-----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, IL7ibiXK1YTlZkEe3bF1zLm5+GVgw0QoTvajwZKY21NwRh2LL7CTEgN6FjwsZiwj hLZ6lVmAZGc5wu/ot5MvXw== /in/edgar/work/20000831/0000935069-00-000479/0000935069-00-000479.txt : 20000922 0000935069-00-000479.hdr.sgml : 20000922 ACCESSION NUMBER: 0000935069-00-000479 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000831 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: SEC FILE NUMBER: 811-08899 FILM NUMBER: 714211 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: SEC FILE NUMBER: 811-08901 FILM NUMBER: 714212 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 0001.txt SEMIANNUAL REPORT [GRAPHICS OMITTED] NORTHWEST AIRLINES WORLDPREKS INVESTORMILES SEMIANNUAL REPORT JUNE 30, 2000 (UNAUDITED) WARBURG PINCUS WORLDPERKS MONEY MARKET FUND (BULLET) WARBURG PINCUS WORLDPERKS TAX FREE MONEY MARKET FUND [GRAPHICS OMITTED] 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 Warburg Pincus, P.O. Box 9030, Boston, MA 02205-9030. Credit Suisse Asset Management Securities, Inc., Distributor to the Funds, is located at 466 Lexington Avenue, New York, NY 10017-3147. Warburg Pincus Funds are advised by Credit Suisse Asset Management, LLC. [GRAPHICS OMITTED] WARBURG PINCUS FUNDS PART OF CREDIT SUISSE ASSET MANAGEMENT FROM TIME TO TIME, 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 PERFORMANCE. 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 A FUND CAN DO SO ON A CONTINUING BASIS. 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, 2000; 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 FDICINSURED AND ARE NOT GUARANTEED BY CSAM OR ANY AFFILIATE. FUND INVESTMENTS ARE SUBJECT TO INVESTMENT RISKS, INCLUDING LOSS OF YOUR INVESTMENT. WARBURG PINCUS WORLDPERKS MONEY MARKET FUND SEMIANNUAL INVESTMENT ADVISER'S REPORT -- JUNE 30, 2000 - -------------------------------------------------------------------------------- August 4, 2000 Dear Shareholder: Economic indicators generally exhibited strength during the first half of the year, with the unemployment rate falling to its lowest level in over 30 years in the second quarter. While the level of domestic economic growth slowed in comparison to the spectacular pace exhibited at the end of 1999, it remained relatively robust during the semi-annual period. Despite gains in productivity, concern that imbalances between supply and demand would ignite inflation prompted the Federal Reserve to resume the tightening of monetary policy that had been placed on hold prior to the Y2K changeover. During the first half of the year, the federal funds rate was increased 25 basis points in both February and March and 50 basis points in May. While rates were left unchanged at the June Federal Open Market Committee meeting, the Fed may still tighten monetary policy later in the year due to concern that economic activity has not moderated sufficiently to prevent inflation. The annualized yield for Warburg Pincus WorldPerks Money Market Fund (the "Fund") for the seven-day period ended June 30, 2000 was 5.95%. Net assets rose 16% since December 31, 1999 and totaled $23.4 million at the end of June. Given expectations of higher rates, a relatively short average weighted maturity was maintained for most of the period. In June, however, the average weighted maturity was increased based on the outlook that the Federal Reserve would be on hold in the near term, and ended the period at 40 days. The Fund will continue to emphasize the highest quality securities in order to provide competitive returns without compromising safety and stability of principal. We appreciate your continued support and investment in the Fund. Eugene L. Podsiadlo BlackRock Institutional President Management Corporation Warburg Pincus Funds Sub-Investment Adviser 1 WARBURG PINCUS WORLDPERKS TAX FREE MONEY MARKET FUND SEMIANNUAL INVESTMENT ADVISER'S REPORT -- JUNE 