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WARBURG PINCUS EUROPEAN EQUITY FUND
Supplement to the Prospectuses and Statement of Additional Information
The following supersedes certain information contained in the Prospectuses and
Statement of Additional Information of the fund listed above in the relevant
sections entitled "The Fund in Detail", "Meet the Managers" and "Management of
the Fund":
Effective January 1, 1999, BEA Associates, the fund's investment adviser and a
subsidiary of Credit Suisse Group, has changed its name to Credit Suisse Asset
Management. The purpose of this name change is to better identify the adviser as
a member of the Credit Suisse Asset Management business unit, which is the
global asset management division of Credit Suisse Group, and will not affect the
adviser's organizational structure or management.
Credit Suisse Asset Management Managing Director William P. Sterling has been
appointed Portfolio Manager of the fund effective January 11, 1999. Mr. Sterling
is also a manager of the Warburg Pincus Emerging Markets II Fund, the Warburg
Pincus International Growth Fund and the Warburg Pincus Global
Telecommunications Fund. Mr. Sterling joined the adviser in 1995, prior to which
time he was the head of International Economics at Merrill Lynch & Company.
Emily F. Baker will continue to serve as Assistant Portfolio Manager of the
fund. Susan E. Boland, the current Portfolio Manager of the fund, will be
leaving the adviser and resigning as Portfolio Manager of the fund effective
January 15, 1999.
Dated: January 11, 1999 16-0199
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