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SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
WARBURG PINCUS CASH RESERVE FUND
WARBURG PINCUS NEW YORK TAX EXEMPT FUND
The following information supplements certain information contained in the
Funds' Statement of Additional Information.
As set forth in the Statement of Additional Information, the Cash Reserve Fund
has adopted certain credit quality, maturity and diversification requirements
under Rule 2a-7 under the Investment Company Act of 1940, as amended, as
operating policies. In accordance with Rule 2a-7, the Cash Reserve Fund may
invest up to 25% of its total assets in the first tier securities of a single
issuer for a period of up to three business days. The Cash Reserve Fund may
invest in the securities of only one issuer at any time in reliance on the
foregoing.
Dated: August 30, 2000