30, 2000 - -------------------------------------------------------------------------------- August 4, 2000 Dear Shareholder: For the six-month period ended June 30, 2000, favorable economic conditions continued to promote a robust business expansion and unprecedented labor growth. Measures of inflation, at the producer and consumer level, were consistently within acceptable ranges as established by the Federal Reserve. Also, with the unemployment rate reporting an all-time low of 3.9% and consumer confidence reaching an all-time high of 144.7%, economic prosperity seemed endless. However, citing continued demand and the potential for inflationary imbalances, the Federal Open Market Committee implemented three successive increases in short-term interest rates beginning in February and ending in May. In the municipal money markets, both the first and second quarters experienced exceptional cash volatility and fluctuating interest rates. Notwithstanding seasonal patterns, such as January coupon money, Federal income tax period and maturing June 30 fiscal debt, a steepening yield curve did provide investment opportunities which offered incremental yield versus overnight investments. Various trades were made in the portfolio utilizing fixed coupon securities in the 3 to 9 month area of the yield curve, however, liquidity levels in the Fund were positioned to maximize any future increases in short-term interest rates. On June 30, 2000, the Fund's average weighted maturity was 40 days and the 30-day annualized yield was 3.45% without waivers and reimbursements. We appreciate your continued support and investment in the Fund. Eugene L. Podsiadlo BlackRock Institutional President Management Corporation Warburg Pincus Funds Sub-Investment Adviser 2 WARBURG PINCUS WORLDPERKS MONEY MARKET FUND SCHEDULE OF INVESTMENTS--JUNE 30, 2000 (UNAUDITED) - --------------------------------------------------------------------------------
RATINGS(1) PAR (S&P/MOODY'S) MATURITY RATE% VALUE --- ------------- -------- ----- ----- CERTIFICATES OF DEPOSIT (2.1%) DOMESTIC CERTIFICATES OF DEPOSIT (2.1%) $ 500,000 Wilmington Trust Co. (A-1, P-1) 09/22/00 6.720 $ 500,000 ----------- TOTAL CERTIFICATES OF DEPOSIT (Cost $500,000) 500,000 ----------- MEDIUM TERM NOTES (4.3%) 1,000,000 Goldman Sachs Group, Inc. (A-1+, P-1) 09/12/00 6.810 1,000,000 ----------- COMMERCIAL PAPER (79.7%) ASSET BACKED SECURITIES (18.5%) 1,000,000 Beta Finance, Inc. (A-1+, P-1) 09/11/00 6.650 987,069 500,000 Cxc, Inc. (A-1+, P-1) 08/22/00 6.650 495,382 300,000 Dorada Finance, Inc. (A-1+, P-1) 08/17/00 6.700 297,488 500,000 Emerald Certificates Program (A-1+, P-1) 07/10/00 6.610 499,357 400,000 Links Finance Llc. (A-1+, P-1) 07/28/00 6.750 398,125 700,000 Moriarty, Ltd. (A-1+, P-1) 09/05/00 6.700 691,662 600,000 Sigma Finance, Inc. (A-1+, P-1) 12/15/00 6.670 581,657 400,000 Variable Funding Capital (A-1, P-1) 08/17/00 6.650 396,675 ----------- 4,347,415 ----------- BANKS & SAVINGS & LOANS (1.3%) 300,000 Bayerische Landesbank Girozentrale (A-1+, P-1) 07/28/00 6.585 299,904 ----------- FINANCIAL (3.0%) 700,000 Bear Stearns Co., Inc. (A-1, P-1) 07/13/00 6.130 698,808 ----------- FINANCIAL SERVICES (7.0%) 350,000 American Express Centurion Bank (Aa1, NR) 07/03/00 6.670 350,000 300,000 Bank of America Na (Aa1, NR) 07/03/00 6.670 300,000 500,000 CIT Group, Inc. (A-1, P-1) 07/03/00 6.670 499,717 500,000 Sigma Finance, Inc. (A-1+, P-1) 07/12/00 6.170 499,229 ----------- 1,648,946 ----------- LAWN & GARDEN TRACTORS, HOME LAWN & GARDEN EQUIPMENT (3.8%) 300,000 Moriarty, LLC (A-1+, P-1) 07/06/00 6.150 299,846 600,000 Santander Finance de, Inc. (A-1, P-1) 07/31/00 6.160 597,125 ----------- 896,971 ----------- MISC INDUSTR & COMMERCIAL MACHINERY & EQUIPMENT (3.8%) 600,000 Invensys (A-1, P-1) 08/14/00 6.630 595,363 300,000 Invensys (A-1, P-1) 08/17/00 6.650 297,506 ----------- 892,869 -----------
