UAM FUNDS
FMA SMALL COMPANY PORTFOLIO
INSTITUTIONAL CLASS SHARES
INSTITUTIONAL SERVICE CLASS SHARES
Supplement dated June 13, 1997 to the
Statement of Additional Information dated January 3, 1997
The following information is added under the heading "INVESTMENT
ADVISER" on Page 8 of the Statement of Additional Information:
PHILOSOPHY AND STYLE
As a "value style" investment manager, the Adviser buys
stocks in a mix of industries which it feels are undervalued.
When the Adviser believes the industry has become unattractive,
the Adviser will move to another industry which it feels has more
investment potential. By consistently monitoring the Portfolio,
the Adviser seeks to preserve assets in uncertain economic
environments and allow for capital appreciation in rising
markets.
REPRESENTATIVE INSTITUTIONAL CLIENTS
As of the date of this Statement of Additional Information,
the Adviser's representative institutional clients included:
Loras College, Peer Bearing Company and Illinois Forge, Inc.
In compiling this client list, the Adviser used objective
criteria such as account size, geographic location and client
classification. The Adviser did not use any performance-based
criteria. It is not known whether these clients approve or
disapprove of the Adviser or the advisory services provided.
