Exhibit 10(c)

                             DISTRIBUTION AGREEMENT

                                 August 1, 2000

Credit Suisse Asset Management Securities, Inc.
466 Lexington Avenue
New York, New York 10017-3147

Ladies and Gentlemen:

            This is to confirm that, in consideration of the agreements
hereinafter contained, each of the Warburg Pincus Funds and Credit Suisse
Institutional Funds (and the portfolios thereof, as applicable) listed in
Exhibit A hereto (each a "Fund", and together, the "Funds") have agreed that
Credit Suisse Asset Management Securities, Inc. ("CSAMSI") shall be, for the
period of this Agreement, the distributor of shares of common stock or
beneficial interest, as the case may be, of each Fund (the "Shares"). The Fund's
classes of Shares shall be designated as in the Fund's Articles of Incorporation
or Declaration of Trust, as applicable.

      1. Services as Distributor

            1.1 CSAMSI will be the "principal underwriter" of the Shares (as
defined in the Investment Company Act of 1940, as amended (the "1940 Act")), and
as such, will act as agent for the distribution of all classes of the Shares
covered by each Fund's registration statement on Form N-1A, under the Securities
Act of 1933, as amended (the "1933 Act"), and the 1940 Act (the registration
statement, together with the prospectuses (the "prospectus") and statements of
additional information (the "statement of additional information") included as
part of the registration statement, any amendments to the registration
statement, and any supplements to, or material incorporated by reference into
the prospectus or statement of additional information, being referred to
collectively in this Agreement as the "Registration Statement").

            1.2 CSAMSI agrees to use appropriate efforts to solicit orders for
the sale of the Shares at such prices and on the terms and conditions set forth
in the Registration Statement. CSAMSI agrees to file with all necessary
regulatory authorities, such as the National Association of Securities Dealers,
Inc. (the "NASD") and the Securities and Exchange Commission (the "SEC"), such
advertising and sales literature as has been previously approved by the Funds.
CSAMSI agrees that it will have legal responsibility under all applicable laws,
rules and regulations, including the rules and regulations of the SEC and the
NASD, for the form and use of all advertising and sales literature for the Funds
which CSAMSI prepares, uses, approves for use and/or files with the SEC and/or
the NASD.

            1.3 All activities by CSAMSI as distributor of the Shares shall
comply with all applicable laws, rules and regulations, including, without
limitation, all rules and regulations made or adopted by the SEC or by any
securities association registered under the Securities Exchange Act of 1934, as
amended.
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            1.4 CSAMSI agrees to (a) provide one or more persons during normal
business hours to respond to telephone questions concerning the Funds and their
respective performance, (b) accept purchase, redemption and exchange orders by
telephone or other appropriate means as agreed to with the Funds in accordance
with the pricing and other terms in each Registration Statement, (c) provide
prospectuses and application forms of other Warburg Pincus Funds and Credit
Suisse Institutional Funds, as applicable, upon request, (d) enter into
distribution and service agreements with broker-dealers and other financial
intermediaries, and (e) perform such other services as the parties may agree
from time to time. CSAMSI will act only on its own behalf as principal should it
choose to enter into distribution or service agreements but agrees not to enter
into any such agreements without the prior written consent of a duly authorized
Fund officer.

            1.5 CSAMSI acknowledges that, whenever in the judgment of a Fund's
officers such action is warranted for any reason, including, without limitation,
market, economic or political conditions, those officers may direct CSAMSI to
decline to accept any orders for, or make any sales of, any class of the Shares
until such time as those officers deem it advisable to accept such orders and to
make such sales. In addition, CSAMSI acknowledges that, whenever in the judgment
of a Fund's officers any person or group is likely to engage in excessive
trading, those officers may direct CSAMSI to decline to accept any particular
order to purchase shares of the Fund, including purchase by exchange.

