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UAM Funds
Funds for the Informed Investor(SM)
TJ Core Equity Portfolio
Semi-Annual Report October 31, 2000
[LOGO OF UAM]
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UAM FUNDS TJ CORE EQUITY PORTFOLIO
OCTOBER 31, 2000
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TABLE OF CONTENTS
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Shareholders' Letter ...................................................... 1
Portfolio of Investments .................................................. 4
Statement of Assets and Liabilities ....................................... 7
Statement of Operations ................................................... 8
Statement of Changes in Net Assets ........................................ 9
Financial Highlights ...................................................... 10
Notes to Financial Statements ............................................. 11
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UAM FUNDS TJ CORE EQUITY PORTFOLIO
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October 31, 2000
Dear Shareholders:
For the six month period ending October 31, 2000 Wall Street remained optimistic
that the summer rally which started in May would continue to be supported by
positive news regarding economic growth, a strong earnings outlook, subdued
inflationary pressures, and the Federal Reserve leaving interest rates
unchanged. However, conflicting signals between slower economic growth's impact
on future corporate profits, and economic growth robust enough to cause
inflationary concerns, put downward pressure on the domestic markets. As a
result, the markets suffered from a lack of investor convictions and profit
taking intensified through October 31.
Earnings worries, rather than fears regarding our economy, seem to be the main
culprit behind the recent pullback in stock prices. The slowdown in earnings
expectations is due to our slowing economic growth, rising energy prices, and
the worsening economic situation in Europe due to the weakening "Euro". Recent
announcements by companies in various sectors (Aluminum, Technology, Auto Parts,
and Retailing) clearly show that profit expectations are beginning to wane.
Profit concerns are a potential problem that investors have not had to grapple
with for a number of years. With the economy now predicted to slow and the
Federal Reserve expected to leave interest rates unchanged, investor attention
will now focus entirely on company earnings announcement. Investors' level of
interest will not be on what took place in the third quarter, but more
importantly, what will be management's comments about their future outlook
regarding demand, inventories, competition, revenue growth, profits, and pricing
power.
Acknowledging that the recent economic data show a slowing economy, the Federal
Reserve and Mr. Greenspan held interest rates steady at their July and August
meetings. Yet, the Federal Reserve continues to express concern over the risk of
higher inflation and remains poised to raise short-term interest rates further
if conditions are warranted. The latest Gross Domestic Product (G.D.P.) figures
for the second quarter still show our economy growing at a stronger than
expected rate of 5.6%. The higher growth was due to inflated inventories,
increased government expenditures, and improved exports. Consensus expectations
are now forecasting that our economy will show a slower rate of growth
(3.5-4.0%) during the second half of this year as the higher inventories are
reduced and government spending returns to more normal levels. Healthy
productivity gains are keeping inflationary pressures at bay. However, the one
fly in the ointment on the inflationary front that nobody seems to be
particularly concerned about is higher energy
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UAM FUNDS TJ CORE EQUITY PORTFOLIO
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prices. While many are viewing the increased energy prices as a short-term
phenomenon, higher energy prices on a sustained basis will intensify pressure on
businesses to raise prices in an attempt to stay ahead of any inflationary
problems. With higher energy prices and economic growth still north of 5%, the
Federal Reserve is still faced with some difficult decisions regarding future
monetary policies. From an historical standpoint, the Federal Reserve has been
reluctant to raise rates this close to a presidential election. Thus, barring
some unusual news event, we expect the Fed to remain on the sidelines until
after the end of this year.
The advisor's strong disciplines and conservative investment philosophy led to
favorable relative performance versus the S&P 500 with positive contributions
coming from Financial, Capital Goods, Energy, and Utility holdings. During the
six months ended October 31, the UAM TJ Core Equity Fund returned a -.04%
compared to a -1.03% for the S&P 500 index. During the last six months, the
advisor increased the fund's holdings in the Energy and Financial sectors, while
reducing the exposure to the Consumer Cyclical and Transportation sectors.
