<PAGE> PAGE 1
000 B000000 12/31/98
000 C000000 0001029879
000 D000000 N
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001 A000000 WARBURG PINCUS TRUST II
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001 C000000 3027912919
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007 C010400 4
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007 C010600 6
007 C010700 7
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008 B00AA01 A
008 C00AA01 801-28496
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10017
008 D04AA01 3147
010 A00AA01 PFPC INC.
010 B00AA01 85-1196
010 C01AA01 WILMINGTON
010 C02AA01 DE
010 C03AA01 19809
010 A00AA02 COUNSELLORS FUND SERVICE, INC.
010 B00AA02 801-00000
010 C01AA02 NEW YORK
<PAGE> PAGE 2
010 C02AA02 NY
010 C03AA02 10017
010 C04AA02 3147
011 A00AA01 DELETE
012 A00AA01 BOSTON FINANCIAL DATA SERVICES, INC.
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012 C03AA01 02171
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
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022 A000003 GOLDMAN SACHS & COMPANY
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022 C000003 4088
<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
050 000100 N
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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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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
<TABLE> <S> <C>
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<CIK> 0001029879
<NAME> WARBURG, PINCUS TRUST II
<SERIES>
<NUMBER> 01
<NAME> FIXED INCOME PORTFOLIO
<S> <C>
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001029879
<NAME> WARBURG, PINCUS TRUST II
<SERIES>
<NUMBER> 02
<NAME> GLOBAL FIXED INCOME PORTFOLIO
<S> <C>
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<SHARES-COMMON-PRIOR> 168629
<ACCUMULATED-NII-CURRENT> (31073)
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<ACCUMULATED-NET-GAINS> (5603)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 1790442
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (51816)
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<NET-CHANGE-IN-ASSETS> 194034
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (32902)
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<PER-SHARE-NAV-BEGIN> 9.47
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<PER-SHARE-GAIN-APPREC> (.10)
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<RETURNS-OF-CAPITAL> (.42)
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</TABLE>
EXHIBIT INDEX
Exhibit A: Attachment to item 77B:
Accountant's report on internal control.
- ------------------------------------------------------------
Exhibit A:
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees and Shareholders
of Warburg, Pincus Trust II, Inc.:
In planning and performing our audit of the financial
statements and financial highlights of Warburg, Pincus Trust II,
Inc., including the Warburg Pincus Fixed Income Portfolio and
Warburg Pincus Global Fixed Income Portfolio (all portfolios
collectively referred to as the "Trust") for the year ended
December 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 financial highlights
and to comply with the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of the Trust 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
December 31, 1998.
This report is intended solely for the information and use
of management, the Board of Trustees of the Trust, and the
Securities and Exchange Commission.
PricewaterhouseCoopers LLP
February 5, 1999
