[GRAPHIC OMITTED]
NORTHWEST AIRLINES
WORLD PERKS(REGISTRATION MARK)
INVESTOR MILES(TRADE MARK)
ANNUAL
REPORT
DECEMBER 31, 1999
WARBURG PINCUS
WORLDPERKS MONEY MARKET FUND
(BULLET)
WARBURG PINCUS
WORLDPERKS TAX FREE MONEY MARKET FUND
[GRAPHIC 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 800-369-2728 or by writing to Warburg Pincus, P.O. Box 9030,
Boston, MA 02205-9030.
Provident Distributors, Inc., Distributor, located at
Four Falls Corporate Center, 6th Floor, West Conshohocken, PA 19428-2961 is not
affiliated with Credit Suisse Asset Management, LLC. Telephone: 800-927-2874.
The Trust is advised by Credit Suisse Asset Management, LLC.
[GRAPHIC OMITTED]
[GRAPHIC OMITTED] CREDIT ASSET
WARBURG PINCUS FUNDS SUISSE MANAGEMENT
<PAGE>
FROM TIME TO TIME, THE FUNDS' INVESTMENT ADVISER AND CO-ADMINISTRATOR 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 IT 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 DECEMBER 31, 1999; 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 FDICINCURED 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
ANNUAL INVESTMENT ADVISER'S REPORT -- DECEMBER 31, 1999
- --------------------------------------------------------------------------------
January 19, 2000
Dear Shareholder:
The second half of 1999 was characterized by strong gains in business
activity and low levels of inflation, despite a sharp increase in oil prices.
The Fed continued to monitor the strength of the domestic economy, increasing
labor costs, a shrinking pool of labor, and levels of productivity. To stem an
increase in core inflation, two additional tightening moves were initiated by
the Fed. As the year drew to a close, potential Y2K market disruptions became
the primary focus of the Fed and the markets in general. In the Warburg Pincus
Money Market Fund ("the Fund"), providing liquidity for possible year-end
redemptions was a key objective for the Fund. Year-end rate pressures provided
excellent investment opportunities for the Fund. Investments into January 2000
were made at yields above 6%, or almost 50 basis points above yields available
in December 1999.
The annualized yield for the Fund for the seven-day period ended December 31,
1999 was 5.06%. Net assets increased 35% since June 30 and totaled $20.3 million
at year-end. The Fund's average weighted maturity was shortened to 27 days,
reflecting an inverted money market yield curve and Y2K liquidity concerns. In
anticipation of further tightening moves by the Fed early in 2000, the Fund is
positioned to both participate in any near-term rate increases and to extend out
the yield curve.
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
ANNUAL INVESTMENT ADVISER'S REPORT -- DECEMBER 31, 1999
- --------------------------------------------------------------------------------
January 19, 2000
Dear Shareholder:
For the six-month period ended December 31, 1999, the economy continued to
progress based on strong fundamentals and a positive business environment. In
fact, even two increases in short-term rates by the Federal Reserve and a
hawkish statement portending additional tightening of monetary policy did not
dissuade consumers. Strong consumer demand, coupled with technologically
efficient producers, contributed to gross domestic product growth which will
exceed 4% for the year. Predicated on this environment, municipal money market
assets grew by $13 billion to $200 billion in 1999, but asset volatility and
market psychology caused tax-exempt money market rates to fluctuate within a
wide range.
Demand for tax-exempt money market securities remained strong during the
third and fourth quarters, particularly in liquid instruments like variable rate
demand notes. However, the two increases in short-term rates and a steepening
yield curve made term trades in the three-month to one-year range attractive
investments. The portfolio composition of Warburg Pincus WorldPerks Tax-Free
Money Market Fund ("the Fund") was constantly positioned to take advantage of
rate resets on variable rate notes and to capitalize on high credit quality
fixed coupon securities. As new issuance is increased in the third and fourth
quarters, ahead of possible rate increases, holdings of tax-exempt commercial
paper, short municipal bonds and general market notes were increased to capture
the 40-60 basis point spread over variable rate demand notes.
