[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
<PAGE>
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.
<PAGE>
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
<PAGE>
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
<PAGE>
WARBURG PINCUS WORLDPERKS MONEY MARKET FUND
SCHEDULE OF INVESTMENTS--JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATINGS(1)
PAR (S&P/MOODY'S) MATURITY RATE% VALUE
--- ------------- -------- ----- -----
<S> <C> <C> <C> <C> <C>
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
-----------
</TABLE>
See Accompanying Notes to Financial Statements.
3
<PAGE>
WARBURG PINCUS WORLDPERKS MONEY MARKET FUND
SCHEDULE OF INVESTMENTS (CONT'D)--JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATINGS(1)
PAR (S&P/MOODY'S) MATURITY RATE% VALUE
--- ------------- -------- ----- -----
<S> <C> <C> <C> <C> <C>
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
-----------
</TABLE>
See Accompanying Notes to Financial Statements.
4
<PAGE>
WARBURG PINCUS WORLDPERKS MONEY MARKET FUND
SCHEDULE OF INVESTMENTS--JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATINGS(1)
PAR (S&P/MOODY'S) MATURITY RATE% VALUE
--- ------------- -------- ----- -----
<S> <C> <C> <C> <C> <C>
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
<FN>
--------------------------------------------------------------------------------
(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.
</FN>
</TABLE>
5
<PAGE>
WARBURG PINCUS WORLDPERKS TAX FREE MONEY MARKET FUND
SCHEDULE OF INVESTMENTS -- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATINGS(1)
PAR (S&P/MOODY'S) MATURITY RATE%(2) VALUE
--- ------------- -------- ----- -----
<S> <C> <C> <C> <C>
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
<PAGE>
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
<PAGE>
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
--------------------------------------------------------------------------------
<FN>
(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.
</FN>
</TABLE>
See Accompanying Notes to Financial Statements.
8
<PAGE>
ND
WARBURG PINCUS WORLDPERKS MONEY MARKET AND
WORLD PERKS TAX FREE MONEY MARKET FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WORLDPERKS WORLDPERKS TAX FREE
MONEY MARKET FUND MONEY MARKET FUND
----------------- -------------------
<S> <C> <C>
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
===== =====
</TABLE>
See Accompanying Notes to Financial Statements.
9
<PAGE>
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)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
WORLDPERKS WORLDPERKS TAX FREE
MONEY MARKET FUND MONEY MARKET FUND
----------------- -------------------
<S> <C> <C>
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
======== ========
</TABLE>
See Accompanying Notes to Financial Statements.
10
<PAGE>
WARBURG PINCUS WORLDPERKS MONEY MARKET AND
WORLDPERKS TAX FREE MONEY MARKET FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
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
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
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
============ ============ ============ ============
</TABLE>
See Accompanying Notes to Financial Statements.
11
<PAGE>
WARBURG PINCUS WORLDPERKS MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
(For a Share of the Fund Outstanding Throughout Each Period)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS
ENDED
JUNE 30, 2000
(UNAUDITED) 1999 19981
------------- ------- -------
<S> <C> <C> <C>
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
---------------------------------------------------------------------------------------------------------
<FN>
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.
</FN>
</TABLE>
See Accompanying Notes to Financial Statements.
12
<PAGE>
WARBURG PINCUS WORLDPERKS TAX FREE MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
(For a Share of the Fund Outstanding Throughout Each Period)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS
ENDED
JUNE 30, 2000
(UNAUDITED) 1999 1998 1
------------- ------- -------
<S> <C> <C> <C>
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
--------------------------------------------------------------------------------
<FN>
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.
</FN>
</TABLE>
See Accompanying Notes to Financial Statements.
13
<PAGE>
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
<PAGE>
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:
<TABLE>
<CAPTION>
GROSS NET EXPENSE
FUND ADVISORY FEE WAIVER ADVISORY FEE REIMBURSEMENT
---- ------------ --------- -------------- -------------
<S> <C> <C> <C> <C>
WorldPerks Money Market $44,977 $(30,409) $14,568 $9,737
WorldPerks Tax Free Money Market 24,130 (18,999) 5,131 6,718
</TABLE>
15
<PAGE>
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:
<TABLE>
<CAPTION>
NET
FUND CO-ADMINISTRATION FEE WAIVER CO-ADMINISTRATION FEE
---- --------------------- ------ ---------------------
<S> <C> <C> <C>
WorldPerks Money Market $9,346 $(9,346) $0
WorldPerks Tax Free Money Market 6,032 (6,032) 0
</TABLE>
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:
<TABLE>
<CAPTION>
NET
FUND CO-ADMINISTRATION FEE WAIVER CO-ADMINISTRATION FEE
---- --------------------- ------ ---------------------
<S> <C> <C> <C>
WorldPerks Money Market $11,244 $(11,244) $ 0
WorldPerks Tax Free Money Market 6,179 (6,032) 147
</TABLE>
16
<PAGE>
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:
<TABLE>
<CAPTION>
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
------------- ----------------- ------------- -----------------
<S> <C> <C> <C> <C>
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
------------ ------------ ----------- ------------
</TABLE>
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
<PAGE>
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[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
