-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SfWlUf2DOGNyObheiUNmrSRWJmgyoU9DZeJygsyfBKg9pnvsCN62R0af5c5XxL4c vGl0CuY406CizPBTvHNNeA== 0000891804-05-002639.txt : 20050901 0000891804-05-002639.hdr.sgml : 20050901 20050901104241 ACCESSION NUMBER: 0000891804-05-002639 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050630 FILED AS OF DATE: 20050901 DATE AS OF CHANGE: 20050901 EFFECTIVENESS DATE: 20050901 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND INC CENTRAL INDEX KEY: 0001067471 IRS NUMBER: 510349732 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-08917 FILM NUMBER: 051063454 BUSINESS ADDRESS: STREET 1: 466 LEXINGTON AVENUE CITY: NEW YORK STATE: NY ZIP: 10017-3147 BUSINESS PHONE: 2127166081 MAIL ADDRESS: STREET 1: 466 LEXINGTON AVENUE CITY: NEW YORK STATE: NY ZIP: 10017-3147 FORMER COMPANY: FORMER CONFORMED NAME: CREDIT SUISSE INSTITUTIONAL US CORE FIXED INCOME FUND INC DATE OF NAME CHANGE: 20000516 FORMER COMPANY: FORMER CONFORMED NAME: WARBURG PINCUS US CORE FIXED INCOME FUND INC DATE OF NAME CHANGE: 19980804 N-CSRS 1 file001.txt CS INSTITUTIONAL FIXED INCOME FUND, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act File No. 811-08917 --------------------------------------------------------------------- CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND, INC. ------------------------------------------------------------------------ (Exact Name of Registrant as Specified in Charter) 466 Lexington Avenue, New York, New York 10017-3140 ------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) J. Kevin Gao, Esq. Credit Suisse Institutional Fixed Income Fund, Inc. 466 Lexington Avenue New York, New York 10017-3140 Registrant's telephone number, including area code: (212) 875-3500 Date of fiscal year end: December 31 Date of reporting period: January 1, 2005 to June 30, 2005 ITEM 1. REPORTS TO STOCKHOLDERS. CREDIT | ASSET SUISSE | MANAGEMENT CREDIT SUISSE INSTITUTIONAL FUNDS Semiannual Report June 30, 2005 (unaudited) o CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND o CREDIT SUISSE GLOBAL HIGH YIELD FUND The Funds' investment objectives, risks, charges and expenses (which should be considered carefully before investing), and more complete information about the Funds, are provided in the PROSPECTUS, which should be read carefully before investing. You may obtain additional copies by calling 800-222-8977 or by writing to Credit Suisse Institutional Funds, P.O. Box 55030, Boston, MA 02205-5030. Credit Suisse Asset Management Securities, Inc., Distributor, is located at 466 Lexington Ave., New York, NY 10017-3140. Credit Suisse Institutional Funds are advised by Credit Suisse Asset Management, LLC. THE VIEWS OF THE FUNDS' MANAGEMENT ARE AS OF THE DATE OF THE LETTERS AND THE FUND HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF JUNE 30, 2005; THESE VIEWS AND FUND HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES. FUND SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET MANAGEMENT, LLC ("CSAM") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE NOT GUARANTEED BY CSAM OR ANY AFFILIATE. FUND INVESTMENTS ARE SUBJECT TO INVESTMENT RISKS, INCLUDING LOSS OF YOUR INVESTMENT. CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND SEMIANNUAL INVESTMENT ADVISER'S REPORT June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- July 22, 2005 Dear Shareholder: PERFORMANCE SUMMARY 1/1/05 - 6/30/05 FUND & BENCHMARK PERFORMANCE Credit Suisse Institutional Fixed Income Fund 1 2.02% Lehman Brothers U.S.Aggregate Bond Index 2 2.51% MARKET OVERVIEW: SOME TURBULENCE ON THE FLIGHT TO QUALITY Fixed income markets offered some safe haven during the Fund's fiscal half-year period, but the flight to quality was not without some turbulence. Bond markets fluctuated in the first six months of 2005, betting at some points on weaker growth and benign inflation and at others on a resumed recovery and increasing pricing pressures. The Federal Open Market Committee (FOMC), meanwhile, continued its measured pace of 25 basis point rate hikes at each of its four meetings, taking the fed funds target rate from 2.25% to begin the year to 3.25% by the end of June. In the first half of 2005 the economy appeared to slow somewhat from last year's pace, although GDP continued to grow at or above trend. Corporate profits also declined modestly relative to the prior six months as various headwinds emerged, including volatile oil prices, which broke the $60 a barrel barrier in June. Inflation, meanwhile, appeared to trend upwards, due primarily to slower productivity gains and increasing unit labor costs. In the middle of the fiscal half-year period, the prospect of a General Motors (GM) downgrade to junk weighed on anxious credit markets, but the smooth transition of the automaker's debt into high yield accounts, in our view, was a key factor buoying second quarter results. STRATEGIC REVIEW: SECTOR AND CURVE POSITIONING Several factors accounted for the Fund's underperformance of the benchmark during the fiscal half-year: o Sensing market overconfidence in the Fed, we removed our curve-flattener trade and brought our positioning on the yield curve more into line with the benchmark. 1 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- o Our overweight to credit, and particularly long BBB-rated issuers, detracted from performance in light of the spread widening prompted by the GM downgrade. o Our allocation to Treasury Inflation Protected Securities (TIPS) hurt as inflation expectations remained tame in spite of the rise in oil prices. o We pursued modest opportunities in Commercial Mortgage Backed Securities (which have been less volatile than highly rated corporate bonds), and Asset Backed Securities (where the home equity sector provided strong support). o We lowered the Fund's risk by adding to Treasuries, making a defensive rotation into higher quality credits. OUTLOOK: WATCHING THE FED AND THE CORPORATE CREDIT CYCLE We believe the FOMC will likely continue its measured pace of policy tightening in the latter half of the Fund's fiscal year, but the response of the market could be mixed. As the Fed has begun to remove monetary accommodation by increasing the fed funds rate, financial conditions ironically have become more accommodative. We believe that later this year the market might be shaken in its confidence in the Fed and there could be a revision in the market consensus for the path of interest rates. The reassessment, and the market gyrations that could accompany it, should provide solid trading opportunities in U.S. Treasuries and Mortgage Backed Securities. We also believe that corporations will likely begin to favor stockholders over bondholders in the next phase of the corporate finance cycle. We believe we have reached the apex of the credit improvement cycle and anticipate that firms may now turn to more shareholder friendly actions, using the accumulated cash to increase dividends, inventories, capital spending and stock buybacks. Over time we believe this could lead to a gradual deterioration in the credit environment, placing greater importance on fundamental research and security selection. Credit Suisse Fixed Income Management Team Kevin D. Barry Michael Gray Sheila Huang Richard Avidon Philip Wubbena 2 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- HIGH YIELD BONDS ARE LOWER-QUALITY BONDS THAT ARE ALSO KNOWN AS "JUNK BONDS." SUCH BONDS ENTAIL GREATER RISKS THAN THOSE FOUND IN HIGHER-RATED SECURITIES. CORPORATE, MORTGAGE-BACKED AND ASSET-BACKED SECURITIES GENERALLY ENTAIL GREATER RISKS THAN GOVERNMENT SECURITIES, INCLUDING GREATER CREDIT