<PAGE> PAGE 1
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000 C000000 0001059215
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000 E000000 NF
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000 J000000 A
001 A000000 WARBURG PINCUS INTERNATIONAL SMALL CO. FUND
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008 B000001 A
008 C000001 801-37170
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10022
010 A000001 PFPC, INC.
010 B000001 85-1196
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<PAGE> PAGE 2
012 C010001 QUINCY
012 C020001 MA
012 C030001 02171
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 PHILADELPHIA
013 B020001 PA
013 B030001 19103
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019 C000000 WARBURG PI
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000001 13-5674085
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020 A000002 WARBURG-DILLON READ
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020 C000002 10
020 A000003 GOLDMAN, SACHS & COMPANY
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020 C000003 6
020 A000004 ABN-AMRO
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<PAGE> PAGE 3
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022 C000004 956
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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001059215
<NAME> WARBURG PINCUS INTERNATIONAL SMALL COMPANY FUND
<SERIES>
<NUMBER> 001
<NAME> COMMON CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 18114771
<INVESTMENTS-AT-VALUE> 20251050
<RECEIVABLES> 536563
<ASSETS-OTHER> 25837
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20813450
<PAYABLE-FOR-SECURITIES> 242669
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 328801
<TOTAL-LIABILITIES> 328801
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16462029
<SHARES-COMMON-STOCK> 925158
<SHARES-COMMON-PRIOR> 144321
<ACCUMULATED-NII-CURRENT> 22184
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1865721
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2134715
<NET-ASSETS> 20484649
<DIVIDEND-INCOME> 56348
<INTEREST-INCOME> 26562
<OTHER-INCOME> 0
<EXPENSES-NET> (105796)
<NET-INVESTMENT-INCOME> (22886)
<REALIZED-GAINS-CURRENT> 1908373
<APPREC-INCREASE-CURRENT> 2311261
<NET-CHANGE-FROM-OPS> 4196748
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 30457342
<NUMBER-OF-SHARES-REDEEMED> (15411594)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 19242496
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (43204)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 75081
<INTEREST-EXPENSE> 2217
<GROSS-EXPENSE> 254096
<AVERAGE-NET-ASSETS> 18294687
<PER-SHARE-NAV-BEGIN> 8.61
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> 13.55
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.14
<EXPENSE-RATIO> 1.56
</TABLE>
EXHIBIT INDEX
EXHIBIT A:
Attachment to item 77B:
Accountants report on internal control
EXHIBIT B:
Attachment to item 77C: Submission of matters to a vote of
Security holders.
EXHIBIT C:
Attachment to item 77H: Changes in control of Registrant.
EXHIBIT D:
Attachment to item 77Q1: New Investment Advisory Agreement
- ------------------------------------------------------------------
EXHIBIT A
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholders
of Warburg, Pincus International Small Company Fund, Inc.:
In planning and performing our audit of the financial statements
and financial highlights of Warburg, Pincus International Small
Company Fund, Inc. (the "Fund") for the period ended October
31, 1999, we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on
the financial statements and financial highlights and to comply
with the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgements by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements and financial
highlights for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those
controls include the safeguarding of assets against unauthorised
acquisition, use or disposition.
Because of inherent limitations in internal controls, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of one or more of the
internal control components does not reduce to a relatively low
level the risk that misstatements caused by errors or fraud in
amounts that would be material in relation to the financial
statements and financial highlights being audited may occur and
not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted
no matters involving internal control and its operation,
including controls over safeguarding securities, that we consider
to be material weaknesses as defined above as of October 31,
1999.
This report is intended solely for the information and use of
management, the Board of Directors of the Fund, and the
Securities and Exchange Commission.
PricewaterhouseCoopers LLP
December 10, 1999
EXHIBIT B:
Sub-Item 77C: Submission of matter to a vote of security holders
(a) A special meeting was held on May 21, 1999.
(b) At the special meeting held on May 21, 1999, the
following persons were elected as directors of the Fund,
constituting the entire Board of Directors: Richard H. Francis,
Jack W. Fritz, Jeffrey E. Garten, James S. Pasman, Jr., William
W. Priest, Steven N. Rappaport, Arnold M. Reichman, Alexander B.
Trowbridge.
(c) At the special meeting held on May 21, 1999,
shareholders of the Fund were asked to approve a new investment
advisory agreement between the Fund and Credit Suisse Asset
Management, LLC.
The new investment advisory agreement was approved by
shareholders and the shareholder vote was as follows:
Total Number of Votes Percentage of total
number of shares
outstanding
Approve 167,404.8670 77.97%
Disapprove 0 0%
Abstain 851.0770 0.40%
(d) Not applicable
EXHIBIT C:
Sub-Item 77H: Changes in control of registrant
(a) On July 6, 1999, Credit Suisse Group acquired Warburg
Pincus Asset Management, Inc. ("Warburg Pincus"), the Fund's
former investment adviser. Warburg Pincus was combined with
Credit Suisse Group's existing U.S. asset management business,
Credit Suisse Asset Management, LLC, which is an indirect wholly-
owned U.S. subsidiary of Credit Suisse Group. Credit Suisse
Group may be deemed to control the Fund on the basis of its
control of Credit Suisse Asset Management, LLC, the Fund's
current investment adviser.
(b) On July 6, 1999, Warburg, Pincus & Co., formerly the
ultimate parent of Warburg Pincus, ceased to be a controlling
person of the Fund as a result of the transactions described in
Sub-Item 77H(a).
EXHIBIT D:
Sub-Item 77Q1: Exhibits
(a) Not applicable
(b) Not applicable
(c) Not applicable
(d) Not applicable
(e) New Investment Advisory Agreement
(f) Not applicable
(g) Not applicabl
