Transactions: (1)
Issued .................................................................... 18,236,369 10,448,967
In Lieu of Cash Distributions ............................................. 4,655,373 3,486,191
Redeemed .................................................................. (24,602,784) (11,045,548)
------------ ------------
Net Increase (Decrease) from Capital Share Transactions ................... (1,711,042) 2,889,610
------------ ------------
Total Increase (Decrease) ............................................... (7,604,449) 5,797,754

Net Assets:
Beginning of Period ....................................................... 73,784,406 67,986,652
------------ ------------
End of Period (including distribution in excess of net investment
loss of $45,848 and $25,506, respectively) .............................. $ 66,179,957 $ 73,784,406
============ ============
(1) Shares Issued and Redeemed:
Issued .................................................................... 1,701,124 980,239
In Lieu of Cash Distributions ............................................. 441,226 325,926
Redeemed .................................................................. (2,303,178) (1,028,683)
------------ ------------
Net Increase (Decrease) in Shares Outstanding ............................. (160,828) 277,482
============ ============
</TABLE>

The accompanying notes are an integral part of the financial statements.

23
<PAGE>

UAM FUNDS TS&W INTERNATIONAL EQUITY PORTFOLIO

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended Year Ended
October 31, October 31,
1999 1998
------------- -------------
<S> <C> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment Income ................................................... $ 443,140 $ 493,738
Net Realized Gain (Loss) ................................................ 11,949,662 (1,822,765)
Net Change in Unrealized Appreciation/Depreciation ...................... 21,431,489 4,961,769
------------- -------------
Net Increase in Net Assets Resulting
from Operations ....................................................... 33,824,291 3,632,742
------------- -------------
Distributions:
Net Investment Income ................................................... (107,141) (588,510)
Net Realized Gain ....................................................... -- (1,352,776)
In Excess of Net Realized Gain .......................................... -- (1,170,461)
------------- -------------
Total Distributions ..................................................... (107,141) (3,111,747)
------------- -------------
Capital Share Transactions: (1)
Issued .................................................................. 55,812,747 54,000,482
In Lieu of Cash Distributions ........................................... 106,047 3,031,556
Redeemed ................................................................ (92,392,025) (56,083,980)
------------- -------------
Net Increase (Decrease) from Capital Share Transactions ................. (36,473,231) 948,058
------------- -------------
Total Increase (Decrease) ............................................. (2,756,081) 1,469,053

Net Assets:
Beginning of Period ..................................................... 116,969,426 115,500,373
------------- -------------
End of Period (including undistributed net investment income of
$441,486 and $106,692, respectively) .................................. $ 114,213,345 $ 116,969,426
============= =============

(1) Shares Issued and Redeemed:
Issued .................................................................. 3,434,739 3,472,804
In Lieu of Cash Distributions ........................................... 7,005 210,818
Redeemed ................................................................ (5,524,845) (3,565,663)
------------- -------------
Net Increase (Decrease) in Shares Outstanding ........................... (2,083,101) 117,959
============= =============
</TABLE>

The accompanying notes are an integral part of the financial statements.

24
<PAGE>

UAM FUNDS TS&W EQUITY PORTFOLIO

- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------

Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Years Ended October 31,
-----------------------------------------------------------
1999 1998 1997 1996 1995
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period ...................... $ 14.85 $ 16.52 $ 14.48 $ 12.47 $ 11.23
------- ------- ------- ------- -------
Income from Investment Operations
Net Investment Income .................... 0.23 0.26 0.27 0.26 0.23
Net Realized and Unrealized
Gains .................................. 1.78 1.14 3.25 2.34 1.34
------- ------- ------- ------- -------
Total from Investment
Operations ............................. 2.01 1.40 3.52 2.60 1.57
------- ------- ------- ------- -------
Distributions:
Net Investment Income .................... (0.24) (0.24) (0.27) (0.26) (0.22)
Net Realized Gain ........................ (1.20) (2.83) (1.21) (0.33) (0.11)
------- ------- ------- ------- -------
Total Distributions .................... (1.44) (3.07) (1.48) (0.59) (0.33)
------- ------- ------- ------- -------
Net Asset Value, End of Period .............. $ 15.42 $ 14.85 $ 16.52 $ 14.48 $ 12.47
======= ======= ======= ======= =======
Total Return ................................ 14.64% 9.23% 26.31% 21.45% 14.32%
======= ======= ======= ======= =======
Ratios and Supplemental Data
Net Assets, End of Period
(Thousands)............................... $93,234 $95,336 $95,582 $81,554 $60,352
Ratio of Expenses to Average
Net Assets 1.05% 0.99% 0.99% 1.01% 1.01%
Ratio of Net Investment Income
to Average Net Assets 1.40% 1.67% 1.72% 1.93% 2.04%
Portfolio Turnover Rate 42% 63% 42% 40% 17%
</TABLE>

The accompanying notes are an integral part of the financial statements.