RISKS. IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET, INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND THEIR POTENTIAL IMPACT ON THE FUND'S INVESTMENT PORTFOLIO. THESE STATEMENTS ARE SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE FUND COULD BE MATERIALLY DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE FUND HAS NO OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS. 3 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- AVERAGE ANNUAL RETURNS AS OF JUNE 30, 2005 1 -------------------------------------------- SINCE INCEPTION 1 YEAR 5 YEARS 10 YEARS INCEPTION DATE ------ ------- -------- --------- --------- 7.34% 6.00% 6.25% 6.38% 3/31/94 RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGES IN SHARE PRICE AND REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE FUTURE RESULTS. THE CURRENT PERFORMANCE OF THE FUND MAY BE LOWER OR HIGHER THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION VALUE MAY BE MORE OR LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH-END IS AVAILABLE AT WWW.CSAM.COM/US. - ---------------- 1 Fee waivers and/or expense reimbursements reduced expenses for the Fund, without which performance would be lower. Waivers and/or reimbursements may be discontinued at any time. 2 The Lehman Brothers U.S. Aggregate Bond Index is composed of the Lehman Brothers Government/Corporate Bond Index and the Lehman Brothers Mortgage-Backed Securities Index. The Lehman Brothers U.S. Aggregate Bond Index includes U.S. Treasury and agency issues, corporate bond issues and mortgage-backed securities rated investment-grade or higher by Moody's Investors Service, the Standard & Poor's Division of The McGraw-Hill Companies, Inc., or Fitch Investors' Service. Investors cannot invest directly in an index. 4 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- INFORMATION ABOUT YOUR FUND'S EXPENSES As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads), redemption fees and account maintenance fees, which are not shown in this section and which would result in higher total expenses. The following table is intended to help you understand your ongoing expenses of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. The table is based on an investment of $1,000 made at the beginning of the six month period ended June 30, 2005. The table illustrates your Fund's expenses in two ways: o ACTUAL FUND RETURN. This helps you estimate the actual dollar amount of ongoing expenses paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold. o HYPOTHETICAL 5% FUND RETURN. This helps you to compare your Fund's ongoing expenses with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs had been included, your costs would have been higher. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expenses of owning different funds. 5 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2005 - -------------------------------------------------------------------------------- ACTUAL FUND RETURN Beginning Account Value 1/1/05 $ 1,000.00 Ending Account Value 6/30/05 $ 1,020.20 Expenses Paid per $1,000* $ 2.25 HYPOTHETICAL 5% FUND RETURN Beginning Account Value 1/1/05 $ 1,000.00 Ending Account Value 6/30/05 $ 1,022.56 Expenses Paid per $1,000* $ 2.26 ANNUALIZED EXPENSE RATIOS* 0.45% - ---------------- * EXPENSES ARE EQUAL TO THE FUND'S ANNUALIZED EXPENSE RATIO MULTIPLIED BY THE AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF DAYS IN THE MOST RECENT FISCAL HALF YEAR PERIOD, THEN DIVIDED BY 365. THE "EXPENSES PAID PER $1,000" AND THE "ANNUALIZED EXPENSE RATIOS" IN THE TABLES ARE BASED ON ACTUAL EXPENSES PAID BY THE FUND DURING THE PERIOD, NET OF FEE WAIVERS AND/OR EXPENSE REIMBURSEMENTS. IF THOSE FEE WAIVERS AND/OR EXPENSE REIMBURSEMENTS HAD NOT BEEN IN EFFECT, THE FUND'S ACTUAL EXPENSES WOULD HAVE BEEN HIGHER. For more information, please refer to the Fund's prospectus. 6 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- CREDIT QUALITY BREAKDOWN* RATINGS S&P - ------------------------------------------------- AAA 56.7% AA 4.3% A 10.8% BBB 12.5% BB 2.8% B 0.2% CCC 0.4% NR 0.4% ------ Subtotal 88.1% Short-Term Investments 11.9% ------ Total 100.0% ====== - ----------------- * Expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. 7 CREDIT SUISSE GLOBAL HIGH YIELD FUND SEMIANNUAL INVESTMENT ADVISER'S REPORT June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- July 22, 2005 Dear Shareholder: PERFORMANCE SUMMARY 1/1/05 - 6/30/05 FUND & BENCHMARKS PERFORMANCE Credit Suisse Global High Yield Fund 1 (0.73)% Citigroup High-Yield Market Index 2 0.81% Merrill Lynch Global High Yield Index 3 0.03% Lipper High Yield Bond Funds Index 4 0.60% *Effective February 21, 2005, this Fund changed its current 80% investment policy to a policy of investing at least 80% of its assets, plus any borrowings for investment purposes, in high yield fixed income securities of issuers located in at least three countries, which may include the U.S. At the same time, the Fund changed its name to "Credit Suisse Global High Yield Fund." MARKET OVERVIEW: SOME TURBULENCE IN THE CREDIT MARKETS Bond markets fluctuated in the first six months of 2005, at some points dominated by weaker growth and benign inflation and at others by the resumed recovery and increasing price pressures. The Fed, meanwhile, continued its measured pace of 25 basis point rate hikes at each of its four meetings, taking the fed funds target rate from 2.25% in January to 3.25% at the end of June. In the first half of 2005 the economy appeared to slow somewhat from last year's pace, although GDP continued to grow at or above trend. Corporate profits also declined modestly relative to the prior six months as various headwinds emerged, including volatile oil prices, which broke the $60 a barrel barrier in June. Inflation, meanwhile, appeared to trend upwards, due primarily to slower productivity gains and increasing unit labor costs. The most important development in the credit markets this year was the downgrades of General Motors (GM) and Ford to junk, which caused spreads to widen further from their recent near-historic lows. Simply put, the prospect of having to absorb fallen angels of this magnitude (together the two companies possess nearly $90 billion in index-eligible debt), increased perceived risk among high yield investors. In our view, the Fitch downgrade of GM to junk later in May confirmed the company's status among the high yield benchmarks and removed some of the uncertainty in the market. The smooth transition of 8 CREDIT SUISSE GLOBAL HIGH YIELD FUND SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- the automaker's debt into high yield accounts was a key factor buoying second quarter results. STRATEGIC REVIEW: SELECTIVE SECTOR POSITIONING Several factors accounted for the Fund's underperformance of its benchmark during the fiscal half-year: o Our overweight to the Wireless sector relative to the Index and issue selection within that sector provided the greatest positive contribution to the Fund's performance in the period. o Our overweight to the Publishing sector and an underweight and positive issue selection within the Airlines sector also aided the Fund. o Detracting from performance in the fiscal half year period were our overweights to the Automobile Manufacturing, Building Products and Services/Other sectors. OUTLOOK: HIGH HOPES FOR HIGH YIELD We believe that corporations will likely continue the recent trend and favor stockholders over bondholders in the next phase of the corporate finance cycle. Since 2002, corporations had been paying down debt, buying back less stock, and accumulating