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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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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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066 C000500 N
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 Y
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
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070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 Y
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 Y
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 72327
071 B000500 32746
071 C000500 46290
071 D000500 71
<PAGE> PAGE 22
072 A000500 12
072 B000500 262
072 C000500 767
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072 Y000500 225
072 Z000500 647
072AA000500 2901
072BB000500 5132
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074 B000500 4196
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<PAGE> PAGE 23
074 O000500 328
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015 A000601 PNC BANK, N.A.
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018 000600 Y
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019 C000600 WARBURG PI
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<PAGE> PAGE 24
028 B040600 95
028 C010600 0
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045 000600 Y
046 000600 N
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048 E020600 0.000
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048 I010600 0
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<PAGE> PAGE 25
060 B000600 Y
061 000600 1000000
066 A000600 Y
066 B000600 N
066 C000600 N
066 D000600 Y
066 E000600 N
066 F000600 N
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 Y
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 N
070 M010600 Y
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 Y
070 Q020600 N
070 R010600 Y
070 R020600 N
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071 B000600 1382
<PAGE> PAGE 26
071 C000600 1398
071 D000600 99
072 A000600 12
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<PAGE> PAGE 27
074 M000600 0
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015 A000701 PNC BANK, N.A.
015 B000701 C
015 C010701 PHILADELPHIA
015 C020701 PA
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015 A000702 STATE STREET BANK & TRUST CO.
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015 C020702 MA
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019 C000700 WARBURG PI
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025 A000701 STATE STREET BANK AND TRUST CO.
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<PAGE> PAGE 28
028 A030700 0
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<PAGE> PAGE 29
048 K010700 0
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<PAGE> PAGE 30
070 Q020700 N
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<PAGE> PAGE 31
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015 A000801 PNC BANK, N.A.
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015 A000802 STATE STREET BANK & TRUST CO.
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
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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 Institutional Fund, Inc.:
In planning and performing our audit of the financial statements
and financial highlights of the Warburg, Pincus Institutional
Fund, Inc. including the Warburg Pincus Post-Venture Capital
Portfolio, Warburg Pincus Small Company Growth Portfolio, Warburg
Pincus Small Value Portfolio, Warburg Pincus Value Portfolio,
Warburg Pincus Emerging Markets Portfolio, Warburg Pincus
International Equity Portfolio and Warburg Pincus Japan Growth
Portfolio (all portfolios collectively referred to as 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