[GRAPHICS OMITTED]
WARBURG PINCUS FUNDS
PART OF CREDIT SUISSE ASSET MANAGEMENT
SEMIANNUAL
REPORT
JUNE 30, 2000
(UNAUDITED)
WARBURG PINCUS
CASH RESERVE FUND
(BULLET)
WARBURG PINCUS
NEW YORK TAX EXEMPT FUND
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
Funds, P.O. Box 9030, Boston, MA 02205-9030.
Credit Suisse Asset Management Securities, Inc., Distributor to the Funds, is
located at 466 Lexington Ave., New York, NY 10017-3147. Warburg Pincus Funds are
advised by Credit Suisse Asset Management, LLC.
<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 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 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 FDIC INSURED AND ARE NOT
GUARANTEED BY CSAM OR ANY AFFILIATE. FUND INVESTMENTS ARE SUBJECT TO INVESTMENT
RISKS, INCLUDING LOSS OF YOUR INVESTMENT.
<PAGE>
WARBURG PINCUS CASH RESERVE FUND
SEMIANNUAL INVESTMENT ADVISER'S REPORT--JUNE 30, 2000
--------------------------------------------------------------------------------
August 4, 2000
Dear Shareholder:
The economy continued to expand at a rapid pace during most of the first half
of the year. The Federal Reserve responded to this growth by increasing the
federal funds target by 25 basis points in February and again in March and by 50
basis points in May. The tightening of monetary policy left the federal funds
target at 6.50% at the end of June. The Fed, however, did not raise the federal
funds target at its June meeting because of a series of economic releases in
that month that seemed to indicate that the economy may be slowing. As the
second quarter came to a close, market participants wondered whether the economy
was merely pausing from its robust growth trend or was, in fact, proceeding
toward a more meaningful slowdown.
The annualized yield for Warburg Pincus Cash Reserve Fund (the "Fund") for
the seven-day period ended June 30, 2000 was 6.18% (6.08% without waivers and/or
reimbursements), up from 5.18% for a similar seven-day period ended December 31,
1999. Net assets declined to $446.3 million from $464.1 million six months ago.
The Fund's average weighted maturity on June 30, 2000 was extended to 45 days,
compared with 33 days on December 31, 1999.
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 Management Corporation
President Sub-Investment Adviser
Warburg Pincus Funds
1
<PAGE>
WARBURG PINCUS NEW YORK TAX EXEMPT FUND
SEMIANNUAL INVESTMENT ADVISER'S REPORT--JUNE 30, 2000
--------------------------------------------------------------------------------
August 4, 2000
Dear Shareholder:
New York State's strong economic base continues to improve the State's
financial performance. The State's private sector employment reached an all-time
high, increasing 2.1% from May, 1999 to May, 2000 with the employment growth
being particularly strong in the service sector. Each component industry
experienced year-over-year gains except hospitals. The private sector job growth
was up 1.4% year-over-year. As of May, 2000, the unemployment rate was 4.6%, a
bit higher relative to the 4.1% national rate, but lower than May, 1999's 5.2%.
The State's substantial wealth and resources have resulted in surplus operations
in each of the past five fiscal years.
New York City's economy continues to expand. Payroll jobs increased 2.6% in
first quarter 2000, bringing the City's employment to record levels. The growth
in personal income, business and property taxes reflect the City's economic
strength and have produced revenues above budgeted levels, despite recent tax
cuts. The City, like the State, has made substantial strides but continues to
face formidable budgetary hurdles in both its operating and capital plans.
Assets for Warburg Pincus New York Tax Exempt Fund peaked in February at just
over $200 million, but dropped to $174.3 million in May, in part due to
tax-related redemptions. Over half the Fund was invested in highly liquid,
variable rate demand notes to meet such redemptions. The average weighted
maturity dropped to 25 days, as June approached, providing room to extend the
Fund as a new note season increases the supply of longer dated securities. The
Fund's seven-day effective yield was 3.83% as of the seven-day period ended June
30, 2000.
The Fund seeks to continue to provide investors with a high level of current
income that is exempt from federal, New York State and New York City personal
income taxes as is consistent with the preservation of capital and liquidity. We
appreciate your continued support and investment in the Fund.
Eugene L. Podsiadlo BlackRock Institutional Management Corporation
President Sub-Investment Adviser
Warburg Pincus Funds
A PORTION OF INCOME MAY BE SUBJECT TO STATE AND CITY TAXES OR THE FEDERAL
ALTERNATIVE MINIMUM TAX.
2
<PAGE>
WARBURG PINCUS CASH RESERVE 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 (3.4%)
DOMESTIC CERTIFICATES OF DEPOSIT (3.4%)
$15,000,000 Wilmington Trust Co.