Ten Largest Equity Holdings
(as of 10/31/00)
1. Fannie Mae 6. Pepsi Co.
2. Allstate Inc. 7. SPX Corp.
3. Tyco Intl. 8. Bristol-Myers Inc.
4. Coastal Corp. 9. Solectron Corp.
5. Conoco Inc. 10. SBC Communications
As value oriented investors, we view the recent weakness in the markets as an
opportunity to accumulate what we perceive to be good quality companies at
attractive prices. We will continue to emphasize those stocks where we see a
strong management team, positive earnings momentum, dominant competitive
position, and selling at attractive valuations. Conversely, we will move out of
those issues where we see weakening fundamentals, and/or overvalued prices.
Sincerely,
Tom Johnson Investment Management, Inc.
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All performance presented in this report is historical and should not be
construed as a guarantee of future results. The investment return and principal
value of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost. A portfolio's
performance assumes the reinvestment of all dividends and capital gains.
There are no assurances that a portfolio will meet its stated objectives.
A portfolio's holdings and allocations are subject to change because it is
actively managed and should not be considered recommendations to buy individual
securities.
Definition of the Comparative Indices
-------------------------------------
S&P 500 Index is an unmanaged index comprised of stocks representing major U.S.
market industries, including 400 industrial stocks, 40 financial stocks, 40
utility stocks and 20 transportation stocks.
Index returns assume reinvestment of dividends and, unlike a portfolio's
returns, do not reflect any fees or expenses. If such fees and expenses were
included in the index returns, the performance would have been lower.
Please note that one cannot invest directly in an unmanaged index.
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UAM FUNDS TJ CORE EQUITY PORTFOLIO
OCTOBER 31, 2000 (Unaudited)
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PORTFOLIO OF INVESTMENTS
COMMON STOCKS - 94.0%
<TABLE>
<CAPTION>
Shares Value
---------- ------------
BASIC MATERIALS -- 2.6%
<S> <C> <C>
International Paper ............................. 7,000 $ 256,375
USX-U.S. Steel Group ............................ 9,000 143,438
------------
399,813
------------
CAPITAL GOODS -- 12.7%
Emerson Electric ................................ 5,000 367,188
Solectron* ...................................... 10,500 462,000
SPX* ............................................ 4,000 494,500
Tyco International .............................. 11,500 651,906
------------
1,975,594
------------
COMMUNICATION SERVICES -- 6.7%
AT&T ............................................ 5,001 115,961
BellSouth ....................................... 5,000 241,563
SBC Communications .............................. 8,000 461,500
WorldCom* ....................................... 9,000 213,750
------------
1,032,774
------------
CONSUMER CYCLICALS -- 2.6%
Brunswick ....................................... 8,000 155,500
Target .......................................... 9,100 251,388
------------
406,888
------------
CONSUMER STAPLES -- 10.2%
Heinz (H.J.) .................................... 8,000 335,500
PepsiCo ......................................... 11,000 532,812
Sara Lee ........................................ 19,500 420,469
Tricon Global Restaurants* ...................... 9,500 285,000
------------
1,573,781
------------
ENERGY -- 10.8%
Conoco, Cl B .................................... 21,500 584,531
Exxon Mobil ..................................... 5,000 445,937
Halliburton ..................................... 9,300 344,681
Schlumberger .................................... 4,000 304,500
------------
1,679,649
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
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UAM FUNDS TJ CORE EQUITY PORTFOLIO
OCTOBER 31, 2000 (Unaudited)
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COMMON STOCKS - continued
<TABLE>
<CAPTION>
Shares Value
---------- -----------
FINANCE, INSURANCE & REAL ESTATE -- 15.7%
<S> <C> <C>
Allstate ........................................ 17,000 $ 684,250
Bank of America ................................. 9,600 461,400
Fannie Mae ...................................... 10,000 770,000
First Union ..................................... 10,000 303,125
Suntrust Banks .................................. 4,500 219,656
------------
2,438,431
------------
HEALTH CARE -- 8.1%
Bristol-Myers Squibb ............................ 8,000 487,500
Johnson & Johnson ............................... 3,500 322,437
