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<PAGE> PAGE 4
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 17
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<PAGE> PAGE 21
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070 M010500 Y
070 M020500 Y
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070 O020500 N
070 P010500 Y
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070 Q010500 Y
070 Q020500 N
070 R010500 Y
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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015 A000601 PFPC TRUST CO.
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<PAGE> PAGE 24
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<PAGE> PAGE 25
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 Y
070 B020600 N
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070 C020600 N
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070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 N
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070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 Y
070 I020600 N
070 J010600 Y
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070 K010600 Y
070 K020600 N
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070 L020600 N
070 M010600 Y
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070 O020600 N
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<PAGE> PAGE 26
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<PAGE> PAGE 27
074 T000600 1251
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015 A000701 PFPC TRUST CO.
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
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<NAME> POST-VENTURE CAPITAL PORTFOLIO
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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 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 Institutional Fund, Inc.:
In planning and performing our audit of the financial statements
and financial highlights of the Warburg, Pincus Institutional
Fund, Inc. including the Warburg Pincus Post-Venture Capital
Portfolio, Warburg Pincus Small Company Growth Portfolio, Warburg
Pincus Small Value Portfolio, Warburg Pincus Value Portfolio,
Warburg Pincus Emerging Markets Portfolio, Warburg Pincus
International Equity Portfolio and Warburg Pincus Japan Growth
Portfolio (all portfolios collectively referred to as 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:
Warburg, Pincus Institutional Fund, Inc.
Registration No. 33-47880
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 each Portfolio of the Fund were asked to approve
a new investment advisory agreement between each Portfolio of the
Fund and Credit Suisse Asset Management, LLC. Shareholders of
the Post-Venture Capital Portfolio were also asked to approve a
new sub-investment advisory agreement between the Portfolio,
Credit Suisse Asset Management, LLC and Abbott Capital
Management, LLC.
The new investment advisory agreement was approved by
shareholders of the Emerging Markets Portfolio and the
shareholder vote was as follows:
Total Number of Votes Percentage of total
number of shares
outstanding
Approve 589,152.7210 66.30%
Disapprove 0 0%
Abstain 0 0%
The new investment advisory agreement was approved by
shareholders of the International Equity Portfolio and the
shareholder vote was as follows:
Total Number of Votes Percentage of total
number of shares
outstanding
Approve 39,088,531.8210 62.10%
Disapprove 6,658.8280 0.01%
Abstain 0 0%
The new investment advisory agreement was approved by
shareholders of the Japan Growth Portfolio and the shareholder
vote was as follows:
Total Number of Votes Percentage of total
number of shares
outstanding
Approve 149,869.1080 92.65%
Disapprove 0 0%
Abstain 0 0%
The new investment advisory agreement was approved by
shareholders of the Post-Venture Capital Portfolio and the
shareholder vote was as follows:
Total Number of Votes Percentage of total
number of shares
outstanding
Approve 126,447.0320 94.68%
Disapprove 0 0%
Abstain 0 0%
The new investment advisory agreement was approved by
shareholders of the Small Company Growth Portfolio and the
shareholder vote was as follows:
Total Number of Votes Percentage of total
number of shares
outstanding
Approve 10,271,006.1100 65.67%
Disapprove 0 0%
Abstain 0 0%
The new investment advisory agreement was approved by
shareholders of the Small Company Value Portfolio and the
shareholder vote was as follows:
Total Number of Votes Percentage of total
number of shares
outstanding
Approve 55,848.0200 50.74%
Disapprove 0 0%
Abstain 0 0%
The new investment advisory agreement was approved by
shareholders of the Value Portfolio and the shareholder vote was
as follows:
Total Number of Votes Percentage of total
number of shares
outstanding
Approve 4,268,776.8370 94.30%
Disapprove 36,357.0000 0.80%
Abstain 38,116.0000 0.84%
The new sub-investment advisory agreement was approved by
shareholders of the Post-Venture Capital Portfolio and the
shareholder vote was as follows:
Total Number of Votes Percentage of total
number of shares
outstanding
Approve 126,447.0320 94.68%
Disapprove 0 0%
Abstain 0 0%
(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 former
investment adviser to each Portfolio of the Trust. 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
Trust on the basis of its control of Credit Suisse Asset
Management, LLC, the current investment adviser to each Portfolio
of the Trust.
(b) On July 6, 1999, Warburg, Pincus & Co., formerly the
ultimate parent of Warburg Pincus, ceased to be a controlling
person of the Trust 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 Agreements and new Sub-Investment
Advisory Agreement for the Post-Venture Capital Portfolio
(f) Not applicable
(g) Not applicable
INVESTMENT ADVISORY AGREEMENT
July , 1999
Credit Suisse Asset Management, LLC
466 Lexington Avenue
New York, New York 10017-3147
Dear Sirs:
Warburg, Pincus Institutional Fund, Inc. (the "Fund"),
a corporation organized and existing under the laws of the State
of Maryland, on behalf of Post-Venture Capital Portfolio,
herewith confirms its agreement with Credit Suisse Asset
Management, LLC (the "Adviser") as follows:
1. Investment Description; Appointment
The Fund desires to employ the capital of the Fund by
investing and reinvesting in investments of the kind and in
accordance with the limitations specified in its Articles of
Incorporation, as may be amended from time to time, and in the
Fund's Prospectus(es) and Statement(s) of Additional Information
as from time to time in effect (the "Prospectus" and "SAI,"
respectively), and in such manner and to such extent as may from
time to time be approved by the Board of Directors of the Fund.