25
<PAGE>

UAM FUNDS TS&W FIXED INCOME PORTFOLIO

Total Return ............................. (1.71)% 9.81% 8.40% 4.40% 14.73%
======= ======= ======= ======= =======
Ratios and Supplemental Data
Net Assets, End of Period
(Thousands) ........................... $66,180 $73,784 $67,987 $61,692 $46,677
Ratio of Expenses to Average
Net Assets ............................ 0.78% 0.71% 0.72% 0.77% 0.76%
Ratio of Net Investment Income
to Average Net Assets ................. 5.49% 5.48% 5.79% 5.50% 5.56%
Portfolio Turnover Rate .................. 52% 48% 36% 59% 25%
</TABLE>

The accompanying notes are an integral part of the financial statements.

26
<PAGE>

UAM FUNDS TS&W INTERNATIONAL EQUITY PORTFOLIO

Total Return .............................. 33.77% 2.67% 7.94% 8.71% 1.11%
======== ======== ======== ======== ========

Ratios and Supplemental Data
Net Assets, End of Period
(Thousands) ............................ $114,213 $116,969 $115,500 $103,339 $ 77,553
Ratio of Expenses to Average
Net Assets ............................. 1.37% 1.32% 1.30% 1.35% 1.32%
Ratio of Net Investment Income
to Average Net Assets .................. 0.39% 0.42% 0.47% 0.84% 1.29%
Portfolio Turnover Rate ................... 21% 28% 45% 25% 23%
</TABLE>

The accompanying notes are an integral part of the financial statements.

27
<PAGE>

UAM FUNDS THE TS&W PORTFOLIOS

- --------------------------------------------------------------------------------
NOTES TO THE FINANCIAL STATEMENTS

UAM Funds, Inc., UAM Funds, Inc. II and UAM Funds Trust (collectively the
"UAM Funds") are registered under the Investment Company Act of 1940, as
amended. The TS&W Equity Portfolio, TS&W Fixed Income Portfolio and TS&W
International Equity Portfolio (the "Portfolios"), portfolios of UAM Funds,
Inc., are diversified, open-end management investment companies. At October 31,
1999, the UAM Funds were comprised of 48 active portfolios. The information
presented in the financial statements pertains only to the portfolios. The
objectives of the Portfolios are as follows:

TS&W Equity Portfolio seeks to provide maximum long-term total return
consistent with reasonable risk to principal, by investing in a diversified
portfolio of common stocks of relatively large companies.

TS&W Fixed Income Portfolio seeks to provide maximum long-term total
return consistent with reasonable risk to principal, by investing primarily
in investment grade fixed income securities of varying maturities.

TS&W International Equity Portfolio seeks to provide maximum long-term
total return consistent with reasonable risk to principal, by investing in
a diversified portfolio of common stocks of primarily non-United States
issuers on a world-wide basis.

A. Significant Accounting Policies: The following significant accounting
policies are in conformity with generally accepted accounting principles. Such
policies are consistently followed by the Portfolios in the preparation of their
financial statements. Generally accepted accounting principles may require
Management to make estimates and assumptions that affect the reported amounts
and disclosures in the financial statements. Actual results may differ from
those estimates.

1. Security Valuation: Investments for which market quotations are
readily available are stated at market value, which is determined using the
last reported sale price from the exchange where the security is primarily
traded. If no sales are reported, as in the case of some securities traded
over-the-counter, the market value is determined using the last reported
bid price. Fixed income securities are stated on the basis of valuation
provided by brokers and/or a pricing service which uses information with
respect to transactions in fixed income securities, quotations from
dealers, market transactions in comparable securities and various
relationships between securities in determining value. Securities quoted in
foreign currencies are translated into U.S. dollars at the current exchange
rate. Short-term investments with maturities of sixty days or

28
<PAGE>

UAM FUNDS THE TS&W PORTFOLIOS

- --------------------------------------------------------------------------------

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 are stated at fair value following
procedures approved by the Board of Directors.

