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SUPPLEMENT TO THE PROSPECTUSES
WARBURG PINCUS SMALL COMPANY VALUE FUND
The following information modifies certain information contained in the section
of the fund's Prospectuses entitled "Performance Summary--Average Annual Total
Returns."
In light of the fund's value stock emphasis, the fund has changed its
performance benchmark from the Russell 2000 Index to the Russell 2000 Value
Index. The Russell 2000 Value Index is an unmanaged index (with no defined
objective) of those companies in the Russell 2000 Index with lower price-to-book
and lower forecasted growth values. For the one-year period ended December 31,
1999, and for the period December 29, 1995 (fund inception date) through
December 31, 1999, the average annual total returns for the Russell 2000 Value
Index were -1.49% and 10.19%, respectively. The average annual total returns for
the fund's Common Class shares for the same periods were 7.55% and 14.21%,
respectively. The average annual total returns for the fund's Advisor Class
shares for the same periods were 7.22% and 13.96%, respectively.
Dated: May 2, 2000 16-0500
for
WPUSS
ADSCV