On December 31, 1999, the Fund's average weighted maturity was 43 days and
the 30-day annualized yield was 3.08% 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--DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATINGS=
PAR (S&P/MOODY'S) MATURITY RATE% VALUE
---- ------------- -------- ----- -----
<S> <C> <C> <C> <C>
CERTIFICATES OF DEPOSIT (9.7%)
DOMESTIC CERTIFICATES OF DEPOSIT (4.5%)
$100,000 Canadian Imperial Bank of Commerce (A-1+, P-1) 02/23/00 5.120 $ 99,818
200,000 Wilmington Trust Co. (A-1, P-1) 01/27/00 5.920 200,000
600,000 Wilmington Trust Co. (A-1, P-1) 01/14/00 5.070 600,000
-----------
899,818
-----------
YANKEE DOLLAR CERTIFICATES OF DEPOSIT (5.2%)
150,000 Bank of Montreal (A-1+, P-1) 05/10/00 5.180 149,979
300,000 CIBC (A-1+, P-1) 03/15/00 5.180 300,004
500,000 Royal Bank of Canada Euro (A-1+, P-1) 03/02/00 5.265 499,683
100,000 Toronto Dominion Bank (A-1+, P-1) 02/14/00 5.050 99,918
-----------
1,049,584
-----------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $1,949,402) 1,949,402
-----------
COMMERCIAL PAPER (47.3%)
AGRICULTURAL SERVICES (2.5%)
500,000 Cargill Global Funding PLC (A-1, P-1) 01/20/00 5.420 498,570
-----------
AIRCRAFT PARTS & AUXILIARY EQUIPMENT (2.9%)
600,000 Textron Financial (NR, P-1) 01/14/00 6.250 598,646
-----------
ASSET BACKED SECURITIES (23.5%)
300,000 Atlantis One Funding Corp. (A-1+, P-1) 01/20/00 5.870 299,071
300,000 Atlantis One Funding Corp. (A-1+, P-1) 01/28/00 5.900 298,672
500,000 Barton Capital Corp. (A-1+, P-1) 01/07/00 6.050 499,496
300,000 Delaware Funding Corp. (A-1+, P-1) 02/14/00 5.840 297,859
400,000 Enterprise Funding Corp. (A-1+, P-1) 01/18/00 6.000 398,867
533,000 Fairway Finance Ltd. (A-1, P-1) 01/10/00 6.950 532,074
300,000 Hd Real Estate Funding Corp. (A-1+, P-1) 02/07/00 5.720 298,236
500,000 Riverwoods Funding Corp. (A-1+, P-1) 01/07/00 6.000 499,500
300,000 Riverwoods Funding Corp. (A-1+, P-1) 01/10/00 6.080 299,544
300,000 Special Purpose Accounts Receivabl (A-1, P-1) 02/28/00 5.980 297,110
500,000 Trident Capital Finance, Inc. (A-1+, P-1) 01/19/00 6.160 498,460
500,000 Windmill Funding (A-1+, P-1) 01/21/00 6.120 498,300
-----------
4,717,189
-----------
OIL (4.9%)
500,000 AB Spintab (A-1, P-1) 01/24/00 6.030 498,074
200,000 Abbey National North America (A-1+, P-1) 01/31/00 4.920 199,180
300,000 Ing Bank (Internationale Nederland) (A-1+, P-1) 03/06/00 5.880 296,815
-----------
994,069
-----------
</TABLE>
See Accompanying Notes to Financial Statements.
3
<PAGE>
WARBURG PINCUS WORLDPERKS MONEY MARKET FUND
SCHEDULE OF INVESTMENTS (CONT'D)--DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATINGS=
PAR (S&P/MOODY'S) MATURITY RATE% VALUE
---- ------------- -------- ----- -----
<S> <C> <C> <C> <C>
SHORT-TERM BUSINESS CREDIT INSTITUTIONS (12.0%)
$500,000 Block Financial Corp. (A-1, P-1) 01/27/00 6.150 $ 497,779
600,000 General Electric Capital Corp. (A-1+, P-1) 02/08/00 5.970 596,219
500,000 Heller Financial, Inc. 01/19/00 6.000 498,500
300,000 Repsol International Finance BV (A-1+, P-1) 02/09/00 6.100 298,017
500,000 St. Michael Finance Ltd. (A-1+, P-1) 01/25/00 5.950 498,017
-----------
2,388,532
-----------
TELEPHONE COMMUNICATIONS (1.5%)
300,000 British Telecommunication (A-1+, P-1) 02/16/00 5.820 297,769
-----------
TOTAL COMMERCIAL PAPER
(Cost $9,494,775) 9,494,775
-----------
MEDIUM TERM NOTE (1.5%)
PERSONAL CREDIT INSTITUTIONS (1.5%)
300,000 General Motors Acceptance Corp.
(Cost $300,502) (A, A2) 05/24/00 6.650 300,502
-----------
VARIABLE RATE DEMAND NOTES (25.1%)
BANK (11.2%)
500,000 Bayerische Hypo-Und Vereinsbank (A-1+, P-1) 01/14/00 6.372 499,915
500,000 Smm Trust 1999-E (NR, NR) 01/06/00 6.105 500,000
150,000 Smm Trust 1999-I (NR, NR) 02/28/00 6.101 150,000
600,000 U.S. Bancorp (A1, NR) 01/27/00 6.541 600,171
500,000 Wells Fargo & Co. (NR, B) 03/31/00 6.064 499,878
-----------
2,249,964
-----------
</TABLE>
See Accompanying Notes to Financial Statements.
4
<PAGE>
WARBURG PINCUS WORLDPERKS MONEY MARKET FUND
SCHEDULE OF INVESTMENTS (CONT'D)--DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATINGS=
PAR (S&P/MOODY'S) MATURITY RATE% VALUE
---- ------------- -------- ----- -----
<S> <C> <C> <C> <C>
PERSONAL CREDIT INSTITUTIONS (5.9%)
$300,000 American Honda Finance Corp. (A, A2) 01/31/00 6.139 $ 299,910
400,000 American Honda Finance Corp. (A, A2) 02/24/00 6.052 399,969
500,000 General Motors Acceptance Corp. (A, A2) 01/20/00 6.157 499,833
-----------
1,199,712
-----------
PETROLEUM REFINING (2.5%)
500,000 Texaco Capital, Inc. (A1, NR) 02/04/00 6.009 499,834
-----------
SECURITIES, BROKERS, DEALERS (3.0%)
600,000 The Goldman Sachs Group, Inc. (A1, A+) 01/07/00 6.330 600,018
-----------
SHORT-TERM BUSINESS CREDIT INSTITUTIONS (2.5%)
500,000 Caterpillar Financial Services Corp. (A+, A2) 01/10/00 6.214 500,155
-----------
TOTAL VARIABLE RATE DEMAND NOTES
(Cost $5,049,683) 5,049,683
-----------
REPURCHASE AGREEMENTS (16.4%)
3,290,000 Repurchase Agreement with Morgan
Stanley & Co., Inc. dated 12/31/99 at
2.5000% to be repurchased at 3,371,871
on 01/03/00. (Collaterized by $3,330,000,
U.S. Treasury Note at 6.250%, due
10/31/01. Market Value of collateral is
$3,334,163) 01/03/00 2.500 3,290,000
-----------
TOTAL INVESTMENTS AT VALUE (100.0%) (Cost $20,084,362*) $20,084,362
===========
</TABLE>
INVESTMENT ABBREVIATIONS
NR= Not Rated
- --------------------------------------------------------------------------------
* Also cost for federal income tax purposes.