Merck ........................................... 5,000 449,688
------------
1,259,625
------------
TECHNOLOGY -- 18.4%
Agilent Technologies* ........................... 3,100 143,569
Avaya* .......................................... 666 8,949
Avnet ........................................... 11,000 295,625
Computer Associates International ............... 14,200 452,625
Dell Computer* .................................. 4,000 118,000
Intel ........................................... 9,000 404,438
International Business Machines ................. 3,500 344,750
Lucent Technologies ............................. 8,000 186,500
Microsoft* ...................................... 4,300 296,162
Nokia ADR ....................................... 4,100 175,275
Tellabs* ........................................ 8,600 429,462
------------
2,855,355
------------
UTILITIES -- 6.2%
Coastal ......................................... 8,000 603,500
Scana ........................................... 13,500 357,750
------------
961,250
------------
TOTAL COMMON STOCKS
(Cost $14,269,126) ........................... 14,583,160
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
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UAM FUNDS TJ CORE EQUITY PORTFOLIO
OCTOBER 31, 2000 (Unaudited)
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SHORT TERM INVESTMENTS - 7.1%
<TABLE>
<CAPTION>
Face
Amount Value
------------ ------------
REPURCHASE AGREEMENT -- 7.1%
<S> <C> <C>
Chase Securities, Inc. 6.35%, dated 10/31/00,
due 11/01/00, to be repurchased at $1,098,194,
collateralized by $822,428 of various
U.S. Treasury Obligations valued
at $1,098,021 (Cost $1,098,000) .............. $ 1,098,000 $ 1,098,000
------------
TOTAL INVESTMENTS -- 101.1%
(Cost $15,367,126) (a) ....................... 15,681,160
------------
OTHER ASSETS AND LIABILITIES, NET -- (1.1%) ...... (176,706)
------------
TOTAL NET ASSETS -- 100.0% ....................... $ 15,504,454
============
</TABLE>
* Non-Income Producing Security
Cl Class
ADR American Depository Receipt
(a) The cost for federal income tax purposes was $15,367,126. At October 31,
2000, net unrealized appreciation for all securities based on tax cost was
$314,034. This consisted of aggregate gross unrealized appreciation for all
securities of $1,778,798 and aggregate gross unrealized depreciation for
all securities of $1,464,764.
The accompanying notes are an integral part of the financial statements.
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UAM FUNDS TJ CORE EQUITY PORTFOLIO
OCTOBER 31, 2000 (Unaudited)
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STATEMENT OF ASSETS AND LIABILITIES
Assets
Investments, at Cost ............................................. $15,367,126
===========
Investments, at Value -- Note A .................................. $15,681,160
Receivable for Portfolio Shares Sold ............................. 40,970
Dividends and Interest Receivable ................................ 9,604
Receivable from Investment Adviser -- Note B ..................... 2,782
Other Assets ..................................................... 14,217
-----------
Total Assets .................................................. 15,748,733
-----------
Liabilities
Payable for Portfolio Shares Redeemed ............................ 190,764
Payable to Custodian Bank ........................................ 21,175
Payable for Distribution and Service Fees -- Note E .............. 6,788
Payable for Custodian Fees -- Note D ............................. 5,490
Payable for Administrative Fees -- Note C ........................ 4,525
Other Liabilities ................................................ 15,537
-----------
Total Liabilities ............................................. 244,279
-----------
Net Assets ....................................................... $15,504,454
===========
Net Assets Consist of:
Paid in Capital .................................................. 15,159,822
Undistributed Net Investment Income .............................. 10,922
Accumulated Net Realized Gain .................................... 19,676
Unrealized Appreciation .......................................... 314,034
-----------
Net Assets ....................................................... $15,504,454
===========
Institutional Service Class Shares
Shares Issued and Outstanding (Unlimited
authorization no par value) ................................... 852,792
Net Asset Value, Offering and Redemption Price Per Share ......... $ 18.18
===========
The accompanying notes are an integral part of the financial statements.
