September 14, 1998



Dear Shareholder

As a shareholder in a BEA fund, I would like to draw your attention to its
proposed reorganization and the upcoming proxy solicitation which requests your
approval.

BEA's parent, Credit Suisse Asset Management, has formed an alliance with
Warburg Pincus Funds in order to broaden our distribution channels. To
facilitate this process, the funds' assets and liabilities are being reorganized
under the Warburg Pincus name.

No material change will result from this reorganization, including investment
philosophy, fund operation, fees, taxes or custodian. The fund's institutional
shares you currently own will continue under the BEA name. BEA will also
continue to act as investment adviser to all of the funds under this
reorganization. The attached letter details the full extent of the proposal for
your interest and information.

In order for this reorganization to proceed, approval is required from the
Funds' registered holders. The proxy solicitation and voting material is being
mailed today to all registered holders. In some cases this is in the care of
your custodian bank. A member of our client service team will contact you
shortly to request this proxy meet with your immediate attention, and to return
the voting card in advance of the October 2nd closing date.

If you have any immediate questions, please do not hesitate to contact your
Client Service representative at 212 832-2626.

Thank you for your prompt attention to this matter.

Sincerely

/s/Timothy T. Taussig
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   Timothy T. Taussig
   Executive Director