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000 C000000 0001067468
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<PAGE> PAGE 2
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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001067468
<NAME> WARBURG PINCUS EMERGING MARKETS II FUND
<SERIES>
<NUMBER> 001
<NAME> INSTITUTIONAL CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
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<PERIOD-END> FEB-29-2000
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<SHARES-COMMON-STOCK> 285285
<SHARES-COMMON-PRIOR> 401418
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (20246169)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1363109
<NET-ASSETS> 7789270
<DIVIDEND-INCOME> 34870
<INTEREST-INCOME> 7471
<OTHER-INCOME> 0
<EXPENSES-NET> (53576)
<NET-INVESTMENT-INCOME> (11235)
<REALIZED-GAINS-CURRENT> 2036269
<APPREC-INCREASE-CURRENT> 920851
<NET-CHANGE-FROM-OPS> 2945885
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
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<NUMBER-OF-SHARES-SOLD> 835168
<NUMBER-OF-SHARES-REDEEMED> (3170376)
<SHARES-REINVESTED> 0
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001067468
<NAME> WARBURG PINCUS EMERGING MARKETS II FUND
<SERIES>
<NUMBER> 002
<NAME> COMMON CLASS
<S> <C>
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-REDEEMED> (838698)
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (22282438)
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</TABLE>
EXHIBIT INDEX
EXHIBIT A:
Attachment to item 77C: Submission of matters to a vote of
Security holders.
- ------------------------------------------------------------------
EXHIBIT A:
Sub-Item 77C: Submission of matter to a vote of security holders
(a) A special meeting was held on February 11, 2000.
(b) Not applicable.
(c) At the special meeting held on February 11, 2000,
shareholders of the Fund were asked to approve the transfer of
all of the assets of Warburg, Pincus Emerging Markets II Fund,
Inc. (the "Acquired Fund") to Warburg, Pincus Emerging Markets
Fund, Inc. (the "Acquiring Fund") in exchange for shares of
common stock of the Acquiring Fund and the assumption by the
Acquiring Fund of the liabilities of the Acquired Fund and
distribution of the Acquiring Fund Shares to the Acquired Fund
shareholders (the "Merger").
The Merger was approved by shareholders and the shareholder
vote was as follows:
Total Number Percentage of total
of Votes number of shares
outstanding
Approve 121,156.1670 25.7251%
Disapprove 361.0000 0.5231%
Abstain 928.0000 1.3447%
(d) Not applicable
