<PAGE> PAGE 1
000 B000000 10/31/98
000 C000000 0000825305
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 EMERGING GROWTH FUND, INC.
001 B000000 811-5396
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 10017
010 C040002 3147
012 A000001 BOSTON FINANCIAL DATA SERVICES, INC.
<PAGE> PAGE 2
012 B000001 84-00896
012 C010001 N. QUINCEY
012 C020001 MA
012 C030001 02171
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 PHILADELPHIA
013 B020001 PA
013 B030001 19103
014 A000001 COUNSELLORS SECURITIES, INC.
014 B000001 8-32482
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 MONTGOMERY SECURITIES
020 B000001 94-1701676
020 C000001 276
020 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000002 13-5670485
020 C000002 257
020 A000003 CS FIRST BOSTON CORP.
020 B000003 13-5659485
020 C000003 171
020 A000004 ALEX BROWN & SONS, INC.
020 B000004 52-1319768
020 C000004 166
020 A000005 CAPITAL INSTITUTIONAL SERVICES
020 B000005 75-1565705
020 C000005 157
020 A000006 SMITH BARNEY INC.
020 B000006 13-3371860
020 C000006 149
020 A000007 BEAR STERNS & CO.
020 B000007 13-3299429
020 C000007 146
020 A000008 FOX PITT & KELTON
020 B000008 00-0000000
020 C000008 144
020 A000009 GOLDMAN SACHS & CO.
020 B000009 13-5108880
020 C000009 138
020 A000010 MORGAN, (J.P.) SECURITIES,INC.
020 B000010 13-3224016
020 C000010 131
021 000000 3656
<PAGE> PAGE 3
022 A000001 STATE STREET BANK & TRUST CO.
022 B000001 04-1867445
022 C000001 19064485
022 D000001 0
022 A000002 GOLDMAN SACHS & CO.
022 B000002 13-5108880
022 C000002 1305532
022 D000002 73500
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH,INC.
022 B000003 13-5674085
022 C000003 1931579
022 D000003 40047
022 A000004 ALEX BROWN & SONS, INC.
022 B000004 52-1319768
022 C000004 99399
022 D000004 45019
022 A000005 DONALDSON, LUFKIN & JENRETTE SECURITIES
022 B000005 13-2741729
022 C000005 79882
022 D000005 56169
022 A000006 LEHMAN BROTHERS SECUITIES
022 B000006 13-2518466
022 C000006 65553
022 D000006 52169
022 A000007 SOCIETE GENERALE SECURITIES
022 B000007 13-1976032
022 C000007 114805
022 D000007 0
022 A000008 SMITH BARNEY, INC.
022 B000008 13-3371860
022 C000008 44894
022 D000008 58388
022 A000009 MORGAN STANLEY & CO.INC.
022 B000009 13-2655998
022 C000009 56450
022 D000009 34243
022 A000010 MORGAN, (J.P.) SECURITIES
022 B000010 15-3224016
022 C000010 36258
022 D000010 44734
023 C000000 32518655
023 D000000 739409
024 000000 Y
025 A000001 STATE STREET BANK & TRUST CO.
025 B000001 04-1867445
025 C000001 D
025 D000001 162048
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
<PAGE> PAGE 4
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 56609
028 A020000 0
028 A030000 0
028 A040000 44896
028 B010000 52410
028 B020000 0
028 B030000 0
028 B040000 49370
028 C010000 59499
028 C020000 0
028 C030000 0
028 C040000 58944
028 D010000 92663
028 D020000 0
028 D030000 0
028 D040000 73523
028 E010000 49961
028 E020000 0
028 E030000 0
028 E040000 53255
028 F010000 88465
028 F020000 0
028 F030000 0
028 F040000 65835
028 G010000 399607
028 G020000 0
028 G030000 0
028 G040000 345823
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
<PAGE> PAGE 5
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
046 000000 N
047 000000 Y
048 000000 0.900
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 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
<PAGE> PAGE 6
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
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 2500
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
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 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
<PAGE> PAGE 7
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 Y
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 1804336
071 B000000 1715498
071 C000000 1872714
071 D000000 92
072 A000000 12
072 B000000 6986
072 C000000 7937
072 D000000 0
072 E000000 0
072 F000000 18191
072 G000000 3536
072 H000000 0
072 I000000 3536
072 J000000 342
<PAGE> PAGE 8
072 K000000 0
072 L000000 133
072 M000000 14
072 N000000 141
072 O000000 0
072 P000000 4
072 Q000000 0
072 R000000 43
072 S000000 145
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 65
072 X000000 26150
072 Y000000 0
072 Z000000 -11227
072AA000000 0
072BB000000 47452
072CC010000 0
072CC020000 136862
072DD010000 0
072DD020000 0
072EE000000 118470
073 A010000 0.0000
073 A020000 0.0000
073 B000000 2.3900
073 C000000 0.0000
074 A000000 0
074 B000000 162048
074 C000000 0
074 D000000 0
074 E000000 8125
074 F000000 1690673
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 2583
074 K000000 0
074 L000000 7499
074 M000000 1
074 N000000 1870929
074 O000000 15626
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 11759
074 S000000 0
074 T000000 1843544
074 U010000 45491
<PAGE> PAGE 9
074 U020000 9567
074 V010000 33.69
074 V020000 32.51
074 W000000 0.0000
074 X000000 11544
074 Y000000 0
075 A000000 0
075 B000000 2056662
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
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
<PAGE> PAGE 10
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE MARY JANE MALONEY
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000825305
<NAME> WARBURG, PINCUS EMERGING GROWTH FUND, INC.
