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      SUPPLEMENT TO THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION

                 WARBURG PINCUS GLOBAL TELECOMMUNICATIONS FUND

The following information supersedes and replaces any contrary information
contained in the fund's Prospectus and Statement of Additional Information.

Emerging Growth and Smaller Capitalization Companies: Unseasoned Issuers. Until
now, the fund's ability to invest in securities of companies with continuous
operations of less than three years ("unseasoned issuers") was limited to 5% of
its total assets. To allow the portfolio management team increased flexibility
to invest in start-up companies, which are common in the telecommunications
industry, this restriction has been removed. For a discussion of the risks of
investing in unseasoned issuers, see "Risk Factors and Special
Considerations -- Emerging Growth and Smaller Capitalization Companies;
Unseasoned Issuers" in the Prospectus.

Dated: June 24, 1999                                               WPIST-16-0699