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WARBURG PINCUS INTERNATIONAL EQUITY FUND
WARBURG PINCUS INSTITUTIONAL FUND-
INTERNATIONAL EQUITY PORTFOLIO
SUPPLEMENT OF THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION
The following supersedes certain information in the prospectus and
statement of additional information of the fund/portfolio listed above in the
section entitled "Management of the Fund-Portfolio Managers":
In addition to Co-Portfolio Managers Richard H. King, P. Nicholas Edwards,
Harold W. Ehrlich and Vincent J. McBride, Harold E. Sharon has been added as Co-
Portfolio Manager of the Fund/Portfolio. Mr. Sharon, a Managing Director of
Warburg since March 1998, previously served as an executive director and
portfolio manager at CIBC Oppenheimer from September 1994 through February 1998.
Prior to that time, Mr. Sharon was a Senior Vice President of Warburg and
Associate Portfolio Manager of the Warburg Pincus International Equity Fund.
Dated: December 24, 1998 16-1298
for
WPISF
ADIEQ
WPINI
