<PAGE>
DLJ MONEY FUNDS -- STATEMENT OF INVESTMENTS October 31, 2000
--------------------------------------------------------------------------------
DLJ MUNICIPAL MONEY FUND
<TABLE>
<CAPTION>
PRINCIPAL
MUNICIPAL AMOUNT VALUE
OBLIGATIONS -- 92.4% ----------- -----------
<S> <C> <C>
ALASKA -- 2.1%
City of Valdez, AK Marine CP Arco
Transmission Project
(LOC: Atlantic Richfield Co.)
4.200%, 11/10/00.................. $ 1,000,000 $ 1,000,000
City of Valdez, AK Marine Air
Terminal Exxon Pipeline Company
Project (LOC: Exxon Corp.) VRDN
4.600'D'.......................... 200,000 200,000
-----------
1,200,000
-----------
ARIZONA -- 0.5%
Maricopa County, AZ PCR
(LOC: Morgan Guaranty Trust Co.)
VRDN 4.600%'D'.................... 300,000 300,000
-----------
COLORADO -- 3.5%
City & County of Denver, CO Airport
System CP
(LOC: Bayerische Landesbank)
4.250%, 12/08/00'DD'.............. 2,000,000 2,000,000
-----------
FLORIDA -- 1.8%
Florida Local Government Financial
Commission CP
(LOC: First Union National Bank of
Florida) 4.250%, 12/07/00'DD'..... 1,000,000 1,000,000
-----------
IDAHO -- 3.6%
Idaho State TANS
5.375%, 06/29/01.................. 2,000,000 2,012,658
-----------
ILLINOIS -- 5.0%
Southwestern, IL Development
Authority SWDR (Wood River Project)
(LOC: Shell Oil Co.) VRDN
4.750%'D''DD'....................... 2,800,000 2,800,000
-----------
KENTUCKY -- 4.3%
Louisville & Jefferson County, KY
Airport Authority
(LOC: UPS, Inc.)
VRDN 4.700%'D''DD'................ 1,600,000 1,600,000
VRDN 4.650%'D''DD'................ 800,000 800,000
-----------
2,400,000
-----------
LOUISIANA -- 4.3%
Calcasieu Parish, LA Public
Transportation Authority SWDR
(WPT Corporate Project) (LOC:
Morgan Guaranty Trust) VRDN
4.350%'D''DD'..................... 100,000 100,000
Lake Charles Harbor & Terminal
Distribution Port
Revenue (LOC: Credit Local de
France) VRDN 4.350%'D''DD'........ 1,000,000 1,000,000
Louisiana State Offshore Terminal
Authority Deepwater Port Revenue
(LOC: Loop, Inc.) VRDN
4.600%'D''DD'..................... 1,300,000 1,300,000
-----------
2,400,000
-----------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -----------
<S> <C> <C>
MARYLAND -- 3.5%
Baltimore County, MD PCR CP
(LOC: Westdeutsche Landesbank)
4.350%, 11/15/00.................. $ 2,000,000 $ 2,000,000
-----------
MASSACHUSETTS -- 2.6%
Massachusetts State Water Reserve CP
(LOC: Morgan Guaranty Trust)
4.300%, 11/16/00.................. 1,500,000 1,500,000
-----------
MICHIGAN -- 20.5%
Detroit, MI Water Supply System
(LIQ: FGIC) VRDN 4.300%'D'........ 800,000 800,000
Michigan State HDA (Laurel Valley)
(LOC: Bank One Michigan) VRDN
4.400%'D'......................... 2,800,000 2,800,000
Michigan State HDA (Harbortown,
Ltd.) (LOC: Bankers Trust Co.)