See Accompanying Notes to Financial Statements. 3 WARBURG PINCUS WORLDPERKS MONEY MARKET FUND SCHEDULE OF INVESTMENTS (CONT'D)--JUNE 30, 2000 (UNAUDITED) - --------------------------------------------------------------------------------
RATINGS(1) PAR (S&P/MOODY'S) MATURITY RATE% VALUE --- ------------- -------- ----- ----- NATURAL GAS TRANSMISSION & DISTRIBUTION (8.5%) $ 400,000 Consolidated Natural Gas Co. (NR, P-1) 07/05/00 6.400 $ 399,858 500,000 Consolidated Natural Gas Co. (NR, P-1) 07/19/00 6.630 498,527 1,100,000 Duke Capital Corp. (A-1, NR) 07/05/00 7.000 1,099,572 ----------- 1,997,957 ----------- NEWSPAPER: PUBLISHING OR PUBLISHING & PRINTING (3.0%) 700,000 Knight-Ridder, Inc. (A-1, P-1) 07/10/00 6.480 699,118 ----------- OIL (7.1%) 700,000 Forrestal Funding Master Trust (A-1+, P-1) 07/03/00 6.350 700,000 500,000 HSBC USA, Inc. (A-1, P-1) 03/09/01 6.671 476,929 500,000 Nationwide Building Society (A-1, P-1) 08/15/00 6.650 496,028 ----------- 1,672,957 ----------- PERSONAL CREDIT INSTITUTIONS (1.4%) 325,000 Countrywide Funding Corp. (A-1, NR) 07/03/00 7.300 325,000 ----------- PETROLEUM REFINING (2.1%) 500,000 Repsol International Finance BV (NR, P-1) 07/12/00 6.620 499,172 ----------- SECURITY BROKERS, DEALERS & FLOTATION COS. (10.8%) 250,000 Bear Stearns Companies, Inc. (A-1, P-1) 07/10/00 6.510 249,684 500,000 Donaldson, Lufkin & Jenrette, Inc. (A-1, P-1) 08/02/00 6.640 497,233 500,000 Lehman Brothers Holdings, Inc (A-1, NR) 12/11/00 6.750 484,906 300,000 Merrill Lynch & Co., Inc. (A-1+, P-1) 07/13/00 6.500 299,458 500,000 Salomon Smith Barney Holdings, Inc. (A-1, P-1) 07/10/00 6.500 499,368 500,000 Solomon Smith Barney Holdings, Inc. (A-1, P-1) 09/07/00 6.590 493,959 ----------- 2,524,608 ----------- SHORT-TERM BUSINESS CREDIT INSTITUTIONS (7.6%) 400,000 CIT Group Holdings, Inc. (A-1, P-1) 07/10/00 6.430 399,500 700,000 General Electric Capital (A-1+, P-1) 07/06/00 6.580 699,616 300,000 General Electric Capital International (A-1+, P-1) 09/11/00 6.610 296,144 400,000 Heller Financial, Inc. (NR, NR) 09/13/00 6.660 394,672 ----------- 1,789,932 ----------- TELEPHONE COMMUNICATIONS (1.7%) 400,000 SBC Communications (A-1+, P-1) 07/12/00 6.510 399,349 ----------- TOTAL COMMERCIAL PAPER (Cost $18,618,693,006) 18,693,006 -----------
See Accompanying Notes to Financial Statements. 4 WARBURG PINCUS WORLDPERKS MONEY MARKET FUND SCHEDULE OF INVESTMENTS--JUNE 30, 2000 (UNAUDITED) - --------------------------------------------------------------------------------
RATINGS(1) PAR (S&P/MOODY'S) MATURITY RATE% VALUE --- ------------- -------- ----- ----- VARIABLE RATE DEMAND NOTES (13.9%) VARIABLE RATE DEMAND NOTES (13.9%) $200,000 American Honda Finance Corp. (A-1, P-1) 07/18/00 6.271 $199,989 300,000 American Honda Finance Corp. (A-1, P-1) 08/04/00 6.549 299,987 500,000 Caterpillar Financial Services Corp. (NR, NR) 07/10/00 6.321 500,025 500,000 First Union National Bank (A-1, P-1) 07/18/00 6.649 500,000 500,000 General Motors Acceptance Corp. (A-1, P-1) 07/20/00 6.253 499,985 350,000 SMM Trust 2000-B (A-1+, P-1) 07/13/00 6.661 350,000 400,000 Textron Financial (NR, NR) 08/02/00 6.411 400,000 500,000 Westdeutsche Landesbank Finance U. (Aa1, NR) 07/25/00 6.571 499,840 ----------- 3,249,826 ----------- TOTAL VARIABLE RATE DEMAND NOTES (Cost $3,249,826) 3,249,826 ----------- TOTAL INVESTMENTS AT VALUE (99.9%) (Cost $23,442,832(2)) 23,442,832 OTHER ASSETS IN EXCESS OF LIABILITIES (0.1%) 4,168 ----------- NET ASSETS (100.0%) $23,447,000 =========== Average Weighted Maturity -- 40.36 days INVESTMENT ABBREVIATIONS NR = Not Rated - -------------------------------------------------------------------------------- (1) Credit Ratings given by Moody's Investors Service, Inc. and Standard & Poor's Ratings Services are unaudited. (2) Also cost for federal income tax purposes. See Accompanying Notes to Financial Statements.
