UAM FUNDS
HANSON EQUITY PORTFOLIO
INSTITUTIONAL CLASS SHARES
Supplement dated September 8, 1997 to the Prospectus dated July
10, 1997
The information under the heading "FUND EXPENSES" is revised as
follows:
Estimated Annual Fund Operating Expenses
(As a Percentage of Average Net Assets)
Investment Advisory Fees 0.70%
Administrative Fees 0.24%
12b-1 Fees: NONE
Other Expenses 0.53%
_____
Total Operating Expenses 1.47%
=====
The table above shows various fees and expenses an investor
would bear directly or indirectly. The expenses and fees set
forth above for the Portfolio are based on estimates. For
purposes of calculating the fees set forth above, the table
assumes that the Portfolio's average daily assets will be $20
million.
The following example illustrates expenses a shareholder
would pay on a $1,000 investment over various time periods
assuming (1) a 5% annual rate of return and (2) redemption at the
end of each time period. The Portfolio charges no redemption fees
of any kind.
1 year 3 years
______ _______
Expenses:........................ $ 15 $ 46
This example should not be considered a representation of
past or future expenses or performance. Actual expenses may be
greater or lesser than those shown above.
The information under the heading "ADVISER'S HISTORICAL
PERFORMANCE" is updated to include performance figures through
June 30, 1997.
Hanson Investment Management Company Composite
Returns For Individual Years Ending December 31
(Percentage Returns Net of Management Fees)
Hanson
Investment
Calendar Years Management S&P 500
Company
1981 11.4% (5.3)%
1982 26.8% 21.4%
1983 26.9% 22.6%
1984 7.7% 6.3%
1985 33.0% 31.7%
1986 18.8% 18.7%
1987 (1.0)% 5.3%
1988 24.1% 16.6%
1989 28.5% 31.7%
1990 0.3% (3.1)%
1991 33.8% 30.4%
1992 9.0% 7.7%
1993 1.6% 10.1%
1994 (4.5)% 1.2%
1995 34.0% 37.8%
1996 22.4% 22.9%
6 Months ended 6/30/97 20.7% 20.6%
Annualized 16.0% 15.1%
Cumulative 1,252.9% 1,072.0%
Sixteen-Year Mean (1/1/81-12/31/96) 17.0% 16.0%
Value of $1 invested during
(1/1/81-6/30/97) $ 13.53 $ 11.72
Notes:
1. The annualized return is calculated from monthly data,
allowing for compounding. The formula used is in accordance
with the acceptable methods set forth by the Association for
Investment Management Research, the Bank Administration
Institute, and the Investment Counsel Association of
America. Market value of the account was the sum of the
account's total assets, including cash, cash equivalents,
short-term investments, and securities valued at current
market prices.
2. The cumulative return means that $1 invested in the
composite account on January 1, 1981 had grown to $13.53 by
June 30, 1997.
3. The 16-year mean is the arithmetic average of the annual
returns for the calendar years listed.
4. The S&P 500 is an unmanaged index which assumes reinvestment
of dividends and is generally considered representative of
securities similar to those invested in by the Adviser for
purpose of the composite performance numbers set forth
above.
5. The Adviser's average annual management fee over the period
shown (1/1/81-6/30/97) was 0.40% or 40 basis points. During
the period, fees on the Adviser's individual accounts ranged
from 0.32% to 1.00% (32 basis points to 100 basis points).
Net returns to investors vary depending on the management
fee.
