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SUPPLEMENT TO THE PROSPECTUSES
WARBURG PINCUS FIXED INCOME FUND
The following information modifies certain information contained in the section
of the fund's Prospectuses entitled "Performance Summary--Average Annual Total
Returns."
The fund may now invest up to 35% of its total assets in emerging markets debt
securities. Emerging markets debt securities may involve additional risks
including currency exchange risk, information risk, liquidity risk and political
risk.
In addition, the fund has changed its performance benchmark from the Lehman
Brothers Intermediate Government/Corporate Bond Index to the Lehman Brothers
Aggregate Bond Index. The Lehman Brothers Aggregate Bond Index is composed of
the Lehman Brothers Intermediate Government/Corporate Bond Index and the Lehman
Brothers Mortgage-Backed Securities Index, and includes U.S. Treasury and agency
issues, corporate bond issues and mortgage-backed securities rated
investment-grade or higher by Moody's Investors Service, Standard & Poor's
Corporation or Fitch Investors' Service. For the one, five and ten year periods
ended December 31, 1999, and for the period August 17, 1987 (inception date of
the fund's Common Class shares) through December 31, 1999, the average annual
total returns for the fund's Common Class shares were -0.04%, 7.20%, 7.22% and
7.39%, respectively. For the one, five and ten year periods ended December 31,
1999, and for the period August 31, 1987 through December 31, 1999, the average
annual total returns for the Lehman Brothers Aggregate Bond Index were -0.82%,
5.73%, 7.73% and 8.34%, respectively. For the one-year period ended December 31,
1999, and for the period July 3, 1996 (inception date of the fund's Advisor
Class shares) through December 31, 1999, the average annual total returns for
the fund's Advisor Class shares were -0.30% and 5.69%, respectively. For the
one-year period ended December 31, 1999, and for the period June 30, 1996
through December 31, 1999, the average annual total returns for the Lehman
Brothers Aggregate Bond Index were -0.82% and 6.33%, respectively.
Dated: May 2, 2000 16-0500
for
WPBDF
ADBDF