= Credit ratings given by Moody's Investors Service, Inc. and Standard & Poor's
Ratings Services are unaudited. See Accompanying Notes to Financial
Statements.
5
<PAGE>
WARBURG PINCUS WORLDPERKS MONEY MARKET FUND
SCHEDULE OF INVESTMENTS (CONT'D)--DECEMBER 31, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
MATURITY SCHEDULE
(DAYS) PAR PERCENTAGE OF PORTFOLIO
----------------- ----------- ----------------------------
(CUMULATIVE)
1-7 $ 5,390,000 26.8% 26.8%
8-14 3,033,000 15.1 41.9
15-30 5,800,000 28.8 70.7
31-60 3,850,000 19.1 89.8
61-90 1,100,000 5.5 95.3
91-120 500,000 2.5 97.8
121-150 450,000 2.2 100.0
Over 150 0 0.0 100.0
----------- -----
$20,123,000 100.0%
=========== =====
Average Weighted Maturity -- 26.81 days
See Accompanying Notes to Financial Statements.
6
<PAGE>
WARBURG PINCUS WORLDPERKS TAX FREE MONEY MARKET FUND
SCHEDULE OF INVESTMENTS -- DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATINGS=
PAR (S&P/MOODY'S) MATURITY RATE%(DAGGER) VALUE
---- ------------- -------- ------------- -----
<S> <C> <C> <C> <C>
MUNICIPAL OBLIGATIONS (100.0%)
ARIZONA (4.7%)
$500,000 Maricopa County Pollution
Control Revenue Bond
(Southern California Edison) Series F (A-1, P-1) 02/15/00 3.750 $ 500,000
-----------
COLORADO (2.8%)
300,000 Douglas County CO School District (NR, NR) 06/30/00 4.500 301,295
-----------
GEORGIA (4.7%)
500,000 Burke County Development Authority
Pollution Control Revenue Bond
(Oglethorpe Power Corp. Project)
Series 1994A DN (FGIC Insurance LOC) (A-1+, VMIG-1) 01/07/00 5.400 500,000
-----------
ILLINOIS (0.9%)
100,000 City of Chicago General
Obligation Bond Series B (A-1+, VMIG-1) 01/05/00 5.550 100,000
-----------
INDIANA (4.7%)
500,000 Indiana State Development
Financial Authority Pollution
Control Revenue Bond (Canadian
Imperial Bank LOC) (NR, VMIG-1) 03/01/00 3.000 500,000
-----------
IOWA (4.7%)
500,000 Iowa Finance Authority Solid Waste
Disposal Revenue Bonds (Cedar River
Paper Co. Project)(Bank of Nova
Scotia LOC) (A-1+, P-1) 01/01/00 5.200 500,000
-----------
KENTUCKY (2.3%)
250,000 Owensboro-Daviess Cnty Ky Regional
Water Resource Agency Wastewater
Revenue Bond Anticipation Notes (SP-1, NR) 09/01/00 4.400 250,804
-----------
LOUISIANA (3.7%)
400,000 Louisiana Public Facilities Authority,
Hospital Revenue, Willis-Knighton
Medical Center (AMBAC Insured)
(final maturity 9/1/27) (A-1+, VMIG-1) 01/07/00 5.650 400,000
-----------
MICHIGAN (1.8%)
200,000 Midland County Economic Development Corp.
(Dow Chemical Company) Series B DN (A-1, P-1) 01/01/00 5.050 200,000
-----------
MINNESOTA (4.7%)
300,000 Hennepin County General Obligation Bond
Series 1997C DN (Westdeutsche
Landesbank SPA) (A-1+, VMIG-1) 01/07/00 5.400 300,000
200,000 Minneapolis General Obligation Bond
Series 1998B DN (Bayerische Landes
bank Girozentrale LOC) (A-1+, VMIG-1) 01/07/00 5.400 200,000
-----------
500,000
-----------
</TABLE>
See Accompanying Notes to Financial Statements.
