[GRAPHIC OMITTED]
WARBURG PINCUS FUNDS
PART OF CREDIT SUISSE ASSET MANAGEMENT
SEMIANNUAL
REPORT
JUNE 30, 2000
(UNAUDITED)
WARBURG PINCUS TRUST
(BULLET) INTERNATIONAL EQUITY PORTFOLIO
(BULLET) SMALL COMPANY GROWTH PORTFOLIO
(BULLET) GLOBAL POST-VENTURE CAPITAL PORTFOLIO
(formerly Post-Venture Capital Portfolio)
(BULLET) VALUE PORTFOLIO
(formerly Growth & Income Portfolio)
(BULLET) EMERGING MARKETS PORTFOLIO
(BULLET) EMERGING GROWTH PORTFOLIO
Warburg Pincus Trust (the "Trust") shares are not available directly to
individual investors, but may be offered only through certain insurance products
and pension and retirement plans.
More complete information about the Trust, including charges and expenses and,
when applicable, the special considerations and risks associated with
international investing, 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 800-222-8977 or by writing to Warburg
Pincus Funds, P.O. Box 9030, Boston, MA 02205-9030.
Credit Suisse Asset Management Securities, Inc., Distributor to the Trust, is
located at 466 Lexington Ave., New York, NY 10017-3147. The Trust is advised by
Credit Suisse Asset Management, LLC.
<PAGE>
FROM TIME TO TIME, THE PORTFOLIOS' 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.
RETURNS ARE HISTORICAL AND INCLUDE CHANGE IN SHARE PRICE AND REINVESTMENT OF
DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE FUTURE RESULTS.
RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION VALUE MAY BE MORE OR LESS
THAN ORIGINAL COST.
INTERNATIONAL INVESTING ENTAILS SPECIAL RISK CONSIDERATIONS, INCLUDING CURRENCY
FLUCTUATIONS, LOWER LIQUIDITY, ECONOMIC AND POLITICAL RISKS, AND DIFFERENCES IN
ACCOUNTING METHODS.
THE VIEWS OF THE PORTFOLIOS' 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.
PORTFOLIO 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 CSAMOR ANY AFFILIATE. PORTFOLIO INVESTMENTS ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING LOSS OF YOUR INVESTMENT.
<PAGE>
WARBURG PINCUS TRUST -- INTERNATIONAL EQUITY PORTFOLIO
SEMIANNUAL INVESTMENT ADVISER'S REPORT -- JUNE 30, 2000
--------------------------------------------------------------------------------
August 4, 2000
Dear Shareholder:
For the six months ended June 30, 2000, Warburg Pincus Trust--International
Equity Portfolio (the "Portfolio") had a loss of 8.74% vs. a loss of 3.08% for
the Morgan Stanley Capital International All Country World Excluding the U.S.
Index.* The Portfolio's one-year return through June 30, 2000 was 30.96%. Its
since-inception (on June 30, 1995) average annual total return through June 30,
2000 was 11.20%.
Most international stock markets declined in the period, hampered by worries
that an expanding global economy would put upward pressure on interest rates.
More specifically, economic data suggested that the world's major central banks,
which have been vigilant in keeping inflation at bay, had grounds for continued
monetary "tightening." The decline in stocks was broad-based by region. Most
European markets fell back, though there were some bright spots. Within Asia,
Japan struggled in the wake of a strong 1999, partly reflecting skepticism over
the country's economic recovery. Asia's emerging markets lost ground, as did
emerging markets generally. Elsewhere, Canada's market had a sizable gain,
supported by rising prices for certain commodities (e.g., oil).
We made few noteworthy changes to the Portfolio during the period in terms of
overall sector strategy. We remained well-diversified, and maintained
significant exposure to both rapid-growth and economically sensitive, or
cyclical, segments of foreign markets. Such a "barbell" approach can serve to
limit volatility, given the seismic short-term shifts in investor sentiment that
can favor one group at the expense of the other. In addition, we believe that
having some economically sensitive investments makes sense when all three major
regions of the world are projected to grow.
In terms of regional/country allocation, the most notable move we made was to
reduce our exposure to Japan. We entered the period with an overweighting here,
but scaled back our position as the period progressed, based on valuation
considerations and on our desire to take advantage of opportunities we saw
developing elsewhere. That aside, we believe that a number of Japanese stocks
stand to benefit from ongoing reform--at both the macroeconomic and corporate
levels--and from trends such as Japan's continued embrace of equity investing.
We continued to generally see the most compelling growth stories among Japan's
technology, communications and financial-services companies. Elsewhere of note
in Asia, we maintained meaningful exposure to South Korea, Taiwan and Singapore.
1
<PAGE>
WARBURG PINCUS TRUST -- INTERNATIONAL EQUITY PORTFOLIO
SEMIANNUAL INVESTMENT ADVISER'S REPORT -- JUNE 30, 2000 (CONT'D)
--------------------------------------------------------------------------------
We increased our weighting in Europe, largely via the U.K., based on
company-specific factors and on our belief that the country's interest-rate
backdrop will be more supportive going forward. We also raised our weighting in
Italy. Overall, we believe that Europe's equity markets will continue to be
supported over the longer term by an expanding economy, as well as by a strong
deregulation and privatization trend. Across the region, monopolies are being
transformed into competitive companies, benefiting shareholders and consumers
alike. Furthermore, the liberalization of certain industries (e.g.
telecommunications and utilities), combined with a single currency environment,
will prompt merger & acquisition activity, which has surged dramatically over
the past year and shows little sign of slowing.
Turning to the Americas, we had a sizable weighting in Canada, one we
increased during the period, adding several technology and natural-resources
stocks we deemed to be attractive. Our exposure to Latin America remained
minimal, as we continued to find more-compelling stocks elsewhere, though we
will continue to monitor the area for buying opportunities.
Looking ahead to the rest of 2000 and beyond, we see ample grounds for
optimism regarding international-equity markets, notwithstanding the short-term
volatility associated with international investing. Trends that stand to support
foreign markets broadly include the potential for continued, and synchronized,
global economic growth as well as improving financial conditions within emerging
markets (many Asian emerging economies, for example, have recently shifted from
debtor to creditor status). Set within this environment, we will continue our
efforts to identify markets and companies with the brightest long-term
prospects.
Harold E. Sharon P. Nicholas Edwards
Co-Portfolio Manager Co-Portfolio Manager
Harold W. Ehrlich Vincent J. McBride
Co-Portfolio Manager Co-Portfolio Manager
INTERNATIONAL INVESTING ENTAILS SPECIAL RISK CONSIDERATIONS, INCLUDING
CURRENCY FLUCTUATIONS, LOWER LIQUIDITY, ECONOMIC AND POLITICAL RISKS, AND
DIFFERENCES IN ACCOUNTING METHODS. THESE ARE DETAILED IN THE PORTFOLIO'S
PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE INVESTING.
-------------
* The Morgan Stanley Capital International All Country World Excluding the U.S.
Index is a market-capitalization weighted index of companies listed on stock
exchanges outside of the United States.
2
<PAGE>
WARBURG PINCUS TRUST -- SMALL COMPANY GROWTH PORTFOLIO
SEMIANNUAL INVESTMENT ADVISER'S REPORT -- JUNE 30, 2000
--------------------------------------------------------------------------------
August 4, 2000
Dear Shareholder:
For the six months ended June 30, 2000, Warburg Pincus Trust--Small Company
Growth Portfolio (the "Portfolio") had a gain of 2.40% vs. a gain of 1.22% for
the Russell 2000 Growth Index.* The Portfolio's one-year return through June 30,
2000 was 62.20%. Its since-inception (on June 30, 1995) average annual total
return through June 30, 2000 was 22.58%.
Small-capitalization stocks were volatile during the six months. The group
rose early in the period, building on 1999's solid gains, but turned sharply
down in April and May due to interest-rate worries and general concerns over
valuations on technology companies. Small-cap stocks finished the period on a
positive note, however, aided by some encouraging inflation data.
Against this backdrop, the Portfolio had a modest gain, marginally outpacing
its benchmark. Stocks that helped the Portfolio included a number of its
technology holdings, notwithstanding the group's turbulence in the period. A
number of the Portfolio's non-technology holdings (e.g., certain health-care,
energy and consumer names) also contributed positively to its return. Stocks
that hampered the Portfolio included its telecommunications holdings.
We made no major changes to the Portfolio during the period with regard to
overall strategy, remaining focused on rapidly growing companies with
innovative, viable products and services. With respect to sector allocation, our
primary emphasis remained on technology stocks, broadly defined to include
software, electronics and telecommunications companies. We believe that a large
number of these have good long-term prospects, supported by the phenomenal
expansion of the Internet (and the ongoing wireless "conversion" of the
Internet) and by demand for productivity-enhancing products and services. Other
noteworthy sector weightings for the Portfolio through the period included the
oil-services and health-care areas, where we continued to see good opportunity.
Looking ahead, while we believe that small-cap stocks will remain volatile,
we have a favorable view on the group's longer-term prospects. The trends that
have supported small-cap investing since late 1998--most specifically,
relatively stable global financial conditions and a healthy U.S. economy--
3
<PAGE>
WARBURG PINCUS TRUST -- SMALL COMPANY GROWTH PORTFOLIO
SEMIANNUAL INVESTMENT ADVISER'S REPORT -- JUNE 30, 2000 (CONT'D)
--------------------------------------------------------------------------------
appear unlikely to collapse, which should allow for ample opportunity to add
value via individual stock selection. Set within this environment, we will
continue to strive to identify stocks we deem to have the best prospects.
Stephen J. Lurito Sammy Oh
Co-Portfolio Manager Co-Portfolio Manager
INVESTING IN SMALL COMPANIES ENTAILS SPECIAL RISK CONSIDERATIONS. THESE ARE
DETAILED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE INVESTING.
-------------
* The Russell 2000 Growth Index is an unmanaged index (with no defined
investment objective) of those securities in the Russell 2000 Index with a
greater-than-average growth orientation. The Russell 2000 Growth Index
includes reinvestment of dividends, and is compiled by Frank Russell Company.
4
<PAGE>
WARBURG PINCUS TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
SEMIANNUAL INVESTMENT ADVISER'S REPORT -- JUNE 30, 2000
--------------------------------------------------------------------------------
August 4, 2000
Dear Shareholder:
For the six months ended June 30, 2000, Warburg Pincus Trust--Global
Post-Venture Capital Portfolio (the "Portfolio") (formerly Post-Venture Capital
Portfolio--the name change was effective May 1, 2000) had a gain of 4.98% vs.
gains of 0.22% for the Lipper Global Funds Index* and 1.22% for the Russell 2000
Growth Index,** and a loss of 3.04% for the Morgan Stanley Capital International
World Index.*** The Portfolio's one-year return through June 30, 2000 was
52.26%. Its since-inception (on September 30, 1996) average annual total return
through June 30, 2000 was 20.64%.
Global stock markets were volatile in the period, reflecting worries that an
expanding global economy would put upward pressure on interest rates. Technology
and telecommunications stocks, which entered the period with generally lofty
valuations, were especially volatile. By region, the U.S. market was, on the
whole, lackluster, though many major indexes had positive results. Europe had
its share of winners and losers for the six months. Most Asian markets,
including Japan's, struggled after a solid 1999. Elsewhere of note, Latin
American markets generally declined, while Canada rallied.
Against this backdrop, the Portfolio had a gain, and performed well
relative to its benchmarks. The Portfolio saw good showings from a number of its
holdings, including certain technology and media stocks. Other stocks that
helped the Portfolio included its health-care and energy stocks, as well as
specific consumer-related names.
We made no material changes to the Portfolio in terms of overall strategy,
notwithstanding the Portfolio's name change and our increased ability to invest
in foreign stocks (the Portfolio may now invest without limit in foreign
securities). Our focus remained on well-managed, well-financed companies with
innovative products and services, especially those with competitive advantages
in the technology area, broadly defined.
In terms of regional allocation, we remained heavily biased in favor of the
U.S., though we modestly raised our exposure to foreign companies, adding a few
European, Canadian and Asian stocks we judged to be attractive. Going forward,
we are likely to continue to raise the Portfolio's weighting in foreign stocks,
given a strong and rising trend of venture-capital activity abroad and the
relatively attractive valuations at which many of these underfollowed stocks
trade. Opportunity within the U.S., meanwhile, should remain abundant. Assets in
domestic venture pools stand at record levels, and venture capitalists remain
eager to invest in highly innovative U.S. companies.
5
<PAGE>
WARBURG PINCUS TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
SEMIANNUAL INVESTMENT ADVISER'S REPORT -- JUNE 30, 2000 (CONT'D)
--------------------------------------------------------------------------------
In sum, we are excited about venture-backed companies as an asset class, and
believe that the group has much to offer in terms of long-term growth potential
as well as the potential for diversification. We would caution investors,
however, that investing in these securities entails certain risks (e.g., that of
heightened volatility) as well as rewards. Our focus will remain on stocks of
well-managed, well-financed companies we deem to have the best long-term growth
prospects.
Elizabeth B. Dater Harold E. Sharon
Co-Portfolio Manager Co-Portfolio Manager
Federico D. Laffan Jun Sung Kim
Co-Portfolio Manager Co-Portfolio Manager
INTERNATIONAL INVESTING ENTAILS SPECIAL RISK CONSIDERATIONS, INCLUDING
CURRENCY FLUCTUATIONS, LOWER LIQUIDITY, ECONOMIC AND POLITICAL RISKS, AND
DIFFERENCES IN ACCOUNTING METHODS. THERE ARE ALSO SPECIAL RISK CONSIDERATIONS
ASSOCIATED WITH POST-VENTURE-CAPITAL INVESTMENTS. THESE ARE DETAILED IN THE
FUND'S PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE INVESTING.
----------------
* The Lipper Global Funds Index is an equal-weighted performance index,
adjusted for capital-gain distributions and income dividends, of the largest
qualifying funds within this investment objective, and is compiled by Lipper
Inc.
** The Russell 2000 Growth Index is an unmanaged index (with no defined
investment objective) of those securities in the Russell 2000 Index with a
greater-than-average growth orientation. It includes reinvestment of
dividends, and is compiled by Frank Russell Company.
*** The Morgan Stanley Capital International World Index is a market-weighted
average of the performance of securities listed on the stock exchanges of
all developed countries.
6
<PAGE>
WARBURG PINCUS TRUST -- VALUE PORTFOLIO
SEMIANNUAL INVESTMENT ADVISER'S REPORT -- JUNE 30, 2000
--------------------------------------------------------------------------------
August 4, 2000
Dear Shareholder:
For the six months ended June 30, 2000, Warburg Pincus Trust--Value Portfolio
(formerly Warburg Pincus Growth & Income Portfolio (the "Portfolio")--the name
change was effective May 1, 2000) had a loss of 2.44% vs. a loss of 0.42% for
the S&P 500 Index.* The Portfolio's one-year return through June 30, 2000 was
down 10.06%. Its since-inception (on October 31, 1997) average annual total
return through June 30, 2000 was 7.32%.
The period was a volatile one for the U.S. stock market and for
technology-related names in particular. These stocks initially rose, building on
solid gains made in 1999, but turned sharply down in April and May due to
interest-rate worries and other factors, such as concerns over the government's
antitrust suit against Microsoft. All told, technology and other growth-oriented
stocks outperformed value stocks for the six months, despite the growth group's
high volatility.
Against this backdrop, the Portfolio had a loss, hindered by the difficult
environment for equities and by weakness in specific areas, for example the
capital-equipment sector. There were, to be sure, some bright spots, including
the Portfolio's energy holdings, which were buoyed by rising oil prices and
ongoing restructuring activity in the industry.
We made few noteworthy changes to the Portfolio during the period with
respect to sector emphasis or, for that matter, individual holdings. With few
exceptions, we continued to view our holdings as attractive, both on an absolute
basis (i.e., based on our analysis of a company's underlying worth) and on their
potential to outperform the broader market over time (e.g., due to positive
earnings surprises).
We maintained a sizable weighting in the energy area. We believe that a
number of these companies have good long-term prospects, especially those
integrated, multinational oil companies engaged in consolidation activity. Such
activity, in our view, will result in significant cash-flow and earnings
improvements over time, even if energy prices remain flat or begin to pull back
(though our long-term outlook on the supply/demand backdrop for energy remains
constructive). Likewise, we maintained a small but still-meaningful weighting in
the oil-services area, where industry fundamentals have improved significantly
over the past year, a trend that we believe will continue.
7
<PAGE>
WARBURG PINCUS TRUST -- VALUE PORTFOLIO
SEMIANNUAL INVESTMENT ADVISER'S REPORT -- JUNE 30, 2000 (CONT'D)
--------------------------------------------------------------------------------
Another area of emphasis for the Portfolio, on the margin, remained financial
companies. We maintained noteworthy weightings in both the banks and savings &
loan sector and the more-diversified financial-services sector. Our focus in the
bank area remained on companies well-positioned to benefit from an expanding
economy, not the least of which in our view are regional banks with sizable
industrial/commercial loan portfolios.
Elsewhere of note, we maintained significant exposure to the industrial &
manufacturing and capital-equipment sectors. A number of these companies offer
compelling value in our judgment, given relatively low valuations and active
restructuring programs.
The rest of the Portfolio remained invested across a wide range of sectors,
including the telecommunications & equipment area. Notwithstanding the generally
lofty valuations seen here, we continued to view certain stocks as compelling.
We also had a noteworthy weighting in the consumer area, chiefly via the retail
sector, though we also continued to find attractive stocks in the food,
beverages & tobacco area.
Looking ahead, we believe that sentiment toward the types of stocks targeted
by the Portfolio could improve materially in the not-too-distant future (indeed,
these stocks have performed relatively well over the past few months). Valuation
discrepancies between growth-oriented stocks and those typically associated with
value investing (e.g., out-of-favor economically sensitive stocks) remain wide.
Many value stocks, meanwhile, represent companies with healthy and improving
fundamentals. This stands to benefit value-oriented sectors of the market,
barring any retreat from equities generally. Given a healthy economy, we believe
that stocks will remain, on the whole, compelling compared to other asset
classes. As ever, our focus will remain on identifying fundamentally undervalued
companies with the brightest longer-term prospects.
