UAM FUNDS, INC.
ICM Equity Portfolio
ICM Small Company Portfolio
Institutional Class Shares
Supplement dated October 29, 1998
To the Prospectus dated January 22, as Supplemented May 14, 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 Portfolios and the additional members of the
Adviser's team of professionals, as set forth on pages 24 and 25 under
the heading "INVESTMENT ADVISER":
The investment professionals of the Adviser who are primarily
responsible for the day-to-day operations of the Portfolios and a
description of their business experience during the past five years are as
follows:
Small Company Portfolio -- Robert D. McDorman, Jr.
Equity Portfolio -- Robert F. Boyd
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. Mr. McDorman has managed the ICM Small Company
Portfolio since its inception.
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. Mr. Boyd has managed the ICM Equity Portfolio
since February 1998.
Additional members of the Adviser's team of professionals are
as follows:
Stephen T. Scott -- Principal and President. Mr. Scott
specializes in the management of pension assets, private foundations and
endowments. He joined ICM in 1973 after having served as portfolio
manager at Chase Manhattan Bank and Mercantile-Safe Deposit and
Trust Company. He is a graduate of Randolph-Macon College and
received an M.B.A. from Columbia University Graduate School of
Business.
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.
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.
Andrew L. Gilchrist -- Executive Vice President. Mr.
Gilchrist joined ICM in 1996 as Director of Investment Technology.
Prior to ICM, Gilchrist served as Director of Investment Technology at
Mercantile-Safe Deposit and Trust Company for 18 years. Before that,
he was with Merrill Lynch. Gilchrist graduated with honors in
Economics from the University of Maryland, and earned a Masters from
The Johns Hopkins University. He is a member of the Society of
Quantitative Analysts.
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).
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.
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.
William V. Heaphy -- Vice President. Mr. Heaphy joined
ICM in 1994 as a security analyst in the Equity Research Department.
Prior to joining ICM, he was an associate in the Baltimore law firm of
Ober, Kaler, Grimes and Shriver. Prior to that, he was a staff auditor
with Price Waterhouse. Mr. Heaphy earned his law degree from the
University of Maryland School of Law and his B.S. degree from Lehigh
University. He is a Certified Public Accountant and Chartered Financial
Analyst.
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