(Cost $15,011,920) (A-1, P-1) 11/30/00 7.070 $ 15,011,920
------------
COMMERCIAL PAPER (70.2%)
ASSET BACKED SECURITIES (16.7%)
20,000,000 Dorada Finance Inc. (A-1+, P-1) 08/31/00 6.700 19,772,944
20,000,000 Edison Asset Securitzation LLC (A-1+, P-1) 08/28/00 6.580 19,787,978
15,264,000 Fairway Finance Ltd. 4-2 (A-1, P-1) 09/14/00 6.640 15,052,848
20,000,000 Newcastle Certificate Program Ecn (A-1+, P-1) 08/28/00 6.65 19,785,722
------------
74,399,492
------------
BANKS (27.6%)
18,000,000 Banco Santander Puerto Rico (A-1, P-1) 07/13/00 6.570 17,960,580
15,000,000 Citibank Capital Markets Asset (A-1+, P-1) 07/05/00 6.620 14,988,967
18,000,000 Forrestal Funding Master Trust (A-1+, P-1) 09/15/00 6.620 17,748,440
18,000,000 National City Credit Corp. (A-1, P-1) 08/23/00 6.570 17,825,895
15,000,000 Svenska Handelsbanken, Inc. (A-1, P-1) 11/06/00 6.630 14,646,400
20,000,000 Swedbank (A-1, P-1) 08/21/00 6.630 19,812,150
20,000,000 UBS Finance (Delaware), Inc. (A-1+, P-1) 07/05/00 6.900 19,984,667
------------
122,967,099
------------
PAPERBOARD MILLS (4.5%)
20,000,000 Sonoco Products Co. (A-1, P-1) 07/05/00 6.900 19,984,667
------------
PERSONAL CREDIT INSTITUTIONS (4.4%)
20,000,000 General Motors Acceptance Corp. (A-1, P-1) 08/15/00 6.640 19,834,000
------------
PRIMARY PROD. OF ALUMINUM (4.4%)
20,000,000 Alcoa, Inc. Ecn (A-1, P-1) 09/19/00 6.650 19,704,444
------------
SECURITY BROKERS & DEALERS (4.5%)
20,000,000 Goldman Sachs Group, Inc. (A-1+, P-1) 07/05/00 6.570 19,985,400
------------
SHORT-TERM BUSINESS CREDIT INSTITUTIONS (4.5%)
20,000,000 General Electric Capital International (A-1+, P-1) 07/06/00 6.580 19,981,722
------------
TELEPHONE COMMUNICATIONS (3.6%)
17,000,000 British Telecommunication PLC (A-1+, P-1) 02/12/01 6.670 16,288,163
------------
TOTAL COMMERCIAL PAPER
(Cost $313,144,987) 313,144,987
------------
See Accompanying Notes to Financial Statements.
3
<PAGE>
WARBURG PINCUS CASH RESERVE FUND
SCHEDULE OF INVESTMENTS (CONT'D)--JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
RATINGS 1
PAR (S&P/MOODY'S) MATURITY RATE% VALUE
--- --------------- -------- ------ ------------
VARIABLE RATE OBLIGATIONS (11.2%)
SECURITY BROKERS & DEALERS (4.5%)
$20,000,000 Merrill Lynch & Co., Inc. 2 (A-1+, P-1) 07/11/00 6.240 $ 19,996,856
TELECOMMUNICATIONS & EQUIPMENT (6.7%)
30,000,000 AT&T Corp.2 (A-1+, P-1) 07/13/00 6.240 29,999,605
------------
TOTAL VARIABLE RATE OBLIGATIONS
(Cost $49,996,461) 49,996,461
------------
TIME DEPOSITS (13.4%)
20,000,000 Amsouth Bank (A-1, P-1) 07/03/00 7.063 20,000,000
20,000,000 Bank Austria (A-1+, P-1) 07/03/00 7.000 20,000,000
20,000,000 Firstar Bank NA (A-1, P-1) 07/03/00 7.000 20,000,000
------------
TOTAL TIME DEPOSITS
(Cost $60,000,000) 60,000,000
------------
REPURCHASE AGREEMENTS (2.1%)
9,500,000 Repurchase Agreement with Morgan Stanley & Co.
dated 06/30/2000 at 6.875% to be repurchased on
07/03/2000 at $9,505,442. (Collateralized by
$9,880,671 U.S. Treasury Principal Strip Notes,
due from 08/15/2002 to 02/15/2008 with a market
value of $10,078,285.) 07/03/00 6.875 9,500,000
------------
TOTAL INVESTMENTS AT VALUE (100.3%) (Cost $447,653,368)3 $447,653,368
LIABILITIES IN EXCESS OF OTHER ASSETS (0.3%) (1,360,869)
------------
NET ASSETS (100.0%) $446,292,499
============
Average Weighted Maturity -- 44.55 days
--------------------------------------------------------------------------------
<FN>
1 Credit ratings given by Moody's Investor's Service, Inc. and Standard & Poor's
Ratings Services are unaudited.
2 The interest rate shown is as of June 30, 2000 and the maturity date is the
next interest readjustment date.
3 Also cost for federal income tax purposes.
</FN>
</TABLE>
See Accompanying Notes to Financial Statements.
4
<PAGE>
WARBURG PINCUS NEW YORK TAX EXEMPT FUND
SCHEDULE OF INVESTMENTS--JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATINGS 1
PAR (S&P/MOODY'S) MATURITY RATE% VALUE
--- --------------- -------- ------ ----------
MUNICIPAL BONDS (99.5%)
<S> <C> <C> <C> <C> <C>
NEW YORK (90.1%)
$1,415,000 Auburn IDA Revenue Bond Series 1997 (Fat Tire,
LLC Project) (Key Corp. Bank N.A. LOC) VRDN 2 (NR, NR) 07/07/00 4.950 $ 1,415,000
1,000,000 Chautauqua County IDA Series 1985
(The Red Wing Co., Inc.) (Wachovia Bank of
GA LOC) VRDN2 (NR, Aa2) 07/07/00 4.800 1,000,000
1,600,000 City of New York Transitional Finance Authority
Series 1999B-1 DN (Morgan Guaranty
Trust LOC) (A-1+, VMIG-1) 07/07/00 4.500 1,600,000
4,500,000 Clinton County, New York BAN (NR, NR) 07/28/00 4.000 4,501,442
1,000,000 Clinton County, New York BAN (NR, NR) 09/22/00 4.125 1,000,862
1,540,000 Harrison NY (NR, NR) 10/05/00 4.125 1,541,653
2,045,000 Lancaster, IDA Revenue Bond
(1997 Jiffy-Tite Co., Inc. Project) (Key Corp.
