VAM INSTITUTIONAL FUNDS, INC.
(VAM FINANCIAL INSTITUTIONS INTERMEDIATE DURATION PORTFOLIO)
(VAM FINANCIAL INSTITUTIONS CORE PORTFOLIO)
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SUPPLEMENT DATED SEPTEMBER 29, 1997 TO PROSPECTUS DATED APRIL 30, 1997
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The Prospectus dated July 11, 1997 is hereby amended to notify
investors that on September 25, 1997 the Board of Directors of VAM Institutional
Funds, Inc. (the "Fund") approved a new Distribution Agreement with Dougherty
Summit Securities LLC ("DSS") effective September 30, 1997. DSS is a
broker-dealer created by an Agreement and Plan of Merger between Dougherty
Dawkins LLC, the present Underwriter for the Fund, and Summit Investment
Corporation, a Minneapolis-based broker-dealer. Fees paid under the new
agreement remain the same as in the previous agreement.
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VAM INSTITUTIONAL FUNDS, INC.
(VAM SHORT DURATION TOTAL RETURN FUND)
(VAM INTERMEDIATE DURATION TOTAL RETURN FUND)
(VAM CORE TOTAL RETURN FUND)
(VAM MID CAP STOCK FUND)
(VAM GROWTH STOCK FUND)
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SUPPLEMENT DATED SEPTEMBER 29, 1997 TO PROSPECTUS DATED JULY 11, 1997
AS SUPPLEMENTED SEPTEMBER 2, 1997
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The Prospectus dated July 11, 1997 is hereby amended to notify
investors that on September 25, 1997 the Board of Directors of VAM Institutional
Funds, Inc. (the "Fund") approved a new Distribution Agreement with Dougherty
Summit Securities LLC ("DSS") effective September 30, 1997. DSS is a
broker-dealer created by an Agreement and Plan of Merger between Dougherty
Dawkins LLC, the present Underwriter for the Fund, and Summit Investment
Corporation, a Minneapolis-based broker-dealer. Fees paid under the new
agreement remain the same as in the previous agreement.
<PAGE>
VAM INSTITUTIONAL FUNDS, INC.
SEGALL BRYANT & HAMILL GROWTH AND INCOME FUND
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SUPPLEMENT DATED SEPTEMBER 29, 1997 TO PROSPECTUS DATED AUGUST 4, 1997
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The Prospectus dated August 4, 1997 is hereby amended to notify
investors that on September 25, 1997 the Board of Directors of VAM Institutional
Funds, Inc. (the "Fund") approved a new Distribution Agreement with Dougherty
Summit Securities LLC ("DSS") effective September 30, 1997. DSS is a
broker-dealer created by an Agreement and Plan of Merger between Dougherty
Dawkins LLC, the present Underwriter for the Fund, and Summit Investment
Corporation, a Minneapolis-based broker-dealer. Fees paid under the new
agreement remain the same as in the previous agreement.