<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> 1528992683
<INVESTMENTS-AT-VALUE> 1860846333
<RECEIVABLES> 10082544
<ASSETS-OTHER> 433
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1870929310
<PAYABLE-FOR-SECURITIES> 15625858
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11759365
<TOTAL-LIABILITIES> 27385223
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1559851623
<SHARES-COMMON-STOCK> 55057662
<SHARES-COMMON-PRIOR> 53591758
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (48161186)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 331853650
<NET-ASSETS> 1843544087
<DIVIDEND-INCOME> 7937355
<INTEREST-INCOME> 6986115
<OTHER-INCOME> 0
<EXPENSES-NET> (26150341)
<NET-INVESTMENT-INCOME> (11226871)
<REALIZED-GAINS-CURRENT> (47452269)
<APPREC-INCREASE-CURRENT> (136862010)
<NET-CHANGE-FROM-OPS> (195541150)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (118470367)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 883019817
<NUMBER-OF-SHARES-REDEEMED> (813237032)
<SHARES-REINVESTED> 114956027
<NET-CHANGE-IN-ASSETS> (129272705)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 117598421
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 18191066
<INTEREST-EXPENSE> 3800
<GROSS-EXPENSE> 26150341
<AVERAGE-NET-ASSETS> 1629672313
<PER-SHARE-NAV-BEGIN> 39.66
<PER-SHARE-NII> (.12)
<PER-SHARE-GAIN-APPREC> (3.46)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (2.39)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 33.69
<EXPENSE-RATIO> 1.22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000825305
<NAME> WARBURG, PINCUS EMERGING GROWTH FUND, INC.
<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> 1528992683
<INVESTMENTS-AT-VALUE> 1860846333
<RECEIVABLES> 10082544
<ASSETS-OTHER> 433
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1870929310
<PAYABLE-FOR-SECURITIES> 15625858
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11759365
<TOTAL-LIABILITIES> 27385223
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1559851623
<SHARES-COMMON-STOCK> 55057662
<SHARES-COMMON-PRIOR> 53591758
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (48161186)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 331853650
<NET-ASSETS> 1843544087
<DIVIDEND-INCOME> 7937355
<INTEREST-INCOME> 6986115
<OTHER-INCOME> 0
<EXPENSES-NET> (26150341)
<NET-INVESTMENT-INCOME> (11226871)
<REALIZED-GAINS-CURRENT> (47452269)
<APPREC-INCREASE-CURRENT> (136862010)
<NET-CHANGE-FROM-OPS> (195541150)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (118470367)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 883019817
<NUMBER-OF-SHARES-REDEEMED> (813237032)
<SHARES-REINVESTED> 114956027
<NET-CHANGE-IN-ASSETS> (129272705)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 117598421
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 18191066
<INTEREST-EXPENSE> 3800
<GROSS-EXPENSE> 26150341
<AVERAGE-NET-ASSETS> 391557228
<PER-SHARE-NAV-BEGIN> 38.50
<PER-SHARE-NII> (.49)
<PER-SHARE-GAIN-APPREC> (3.11)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (2.39)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 32.51
<EXPENSE-RATIO> 1.62
<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 Emerging Growth Fund, Inc.:
In planning and performing our audit of the financial statements
and financial highlights of Warburg, Pincus Emerging Growth Fund,
Inc. (the "Fund") for the year 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