Copies of the Fund's Prospectus and SAI have been or will be
submitted to the Adviser. The Fund desires to employ and hereby
appoints the Adviser to act as investment adviser to the Fund.
The Adviser accepts the appointment and agrees to furnish the
services for the compensation set forth below.
2. Services as Investment Adviser
Subject to the supervision and direction of the Board
of Directors of the Fund, the Adviser will (a) act in strict
conformity with the Fund's Articles of Incorporation, the
Investment Company Act of 1940 (the "1940 Act") and the
Investment Advisers Act of 1940, as the same may from time to
time be amended, (b) manage the Fund's assets in accordance with
the Fund's investment objective and policies as stated in the
Fund's Prospectus and SAI, (c) make investment decisions for the
Fund, (d) place purchase and sale orders for securities on behalf
of the Fund, (e) exercise voting rights in respect of portfolio
securities and other investments for the Fund, and (f) monitor
and evaluate the services provided by the Fund's investment sub-
adviser(s), if any, under the terms of the applicable investment
sub-advisory agreement(s). In providing those services, the
Adviser will provide investment research and supervision of the
Fund's investments and conduct a continual program of investment,
evaluation and, if appropriate, sale and reinvestment of the
Fund's assets. In addition, the Adviser will furnish the Fund
with whatever statistical information the Fund may reasonably
request with respect to the securities that the Fund may hold or
contemplate purchasing.
Subject to the approval of the Board of Directors of the
Fund and where required, the Fund's shareholders, the Adviser may
engage an investment sub-adviser or sub-advisers to provide
advisory services in respect of the Fund and may delegate to such
investment sub-adviser(s) the responsibilities described in
subparagraphs (b), (c), (d) and (e) above. In the event that an
investment sub-adviser's engagement has been terminated, the
Adviser shall be responsible for furnishing the Fund with the
services required to be performed by such investment sub-
adviser(s) under the applicable investment sub-advisory
agreements or arranging for a successor investment sub-adviser(s)
to provide such services on terms and conditions acceptable to
the Fund and the Fund's Board of Directors and subject to the
requirements of the 1940 Act.
3. Brokerage
In executing transactions for the Fund, selecting
brokers or dealers and negotiating any brokerage commission
rates, the Adviser will use its best efforts to seek the best
overall terms available. In assessing the best overall terms
available for any portfolio transaction, the Adviser will
consider all factors it deems relevant including, but not limited
to, breadth of the market in the security, the price of the
security, the financial condition and execution capability of the
broker or dealer and the reasonableness of any commission for the
specific transaction and for transactions executed through the
broker or dealer in the aggregate. In selecting brokers or
dealers to execute a particular transaction and in evaluating the
best overall terms available, the Adviser may consider the
brokerage and research services (as those terms are defined in
Section 28(e) of the Securities Exchange Act of 1934, as the same
may from time to time be amended) provided to the Fund and/or
other accounts over which the Adviser or an affiliate exercises
investment discretion.
4. Information Provided to the Fund
The Adviser will keep the Fund informed of developments
materially affecting the Fund, and will, on its own initiative,
furnish the Fund from time to time with whatever information the
Adviser believes is appropriate for this purpose.
5. Standard of Care
The Adviser shall exercise its best judgment in
rendering the services listed in paragraphs 2, 3 and 4 above.
The Adviser shall not be liable for any error of judgment or
mistake of law or for any loss suffered by the Fund in connection
with the matters to which this Agreement relates, provided that
nothing herein shall be deemed to protect or purport to protect
the Adviser against any liability to the Fund or to shareholders
of the Fund to which the Adviser would otherwise be subject by
reason of willful misfeasance, bad faith or gross negligence on
its part in the performance of its duties or by reason of the
Adviser's reckless disregard of its obligations and duties under
this Agreement.
6. Compensation
In consideration of the services rendered pursuant to
this Agreement, the Fund will pay the Adviser an annual fee
calculated at an annual rate of 1.10% of the Fund's average daily
net assets. The fee for the period from the date of this
Agreement to the end of the year shall be prorated according to
the proportion that such period bears to the full yearly period.
Upon any termination of this Agreement before the end of a year,
the fee for such part of that year shall be prorated according to
the proportion that such period bears to the full yearly period
and shall be payable upon the date of termination of this
Agreement. For the purpose of determining fees payable to the
Adviser, the value of the Fund's net assets shall be computed at
the times and in the manner specified in the Fund's Prospectus or
SAI.
