UAM FUNDS TRUST, N-30D, 2001-01-08

UAM FUNDS TRUST
N-30D, 2001-01-08

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UAM Funds
Funds for the Informed Investor(SM)

DSI Portfolios
Annual Report October 31, 2000

[LOGO OF UAM]
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UAM FUNDS DSI PORTFOLIOS
OCTOBER 31, 2000
--------------------------------------------------------------------------------
TABLE OF CONTENTS
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Shareholders' Letter ................................................... 1

Portfolios of Investments
Small Cap Value ..................................................... 13
Disciplined Value ................................................... 16
Balanced ............................................................ 19
Limited Maturity Bond ............................................... 26
Money Market ........................................................ 29

Statements of Assets and Liabilities ................................... 32

Statements of Operations ............................................... 33

Statements of Changes in Net Assets
Small Cap Value ..................................................... 34
Disciplined Value ................................................... 35
Balanced ............................................................ 36
Limited Maturity Bond ............................................... 37
Money Market ........................................................ 38

Financial Highlights
Small Cap Value ..................................................... 39
Disciplined Value ................................................... 40
Balanced ............................................................ 41
Limited Maturity Bond ............................................... 42
Money Market ........................................................ 43

Notes to Financial Statements .......................................... 44

Report of Independent Accountants ...................................... 54

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UAM FUNDS DSI PORTFOLIOS

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October 31, 2000

Dear Shareholders:

Enclosed is our annual report on the investment results and strategies for the
DSI Disciplined Value Portfolio, the DSI Small Cap Value Portfolio, the DSI
Limited Maturity Bond Portfolio, the DSI Balanced Portfolio, and the DSI Money
Market Portfolio.

UAM: DSI DISCIPLINED VALUE PORTFOLIO

The Disciplined Value Portfolio posted a net return of 7.21% for the
twelve-month period ending October 31, 2000. In the same time period the
Standard & Poor's 500 ("S&P 500") returned 6.09%, the Lipper Equity Income Funds
Index (the Portfolio's category) returned 6.77%. The current fiscal year began
on a sour note, with the value style of equity management continuing to
underperform the growth and momentum styles. The last two quarters of the fiscal
year, however, have turned things completely around. For the full fiscal year,
your portfolio outperformed the S&P 500.

EQUITY MARKET OUTLOOK

Third quarter corporate earnings reports are showing continued strong growth but
with declining momentum: first quarter S&P 500 earnings were up 21%; second
quarter earnings were up 15%; and third quarter earnings appear to be up just
over 12%. This declining momentum should continue into the first half of next
year. Thus earnings growth, while still spectacular on an historic basis, could
prove disappointing in 2001, especially for stocks "priced for perfection."

We believe that with the uncertainty caused by high valuations and moderating
earnings growth, investments in modestly valued stocks that have solid
management and well grounded prospects for future growth, such as the
investments in your portfolio, seem poised to succeed. The argument in favor of
Value investing, at this point, seems quite compelling.

UAM: DSI SMALL CAP VALUE PORTFOLIO

After two years of sharply underperforming, small cap stocks moved up strongly
in the year ended October 31, 2000. The S&P (small cap) 600 Index increased
25.57% well ahead of the 6.09% gain in the S&P 500. The value component of the
small cap index was up 17.8%. As investors moved away from technology stocks
during the year, their interest broadened to encompass the small and mid-cap
groups. Our fund had an excellent year, appreciating 55.08%. Our biggest
positive contributors included DII Group and Apex, both of which were involved
in mergers, and technology stocks Merix and Artesyn Technologies. Outside of
technology, we had a

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UAM FUNDS DSI PORTFOLIOS

number of winners. Most prominent were Advanced Paradigm, in the health care
sector, and Waste Connections, a solid waste recovery company. On the down side
were Mapix, a software company, and Profit Recovery Group, an audit recovery
services firm. Both reported disappointing earnings. Going into the new year, we
continue to be very selective about the stocks in the portfolio. We currently
have 38 holdings and firmly believe that based on their valuations relative to
growth prospects, we are well positioned to continue to outperform.

UAM: DSI LIMITED MATURITY BOND PORTFOLIO

The Limited Maturity Bond Portfolio posted a net performance of 5.41% for the
twelve month period ended October 31, 2000. During the same period the Merrill
Lynch 1-4.99 Year Corporate/Government Bond Index returned 6.29%.

FIXED INCOME INVESTMENT STRATEGY

There were several significant factors affecting the U.S. fixed income markets
over the past twelve months. The bulging budget surplus combined with
election-year politics manifested in a sweeping buyback program by the U.S.
Treasury. In an effort to reduce outstanding debt and lower the average interest
rate paid by the government on the bonds it has issued, the U.S. Treasury
focused the bulk of its purchases on longer dated Treasuries, causing supply to
dwindle and prices to rise. Meanwhile, as economic data hinted at increased
risks of inflation, the Federal Reserve raised the Fed Funds rate from 5.25% to
6.50% from November 16, 1999 through May 16, 2000. The yields for short and
medium term Treasuries continued to rise in the latter part of 1999 and early in
2000, with the erosion of Y2K fears, spreads in almost all sectors of fixed
income began widening causing a decline in prices for most bond investments.
With that backdrop, the Treasury yield curve inverted in January and became even
more extreme during the first half of the year.

Since the last Fed Funds rate hike at the May Federal Open Market Committee
("FOMC") meeting, there has been a series of economic reports all pointing to a
significant slowdown in growth. The third quarter saw positive returns in all
the major sectors of the fixed income universe as data consistently provided
evidence of an economic slowdown and a continued absence of inflation. Perhaps
the most notable outcome of the third quarter market activity was the change in
the shape of the yield curve, where by quarter end there was a positive sloping
relationship between the 10-year Treasury note and the 30-year Treasury bond for
the first time since January. This "disinversion" in the shape of the yield
curve was largely a result of perceived changes in the Treasury buyback program
based on expectations that the next administration's fiscal program will
eliminate a large portion of the budget surplus.

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UAM FUNDS DSI PORTFOLIOS

Also, supporting the return to a more normal, positively sloped yield curve was
increased evidence that the economy is slowing to a more sustainable growth
rate, possibly alleviating the need for further increases in the Fed Funds rate.

By the end of October, forecasts that the Federal Reserve would shift to a
neutral bias at the next FOMC meeting were largely abandoned due to low
unemployment numbers and increasing wage pressure. Although the Fed could move
to a neutral bias over the next few months if economic data continues to support
an economy growing below potential, this does not necessarily imply a near-term
rate cut. Going forward, spread product - the portfolio's primary investment -
should provide excess returns over Treasury securities. We continue to believe
that institutional investors have invested cautiously during the period and have
additional capacity for fixed income investments. Therefore, the portfolio will
maintain its commitment to spread product.

UAM: DSI BALANCED PORTFOLIO

The Balanced Portfolio has returned a net 7.76% for the twelve month period
ending October 31, 2000, compared with the Blended Balanced Index comprised of
the S&P 500 Index, Lehman Aggregate Index and the U.S. 3-month Treasury Bill
Index return of 6.91% for the same period.

EQUITY MARKET COMMENTARY

Our investment strategy for the equity portion of the Balanced Portfolio is
identical to that of the Disciplined Value Portfolio. Please refer to that
section for equity commentary.

FIXED INCOME MARKET COMMENTARY

Our fixed income strategy is discussed in the section pertaining to our
management of the Limited Maturity Bond Portfolio. In general, we have a market
weighting in lower coupon mortgage-backed securities and an above average
weighting in investment grade corporate bonds. Less-than-investment grade
corporates are under the prospectus limit of ten percent.

ASSET MIX

As of October 31, 2000, the portfolio held 65.5% in equities and 34.4% in fixed
income securities and cash equivalents.

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UAM FUNDS DSI PORTFOLIOS

UAM: DSI MONEY MARKET PORTFOLIO

The Money Market Portfolio had a 7 day compounded yield of 6.31% on October 31,
2000, versus 6.01% for the iMoneynet All Taxable Average. The Money Market
Portfolio had a return of 5.95% for the one-year period ended October 31, 2000,
versus 5.70% for the iMoneynet All Taxable Average.

We continue to pursue a strategy of investing in only the highest quality
short-term investments for the portfolio. We have expanded our list of approved
corporate names to include some overlooked programs. Money Market rates of
interest are a direct function of the Federal Funds Rate and monetary policy.

The portfolio ended the period with 100% in discount commercial paper and
mortgages. The portfolio average days to maturity ended at 27 days. The Money
Market Portfolio is neither insured nor guaranteed by the U.S. Government. The
portfolio is managed according to 2a-7 guidelines however there is no assurance
that the stable net asset value of $1.00 will be maintained.

Sincerely,

/s/ Peter M. Whitman, Jr.

Peter M. Whitman, Jr.
President & Chief Investment Officer
Dewey Square Investors Corporation

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UAM FUNDS DSI PORTFOLIOS

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.

Yield will fluctuate as market conditions change. An investment in the DSI Money
Market portfolio is not insured by the Federal Deposit Insurance Corporation or
any other government agency. Although the portfolio seeks to preserve the value
of your investment at $1.00 per share, it is possible to lose money by investing
in the portfolio.

For DSISmall Cap Value Portfolio
Ten Largest Equity Holdings
(as a percentage of the Portfolio)

1. Artesyn Technologies (6.1%) 6. RehabCare Group (3.8%)
2. Waste Connections (5.0%) 7. Ann Taylor Stores (3.7%)
3. Advanced Paradigm (4.9%) 8. Penn National Gaming (3.6%)
4. Actel (4.7%) 9. Cambrex (3.6%)
5. Tetra Tech (4.5%) 10. Progress Software (3.3%)

For DSIDisciplined Value Portfolio
Ten Largest Equity Holdings
(as a percentage of the Portfolio)

1. CIGNA (4.7%) 6. Merrill Lynch (3.6%)
2. United Technologies (4.3%) 7. Johnson & Johnson (3.5%)
3. BPAmoco (ADR) (4.1%) 8. Citigroup (3.3%)
4. American Standard (3.7%) 9. Centurytel (3.2%)
5. Chase Manhattan Bank (3.6%) 10. Compaq Computer (3.2%)

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UAM FUNDS DSI PORTFOLIOS

Definition of the Comparative Indices
-------------------------------------

Balanced Index is hypothetical benchmark index comprised of 50% S&P Index, 45%
Lehman Aggregate Bond Index and 5% U.S. 3-Month Treasury Bill Index.

iMoneynet All Taxable Average is an average of all major money market fund
yields, published weekly for 7- and 30-day yields.

Lehman Aggregate Index is an unmanaged fixed income market value-weighted index
that combines the Lehman Government/Corporate Index and the Lehman
Mortgage-Backed Securities Index, and includes treasury issues, agency issues,
corporate bond issues and mortgage backed securities. It includes fixed rate
issuers of investment grade (BBB) or higher, with maturities of at least one
year and outstanding par values of at least $200 million for U.S. government
issues and $25 million for others.

Lipper 1-5 Year Short Investment Grade Debt Funds Average is an average of 100
funds that invest at least 65% of assets in investment grade debt issues (BBB or
higher) with dollar-weighted average maturities of 5 years or less.

Lipper Equity Income Fund Index is an unmanaged index of equity funds which seek
relatively high current income and growth of income through investing 60% or
more of the portfolio in equities.

Merrill Lynch 1-4.99 Year Corporate/Government Bond Index is an unmanaged index
composed of U.S. treasuries, agencies and corporates with maturities from 1 to
4.99 years. Corporates are investment grade only (BBB or higher).

Russell 2000 Index is an unmanaged index composed of the 2,000 smallest stocks
in the Russell 3000 Index.