Scott T. Lewis Robert E. Rescoe
Co-Portfolio Manager Co-Portfolio Manager
--------------
* The S&P 500 Index is an unmanaged index (with no defined investment objective)
of common stocks, includes reinvestment of dividends, and is a registered
trademark of McGraw-Hill Co., Inc.
8
<PAGE>
WARBURG PINCUS TRUST -- EMERGING MARKETS PORTFOLIO
SEMIANNUAL INVESTMENT ADVISER'S REPORT -- JUNE 30, 2000
--------------------------------------------------------------------------------
August 4, 2000
Dear Shareholder:
For the six months ended June 30, 2000, Warburg Pincus Trust--Emerging
Markets Portfolio (the "Portfolio") had a loss of 8.32% vs. a loss of 7.99% for
the Morgan Stanley Capital International Emerging Markets Free Index.* The
Portfolio's one-year return through June 30, 2000 was 24.16%. Its
since-inception (on December 31, 1997) average annual return through June 30,
2000 was 13.59%.
On the heels of a strong 1999, the emerging-market group struggled over the
first half of 2000, hampered by interest-rate worries and a related selloff in
riskier asset classes generally. The group was under particularly heavy selling
pressure in April, reflecting contagion from a plunge in the NASDAQ, the
technology-biased U.S. index, which suffered its largest one-day loss on April
14. On a positive note, investor sentiment toward emerging markets warmed
somewhat in June, buoyed by a calming Nasdaq and by optimism that global
economic growth would moderate, easing upward pressure on interest rates
(developed-market monetary authorities have raised rates over the past year in
an effort to cool growth and contain inflation).
Against this backdrop, the Portfolio had a loss, performing roughly in line
with its benchmark. The Portfolio was hurt by the difficult environment for
emerging markets and by weakness in its technology and telecommunications
holdings in particular.
We made few material changes to the Portfolio during the period in terms of
regional allocation. We maintained a roughly neutral weighting in Asia
(Asian/Pacific markets accounted for about half the fund's assets as of June
30), with a continued emphasis on North Asian economies, most specifically South
Korea, Taiwan and Hong Kong. Our favorable view on these markets is based on
their potential to benefit from rising export demand, in particular for software
and semiconductor products. In addition, we believe that valuations on a number
of stocks here are compelling, both in absolute terms and compared to
emerging-market technology stocks broadly. We generally continued to avoid
Southeast Asia, reflecting the more attractive stocks we saw elsewhere from a
risk/reward perspective. That said, we ended the period with a significant
position in Malaysia, a market whose attractive attributes in our view include
improving liquidity.
Within Latin America, we continued to emphasize Mexico and Brazil, the
region's dominant markets. Our overweighting in Brazil through the period proved
helpful, as the market was a relatively good performer, aided by a supportive
interest-rate backdrop. We were underweighted in Mexico during much of the
period, but took a more-aggressive stance in late June ahead of
9
<PAGE>
WARBURG PINCUS TRUST -- EMERGING MARKETS PORTFOLIO
SEMIANNUAL INVESTMENT ADVISER'S REPORT -- JUNE 30, 2000 (CONT'D)
--------------------------------------------------------------------------------
the country's early-July elections. In our view, the market had fully discounted
any unfavorable results (the market subsequently rallied on the victory of the
reform-minded opposition candidate). With regard to sector exposure, our Latin
American holdings continued to include technology-type names (e.g., Brazilian
cellular telecom companies) as well as stocks from more-traditional industries
(e.g., Mexican basic-materials and retail names).
We trimmed our position in Eastern/Central Europe, finishing the period with
a modest underweighting. This reflected our valuation-based decision to lower
our exposure to certain markets, e.g., Turkey, a strong 1999 performer (though
we ended the period still overweighted in Turkey). Elsewhere of note, we
remained underweighted in South Africa, reflecting our concerns over ongoing
weakness in the rand, though we continued to view specific stocks here
favorably.
Going forward, we have a positive outlook on the long-term prospects for
emerging markets, based on the return of relative stability to these economies
(compared to the turmoil that roiled emerging markets two years ago) and the
large number of rapid-growth, reasonably valued companies within these markets.
To be sure, emerging markets could continue to struggle over the
near-to-intermediate term. Much depends on how successful developed-market
central banks will be in managing a "soft landing." If banks raise rates too
aggressively, the global economy could begin to recede, hampering revenue
forecasts for emerging-market companies. On the other hand, a more-lax monetary
environment could spark an upturn in global growth. Despite the better revenue
picture this would bring, such growth could fuel inflation and interest-rate
worries, keeping would-be emerging-market investors on the sidelines. But for
those willing to commit to a longer-term investment horizon (i.e., a three- to
five-year period), we believe emerging markets remain well worthy of
consideration, and we will continue to strive to identify stocks and markets
with the best prospects.
Richard Watt
Portfolio Manager
INTERNATIONAL INVESTING ENTAILS SPECIAL RISK CONSIDERATIONS, INCLUDING
CURRENCY FLUCTUATIONS, LOWER LIQUIDITY, ECONOMIC AND POLITICAL RISKS, AND
DIFFERENCES IN ACCOUNTING METHODS; THESE RISKS ARE GENERALLY HEIGHTENED FOR
EMERGING-MARKET INVESTMENTS. THESE ARE DETAILED IN THE PORTFOLIO'S PROSPECTUS,
WHICH SHOULD BE READ CAREFULLY BEFORE INVESTING.
----------------
* The Morgan Stanley Capital International Emerging Markets Free Index is a
market-capitalization weighted index of emerging-market countries determined
by Morgan Stanley. The index includes only those countries open to non-local
investors.
10
<PAGE>
WARBURG PINCUS TRUST -- EMERGING GROWTH PORTFOLIO
SEMIANNUAL INVESTMENT ADVISER'S REPORT -- JUNE 30, 2000
--------------------------------------------------------------------------------
August 4, 2000
Dear Shareholder:
For the six months ended June 30, 2000, Warburg Pincus Trust--Emerging Growth
Portfolio (the "Portfolio") had a gain of 12.39% vs. gains of 1.22% and 7.19%,
respectively, for the Russell 2000 Growth Index* and the Russell 2500 Growth
Index.** The Portfolio's since-inception (on September 13, 1999) cumulative
total return through June 30, 2000 was 48.31%.
The period was a volatile, though ultimately positive, one for the small- and
mid-cap stocks targeted by the Portfolio. After rising early on, the group fell
back sharply in April and May, hampered by interest-rate worries. Also weighing
on these stocks were concerns over valuations on technology stocks and other
factors, including the government's antitrust suit against Microsoft and
deteriorating business models within specific "dot com" companies. Small- and
mid-cap stocks ended the quarter on a positive note, however, recovering some of
their April and May losses in June. All told, the group finished the year's
halfway point in positive territory and ahead of large caps.
The Portfolio had a good showing for the period, both in absolute terms and
compared to its benchmarks. Aiding the Portfolio were solid showings from a
number of its technology stocks, despite the turbulence in this sector. Also
contributing positively to the Portfolio's return were its health-care and
oil-services holdings.
We made no material changes to the Portfolio during the period with respect
to basic strategy, remaining focused on well-managed companies with significant
long-term growth potential. We continued to find a large number of such
companies within the technology area, broadly defined. Our positive view on
these companies remained based on several compelling forces, not the least of
which is the Internet's expanding use as a productivity-enhancing tool and as a
means of commerce. Specific software, electronic-component and
communications-services providers are well-positioned to benefit from this
trend, as are certain business-services companies, which remained
well-represented in the Portfolio. Elsewhere of note, we maintained significant
exposure to the energy and pharmaceutical sectors, where we continued to see
compelling growth stories and attractive valuations.
Looking ahead, we have a positive view on the prospects for small- and
mid-cap stocks, notwithstanding their typically high short-term volatility.
Barring a material slowdown in the U.S. economy, the group's profit backdrop
should remain, at minimum, supportive, given these companies'
11
<PAGE>
WARBURG PINCUS TRUST -- EMERGING GROWTH PORTFOLIO
SEMIANNUAL INVESTMENT ADVISER'S REPORT -- JUNE 30, 2000 (CONT'D)
--------------------------------------------------------------------------------
domestically biased customer bases. Other factors that stand to benefit
emerging-growth stocks include a strong ongoing outsourcing trend, with large
companies delegating non-core functions to smaller, niche-type companies. Set
within this environment, our focus will remain on innovative, rapidly growing
companies we deem to have the best long-term prospects.
Elizabeth B. Dater Stephen J. Lurito
Co-Portfolio Manager Co-Portfolio Manager
INVESTING IN SMALL COMPANIES ENTAILS SPECIAL RISK CONSIDERATIONS. THESE ARE
DETAILED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE INVESTING.
-------------
* The Russell 2000 Growth Index is an unmanaged index (with no defined
investment objective) of those securities in the Russell 2000 Index with a
greater-than-average growth orientation. The Russell 2000 Growth Index
includes reinvestment of dividends, and is compiled by Frank Russell
Company.
** The Russell 2500 Growth Index measures the performance of those companies in
the Russell 2500 Index with higher price-to-book values and higher
forecasted growth rates. The Russell 2500 Index is composed of the 2,500
smallest companies in the Russell 3000 Index, which measures the performance
of the 3,000 largest U.S. companies based on total market capitalization.
The Russell 2500 Index represents approximately 22% of the total market
capitalization of the Russell 3000 Index.
12
<PAGE>
WARBURG PINCUS TRUST -- INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS--JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------- -----
COMMON STOCKS (82.3%)
AUSTRIA (0.4%)
ENERGY (0.4%)
OMV AG 29,900 $ 2,608,225
------------
TOTAL AUSTRIA 2,608,225
------------
BRAZIL (1.2%)
ENERGY (0.6%)
Petroleo Brasileiro SA 128,880 3,893,656
------------
TELECOMMUNICATION SERVICES (0.6%)
Tele Norte Leste Participacoes SA ADR 145,110 3,428,224
------------
TOTAL BRAZIL 7,321,880
------------
CANADA (3.0%)
ENERGY (0.3%)
Canadian Natural Resources, Ltd.+ 72,000 2,089,534
------------
MEDIA (0.8%)
Rogers Communications, Inc. Class B+ 182,200 5,158,564
------------
SOFTWARE & SERVICES (1.6%)
Descartes Systems Group, Inc.+ 338,300 10,046,232
------------
TELECOMMUNICATION SERVICES (0.3%)
Axxent, Inc.+ 231,100 1,661,109
------------
TOTAL CANADA 18,955,439
------------
DENMARK (1.1%)
COMMERCIAL SERVICES & SUPPLIES (1.1%)
ISS A/S 91,250 6,976,703
------------
TOTAL DENMARK 6,976,703
------------
FINLAND (1.0%)
SOFTWARE & SERVICES (0.1%)
Stonesoft Oyj+ 26,600 423,275
------------
TECHNOLOGY HARDWARE & EQUIPMENT (0.9%)
Nokia Oyj 104,600 5,359,346
------------
TOTAL FINLAND 5,782,621
------------
FRANCE (10.3%)
BANKS (2.1%)
BNP Paribas SA 134,015 12,949,302
------------
CAPITAL GOODS (1.8%)
Alstom SA 150,600 4,086,931
Vinci 174,800 7,288,919
------------
11,375,850
------------
See Accompanying Notes to Financial Statements.
13
<PAGE>
WARBURG PINCUS TRUST -- INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)--JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------- -----
COMMON STOCKS (CONT'D)
FRANCE (CONT'D)
ENERGY (2.4%)
Coflexip SA 6,500 $ 791,315
Coflexip SA ADR 22,600 1,367,300
Total Fina Elf SA 82,996 12,777,183
------------
14,935,798
------------
MATERIALS (0.7%)
Pechiney SA Class A 107,140 4,488,131
------------
MEDIA (1.5%)
Lagardere Groupe SCA 123,150 9,444,018
------------
TECHNOLOGY HARDWARE & EQUIPMENT (1.2%)
Alcatel Alsthom ADR 115,600 7,687,400
------------
UTILITIES (0.6%)
Vivendi 40,100 3,553,724
------------
TOTAL FRANCE 64,434,223
------------
GERMANY (2.3%)
HEALTH CARE EQUIPMENT & SERVICES (0.8%)
Fresenius Medical Care AG 60,600 4,879,601
------------
INSURANCE (0.5%)
Hannover Rueckversicherungs AG 45,500 3,310,439
------------
UTILITIES (1.0%)
E.On AG 120,000 5,912,577
------------
TOTAL GERMANY 14,102,617
------------
HONG KONG (1.1%)
TELECOMMUNICATION SERVICES (1.1%)
China Mobile, Ltd.+ 800,000 7,055,778
------------
TOTAL HONG KONG 7,055,778
------------
HUNGARY (1.0%)
BANKS (0.8%)
OTP Bank RT 88,800 4,648,253
------------
TELECOMMUNICATION SERVICES (0.2%)
Magyar Tavkozlesi 216,800 1,514,457
------------
TOTAL HUNGARY 6,162,710
------------
INDIA (1.3%)
SOFTWARE & SERVICES (1.3%)
Aptech, Ltd. 181,800 3,442,805
NIIT, Ltd. 84,500 4,181,110
Silverline Technologies, Ltd. 40,400 393,228
------------
TOTAL INDIA 8,017,143
------------
See Accompanying Notes to Financial Statements.
14
<PAGE>
WARBURG PINCUS TRUST -- INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)--JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------- -----
COMMON STOCKS (CONT'D)
IRELAND (0.7%)
BANKS (0.7%)
Bank of Ireland 696,198 $ 4,404,627
------------
TOTAL IRELAND 4,404,627
------------
ITALY (5.7%)
ENERGY (0.6%)
Saipem SpA 630,000 3,744,248
------------
INSURANCE (1.0%)
Mediolanum SpA 388,000 6,337,730
------------
TELECOMMUNICATION SERVICES (3.1%)
Olivetti SpA + 3,200,000 11,687,117
Telecom Italia SpA 520,900 7,190,337
------------
18,877,454
------------
TRANSPORTATION (1.0%)
Concessioni e Costruzioni Autostrade SpA 797,800 5,995,736
------------
TOTAL ITALY 34,955,168
------------
JAPAN (16.7%)
CAPITAL GOODS (2.6%)
Furukawa Electric Co., Ltd. 631,000 13,210,256
Mitsubishi Electric Corp. 270,000 2,929,637
------------
16,139,893
------------
CONSUMER DURABLES & APPAREL (2.2%)
Sharp Corp. 343,000 6,078,599
Sony Corp. 79,400 7,429,573
------------
13,508,172
------------
DIVERSIFIED FINANCIALS (4.4%)
Daiwa Securities Co., Ltd. 398,000 5,266,466
Nomura Securities Co., Ltd. 159,000 3,899,803
Orix Corp. 36,720 5,431,567
Promise Co., Ltd. 74,000 5,861,164
Takefuji Corp. 57,400 6,949,750
------------
27,408,750
------------
HEALTH CARE EQUIPMENT & SERVICES (1.4%)
Hoya Corp. 95,000 8,530,124
------------
MATERIALS (1.1%)
Asahi Chemical Industry Co., Ltd. 938,000 6,649,243
------------
SOFTWARE & SERVICES (1.8%)
Konami Co., Ltd. 62,700 3,970,548
Softbank Corp. 55,500 7,553,767
------------
11,524,315
------------
See Accompanying Notes to Financial Statements.
15
<PAGE>
WARBURG PINCUS TRUST -- INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)--JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------- -----
COMMON STOCKS (CONT'D)
JAPAN (CONT'D)
TECHNOLOGY HARDWARE & EQUIPMENT (0.1%)
Matsushita Communication
Industrial Co., Ltd. 7,000 $ 819,081
------------
TELECOMMUNICATION SERVICES (3.1%)
Japan Telecom Co., Ltd. 137 5,956,437
KDD Corp. 58,600 5,926,380
NTT DoCoMo, Inc. 270 7,324,092
------------
19,206,909
------------
TOTAL JAPAN 103,786,487
------------
MEXICO (0.4%)
BANKS (0.4%)
Grupo Financiero Banamex Accival SA
de CV Class O+ 540,000 2,271,215
------------
TOTAL MEXICO 2,271,215
------------
NETHERLANDS (3.9%)
BANKS (1.0%)
ABN AMRO Holding NV 250,000 6,149,348
------------
CAPITAL GOODS (0.8%)
IHC Caland NV 101,690 4,971,424
------------
COMMERCIAL SERVICES & SUPPLIES (0.5%)
Vedior NV 233,528 2,898,953
------------
FOOD & DRUG RETAILING (0.8%)
Koninklijke Ahold NV+ 162,900 4,814,232
------------
MEDIA (0.8%)
Verenigde Nederlandse Uitgeversbedrijven
Verenigd Bezit 100,000 5,185,966
------------
TOTAL NETHERLANDS 24,019,923
------------
PORTUGAL (1.3%)
TELECOMMUNICATION SERVICES (1.3%)
Portugal Telecom SA 692,150 7,802,611
------------
TOTAL PORTUGAL 7,802,611
------------
SINGAPORE (1.8%)
BANKS (0.6%)
Overseas Union Bank, Ltd. 989,014 3,832,545
------------
TECHNOLOGY HARDWARE & EQUIPMENT (0.9%)
Chartered Semiconductor Manufacturing ADR 64,400 5,796,000
------------
TRANSPORTATION (0.3%)
Neptune Orient Lines, Ltd.+ 2,238,000 2,071,048
------------
TOTAL SINGAPORE 11,699,593
------------
SOUTH KOREA (3.4%)
MEDIA (0.5%)
Cheil Communications, Inc. 25,000 3,262,366
------------
See Accompanying Notes to Financial Statements.