5 WARBURG PINCUS WORLDPERKS TAX FREE MONEY MARKET FUND SCHEDULE OF INVESTMENTS -- JUNE 30, 2000 (UNAUDITED) - --------------------------------------------------------------------------------
RATINGS(1) PAR (S&P/MOODY'S) MATURITY RATE%(2) VALUE --- ------------- -------- ----- ----- MUNICIPAL OBLIGATIONS (101.3%) ALABAMA (1.6%) $200,000 Columbia Alabama Industrial Development Board Pollution Control Revenue Bond (Alabama Power Project), Series A (A-1, NR) 07/01/00 4.550 $ 200,000 ----------- FLORIDA (11.2%) 400,000 Jacksonville Florida Tax Exempt Commercial Paper (A-1, P-1) 07/14/00 4.000 400,000 500,000 Putnam County Development Authority Pollution Control Revenue Bond (National Rural Utilities Co-op Seminole Electric Project), Series 1984H3 (A-1+, P-1) 09/15/00 4.050 500,000 500,000 St. Lucie County Florida Pollution Control Tax Exempt Commercial Paper (A-1+, VMIG-1) 08/10/00 4.050 500,000 ----------- 1,400,000 ----------- GEORGIA (4.0%) 500,000 Burke County Development Authority Pollution Control Revenue Bond (Oglethorpe Power Corp. Project), Series 1994A (FGIC Insurance LOC) (A-1+, VMIG-1) 07/07/00 4.800 500,000 ----------- LLINOIS (4.0%) 500,000 City of Chicago General Obligation Bond, Series B (A-1+, VMIG-1) 07/05/00 4.700 500,000 ----------- INDIANA (4.0%) 500,000 Sullivan Industrial Pollution Control Revenue Bond (A-1, P-1) 07/21/00 4.000 500,000 ----------- IOWA (4.0%) 500,000 Iowa Finance Authority Solid Waste Disposal Revenue Bond (Cedar River Paper Co. Project) (Bank of Nova Scotia LOC) (A-1+, P-1) 07/01/00 4.650 500,000 ----------- KANSAS (0.8%) 100,000 Kansas City MO Research Health B of A Hospital Refunding and Improvement Revenue Bond (MBIA Insurance LOC) A-1, VMIG-1) 07/01/00 4.750 100,000 ----------- KENTUCKY (4.4%) 250,000 Owensboro-Daviess Cnty, Ky Regional Water Resource Agency Wastewater Revenue Bond Anticipation Note (SP-1, NR) 09/01/00 4.400 250,204 300,000 Kentucky Interlocal School Transportation Association Tax and Revenue Anticipation Note (SP-1+, NR) 06/29/01 5.000 301,704 ----------- 551,908 ----------- LOUISIANA (3.2%) 400,000 Louisiana Public Facilities Authority, Hospital Revenue, Willis-Knighton Medical Center (AMBAC Insured) (final maturity 9/1/27) (A-1+, VMIG-1) 07/07/00 5.000 400,000 ----------- See Accompanying Notes to Financial Statements. 6 WARBURG PINCUS WORLDPERKS TAX FREE MONEY MARKET FUND SCHEDULE OF INVESTMENTS (CONT'D)--JUNE 30, 2000 (UNAUDITED) - ------------------------------------------------------------------------------- RATINGS(1) PAR (S&P/MOODY'S) MATURITY RATE%(2) VALUE --- ------------- -------- ----- ----- MISSOURI (7.2%) $ 400,000 Maries County IDA Solid Waste Management Revenue Bond (Kingsford Products Company Project) (Clorox Company Incorporated Guarantee) (A-1, NR) 07/07/00 5.000 $ 400,000 500,000 Missouri Environmental Improvement and Energy Resource Authority Revenue Bond (Monsanto Co. Project), Series 1988 (NR, P-1) 07/01/00 4.650 500,000 ----------- 900,000 ----------- NEW JERSEY (0.8%) 100,000 New Jersey Sports & Exhibition Authority, Series 1992C DN (Barclays Bank LOC) (A-1, VMIG-1) 07/07/00 4.350 100,000 ----------- NORTH CAROLINA (8.0%) 500,000 Charlotte Airport Refunding Revenue Bond, Series 1997A (MBIA Insurance LOC) (A-1+, VMIG-1) 07/07/00 4.750 500,000 500,000 Mecklenburg County General Obligation Bond, Series 1996B (A-1+, VMIG-1) 07/07/00 4.650 500,000 ----------- 1,000,000 ----------- OHIO (16.7%) 375,000 Allen County Bond Anticipation Note (NR, NR) 09/14/00 