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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
<TABLE> <S> <C>
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<NAME> WARBURG, PINCUS GLOBAL TELECOMMUNICATIONS FUND
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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 77O: Transactions effected pursuant to
Rule 10f-3
EXHIBIT E:
Attachment to item 77Q1: Exhibits
- ------------------------------------------------------------------
EXHIBIT A:
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees and Shareholders
of Warburg, Pincus Global Telecommunications Fund, Inc.:
In planning and performing our audit of the financial statements
and financial highlights of Warburg, Pincus Global
Telecommunications 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:
Warburg, Pincus Global Telecommunications Fund, Inc.
Registration No. 333-60683
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 129,882.0290 1,716.8970
J.W. Fritz 129,217.0550 2,381.8710
J.E. Garten 129,404.0120 2,194.9140
J.S. Pasman 129,882.0290 1,716.8970
W.W. Priest 129,930.6370 1,668.2890
S.N. Rappaport 130,019.5860 1,579.3400
A.M. Reichman 129,930.6370 1,668.2890
A.B. Trowbridge 129,266.4550 2,332.4710
(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 limitation of the fund's ability to invest in
securities of companies with continuous operations of less than
three years ("unseasoned issuers"), which had been a limit of 5%
of total assets, has been removed.
EXHIBIT D:
Sub-Item 77O: Transactions effected pursuant to Rule 10f-3
The fund has effected transactions pursuant to Rule 10f-3.
1) Warburg Pincus Global Telecommunications Fund
Issuer: Equant N.V.; Trade Date: 2/12/99;
Broker: Morgan Stanley; # of Shares: 684;
Price per share: $66.08; % of Fund Assets: 0.38%;
% of Issue*: 0.002%; Syndicate Member: CS First Boston
* represents purchases by all affiliated funds; may not exceed 25%
of the principal amount of the offering
EXHIBIT E:
Sub-Item 77Q1: Exhibits
(a) Not applicable
(b) Resolutions relating to change in investment policy
RESOLVED, that the Fund's limitation on investing more than
5% of its net assets in issuers which, together with their
predecessors ("unseasoned issuers"), have been in operation for
less than three years be, and hereby is, removed; and further
RESOLVED, that the foregoing resolution be effective on the
earlier of effectiveness of a post-effective amendment to the
Fund's registration statement or filing of a supplement to the
Fund's prospectuses describing the investment policy
modification