more cash on the balance sheet. In our view, this contributed to the improved credit ratings of many firms and a lower default ratio in the credit market generally. However, this trend essentially peaked and began to turn in late 2004. As a result we believe we have reached the apex of the credit improvement cycle. We anticipate that firms will continue to pursue more shareholder friendly actions, using the accumulated cash to increase dividends, inventories, capital spending and stock buybacks. Over time we believe this could lead to a gradual deterioration in the credit environment, placing greater importance on fundamental research and security selection. The Credit Suisse High Yield Management Team Dennis Schaney Michael Gray 9 CREDIT SUISSE GLOBAL HIGH YIELD FUND SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- HIGH YIELD BONDS ARE LOWER-QUALITY BONDS ALSO KNOWN AS "JUNK BONDS." SUCH BONDS ENTAIL GREATER RISKS THAN THOSE FOUND IN HIGHER-RATED SECURITIES. IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET, INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND THEIR POTENTIAL IMPACT ON THE FUND'S INVESTMENT PORTFOLIO. THESE STATEMENTS ARE SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND REGULATIONS IN THE FUTURE, AND THEIR IMPACT ON THE FUND COULD BE MATERIALLY DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE FUND HAS NO OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS. 10 CREDIT SUISSE GLOBAL HIGH YIELD FUND SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- AVERAGE ANNUAL RETURNS AS OF JUNE 30, 2005 1 -------------------------------------------- SINCE INCEPTION 1 YEAR 5 YEARS 10 YEARS INCEPTION DATE ------ ------- -------- --------- --------- 11.72% 5.37% 6.55% 6.90% 2/26/93 RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGES IN SHARE PRICE AND REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE FUTURE RESULTS. THE CURRENT PERFORMANCE OF THE FUND MAY BE LOWER OR HIGHER THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION VALUE MAY BE MORE OR LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH-END IS AVAILABLE AT WWW.CSAM.COM/US. - ---------------- 1 Fee waivers and/or expense reimbursements reduced expenses for the Fund, without which performance would be lower. Waivers and/or reimbursements may be discontinued at any time. 2 The Citigroup High-Yield Market Index is a broad-based, unmanaged index of high yield securities that is compiled by Citigroup Global Markets Inc. Investors cannot invest directly in an index. 3 The Merrill Lynch Global High Yield Index tracks the performance of below investment grade bonds of corporate issuers domiciled in countries having an investment grade foreign currency long term debt rating. In order to reflect changes to the Fund's investment policy and name, the Merrill Lynch Global High Yield Index replaced the Citigroup High Yield Market Index as the Fund's benchmark effective February 21, 2005. Investors cannot invest directly in an index. 4 The Lipper High Yield Bond Funds Index is an equal-weighted performance index, adjusted for capital-gain distributions and income dividends, of the largest qualifying funds classified by Lipper Inc. as investing primarily in high yield debt securities. It is compiled by Lipper Inc. Investors cannot invest directly in an index. 11 CREDIT SUISSE GLOBAL HIGH YIELD FUND SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- INFORMATION ABOUT YOUR FUND'S EXPENSES As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads), redemption fees and account maintenance fees, which are not shown in this section and which would result in higher total expenses. The following table is intended to help you understand your ongoing expenses of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. The table is based on an investment of $1,000 made at the beginning of the six month period ended June 30, 2005. The table illustrates your Fund's expenses in two ways: o ACTUAL FUND RETURN. This helps you estimate the actual dollar amount of ongoing expenses paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold. o HYPOTHETICAL 5% FUND RETURN. This helps you to compare your Fund's ongoing expenses with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. If these transaction costs had been included, your costs would have been higher. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expenses of owning different funds. 12 CREDIT SUISSE GLOBAL HIGH YIELD FUND SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2005 - -------------------------------------------------------------------------------- ACTUAL FUND RETURN Beginning Account Value 1/1/05 $ 1,000.00 Ending Account Value 6/30/05 $ 992.70 Expenses Paid per $1,000* $ 3.46 HYPOTHETICAL 5% FUND RETURN Beginning Account Value 1/1/05 $ 1,000.00 Ending Account Value 6/30/05 $ 1,021.32 Expenses Paid per $1,000* $ 3.51 ANNUALIZED EXPENSE RATIOS* 0.70% - ----------------- * EXPENSES ARE EQUAL TO THE FUND'S ANNUALIZED EXPENSE RATIO MULTIPLIED BY THE AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF DAYS IN THE MOST RECENT FISCAL HALF YEAR PERIOD, THEN DIVIDED BY 365. THE "EXPENSES PAID PER $1,000" AND THE "ANNUALIZED EXPENSE RATIOS" IN THE TABLES ARE BASED ON ACTUAL EXPENSES PAID BY THE FUND DURING THE PERIOD, NET OF FEE WAIVERS AND/OR EXPENSE REIMBURSEMENTS. IF THOSE FEE WAIVERS AND/OR EXPENSE REIMBURSEMENTS HAD NOT BEEN IN EFFECT, THE FUND'S ACTUAL EXPENSES WOULD HAVE BEEN HIGHER. For more information, please refer to the Fund's prospectus. 13 CREDIT SUISSE GLOBAL HIGH YIELD FUND SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- CREDIT QUALITY BREAKDOWN* RATINGS S&P - ------------------------------------------------- BBB 0.8% BB 19.3% B 50.1% CCC 17.8% NR 5.4% ------ Subtotal 93.4% Short-Term Investments 6.6% ------ Total 100.0% ====== - ---------------- * Expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. 14 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND SCHEDULE OF INVESTMENTS June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE - ---------- -------------- -------- ------ ------------- CORPORATE BONDS (27.5%) AEROSPACE & DEFENSE (0.5%) $ 585 Goodrich Corp., Notes ss. (BBB- , Baa3) 04/15/08 7.500 $ 630,314 BANKS (1.9%) 460 Bank of America Corp., Global Notes (AA- , Aa2) 10/01/10 4.250 459,691 160 Bank of America Corp., Rule 144A, Company Guaranteed Notes (Callable 12/31/06 @ $104.04) ++ (A , Aa3) 12/31/26 8.070 173,493 800 Fifth Third Bank, Subordinated Notes (A+ , Aa2) 02/01/15 4.750 807,834 400 Key Bank NA, Subordinated Notes (A- , A2) 07/01/14 5.800 431,786 200 National City Bank, Series BKNT, Notes (A+ , Aa3) 08/01/09 4.150 200,297 275 Wells Fargo & Co., Global Subordinated Notes (AA- , Aa1) 02/09/15 4.750 278,843 ------------- 2,351,944 ------------- CHEMICALS (0.2%) 290 Lubrizol Corp., Senior Notes (BB+ , Baa3) 10/01/09 4.625 290,312 ------------- COMMERCIAL SERVICES (1.0%) 335 Cendant Corp., Units (BBB+ , Baa1) 08/17/06 4.890 331,756 255 Erac USA Finance Co., Rule 144A, Notes ++ (BBB+ , Baa1) 05/15/06 6.625 258,722 600 First Data Corp., Senior Notes (A+ , A1) 06/15/15 4.950 609,335 ------------- 1,199,813 ------------- DIVERSIFIED FINANCIALS (7.6%) 150 Capital One Financial Corp., Senior Notes (BBB- , Baa3) 05/17/07 4.738 151,736 620 Citigroup, Inc., Global Subordinated Notes (A+ , Aa2) 09/15/14 5.000 635,391 390 Ford Motor Credit Co., Global Notes (BB+ , Baa2) 01/25/07 6.500 392,943 225 Ford Motor Credit Co., Global Notes ss. (BB+ , Baa2) 01/15/10 5.700 207,728 170 Ford Motor Credit Co., Global Notes ss. (BB+ , Baa2) 10/01/13 7.000 163,361 1,445 General Electric Capital Corp., Global