VRDN 4.525%'D'.................... 1,000,000 1,000,000
Michigan State HDA (Pine Ridge)
(LOC: Bank One Michigan) VRDN
4.400%'D'......................... 1,300,000 1,300,000
Michigan State Strategic PCR
(Consumer's Power Project) (LOC:
Consumer's Power Co.) VRDN
4.650%'D'......................... 2,500,000 2,500,000
University of Michigan
VRDN 4.650%'D'.................... 3,200,000 3,200,000
-----------
11,600,000
-----------
NEBRASKA -- 2.7%
Nebraska Higher Education Loan
Program Ser. C (LOC: SLMA) VRDN
4.400%'D''DD'..................... 1,500,000 1,500,000
-----------
NEVADA -- 2.1%
Washoe County, NV Water Facility
Revenue (Sierra Pacific Power Co.
Project) (LOC: Union Bank of
Switzerland AG) VRDN
4.750%'D''DD'..................... 1,200,000 1,200,000
-----------
NORTH CAROLINA -- 4.1%
Winston-Salem, NC CP
(LOC: Wachovia Bank & Trust)
4.300%, 02/09/01.................. 2,300,000 2,300,000
-----------
OHIO -- 1.8%
Ohio State Air Quality Development
Authority (LOC: Societe Generale)
VRDN 4.300%'D''DD'................ 1,000,000 1,000,000
-----------
SOUTH CAROLINA -- 3.5%
Berkeley County, SC IDR
(LOC: Nucor Corp.) VRDN
4.400%'D''DD'..................... 2,000,000 2,000,000
-----------
</TABLE>
See notes to financial statements.
<PAGE>
DLJ MONEY FUNDS -- STATEMENT OF INVESTMENTS October 31, 2000 (continued)
--------------------------------------------------------------------------------
DLJ MUNICIPAL MONEY FUND (continued)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -----------
<S> <C> <C>
TEXAS -- 22.1%
Austin, TX Utility System Revenue
6.500%, 05/15/11 (prerefunded
05/15/01)(a)...................... $ 2,000,000 $ 2,062,516
Guadalupe-Blanco River Authority of
Texas PCR (Central Power & Light
Co. Project) (LOC: Barclays Bank
PLC) VRDN 4.650%'D''DD'........... 800,000 800,000
Gulf Coast Waste Disposal Authority
of Texas (Amoco Oil Company
Project) (LOC: Amoco Corp.) VRDN
4.750%'D''DD'..................... 2,900,000 2,900,000
Gulf Coast Waste Disposal Authority
of Texas (Exxon Project) (LOC:
Exxon Asset Funding Co.) VRDN
4.600%'D''DD'..................... 1,200,000 1,200,000
Lower Neches Valley Authority (Mobil
Oil Refining Corp.
Project) (LOC: Mobil Oil Corp.)
VRDN 4.700%'D''DD'................ 1,000,000 1,000,000
Sabine River Authority of Texas PCR
(LOC: Texas Utilities Electric
Co.) 4.750%'D''DD'................ 1,100,000 1,100,000
Texas State TRANS Ser. A
5.250%, 08/31/01.................. 2,300,000 2,317,937
Trinity River Authority, TX PCR
(Texas Utilities Electric Company
Project) (LOC: AMBAC) VRDN
4.750%'D''DD'..................... 1,100,000 1,100,000
-----------
12,480,453
-----------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -----------
<S> <C> <C>
WISCONSIN -- 4.4%
Carlton, WI PCR (LOC: Wisconsin
Power & Light Co.) VRDN
4.500%'D''DD'..................... $ 2,500,000 $ 2,500,000
-----------
TOTAL MUNICIPAL OBLIGATIONS
(amortized cost $52,193,111)...... 52,193,111
-----------
<CAPTION>
<S> <C> <C>
REGISTERED INVESTMENT
COMPANIES -- 7.3%
(amortized cost $4,146,231)
SHARES
-----------
Federated Tax-Free Obligations
Fund.............................. 4,146,231 4,146,231
-----------
TOTAL INVESTMENTS -- 99.7%
(amortized cost $56,339,342)..................... 56,339,342
-----------
CASH AND OTHER ASSETS
NET OF LIABILITIES -- 0.3%.......... 148,185
-----------
NET ASSETS -- 100.0%................. $56,487,527
-----------
-----------
</TABLE>
'DD' Subject to Alternative Minimum Tax.
