VAM INSTITUTIONAL FUNDS, INC.
Segall Bryant & Hamill Growth and Income Fund
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Supplement dated August 3, 1998 to Prospectus dated August 4, 1997
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The Prospectus dated August 4, 1997 is hereby amended to notify
investors that on July 31, 1998 the Board of Directors of VAM Institutional
Funds, Inc. (the "Fund") approved a new Administration Agreement with Investment
Company Administration Corporation ("ICAC") effective August 1, 1998. ICAC is a
mutual fund consulting and administration company located in Phoenix, Arizona.
Please be aware that these changes will not affect the status of your account.
The instructions in the paragraph "Purchases by Mail" on page 13 of the
prospectus and the instructions on the application form on where to send payment
when opening an account is amended as follows:
Shareholder payment instructions via US mail: Segall Bryant & Hamill
Growth & Income Fund c/o American Data Services, Inc.
P.O. Box 5536
Hauppauge, NY 11788-0132
Shareholder payment instructions via Federal Express:
Segall Bryant & Hamill Growth & Income Fund
c/o American Data Services, Inc.
150 Motor Parkway, Suite 109
Hauppauge, NY 11788
If you have questions concerning your account or require other
information about the Fund, please call shareholder servicing toll-free at
888-229-2105.