Bank N.A. LOC (NR, NR) 07/07/00 4.950 2,045,000
2,100,000 Long Island Power Authority DN
(MBIA Insurance) (A-1+, VMIG-1) 07/07/00 4.400 2,100,000
9,900,000 Long Island Power Authority Electric System
Subordinated RB (ABM - AMRO Bank
N.V. LOC) (A-1+, VMIG-1) 07/07/00 4.400 9,900,000
3,600,000 Long Island Power Authority NY (Bayerische
Landesbank Girozentrale LOC) VRDN 2 (A-1+, VMIG-1) 07/07/00 4.400 3,600,000
1,690,000 Monroe County, New York IDA (Windsor
Manufacturing Co. Inc. Project) 1999
(Key Corp. Bank N.A. LOC) (NR, NR) 07/06/00 4.950 1,690,000
2,000,000 Monroe County, New York IDA Revenue Bond
Series 1984 (Electronic Navigational
Industries Inc. Facilities) (AA+, NR) 07/01/00 3.450 2,000,000
780,000 Monroe County, New York IDA Series B
(JMT Properties) VRDN 2 (P-1, P-1) 07/07/00 4.400 780,000
1,000,000 New York City Eagle Tax Exempt (Escrowed to
Maturity in U.S. Treasuries) VRDN 2 (A-1C+, NR) 07/07/00 4.840 1,000,000
5,000,000 New York City General Obligation (A-1, VMIG-1) 08/15/00 4.100 5,000,000
2,800,000 New York City General Obligation (A-1+, VMIG-1) 07/12/00 4.100 2,800,000
1,400,000 New York City General Obligation Bonds
(Morgan Guaranty LOC) (A-1+, VMIG-1) 07/07/00 4.600 1,400,000
800,000 New York City General Obligation Bonds
Series 1996J-3 (Morgan Guaranty Trust LOC) (A-1+, VMIG-1) 07/05/00 4.650 800,000
1,200,000 New York City General Obligation DN 1994
Series A10 (A-1+, VMIG-1) 07/01/00 4.750 1,200,000
1,200,000 New York City General Obligation
Series 1992 D (FGIC Insurance LOC) VRDN 2 (A-1+, VMIG-1) 07/07/00 4.600 1,200,000
See Accompanying Notes to Financial Statements.
5
<PAGE>
WARBURG PINCUS NEW YORK TAX EXEMPT FUND
SCHEDULE OF INVESTMENTS (CONT'D)--JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
RATINGS 1
PAR (S&P/MOODY'S) MATURITY RATE% VALUE
--- --------------- -------- ------ ----------
MUNICIPAL BONDS (CONT'D)
NEW YORK (cont'd)
$ 700,000 New York City General Obligation Series 1993
Subseries A-10 VRDN 2 (A-1+, VMIG-1) 07/03/00 4.750 $ 700,000
2,180,000 New York City General Obligation
Series 1995 F-4 (Hessen LOC) VRDN 2 (A-1+, VMIG-1) 07/07/00 4.650 2,180,000
1,470,000 New York City Health & Hospital Corporation
Municipal Bond (Bank of New York LOC) (A-1+, VMIG-1) 07/05/00 4.400 1,470,000
1,155,000 New York City Health & Hospitals Health System
Revenue Bond Series 1997 C
(Toronto-Dominion Bank LOC) VRDN 2 (A-1+, VMIG-1) 07/07/00 4.350 1,155,000
6,900,000 New York City Housing Dev. Corp. Multi-Family
Rental Housing Revenue Bond (Monterey)
1997 Ser. A VRDN 2 (A-1+, NR) 07/07/00 4.400 6,900,000
2,150,000 New York City Housing Development Corp.
E 17th St Daily DN (Chemical Bank LOC) (A-1+, NR) 07/01/00 4.550 2,150,000
1,200,000 New York City Housing Development Corp.
Multi-Family Mortgage Revenue Bond
Series 1989 A (Queenswood Apartments)
(National City Bank of Cleveland LOC) VRDN 2 (NR, VMIG-1) 07/07/00 4.600 1,200,000
1,100,000 New York City Housing Development Corp.
Multi-Family Rental Housing Revenue Bond
Series 1999 A (West 43rd Street Development)
(Federal National Mortgage Association LOC) (NR, AAA) 07/05/00 4.650 1,100,000
200,000 New York City Housing Development Corp.
