SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549













                 NOTIFICATION OF ELECTION PURSUANT TO RULE 18f-1

                    UNDER THE INVESTMENT COMPANY ACT OF 1940







                    WARBURG, PINCUS MUNICIPAL BOND FUND, INC.
                    _________________________________________

                            Exact Name of Registrant








                            NOTIFICATION OF ELECTION







         The undersigned registered open-end investment company hereby
notifies the Securities and Exchange Commission that it elects to commit itself
to pay in cash all redemptions by a shareholder of record as provided by Rule
18f-1 under the Investment Company Act of 1940, as amended. It is understood
that this election is irrevocable while such Rule is in effect unless the
Commission by order upon application permits the withdrawal of this Notification
of Election.





                                    SIGNATURE





         Pursuant to the requirements of Rule 18f-1 under the
Investment Company Act of 1940, as amended, the Registrant has caused this
notification of election to be duly executed on its behalf in the City of New
York and the State of New York on the 30th day of October, 1998.





                     Signature:  WARBURG, PINCUS MUNICIPAL BOND FUND, INC.

                                 (Name of Registrant)


                                 By: /s/Eugene Grace
                                     _______________________________
                                 Name:  Eugene Grace
                                 Title: Vice President and Secretary



Attest: /s/Janna Manes
        ___________________
Name:   Janna Manes
Title:  Assistant Secretary











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