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WARBURG PINCUS BALANCED FUND
SUPPLEMENT TO PROSPECTUS DATED DECEMBER 30, 1996
Effective August 15, 1997, the Warburg Pincus Balanced Fund's limitation
on investing in securities of foreign issuers will be increased from 10% to 15%
of its total assets. Richard H. King and Nancy Nierman will continue to serve
as portfolio managers for the International Equity Sector of the Fund. See pages
15-16 of the Prospectus for a discussion of the risks associated with
international investing.
Dated: August 15, 1997 WPGBT-16-0897
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WARBURG PINCUS BALANCED FUND
(ADVISOR SHARES)
SUPPLEMENT TO PROSPECTUS DATED DECEMBER 30, 1996
Effective August 15, 1997, the Warburg Pincus Balanced Fund's limitation on
investing in securities of foreign issuers will be increased from 10% to 15% of
its total assets. Richard H. King and Nancy Nierman will continue to serve as
portfolio managers for the International Equity Sector of the Fund. See page 11
of the Prospectus for a discussion of the risks associated with international
investing.
Dated: August 15, 1997 ADBAL-16-0897
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