UNITED STATES
                   SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C.  20549

                              FORM N-17f-2

            Certificate of Accounting of Securities and Similar
                      Investments in the Custody of
                     Management Investment Companies

                 Pursuant to Rule 17f-2 [17 CFR 270.17f-2]


1.   Investment Company Act Rule Number:

     811-08901

2.   State identification Number:

3.   Exact name of investment company as specified in registration statement:

     WARBURG PINCUS WORLDPERKS TAX FREE MONEY MARKET FUND

4.   Address of principal executive office (number, street, city, state,
     Zip code):

     466 LEXINGTON AVENUE
     NEW YORK, NY   10017






Management Statement Regarding Compliance with Certain
Provisions of the Investment Company Act of 1940

June 28, 2000

PricewaterhouseCoopers LLP
2400 Eleven Penn Center
Philadelphia, PA 19103

We, as members of management of Warburg Pincus WorldPerks
Money Market Fund, Warburg Pincus WorldPerks Tax Free Money
Market Fund, Warburg Pincus Cash Reserve Fund, and Warburg
Pincus New York Tax Exempt Fund, portfolios of the Warburg
Fund, Inc., (collectively the "Funds"), are responsible
for complying with the requirements of subsections (b) and
(c) of Rule 17f-2, "Custody of Investments by Registered
Management Investment Companies," of the Investment Company
Act of 1940.  We are also responsible for establishing and
maintaining effective internal controls over compliance with
those requirements. We have performed an evaluation of the
Funds' compliance with the requirements of subsections (b)
and (c) of Rule 17f-2 as of April 28, 2000, and from
September 30, 1999 through April 28, 2000.

Based on this evaluation, we assert that the Funds were in
compliance with the requirements of subsections (b) and (c)
of Rule 17f-2 of the Investment Company Act of 1940 as of
April 28, 2000 and from September 30, 1999 through April 28,
2000, with respect to securities reflected in the investment
account of the Funds.

Warburg Pincus WorldPerks Money Market Fund,
Warburg Pincus WorldPerks Tax Free Money Market Fund,
Warburg Pincus Cash Reserve Fund,
Warburg Pincus New York Tax Exempt Fund:
By:

/s/Michael Pignataro
Michael Pignataro
Chief Financial Officer





Report of Independent Accountants

To the Board of Directors of
 the Warburg Pincus WorldPerks Money Market Fund,
 Warburg Pincus WorldPerks Tax Free Money Market Fund,
 Warburg Pincus Cash Reserve Fund, and
 Warburg Pincus New York Tax Exempt Fund:

We have examined management's assertion, included in the
accompanying Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940, about
the Warburg Pincus WorldPerks Money Market Fund, Warburg Pincus
WorldPerks Tax Free Money Market Fund, Warburg Pincus Cash
Reserve Fund, and Warburg Pincus New York Tax Exempt Fund,
portfolios of the Warburg Fund, Inc., (collectively the
"Funds") compliance with the requirements of subsections (b)
and (c) of Rule 17f-2 under the Investment Company Act of 1940
("the Act") as of April 28, 2000.  Management is responsible
for the Funds' compliance with those requirements.  Our
responsibility is to express an opinion on management's assertion
about the Funds' compliance based on our examination.

Our examination was conducted in accordance with attestation
standards established by the American Institute of Certified
Public Accountants and, accordingly, included examining, on a
test basis, evidence about the Funds' compliance with those
requirements and performing such other procedures as we
considered necessary in the circumstances.  Included among our
procedures were the following tests performed as of April 28,
2000, and with respect to agreement of security purchases and
sales, for the period from September 30, 1999 (the date of our
last examination), through April 28, 2000:

Confirmation of all securities held by institutions in book
entry form, at, the Federal Reserve Bank of Cleveland, the
Depository Trust Company, the Participatory Trust Company,
and Bankers Trust Company;

Confirmation of all securities out for transfer with brokers
or alternative procedures;

Reconciliation of all such securities to the books and
records of the Funds and the Custodian, PNC Bank, National
Association;

Confirmation of all repurchase agreements with brokers/banks
and agreement of underlying collateral with the custodian
records; and

Agreement of twelve security purchases and twelve security
sales or maturities since our last report from the books and
records of the Funds to trade confirmations or alternative
procedures.


We believe that our examination provides a reasonable basis for
our opinion.  Our examination does not provide a legal
determination on the Funds' compliance with specified
requirements.

In our opinion, management's assertion that the Warburg Fund,
Inc., was in compliance with the requirements of subsections (b)
and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of
April 28, 2000 with respect to securities reflected in the
investment account of the Funds is fairly stated, in all material
respects.

This report is intended solely for the information and use of the
Board of Directors, management, and the Securities and Exchange
Commission and is not intended to be and should not be used by
anyone other than these specified parties.


PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania

June 28, 2000