'D' Securities payable on demand. Rate shown is rate in effect at October 31,
2000. This rate is subject to change and is based on bank prime rates or an
index of market interest rates.
(a) Bonds which are prerefunded are collateralized by U.S. government securities
which are held in escrow and can be used to pay principal and interest on
the municipal issue and to retire the bonds in full at the earliest
refunding date.
ABBREVIATIONS USED IN THE PORTFOLIO
<TABLE>
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation PCR Pollution Control Revenue Bond
CP Commercial Paper SLMA Student Loan Marketing Association
FGIC Financial Guaranty Insurance Corporation SWDR Solid Waste Disposal Revenue
HDA Housing Development Authority TANS Tax Anticipation Notes
IDR Industrial Development Revenue Bond TRANS Tax and Revenue Anticipation Notes
LIQ Liquidity Agreement VRDN Variable Rate Demand Note
LOC Letter of Credit
</TABLE>
See notes to financial statements.
<PAGE>
DLJ MONEY FUNDS -- STATEMENT OF INVESTMENTS October 31, 2000
--------------------------------------------------------------------------------
DLJ U.S. GOVERNMENT MONEY FUND
<TABLE>
<CAPTION>
U.S. GOVERNMENT PRINCIPAL
OBLIGATIONS -- 4.3% AMOUNT VALUE
------------ -----------
<S> <C> <C>
U.S. Treasury Bills
6.090%, 03/15/01*........... $ 1,975,000 $ 1,931,590
5.830%, 08/30/01*........... 650,000 618,456
-----------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(amortized cost
$2,550,046)................. 2,550,046
-----------
U.S. GOVERNMENT
AGENCIES -- 63.3%
Federal Farm Credit Bank
5.650%, 12/29/00............ 1,000,000 998,731
Federal Home Loan Bank
5.900%, 12/04/00............ 1,000,000 999,102
5.970%, 12/12/00............ 4,000,000 3,995,964
6.050%, 11/03/00............ 5,000,000 4,999,786
6.500%, 01/26/01............ 1,000,000 1,000,000
Federal Home Loan Mortgage
Corp.
6.510%, 04/26/01............ 2,000,000 1,998,454
6.400%, 02/08/01............ 1,500,000 1,497,949
5.375%, 03/01/01............ 1,000,000 993,967
Federal National Mortgage
Association
5.900%, 12/01/00........... 2,000,000 1,998,441
12.000%, 11/13/00........... 2,770,000 2,774,475
5.900%, 11/20/00........... 2,000,000 1,999,010
5.000%, 11/15/00........... 3,000,000 2,998,056
4.840%, 11/27/00........... 1,000,000 998,692
7.260%, 05/24/01........... 1,000,000 1,000,000
Federal National Mortgage
Association Discount Notes
6.407%*, 12/28/00........... 1,110,000 1,098,752
Student Loan Marketing
Association
FRN'D' 6.895%, 12/21/00..... 5,000,000 5,000,000
4.750%, 12/11/00............ 3,600,000 3,592,469
-----------
TOTAL U.S. GOVERNMENT AGENCIES
(amortized cost
$37,943,848)................ 37,943,848
-----------
<CAPTION>
REPURCHASE PRINCIPAL
AGREEMENTS -- 31.3% AMOUNT VALUE
------------ -----------
<S> <C> <C>
J.P. Morgan & Co., Inc.
