MENTOR INSTITUTIONAL TRUST
THE SNAP FUND
SUPPLEMENT
TO PROSPECTUS DATED
OCTOBER 30, 1998
FEE WAIVER. Mentor Investment Advisors, LLC ("Mentor Advisors") has
agreed to waive a portion of its management fee so that, through June 30, 2000,
the Fund will pay a management fee, calculated daily, at an annual rate as
follows: for the first $1 billion of assets under management, .08% of the
average daily net assets in the Fund; for the next $1 billion under management,
.06% of the average daily net assets in the Fund; and for any amounts over $2
billion under management, .04% of the average daily net assets in the Fund.
Mentor Advisors has agreed to waive an additional amount of its management fee
for that period in an amount equal to .01% of the average net assets of certain
other accounts managed by Mentor Advisors in connection with the SNAP Program.
IF YOU WOULD LIKE ADDITIONAL INFORMATION CONCERNING THE FUND, CALL
MENTOR INVESTMENT ADVISORS, LLC AT 1-800-570-SNAP(7627).
May 1, 1999
