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SUPPLEMENT TO THE PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION
DATED FEBRUARY 16, 1999 AS REVISED MAY 26, 1999
WARBURG PINCUS BALANCED FUND
WARBURG PINCUS GROWTH & INCOME FUND
The following information replaces certain information in "Meet the Managers"
and "Management of the Fund -- Portfolio Managers":
WARBURG PINCUS BALANCED FUND
Scott T. Lewis, formerly Co-Portfolio Manager, is now the sole Portfolio Manager
of the equity portion of the fund. Brian S. Posner no longer serves as a
Co-Portfolio Manager. M. Anthony E. van Daalen and Charles C. Van Vleet continue
to serve as Co-Portfolio Managers of the fixed income portion of the fund.
WARBURG PINCUS GROWTH & INCOME FUND
Stacy Dutton now serves as Co-Portfolio Manager of the fund, along with Co-
Portfolio Manager Brian S. Posner. Ms. Dutton joined Warburg as a Senior Vice
President in 1997. Previously, Ms. Dutton was a senior vice president and
analyst for Jennison Associates Capital Corp. from 1993 to 1997.
Dated: June 16, 1999 16-0699 for
WPUSL
ADBAL
ADGRI