2. Federal Income Taxes: It is each 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.

The TS&W International Equity Portfolio may be subject to taxes imposed
by countries in which it invests. Such taxes are generally based on either
income or gains earned or repatriated. The TS&W International Equity
Portfolio accrues and applies such taxes to net investment income, net
realized gains and net unrealized gains as income and/or capital gains are
earned.

3. Repurchase Agreements: In connection with transactions involving
repurchase agreements, the Portfolios' 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 Portfolios have the right to liquidate the collateral and
apply the proceeds in satisfaction of the obligation. In the event of
default or bankruptcy by the counterparty to the agreement, realization
and/or retention of the collateral or proceeds may be subject to legal
proceedings.

Pursuant to an Exemptive Order issued by the Securities and Exchange
Commission, the UAM Funds may transfer their daily uninvested cash balances
into a joint trading account which invests in one or more repurchase
agreements. This joint repurchase agreement is covered by the same
collateral requirements as discussed above.

4. Foreign Currency Translation: The books and records of the TS&W
International Equity Portfolio are maintained in U.S. dollars. Investment
securities and other assets and liabilities denominated in a foreign
currency are translated into U.S. dollars on the date of valuation. The
TS&W International Equity Portfolio does not isolate that portion of
realized or unrealized gains and losses resulting from changes in the
foreign exchange rate from fluctuations arising from changes in the market
prices of the securities. These gains and

29
<PAGE>

UAM FUNDS THE TS&W PORTFOLIOS

- --------------------------------------------------------------------------------

losses are included in net realized and unrealized gains and losses on
investments on the statement of operations. Net realized and unrealized
gains and losses on foreign currency transactions represent net foreign
exchange gains or losses from forward foreign currency exchange contracts,
disposition of foreign currencies, currency gains or losses realized
between trade and settlement dates on securities transactions and the
difference between the amount of the investment income and foreign
withholding taxes recorded on the TS&W International Equity Portfolio's
books and the U.S. dollar equivalent amounts actually received or paid.

5. Forward Foreign Currency Exchange Contracts: The TS&W International
Equity Portfolio may enter into forward foreign currency exchange contracts
to protect the value of securities held and related receivables and
payables against changes in future foreign exchange rates. A forward
currency contract is an agreement between two parties to buy and sell
currency at a set price on a future date. The market value of the contract
will fluctuate with changes in currency exchange rates. The contract is
marked-to-market daily using the current forward rate and the change in
market value is recorded by the TS&W International Equity Portfolio as
unrealized gain or loss. The TS&W International Equity Portfolio recognizes
realized gains or losses when the contract is closed, equal to the
difference between the value of the contract at the time it was opened and
the value at the time it was closed. Risks may arise from the unanticipated
movements in the value of a foreign currency relative to the U.S. dollar.
Risks may also arise upon entering into these contracts from the potential
inability of counterparties to meet the terms of their contracts and are
generally limited to the amount of unrealized gain on the contracts, if
any, at the date of default.

6. Distributions to Shareholders: The TS&W Equity Portfolio will
normally distribute substantially all of its net investment income
quarterly. The TS&W Fixed Income Portfolio will normally distribute
substantially all of its net investment income monthly. The TS&W
International Equity Portfolio will normally distribute substantially all
of its net investment income annually. Any realized net capital gains will
be distributed at least annually. All distributions are recorded on
ex-dividend date.

The amount and character of income and capital gain distributions to be
paid are determined in accordance with Federal income tax regulations,
which may differ from generally accepted accounting principles. These
differences are

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UAM FUNDS THE TS&W PORTFOLIOS

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primarily due to differing book and tax treatments for foreign currency
transactions, REIT return of capital and for the timing of the recognition
of gains or losses on investments.

Undistributed Accumulated
Net Investment Net Realized Paid in
TS&W Portfolios Income (Loss) Gain Capital
---------------- -------------- ------------ --------
Equity ................... $5,906 $256 $(6,162)
Fixed Income ............. (707) 707 --
International Equity ..... (1,205) 1,205 --

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.