Notes # (AAA , Aaa) 03/04/08 3.390 1,446,101 325 General Electric Capital Corp., Global Notes ss. (AAA , Aaa) 03/04/15 4.875 333,970 945 General Electric Capital Corp., Series MTNA, Global Notes (AAA , Aaa) 06/15/12 6.000 1,032,106 330 General Motors Acceptance Corp., Global Bonds (BB , Baa2) 11/01/31 8.000 295,222 155 General Motors Acceptance Corp., Global Notes ss. (BB , Baa2) 12/01/14 6.750 138,906 475 Goldman Sachs Group, Inc., Global Notes (A+ , Aa3) 01/15/15 5.125 484,718 1,170 Household Finance Corp., Global Notes (A , A1) 12/15/08 4.125 1,163,411 160 JPMorgan Chase & Co., Global Notes (A+ , Aa3) 03/01/15 4.750 160,461 380 MBNA America Bank, Rule 144A, Subordinated Notes ++ (BBB , Baa2) 03/15/08 6.750 404,938 154 Merey Sweeny L.P., Rule 144A, Senior Notes ++ (BBB , Baa3) 12/18/19 8.850 186,308 225 Morgan Stanley, Global Subordinated Notes (A , A1) 04/01/14 4.750 222,055 515 OMX Timber Finance Investment LLC, Rule 144A, Company Guaranteed Notes (Callable 10/31/19 @ $100.00) ++# (A+ , Aa3) 01/29/20 5.420 534,846 630 SLM Corp., Series MTNA, Notes (A , A2) 01/15/09 4.000 625,470 535 Toll Brothers Finance Corp., Company Guaranteed Notes (BBB- , Baa3) 11/15/12 6.875 597,547 ------------- 9,177,218 -------------
See Accompanying Notes to Financial Statements. 15 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND SCHEDULE OF INVESTMENTS (CONTINUED) June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE - ---------- -------------- -------- ------ ------------- CORPORATE BONDS ELECTRIC (2.7%) $ 226 American Electric Power Company, Inc., Series A, Global Notes (BBB , Baa3) 05/15/06 6.125 $ 230,018 415 Cincinnati Gas & Electric Co., Notes (BBB , Baa1) 09/15/12 5.700 444,252 200 Constellation Energy Group, Inc., Notes (BBB , Baa1) 04/01/07 6.350 207,043 300 Dominion Resources, Inc., Series A, Notes (BBB+ , Baa1) 11/15/06 3.660 298,104 450 FPL Group Capital, Inc., Notes (A- , A2) 02/16/07 4.086 450,036 305 Oklahoma Gas & Electric Co., Bonds (Callable 08/01/14 @ $103.25) (BBB+ , A2) 08/01/34 6.500 331,056 215 Old Dominion Electric Cooperative, Series A, Secured Notes (AAA , Aaa) 06/01/11 6.250 235,448 205 Pacific Gas & Electric Co., First Mortgage Notes (BBB , Baa1) 03/01/34 6.050 226,734 275 PacifiCorp, First Mortgage Notes (A- , A3) 11/15/11 6.900 312,442 565 TXU Corp., Rule 144A, Notes ++ (BB+ , Ba1) 11/15/14 5.550 550,794 ------------- 3,285,927 ------------- ENTERTAINMENT (0.1%) 125 AMC Entertainment, Inc., Senior Subordinated Notes (Callable 02/01/06 @ $101.58) ss. (CCC+ , B3) 02/01/11 9.500 123,281 ------------- ENVIRONMENTAL CONTROL (0.4%) 350 Waste Management, Inc., Global Company Guaranteed Notes (BBB , Baa3) 05/15/32 7.750 445,429 ------------- FOOD (1.0%) 310 ConAgra Foods, Inc., Notes (BBB+ , Baa1) 09/15/11 6.750 343,499 290 ConAgra Foods, Inc., Notes ss. (BBB+ , Baa1) 09/15/30 8.250 400,756 535 Kellogg Co., Global Senior Notes (BBB+ , Baa1) 06/01/08 2.875 515,764 ------------- 1,260,019 ------------- GAS (0.4%) 520 Sempra Energy, Notes (BBB+ , Baa1) 12/01/05 6.950 526,309 ------------- HOME BUILDERS (2.2%) 610 Centex Corp., Senior Notes (BBB , Baa2) 11/01/10 4.550 603,482 925 D.R. Horton, Inc., Senior Notes ss. (BB+ , Ba1) 02/15/15 5.250 900,158 880 Lennar Corp., Rule 144A, Senior Unsecured Notes ++ (BBB , Baa3) 05/31/15 5.600 903,562 290 Pulte Homes, Inc., Notes ss. (BBB- , Baa3) 02/15/35 6.000 283,115 ------------- 2,690,317 ------------- INSURANCE (2.0%) 965 American International Group, Inc., Global Notes # (AA , Aa) 05/15/13 4.250 937,473 580 Berkshire Hathaway Finance Corp., Rule 144A, Senior Notes ++ (AAA , Aaa) 01/15/10 4.125 577,115 175 Florida Windstorm Underwriting Association, Rule 144A, Senior Notes ++ (A- , A3) 08/25/07 6.850 183,286 450 Nationwide Mutual Insurance Co., Rule 144A, Bonds (Callable 04/15/14 @ $100.00) ++ (A- , A2) 04/15/34 6.600 471,165 175 Progressive Corp., Senior Notes (A+ , A1) 12/01/32 6.250 200,848 ------------- 2,369,887 -------------
See Accompanying Notes to Financial Statements. 16 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND SCHEDULE OF INVESTMENTS (CONTINUED) June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE - ---------- -------------- -------- ------ ------------- CORPORATE BONDS INVESTMENT COMPANY (0.2%) $ 275 Frank Russell Co., Rule 144A, Company Guaranteed Notes ++ (AAA , Aa1) 01/15/09 5.625 $ 288,401 ------------- LODGING (0.0%) 144 Windsor Woodmont Black Hawk, Series B, First Mortgage Notes 0^ (NR , NR) 03/15/05 13.000 11,033 ------------- MEDIA (1.9%) 240 CCO Holdings LLC, Global Senior Notes (Callable 11/15/08 @ $104.38) (CCC- , B3) 11/15/13 8.750 237,600 520 Comcast Cable Communications Holdings, Inc., Global Company Guaranteed Notes (BBB+ , Baa2) 03/15/13 8.375 634,996 485 Comcast Corp., Company Guaranteed Notes (BBB+ , Baa2) 06/15/16 4.950 483,809 280 News America Holdings, Inc., Company Guaranteed Notes ss. (BBB- , Baa3) 02/01/13 9.250 354,391 240 News America, Inc., Company Guaranteed Notes (BBB- , Baa3) 11/30/28 7.625 290,727 220 Time Warner, Inc., Global Company Guaranteed Notes (BBB+ , Baa1) 04/15/31 7.625 275,626 ------------- 2,277,149 ------------- MINING (0.6%) 205 Noranda, Inc., Notes (BBB- , Baa3) 06/15/17 5.500 205,010 475 Phelps Dodge Corp., Senior Notes (BBB , Baa2) 03/15/34 6.125 503,656 ------------- 708,666 ------------- MISCELLANEOUS MANUFACTURING (0.5%) 565 Textron, Inc., Senior Notes (A- , A3) 08/01/10 4.500 566,302 ------------- OIL & GAS (1.3%) 420 Amerada Hess Corp., Notes (BBB- , Ba1) 08/15/31 7.300 508,387 115 Enterprise Products Operating LP, Senior Notes (BB+ , Baa3) 06/01/10 4.950 115,666 340 Enterprise Products Operating LP, Series B, Global Senior Notes (BB+ , Baa3) 10/15/34 6.650 374,539 280 Pemex Project Funding Master Trust, Rule 144A, Company Guaranteed Notes ++# (BBB , Baa1) 06/15/10 4.710 289,520 285 XTO Energy, Inc., Notes (BBB- , Baa3) 06/30/15 5.300 291,014 ------------- 1,579,126 ------------- PIPELINES (0.2%) 245 Kinder Morgan Energy Partners LP, Notes ss. (BBB+ , Baa1) 11/15/14 5.125 248,257 ------------- REAL ESTATE (0.3%) 310 EOP Operating LP, Notes (BBB+ , Baa2) 10/01/10 4.650 309,618 ------------- RETAIL (0.6%) 605 Target Corp., Notes (A+ , A2) 08/15/10 7.500 696,121 -------------
See Accompanying Notes to Financial Statements. 17 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND SCHEDULE OF INVESTMENTS (CONTINUED) June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE - ---------- -------------- -------- ------ ------------- CORPORATE BONDS TELECOMMUNICATIONS (1.8%) $ 150 ALLTEL Corp., Notes (A , A2) 05/17/07 4.656 $ 151,245 215 Anixter International, Inc., Company Guaranteed Notes (BB+ , Ba1) 03/01/15 5.950 214,129 275 Motorola, Inc., Notes (BBB+ , Baa2) 11/16/07 4.608 277,258 115 New Cingular Wireless Services, Inc., Global Senior Notes (A , Baa2) 03/01/31 8.750 161,686 250 SBC Communications, Inc., Global Notes (A , A2) 09/15/14 5.100 256,083 250 Sprint Capital Corp., Global Company Guaranteed Notes (BBB- , Baa3) 01/30/11 7.625 285,848 245 Sprint Capital Corp., Global Company Guaranteed Notes (BBB- , Baa3) 03/15/32 8.750 341,888 420 Verizon Wireless Capital LLC, Global Notes (A+ , A3) 12/15/06 5.375 428,178 ------------- 2,116,315 ------------- TRANSPORTATION (0.1%) 130 Horizon Lines LLC, Rule 144A, Notes (Callable 11/01/08 @ $104.50) ++ (CCC+ , B3) 11/01/12 9.000 136,825 ------------- TOTAL CORPORATE BONDS (Cost $32,640,215) 33,288,583 ------------- ASSET BACKED SECURITIES (5.6%) 825 Asset Backed Funding Certificates, Series 2005-AQ1, Class A4 # (AAA , Aaa) 06/25/35 5.010 833,508 410 Asset Backed Funding Certificates, Series 2005-AQ1, Class M1 # (AAA , Aaa) 06/25/35 5.240 410,595 415 CIT Group Home Equity Loan Trust, Series 2003-1, Class M1 # (AA , Aa2) 10/20/32 4.670 411,165 421 Contimortgage Home Equity Loan Trust, Series 1996-4, Class A8 (AAA , Aaa) 01/15/28 7.220 421,932 610 Countrywide Asset-Backed Certificates, Series 2005-4, Class MF2 (AA , Aa2) 10/25/35 5.136 609,973 965 DaimlerChrysler Auto Trust, Series 2004-B, Class A4 (AAA , Aaa) 10/08/09 3.710 958,668 1,235 Finance America Mortgage Loan Trust, Series 2004-2, Class M1 # (AA+ , Aa1) 08/25/34 3.864 1,239,830 610 First Franklin Mortgage Loan Asset-Backed Certificates, Series 2005-FF5, Class A2B # (AAA , Aaa) 03/25/35 3.544 609,905 307 Greenpoint Home Equity Loan Trust, Series 2003-1, Class A # (AAA , Aaa) 04/15/29 3.490 307,780 290 Greenpoint Home Equity Loan Trust, Series 2004-3, Class A # (AAA , Aaa) 03/15/35 3.450 290,832 410 Ixis Real Estate Capital Trust, Series 2005-HE2, Class M1 # (AA , Aa1) 09/25/35 3.520 410,375 295 Vanderbilt Mortgage Finance, Series 1998-C, Class 1B1 (BBB , Baa) 02/07/15 6.970 299,010 ------------- TOTAL ASSET BACKED SECURITIES (Cost $6,807,988) 6,803,573 -------------