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UAM FUNDS TJ CORE EQUITY PORTFOLIO
FOR THE SIX MONTHS ENDED
OCTOBER 31, 2000 (Unaudited)
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STATEMENT OF OPERATIONS
Investment Income
Dividends .................................................... $ 202,592
Interest ..................................................... 49,984
-----------
Total Income .............................................. 252,576
-----------
Expenses
Investment Advisory Fees -- Note B ........................... 109,945
Administrative Fees -- Note C ................................ 52,317
Distribution and Service Fees -- Note E ...................... 36,648
Registration and Filing Fees ................................. 11,196
Printing Fees ................................................ 8,803
Audit Fees ................................................... 7,016
Custodian Fees -- Note D ..................................... 4,310
Legal Fees ................................................... 1,490
Trustees' Fees -- Note F ..................................... 1,398
Other Expenses ............................................... 13,006
Investment Advisory Fees Waived -- Note B .................... (62,612)
-----------
Net Expenses Before Expense Offset ........................ 183,517
-----------
Expense Offset -- Note A ..................................... (275)
-----------
Net Expenses After Expense Offset ......................... 183,242
-----------
Net Investment Income ........................................ 69,334
-----------
Net Realized Loss on Investments ............................. (1,944,711)
Net Change in Unrealized Appreciation
(Depreciation) of Investments ............................... 1,210,126
-----------
Net Loss on Investments ...................................... (734,585)
-----------
Net Decrease in Net Assets Resulting From Operations ......... $ (665,251)
===========
The accompanying notes are an integral part of the financial statements.
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STATEMENT OF CHANGES IN NET ASSETS
For the
Six Months Year
Ended October Ended
31, 2000 April 30,
(Unaudited) 2000
---------------- -------------
Increase (Decrease) in Net Assets
Operations:
Net Investment Income ....................... $ 69,334 $ 146,463
Net Realized Gain (Loss) .................... (1,944,711) 2,048,144
Net Change in Unrealized
Appreciation (Depreciation) ............... 1,210,126 (4,480,319)
------------ ------------
Net Decrease in Net Assets
Resulting from Operations ................. (665,251) (2,285,712)
------------ ------------
Distributions:
Net Investment Income ....................... (58,412) (146,463)
Net Realized Gain ........................... -- (1,049,391)
------------ ------------
Total Distributions ......................... (58,412) (1,195,854)
------------ ------------
Capital Share Transactions: (1)
Issued ...................................... 4,531,157 39,975,252
In Lieu of Cash Distributions ............... 55,711 1,149,876
Redeemed .................................... (28,550,100) (18,827,865)
------------ ------------
Net Increase (Decrease) from Capital
Share Transactions ........................ (23,963,232) 22,297,263
------------ ------------
Total Increase (Decrease) ................. (24,686,895) 18,815,697
Net Assets:
Beginning of Year ........................... 40,191,349 21,375,652
------------ ------------
End of Period (including undistributed
net investment income
of $10,922 and $0, respectively) .......... $ 15,504,454 $ 40,191,349
============ ============
(1) Share Issued and Redeemed:
Shares Issued ............................... 250,633 2,084,038
In Lieu of Cash Distributions ............... 3,073 62,509
Redeemed .................................... (1,605,794) (1,027,703)
------------ ------------
Net Increase (Decrease) in Shares Outstanding (1,352,088) 1,118,844
============ ============
The accompanying notes are an integral part of the financial statements.