7. Expenses
The Adviser will bear all expenses in connection with
the performance of its services under this Agreement, including
the fees payable to any investment sub-adviser engaged pursuant
to paragraph 2 of this Agreement. The Fund will bear its
proportionate share of certain other expenses to be incurred in
its operation, including: investment advisory and administration
fees; taxes, interest, brokerage fees and commissions, if any;
fees of Directors of the Fund who are not officers, directors, or
employees of the Adviser, any sub-adviser or any of their
affiliates; fees of any pricing service employed to value shares
of the Fund; Securities and Exchange Commission fees and state
blue sky qualification fees; charges of custodians and transfer
and dividend disbursing agents; the Fund's proportionate share of
insurance premiums; outside auditing and legal expenses; costs of
maintenance of the Fund's existence; costs attributable to
investor services, including, without limitation, telephone and
personnel expenses; costs of preparing and printing prospectuses
and statements of additional information for regulatory purposes
and for distribution to existing shareholders; costs of
shareholders' reports and meetings of the shareholders of the
Fund and of the officers or Board of Directors of the Fund; and
any extraordinary expenses.
The Fund will be responsible for nonrecurring expenses
which may arise, including costs of litigation to which the Fund
is a party and of indemnifying officers and Directors of the Fund
with respect to such litigation and other expenses as determined
by the Directors.
8. Services to Other Companies or Accounts
The Fund understands that the Adviser now acts, will
continue to act and may act in the future as investment adviser
to fiduciary and other managed accounts and to one or more other
investment companies or series of investment companies, and the
Fund has no objection to the Adviser so acting, provided that
whenever the Fund and one or more other accounts or investment
companies or portfolios advised by the Adviser have available
funds for investment, investments suitable and appropriate for
each will be allocated in accordance with a formula believed to
be equitable to each entity. The Fund recognizes that in some
cases this procedure may adversely affect the size of the
position obtainable for the Fund. In addition, the Fund
understands that the persons employed by the Adviser to assist in
the performance of the Adviser's duties hereunder will not devote
their full time to such service and nothing contained herein
shall be deemed to limit or restrict the right of the Adviser or
any affiliate of the Adviser to engage in and devote time and
attention to other businesses or to render services of whatever
kind or nature, provided that doing so does not adversely affect
the ability of the adviser to perform its services under this
Agreement.
9. Term of Agreement
This Agreement shall continue for an initial two-year
period commencing on the date first written above, and thereafter
shall continue automatically for successive annual periods,
provided such continuance is specifically approved at least
annually by (a) the Board of Directors of the Fund or (b) a vote
of a "majority" (as defined in the 1940 Act) of the Fund's
outstanding voting securities, provided that in either event the
continuance is also approved by a majority of the Board of
Directors who are not "interested persons" (as defined in said
Act) of any party to this Agreement, by vote cast in person at a
meeting called for the purpose of voting on such approval. This
Agreement is terminable, without penalty, on 60 days' written
notice, by the Board of Directors of the Fund or by vote of
holders of a majority of the Fund's shares, or upon 90 days'
written notice, by the Adviser. This Agreement will also
terminate automatically in the event of its assignment (as
defined in said Act).
10. Representation by the Fund
The Fund represents that a copy of its Articles of
Incorporation, dated May 13, 1992, together with all amendments
thereto, is on file in the Department of Assessments and Taxation
of the State of Maryland.
11. Miscellaneous
The Fund recognizes that directors, officers and
employees of the Adviser may from time to time serve as
directors, trustees, officers and employees of corporations and
business trusts (including other investment companies) and that
such other corporations and trusts may include the name
"Warburg", "Warburg Pincus", "CS", "CSAM", "Credit Suisse" or
"Credit Suisse Warburg Pincus" as part of their names, and that
the Adviser or its affiliates may enter into advisory or other
agreements with such other corporations and trusts. If the
Adviser ceases to act as the investment adviser of the Fund's
shares, the Fund agrees that, at the Adviser's request, the
Fund's license to use the words "Warburg" , "Warburg Pincus"
"CS", "CSAM", "Credit Suisse" or "Credit Suisse Warburg Pincus"
will terminate and that the Fund will take all necessary action
to change the name of the Fund to names not including the words
"Warburg" "Warburg Pincus", "CS", "CSAM", "Credit Suisse" or
"Credit Suisse Warburg Pincus".
Please confirm that the foregoing is in accordance with
your understanding by indicating your acceptance hereof at the
place below indicated, whereupon it shall become a binding
agreement between us.