7. Other: Security transactions are accounted for on trade date, the
date the trade was 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,
except that certain dividends from foreign securities are recorded as soon
as the TS&W International Equity Portfolio is informed of the ex-dividend
date. Interest income is recognized on the accrual basis. Discounts and
premiums on securities purchased are amortized using the effective yield
basis over their respective lives. Most expenses of the UAM Funds can be
directly attributed to a particular portfolio. Expenses that cannot be
directly attributed are apportioned among the portfolios of the UAM Funds
based on their relative net assets. Custodian fees for the Portfolios are
shown gross of expense offsets, if any, for custodian balance credits.

B. Investment Advisory Services: Under the terms of an investment advisory
agreement, Thompson, Siegel & Walmsley, Inc. (the "Adviser"), a subsidiary of
United Asset Management Corporation ("UAM"), provides investment advisory
services to the Portfolios at a fee calculated at an annual rate of the average
daily net assets for the month, as follows.

TS&W Portfolios Rate
--------------- --------------------
Equity ....................................... 0.75%
Fixed Income ................................. 0.45%
International Equity ......................... 1.00%

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

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UAM FUNDS THE TS&W PORTFOLIOS

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to the Portfolios under a Fund Administration Agreement (the "Agreement"). The
Administrator has entered into separate Service Agreements with Chase Global
Funds Services Company ("CGFSC"), a corporate affiliate of The Chase Manhattan
Bank, DST Systems, Inc. ("DST"), and UAM Shareholder Service Center ("UAMSSC")
an affiliate of UAM, to assist in providing certain services to the Portfolios.

Pursuant to the Agreement, the Portfolios pay the Administrator 0.099%,
0.079% and 0.099% per annum of the average daily net assets of the Equity, Fixed
Income and International Equity Portfolios, respectively, an annual base fee of
$87,500 per portfolio, and a fee based on the number of active shareholder
accounts.

For the year ended October 31, 1999, the Administrator earned the
following amounts from the Portfolios' and paid the following to CGFSC, UAMSSC
and DST for their services:
Portion Portion Portion
Administration Paid to Paid to Paid to
TS&W Portfolios Fees CGFSC UAMSSC DST
---------------- -------------- -------- ------- --------
Equity ................... $190,611 $ 87,270 $16,765 $20,101
Fixed Income ............. 146,850 79,215 13,939 16,084
International Equity ..... 223,580 99,204 20,036 22,804

Effective November 1, 1999, the UAM Funds' Board of Directors approved a
change in the Sub-administrator from CGFSC to SEI Investments Mutual Funds
Services.

D. Custodian: The Chase Manhattan Bank is custodian for the Portfolios'
assets held in accordance with the custodian agreement. As part of the custodian
agreement, the custodian bank has a lien on the securities of the portfolios to
cover any advances made by the custodian to the portfolios. At October 31, 1999,
the payable to the custodian bank represents the amount due for cash advanced
for the settlement of security transactions for the TS&W Equity and
International Equity Portfolios.

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
Portfolios.

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UAM FUNDS THE TS&W PORTFOLIOS

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F. Account Services: Through January 1, 1999 the UAM Funds had contracted
with UAM Retirement Plan Services, Inc. (the "Service Provider"), a wholly-owned
subsidiary of UAM, to perform certain services for participants in a
self-directed, defined contribution plan, and for whom the Service Provider
provided participant recordkeeping. Pursuant to the terms of Agreement, the
Service Provider was entitled to receive, after the end of each month, a fee at
the annual rate of 0.15% of the average aggregate daily net asset value of
shares of the UAM Funds in the accounts for which it provided services. The
agreement was terminated effective January 1, 1999.

G. 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.

H. Purchases and Sales: For the year ended October 31, 1999, the purchases
and sales of investment securities other than long-term U.S. Government and
short-term securities were:

TS&W Portfolios Purchases Sales
---------------- ----------- -----------
Equity ................................. $36,435,829 $42,890,975
Fixed Income ........................... 33,063,027 25,741,275
International Equity ................... 23,104,516 44,102,176

Purchases and sales of long-term U.S. Government securities were
$1,319,335 and $13,466,763 respectively, for the TS&W Fixed Income Portfolio.
There were no purchases or sales of long-term U.S. Government securities for the
TS&W Equity Portfolio or the TS&W International Equity Portfolio.