4.730 375,398 300,000 Lima City School District Bond Anticipation Note (NR, MIG-1) 07/26/00 4.550 300,095 200,000 Mansfield City School District Bond Anticipation Note (NR, NR) 07/18/00 4.550 200,045 200,000 North Royalton Ohio Bond Anticipation Note (NR, NR) 09/21/00 3.950 200,065 500,000 Ohio Air Quality Development Authority Pollution Control Revenue Bond (JMG Funding, Ltd. Partnership Project), Series 1995B (Society General LOC) (A-1+, NR) 07/07/00 4.800 500,000 500,000 Lake County Ohio Bond Anticipation Notes, Series 2000 (NR, NR) 03/15/01 5.125 501,445 ----------- 2,077,048 ----------- PENNSYLVANIA (11.2%) 100,000 Pennsylvania Higher Education Assistance Agency Student Loan Revenue Bond, Series 1988A (Sallie Mae LOC) (A-1+, VMIG-1) 07/07/00 5.050 100,000 500,000 Pennsylvania Higher Education Facilities Authority Revenue Bond (University of Pennsylvania Health Services Project), Series B (A-1+, VMIG-1) 07/01/00 4.550 500,000 500,000 Pennsylvania Higher Education Facilities Authority Revenue Bond (University of Pennsylvania Project), Series 1994B (A-1+, VMIG-1) 07/07/00 4.800 500,000 300,000 Sayre County Health Care Facilities Authority Revenue Bond (VHA Capital Financing Project), Series 1985L (AMBAC Insurance) (A-1+, NR) 07/07/00 4.800 300,000 ----------- 1,400,000 ----------- See Accompanying Notes to Financial Statements. 7 WARBURG PINCUS WORLDPERKS TAX FREE MONEY MARKET FUND SCHEDULE OF INVESTMENTS (CONT'D)--JUNE 30, 2000 (UNAUDITED) - ------------------------------------------------------------------------------- RATINGS(1) PAR (S&P/MOODY'S) MATURITY RATE%(2) VALUE --- ------------- -------- ----- ----- $ 500,000 Rhode Island State and Providence Plan General Obligation Bond (Landesbank Hessen-Thuringen LOC) (A-1, VMIG-1) 07/05/00 4.650 $ 500,000 ----------- TEXAS (6.4%) 400,000 Harris County Texas Shell Oil Project Industrial Development Corp. (A-1+, VMIG-1) 10/11/00 4.200 400,000 400,000 Texas State Tax and Revenue Anticipation Note (SP-1+, MIG-1) 08/31/00 4.500 400,291 ----------- 800,291 ----------- VIRGINIA (5.5%) 485,000 Alexandria IDA Revenue Bond (Super & Curr Project) Series 1997 (First Union National Bank of North Carolina LOC) (A-1, NR) 07/07/00 4.750 485,000 200,000 Peninsula Port Authority of Virginia Coal Terminal Revenue Bond (Dominion Terminal Associates Project) Series 1987D (Barclays Bank LOC) (NR, P-1) 07/01/00 4.600 200,000 ----------- 685,000 ----------- WEST VIRGINIA (4.0%) 500,000 Marion County, West Virginia Solid Waste Disposal Facilities Revenue Bond (Grant Town Project) Series D (National Westminster Bank PLC LOC) (A-1+, VMIG-1) 07/07/00 4.700 500,000 ----------- TOTAL MUNICIPAL OBLIGATIONS (Cost $12,614,247) 12,614,247 ----------- TOTAL INVESTMENTS AT VALUE (101.3%) (Cost $12,614,247(3)) 12,614,247 LIABILITIES IN EXCESS OF OTHER ASSETS (-1.3%) (158,831) ----------- NET ASSETS (100.0%) $12,455,416 =========== Average Weighted Maturity -- 39.25 days INVESTMENT ABBREVIATIONS DN = Demand Note IDA = Industrial Developement Agency LOC = Letter of Credit NR = Not Rated - -------------------------------------------------------------------------------- (1) Credit Ratings given by Moody's Investors Service, Inc. and Standard & Poor's Ratings Services are unaudited. (2) The interest rate shown is the rate as of June 30, 2000 and the maturity date is the longer of the next interest readjustment date or the date the principal owed can be recovered through demand. (3) Also cost for federal income tax purposes.
