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WARBURG PINCUS STRATEGIC VALUE FUND
(COMMON AND ADVISOR SHARES)
SUPPLEMENT TO THE PROSPECTUSES AND STATEMENT OF ADDITIONAL
INFORMATION DATED MARCH 2, 1998
The following relates to the Warburg Pincus Strategic Value Fund only.
The Board of Directors of the Warburg Pincus Strategic Value Fund (the
"Fund") has concluded that an orderly liquidation of the Fund is in the best
interests of the Fund and its shareholders. This conclusion is based on, among
other things, the fact that Anthony G. Orphanos, the original Portfolio Manager
of the Fund, has accepted a position at another investment advisory firm and
will no longer serve as Portfolio Manager of the Fund as of July 22, 1998 and
that the size of the Fund's assets is relatively small.
A special meeting of the shareholders of the Fund will be held on October
9, 1998 to solicit shareholder approval of the liquidation. No further shares of
the Fund can be purchased pending shareholder consideration of the liquidation;
however, shareholders may redeem their shares through any of the methods
described in the Prospectus.
Scott T. Lewis has replaced Anthony G. Orphanos as Portfolio Manager of the
Fund. Mr. Lewis is a Vice President of Warburg and has been associated with
Warburg since 1986.
Dated: July 22, 1998 16-0798
for
WPUSL
ADSTV