Very truly yours,
WARBURG, PINCUS INSTITUTIONAL
FUND, INC. ON BEHALF OF POST-
VENTURE CAPITAL PORTFOLIO
By: _______________________
Name: ________________
Title: _______________
Accepted:
CREDIT SUISSE ASSET MANAGEMENT, LLC
By: _______________________
Name: ________________
Title: _______________
SUB-ADVISORY AGREEMENT
July , 1999
Abbott Capital Management, LLC
50 Rowes Wharf
Boston, MA 02110
Dear Sirs:
Warburg, Pincus Institutional Fund, Inc., a corporation
organized and existing under the laws of the State of Maryland
(the "Fund"), on behalf of the Post-Venture Capital Portfolio,
and Credit Suisse Asset Management, LLC, as its investment
adviser (the "Adviser"), herewith confirm their agreement with
Abbott Capital Management, LLC (the "Sub-Adviser") as follows:
1. Investment Description; Appointment
The Fund desires to employ the capital of the Fund by
investing and reinvesting in securities of the kind and in
accordance with the limitations specified in the Fund's Articles
of Incorporation, as may be amended from time to time (the
"Articles of Incorporation"), and in the Prospectus and Statement
of Additional Information, as from time to time in effect (the
"Prospectus" and "SAI," respectively), and in such manner and to
such extent as may from time to time be approved by the Board of
Directors of the Fund. Copies of the Prospectus, SAI and
Articles of Incorporation have been or will be submitted to the
Sub-Adviser. The Fund agrees to provide the Sub-Adviser copies
of all amendments to the Prospectus and SAI on an on-going basis.
The Fund employs the Adviser as its investment adviser. The
Adviser desires to employ and hereby appoints the Sub-Adviser to
act as its sub-investment adviser upon the terms set forth in
this Agreement. The Sub-Adviser accepts the appointment and
agrees to furnish the services set forth below for the
compensation provided for herein.
2. Services as Sub-Adviser
(a) Subject to the supervision and direction of the
Adviser, the Sub-Adviser will provide investment advisory
assistance and portfolio management advice to the Fund in
accordance with (a) the Articles of Incorporation, (b) the
Investment Company Act of 1940, as amended (the "1940 Act"), and
the Investment Advisers Act of 1940, as amended (the "Advisers
Act"), and all applicable Rules and Regulations of the Securities
and Exchange Commission (the "SEC") and all other applicable laws
and regulations and (c) the Fund's investment objective and
policies as stated in the Prospectus and SAI and investment
parameters provided by the Adviser from time to time. In
connection therewith, the Sub-Adviser will:
(i) determine whether to purchase, retain or sell
interests in United States or foreign private investment
vehicles that themselves invest in debt and equity
securities of companies in the venture capital and post-
venture capital stages of development or companies engaged
in special situations or changes in corporate control,
including buyouts ("Investments"). The Sub-Adviser is
hereby authorized to execute, or place orders for the
execution of, all Investments on behalf of the Fund;
(ii) assist the custodian and accounting agent for
the Fund in determining or confirming, consistent with the
procedures and policies stated in the Prospectus and SAI,
the value of any Investments for which the custodian and
accounting agent seek assistance from or identify for review
by the Sub-Adviser;
(iii) monitor the execution of orders for the
purchase or sale of Investments and the settlement and
clearance of those orders;
(iv) exercise voting rights in respect of
Investments; and
(v) provide reports to the Fund's Board of
Directors for consideration at quarterly meetings of the
Board on the Investments and furnish the Adviser and the
Fund's Board of Directors with such periodic and special
reports as the Fund or the Adviser may reasonably request.
(b) In connection with the performance of the services
of the Sub-Adviser provided for herein, the Sub-Adviser may
contract at its own expense with third parties for the
acquisition of research, clerical services and other
administrative services that would not require such parties to be
required to register as an investment adviser under the Advisers
Act; provided that the Sub-Adviser shall remain liable for the
performance of its duties hereunder.
3. Execution of Transactions
(a) The Sub-Adviser will not effect orders for the
purchase or sale of securities on behalf of the Fund through
brokers or dealers as agents.
(b) It is understood that the services of the Sub-
Adviser are not exclusive, and nothing in this Agreement shall
prevent the Sub-Adviser from providing similar services to other
investment companies or from engaging in other activities,
provided that those activities do not adversely affect the
ability of the Sub-Adviser to perform its services under this
Agreement. The Fund and the Adviser further understand and
acknowledge that the persons employed by the Sub-Adviser to
assist in the performance of its duties under this Agreement will
not devote their full time to that service. Nothing contained in
this Agreement will be deemed to limit or restrict the right of
the Sub-Adviser or any affiliate of the Sub-Adviser to engage in
and devote time and attention to other businesses or to render
services of whatever kind or nature, provided that doing so does
not adversely affect the ability of the Sub-Adviser to perform
its services under this Agreement.
(c) On occasions when the Sub-Adviser deems the
purchase or sale of a security to be in the best interest of the
Fund as well as of other investment advisory clients of the Sub-
Adviser, the Sub-Adviser may, to the extent permitted by
applicable laws and regulations, but shall not be obligated to,
aggregate the securities to be so sold or purchased with those of
its other clients. In such event, allocation of the securities
so purchased or sold, as well as the expenses incurred in the
transaction, will be made by the Sub-Adviser in a manner that is
fair and equitable, in the judgment of the Sub-Adviser, in the
exercise of its fiduciary obligations to the Fund and to such
other clients. The Sub-Adviser shall provide to the Adviser and
the Fund all information reasonably requested by the Adviser and
the Fund relating to the decisions made by the Sub-Adviser
regarding allocation of securities purchased or sold, as well as
the expenses incurred in a transaction, among the Fund and the
Sub-Adviser's other investment advisory clients.
