-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, G9z4BWhUvazKyF644IvuJTGtzicWB7jDmkSCxa+JAiscMfA5wwIAzvZdtBPgRirD BmRfmrAPVXqNLRz+6dg9bg== 0000912057-01-531418.txt : 20010907 0000912057-01-531418.hdr.sgml : 20010907 ACCESSION NUMBER: 0000912057-01-531418 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010630 FILED AS OF DATE: 20010906 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WARBURG PINCUS WORLDPERKS MONEY MARKET FUND INC CENTRAL INDEX KEY: 0001066796 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-08899 FILM NUMBER: 1731747 BUSINESS ADDRESS: STREET 1: 466 LEXINGTON AVENUE CITY: NEW YORK STATE: NY ZIP: 10017-3167 BUSINESS PHONE: 2128789548 MAIL ADDRESS: STREET 1: 466 LEXINGTON AVENUE CITY: NEW YORK STATE: NY ZIP: 10017-3167 FORMER COMPANY: FORMER CONFORMED NAME: WARBURG PINCUS MONEY MARKET FUND INC DATE OF NAME CHANGE: 19980723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WARBURG PINCUS WORLDPERKS TAX FREE MONEY FUND INC CENTRAL INDEX KEY: 0001066776 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-08901 FILM NUMBER: 1731748 BUSINESS ADDRESS: STREET 1: 466 LEXINGTON AVENUE CITY: NEW YORK STATE: NY ZIP: 10017-3167 BUSINESS PHONE: 2128789548 MAIL ADDRESS: STREET 1: 466 LEXINGTON AVENUE CITY: NEW YORK STATE: NY ZIP: 10017-3167 FORMER COMPANY: FORMER CONFORMED NAME: WARBURG PINCUS TAX FREE MONEY MARKET FUND INC DATE OF NAME CHANGE: 19980723 N-30D 1 a2056087zn-30d.txt N-30D [LOGO] NORTHWEST AIRLINES(R) ----------------- WORLDPERKS(R) INVESTORMILES(SM) SEMIANNUAL REPORT JUNE 30, 2001 (UNAUDITED) CREDIT SUISSE WARBURG PINCUS WORLDPERKS MONEY MARKET FUND - CREDIT SUISSE WARBURG PINCUS WORLDPERKS TAX FREE MONEY MARKET FUND [GRAPHIC] (SM) More complete information about the Funds, including charges and expenses, is provided in the PROSPECTUS, which must precede or accompany this document and which should be read carefully before investing. You may obtain additional copies by calling 800-WARBURG (800-927-2874) or by writing to Credit Suisse Warburg Pincus WorldPerks Funds, P.O. Box 9030, Boston, MA 02205-9030. Credit Suisse Asset Management Securities, Inc., Distributor, is located at 466 Lexington Avenue, New York, NY 10017-3147. Credit Suisse Warburg Pincus Funds are advised by Credit Suisse Asset Management, LLC. CREDIT SUISSE WARBURG PINCUS FUNDS ---------------------------------- CREDIT | ASSET SUISSE | MANAGEMENT THE FUNDS' INVESTMENT ADVISER, SUB-INVESTMENT ADVISER AND CO-ADMINISTRATORS MAY WAIVE SOME FEES AND/OR REIMBURSE SOME EXPENSES, WITHOUT WHICH PERFORMANCE WOULD BE LOWER. WAIVERS AND/OR REIMBURSEMENTS ARE SUBJECT TO CHANGE. PERFORMANCE DATA REPRESENT PAST PERFORMANCE AND ARE NOT A GUARANTEE OF FUTURE RESULTS. THE FUNDS' YIELDS WILL FLUCTUATE. EACH FUND SEEKS TO MAINTAIN A CONSTANT NET ASSET VALUE OF $1 PER SHARE; THERE CAN BE NO ASSURANCE THAT IT CAN DO SO ON A CONTINUING BASIS AND IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE FUND. AN INVESTMENT IN EACH FUND IS NEITHER INSURED NOR GUARANTEED BY THE U.S. GOVERNMENT. THE VIEWS OF THE FUNDS' MANAGEMENT ARE AS OF THE DATE OF THE LETTERS AND PORTFOLIO HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF JUNE 30, 2001; THESE VIEWS AND PORTFOLIO HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES. FUND SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET MANAGEMENT, LLC ("CSAM") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE NOT GUARANTEED BY CSAM OR ANY AFFILIATE. CREDIT SUISSEWARBURG PINCUS WORLDPERKS MONEY MARKET FUND SEMIANNUAL INVESTMENT ADVISOR'S REPORT--JUNE 30, 2001 August 2, 2001 Dear Shareholder: The January-through-June period was one of economic uncertainty and stock-market volatility. The Federal Reserve ("the Fed"), concerned about the slowing economy, lowered short-term interest rates by 275 basis points during the period. However, investors ultimately were wary of stocks and risk in general, with most major equity indexes finishing the period with year to-date losses. Money market funds were frequent beneficiaries of the uncertainty in terms of asset flows. Demand for liquid, short-term securities was often high, although investors periodically exited money market funds after receiving encouraging economic data. Credit Suisse WorldPerks Money Market Fund (the "Fund") had total net assets of approximately $21.7 million on June 30, 2001, compared with about $22.9 million at the start of the period. We extended the Fund's maturity during the period. Our decision to