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<PAGE> WARBURG PINCUS EMERGING GROWTH FUND Supplement to the Prospectus and Statement of Additional Information dated February 20, 1997 The following supersedes information under "Management of the Fund -- Portfolio Managers": Medha Vora is no longer a Co-Portfolio Manager of the Fund. Elizabeth Dater and Stephen Lurito will remain Co-Portfolio Managers. Dated: January 23, 1998 16-0198 for WPDSF ADEMG
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