Multi-Housing Revenue Bond Series 1997 A
(Columbus Green) (Federal National Mortgage
Association LOC) VRDN2 (A-1+, NR) 07/07/00 4.400 200,000
4,900,000 New York City Housing Development Corporation
(Columbus Apartments Project) Series A
(Federal National Mortgage Association) VRDN 2 (A-1+, NR) 07/05/00 4.400 4,900,000
150,000 New York City Municipal Finance Authority Water
and Sewer System Series 1995 A VRDN 2 (A-1+, VMIG-1) 07/01/00 4.750 150,000
2,200,000 New York City Trust For Cultural Resources
(Carnegie Hall) VRDN2 (Dai-Ichi Kangyo LOC) (A-1+, VMIG-1) 07/07/00 4.500 2,200,000
5,500,000 New York General Obligation (A-1+, VMIG-1) 07/18/00 4.180 5,500,000
5,000,000 New York General Obligation (A-1+, VMIG-1) 08/15/00 4.230 5,000,000
5,200,000 New York Housing Dev. Corp. Multifamily Rental
Housing Revenue Bond Related - Carnegie
Park (Federal National Mortgage Assoc. LOC) (A-1+, NR) 07/07/00 4.400 5,200,000
1,800,000 New York Local Government Assistance Corp.
(Societe Generale LOC) VRDN 2 (A-1+, VMIG-1) 07/07/00 4.400 1,800,000
200,000 New York Local Government Assistance Corp.
Series 1994-B (Credit Suisse LOC) VRDN 2 (A-1+, VMIG-1) 07/07/00 4.350 200,000
See Accompanying Notes to Financial Statements.
6
<PAGE>
WARBURG PINCUS NEW YORK TAX EXEMPT FUND
SCHEDULE OF INVESTMENTS (CONT'D)--JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
RATINGS 1
PAR (S&P/MOODY'S) MATURITY RATE% VALUE
--- --------------- -------- ------ ----------
MUNICIPAL BONDS (CONT'D)
NEW YORK (cont'd)
$2,000,000 New York Local Government DN/ (Union Bank
of Switzerland LOC) (A-1+, VMIG-1) 07/07/00 4.350 $ 2,000,000
1,600,000 New York NY DN (Kredietbank LOC) (A-1+, NR) 07/07/00 4.850 1,600,000
3,700,000 New York St Hfa - Tribeca (Federal National
Mortgage Assoc. LOC) (NR, VMIG-1) 07/07/00 4.450 3,700,000
300,000 New York State Dormitory Authority
(Cornell University) VRDN 2 (A-1+, VMIG-1) 07/01/00 4.450 300,000
1,000,000 New York State Dormitory Authority
Metropolitan Museum of Art Revenue Bond
Series 1993 B VRDN 2 (A-1+, VMIG-1) 07/07/00 4.300 1,000,000
540,000 New York State Dormitory Authority Revenue
Bond (Beverwyck Inc.) (Banque Paribas LOC)
VRDN 2 (A-1, VMIG-1) 07/07/00 4.750 540,000
1,000,000 New York State Dormitory Authority Revenue
Bond (Rockefeller University) (A-1+, VMIG-1) 07/07/00 4.350 1,000,000
300,000 New York State Energy Research & Dev. Auth.
Ser. 1987 B PCR (Niagara Mohawk) DN /
(Morgan Guaranty LOC) (A-1+, NR) 07/01/00 4.800 300,000
6,000,000 New York State Energy Research & Development
Authority New York State Electric & Gas
Series 1985 A (Morgan Guaranty LOC) (A-1+, Aa3) 03/15/01 4.200 6,000,000
5,400,000 New York State Energy Research & Development
Authority Pollution Control Revenue Bond
(New York State Electric & Gas Corporation
Project) Series 1994D-2 (NBD Bank Corp. LOC) VRDN 2 (A-1+, VMIG-1) 07/01/00 4.550 5,400,000
2,290,000 New York State Housing Finance Agency
Series A (Mount Sinai School Of Medicine)
(Sanwa Bank LOC) VRDN 2 (NR, VMIG-1) 07/07/00 4.550 2,290,000
2,200,000 New York State Housing Finance Agency
Revenue Bond Series 1998 A (Fleet National
Bank NA LOC) (A-1+, VMIG-1) 07/07/00 4.700 2,200,000
3,470,000 New York State Housing Finance Agency
Series 1991 (Normandie Court Project)
(Society General LOC) VRDN 2 (A-1+, VMIG-1) 07/07/00 4.450 3,470,000
4,800,000 New York State Housing Finance Agency
Union Square South Housing Revenue Bonds
1996 Series A VRDN 2 (VMIG-1) 07/07/00 4.400 4,800,000
6,100,000 New York State Power Authority (A-1, P-1) 08/15/00 4.050 6,100,000
2,300,000 New York State Power Authority (A-1, P-1) 08/07/00 4.100 2,300,000
2,300,000 New York State Power Authority (Bank of
Nova Scotia LOC) (A-1, P-1) 07/14/00 3.850 2,300,000
See Accompanying Notes to Financial Statements.
7
<PAGE>
WARBURG PINCUS NEW YORK TAX EXEMPT FUND
SCHEDULE OF INVESTMENTS (CONT'D)--JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
RATINGS 1
PAR (S&P/MOODY'S) MATURITY RATE% VALUE
--- --------------- -------- ------ ----------
MUNICIPAL BONDS (CONT'D)
NEW YORK (cont'd)
$2,000,000 New York State Power Authority VRDN 2 (A-1, VMIG-1) 07/07/00 4.000 $ 2,000,000
1,000,000 Newark Central School District BAN (NR, NR) 01/26/01 4.625 1,002,655
1,410,000 Onondaga County IDA Revenue Bond
Series 1998 (Plainville Turkey Farm, Inc.