See Accompanying Notes to Financial Statements. 18 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND SCHEDULE OF INVESTMENTS (CONTINUED) June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE - ---------- -------------- -------- ------ ------------- MORTGAGE-BACKED SECURITIES (44.2%) $ 1,140 Bank of America Commercial Mortgage, Inc., Series 2005-1, Class A5 # (AAA , Aaa) 11/10/42 5.130 $ 1,193,826 90,690 Bank of America Commercial Mortgage, Inc., Series 2005-1, Class XW # (AAA , Aaa) 11/10/42 0.162 533,954 610 Bank of America Commercial Mortgage, Inc., Series 2005-2, Class A2 (AAA , Aaa) 07/10/43 4.247 611,287 29,560 Bear Stearns Commercial Mortgage Securities, Inc., Series 2003-PWR2, Class X1 # (AAA , Aaa) 05/11/39 0.124 528,474 1,220 Bear Stearns Commercial Mortgage Securities, Inc., Series 2005-PWR8, Class A4 (AAA , Aaa) 06/11/41 4.674 1,230,343 860 Bear Stearns Commercial Mortgage Securities, Inc., Series 2005-T18, Class A4 (AAA , Aaa) 02/13/42 4.933 883,155 1,040 Fannie Mae Global Bonds (AAA , Aaa) 11/15/30 6.625 1,354,288 79 Fannie Mae Pool #077774 (AAA , Aaa) 01/01/10 10.000 85,625 1,210 Fannie Mae Pool #357739 (AAA , Aaa) 03/01/35 6.000 1,243,626 243 Fannie Mae Pool #656862 (AAA , Aaa) 04/01/33 6.000 249,784 1,469 Fannie Mae Pool #667742 (AAA , Aaa) 04/01/33 6.000 1,506,771 1,010 Fannie Mae Pool #703337 (AAA , Aaa) 04/01/33 5.500 1,025,360 194 Fannie Mae Pool #703598 (AAA , Aaa) 05/01/18 5.500 199,034 156 Fannie Mae Pool #705651 (AAA , Aaa) 06/01/18 5.500 159,896 603 Fannie Mae Pool #713667 (AAA , Aaa) 07/01/33 5.000 604,363 587 Fannie Mae Pool #721796 (AAA , Aaa) 06/01/18 4.500 585,189 1,240 Fannie Mae Pool #725205 (AAA , Aaa) 03/01/34 5.000 1,242,346 1,335 Fannie Mae Pool #725231 (AAA , Aaa) 02/01/34 5.000 1,337,044 1,486 Fannie Mae Pool #725248 (AAA , Aaa) 03/01/34 5.000 1,489,011 1,117 Fannie Mae Pool #725277 (AAA , Aaa) 03/01/19 4.500 1,113,348 1,156 Fannie Mae Pool #725414 (AAA , Aaa) 05/01/19 4.500 1,152,462 1,444 Fannie Mae Pool #733389 (AAA , Aaa) 08/01/33 5.000 1,446,853 1,059 Fannie Mae Pool #743364 (AAA , Aaa) 10/01/33 5.500 1,074,607 2,566 Fannie Mae Pool #758789 ++++ (AAA , Aaa) 12/01/33 5.500 2,605,069 1,447 Fannie Mae Pool #761831 (AAA , Aaa) 08/01/33 5.500 1,469,499 687 Fannie Mae Pool #767184 (AAA , Aaa) 02/01/19 5.500 705,728 515 Fannie Mae Pool #772297 ++++ (AAA , Aaa) 03/01/34 5.500 522,645 1,729 Fannie Mae Pool #790724 (AAA , Aaa) 09/01/34 5.500 1,754,412 1,128 Fannie Mae Pool #794268 (AAA , Aaa) 09/01/34 6.500 1,168,634 605 Fannie Mae Pool #822087 (AAA , Aaa) 07/01/35 7.000 639,031 1,129 Fannie Mae Pool #822747 (AAA , Aaa) 05/01/35 6.500 1,168,957 1,205 Federal Home Loan Bank Global Bonds (AAA , Aaa) 06/18/14 5.250 1,295,763 1 Federal National Mortgage Association, Series 1991-165, Class M (AAA , Aaa) 12/25/21 8.250 935 2,525 FHLMC TBA (AAA , Aaa) 07/01/35 5.000 2,524,408 1,180 FNMA TBA (AAA , Aaa) 07/01/20 5.500 1,210,975 1,240 FNMA TBA (AAA , Aaa) 07/01/35 4.500 1,212,875 1,820 FNMA TBA (AAA , Aaa) 07/01/35 5.000 1,819,858 445 FNMA TBA (AAA , Aaa) 07/01/35 5.500 451,049 860 FNMA TBA (AAA , Aaa) 07/01/35 7.000 913,447 570 FNMA TBA (AAA , Aaa) 07/01/35 6.500 589,861 1,725 Freddie Mac Global Notes # (AAA , Aaa) 11/15/13 4.875 1,807,924 1,120 Freddie Mac Global Subordinated Notes # (AAA , Aaa) 03/21/11 5.875 1,209,080 1,024 Freddie Mac Pool #A24892 (AAA , Aaa) 07/01/34 6.000 1,051,266 976 Freddie Mac Pool #A26682 (AAA , Aaa) 09/01/34 6.000 1,001,730 514 Freddie Mac Pool #B11354 (AAA , Aaa) 12/01/18 5.000 520,616
See Accompanying Notes to Financial Statements. 19 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND SCHEDULE OF INVESTMENTS (CONTINUED) June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE - ---------- -------------- -------- ------ ------------- MORTGAGE-BACKED SECURITIES $ 1,226 Freddie Mac Pool #E01216 (AAA , Aaa) 10/01/17 5.500 $ 1,259,460 0 Ginnie Mae Pool #009827 (1) (AAA , Aaa) 04/15/06 8.250 17 1 Ginnie Mae Pool #112986 (AAA , Aaa) 07/15/14 13.500 760 1,165 Ginnie Mae Pool #3666 (AAA , Aaa) 01/20/35 6.000 1,199,980 1,275 GS Mortgage Securities Corp. II, Series 2004-GG2, Class A4 (AAA , Aaa) 08/10/38 4.964 1,309,667 701 JPMorgan Chase Commercial Mortgage Securities Corp., Series 2004-CB9, Class A1 # (AAA , Aaa) 06/12/41 3.475 691,599 1,190 LB-UBS Commercial Mortgage Trust, Series 2004-C1, Class A1 (AAA , Aaa) 01/15/29 2.964 1,158,786 1,270 LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class AM (AAA , Aaa) 07/15/40 4.794 1,276,339 ------------- TOTAL MORTGAGE-BACKED SECURITIES (Cost $52,955,669) 53,391,016 ------------- FOREIGN BONDS (7.3%) ASSET BACKED SECURITIES (1.1%) 1,300 Pure Mortgages, Series 2004-1A, Class A (Ireland) # (AAA , Aaa) 02/28/34 3.620 1,300,000 ------------- BANKS (1.2%) 515 Korea Development Bank, Global Notes (South Korea) (A- , A3) 07/20/09 4.750 522,317 940 Royal Bank of Scotland Group PLC, Series 3, Perpetual Global Bonds (Callable 12/31/05 @ $100.00) (United Kingdom) (A , A1) 11/29/49 7.816 958,622 ------------- 1,480,939 ------------- BEVERAGES (0.7%) 600 Diageo Capital PLC, Global Notes (United Kingdom) (A , A2) 05/03/10 4.375 603,766 305 Diageo Finance BV, Global Company Guaranteed Notes (Netherlands) (A , A2) 04/01/11 3.875 298,682 ------------- 902,448 ------------- CHEMICALS (0.2%) 185 Methanex Corp., Yankee Notes (Canada) (BBB- , Ba1) 08/15/05 7.750 186,387 ------------- ELECTRIC (0.2%) 240 Compania Nacional de Transmision Electrica SA, Global Senior Notes (Chile) (A- , Baa1) 04/15/11 7.875 277,284 ------------- HOLDING COMPANIES-DIVERSIFIED (0.6%) 645 Pacificorp Australia, Rule 144A, Bonds (Australia) ++ (AAA , Aaa) 01/15/08 6.150 675,740 ------------- INSURANCE (0.2%) 200 Everest Reinsurance Holdings, Notes (Bermuda) (A- , A3) 10/15/14 5.400 205,782 ------------- MEDIA (0.3%) 300 Thomson Corp., Global Notes (Canada) (A- , A3) 01/05/12 6.200 326,011 -------------