lengthen was based on our view (correct, as it turned out) that the Fed would aggressively reduce rates. The fund's average weighted maturity rose from 34.64 days on December 31, 2000 to 52.53 days as of June 30. The Fund's annualized yield for the seven-day period ended June 30, 2001 was 2.76% (without waivers and reimbursements). The Fund will continue to emphasize high quality securities in an effort to provide competitive returns without comprising safety or stability of principal. We appreciate your continued support and investment in the Fund. On a separate note, please be advised that the Fund's contract with Northwest Airlines relating to the WorldPerks(R) InvestorMiles(SM) Program will terminate on November 1, 2001. As a result, your account with the Fund will generate WorldPerks(R) Bonus Miles from Northwest Airlines' WorldPerks(R) InvestorMiles(SM) Program only through October 31, 2001. After that date, your Fund account will no longer generate Bonus Miles. The Fund will be sending shareholders a communication in the near future describing their options in light of this development. Brian Lockwood Vice President Credit Suisse Asset Management, LLC 1 CREDIT SUISSEWARBURG PINCUS WORLDPERKS TAX FREE MONEY MARKET FUND August 2, 2001 Dear Shareholder: The U.S. economy witnessed a dramatic slowdown in the first half of 2001. Layoffs increased throughout the period as weakening sales and production impacted many companies. First quarter GDP declined 2.8% year-over-year while the unemployment rate increased to 4.5%. Consumer confidence and expectations declined during the period as layoffs, declining equity markets and higher energy prices impacted household spending. Declining consumer confidence, weakening sales and recessionary environment in the manufacturing sector led the Federal Reserve ("the Fed") to aggressively ease rates by a total of 150 basis points in the first quarter of 2001. The Fed continued its aggressive easing policy in the second quarter as continued softening in capital investments, declining profitability and weak consumption were seen throughout the economy. The fed funds rate was reduced by an additional 125 basis points to finish the six-month period at 3.75%. The aggressive easing by the Fed, combined with seasonal factors in the municipal market, made for a volatile six-month period ended June 30, 2001. Variable rate securities presented attractive taxable equivalent yields throughout the period, attracting corporate and taxable investors into the municipal market. In anticipation of continued Fed rate cuts, the Fund looked to extend its average weighted maturity as the short-term note scale declined throughout the six-month period. To lock in competitive yields, several short-term bonds and general market notes maturing in 9-12 months were added to the portfolio. On June 30, 2001, the Fund's average weighted maturity was 58 days and the 7-day annualized yield was 2.53% (without waivers and reimbursements). On a separate note, please be advised that the Fund's contract with Northwest Airlines relating to the WorldPerks(R) InvestorMiles(SM) Program will terminate on November 1, 2001. As a result, your account with the Fund will generate WorldPerks(R) Bonus Miles from Northwest Airlines' WorldPerks(R) InvestorMiles(SM) Program only through October 31, 2001. After that date, your Fund account will no longer generate Bonus Miles. The Fund will be sending shareholders a communication in the near future describing their options in light of this development. James P. McCaughan Chairman Credit SuisseWarburg Pincus Funds 2 CREDIT SUISSE WARBURG PINCUS WORLD PERKS MONEY MARKET FUND SCHEDULE OF INVESTMENTS June 30, 2001 (Unaudited)
RATINGS PAR (S&P/MOODY'S) MATURITY RATE% VALUE --- ------------- -------- ----- ----- CERTIFICATES OF DEPOSIT (10.7%) YANKEE DOLLAR CERTIFICATES OF DEPOSIT (10.7%) $1,000,000 Canadian Imperial Bank (NA, NA) 12/24/01 4.205 $ 1,000,000 320,000 Credit Agricol IN NY (NA, NA) 03/28/02 4.620 319,948 1,000,000 Lloyds Bank PLC (NA, NA) 08/30/01 3.920 1,000,239 ------------ TOTAL CERTIFICATES OF DEPOSIT (Cost $2,320,187) 2,320,187 ------------ COMMERCIAL PAPER (45.2%) AGRICULTURE (4.6%) 1,000,000 Monsanto Co. (A1+, P1) 07/27/01 4.660 996,634 ------------ ASSET BACKED SECURITIES (11.3%) 1,000,000 Lexington Parker (A1, NR) 07/11/01 3.900 998,917 500,000 Preferred Receivables Funding Corp. (A1, P-1) 07/30/01 3.840 498,453 950,000 Windmill Funding (A1+, P-1) 07/09/01 