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SUPPLEMENT TO THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION
WARBURG PINCUS INSTITUTIONAL FUND -- VALUE PORTFOLIO
The following information supersedes certain information in the fund's
Prospectus and Statement of Additional Information.
Effective December 31, 1999, Scott T. Lewis will join Stacy Dutton as Co-
Portfolio Manager of this portfolio. Mr. Lewis also serves as Co-Portfolio
Manager of the Warburg Pincus Balanced Fund and Warburg Pincus Global
Telecommunications Fund. Mr. Lewis is a Managing Director of Credit Suisse Asset
Management, LLC (CSAM) and joined CSAM in 1999 as a result of CSAM's acquisition
of Warburg Pincus Asset Management, Inc. (Warburg). Mr. Lewis joined Warburg in
1986. Ms. Dutton joined CSAM in 1999 as a result of CSAM's acquisition of
Warburg. Ms. Dutton joined Warburg in 1997. Previously, Ms. Dutton was a senior
vice president and analyst for Jennison Associates Capital Corp. from 1993 to
1997. Brian S. Posner will no longer serve as Co-Portfolio Manager of this
portfolio effective December 31, 1999.
Dated: December 3, 1999 WPINU-16-1299