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FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Period
For the
Six Months
Ended September 28,
October 31, Years Ended April 30, 1995*** to
2000 --------------------------------------------------------- April 30,
(Unaudited) 2000 1999 1998 1997 1996
------------- ------------- ------------- ------------- ------------ ------------
Net Asset Value,
<S> <C> <C> <C> <C> <C> <C>
Beginning of Period ....... $ 18.23) $ 19.68 $ 17.30 $ 13.05 $ 11.05 $ 10.00
------------- ------------- ------------- ------------- ------------ ------------
Income from Investment
Operations
Net Investment Income ........ 0.05 0.08 0.10 0.10 0.12 0.06
Net Realized and Unrealized
Gain (Loss) ............... (0.06)@ (0.96) 4.29 4.55 2.08 1.05
------------- ------------- ------------- ------------- ------------ ------------
Total from Investment
Operations ................ (0.01) (0.88) 4.39 4.65 2.20 1.11
------------- ------------- ------------- ------------- ------------ ------------
Distributions
Net Investment Income ........ (0.04) (0.08) (0.10) (0.11) (0.11) (0.06)
Net Realized Gain ............ -- (0.49) (1.91) (0.29) (0.09) --
------------- ------------- ------------- ------------- ------------ ------------
Total Distributions .......... (0.04) (0.57) (2.01) (0.40) (0.20) (0.06)
------------- ------------- ------------- ------------- ------------ ------------
Net Asset Value,
End of Period ............. $ 18.18 $ 18.23 $ 19.68 $ 17.30 $ 13.05 $ 11.05
============= ============= ============= ============= ============ ============
Total Return ................. (0.04)%** (4.50)% 27.34% 36.05% 20.14% 11.13%**
============= ============= ============= ============= ============ ============
Ratios and Supplemental
Data
Net Assets, End of
Period (Thousands) ........ $ 15,504 $ 40,191 $ 21,376 $ 11,348 $ 2,888 $ 1,023
Ratio of Expenses to
Average Net Assets ........ 1.25%* 1.26% 1.25% 1.25% 1.26% 1.38%*
Ratio of Net Investment
Income to Average Net
Assets ...................... 0.47%* 0.41% 0.50% 0.74% 1.07% 1.06%*
Portfolio Turnover Rate ...... 25% 63% 54% 52% 27% 17%
</TABLE>
* Annualized
** Not Annualized
*** Commencement of Operations
+ Total return would have been lower if the Adviser had not waived fees
during the period 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.
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NOTES TO FINANCIAL STATEMENTS (Unaudited)
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 TJ Core Equity Portfolio (the "Portfolio"), a portfolio of UAM
Funds Trust, is a diversified open-end management investment company. At October
31, 2000, the UAM Funds were comprised of 49 active portfolios. The information
presented in the financial statements pertains only to the Portfolio. The
objective of the Portfolio is to provide maximum total return consistent with
reasonable risk to principal by investing in the common stock of quality
companies with lower valuations in sectors of the economy exhibiting strong, or
improving relative performance.
A. Significant Accounting Policies: The following significant accounting
policies are in conformity with generally accepted accounting principles. Such
policies are consistently followed by the Portfolio in the preparation of its
financial statements. Generally accepted accounting principles may require
Management to make estimates and assumptions that affect the reported amounts
and disclosures in the financial statements. Actual results may differ from
those estimates.
1. Security Valuation: Investments for which market quotations are
readily available are stated at market value, which is determined using the
last reported sales price from the exchange where the security is primarily
traded. If no sales are reported, as in the case of some securities traded
over-the-counter, the market value is determined by using the last reported
bid price. Short-term investments with maturities of sixty days or less at
time of purchase are valued at amortized cost, if it approximates market
value. The value of other assets and securities for which no quotations are
readily available is determined in good faith at fair value following
procedures approved by the Board of Trustees.
2. Federal Income Taxes: It is the Portfolio's intention to qualify as
a regulated investment company under Subchapter M of the Internal Revenue
Code and to distribute all of its taxable income. Accordingly, no provision
for Federal income taxes is required in the financial statements.
3. Repurchase Agreements: In connection with transactions involving
repurchase agreements, the Portfolio's custodian bank takes possession of
the underlying securities ("collateral"), the value of which exceeds the
principal amount of the repurchase transaction, including accrued interest.
To the extent that any repurchase transaction exceeds one business day, the
value of the collateral is monitored on a daily basis to determine the
adequacy of the collateral.
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In the event of default on the obligation to repurchase, the Portfolio has
the right to liquidate the collateral and apply the proceeds in
satisfaction of the obligation. In the event of default or bankruptcy by
the counterparty to the 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. Distributions to Shareholders: The Portfolio will distribute
substantially all of its net investment income quarterly. Any realized net
capital gains will be distributed at least annually. All distributions are
recorded on ex-dividend date.
The amount and character of income and capital gain distributions to be
paid are determined in accordance with Federal income tax regulations which
may differ from generally accepted accounting principles. These differences
are primarily due to differing book and tax treatments in the timing of the
recognition of gains or losses on investments.
Permanent book and tax basis differences relating to shareholder
distributions may result in reclassifications to undistributed net
investment income (loss), accumulated net realized gain (loss) and paid in
capital.
Permanent book-tax differences, if any, are not included in ending
undistributed net investment income (loss) for the purpose of calculating
net investment income (loss) per share in the financial highlights.