            1.6 CSAMSI will transmit any orders received by it for purchase,
redemption or exchange of the Shares to State Street Bank and Trust Company
("State Street"), the Funds' transfer and dividend disbursing agent, or its
delegate or successor of which CSAMSI is notified in writing. A Fund will
promptly advise CSAMSI of the determination to cease accepting orders or selling
any class of the Shares or to recommence accepting orders or selling any class
of the Shares. Each Fund (or its agent) will confirm orders for the Shares
placed through CSAMSI, and will make appropriate book entries pursuant to the
instructions of CSAMSI. CSAMSI agrees to cause any payment for Shares received
by it and any instructions as to book entries received by it to be delivered
promptly to the relevant Fund (or its agent).

            1.7 CSAMSI will prepare and deliver such quarterly reports as
requested by each Fund's governing board of directors or trustees, as the case
may be (the "Board"), and otherwise from time to time as requested by the Fund.
Such reports shall be substantially in the form requested by the Fund. If
requested by the Fund, one or more appropriate CSAMSI representatives shall
attend Board meetings at the expense of CSAMSI.

            1.8 CSAMSI receives no compensation for serving as distributor under
this Agreement. However, CSAMSI may be paid a fee for distribution-related
services as set forth in the applicable Co-Administration Agreement between
CSAMSI and the relevant Fund.

      2. Duties of the Fund

            2.1 Each Fund agrees at its own expense to execute any and all
documents, to furnish any and all information and to take any other actions that
may be reasonably necessary in connection with the sale of the Shares in those
states that CSAMSI may designate.


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            2.2 Each Fund shall from time to time furnish for use in connection
with the sale of the Shares, such informational reports with respect to the Fund
and the Shares as CSAMSI may reasonably request, all of which shall be signed by
one or more of the Fund's duly authorized officers; and the Fund warrants that
the statements contained in any such reports, when so signed by one or more of
the Fund's officers, shall be true and correct. Each Fund shall also furnish
CSAMSI upon request with: (a) annual audits of the Fund's books and accounts
made by independent public accountants regularly retained by the Fund, (b)
semiannual unaudited financial statements pertaining to the Fund, (c) a monthly
itemized list of the securities held by the Fund, (d) monthly balance sheets and
(e) such additional information regarding the Fund's financial condition as
CSAMSI may from time to time reasonably request.

      3. Representations and Warranties

            Each Fund represents and warrants to CSAMSI that the Fund's current
Registration Statement (a) includes all statements required to be contained
therein in conformity with the 1933 Act, the 1940 Act and the rules and
regulations of the SEC; (b) only contains statements of fact that will be true
and correct when such Registration Statement becomes effective; and (c) will not
include an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading. CSAMSI may, but shall not be obligated to, propose from time to time
such amendment or amendments to any Registration Statement and such supplement
or supplements to any prospectus or statement of additional information as may,
in the opinion of CSAMSI's counsel, be necessary or advisable. If a Fund shall
not propose such amendment or amendments and/or supplement or supplements within
fifteen (15) days after receipt by the Fund of a written request from CSAMSI to
do so, CSAMSI may, at its option, terminate this Agreement. A Fund shall not
file any amendment to any Registration Statement or supplement to any prospectus
or statement of additional information without giving CSAMSI reasonable notice
thereof in advance; provided, however, that nothing contained in this Agreement
shall in any way limit a Fund's right to file at any time such amendments to any
Registration Statement and/or supplements to any prospectus or statement of
additional information with respect to any class of the Shares, of whatever
character, as the Fund may deem advisable, such right being in all respects
absolute and unconditional.

      4. Effectiveness of Registration

            None of the Shares shall be offered by either CSAMSI or a Fund under
any of the provisions of this Agreement and no orders for the purchase or sale
of any class of the Shares shall be accepted by CSAMSI if and so long as the
effectiveness of the Registration Statement shall be suspended under any of the
provisions of the 1933 Act or if and so long as a current prospectus is not on
file with the SEC; provided, however, that nothing contained in this Section 4
shall in any way restrict or have an application to or bearing upon the Fund's
obligation to repurchase its shares from any shareholder in accordance with the
provisions of the Registration Statement.


