WARBURG PINCUS BALANCED FUND INC
NSAR-BT, 1997-12-29
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<PAGE>      PAGE  1
000 B000000 10/31/97
000 C000000 0001006235
000 D000000 Y
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 WARBURG PINCUS BALANCED FUND, INC.
001 B000000 811-7517
001 C000000 3027912919
002 A000000 400 BELLEVUE PARKWAY
002 B000000 WILMINGTON
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008 D010001 NEW YORK
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008 A000002 DELETE
010 A000001 COUNSELLORS FUND SERVICE, INC.
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010 C010001 NEW YORK
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010 A000002 PFPC INC.
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<PAGE>      PAGE  2
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SIGNATURE   KATHY THREN                                  
TITLE       COUNSEL             
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001006235
<NAME> WARBURG PINCUS BALANCED FUND, INC.
<SERIES>
   <NUMBER> 001
   <NAME> COMMON CLASS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               OCT-31-1997
<INVESTMENTS-AT-COST>                         32935527
<INVESTMENTS-AT-VALUE>                        37631263
<RECEIVABLES>                                  1146801
<ASSETS-OTHER>                                    8834
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                38786898
<PAYABLE-FOR-SECURITIES>                        208990
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       126154
<TOTAL-LIABILITIES>                             335144
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      30232413
<SHARES-COMMON-STOCK>                          2674479
<SHARES-COMMON-PRIOR>                          2744616
<ACCUMULATED-NII-CURRENT>                        38097
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        3483575
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       4697669
<NET-ASSETS>                                  38451754
<DIVIDEND-INCOME>                                51575
<INTEREST-INCOME>                               130689
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   90247
<NET-INVESTMENT-INCOME>                          92017
<REALIZED-GAINS-CURRENT>                       1220510
<APPREC-INCREASE-CURRENT>                     (755058)
<NET-CHANGE-FROM-OPS>                           557469
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (125927)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        2285471
<NUMBER-OF-SHARES-REDEEMED>                  (3462909)
<SHARES-REINVESTED>                             122037
<NET-CHANGE-IN-ASSETS>                        (623859)
<ACCUMULATED-NII-PRIOR>                          71417
<ACCUMULATED-GAINS-PRIOR>                      2263655
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            60121
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 135505
<AVERAGE-NET-ASSETS>                          39815068
<PER-SHARE-NAV-BEGIN>                            14.24
<PER-SHARE-NII>                                   .035
<PER-SHARE-GAIN-APPREC>                           .152
<PER-SHARE-DIVIDEND>                            (.047)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.38
<EXPENSE-RATIO>                                   1.35
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001006235
<NAME> WARBURG PINCUS BALANCED FUND, INC.
<SERIES>
   <NUMBER> 002
   <NAME> ADVISOR CLASS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               OCT-31-1997
<INVESTMENTS-AT-COST>                         32935527
<INVESTMENTS-AT-VALUE>                        37631263
<RECEIVABLES>                                  1146801
<ASSETS-OTHER>                                    8834
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                38786898
<PAYABLE-FOR-SECURITIES>                        208990
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       126154
<TOTAL-LIABILITIES>                             335144
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      30232413
<SHARES-COMMON-STOCK>                          2674479
<SHARES-COMMON-PRIOR>                          2744616
<ACCUMULATED-NII-CURRENT>                        38097
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        3483575
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       4697669
<NET-ASSETS>                                  38451754
<DIVIDEND-INCOME>                                51575
<INTEREST-INCOME>                               130689
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   90247
<NET-INVESTMENT-INCOME>                          92017
<REALIZED-GAINS-CURRENT>                       1220510
<APPREC-INCREASE-CURRENT>                     (755058)
<NET-CHANGE-FROM-OPS>                           557469
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (125927)
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<NUMBER-OF-SHARES-SOLD>                        2285471
<NUMBER-OF-SHARES-REDEEMED>                  (3462909)
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<GROSS-ADVISORY-FEES>                            60121
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 135505
<AVERAGE-NET-ASSETS>                            156244
<PER-SHARE-NAV-BEGIN>                            14.22
<PER-SHARE-NII>                                   .028
<PER-SHARE-GAIN-APPREC>                           .153
<PER-SHARE-DIVIDEND>                            (.036)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.37
<EXPENSE-RATIO>                                   1.60
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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