16
<PAGE>
WARBURG PINCUS TRUST -- INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)--JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------- -----
COMMON STOCKS (CONT'D)
SOUTH KOREA (CONT'D)
TECHNOLOGY HARDWARE & EQUIPMENT (2.0%)
Samsung Electronics Co., Ltd. 38,000 $ 12,575,917
------------
TELECOMMUNICATION SERVICES (0.9%)
SK Telecom Co., Ltd. 17,300 5,663,288
------------
TOTAL SOUTH KOREA 21,501,571
------------
SPAIN (2.5%)
BANKS (1.5%)
Banco Bilbao Vizcaya SA 597,300 8,960,645
------------
FOOD & DRUG RETAILING (0.8%)
Centros Comerciales Continente SA 130,180 2,494,534
Centros Comerciales Pryca SA 165,910 2,384,002
------------
4,878,536
------------
MEDIA (0.2%)
Grupo Prisa SA 59,200 1,378,988
------------
TOTAL SPAIN 15,218,169
------------
SWEDEN (4.0%)
BANKS (1.2%)
Nordic Baltic Holding AB 969,000 7,347,002
------------
MATERIALS (0.2%)
AssiDoman AB 94,800 1,356,491
------------
TECHNOLOGY HARDWARE & EQUIPMENT (2.6%)
Telefonaktiebolaget LM Ericsson ADR 803,200 16,064,000
------------
TOTAL SWEDEN 24,767,493
------------
SWITZERLAND (0.9%)
PHARMACEUTICALS & BIOTECHNOLOGY (0.9%)
Roche Holding AG 592 5,781,399
------------
TOTAL SWITZERLAND 5,781,399
------------
TAIWAN (2.3%)
CAPITAL GOODS (1.1%)
Ambit Microsystems Corp. 306,000 3,030,293
Phoenixtec Power Co., Ltd.+ 242 440
Siliconware Corp.+ 2,429,000 3,982,743
------------
7,013,476
------------
TECHNOLOGY HARDWARE & EQUIPMENT (1.2%)
Taiwan Semiconductor Manufacturing Co.+ 428,761 2,032,507
United Microelectronics Co., Ltd.+ 1,834,800 5,093,523
------------
7,126,030
------------
TOTAL TAIWAN 14,139,506
------------
See Accompanying Notes to Financial Statements.
17
<PAGE>
WARBURG PINCUS TRUST -- INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)--JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------- -----
COMMON STOCKS (CONT'D)
UNITED KINGDOM (16.0%)
BANKS (2.6%)
Bank of Scotland 1,013,000 $ 9,638,555
Lloyds TSB Group PLC 687,824 6,497,692
------------
16,136,247
------------
CAPITAL GOODS (2.3%)
BAE Systems PLC 2,261,160 14,103,461
------------
ENERGY (1.2%)
BP Amoco PLC 792,600 7,607,475
------------
INSURANCE (1.1%)
Prudential PLC 466,032 6,829,490
------------
MEDIA (2.8%)
EMI Group PLC 832,100 7,558,297
Reed International PLC 1,146,100 9,976,715
------------
17,535,012
------------
PHARMACEUTICALS & BIOTECHNOLOGY (2.6%)
AstraZeneca Group PLC 194,800 9,097,903
SmithKline Beecham PLC 537,200 7,034,760
------------
16,132,663
------------
TECHNOLOGY HARDWARE & SERVICES (0.5%)
FirstGroup PLC 915,000 3,269,116
------------
TELECOMMUNICATION SERVICES (2.9%)
British Telecommunications PLC 419,292 5,420,903
Vodafone AirTouch PLC 3,056,393 12,354,286
------------
17,775,189
------------
TOTAL UNITED KINGDOM 99,388,653
------------
TOTAL COMMON STOCKS (Cost $433,611,894) 511,153,754
------------
PREFERRED STOCKS (1.5%)
GERMANY (1.5%)
HEALTH CARE PROVIDERS & SERVICERS (0.5%)
Fresenius Medical Care AG ADR 218,100 2,944,350
------------
INSURANCE (1.0%)
Marschollek, Lautenschlaeger
und Partner 12,200 6,128,068
------------
TOTAL GERMANY 9,072,418
------------
TOTAL PREFERRED STOCKS (Cost $6,419,932) 9,072,418
------------
See Accompanying Notes to Financial Statements.
18
<PAGE>
WARBURG PINCUS TRUST -- INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)--JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------- -----
WARRANTS (0.7%)
CANADA (0.7%)
INTERNET SOFTWARE & SERVICES (0.3%)
Wysdom (Private Placement) + 168,000 $ 1,915,200
TELECOMMUNICATION SERVICES (0.4%)
Axxent, Inc. (Special Warrants)
Exp. 03/28/01 + 370,000 2,659,499
------------
TOTAL CANADA 4,574,699
------------
TOTAL WARRANTS (Cost $6,483,916) 4,574,699
------------
SHORT TERM INVESTMENTS (14.4%)
Institutional Money Market Trust 59,398,438 59,398,438
RBB Money Market Portfolio 30,194,351 30,194,351
------------
TOTAL SHORT TERM INVESTMENTS
(Cost $89,592,789) 89,592,789
------------
TOTAL INVESTMENTS AT VALUE (98.9%)
(Cost $536,108,531*) 614,393,660
OTHER ASSETS IN EXCESS OF LIABILITIES (1.1%) 7,004,116
------------
NET ASSETS (100.0%) $621,397,776
============
INVESTMENT ABBREVIATIONS
ADR = American Depository Receipt
--------------------------------------------------------------------------------
+ Non-income producing security.
* Also cost for federal income tax purposes.
See Accompanying Notes to Financial Statements.
19
<PAGE>
WARBURG PINCUS TRUST -- SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS -- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (92.8%)
BUSINESS SERVICES (4.8%)
Acxiom Corp.+ 607,600 $ 16,557,100
Diamond Technology Partners, Inc.+ 83,200 7,321,600
Frontline Capital Group+ 252,100 5,372,881
Getty Images, Inc.+ 482,800 17,893,775
HotJobs.com, Ltd.+ 285,700 3,946,231
QRS Corp.+ 206,750 5,078,297
Titan Corp.+ 299,600 13,407,100
--------------
69,576,984
--------------
CAPITAL EQUIPMENT (1.6%)
Applied Power, Inc. 698,300 23,393,050
--------------
COMMUNICATIONS & MEDIA (5.0%)
About.com, Inc.+ 325,800 10,262,700
Clarus Corp.+ 72,000 2,799,000
Digital Island, Inc.+ 154,700 7,522,287
Pegasus Communications Corp.+ 240,600 11,804,437
Puma Technology, Inc. 318,700 8,545,144
Seachange International, Inc.+ 454,400 13,120,800
Spyglass, Inc.+ 228,100 7,142,381
ValueVision International, Inc.+ 455,200 10,924,800
--------------
72,121,549
--------------
COMPUTERS (17.2%)
Allaire Corp.+ 274,000 10,069,500
BackWeb Technologies, Ltd.+ 600,800 13,743,300
Bluestone Software, Inc.+ 221,100 5,679,506
Business Objects SA ADR+ 224,200 19,757,625
Documentum, Inc.+ 310,500 27,750,937
eXcelon Corp. 1,025,600 8,140,700
Informatica Corp.+ 52,400 4,293,525
Manugistics Group, Inc. 489,900 22,902,825
Marimba, Inc. 345,500 4,815,406
National Instruments Corp.+ 300,125 13,092,953
Peregrine Systems, Inc.+ 839,200 29,109,750
Radiant Systems, Inc.+ 640,950 15,382,800
Remedy Corp.+ 357,400 19,925,050
RSA Security Inc.+ 342,600 23,725,050
Santa Cruz Operation, Inc.+ 288,800 1,841,100
Sybase, Inc.+ 435,300 10,011,900
Unify Corp.+ 789,500 6,760,094
Wind River Systems, Inc.+ 356,400 13,498,650
--------------
250,500,671
--------------
CONSUMER SERVICES (0.6%)
DeVry, Inc.+ 305,796 8,084,482
--------------
See Accompanying Notes to Financial Statements.
20
<PAGE>
WARBURG PINCUS TRUST -- SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)-- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (CONT'D)
ELECTRONICS (15.1%)
Alpha Industries, Inc.+ 470,000 $ 20,709,375
ANADIGICS, Inc.+ 279,000 9,503,437
Asyst Technologies, Inc.+ 315,600 10,809,300
Avant! Corp.+ 539,300 10,103,448
Burr-Brown Corp.+ 341,500 29,603,781
C-Cube Microsystems, Inc.+ 557,900 10,948,787
Cymer, Inc.+ 293,700 14,024,175
DSP Group, Inc.+ 344,200 19,275,200
Emcore Corp. 111,500 13,380,000
Exar Corp.+ 87,100 7,594,031
Orbotech, Ltd. 107,600 9,993,350
Photronics, Inc.+ 422,500 11,988,437
PRI Automation, Inc.+ 204,400 13,365,844
SanDisk Corp.+ 288,400 17,646,475
TranSwitch Corp.+ 119,500 9,223,906
Varian Semiconductor Equipment Associates, Inc. 187,200 11,758,500
--------------
219,928,046
--------------
ENERGY (1.5%)
Stone Energy Corp.+ 355,000 21,211,250
--------------
FINANCIAL SERVICES (1.9%)
AmeriCredit Corp.+ 501,700 8,528,900
Enhance Financial Services Group, Inc. 309,100 4,366,038
Fidelity National Financial, Inc. 560,600 10,265,988
Reinsurance Group of America, Inc. 152,300 4,588,038
--------------
27,748,964
--------------
FOOD, BEVERAGES & TOBACCO (0.3%)
Hain Celestial Group, Inc. 130,000 4,769,375
--------------
HEALTHCARE (8.2%)
Advance Paradigm, Inc.+ 720,700 14,774,350
AmeriSource Health Corp. Class A+ 468,600 14,526,600
Bindley Western Industries, Inc. 159,600 4,219,425
Coherent, Inc. 254,300 21,329,413
Community Health Care+ 729,200 11,803,925
Core, Inc.+ 748,800 5,101,200
MiniMed, Inc.+ 142,200 16,779,600
Oxford Health Plans, Inc.+ 825,200 19,650,075
Universal Health Services, Inc.+ 178,300 11,767,800
--------------
119,952,388
--------------
See Accompanying Notes to Financial Statements.
21
<PAGE>
WARBURG PINCUS TRUST -- SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D)-- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (CONT'D)
LEISURE & ENTERTAINMENT (1.1%)
American Classic Voyages Co.+ 521,000 $ 10,745,625
Mandalay Resort Group 298,400 5,968,000
--------------
16,713,625
--------------
OIL SERVICES (7.7%)
BJ Services Co.+ 312,700 19,543,750
Cooper Cameron Corp.+ 324,400 21,410,400
National-Oilwell, Inc. 415,000 13,643,125
Petroleum Geo-Services ADR+ 698,800 11,923,275
Precision Drilling Corp.+ 463,100 17,887,238
Smith International, Inc.+ 370,900 27,006,156
Southern Mineral Corp.+ # 176,625 95,378
--------------
111,509,322
--------------
PHARMACEUTICALS (8.1%)
Abgenix, Inc.+ 120,700 14,467,027
Alkermes, Inc.+ 800,400 37,718,850
ChiRex, Inc.+ 272,600 5,452,000
Diversa Corp.+ 21,000 695,625
Gene Logic, Inc.+ 244,500 8,725,594
Lynx Therapeutics, Inc.+ 336,400 16,000,025
Medarex, Inc.+ 216,000 18,252,000
Medicis Pharmaceutical Corp., Class A+ 300,400 17,122,800
--------------
118,433,921
--------------
RETAIL (1.0%)
Ames Department Stores, Inc.+ 325,900 2,525,725
AnnTaylor Stores Corp.+ 352,800 11,686,500
--------------
14,212,225
--------------
TELECOMMUNICATIONS & EQUIPMENT (16.7%)
Adaptive Broadband Corp.+ 587,000 21,572,250
Advanced Fibre Communications, Inc.+ 374,500 16,969,531
ANTEC Corp.+ 514,500 21,383,906
AudioCodes, Ltd.+ 192,900 23,148,000
CTC Communications Corp.+ 713,400 25,682,400
Gilat Satellite Networks, Ltd.+ 177,300 12,300,188
Harris Corp. 268,300 8,786,825
MRV Communications, Inc.+ 110,700 7,444,575
Netro Corp.+ 65,500 3,758,063
Polycom, Inc.+ 176,200 16,579,319
Powertel, Inc.+ 200,000 14,187,500
Powerwave Technologies, Inc.+ 390,800 17,195,200
Proxim, Inc.+ 146,300 14,479,128
Tekelec+ 486,100 23,423,944
Viatel, Inc.+ 375,000 10,710,938
Westell Technologies, Inc. 395,900 5,938,500
--------------
243,560,267
--------------
See Accompanying Notes to Financial Statements.
22
<PAGE>
WARBURG PINCUS TRUST -- SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D) -- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (CONT'D)
TRANSPORTATION (2.0%)
Airborne Freight Corp. 1,095,900 $ 20,753,606
Atlas Air, Inc.+ 252,800 9,069,200
--------------
29,822,806
--------------
TOTAL COMMON STOCKS (Cost $1,059,191,342) 1,351,538,925
--------------
SHORT TERM INVESTMENTS (8.4%)
Institutional Money Market Trust 52,705,268 52,705,268
RBB Money Market Portfolio 68,854,983 68,854,983
--------------
TOTAL SHORT TERM INVESTMENTS (Cost $121,560,251) 121,560,251
--------------
TOTAL INVESTMENTS AT VALUE (101.2%)
(Cost $1,180,751,593*) 1,473,099,176
LIABILITIES IN EXCESS OF OTHER ASSETS (1.2%) (17,874,424)
--------------
NET ASSETS (100.0%) $1,455,224,752
==============
INVESTMENT ABBREVIATIONS
ADR = American Depository Receipt
--------------------------------------------------------------------------------
# Restricted security.
+ Non-income producing security.
* Cost for federal income tax purposes is $1,181,059,641.
See Accompanying Notes to Financial Statements.
23
<PAGE>
WARBURG PINCUS TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
SCHEDULE OF INVESTMENTS -- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (57.4%)
BANKS & SAVINGS & LOANS (0.8%)
Mellon Financial Corp. 43,600 $ 1,588,675
------------
BUSINESS SERVICES (6.2%)
Acxiom Corp.+ 30,600 833,850
August Technology Corp.+ 26,100 429,019
BISYS Group, Inc.+ 24,700 1,519,050
Checkpoint Systems, Inc.+ 96,200 721,500
DoubleClick, Inc.+ 20,200 770,125
Getty Images, Inc.+ 34,700 1,286,069
Harte-Hanks, Inc. 74,800 1,870,000
QRS Corp.+ 24,900 611,606
SunGard Data Systems, Inc.+ 68,800 2,132,800
TMP Worldwide, Inc.+ 23,200 1,712,450
------------
11,886,469
------------
COMMUNICATIONS & MEDIA (7.2%)
AMFM, Inc.+ 13,500 931,500
Cablevision Systems Corp.+ 50,200 3,407,325
CMG Information Services, Inc.+ 23,000 1,053,687
Globespan, Inc.+ 9,100 1,110,911
Hispanic Broadcasting Corp.+ 22,800 755,250
MaMaMedia, Inc.+ # 92,592 499,997
USA Networks, Inc.+ 105,600 2,283,600
Westwood One, Inc.+ 38,600 1,317,225
Yahoo!, Inc.+ 21,200 2,626,150
------------
13,985,645
------------
COMPUTERS (9.1%)
Brocade Communications Systems, Inc.+ 8,400 1,541,269
Citrix Systems, Inc.+ 52,000 984,750
Documentum, Inc.+ 22,000 1,966,250
Excalibur Technologies Corp.+ 43,400 1,733,287
Intuit, Inc.+ 61,400 2,540,425
Network Appliance, Inc.+ 26,100 2,101,050
Sun Microsystems, Inc.+ 34,300 3,119,156
Verisign, Inc.+ 14,300 2,523,950
VERITAS Software Corp.+ 8,800 994,537
------------
17,504,674
------------
CONSUMER SERVICES (1.1%)
DeVry, Inc.+ 80,800 2,136,150
------------
See Accompanying Notes to Financial Statements.
24
<PAGE>
WARBURG PINCUS TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D) -- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (CONT'D)
ELECTRONICS (8.1%)
Altera Corp.+ 27,700 $ 2,823,669
DSP Group, Inc.+ 24,200 1,355,200
Flextronics International, Ltd.+ 51,200 3,516,800
JDS Uniphase Corp.+ 25,400 3,044,825
KLA-Tencor Corp.+ 14,800 866,725
Manufacturers' Services, Ltd.+ 3,700 76,081
Maxim Integrated Products, Inc.+ 26,200 1,779,962
Vitesse Semiconductor Corp.+ 29,200 2,148,025
------------
15,611,287
------------
ENERGY (1.1%)
Chaparral Resources, Inc.+# 2,778 18,057
Newfield Exploration Co.+ 55,500 2,171,437
------------
2,189,494
------------
FINANCIAL SERVICES (2.4%)
AMBAC Financial Group, Inc. 40,100 2,197,981
Gabelli Asset Management, Inc. Class A+ 63,500 1,587,500
T. Rowe Price Associates, Inc. 21,100 896,750
------------
4,682,231
------------
HEALTHCARE (2.9%)
Affymetrix, Inc.+ 2,900 478,863
Community Health Care+ 13,000 210,438
Guidant Corp.+ 12,000 594,000
IVAX Corp.+ 66,000 2,739,000
Oxford Health Plans, Inc.+ 68,500 1,631,156
------------
5,653,457
------------
LEISURE & ENTERTAINMENT (0.6%)
Premier Parks, Inc.+ 47,100 1,071,525
------------
OIL SERVICES (2.3%)
Cooper Cameron Corp.+ 33,700 2,224,200
Nabors Industries, Inc.+ 51,200 2,128,000
------------
4,352,200
------------
PHARMACEUTICALS (3.1%)
Amgen, Inc.+ 19,300 1,355,825
Medimmune, Inc.+ 34,500 2,553,000
Millennium Pharmaceuticals, Inc.+ 7,200 805,500
Watson Pharmaceuticals, Inc.+ 20,900 1,123,375
Women First Healthcare, Inc.+ 50,100 62,625
------------
5,900,325
------------
See Accompanying Notes to Financial Statements.