4.030 949,149 ------------ 2,446,519 ------------ BANKS (17.8%) 410,000 Banque Generale Luxembourg (A-1+, NR) 07/12/01 4.000 409,499 1,000,000 Depfa-Bank Europe PLC (A1, NR) 09/14/01 3.930 991,813 725,000 Halifax PLC (A1+, NR) 10/12/01 3.600 717,533 1,000,000 J.P. Morgan Chase & Co. (A-1, P-1) 07/19/01 3.920 998,040 752,000 National Australia Funding (A-1+, P-1) 07/06/01 4.070 751,575 ------------ 3,868,460 ------------ FINANCE (6.9%) 1,000,000 General Electric Capital (A1+, P-1) 07/09/01 3.820 999,151 493,000 Sigma Finance, Inc. (A1+, P1) 11/20/01 3.920 485,377 ------------ 1,484,528 ------------ SECURITY BROKERS, DEALERS & FLOATATION COS. (4.6%) 1,000,000 Goldman Sachs Group (A1+, P1) 07/10/01 4.000 999,000 ------------ TOTAL COMMERCIAL PAPER (Cost $9,795,141) 9,795,141 ------------ VARIABLE RATE DEMAND NOTES (12.9%) BANKS (6.9%) 500,000 First Union National Bank(1) (A+, Aa3) 11/15/01 4.165 500,000 1,000,000 Key Bank National Association(1) (A, Aa3) 07/30/01 4.109 1,000,028 ------------ 1,500,028 ------------ PERSONAL CREDIT INSTITUTIONS (6.0%) 800,000 American Honda Finance Corp.(1) (A1, P1) 09/12/01 4.010 800,000 500,000 Associates Corporation of North America(1) (AA-, Aa3) 01/03/02 4.919 500,145 ------------ 1,300,145 ------------ TOTAL VARIABLE RATE DEMAND NOTES (Cost $2,800,173) 2,800,173 ------------
See Accompanying Notes to Financial Statements. 3 CREDIT SUISSE WARBURG PINCUS WORLD PERKS MONEY MARKET FUND SCHEDULE OF INVESTMENTS (cont'd) June 30, 2001 (Unaudited)
RATINGS PAR (S&P/MOODY'S) MATURITY RATE% VALUE --- ------------- -------- ----- ----- TIME DEPOSIT (5.0%) $1,077,000 Societe Generale (Cost $1,077,000) (NR, NR) 07/02/01 4.000 $ 1,077,000 ------------ AGENCY OBLIGATIONS (19.2%) 675,000 Federal Home Loan Bank (AAA, Aaa) 09/19/01 6.500 678,496 500,000 Freddie Mac (AAA, Aaa) 12/28/01 6.630 505,835 1,000,000 Freddie Mac Discount Note (AAA, Aaa) 09/13/01 4.575 990,997 1,000,000 Sallie Mae(1) (AAA, Aaa) 10/18/01 3.951 1,000,000 1,000,000 Sallie Mae Discount Note (AAA, Aaa) 07/02/01 4.688 999,872 ------------ TOTAL AGENCY OBLIGATIONS (Cost $4,175,200) 4,175,200 ------------ MEDIUM TERM NOTES (6.9%) BANKS (2.3%) 500,000 Bank One Corp. (A, Aa3) 09/21/01 3.978 500,254 ------------ FINANCE (4.6%) 1,000,000 Merrill Lynch & Co., Inc. (AA-, Aa3) 11/14/01 4.040 1,000,000 ------------ TOTAL MEDIUM TERM NOTES (Cost $1,500,254) 1,500,254 ------------ TOTAL INVESTMENTS AT VALUE (99.9%) (Cost $21,667,955(2)) 21,667,955 OTHER ASSETS IN EXCESS OF LIABILITIES (0.1%) 14,511 ------------ NET ASSETS (100.0%) $ 21,682,466 ============
Average Weighted Maturity -- 52.53 days INVESTMENTABBREVIATIONS NR = Not Rated - -------------------------------------------------------------------------------- (1) The interest rate is as of June 30, 2001 and the maturity date is later of the next interest readjustment date or the date the principal amount can be recovered through demand. (2) Also cost for federal income tax purposes. See Accompanying Notes to Financial Statements. 4 CREDIT SUISSE WARBURG PINCUS WORLD PERKS TAX FREE MONEY MARKET FUND SCHEDULE OF INVESTMENTS June 30, 2001 (Unaudited)
RATINGS PAR (S&P/MOODY'S) MATURITY RATE% VALUE --- ------------- -------- ----- ----- MUNICIPAL BONDS (100.3%) ALABAMA (1.6%) $200,000 Alabama Mental Health Financial Authority Special Bond Refunding Bond (AAA, AAA) 05/01/02 4.875 $ 202,489 ------------ ARKANSAS (1.0%) 125,000 Arkansas State Waste Disposal & Pollution Abatement Series-A General Obligation Bonds (AAA, Aaa) 07/01/02 5.800 128,485 ------------ COLORADO (2.0%) 50,000 Colorado Educational & Cultural Facilities Revenue Bonds, Series 1999(1) (NR, NR) 07/06/01 2.750 50,000 200,000 Colorado Housing Finance Authority, Multifamily Housing Revenue Bond, Series J(1) (A1+, NR) 07/06/01 2.700 200,000 ------------ TOTAL COLORADO (Cost $250,000) 250,000 ------------ DISTRICT OF COLUMBIA (3.9%) 500,000 District of Columbia Refunding Bonds (Trust Co Bank of Atlanta LOC)(1) (NR, VMIG1) 07/06/01 2.700 500,000 ------------ FLORIDA (2.0%) 250,000 Putnam County Development Authority Pollution Control, Series-S Revenue Bond(1) (A+, AA3) 07/06/01 2.850 250,000 ------------ HAWAII (3.9%) 500,000 Hawaii State Housing Finance & Development, Updated Rental Housing System Revenue Bonds, Series 1990 B, (Ind. Bank of Japan LOC)(1) (A-2, VMIG1) 07/06/01 3.920 500,000 ------------ ILLINOIS (4.7%) 200,000 Chicago, IL, Airport Special Facility, Centerpoint O'Hare(1) (A1, NR) 07/06/01 2.800 200,000 