See Accompanying Notes to Financial Statements. 20 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND SCHEDULE OF INVESTMENTS (CONTINUED) June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE - ---------- -------------- -------- ------ ------------- FOREIGN BONDS MISCELLANEOUS MANUFACTURING (0.5%) $ 555 Tyco International Group SA, Yankee Company Guaranteed Notes (Luxembourg) (BBB , Baa3) 10/15/11 6.375 $ 610,353 ------------- OIL & GAS (0.7%) 115 Canadian Natural Resources, Ltd., Yankee Notes (Canada) (BBB+ , Baa1) 07/15/11 6.700 127,269 375 Nexen, Inc., Yankee Notes (Canada) (BBB- , Baa2) 03/10/35 5.875 382,463 320 Petroliam Nasional Berhad, Rule 144A, Bonds (Malaysia) ++ (A- , A2) 08/15/15 7.750 397,094 ------------- 906,826 ------------- PIPELINES (0.2%) 180 Trans-Canada Pipelines, Ltd., Yankee Bonds (Canada) (A- , A2) 01/15/15 4.875 183,516 ------------- SOVEREIGN (1.1%) 240 Republic of Indonesia, Rule 144A, Notes (Indonesia) ++ss. (B+ , B2) 04/20/15 7.250 244,200 315 United Mexican States, Global Notes (Mexico) (BBB , Baa1) 12/30/19 8.125 387,450 370 United Mexican States, Series MTN, Global Notes (Mexico) (BBB , Baa1) 01/16/13 6.375 398,120 245 United Mexican States, Series MTNA, Global Notes (Mexico) (BBB , Baa1) 04/08/33 7.500 281,750 ------------- 1,311,520 ------------- TELECOMMUNICATIONS (0.3%) 295 Deutsche Telekom International Finance BV, Global Company Guaranteed Notes (Netherlands) # (A- , A3) 06/15/30 8.750 400,664 ------------- TOTAL FOREIGN BONDS (Cost $8,619,310) 8,767,470 ------------- UNITED STATES TREASURY OBLIGATIONS (7.6%) 1,239 United States Treasury Bonds ss. (AAA , Aaa) 01/15/25 2.375 1,356,197 945 United States Treasury Bonds ss. (AAA , Aaa) 02/15/31 5.375 1,115,396 1,130 United States Treasury Notes ss. (AAA , Aaa) 06/15/10 3.625 1,125,410 1,249 United States Treasury Notes ss. (AAA , Aaa) 07/15/14 2.000 1,287,296 3,459 United States Treasury Notes ss. (AAA , Aaa) 01/15/15 1.625 3,447,715 870 United States Treasury Notes ss. (AAA , Aaa) 05/15/15 4.125 882,982 ------------- TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $9,119,986) 9,214,996 ------------- MUNICIPAL BONDS (2.4%) CALIFORNIA (0.4%) 445 California Educational Facilities Authority Revenue Bonds, University of South California, Series C (AA+ , Aa1) 10/01/33 5.000 478,802 -------------
See Accompanying Notes to Financial Statements. 21 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND SCHEDULE OF INVESTMENTS (CONTINUED) June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE - ---------- -------------- -------- ------ ------------- MUNICIPAL BONDS NEW YORK (0.7%) $ 735 New York City Municipal Water Finance Authority Revenue Bonds, Water & Sewer Systems, Series D (AA+ , Aa2) 06/15/37 5.000 $ 785,524 ------------- TEXAS (1.3%) 1,505 University of Texas, University Revenue Bonds, Financing Systems, Series D (AAA , Aaa) 08/15/34 5.000 1,599,514 ------------- TOTAL MUNICIPAL BONDS (Cost $2,808,508) 2,863,840 ------------- NUMBER OF SHARES - ---------- COMMON STOCK (0.0%) FOOD (0.0%) 836 Archibald Candy Corp. *^ (Cost $71,060) 0 ------------- PREFERRED STOCK (0.4%) TELECOMMUNICATIONS (0.4%) 350 Centaur Funding Corp., Series B, Rule 144A ++ (Cost $371,652) 476,766 ------------- WARRANTS (0.0%) BUILDING MATERIALS (0.0%) 240 Dayton Superior Corp., Rule 144A, strike price $0.01, expires 6/15/09 *++ 2 ------------- TELECOMMUNICATIONS (0.0%) 130 GT Group Telecom, Inc., Rule 144A, strike price $0.00, expires 2/01/10 *++^ 0 50 IWO Holdings, Inc., Rule 144A, strike price $7.00, expires 1/15/11 *++^ 0 ------------- 0 ------------- TOTAL WARRANTS (Cost $21,326) 2 ------------- SHORT-TERM INVESTMENTS (22.7%) 11,889,430 State Street Navigator Prime Fund ss.ss. 11,889,430 ------------- PAR (000) - ---------- $ 9,000 Freddie Mac Discount Notes ^^ 07/26/05 3.190 8,980,062 6,442 State Street Bank and Trust Co. Euro Time Deposit ^^ 07/01/05 2.100 6,442,000 150 United States Treasury Bills ^^ 08/04/05 2.900 149,602 ------------- TOTAL SHORT-TERM INVESTMENTS (Cost $27,461,094) 27,461,094 -------------
See Accompanying Notes to Financial Statements. 22 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND SCHEDULE OF INVESTMENTS (CONTINUED) June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- VALUE ------------ TOTAL INVESTMENTS AT VALUE (117.7%) (Cost $140,876,808) $142,267,340 LIABILITIES IN EXCESS OF OTHER ASSETS (-17.7%) (21,372,881) ------------ NET ASSETS (100.0%) $120,894,459 ============ INVESTMENT ABBREVIATIONS BKNT = Bank Note MTN = Medium Term Note MTNA = Medium Term Note Series A NR = Not Rated TBA = To Be Announced - -------------------------------------------------------------------------------- + Credit ratings given by the Standard & Poor's Division of The McGraw-Hill Companies, Inc. ("S&P") and Moody's Investors Service, Inc. ("Moody's") are unaudited. # Variable rate obligations - The interest rate shown is the rate as of June 30, 2005. ++ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2005, these securities amounted to a value of $6,752,775 or 5.59% of net assets. ++++ Collateral segregated for futures contracts. 0 Bond is currently in default. * Non-income producing security. ss. Security or portion thereof is out on loan. ss.ss. Represents security purchased with cash collateral received for securities on loan. ^^ Collateral segregated for TBA securities. ^ Not readily marketable security; security is valued at fair value as determined in good faith by, or under the direction of, the Board of Directors. (1) Par value of security held is less than $1,000. See Accompanying Notes to Financial Statements. 23 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE - ---------- -------------- -------- ------ ------------- CORPORATE BONDS (83.7%) AEROSPACE (1.0%) $ 100 BE Aerospace, Inc., Series B, Senior Subordinated Notes (Callable 07/05/05 @ $100.00) ss. (B- , Caa3) 03/01/08 8.000 $ 100,500 100 DRS Technologies, Inc., Global Senior Subordinated Notes (Callable 11/01/08 @ $103.44) (B , B2) 11/01/13 6.875 104,000 100 L-3 Communications Corp., Global Company Guaranteed Notes (Callable 07/15/08 @ $103.06) (BB+ , Ba3) 07/15/13 6.125 101,000 ------------- 305,500 ------------- AUTOMOBILE MANUFACTURING/VEHICLE PARTS (2.3%) 100 Cooper-Standard Automotive, Inc., Company Guaranteed Notes (Callable 12/15/09 @ $104.19) ss. (B , B3) 12/15/14 8.375 79,500 100 Cummins, Inc., Global Senior Notes (Callable 12/01/06 @ $104.75) ss.# (BB+ , Ba2) 12/01/10 9.500 110,500 150 Dura Operating Corp., Series D, Company Guaranteed Notes (Callable 05/01/06 @ $101.50) ss. (CCC+ , Caa1) 05/01/09 9.000 105,000 100 Goodyear Tire & Rubber Co., Rule 144A, Senior Notes (Callable 07/01/10 @ $104.50) ++ss. (B- , B3) 07/01/15 9.000 98,750 100 Holley Performance Products, Series B, Company Guaranteed Notes (Callable 09/15/05 @ $102.04) (CCC- , Caa3) 09/15/07 12.250 75,750 150 Stanadyne Corp., Global Senior Subordinated Notes (Callable 08/15/09 @ $105.00) (B- , Caa1) 08/15/14 10.000 142,500 65 TRW Automotive, Inc., Global Senior Subordinated Notes (Callable 02/15/08 @ $105.50) ss. (BB- , B1) 02/15/13 11.000 75,075 ------------- 687,075 ------------- BROADCAST/OUTDOOR (1.6%) 100 Entravision Communications Corp., Global Company Guaranteed Notes (Callable 03/15/06 @ $104.06) (B- , B3) 03/15/09 8.125 104,625 125 Gray Television, Inc., Global Company Guaranteed Notes (Callable (12/15/06 @ $104.62) (B- , B2) 12/15/11 9.250 136,250 100 Radio One, Inc., Series B, Global Company Guaranteed Notes (Callable 07/01/06 @ $104.44) (B , B2) 07/01/11 8.875 107,875 100 Sinclair Broadcast Group, Inc., Global Company Guaranteed Notes (B , B2) 12/15/11 8.750 105,500 ------------- 454,250 ------------- BUILDING PRODUCTS (1.0%) 250 NTK Holdings, Inc., Rule 144A, Senior Discount Notes (Callable 09/01/09 @ $105.38) +++ (CCC+ , Caa2) 03/01/14 10.750 118,750
