WARBURG PINCUS SMALL CO VALUE FUND INC
NSAR-A, 1996-06-27
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<PAGE>      PAGE  1
000 A000000 04/30/96
000 C000000 0001002651
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 I000000 3.0.a
000 J000000 A
001 A000000 WARBURG, PINCUS SMALL COMPANY VALUE FUND
001 B000000 811-07375
001 C000000 3027912919
002 A000000 400 BELLEVUE PARKWAY
002 B000000 WILMINGTON
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010 A000001 PFPC, INC.
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<PAGE>      PAGE  2
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<PAGE>      PAGE  3
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SIGNATURE   WENDY MCGEE                                  
TITLE       LEGAL ASSISTANT     
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001002651
<NAME> WARBURG PINCUS SMALL COMPANY VALUE FUND
<SERIES>
   <NUMBER> 001
   <NAME> COMMON SHARES
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1996
<PERIOD-END>                               APR-30-1996
<INVESTMENTS-AT-COST>                         25338988
<INVESTMENTS-AT-VALUE>                        27692224
<RECEIVABLES>                                   638804
<ASSETS-OTHER>                                   85966
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                28416994
<PAYABLE-FOR-SECURITIES>                       2919156
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        62249
<TOTAL-LIABILITIES>                            2981405
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      22619306
<SHARES-COMMON-STOCK>                          2015415
<SHARES-COMMON-PRIOR>                            10000
<ACCUMULATED-NII-CURRENT>                      (13187)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         476234
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       2353236
<NET-ASSETS>                                  25429589
<DIVIDEND-INCOME>                                11275
<INTEREST-INCOME>                                25599
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   50061
<NET-INVESTMENT-INCOME>                        (13187)
<REALIZED-GAINS-CURRENT>                        476234
<APPREC-INCREASE-CURRENT>                      2353236
<NET-CHANGE-FROM-OPS>                          2816283
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        2016906
<NUMBER-OF-SHARES-REDEEMED>                      11491
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                        25335589
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
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<OVERDIST-NET-GAINS-PRIOR>                           0
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 113498
<AVERAGE-NET-ASSETS>                           8510736
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                  (.01)
<PER-SHARE-GAIN-APPREC>                           2.63
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.62
<EXPENSE-RATIO>                                   1.75
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001002651
<NAME> WARBURG PINCUS SMALL COMPANY VALUE FUND
<SERIES>
   <NUMBER> 002
   <NAME> ADVISOR SHARES
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1996
<PERIOD-END>                               APR-30-1996
<INVESTMENTS-AT-COST>                         25338988
<INVESTMENTS-AT-VALUE>                        27692224
<RECEIVABLES>                                   638804
<ASSETS-OTHER>                                   85966
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                28416994
<PAYABLE-FOR-SECURITIES>                       2919156
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        62249
<TOTAL-LIABILITIES>                            2981405
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      22619306
<SHARES-COMMON-STOCK>                          2015415
<SHARES-COMMON-PRIOR>                            10000
<ACCUMULATED-NII-CURRENT>                      (13187)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         476234
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       2353236
<NET-ASSETS>                                  25429589
<DIVIDEND-INCOME>                                11275
<INTEREST-INCOME>                                25599
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   50061
<NET-INVESTMENT-INCOME>                        (13187)
<REALIZED-GAINS-CURRENT>                        476234
<APPREC-INCREASE-CURRENT>                      2353236
<NET-CHANGE-FROM-OPS>                          2816283
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        2016906
<NUMBER-OF-SHARES-REDEEMED>                      11491
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<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            28606
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 113498
<AVERAGE-NET-ASSETS>                              1292
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                  (.01)
<PER-SHARE-GAIN-APPREC>                           2.63
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.62
<EXPENSE-RATIO>                                   2.01
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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