WARBURG PINCUS SMALL CO VALUE FUND INC
N-18F1, 1996-04-02
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                      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 SMALL COMPANY VALUE FUND, INC.
                           Exact Name of Registrant








































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                           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 27th day of October, 1995.


        Signature: WARBURG, PINCUS SMALL COMPANY VALUE FUND, INC.
                               (Name of Registrant)


          By: /s/ Eugene L. Podsiadlo
                Name:  Eugene L. Podsiadlo
                Title: Senior Vice President







Attest: /s/ Karen Amato
         Name:  Karen Amato
         Title: Assistant Secretary





























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