6.620%, dated 10/31/00 due
11/01/00 in the amount of
$8,761,611 (fully
collateralized by $8,630,000
U.S. Treasury Notes 6.500%,
10/15/06, value $8,935,805)... $ 8,760,000 $ 8,760,000
Morgan Stanley Dean Witter &
Co., Inc. 6.500%, dated
10/25/00 due 11/01/00 in the
amount of $10,012,639 (fully
collateralized by
$10,920,000 U.S. Government
Agency Securities, 6.000%,
due 03/01/28 -- 01/01/29,
value $10,250,740).......... 10,000,000 10,000,000
-----------
TOTAL REPURCHASE AGREEMENTS
(amortized cost $18,760,000). 18,760,000
-----------
TOTAL INVESTMENTS -- 98.9%
(amortized cost $59,253,894). 59,253,894
-----------
CASH AND OTHER ASSETS
NET OF LIABILITIES -- 1.1%.. 671,751
-----------
NET ASSETS -- 100.0%......... $59,925,645
-----------
-----------
</TABLE>
* Securities purchased on a discount basis. The rate shown represents the
annualized yield to maturity at the time of purchase.
'D' Floating Rate Note. The interest rate shown is the rate in effect at
October 31, 2000.
See notes to financial statements.
<PAGE>
DLJ MONEY FUNDS -- STATEMENT OF ASSETS AND LIABILITIES October 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MUNICIPAL U.S. GOVERNMENT
MONEY FUND MONEY FUND
---------- ----------
<S> <C> <C>
ASSETS:
Investments in securities, at value (cost $56,339,342 and
$59,253,894, respectively) (including repurchase
agreements of $18,760,000 for the U.S. Government
Money Fund)............................................. $56,339,342 $59,253,894
Cash...................................................... -- 855
Interest receivable....................................... 338,310 956,980
Deferred organization costs (Note A)...................... 18,577 18,577
----------- -----------
Total assets.............................................. 56,696,229 60,230,306
----------- -----------
LIABILITIES:
Payable to advisor........................................ 34,589 37,965
Payable to distributor.................................... 12,374 12,992
Dividends payable......................................... 80,908 138,481
Accrued expenses and other liabilities.................... 80,831 115,223
----------- -----------
Total liabilities......................................... 208,702 304,661
----------- -----------
NET ASSETS.................................................. $56,487,527 $59,925,645
----------- -----------
----------- -----------
NET ASSETS CONSIST OF:
Capital paid-in........................................... $56,487,466 $59,929,880
Undistributed net investment income....................... 71 3,614
Accumulated net realized loss on investments.............. (10) (7,849)
----------- -----------
$56,487,527 $59,925,645
----------- -----------
----------- -----------
Shares outstanding........................................ 56,487,466 59,932,227
----------- -----------
----------- -----------
Net asset value and redemption value per share............ $1.00 $1.00
----- -----
----- -----
</TABLE>
STATEMENT OF OPERATIONS for the year ended October 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MUNICIPAL U.S. GOVERNMENT
MONEY FUND MONEY FUND
---------- ----------
<S> <C> <C>
INVESTMENT INCOME:
Interest.................................................. $2,274,270 $3,949,460
---------- ----------
EXPENSES:
Investment advisory fees (Note B)......................... 223,580 256,602
Distribution fees (Note B)................................ 139,738 160,376
Registration fees......................................... 25,000 33,000
Transfer agent fees....................................... 29,000 37,000
Custodian fees............................................ 46,000 44,500
Auditing fees............................................. 31,000 44,000
Printing fees............................................. 8,000 10,000
Trustees' fees (Note B)................................... 7,000 9,000
Legal fees................................................ 23,000 20,000
Miscellaneous............................................. 6,202 7,039
Amortization of organization costs (Note A)............... 14,168 14,168
---------- ----------
Total expenses.......................................... 552,688 635,685
Less expenses reimbursed by advisor (Note B)............ (49,632) (58,332)
---------- ----------
Net expenses............................................ 503,056 577,353
---------- ----------
NET INVESTMENT INCOME....................................... 1,771,214 3,372,107
---------- ----------
NET REALIZED LOSS ON INVESTMENTS............................ (10) (7,062)
---------- ----------
INCREASE IN NET ASSETS FROM OPERATIONS...................... $1,771,204 $3,365,045
---------- ----------
---------- ----------
</TABLE>
See notes to financial statements.