5. Other: Security transactions are accounted for on trade date, the
date the trade is executed. Costs used in determining realized gains and
losses on the sale of investment securities are based on the specific
identification method. Dividend income is recorded on the ex-dividend date.
Interest income is recognized on the accrual basis. Most expenses of the
UAM Funds can be directly attributed to a particular portfolio. Expenses
that cannot be directly attributed to a portfolio or share class are
apportioned among the portfolios of the UAM Funds based on their relative
net assets. Custodian fees for the Portfolio are shown gross of expense
offsets, if any, for custodian balance credits.
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B. Investment Advisory Services: Under the terms of an investment advisory
agreement, Tom Johnson Investment Management, Inc. (the "Adviser"), a subsidiary
of United Asset Management Corporation ("UAM"), provides investment advisory
services to the Portfolio at a monthly fee calculated at an annual rate of 0.75%
of average daily net assets. Through January 1, 2002, the Adviser has
voluntarily agreed to waive a portion of its advisory fees and to assume
expenses, if necessary, in order to keep the Portfolio's total annual operating
expenses, after the effect of expense offset arrangements, from exceeding 1.25%
of average daily net assets. Old Mutual, Plc. gained control of United Asset
Management on September 26, 2000.
C. Administrative Services: UAM Fund Services, Inc. (the "Administrator"),
a wholly-owned subsidiary of UAM, provides and oversees administrative, fund
accounting, dividend disbursing, shareholder servicing and transfer agent
services to the Portfolio under a Fund Administration Agreement (the
"Agreement"). The Administrator has entered into separate Service Agreements
with SEI Investments Mutual Funds Services ("SEI"), a wholly-owned subsidiary of
SEI Investments Company, DST Systems, Inc. ("DST"), and UAM Shareholder Service
Center ("UAMSSC"), an affiliate of UAM, to assist in providing certain services
to the Portfolio.
Pursuant to the Agreement, the Portfolio pays the Administrator 0.073% per
annum of the average daily net assets of the Portfolio, an annual base fee of
$72,500, and a fee based on the number of active shareholder accounts.
For the six months ended October 31, 2000, the Administrator was paid
$52,317, of which $22,042 was paid to SEI for their services, $7,980 to DST for
their services, and $6,162 to UAMSSC for their services.
D. Custodian: The Chase Manhattan Bank is custodian for the Portfolio's
assets held in accordance with the custodian agreement. As a part of the
custodian agreement, the custodian has a lien on the securities of the Portfolio
to cover any advances made by the custodian to the Portfolio.
E. Distribution Services: UAM Fund Distributors, Inc. (the "Distributor"),
a wholly-owned subsidiary of UAM, distributes the shares of the Portfolio. The
Portfolio has adopted Distribution and Service Plans (the "Plans") pursuant to
Rule 12b-1 under the Investment Company Act of 1940. Under the Plans, the
Portfolio may not incur distribution and service fees which exceed an annual
rate of 0.75% of the Portfolio's net assets, however, the Board has currently
limited aggregate payments under the Plans to 0.50% per annum of the Portfolio's
net assets. The Portfolio is not currently making payments for distribution
fees, however the Portfolio does pay service fees at an annual rate of 0.25% of
the average daily value of shares owned by clients of the Service Agents.
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F. Trustees' Fees: Each Trustee, who is not an officer or affiliated
person, receives $3,000 per meeting attended plus reimbursement of expenses
incurred in attending Trustee meetings, which is allocated proportionally among
the active portfolios of UAM Funds, plus a quarterly retainer of $200 for each
active portfolio of the UAM Funds.
G. Purchases and Sales: For the six months ended October 31, 2000, the
Portfolio made purchases of $6,582,039 and sales of $30,577,639 of investment
securities other than long-term U.S. Government and short-term securities. There
were no purchases or sales of long-term U.S. Government securities.
H. Line of Credit: The Portfolio, along with certain other portfolios of
UAM Funds, collectively entered into an agreement which enables them to
participate in a $100 million unsecured line of credit with several banks.