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      5. Indemnification

            5.1 Each Fund agrees to indemnify, defend and hold CSAMSI, its
several officers and directors, and any person who controls CSAMSI within the
meaning of Section 15 of the 1933 Act (collectively, "CSAMSI Indemnified
Persons"), free and harmless from and against any and all claims, demands,
liabilities and expenses (including the cost of investigating or defending such
claims, demands or liabilities and any counsel fees incurred in connection
therewith) which CSAMSI Indemnified Persons, may incur arising out of or based
upon (a) any untrue statement or alleged untrue statement of a material fact
contained in any Registration Statement relating to such Fund; (b) any omission
or alleged omission to state a material fact required to be stated in any
Registration Statement relating to such Fund or necessary to make the statements
in any Registration Statement relating to such Fund not misleading; provided,
however, that each Fund's agreement to indemnify CSAMSI Indemnified Persons
shall not be deemed to cover any claims, demands, liabilities or expenses
arising out of or based upon any statements or representations made by CSAMSI or
its representatives or agents that are inconsistent with or vary from statements
and representations contained in any Registration Statement relating to such
Fund and in such financial and other statements relating to such Fund as are
furnished to CSAMSI pursuant to Section 2.2 hereof; or (c) the breach by a Fund
of this Agreement. A Fund's agreement to indemnify CSAMSI Indemnified Persons
and a Fund's representations and warranties hereinbefore set forth in Section 3
shall not be deemed to cover any liability to such Fund or its shareholders to
which CSAMSI Indemnified Persons would otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the performance of their duties,
or by reason of CSAMSI's reckless disregard of its obligations and duties under
this Agreement. Each Fund's agreement to indemnify CSAMSI Indemnified Persons as
aforesaid, is expressly conditioned upon the Fund being notified of any action
brought against CSAMSI Indemnified Persons within ten (10) days after the
summons or other first legal process shall have been served. The failure to so
notify a Fund of any such action shall not relieve the Fund from any liability
that the Fund may have to the CSAMSI Indemnified Person by reason of any such
untrue or alleged untrue statement or omission or alleged omission otherwise
than on account of the Fund's indemnity agreement contained in this Section 5.1.
Each Fund's indemnification agreement contained in this Section 5.1 and each
Fund's representations and warranties in this Agreement shall remain operative
and in full force and effect regardless of any investigation made by or on
behalf of any CSAMSI Indemnified Person, and shall survive the delivery of any
of the Shares and termination of this Agreement. This agreement of indemnity
will inure exclusively to CSAMSI's benefit, to the benefit of its several
officers and directors, and their respective estates, and to the benefit of the
controlling persons and their successors.

            5.2 CSAMSI agrees to indemnify, defend and hold each Fund, the
Funds' investment adviser(s) (the "Adviser"), their several officers and
directors, and any person who controls a Fund or the Adviser within the meaning
of Section 15 of the 1933 Act (collectively, "Fund Indemnified Persons"), free
and harmless from and against any and all claims, demands, liabilities and
expenses (including the costs of investigating or defending such claims, demands
or liabilities and any counsel fees incurred in connection therewith) which Fund
Indemnified Persons may incur, but only to the extent that such liability or
expense incurred by the Fund Indemnified Persons resulting from such claims or
demands shall arise out of or be based upon (a) any sales literature,
advertisements, information, statements or representations issued or made


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<PAGE>

by CSAMSI without the prior written consent of the Fund or its agent, (b) any
untrue or alleged untrue statement of a material fact contained in information
furnished in writing by CSAMSI to a Fund specifically for use in the
Registration Statement relating to such Fund, (c) any omission or alleged
omission to state a material fact in connection with such information required
or necessary to make such information not misleading or (d) the breach by CSAMSI
of this Agreement. CSAMSI's agreement to indemnify a Fund Indemnified Person, as
aforesaid, is expressly conditioned upon CSAMSI's being notified of any action
brought against the Fund Indemnified Person, such notification to be given in
writing by the Fund Indemnified Person against whom such action is brought,
within ten (10) days after the summons or other first legal process shall have
been served. The failure to so notify CSAMSI of any such action shall not
relieve CSAMSI from any liability that CSAMSI may have to the Fund Indemnified
Person by reason of any such untrue or alleged untrue statement or omission or
alleged omission otherwise than on account of CSAMSI's indemnity agreement
contained in this Section 5.2.