400,000 Developement Finance Auth., Multifamily Revenue P-Floats - Pt-515 (NR, NR) 12/01/01 2.950 400,000 ------------ TOTAL ILLINOIS (Cost $600,000) 600,000 ------------ INDIANA (3.1%) 400,000 La Porte County Indiana Economic Development Revenue Bonds, Series 1994 (Federal Home Loan Bank LOC)(1) (N/R, VMIG1) 07/06/01 2.840 400,000 ------------ IOWA (7.1%) 400,000 Des Moines Iowa Commercial Development Revenue Bonds, Series 1985(1) (A-1+, NR) 07/06/01 2.850 400,000 500,000 Urbandale Iowa Industrial Development Revenue Bonds, Series 1985(1) (A-1+, NR) 07/06/01 2.850 500,000 ------------ TOTAL IOWA (Cost $900,000) 900,000 ------------ KENTUCKY (1.8%) 225,000 Hopkins County Kentucky Detention Facility Project (AAA, Aaa) 02/01/02 5.000 226,931 ------------
See Accompanying Notes to Financial Statements. 5 CREDIT SUISSE WARBURG PINCUS WORLD PERKS MONEY MARKET FUND SCHEDULE OF INVESTMENTS (cont'd) June 30, 2001 (Unaudited)
RATINGS PAR (S&P/MOODY'S) MATURITY RATE% VALUE --- ------------- -------- ----- ----- MUNICIPAL BONDS (CONT'D) MARYLAND (3.9%) $500,000 Baltimore County Maryland-Odyssey School, Series 2001 Revenue Bonds (Ireland LOC)(1) (A1, NA) 07/06/01 3.200 $ 500,000 ------------ MASSACHUSETTS (1.1%) 135,000 Massachusettes State, Water Resources Authority, Revenue Bonds (A+, A1) 07/15/22 5.500 138,615 ------------ MINNESOTA (2.5%) 15,000 Minneapolis, MN, General Obligation Bonds, Series 1999 A (Bayerische Vereinsbank LOC)(1) (A-1, VMIG1) 07/06/01 2.600 15,000 300,000 Minneapolis, MN, General Obligation Various Purpose Bonds Series 1995 B (Bayerische Lb Girozentrale LOC)(1) (NR, Aaa) 07/06/01 2.600 300,000 ------------ TOTAL MINNESOTA (Cost $315,000) 315,000 ------------ MISSOURI (7.1%) 400,000 Maries County Missouri Solid Waste Management Revenue Bond (Kingsford Products Company Project)(1) (A-1, NR) 07/06/01 2.900 400,000 500,000 Missouri Environmental Improvement and Energy Resource Authority Revenue Bonds (Monsanto Company Project), Series 1988(1) (N/R, P-1) 06/30/01 2.850 500,000 ------------ TOTAL MISSOURI (Cost $900,000) 900,000 ------------ NEW JERSEY (5.0%) 125,000 Jersey City NJ School Improvement General Obligation Bond Jersey City NJ School Improvement (AA, AA3) 02/15/02 6.600 129,809 500,000 Maywood, NJ, General Obligation Unlimited (NR, NR) 06/14/02 3.500 503,708 ------------ TOTAL NEW JERSEY (Cost $633,517) 633,517 ------------ NORTH DAKOTA (3.9%) 500,000 Grand Forks, ND, Hospital Health Care Facilities, Revenue Bonds(1) (NR, VMIG1) 06/30/01 3.300 500,000 ------------ OHIO (19.8%) 500,000 Cuyahoga County, OH, General Obligation Bonds, Series 1991 (NR, NR) 10/01/01 7.000 514,420 500,000 North Olmsted Ohio General Obligation Unlimited (NR, NR) 07/31/01 3.750 500,265 100,000 Ohio State Air Quality Development Authority, JMG Fdg Ltd. Partnership, Series A (Society General LOC)(1) (NR, NR) 07/06/01 2.850 100,000 500,000 Sidney Ohio City School District (NR, NR) 08/07/01 3.920 500,261 400,000 Ohio State Air Quality Development Authority, Series A Revenue Bonds(1) (A1+, VMIG1) 07/06/01 2.750 400,000 300,000 Ohio State Higher Education Facility Revenue Bonds(1) (NR, NR) 07/05/01 2.800 300,000
See Accompanying Notes to Financial Statements. 6 CREDIT SUISSE WARBURG PINCUS WORLD PERKS MONEY MARKET FUND SCHEDULE OF INVESTMENTS (cont'd) June 30, 2001 (Unaudited)
RATINGS PAR (S&P/MOODY'S) MATURITY RATE% VALUE --- ------------- -------- ----- ----- MUNICIPAL BONDS (CONT'D) $200,000 Warren County Health Care Facilities Revenue Bonds (Otterbein Homes Project), Series 1998B, DN (Fifth Third Bank LOC)(1) (A-1+, NR) 07/06/01 2.900 200,000 ------------ TOTAL OHIO (Cost $2,514,946) 2,514,946 ------------ PENNSYLVANIA (6.3%) 300,000 Lehigh, CO, Daily Lehigh Valley Health Hospital, Revenue Bonds (MBIA Insurance LOC)(1) (NR, VMIG1) 06/30/01 3.300 300,000 500,000 Delaware Valley PA Regional Financial Authority Adjustable Rate Local Government Revenue, Series 1985 C (Credit Suisse LOC)(1) (A-1+, VMIG1) 07/06/01 2.650 500,000 ------------ TOTAL PENNSYLVANIA (Cost $800,000) 800,000 ------------ SOUTH CAROLINA (1.2%) 150,000 Union County South Carolina Municipal Bond Public Improvement (NR, AAA) 04/01/02 6.000 152,972 ------------ TEXAS (9.1%) 250,000 Dallas, TX, Independent School District General Obligation (AAA, Aaa) 08/15/01 5.200 250,238 400,000 Harris County, Texas General Obligation Bond(1) (P-1, A-1) 07/12/01 3.250 400,000 500,000 Texas State Municipal Bonds, Series 2000 ZTC-5 (N/R, VMIG1) 07/06/01 2.880 500,000 ------------ TOTAL TEXAS (Cost $1,150,238) 1,150,238 ------------ WEST VIRGINIA (3.1%) 400,000 Marion County Commission Solid Waste Disposal Facility Revenue Bonds (Grant Town Cogeneration Project) (National Westminster LOC)(1) (A-1+, VMIG1) 07/06/01 2.750 400,000 ------------ WISCONSIN (6.2%) 500,000 Milwaukee Wisconsin Metropolitan Sewer District (NR, AA1) 10/01/01 6.700 504,197 275,000 Iowa-Grant School District Wisconsin General Obligation Bond (AAA, Aaa) 05/01/02 6.500 283,386 ------------ TOTAL WISCONSIN (Cost $787,583) 787,583 ------------ TOTAL MUNICIPAL BONDS (Cost $12,750,776) 12,750,776 ------------ TOTAL INVESTMENTS AT VALUE (100.3%) (Cost $12,750,776(2)) 12,750,776 LIABILITIES IN EXCESS OF OTHER ASSETS (0.3%) (38,418) ------------ NET ASSETS (100.0%) $ 12,712,358 ============
Average Weighted Maturity -- 58.32 days INVESTMENT ABBREVIATIONS NR = Not Rated LOC = Letter of Credit DN = Demand Note - -------------------------------------------------------------------------------- (1) The interest rate is as of June 30, 2001 and the maturity date is the later of the next interest readjustment date or the date the principal amount can be recovered through demand. (2) Also cost for federal income tax purposes. See Accompanying Notes to Financial Statements. 7 CREDIT SUISSE WARBURG PINCUS WORLDPERKS MONEY MARKET FUNDS STATEMENTS OF ASSETS AND LIABILITIES June 30, 2001 (Unaudited)
WORLDPERKS WORLDPERKS TAX FREE MONEY MARKET FUND MONEY MARKET FUND ----------------- ------------------- ASSETS Investments at value (Cost $21,667,955 and $12,750,776, respectively) $21,667,955 $12,750,776 Cash 384 22,451 Interest receivable 53,153 97,433 Other assets 23,244 9,216 ----------- ----------- Total Assets 21,744,736 12,879,876 ----------- ----------- LIABILITIES Dividend payable 62,270 25,438 Payable for investments purchased 0 142,080 ----------- ----------- Total Liabilities 62,270 167,518 ----------- ----------- NET ASSETS Capital stock, $0.001 par value 21,682 12,713 Paid-in capital 21,660,553 12,699,645 Accumulated net realized gain from investments 231 0 ----------- ----------- Net Assets $21,682,466 $12,712,358 =========== =========== NET ASSET VALUE Net assets $21,682,466 $12,712,358 ----------- ----------- Shares Outstanding 21,682,235 12,712,358 ----------- ----------- Net Asset Value, offering price and redemption price per share $1.00 $1.00 ===== =====
See Accompanying Notes to Financial Statements. 8 CREDIT SUISSE WARBURG PINCUS WORLDPERKS MONEY MARKET FUNDS STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2001 (Unaudited)
WORLDPERKS WORLDPERKS TAX FREE MONEY MARKET FUND MONEY MARKET FUND ----------------- ------------------- INTEREST INCOME $602,199 $225,915 -------- -------- EXPENSES Investment advisory fees 45,427 25,603 Administrative services fees 20,482 11,402 Shareholder servicing/distribution fees 28,932 16,002 Registration fees 9,951 19,148 Printing fees 8,777 14,300 Directors fees 8,238 7,402 Audit fees 7,671 6,928 Legal fees 6,438 3,937 Transfer agent fees 4,495 1,452 Custodian fees 3,766 1,841 Insurance expense 1,977 2,579 Miscellaneous expenses 2,207 1,752 -------- -------- 148,361 112,346 Less: fees waived, and transfer agent fee offsets (62,050) (63,701) -------- -------- Total Expenses 86,311 48,645 -------- -------- Net Investment Income 515,888 177,270 -------- -------- NET REALIZED GAIN FROM INVESTMENTS 1,671 0 -------- -------- Net increase in net assets resulting from operations $517,559 $177,270 ======== ========
See Accompanying Notes to Financial Statements. 9 CREDIT SUISSE WARBURG PINCUS WORLDPERKS MONEY MARKET FUNDS STATEMENT OF CHANGES IN NET ASSETS
WORLDPERKS WORLDPERKS TAX FREE MONEY MARKET FUND MONEY MARKET FUND -------------------------------- --------------------------------- FOR THE SIX MONTHS FOR THE FOR THE SIX MONTHS FOR THE ENDED YEAR ENDED ENDED YEAR ENDED JUNE 30, 2001 DECEMBER 31, JUNE 30, 2001 DECEMBER 31, (UNAUDITED) 2000 (UNAUDITED) 2000 FROM OPERATIONS Net investment income $ 515,888 $ 1,328,459 $ 177,270 $ 403,273 Net realized gain (loss) from investments 1,671 (968) 0 0 ----------- ----------- ----------- ----------- Net increase in net assets resulting from operations 517,559 1,327,491 177,270 403,273 ----------- ----------- ----------- ----------- FROM DIVIDENDS Net investment income (515,888) (1,328,459) (177,270) (403,273) ----------- ----------- ----------- ----------- FROM CAPITAL SHARE TRANSACTIONS Proceeds from sale of shares 7,893,677 