Borrowings will be made solely to temporarily finance the repurchase of capital
shares. Interest is charged to each participating Portfolio based on its
borrowings at a rate per annum equal to the Federal Funds rate plus 0.50%. In
addition, a commitment fee of 0.09% per annum, payable at the end of each
calendar quarter is accrued by each participating Portfolio based on its average
daily unused portion of the line of credit. During the six months ended October
31, 2000, the Portfolio had no borrowings under the agreement.
I. Other: At October 31, 2000, 47% of total shares outstanding were held by
2 record shareholders, each owning more than 10% or greater of the aggregate
total shares outstanding.
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<NOTES>
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<NOTES>
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UAM FUNDS TJ CORE EQUITY PORTFOLIO
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OFFICERS AND TRUSTEES
James F. Orr, III William H. Park
Trustee, President and Chairman Vice President
John T. Bennett, Jr. Gary L. French
Trustee Treasurer
Nancy J. Dunn Robert J. Della Croce
Trustee Assistant Treasurer
Philip D. English Linda T. Gibson, Esq.
Trustee Secretary
William A. Humenuk Martin J. Wolin, Esq.
Trustee 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
Tom Johnson Investment Management, Inc.
211 North Robinson, Suite 450
Oklahoma City, OK 73102
Distributor
UAM Fund Distributors, Inc.
211 Congress Street
Boston, MA 02110
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This report has been prepared for
shareholders and may be distributed
to others only if preceded or
accompanied by a current prospectus.
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Supplement dated October 27, 2000, to the Annual Report of the Financials for
the TJ Core Equity Portfolio.
The Annual Report is hereby supplemented to reflect the following:
On November 02, 2000, there was a Special Meeting of Shareholders of the
Fund, at which the shareholders of the Portfolio voted on the listed
proposals. The following were the results of the vote:
<TABLE>
<CAPTION>
For: Against: Abstain:
---------- -------- --------
<S> <C> <C> <C>
1.To elect the Trustees/Directors.
01) John T. Bennett, Jr. ........................ 19,010,168 -- 451,579
02) Nancy J. Dunn................................ 19,032,354 -- 429,393
03) William A. Humenuk........................... 19,032,469 -- 429,278
04) Philip D. English............................ 19,032,469 -- 429,278
05) James F. Orr, III............................ 19,030,371 -- 431,371
2.To approve the proposed change of the investment objective of the Fund from
fundamental to non-fundamental.
403,412 9,888 4,587
3.To approve the proposed changes to the Fund's fundamental investment
restrictions.
a) Diversification of Investments:............... 397,999 1,374 18,514
b) Borrowing:.................................... 397,999 1,374 18,514
c) Issuing of Senior Securities:................. 397,999 1,374 18,514
d) Underwriting:................................. 397,999 1,374 18,514
e) Industry Concentration:....................... 397,999 1,374 18,514
f) Investment in Real Estate:.................... 397,999 1,374 18,514
g) Commodities:.................................. 397,999 1,374 18,514
h) Lending:...................................... 397,999 1,374 18,514
i) Illiquid Securities:.......................... 397,999 1,374 18,514
j) Control or Management:........................ 397,999 1,374 18,514
k) Unseasoned Issuers:........................... 397,999 1,374 18,514
l) Borrowing exceeding 5%:....................... 397,999 1,374 18,514
m) Pledging:..................................... 397,999 1,374 18,514
</TABLE>
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<TABLE>
<CAPTION>
For: Against: Abstain:
------- -------- --------
<S> <C> <C> <C>
n) Margin Purchases and Short Sales:............... 397,999 1,374 18,514
o) Directors' Ownership of Shares:................. 397,999 1,374 18,514
p) Interest in Oil, Gas or Other Mineral
Exploration or Development Programs:............ 397,999 1,374 18,514
q) Futures and Options:............................ 397,999 1,374 18,514
4.To ratify the selection of PricewaterhouseCoopers LLP as the independent
auditors.
585,625 537 3,091
5.To approve an Interim Investment Advisory Agreement between each Fund and
its investment adviser.
583,078 3,084 3,091
6.To approve an Investment Advisory Agreement between the Fund and its
investment adviser, subject to completion of the merger between United Asset
Management Corporation and Old Mutual Plc.
583,078 3,084 3,091
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