25
<PAGE>
WARBURG PINCUS TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D) -- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (CONT'D)
RETAIL (2.5%)
Amazon.com, Inc.+ 21,900 $ 795,244
AnnTaylor Stores Corp.+ 50,200 1,662,875
Saks, Inc.+ 59,000 619,500
Tiffany & Co. 26,900 1,815,750
------------
4,893,369
------------
TELECOMMUNICATIONS & EQUIPMENT (9.0%)
ANTEC Corp.+ 15,000 623,438
Cabletron Systems, Inc.+ 28,000 707,000
CIENA Corp.+ 20,600 3,433,763
Cisco Systems, Inc.+ 78,300 4,976,944
Covad Communications Group, Inc.+ 31,950 515,194
Exodus Communications, Inc.+ 79,200 3,648,150
Pinnacle Holdings, Inc.+ 31,300 1,690,200
VoiceStream Wireless Corp.+ 15,300 1,779,342
------------
17,374,031
------------
UTILITIES - ELECTRIC (1.0%)
SCANA Corp. 80,800 1,949,300
------------
TOTAL COMMON STOCKS (Cost $72,044,769) 110,778,832
------------
FOREIGN COMMON STOCKS (33.7%)
AUSTRALIA (0.2%)
MEDIA (0.2%)
BMCmedia.com, Ltd.+ 1,171,000 478,102
------------
TOTAL AUSTRALIA 478,102
------------
CANADA (4.8%)
ENERGY (0.9%)
Berkley Petroleum Corp.+ 275,000 1,735,373
------------
MEDIA (2.6%)
Corus Entertainment, Inc.+ 82,000 2,186,047
Shaw Communications, Inc. Class B 110,600 2,730,437
------------
4,916,484
------------
SOFTWARE & SERVICES (0.8%)
Descartes Systems Group, Inc. 51,500 1,529,355
------------
TECHNOLOGY HARDWARE & EQUIPMENT (0.5%)
Sierra Wireless, Inc.+ 18,600 1,000,922
------------
TOTAL CANADA 9,182,134
------------
FINLAND (1.7%)
SOFTWARE & SERVICES (0.9%)
Comptel Oyj 85,500 1,729,342
------------
See Accompanying Notes to Financial Statements.
26
<PAGE>
WARBURG PINCUS TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D) -- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
FOREIGN COMMON STOCKS (CONT'D)
FRANCE (CONT'D)
TELECOMMUNICATION SERVICES (0.8%)
Nokia Oyj 31,000 $ 1,588,334
------------
TOTAL FINLAND 3,317,676
------------
FRANCE (0.8%)
MEDIA (0.8%)
Ipsos SA+ 15,400 1,623,850
------------
TOTAL FRANCE 1,623,850
------------
GERMANY (3.2%)
MATERIALS (1.6%)
Jenoptik AG 108,000 3,105,828
------------
SOFTWARE & SERVICES (1.6%)
Articon Information Systems AG+ 20,100 1,406,538
Telesens AG+ 43,000 1,731,212
------------
3,137,750
------------
TOTAL GERMANY 6,243,578
------------
IRELAND (0.5%)
TECHNOLOGY HARDWARE & EQUIPMENT (0.5%)
Parthus Technologies PLC+ 337,000 951,494
------------
TOTAL IRELAND 951,494
------------
ISRAEL (3.1%)
TELECOMMUNICATION SERVICES (3.1%)
Amdocs, Ltd.+ 20,000 1,535,000
Audiocodes, Ltd.+ 8,700 1,044,000
Gilat Satellite Networks+ 48,200 3,343,875
------------
5,922,875
------------
TOTAL ISRAEL 5,922,875
------------
ITALY (0.9%)
INSURANCE (0.9%)
Bayerische Vita SpA 200,000 1,719,709
------------
TOTAL ITALY 1,719,709
------------
JAPAN (1.9%)
DIVERSIFIED FINANCIALS (0.9%)
Promise Co., Ltd. 9,900 784,129
Shinko Securities Co., Ltd. 195,000 875,460
------------
1,659,589
------------
HOTELS RESTAURANTS & LEISURE (0.5%)
H.I.S. Co., Ltd. 18,300 906,339
------------
MATERIALS (0.5%)
Misumi Corp. 9,400 963,975
------------
TOTAL JAPAN 3,529,903
------------
See Accompanying Notes to Financial Statements.
27
<PAGE>
WARBURG PINCUS TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D) -- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
FOREIGN COMMON STOCKS (CONT'D)
LUXEMBOURG (0.7%)
SOFTWARE & SERVICES (0.7%)
Thiel Logistik AG+ 13,100 $ 1,233,148
------------
TOTAL LUXEMBOURG 1,233,148
------------
NETHERLANDS (1.9%)
CONSUMER DURABLES (1.1%)
Ifco Systems NV+ 78,600 2,098,361
------------
ENERGY (0.1%)
Petroplus International NV 21,526 253,805
------------
TECHNOLOGY HARDWARE & EQUIPMENT (0.7%)
BE Semiconductor Industries NV 87,000 1,363,545
------------
TOTAL NETHERLANDS 3,715,711
------------
NORWAY (1.9%)
ENERGY (1.9%)
Fred Olsen Energy ASA+ 102,400 946,433
Navis ASA+ 704,500 873,675
Petroleum Geo Services ADR+ 108,400 1,849,575
------------
3,669,683
------------
TOTAL NORWAY 3,669,683
------------
SINGAPORE (1.4%)
TECHNOLOGY HARDWARE & EQUIPMENT (1.4%)
Chartered Semiconductor Manufacturing
Limited ADR+ 29,300 2,637,000
------------
TOTAL SINGAPORE 2,637,000
------------
SOUTH KOREA (0.4%)
TELECOMMUNICATION SERVICES (0.4%)
SK Telecom Co., Ltd. - ADR 23,000 835,188
------------
TOTAL KOREA 835,188
------------
SPAIN (2.9%)
DIVERSIFIED FINANCIALS (0.6%)
Dinamia Capital Privado. Sociedad
de Capital Riesgo, SA+ 84,130 1,128,239
------------
HOTELS RESTAURANTS & LEISURE (1.0%)
NH Hoteles SA 165,000 1,905,914
------------
SOFTWARE & SERVICES (0.9%)
Indra Sistemas SA 74,500 1,711,100
------------
TRANSPORTATION (0.4%)
Transportes Azkar SA+ 92,700 777,535
------------
TOTAL SPAIN 5,522,788
------------
See Accompanying Notes to Financial Statements.
28
<PAGE>
WARBURG PINCUS TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D) -- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
FOREIGN COMMON STOCKS (CONT'D)
SWEDEN (1.1%)
DIVERSIFIED FINANCIALS (0.6%)
Ledstiernan AB+ 300,000 $ 1,197,165
------------
REAL ESTATE (0.5%)
Kungsleden AB 103,200 947,197
------------
TOTAL SWEDEN 2,144,362
------------
SWITZERLAND (1.4%)
MATERIALS (0.4%)
Mikron Holding AG 1,100 812,450
------------
REAL ESTATE (0.1%)
Intershop Holding AG 399 234,335
------------
SOFTWARE & SERVICES (0.9%)
Gretag Imaging Group 8,700 1,680,001
Logitech International SA 31 22,134
------------
1,702,135
------------
TOTAL SWITZERLAND 2,748,920
------------
UNITED KINGDOM (4.9%)
DIVERSIFIED FINANCIALS (0.9%)
AMVESCAP PLC ADR 9,700 760,237
3i Group PLC 48,000 987,547
------------
1,747,784
------------
MEDIA (0.4%)
EMAP PLC 47,600 766,015
------------
SOFTWARE & SERVICES (2.1%)
Autonomy Corp. PLC+ 15,700 1,884,000
Itnet PLC+ 165,000 1,642,392
Orchestream Holdings PLC+ 95,700 457,822
------------
3,984,214
------------
PHARMACEUTICALS & BIOTECHNOLOGY (1.5%)
Oxford Glycosciences PLC+ 75,900 2,154,469
Skyepharma PLC+ 619,000 815,281
------------
2,969,750
------------
TOTAL UNITED KINGDOM 9,467,763
------------
TOTAL FOREIGN COMMON STOCKS (Cost $61,698,872) 64,943,884
------------
See Accompanying Notes to Financial Statements.
29
<PAGE>
WARBURG PINCUS TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D) -- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
SHORT TERM INVESTMENTS (7.0%)
Institutional Money Market Trust 4,285,675 $ 4,285,675
RBB Money Market Portfolio 9,233,698 9,233,698
------------
TOTAL SHORT TERM INVESTMENTS (Cost $13,519,373) 13,519,373
------------
PREFERRED STOCK (0.0%)
Women.com Networks, Inc.+ 32,513 67,058
------------
TOTAL PREFERRED STOCK (Cost $106,968) 67,058
------------
RIGHTS (0.0%)
FRANCE (0.0%)
MEDIA (0.0%)
Ipsos+ (Cost $0) 7,400 0
------------
TOTAL INVESTMENTS AT VALUE (98.1%)
(Cost $147,369,982*) 189,309,147
OTHER ASSETS IN EXCESS OF LIABILITIES (1.9%) 3,630,982
------------
NET ASSETS (100.0%) $192,940,129
============
INVESTMENT ABBREVIATIONS
ADR = American Depository Receipt
--------------------------------------------------------------------------------
# Restricted security.
+ Non-income producing security.
* Cost for federal income tax purposes is $147,576,774.
See Accompanying Notes to Financial Statements.
30
<PAGE>
WARBURG PINCUS TRUST -- VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS -- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (97.5%)
AEROSPACE & DEFENSE (3.3%)
Boeing Co. 6,700 $ 280,144
Honeywell International, Inc. 6,700 225,706
Textron, Inc. 4,200 228,112
-----------
733,962
-----------
BANKS & SAVINGS & LOANS (7.3%)
Bank One Corp. 10,500 278,906
Chase Manhattan Corp. 3,000 138,187
Comerica, Inc. 10,500 471,187
Compass Bancshares, Inc. 9,700 165,506
Wachovia Corp. 5,000 271,250
Wells Fargo Co. 7,500 290,625
-----------
1,615,661
-----------
BUILDING & BUILDING MATERIALS (1.2%)
USG Corp. 9,000 273,375
-----------
CAPITAL EQUIPMENT (6.6%)
American Standard Cos., Inc.+ 10,800 442,800
Ingersoll-Rand Co. 9,900 398,475
ITT Industries, Inc. 7,800 236,925
Navistar International Corp.+ 5,200 161,525
Parker-Hannifin Corp. 6,300 215,775
-----------
1,455,500
-----------
CHEMICALS (0.4%)
Crompton Corp. 7,000 85,750
-----------
COMMUNICATIONS & MEDIA (2.3%)
Comcast Corp. Special Class A+ 5,400 218,700
New York Times Co. Class A 7,300 288,350
-----------
507,050
-----------
COMPUTERS (3.0%)
Compaq Computer Corp. 15,500 396,219
Unisys Corp.+ 17,600 256,300
-----------
652,519
-----------
CONGLOMERATES (1.3%)
Harsco Corp. 11,600 295,800
-----------
CONSUMER DURABLES (2.8%)
Ford Motor Co. 9,800 421,400
Visteon Corp.+ 15,283 185,306
-----------
606,706
-----------
See Accompanying Notes to Financial Statements.
31
<PAGE>
WARBURG PINCUS TRUST -- VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D) -- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (CONT'D)
CONSUMER NON-DURABLES (0.6%)
BorgWarner, Inc. 4,000 $ 140,500
-----------
ENERGY (15.6%)
Amerada Hess Corp. 3,700 228,475
BP Amoco PLC ADR 11,800 667,437
Devon Energy Corp. 8,300 466,356
El Paso Energy Corp. 5,300 269,969
Exxon Mobil Corp. 6,300 494,944
Kerr-McGee Corp. 4,600 271,112
Royal Dutch Petroleum Co. ADR 5,500 338,594
Total SA ADR 5,700 438,900
Union Pacific Resources Group, Inc. 12,200 268,400
-----------
3,444,187
-----------
FINANCIAL SERVICES (5.6%)
Allied Capital Corp. 12,100 205,700
American General Corp. 3,500 213,500
Fannie Mae 5,200 271,375
Labranche & Co., Inc.+ 1,900 27,312
Lehman Brothers Holdings, Inc. 5,550 524,822
-----------
1,242,709
-----------
FOOD, BEVERAGES & TOBACCO (7.3%)
Anheuser-Busch Companies, Inc. 3,150 235,266
ConAgra, Inc. 5,500 104,844
General Mills, Inc. 10,700 409,275
Keebler Foods Co. 15,950 592,144
Quaker Oats Co. 3,500 262,937
-----------
1,604,466
-----------
HEALTHCARE (4.4%)
Abbott Laboratories 6,000 267,375
Baxter International, Inc. 5,250 369,141
Becton, Dickinson & Co. 12,000 344,250
-----------
980,766
-----------
INDUSTRIAL MANUFACTURING & PROCESSING (4.6%)
Eaton Corp. 4,000 268,000
Johnson Controls, Inc. 3,500 179,594
Minnesota Mining & Manufacturing Co. 2,200 181,500
Tyco International, Ltd. 8,200 388,475
-----------
1,017,569
-----------
OFFICE EQUIPMENT & SUPPLIES (1.0%)
Pitney Bowes, Inc. 5,300 212,000
-----------
See Accompanying Notes to Financial Statements.
32
<PAGE>
WARBURG PINCUS TRUST -- VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D) -- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (CONT'D)
OIL SERVICES (5.4%)
Nabors Industries, Inc.+ 6,200 $ 257,687
Pride International, Inc.+ 13,400 331,650
R & B Falcon Corp.+ 25,100 591,419
-----------
1,180,756
-----------
PHARMACEUTICALS (5.6%)
American Home Products Corp. 4,600 270,250
Lilly (Eli) & Co. 6,800 679,150
Pharmacia Corp. 5,427 280,508
-----------
1,229,908
-----------
RETAIL (7.7%)
Federated Department Stores, Inc.+ 8,650 291,937
May Department Stores Co. 9,800 235,200
Ross Stores, Inc. 13,800 235,463
Safeway, Inc.+ 7,300 329,413
TJX Companies, Inc. 14,300 268,125
Toys `R' Us, Inc.+ 22,600 329,113
-----------
1,689,251
-----------
TELECOMMUNICATIONS & EQUIPMENT (8.7%)
ALLTEL Corp. 4,000 247,750
AT&T Corp. 5,300 167,613
CenturyTel, Inc. 9,300 267,375
Harris Corp. 3,300 108,075
SBC Communications, Inc. 8,580 371,085
Verizon Corp. 7,000 355,688
Worldcom, Inc.+ 9,000 412,875
-----------
1,930,461
-----------
TRANSPORTATION (1.3%)
Burlington Northern Santa Fe Corp. 4,100 94,044
Kansas City Southern Industries, Inc. 2,200 195,113
-----------
289,157
-----------
UTILITIES - ELECTRIC (1.5%)
Allegheny Energy, Inc. 9,150 250,481
American Electric Power Co., Inc. 2,800 82,950
-----------
333,431
-----------
TOTAL COMMON STOCKS (Cost $21,462,409) 21,521,484
-----------
See Accompanying Notes to Financial Statements.
33
<PAGE>
WARBURG PINCUS TRUST -- VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D) -- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
PREFERRED STOCK (0.7%)
REAL ESTATE (0.7%)
Equity Residential Properties
Series G 7.25% (Convertible)
(Callable 09/15/02 @ $25.91)
REIT (Cost $155,519) 7,300 $ 164,250
-----------
SHORT TERM INVESTMENT (0.0%)
RBB Money Market Portfolio (Cost $1) 1 1
-----------
TOTAL INVESTMENTS AT VALUE (98.2%)
(Cost $21,617,929*) 21,685,735
OTHER ASSETS IN EXESS OF LIABILITIES (1.8%) 394,085
-----------
NET ASSETS (100.0%) $22,079,820
===========
INVESTMENT ABBREVIATIONS
ADR = American Depository Receipt
REIT = Real Estate Investment Trust
--------------------------------------------------------------------------------
+ Non-income producing security.
* Cost for federal income tax purposes is $21,640,255.
See Accompanying Notes to Financial Statements.
34
<PAGE>
WARBURG PINCUS TRUST -- EMERGING MARKETS PORTFOLIO
SCHEDULE OF INVESTMENTS -- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (89.1%)
AUSTRALIA (0.0%)
ENERGY (0.0%)
Novus Petroleum, Ltd. 144 $ 152
-----------
TOTAL AUSTRALIA 152
-----------
BRAZIL (9.5%)
BANKS (1.0%)
Uniao de Bancos Brasileiros SA GDR 12,710 365,412
-----------
ENERGY (1.1%)
Petroleo Brasileiro SA - ADR + 12,400 374,623
-----------
FOOD & DRUG RETAILING (0.4%)
Companhia Brasileira de Distribuicao
Grupo Pao de Acucar ADR 5,000 160,625
-----------
FOOD BEVERAGES & TOBACCO (0.7%)
Companhia Cervejaria Brahma ADR 14,675 249,475
-----------
MATERIALS (1.3%)
Aracruz Celulose ADR 6,900 133,256
Companhia Vale do Rio Doce ADR 12,400 350,300
-----------
483,556
-----------
TELECOMMUNICATION SERVICES (5.0%)
Embratel Participacoes SA ADR 26,700 630,787
Tele Norte Leste Participacoes SA ADR 24,935 589,089
Telesp Celular Participacoes - ADR 12,600 565,425
-----------
1,785,301
-----------
TOTAL BRAZIL 3,418,992
-----------
CHILE (2.8%)
FOOD & DRUG RETAILING (0.4%)
Compania Cervecerias Unidas SA ADR 4,700 106,631
Distribucion y Servicio D&S SA ADR 2,800 48,650
-----------
155,281
-----------
UTILITIES (0.3%)
Empresa Nacional de Electricidad SA ADR + 9,300 102,881
-----------
TELECOMMUNICATION SERVICES (1.4%)
Cia de Telecomunicaciones de Chile SA ADR 27,200 493,000
-----------
UTILITIES (0.7%)
Enersis SA ADR + 12,300 245,231
-----------
TOTAL CHILE 996,393
-----------
See Accompanying Notes to Financial Statements.