23,875,037 5,123,153 12,914,665 Reinvestment of dividends 430,028 1,269,497 149,142 390,090 Net asset value of shares redeemed (9,651,476) (22,398,473) (4,803,972) (11,987,961) ----------- ----------- ----------- ----------- Net increase (decrease) in net assets from capital share transactions: (1,327,771) 2,746,061 468,323 1,316,794 ----------- ----------- ----------- ----------- Net increase (decrease) in net assets (1,326,100) 2,745,093 468,323 1,316,794 NET ASSETS Beginning of period 23,008,566 20,263,473 12,244,035 10,927,241 ----------- ----------- ----------- ----------- End of period $21,682,466 $23,008,566 $12,712,358 $12,244,035 =========== =========== =========== ===========
See Accompanying Notes to Financial Statements. 10 CREDIT SUISSE WARBURG PINCUS WORLDPERKS MONEY MARKET FUND FINANCIAL HIGHLIGHTS June 30, 2001 (Unaudited)
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED DECEMBER 31, JUNE 30, 2001 --------------------------------------- (UNAUDITED) 2000 1999 1998(1) ------------- --------- --------- ---------- PER SHARE DATA Net asset value, beginning of period $1.0000 $1.0000 $1.0000 $1.0000 INVESTMENT ACTIVITIES Net investment income 0.0238 0.0576 0.0445 0.0115 LESS DIVIDENDS Dividends from net investment income (0.0238) (0.0576) (0.0445) (0.0115) ------- ------- ------- ------- NET ASSET VALUE, END OF PERIOD $1.0000 $1.0000 $1.0000 $1.0000 ======= ======= ======= ======= Total return 2.29%(2) 5.92% 4.55% 1.15%(2) RATIOS AND SUPPLEMENTAL DATA Net asset value, end of period (000s omitted) $21,682 $23,009 $20,263 $12,926 Ratio of expenses to average net assets(3) 0.76%(4) 0.77% 0.77% 0.58%(4) Ratio of net income to average net assets 4.54%(4) 5.74% 4.52% 5.13%(4) Decrease reflected in above operating expense ratio due to waivers/reimbursements 0.54%(4) 0.56% 0.93% 1.24%(4)
- -------------------------------------------------------------------------------- (1) For the period October 31, 1998 (Inception date) through December 31, 1998. (2) Non-annualized. (3) Interest earned on univested cash balances is used to offset portions of the transfer agent expense. These arrangements resulted in a reduction to the net expense ratio by .00% for the six months ended June 30, 2001 and by .01%, .01% and .00% for the year or period ended December 31, 2000, 1999 and 1998, respectively. The operating expense ratios after reflecting these arrangements were .76% for the six months ended June 30, 2001, and .76% for the years ended December 31, 2000 and 1999 and .58% for the period ended December 31, 1998. (4) Annualized. See Accompanying Notes to Financial Statements. 11 CREDIT SUISSE WARBURG PINCUS WORLDPERKS TAX FREE MONEY MARKET FUND FINANCIAL HIGHLIGHTS (For a Share of the Fund Outstanding Throughout Each Period)
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED DECEMBER 31, JUNE 30, 2001 --------------------------------------- (UNAUDITED) 2000 1999 1998(1) ------------- --------- --------- ---------- PER SHARE DATA Net asset value, beginning of period $1.0000 $1.0000 $1.0000 $1.0000 INVESTMENT ACTIVITIES Net investment income 0.0138 0.0338 0.0245 0.0066 LESS DIVIDENDS Dividends from net investment income (0.0138) (0.0338) (0.0245) (0.0066) ------- ------- ------- ------- NET ASSET VALUE, END OF PERIOD $1.0000 $1.0000 $1.0000 $1.0000 ======= ======= ======= ======= Total return 1.39%(2) 3.44% 2.47% 0.66%(2) RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000s omitted) $12,712 $12,244 $10,927 $10,589 Ratio of expenses to average net assets(3) 0.76%(4) 0.77% 0.77% 0.58%(4) Ratio of net income to average net assets 2.77%(4) 3.39% 2.45% 2.91%(4) Decrease reflected in above operating expense ratio due to waivers/reimbursements 0.99%(4) 0.93% 1.00% 1.31%
- -------------------------------------------------------------------------------- (1) For the period October 31, 1998 (inception date) through December 31, 1998 (2) Non-annualized. (3) Interest earned on univested cash balances is used to offset portions of the transfer agent expense. These arrangements resulted in a reduction to the net expense ratio by .00% for the six months ended June 30, 2001 and by .01%, .01% and .00% for the year or period ended December 31, 2000, 1999 and 1998, respectively. The operating expense ratios after reflecting these arrangements were .76% for the six months ended June 30, 2001, and .76% for the years ended December 31, 2000 and 1999 and .58% for the period ended December 31, 1998. (4) Annualized. See Accompanying Notes to Financial Statements. 