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<PAGE> PAGE 2
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 0
066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 N
066 E000400 Y
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
<PAGE> PAGE 21
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 6762
071 B000400 969
071 C000400 4408
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<PAGE> PAGE 22
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073 A010400 0.0000
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008 A000501 WARBURG PINCUS ASSET MANAGEMENT, INC.
008 B000501 A
<PAGE> PAGE 23
008 C000501 801-28496
008 D010501 NEW YORK
008 D020501 NY
008 D030501 10017
008 D040501 3147
015 A000501 STATE STREET BANK & TRUST CO
015 B000501 C
015 C010501 BOSTON
015 C020501 MA
015 C030501 02110
015 E040501 X
018 000500 Y
019 A000500 Y
019 B000500 36
019 C000500 WARBURG PI
024 000500 Y
025 A000501 STATE STREET BANK & TRUST CO.
025 B000501 04-1867445
025 C000501 D
025 D000501 202
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
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028 A010500 1000
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<PAGE> PAGE 24
028 G010500 1151
028 G020500 0
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045 000500 Y
046 000500 N
047 000500 Y
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048 I020500 0.000
048 J010500 0
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048 K010500 0
048 K020500 0.000
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 0
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 Y
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
<PAGE> PAGE 25
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
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 N
070 M010500 Y
070 M020500 N
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 1486
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<PAGE> PAGE 26
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<PAGE> PAGE 27
074 V010500 9.53
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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
<TABLE> <S> <C>
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<SERIES>
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000941568
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<SERIES>
<NUMBER> 05
<NAME> EMERGING MARKETS PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
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<APPREC-INCREASE-CURRENT> (144748)
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Item 77Q1(b) Exhibit
Warburg, Pincus Trust- Small Company Growth Portfolio
Change to definition of "small company" as follows:
"The Fund/Portfolio considers a "small company" to be one that has a market
capitalization, measured at the time of the Fund/Portfolio purchases a
security of that company, within the range of capitalizations of companies
represented in the Russell 2000 Index. (As of February 4, 1998, the
Russell 2000 Index included companies with market capitalizations between
$22.9 million and $2.5 billion.) Companies whose capitalization no longer
meets this definition after purchase continue to be considered small
companies for purposes of the Fund/Portfolio's policy of investing at least
65% of its assets in small companies. In addition, the Fund/Portfolio has
the flexibility to invest in companies with a market capitalization of any
size when the 65% policy is met. As a result of these policies, the
average market capitalization of the Fund/Portfolio at any particular time
may exceed $2.5 billion, particularly at times when the market values of
small company stocks are rising."
Clarification to exclude securities of foreign issuers from the fund's 65%
policy on investing in small companies.
Change to permit investment of up to 20% of total assets to purchase
securities on a when-issued basis and purchase and sell securities on a
delayed-delivery basis
Warburg, Pincus Trust- Emerging Markets Portfolio
Change to remove 10% limitation on investing in securities of "special
situations"