(d) In connection with the purchase and sale of
securities for the Fund, the Sub-Adviser will provide such
information as may be reasonably necessary to enable the
custodian and co-administrators to perform their administrative
and recordkeeping responsibilities with respect to the Fund.
4. Disclosure Regarding the Sub-Adviser
(a) The Sub-Adviser has reviewed the disclosure about
the Sub-Adviser contained in the Fund's registration statement
and represents and warrants that, with respect to such disclosure
about the Sub-Adviser or information related, directly or
indirectly, to the Sub-Adviser, such registration statement
contains, as of the date hereof, no untrue statement of any
material fact and does not omit any statement of a material fact
which is required to be stated therein or necessary to make the
statements contained therein not misleading.
(b) The Sub-Adviser agrees to notify the Adviser and
the Fund promptly of any (i) statement about the Sub-Adviser
contained in the Fund's registration statement that becomes
untrue in any material respect or (ii) omission of a material
fact about the Sub-Adviser in the Fund's registration statement
which is required to be stated therein or necessary to make the
statements contained therein not misleading or (iii) any
reorganization or change in the Sub-Adviser, including any change
in its ownership or key employees.
(c) Prior to the Fund or the Adviser or any affiliated
person (as defined in the 1940 Act, an "Affiliate") of either
using or distributing sales literature or other promotional
material referring to the Sub-Adviser, the Sub-Adviser shall have
the right to approve the general advertising or promotional plan
pursuant to which such literature or material is being utilized
or distributed; provided that the Sub-Adviser shall be deemed to
have approved such advertising or plan if it has not objected to
its use within ten (10) business days after such material has
been sent to it. The Fund or the Adviser will use all reasonable
efforts to ensure that all advertising, sales and promotional
material used or distributed by or on behalf of the Fund or the
Adviser that refers to the Sub-Adviser will comply with the
requirements of the Advisers Act, the 1940 Act and the rules and
regulations promulgated thereunder.
(d) The Sub-Adviser has supplied the Adviser and the
Fund copies of its Form ADV with all exhibits and attachments
thereto and will hereinafter supply the Adviser, promptly upon
preparation thereof, copies of all amendments or restatements of
such document.
5. Certain Representations and
Warranties of the Sub-Adviser
(a) The Sub-Adviser represents and warrants that it is
a duly registered investment adviser under the Advisers Act, a
duly registered investment adviser in any and all states of the
United States in which the Sub-Adviser is required to be so
registered and has obtained all necessary licenses and approvals
in order to perform the services provided in this Agreement. The
Sub-Adviser covenants to maintain all necessary registrations,
licenses and approvals in effect during the term of this
Agreement.
(b) The Sub-Adviser represents that it has read and
understands the Prospectus and SAI and warrants that in investing
the Fund's assets it will use all reasonable efforts to adhere to
the Fund's investment objectives, policies and restrictions
contained therein.
6. Compliance
(a) The Sub-Adviser agrees that it shall promptly
notify The Adviser and the Fund (i) in the event that the SEC or
any other regulatory authority has censured its activities,
functions or operations; suspended or revoked its registration as
an investment adviser; or has commenced proceedings or an
investigation that may result in any of these actions, (ii) in
the event that there is a change in the Sub-Adviser, financial or
otherwise, that adversely affects its ability to perform services
under this Agreement or (iii) upon having a reasonable basis for
believing that, as a result of the Sub-Adviser's investing the
Fund's assets, the Fund's investment portfolio has ceased to
adhere to the Fund's investment objective, policies and
restrictions as stated in the Prospectus or SAI or is otherwise
in violation of applicable law.
(b) The Adviser agrees that it shall promptly notify
the Sub-Adviser in the event that the SEC has censured the
Adviser or the Fund; placed limitations upon any of their
activities, functions or operations; suspended or revoked the
Adviser's registration as an investment adviser; or has commenced
proceedings or an investigation that may result in any of these
actions.
(c) The Fund and the Adviser shall be given access to
the records of the Sub-Adviser at reasonable times solely for the
purpose of monitoring compliance with the terms of this Agreement
and the rules and regulations applicable to the Sub-Adviser
relating to its providing investment advisory services to the
Fund, including without limitation records relating to trading by
employees of the Sub-Adviser for their own accounts and on behalf
of other clients. The Sub-Adviser agrees to cooperate with the
Fund and the Adviser and their representatives in connection with
any such monitoring efforts.
