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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
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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 77D: Policies with respect to
Security investments
EXHIBIT D:
Attachment to item 77Q1: Exhibits
- ------------------------------------------------------------------
EXHIBIT A:
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees and Shareholders
of Warburg, Pincus European Equity Fund, Inc.:
In planning and performing our audit of the financial statements
and financial highlights of Warburg, Pincus European Equity Fund,
Inc. (the "Fund") for the year ended August 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 unauthorized
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 August 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
October 7, 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 and Alexander
B. Trowbridge.
(c) The aforementioned directors were elected at the special
meeting held on May 21, 1999 by the following shareholder votes:
For Withheld
R.H. Francis 1,563,817.1831 46,857.0038
J.W. Fritz 1,568,007.1941 42,666.9928
J.E. Garten 1,565,720.2961 44,953.8908
J.S. Pasman 1,565,842.6191 44,831.5678
W.W. Priest 1,568,007.8711 42,666.3158
S.N. Rappaport 1,567,490.5061 43,183.6808
A.M. Reichman 1,568,607.8711 43,066.3158
A.B. Trowbridge 1,565,051.0831 45,623.1038
(d) Not applicable
EXHIBIT C:
Sub-Item 77D: Policies with respect to security investments
(a) Not applicable
(b) Not applicable
(c) Not applicable
(d) Not applicable
(e) Not applicable
(f) Not applicable
(g) The fund's investment emphasis has been modified by the
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.
EXHIBIT D:
Sub-Item 77Q1: Exhibits
(a) Not applicable
(b) Resolution and Supplement relating to change in
investment policy
Resolution Relating to Change in Investment Strategy
RESOLVED, that the modifications to the Fund's investment
strategy presented to this meeting be, and they hereby are,
approved effective upon the effective date of an amendment or
supplement to the Fund's registration statement incorporating
such modification.
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
