NOTES TO FINANCIAL STATEMENTS
April 30, 2000 (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES
The Warburg Pincus Emerging Growth Fund (the "Emerging Growth Fund"), and Warburg Pincus Small
Company Value (the "Small Company Value Fund"), (each a "Fund" and collectively the "Funds") each a
Maryland Corporation, and are registered under the Investment Company Act of 1940, as amended (the "1940
Act") as a diversified open-end management investment company (except the Emerging Growth Fund), which is
Investment objectives for each Fund are as follows: the Emerging Growth Fund seeks maximum capital
appreciation; the Small Company Value Fund seeks long-term capital appreciation.
Each Fund may invest up to 10% of its total assets in non-publicly traded securities. Non-publicly traded
securities may be less liquid than publicly traded securities, and they may be difficult or impossible to sell at the
time and the price the Fund would like. In addition, the lack of an active market may make it difficult to obtain an
accurate price for a Fund security.
Each Fund offers two classes of shares, one class being referred to as the Common Class shares and one class
being referred to as the Advisor Class shares. Common Class and Advisor Class shares in each Fund represent
an equal pro rata interest in such Fund, except that they bear different expenses which reflect the difference in the
range of services provided to them. Common Class shares for the Small Company Value Fund bear expenses
paid pursuant to a shareholder servicing and distribution plan at an annual rate of .25% of the average daily net
asset value of the Fund's Common Class shares. Advisor Class shares bear expenses paid pursuant to a
distribution plan at an annual rate not to exceed .75% of the average daily net asset value of the applicable Fund's
Advisor Class shares. Advisor Class shares are currently bearing expenses of .50% of average daily net assets.
The net asset value of each Fund is determined daily as of the clo