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RBB EQUITY GROWTH AND INCOME FUND RANKED NO. 1 OUT OF 293 FUNDS IN LIPPER CATEGORY

 -- Fund Achieves 11.80 Percent in 1st Quarter '93,
 19.2 Percent for the Year Under Portfolio Manager Orphanos --
 NEW YORK, May 11 /PRNewswire/ -- The RBB Equity Growth & Income Fund earned the number one Lipper ranking for quarterly performance out of all 293 growth and income funds for the quarter ended March 31, 1993. The fund achieved an 11.80 percent total return for the quarter and 19.2 percent one-year total return, earning it an "A" ranking in the one-year returns listed in The Wall Street Journal mutual fund tables. The S&P 500's quarterly and yearly performance for the period were 4.4 percent and 15.2 percent, respectively.
 Central to the fund's strong performance is its value-oriented investment philosophy. Anthony Orphanos, managing director of Warburg, Pincus Counsellors, Inc., who assumed management of the fund in January 1992, said, "The volatility in the market over the past fifteen months has provided tremendous opportunities for the value investor. Many industries that have languished for years are now beginning to show improved fundamentals. These include precious metals, financial services, energy and steel. And changes in the regulatory outlook under the Clinton Administration have also led to an overdiscounting of health care issues, even those which may be insulated from many of the changes being considered."
 The RBB Equity Growth & Income Fund seeks to invest in a mix of unrecognized or overlooked companies that can both pay investors current income and achieve long-term capital growth. Warburg Pincus conducts research and analysis for the fund using a series of "value screens" which include absolute and relative price performance, absolute and relative P/E multiples, current yield and expected dividend growth rates. "Each potential investment is subjected to a standard of analysis we would impose if we were actually purchasing the company in its entirety, a rigor we employ in our venture capital business," Mr. Orphanos said.
 The RBB Equity Growth & Income Fund, part of the RBB Family of Mutual Funds, is available for individual, IRA and corporate pension plan investments. A prospectus and application for this and other RBB Funds, which feature money management by both PNC Bank/PNC Institutional Management Corporation and Warburg Pincus, may be obtained from Counsellors Securities, Inc., the fund's distributor. Orders may also be placed through Gruntal & Co., Inc. and other major brokerage firms.
 PNC Bank ranks among the largest U.S. bank trust operations and among the nation's top money managers. Since 1847, it has provided some of America's wealthiest individuals and institutions with a disciplined, trust-style management dedicated to the building and preservation of wealth.
 Warburg, Pincus Counsellors, Inc. is a specialized financial services organization with over $5 billion of assets under management. The company serves some of America's wealthiest families and most highly regarded institutions. The firm is particularly noted for identifying outstanding opportunities in emerging technologies and industries and for investing in uniquely competitive companies around the world.
 -0- 5/11/93
 /CONTACT: Dawn Dover or Mickey Mandelbaum, both of Kekst & Company, 212-593-2655, for RBB Equity Growth & Income Fund/


CO: RBB Equity Growth & Income Fund ST: New York IN: FIN SU:

TM -- NYFNS1 -- 6800 05/11/93 07:31 EDT
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Publication:PR Newswire
Date:May 11, 1993
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