7
<PAGE>
WARBURG PINCUS WORLDPERKS TAX FREE MONEY MARKET FUND
SCHEDULE OF INVESTMENTS (CONT'D)--DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATINGS=
PAR (S&P/MOODY'S) MATURITY RATE%(DAGGER) VALUE
---- ------------- -------- ------------- -----
<S> <C> <C> <C> <C>
MISSISSIPPI (2.8%)
$300,000 Jackson County Port Facility Revenue
Bond (Chevron USA Income Project)
Series 1993 DN (NR, P-1) 05/01/00 3.850 $ 300,000
-----------
MISSOURI (8.4%)
400,000 Maries County IDA Solid Waste
Management Revenue Bond (Kingsford
Products Company Project) (Clorox
Company Incorporated Guarantee) (A-1, NR) 01/07/00 5.650 400,000
500,000 Missouri Environmental Improvement
& Energy Resource Authority Revenue
Bond (Monsanto Co. Project)
Series 1988 DN (NR, P-1) 01/01/00 5.650 500,000
-----------
900,000
-----------
NEW JERSEY (3.7%)
300,000 Barnegat TWP NJ Bond Anticipation Notes (NR, NR) 01/10/00 3.930 300,020
100,000 New Jersey Sports & Exhibition
Authority Series 1992C DN (Barclays
Bank LOC) (A-1, VMIG-1) 01/07/00 5.400 100,000
-----------
400,020
-----------
NEW YORK (3.6%)
100,000 New York City General Obligation Bond
Series 1992B (A-1+, VMIG-1) 01/01/00 4.500 100,000
200,000 New York City General Obligation Bond
Series 1993 Subseries A-10 DN (A-1+, VMIG-1) 01/01/00 4.500 200,000
100,000 New York City, New York General
Obligation Bond Series B (A-1+, VMIG-1) 01/01/00 4.500 100,000
-----------
400,000
-----------
NORTH CAROLINA (6.5%)
500,000 Charlotte Airport Refunding Revenue
Bond Series 1997A DN (MBIA Insurance
LOC) (A-1+, VMIG-1) 01/07/00 5.250 500,000
200,000 Mecklenburg County General
Obligation Bond Series 1996B DN (A-1+, VMIG-1) 01/07/00 5.300 200,000
-----------
700,000
-----------
</TABLE>
See Accompanying Notes to Financial Statements.
8
<PAGE>
WARBURG PINCUS WORLDPERKS TAX FREE MONEY MARKET FUND
SCHEDULE OF INVESTMENTS (CONT'D)--DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATINGS=
PAR (S&P/MOODY'S) MATURITY RATE%(DAGGER) VALUE
---- ------------- -------- ------------- -----
<S> <C> <C> <C> <C>
OHIO (7.4%)
$250,000 Butler County Ohio Bond Anticipation
Notes (NR, VMIG-1) 03/15/00 4.180 $ 250,240
250,000 Butler County Ohio Bond Anticipation
Notes (NR, MIG-1) 03/16/00 3.670 250,234
200,000 North Royalton Ohio Bond Anticipation
Notes (NR, NR) 09/21/00 3.950 200,208
100,000 Ohio Water Development Authority
Pollution Control Revenue Bond
(Cleveland Electric Co. Project)
Series 1997B DN (FNB Chicago LOC) (A-1+, P-1) 01/07/00 5.350 100,000
-----------
800,682
-----------
OKLAHOMA (2.8%)
300,000 Tulsa Oklahoma Independent School
District Union Board of Education (NR, NR) 05/01/00 4.875 301,211
-----------
PENNSYLVANIA (7.4%)
100,000 Pennsylvania Higher Education Assistance
Agency Student Loan Revenue Bond
Series 1988A DN (Sallie Mae LOC) (A-1+, VMIG-1) 01/07/00 5.900 100,000
300,000 Pennsylvania Higher Education Facilities
Authority Revenue Bond ( University of
Pennsylvania Health Services Project)
Series B (A-1+, VMIG-1) 01/01/00 5.500 300,000
400,000 Pennsylvania Higher Education
Facilities Authority Revenue Bond
(University of Pennsylvania Project)
Series 1994B DN (A-1+, VMIG-1) 01/07/00 5.500 400,000
-----------
800,000
-----------
RHODE ISLAND (4.7%)
500,000 Rhode Island, State and Providence Plan.
Multi-Modal General Obligation Bonds
(Landesbank Hessen-Thuringen LOC) (A-1, VMIG-1) 01/05/00 5.600 500,000
-----------
TEXAS (6.6%)
410,000 Harris County Tax Exempt Commercial
Paper (A-1+, P-1) 02/11/00 3.900 410,000
300,000 Texas State Tax & Revenue Anticipation
Notes (SP-1+, MIG-1) 08/31/00 4.500 301,158
-----------
711,158
-----------
</TABLE>
See Accompanying Notes to Financial Statements.
9
<PAGE>
WARBURG PINCUS WORLDPERKS TAX FREE MONEY MARKET FUND
SCHEDULE OF INVESTMENTS (CONT'D)--DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATINGS=
PAR (S&P/MOODY'S) MATURITY RATE%(DAGGER) VALUE
---- ------------- -------- ------------- -----
<S> <C> <C> <C> <C>
VIRGINIA (6.4%)
$485,000 Alexandria IDA Revenue Bond (Super
& Curr Project) Series 1997 DN
(First Union National Bank of North
Carolina LOC) (A-1, NR) 01/07/00 5.350 $ 485,000
200,000 Peninsula Port Authority of Virginia
Coal Terminal Revenue Bond (Dominion
Terminal Associates Project)
Series 1987D DN (Barclays Bank LOC) (P-1, NR) 01/01/00 4.950 200,000
-----------
685,000
-----------
WEST VIRGINIA (4.7%)
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) 01/07/00 5.650 500,000
-----------
TOTAL MUNICIPAL OBLIGATIONS
(Cost $10,750,170) 10,750,170
-----------
TOTAL INVESTMENTS AT VALUE (100.0%) (Cost $10,750,170*) $10,750,170
===========
</TABLE>
INVESTMENT ABBREVIATIONS
DN = Demand Note
IDA = Industrial Development Agency
LOC = Letter of Credit
NR = Not Rated
- --------------------------------------------------------------------------------
= Credit ratings given by Moody's Investors Service, Inc. and Standard & Poor's
Ratings Services are unaudited.