            5.3 In case any action shall be brought against any indemnified
party under Section 5.1 or 5.2, and it shall timely notify the indemnifying
party of the commencement thereof, the indemnifying party shall be entitled to
participate in, and, to the extent that it shall wish to do so, to assume the
defense thereof with counsel satisfactory to such indemnified party. If the
indemnifying party opts to assume the defense of such action, the indemnifying
party will not be liable to the indemnified party for any legal or other
expenses subsequently incurred by the indemnified party in connection with the
defense thereof other than (a) reasonable costs of investigation or the
furnishing of documents or witnesses and (b) all reasonable fees and expenses of
separate counsel to such indemnified party if (i) the indemnifying party and the
indemnified party shall have agreed to the retention of such counsel or (ii) the
indemnified party shall have reasonably concluded that representation of the
indemnifying party and the indemnified party by the same counsel would be
inappropriate due to actual or potential differing interests between them in the
conduct of the defense of such action.

      6. Notice to CSAMSI

            Each Fund agrees to advise CSAMSI immediately in writing:

                  (a) of any request by the SEC for amendments to the
            Registration Statement relating to such Fund then in effect with
            respect to any class of the Shares or for additional information;

                  (b) in the event of the issuance by the SEC of any stop order
            suspending the effectiveness of the Registration Statement relating
            to such Fund then in effect with respect to any class of the Shares
            or the initiation of any proceeding for that purpose;

                  (c) of the happening of any event that makes untrue any
            statement of a material fact made in the Registration Statement
            relating to such Fund then in effect with respect to any class of
            the Shares or that requires the making of a change in such
            Registration Statement in order to make the statements therein not
            misleading; and


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<PAGE>

                  (d) of the commencement of any litigation or proceedings
            against the Fund or any of its officers or Board members in
            connection with the issuance and sale of any class of the Shares.

      7. Amendments; Assignments

            This Agreement may be amended only by written agreement signed by
CSAMSI and each Fund. To the extent that a written amendment pursuant to this
Section is signed by some but not all of the Funds, such amendment shall be
effective only with respect to the Funds that signed such written amendment.

            This Agreement may not be assigned by either party without the prior
written consent of the other party. This Agreement will also terminate
automatically in the event of its assignment (as defined in the 1940 Act).

      8. Term of Agreement

            This Agreement shall continue for an initial period of two years and
thereafter shall continue automatically for successive annual periods with
respect to a Fund, provided such continuance is specifically approved at least
annually by (a) a vote of a majority of the Fund's Board or (b) a vote of a
majority (as defined in the 1940 Act) of the Fund's outstanding voting
securities, provided that its continuance is also approved by a vote of a
majority of the Fund's Board members who are not interested persons (as defined
in the 1940 Act) of any party to this Agreement, by vote cast in person at a
meeting called for the purpose of voting on such approval. This Agreement is
terminable by a Fund without penalty (a) on sixty (60) days' written notice, by
a vote of a majority of the Fund's Board or by vote of a majority (as defined in
the 1940 Act) of the Fund's outstanding voting securities, or (b) on one hundred
twenty (120) days' written notice by CSAMSI.

      9. Notices

            All notices required to be given pursuant to this Agreement shall be
in writing, delivered by messenger or express mail or courier service addressed
as follows:

If to CSAMSI:

      Credit Suisse Asset Management Securities, Inc.
      466 Lexington Avenue
      New York, New York 10017-3147
      Attn:  Hal Liebes, Esq.

If to a Fund:

      c/o Credit Suisse Asset Management, LLC
      466 Lexington Avenue
      New York, New York 10017-3147
      Attn:  Hal Liebes, Esq.


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      Any such notice shall be deemed to have been duly given or made when
delivered to the addresses set forth above (a) on the date of delivery if sent
by hand or (b) on the designated date of delivery if sent by express mail or
courier service.

      10. Limitation of Liability

      It is expressly agreed that this Agreement was executed by or on behalf of
each Fund and not by the Board members of the Fund or its officers individually,
and the obligations of the Fund hereunder shall not be binding upon any of the
Board members, shareholders, nominees, officers, agents or employees of the Fund
individually, but bind only the assets and property of the Fund. The execution
and delivery of this Agreement have been authorized by the Board and signed by
an authorized officer of each Fund, acting as such, and neither such
authorization by such Board nor such execution and delivery by such officer
shall be deemed to have been made by any of them individually or to impose any
liability on any of them personally, but shall bind only the assets and property
of the Fund.

