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WARBURG PINCUS SMALL COMPANY VALUE FUND
(Common and Advisor Shares)
Supplement to the Prospectuses and Statement of Additional Information
The following information supersedes certain information in the prospectuses and
statement of additional information of the Warburg Pincus Fund listed above in
the section entitled "Management of the Fund(s) -- Portfolio Managers":
Kyle F. Frey is Portfolio Manager of the Warburg Pincus Small Company Value
Fund, previously Associate Portfolio Manager and Research Analyst. George U.
Wyper no longer serves as Portfolio Manager of the Fund effective March 6, 1998.
Dated: March 6, 1998 16-0398
for
WPUSS
ADSCV
