UAM FUNDS, INC.
ICM Fixed Income Portfolio
Institutional Class Shares
Supplement dated October 29 1998
To the Prospectus dated January 22, 1998
The following information is provided to replace the list of investment
professionals at Investment Counselors of Maryland, Inc. (the
"Adviser" or "ICM") who are primarily responsible for the day-to-day
management of the Portfolio and the additional members of the
Adviser's team of professionals, as set forth on pages 26 and 27 under
the heading "INVESTMENT ADVISER":
The investment professionals of the Adviser who are primarily
responsible for the day-to-day operations of the Portfolio and a
description of their business experience during the past five years are as
follows:
Daniel O. Shackelford -- Senior Vice President. Mr.
Shackelford joined ICM in 1993. Prior to joining ICM, he was Assistant
Director of Investments for the University of North Carolina at Chapel
Hill. He has specific expertise in the utilization of financial futures and
options and came to ICM with thirteen years of experience in
international fixed income management. Mr. Shackelford is portfolio
manager for the ICM Fixed Income Fund and related separate accounts.
He received his B.S. degree in Business Administration from the
University of North Carolina and an M.B.A. from the Fugua School of
Business at Duke University. He is a Chartered Financial Analyst. Mr.
Shackelford has managed the ICM Fixed Income Portfolio since January
1994.
Additional members of the Adviser's team of professionals are
as follows:
Paul L. Borssuck -- Principal. Mr. Borssuck joined ICM in
1985 and heads the firm's Individual Capital Management Division. Prior
to joining ICM, Mr. Borssuck served as Chairman of the Investment
Policy Committee at Mercantile-Safe Deposit and Trust Company where
he managed portfolios for high net worth clients. Prior to that, he headed
the institutional funds management section at American Security and
Trust Company in Washington, D.C. Mr. Borssuck earned his B.S.
degree and M.B.A. from Lehigh University. He is a Chartered Financial
Analyst.
Robert F. Boyd -- Principal. Mr. Boyd joined ICM in 1995 as
Executive Vice President and Portfolio Manager. Before joining ICM,
Mr. Boyd was Managing Director and Portfolio Manager at Brandywine
Asset Management from 1993 to 1995. Prior to that, he was Senior Vice
President and Director of Equity and Quantitative Research at
Mercantile-Safe Deposit and Trust Company. Mr. Boyd earned his B.S.
degree from the University of Virginia and his M.B.A. at Columbia
University, after which he joined Smith Barney. He is a Chartered
Financial Analyst.
Linda W. McCleary -- Principal. Ms. McCleary is
responsible for the organization and administration of the Fixed Income
Group at ICM and manages fixed income portfolios. She joined ICM in
1978 having worked previously as a Trust Investment Officer at
Equitable Trust Company. She is a cum laude graduate of Smith College
and holds an M.B.A. from Loyola College.
Robert D. McDorman, Jr. -- Principal and Chief Investment
Officer. Mr. McDorman joined ICM in June 1985. His primary
responsibilities are the management of the ICM Small Company
Portfolio and related separate accounts and equity security analysis. Prior
to joining ICM, Mr. McDorman managed the Financial Industrial Income
Fund. Mr. McDorman earned his B.A. degree at Trinity College and his
law degree at the University of Baltimore. He is a Chartered Financial
Analyst.
Julie L. Hale -- Senior Vice President. Ms. Hale joined ICM
in 1998 with seventeen years of investment experience. Prior to joining
ICM, she was a Senior Vice President and mutual fund manager for
Nations Bank Corporation from 1991 to 1998. She has a B.S. degree
from Mt. St. Mary's College and an M.B.A. from Kent State University.
Ms. Hale is a Chartered Financial Analyst and a member of the National
Association of Petroleum Investment Analysts (NAPIA).
Simeon F. Wooten, III -- Senior Vice President. Mr. Wooten
joined ICM in 1998 as a research analyst and as a member of the
management team of the ICM Small Company Portfolio. Prior to joining
ICM, he served as Vice President/Research at Adams Express Company,
which he joined in 1980. He is a graduate of the Wharton School of the
University of Pennsylvania. Mr. Wooten is a Chartered Financial
Analyst and Certified Public Accountant.
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