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SUPPLEMENT TO THE PROSPECTUSES
WARBURG PINCUS INSTITUTIONAL FUND
The following supersedes contrary information in the fund's Prospectuses.
Effective January 3, 2000, Provident Distributors, Inc., located at Four Falls
Corporate Center, West Conshohocken, PA 19428-2961, became the fund's
distributor, and is responsible for making the fund available to you.
Portfolio Manager Changes. The following information replaces certain
information in the fund's Prospectuses:
WARBURG PINCUS INSTITUTIONAL FUND -- EMERGING MARKETS PORTFOLIO
Harold E. Sharon and Vincent J. McBride serve as Co-Portfolio Managers of this
portfolio and Jun Sung Kim and Federico D. Laffan serve as Associate Portfolio
Managers of this portfolio. Morid Kamshad no longer serves as Associate
Portfolio Manager of this portfolio.
WARBURG PINCUS INSTITUTIONAL FUND -- SMALL COMPANY GROWTH PORTFOLIO
Stephen J. Lurito and Sammy Oh serve as Co-Portfolio Managers of this portfolio.
Elizabeth B. Dater no longer serves as Co-Portfolio Manager of this portfolio.
Dated: January 7, 2000 16-0100A
for
WPINI
WPINU