<PAGE>
DLJ MONEY FUNDS -- STATEMENT OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MUNICIPAL MONEY FUND U.S. GOVERNMENT MONEY FUND
------------------------- ---------------------------
YEAR ENDING YEAR ENDING
10/31/00 10/31/99 10/31/00 10/31/99
----------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income.................................. $ 1,771,214 $ 1,242,526 $ 3,372,107 $ 2,453,191
Net realized gain (loss) on investments................ (10) 71 (7,062) (787)
----------- ----------- ----------- -----------
Increase in net assets from operations................. 1,771,204 1,242,597 3,365,045 2,452,404
----------- ----------- ----------- -----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income...................................... (1,771,214) (1,242,526) (3,372,119) (2,453,191)
----------- ----------- ----------- -----------
CAPITAL STOCK TRANSACTIONS -- (NET) Note C.............. 12,140,649 (13,430,946) 55,525 3,181,019
----------- ----------- ----------- -----------
Total increase (decrease) in net assets................ 12,140,639 (13,430,875) 48,451 3,180,232
NET ASSETS:
Beginning of year...................................... 44,346,888 57,777,763 59,877,194 56,696,962
----------- ----------- ----------- -----------
End of year............................................ $56,487,527 $44,346,888 $59,925,645 $59,877,194
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Undistributed net investment income..................... $ 71 $ 71 $ 3,614 $ 3,626
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
</TABLE>
See notes to financial statements
NOTES TO FINANCIAL STATEMENTS October 31, 2000
--------------------------------------------------------------------------------
NOTE (A) SIGNIFICANT ACCOUNTING POLICIES. DLJ Money Funds ('Fund' or 'Funds')
consists of two portfolios (the 'Portfolios'), the DLJ Municipal Money Fund and
the DLJ U.S. Government Money Fund (together the 'Money Funds'), each a separate
diversified series of the DLJ Opportunity Funds (the 'Trust'). In addition, the
Trust consists of the DLJ International Equity Fund, the DLJ Developing Markets
Fund and the DLJ High Income Fund. The Trust was organized as a Delaware
business trust under the laws of Delaware on May 31, 1995 and is registered
under the Investment Company Act of 1940 (the 'Act'), as amended, as an open-end
management investment company. The Money Funds commenced operations on
February 24, 1997. On July 28, 2000, the Funds' Board of Trustees approved,
effective August 1, 2000, a change of the Funds' name from 'DLJ Winthrop' to
'DLJ'.
The Municipal Money Fund seeks maximum current income, consistent with liquidity
and safety of principal, that is exempt from federal income taxes by investing
principally in a diversified portfolio of municipal securities. The investment
objective of the U.S. Government Money Fund is maximum current income,
consistent with liquidity and safety of principal, by investing in a portfolio
of U.S. Government securities.
Each Portfolio is considered to be a separate entity for financial reporting and
tax purposes. It is the Funds' policy to maintain a continuous net asset value
of $1.00 per share for each Portfolio. The Fund has adopted certain investment,
portfolio valuation and dividend and distribution policies to enable it to do
so. There is no assurance, however, that each Portfolio will be able to maintain
a stable net asset value of $1.00 per share.
The Funds account separately for the assets, liabilities and operations of each
Portfolio. Expenses directly attributable to each Portfolio are charged to that
Portfolio's operations; expenses which are applicable to all portfolios are
allocated among them on a pro rata basis. The Funds' financial statements are
prepared in accordance with accounting principles generally accepted in the
United States which may require the use of management estimates and assumptions.
Actual results could differ from those estimates. The following is a summary of
significant accounting policies consistently followed by the Funds.
(1) SECURITY VALUATION: Securities are valued at amortized cost, which has been
determined by the Funds' Board of Trustees to represent the fair value of the
Funds' investments.
