EXHIBIT INDEX
Exhibit A:
Attachment to item 77C: Submission of matters to a vote of
Security holders.
Exhibit B:
Attachment to item 77H: Changes in control of Registrant.
Exhibit C:
Attachment to item 77Q1: New Investment Advisory Agreement
------------------------------------------------------------------
EXHIBIT A:
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: Xxxxxxx X. Xxxxxxx,
Xxxx X. Xxxxx, Xxxxxxx X. Xxxxxx, Xxxxx X. Xxxxxx, Xx., Xxxxxxx
X. Xxxxxx, Xxxxxx X. Xxxxxxxxx, Xxxxxx X. Xxxxxxxx, Xxxxxxxxx X.
Xxxxxxxxxx.
(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 302,590,552.851 75.55%
Disapprove 633,649.490 0.16%
Abstain 920,825.519 0.23%
(d) Not applicable
EXHIBIT B:
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, Xxxxxx & 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 C:
Sub-Item 77Q1: Exhibits
INVESTMENT ADVISORY AGREEMENT
July 6, 1999
Credit Suisse Asset Management, LLC
000 Xxxxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000-0000
Dear Sirs:
Warburg, Pincus Cash Reserve Fund, Inc. (the "Fund"), a
corporation organized and existing under the laws of the State of
Maryland, 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 general investment decisions
for the Fund, including decisions concerning (i) the specific
types of securities to be held by the Fund and the proportion of
the Fund's assets that should be allocated to such investments
during particular market cycles, (ii) the specific issuers whose
securities will be purchased or sold by the Fund, (iii) the
appropriate maturity of its portfolio investments and (iv) the
appropriate average weighted maturity of its portfolio in light
of current market conditions, (d) place purchase and sale orders
for securities on behalf of the Fund, and (e) 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) and (d) 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. 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.
4. Standard of Care
The Adviser shall exercise its best judgment in
rendering the services listed in paragraphs 2 and 3 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.
5. 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 0.25% 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.
6. Expenses
The Adviser will bear all expenses in connection with
the performance of its services under this Agreement except the
fees payable to any investment sub-adviser engaged pursuant to
paragraph 2 of this Agreement which will be paid directly by the
Fund. 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.
7. 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.
8. 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).
9. Representation by the Fund
The Fund represents that a copy of its Articles of
Incorporation, dated October 31, 1984, together with all
amendments thereto, is on file in the Department of Assessments
and Taxation of the State of Maryland.
10. 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 CASH RESERVE
FUND, INC.
By: _______________________
Name: ________________
Title: _______________
Accepted:
CREDIT SUISSE ASSET MANAGEMENT, LLC
By: _______________________
Name: ________________
Title: _______________
