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WARBURG PINCUS EUROPEAN EQUITY FUND
COMMON CLASS
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Supplement to Prospectus
Dated December 3, 1998
Counsellors Securities Inc., the fund's distributor, will solicit orders to
purchase fund shares during an initial offering period from January 4 until the
close of the New York Stock Exchange (usually 4 p.m., Eastern Time) on January
28, 1999 (offering period). The purchase price will be the fund's initial net
asset value of $10.00 per share, and payments for orders received during the
offering period will be accepted by the fund at the end of the offering period
on January 28, 1999. Until that time, payments will be held uninvested by the
fund's transfer agent.
Charles Schwab & Co., Inc. (Schwab) will also solicit orders for fund
shares during the offering period pursuant to a selected dealer agreement with
Counsellors Securities. Payment for fund shares ordered through Schwab will be
deducted from a Schwab customer's brokerage account at the end of the offering
period on January 28, 1999. For these services, Counsellors Securities will pay
Schwab a fee equal to the greater of one hundred thousand dollars or up to half
of one percent of the total dollar amount of fund shares sold through Schwab
during the offering period. All fees paid to Schwab under these arrangements
will be paid by Counsellors Securities and will have no effect on the fund's
fees or expenses.
Shares of the fund will not be available to the public prior to the fund's
commencement of investment operations except through this subscription offer. As
further described in the Prospectus, after the offering period Schwab will
receive a fee for recordkeeping and shareholder servicing of fund shares
purchased through Schwab.
Dated: December 24, 1998
WPEEQ-16-1298