See Accompanying Notes to Financial Statements. 24 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE - ---------- -------------- -------- ------ ------------- CORPORATE BONDS BUILDING PRODUCTS $ 100 Ply Gem Industries, Inc., Global Senior Subordinated Notes (Callable 02/15/08 @ $104.50) (B- , B3) 02/15/12 9.000 $ 85,000 100 RMCC Acquisition Co., Rule 144A, Senior Subordinated Notes (Callable 11/01/08 @ $104.75) ++ (CCC+ , Caa1) 11/01/12 9.500 96,000 ------------- 299,750 ------------- CABLE (6.3%) 250 Adelphia Communications Corp., Series B, Senior Notes 0 (NR , NR) 12/31/49 10.500 221,250 425 Cablevision Systems Corp., Series B, Global Senior Notes ss. (B+ , B3) 04/15/12 8.000 418,625 200 Charter Communications Holdings LLC, Senior Discount Notes (Callable 04/01/06 @ $101.65) #+ (CCC- , Ca) 04/01/11 9.920 147,000 100 Charter Communications Holdings LLC, Senior Notes (Callable 01/15/06 @ $103.42) (CCC- , Ca) 01/15/10 10.250 74,750 300 Charter Communications Holdings LLC, Senior Notes (Callable 09/15/08 @ $105.12) (CCC- , Caa1) 09/15/10 10.250 304,875 150 Frontiervision Holdings LP, Senior Discount Notes (Callable 09/15/05 @ $100.00) 0 (NR , NR) 09/15/07 11.875 207,000 100 Insight Midwest/Insight Capital Corp., Senior Notes (Callable 10/01/05 @ $103.25) (B+ , B2) 10/01/09 9.750 103,875 100 LodgeNet Entertainment Corp., Senior Subordinated Debentures (Callable 06/15/08 $104.75) (B- , B3) 06/15/13 9.500 109,500 100 Mediacom LLC Capital Corp., Senior Notes (Callable 02/15/06 @ $103.94) ss. (B , B3) 02/15/11 7.875 96,750 125 Olympus Communications LP, Series B, Senior Notes 0 (NR , NR) 11/15/06 10.625 173,437 ------------- 1,857,062 ------------- CAPITAL GOODS (0.8%) 105 JII Holdings LLC, Global Secured Notes (Callable 01/01/06 @ $103.25) (CCC- , Caa2) 04/01/07 13.000 92,925 160 Motors & Gears, Inc., Series D, Senior Notes (CCC , Caa1) 11/15/06 10.750 146,400 ------------- 239,325 ------------- CHEMICALS (5.5%) 150 Compression Polymers Holdings Corp., Rule 144A, Senior Unsecured Notes (Callable 07/01/07 @ $103.00) ++# (B- , B2) 07/01/12 10.460 149,250 100 Crompton Corp., Global Senior Notes (Callable 08/01/08 @ $104.94) ss. (B , B1) 08/01/12 9.875 116,500 130 Crystal US Holdings, Series B, Senior Discount Notes (Callable 10/01/09 @ $105.25) + (B- , Caa2) 10/01/14 10.500 91,000 100 Equistar Chemicals LP/ Equistar Funding Corp., Global Company Guaranteed Notes (B+ , B2) 09/01/08 10.125 108,750 66 Huntsman LLC, Global Company Guaranteed Notes (Callable 07/15/08 @ $105.75) # (B , B2) 07/15/12 11.500 77,715
See Accompanying Notes to Financial Statements. 25 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE - ---------- -------------- -------- ------ ------------- CORPORATE BONDS CHEMICALS $ 100 IMC Global, Inc., Series B, Global Company Guaranteed Notes (Callable 06/01/06 @ $105.62) (B+ , B1) 06/01/11 11.250 $ 111,000 150 Koppers Industry, Inc., Rule 144A, Senior Discount Notes (Callable 11/15/09 @ $104.94) +++ (B- , Caa2) 11/15/14 9.875 87,750 100 Kraton Polymers LLC, Rule 144A, Senior Subordinated Notes (Callable 01/15/09 @ $104.06) ++ss. (B- , Caa1) 01/15/14 8.125 96,750 200 Lyondell Chemical Co., Global Company Guaranteed Notes (Callable 06/01/08 @ $105.25) (BB- , B1) 06/01/13 10.500 229,750 30 Lyondell Chemical Co., Series B, Secured Notes (Callable 05/01/06 @ $100.00) ss. (B+ , B1) 05/01/07 9.875 30,900 100 Nalco Co., Global Senior Notes (Callable 11/15/07 @ $103.88) (B- , B2) 11/15/11 7.750 107,000 200 Polymer Holdings LLC, Rule 144A, Senior Discount Notes (Callable 01/15/09 @ $106.00) +++ (B- , Caa2) 07/15/14 12.000 137,000 100 Polyone Corp., Senior Notes ss. (B+ , B3) 05/01/12 8.875 99,250 100 PQ Corp., Rule 144A, Company Guaranteed Notes (Callable 02/15/09 @ $103.75) ++ (B- , B3) 02/15/13 7.500 98,750 65 Terra Capital, Inc., Global Secured Notes (Callable 06/01/07 @ $105.75) (B- , Caa1) 06/01/10 11.500 74,425 ------------- 1,615,790 ------------- COMPETITIVE LOCAL EXCHANGE CARRIER (CLEC) (0.9%) 100 Block Communications, Inc., Global Company Guaranteed Notes (Callable 04/15/06 @ $104.62) (B- , B2) 04/15/09 9.250 107,000 150 Time Warner Telecom LLC, Senior Notes (Callable 07/15/05 @ $101.63) ss. (CCC+ , B3) 07/15/08 9.750 151,500 ------------- 258,500 ------------- CONSUMER PRODUCTS/TOBACCO (3.2%) 125 Central Garden & Pet Co., Global Company Guaranteed Notes (Callable 02/01/08 @ $104.56) (B+ , B2) 02/01/13 9.125 135,000 715 Diamond Brands Operating, Company Guaranteed Notes (Callable 04/15/06 @ $100.00) 0^ (NR , NR) 04/15/08 10.125 14,300 200 Jarden Corp., Global Company Guaranteed Notes (Callable 05/01/07 @ $104.88) (B- , B2) 05/01/12 9.750 211,750 250 Johnsondiversey Holdings, Inc., Global Discount Notes (Callable 05/15/07 @ $105.34) + (B , Caa1) 05/15/13 10.670 179,063 100 Johnsondiversey, Inc., Series B, Global Company Guaranteed Notes (Callable 05/15/07 @ $104.81) ss. (B , B2) 05/15/12 9.625 102,000 100 K2, Inc., Global Senior Notes (Callable 07/01/09 @ $103.69) ss. (BB , Ba3) 07/01/14 7.375 105,750
See Accompanying Notes to Financial Statements. 26 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE - ---------- -------------- -------- ------ ------------- CORPORATE BONDS CONSUMER PRODUCTS/TOBACCO $ 90 Prestige Brands, Inc., Global Senior Subordinated Notes (Callable 04/15/08 @ $104.63) (B- , B3) 04/15/12 9.250 $ 93,825 100 RJ Reynolds Tobacco Holdings, Rule 144A, Notes ++ (BB+ , Ba2) 07/15/10 6.500 100,250 ------------- 941,938 ------------- CONTAINERS (2.4%) 100 Berry Plastics Corp., Global Company Guaranteed Notes (Callable 07/15/07 @ $105.38) (B- , B3) 07/15/12 10.750 109,625 100 Constar International, Inc., Senior Subordinated Notes (Callable 12/01/07 @ $105.50) ss. (B- , Caa1) 12/01/12 11.000 80,000 150 Graham Packaging Company, Inc., Rule 144A, Subordinated Notes (Callable 10/15/09 @ $104.94) ++ss. (CCC+ , Caa2) 10/15/14 9.875 151,125 100 Owens-Illinois, Inc., Senior Notes (B , Caa1) 05/15/08 7.350 104,250 85 Pliant Corp., Rule 144A, Secured Notes (Callable 06/15/07 @ $111.62) ++ (B- , B3) 06/15/09 11.625 91,480 100 Solo Cup Company, Senior Subordinated Notes (Callable 02/15/09 @ $104.25) ss. (B- , B3) 02/15/14 8.500 94,000 100 Tekni-Plex, Inc., Series B, Company Guaranteed Notes (Callable 08/08/05 @ $106.38) ss. (CCC- , Caa2) 06/15/10 12.750 69,000 ------------- 699,480 ------------- DIVERSIFIED TELECOMMUNICATIONS (2.0%) 125 Hawaiian Telcom Communications, Inc., Rule 144A, Senior Notes (Callable 05/01/09 @ $104.88) ++ss. (B- , B3) 05/01/13 9.750 133,125 100 Qwest Corp., Rule 144A, Senior Notes ++ (BB- , Ba3) 09/01/11 7.875 104,750 327 Qwest Corp., Rule 144A, Senior Notes ++ (BB- , Ba3) 06/15/15 7.625 335,584 ------------- 573,459 ------------- ELECTRONICS/INFORMATION/DATA TECHNOLOGY (0.1%) 32 Ampex Corp., Secured Notes ^ (NR , NR) 08/15/08 12.000 31,597 ------------- ENERGY - OTHER (4.8%) 100 Dynegy Holdings, Inc., Senior Notes ss. (CCC+ , Caa2) 04/01/11 6.875 99,250 100 Dynegy Holdings, Inc., Senior Notes ss. (CCC+ , Caa2) 02/15/12 8.750 109,500 100 El Paso CGP Co., Notes (CCC+ , Caa1) 02/01/09 6.375 99,000 100 El Paso Corp., Senior Notes ss. (CCC+ , Caa1) 05/15/11 7.000 100,250 100 El Paso Production Holding Co., Global Company Guaranteed Notes (Callable 06/01/08 @ $103.88) (B- , B3) 06/01/13 7.750 107,250 150 Giant Industries, Inc., Company Guaranteed Notes (Callable 05/15/09 @ $104.00) ss. (B- , B3) 05/15/14 8.000 157,125 65 Giant Industries, Inc., Global Company Guaranteed Notes (Callable 05/15/07 @ $105.50) (B- , B3) 05/15/12 11.000 73,937 100 NRG Energy, Inc., Rule 144A, Secured Notes (Callable 12/15/08 @ $104.00) ++ (B , B1) 12/15/13 8.000 106,000