Project) (Key Corp. Bank N.A. LOC) VRDN 2 (NR, NR) 07/07/00 4.950 1,410,000
2,865,000 Onondaga County Industrial Development
Agency RB (Midstate Printing Corp. Project)
Series 2000 (Key Corp. Bank N.A. LOC) (NR, NR) 07/07/00 4.950 2,865,000
3,915,000 Oswego, County Of, IDA Revenue Bond
(Crysteel Manufacturing, Inc. Project)
(Key Corp. Bank N.A. LOC) VRDN 2 (NR, NR) 07/07/00 4.950 3,915,000
2,560,000 Port Authority New York and New Jersey RB
Series 2000 DN (MBIA Insurance LOC) (NR, VMIG-1) 07/07/00 4.840 2,560,000
5,240,000 Rensselear County, New York Series A BAN (NR, NR) 08/02/00 4.000 5,241,990
2,000,000 Rochester New York Municipal Bond (AAA, Aaa) 10/01/00 5.000 2,005,846
1,416,800 South Colonie New York Central School District (NR, NR) 09/22/00 4.125 1,418,021
1,000,000 Southwestern Central School District New York (NR, NR) 12/08/00 4.250 1,001,046
1,000,000 St. Lawrence County IDA Environmental
Facilities Revenue Bond Series 1998 A
(Aluminum Co. of America Project) VRDN 2 (A+, NR) 07/07/00 4.720 1,000,000
1,600,000 St. Lawrence County IDA Environmental
Improvement Revenue Bond (Reynolds
Metals Co.) (Royal Bank of Canada LOC) VRDN 2 (A-1+, Aa2) 07/07/00 4.900 1,600,000
5,900,000 Suffolk County Water Authority BAN
(Bank of Nova Scotia LOC) (NR, VMIG-1) 07/07/00 4.550 5,900,000
1,500,000 Town of Babylon IDA Series 1994 (J. D'addario
& Co., Inc. Project) (National Westminster
LOC) VRDN 2 (NR, VMIG-1) 07/07/00 4.750 1,500,000
500,000 Triborough Bridge & Tunnel Authority NY (A+, #AAA) 01/01/01 7.000 510,711
1,500,000 Triborough Bridge & Tunnel Authority NY
(Westdeutsche Landesbank Gironzentrale
LOC) (A-1+, VMIG-1) 07/07/00 4.250 1,500,000
2,150,000 Ulster County IDA Revenue Bond Series 1998 A
(Viking Industries, Inc. Project) (Key Corp.
Bank N.A. LOC) VRDN 2 (NR, NR) 07/07/00 4.950 2,150,000
------------
TOTAL NEW YORK (Cost $171,459,226) 171,459,226
------------
PUERTO RICO (9.4%)
8,500,000 Puerto Rico Electric Power Authority DN
(Societe Generale LOC) (A-1+, NR) 07/07/00 4.450 8,500,000
4,400,000 Puerto Rico Government Development Bank
(Credit Suisse LOC) (A-1+, VMIG-1) 07/07/00 4.600 4,400,000
See Accompanying Notes to Financial Statements.
8
<PAGE>
WARBURG PINCUS NEW YORK TAX EXEMPT FUND
SCHEDULE OF INVESTMENTS (CONT'D)--JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
RATINGS 1
PAR (S&P/MOODY'S) MATURITY RATE% VALUE
--- --------------- -------- ------ ----------
MUNICIPAL BONDS (CONT'D)
PUERTO RICO (cont'd)
$1,700,000 Puerto Rico Industrial Medical Health Education
and Environmental PCR (Anna G. Mendez
Project) DN / (Lloyds Bank International LOC) (A-2, NR) 07/07/00 4.550 $ 1,700,000
3,300,000 Puerto Rico Industrial, Tourist, Education,
Medical, and Environmental Control Finance
Authority Revenue Bond Series 1998
(Anna G. Mendez University System
Project) (Banco de Santander) (A-1, NR) 07/07/00 4.350 $ 3,300,000
------------
TOTAL PUERTO RICO (Cost $17,900,000) 17,900,000
------------
TOTAL MUNICIPAL BONDS (Cost $189,359,226) 189,359,226
------------
TOTAL INVESTMENTS AT VALUE (99.5%) (Cost $189,359,226)3 189,359,226
OTHER ASSETS IN EXCESS OF LIABILITIES (0.5%) 952,711
------------
NET ASSETS (100.0%) $190,311,937
============
Average Weighted Maturity -- 24.96 days
INVESTMENT ABBREVIATIONS
BAN = Bond Anticipation Note
IDA = Industrial Development Agency
LOC = Letter of Credit
NR = Not Rated
RAN = Revenue Anticipation Note
TAN = Tax Anticipation Note
VRDN = Variable Rate Demand Note
-------------------------------------------------------------------------------
<FN>
1 Credit ratings given by Moody's Investor's Service, Inc. and Standard & Poor's
Ratings Services are unaudited.
2 The interest rate shown is as of June 30, 2000 and the maturity date is the
longer of the next interest readjustment date or the date the principal amount
can be recovered through demand.
3 Also cost for federal income tax purposes.
</FN>
</TABLE>
See Accompanying Notes to Financial Statements.
