UAM FUNDS, INC.
RICE, HALL, JAMES SMALL/MID CAP PORTFOLIO
INSTITUTIONAL CLASS SHARES
SUPPLEMENT DATED MAY 30, 1997 TO THE PROSPECTUS DATED
JANUARY 3, 1997
FINANCIAL HIGHLIGHTS
(Unaudited)
The following table provides financial highlights for
the Rice, Hall, James Small/Mid Cap Portfolio (the
"Portfolio") throughout the period presented and is part of
the Portfolio's unaudited financial statements for the
period ended April 30, 1997 which are included in the
Portfolio's Statement of Additional Information. The
Statement of Additional Information and the financial
statements therein are available at no cost and can be
requested by writing to the address or calling the telephone
number on the cover of the Prospectus. The following should
be read in conjunction with the financial statements
including the notes thereto.
Period from
November 1, 1996***
to April 30, 1997
(Unaudited)
Net Asset Value, Beginning of Period $10.00
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Income from Investment Operations
Net Investment Income 0.02
Net Realized and Unrealized Gain++ 0.21
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Total From Investment Operations 0.23
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Distributions
Net Investment Income (0.02)
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Total Distributions (0.02)
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Net Asset Value, End of Period $10.21
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______________________________________________________________________
Total Return 2.30%+**
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Ratios and Supplemental Data
Net Assets, End of Period (Thousands) $4,365
Ratio of Expenses to
Average Net Assets 1.25%*
Ratio of Net Investment
Income to Average Net Assets 0.39%*
Portfolio Turnover Rate 49% **
Average Commission Rate $0.0778
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Voluntary Waived Fees and Expenses
Assumed by the Adviser Per Share $0.09
Ratio of Expenses to Average Net
Assets Including Expense Offsets 1.25%*
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* Annualized
** Not Annualized
*** Commencement of Operations.
+ Total return would have been lower had certain fees not
been waived and expenses assumed by the Adviser during
the period.
++The amount shown for the period ended April 30, 1997 for
a share outstanding throughout that period does not
accord with the aggregate net losses on investments for
that period because of the timing of sales and
repurchases of the Portfolio shares in relation to
fluctuating market value of the investments of the
Portfolio.