(DAGGER) The interest rate shown is the rate as of December 31, 1999 and the
maturity date shown is the longer of the next interest readjustment date or
the date the principal amount owed can be recovered through demand.
* Also cost for federal income tax purposes.
See Accompanying Notes to Financial Statements.
10
<PAGE>
WARBURG PINCUS WORLDPERKS TAX FREE MONEY MARKET FUND
MATURITY SCHEDULE OF PORTFOLIO--DECEMBER 31, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
MATURITY SCHEDULE
(DAYS) PAR PERCENTAGE OF PORTFOLIO
----------------- ----------- --------------------------
(Cumulative)
1-7 $ 6,885,000 64.1% 64.1%
8-14 300,000 2.8 66.9
15-30 0 0.0 66.9
31-60 910,000 8.5 75.4
61-90 1,000,000 9.3 84.7
91-120 0 0.0 84.7
121-150 600,000 5.6 90.3
Over 150 1,050,000 9.7 100.0
----------- ------
$10,745,000 100.0%
=========== ======
Average Weighted Maturity -- 43.09 days
See Accompanying Notes to Financial Statements.
11
<PAGE>
WARBURG PINCUS WORLDPERKS MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1999
- --------------------------------------------------------------------------------
ASSETS
Investments at value (Cost $20,084,362) $20,084,362
Interest receivable 123,328
Fund share receivable 94,400
Cash 1,527
Other Assets 295
-----------
TOTAL ASSETS 20,303,912
-----------
LIABILITIES
Fund share payable 14,901
Dividend payable 2,271
Accrued expenses payable 23,267
-----------
TOTAL LIABILITIES 40,439
-----------
NET ASSETS
Net assets consist of:
Capital stock 20,265
Additional paid in capital 20,243,680
Accumulated net realized loss from security transactions (472)
-----------
$20,263,473
===========
NET ASSET VALUE, offering and redemption price
per share ($20,263,473 (DIVIDE) 20,263,945 shares
of $0.001 par value capital stock outstanding) $1.00
=====
See Accompanying Notes to Financial Statements.
12
<PAGE>
WARBURG PINCUS WORLDPERKS TAX FREE MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1999
- --------------------------------------------------------------------------------
ASSETS
Investments at value (Cost $10,750,170) $10,750,170
Fund share receivable 83,802
Interest receivable 76,875
Cash 74,637
-----------
TOTAL ASSETS 10,985,484
-----------
LIABILITIES
Fund share payable 42,000
Dividend payable 348
Accrued expenses payable 15,895
-----------
TOTAL LIABILITIES 58,243
-----------
NET ASSETS
Net assets consist of:
Capital stock 10,927
Additional paid in capital 10,916,314
-----------
$10,927,241
===========
NET ASSET VALUE, offering and redemption price
per share ($10,927,241 (DIVIDE) 10,927,241 shares
of $0.001 par value capital stock outstanding) $1.00
=====
See Accompanying Notes to Financial Statements.
13
<PAGE>
WARBURG PINCUS WORLDPERKS MONEY MARKET AND
WORLD PERKS TAX FREE MONEY MARKET FUNDS
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 1999
- --------------------------------------------------------------------------------
WORLDPERKS WORLDPERKS TAX FREE
MONEY MARKET FUND MONEY MARKET FUND
----------------- -------------------
INVESTMENT INCOME $825,742 $392,374
-------- --------
EXPENSES:
Investment advisory 62,542 48,919
Administrative services 31,497 25,352
Distribution fees 39,089 30,574
Audit 20,902 20,903
Blue Sky 31,881 24,201
Legal 10,784 16,867
Custodian 11,968 12,001
Transfer agent 29,512 10,339
Directors 12,696 12,794
Printing 12,333 12,096
Miscellaneous 2,227 2,438
-------- --------
265,431 216,484
Less: fees waived, expenses reimbursed
and transfer agent offsets (146,601) (123,537)
-------- --------
Total expenses 118,830 92,947
-------- --------
Net investment income 706,912 299,427
-------- --------
NET REALIZED AND UNREALIZED LOSS FROM
INVESTMENTS
Net realized loss from security
transactions (472) 0
-------- --------
Net increase in net assets resulting
from operations $706,440 $299,427
======== ========
See Accompanying Notes to Financial Statements.
