UAM FUNDS
SIRACH PORTFOLIOS
INSTITUTIONAL CLASS SHARES
INSTITUTIONAL SERVICE CLASS SHARES
Sirach Growth Portfolio
Sirach Special Equity Portfolio
Sirach Strategic Balanced Portfolio
Sirach Fixed Income Portfolio
Sirach Short-Term Reserves Portfolio
Sirach Equity Portfolio
Supplement dated June 20, 1997 to the
Statement of Additional Information dated January 3, 1997
The following information is provided to supplement the list of
publications, indices and averages as set forth on Pages 17-19 under the
heading "PERFORMANCE CALCULATIONS - COMPARISONS":
(bb) Russell 1000 Index - consists of the 1,000 largest
securities in the Russell 3000 Index. This large capitalization
(market-oriented) index represents the universe of stocks from
which most active money managers typically select. The Russell
1000 is highly correlated with the S&P 500 Index.
(cc) Russell 1000 Growth Index - contains those Russell 1000
securities with a greater-than-average growth orientation.
Securities in this index tend to exhibit higher price-to-book
and price-earnings ratios, lower dividends and higher forecasted
growth values than the Value universe.
(dd) Russell 1000 Value Index - contains those Russell 1000
securities with a less-than-average growth orientation. It
represents the universe of stocks from which value managers
typically select. Securities in this index tend to exhibit low
price-to-book and price-earnings ratios, higher dividend yields
and lower forecasted growth values than the Growth universe.
(ee) Russell 2000 Growth Index - contains those Russell 2000
securities with a greater-than-average growth orientation.
Securities in this index tend to exhibit higher price-to-book
and price-earnings ratios, lower dividend yields and higher
forecasted growth values than the Value universe.
(ff) Russell 2000 Value Index - contains those Russell 2000
securities with a less-than-average growth orientation.
Securities in this index tend to exhibit lower price-to-book and
price-earnings ratios, higher dividend yields and lower
forecasted growth values than the Growth universe.
(gg) Russell 2500 Index - consists of the bottom 500 securities
in the Russell 1000 Index and all 2,000 securities in the
Russell 2000 Index, representing approximately 23% of the
Russell 3000 total market capitalization. This index is a good
measure of small to medium-small stock performance.
(hh) Russell 3000 Index - composed of 3,000 large U.S.
securities, as determined by total market capitalization. This
index represents approximately 98% of the investable U.S. equity
market. The largest security has a market capitalization of
approximately $85 billion; the smallest is approximately $90
million.
In addition, the following information replaces (s) on Page 18 under the
heading "PERFORMANCE CALCULATIONS - COMPARISONS":
(s) Composite Indices - 70% Standard & Poor's 500 Stock Index and
30% NASDAQ Industrial Index; 35% Standard & Poor's 500 Stock
Index and 65% Salomon Brothers High Grade Bond Index; all stocks
on the NASDAQ system exclusive of those traded on an exchange;
65% Standard & Poor's 500 Stock Index and 35% Salomon Brothers
High Grade Bond Index; 50% Standard & Poor's 500 Stock Index and
50% Lehman Brothers Aggregate Bond Index; and 50% Standard &
Poor's 500 Stock Index and 50% Lehman Brothers
Government/Corporate Index.