9
<PAGE>
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<PAGE>
WARBURG PINCUS CASH RESERVE AND NEW YORK TAX EXEMPT FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
CASH RESERVE NEW YORK
FUND TAX-EXEMPT FUND
------------ ---------------
ASSETS
Investments at value (Cost $447,653,368 and
$189,359,226, respectively) $447,653,368 $189,359,226
Interest receivable 793,491 1,573,082
Cash 71,733 32,505
Other assets 25,187 55
------------ ------------
TOTAL ASSETS 448,543,779 190,964,868
------------ ------------
LIABILITIES
Dividend payable 2,016,006 547,179
Accrued expenses payable 235,215 105,752
Other liabilities 59 0
------------ ------------
TOTAL LIABILITIES 2,251,280 652,931
------------ ------------
$446,292,499 $190,311,937
============ ============
NET ASSETS
Capital Stock, $.001 Par Value 446,437 190,325
Paid-in Capital 445,989,347 190,125,889
Accumulated net realized loss from
security transactions (143,285) (4,277)
------------ ------------
$446,292,499 $190,311,937
============ ============
NET ASSET VALUE
Net assets 446,292,499 190,311,937
Shares outstanding 446,436,401 190,325,056
Net asset value, offering price and
redemption price per share $1.00 $1.00
===== =====
See Accompanying Notes to Financial Statements.
11
<PAGE>
WARBURG PINCUS CASH RESERVE AND NEW YORK TAX EXEMPT FUNDS
STATEMENTS OF OPERATIONS
For the Six Months Ended June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
CASH RESERVE NEW YORK
FUND TAX EXEMPT FUND
------------ ---------------
INTEREST INCOME: $13,642,427 $3,564,384
----------- ----------
EXPENSES:
Investment advisory fees 553,212 234,485
Sub-investment advisory fees 553,511 234,804
Administration fees 221,285 93,794
Transfer agent fees 70,036 15,999
Blue Sky fees 24,890 3,738
Custodian fees 21,993 14,522
Printing fees 18,839 9,065
Legal fees 13,658 10,575
Audit fees 11,253 9,161
Directors fees 6,905 6,692
Insurance expense 1,060 513
Registration fees 0 6,096
Miscellaneous expense 1,262 2,173
----------- ----------
1,497,904 641,617
----------- ----------
Less: fees waived, expenses reimbursed
and transfer agent fee offsets (280,838) (125,749)
----------- ----------
Total expenses 1,217,066 515,868
----------- ----------
Net investment income 12,425,361 3,048,516
----------- ----------
NET REALIZED GAIN FROM INVESTMENTS
Net realized gain from security
transactions 413 0
----------- ----------
Net increase in net assets
resulting from operations $12,425,774 $3,048,516
=========== ==========
See Accompanying Notes to Financial Statements.
12
<PAGE>
WARBURG PINCUS CASH RESERVE AND NEW YORK TAX EXEMPT FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CASH RESERVE FUND NEW YORK TAX EXEMPT FUND
----------------------------------- -------------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS 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 $ 12,425,361 $ 24,439,970 $ 3,048,516 $ 5,219,333
Net realized gain from security
transactions 413 4,557 0 0
--------------- --------------- ------------- -------------
Net increase in net assets resulting
from operations 12,425,774 24,444,527 3,048,516 5,219,333
--------------- --------------- ------------- -------------
FROM DIVIDENDS:
Dividends from net investment income (12,425,361 (24,439,970) (3,048,516) (5,219,333)
--------------- --------------- ------------- -------------
FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares 2,017,539,301 4,531,226,098 225,747,941 457,504,060
Reinvested dividends 5,978,367 14,989,322 1,265,143 3,045,502
Net asset value of shares redeemed (2,041,196,537) (4,512,227,004) (218,542,840) (453,451,052)
--------------- --------------- ------------- -------------
Net increase (decrease) in net
assets from capital share
transactions (17,678,869) 33,988,416 8,470,244 7,098,510
--------------- --------------- ------------- -------------
Net increase (decrease) in
net assets (17,678,456) 33,992,973 8,470,224 7,098,510
NET ASSETS:
Beginning of period 463,970,955 429,977,982 181,841,693 174,743,183
--------------- --------------- ------------- -------------
End of period $ 446,292,499 $ 463,970,955 $ 190,311,937 $ 181,841,693
=============== =============== ============= =============
</TABLE>
See Accompanying Notes to Financial Statements.
13
<PAGE>
WARBURG PINCUS CASH RESERVE FUND
FINANCIAL HIGHLIGHTS
(For a Share of the Fund Outstanding Throughout Each Period)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE SIX FOR THE YEAR ENDED
MONTHS ENDED DECEMBER 31, FOR THE TEN
JUNE 30, 2000 --------------------------- MONTHS ENDED
(UNAUDITED) 1999 1998 DECEMBER 31, 1997
------------- -------- -------- -----------------
<S> <C> <C> <C> <C>
PERIOD ENDED:
PER SHARE DATA
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- --------
INVESTMENT ACTIVITIES:
Net investment income 0.0280 0.0464 0.0499 0.0428
-------- -------- -------- --------
DIVIDENDS:
Dividends from net investment income (0.0280) (0.0464) (0.0499) (0.0428)
-------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ========
Total return 2.83%3 4.74% 5.12% 4.28%3
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted) $446,292 $463,971 $429,978 $472,675
Ratio of expenses to average net assets .57%1,2 .56%2 .56%2 .55%1,2
Ratio of net income to average net assets 5.62%1 4.66% 5.00% 5.11%2
Decrease reflected in above operating expense
ratios due to waivers/reimbursements .10%1 .12% .12% .12%1
FOR THE YEAR ENDED
FEBRUARY 28 OR 29,
----------------------------------------------
1997 1996 1995
-------- -------- --------
<S> <C> <C> <C>
PERIOD ENDED:
PER SHARE DATA
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00
-------- -------- --------
INVESTMENT ACTIVITIES:
Net investment income 0.0492 0.0543 0.0426
-------- -------- --------
DIVIDENDS:
Dividends from net investment income (0.0492) (0.0543) (0.0426)
-------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00
======== ======== ========
Total return 5.03% 5.57% 4.35%
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted) $416,735 $383,607 $403,211
Ratio of expenses to average net assets .55%1 .56%1 .55%
Ratio of net income to average net assets 4.93% 5.43% 4.41%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements .14% .16% .19%
