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008 B000001 A
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008 D010001 NEW YORK
008 D020001 NY
008 D030001 10017
008 D040001 3147
010 A000001 COUNSELLORS FUND SERVICE, INC.
010 B000001 801-28496
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10017
010 C040001 3147
010 A000002 PFPC INC.
010 B000002 85-1196
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<PAGE> PAGE 2
011 B000001 8-00000000
011 C010001 NEW YORK
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012 A000001 BOSTON FINANCIAL DATA SERVICES (BFDS)
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020 A000007 FIRST UNION CAP. MARKETS
020 B000007 00-0000000
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<PAGE> PAGE 3
020 A000008 O'NIEL (WILLIAM) & CO.
020 B000008 95-2269163
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022 A000001 STATE STREET BANK & TRUST CO.
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022 C000002 43313
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022 C000003 8345
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022 C000004 5055
022 D000004 4748
022 A000005 FIRST TENNESSEE
022 B000005 62-0201385
022 C000005 1324
022 D000005 2996
022 A000006 LEHMAN BROTHERS INC.
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022 C000006 588
022 D000006 1346
022 A000007 SPEAR, LEEDS & KELLOGG
022 B000007 13-5515160
022 C000007 1326
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022 A000009 MELLON BANK CAPITAL MARKETS
022 B000009 00-0000000
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022 A000010 DONALDSON, LUFKIN & JENRETTE SECURITIES INC.
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<PAGE> PAGE 4
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SIGNATURE MARYJANE MALONEY
TITLE MANAGER
<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-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 29987477
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<SHARES-COMMON-STOCK> 2476341
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<ACCUMULATED-NII-CURRENT> 39026
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2547589
<OVERDISTRIBUTION-GAINS> 0
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<EXPENSES-NET> (235616)
<NET-INVESTMENT-INCOME> 342330
<REALIZED-GAINS-CURRENT> 2582279
<APPREC-INCREASE-CURRENT> 813193
<NET-CHANGE-FROM-OPS> 3737802
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (376236)
<DISTRIBUTIONS-OF-GAINS> (2782788)
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<NUMBER-OF-SHARES-REDEEMED> (8488022)
<SHARES-REINVESTED> 3019195
<NET-CHANGE-IN-ASSETS> (1492613)
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001006235
<NAME> WARBURG, PINCUS BALANCED FUND, INC.
<SERIES>
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<APPREC-INCREASE-CURRENT> 813193
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1998)
<DISTRIBUTIONS-OF-GAINS> (16488)
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</TABLE>
EXHIBIT INDEX
Exhibit A: Attachment to item 77D:
Policies with respect to security investments
- -------------------------------------------------------
Exhibit A:
Sub-Item 77D
Warburg, Pincus Balanced Fund, Inc.
Previously filed and contained in the Fund's registration
statement on Form N-1A (SEC File No. 333-00533) filed on
February 16, 1999.