Russell 2000 Value Index contains those Russell 2000 securities with a
less-than-average growth orientation. Securities in this index tend to exhibit
lower price-to-book and price-earnings ratios, higher dividend yields and lower
forecasted growth values than the growth universe.

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

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UAM FUNDS DSI PORTFOLIOS

Standard & Poor's Small Cap 600 Index is an unmanaged index comprised of 600
domestic stocks chosen for market size, liquidity, and industry group
representation. The index is comprised of stocks from the industrial, utility,
financial, and transportation sectors.

U.S. Three-Month Treasury Bill Average is the average return for all treasury
bills for the previous three month period.

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 DSI SMALLCAP VALUE PORTFOLIO
October 31, 2000
--------------------------------------------------------------------------------
Growth of a $10,000 Investment

-------------------------
Annualized
One Year Inception to
Return Date
-------------------------
55.08% 22.52%
-------------------------

[GRAPH]

DSI Small Cap Russell 2000 Russell 2000 S & P Small
Value Fund Index Value Index Cap 600 Index
------------- ------------ ------------ -------------
12/16/98 $10,000 $10,000 $10,000 $10,000
Oct 99 $ 9,439 $10,278 $ 9,508 $ 9,969
Oct 00 $14,638 $12,068 $11,153 $12,489

* Beginning of operations. Index comparisons begin on 11/30/98.
** If the adviser and/or portfolio service providers had not limited certain
expenses, the portfolio's total return would have been lower.

A portfolio's performance assumes the reinvestment of all dividends and capital
gains.

Index returns assume reinvestment of dividends and, unlike a portfolio's
returns, do not reflect any fees or expenses. If such fees and expenses were
included in the index returns, the performance would have been lower.

Please note that one cannot invest directly in an unmanaged index. See
definition of comparative indices on pages 6 and 7.

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UAM FUNDS DSI DISCIPLINED VALUE PORTFOLIO
OCTOBER 31, 2000
--------------------------------------------------------------------------------
Growth of a $10,000 Investment

----------------------------------------------------------
Annualized Annualized Annualized Annualized
One Year 3 Year 5 Year 10 Year Inception to
Return Return Return Return Date
----------------------------------------------------------
7.21% 2.60% 11.36% 13.97% 10.56%
----------------------------------------------------------

[GRAPH]

DSI S & P 500
Disciplined Composite
Value Index
----------- ---------
10/31/90 $10,000 $10,000
Oct 91 $13,295 $13,348
Oct 92 $14,246 $14,676
Oct 93 $17,368 $16,860
Oct 94 $17,973 $17,511
Oct 95 $21,589 $22,135
Oct 96 $26,537 $27,465
Oct 97 $34,230 $36,282
Oct 98 $35,726 $44,264
Oct 99 $34,490 $55,626
Oct 00 $36,976 $59,014

A portfolio's performance assumes the reinvestment of all dividends and capital
gains.

Please note that one cannot invest directly in an unmanaged index. See
definition of comparative indices on pages 6 and 7.

9
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UAM FUNDS DSI BALANCED PORTFOLIO
OCTOBER 31, 2000
--------------------------------------------------------------------------------
Growth of a $10,000 Investment

-------------------------
Annualized
One Year Inception to
Return Date
-------------------------
7.76% 3.75%
-------------------------

[GRAPH]

Salomon Lipper
DSI S & P 500 Lehman 3 Month 50/45 Blend Balanced
Balanced Composite Aggregate Treasury of the above Funds
Fund Index Bond Index Bill Index Indecies Average
-------- --------- ---------- ---------- ------------ --------
12/27/97 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000
0ct-98 $10,593 $11,455 $10,773 $10,428 $11,161 $10,623
Oct-99 $10,311 $14,407 $10,831 $10,912 $12,598 $11,853
Oct-00 $11,111 $15,285 $11,621 $11,539 $13,469 $12,788

* Beginning of operations. Index comparisons begin on 12/31/97.
** If the adviser and/or portfolio service providers had not limited certain
expenses, the portfolio's total return would have been lower.

A portfolio's performance assumes the reinvestment of all dividends and capital
gains.

Please note that one cannot invest directly in an unmanaged index. See
definition of comparative indices on pages 6 and 7.

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UAM FUNDS DSI LIMITED MATURITY BOND PORTFOLIO
OCTOBER 31, 2000
--------------------------------------------------------------------------------
Growth of a $10,000 Investment

-----------------------------------------------------------
Annualized Annualized Annualized Annualized
One Year 3 Year 5 Year 10 Year Inception to
Return Return Return Return Date
-----------------------------------------------------------
5.41% 3.82% 4.74% 6.02% 5.98%

[GRAPH]

DSI Limited MERRILL 1-5 LIPPER Short
Maturity Year Corp/Gov't Investment-Grade
Bond Fund Bond Index Debt Average
----------- --------------- ----------------
10/31/90 $10,000 $10,000 $10,000
Oct 91 $11,372 $11,244 $11,173
Oct 92 $12,513 $12,289 $12,077
Oct 93 $13,166 $13,231 $12,923
Oct 94 $12,983 $13,224 $12,998
Oct 95 $14,227 $14,610 $14,090
Oct 96 $14,986 $15,474 $14,871
Oct 97 $16,025 $16,546 $15,811
Oct 98 $16,839 $17,943 $16,767
Oct 99 $17,014 $18,337 $17,287
Oct 00 $17,934 $19,491 $18,283

A portfolio's performance assumes the reinvestment of all dividends and capital
gains.

Please note that one cannot invest directly in an unmanaged index. See
definition of comparative indices on pages 6 and 7.

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UAM FUNDS DSI MONEY MARKET PORTFOLIO
OCTOBER 31, 2000
--------------------------------------------------------------------------------
Growth of a $10,000 Investment

------------------------------------------------------------
Annualized Annualized Annualized Annualized
One Year 3 Year 5 Year 10 Year Inception to
Return Return Return Return Return
------------------------------------------------------------
5.95% 5.37% 5.32% 4.77% 5.01%

[GRAPH]

DSI iMoneyNet
------- ---------
10/31/90 $10,000 $10,000
Oct-91 $10,609 $10,616
Oct-92 $10,997 $11,009
Oct-93 $11,287 $11,308
Oct-94 $11,659 $11,689
Oct-95 $12,298 $12,323
Oct-96 $12,945 $12,939
Oct-97 $13,626 $13,592
Oct-98 $14,359 $14,288
Oct-99 $15,044 $14,940
Oct-00 $15,939 $15,792

** If the adviser and/or portfolio service providers had not limited certain
expenses, the portfolio's total return would have been lower.

A portfolio's performance assumes the reinvestment of all dividends and capital
gains.

Please note that one cannot invest directly in an unmanaged index. See
definition of comparative indices on pages 6 and 7.

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UAM FUNDS DSI SMALL CAP VALUE PORTFOLIO
OCTOBER 31, 2000
--------------------------------------------------------------------------------

PORTFOLIO OF INVESTMENTS
COMMON STOCKS - 97.9%

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

CHEMICALS -- 5.9%
Cambrex ................................. 21,805 $ 870,837
OM Group ................................ 12,280 567,950
----------
1,438,787
----------
COMMUNICATIONS EQUIPMENT -- 1.3%
Channell Commercial* .................... 8,868 60,967
Rohn Industries ......................... 57,315 265,082
----------
326,049
----------
COMPUTERS & Services -- 17.6%
Aremissoft* ............................. 12,056 515,394
Artesyn Technologies* ................... 36,660 1,484,730
Mastec* ................................. 19,450 562,834
Progress Software* ...................... 51,470 804,219
Sunquest* ............................... 32,200 334,075
Sybase* ................................. 26,800 559,450
----------
4,260,702
----------
ELECTRONICS -- 15.1%
Act Manufacturing* ...................... 14,905 490,002
Benchmark Electronics* .................. 13,240 532,910
Excel Technology* ....................... 14,000 350,000
Lecroy* ................................. 44,405 799,290
Merix* .................................. 16,672 778,634
Woodhead Industries ..................... 31,680 696,960
----------
3,647,796
----------
ENTERTAINMENT -- 3.6%
Penn National Gaming* ................... 49,870 872,725
----------
ENVIRONMENTAL SERVICES -- 7.1%
Casella Waste Systems, Cl A* ............ 59,840 519,860
Waste Connections* ...................... 47,020 1,201,949
----------
1,721,809
----------

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

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UAM FUNDS DSI SMALL CAP VALUE PORTFOLIO
OCTOBER 31, 2000
--------------------------------------------------------------------------------

COMMON STOCKS - continued

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

FINANCIAL SERVICES -- 8.1%
Dain Rauscher* .......................... 3,935 $ 369,152
Hamilton Bank* .......................... 36,205 534,024
Metris .................................. 23,180 750,452
Tucker Anthony Sutro .................... 13,100 302,938
----------
1,956,566
----------
INDUSTRIAL -- 1.6%
Terex* .................................. 30,775 378,917
----------
INSURANCE -- 2.9%
Radian Group ............................ 9,725 689,259
----------
MEDICAL PRODUCTS & SERVICES -- 8.6%
Advanced Paradigm* ...................... 24,185 1,182,042
RehabCare Group* ........................ 21,060 909,529
----------
2,091,571
----------
MISCELLANEOUS BUSINESS SERVICES -- 8.8%
Filenet* ................................ 27,015 715,898
Startek* ................................ 13,024 331,298
Tetra Tech* ............................. 31,205 1,082,423
----------
2,129,619
----------
PETROLEUM & FUEL PRODUCTS -- 2.9%
Helmerich & Payne ....................... 14,400 452,700
Noble Affiliates ........................ 6,800 249,475
----------
702,175
----------
RETAIL -- 6.2%
Ann Taylor Stores* ...................... 29,630 888,900
Ross Stores ............................. 46,755 616,582
----------
1,505,482
----------
SEMICONDUCTORS -- 2.4%
BTU International Incorporation* ........ 19,950 236,906
ESS Technology* ......................... 22,792 353,276
----------
590,182
----------

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

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UAM FUNDS DSI SMALL CAP VALUE PORTFOLIO
OCTOBER 31, 2000
--------------------------------------------------------------------------------

COMMON STOCKS - continued

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

SEMICONDUCTORS/INSTRUMENTS -- 4.7%
Actel* ....................................... 31,400 $ 1,148,063
------------
TRANSPORTATION -- 1.1%
Triumph Group* ............................... 7,710 262,140
------------
Total Common Stocks
(Cost $16,634,185) ........................ 23,721,842
------------

SHORT-TERM INVESTMENT -- 2.2%

Face
Amount Value
------ -----
REPURCHASE AGREEMENT -- 2.2%
Chase Securities, Inc. 6.35%, dated 10/31/00,
due 11/01/00 to be repurchased at $525,093,
collaterized by $393,238 of various
U.S. Treasury Obligations valued at
$525,010 (Cost $525,000) .................. $ 525,000 525,000
------------
TOTAL INVESTMENTS -- 100.1%
(Cost $17,159,185) (a) .................... 24,246,842
------------
OTHER ASSETS AND LIABILITIES, NET -- (0.1%) .. (27,577)
------------
TOTAL NET ASSETS -- 100.0% ................... $ 24,219,265
============

* Non-Income Producing Security
Cl Class
(a) The cost for federal income tax purposes was $17,159,567. At October 31,
2000, net unrealized appreciation for all securities based on tax cost was
$7,087,275. This consisted of aggregate gross unrealized appreciation for
all securities of $7,938,762 and aggregate gross unrealized depreciation
for all securities of $851,487.