--------------------------------------------------------------------------------
<FN>
1 Annualized.
2 Interest earned on uninvested cash balances is used to offset portions of the
transfer agent expense. These arrangements resulted in a reduction to the
fund's net expense ratio by .02%, .01%, .01%, .00%, .00% and .01% for the six
months ended June 30, 2000, and for each of the years or period ended December
31, 1999, 1998, 1997 and the years ended February 28 and 29, 1997, 1996, and
1995, respectively. The operating expense ratio after reflecting these
arrangements was .55% for the six months ended June 30, 2000, the years or
period ended December 31, 1999, 1998, 1997 and the years ended February 28 or
29, 1997, 1996 and 1995, respectively.
3 Non-annualized.
</FN>
</TABLE>
See Accompanying Notes to Financial Statements.
14 and 15
<PAGE>
WARBURG PINCUS NEW YORK TAX EXEMPT FUND
FINANCIAL HIGHLIGHTS
(For a Share of the Fund Outstanding Throughout Each Period)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE SIX FOR THE YEAR ENDED
MONTHS ENDED DECEMBER 31, FOR THE TEN
JUNE 30, 2000 --------------------------- MONTHS ENDED
(UNAUDITED) 1999 1998 DECEMBER 31, 1997
------------- -------- -------- -----------------
<S> <C> <C> <C> <C>
PERIOD ENDED:
PER SHARE DATA
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- --------
INVESTMENT ACTIVITIES:
Net investment income 0.0162 0.0267 0.0287 0.0261
-------- -------- -------- --------
DIVIDENDS:
Dividends from net investment income (0.0162) (0.0267) (0.0287) (0.0261)
-------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ========
Total return 1.63%3 2.70% 2.92% 2.64%3
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted) $190,312 $181,842 $174,743 $151,173
Ratio of expenses to average net assets .57%1,2 .56%2 .55%2 .55%1,2
Ratio of net income to average net assets 3.25%1 2.68% 2.86% 3.12%2
Decrease reflected in above operating
ratios due to waivers/reimbursements .11%1 .13% .14% .12%1
FOR THE YEAR ENDED
FEBRUARY 28 OR 29,
---------------------------------------------
1997 1996 1995
-------- ------- -------
<S> <C> <C> <C>
PERIOD ENDED:
PER SHARE DATA
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00
-------- ------- -------
INVESTMENT ACTIVITIES:
Net investment income 0.0288 0.0326 0.0246
-------- ------- -------
DIVIDENDS:
Dividends from net investment income (0.0288) (0.0326) (0.0246)
-------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00
======== ======= =======
Total return 2.92% 3.31% 2.48%
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted) $124,191 $96,584 $77,111
Ratio of expenses to average net assets .55%1 .56%1 .55%
Ratio of net income to average net assets 2.88% 3.24% 2.46%
Decrease reflected in above operating
ratios due to waivers/reimbursements .17% .27% .27%
--------------------------------------------------------------------------------
<FN>
1 Annualized.
2 Interest earned on uninvested cash balances is used to offset portions of the
transfer agent expense. These arrangements resulted in a reduction to the
fund's net expense ratio by .02%, .01%, .00%, .00%, .00% and .01% for the six
months ended June 30, 2000, the year or period ended December 31, 1999, 1998,
1997 and the years ended February 28 or 29, 1997 and 1996 and 1995,
respectively. The operating expense ratio after reflecting these arrangements
was .55% for the six months ended June 30, 2000, the years or period ended
December 31, 1999, 1998, 1997 and the years ended February 28 or 29, 1997,
1996 and 1995, respectively.
3 Non-annualized.
</FN>
</TABLE>
See Accompanying Notes to Financial Statements.
16 and 17
<PAGE>
WARBURG PINCUS CASH RESERVE AND NEW YORK TAX EXEMPT FUNDS
NOTES TO FINANCIAL STATEMENTS
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
The Warburg Pincus Cash Reserve Fund ("Cash Reserve") and Warburg Pincus New
York Tax Exempt Fund ("New York Tax Exempt") are registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as diversified and
non-diversified, open-end management investment companies, respectively.
Investment objectives for each Fund are as follows: Cash Reserve is designed
to provide investors with high current income consistent with liquidity and
stability of principal; New York Tax Exempt is designed to provide investors
with as high a level of current income that is exempt from federal, New York
state and New York City personal income taxes as is consistent with preservation
of capital and liquidity.
