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SUPPLEMENT TO THE PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION
WARBURG PINCUS JAPAN GROWTH FUND
WARBURG PINCUS JAPAN SMALL COMPANY FUND
The following information supersedes certain information in the funds'
Prospectuses and Statement of Additional Information.
On August 9, 2000, the Board of Directors of each fund declared a dividend
consisting of net realized short-term capital gains equal to $3.64 per share for
the Common Class of the Japan Growth Fund and $7.88 per share for the Common
Class of the Japan Small Company Fund. The net realized short-term capital gains
dividend for the Advisor Class was $3.61 per share for the Japan Growth Fund and
$7.82 per share for the Japan Small Company Fund. The dividends will be paid on
August 14, 2000 to shareholders of record at the close of business on August 11,
2000. Each fund currently has significant net realized and unrealized long-term
capital gains. Additional net realized long-term and short-term capital gains
could potentially be generated by future redemption activity in a fund. The
funds cannot predict whether there will be further redemptions and, if so, what
their impact might be on future dividend distributions. This will depend on,
among other things, the size of the funds at the time of the dividend
distribution and the availability of offsetting capital losses. It is expected
that each fund will declare and pay out its net realized long-term capital gains
and any additional net realized short-term capital gains in December as it does
regularly each year.
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Dated: August 14, 2000 16-0800
for
WPJPN
ADJPN
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