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<PAGE> 1
WARBURG PINCUS LONG-SHORT EQUITY FUND
SUPPLEMENT TO THE PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION
On October 26, 1999, the Fund's Board of Directors determined to terminate
the Fund. Accordingly, effective immediately, the Fund will no longer be offered
to investors.
Dated: November 1, 1999 WPLSF-16-1199
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