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SUPPLEMENT TO THE ADVISOR CLASS PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION
WARBURG PINCUS INTERMEDIATE MATURITY GOVERNMENT FUND
The following replaces certain information contained in the fund's Advisor Class
Prospectus and Statement of Additional Information.
The fund's Board of Directors has determined to cease offering Advisor Class
shares and to exchange the fund's Advisor Class shares currently outstanding for
the fund's Common Class shares. Upon completion of the exchanges, holders of the
fund's Advisor Class shares will become holders of the fund's Common Class
shares having a value equal to the value of their Advisor Class share holdings.
The fund's Common Class has a lower expense ratio than the fund's Advisor Class
because it charges no Rule 12b-1 fee. No gain or loss for federal income tax
purposes will be recognized by Advisor Class shareholders as a result of the
exchanges, which are expected to occur on June 1, 2000.
Dated: May 23, 2000 ADBDF-16-0500
