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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000759433
<NAME> WARBURG, PINCUS CASH RESERVE FUND, INC.
<S> <C>
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<PERIOD-END> DEC-31-1998
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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 Directors and Shareholders
of Warburg, Pincus Cash Reserve Fund, Inc.:
In planning and performing our audit of the financial
statements and financial highlights of Warburg, Pincus Cash
Reserve Fund, Inc. (the "Fund") 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 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
December 31, 1998.
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
February 5, 1999