(2) REPURCHASE AGREEMENTS: The Funds may enter into repurchase agreements with
financial institutions, deemed to be creditworthy by the Funds' Advisor,
subject to the seller's agreement to repurchase and the Funds' agreement to
resell such securities at a mutually agreed-upon price. Securities purchased
subject to repurchase agreements are deposited with the Funds' custodian or
custodians authorized in accordance with guidelines approved by the Funds'
Trustees. Pursuant to the terms of the repurchase agreement, such securities
must have an aggregate market value greater than or equal to the repurchase
price plus accrued interest at all times. If the value of the underlying
securities falls below the value of the repurchase price plus accrued interest,
the Funds will require the seller to deposit additional collateral by the next
business day. If the request for additional collateral is not met, or the
seller defaults on its repurchase obligation, the Funds maintain the right to
sell the underlying securities at market value and may claim any resulting loss
against the seller.
(3) FEDERAL INCOME TAXES: The Funds intend to be treated as 'regulated
investment companies' under Sub-chapter M of the Internal Revenue Code and to
distribute substantially all of their net taxable income. Accordingly, no
provisions for federal income taxes have been made in the accompanying
financial statements. For federal income tax purposes, the cost of securities
owned at October 31, 2000 was substantially the same as the cost of securities
for financial statement purposes.
<PAGE>
The U.S. Government Money Fund had an unused capital loss carryover of $5,435
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to October 31, 2000. If not
applied, $787 of the carryover expires in fiscal 2007 and $4,648 expires in
fiscal 2008.
(4) INVESTMENT INCOME AND SECURITIES TRANSACTIONS: Interest income is accrued
daily. Security transactions are accounted for on the date securities are
purchased or sold. Discounts and premiums on securities purchased are amortized
in accordance with income tax regulations which approximate generally accepted
accounting principles. Security gains and losses are determined on the
identified cost basis.
(5) DIVIDENDS AND DISTRIBUTIONS: It is the policy of the Funds to declare
dividends daily from net investment income. Such dividends are paid monthly.
Dividends from net realized capital gain, if any, are normally declared and
paid annually, but the Funds may make distributions on a more frequent basis to
comply with the distribution requirements of the Internal Revenue Code. To the
extent that net realized capital gain can be offset by capital loss carryovers,
it is the policy of the Funds not to distribute such gain.
(6) DEFERRED ORGANIZATION COSTS: Costs incurred in connection with the Funds'
organization are being amortized on a straight-line basis over sixty months
commencing February 24, 1997.
NOTE (B) ADVISORY AND DISTRIBUTION SERVICES AGREEMENT: Donaldson, Lufkin &
Jenrette, Inc. ('DLJ') was acquired by Credit Suisse Group ('Credit Suisse') on
November 3, 2000 (the 'Acquisition'). Prior to the Acquisition, DLJ Asset
Management Group ('DLJAM'), a wholly-owned subsidiary of Donaldson, Lufkin &
Jenrette Securities Corporation ('DLJSC'), a wholly-owned subsidiary of DLJ,
served as advisor to the Funds. Credit Suisse combined the investment advisory
business of DLJAM with its existing U.S. asset management business, Credit
Suisse Asset Management, LLC ('CSAM'). Accordingly, CSAM presently acts as the
investment advisor to the Funds (the 'Advisor'). In anticipation of the
Acquisition, at a meeting held on October 26, 2000, the Board of Trustees of the
Funds approved an interim investment advisory agreement (the 'Interim Advisory
Agreement') with CSAM on behalf of the Funds. The Interim Advisory Agreement
will terminate upon the earlier of 150 days from November 3, 2000 which is
April 2, 2001 or the date of approval by the shareholders of a new investment
advisory agreement. Under the Interim Advisory Agreement with the Funds, the
Advisor will provide investment advisory services and order placement facilities
for the Funds and pay all compensation of Trustees of the Funds who are
affiliated persons of the Advisor. The Advisor or its affiliates will also
furnish the Funds, without charge, management supervision and assistance and
office facilities. The Funds will pay the Advisor at the following annual
percentage rates of the average daily net assets of each Portfolio: .40 of 1% of
each Portfolio's first $1 billion and .35 of 1% of the balance. Such fees will
be accrued daily and paid monthly.