See Accompanying Notes to Financial Statements. 8 ND WARBURG PINCUS WORLDPERKS MONEY MARKET AND WORLD PERKS TAX FREE MONEY MARKET FUNDS STATEMENTS OF ASSETS AND LIABILITIES June 30, 2000 (Unaudited) - --------------------------------------------------------------------------------
WORLDPERKS WORLDPERKS TAX FREE MONEY MARKET FUND MONEY MARKET FUND ----------------- ------------------- ASSETS Investment at value (Cost $23,442,832 and $12,614,247, respectively) $23,442,832 $12,614,247 ----------- ----------- Cash 4,980 41,236 Interest receivable 32,091 104,943 Prepaid expenses and other assets 3,084 1,743 ----------- ----------- TOTAL ASSETS 23,482,987 12,762,169 ----------- ----------- LIABILITIES Dividend payable 4,307 659 Accrued expenses payable 31,680 4,390 Payable for investment purchases 0 301,704 ----------- ----------- TOTAL LIABILITIES 35,987 306,753 ----------- ----------- NET ASSETS Net assets consist of: Capital stock, .001 par value 23,447 12,456 Additional paid in capital 23,424,468 12,442,960 Accumulated net realized loss from security transactions (915) 0 ----------- ----------- Net Assets $23,447,000 $12,455,416 =========== =========== Shares outstanding 23,447,915 12,455,416 ----------- ----------- Net Asset Value, offering and redemption price per share $1.00 $1.00 ===== =====
See Accompanying Notes to Financial Statements. 9 WARBURG PINCUS WORLDPERKS MONEY MARKET AND WORLD PERKS TAX FREE MONEY MARKET FUNDS STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2000 (Unaudited) - --------------------------------------------------------------------------------
WORLDPERKS WORLDPERKS TAX FREE MONEY MARKET FUND MONEY MARKET FUND ----------------- ------------------- INVESTMENT INCOME $698,947 $242,701 -------- -------- EXPENSES: Investment advisory fees 44,977 24,130 Administrative services fees 20,590 12,211 Distribution fees 28,111 15,080 Transfer agent fees 12,519 1,461 Blue Sky fees 10,841 0 Directors fees 7,692 8,323 Audit fees 6,287 6,040 Custodian fees 6,069 6,000 Legal fees 5,871 7,986 Printing fees 5,804 2,500 Registration fees 0 1,357 Miscellaneous expense 211 0 -------- -------- 148,972 85,088 Less: fees waived, expenses reimbursed and transfer agent fee offsets (63,515 (39,242) -------- -------- Total expenses 85,457 45,846 -------- -------- Net investment income 613,490 196,855 -------- -------- NET REALIZED AND UNREALIZED LOSS FROM INVESTMENTS Net realized loss from security transactions (443) 0 -------- -------- Net increase in net assets resulting from operations $613,047 $196,855 ======== ========
See Accompanying Notes to Financial Statements. 10 WARBURG PINCUS WORLDPERKS MONEY MARKET AND WORLDPERKS TAX FREE MONEY MARKET FUNDS STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
WORLDPERKS WORLDPERKS TAX FREE MONEY MARKET FUND MONEY MARKET FUND ------------------------------- ------------------------------- FOR THE FOR THE SIX MONTHS FOR THE SIX MONTHS FOR THE ENDED YEAR ENDED ENDED YEAR ENDED JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31, (UNAUDITED) 1999 (UNAUDITED) 1999 ------------ ------------ ------------ ------------ FROM OPERATIONS: Net investment income $ 613,490 $ 706,912 $ 196,855 $ 229,427 Net realized loss from security transactions (443) (472) 0 0 ------------ ------------ ------------ ------------ Net increase in net assets resulting from operations 613,047 706,440 196,855 229,427 ------------ ------------ ------------ ------------ NET DECREASE FROM DIVIDENDS: Dividends from net investment income (613,490) (707,025) (196,855) (229,427) ------------ ------------ ------------ ------------ FROM CAPITAL SHARE TRANSACTIONS (AT $1 PER SHARE): Proceeds from sale of shares 16,206,901 26,478,163 7,126,469 12,444,093 Reinvested dividends 589,375 680,975 192,892 279,852 Net asset value of shares redeemed (13,612,306) (19,820,586) (5,791,186) (12,385,264) ------------ ------------ ------------ ------------ Net increase in net assets from capital share transactions 3,183,970 7,338,552 1,528,175 338,681 ------------ ------------ ------------ ------------ Net increase in net assets 3,183,527 7,337,967 1,528,175 338,681 NET ASSETS: Beginning of period 20,263,473 12,925,506 10,927,241 10,588,560 ------------ ------------ ------------ ------------ End of period $ 23,447,000 $ 20,263,473 $ 12,455,416 $ 10,927,241 ============ ============ ============ ============
See Accompanying Notes to Financial Statements. 11 WARBURG PINCUS WORLDPERKS MONEY MARKET FUND FINANCIAL HIGHLIGHTS (For a Share of the Fund Outstanding Throughout Each Period) - --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED) 1999 19981 ------------- ------- ------- PER-SHARE DATA Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 ------- ------- ------- INVESTMENT ACTIVITIES: Net investment income .0274 .0445 .0115 ------- ------- ------- LESS DIVIDENDS: Dividends from net investment income (.0274) (.0445 (.0115) ------- ------- ------- NET ASSETS VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 ======= ======= ======= Total return 2.77%2 4.55% 1.15%2 RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (000s omitted) $23,447 $20,263 $12,926 Ratios of expenses to average net assets .78%3,4 .77%3 .58%3,4 Ratio of net income to average net assets 5.46%4 4.52% 5.13%4 Decrease reflected in above operating expense ratios due to waivers/reimbursements .56%4 .93% 1.24%4 - --------------------------------------------------------------------------------------------------------- 1 For the period October 31, 1998 (Commencement of Operations) through December 31, 1998. 2 Non-annualized. 3 Interest earned on uninvested cash balances is used to offset portions of the transfer agent expense. These arrangements resulted in a reduction to the net expense ratio by .02% on an annualized basis for the six months ended June 30, 2000, and by .01% and .00% for the year and period ended December 31, 1999 and 1998, respectively. The Common Class shares operating expense ratios after reflecting these arrangements were .76% on an annualized basis for the six months ended June 30, 2000, and .76% and .58% for the year and period ended December 31, 1999 and 1998, respectively. 4 Annualized.