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

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UAM FUNDS DSI DISCIPLINED VALUE PORTFOLIO
OCTOBER 31, 2000
--------------------------------------------------------------------------------

PORTFOLIO OF INVESTMENTS
COMMON STOCKS - 98.2%

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

AIRCRAFT -- 4.2%
United Technologies ..................... 12,976 $ 905,887
----------
APPAREL -- 4.1%
Jones Apparel Group* .................... 14,000 389,375
Liz Claiborne ........................... 11,800 501,500
----------
890,875
----------
BANKS -- 4.5%
Bank of America ......................... 4,343 208,735
Chase Manhattan Bank .................... 16,914 769,587
----------
978,322
----------
CAPITAL GOODS -- 2.9%
Tyco International ...................... 11,000 623,562
----------
CHEMICALS -- 5.7%
Air Products & Chemicals ................ 12,000 447,750
FMC* .................................... 7,200 547,200
IMC Global .............................. 18,100 234,169
----------
1,229,119
----------
COMMUNICATIONS -- 2.5%
Philips Electronics ..................... 13,473 538,078
----------
COMPUTERS & SERVICES -- 6.6%
Compaq Computer ......................... 21,933 666,983
Electronics for Imaging* ................ 14,817 229,663
International Business Machines ......... 5,310 523,035
----------
1,419,681
----------
ELECTRICAL -- 3.6%
American Standard* ...................... 17,100 784,462
----------
ELECTRICAL SERVICES -- 2.9%
Exelon .................................. 10,534 633,342
----------

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

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UAM FUNDS DSI DISCIPLINED VALUE PORTFOLIO
OCTOBER 31, 2000
--------------------------------------------------------------------------------

COMMON STOCKS - continued

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

ELECTRONICS -- 2.1%
Synopsys* ............................... 12,700 $ 442,119
----------
ENERGY -- 5.8%
BP Amoco ADR ............................ 16,901 860,895
Exxon Mobil ............................. 4,300 383,506
----------
1,244,401
----------
ENVIRONMENTAL SERVICES -- 2.1%
Waste Management* ....................... 22,300 446,000
----------
FINANCIAL SERVICES -- 11.8%
Citigroup ............................... 13,196 694,439
Fannie Mae .............................. 8,200 631,400
Merrill Lynch ........................... 10,900 763,000
Morgan Stanley Dean Witter .............. 5,629 452,079
----------
2,540,918
----------
FOOD, BEVERAGE & TOBACCO -- 2.9%
Philip Morris ........................... 17,300 633,612
----------
HEALTH CARE -- 2.6%
Tenet Healthcare* ....................... 14,400 566,100
----------
INSURANCE -- 10.8%
CIGNA ................................... 8,200 999,990
Radian Group ............................ 6,600 467,775
UnumProvident ........................... 16,800 474,600
Wellpoint Health Networks ............... 3,300 385,894
----------
2,328,259
----------
MEDICAL PRODUCTS -- 3.5%
Johnson & Johnson ....................... 8,100 746,212
----------

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

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UAM FUNDS DSI DISCIPLINED VALUE PORTFOLIO
OCTOBER 31, 2000
--------------------------------------------------------------------------------

COMMON STOCKS - continued

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

PAPER & PAPER PRODUCTS -- 2.9%
Boise Cascade ........................... 8,500 $ 243,844
Smurfit-Stone Container* ................ 12,128 162,970
Temple-Inland ........................... 4,800 214,800
-----------
621,614
-----------
PRINTING & PUBLISHING -- 2.9%
Reader's Digest, Cl A ................... 17,300 634,694
-----------
RAILROADS -- 2.7%
Union Pacific ........................... 12,300 576,563
-----------
RETAIL -- 4.4%
Federated Department Stores* ............ 11,800 384,238
TJX ..................................... 20,272 552,412
-----------
936,650
-----------
TELEPHONES & TELECOMMUNICATION -- 6.7%
Centurytel .............................. 17,500 673,750
SBC Communications ...................... 8,900 513,419
Verizon Communications .................. 4,469 258,364
-----------
1,445,533
-----------
TOTAL COMMON STOCKS
(Cost $18,437,665) ................... 21,166,003
-----------
TOTAL INVESTMENTS -- 98.2%
(Cost $18,437,665) (a) ............... 21,166,003
-----------
OTHER ASSETS AND LIABILITIES,
NET -- 1.8% .......................... 390,919
-----------
TOTAL NET ASSETS -- 100.0% .............. $21,556,922
===========

* Non-Income Producing Security
ADR American Depositary Receipt
Cl Class
(a) The cost for federal income tax purposes was $18,533,771. At October 31,
2000, net unrealized appreciation for all securities based on tax cost was
$2,632,232. This consisted of aggregate gross unrealized appreciation for
all securities of $3,928,378 and aggregate gross unrealized depreciation
for all securities of $1,296,146.

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

18
<PAGE>

UAM FUNDS DSI BALANCED PORTFOLIO
OCTOBER 31, 2000
--------------------------------------------------------------------------------

PORTFOLIO OF INVESTMENTS
COMMON STOCKS - 65.5%

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

AIRCRAFT -- 2.6%
United Technologies ..................... 6,900 $481,706
--------
APPAREL -- 2.2%
Jones Apparel Group* .................... 6,600 183,562
Liz Claiborne ........................... 5,200 221,000
--------
404,562
--------
BANKS -- 2.9%
Bank of America ......................... 2,561 123,088
Chase Manhattan Bank .................... 8,850 402,675
--------
525,763
--------
CAPITAL GOODS -- 1.9%
Tyco International ...................... 6,200 351,462
--------
CHEMICALS -- 4.7%
Air Products & Chemicals ................ 5,900 220,144
Cambrex ................................. 3,300 131,794
FMC ..................................... 3,600 273,600
IMC Global .............................. 6,700 86,681
OM Group ................................ 3,400 157,250
--------
869,469
--------
COMMUNICATIONS -- 1.6%
Philips Electronics ..................... 7,457 297,814
--------
COMPUTERS & SERVICES -- 5.2%
Artesyn Technologies* ................... 6,000 243,750
Compaq Computer ......................... 11,060 336,335
Electronics for Imaging* ................ 6,929 107,399
International Business Machines ......... 2,700 265,950
--------
953,434
--------
ELECTRICAL -- 2.0%
American Standard Companies* ............ 7,900 362,412
--------

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

19
<PAGE>

UAM FUNDS DSI BALANCED PORTFOLIO
OCTOBER 31, 2000
--------------------------------------------------------------------------------

COMMON STOCKS - continued

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

ELECTRICAL SERVICES -- 1.9%
Exelon .................................. 5,950 $ 357,744
----------
ELECTRONICS -- 1.1%
Synopsys* ............................... 6,000 208,875
----------
ENERGY -- 3.6%
BP Amoco ADR ............................ 9,012 459,049
Exxon Mobil ............................. 2,300 205,131
----------
664,180
----------
ENVIRONMENTAL SERVICES -- 2.3%
Waste Connections* ...................... 8,100 207,056
Waste Management ........................ 10,800 216,000
----------
423,056
----------
FINANCIAL SERVICES -- 7.5%
Citigroup ............................... 6,997 368,217
Fannie Mae .............................. 4,200 323,400
Merrill Lynch ........................... 6,400 448,000
Morgan Stanley Dean Witter .............. 2,986 239,813
----------
1,379,430
----------
FOOD, BEVERAGE & TOBACCO -- 1.7%
Philip Morris ........................... 8,800 322,300
----------
INSURANCE -- 5.6%
CIGNA ................................... 2,800 341,460
Radian Group ............................ 3,300 233,887
UnumProvident ........................... 9,700 274,025
Wellpoint Health Networks* .............. 1,500 175,406
----------
1,024,778
----------
MEDICAL PRODUCTS & SERVICES -- 3.1%
Johnson & Johnson ....................... 3,000 276,375
Tenet Healthcare* ....................... 7,400 290,912
----------
567,287
----------

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

20
<PAGE>

UAM FUNDS DSI BALANCED PORTFOLIO
OCTOBER 31, 2000
--------------------------------------------------------------------------------

COMMON STOCKS - continued

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

MISCELLANEOUS BUSINESS SERVICES -- 0.9%
Filenet* ................................ 6,300 $ 166,950
----------
PAPER & PAPER PRODUCTS -- 1.6%
Boise Cascade ........................... 3,850 110,447
Smurfit-Stone Container* ................ 6,200 83,312
Temple-Inland ........................... 2,250 100,687
----------
294,446
----------
PRINTING & PUBLISHING -- 1.7%
Reader's Digest, Cl A ................... 8,750 321,016
----------
RAILROADS -- 1.3%
Union Pacific ........................... 5,050 236,719
----------
RETAIL -- 2.4%
Federated Department Stores* ............ 5,200 169,325
TJX ..................................... 9,793 266,859
----------
436,184
----------
SEMICONDUCTORS -- 0.5%
ESS Technology* ......................... 5,990 92,845
----------
SEMICONDUCTORS/INSTRUMENTS -- 1.1%
Actel* .................................. 5,500 201,437
----------
SOFTWARE/SERVICES -- 1.5%
Progress Software* ...................... 17,400 275,138
----------
TELEPHONES & TELECOMMUNICATION -- 4.6%
Centurytel .............................. 8,500 327,250
Mastec* ................................. 3,900 112,856
SBC Communications ...................... 4,800 276,900
Verizon Communications .................. 2,220 128,344
----------
845,350
----------
TOTAL COMMON STOCKS
(Cost $10,336,736) ................... 12,064,357
----------

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

21
<PAGE>

UAM FUNDS DSI BALANCED PORTFOLIO
OCTOBER 31, 2000
--------------------------------------------------------------------------------

COMMON STOCKS - continued

Face
Amount Value
------ -----

COMPUTERS & SERVICES -- 0.8%
First Data MTN
6.375%, 12/15/07 ..................... $150,000 $143,317
--------
FINANCIAL SERVICES -- 2.6%
Leucadia National
7.750%, 08/15/13 ..................... 250,000 228,438
MBNA Master Credit Card Trust 2000-I A
6.900%, 01/15/08 ..................... 250,000 251,308
--------
479,746
--------
FOOD, BEVERAGE & TOBACCO -- 0.4%
Joseph E. Seagram & Sons
7.000%, 04/15/08 ..................... 75,000 77,156
--------
INSURANCE -- 0.5%
First Colony
6.625%, 08/01/03 ..................... 85,000 84,681
--------
RETAIL -- 2.7%
Harcourt General
8.875%, 06/01/22 ..................... 250,000 250,938
Kroger
7.150%, 03/01/03 ..................... 250,000 248,438
--------
499,376
--------
TELEPHONES & TELECOMMUNICATION -- 0.9%
GTE Hawaiian Telephone
7.375%, 09/01/06 ..................... 175,000 175,000
--------
UTILITIES -- 6.6%
Boston Edison
6.800%, 03/15/03 ..................... 325,000 322,563
Emerson Electric
5.500%, 09/15/08 ..................... 200,000 180,500

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

22
<PAGE>

UAM FUNDS DSI BALANCED PORTFOLIO
OCTOBER 31, 2000
--------------------------------------------------------------------------------

COMMON STOCKS - continued

Face
Amount Value
------ -----

UTILITIES -- continued
Kansas Gas & Electric
6.200%, 01/15/06 ..................... $ 250,000 $ 225,540
Potomac Electric Power
6.250%, 10/15/07 ..................... 500,000 484,375
----------
1,212,978
----------
TOTAL CORPORATE BONDS
(Cost $2,769,845) .................... 2,672,254
----------

