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WARBURG PINCUS CAPITAL APPRECIATION 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":
Susan L. Black is Portfolio Manager of the Warburg Pincus Capital Appreciation
Fund, previously Co-Portfolio Manager. George U. Wyper no longer serves as
Co-Portfolio Manager of the Fund effective March 6, 1998.
Dated: March 6, 1998 16-0398
for
WPUSL
ADCAP
