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                            WARBURG PINCUS TRUST II
                         GLOBAL FIXED INCOME PORTFOLIO
 
                        SUPPLEMENT TO THE PROSPECTUS AND
                      STATEMENT OF ADDITIONAL INFORMATION
                            DATED SEPTEMBER 23, 1997
 
  THE FOLLOWING INFORMATION SUPERSEDES CERTAIN INFORMATION IN THE PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION OF THE GLOBAL FIXED INCOME PORTFOLIO OF
WARBURG PINCUS TRUST II (THE "PORTFOLIO") IN THE SECTION ENTITLED "MANAGEMENT OF
THE PORTFOLIOS -- PORTFOLIO MANAGERS":
 
  Laxmi C. Bhandari no longer serves as Co-Portfolio Manager of the Portfolio.
Dale C. Christensen, formerly Co-Portfolio Manager, is the sole Portfolio
Manager of the Portfolio.
 
Dated: March 31, 1998                                              TRBDF-16-0398



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