U.S. TREASURY OBLIGATIONS -- 3.3%

U.S. Treasury Bill
6.160%, 01/25/01(A)+ ................. 15,000 14,781
U.S. Treasury Bond
6.250%, 08/15/23 .................... 125,000 128,943
U.S. Treasury Notes
5.625%, 02/28/01 ..................... 150,000 149,612
5.750%, 08/15/03 ..................... 50,000 49,813
6.500%, 05/15/05 ..................... 150,000 154,065
U.S. Treasury STRIPS
0.000%, 11/15/04 ..................... 150,000 118,887
----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $551,518) ...................... 616,101
----------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 1.6%

Indonesia AID
9.020%, 08/01/19 (Cost $317,108) ..... 294,281 295,000
----------

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

23
<PAGE>

UAM FUNDS DSI BALANCED PORTFOLIO
OCTOBER 31, 2000
--------------------------------------------------------------------------------

U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS -- 14.2%

<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
Federal Home Loan Mortgage Corporation
6.500%, 12/01/14 .......................................... $ 186,503 $ 182,655
8.000%, 03/01/28 .......................................... 349,299 353,990
7.000%, 10/01/29 .......................................... 384,648 377,194
Federal National Mortgage Association
7.000%, 11/01/11 .......................................... 286,095 284,573
9.000%, 06/01/25 .......................................... 27,744 28,593
9.000%, 06/01/25 .......................................... 77,931 80,317
6.500%, 07/01/26 .......................................... 314,724 302,529
7.000%, 10/01/27 .......................................... 116,126 113,840
6.500%, 06/01/28 .......................................... 303,690 291,922
6.000%, 07/01/28 .......................................... 532,197 499,100
Federal National Mortgage Association, Ser 1998-M4, Cl B REMIC
6.424%, 12/25/23 .......................................... 100,000 97,349
----------
TOTAL U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS
(Cost $2,650,753) ......................................... 2,612,062
----------

COLLATERALIZED MORTGAGE OBLIGATIONS -- 0.5%

The Money Store Home Equity Trust, Ser 1996-B Cl A7
7.550%, 06/15/20 .......................................... 94,982 94,850
UCFC Home Equity Loan, Ser 1995-C1 Cl A3
6.775%, 09/10/17 .......................................... 1,898 1,894
----------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $96,871) ............................................ 96,744
----------
</TABLE>

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

24
<PAGE>

UAM FUNDS DSI BALANCED PORTFOLIO
OCTOBER 31, 2000
--------------------------------------------------------------------------------

SHORT-TERM INVESTMENT -- 0.3%

<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
REPURCHASE AGREEMENT -- 0.3%

Chase Securities, Inc. 6.35%, dated 10/31/00,
due 11/01/00 to be repurchased at $58,010,
collaterized by $43,443 of various U.S. Treasury Obligations
valued at $58,001 (Cost $58,000) ........................... $ 58,000 $ 58,000
-----------
TOTAL INVESTMENTS -- 99.9%
(Cost $16,780,831) (a) ..................................... 18,414,518
-----------
OTHER ASSETS AND LIABILITIES, NET -- 0.1% ..................... 11,713
-----------
TOTAL NET ASSETS -- 100.0% .................................... $18,426,231
===========
</TABLE>
* Non-Income Producing Security
(A) The rate reported on the Portfolio of Investments represents the
security's discount rate at purchase. + All or a portion of this
security was pledged to cover margin requirements for open futures
contracts.
ADR American Depositary Receipt
AID Agency for International Development
Cl Class
MTN Medium Term Note
REMIC Real Estate Mortgage Investment Conduit
Ser Series
STRIPS Separately Traded Registered Interest and Principal Securities

(a) The cost for federal income tax purposes was $16,805,272. At October 31,
2000, net unrealized appreciation for all securities based on tax cost
was $1,609,246. This consisted of aggregate gross unrealized
appreciation for all securities of $2,442,620 and aggregate gross
unrealized depreciation for all securities of $833,374.

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

25
<PAGE>

UAM FUNDS DSI LIMITED MATURITY BOND PORTFOLIO
OCTOBER 31, 2000
--------------------------------------------------------------------------------

PORTFOLIO OF INVESTMENTS
CORPORATE BONDS AND NOTES - 24.0%

Face
Amount Value
------ -----

AUTOMOTIVE -- 3.0%
Ford Motor Credit (A)
6.911%, 08/01/02 ........................... $ 400,000 $ 399,103
----------
BROADCASTING, NEWSPAPERS & ADVERTISING -- 2.5%
CSC Holdings
9.250%, 11/01/05 ........................... 325,000 326,625
----------
ELECTRICAL SERVICES -- 1.5%
Penn Power and Light
6.500%, 04/01/05 ........................... 200,000 195,500
----------
ENTERTAINMENT -- 0.0%
Time Warner
9.125%, 01/15/13 ........................... 5,000 5,587
----------
FINANCIAL SERVICES -- 2.4%
Finova Capital
6.900%, 06/19/04 ........................... 520,000 312,000
----------
FOOD, BEVERAGE & TOBACCO -- 0.8%
Joseph E. Seagram & Sons
7.000%, 04/15/08 ........................... 100,000 102,875
----------
INDUSTRIAL -- 10.8%
Harcourt General
8.875%, 06/01/22 ........................... 500,000 501,875
Philip Morris
6.950%, 06/01/06 ........................... 300,000 298,208
Phillips Petroleum
9.180%, 09/15/21 ........................... 600,000 630,750
----------
1,430,833
----------
PETROLEUM REFINING -- 1.8%
Amoco BPA Eurobond
6.000%, 06/09/08 ........................... 250,000 234,700
----------
UTILITIES-ELECTRIC -- 1.2%
Limestone Electron Trust
8.625%, 03/15/03 ........................... 150,000 152,625
----------
TOTAL CORPORATE BONDS & Notes
(Cost $3,384,743) .......................... 3,159,848
----------

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

26
<PAGE>

UAM FUNDS DSI LIMITED MATURITY BOND PORTFOLIO
OCTOBER 31, 2000
--------------------------------------------------------------------------------

U.S. TREASURY OBLIGATIONS -- 17.4%

Face
Amount Value
------ -----
U.S. Treasury Bill
6.160%, 01/25/01(B)+ ......................... $ 20,000 $ 19,709
U.S. Treasury Bond
6.500%, 02/15/10 ............................. 250,000 261,697
U.S. Treasury Notes
5.625%, 02/28/01 ............................. 450,000 448,834
5.750%, 08/15/03 ............................. 770,000 767,112
6.500%, 05/15/05 ............................. 775,000 796,002
----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $2,252,960) ............................ 2,293,354
----------

U.S. GOVERNMENT AGENCY OBLIGATIONS -- 33.3%

Federal Home Loan Mortgage Corporation
7.050%, 06/08/05 ............................. 850,000 842,512
6.570%, 07/30/08 ............................. 1,000,000 961,910
6.540%, 08/26/08 ............................. 500,000 480,064
6.435%, 09/08/08 ............................. 500,000 477,975
6.250%, 01/21/09 ............................. 500,000 472,660
8.500%, 11/01/24 ............................. 405,822 415,330
Indonesia AID
9.020%, 08/01/19 ............................. 588,563 589,999
Student Loan Marketing Association
6.300%, 11/01/00 ............................. 151,000 151,000
----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $4,562,984) ............................ 4,391,450
----------

U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS -- 11.3%

Federal National Mortgage Association
6.500%, 03/01/13 ............................. 513,976 503,697
9.500%, 08/01/21 ............................. 133,253 138,292
9.000%, 06/01/25 ............................. 209,918 216,346
7.000%, 10/01/27 ............................. 642,309 629,662
----------
TOTAL U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS
(Cost $1,512,950) ............................ 1,487,997
----------

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

27
<PAGE>

UAM FUNDS DSI LIMITED MATURITY BOND PORTFOLIO
OCTOBER 31, 2000
--------------------------------------------------------------------------------

ASSET-BACKED SECURITY -- 4.4%

<TABLE>
<CAPTION>
Face
Amount Value
------ -----
<S> <C> <C>
MBNA Master Credit Card Trust 2000-I A
6.900%, 01/15/08 (Cost $590,254) ...................... $ 585,000 $ 588,060
-----------

COLLATERALIZED MORTGAGE OBLIGATIONS -- 8.2%

Advanta Mortgage Loan Trust, Ser 1996-2, Cl A3
7.440%, 08/25/18 ...................................... 93,386 92,996
Deutsche Mortgage and Asset Receiving, Ser 1998-C1, Cl A2
6.538%, 02/15/08 ...................................... 700,000 672,763
Merrill Lynch Mortgage Investors STRIPS, Ser 1994-A, Cl A4
6.346%, 02/15/09 ...................................... 12,674 12,442
Money Store Home Equity Trust, Ser 96-B, Cl A7
7.550%, 06/15/20 ...................................... 311,660 311,227
-----------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $1,129,067) ..................................... 1,089,428
-----------
TOTAL INVESTMENTS -- 98.6%
(Cost $13,432,958) (a) ................................ 13,010,137
-----------
OTHER ASSETS AND LIABILITIES, NET -- 1.4% ................ 183,193
-----------
TOTAL NET ASSETS -- 100.0% ............................... $13,193,330
===========
</TABLE>
+ All or a portion of this security was pledged to cover margin
requirements for open futures contracts.
(A) The rate reported on the Portfolio of Investments is the effective yield
as of October 31, 2000.
(B) The rate reported on the Portfolio of Investments is the security's
discount rate at purchase. AID Agency for International Development
Cl Class
Ser Series
STRIPS Separately Traded Registered Interest and Principal Securities
(a) The cost for federal income tax purposes was $13,432,958. At October 31,
2000, net unrealized depreciation for all securities based on tax cost
was $422,821. This consisted of aggregate gross unrealized appreciation
for all securities of $51,078 and aggregate gross unrealized depreciation
for all securities of $473,899.

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

28
<PAGE>

UAM FUNDS DSI MONEY MARKET PORTFOLIO
October 31, 2000
--------------------------------------------------------------------------------

PORTFOLIO OF INVESTMENTS
COMMERCIAL PAPER - 90.4%

Face Amortized
Amount Cost
------ ---------

CHEMICALS -- 4.7%
Dupont Ei Nemours
6.460%, 11/29/00 ..................... $ 4,000,000 $ 3,979,902
-----------
ELECTRICAL SERVICES -- 8.2%
Duke Energy
6.450%, 11/07/00 ..................... 2,845,000 2,841,942
Potomac Electric Power
6.480%, 11/13/00 ..................... 4,000,000 3,991,360
-----------
6,833,302
-----------
FINANCIAL SERVICES -- 27.8%
Caterpillar Financial
6.130%, 11/14/00 ..................... 2,000,000 1,995,573
First Data
6.450%, 12/05/00 ..................... 4,000,000 3,975,633
Ford Motor Credit
6.460%, 11/03/00 ..................... 4,000,000 3,998,565
GE Capital
6.470%, 11/02/00 ..................... 3,000,000 2,999,461
GMAC
6.480%, 11/21/00 ..................... 4,000,000 3,985,600
IBM Credit
6.450%, 11/02/00 ..................... 2,293,000 2,292,589
Merrill Lynch
6.480%, 11/01/00 ..................... 4,000,000 4,000,000
-----------
23,247,421
-----------
FOOD, BEVERAGE & Tobacco -- 16.3%
Archer Daniels
6.470%, 12/12/00 ..................... 3,100,000 3,077,157
Brown-Forman
6.500%, 11/08/00 ..................... 3,500,000 3,495,576
Coca-Cola
6.460%, 11/17/00 ..................... 4,000,000 3,988,516
Philip Morris
6.480%, 11/10/00 ..................... 3,100,000 3,094,978
-----------
13,656,227
-----------