      The obligations of each Fund under this Agreement (i) are solely the
responsibility of the applicable Fund (and shall bind only the assets and
property of that Fund), and (ii) do not constitute the responsibilities and/or
liabilities of any of the other Funds that are parties to this Agreement.

      11. Choice of Law

            This Agreement shall be governed by and interpreted and enforced in
accordance with the laws of the State of New York without giving effect to the
choice-of-law provisions thereof.

      12. Counterparts

            This Agreement may be executed in counterparts, each of which shall
be deemed an original.

      13. Headings

            The headings of the Sections of this Agreement are for convenience
of reference only and are not to be considered in construing the terms and
provisions of this Agreement.

[Signature page follows.]


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            Please confirm that the foregoing is in accordance with your
understanding by indicating your acceptance hereof at the place below indicated,
whereupon it shall become a binding agreement between us.


                                        Very truly yours,

                                        WARBURG PINCUS FUNDS AND CREDIT SUISSE
                                        INSTITUTIONAL FUNDS LISTED ON
                                        EXHIBIT A


                                        By: /s/ Hal Liebes
                                           -------------------------------------
                                           Name:  Hal Liebes
                                           Title: Secretary

Accepted:

CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC.


By: /s/ Hal Liebes
   --------------------------------
    Name:   Hal Liebes
    Title:  Secretary


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                                                                       EXHIBIT A

                              WARBURG PINCUS FUNDS
                        CREDIT SUISSE INSTITUTIONAL FUNDS

Credit Suisse Institutional Fund
   Emerging Markets Portfolio
   International Equity Portfolio
   Japan Growth Portfolio
   Warburg, Pincus Post-Venture Capital Portfolio
   Small Company Growth Portfolio
   Small Company Value Portfolio
   Value Portfolio
Credit Suisse Institutional International Growth Fund
Credit Suisse Institutional Strategic Global Fixed Income Fund
Credit Suisse Institutional U.S. Core Equity Fund
Credit Suisse Institutional U.S. Core Fixed Income Fund
Warburg Pincus Balanced Fund
Warburg Pincus Capital Appreciation Fund
Warburg Pincus Cash Reserve Fund
Warburg Pincus Central & Eastern Europe Fund
Warburg Pincus/CSFB Global New Technologies Fund
Warburg Pincus/CSFB Technology Index Fund
Warburg Pincus Emerging Growth Fund
Warburg Pincus Emerging Markets Fund
Warburg Pincus European Equity Fund
Warburg Pincus Fixed Income Fund
Warburg Pincus Focus Fund
Warburg Pincus Global Financial Services Fund
Warburg Pincus Global Fixed Income Fund
Warburg Pincus Global Health Sciences Fund
Warburg Pincus Global Post-Venture Capital Fund
Warburg Pincus Global Telecommunications Fund
Warburg Pincus High Yield Fund
Warburg Pincus Intermediate Maturity Government Fund
Warburg Pincus International Equity Fund
Warburg Pincus International Small Company Fund
Warburg Pincus Japan Growth Fund
Warburg Pincus Japan Small Company Fund
Warburg Pincus Long-Short Market Neutral Fund
Warburg Pincus Major Foreign Markets Fund
Warburg Pincus Municipal Bond Fund
Warburg Pincus New York Intermediate Municipal Fund
Warburg Pincus New York Tax Exempt Fund
Warburg Pincus Small Company Growth Fund
Warburg Pincus Small Company Value Fund
Warburg Pincus Trust
   Emerging Growth Portfolio


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<PAGE>

   Emerging Markets Portfolio
   Value Portfolio
   International Equity Portfolio
   Global Post-Venture Capital Portfolio
   Small Company Growth Portfolio
Warburg Pincus Trust II
   Fixed Income Portfolio
Warburg Pincus Value Fund
Warburg Pincus WorldPerks Money Market Fund
Warburg Pincus WorldPerks Tax Free Money Market Fund


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