The Advisor has undertaken, in writing, to limit total expenses to 0.90% of the
average daily net assets of each Fund. This arrangement will remain in place at
least until October 31, 2001 as long as the Advisor continues to act as advisor
to the Funds and may be extended thereafter at the discretion of the Advisor and
may only be terminated by the Board of Trustees. As a result of the limitation
of expenses, the Municipal Money Fund and U.S. Government Money Fund were
reimbursed $49,632 and $58,332, respectively, during the year ended October 31,
2000.
Pursuant to Rule 12b-1 under the Act, the Fund has entered into a Distribution
Services Agreement (the 'Agreement') with Credit Suisse Asset Management
Securities, Inc., the Fund's Distributor, under which the Fund pays a
distribution services fee to the Distributor at an annual rate of up to .25 of
1% of its average daily net assets. Under the Agreement, each Fund is obligated
to pay distribution and/or service fees to the Distributor for its distribution
and service activities as reimbursement for specific expenses incurred. In
addition, the Agreement provides that the Advisor may use its own resources
including fees from investment companies (including the Fund) to finance the
distribution of the Fund's shares.
Effective May 16, 2000, each Trustee who is not an affiliated person as defined
in the Act is paid a fee of $1,500 for each board meeting attended, a $500 fee
for each special meeting attended, a $250 fee for each audit committee meeting
and an annual retainer of $500. Prior to May 16, 2000, each Trustee who is not
an affiliated person as defined in the Act received an attendance fee of $2,000
per board meeting and an attendance fee of $1,000 per audit committee meeting.
Attendance fees are charged to all series of the Trust and are allocated on a
pro rata basis.
NOTE (C) SHARES OF BENEFICIAL INTEREST: There is an unlimited number of shares
($0.001 par value authorized). Transactions in shares of beneficial interest
were as follows ($1.00 per share):
<TABLE>
<CAPTION>
MUNICIPAL MONEY FUND U.S. GOVERNMENT MONEY FUND
----------------------------------- -----------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
OCTOBER 31, 2000 OCTOBER 31, 1999 OCTOBER 31, 2000 OCTOBER 31, 1999
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Shares sold.................................... $ 463,301,741 $ 326,607,226 $ 399,341,861 $ 301,133,167
Shares issued through reinvestment of
dividends..................................... 1,606,149 1,240,945 3,067,701 2,370,091
------------- ------------- ------------- -------------
464,907,890 327,848,171 402,409,562 303,503,258
------------- ------------- ------------- -------------
Shares redeemed................................ (452,767,241) (341,279,117) (402,354,037) (300,322,239)
------------- ------------- ------------- -------------
Net increase (decrease)........................ $ 12,140,649 $ (13,430,946) $ 55,525 $ 3,181,019
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
</TABLE>
<PAGE>
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
The table below sets forth financial data for a share of beneficial interest
outstanding throughout each period presented. This information has been derived
from information provided in the financial statements.
<TABLE>
<CAPTION>
MUNICIPAL MONEY FUND
------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED
OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2000 1999 1998 1997'D'
----------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
Net asset value, beginning
of period............................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income.................... 0.032 0.023 0.027 0.020
Dividends from net investment
income.................................. (0.032) (0.023) (0.027) (0.020)
------- ------- ------- -------
Net asset value, end of period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- -------
------- ------- ------- -------
Total return'DD'......................... 3.23% 2.37% 2.72% 2.90%(1)
Ratio of expenses to average
net assets(2)........................... 0.90% 0.90% 0.90% 0.90%(1)
Ratio of net investment income
to average net assets(2)................ 3.17% 2.33% 2.68% 2.87%(1)
Net assets, end of period
(000's omitted)......................... $56,488 $44,347 $57,778 $38,681
<CAPTION>
U.S. GOVERNMENT MONEY FUND
------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED
OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2000 1999 1998 1997'D'
----------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
Net asset value, beginning
of period............................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income.................... 0.053 0.042 0.047 0.032
Dividends from net investment
income.................................. (0.053) (0.042) (0.047) (0.032)
------- ------- ------- -------
Net asset value, end of period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- -------
------- ------- ------- -------
Total return'DD'......................... 5.39% 4.26% 4.79% 4.68%(1)
Ratio of expenses to average
net assets(2)........................... 0.90% 0.90% 0.90% 0.90%(1)
Ratio of net investment income
to average net assets(2)................ 5.26% 4.19% 4.68% 4.65%(1)
Net assets, end of period
(000's omitted)......................... $59,926 $59,877 $56,697 $35,174
</TABLE>
'D' Commencement of operations was February 24, 1997.
