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<PAGE> PAGE 13
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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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
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<PAGE> PAGE 24
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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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 Trustees and Shareholders
of Warburg, Pincus Trust, Inc.:
In planning and performing our audit of the financial
statements and financial highlights of Warburg, Pincus Trust,
Inc., including the Warburg, Pincus International Equity
Portfolio, Warburg, Pincus Emerging Markets Portfolio, Warburg,
Pincus Small Company Growth Portfolio, Warburg, Pincus Post-
Venture Capital Portfolio and Warburg, Pincus Growth & Income
Portfolio (all portfolios collectively referred to as the
"Trust") 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 Trust 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 unauthorized 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 Trustees of the Trust, and the
Securities and Exchange Commission.
PricewaterhouseCoopers LLP
February 5, 1999