Certain New York state and New York City municipal obligations in New York
Tax Exempt may be obligations of issuers which rely in whole or in part on New
York state or New York City revenues, real property taxes, revenues from health
care institutions, or obligations secured by mortgages on real property.
Consequently, the possible effect of economic conditions in New York or of
changes in New York regulations on these obligations must be considered.
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 Cash Reserve may declare and pay short-term capital gains, if
any, periodically as the Board of Directors determines. To
18
<PAGE>
WARBURG PINCUS CASH RESERVE AND NEW YORK TAX EXEMPT FUNDS
NOTES TO FINANCIAL STATEMENTS (CONT'D)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES -- (CONT'D)
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.
Each Fund may enter into repurchase agreement transactions. Under the terms
of a typical repurchase agreement, a Fund acquires a security subject to an
obligation of the seller to repurchase. Securities pledged as collateral for
repurchase agreements are held by the Fund's custodian bank until the agreements
mature. Each agreement requires that the market value of the collateral be
sufficient to cover payments of interest and principal; however, in the event of
default or bankruptcy by the other party to the agreement, retention of the
collateral may be subject to legal proceedings.
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:
FUND AMOUNT
---- ------
Cash Reserve $51,336
New York Tax Exempt 22,854
19
<PAGE>
WARBURG PINCUS CASH RESERVE AND NEW YORK TAX EXEMPT FUNDS
NOTES TO FINANCIAL STATEMENTS (CONT'D)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
2. INVESTMENT ADVISER AND SUB-ADVISER, CO-ADMINISTRATORS AND DISTRIBUTOR
CSAM serves as each Fund's investment advisor. CSAM is an indirect
wholly-owned U.S. subsidiary of Credit Suisse Group. For its investment advisory
services, CSAM receives a fee calculated at an annual rate of .25% of each
Fund's average daily net assets. For the six months ended June 30, 2000,
investment advisory fees and voluntary waivers were as follows:
GROSS NET
FUND ADVISORY FEE WAIVER ADVISORY FEE
---- ------------ ------ ------------
Cash Reserve $553,212 $(91,801) $461,411
New York Tax Exempt 234,485 (41,158) 193,327
BlackRock Institutional Management Corporation ("BIMC") a majority-owned
subsidiary of PNC Financial Services Group, serves as each Fund's sub-investment
adviser and administrator. For its sub-investment advisory and administrative
services, BIMC receives a fee calculated at an annual rate of .25% of each
Fund's average daily net assets. For the six months ended June 30, 2000,
sub-investment advisory and administration fees and voluntary waivers were as
follows:
GROSS SUB-ADVISORY NET SUB-ADVISORY
AND AND
FUND ADMINISTRATION FEE WAIVER ADMINISTRATION FEE
---- ------------------ ---------- ------------------
Cash Reserve $553,511 $(137,701) $415,810
New York Tax Exempt 234,804 (61,737) 173,067
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), a wholly-owned
subsidiary of CSAM, serves as co-administrator to each Fund. For its
administrative services, CSAMSI receives a fee calculated at an annual rate of
.10% of each Fund's average daily net assets.
For the period January 1, 2000 through June 30, 2000, co-administrative
service fees earned by CSAMSI were as follows:
FUND CO-ADMINISTRATION FEE
---- ---------------------
Cash Reserve $221,285
New York Tax Exempt 93,794
Provident Distributors, Inc., serves as Distributor of each Fund's shares
without compensation. Effective August 1, 2000 CSAMSI will become Distributor
for each Fund.
20
<PAGE>
WARBURG PINCUS CASH RESERVE AND NEW YORK TAX EXEMPT FUNDS
NOTES TO FINANCIAL STATEMENTS (CONT'D)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
3. CAPITAL SHARE TRANSACTIONS
Each Fund is authorized to issue three billion full and fractional shares of
capital stock, $.001 par value per share, of which two billion shares are
designated Advisor Class shares. Neither Fund currently offers Advisor Class
shares.
Transactions in shares of each Fund were as follows:
<TABLE>
<CAPTION>
CASH RESERVE NEW YORK TAX EXEMPT
----------------------------------- -------------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999
-------------- -------------- ------------ ------------
<S> <C> <C> <C> <C>
Shares Sold 2,017,539,301 4,531,226,098 225,747,941 457,504,060
Shares issued to shareholders
on reinvestment of dividends 5,978,367 14,989,322 1,265,143 3,045,502
Shares Redeemed (2,041,196,537) (4,512,227,004) (218,542,840) (453,451,052)
----------------------------------- -------------------------------
Net increase
(decrease) in
shares outstanding (17,678,869) 33,988,416 8,470,244 7,098,510
=================================== ===============================
</TABLE>
4. CAPITAL LOSS CARRYOVER
At December 31, 1999, Cash Reserve and New York Tax Exempt have capital loss
carryovers of $143,697 and $4,277, respectively, to offset possible future
capital gains of each Fund. These carryovers expire as follows:
YEAR AMOUNT
---- ------
Cash Reserve 2005 $ 15,659
2006 128,038
New York Tax Exempt 2000 4,089
2002 188
21
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<PAGE>
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<PAGE>
[GRAPHICS OMITTED]
WARBURG PINCUS FUNDS
PART OF CREDIT SUISSE ASSET MANAGEMENT
P.O. BOX 9030, BOSTON, MA 02205-9030
800-WARBURG (800-927-2874) (BULLET) www.warburg.com
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. WPMMF-3-0600