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

29
<PAGE>

UAM FUNDS DSI MONEY MARKET PORTFOLIO
October 31, 2000
--------------------------------------------------------------------------------

COMMERCIAL PAPER - continued

Face Amortized
Amount Cost
------ ---------

INSURANCE -- 4.8%
AIG Funding
6.470%, 11/02/00 ......................... $ 4,000,000 $ 3,999,281
-----------
NATURAL GAS -- 4.8%
Washington Gas & Light
6.480%, 11/17/00 ......................... 4,000,000 3,988,480
-----------
PHARMACEUTICALS -- 9.5%
Merck
6.460%, 11/29/00 ......................... 4,000,000 3,979,902
SmithKline Beecham
6.500%, 11/07/00 ......................... 4,000,000 3,995,667
-----------
7,975,569
-----------
PRINTING & PUBLISHING -- 4.8%
Gannett
6.500%, 11/14/00 ......................... 4,000,000 3,990,611
-----------
REAL ESTATE -- 4.7%
USAA Capital
6.450%, 12/08/00 ......................... 4,000,000 3,973,483
-----------
TELECOMMUNICATIONS -- 4.8%
Verizon Net Funding
6.470%, 11/03/00 ......................... 4,000,000 3,998,562
-----------
TOTAL COMMERCIAL PAPER
(Cost $75,642,838) ....................... 75,642,838
-----------

U.S. GOVERNMENT AGENCY OBLIGATIONS -- 10.7%

Federal Farm Credit Bank
6.750%, 01/02/01 ......................... 1,435,000 1,418,318
Federal Home Loan Bank
6.710%, 05/24/01 ......................... 5,000,000 4,809,883
World Bank U.S. Government Agency
6.410%, 11/03/00 ......................... 2,744,000 2,743,023
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $8,971,224) ........................ 8,971,224
-----------

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

30
<PAGE>

UAM FUNDS DSI MONEY MARKET PORTFOLIO
October 31, 2000
--------------------------------------------------------------------------------

ASSET-BACKED SECURITY -- 0.2%

Face Amortized
Amount Cost
------ ---------

CNH Equipment Trust, Ser 2000-1, Cl A1 A
6.178%, 04/09/01 (Cost $154,597) ........... $ 154,597 $ 154,597
------------
TOTAL INVESTMENTS -- 101.3%
(Cost $84,768,659) (a) ..................... 84,768,659
------------
OTHER ASSETS AND LIABILITIES, NET -- (1.3%) ... (1,103,166)
------------
TOTAL NET ASSETS -- 100.0% .................... $ 83,665,493
============

Cl Class
(a) Aggregate cost for federal income tax purposes.

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

31
<PAGE>

UAM FUNDS DSI PORTFOLIOS
OCTOBER 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENTS OF ASSETS AND LIABILITIES

DSI
DSI DSI Limited DSI
Small Cap Disciplined DSI Maturity Money
Value Value Balanced Bond Market
Portfolio Portfolio Portfolio Portfolio Portfolio
------------ ------------ ------------ ------------ ------------

<S> <C> <C> <C> <C> <C>
Assets
Investments, at Cost ........................... $ 17,159,185 $ 18,437,665 $ 16,780,831 $ 13,432,958 $ 84,768,659
============ ============ ============ ============ ============
Investments, at Value -- Note A ................ $ 24,246,842 $ 21,166,003 $ 18,414,518 $ 13,010,137 $ 84,768,659
Receivable for Investments Sold ................ 61,457 927,319 -- -- --
Cash ........................................... 973 -- 223 145 87
Receivable for Portfolio Shares Sold ........... 90,574 5,000 -- -- 2,035
Dividends and Interest Receivable .............. 93 19,258 76,837 216,404 424
Other Assets ................................... 2,931 3,778 1,794 5,816 7,118
------------ ------------ ------------ ------------ ------------
Total Assets ................................ 24,402,870 22,121,358 18,493,372 13,232,502 84,778,323
------------ ------------ ------------ ------------ ------------
Liabilities
Payable for Investments Purchased .............. 135,489 -- -- -- --
Payable for Daily Variation on
Futures Contracts -- Note A ................. -- -- 2,000 1,172 --
Payable for Investment Advisory Fees
-- Note B .................................... 13,582 13,269 17,369 5,150 13,807
Payable for Administrative Fees
-- Note C .................................... 10,628 10,127 8,851 8,514 13,227
Payable for Custodian Fees -- Note D ........... 3,200 2,500 4,200 3,750 5,300
Payable for Portfolio Shares Redeemed .......... -- 4,856 -- 250 584,634
Payable to Custodian Bank
-- Note D .................................... -- 501,901 -- -- --
Payable for Directors' Fees -- Note F .......... 850 1,500 1,250 850 1,250
Payable for Distributions ...................... -- -- -- -- 462,029
Other Liabilities .............................. 19,856 30,283 33,471 19,486 32,583
------------ ------------ ------------ ------------ ------------
Total Liabilities .............................. 183,605 564,436 67,141 39,172 1,112,830
------------ ------------ ------------ ------------ ------------
Net Assets ..................................... $ 24,219,265 $ 21,556,922 $ 18,426,231 $ 13,193,330 $ 83,665,493
============ ============ ============ ============ ============
Net Assets Consist of:
Paid in Capital ................................ 16,873,733 24,578,824 18,973,246 16,442,632 83,682,839
Undistributed Net Investment Income ............ -- -- 41,904 61,698 --
Accumulated Net Realized Gain (Loss) ........... 257,875 (5,750,240) (2,223,044) (2,891,320) (17,346)
Unrealized Appreciation (Depreciation) ......... 7,087,657 2,728,338 1,634,125 (419,680) --
------------ ------------ ------------ ------------ ------------
Net Assets ..................................... $ 24,219,265 $ 21,556,922 $ 18,426,231 $ 13,193,330 $ 83,665,493
============ ============ ============ ============ ============
Institutional Class Shares
Shares Issued and Outstanding ($0.001
par value) (Authorized 25,000,000) .......... 1,654,038 2,292,389 2,093,364 1,489,490 83,683,364
Net Asset Value, Offering and
Redemption Price Per Share .................. $ 14.64 $ 9.40 $ 8.80 $ 8.86 $ 1.00
============ ============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.

32
<PAGE>

UAM FUNDS DSI PORTFOLIOS
FOR THE YEAR ENDED OCTOBER 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS

DSI DSI
Small DSI Limited DSI
Cap Disciplined DSI Maturity Money
Value Value Balanced Bond Market
Portfolio Portfolio Portfolio Portfolio Portfolio
----------- ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C>
Investment Income
Dividends ..................................... $ 50,474 $ 403,663 $ 172,708 $ -- $ --
Interest ...................................... 60,706 18,823 524,884 1,134,640 6,509,454
Less: Foreign Taxes Withheld .................. -- (6,778) (2,866) -- --
----------- ----------- ----------- ----------- -----------
Total Income ............................... 111,180 415,708 694,726 1,134,640 6,509,454
----------- ----------- ----------- ----------- -----------
Expenses
Investment Advisory Fees - Note B ............. 175,871 199,571 127,380 77,195 417,548
Administrative Fees - Note C .................. 98,247 125,339 95,623 91,853 143,829
Custodian Fees - Note D ....................... 6,959 8,606 9,355 14,195 36,175
Distribution and Service Plan Fees
Institutional Service Class - Note E ....... -- 1,144 -- -- --
Directors' Fees - Note F ...................... 3,367 4,598 3,687 3,264 4,955
Audit Fees .................................... 13,333 16,888 15,252 13,738 15,586
Legal Fees .................................... 1,160 1,542 1,207 872 5,467
Printing Fees ................................. 7,329 19,628 10,698 11,808 22,584
Registration and Filing Fees .................. 16,416 19,274 19,440 10,563 17,565
Shareholder Servicing Fees - Note G ........... 2,502 7,364 29,430 639 47,717
Other Expenses ................................ 5,412 8,714 5,219 4,767 20,224
Investment Advisory Fees Waived -
Note B ..................................... (22,549) -- -- -- (229,809)
----------- ----------- ----------- ----------- -----------
Net Expenses Before Expense Offset ............ 308,047 412,668 317,291 228,894 501,841
----------- ----------- ----------- ----------- -----------
Expense Offset - Note A ....................... (1,136) (348) (13) (1,338) (10,872)
----------- ----------- ----------- ----------- -----------
Net Expenses After Expense
Offset ..................................... 306,911 412,320 317,278 227,556 490,969
----------- ----------- ----------- ----------- -----------
Net Investment Income (Loss) .................. (195,731) 3,388 377,448 907,084 6,018,485
----------- ----------- ----------- ----------- -----------
Net Realized Gain (Loss) on:
Investments ................................ 825,960 (5,292,742) (2,114,103) (447,999) (3,660)
Futures Contracts .......................... -- -- 23,724 13,792 --
----------- ----------- ----------- ----------- -----------
Net Realized Gain (Loss) on
Investment and Future Contracts ............ 825,960 (5,292,742) (2,090,379) (434,207) (3,660)
----------- ----------- ----------- ----------- -----------
Net Change in Unrealized
Appreciation (Depreciation) on:
Investments ................................ 7,634,409 6,445,854 2,948,074 370,995 --
Futures Contracts .......................... -- -- 1,296 3,378 --
----------- ----------- ----------- ----------- -----------
Net Change in Unrealized
Appreciation (Depreciation) ................ 7,634,409 6,445,854 2,949,370 374,373 --
----------- ----------- ----------- ----------- -----------
Net Gain (Loss) ............................... 8,460,369 1,153,112 858,991 (59,834) (3,660)
----------- ----------- ----------- ----------- -----------
Net Increase in Net Assets
Resulting from Operations .................. $ 8,264,638 $ 1,156,500 $ 1,236,439 $ 847,250 $ 6,014,825
=========== =========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.

33
<PAGE>

UAM FUNDS DSI SMALL CAP VALUE PORTFOLIO

--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS

December 16,
Year Ended 1998* to
October 31, October 31,
2000 1999
------------- ------------
<S> <C> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment Loss ............................................. $ (195,731) $ (158,979)
Net Realized Gain (Loss) ........................................ 825,960 (372,355)
Net Change in Unrealized Appreciation (Depreciation) ............ 7,634,409 (546,751)
------------ ------------
Net Increase (Decrease) in Net Assets Resulting
from Operations ............................................... 8,264,638 (1,078,085)
------------ ------------
Capital Share Transactions - Note K:
Institutional Class:
Issued .......................................................... 8,459,736 17,491,674
Redeemed ........................................................ (8,398,249) (520,449)
------------ ------------
Net Increase from Capital Share Transactions: ................... 61,487 16,971,225
------------ ------------
Total Increase ............................................ 8,326,125 15,893,140
Net Assets:
Beginning of Period ............................................. 15,893,140 --
------------ ------------
End of Period (including undistributed net investment
income of $0 and $0, respectively) ............................ $ 24,219,265 $ 15,893,140
============ ============
</TABLE>
* Commencement of Operations

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

34
<PAGE>

UAM FUNDS DSI DISCIPLINED VALUE PORTFOLIO

--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS

Year Ended Year Ended
October 31, October 31,
2000 1999
------------- -------------
<S> <C> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment Income ........................ $ 3,388 $ 678,619
Net Realized Gain (Loss) ..................... (5,292,742) 5,588,615
Net Change in Unrealized
Appreciation (Depreciation) ................ 6,445,854 (5,103,926)
------------ ------------
Net Increase in Net Assets Resulting
from Operations ............................ 1,156,500 1,163,308
------------ ------------
Distributions:
Net Investment Income:
Institutional Class ...................... (146,422) (663,362)
Institutional Service Class .............. (13) (75,165)
Net Realized Gain:
Institutional Class ...................... (5,783,647) (7,217,145)
Institutional Service Class .............. (1,972) (1,845,173)
------------ ------------
Total Distributions .......................... (5,932,054) (9,800,845)
------------ ------------
Capital Share Transactions - Note K:
Institutional Class:
Issued ....................................... 3,713,350 10,958,386
In Lieu of Cash Distributions ................ 5,674,977 7,838,345
Redeemed ..................................... (22,247,867) (41,532,201)
------------ ------------
Net Decrease from
Institutional Class Shares ................. (12,859,540) (22,735,470)
------------ ------------
Institutional Service Class: (B)
Issued ....................................... 136,875 1,663,181
In Lieu of Cash Distributions ................ 1,985 1,920,338
Redeemed ..................................... (2,807,091) (17,090,102)
------------ ------------
Net Decrease from Institutional
Service Class Shares ....................... (2,668,231) (13,506,583)
------------ ------------
Net Decrease from Capital
Share Transactions ......................... (15,527,771) (36,242,053)
------------ ------------
Total Decrease .......................... (20,303,325) (44,879,590)
Net Assets:
Beginning of Period .......................... 41,860,247 86,739,837
------------ ------------
End of Period (including undistributed
net investment income of
$0 and $100,466, respectively) ............. $ 21,556,922 $ 41,860,247
============ ============
</TABLE>
(B) Institutional Service Class fully liquidated its assets on May 2, 2000.

