<PAGE> PAGE 1
000 B000000 10/31/98
000 C000000 0000811142
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 WARBURG, PINCUS FIXED INCOME FUND
001 B000000 811-5039
001 C000000 3027912919
002 A000000 400 BELLEVUE PARKWAY
002 B000000 WILMINGTON
002 C000000 DE
002 D010000 19809
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 WARBURG PINCUS ASSET MANAGEMENT, INC.
008 B000001 A
008 C000001 801-28496
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10017
008 D040001 3147
010 A000001 PFPC INC.
010 B000001 85-1196
010 C010001 WILMINGTON
010 C020001 DE
010 C030001 19809
010 A000002 COUNSELLORS FUNDS SERVICE, INC.
010 B000002 801-00000
010 C010002 NEW YORK
010 C020002 NY
010 C030002 10011
010 C040002 3147
012 A000001 BOSTON FINANCIAL DATA SERVICES
<PAGE> PAGE 2
012 B000001 84-00896
012 C010001 BOSTON
012 C020001 MA
012 C030001 02171
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 PHILADELPHIA
013 B020001 PA
013 B030001 19103
015 A000001 PNC BANK, NATIONAL ASSOCIATION
015 B000001 C
015 C010001 PHILADELPHIA
015 C020001 PA
015 C030001 19101
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 48
019 C000000 WARBURG PI
020 A000001 MERRILL LYNCH
020 B000001 13-5674085
020 C000001 4
020 A000002 FRIEDMAN, BILLINGS & RAMSEY
020 B000002 52-1630477
020 C000002 1
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 5
022 A000001 GOLDMAN SACHS & CO.
022 B000001 13-5108880
022 C000001 335971
022 D000001 24375
022 A000002 STATE STREET BANK & TRUST CO.
022 B000002 04-1867445
022 C000002 612603
022 D000002 0
022 A000003 SIEBERT (MURIEL) & CO.
022 B000003 00-0000000
022 C000003 52989
022 D000003 51444
022 A000004 BEAR STERNS & CO.
022 B000004 13-3299429
022 C000004 54149
022 D000004 45619
022 A000005 SPEAR, LEEDS & KELLOGG
022 B000005 13-5515160
<PAGE> PAGE 3
022 C000005 74263
022 D000005 30653
022 A000006 CLARKE (G.X.) & CO.
022 B000006 13-2969143
022 C000006 111307
022 D000006 91987
022 A000007 DLJ JAMES CAPEL
022 B000007 13-2741729
022 C000007 31055
022 D000007 28845
022 A000008 SALAMON BROTHERS
022 B000008 13-3082694
022 C000008 31633
022 D000008 14110
022 A000009 LEHMAN BROTHERS
022 B000009 13-2518466
022 C000009 21392
022 D000009 26060
022 A000010 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000010 13-5674085
022 C000010 98320
022 D000010 8503
023 C000000 1588372
023 D000000 430076
024 000000 Y
025 A000001 STATE STREET BANK & TRUST CO.
025 B000001 04-1867445
025 C000001 D
025 D000001 3345
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 12173
028 A020000 1471
028 A030000 0
028 A040000 8022
028 B010000 18933
<PAGE> PAGE 4
028 B020000 1474
028 B030000 0
028 B040000 8809
028 C010000 16939
028 C020000 1698
028 C030000 0
028 C040000 11112
028 D010000 28594
028 D020000 1570
028 D030000 0
028 D040000 8992
028 E010000 16311
028 E020000 1573
028 E030000 0
028 E040000 16682
028 F010000 33203
028 F020000 3286
028 F030000 0
028 F040000 19844
028 G010000 126153
028 G020000 11072
028 G030000 0
028 G040000 73461
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 N
041 000000 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
<PAGE> PAGE 5
046 000000 N
047 000000 Y
048 000000 0.500
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 N
054 I000000 N
054 J000000 N
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
<PAGE> PAGE 6
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 2500
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.8
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 23.9
062 N000000 0.4
062 O000000 0.0
062 P000000 27.1
062 Q000000 44.2
062 R000000 2.7
063 A000000 0
063 B000000 8.5
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
<PAGE> PAGE 7
070 J020000 Y
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 592936
071 B000000 438773
071 C000000 353566
071 D000000 124
072 A000000 12
072 B000000 21720
072 C000000 1289
072 D000000 0
072 E000000 0
072 F000000 1799
072 G000000 549
072 H000000 0
072 I000000 219
072 J000000 62
072 K000000 0
072 L000000 42
072 M000000 13
072 N000000 108
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 14
072 S000000 27
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 14
072 X000000 2847
072 Y000000 139
072 Z000000 20301
072AA000000 1864
072BB000000 63
072CC010000 324
072CC020000 0
<PAGE> PAGE 8
072DD010000 20112
072DD020000 189
072EE000000 2623
073 A010000 0.5876
073 A020000 0.5609
073 B000000 0.0857
073 C000000 0.0000
074 A000000 1
074 B000000 3345
074 C000000 0
074 D000000 407720
074 E000000 11687
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 13044
074 K000000 0
074 L000000 5305
074 M000000 2
074 N000000 441104
074 O000000 12654
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 1856
074 S000000 0
074 T000000 426594
074 U010000 40685
074 U020000 294
074 V010000 10.41
074 V020000 10.41
074 W000000 0.0000
074 X000000 1623
074 Y000000 0
075 A000000 0
075 B000000 424923
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
<PAGE> PAGE 9
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 VIGILANT INSURANCE CO.