14
<PAGE>
WARBURG PINCUS WORLDPERKS MONEY MARKET AND
WORLDPERKS TAX FREE MONEY MARKET FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- ---------------------------------------------------------------------------
<TABLE>
<CAPTION>
WORLDPERKS WORLD PERKS TAX FREE
MONEY MARKET FUND MONEY MARKET FUND
---------------------------------- ----------------------------------
FOR THE PERIOD FOR THE PERIOD
OCTOBER 1, 1998 OCTOBER 1, 1998
FOR THE (COMMENCEMENT FOR THE (COMMENCEMENT
YEAR ENDED OF OPERATIONS) YEAR ENDED OF OPERATIONS)
DECEMBER 31, THROUGH DECEMBER 31, THROUGH
1999 DECEMBER 31, 1998 1999 DECEMBER 31, 1998
------------ ----------------- ------------ -----------------
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income $ 706,912 $ 135,178 $ 229,427 $ 72,430
Net realized gain (loss) from
security transactions (472) 112 0 0
------------ ----------- ------------ -----------
Net increase in net assets
resulting from operations 706,440 135,290 229,427 72,430
------------ ----------- ------------ -----------
NET DECREASE FROM DIVIDENDS:
Dividends from net
investment income (707,025) (135,178) (229,427) (72,430)
------------ ----------- ------------ -----------
FROM CAPITAL SHARE TRANSACTIONS
(AT $1 PER SHARE):
Proceeds from sale of shares 26,478,163 19,852,748 12,444,093 13,444,874
Reinvested dividends 680,975 121,553 279,852 62,708
Net asset value of shares
redeemed (19,820,586) (7,148,907) (12,385,264) (3,019,022)
------------ ----------- ------------ -----------
Net increase in net assets
from capital share
transactions 7,338,552 12,825,394 338,681 10,488,560
------------ ----------- ------------ -----------
Net increase in net assets 7,337,967 13,825,506 338,681 10,488,560
NET ASSETS:
Beginning of period 12,925,506 100,000 10,588,560 100,000
------------ ----------- ------------ -----------
End of period $ 20,263,473 $12,925,506 $ 10,927,241 $10,588,560
============ =========== ============ ===========
</TABLE>
See Accompanying Notes to Financial Statements.
15
<PAGE>
WARBURG PINCUS WORLDPERKS MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
(For a Share of the Fund Outstanding Throughout Each Period)
- --------------------------------------------------------------------------------
PERIOD ENDED: 1999 1998 1
------- --------
PER-SHARE DATA
Net asset value, beginning of period $ 1.00 $ 1.00
------- -------
INVESTMENT ACTIVITIES:
Net investment income .0445 .0115
------- -------
LESS DIVIDENDS:
Dividends from net investment income (.0445) (.0115)
------- -------
NET ASSETS VALUE, END OF PERIOD $ 1.00 $ 1.00
======= =======
Total return 4.55% 1.15% 2
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted) $20,263 $12,926
Ratios of expenses to average net assets .77% 3 .58% 3,4
Ratio of net income to average net assets 4.52% 5.13% 4
Decrease reflected in above operating expense
ratios due to waivers/reimbursements .93% 1.24% 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 .01% for the year ended December 31, 1999 and by .00% for
the period ended December 31, 1998. The Common Class shares operating expense
ratios after reflecting these arrangements were .76% for the year ended
December 31, 1999 and .58% for the period ended December 31, 1998.
4 Annualized.
See Accompanying Notes to Financial Statements.
16
<PAGE>
WARBURG PINCUS WORLDPERKS TAX FREE MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
(For a Share of the Fund Outstanding Throughout Each Period)
- --------------------------------------------------------------------------------
PERIOD ENDED: 1999 1998 1
------- -------
PER-SHARE DATA
Net asset value, beginning of period $ 1.00 $ 1.00
------- -------
INVESTMENT ACTIVITIES:
Net investment income .0245 .0066
------- -------
LESS DIVIDENDS:
Dividends from net investment income (.0245) (.0066)
------- -------
NET ASSETS VALUE, END OF PERIOD $ 1.00 $ 1.00
======= =======
Total return 2.47% .66% 2
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted) $10,927 $10,589
Ratios of expenses to average net assets .77% 3 .58% 3,4
Ratio of net income to average net assets 2.45% 2.91% 4
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 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 .01% for the year ended December 31, 1999 and by .00% for
the period ended December 31, 1998. The Common Class shares operating expense
ratios after reflecting these arrangements were .76% for the year ended
December 31, 1999 and .58% for the period ended December 31, 1998.
4 Annualized.
See Accompanying Notes to Financial Statements.
17
<PAGE>
WARBURG PINCUS WORLDPERKS MONEY MARKET AND
WORLDPERKS TAX FREE MONEY MARKET FUNDS
NOTES TO FINANCIAL STATEMENTS
December 31, 1999
- --------------------------------------------------------------------------------
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. 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.
18
<PAGE>
WARBURG PINCUS WORLDPERKS MONEY MARKET AND
WORLDPERKS TAX FREE MONEY MARKET FUNDS
NOTES TO FINANCIAL STATEMENTS (CONT'D)
December 31, 1999
- --------------------------------------------------------------------------------
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 year ended December 31, 1999, each Fund received
credits or reimbursements under this arrangement as follows:
FUND YEAR ENDED
---- ----------
WorldPerks Money Market $1,861
WorldPerks Tax Free Money Market $1,263
2. INVESTMENT ADVISER AND SUB-ADVISER, CO-ADMINISTRATORS AND DISTRIBUTOR
On July 6, 1999, Credit Suisse Asset Management, LLC ("CSAM") became each
Fund's investment adviser as a result of the acquisition of Warburg Pincus Asset
Management, Inc. ("Warburg Pincus") by Credit Suisse Group ("Credit Suisse") and
the combination of Warburg Pincus with Credit Suisse's existing U.S. asset
management business. CSAM is an indirect wholly-owned subsidiary of Credit
Suisse. 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 year
ended December 31, 1999, investment advisory fees, voluntary waivers and expense
reimbursements were as follows:
GROSS NET EXPENSE
FUND ADVISORY FEE WAIVER ADVISORY FEE REIMBURSEMENT
---- ------------ -------- ------------ -------------
WorldPerks Money Market $62,542 $(62,542) $ 0 $(50,928)
WorldPerks Tax Free
Money Market 48,919 (48,919) 0 (48,895)
19
<PAGE>
WARBURG PINCUS WORLDPERKS MONEY MARKET AND
WORLDPERKS TAX FREE MONEY MARKET FUNDS
NOTES TO FINANCIAL STATEMENTS (CONT'D)
December 31, 1999
- --------------------------------------------------------------------------------
2. INVESTMENT ADVISER AND SUB-ADVISER, CO-ADMINISTRATORS AND
DISTRIBUTOR -- (CONT'D)
BlackRock Institutional Management Corporation ("BIMC"), formerly PNC
Institutional Management Corporation, a majority-owned subsidiary of PNC Bank,
N.A., serves as each Fund's sub-investment adviser. From its investment advisory
fee, CSAM pays BIMC a fee. No compensation is paid by the WorldPerks Funds to
BIMC for its sub-investment advisory service.
