<PAGE> PAGE 1
000 B000000 10/31/94
000 C000000 825305
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 WARBURG PINCUS EMERGING GROWTH FUND
001 B000000 811-5396
001 C000000 3027912919
002 A000000 400 BELLEVUE PARKWAY
002 B000000 WILMINGTON
002 C000000 DE
002 D010000 19809
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 WARBURG PINCUS COUNSELLORS INC
008 B000001 A
008 C000001 801-28496
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10017
008 D040001 3147
010 A000001 PFPC INC.
010 B000001 85-1196
010 C010001 WILMINGTON
010 C020001 DE
010 C030001 19809
010 A000002 COUNSELLORS FUND SERVICE, INC.
010 B000002 801-00000
010 C010002 NEW YORK
010 C020002 NY
010 C030002 10017
010 C040002 3147
012 A000001 BOSTON FINANCIAL DATA SERVICES
<PAGE> PAGE 2
012 B000001 84-00896
012 C010001 QUINCY
012 C020001 MA
012 C030001 02171
013 A000001 COOPERS & LYBRAND
013 B010001 PHILADELPHIA
013 B020001 PA
013 B030001 19103
015 A000001 PNC BANK, N.A.
015 B000001 C
015 C010001 PHILADELPHIA
015 C020001 PA
015 C030001 19101
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 13
019 C000000 COUNSELLOR
020 A000001 INSTINET CORP.
020 B000001 13-3443395
020 C000001 31
020 A000002 KIDDER, PEABODY & CO., INC.
020 B000002 13-5650440
020 C000002 29
020 A000003 SMITH BARNEY SHEARSON, INC.
020 B000003 13-3371860
020 C000003 24
020 A000004 DONALDSON, LUFKIN& JENRETTE
020 B000004 13-2741729
020 C000004 20
020 A000005 MORGAN, J.P. SECURITIES, INC.
020 B000005 13-3224016
020 C000005 16
020 A000006 JEFFERIES & CO.,INC.
020 B000006 95-2622900
020 C000006 14
020 A000007 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000007 13-5674085
020 C000007 14
020 A000008 SALOMAN BROTHERS, INC.
020 B000008 13-3082694
020 C000008 13
020 A000009 ADAMS, HARKNESS & HILL, INC.
020 B000009 04-2149932
020 C000009 13
020 A000010 DILLON READ & CO., INC.
020 B000010 13-1939216
020 C000010 12
021 000000 390
022 A000001 PNC SECURITIES CORP.
022 B000001 25-1471636
<PAGE> PAGE 3
022 C000001 5217068
022 D000001 0
022 A000002 GOLDMAN SACHS & CO.
022 B000002 13-5108880
022 C000002 12974
022 D000002 10247
022 A000003 ALEX BROWN & SONS, INC.
022 B000003 52-1319768
022 C000003 15623
022 D000003 4130
022 A000004 SHEARSON LEHMAN BROTHERS, INC.
022 B000004 13-2518466
022 C000004 9422
022 D000004 8058
022 A000005 OPPENHEIMER & CO., INC.
022 B000005 13-2898343
022 C000005 6461
022 D000005 5222
022 A000006 MONTGOMERY SECURITIES
022 B000006 94-1701674
022 C000006 7124
022 D000006 3978
022 A000007 SMITH BARNEY SHEARSON
022 B000007 13-3371860
022 C000007 6411
022 D000007 4539
022 A000008 FIRST (THE) BOSTON CORP.
022 B000008 13-5659485
022 C000008 5634
022 D000008 5248
022 A000009 SALOMON BROTHERS, INC.
022 B000009 13-3082694
022 C000009 10280
022 D000009 478
022 A000010 CAROLL MCENTEE & MCGINLEY
022 B000010 13-2650272
022 C000010 9963
022 D000010 0
023 C000000 5396464
023 D000000 94668
024 000000 Y
025 A000001 PNC SECURITIES CORP.
025 B000001 25-1471636
025 C000001 D
025 D000001 19317
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
<PAGE> PAGE 4
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 12221
028 A020000 0
028 A030000 0
028 A040000 5199
028 B010000 20133
028 B020000 0
028 B030000 0
028 B040000 13746
028 C010000 9947
028 C020000 0
028 C030000 0
028 C040000 6518
028 D010000 23281
028 D020000 963
028 D030000 0
028 D040000 6296
028 E010000 9601
028 E020000 1
028 E030000 0
028 E040000 8438
028 F010000 8416
028 F020000 0
028 F030000 0
028 F040000 5837
028 G010000 83599
028 G020000 964
028 G030000 0
028 G040000 46034
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
<PAGE> PAGE 5