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

35
<PAGE>

UAM FUNDS DSI BALANCED PORTFOLIO

--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS

Year Ended Year Ended
October 31, October 31,
2000 1999
-------------- -------------
<S> <C> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment Income ......................... $ 377,448 $ 840,647
Net Realized Gain (Loss) ...................... (2,090,379) 2,337,455
Net Change in Unrealized
Appreciation (Depreciation) ................. 2,949,370 (1,363,156)
------------ ------------
Net Increase in Net Assets
Resulting from Operations ................... 1,236,439 1,814,946
------------ ------------
Distributions:
Net Investment Income ......................... (447,003) (889,522)
Net Realized Gain ............................. (2,428,585) (1,439,425)
------------ ------------
Total Distributions ........................... (2,875,588) (2,328,947)
------------ ------------
Capital Share Transactions - Note K:
Institutional Class:
Issued ........................................ 1,036,669 4,125,694
In Lieu of Cash Distributions ................. 2,875,588 2,314,685
Redeemed ...................................... (8,566,443) (15,173,864)
------------ ------------
Net Decrease from Capital
Share Transactions .......................... (4,654,186) (8,733,485)
------------ ------------
Total (Decrease) .......................... (6,293,335) (9,247,486)
Net Assets:
Beginning of Period ........................... 24,719,566 33,967,052
------------ ------------
End of Period (including undistributed
net investment income of $41,904
and $111,646, respectively) ................. $ 18,426,231 $ 24,719,566
============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.

36
<PAGE>

UAM FUNDS DSI LIMITED MATURITY BOND PORTFOLIO

--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS

Year Ended Year Ended
October 31, October 31,
2000 1999
------------ ------------
<S> <C> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment Income .............................. $ 907,084 $ 1,647,224
Net Realized Loss .................................. (434,207) (397,108)
Net Change in Unrealized
Appreciation (Depreciation) ...................... 374,373 (944,252)
------------ ------------
Net Increase in Net Assets
Resulting from Operations ........................ 847,250 305,864
------------ ------------
Distributions:
Net Investment Income .............................. (1,033,853) (1,706,809)
------------ ------------
Capital Share Transactions - Note K:
Institutional Class:
Issued ............................................. 252,713 20,557,641
In Lieu of Cash Distributions ...................... 1,014,914 1,662,227
Redeemed ........................................... (8,748,389) (35,945,818)
------------ ------------
Net Decrease from Capital
Share Transactions: .............................. (7,480,762) (13,725,950)
------------ ------------
Total Decrease ............................... (7,667,365) (15,126,895)
Net Assets:
Beginning of Period ................................ 20,860,695 35,987,590
------------ ------------
End of Period (including undistributed
net investment income of $61,698
and $188,467, respectively) ...................... $ 13,193,330 $ 20,860,695
============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.

37
<PAGE>

UAM FUNDS DSI MONEY MARKET PORTFOLIO

--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS

Year Ended Year Ended
October 31, October 31,
2000 1999
-------------- -------------
<S> <C> <C>
Increase (Decrease) in Net Assets
Operations:
Net Investment Income ............................ $ 6,018,485 $ 5,452,845
Net Realized Gain (Loss) ......................... (3,660) 668
------------- -------------
Net Increase in Net Assets
Resulting from Operations ...................... 6,014,825 5,453,513
------------- -------------
Distributions:
Net Investment Income ............................ (6,018,453) (5,452,821)
------------- -------------
Capital Share Transactions - Note K:
Institutional Class:
Issued ........................................... 427,167,089 677,244,037
In Lieu of Cash Distributions .................... 2,490,865 1,945,263
Redeemed ......................................... (472,368,535) (703,671,169)
------------- -------------
Net Decrease from
Capital Share Transactions: .................... (42,710,581) (24,481,869)
------------- -------------
Total Decrease ............................. (42,714,209) (24,481,177)
Net Assets:
Beginning of Period .............................. 126,379,702 150,860,879
------------- -------------
End of Period (including undistributed
net investment income (loss) of $0 and
($32), respectively) ........................... $ 83,665,493 $ 126,379,702
============= =============
</TABLE>
The accompanying notes are an integral part of the financial statements.

38
<PAGE>

UAM FUNDS DSI SMALL CAP VALUE PORTFOLIO

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

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Period

<TABLE>
<CAPTION>
Institutional Class Shares
-----------------------------
December 16,
Year Ended 1998*** to
October 31, October 31,
2000 1999
------------ ------------
<S> <C> <C>
Net Asset Value, Beginning of Period .................... $ 9.44 $ 10.00
------- -------
Income from Investment Operations:
Net Investment Loss .................................. (0.12) (0.09)
Net Realized and Unrealized Gain (Loss) .............. 5.32 (0.47)
------- -------
Total from Investment Operations ..................... 5.20 (0.56)
------- -------
Net Asset Value, End of Period .......................... $ 14.64 $ 9.44
======= =======
Total Return ............................................ 55.08% (5.60)%**
======= =======

Ratios and Supplemental Data
Net Assets, End of Period (Thousands) ................... $24,219 $15,893
Ratio of Expenses to Average Net Assets ................. 1.49% 1.85%*
Ratio of Net Investment Loss to Average Net Assets ...... (0.95)% (1.11)%*
Portfolio Turnover Rate ................................. 84% 91%

</TABLE>
* Annualized
** Not Annualized
*** Commencement of Operations
+ Total return would have been lower had certain expenses not been waived by
the Adviser during the periods indicated.

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

39
<PAGE>

UAM FUNDS DSI DISCIPLINED VALUE PORTFOLIO

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

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Institutional Class Shares
------------------------------------------------------
Years Ended October 31
-------------------------------------------------------
2000 1999 1998 1997 1996
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period ................... $ 10.63 $ 12.47 $ 14.27 $ 12.99 $ 11.76
------- ------- ------- ------- -------
Income from Investment
Operations:
Net Investment Income ................. 0.00 0.16 0.17 0.19 0.23
Net Realized and
Unrealized Gain (Loss) .............. 0.57 (0.49)@ 0.38 3.10 2.26
------- ------- ------- ------- -------
Total from Investment
Operations .......................... 0.57 (0.33) 0.55 3.29 2.49
------- ------- ------- ------- -------
Distributions:
Net Investment Income ................. (0.05) (0.13) (0.16) (0.20) (0.22)
Net Realized Gain ..................... (1.75) (1.38) (2.19) (1.81) (1.04)
------- ------- ------- ------- -------
Total Distributions ................... (1.80) (1.51) (2.35) (2.01) (1.26)
------- ------- ------- ------- -------
Net Asset Value,
End of Period ..................... $ 9.40 $ 10.63 $ 12.47 $ 14.27 $ 12.99
======= ======= ======= ======= =======
Total Return ............................. 7.21% (3.47)% 4.37% 28.99% 22.92%
======= ======= ======= ======= =======
Ratios and Supplemental Data
Net Assets,
End of Period (Thousands) ................ $21,557 $39,191 $69,681 $78,545 $63,596
Ratio of Expenses to
Average Net Assets .................... 1.58% 1.19% 1.04% 1.05% 1.04%
Ratio of Net Investment Income
to Average Net Assets ................. 0.01% 1.01% 1.24% 1.42% 1.89%
Portfolio Turnover Rate .................. 40% 42% 64% 126% 135%
</TABLE>

@ The amounts shown for a share outstanding throughout the period does not
accord with aggregate net losses on investments for the period because of
the timing of sales and repurchases of the portfolio shares in relation to
fluctuating market value of the investments in the Portfolio.

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

40
<PAGE>

UAM FUNDS DSI DISCIPLINED VALUE PORTFOLIO

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

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Period

<TABLE>
<CAPTION>
Institutional Class Shares
-----------------------------------------
Year Year December 22
Ended Ended 1997*** to
October 31, October 31, October 31,
2000 1999 1998
---------- ---------- ----------
<S> <C> <C> <C>
Net Asset Value, Beginning of Period ..... $ 9.37 $ 10.34 $ 10.00
---------- ---------- ----------
Income from Investment Operations:
Net Investment Income ................. 0.17 0.29 0.30
Net Realized and Unrealized
Gain (Loss) ........................ 0.44 (0.53)@ 0.29
---------- ---------- ----------
Total from Investment Operations ...... 0.61 (0.24) 0.59
---------- ---------- ----------
Distributions:
Net Investment Income ................. (0.19) (0.29) (0.25)
Net Realized Gain ..................... (0.99) (0.44) --
---------- ---------- ----------
Total Distributions ................... (1.18) (0.73) (0.25)
---------- ---------- ----------
Net Asset Value, End of Period ........... $ 8.80 $ 9.37 $ 10.34
========== ========== ==========
Total Return ............................. 7.76% (2.67)%+ 5.93%**+
========== ========== ==========
Ratios and Supplemental Data
Net Assets, End of Period (Thousands) .... $ 18,426 $ 24,720 $ 33,967
Ratio of Expenses to Average Net Assets .. 1.62% 1.23% 0.73%*
Ratio of Net Investment Income to
Average Net Assets .................... 1.93% 2.60% 3.47%*
Portfolio Turnover Rate .................. 44% 67% 73%
</TABLE>

*** Annualized
** Not Annualized
*** Commencement of Operations
+ Total return would have been lower had certain expenses not been waived by
the Adviser during the periods indicated.
@ The amounts shown for a share outstanding throughout the period does not
accord with aggregate net losses on investments for the period because of
the timing of sales and repurchases of the portfolio shares in relation to
fluctuating market value of the investments in the Portfolio.

