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SUPPLEMENT TO THE PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION
WARBURG PINCUS CAPITAL APPRECIATION FUND
The following information supplements certain information contained in the
fund's Prospectuses and Statement of Additional Information.
Jeffrey T. Rose, CFA, joins Susan L. Black as Co-Portfolio Manager of the fund.
Mr. Rose joined CSAM as a Director in September 2000. Previously, Mr. Rose was a
managing director and portfolio manager with Prudential Investments, which he
joined in 1994 as an equity analyst, and an analyst and portfolio manager of
private securities for Prudential Capital Group from 1992 to 1994.
Dated: November 17, 2000 16-1100
for
WPUSL
ADCAP
