CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in this Registration
Statement on Form N-1A of our report dated October 13, 2000, relating to the
financial statements and financial highlights which appear in the August 31,
2000 Annual Report to Shareholders of Warburg, Pincus Municipal Bond Fund, Inc.,
which is also incorporated by reference into the Registration Statement. We also
consent to the references to our firm under the headings "Financial Highlights"
in the Prospectus and "Independent Accountants and Counsel" in the Statement of
Additional Information.
/s/ Pricewaterhouse Coopers LLP
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Pricewaterhouse Coopers LLP
Two Commerce Square
Philadelphia, Pennsylvania
December 26, 2000
