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<PAGE> 1 SUPPLEMENT TO THE PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION WARBURG PINCUS EUROPEAN EQUITY FUND The following information supersedes certain information in the fund's Prospectuses and Statement of Additional Information. Harold W. Ehrlich and Nancy Nierman serve as Co-Portfolio Managers of the fund. J.H. Cullum Clark no longer serves as Co-Portfolio Manager of the fund. Dated: March 27, 2000 16-0300 for WPIST CSISB
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