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WARBURG PINCUS EMERGING MARKETS II FUND
WARBURG PINCUS INTERNATIONAL GROWTH FUND
Supplement to the Prospectuses and Statements of Additional Information
The following supersedes certain information contained in the Prospectuses and
Statements of Additional Information of the funds listed above in the relevant
sections entitled "Portfolio Managers" and "Management Investment Adviser":
Susan E. Boland, a current member of the adviser's International Equity
Management Team which manages each fund on a day-to-day basis, will be leaving
the adviser and resigning as a member of the Team effective January 15, 1999.
The other members of the International Equity Management Team, however, will
continue to provide portfolio management services to the funds.
Dated: January 11, 1999 WPIST-16-0199