12 CREDIT SUISSE WARBURG PINCUS WORLDPERKS MONEY MARKET AND WORLDPERKS TAX FREE MONEY MARKET FUNDS NOTES TO FINANCIAL STATEMENTS June 30, 2001 (Unaudited) NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Credit Suisse Warburg Pincus WorldPerks Money Market Fund, formerly the Warburg Pincus WorldPerks Money Market Fund (the "WorldPerks Money Market Fund") and Credit Suisse Warburg Pincus WorldPerks Tax Free Money Market Fund, formerly the Warburg Pincus WorldPerks Tax Free Money Market Fund (the "WorldPerks Tax Free Money Market Fund") (each, a "Fund" and collectively, the "Funds") are registered under the Investment Company Act of 1940, as amended, diversified, open-end management investment companies. The investment objectives of the WorldPerks Money Market Fund is designed to provide investors with high current income consistent with preservation of capital and liquidity. The investment objective of the WorldPerks Tax Free Money Market Fund is designed to provide investors with as high a level of current income exempt from federal personal income taxes as is consistent with preservation of capital and liquidity. A) SECURITY VALUATION -- The net asset value of each Fund is determined twice daily as of noon and the close of regular trading on the New York Stock Exchange. Each Fund's investments are valued under the amortized cost method, which approximates market value, unless a Fund's Board of Directors determines that using this method would not reflect an investment's value. Amortized cost involves valuing a Fund holding initially at its cost and then assumes a constant amortization to maturity of any discount or premium. The amortized cost method ignores any impact of fluctuating interest rates. B) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are accounted for on a trade date basis. Interest income is recorded on the accrual basis. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes. C) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net investment income are declared daily and paid monthly. Distributions of net realized capital gains, if any, are generally declared and paid annually, although WorldPerks Money Market Fund may declare and pay short-term capital gains, if any, periodically as the Board of Directors determines. However, to the extent that a net realized capital gain can be reduced by a capital loss carryover, such gain will not be distributed. Income and capital gain distributions are determined in accordance with federal income tax regulations which may differ from generally accepted accounting principles. 13 CREDIT SUISSE WARBURG PINCUS WORLDPERKS MONEY MARKET AND WORLDPERKS TAX FREE MONEY MARKET FUNDS NOTES TO FINANCIAL STATEMENTS (cont'd) June 30, 2001 (Unaudited) D) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is each Fund's intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under the Internal Revenue Code of 1986, as amended (the "Code"), and make the requisite distributions to its shareholders which will be sufficient to relieve it from federal income and excise taxes. E) USE OF ESTIMATES -- The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. F) REPURCHASE AGREEMENTS -- Each Fund may enter into repurchase agreement transactions. Under the terms of a typical repurchase agreement, a Fund acquires a security subject to an obligation of the seller to repurchase. Securities pledged as collateral for repurchase agreements are held by the Fund's custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal; however, in the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES Credit Suisse Asset Management, LLC ("CSAM"), which is an indirect wholly-owned U.S. subsidiary of Credit Suisse Group, serves as each Fund's investment adviser. For its investment advisory services, CSAM receives a fee, calculated at an annual rate of .40% of each fund's average daily net assets. For the six months ended June 30, 2001, investment advisory fees and voluntary waivers were as follows:
GROSS NET EXPENSE FUND ADVISORY FEE WAIVER ADVISORY FEE REIMBURSEMENT ---- ------------ ------ ------------ ------------- WorldPerks Money Market $45,427 $(41,341) $ 334 $ (3,752) WorldPerks Tax Free Money Market 25,603 (25,603) (28,606) (28,606)