7. Books and Records
(a) In compliance with the requirements of Rule 31a-3
under the 1940 Act, the Sub-Adviser hereby agrees that all
records which it maintains for the Fund are the property of the
Fund and further agrees to surrender promptly to either the
Adviser or the Fund any of such records upon the request of
either of them. The Sub-Adviser further agrees to preserve for
the periods prescribed by Rule 31a-2 under the 1940 Act the
records required to be maintained by Rule 31a-1 under the 1940
Act and to preserve the records required by Rule 204-2 under the
Advisers Act for the period specified therein.
(b) The Sub-Adviser hereby agrees to furnish to
regulatory authorities having the requisite authority any
information or reports in connection with services that the Sub-
Adviser renders pursuant to this Agreement which may be requested
in order to ascertain whether the operations of the Fund are
being conducted in a manner consistent with applicable laws and
regulations.
8. Provision of Information;
Proprietary and Confidential Information
(a) The Adviser agrees that it will furnish to the
Sub-Adviser information related to or concerning the Fund that
the Sub-Adviser may reasonably request.
(b) The Sub-Adviser agrees on behalf of itself and its
employees to treat confidentially and as proprietary information
of the Fund all records and other information relative to the
Fund, the Adviser and prior, present or potential shareholders
and not to use such records and information for any purpose other
than performance of its responsibilities and duties hereunder
except after prior notification to and approval in writing of the
Fund, which approval shall not be unreasonably withheld and may
not be withheld where the Sub-Adviser may be exposed to civil or
criminal contempt proceedings for failure to comply or when
requested to divulge such information by duly constituted
authorities.
(c) The Sub-Adviser represents and warrants that
neither it nor any affiliate will use the name of the Fund, the
Adviser or any of their affiliates in any prospectus, sales
literature or other material in any manner without the prior
written approval of the Fund or the Adviser, as applicable.
9. Standard of Care
The Sub-Adviser shall exercise its best judgment in
rendering the services described herein. The Sub-Adviser shall
not be liable for any error of judgment or mistake of law or for
any loss suffered by the Fund or the Adviser in connection with
the matters to which this Agreement relates, except that the Sub-
Adviser shall be liable for a loss resulting from a breach of
fiduciary duty by the Sub-Adviser with respect to the receipt of
compensation for services; provided that nothing herein shall be
deemed to protect or purport to protect the Sub-Adviser against
any liability to the Fund or the Adviser or to shareholders of
the Fund to which the Sub-Adviser would otherwise be subject by
reason of willful misfeasance, bad faith or gross negligence on
its part in the performance of its duties or by reason of the
Sub-Adviser's reckless disregard of its obligations and duties
under this Agreement. The Fund and the Adviser understand and
agree that the Sub-Adviser may rely upon information furnished to
it reasonably believed by the Sub-Adviser to be accurate and
reliable and, except as herein provided, the Sub-Adviser shall
not be accountable for loss suffered by the Fund by reason of
such reliance of the Sub-Adviser.
10. Indemnification
(a) The Sub-Adviser agrees to indemnify and hold
harmless the Fund, the Adviser, any affiliate thereof, and each
person, if any, who, within the meaning of Section 15 of the
Securities Act of 1933, as amended (the "1933 Act"), controls
("controlling person") any or all of the Fund and the Adviser
(all of such persons being referred to as "Fund Indemnified
Persons") against any and all losses, claims, damages,
liabilities or litigation (including legal and other expenses) to
which any Fund Indemnified Person may become subject under the
1933 Act, the 1940 Act, the Advisers Act, the Internal Revenue
Code of 1986, as amended (the "Code"), or under any other
statute, at common law or otherwise, arising out of the Sub-
Adviser's responsibilities as Sub-Adviser to the Fund which (i)
may be based upon any misfeasance, malfeasance or nonfeasance by
the Sub-Adviser, or any of its employees or representatives, or
any affiliate of or any person acting on behalf of the Sub-
Adviser, (ii) may be based upon a failure to comply with
paragraph 5(b) of this Agreement, or (iii) may be based upon any
untrue statement or alleged untrue statement of a material fact
about the Sub-Adviser contained in the registration statement
covering the shares of the Fund, or any amendment or supplement
thereto, or the omission or alleged omission to state therein a
material fact about the Sub-Adviser known or which should have
been known to the Sub-Adviser and was required to be stated
therein or necessary to make the statements therein not
misleading, if such a statement or omission was made in reliance
upon information furnished to the Adviser, the Fund or any
affiliate thereof by the Sub-Adviser or any affiliate of the Sub-
Adviser; provided that in no case shall the indemnity in favor of
any Fund Indemnified Person be deemed to protect such persons
against any liability to which any such person would otherwise be
subject by reason of willful misfeasance, bad faith, gross
negligence in the performance of its duties or by reason of its
reckless disregard of its obligations and duties under this
Agreement.