35
<PAGE>
WARBURG PINCUS TRUST -- EMERGING MARKETS PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D) -- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (CONT'D)
CHINA (3.1%)
TRANSPORTATION (2.6%)
China Southern Airlines Co., Ltd. Class H + 2,074,000 $ 494,885
China Southern Airlines Co., Ltd. ADR + 2,300 27,169
China Unicom ADR + 19,093 405,726
-----------
TOTAL TRANSPORTATION 927,780
-----------
UTILITIES (0.5%)
Huaneng Power International, Inc. ADR 14,700 195,694
-----------
TOTAL CHINA 1,123,474
-----------
CROATIA (0.2%)
PHARMACEUTICALS & BIOTECHNOLOGY (0.2%)
Pliva DD GDR 6,200 64,015
-----------
TOTAL CROATIA 64,015
-----------
GREECE (1.9%)
BANKS (0.7%)
Alpha Credit Bank 6,153 244,164
-----------
TELECOMMUNICATION SERVICES (1.2%)
Hellenic Telecommunication Organization SA ADR 36,400 443,625
-----------
TOTAL GREECE 687,789
-----------
HONG KONG (6.1%)
CONSUMER DURABLES & APPAREL (0.0%)
Li & Fung, Ltd. 2,000 10,006
-----------
CAPITAL GOODS (0.9%)
Citic Pacific, Ltd. 60,000 314,046
-----------
TECHNOLOGY HARDWARE & EQUIPMENT (1.1%)
Legend Holdings, Ltd. 408,000 395,175
-----------
TELECOMMUNICATION SERVICES (4.1%)
China Mobile, Ltd. + 168,000 1,481,713
-----------
TOTAL HONG KONG 2,200,940
-----------
HUNGARY (0.7%)
BANKS (0.2%)
OTP Bank 1,323 69,253
-----------
PHARMACEUTICALS & BIOTECHNOLOGY (0.1%)
Gedeon Richter GDR 144A 800 42,900
-----------
TELECOMMUNICATION SERVICES (0.4%)
Matav RT ADR 3,900 134,306
-----------
TOTAL HUNGARY 246,459
-----------
See Accompanying Notes to Financial Statements.
36
<PAGE>
WARBURG PINCUS TRUST -- EMERGING MARKETS PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D) -- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (CONT'D)
INDIA (4.9%)
BANKS (0.3%)
State Bank of India, Ltd. GDR 9,400 $ 92,825
-----------
COMPUTER SOFTWARE & SERVICES (1.0%)
Infosys Technologies, Ltd. ADR 2,000 354,500
SSI, Ltd. + 2,200 14,300
-----------
368,800
-----------
DIVERSIFIED FINANCIALS (1.0%)
Industrial Credit & Investment Corp. of India
Ltd. Sponsored ADR 18,700 350,625
-----------
MATERIALS (0.9%)
Reliance Industries, Ltd. 144A GDR 16,000 336,000
-----------
TELECOMMUNICATION SERVICES (1.7%)
Videsh Sanchar Nigam, Ltd. 39,100 610,938
-----------
TOTAL INDIA 1,759,188
-----------
INDONESIA (0.0%)
FOOD BEVERAGES & TOBACCO (0.0%)
PT Indofood Sukses Makmur + 6,500 3,546
-----------
TOTAL INDONESIA 3,546
-----------
ISRAEL (2.0%)
COMPUTER SOFTWARE & SERVICES (1.6%)
Check Point Software Technologies, Ltd. + 2,733 578,713
-----------
TECHNOLOGY HARDWARE & EQUIPMENT (0.4%)
Gilat Satellite Networks + 2,200 152,625
-----------
TOTAL ISRAEL 731,338
-----------
MALAYSIA (9.1%)
BANKS (2.1%)
Commerce Asset Holdings BHD 68,197 197,417
Malayan Banking BHD 119,800 485,515
Public Bank 65,806 65,807
-----------
748,739
-----------
DIVERSIFIED FINANCIALS (0.5%)
AMMB Holdings BHD 56,985 190,454
-----------
HOTEL RESTAURANTS & LEISURE (3.1%)
Berjaya Sports Toto 54,000 88,107
Genting Berhad 71,827 264,631
Resorts World 166,000 454,325
Tanjong PLC 138,000 330,481
-----------
1,137,544
-----------
MEDIA (0.7%)
New Straits Times Press 107,036 253,512
-----------
See Accompanying Notes to Financial Statements.
37
<PAGE>
WARBURG PINCUS TRUST -- EMERGING MARKETS PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D) -- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (CONT'D)
MALAYSIA (CONT'D)
TECHNOLOGY HARDWARE & EQUIPMENT (1.4%)
Digi Swisscom BHD + 182,000 $ 332,875
Unisem BHD 24,000 170,530
-----------
503,405
-----------
TELECOMMUNICATION SERVICES (0.4%)
Telekom Malaysia BHD 47,000 162,030
-----------
UTILITIES (0.9%)
Tenaga Nasional BHD 92,483 301,793
-----------
TOTAL MALAYSIA 3,297,477
-----------
MEXICO (11.9%)
BANKS (1.5%)
Grupo Financiero Banamex Accival SA de CV + 78,959 332,098
Grupo Financiero Bancomer SA de CV Series O 432,014 219,448
-----------
551,546
-----------
FOOD BEVERAGES & TOBACCO (1.5%)
Coca-Cola Femsa SA ADR 16,855 318,138
Grupo Modelo SA de CV Class C 98,782 229,313
-----------
547,451
-----------
MATERIALS (1.2%)
Cemex SA de CV ADR 19,073 445,831
-----------
MEDIA (1.2%)
Grupo Televisa SA + 6,300 434,306
-----------
RETAIL (1.5%)
Wal-Mart de Mexico SA de CV 23,600 553,845
-----------
TELECOMMUNICATION SERVICES (5.0%)
Carso Global Telecom SA + 80,425 229,595
Telefonos de Mexico SA ADR 27,360 1,562,940
-----------
1,792,535
-----------
TOTAL MEXICO 4,325,514
-----------
RUSSIA (2.1%)
ENERGY (1.3%)
Lukoil Holding ADR 6,300 322,056
Surgutneftegaz ADR 12,100 161,233
-----------
483,289
-----------
TELECOMMUNICATION SERVICES (0.3%)
Rostelecom ADR 8,300 113,088
-----------
See Accompanying Notes to Financial Statements.
38
<PAGE>
WARBURG PINCUS TRUST -- EMERGING MARKETS PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D) -- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (CONT'D)
RUSSIA (CONT'D)
UTILITIES (0.5%)
Unified Energy Systems ADR 15,500 $ 178,250
-----------
TOTAL RUSSIA 774,627
-----------
SOUTH AFRICA (5.8%)
BANKS (1.4%)
African Bank Investments, Ltd. + 100,300 131,075
Standard Bank Investment Corp., Ltd. 91,800 358,817
-----------
489,892
-----------
CAPITAL GOODS (0.6%)
Imperial Holdings, Ltd. + 28,253 230,032
-----------
COMPUTER SOFTWARE & SERVICES (0.7%)
Dimension Data Holdings, Ltd. + 29,854 247,030
-----------
DIVERSIFIED FINANCIALS (0.6%)
Johnnic Holdings, Ltd. 16,533 226,788
-----------
FOOD BEVERAGES & TOBACCO (0.7%)
South African Breweries PLC 33,230 248,008
-----------
INSURANCE (0.6%)
Liberty Group, Ltd. 23,657 225,063
-----------
MATERIALS (1.2%)
Billiton PLC 58,933 238,174
Sappi, Ltd. + 26,935 202,615
-----------
440,789
-----------
TOTAL SOUTH AFRICA 2,107,602
-----------
SOUTH KOREA (10.6%)
BANKS (1.4%)
Housing & Commercial Bank, Korea 21,411 501,196
-----------
CAPITAL GOODS (0.0%)
Daelim Industrial Co., Ltd. 1,610 7,672
-----------
MATERIALS (1.2%)
L.G. Chemical, Ltd. 9,298 185,962
Pohang Iron & Steel Co., Ltd. 2,841 248,875
-----------
434,837
-----------
TECHNOLOGY HARDWARE & EQUIPMENT (4.7%)
Samsung Electro-Mechanics Company + 3,480 218,166
Samsung Electronics Co., Ltd. 4,458 1,475,354
-----------
1,693,520
-----------
See Accompanying Notes to Financial Statements.
39
<PAGE>
WARBURG PINCUS TRUST -- EMERGING MARKETS PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D) -- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (CONT'D)
SOUTH KOREA (CONT'D)
TELECOMMUNICATION SERVICES (2.2%)
Dacom Corp. + 1,136 $ 164,543
Korea Telecom Corp. 2,990 263,337
SK Telecom Co., Ltd. 169 55,323
SK Telecom Co., Ltd. ADR 8,100 294,131
-----------
777,334
-----------
UTILITIES (1.1%)
Korea Electric Power Corp. 12,760 395,965
-----------
TOTAL SOUTH KOREA 3,810,524
-----------
TAIWAN (12.7%)
BANKS (1.9%)
Bank Sinopac 456,000 293,152
Chinatrust Commercial Bank + 435,000 377,106
-----------
670,258
-----------
DIVERSIFIED FINANCIALS (0.2%)
China Development Industrial Bank + 48,000 63,898
-----------
TECHNOLOGY HARDWARE AND EQUIPMENT (10.6%)
Acer Incorporated Inc. 109,000 203,497
Asustek Computer Inc. 28,560 235,535
D-Link Corp. 110,400 258,086
Hon Hai Precision Industry Co., Ltd. + 32,000 288,841
Hon Hai Precision Industry Co., Ltd. GDR + 9,000 225,000
Macronix International Co. Ltd. 106,220 265,559
Quanta Computer, Inc. 68,600 340,784
Taiwan Semiconductor Manufacturing Co. + 175,292 830,960
United Microelectronics Co., Ltd. + 200,080 555,435
Via Technologies, Inc. + 17,000 262,184
Winbond Electronics Corp. 130,670 377,598
-----------
3,843,479
-----------
TOTAL TAIWAN 4,577,635
-----------
TURKEY (4.8%)
BANKS (2.0%)
Dogan Yayin Holding AS + 21,020,215 356,287
Yapi Ve Kredi Bankasi AS + 31,956,174 355,940
-----------
712,227
-----------
CONSUMER DURABLES & APPAREL (0.7%)
Vestel Elektronik Sanayi Ve Ticaret AS + 900,000 272,406
-----------
DIVERSIFIED FINANCIALS (2.1%)
Koc Holding AS 3,568,884 253,488
Turkiye Is Bankasi AS Class C 22,521,940 481,720
-----------
735,208
-----------
See Accompanying Notes to Financial Statements.
40
<PAGE>
WARBURG PINCUS TRUST -- EMERGING MARKETS PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D) -- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (CONT'D)
TURKEY (CONT'D)
FOOD & DRUG RETAILING (0.0%)
Migros Turkey TAS + 1,632 $ 303
-----------
TOTAL TURKEY 1,720,144
-----------
UNITED STATES (0.9%)
COMPUTER SOFTWARE & SERVICES (0.9%)
AsiaInfo Holdings, Inc. + 7,400 330,688
UTStarcom, Inc. + 300 9,113
-----------
339,801
-----------
TOTAL UNITED STATES 339,801
-----------
TOTAL COMMON STOCKS (Cost $31,821,974) 32,185,610
-----------
PREFERRED STOCKS (0.6%)
BRAZIL (0.6%)
BANKS (0.6%)
Banco Itau SA 2,258,908 198,474
-----------
ENERGY (0.0%)
Petroleo Brasileiro SA 147 4,441
-----------
TOTAL BRAZIL 202,915
-----------
TAIWAN (0.0%)
BANKS (0.0%)
Taishin International Bank 750 240
-----------
TOTAL TAIWAN 240
-----------
TOTAL PREFERRED STOCKS (Cost $189,686) 203,155
-----------
RIGHTS (0.0%)
MALAYSIA (0.0%)
DIVERSIFIED TELECOMMUNICATION SERVICES (0.0%)
Telecomasia Corp. Public Co., Ltd.+ (Cost $0) 50,021 0
-----------
SHORT TERM INVESTMENTS (8.5%)
Institutional Money Market Trust 1,371,705 1,371,706
RBB Money Market Portfolio 1,683,762 1,683,762
-----------
TOTAL SHORT TERM INVESTMENTS (Cost $3,055,468) 3,055,468
-----------
TOTAL INVESTMENTS AT VALUE (98.2%)
(Cost $35,067,128*) 35,444,233
OTHER ASSETS IN EXCESS OF LIABILITIES (1.8%) 674,079
-----------
NET ASSETS (100.0%) $36,118,312
===========
INVESTMENT ABBREVIATIONS
ADR = American Depository Receipt
GDR = Global Depository Receipt
--------------------------------------------------------------------------------
+ Non-income producing security
* Also cost for federal income tax purposes.
See Accompanying Notes to Financial Statements.
41
<PAGE>
WARBURG PINCUS TRUST -- EMERGING GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS -- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (94.5%)
AEROSPACE & DEFENSE (0.7%)
Litton Industries, Inc.+ 6,000 $ 252,000
-----------
BUILDING & BUILDING MATERIALS (1.0%)
Lennar Corp. 18,000 364,500
-----------
BUSINESS SERVICES (8.4%)
BISYS Group, Inc.+ 4,500 276,750
Equifax, Inc. 16,100 423,631
Express Scripts, Inc. Class A+ 5,800 360,325
Forrester Research, Inc.+ 4,000 291,250
INSpire Insurance Solutions, Inc.+ 80,000 240,000
On Assignment, Inc.+ 16,000 488,000
QRS Corp.+ 8,100 198,956
SunGard Data Systems, Inc.+ 2,600 80,600
TeleTech Holdings, Inc.+ 10,000 310,625
TMP Worldwide, Inc.+ 4,500 332,156
West Teleservices Corp. 9,000 227,812
-----------
3,230,105
-----------
COMMUNICATIONS & MEDIA (1.9%)
Cox Radio, Inc. 4,700 131,600
InfoSpace.com, Inc.+ 6,100 337,025
SeaChange International, Inc.+ 9,500 274,312
-----------
742,937
-----------
COMPUTERS (7.3%)
Amdocs, Ltd. + 6,000 460,500
BackWeb Technologies, Ltd.+ 15,400 352,275
Mercator Software Inc.+ 7,400 508,750
Mercury Interactive Corp.+ 2,600 251,550
National Instruments Corp.+ 6,700 292,287
NVIDIA Corp.+ 6,000 381,375
Phone.com, Inc.+ 4,000 260,500
Scitex Corp., Ltd.+ 11,500 127,219
Telxon Corp.+ 8,334 148,970
-----------
2,783,426
-----------
CONSUMER SERVICES (2.3%)
DeVry, Inc.+ 11,000 290,812
ITT Educational Services, Inc.+ 19,900 349,494
Sylvan Learning Systems, Inc.+ 16,500 226,875
-----------
867,181
-----------
See Accompanying Notes to Financial Statements.
42
<PAGE>
WARBURG PINCUS TRUST -- EMERGING GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D) -- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (CONT'D)
ELECTRONICS (18.9%)
Altera Corp.+ 3,500 $ 356,781
Amkor Technology, Inc.+ 10,900 384,906
Burr-Brown Corp.+ 5,600 485,450
Celestica, Inc. ADR+ 7,200 357,300
Cognex Corp.+ 5,900 305,325
DSP Group, Inc.+ 6,000 336,000
Intersil Holding Corp.+ 7,000 378,437
Lattice Semiconductor Corp.+ 5,100 352,537
Maxim Integrated Products, Inc.+ 5,400 366,862
Metalink, Ltd.+ 10,000 296,250
Microsemi Corp.+ 12,100 410,644
Novellus Systems, Inc.+ 6,000 339,375
Orbotech, Ltd.+ 4,000 371,500
Power-One, Inc.+ 4,800 546,900
Sawtek Inc.+ 5,600 322,350
Semtech Corp.+ 4,700 359,477
Symbol Technologies, Inc. 5,650 314,634
Telcom Semiconductor, Inc.+ 8,500 343,187
Varian Semiconductor Equipment Associates, Inc.+ 5,700 358,031
Vishay Intertechnology, Inc.+ 6,700 254,181
-----------
7,240,127
-----------
ENERGY (2.6%)
Apache Corp. 6,000 352,875
EOG Resources, Inc. 9,200 308,200
Noble Affiliates, Inc. 9,000 335,250
-----------
996,325
-----------
FINANCIAL SERVICES (3.7%)
Ambac Financial Group, Inc. 7,000 383,687
IndyMac Mortgage Holdings, Inc. 20,400 276,675
Investment Technology Group, Inc. 5,800 246,862
PartnerRe Ltd. 7,000 248,063
Trenwick Group, Inc. 17,500 254,844
-----------
1,410,131
-----------
HEALTHCARE (7.1%)
Caremark Rx, Inc.+ 55,000 374,688
Coherent, Inc.+ 5,500 461,313
Community Health Systems, Inc.+ 20,000 323,750
Cytyc Corp.+ 5,500 293,563
Foundation Health Systems, Inc. Class A+ 20,000 260,000
IVAX Corp.+ 7,600 315,400
Mid Atlantic Medical Services, Inc.+ 25,200 340,200
Tenet Healthcare Corp.+ 12,300 332,100
-----------
2,701,014
-----------
See Accompanying Notes to Financial Statements.