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

41
<PAGE>

UAM FUNDS DSI LIMITED MATURITY BOND PORTFOLIO

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

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Period

<TABLE>
<CAPTION>
Institutional Class Shares
----------------------------------------------------------------------
Years Ended October 31
----------------------------------------------------------------------
2000 1999 1998 1997 1996
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period ....... $ 8.94 $ 9.39 $ 9.46 $ 9.40 $ 9.51
---------- ---------- ---------- ---------- ----------
Income from Investment
Operations:
Net Investment Income ..... 0.51 0.56 0.55 0.58 0.62
Net Realized and Unrealized
Gain (Loss) ............. (0.04) (0.46) (0.08) 0.05 (0.13)
---------- ---------- ---------- ---------- ----------
Total from Investment
Operations .............. 0.47 0.10 0.47 0.63 0.49
---------- ---------- ---------- ---------- ----------
Distributions:
Net Investment Income ..... (0.55) (0.55) (0.54) (0.57) (0.60)
---------- ---------- ---------- ---------- ----------
Total Distributions ....... (0.55) (0.55) (0.54) (0.57) (0.60)
---------- ---------- ---------- ---------- ----------
Net Asset Value,
End of Period ........... $ 8.86 $ 8.94 $ 9.39 $ 9.46 $ 9.40
========== ========== ========== ========== ==========
Total Return ................. 5.41% 1.04% 5.08% 6.93% 5.34%
========== ========== ========== ========== ==========
Ratios and Supplemental Data
Net Assets, End of Period
(Thousands) ............... $ 13,193 $ 20,861 $ 35,988 $ 32,712 $ 30,433
Ratio of Expenses to Average
Net Assets ................ 1.34% 1.03% 0.97% 0.95% 1.00%
Ratio of Net Investment Income
to Average Net Assets ..... 5.29% 5.58% 5.98% 6.17% 6.55%
Portfolio Turnover Rate ...... 83% 63% 107% 51% 121%
</TABLE>

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

42
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UAM FUNDS DSI MONEY MARKET PORTFOLIO

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

FINANCIAL HIGHLIGHTS
Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Period

<TABLE>
<CAPTION>
Institutional Class Shares
---------------------------------------------------------------------------
Years Ended October 31
---------------------------------------------------------------------------
2000 1999 1998 1997 1996
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period ....... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
----------- ----------- ----------- ----------- -----------
Income from Investment
Operations:
Net Investment Income ..... 0.058 0.047 0.053 0.051 0.051
----------- ----------- ----------- ----------- -----------
Total from Investment
Operations .............. 0.058 0.047 0.053 0.051 0.051
----------- ----------- ----------- ----------- -----------
Distributions:
Net Investment Income ..... (0.058) (0.047) (0.053) (0.051) (0.051)
----------- ----------- ----------- ----------- -----------
Total Distributions ....... (0.058) (0.047) (0.053) (0.051) (0.051)
----------- ----------- ----------- ----------- -----------
Net Asset Value,
End of Period ............. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
=========== =========== =========== =========== ===========
Total Return+ ................ 5.95% 4.77% 5.38% 5.26% 5.26%
=========== =========== =========== =========== ===========
Ratios and Supplemental Data
Net Assets, End of Period
(Thousands) ............... $ 83,665 $ 126,380 $ 150,861 $ 152,216 $ 220,124
Ratio of Expenses to Average
Net Assets ................ 0.48% 0.46% 0.36% 0.37% 0.38%
Ratio of Net Investment Income
to Average Net Assets ..... 5.77% 4.66% 5.27% 5.14% 5.14%
</TABLE>

+ Total return would have been lower had certain expenses not been waived by
the Adviser during the periods indicated.

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

43
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UAM FUNDS DSI PORTFOLIO

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

NOTES TO FINANCIAL STATEMENTS

UAM Funds, Inc., UAM Funds, Inc. II and UAM Funds Trust (collectively the
"UAM Funds") are registered under the Investment Company Act of 1940, as
amended. The DSI Small Cap Value Portfolio, DSI Disciplined Value Portfolio, DSI
Balanced Portfolio, DSI Limited Maturity Bond Portfolio, and DSI Money Market
Portfolio, (the "Portfolios"), portfolios of UAM Funds, Inc., are diversified,
open-end management investment companies. At October 31, 2000, the UAM Funds
were comprised of 49 active portfolios. The information presented in the
financial statements pertains only to the Portfolios. The Portfolios are
authorized to offer two separate classes of shares - Institutional Class Shares
and Institutional Service Class Shares ("Service Class Shares"). The DSI
Disciplined Value Portfolio had issued Service Class Shares until May 2, 2000 at
which time the class fully liquidated its assets. Both classes of shares have
identical voting rights (except Institutional Service Class shareholders have
exclusive voting rights with respect to matters relating to distribution and
shareholder servicing of such shares), dividend, liquidation and other rights.
The objectives of the Portfolios are as follows:

DSI Small Cap Value Portfolio seeks maximum capital appreciation
consistent with reasonable risk to principal by investing in primarily
smaller capital companies.

DSI Disciplined Value Portfolio seeks to achieve maximum long-term
total return consistent with reasonable risk to principal through
diversified equity investments.

DSI Balanced Portfolio seeks to provide maximum long-term capital
growth consistent with reasonable risk to principal by investing in a
diversified portfolio of equity, primarily investment grade fixed income
and money market securities.

DSI Limited Maturity Bond Portfolio seeks to provide maximum total
return consistent with reasonable risk to principal by investing in
investment grade fixed income securities. The Portfolio will ordinarily
maintain an average weighted maturity of less than six years.

DSI Money Market Portfolio seeks to provide maximum current income
consistent with the preservation of capital and liquidity by investing in
short-term investment grade money market obligations issued or guaranteed
by financial institutions, non financial corporations, and the United
States Government, as well as repurchase agreements collateralized by such
securities.

A. Significant Accounting Policies: The following significant accounting
policies are in conformity with accounting principles generally accepted in the

44
<PAGE>

UAM FUNDS DSI PORTFOLIO

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

United States of America. Such policies are consistently followed by the
Portfolios in the preparation of their financial statements. Accounting
principles generally accepted in the United States of America may require
Management to make estimates and assumptions that affect the reported amounts
and disclosures in the financial statements. Actual results may differ from
those estimates.

1. Security Valuation: Investments for which market quotations are
readily available are stated at market value, which is determined using the
last reported sale price from the exchange where the security is primarily
traded. If no sales are reported, as in the case of some securities traded
over-the-counter, the market value is determined by using the last reported
bid price. Fixed income securities are stated on the basis of valuations
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 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 using methods
determined by the Board of Directors. The values of investment securities
held by the DSI Money Market Portfolio are stated at amortized cost, which
approximates market value. Under this valuation method, acquisition
discounts and premiums are accreted and amortized ratably to maturity and
are included in interest income.

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.

Each Portfolio, except the DSI Money Market Portfolio, may be subject
to taxes imposed by countries in which they invest. Such taxes are
generally based on either income or gains earned or repatriated. These
Portfolios accrue 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

45
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UAM FUNDS DSI PORTFOLIO

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

collateral is monitored on a daily basis to determine the adequacy of the
collateral. In the event of default on the obligation to repurchase, each
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 other party 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. Futures and Options Contracts: Each Portfolio, except the DSI Money
Market Portfolio, may use futures and options contracts to hedge against
changes in the values of securities the Portfolio owns or expects to
purchase. Each Portfolio, except the DSI Money Market Portfolio, may also
write covered options on securities it owns or in which it may invest to
increase its current returns.

The potential risk to the Portfolios is that the change in value of
futures and options contracts may not correspond to the change in value of
the hedged instruments. In addition, losses may arise from changes in the
value of the underlying instruments, if there is an illiquid secondary
market for the contracts, or if the counterparty to the contract is unable
to perform.

Futures contracts are valued at the quoted daily settlement prices
established by the exchange on which they trade. Exchange traded options
are valued at the last sale price, or if no sales are reported, the last
bid price for purchased options and the last ask price for written options.
The following Portfolios had futures contracts open at October 31, 2000:

Number Aggregate Net
of Face Unrealized
Contracts Contracts Value Expiration Date Appreciation
----------- --------- ---------- --------------- ------------
DSI Balanced

Purchases:
U.S. Treasury Bond..... 4 $ 399,375 December 2000 $ 438

DSI Limited Maturity
Bond
Purchases:
U.S. Treasury 10 Year
Note.................. 5 503,516 December 2000 3,141

5. Foreign Currency Translation: The books and records of each
Portfolio are maintained in U.S. dollars. Investment securities and other
assets

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UAM FUNDS DSI PORTFOLIO

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and liabilities denominated in a foreign currency are translated into U.S.
dollars on the date of valuation. The Portfolios do 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 losses are included in net
realized and unrealized gain and loss 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
Portfolios' books and the U.S. dollar equivalent amounts actually received
or paid.

6. Forward Foreign Currency Exchange Contracts: Each Portfolio, except
the DSI Money Market 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 Portfolios as unrealized gain or
loss. The Portfolios recognize realized gain or loss 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 also
arise from the unanticipated movements in the value of a foreign currency
relative to the U.S. dollar. Risks may 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.

7. Distributions to Shareholders: The DSI Money Market Portfolio will
declare daily and distribute monthly substantially all of its net
investment income. The DSI Small Cap Value, DSI Disciplined Value, DSI
Limited Maturity Bond, and DSI Balanced Portfolios will distribute
substantially all of their net investment income quarterly. Any realized
net capital gains will be distributed annually. All distributions are
recorded on ex-dividend date.

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

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UAM FUNDS DSI PORTFOLIOS

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of America. These differences are primarily due to differing book and tax
treatments for investments in Real Estate Investment Trusts (REITS) and the
timing of the recognition of gains or losses on investments.

Permanent book and tax basis differences resulted in reclassifications as
follows:

Undistributed Accumulated
Net Investment Net Realized Paid In
DSI Portfolios Income Gain (Loss) Capital
-------------- -------------- ------------ -------------
Small Cap Value .......... $195,731 $(195,731) $ --
Disciplined Value ........ 42,581 74 (42,655)
Balanced ................. (187) 187 --

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.

8. 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,
except that certain dividends from foreign securities are recorded as soon
as the Portfolios are 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 which cannot be directly attributed to
a portfolio or share class are apportioned among the portfolios of the UAM
Funds based on their relative net assets. Income, expenses (other than
class specific expenses), and realized and unrealized gains or losses are
allocated to each class of shares based upon 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, Dewey Square Investors Corporation (the "Adviser"), a subsidiary of
United Asset Management Corporation ("UAM"), provides investment advisory
services to the Portfolios for a monthly fee calculated at an annual rate of
0.85% of the average daily net assets for DSI Small Cap Value Portfolio; 0.75%
of the average daily net assets for DSI Disciplined Value Portfolio; 0.65% of
the average daily net assets for DSI Balanced Portfolio; 0.45% of the average
daily net assets for DSI Limited Maturity Bond Portfolio; and 0.40% of the
average daily net assets for DSI Money Market Portfolio. In addition, the
Adviser has voluntarily agreed to limit its management fee for DSI Small Cap
Value Portfolio and DSI Money Market

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UAM FUNDS DSI PORTFOLIO

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Portfolio to 0.75% and 0.18% of the average daily net assets, respectively. Old
Mutual, Plc. gained control of United Asset Management on September 26, 2000.

C. Administrative Services: UAM Fund Services, Inc. (the "Administrator"),
a wholly-owned subsidiary of UAM, provides and oversees administrative, fund
accounting, dividend disbursing, shareholder servicing and transfer agent
services to the Portfolios under a Fund Administration Agreement (the
"Agreement"). The Administrator has entered into separate Service Agreements
with SEI 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 Portfolios.

Pursuant to the Agreement, the DSI Small Cap Value, DSI Disciplined Value,
DSI Balanced, DSI Limited Maturity Bond and DSI Money Market Portfolios pay the
Administrator 0.073%, 0.093%, 0.093%, 0.073% and 0.053% per annum of the average
daily net assets of each portfolio, respectively. In addition, the Portfolios
pay an annual base fee of $72,500 and a fee based on the number of active
shareholder accounts.