Counsellors Funds Service, Inc. ("CFSI"), a wholly-owned subsidiary of CSAM,
served as co-administrator of each Fund until November 1, 1999. For the period
January 1, 1999 through October 31, 1999, co-administrative services fees earned
by CFSI were as follows:
FUND CO-ADMINISTRATION FEE WAIVER CO-ADMINISTRATION FEE
---- --------------------- --------- ---------------------
WorldPerks Money Market $12,225 $(12,225) $ 0
WorldPerks Tax Free
Money Market 10,370 (10,370) 0
On November 1, 1999, Credit Suisse Asset Management Securities, Inc.
("CSAMSI") replaced CFSI as co-administrator to each Fund. PFPC Inc. ("PFPC"),
an indirect subsidiary of PNC Bank Corp. ("PNC"), also serves as each Fund's
co-administrator. For its administrative services, CSAMSI, currently receives a
fee calculated at an annual rate of .10% of each Fund's average daily net
assets. For the period November 1, 1999 through December 31, 1999,
administrative services fees earned by CSAMSI were as follows:
FUND CO-ADMINISTRATION FEE WAIVER CO-ADMINISTRATION FEE
---- --------------------- --------- ---------------------
WorldPerks Money Market $3,410 $(3,410) $ 0
WorldPerks Tax Free
Money Market 1,860 (1,860) 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%
================== ======
20
<PAGE>
WARBURG PINCUS WORLDPERKS MONEY MARKET AND
WORLDPERKS TAX FREE MONEY MARKET FUNDS
NOTES TO FINANCIAL STATEMENTS (CONT'D)
December 31, 1999
- --------------------------------------------------------------------------------
2. INVESTMENT ADVISER AND SUB-ADVISER, CO-ADMINISTRATORS AND
DISTRIBUTOR -- (CONT'D)
For the year ended December 31, 1999, 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 $15,862 $(15,635) $227
WorldPerks Tax Free
Money Market 13,122 (12,230) 892
CSAMSI also serves as each Fund's distributor. Provident Distributors, Inc.
will become each Fund's distributor effective January 1, 2000. CSAMSI receives a
fee calculated at an annual rate of .25% of the average daily net assets of each
Fund's Common Class shares. For the year ended December 31, 1999, shareholder
servicing and distribution fees paid to CSAMSI were as follows:
FUND DISTRIBUTION FEE
---- ----------------
WorldPerks Money Market $39,089
WorldPerks Tax Free Money Market 30,574
3. CAPITAL SHARE TRANSACTIONS
Transactions in shares of each Fund were as follows:
<TABLE>
<CAPTION>
WORLDPERKS WORLD PERKS TAX FREE
MONEY MARKET FUND MONEY MARKET FUND
---------------------------------- ----------------------------------
FOR THE PERIOD FOR THE PERIOD
OCTOBER 1, 1998 OCTOBER 1, 1998
FOR THE (COMMENCEMENT FOR THE (COMMENCEMENT
YEAR ENDED OF OPERATIONS) YEAR ENDED OF OPERATIONS)
DECEMBER 31, THROUGH DECEMBER 31, THROUGH
1999 DECEMBER 31, 1998 1999 DECEMBER 31, 1998
------------ ----------------- ------------ -----------------
<S> <C> <C> <C> <C>
Shares sold $26,478,163 $19,852,748 $12,444,093 $13,444,874
Shares issued to shareholders
on reinvestments of dividends 680,975 121,553 279,852 62,708
Shares redeemed (19,820,586) (7,148,907) (12,385,264) (3,019,022)
----------- ----------- ----------- -----------
Net increase in shares outstanding 7,338,552 12,825,394 338,681 10,488,560
----------- ----------- ----------- -----------
</TABLE>
4. CAPITAL LOSS CARRYOVER
At December 31, 1999, 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
21
<PAGE>
WARBURG PINCUS WORLDPERKS MONEY MARKET AND
WORLDPERKS TAX FREE MONEY MARKET FUNDS
REPORT OF INDEPENDENT ACCOUNTANTS
- --------------------------------------------------------------------------------
To the Board of Directors and Shareholders of
WARBURG, PINCUS WORLDPERKS MONEY MARKET FUND, INC. AND
WARBURG, PINCUS WORLDPERKS TAX FREE MONEY MARKET FUND, INC.:
In our opinion, the accompanying statements of assets and liabilities, including
the schedule of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Warburg, Pincus WorldPerks Money
Market Fund, Inc. and Warburg, Pincus WorldPerks Tax Free Money Market Fund,
Inc. (the "Funds") at December 31, 1999, and the results of each of their
operations for the year then ended, the changes in each of their net assets for
each of the two years (or periods) then ended and the financial highlights for
each of the years (or periods) presented, in conformity with accounting
principles generally accepted in the United States. These financial statements
and financial highlights (hereafter referred to as "financial statements") are
the responsibility of the Funds' management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with auditing standards
generally accepted in the United States, which require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We
believe that our audits, which included confirmation of securities at December
31, 1999 by correspondence with the custodians and brokers, provide a reasonable
basis for the opinion expressed above.
