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<PAGE> 1 SUPPLEMENT TO THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION WARBURG PINCUS EUROPEAN EQUITY FUND The following information supplements certain information contained in the fund's Prospectus and Statement of Additional Information. Nancy Nierman continues to serve as Portfolio Manager of the fund. Harold W. Ehrlich no longer serves as Co-Portfolio Manager of the fund. Dated: October 18, 2000 16-1000 for WPEGT CSISB
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