UAM FUNDS, INC.
FMA Small Company Portfolio
Supplement dated October 1, 1998
To the Prospectus dated January 22, 1998
The Prospectus of the Portfolio is hereby revised by replacing
the investment professional of the Adviser who was primarily
responsible for the day-to-day management of the Portfolio with
the following personnel.
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:
Kathryn A. Vorisek - Vice President & Portfolio Manager
Ms. Vorisek joined Fiduciary Management Associates, Inc.
("FMA") in 1996 with a broad background in the investment field.
Previous responsibilities include serving as Vice President in the
fixed income and equity departments at Duff & Phelps
Corporation from 1989 to 1996. Prior to that, she served as an
institutional equity salesperson at Lehman Brothers. After
receiving her B.S. degree in Finance from Marquette University,
Ms. Vorisek earned her Masters in Management degree from
Northwestern University in Finance and International Business.
She is a member of the Chicago Energy Analysts Society and the
Investment Analysts Society of Chicago.
Philip E. Arnold, CFA - Chairman of Executive Committee, CIO
Mr. Arnold co-founded FMA in 1980, where he currently serves
as Chairman of the Executive Committee and Chief Investment
Officer. Mr. Arnold has a wide ranging background in all facets
of the investment business, which includes managing a variety of
portfolios for a major Midwestern university, and founding an
investment advisory firm where he supervised all research and
portfolio activities. Mr. Arnold is well-known to the Chicago
investment community. He is a member of the Board of Directors
of the Investment Analyst Society and a past president of the
organization. He is a member of the Financial Analyst Federation
and the Institute of Chartered Financial Analysts. Mr. Arnold
graduated from Northwestern University where he earned his B.A.
in Mathematics and M.B.A in Finance.
Douglas G. Madigan, CFA - Senior Vice President and Director
of Research
Mr. Madigan joined FMA in 1998 with over 22 years of
professional investment experience. Previous responsibilities
included serving as a Mutual Fund Manager with the Harris
Investment Management Group of Harris Bank from 1996 to
1998, and Vice President/Equity Research Coordinator with the
Wealth Management Group of Harris Bank from 1994 to 1998.
While with Harris Bank, Mr. Madigan managed both large
company and small company mutual funds. Prior to that, Mr.
Madigan was Vice President and Senior Portfolio Manager for
Continental Bank and a Senior Securities Analyst for Mellon
Bank. Mr. Madigan started his professional career as an instructor
in the Department of Economics and Finance at Robert Morris
College in Pittsburgh, Pennsylvania and rose to the level of
Associate Professor and Department Chairman. Mr. Madigan
received his Ph.D., M.A., and B.A. degrees from the University of
Pittsburgh. He is a Chartered Financial Analyst and a member of
the Investment Analysts Society of Chicago.
Terry B. French - Senior Vice President & Portfolio Manager
Mr. French joined FMA in 1997 with over 25 years of
professional investment experience. Previous responsibilities
include Senior Securities Analyst and Team Head for the
Technology Group at Stein, Roe & Farnham from 1988 to 1991.
Prior to that, he served as Senior Securities Analyst and Sector
Head in the Trust Department of Harris Trust and Savings Bank
analyzing technology, industrial, aerospace and capital goods
companies. He began his professional investment career as a
Technology Analyst with IDS Financial. He started his
professional career as an aerodynamicist specializing in the
formation and development of applied computer simulation design
techniques for Boeing Company. Mr. French holds BS and MS
degrees in Aeronautical Engineering from the University of
Washington and a M.B.A. in Finance and Accounting from Seattle
University. He has been a member of the Chicago Science
Analysts, the New York Society of Electro-Science Analysts, and
the American Institute of Aeronautics and Astronautics.
Lloyd J. Spicer, CFA - Senior Vice President & Portfolio
Manager
Mr. Spicer joined FMA in March 1994, following an eighteen-
year career in the banking industry. His fixed income experience
includes fixed income portfolio management covering both
taxable and tax-exempt markets including public and private
placements, and asset and mortgage-backed securities. Prior to
joining FMA, Mr. Spicer was most recently responsible for
managing investment portfolios, which comprised $1 billion in
assets, and overall interest rate risk for the Midwest Retail
Banking Group at LaSalle National Corp. from 1982 to 1994. In
addition, he also served as Senior Vice President and Director of
various bank subsidiaries where he directed the design and
implementation of the bank's investment policies. Mr. Spicer is a
Chartered Financial Analyst and a member of the Association of
Investment Management and Research as well as the Investment
Analyst Society of Chicago. He received his B.A. in Economics
from Indiana State University in 1974 and his M.B.A. in Finance
in 1979 from the Illinois Institute of Technology.