43
<PAGE>
WARBURG PINCUS TRUST -- EMERGING GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D) -- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (CONT'D)
LODGING & RESTAURANTS (0.4%)
Park Place Entertainment Corp.+ 12,100 $ 147,469
-----------
OIL SERVICES (8.3%)
BJ Services Co.+ 5,500 343,750
CARBO Ceramics, Inc. 15,100 530,388
Cooper Cameron Corp.+ 4,400 290,400
Ensco International, Inc. 10,000 358,125
Nabors Industries, Inc.+ 9,100 378,219
Noble Drilling Corp.+ 7,200 296,550
Pogo Producing Co. 16,000 354,000
Pride International, Inc.+ 13,000 321,750
Smith International, Inc.+ 4,000 291,250
-----------
3,164,432
-----------
PHARMACEUTICALS (9.5%)
Aclara Biosciences Inc.+ 7,500 382,031
ALPHARMA , Inc. Class A 5,500 342,375
Biovail Corp.+ 6,800 376,975
Elan Corp. PLC ADR+ 8,000 387,500
Gene Logic, Inc.+ 7,600 271,225
ILEX Oncology, Inc.+ 9,000 317,250
Jones Pharma, Inc. 10,000 399,375
Kos Pharmaceuticals, Inc.+ 21,500 345,344
Pharmacopeia, Inc.+ 10,100 468,388
QLT PhotoTherapeutics, Inc.+ 4,500 347,906
-----------
3,638,369
-----------
REAL ESTATE (2.4%)
AMB Property Corp. 15,000 342,188
Boston Properties, Inc. 8,000 305,500
Prologis Trust 13,500 287,719
-----------
935,407
-----------
RETAIL (2.5%)
Linens `n Things, Inc.+ 11,400 309,225
Office Depot, Inc.+ 17,000 106,250
Too, Inc.+ 12,800 325,600
Ultimate Electronics, Inc.+ 8,000 214,375
-----------
955,450
-----------
See Accompanying Notes to Financial Statements.
44
<PAGE>
WARBURG PINCUS TRUST -- EMERGING GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (CONT'D) -- JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NUMBER
OF
SHARES VALUE
------ -----
COMMON STOCKS (CONT'D)
TELECOMMUNICATIONS & EQUIPMENT (16.8%)
Advanced Fibre Communications, Inc.+ 7,000 $ 317,188
Aeroflex, Inc.+ 6,500 322,969
Andrew Corp.+ 10,000 335,625
Antec Corp.+ 9,000 374,063
Audiocodes, Ltd.+ 3,200 384,000
Clarent Corp.+ 6,000 429,000
DSET Corp.+ 11,200 340,200
Harris Corp. 13,000 425,750
McLeodUSA, Inc. Class A+ 12,300 254,456
Natural Microsystems Corp.+ 3,300 371,044
Polycom, Inc.+ 5,900 555,153
Scientific-Atlanta, Inc. 4,000 298,000
Spectrasite Holdings, Inc.+ 15,200 431,300
SymmetriCom, Inc.+ 17,600 444,400
Tekelec+ 8,700 419,231
TTI Team Telecom International, Ltd.+ 9,200 331,200
Turnstone Systems, Inc.+ 2,400 397,613
-----------
6,431,192
-----------
UTILITIES - GAS (0.7%)
Kinder Morgan, Inc. 8,200 283,413
-----------
TOTAL COMMON STOCKS (Cost $30,900,397) 36,143,478
-----------
SHORT TERM INVESTMENTS (7.8%)
Institutional Money Market Trust 1,171,153 1,171,153
RBB Money Market Portfolio 1,819,274 1,819,274
-----------
TOTAL SHORT TERM INVESTMENTS (Cost $2,990,427) 2,990,427
-----------
TOTAL INVESTMENTS AT VALUE (102.3%)
(Cost $33,890,824*) 39,133,905
LIABILITIES IN EXCESS OF OTHER ASSETS (2.3%) (892,491)
-----------
NET ASSETS (100%) $38,241,414
===========
INVESTMENT ABBREVIATIONS
ADR = American Depository Receipt
--------------------------------------------------------------------------------
+ Non-income producing security
* Also cost for federal income tax purposes.
See Accompanying Notes to Financial Statements.
45
<PAGE>
WARBURG PINCUS TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL SMALL COMPANY GLOBAL POST-VENTURE
EQUITY PORTFOLIO GROWTH PORTFOLIO CAPITAL PORTFOLIO
---------------- ---------------- -------------------
<S> <C> <C> <C>
ASSETS
Investments, at value (Cost-$536,108,531,
$1,180,751,593, $147,369,982, $21,617,929,
$35,067,128 and $33,890,824, respectively) $614,393,660 $1,473,099,176 $189,309,147
Foreign currency (Cost-$924,646, $0, $9,469, $7,
$1,301,340 and $0, respectively) 936,787 0 9,306
Receivable for investments sold 14,391,236 229,868 11,375,403
Dividends, interest, and reclaims receivable 1,589,167 503,179 180,953
Receivable for fund shares sold 0 0 472,639
Prepaid expenses and other assets 3,040 338 0
------------ -------------- ------------
Total Assets 631,313,890 1,473,832,561 201,347,448
------------ -------------- ------------
LIABILITIES
Advisory fee payable 513,196 1,028,497 178,655
Administrative services fee payable 105,754 210,555 31,260
Payable for investments purchased 9,026,587 17,105,962 7,806,086
Payable for fund shares redeemed 0 0 6,430
Accrued expenses payable 46,339 41,211 27,649
Other liabilities 224,238 221,584 357,239
------------ -------------- ------------
Total Liabilities 9,916,114 18,607,809 8,407,319
------------ -------------- ------------
NET ASSETS
Capital Stock, $.001 par value 40,769 54,239 9,543
Paid-in capital 467,255,429 891,148,788 133,491,090
Accumulated undistributed net investment income 2,662,973 (4,439,264) (545,437)
Accumulated net realized gain (loss) from investments
and foreign currency related items 73,185,128 276,113,408 18,056,725
Net unrealized appreciation from investments and
foreign currency related items 78,253,477 292,347,581 41,928,208
------------ -------------- ------------
Net Assets $621,397,776 $1,455,224,752 $192,940,129
============ ============== ============
NET ASSET VALUE
Net assets $621,397,776 $1,455,224,752 $192,940,129
------------ -------------- ------------
Shares outstanding 40,768,852 54,239,074 9,542,972
------------ -------------- ------------
Net asset value, offering price and redemption
price per share $15.24 $26.83 $20.22
====== ====== ======
</TABLE>
<TABLE>
<CAPTION>
VALUE EMERGING EMERGING
PORTFOLIO MARKETS PORTFOLIO GROWTH PORTFOLIO
----------- ----------------- ----------------
<S> <C> <C> <C>
ASSETS
Investments, at value (Cost-$536,108,531,
$1,180,751,593, $147,369,982, $21,617,929,
$35,067,128 and $33,890,824, respectively) $21,685,735 $35,444,233 $39,133,905
Foreign currency (Cost-$924,646, $0, $9,469, $7,
$1,301,340 and $0, respectively) 7 1,301,868 0
Receivable for investments sold 945,547 7 957,539
Dividends, interest, and reclaims receivable 39,137 105,914 20,638
Receivable for fund shares sold 0 0 0
Prepaid expenses and other assets 1,997 3,687 11,978
----------- ----------- -----------
Total Assets 22,672,423 36,855,709 40,124,060
----------- ----------- -----------
LIABILITIES
Advisory fee payable 12,804 30,557 28,988
Administrative services fee payable 2,285 3,559 2,938
Payable for investments purchased 562,028 643,702 1,797,289
Payable for fund shares redeemed 0 0 0
Accrued expenses payable 3,188 24,584 52,991
Other liabilities 12,298 34,995 440
----------- ----------- -----------
Total Liabilities 592,603 737,397 1,882,646
----------- ----------- -----------
NET ASSETS
Capital Stock, $.001 par value 1,903 2,778 2,604
Paid-in capital 21,746,412 34,967,912 35,840,260
Accumulated undistributed net investment income 125,425 495,982 (27,083)
Accumulated net realized gain (loss) from investments
and foreign currency related items 138,274 259,925 (2,817,448)
Net unrealized appreciation from investments and
foreign currency related items 67,806 391,715 5,243,081
----------- ----------- -----------
Net Assets $22,079,820 $36,118,312 $38,241,414
=========== =========== ===========
NET ASSET VALUE
Net assets $22,079,820 $36,118,312 $38,241,414
----------- ----------- -----------
Shares outstanding 1,903,139 2,777,528 2,603,617
----------- ----------- -----------
Net asset value, offering price and redemption
price per share $11.60 $13.00 $14.69
====== ====== ======
</TABLE>
See Accompanying Notes to Financial Statements.
46 & 47
<PAGE>
WARBURG PINCUS TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL SMALL COMPANY GLOBAL POST-VENTURE
EQUITY PORTFOLIO GROWTH PORTFOLIO CAPITAL PORTFOLIO
---------------- ---------------- -------------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividends $ 5,720,012 $ (144,166) $ 186,551
Interest 1,383,059 3,851,156 550,688
Foreign Taxes Withheld (421,347) 0 (9,019)
------------- ------------- ------------
Total investment income 6,681,724 3,706,990 728,220
------------- ------------- ------------
EXPENSES:
Investment Advisory Fees 3,128,656 6,605,858 1,137,194
Administrative Services Fees 645,105 1,337,395 184,035
Custodian/Sub-custodian Fees 163,836 127,749 20,878
Transfer Agent Fees 72,051 161,394 25,164
Legal Fees 29,214 32,322 4,397
Printing Fees 28,031 32,265 8,711
Audit Fees 12,947 15,018 6,510
Interest Expense 6,229 2,189 142
Offering/Organizational costs 3,006 9,880 0
Directors Fees 1,693 1,526 1,325
Insurance Expense 426 1,141 320
Miscellaneous Expenses 5,680 5,008 1,615
------------- ------------- ------------
4,096,874 8,331,745 1,390,291
------------- ------------- ------------
Less: fees waived, expenses reimbursed and
transfer agent fee offsets (78,123) (185,491) (116,634)
------------- ------------- ------------
Total expenses 4,018,751 8,146,254 1,273,657
------------- ------------- ------------
Net investment income (loss) 2,662,973 (4,439,264) (545,437)
------------- ------------- ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM
INVESTMENTS AND FOREIGN CURRENCY RELATED ITEMS
Net realized gain (loss) from investments
(net of capital gains taxes of $38,979
for the Emerging Markets Portfolio) 56,328,146 194,644,168 21,418,284
Net realized loss from foreign currency
related items (7,357) 0 (61,016)
Net change in unrealized appreciation
(depreciation) from investments (net
of estimated deferred capital gains
taxes of $8,129 for the Emerging
Markets Portfolio) (104,101,107) (186,664,271) (16,874,339)
Net change in unrealized appreciation
(depreciation) from foreign
currency related items 31,089 0 (10,942)
------------- ------------- ------------
Net realized and unrealized gain (loss)
from investments and foreign currency
related items (47,749,229) 7,979,897 4,471,987
------------- ------------- ------------
Net increase (decrease) in net assets
resulting from operations $ (45,086,256) $ 3,540,633 $ 3,926,550
============= ============= ============
</TABLE>
<TABLE>
<CAPTION>
VALUE EMERGING EMERGING
PORTFOLIO MARKETS PORTFOLIO GROWTH PORTFOLIO
---------- ----------------- ----------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividends $ 186,658 $ 605,876 $ 19,102
Interest 47,505 104,458 81,477
Foreign Taxes Withheld (2,374) (60,413) 0
--------- ----------- ----------
Total investment income 231,789 649,921 100,579
--------- ----------- ----------
EXPENSES:
Investment Advisory Fees 79,773 173,006 91,917
Administrative Services Fees 28,526 35,330 20,855
Custodian/Sub-custodian Fees 16,885 11,100 23,974
Transfer Agent Fees 1,733 5,759 1,700
Legal Fees 1,006 573 5,794
Printing Fees 4,731 0 8,737
Audit Fees 6,456 1,032 2,250
Interest Expense 10 1,379 59
Offering/Organizational costs 0 0 14,625
Directors Fees 1,294 1,392 1,299
Insurance Expense 178 0 0
Miscellaneous Expenses 882 0 849
--------- ----------- ----------
141,474 229,571 172,059
--------- ----------- ----------
Less: fees waived, expenses reimbursed and
transfer agent fee offsets (35,110) (35,804) (44,397)
--------- ----------- ----------
Total expenses 106,364 193,767 127,662
--------- ----------- ----------
Net investment income (loss) 125,425 456,154 (27,083)
--------- ----------- ----------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM
INVESTMENTS AND FOREIGN CURRENCY RELATED ITEMS
Net realized gain (loss) from investments
(net of capital gains taxes of $38,979
for the Emerging Markets Portfolio) (29,655) (172,610) (2,861,252)
Net realized loss from foreign currency
related items 0 (84,062) 0
Net change in unrealized appreciation
(depreciation) from investments (net
of estimated deferred capital gains
taxes of $8,129 for the Emerging
Markets Portfolio) (665,046) (3,189,694) 4,316,068
Net change in unrealized appreciation
(depreciation) from foreign
currency related items 0 (10,941) 0
--------- ----------- ----------
Net realized and unrealized gain (loss)
from investments and foreign currency
related items (694,701) (3,457,307) 1,454,816
--------- ----------- ----------
Net increase (decrease) in net assets
resulting from operations $(569,276) $(3,001,153) $1,427,733
========= =========== ==========
</TABLE>
See Accompanying Notes to Financial Statements.
48 & 49
<PAGE>
WARBURG PINCUS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL EQUITY PORTFOLIO SMALL COMPANY GROWTH PORTFOLIO
----------------------------------- ---------------------------------
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 (loss) $ 2,662,973 $ 2,539,419 $ (4,439,264) $ (5,595,002)
Net realized gain (loss) from investments
and foreign currency related items
(net of capital gains taxes of $38,979
for the Emerging Markets Portfolio) 56,320,789 57,482,805 194,644,168 163,829,479
Net change in unrealized appreciation
(depreciation) from investments and
foreign currency related items (104,070,018) 149,553,409 (186,664,271) 339,691,475
--------------- --------------- -------------- --------------
Net increase in net assets resulting
from operations (45,086,256) 209,575,633 3,540,633 497,925,952
--------------- --------------- -------------- --------------
FROM DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income 0 (2,649,195) 0 0
Dividends in excess of net
investment income 0 (2,482,363) 0 0
Distributions from net realized gains 0 0 0 (35,522,021)
--------------- --------------- -------------- --------------
Net increase (decrease) in net assets
from dividends and distributions 0 (5,131,558) 0 (35,522,021)
--------------- --------------- -------------- --------------
FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares 1,096,019,518 1,305,822,809 463,385,013 283,714,477
Reinvestment of dividends and
distributions 0 5,130,825 0 35,522,021
Net asset value of shares redeemed (1,040,082,872) (1,264,974,781) (284,242,481) (244,001,007)
--------------- --------------- -------------- --------------
Net increase in net assets from
capital share transactions 55,936,646 45,978,853 179,142,532 75,235,491
--------------- --------------- -------------- --------------
Net increase in net assets 10,850,390 250,422,928 182,683,165 537,639,422
NET ASSETS:
Beginning of period 610,547,386 360,124,458 1,272,541,587 734,902,165
--------------- --------------- -------------- --------------
End of period $ 621,397,776 $ 610,547,386 $1,455,224,752 $1,272,541,587
=============== =============== ============== ==============
UNDISTRIBUTED NET INVESTMENT
INCOME/(LOSS) $ 2,662,973 $ 0 $ (4,439,264) $ 0
=============== =============== ============== ==============
</TABLE>
<TABLE>
<CAPTION>
GLOBAL POST-VENTURE VALUE
CAPITAL PORTFOLIO PORTFOLIO
------------------------------- -----------------------------
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 (loss) $ (545,437) $ (666,292) $ 125,425 $ 176,782
Net realized gain (loss) from investments
and foreign currency related items
(net of capital gains taxes of $38,979
for the Emerging Markets Portfolio) 21,357,268 2,500,790 (29,655) 971,681
Net change in unrealized appreciation
(depreciation) from investments and
foreign currency related items (16,885,281) 46,728,153 (665,046) (475,962)
------------- ------------- ------------ -----------
Net increase in net assets resulting
from operations 3,926,550 48,562,651 (569,276) 672,501
------------- ------------- ------------ -----------
FROM DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income 0 0 0 (188,412)
Dividends in excess of net
investment income 0 0 0 0
Distributions from net realized gains 0 0 0 (339,280)
------------- ------------- ------------ -----------
Net increase (decrease) in net assets
from dividends and distributions 0 0 0 (527,692)
------------- ------------- ------------ -----------
FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares 139,501,953 150,704,290 14,618,888 12,034,989
Reinvestment of dividends and
distributions 0 0 0 526,754
Net asset value of shares redeemed (102,271,984) (109,538,405) (12,123,024) (6,934,089)
------------- ------------- ------------ -----------
Net increase in net assets from
capital share transactions 37,229,969 41,165,885 2,495,864 5,627,654
------------- ------------- ------------ -----------
Net increase in net assets 41,156,519 89,728,536 1,926,588 5,772,463
NET ASSETS:
Beginning of period 151,783,610 62,055,074 20,153,232 14,380,769
------------- ------------- ------------ -----------
End of period $ 192,940,129 $ 151,783,610 $ 22,079,820 $20,153,232
============= ============= ============ ===========
UNDISTRIBUTED NET INVESTMENT
INCOME/(LOSS) $ (545,437) $ 0 $ 125,425 $ 0
============= ============= ============ ===========
</TABLE>
<TABLE>
<CAPTION>
EMERGING MARKETS EMERGING GROWTH
PORTFOLIO PORTFOLIO
----------------------------- ------------------------------------
FOR THE FOR THE FOR THE PERIOD
SIX MONTHS FOR THE SIX MONTHS SEPTEMBER 13, 1999
ENDED YEAR ENDED ENDED (COMMENCEMNET OF
JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 OPERATIONS) THROUGH
(UNAUDITED) 1999 (UNAUDITED) DECEMBER 31, 1999
------------- ------------ ------------- -------------------
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income (loss) $ 456,154 $ 31,454 $ (27,083) $ 66
Net realized gain (loss) from investments
and foreign currency related items
(net of capital gains taxes of $38,979
for the Emerging Markets Portfolio) (256,672) 1,312,749 (2,861,252) 44,291
Net change in unrealized appreciation
(depreciation) from investments and
foreign currency related items (3,200,635) 3,519,465 4,316,068 927,013
------------ ----------- ----------- ----------
Net increase in net assets resulting
from operations (3,001,153) 4,863,668 1,427,733 971,370
------------ ----------- ----------- ----------
FROM DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income 0 (38,222) 0 (35,553)
Dividends in excess of net
investment income 0 0 0 0
Distributions from net realized gains 0 (575,706) 0 0
------------ ----------- ----------- ----------
Net increase (decrease) in net assets
from dividends and distributions 0 (613,928) 0 (35,553)
------------ ----------- ----------- ----------
FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares 40,414,632 12,160,959 31,309,978 5,704,415
Reinvestment of dividends and
distributions 0 612,463 0 35,553
Net asset value of shares redeemed (18,075,936) (2,938,165) (1,120,529) (51,553)
------------ ----------- ----------- ----------
Net increase in net assets from
capital share transactions 22,338,696 9,835,257 30,189,449 5,688,415
------------ ----------- ----------- ----------
Net increase in net assets 19,337,543 14,084,997 31,617,182 6,624,232
NET ASSETS:
Beginning of period 16,780,769 2,695,772 6,624,232 0
------------ ----------- ----------- ----------
End of period $ 36,118,312 $16,780,769 $38,241,414 $6,624,232
============ =========== =========== ==========
UNDISTRIBUTED NET INVESTMENT
INCOME/(LOSS) $ 495,982 $ 39,828 $ (27,083) $ 0
============ =========== =========== ==========
</TABLE>
See Accompanying Notes to Financial Statements.