'DD' Total return is calculated assuming an initial investment made at the net
asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption on
the last day of the period.
(1) Annualized
(2) Net of voluntary assumption by Advisor of expenses, expressed as a
percentage of average net assets as follows: Municipal Money Fund, .09%,
.14%, .15% and .40% (annualized) for the periods ended 10/31/00, 99, 98 and
97, respectively; and U.S. Government Money Fund, .09%, .19%, .25% and .45%
(annualized) for the periods ended 10/31/00, 99, 98 and 97, respectively.
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
--------------------------------------------------------------------------------
Shareholders and Board of Trustees
DLJ Municipal Money Fund and
DLJ U.S. Government Money Fund
We have audited the accompanying statement of assets and liabilities, including
the statement of investments, of DLJ Municipal Money Fund and DLJ U.S.
Government Money Fund (two of the Funds constituting the DLJ Opportunity Funds)
as of October 31, 2000, and the related statement of operations for the year
then ended, the statement of changes in net assets for each of the two years in
the period then ended and financial highlights for each of the periods indicated
therein. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of October 31, 2000 by correspondence with
the custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of DLJ
Municipal Money Fund and DLJ U.S. Government Money Fund at October 31, 2000, the
results of their operations for the year then ended, the changes in their net
assets for each of the two years in the period then ended and the financial
highlights for each of the indicated periods, in conformity with accounting
principles generally accepted in the United States.
ERNST & YOUNG LLP
New York, New York
December 20, 2000
<PAGE>
TRUSTEES
G. Moffett Cochran
Robert E. Fischer
Stig Host
Martin Jaffe
Wilmot H. Kidd, III
Peter F. Krogh
John J. Sheehan
OFFICERS
G. Moffett Cochran, Chairman and President
Martin Jaffe, Vice President, Secretary and Treasurer
Brian A. Kammerer, Vice President
INVESTMENT ADVISER
Credit Suisse Asset Management, LLC
277 Park Avenue, New York, NY 10172
CUSTODIAN
Citibank, N.A.
111 Wall Street, New York, NY 10043
TRANSFER AGENT
PFPC, Inc
P.O. Box 61787 (211 South Gulph Road)
King of Prussia, PA 19406-0903
DISTRIBUTOR
Credit Suisse Asset Management Securities, Inc.
277 Park Avenue, New York, NY 10172
INDEPENDENT AUDITORS
Ernst & Young LLP
787 Seventh Avenue, New York, NY 10019
LEGAL COUNSEL
Sullivan & Cromwell
125 Broad Street, New York, NY 10004
This report is submitted for the general information of the stockholders
of the Fund. It is not authorized for distribution to prospective investors
in the Fund unless preceded or accompanied by an effective prospectus, which
should be read carefully before investing.
DLJ MUTUAL FUNDS
277 Park Avenue, New York, NY 10172
800-225-8011
ANNUAL-MONEY00
Annual Report
DLJ MUTUAL FUNDS
[PHOTO]
Leadership through Experience
DLJ Municipal
Money Fund
DLJ U.S. Government
Money Fund
October 31, 2000
STATEMENT OF DIFFERENCES
The dagger symbol shall be expressed as............................... 'D'
The double dagger symbol shall be expressed as........................'DD'
