<PAGE>
WARBURG PINCUS GLOBAL POST-VENTURE CAPITAL FUND
Supplement to the Prospectus and Statement of Additional Information, dated
March 2, 1998
The following information supersedes certain information in the prospectus and
statement of additional information of the Warburg Pincus Fund listed above in
the section entitled "Management of the Fund(s) -- Portfolio Managers":
Stephen J. Lurito serves as Co-Portfolio Manager of Warburg Pincus Global
Post-Venture Capital Fund, along with Co-Portfolio Managers Elizabeth B. Dater
and Harold E. Sharon. Mr. Lurito is a Managing Director of Warburg and has been
with Warburg since 1987.
Dated: April 23, 1998 16-0498
for
WPUSL
ADGPV