037 000000 N
038 000000 0
039 000000 N
040 000000 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.900
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
<PAGE> PAGE 6
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 2500
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 Y
066 C000000 N
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
<PAGE> PAGE 7
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 Y
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 245155
071 B000000 138723
071 C000000 229733
071 D000000 60
072 A000000 12
072 B000000 877
072 C000000 715
072 D000000 0
072 E000000 0
072 F000000 2234
072 G000000 451
072 H000000 0
072 I000000 358
072 J000000 90
072 K000000 0
<PAGE> PAGE 8
072 L000000 43
072 M000000 10
072 N000000 78
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 27
072 S000000 32
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 48
072 X000000 3371
072 Y000000 100
072 Z000000 -1679
072AA000000 18117
072BB000000 23839
072CC010000 10931
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 12215
073 A010000 0.0000
073 A020000 0.0000
073 B000000 2.7110
073 C000000 0.0000
074 A000000 1
074 B000000 19317
074 C000000 9964
074 D000000 2070
074 E000000 0
074 F000000 281760
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 5095
074 K000000 0
074 L000000 518
074 M000000 7
074 N000000 318732
074 O000000 13569
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 490
074 S000000 0
074 T000000 304673
074 U010000 10754
074 U020000 2903
<PAGE> PAGE 9
074 V010000 22.38
074 V020000 22.05
074 W000000 0.0000
074 X000000 4835
074 Y000000 0
075 A000000 0
075 B000000 248264
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 D000000 Y
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 VIGILANT INSURANCE CO.
080 B000000 NONE
080 C000000 7450
081 A000000 Y
081 B000000 13
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
<PAGE> PAGE 10
086 F010000 0
086 F020000 0
SIGNATURE WENDY MCGEE
TITLE LEGAL ASSISTANT
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1994
<PERIOD-END> OCT-31-1994
<INVESTMENTS-AT-COST> 262357314
<INVESTMENTS-AT-VALUE> 313110439
<RECEIVABLES> 5613474
<ASSETS-OTHER> 8160
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 318732073
<PAYABLE-FOR-SECURITIES> 13569072
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 490243
<TOTAL-LIABILITIES> 14059315
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 262562530
<SHARES-COMMON-STOCK> 13657529
<SHARES-COMMON-PRIOR> 8080159
<ACCUMULATED-NII-CURRENT> (2830528)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5813548)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 50754304
<NET-ASSETS> 304672758
<DIVIDEND-INCOME> 715457
<INTEREST-INCOME> 876658
<OTHER-INCOME> 0
<EXPENSES-NET> 3270761
<NET-INVESTMENT-INCOME> (1678646)
<REALIZED-GAINS-CURRENT> (5721525)
<APPREC-INCREASE-CURRENT> 10930919
<NET-CHANGE-FROM-OPS> 3530748
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 12215466
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 180813271
<NUMBER-OF-SHARES-REDEEMED> 71767717
<SHARES-REINVESTED> 12758387
<NET-CHANGE-IN-ASSETS> 113119223
<ACCUMULATED-NII-PRIOR> (1152763)
<ACCUMULATED-GAINS-PRIOR> 12124321
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2234376
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3371169
<AVERAGE-NET-ASSETS> 248263984
<PER-SHARE-NAV-BEGIN> 23.74
<PER-SHARE-NII> (0.06)
<PER-SHARE-GAIN-APPREC> (0.06)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.356
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.238
<EXPENSE-RATIO> 1
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
