<PAGE> 1
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
WARBURG PINCUS LONG-SHORT MARKET NEUTRAL FUND
WARBURG PINCUS LONG-SHORT EQUITY FUND
The following information supplements the section of the funds' Statement
of Additional Information entitled "Performance Information."
The Long-Short Market Neutral Fund may from time to time compare the daily
volatility of its net asset value to the daily volatility of the S&P 500 Index.
The S&P 500 Index is an unmanaged index with no defined investment objective,
and is a registered trademark of McGraw-Hill Co., Inc.
Dated: March 12, 1999