For the year ended October 31, 2000, the Administrator earned the following
amounts from each Portfolio as Administrator and paid the following to SEI, DST
and UAMSSC for their services:
<TABLE>
<CAPTION>
Administration Portion Paid Portion Paid Portion Paid
DSI Portfolios Fee to SEI to DST to UAMSSC
--------------- --------------- -------------- ------------ -------------
<S> <C> <C> <C> <C>
Small Cap Value...... $ 98,247 $41,322 $17,274 $11,228
Disciplined Value.... 125,339 45,904 28,209 13,160
Balanced............. 95,623 41,067 14,175 8,519
Limited Maturity
Bond................ 91,853 41,071 14,938 9,019
Money Market......... 143,829 66,594 20,337 13,457
</TABLE>

D. Custodian: The Chase Manhattan Bank is custodian for the Portfolios'
assets held in accordance with the custodian agreement. As a part of the
custodian agreement, the custodian has a lien on the securities of the
Portfolios to cover any advances made by the custodian to the Portfolios.

E. Distribution Services: UAM Fund Distributors, Inc. (the "Distributor"),
a wholly-owned subsidiary of UAM, distributes the shares of the Portfolios.

The DSI Disciplined Value Portfolio had adopted a Distribution and Service
Plan (the "Plan") on behalf of the Service Class Shares pursuant to Rule 12b-1
under the Investment Company Act of 1940. Under the Plan, the Service Class
Shares could not incur distribution and service fees which exceeded an annual
rate

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UAM FUNDS DSI PORTFOLIO

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of 0.75% of the net assets of that class of shares, however, the Board had
limited aggregate payments under the Plans to 0.50% per annum of the DSI
Disciplined Value Portfolio's net assets. The DSI Disciplined Value Portfolio's
Service Class Shares did not make payments for distribution fees, however the
DSI Disciplined Value Portfolio's Service Class Shares paid service fees at an
annual rate of 0.25% of the average daily value of Service Class Shares owned by
clients of the Service Agents. The Distributor did not receive any fee or other
compensation with respect to the DSI Small Cap Value, DSI Balanced, DSI Limited
Maturity Bond, and DSI Money Market Portfolios.

F. Directors' Fees: Each Director, who is not an officer or affiliated
person, receives $3,000 per meeting attended plus reimbursement of expenses
incurred in attending Board meetings, which is allocated proportionally among
the active portfolios of UAM Funds, plus a quarterly retainer of $200 for each
active portfolio of the UAM Funds.

G. Shareholder Servicing Fees: Certain brokers, dealers, banks, trust
companies and other financial representatives receive compensation from the UAM
Funds for providing a variety of services, including record keeping and
transaction processing. Such fees are based on the assets of the UAM Funds that
are serviced by the financial representative.

H. Purchases and Sales: For the year ended October 31, 2000, purchases and
sales of investment securities other than long-term U.S. Government securities
and short-term securities were:
<TABLE>
<CAPTION>

DSI Portfolios Purchases Sales
--------------- ----------- -----------
<S> <C> <C>
Small Cap Value ................................ $16,629,113 $16,914,916
Disciplined Value .............................. 10,563,563 32,477,873
Balanced ....................................... 6,563,275 11,345,325
Limited Maturity Bond .......................... 3,353,591 8,742,495
</TABLE>

Purchases and sales of long-term U.S. Government securities were $1,863,210
and $4,021,380, respectively, for the DSI Balanced Portfolio and $8,402,108 and
$8,201,354, respectively, for the DSI Limited Maturity Bond Portfolio. There
were no purchases or sales of long-term U.S. Government securities for the DSI
Small Cap Value Portfolio and the DSI Disciplined Value Portfolio.

I. Line of Credit: The DSI Small Cap Value, DSI Disciplined Value, DSI
Balanced, and DSI Limited Maturity Bond 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

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UAM FUNDS DSI PORTFOLIO

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a rate per annum equal to the Federal Funds rate plus 0.50%. In addition, a
commitment fee of 0.09% per annum, payable at the end of each calendar quarter,
is accrued by each participating portfolio based on its average daily unused
portion of the line of credit. During the year ended October 31, 2000, the
Portfolios had no borrowings under the agreement.

J. Other: At October 31, 2000, the percentage of total shares outstanding
held by record shareholders owning 10% or greater of the aggregate total shares
outstanding for each Portfolio was as follows:

No. of %
DSI Portfolios Shareholders Ownership
------------------- ------------- -----------
Small Cap Value ................................. 1 70.2%
Disciplined Value - Institutional Class ......... 2 72.2
Balanced ........................................ 1 99.9
Limited Maturity Bond ........................... 1 71.9
Money Market .................................... 2 57.1

At October 31, 2000, the following Portfolios had available capital loss
carryover for Federal income tax purposes, which will expire on the dates
indicated.

<TABLE>
<CAPTION>
October 31,
--------------------------------------------------------------------------------
DSI Portfolios 2001 2002 2003 2004 2005 2006 2007 2008 Total
----------------- ------ ------ ------ ------ ------ ------ ------ ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Disciplined Value 5,654,135 5,654,135
Balanced 2,188,925 2,188,925
Limited Maturity 8,328 1,606,712 68,688 137,755 243,544 19,744 343,587 430,832 2,859,190
Money Market 13,687 3,660 17,347
</TABLE>

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K. Capital Share Transactions: Transactions in capital shares for the
Portfolios, by class, were as follows:

<TABLE>
<CAPTION>
Institutional
Institutional Class Shares Service Class Shares
---------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended
October 31, October 31, October 31, October 31,
DSI Portfolios 2000 1999 2000 1999
-------------- ------------ ----------- ----------- -----------

<S> <C> <C> <C> <C>
Small Cap Value:*
Issued ......................... 622,475 1,737,728 --
In Lieu of Cash Distributions .. -- -- --
Redeemed ....................... (652,855) (53,310) --
------------ ----------- ----------- -----------
Net Increase (Decrease) from
Capital Share Transactions .. (30,380) 1,684,418 --
=========== =========== =========== ===========
Disciplined Value:**
Issued ......................... 398,454 876,964 17,018 134,021
In Lieu of Cash Distributions .. 666,752 684,531 233 167,901
Redeemed ....................... (2,458,718) (3,461,323) (268,585) (1,419,707)
----------- ----------- ----------- -----------
Net Decrease from Capital
Share Transactions .......... (1,393,512) (1,899,828) (251,334) (1,117,785)
=========== =========== =========== ===========
Balanced:
Issued ......................... 126,916 593,835 --
In Lieu of Cash Distributions .. 353,246 230,715 --
Redeemed ....................... (1,026,204) (1,469,429) --
----------- ----------- ----------- -----------
Net Decrease from Capital
Share Transactions .......... (546,042) (644,879) --
=========== =========== =========== ===========
Limited Maturity Bond:
Issued ......................... 28,552 2,208,432 --
In Lieu of Cash Distributions .. 115,399 181,650 --
Redeemed ....................... (989,030) (3,890,033) --
----------- ----------- ----------- -----------
Net Decrease from Capital
Share Transactions .......... (845,079) (1,499,951) --
=========== =========== =========== ===========
Money Market:
Issued ......................... 427,167,089 677,242,414 --
In Lieu of Cash Distributions .. 2,490,865 1,945,262 --
Redeemed ....................... (472,372,292) (703,666,583) --
----------- ----------- ----------- -----------
Net Decrease from Capital Share
Transactions ................ (42,714,338) (24,478,907) --
=========== =========== =========== ===========
</TABLE>

* The Small Cap Value Portfolio commenced operations on December 16, 1998.

** Institutional Service Class fully liquidated its assets on May 2, 2000.

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L. Subsequent Events: On November 20, 2000 the Board of Directors of UAM
Funds, approved the liquidation of DSI Disciplined Value Portfolio and DSI
Balanced Portfolio pending shareholder approval at a special meeting of
shareholders to be held on January 29, 2001.

On November 20, 2000, the Board of Directors of UAM Funds, Inc. approved interim
and new investment advisory agreements between Dwight Asset Management
Corporation and each of DSI Limited Maturity Bond Portfolio and DSI Money Market
Portfolio pending shareholder approval at a special meeting of shareholders to
be held on December 29, 2000. Such approvals were necessitated by the
anticipated merger of Dwight and DSI scheduled to take place on or about January
31, 2001.

On December 14, 2000, the Board of Directors of UAM Funds, Inc. approved
the investment advisory agreement between Independence Investment Associates,
Inc. and DSI Small Cap Value Portfolio pending shareholder approval at a special
meeting of shareholders to be held on January 31, 2001. Such approval was
necessitated by the anticipated change in investment advice from Dwight Asset
Management Corporation to Independence Investment Associates, Inc. scheduled to
take place on or about January 31, 2001.

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REPORT OF INDEPENDENT ACCOUNTANTS

To the Board of Directors of
UAM Funds, Inc. and Shareholders of
DSI Small Cap Value Portfolio
DSI Disciplined Value Portfolio
DSI Balanced Portfolio
DSI Limited Maturity Bond Portfolio
DSI Money Market 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 DSI Small Cap Value
Portfolio, DSI Disciplined Value Portfolio, DSI Balanced Portfolio, DSI Limited
Maturity Bond Portfolio and DSI Money Market Portfolio (the "Portfolios"), each
a portfolio of UAM Funds, Inc., at October 31, 2000, 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 accounting principles
generally accepted in the United States of America. These financial statements
and financial highlights (hereafter referred to as "financial statements") are
the responsibility of the 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 auditing
standards generally accepted in the United States of America, which require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits, which included confirmation
of securities at October 31, 2000 by correspondence with the custodian and
brokers, provide a reasonable basis for our opinion.

PRICEWATERHOUSECOOPERS LLP

Boston, Massachusetts
December 20, 2000

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Federal income Tax Information (Unaudited)
At October 31, 2000, the DSI Disciplined Value Portfolio and the DSI Balanced
Portfolio hereby designate $5,785,544 and $2,180,964, respectively as a
long-term gain dividend paid deduction on its Federal income tax return.

For the year ended October 31, 2000, the percentage of dividends paid that
qualify for the 70% dividend received deduction for corporate shareholders is
100% for the DSI Disciplined Value Portfolio and 39.5% for DSI Balanced
Portfolio.

For the year ended October 31, 2000, the percentage of income earned from direct
Treasury Obligations for the DSI Limited Maturity Bond Portfolio, the DSI
Balanced Portfolio and the DSI Money Market Portfolio was 8.1%, 11.6% and 7.2%,
respectively.

There was a special meeting of shareholders held on April 28, 2000, at which the
shareholders of the Institutional Service Class of the DSI Disciplined Value
Portfolio voted on a proposal to approve the liquidation and dissolution of the
Institutional Service Class of the DSI Disciplined Value Portfolio. The
following were the results of the vote:

Shares % %
Voted of Vote of Total
------------ ----------- -----------
For .......................... 1,589 100.00% 52.52%
Against ...................... -- -- --
Abstain ...................... -- -- --

The Institutional Service Class of the DSI Disciplined Value Portfolio fully
liquidated its assets on May 2, 2000.

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Officers and Directors

James F. Orr, III William H. Park
Director, President and Chairman Vice President

John T. Bennett, Jr. Gary L. French
Director Treasurer

Nancy J. Dunn Robert J. Della Croce
Director Assistant Treasurer

Philip D. English Linda T. Gibson, Esq.
Director Secretary

William A. Humenuk Martin J. Wolin, Esq.
Director Assistant Secretary

James P. Pappas Theresa DelVecchio
Vice President Assistant Secretary

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

UAM Funds
P.O. Box 219081
Kansas City, MO 64121
(toll free)
1-877-UAM-LINK (826-5465)
www.uam.com

Investment Adviser
Dewey Square Investors Corporation
One Financial Center - 24th floor
Boston, MA 02111

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.
--------------------------------