50 & 51
<PAGE>
WARBURG PINCUS TRUST -- INTERNATIONAL EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED DECEMBER 31,
JUNE 30, 2000 -----------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995(1)
----------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA
Net asset value, beginning of period $ 16.70 $ 10.99 $ 10.49 $ 11.48 $ 10.65 $ 10.00
-------- -------- -------- -------- -------- -------
INVESTMENT ACTIVITIES:
Net investment income 0.07 0.08 0.08 0.10 0.00 0.03
Net gains (losses) from investments and
foreign currency related items (both
realized and unrealized) (1.53) 5.78 0.48 (0.37) 1.06 0.70
-------- -------- -------- -------- -------- -------
Total from investment activities (1.46) 5.86 0.56 (0.27) 1.06 0.73
-------- -------- -------- -------- -------- -------
LESS DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income 0.00 (0.08) (0.05) (0.01) (0.06) (0.01)
Dividends in excess of net
investment income 0.00 (0.07) 0.00 0.00 (0.10) (0.07)
Distributions from net realized gains 0.00 0.00 (0.01) 0.00 (0.06) 0.00
Distributions in excess of net
realized gains 0.00 0.00 0.00 (0.71) (0.01) 0.00
-------- -------- -------- -------- -------- -------
Total dividends and distributions 0.00 (0.15) (0.06) (0.72) (0.23) (0.08)
-------- -------- -------- -------- -------- -------
NET ASSET VALUE, END OF PERIOD $ 15.24 $ 16.70 $ 10.99 $ 10.49 $ 11.48 $ 10.65
======== ======== ======== ======== ======== =======
Total return (8.74)%(2) 53.43% 5.35% (2.26)% 9.98% 7.30%(2)
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted) $621,398 $610,547 $360,124 $347,229 $298,218 $64,537
Ratio of expenses to average net assets 1.31%(3)(4) 1.33%(4) 1.33%(4) 1.36%(4) 1.36%(4) 1.44%(3)
Ratio of net income to average net assets .85%(3) .63% .68% .66% .64% .48%(3)
Decrease reflected in above operating
expense ratios due to waivers/
reimbursements .00% .00% .00% .00% .04% .77%(3)
Portfolio turnover rate 55.47% 144.67% 105.28% 78.65% 30.82% 8.31%
<FN>
--------------------------------------------------------------------------------
(1) For the period June 30, 1995 (commencement of operations) through December
31, 1995.
(2) Non-annualized.
(3) Annualized.
(4) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements resulted in a reduction to
the Portfolio's net expense ratio by .03% for the six months ended June 30,
2000 and .01%, .00%, .01% and .00% for each of the years ended December 31,
1999, 1998, 1997 and 1996, respectively. The Portfolio's operating expense
ratio after reflecting these arrangements was 1.28% for the six months
ended June 30, 2000 and 1.32%, 1.33%, 1.35% and 1.36% for each of the years
ended December 31, 1999, 1998, 1997 and 1996, respectively.
</FN>
</TABLE>
See Accompanying Notes to Financial Statements.
52
<PAGE>
WARBURG PINCUS TRUST -- SMALL COMPANY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED DECEMBER 31,
JUNE 30, 2000 ------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995(1)
------------- ---------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA
Net asset value, beginning of period $ 26.20 $ 16.01 $ 16.48 $ 14.25 $ 12.51 $ 10.00
---------- ---------- -------- -------- -------- -------
INVESTMENT ACTIVITIES:
Net investment loss (0.06) (0.12) (0.06) (0.07) (0.06) (0.01)
Net gains (losses) from investments
and foreign currency related items
(both realized and unrealized) 0.69 11.07 (0.41) 2.30 1.80 2.52
---------- ---------- -------- -------- -------- -------
Total from investment activities 0.63 10.95 (0.47) 2.23 1.74 2.51
---------- ---------- -------- -------- -------- -------
LESS DISTRIBUTIONS:
Distributions from net realized gains 0.00 (0.76) 0.00 0.00 0.00 0.00
---------- ---------- -------- -------- -------- -------
NET ASSET VALUE, END OF PERIOD $ 26.83 $ 26.20 $ 16.01 $ 16.48 $ 14.25 $ 12.51
========== ========== ======== ======== ======== =======
Total return 2.40%(2) 69.08% (2.85)% 15.65% 13.91% 25.10%(2)
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted) $1,455,225 $1,272,542 $734,902 $666,394 $339,398 $97,445
Ratio of expenses to average net assets 1.14%(3)(4) 1.15%(4) 1.14%(4) 1.15%(4) 1.16%(4) 1.25%(3)
Ratio of net loss to average net assets (.60)%(3) (.72)% (.51)% (.56)% (.66)% (.36)%(3)
Decrease reflected in above operating
expense ratios due to waivers/
reimbursements .00% .00% .00% .00% .01% .25%(3)
Portfolio turnover rate 49.47% 121.97% 65.61% 92.45% 101.50% 34.25%
<FN>
--------------------------------------------------------------------------------
(1) For the period June 30, 1995 (commencement of operations) through December
31, 1995.
(2) Non-annualized.
(3) Annualized.
(4) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expenses. These arrangements resulted in a reduction to
the Portfolio's net expense ratio by .03% for the six months ended June 30,
2000 and .01%, .00%, .01% and .00% for each of the years ended December 31,
1999, 1998, 1997 and 1996, respectively. The Portfolio's operating expense
ratio after reflecting these arrangements was 1.11% for the six months
ended June 30, 2000 and 1.14%, 1.14%, 1.14% and 1.16% for each of the years
ended December 31, 1999, 1998, 1997 and 1996, respectively.
</FN>
</TABLE>
See Accompanying Notes to Financial Statements.
53
<PAGE>
WARBURG PINCUS TRUST -- GLOBAL POST-VENTURE CAPITAL PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED DECEMBER 31,
JUNE 30, 2000 -----------------------------------------------
(UNAUDITED) 1999 1998 1997 1996(1)
-------- -------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
PER SHARE DATA
Net asset value, beginning of period $ 19.26 $ 11.82 $ 11.06 $ 9.76 $ 10.00
-------- -------- ------- ------- -------
INVESTMENT ACTIVITIES:
Net investment loss (0.05) (0.08) (0.04) (0.08) 0.00
Net gains (losses) from investments
and foreign currency related items
(both realized and unrealized) 1.01 7.52 0.80 1.38 (0.24)
-------- -------- ------- ------- -------
Total from investment activities 0.96 7.44 0.76 1.30 (0.24)
-------- -------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 20.22 $ 19.26 $ 11.82 $ 11.06 $ 9.76
======== ======== ======= ======= =======
Total return 4.98%(2) 62.94% 6.87% 13.34% (2.40)%(2)
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted) $192,940 $151,784 $62,055 $30,520 $12,400
Ratio of expenses to average net assets 1.43%(3)(4) 1.41%(4) 1.40%(4) 1.40%(4) 1.41%(3)(4)
Ratio of net income (loss) to average
net assets (.60)%(3) (.87)% (.83)% (.75)% .80%(3)
Decrease reflected in above operating
expense ratios due to waivers/
reimbursements .10%(3) .18% .30% .18% 4.16%(3)
Portfolio turnover rate 22.12% 44.38% 73.18% 238.12% 6.80%
<FN>
--------------------------------------------------------------------------------
(1) For the period September 30, 1996 (commencement of operations) through
December 31, 1996.
(2) Non-annualized.
(3) Annualized.
(4) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expenses. These arrangements resulted in a reduction to
the Portfolio's net expense ratio by .03% for the six months ended June 30,
2000 and .01%, .00%, .00% and .01% for each of the years or period ended
December 31, 1999, 1998, 1997 and 1996, respectively. The Portfolio's
operating expense ratio after reflecting these arrangements was 1.40% for
the six months ended June 30, 2000 and 1.40%, 1.40%, 1.40%, and 1.40% for
each of the years or period ended December 31, 1999, 1998, 1997 and 1996,
respectively.
</FN>
</TABLE>
See Accompanying Notes to Financial Statements.
54
<PAGE>
WARBURG PINCUS TRUST -- VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED DECEMBER 31,
JUNE 30, 2000 -----------------------------------
(UNAUDITED) 1999 1998 1997(1)
------------- ------- ------- ------
<S> <C> <C> <C> <C>
PER SHARE DATA
Net asset value, beginning of period $ 11.89 $ 11.48 $ 10.33 $10.00
------- ------- ------- ------
INVESTMENT ACTIVITIES:
Net investment income 0.06 0.33 0.09 0.04
Net gains (losses) from investments and
foreign currency related items (both
realized and unrealized) (0.35) 0.38 1.16 0.35
------- ------- ------- ------
Total from investment activities (0.29) 0.71 1.25 0.39
------- ------- ------- ------
LESS DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income 0.00 (0.11) (0.10) (0.03)
Return of capital 0.00 0.00 0.00 (0.03)
Distributions from net realized gains 0.00 (0.19) 0.00 0.00
------- ------- ------- ------
Total dividends and distributions 0.00 (0.30) (0.10) (0.06)
------- ------- ------- ------
NET ASSET VALUE, END OF PERIOD $ 11.60 $ 11.89 $ 11.48 $10.33
======= ======= ======= ======
Total return (2.44)%(2) 6.24% 12.13% 3.89%(2)
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted) $22,080 $20,153 $14,381 $1,993
Ratio of expenses to average net assets 1.02%(3)(4) 1.01%(4) 1.00%(4) 1.00%(3)(4)
Ratio of net income to average net assets 1.18%(3) .91% 1.11% 2.08%(3)
Decrease reflected in above operating
expense ratios due to
waivers/reimbursements .31%(3) .34% 1.22% 9.37%(3)
Portfolio turnover rate 34.81% 102.13% 57.93% 64.38%
<FN>
--------------------------------------------------------------------------------
(1) For the period October 31, 1997 (commencement of operations) through
December 31, 1997.
(2) Non-annualized.
(3) Annualized.
(4) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements resulted in a reduction to
the Portfolio's net expense ratio by .02% for the six months ended June 30,
2000 and .01%, .00% and .00% for each of the years or period ended December
31, 1999, 1998 and 1997, respectively. The Portfolio's operating expense
ratio after reflecting these arrangements was 1.00% for the six months
ended June 30, 2000 and 1.00%, 1.00%, and 1.00% for each of the years or
period ended December 31, 1999, 1998 and 1997.
</FN>
</TABLE>
See Accompanying Notes to Financial Statements.
55
<PAGE>
WARBURG PINCUS TRUST -- EMERGING MARKETS PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED DECEMBER 31,
JUNE 30, 2000 -------------------------------
(UNAUDITED) 1999 1998
----------- ---------- ----------
<S> <C> <C> <C>
PER SHARE DATA
Net asset value, beginning of period $ 14.18 $ 8.19 $10.00
------- ------- ------
INVESTMENT ACTIVITIES:
Net investment income 0.17 0.05(1) 0.10
Net gains (losses) from investments and foreign
currency related items (both realized and unrealized) (1.35) 6.56 (1.83)
------- ------- ------
Total from investment activities (1.18) 6.61 (1.73)
------- ------- ------
LESS DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income 0.00 (0.04) (0.08)
Distributions from net realized capital gains 0.00 (0.58) 0.00
------- ------- ------
Total Dividends and Distributions 0.00 (0.62) (0.08)
------- ------- ------
NET ASSET VALUE, END OF PERIOD $ 13.00 $ 14.18 $ 8.19
======= ======= ======
Total return (8.32)%(2) 81.40% (17.30)%
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted) $36,118 $16,781 $2,696
Ratio of expenses to average net assets 1.42%(3)(4) 1.42%(4) 1.40%(4)
Ratio of net income (loss) to average net assets 3.30%(3) (.19)% 2.09%
Decrease reflected in above operating
expense ratios due to waivers/reimbursements .23%(3) 1.73% 6.81%
Portfolio turnover rate 113.07% 145.38% 21.29%
--------------------------------------------------------------------------------
<FN>
(1) Per share information is calculated using the average shares outstanding
method.
(2) Non-annualized.
(3) Annualized.
(4) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements resulted in a reduction to
the Portfolio's net expense ratio by .02% for the six months ended June 30,
2000 and .02% and .00% for each of the years ended December 31, 1999 and
1998, respectively. The Portfolio's operating expense ratio after reflecting
these arrangements was 1.40% for the six months ended June 30, 2000 and
1.40% and 1.40% for each of the years ended December 31, 1999 and 1998
respectively.
</FN>
</TABLE>
See Accompanying Notes to Financial Statements.
56
<PAGE>
WARBURG PINCUS TRUST -- EMERGING GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE SIX SEPTEMBER 13, 1999
MONTHS ENDED (COMMENCEMENT OF
JUNE 30, 2000 OPERATIONS) THROUGH
(UNAUDITED) DECEMBER 31, 1999
------------- -------------------
<S> <C> <C>
PER SHARE DATA
Net asset value, beginning of period $ 13.07 $10.00
------- ------
INVESTMENT ACTIVITIES:
Net investment income 0.04 0.04
Net gains from investments and foreign currency
related items (both realized and unrealized) 1.58 3.14
------- ------
Total from investment activities 1.62 3.18
------- ------
LESS DIVIDENDS:
Dividends from net investment income 0.00 (0.11)
------- ------
NET ASSET VALUE, END OF PERIOD $ 14.69 $13.07
======= ======
Total return 12.39%(1) 31.95%(1)
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000s omitted) $38,241 $6,624
Ratio of expenses to average net assets 1.26%(2)(3) 1.25%(2)(3)
Ratio of net income to average net assets (.27)%(2) .01%(2)
Decrease reflected in above operating expense
ratios due to waivers/reimbursements. .43%(2) 9.91%(2)
Portfolio turnover rate 74.41% 31.21%
--------------------------------------------------------------------------------
<FN>
(1) Non-annualized.
(2) 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 Portfolio's net expense ratio by .01% for the six months ended June 30,
2000 and had no effect for the period ended December 31, 1999. The
Portfolio's operating expense ratio after reflecting these arrangements was
1.25% for the six months ended June 30, 2000 and 1.25% for the period ended
December 31, 1999.
</FN>
</TABLE>
See Accompanying Notes to Financial Statements.
57
<PAGE>
WARBURG PINCUS TRUST
NOTES TO FINANCIAL STATEMENTS
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Warburg Pincus Trust (the "Trust"), a Massachusetts Business Trust, is an
open-end management investment company registered under the Investment Company
Act of 1940 (the "1940 Act"), as amended, and currently offers six investment
Portfolios (the "Portfolios"). The International Equity Portfolio
("International Equity"), Global Post-Venture Capital Portfolio ("Global
Post-Venture Capital"), formerly the Post-Venture Capital Portfolio, and the
Value Portfolio ("Value"), formerly the Growth and Income Portfolio, are
diversified. The Small Company Growth Portfolio ("Small Company Growth"), the
Emerging Markets Portfolio ("Emerging Markets") and the Emerging Growth
Portfolio ("Emerging Growth") are non-diversified.
Investment objectives for each Portfolio are as follows: International Equity
seeks long-term capital appreciation; Small Company Growth seeks capital growth;
Global Post-Venture Capital and Emerging Markets seek long-term growth of
capital; Value seeks long-term growth of capital and income; and Emerging Growth
seeks maximum capital appreciation. Shares of a Portfolio are not available
directly to individual investors but may be offered only through (a)
variable-annuity contracts and variable life insurance contracts offered by
separate accounts of certain insurance companies and (b) tax-qualified pension
and retirement plans. Certain Portfolios may not be available in connection with
a particular contract or plan.
The net asset value ("NAV") of each Portfolio is determined daily as of the
close of regular trading on the New York Stock Exchange. Each Portfolio's
investments are valued at market value, which is generally determined using the
last reported sales price. If no sales are reported, investments are generally
valued at the mean between the last reported bid and asked prices. If market
quotations are not readily available, securities and other assets are valued by
another method that the Board of Trustees believes accurately reflects fair
value. Debt that will mature in 60 days or less is valued on the basis of
amortized cost, which approximates market value, unless the Board determines
that using this method would not reflect an investment's value.
Global Post-Venture Capital initially values its investments in
private-equity portfolios at cost. After that, the Portfolio values these
investments according to reports from the private-equity portfolios that Abbott
Capital Management, LLC ("Abbott"), the Portfolio's sub-investment adviser,
generally receives on a quarterly basis. The Portfolio's NAV typically will not
reflect interim changes in the values of its private-equity-portfolio
investments.
The books and records of the Portfolios are maintained in U.S. dollars.
Transactions denominated in foreign currencies are recorded at the current
58
<PAGE>
WARBURG PINCUS TRUST
NOTES TO FINANCIAL STATEMENTS (CONT'D)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES -- (CONT'D)
prevailing exchange rates. All assets and liabilities denominated in foreign
currencies are translated into U.S. dollar amounts at the current exchange rate
at the end of the period. Translation gains or losses resulting from changes in
the exchange rate during the reporting period and realized gains and losses on
the settlement of foreign currency transactions are reported in the results of
operations for the current period. The Portfolios do not isolate that portion of
gains and losses on investments in equity securities which is due to changes in
the foreign exchange rate from that which is due to changes in market prices of
equity securities. The Portfolios isolate that portion of gains and losses on
investments in debt securities which is due to changes in the foreign exchange
rate from that which is due to changes in market prices of debt securities.
