UAM FUNDS
NWQ PORTFOLIOS
INSTITUTIONAL CLASS SHARES
INSTITUTIONAL SERVICE CLASS SHARES
NWQ Balanced Portfolio
NWQ Value Equity Portfolio
SUPPLEMENT DATED APRIL 24, 1997 TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED JANUARY 3, 1997
The following information is added under the heading "INVESTMENT
ADVISER" on Pages 8-9 of the Statement of Additional Information:
PHILOSOPHY AND STYLE
The Adviser strives to achieve enhanced risk-adjusted
returns or what is commonly referred to as Northwest quadrant
performance. The Adviser utilizes a top-down, theme-driven
approach to value. The Adviser believes the most important
investment decision is determining the major, long-term, macro-
economic trends that drive market prices. From this macro-
economic standpoint, the Adviser develops a dominant theme that
focuses on those market sectors that they believe will be the
primary beneficiaries of underlying economic/monetary/social
trends. Within these sectors that possess a fundamental
"tailwind," the Adviser seeks to identify statistically
undervalued companies by applying traditional value screens. The
Adviser's fundamental research focuses on companies that possess
below-average price-to-book and price-to-earnings ratios and
above-average dividend yields. The Adviser's investment objective
is to achieve consistently enhanced returns on an absolute and
risk-adjusted basis, throughout a variety of economic
environments.
REPRESENTATIVE INSTITUTIONAL CLIENTS
As of the date of this Statement of Additional Information,
the Adviser's representative institutional clients included: the
Archdiocese of Milwaukee, Arizona State University Foundation,
Coldwell Banker, United States Air Force Association and the
Washington D.C. Metro Transit Authority.
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.
