<PAGE>
WARBURG PINCUS MAJOR FOREIGN MARKETS FUND
Supplement to the Prospectus and Statement of Additional
Information dated February 20, 1998
The Fund no longer intends to invest at least 90% of its assets in Major Foreign
Markets. The Fund will continue to pursue its investment objective by investing,
under normal market conditions, at least 65% of its total asset in securities of
Major Foreign Markets. In addition, the Fund may invest up to 10% of its assets
in securities of less developed countries considered to be "emerging markets."
Dated: October 27, 1998 WPMFM-16-1098
