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WARBURG PINCUS POST-VENTURE CAPITAL FUND
SUPPLEMENT TO THE PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION
The Board of Directors of the Warburg Pincus Post-Venture Capital Fund
(Fund) has approved a proposed reorganization (Acquisition) where the assets of
the Fund would be acquired by the Warburg Pincus Global Post-Venture Capital
Fund (Global Fund). The Acquisition will involve an exchange of shares of the
Global Fund for all of the Fund's assets. The Fund would then be liquidated and
shares of the Global Fund distributed to Fund shareholders. As noted and further
described in the proxy materials to be delivered to shareholders, although the
Fund has the same goal as the Global Fund, there are two important differences
in the way the funds are managed: (i) THE GLOBAL FUND MAY INVEST WITHOUT LIMIT
IN FOREIGN SECURITIES WHILE THE FUND'S FOREIGN INVESTMENTS ARE LIMITED TO 20% OF
ASSETS; AND (ii) THE FUND DOES NOT INVEST IN EMERGING MARKETS, WHILE THE GLOBAL
FUND MAY (AND CURRENTLY DOES) INVEST IN EMERGING MARKETS.
If the Acquisition is completed, each shareholder of the Fund would become
a shareholder of the Global Fund and receive shares of the same class of the
Global Fund with a value equal to the value of the shareholder's investment in
the Fund. The Acquisition is not expected to result in any gain or loss for
federal income tax purposes to Fund shareholders.
The Acquisition is subject to the completion of certain conditions,
including the approval of shareholders of the Fund. Proxy materials describing
the proposed Acquisition will be mailed to shareholders of the Fund in
anticipation of a special meeting of shareholders to be held on or about January
27, 2000. If approved by shareholders, the Acquisition will occur shortly after
the meeting.
Dated: November 1, 1999 16-1199
for
WPUSS
ADSAP
