<PAGE>
UAM FUNDS
DSI PORTFOLIOS
SUPPLEMENT DATED JANUARY 22, 1996
TO THE STATEMENT OF ADDITIONAL INFORMATION DATED
FEBRUARY 22, 1995, AS REVISED FEBRUARY 28, 1995 AND JUNE 15, 1995,
AND AS SUPPLEMENTED JULY 3, 1995 AND OCTOBER 31, 1995
The following information supplements the "Investment Adviser"
section:
DSI DISCIPLINED VALUE PORTFOLIO - INSTITUTIONAL CLASS AND
INSTITUTIONAL SERVICE CLASS SHARES
PHILOSOPHY/STYLE:
DSI's equity portfolio management approach is "value-oriented"
and makes use of a proprietary screen to rank a universe of 1,000
stocks according to relative attractiveness. The firm's
philosophy is derived from DSI's belief that low P/E, high yield
portfolios will generate superior results over time. Portfolios
are built from the "bottom-up," stock-by-stock, subject to a
disciplined diversification process which is intended to avoid
becoming overly concentrated in any one segment of the market.
The objective is to provide more consistent and less volatile
performance than other typical value managers.
REPRESENTATIVE INSTITUTIONAL CLIENTS:
- American Airlines
- Raytheon Corp.
- Bank of Boston
- Guy Gannett Publishing
- Reed & Barton
It is not known whether the listed clients approve or disapprove
of the Adviser or the advisory services provided. The Adviser
used objective criteria in compiling the client list, such as
account size, geographic location and client classification. The
Adviser did not use any performance based criteria.
DSI LIMITED MATURITY BOND PORTFOLIO - INSTITUTIONAL CLASS SHARES
PHILOSOPHY/STYLE:
DSI's fixed income philosophy is based on the premise that
investing for yield will produce superior results over the long
term. Therefore, the fixed income portfolio is constructed
primarily of corporate bonds, mortgage pass-throughs and other
high yielding sectors of the investment grade bond market.
Modest amounts of less than investment grade issues are used for
yield and diversification. The portfolio is built with an
emphasis on: higher yield relative to the benchmark in order to
provide superior investment return; investment grade securities
to provide safety of principal and stability; limited interest
rate anticipation to control market risk; and broad
diversification by sector and subsector to control portfolio
risk.
<PAGE>
REPRESENTATIVE INSTITUTIONAL CLIENTS:
- American Airlines
- Raytheon Corp.
- Bank of Boston
- Guy Gannett Publishing
- Reed & Barton
It is not known whether the listed clients approve or disapprove
of the Adviser or the advisory services provided. The Adviser
used objective criteria in compiling the client list, such as
account size, geographic location and client classification. The
Adviser did not use any performance based criteria.