BlackRock Institutional Management Corporation ("BIMC") a majority owned subsidiary of PNC Financial Services Group, Inc. serves as sub-investment adviser on the WorldPerks Tax Free Money Market Fund. BIMC served as sub-investment adviser on the WorldPerks Money Market Fund through February 13, 2001. Pursuant to a new investment advisory 14 CREDIT SUISSE WARBURG PINCUS WORLDPERKS MONEY MARKET AND WORLDPERKS TAX FREE MONEY MARKET FUNDS NOTES TO FINANCIAL STATEMENTS (cont'd) June 30, 2001 (Unaudited) agreement effective February 14, 2001, CSAM became the WorldPerks Money Market Fund's sole investment adviser. CSAM pays BIMC a fee for its sub-investment advisory services. No compensation is paid by the Funds to BIMC for its sub-investment advisory services. Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of CSAM, serves as each Fund's co-administrator. PFPC Inc. ("PFPC"), an indirect, wholly-owned subsidiary of PNC, also serves as each Fund's co-administrator. For administrative services, CSAMSI currently receives a fee calculated at an annual rate of .10% of each Fund's average daily net assets. For the six months ended June 30, 2001, administrative service fees earned by CSAMSI were as follows:
GROSS NET FUND CO-ADMINISTRATION FEE WAIVER CO-ADMINISTRATION FEE ---- --------------------- ------ --------------------- WorldPerks Money Market $11,357 $(7,657) $3,700 WorldPerks Tax Free Money Market 6,401 (4,295) 2,106
Effective February 5, 2001, for administrative services, PFPC receives a fee, exclusive of out-of-pocket expenses, calculated as follows: ANNUAL RATE ----------- .07% for first $500 million .06% for next $1 billion .05% for over $1.5 billion For the six months ended June 30, 2001, administrative service fees earned and voluntarily waived by PFPC (including out-of-pocket expenses) were as follows:
GROSS NET FUND CO-ADMINISTRATION FEE WAIVER CO-ADMINISTRATION FEE ---- --------------------- ------ --------------------- WorldPerks Money Market $9,125 $(8,615) $510 WorldPerks Tax Free Money Market 5,001 (4,845) 156
In addition to serving as each Fund's co-administrator, CSAMSI currently serves as distributor of each Fund's shares. Pursuant to a distribution plan adopted by each Fund pursuant to Rule 12b-1 under the 1940 Act, CSAMSI receives a fee for its selling services. This fee is calculated at an annual rate of .25% of the average daily net assets of each Fund's Common Class shares. 15 CREDIT SUISSE WARBURG PINCUS WORLDPERKS MONEY MARKET AND WORLDPERKS TAX FREE MONEY MARKET FUNDS NOTES TO FINANCIAL STATEMENTS (cont'd) June 30, 2001 (Unaudited) For the six months ended June 30, 2001, shareholder servicing and distribution fees were as follows:
FUND DISTRIBUTION FEE ---- ---------------- WorldPerks Money Market $28,932 WorldPerks Tax Free Money Market $16,002
The Funds have an arrangement with their transfer agent whereby interest earned on uninvested cash balances is used to offset a portion of their transfer agent expense. For the six months ended June 30, 2001, each Fund received credits or reimbursements under this arrangement as follows:
FUND AMOUNT ---- ------ WorldPerks Money Market Fund $685 WorldPerks Tax Free Money Market Fund 352
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by the Funds to provide certain financial printing services. For the six months ended June 30, 2001, Merrill was paid by the Funds as follows:
FUND AMOUNT ---- ------ WorldPerks Money Market Fund $3,519 WorldPerks Tax Free Money Market Fund 3,495
NOTE 3. CAPITAL SHARE TRANSACTIONS Transactions in shares of each Fund were as follows:
WORLDPERKS WORLDPERKS MONEY MARKET FUND TAX FREE MONEY MARKET FUND ---------------------------- ----------------------------- FOR THE SIX FOR THE FOR THE SIX FOR THE MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED JUNE 30, 2001 DECEMBER 31, JUNE 30, 2001 DECEMBER 31, (UNAUDITED) 2000 (UNAUDITED) 2000 ------------- ------------ ------------- ------------ Shares sold 7,893,677 23,875,037 5,123,153 12,914,665 Shares issued in reinvestment of dividends 430,028 1,269,497 149,142 390,090 Shares redeemed (9,651,476) (22,398,473) (4,803,972) (11,987,961) ------------- ------------ ------------- ------------ Net increase (decrease) (1,327,771) 2,746,061 468,323 1,316,794 ============= ============ ============= ============
16 CREDIT SUISSE WARBURG PINCUS FUNDS ---------------------------------- CREDIT | ASSET SUISSE | MANAGEMENT CREDIT SUISSE WARBURG PINCUS WORLDPERKS FUNDS P.O. BOX 9030, BOSTON, MA 02205-9030 800-WARBURG (800-927-2874) - www.warburg.com CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. FFNWF-3-0601 -----END PRIVACY-ENHANCED MESSAGE-----