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WARBURG PINCUS INSTITUTIONAL FUND, INC.
Small Company Value Portfolio
Supplement to the Prospectus and Statement of Additional Information
The following information supersedes certain information in the prospectus and
statement of additional information of the Warburg Pincus Fund listed above in
the section entitled "Management of the Portfolios -- Portfolio Managers":
Kyle F. Frey is Portfolio Manager of the Small Company Value Portfolio of the
Warburg Pincus Institutional Fund, Inc., previously Associate Portfolio Manager
and Research Analyst. George U. Wyper no longer serves as Portfolio Manager of
the Portfolio effective March 6, 1998.
Dated: March 6, 1998 16-0398
for
WPINU
