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<PAGE> PAGE 5
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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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 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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015 A000801 MORGAN STANLEY TRUST COMPANY
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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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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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015 A001101 MORGAN STANLEY TRUST COMPANY
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
<TABLE> <S> <C>
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<NAME> WEBS INDEX FUND, INC.
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<TABLE> <S> <C>
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<CIK> 0000930667
<NAME> WEBS INDEX FUND, INC.
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<CIK> 0000930667
<NAME> WEBS INDEX FUND, INC.
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000930667
<NAME> WEBS INDEX FUND, INC.
<SERIES>
<NUMBER> 15
<NAME> SWEDEN INDEX SERIES
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<DISTRIBUTIONS-OF-INCOME> (69054)
<DISTRIBUTIONS-OF-GAINS> (649417)
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<NUMBER-OF-SHARES-SOLD> 6434414
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<NET-CHANGE-IN-ASSETS> 5547909
<ACCUMULATED-NII-PRIOR> (8712)
<ACCUMULATED-GAINS-PRIOR> (3941)
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<INTEREST-EXPENSE> 1493
<GROSS-EXPENSE> 155365
<AVERAGE-NET-ASSETS> 13262721
<PER-SHARE-NAV-BEGIN> 18.32
<PER-SHARE-NII> .10
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000930667
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<SERIES>
<NUMBER> 16
<NAME> SWITZERLAND INDEX SERIES
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<OTHER-ITEMS-LIABILITIES> 1545258
<TOTAL-LIABILITIES> 1545258
<SENIOR-EQUITY> 1876
<PAID-IN-CAPITAL-COMMON> 28290610
<SHARES-COMMON-STOCK> 1876000
<SHARES-COMMON-PRIOR> 1001000
<ACCUMULATED-NII-CURRENT> 14620
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 879832
<NET-ASSETS> 29162979
<DIVIDEND-INCOME> 254328
<INTEREST-INCOME> 13768
<OTHER-INCOME> 0
<EXPENSES-NET> (275005)
<NET-INVESTMENT-INCOME> (6909)
<REALIZED-GAINS-CURRENT> 2711388
<APPREC-INCREASE-CURRENT> (117545)
<NET-CHANGE-FROM-OPS> 2586934
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13567)
<DISTRIBUTIONS-OF-GAINS> (2272030)
<DISTRIBUTIONS-OTHER> (53400)
<NUMBER-OF-SHARES-SOLD> 17011012
<NUMBER-OF-SHARES-REDEEMED> (1901034)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 15357915
<ACCUMULATED-NII-PRIOR> 20353
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<GROSS-EXPENSE> 275005
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000930667
<NAME> WEBS INDEX FUND, INC.
<SERIES>
<NUMBER> 17
<NAME> UNITED KINGDOM INDEX SERIES
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<OTHER-ITEMS-LIABILITIES> 848602
<TOTAL-LIABILITIES> 848602
<SENIOR-EQUITY> 3401
<PAID-IN-CAPITAL-COMMON> 57705230
<SHARES-COMMON-STOCK> 3401000
<SHARES-COMMON-PRIOR> 1801000
<ACCUMULATED-NII-CURRENT> (155570)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5292472
<NET-ASSETS> 62845533
<DIVIDEND-INCOME> 1466011
<INTEREST-INCOME> 20595
<OTHER-INCOME> 0
<EXPENSES-NET> (523182)
<NET-INVESTMENT-INCOME> 963424
<REALIZED-GAINS-CURRENT> 438393
<APPREC-INCREASE-CURRENT> 1989733
<NET-CHANGE-FROM-OPS> 3391550
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<DISTRIBUTIONS-OF-GAINS> (387328)
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<PER-SHARE-NAV-BEGIN> 16.50
<PER-SHARE-NII> .37
<PER-SHARE-GAIN-APPREC> 2.12
<PER-SHARE-DIVIDEND> (.33)
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</TABLE>
EXHIBIT INDEX
EXHIBIT A:
ATTACHMENT TO ITEM 77B: ACCOUNTANT'S REPORT ON INTERNAL CONTROL
EXHIBIT B:
ATTACHMENT TO ITEM 77C: MATTERS SUBMITTED TO A VOTE OF SECURITY HOLDERS
- ---------------------------------------------------------------------
EXHIBIT A:
Report of Independent Auditors
To the Shareholders and Board of Directors of
WEBS Index Fund, Inc.
In planning and performing our audit of the financial statements of WEBS Index
Fund, Inc. (comprised of the Australia WEBS Index Series, the Austria WEBS
Index Series, the Belgium WEBS Index Series, the Canada WEBS Index Series, the
France WEBS Index Series, the Germany WEBS Index Series, the Hong Kong WEBS
Index Series, the Italy WEBS Index Series, the Japan WEBS Index Series, the
Malaysia (Free) WEBS Index Series, the Mexico (Free) WEBS Index Series, the
Netherlands WEBS Index Series, the Singapore (Free) WEBS Index Series, the
Spain WEBS Index Series, the Sweden WEBS Index Series, the Switzerland WEBS
Index Series, and the United Kingdom WEBS Index Series) for the year ended
August 31, 1998, 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 to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control.
The management of WEBS Index Fund, Inc. is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates
and judgments 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 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 control, 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 the internal control would not necessarily disclose all
matters in the 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 errors or fraud in amounts that would be
material in relation to the financial statements 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
the internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above at
August 31, 1998.
This report is intended solely for the information and use of the board of
directors and management of WEBS Index Fund, Inc. and the Securities and
Exchange Commission.
ERNST & YOUNG LLP
October 23, 1998
EXHIBIT B:
77C. A special meeting of shareholders of each WEBS Index Series of WEBS
Index Fund, Inc. was held on October 2, 1998 and reconvened on October 16,
1998 to (1) vote on a proposal to approve a change of each WEBS Index Series'
concentration policy and (2) transact such other business as may properly come
before the special meeting or any adjournment thereof. The voting at the
special meeting was as follows:
PROPOSAL
To approve a change of the
concentration policy of the
WEBS Index Fund, Inc.
Total Shares Shares
Outstanding Shares Voted Voted Shares
Shares Voted For Against Abstained
Australia Series 4,400,030 4,023,944 4,012,435 8,300 3,209
Austria Series 800,030 642,202 640,352 -0- 1,850
Belgium Series 1,400,030 1,027,596 1,026,259 375 962
Canada Series 700,030 530,287 527,303 800 2,184
France Series 2,401,000 1,762,755 1,719,089 40,700 2,966
Germany Series 3,601,000 2,728,151 2,724,761 985 2,405
Hong Kong Series 8,026,000 7,650,154 7,572,614 44,100 33,440
Italy Series 2,550,030 1,727,976 1,631,433 94,053 2,490
Japan Series 24,001,000 16,621,187 16,383,925 166,478 70,784
Malaysia(Free)Series 16,725,030 15,200,753 15,087,863 50,180 62,710
Mexico(Free) Series 900,030 737,018 731,858 3,465 1,695
Netherlands Series 951,000 597,038 595,978 200 860
Singapore(Free)Series 14,400,030 13,222,386 13,080,283 46,650 95,453
Spain Series 1,050,030 642,370 641,098 175 1,097
Sweden Series 750,030 380,776 379,511 100 1,165
Switzerland Series 1,876,000 1,149,250 1,140,380 4,600 4,270
United Kingdom Series 3,401,000 2,504,872 2,502,687 780 1,405
