UAM FUNDS
ICM EQUITY PORTFOLIO
INSTITUTIONAL CLASS SHARES
Supplement dated June 4, 1997 to the Prospectus dated January 3, 1997
The following section is added after the section under the
heading "INVESTMENT ADVISER" on page 21 of the Prospectus:
ADVISER'S HISTORICAL PERFORMANCE
Below are certain performance data provided by the Adviser
pertaining to the portion of a separately managed account of the
Adviser that was managed with substantially similar (although not
necessarily identical) objective, policies and strategies as
those of the Equity Portfolio. The investment returns of the
Equity Portfolio may differ from those of the separately managed
account because such separately managed account may have had fees
and expenses that differ from those of the Equity Portfolio.
Further, the separately managed account was not subject to
investment limitations, diversification requirements and other
restrictions imposed by the Investment Company Act of 1940 and
Internal Revenue Code; such conditions, if applicable, may have
lowered the returns for the separately managed account. The
results presented are not intended to predict or suggest the
return to be experienced by the Equity Portfolio or the return an
investor might achieve by investing in the Equity Portfolio.
Investment Counselors of Maryland (ICM) Value Equity*
(Percentage Returns - Net of Management Fees)
Calendar Years ICM S&P 500
- -------------- ------- -------
11/1/90-12/31/90.................... 14.34% 9.43%
1991................................ 29.11% 30.47%
1992................................ 19.79% 7.62%
1/1/93-10/31/93..................... 11.79% 9.81%
36 Months ended 10/31/93
Annualized....................... 25.51% 19.05%
Cumulative....................... 97.69% 68.72%
36 Month Mean....................... 1.97% 1.51%
Two-Year Calendar Mean.............. 24.45% 19.05%
Value of $1 invested during 3 years
(11/1/90-10/31/93)............... $1.98 $1.69
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Notes:
1. The annualized return is calculated from monthly data,
allowing for compounding. Market Value of the account was
the sum of the account's total assets, including cash, cash
equivalents, short- term investments, and securities valued
at current market prices.
2. The cumulative return means that $1 invested in the
separately managed account on 11/1/90 had grown to $1.98 by
10/31/93.
3. The two-year mean is the arithmetic average of the annual
calendar year returns for the years listed. The 36-month
mean is the arithmetic average of the monthly returns for
the period 11/1/90-10/31/93.
4. The S&P 500 is an unmanaged index which assumes reinvestment
of dividends and is generally considered representative of
securities similar to those invested in by the Adviser for
the purpose of the performance numbers set forth above.
5. The Adviser's average annual management fee over the three-
year period (11/1/90-10/31/93) was 0.625% or 62.5 basis
points.
* As of the inception date of the Equity Portfolio, ICM stopped
separately managing this portion of the account. The tax
advantaged retirement plan assets comprising such account
were transferred to the ICM Equity Portfolio, which began
operations on 10/1/93 and utilizes a substantially similar
value equity style.