(b) The Fund agrees to indemnify and hold harmless the
Sub-Adviser, any of its affiliates, and each controlling person,
if any, of the Sub-Adviser (all of such persons being referred to
as "Sub-Adviser Indemnified Persons") against any and all losses,
claims, damages, liabilities or litigation (including legal and
other expenses) to which any Sub-Adviser Indemnified Person may
become subject under the 1933 Act, the 1940 Act, the Advisers
Act, the Code or under any other statute, at common law or
otherwise, which (i) may be based upon any misfeasance,
malfeasance or nonfeasance by the Fund or the Adviser, or any of
their respective employees or representatives, or any affiliate
of or any person acting on behalf of the Fund or the Adviser,
(ii) may be based upon a failure by the Fund or the Adviser to
comply with this Agreement, or (iii) may be based upon any untrue
statement or alleged untrue statement of a material fact
contained in the registration statement covering the shares of
the Fund, or any amendment or supplement thereto, or the omission
or alleged omission to state therein a material fact known or
which should have been known to the Fund and was required to be
stated therein or necessary to make the statements therein not
misleading, unless such a statement or omission was made in
reliance upon information furnished to the Adviser, the Fund or
any affiliate thereof by the Sub-Adviser or any affiliate of the
Sub-Adviser; provided that in no case shall the indemnity in
favor of any Sub-Adviser Indemnified Person be deemed to protect
such persons against any liability to which any such person would
otherwise be subject by reason of willful misfeasance, bad faith,
gross negligence in the performance of its duties or by reason of
its reckless disregard of its obligations and duties under this
Agreement.
(c) A party (the "Indemnifying Person") shall not be
liable under paragraphs 10(a) or 10(b) herein with respect to any
claim made against any Fund Indemnified Person or Sub-Adviser
Indemnified Person, as applicable (a Fund Indemnified Person and
a Sub-Adviser Indemnified Person may be referred to in this
paragraph 10(c) as an "Indemnified Person"), unless such
Indemnified Person shall have notified the Indemnifying Person in
writing within a reasonable time after the summons, notice or
other first legal process or notice giving information of the
nature of the claim shall have been served upon such Indemnified
Person (or after such Indemnified Person shall have received
notice of such service on any designated agent), but failure to
notify the Indemnifying Person of any such claim shall not
relieve the Indemnifying Person from any liability which it may
have to any Indemnified Person against whom such action is
brought otherwise than on account of this paragraph 10. In case
any such action is brought against any Indemnified Person, the
Indemnifying Person will be entitled to participate, at its own
expense, in the defense thereof or, after notice to the
Indemnified Person, to assume the defense thereof, with counsel
satisfactory to the Indemnified Person. If the Indemnifying
Person assumes the defense of any such action and the selection
of counsel by the Indemnifying Person to represent the
Indemnifying Person and the Indemnified Person would result in a
conflict of interests and therefore would not, in the reasonable
judgment of the Indemnified Person, adequately represent the
interests of the Indemnified Person, the Indemnifying Person
will, at its own expense, assume the defense with counsel to the
Indemnifying Person and, also at its own expense, with separate
counsel to the Indemnified Person which counsel shall be
satisfactory to the Indemnifying Person and to the Indemnified
Person. The Indemnified Person shall bear the fees and expenses
of any additional counsel retained by it, and the Indemnifying
Person shall not be liable to the Indemnified Person under this
Agreement for any legal or other expenses subsequently incurred
by the Indemnified Person independently in connection with the
defense thereof other than reasonable costs of investigation.
The Indemnifying Person shall not have the right to compromise on
or settle the litigation without the prior written consent of the
Indemnified Person if such compromise or settlement results, or
may result, in a finding of wrongdoing on the part of the
Indemnified Person.
11. Compensation
In consideration of the services rendered pursuant to
this Agreement, the Adviser will pay the Sub-Adviser a quarterly
fee calculated at an annual rate of 1.00% of the net asset value
of the Investments as of the last day of each calendar quarter.
The fee for the period from the date of this Agreement to the end
of the quarter during which this Agreement commenced shall be
prorated according to the proportion that such period bears to
the full quarterly period. Such fee shall be paid by the Adviser
to the Sub-Adviser within ten (10) business days after the last
day of each quarter or, upon termination of this Agreement before
the end of a quarter, within ten (10) business days after the
effective date of such termination. Upon any termination of this
Agreement before the end of a quarter, the fee for such part of
that quarter shall be prorated according to the proportion that
such period bears to the full quarterly period. For the purpose
of determining fees payable to the Sub-Adviser, the value of the
Investments shall be computed in the manner specified in the
Prospectus or SAI. The Sub-Adviser shall have no right to obtain
compensation directly from the Fund for services provided
hereunder and agrees to look solely to the Adviser for payment of
fees due.
12. Expenses
(a) The Sub-Adviser will bear all expenses in
connection with the performance of its services under this
Agreement, which shall not include the Fund's expenses listed in
paragraph 12(b).