International Equity, Emerging Markets and Global Post-Venture Capital may
invest in securities of foreign countries and governments which involve certain
risks in addition to those inherent in domestic investments. Such risks
generally include, among others, currency risk (fluctuations in currency
exchange rates), information risk (key information may be inaccurate or
unavailable) and political risk (expropriation, nationalization or the
imposition of capital or currency controls or punitive taxes). Other risks of
investing in foreign securities include liquidity and valuation risks.
A Portfolio's investments in securities of issuers located in less developed
countries considered to be "emerging markets" involve risks in addition to those
generally applicable to foreign securities. Focusing on emerging (less
developed) markets involves higher levels of risk, including increased currency,
information, liquidity, market, political and valuation risks. Deficiencies in
regulatory oversight, market infrastructure, shareholder protections and company
laws could expose the Portfolio to operational and other risks as well. Some
countries may have restrictions that could limit the Portfolio's access to
attractive opportunities. Additionally, emerging markets often face serious
economic problems (such as high external debt, inflation and unemployment) that
could subject the Portfolio to increased volatility or substantial declines in
value.
Security transactions are accounted for on a trade date basis. Interest
income is recorded on the accrual basis. Dividends are recorded on the
ex-dividend date. The cost of investments sold is determined by use of the
specific identification method for both financial reporting and income tax
purposes.
59
<PAGE>
WARBURG PINCUS TRUST
NOTES TO FINANCIAL STATEMENTS (CONT'D)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES -- (CONT'D)
Some Portfolios may enter into forward currency contracts for the purchase or
sale of a specific foreign currency at a fixed price on a future date. Risks may
arise upon entering into these contracts from the potential inability of
counter-parties to meet the terms of their contracts and from unanticipated
movements in the value of a foreign currency relative to the U.S. dollar. Each
Portfolio will enter into forward foreign currency contracts primarily for
hedging purposes. Forward foreign currency contracts are adjusted by the daily
exchange rate of the underlying currency and any gains or losses are recorded
for financial statement purposes as unrealized until the contract settlement
date or an offsetting position is entered into. At June 30, 2000, none of the
Portfolios had open forward foreign currency contracts.
Dividends from net investment income and distributions of net realized
capital gains, if any, are declared and paid at least annually. However, to the
extent that a net realized capital gain can be reduced by a capital loss
carryover, such gain will not be distributed. Income and capital gain
distributions are determined in accordance with federal income tax regulations
which may differ from generally accepted accounting principles.
No provision is made for federal income taxes as it is the Trust's intention
to have each Portfolio continue to qualify for and elect the tax treatment
applicable to regulated investment companies under the Internal Revenue Code of
1986, as amended (the "Code"), and make the requisite distributions to its
shareholders which will be sufficient to relieve it from federal income and
excise taxes.
Costs incurred by the Trust in connection with its organization have been
deferred and are being amortized over a period of five years from the date the
Trust commenced its operations. Costs incurred by the Portfolios in connection
with the offering of their shares have been deferred and are being amortized
over a one year period from the date each Portfolio commenced its operations.
The Portfolios may be subject to taxes imposed by countries in which they
invest, with respect to their investments in issuers existing or operating in
such countries. Such taxes are generally based on income earned or repatriated
and capital gains realized on the sale of such investments. The Portfolios
accrue such taxes when the related income or capital gains are earned.
Pursuant to an exemptive order issued by the Securities and Exchange
Commission, each Portfolio, along with other Funds managed by Credit Suisse
Asset Management LLC ("CSAM"), can transfer uninvested cash
60
<PAGE>
WARBURG PINCUS TRUST
NOTES TO FINANCIAL STATEMENTS (CONT'D)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES -- (CONT'D)
balances to a pooled cash account, which is invested in repurchase agreements
secured by U.S. government securities. Securities pledged as collateral for
repurchase agreements are held by the Portfolios' 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. At June 30,
2000, none of the Portfolios had investments in repurchase agreements.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statement and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from these estimates.
The Portfolios have an arrangement with their transfer agent whereby interest
earned on uninvested cash balances is used to offset a portion of their transfer
agent expense. For the six months ended June 30, 2000, the Portfolios received
credits or reimbursements under the arrangement as follows:
PORTFOLIO AMOUNT
---------- ---------
International Equity $ 78,123
Small Company Growth 185,491
Global Post-Venture Capital 22,846
Value 2,555
Emerging Markets 3,434
Emerging Growth 746
2. INVESTMENT ADVISER, CO-ADMINISTRATORS AND DISTRIBUTOR
CSAM, which is an indirect wholly-owned U.S. subsidiary of Credit Suisse
Group, serves as each Portfolio's investment adviser. For its investment
advisory services, CSAM receives the following fees based on each portfolio's
average daily net assets:
PORTFOLIO ANNUAL RATE
---------- ---------------------------------
International Equity 1.00% of average daily net assets
Small Company Growth 0.90% of average daily net assets
Global Post-Venture Capital 1.25% of average daily net assets
Value 0.75% of average daily net assets
Emerging Markets 1.25% of average daily net assets
Emerging Growth 0.90% of average daily net assets
61
<PAGE>
WARBURG PINCUS TRUST
NOTES TO FINANCIAL STATEMENTS (CONT'D)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
2. INVESTMENT ADVISER, CO-ADMINISTRATORS AND DISTRIBUTOR -- (CONT'D)
For the period ended June 30, 2000, investment advisory fees, voluntary
waivers and reimbursements were as follows:
<TABLE>
<CAPTION>
GROSS NET EXPENSE
PORTFOLIO ADVISORY FEE WAIVER ADVISORY FEE REIMBURSEMENTS
--------- ------------ -------- ------------- --------------
<S> <C> <C> <C> <C>
International Equity $3,128,656 $ 0 $3,128,656 $ 0
Small Company Growth 6,605,858 0 6,605,858 0
Global Post-Venture Capital 1,137,194 (93,788) 1,043,406 0
Value 79,773 (16,600) 63,173 0
Emerging Markets 173,006 (15,762) 157,244 0
Emerging Growth 91,917 (9,492) 82,425 (23,946)
</TABLE>
Abbott serves as sub-investment adviser for Global Post-Venture Capital's
assets invested in U.S. or foreign private limited partnerships or other
investment Funds ("Private Fund Investments"). Pursuant to the sub-advisory
agreement between Abbott and CSAM, Abbott is entitled to a quarterly fee from
CSAM at the annual rate of 1.00% of the net asset value of Private Fund
Investments, which fee amount or a portion thereof may be waived by Abbott. No
compensation is paid by Global Post-Venture Capital to Abbott for its
sub-investment advisory services.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), a wholly-owned
subsidiary of CSAM, and PFPC Inc. ("PFPC"), an indirect subsidiary of PNC
Financial Services Group, Inc. ("PNC"), also serve as each Portfolio's
co-administrator. For its administrative services, CSAMSI receives a fee
calculated at an annual rate of .10% of each Portfolios' average daily net
assets.
For the six months ended June 30, 2000, co-administrative services fees
earned by CSAMSI were as follows:
PORTFOLIO CO-ADMINISTRATION FEE
-------- ---------------------
International Equity $312,866
Small Company Growth 733,984
Global Post-Venture Capital 90,975
Value 10,636
Emerging Markets 13,840
Emerging Growth 10,213
For its administrative services to Small Company Growth, Global Post-Venture
Capital and Emerging Growth, PFPC currently receives a fee, exclusive of
out-of-pocket expenses, based on the following fee structure:
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ ---------------------------------
First $500 million .100% of average daily net assets
Next $1 billion .075% of average daily net assets
Over $1.5 billion .050% of average daily net assets
62
<PAGE>
WARBURG PINCUS TRUST
NOTES TO FINANCIAL STATEMENTS (CONT'D)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
2. INVESTMENT ADVISER, CO-ADMINISTRATORS AND DISTRIBUTOR -- (CONT'D)
For its administrative services to Value, PFPC currently receives a fee,
exclusive of out-of-pocket expenses, based on the following fee structure:
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ --------------------------------
First $500 million .15% of average daily net assets
Next $1 billion .10% of average daily net assets
Over $1.5 billion .05% of average daily net assets
For its administrative services to International Equity and Emerging Markets,
PFPC currently receives a fee, exclusive of out-of-pocket expenses, based on the
following fee structure:
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ --------------------------------
First $250 million .12% of average daily net assets
Second $250 million .10% of average daily net assets
Third $250 million .08% of average daily net assets
Over $750 million .05% of average daily net assets
For the six months ended June 30, 2000, administrative services fees earned
and voluntarily waived by PFPC (including out-of-pocket expenses) were as
follows:
<TABLE>
<CAPTION>
GROSS NET
PORTFOLIO CO-ADMINISTRATION FEE WAIVER CO-ADMINISTRATION FEE
-------- --------------------- -------- ---------------------
<S> <C> <C> <C>
International Equity $332,239 $ 0 $332,239
Small Company Growth 603,411 0 603,411
Global Post-Venture Capital 93,060 0 93,060
Value 17,890 (15,955) 1,935
Emerging Markets 21,490 (16,608) 4,882
Emerging Growth 10,642 (10,213) 429
</TABLE>
Provident Distributors, Inc. serves as distributor of each Portfolio's shares
without compensation. Effective August 1, 2000, Credit Suisse Asset Management
Securities, Inc. will become distributor to the Trust without compensation.
3. LINE OF CREDIT
The Portfolios, together with other Funds advised by CSAM, have established a
$350 million committed, unsecured, line of credit facility ("Credit Facility")
with Deutche Bank, AG as administrative agent, State Street Bank and Trust
Company as operations agent, Bank of Nova Scotia as syndication agent and
certain other lenders, for temporary or emergency purposes primarily relating to
unanticipated Fund share redemptions. Under the terms of the Credit Facility,
the Funds with access to the Credit Facility pay an aggregate commitment fee at
a rate of .075% per annum on the entire amount of the Credit Facility, which is
allocated among the participating Funds in such manner as is determined by the
governing Boards of the
63
<PAGE>
WARBURG PINCUS TRUST
NOTES TO FINANCIAL STATEMENTS (CONT'D)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
3. LINE OF CREDIT -- (CONT'D)
various Funds. In addition, the participating Funds will pay interest on
borrowing at the Federal funds rate plus .50%. At June 30, 2000, there were no
loans outstanding for any of the Portfolios. During the six months ended June
30, 2000, borrowings under the Credit Facility were as follows:
AVERAGE DAILY AVERAGE MAXIMUM DAILY
PORTFOLIO LOAN BALANCE INTEREST RATE % LOAN OUTSTANDING
--------- ------------- --------------- ----------------
International Equity $84,448 6.836% $6,633,000
Emerging Markets 21,123 6.397% 1,468,000
4. INVESTMENTS IN SECURITIES
For the six months ended June 30, 2000, purchases and sales of investment
securities (excluding short-term investments) were as follows:
PORTFOLIO PURCHASES SALES
--------- ------------ ------------
International Equity $319,862,545 $323,854,323
Small Company Growth 711,587,570 582,462,159
Global Post-Venture Capital 117,167,037 87,459,903
Value 9,531,911 6,982,169
Emerging Markets 49,198,712 27,334,079
Emerging Growth 43,664,378 14,177,002
At June 30, 2000, the net unrealized appreciation from investments for those
securities having an excess of value over cost and net unrealized depreciation
from investments for those securities having an excess of cost over value (based
on cost for federal income tax purposes) were as follows:
<TABLE>
<CAPTION>
NET UNREALIZED
UNREALIZED UNREALIZED APPRECIATION
PORTFOLIO APPRECIATION DEPRECIATION (DEPRECIATION)
-------- ------------ -------------- -------------
<S> <C> <C> <C>
International Equity $ 107,144,412 $ (28,859,283) $ 78,285,129
Small Company Growth 440,443,545 (148,404,010) 292,039,535
Global Post-Venture Capital 50,299,968 (8,567,595) 41,732,373
Value 2,110,587 (2,065,107) 45,480
Emerging Markets 2,512,997 (2,135,892) 377,105
Emerging Growth 6,406,158 (1,163,077) 5,243,081
</TABLE>
5. RESTRICTED SECURITIES
Certain Small Company Growth and Global Post-Venture Capital investments are
restricted as to resale and are valued as determined by or under the direction
of the Board in good faith, at fair value. The table below shows the acquisition
dates, aggregate cost, fair value as of June 30, 2000 and percent of net assets
which the securities represent.
<TABLE>
<CAPTION>
SECURITY ACQUISITION MARKET PERCENTAGE
PORTFOLIO DESCRIPTION DATE COST VALUE OF NET ASSETS
--------- ------------------------- ----------- -------- -------- --------------
<S> <C> <C> <C> <C> <C>
Small Company Growth Southern Mineral Corp. 12/20/96 $794,813 $ 95,378 0.00%
Global Post-Venture Capital Chaparral Resources, Inc. 07/28/98 250,000 18,057 0.01%
MaMaMedia, Inc. 09/13/99 499,994 499,997 0.30%
</TABLE>
64
<PAGE>
WARBURG PINCUS TRUST
NOTES TO FINANCIAL STATEMENTS (CONT'D)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
6. CAPITAL SHARE TRANSACTIONS
Each Portfolio is authorized to issue an unlimited number of full and
fractional shares of beneficial interest, par value $.001 per share.
Transactions in shares of each Portfolio were as follows:
<TABLE>
<CAPTION>
INTERNATIONAL EQUITY SMALL COMPANY GROWTH
----------------------------- ---------------------------
FOR THE FOR THE
SIX MONTHS FOR THE SIX MONTHS FOR THE
ENDED YEAR ENDED YEAR
JUNE 30, ENDED JUNE 30, ENDED
2000 DECEMBER 31, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999
----------- ------------ ----------- -----------
<S> <C> <C> <C> <C>
Shares sold 69,645,111 105,705,211 15,918,921 15,117,273
Shares issued to shareholders on reinvestment
of dividends and distributions 0 339,565 0 1,548,475
Shares redeemed (65,444,839) (102,235,233) (10,241,581) (13,998,434)
----------- ------------ ----------- -----------
Net increase in shares outstanding 4,200,272 3,809,543 5,677,340 2,667,314
=========== ============ =========== ===========
GLOBAL POST-VENTURE CAPITAL VALUE
----------------------------- ---------------------------
FOR THE FOR THE
SIX MONTHS FOR THE SIX MONTHS FOR THE
ENDED YEAR ENDED YEAR
JUNE 30, ENDED JUNE 30, ENDED
2000 DECEMBER 31, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999
----------- ------------ ----------- -----------
Shares sold 6,747,510 10,839,440 1,252,462 972,221
Shares issued to shareholders on reinvestment
of dividends and distributions 0 0 0 44,754
Shares redeemed (5,084,494) (8,211,345) (1,044,559) (574,620)
----------- ------------ ----------- -----------
Net increase in shares outstanding 1,663,016 2,628,095 207,903 442,355
=========== ============ =========== ===========
EMERGING MARKETS EMERGING GROWTH
----------------------------- ---------------------------
FOR THE FOR THE
SIX MONTHS FOR THE SIX MONTHS FOR THE
ENDED YEAR ENDED YEAR
JUNE 30, ENDED JUNE 30, ENDED
2000 DECEMBER 31, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999
----------- ------------ ----------- -----------
Shares sold 2,920,043 1,078,529 2,168,827 508,976
Shares issued to shareholders on reinvestment
of dividends and distributions 0 47,149 0 3,097
Shares redeemed (1,325,858) (271,684) (72,068) (5,215)
----------- ------------ ----------- -----------
Net increase in shares outstanding 1,594,185 853,994 2,096,759 506,858
=========== ============ =========== ===========
<FN>
* Inception date September 13, 1999.
</FN>
</TABLE>
65
<PAGE>
WARBURG PINCUS TRUST
NOTES TO FINANCIAL STATEMENTS (CONT'D)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
7. CAPITAL LOSS CARRYOVER
At December 31, 1999, Global Post-Venture Capital had capital loss carryovers
available to offset possible future capital gains of $2,734,157 expiring in
2006. During the fiscal year ended December 31, 1999, International Equity,
Small Company Growth, Global Post-Venture Capital, Value and Emerging Markets
utilized $42,448,391, $41,329,403, $2,501,445, $406,891 and $184,106,
respectively, of capital losses.
8. SUBSEQUENT EVENTS
At a meeting of the Board of Trustees held on May 1, 2000, the Trustees,
including a majority of the Trustees who are not "interested persons" (as
defined in the 1940 Act), approved a new sub-advisory agreement amoung Emerging
Markets, CSAM and Credit Suisse Asset Management Limited (the "Sub-Advisory
Agreement"). At a special meeting of shareholders held on July 14, 2000, the
shareholders approved the Sub-Advisory Agreement.
RESULTS OF SPECIAL MEETING OF SHAREHOLDERS
At a special meeting of shareholders held on July 14, 2000, the following
proposal was submitted for the vote of shareholders of the Emerging Markets
Portfolio of the Warburg Pincus Trust. The proposal and voting results were:
To approve a Sub-Investment Advisory Agreement among each Fund, Credit Suisse
Asset Management LLC and Credit Suisse Asset Management Limited.
<TABLE>
<CAPTION>
% OF SHARES TO TOTAL % OF SHARES TO TOTAL
EMERGING MARKETS FUND SHARES OUTSTANDING SHARES SHARES VOTED
--------------------- ------------- -------------------- --------------------
<S> <C> <C> <C>
For 2,231,584.509 90.2665% 91.5469%
Against 50,412.462 2.0392% 2.0681%
Abstain 155,644.773 6.2958% 6.3851%
</TABLE>
66
<PAGE>
This page intentionally left blank
<PAGE>
This page intentionally left blank
<PAGE>
[GRAPHIC OMITTED]
WARBURG PINCUS FUNDS
PART OF CREDIT SUISSE ASSET MANAGEMENT
P.O. BOX 9030, BOSTON, MA 02205-9030
800-222-8977 (BULLET) www.warburg.com
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. TREQF-3-0600
