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WARBURG PINCUS EUROPEAN EQUITY FUND
Supplement to the Prospectus and Statement of Additional Information
The following information supersedes certain information in the fund's
Prospectus and Statement of Additional Information.
Effective July 6, 1999, the Co-Portfolio Managers of the fund are Nancy Nierman,
J.H. Cullum Clark, and Harold W. Ehrlich. William P. Sterling, who had been the
Portfolio Manager, has resigned from the fund's investment adviser.
Nancy Nierman has been associated with the fund's adviser or its predecessor
since 1996. Ms. Nierman was a vice president at Fiduciary Trust Company
International from 1990 to 1996 and an international equity trader at TIAA-CREF
from 1985 to 1990. She received her B.B.A. degree from Baruch College in 1985.
J.H. Cullum Clark has been associated with the fund's adviser or its predecessor
since 1996. Mr. Clark was an analyst and portfolio manager at Brown Brothers
Harriman from 1993 to 1996 and a research assistant at the U.S. Senate Select
Committee on Intelligence from 1992 to 1993. Mr. Clark received an A.M. degree
from Harvard University and a B.A. degree from Yale University. Mr. Clark also
studied at the Stanford Inter-University Center for Japanese Language Studies in
1990.
Harold W. Ehrlich has been associated with the fund's adviser or its predecessor
since 1995. Mr. Ehrlich was a senior vice president, portfolio manager and
analyst at Templeton Investment Counsel Inc. from 1987 to 1995. Mr. Ehrlich
earned a B.S.B.A. degree from the University of Florida and earned his Chartered
Financial Analyst designation in 1990.
Dated: July 6, 1999 WPEEQ-16-0799