(b) The Fund will bear certain other expenses to be
incurred in its operation, including: investment advisory and
administration fees; taxes, interest, brokerage fees and
commissions, if any; fees of Directors of the Fund who are not
officers, directors, or employees of the Fund, the Adviser or the
Sub-Adviser or affiliates of any of them; fees of any pricing
service employed to value shares of the Fund; SEC fees, state
Blue Sky qualification fees and any foreign qualification fees;
charges of custodians and transfer and dividend disbursing
agents; the Fund's proportionate share of insurance premiums;
outside auditing and legal expenses; costs of maintenance of the
Fund's existence; costs attributable to investor services,
including, without limitation, telephone and personnel expenses;
costs of preparing and printing prospectuses and statements of
additional information for regulatory purposes and for
distribution to existing shareholders; costs of shareholders'
reports and meetings of the shareholders of the Fund and of the
officers or Board of Directors of the Fund; and any extraordinary
expenses.
13. Term of Agreement
This Agreement shall continue for an initial two-year
period commencing on the date first written above, and thereafter
shall continue automatically for successive annual periods,
provided such continuance is specifically approved at least
annually by (a) the Board of Directors of the Fund or (b) a vote
of a "majority" (as defined in the 1940 Act) of the Fund's
outstanding voting securities, provided that in either event the
continuance is also approved by a majority of the Board of
Directors who are not "interested persons" (as defined the 1940
Act) of any party to this Agreement, by vote cast in person at a
meeting called for the purpose of voting on such approval. This
Agreement is terminable, without penalty, (i) by the Adviser on
60 (sixty) days' written notice to the Fund and the Sub-Adviser,
(ii) by the Board of Directors of the Fund or by vote of holders
of a majority of the Fund's shares on 60 (sixty) days' written
notice to the Adviser and the Sub-Adviser, or (iii) by the Sub-
Adviser upon 60 (sixty) days' written notice to the Fund and the
Adviser. This Agreement will also terminate automatically in the
event of its assignment (as defined in the 1940 Act) by any party
hereto. In the event of termination of this Agreement for any
reason, all records relating to the Fund kept by the Sub-Adviser
shall promptly be returned to the Adviser or the Fund, free from
any claim or retention of rights in such records by the Sub-
Adviser. In the event this Agreement is terminated or is not
approved in the foregoing manner, the provisions contained in
paragraph numbers 4(c), 7, 8, 9 and 10 shall remain in effect.
14. Amendments
No provision of this Agreement may be changed, waived,
discharged or terminated orally, but only by an instrument in
writing signed by the party against which enforcement of the
change, waiver, discharge or termination is sought, and no
amendment of this Agreement shall be effective until approved by
an affirmative vote of (a) the holders of a majority of the
outstanding voting securities of the Fund and (b) the Board of
Directors of the Fund, including a majority of Directors who are
not "interested persons" (as defined in the 1940 Act) of the Fund
or of either party to this Agreement, by vote cast in person at a
meeting called for the purpose of voting on such approval, if
such approval is required by applicable law.
15. Notices
All communications hereunder shall be given (a) if to
the Sub-Adviser, to Abbott Capital Management, LLC, 1330 Avenue
of the Americas, Suite 2800, New York, New York 10019 (Attention:
Raymond L. Held), telephone: (212) 757-2700, telecopy: (212) 757-
0835, (b) if to the Adviser, to Credit Suisse Asset Management,
LLC, 466 Lexington Avenue, New York, New York 10017-3147
(Attention: President), telephone: (212) 878-0600, telecopy:
(212) 878-9351, and (c) if to the Fund, c/o Credit Suisse Asset
Management, LLC, 466 Lexington Avenue, New York, New York 10017-
3147, telephone: (212) 878-0600, telecopy: (212) 878-9351
(Attention: President).
16. Choice of Law
This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York in the United
States, including choice of law principles; provided that nothing
herein shall be construed in a manner inconsistent with the 1940
Act, the Advisers Act or any applicable rules, regulations or
orders of the SEC.
17. Miscellaneous
(a) The captions of this Agreement are included for
convenience only and in no way define or limit any of the
provisions herein or otherwise affect their construction or
effect.
(b) If any provision of this Agreement shall be held
or made invalid by a court decision, by statute or otherwise, the
remainder of this Agreement shall not be affected thereby and, to
this extent, the provisions of this Agreement shall be deemed to
be severable.
(c) Nothing herein shall be construed to make the Sub-
Adviser an agent of the Adviser or the Fund.
(d) This Agreement may be executed in counterparts,
with the same effect as if the signatures were upon the same
instrument.
Please confirm that the foregoing is in accordance with
your understanding by indicating your acceptance hereof at the
place below indicated, whereupon it shall become a binding
agreement between us.
Very truly yours,
CREDIT SUISSE ASSET MANAGEMENT, LLC
By: _________________________________
Name:
Title:
WARBURG, PINCUS INSTITUTIONAL FUND, INC.
ON BEHALF OF THE POST-VENTURE CAPITAL
PORTFOLIO
By: _________________________________
Name:
Title:
ABBOTT CAPITAL MANAGEMENT, LLC
By: _______________________________
Name:
Title:
