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SUPPLEMENT TO THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION
WARBURG PINCUS CASH RESERVE FUND
The following information supplements certain information contained in the
Prospectus and Statement of Additional Information related to the Fund.
The Board of Directors of the Fund has recently reviewed and unanimously
endorsed a proposal to have Credit Suisse Asset Management, LLC, the Fund's
investment adviser ("CSAM"), take full responsibility for the day-to-day
portfolio management of the Fund pending shareholder approval (as further
discussed below). Until then, that responsibility will continue to be shared
with BlackRock Investment Management Corporation, which will also continue to
provide certain administration services to the Fund through its affiliate PFPC
Inc. The Board believes that shifting full investment authority to CSAM is
appropriate in light of the capabilities of CSAM's money market portfolio
management group, which have been enhanced significantly since the Fund
commenced operations in 1985. The Board has determined that it would be more
efficient for the Fund to have only one investment adviser and that that sole
adviser be CSAM.
In connection with the foregoing, the Board has approved, among other things, a
new Investment Advisory Agreement with CSAM. These changes, if approved by
shareholders, will ultimately result in a decrease in the maximum aggregate fees
payable by the Fund for investment advice and administration from 0.50% of the
Fund's average daily net assets to 0.45% of such assets.
The Board has determined to hold a special meeting of shareholders to consider
the approval of the new Investment Advisory Agreement with CSAM which meeting
has been scheduled for Friday, January 26, 2001, at 3:00 p.m., Eastern Time, and
at any and all adjournments thereof (the "Special Meeting"). Detailed
information about the proposal may be found in the Proxy Statement to be sent to
Fund shareholders who owned shares of the Fund at the close of business on
November 20, 2000. The Proxy Statement, Notice of Special Meeting and the proxy
card are expected to be mailed to shareholders on or about December 8, 2000 or
as soon as practicable thereafter.
Dated: December 5, 2000 WPMMF-16-1200
