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SUPPLEMENT TO THE PROSPECTUS
WARBURG PINCUS EUROPEAN EQUITY FUND
The following information supersedes and replaces any contrary information
contained in the fund's Prospectus.
The fund's investment emphasis has been modified by the new portfolio managers
to utilize both growth and value criteria ("growth at a reasonable price") in
selecting investments, rather than emphasizing a growth investment approach
alone. Also, rather than emphasizing larger capitalization companies, the fund
will invest most of its assets in medium to larger capitalization companies.
Dated: July 26, 1999 WPEEQ-16-0799