080 B000000 NONE
080 C000000 20000
081 A000000 Y
081 B000000 37
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE MARY JANE MALONEY
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811142
<NAME> WARBURG, PINCUS FIXED INCOME FUND
<SERIES>
<NUMBER> 001
<NAME> COMMON CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 417201309
<INVESTMENTS-AT-VALUE> 422752081
<RECEIVABLES> 18348902
<ASSETS-OTHER> 3358
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 441104341
<PAYABLE-FOR-SECURITIES> 12654001
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1856139
<TOTAL-LIABILITIES> 14510140
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 419361206
<SHARES-COMMON-STOCK> 40979032
<SHARES-COMMON-PRIOR> 34860254
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1682223
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5550772
<NET-ASSETS> 426594201
<DIVIDEND-INCOME> 1288809
<INTEREST-INCOME> 21720118
<OTHER-INCOME> 0
<EXPENSES-NET> (2707624)
<NET-INVESTMENT-INCOME> 20301303
<REALIZED-GAINS-CURRENT> 1801417
<APPREC-INCREASE-CURRENT> 323605
<NET-CHANGE-FROM-OPS> 22426325
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (20301304)
<DISTRIBUTIONS-OF-GAINS> (2623420)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 275617901
<NUMBER-OF-SHARES-REDEEMED> (138361653)
<SHARES-REINVESTED> 20421111
<NET-CHANGE-IN-ASSETS> 157178960
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2504226
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1799237
<INTEREST-EXPENSE> 250
<GROSS-EXPENSE> 2846504
<AVERAGE-NET-ASSETS> 356340482
<PER-SHARE-NAV-BEGIN> 10.43
<PER-SHARE-NII> .59
<PER-SHARE-GAIN-APPREC> .07
<PER-SHARE-DIVIDEND> (.59)
<PER-SHARE-DISTRIBUTIONS> (.09)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.41
<EXPENSE-RATIO> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811142
<NAME> WARBURG, PINCUS FIXED INCOME FUND
<SERIES>
<NUMBER> 002
<NAME> ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 417201309
<INVESTMENTS-AT-VALUE> 422752081
<RECEIVABLES> 18348902
<ASSETS-OTHER> 3358
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 441104341
<PAYABLE-FOR-SECURITIES> 12654001
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1856139
<TOTAL-LIABILITIES> 14510140
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 419361206
<SHARES-COMMON-STOCK> 40979032
<SHARES-COMMON-PRIOR> 34860254
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1682223
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5550772
<NET-ASSETS> 426594201
<DIVIDEND-INCOME> 1288809
<INTEREST-INCOME> 21720118
<OTHER-INCOME> 0
<EXPENSES-NET> (2707624)
<NET-INVESTMENT-INCOME> 20301303
<REALIZED-GAINS-CURRENT> 1801417
<APPREC-INCREASE-CURRENT> 323605
<NET-CHANGE-FROM-OPS> 22426325
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (20301304)
<DISTRIBUTIONS-OF-GAINS> (2623420)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 275617901
<NUMBER-OF-SHARES-REDEEMED> (138361653)
<SHARES-REINVESTED> 20421111
<NET-CHANGE-IN-ASSETS> 157178960
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2504226
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1799237
<INTEREST-EXPENSE> 250
<GROSS-EXPENSE> 2846504
<AVERAGE-NET-ASSETS> 3507005
<PER-SHARE-NAV-BEGIN> 10.43
<PER-SHARE-NII> .56
<PER-SHARE-GAIN-APPREC> .07
<PER-SHARE-DIVIDEND> (.56)
<PER-SHARE-DISTRIBUTIONS> (.09)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.41
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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 Fixed Income Fund, Inc.:
In planning and performing our audit of the financial statements
and financial highlights of Warburg, Pincus Fixed Income Fund,
Inc. (the "Fund") for the period ended October 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 October 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
December 11, 1998