I. Line of Credit: The Portfolios, 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 twelve months
ended October 31, 1999, the Portfolios had no borrowings under the agreement.

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UAM FUNDS THE TS&W PORTFOLIOS

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J. Other: At October 31, 1999, the percentage of total shares outstanding
held by record shareholders each owning 10% or greater of the aggregate total
shares outstanding for each Portfolio was as follows:

No. of %
TS&W Portfolios Shareholders Ownership
---------------- ------------ ---------
Equity ............................... 1 10%
Fixed Income ......................... 1 10%
International Equity ................. 1 13%

At October 31, 1999, the net assets of the TS&W International Equity
Portfolio were substantially comprised of foreign denominated securities and/or
currency. Changes in currency exchange rates will affect the value of and
investment income from such securities and currency.

Foreign security and currency transactions may involve certain
considerations and risks not typically associated with those of U.S. dollar
denominated transactions as a result of, among other factors, the possibly lower
level of governmental supervision and regulation of foreign securities markets
and the possibility of political or economic instability.

At October 31, 1999, the TS&W Fixed Income Portfolio had available a
capital loss carryover for Federal income tax purposes of approximately $26,614
which will expire on October 31, 2007.

The TS&W International Equity Portfolio retains a redemption fee of 1.00%
on redemptions of capital shares held for less than 90 days.

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UAM FUNDS THE TS&W PORTFOLIOS

To the Board of Directors of
UAM Funds, Inc. and Shareholders of
TS&W Equity Portfolio
TS&W Fixed Income Portfolio
TS&W International Equity Portfolio

In our opinion, the accompanying statements of assets and liabilities,
including the portfolios of investments, and the related statements of
operations and of changes in net assets and the financial highlights present
fairly, in all material respects, the financial position of the TS&W Equity
Portfolio, TS&W Fixed Income Portfolio and TS&W International Equity Portfolio
(the "Portfolios"), each a portfolio of the UAM Funds, Inc., at October 31,
1999, and the results of each of their operations, the changes in each of their
net assets and the financial highlights for the periods indicated, in conformity
with generally accepted accounting principles. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Portfolios' 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 generally accepted
auditing standards, 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, 1999 by
correspondence with the custodian, provide a reasonable basis for the opinion
expressed above.

PRICEWATERHOUSECOOPERS LLP

Boston, Massachusetts
December 17, 1999

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UAM FUNDS THE TS&W PORTFOLIOS

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Federal Income Tax Information (Unaudited)

At October 31, 1999, each Portfolio hereby designates the following amount as
long-term capital gain dividends for the purpose of the dividend paid deduction
on its federal income tax return.

TS&W Portfolios Long Term
---------------- -----------
Equity .............................................. 7,358,086
Fixed Income ........................................ 815,344

For the year ended October 31, 1999, the percentage of dividends that qualify
for the 70% dividend received deduction for corporate shareholders for the TS&W
Equity Portfolio was 65.6%

Foreign taxes accrued during the fiscal year ended October 31, 1999, amounted to
$212,819 for the TS&W International Portfolio and are expected to be passed
through to shareholders as foreign tax credits on Form 1099-Dividend for the
year ending December 31, 1999, which shareholders of the Portfolio will receive
in late January 2000. In addition, for the year ended October 31, 1999, gross
income derived from sources within foreign countries amounted to $1,991,745 for
the TS&W International Equity Portfolio. For the Year ended October 31, 1999,
the percentage of income earned from direct Treasury obligations for TS&W Fixed
Income Portfolio was 24.9%.
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UAM FUNDS THE TS&W PORTFOLIOS

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Officers and Directors

Norton H. Reamer Peter M. Whitman, Jr.
Director, President and Chairman Director

John T. Bennett, Jr. William H. Park
Director Vice President

Nancy J. Dunn Michael E. DeFao
Director Secretary

Philip D. English Gary L. French
Director Treasurer

William A. Humenuk Robert R. Flaherty
Director Assistant Treasurer

James P. Pappas Robert J. Della Croce
Director Assistant Treasurer

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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
Thompson, Siegel & Walmsley, Inc.
5000 Monument Avenue
Richmond, VA 23230-0883

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.
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