See Accompanying Notes to Financial Statements. 12 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 JUNE 30, 2000 (UNAUDITED) 1999 1998 1 ------------- ------- ------- PER-SHARE DATA Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 ------- ------- ------- INVESTMENT ACTIVITIES: Net investment income .0161 .0245 .0066 ------- ------- ------- LESS DIVIDENDS: Dividends from net investment income (.0161) (.0245) (.0066) ------- ------- ------- NET ASSETS VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 ======= ======= ======= Total return 1.62%2 2.47% .66%2 RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (000s omitted) $12,455 $10,927 $10,589 Ratios of expenses to average net assets .78%3,4 .77%3 .58%3,4 Ratio of net income to average net assets 3.26%4 2.45% 2.91%4 Decrease reflected in above operating expense ratios due to waivers/reimbursements .63%4 1.00% 1.31%4 - -------------------------------------------------------------------------------- 1 For the period October 1, 1998 (Commencement of Operations) through December 31, 1998. 2 Non-annualized. 3 Interest earned on uninvested cash balances is used to offset portions of the transfer agent expense. These arrangements resulted in a reduction to the net expense ratio by .02% on an annualized basis for the six months ended June 30, 2000, and .01% and .00% for the year and period ended December 31, 1999 and 1998, respectively. The Common Class shares operating expense ratios after reflecting these arrangements were .76% on an annualized basis for the six months ended June 30, 2000, and .76% and .58% for the year and period ended December 31, 1999 and 1998, respectively. 4 Annualized.
See Accompanying Notes to Financial Statements. 13 WARBURG PINCUS WORLDPERKS MONEY MARKET AND WORLDPERKS TAX FREE MONEY MARKET FUNDS NOTES TO FINANCIAL STATEMENTS June 30, 2000 (Unaudited) - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Warburg Pincus WorldPerks Money Market Fund (the "WorldPerks Money Market Fund") and Warburg Pincus WorldPerks Tax Free Money Market Fund (the "WorldPerks Tax Free Money Market Fund") are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as diversified, open-end management investment companies. Investment objectives for each Fund are as follows: the WorldPerks Money Market Fund is designed to provide investors with high current income consistent with preservation of capital and liquidity; and the WorldPerks Tax Free Money Market Fund is designed to provide investors with as high a level of current income that is exempt from federal personal income taxes as is consistent with preservation of capital and liquidity. 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, Inc. 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. 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. Dividends from net investment income are declared daily and paid monthly. Distributions of net realized capital gains, if any, are declared and paid annually, although the WorldPerks Money Market Fund may declare and pay short-term capital gains, if any, periodically as the Board of Directors determines. 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. No provision is made for federal income 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, and make the requisite distributions to its shareholders which will be sufficient to relieve it from federal income and excise taxes. 14 WARBURG PINCUS WORLDPERKS MONEY MARKET AND WORLDPERKS TAX FREE MONEY MARKET FUNDS NOTES TO FINANCIAL STATEMENTS (CONT'D) June 30, 2000 (Unaudited) - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES -- (CONT'D) Each Fund may enter into repurchase agreement transactions. Under the terms of a typical repurchase agreement, a Fund acquires an underlying 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. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount 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 those estimates. The Funds have an arrangement with their transfer agent whereby interest earned on uninvested cash balances was used to offset a portion of their transfer agent expense. For the six months ended June 30, 2000, each Fund received credits or reimbursements under this arrangement as follows: FOR SIX MONTHS ENDED FUND JUNE 30, 2000 ---- ------------- WorldPerks Money Market $2,779 WorldPerks Tax Free Money Market $1,461 2. INVESTMENT ADVISER AND SUB-ADVISER, CO-ADMINISTRATORS AND DISTRIBUTOR Pursuant to Investment Advisory Agreement, Credit Suisse Asset Management ("CSAM"), an indirect, wholly owned subsidiary of Credit Suisse Group, serves as investment adviser for each of the Funds described herein. 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, 2000, investment advisory fees, voluntary waivers and expense reimbursements were as follows:
GROSS NET EXPENSE FUND ADVISORY FEE WAIVER ADVISORY FEE REIMBURSEMENT ---- ------------ --------- -------------- ------------- WorldPerks Money Market $44,977 $(30,409) $14,568 $9,737 WorldPerks Tax Free Money Market 24,130 (18,999) 5,131 6,718
15 WARBURG PINCUS WORLDPERKS MONEY MARKET AND WORLDPERKS TAX FREE MONEY MARKET FUNDS NOTES TO FINANCIAL STATEMENTS (CONT'D) June 30, 2000 (Unaudited) - -------------------------------------------------------------------------------- 2. INVESTMENT ADVISER AND SUB-ADVISER, CO-ADMINISTRATORS AND DISTRIBUTOR -- (CONT'D) BlackRock Institutional Management Corporation ("BIMC"), a majority-owned subsidiary of PNC Financial Services Group ("PNC"), serves as each Fund's sub-investment adviser. From its investment advisory fee, CSAM pays BIMC a fee. No compensation is paid by the Funds to BIMC for its sub-investment advisory service. Credit Suisse Asset Managment Securities, Inc. ("CSAMSI") 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, 2000, administrative services fees were as follows:
NET FUND CO-ADMINISTRATION FEE WAIVER CO-ADMINISTRATION FEE ---- --------------------- ------ --------------------- WorldPerks Money Market $9,346 $(9,346) $0 WorldPerks Tax Free Money Market 6,032 (6,032) 0
For administrative services, PFPC currently receives a fee, exclusive of out-of pocket expenses, calculated as follows: AVERAGE DAILY NET ASSETS ANNUAL RATE ------------- ----------- First $500 million 0.10% Next $1 Billion 0.075% Over $1.5 Billion 0.05% ================== ======= For the six months ended June 30, 2000, administrative service fees earned and voluntarily waived by PFPC (including out-of-pocket expenses) were as follows:
NET FUND CO-ADMINISTRATION FEE WAIVER CO-ADMINISTRATION FEE ---- --------------------- ------ --------------------- WorldPerks Money Market $11,244 $(11,244) $ 0 WorldPerks Tax Free Money Market 6,179 (6,032) 147
16 WARBURG PINCUS WORLDPERKS MONEY MARKET AND WORLDPERKS TAX FREE MONEY MARKET FUNDS NOTES TO FINANCIAL STATEMENTS (CONT'D) JUNE 30, 2000 (Unaudited) - -------------------------------------------------------------------------------- 2. INVESTMENT ADVISER AND SUB-ADVISER, CO-ADMINISTRATORS AND DISTRIBUTOR -- (CONT'D) Provident Distributors, Inc. (PDI) served as each Fund's distributor without compensation. Effective August 1, 2000, Credit Suisse Asset Management Securities, Inc. (CSAMSI) will become each Fund's distributor. 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. For the six months ended June 30, 2000, shareholder servicing and distribution fees were as follows: FUND DISTRIBUTION FEE ---- ---------------- WorldPerks Money Market $28,111 WorldPerks Tax Free Money Market 15,080 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 FOR THE SIX MONTHS SIX MONTHS ENDED FOR THE ENDED FOR THE JUNE 30, 2000 YEAR ENDED JUNE 30, 2000 YEAR ENDED (UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) DECEMBER 31, 1999 ------------- ----------------- ------------- ----------------- Shares sold $ 16,206,901 $ 26,478,163 $ 7,126,469 $ 12,444,093 Shares issued to shareholders on reinvestments of dividends 589,375 680,975 192,892 279,852 Shares redeemed (13,612,306) (19,820,586) (5,791,186) (12,385,264) ------------ ------------ ----------- ------------ Net increase in shares outstanding 3,183,970 7,338,552 1,528,175 338,681 ------------ ------------ ----------- ------------
4. CAPITAL LOSS CARRYOVER At June 30, 2000, capital loss carryovers available to offset possible future capital gains of the WorldPerks Money Market Fund were as follows: CAPITAL LOSS CARRYOVER TOTAL CAPITAL EXPIRING IN 2007 LOSS CARRYOVER ---------------------- -------------- $472 $472 17 This page intentionally left blank This page intentionally left blank This page intentionally left blank [GRAPHICS OMITTED] WARBURG PINCUS FUNDS PART OF CREDIT SUISSE ASSET MANAGEMENT WARBURG PINCUS WORLDPERKS FUNDS, P.O. BOX 9030, BOSTON, MA 02205-9030 800-WARBURG (800-927-2874) (BULLET) www.warburg.com CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. FFNWF-3-0600 -----END PRIVACY-ENHANCED MESSAGE-----