December 19, 1995
U.S. Securities and Exchange Commission
Attn: Filing Desk
450 5th Street, N.W.
Washington, DC 20549
RE: Rule 24(f)-2 Notice for Warburg Pincus Emerging Markets Fund - Common
Shares
File No. 33-73498
Dear Gentlemen and Ladies:
Pursuant to Rule 24(f)-2 of the Investment Company Act of 1940, the above
referenced Fund hereby files the following:
1. Rule 24(f)-2 Notice; and
2. Opinion of Counsel.
We will obtain confirmation of this filing via our CompuServe account,
72741,733. If there are any questions on this filing I can be reached at
(302) 791-2919.
Very Truly Yours,
Wendy McGee
Legal Assistant
Enclosures
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24f-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
1. Name and address of issuer: Warburg Pincus Counsellors
466 Lexington Avenue
New York, NY 10017
2. Name of each series or class of funds for which this notice is filed:
Warburg Pincus Emerging Markets Fund - Common Shares
3. Investment Company Act File Number:811-8252
Securities Act File Number:33-73498
4. Last day of fiscal year for which this notice is filed:10/31/95
5. Check box if this notice is being filed more than 180 days after the close
of the issuer s fiscal year of purposes of reporting securities sold after
the close of the fiscal year but before termination of the issuer s 24f-2
declaration:
6. Date of termination of issuers declaration under rule 24f-2(a)(1), if
applicable:
7. Number and amount of securities of the same class or series which had been
registered under the Securities Act of 1933 other than pursuant to rule
24f-2 in a prior fiscal year, but which remained unsold at the beginning
of the fiscal year:
8. Number and amount of securities registered during the fiscal year other
than pursuant to rule 24f-2:
9. Number and aggregate sale price of securities sold during the fiscal year:
Number: 694,008
Sale Price: 7,753,651
10. Number and aggregate sale price of securities sold during the fiscal year
in reliance upon registration pursuant to rule 24f-2:
Number: 694,008
Sale Price: 7,753,651
11. Number and aggregate sale price of securities issued during the fiscal
year in connection with dividend reinvestment plans, if applicable:
Number: 1,267
Sale Price: 13,802
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the fiscal
year in reliance on rule 24f-2 (from Item 10): $ 7,753,651
(ii) Aggregate price of shares issued in connection with
dividend reinvestment plans (from Item 11, if applicable): + 13,802
(iii)Aggregate price of shares redeemed or repurchased during
the fiscal year (if applicable): - 1,191,160
(iv) Aggregate price of shares redeemed or repurchased and
previously applied as a reduction to filing fees pursuant
to rule 24e-2 (if applicable) +
(v) Net aggregate price of securities sold and issued during
the fiscal year in reliance on rule 24f-2 [line (i), plus line
(ii), less line (iii), plus line (iv)] (if applicable): 6,576,293
(vi) Multiplier prescribed by Section 6(b) of the Securities Act
of 1933 or other applicable law or regulation: \ 2900
(vii)Fee due [line (i) or line (v) multiplied by line (vi)]: $ 2,267.69
13. Check box if fees are being remitted to the Commission s lockbox
depository as described in section 3a of the Commission s Rules of
Informal and Other Procedures (17 CFR 202.3a).
[ X ]
Date of mailing or wire transfer of filing fees to the Commissions lockbox
depository: December 19, 1995
SIGNATURES
This report has been signed below by the following persons on behalf of the
issuer and in the capacities and on the dates indicated.
By: Eugene P. Grace
Vice President and Secretary
Date: December 19, 1995
December 12, 1995
Warburg, Pincus Emerging Markets Fund, Inc.
466 Lexington Avenue
New York, New York 10017
Re: Rule 24f-2 Notice for Warburg, Pincus Emerging Markets Fund, Inc. -
Common Shares (Securities Act File No. 33-73498; Investment Company
Act File No. 811-8252)
Ladies and Gentlemen:
You have requested that we, as counsel to Warburg, Pincus Emerging
Markets Fund, Inc., a Maryland corporation (the "Fund"), render an
opinion in connection with the filing by the Fund of a notice required
by Rule 24f-2 (the "Rule") under the Investment Company Act of 1940, as
amended (the "1940 Act"), on Form 24F-2 (the "Form"), for the Fund's
fiscal year ended October 31, 1995. We understand that the Fund has
previously filed a registration statement on Form N-1A under the
Securities Act of 1933, as amended (the "1933 Act"), adopting the
declaration authorized by paragraph (a)(1) of the Rule to the effect that
an indefinite number of shares of common stock of the Fund (the "Common
Shares") was being registered by such registration statement. The effect
of the Notice, when accompanied by the filing fee, if any, payable as
prescribed by paragraph (c) of the Rule and by this opinion, will be to
make definite in number the number of Common Shares sold by the Fund
during the fiscal year ended October 31, 1995 in reliance upon the Rule
(the "Rule 24f-2 Shares").
We have examined the Fund's Articles of Incorporation, its By-Laws,
resolutions adopted by its Board of Directors, and other records,
documents, papers, statutes and authorities as we have deemed necessary
to form a basis for the opinion hereinafter expressed.
On the basis of the foregoing, and assuming compliance with the 1933 Act,
the 1940 Act and applicable state laws regulating the sale of securities,
and assuming further that all of the Rule 24f-2 Shares sold during the
fiscal year ended October 31, 1995 were sold in accordance with the terms
of the Fund's Prospectus and Statement of Additional Information in
effect at the time of sale at a sales price in each case in excess of the
par value of the Rule 24f-2 Shares, we are of the opinion that such Rule
24f-2 Shares were validly and legally issued, fully paid and non-
assessable by the Fund.
We are members of the Bar of the State of New York and do not hold
ourselves out as being conversant with the laws of any jurisdiction other
than those of the United States of America and the State of New York.
We note that we are not licensed to practice law in the State of
Maryland, and to the extent that any opinion expressed herein involves
the law of Maryland, such opinion should be understood to be based solely
upon our review of the documents referred to above, the published statues
of that state, and where applicable, published cases, rules or
regulations of regulatory bodies of that state.
We hereby consent to the filing of this opinion with the Securities and
Exchange Commission in connection with the Notice.
Very truly yours,
WILLKIE FARR & GALLAGHER
By:
A Member of the Firm