PRICEWATERHOUSECOOPERS LLP
2400 Eleven Penn Center
Philadelphia, Pennsylvania
February 3, 2000
22
<PAGE>
RESULTS OF SPECIAL MEETING OF SHAREHOLDERS (UNAUDITED)
At a special meeting of shareholders held on May 21, 1999, four proposals
were submitted for the vote of shareholders of the Funds. The proposals and
voting results were:
1. To approve a new investment advisory agreement between each Fund and CSAM.
WORLD PERKS MONEY % OF SHARES TO TOTAL % OF SHARES TO TOTAL
MARKET FUND SHARES OUTSTANDING SHARES SHARES VOTED
----------------- ------ -------------------- --------------------
For 7,195,639.7100 58.5756% 95.5767%
Against 201,544.0000 1.6407% 2.6770%
Abstain 131,469.2300 1.0702% 1.7463%
WORLD PERKS TAX-FREE % OF SHARES TO TOTAL % OF SHARES TO TOTAL
MONEY MARKET FUND SHARES OUTSTANDING SHARES SHARES VOTED
-------------------- ------ -------------------- --------------------
For 8,098,863.5600 73.4264% 92.5890%
Against 566,455.0500 5.1356% 6.4759%
Abstain 81,789.9700 0.7415% 0.9351%
2. To elect Directors of each Fund.
WORLD PERKS MONEY
MARKET FUND FOR WITHHELD
---------------- ---------------- ------------
R.H. Francis 7,236,351.5700 292,301.3700
J.W. Fritz 7,236,351.5700 292,301.3700
J.E. Garten 7,236,351.5700 292,301.3700
J.S. Pasman 7,236,351.5700 292,301.3700
W.W. Priest 7,236,351.5700 292,301.3700
S.N. Rappaport 7,236,351.5700 292,301.3700
A.M. Reichman 7,236,351.5700 292,301.3700
A.B. Trowbridge 7,236,351.5700 292,301.3700
WORLD PERKS TAX-FREE
MONEY MARKET FUND FOR WITHHELD
------------------ -------------- -------------
R.H. Francis 8,325,794.1900 421,314.3900
J.W. Fritz 8,325,794.1900 421,314.3900
J.E. Garten 8,140,688.5300 606,420.0500
J.S. Pasman 8,325,794.1900 421,314.3900
W.W. Priest 8,325,794.1900 421,314.3900
S.N. Rappaport 8,140,688.5300 606,420.0500
A.M. Reichman 8,140,688.5300 606,420.0500
A.B. Trowbridge 8,325,794.1900 421,314.3900
23
<PAGE>
- --------------------------------------------------------------------------------
RESULTS OF SPECIAL MEETING OF SHAREHOLDERS -- (CONT'D)
3. To ratify the selection of PricewaterhouseCoopers LLP as the independent
accountants for each Fund.
WORLD PERKS MONEY % OF SHARES TO TOTAL % OF SHARES TO TOTAL
MARKET FUND SHARES OUTSTANDING SHARES SHARES VOTED
---------------- ------ -------------------- --------------------
For 7,353,133.9800 59.8577% 97.6687%
Against 109,387.2500 0.8905% 1.4529%
Abstain 66,131.7100 0.5383% 0.8784%
WORLD PERKS TAX-FREE % OF SHARES TO TOTAL % OF SHARES TO TOTAL
MONEY MARKET FUND SHARES OUTSTANDING SHARES SHARES VOTED
------------------ ------ -------------------- --------------------
For 8,420,158.2900 76.3394% 96.2622%
Against 187,588.0600 1.7007% 2.1446%
Abstain 139,362.2300 1.2635% 1.5932%
4. To approve a new sub-investment advisory agreement between each Fund,
CSAM and BIMC, the Fund's sub-investment adviser.
WORLD PERKS MONEY % OF SHARES TO TOTAL % OF SHARES TO TOTAL
MARKET FUND SHARES OUTSTANDING SHARES SHARES VOTED
---------------- ------ -------------------- --------------------
For 7,089,350.5600 57.7104% 94.1649%
Against 261,765.2600 2.1309% 3.4769%
Abstain 177,537.1200 1.4452% 2.3582%
WORLD PERKS TAX-FREE % OF SHARES TO TOTAL % OF SHARES TO TOTAL
MONEY MARKET FUND SHARES OUTSTANDING SHARES SHARES VOTED
------------------ ------ -------------------- --------------------
For 7,702,486.2800 69.8328% 88.0575%
Against 964,673.2800 8.7460% 11.0285%
Abstain 79,949.0200 0.7248% 0.9140%
24
<PAGE>
[GRAPHIC OMITTED]
WARBURG PINCUS FUNDS
WARBURG PINCUS WORLDPERKS FUNDS, P.O. BOX 9030, BOSTON, MA 02205-9030
800-WARBURG (800-927-2874) (BULLET) www.warburg.com
PROVIDENT DISTRIBUTORS, INC., DISTRIBUTOR. FFNWF-2-1299