See Accompanying Notes to Financial Statements. 27 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE - ---------- -------------- -------- ------ ------------- CORPORATE BONDS ENERGY - OTHER $ 100 Pacific Energy Partners, Global Senior Notes (Callable 06/15/09 @ $103.56) (BB- , Ba2) 06/15/14 7.125 $ 104,625 100 Reliant Resources, Inc., Global Secured Notes (Callable 07/15/08 @ $104.75) ss. (B , B1) 07/15/13 9.500 111,500 300 Williams Companies, Inc., Global Notes ss. (B+ , B1) 03/15/12 8.125 342,000 ------------- 1,410,437 ------------- ENVIRONMENTAL SERVICES (0.8%) 100 Allied Waste North America, Inc., Rule 144A, Senior Notes (Callable 03/15/10 @ $103.63) ++ (BB- , B2) 03/15/15 7.250 97,250 150 Allied Waste North America, Inc., Series B, Global Senior Notes (Callable 04/15/09 @ $103.69) ss. (B+ , Caa1) 04/15/14 7.375 139,500 ------------- 236,750 ------------- FINANCE - OTHER (2.5%) 150 American Commercial Lines, Rule 144A, Senior Notes (Callable 02/15/10 @ $104.75) ++ (B- , B3) 02/15/15 9.500 159,000 325 General Motors Acceptance Corp., Global Notes ss. (BB , Baa2) 12/01/14 6.750 291,255 100 Genesis Healthcare Corp., Senior Subordinated Notes (Callable 10/15/08 @ $104.00) (B- , B3) 10/15/13 8.000 108,750 150 Ventas Realty LP, Global Company Guaranteed Notes (BB , Ba3) 05/01/12 9.000 173,250 ------------- 732,255 ------------- FOOD PROCESSORS/BEVERAGE/BOTTLING (2.7%) 100 Bear Creek Corp., Rule 144A, Senior Notes (Callable 03/01/09 @ $104.50) ++ (B- , B3) 03/01/13 9.000 98,000 25 Birds Eye Foods, Inc., Company Guaranteed Notes (Callable 11/01/05 @ $101.98) (B- , B3) 11/01/08 11.875 25,969 100 Chiquita Brands International. Inc., Global Senior Notes (Callable 11/01/09 @ $103.75) ss. (B- , B3) 11/01/14 7.500 93,500 100 Eagle Family Foods, Inc., Series B, Company Guaranteed Notes (Callable 01/15/06 @ $100.00) (CCC , Caa2) 01/15/08 8.750 80,500 100 National Beef Packing Company LLC, Global Senior Notes (Callable 08/01/07 @ $105.25) ss. (B- , B3) 08/01/11 10.500 95,750 200 National Wine & Spirits, Inc., Company Guaranteed Notes (Callable 01/15/06 @ $101.69) (CCC+ , B3) 01/15/09 10.125 203,000 200 Pinnacle Foods Holding Corp., Global Senior Subordinated Notes (Callable 12/01/08 @ $104.13) ss. (B- , B3) 12/01/13 8.250 180,000 ------------- 776,719 ------------- GAMING (5.2%) 100 Ameristar Casinos, Inc., Global Company Guaranteed Notes (Callable 02/15/06 @ $105.38) (B , B2) 02/15/09 10.750 109,250
See Accompanying Notes to Financial Statements. 28 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE - ---------- -------------- -------- ------ ------------- CORPORATE BONDS GAMING $ 100 Argosy Gaming Co., Senior Subordinated Notes (Callable 09/01/06 @ $104.50) (B+ , Ba3) 09/01/11 9.000 $ 109,875 100 Aztar Corp., Global Senior Subordinated Notes (Callable 08/15/06 @ $104.50) ss. (B+ , Ba3) 08/15/11 9.000 109,125 100 Circus & Eldorado, Global First Mortgage Notes (Callable 03/01/07 @ $105.06) (B+ , B1) 03/01/12 10.125 105,125 100 Hard Rock Hotel, Inc., Global Notes (Callable 06/01/08 @ $104.44) (B , B3) 06/01/13 8.875 109,250 100 Herbst Gaming, Inc., Global Senior Subordinated Notes (Callable 06/01/08 @ $104.06) (B- , B3) 06/01/12 8.125 106,500 100 Inn of The Mountain Gods, Rule 144A, Senior Notes (Callable 11/15/07 @ $106.00) ++ss. (B , B3) 11/15/10 12.000 116,000 100 Majestic Star Casino LLC, Company Guaranteed Notes (Callable 10/15/07 @ $104.75) (B , B2) 10/15/10 9.500 103,500 50 MGM Mirage, Company Guaranteed Notes (BB , Ba2) 09/15/10 8.500 55,750 100 MGM Mirage, Company Guaranteed Notes ss. (B+ , Ba3) 02/01/11 8.375 109,500 100 MGM Mirage, Global Senior Notes (BB , Ba2) 09/01/12 6.750 103,500 100 Seneca Gaming Corp., Global Senior Notes (Callable 05/01/08 @ $103.63) ss. (BB- , B1) 05/01/12 7.250 103,875 100 Virgin River Casino Corp., Rule 144A, Secured Notes (Callable 01/15/09 @ $104.50) ++ (B , B3) 01/15/12 9.000 104,750 175 Waterford Gaming LLC, Rule 144A, Senior Notes (Callable 09/15/08 @ $103.55) ++ (B+ , B1) 09/15/12 8.625 185,937 55 Windsor Woodmont Black Hawk, Series B, First Mortgage Notes 0^ (NR , NR) 03/15/05 13.000 4,244 ------------- 1,536,181 ------------- HEALTHCARE FACILITIES/SUPPLIES (3.8%) 100 Alpharma, Inc., Rule 144A, Senior Notes (Callable 05/01/07 @ $104.31) ++ (B- , B3) 05/01/11 8.625 98,250 50 Davita, Inc., Rule 144A, Senior Subordinated Notes (Callable 03/15/10 @ $103.63) ++ (B , B3) 03/15/15 7.250 51,625 100 Fisher Communications, Inc., Global Senior Notes (Callable 09/15/09 @ $104.31) (B- , B2) 09/15/14 8.625 106,625 100 Fisher Scientific International, Inc., Global Senior Subordinated Notes (Callable 08/15/09 @ $103.38) ss. (BB+ , Ba3) 08/15/14 6.750 105,000 100 Fisher Scientific International, Inc., Rule 144A, Senior Subordinated Notes (Callable 07/01/10 @ $103.06) ++ (BB+ , Ba3) 07/01/15 6.125 100,625 100 Medical Device Manufacturing, Inc., Series B, Global Company Guaranteed Notes (Callable 07/15/08 @ $105.00) (B- , Caa1) 07/15/12 10.000 108,000 150 MQ Associates, Inc., Global Senior Discount Notes (Callable 08/15/08 @ $109.00) ss.+ (CCC+ , Caa2) 08/15/12 12.250 78,750 50 Rotech Healthcare, Inc., Global Company Guaranteed Notes (Callable 04/01/07 @ $104.75) (B+ , B2) 04/01/12 9.500 53,750 100 Rural / Metro Corp., Rule 144A, Senior Subordinated Notes (Callable 03/15/10 @ $104.94) ++ (CCC+ , Caa1) 03/15/15 9.875 99,500
See Accompanying Notes to Financial Statements. 29 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE - ---------- -------------- -------- ------ ------------- CORPORATE BONDS HEALTHCARE FACILITIES/SUPPLIES $ 100 Tenet Healthcare Corp., Global Senior Notes (B , B3) 07/01/14 9.875 $ 107,750 100 Universal Hospital Services, Inc., Global Senior Notes (Callable 11/01/07 @ $105.06) (B- , B3) 11/01/11 10.125 101,500 100 Vanguard Health Holdings Co., Global Senior Subordinated Notes (Callable 10/01/09 @ $104.50) (CCC+ , Caa1) 10/01/14 9.000 108,500 ------------- 1,119,875 ------------- HOME BUILDERS (1.3%) 100 Beazer Homes USA, Inc., Global Company Guaranteed Notes (Callable 04/15/07 @ $104.19) (BB , Ba1) 04/15/12 8.375 107,750 75 D. R. Horton, Inc., Notes (BB+ , Ba1) 01/15/16 5.625 74,618 100 KB Home, Senior Notes ss. (BB+ , Ba1) 06/15/15 6.250 102,167 100 William Lyon Homes, Inc., Global Senior Notes (Callable 12/15/08 @ $103.81) ss. (B , B2) 12/15/12 7.625 96,000 ------------- 380,535 ------------- INDUSTRIAL - OTHER (1.8%) 200 Coleman Cable, Inc., Rule 144A, Senior Notes (Callable 10/01/08 @ $104.94) ++ (B- , B3) 10/01/12 9.875 179,000 100 Hawk Corp., Global Senior Notes (Callable 11/01/09 @ $104.38) (B , B2) 11/01/14 8.750 102,000 150 True Temper Sports, Inc., Global Company Guaranteed Notes (Callable 03/15/08 @ $104.19) (CCC+ , Caa1) 09/15/11 8.375 139,875 100 Wolverine Tube, Inc., Global Company Guaranteed Notes (Callable 04/01/06 @ $105.25) ss. (B , B3) 04/01/09 10.500 95,500 ------------- 516,375 ------------- LEISURE (1.9%) 100 Affinity Group, Inc., Global Senior Subordinated Notes (Callable 02/15/08 @ $104.50) (B- , B3) 02/15/12 9.000 101,750 72 AMC Entertainment, Inc., Senior Subordinated Notes (Callable 02/01/06 @ $101.58) ss. (CCC+ , B3) 02/01/11 9.500 71,010 100 Bally Total Fitness Holding Corp., Global Senior Notes (Callable 07/15/07 @ $105.25) (CCC , Caa1) 07/15/11 10.500 100,375 100 Cinemark USA, Inc., Global Senior Subordinated Notes (Callable 02/01/08 @ $104.50) (B- , B3) 02/01/13 9.000 103,250 150 Six Flags, Inc., Rule 144A, Global Senior Notes (Callable 06/01/09 @ $104.81) ++ss. (CCC , Caa1) 06/01/14 9.625 141,000 50 Speedway Motorsports, Inc., Global Senior Subordinated Notes (Callable 06/01/08 @ $103.38) (B+ , Ba2) 06/01/13 6.750 51,750 ------------- 569,135 ------------- LODGING (0.3%) 100 Host Marriott LP, Rule 144A, Senior Notes (Callable 03/15/10 @ $103.19) ++ (B+ , Ba3) 03/15/15 6.375 99,500 -------------
See Accompanying Notes to Financial Statements. 30 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE - ---------- -------------- -------- ------ ------------- CORPORATE BONDS METALS & MINING (2.0%) $ 100 AK Steel Corp., Global Company Guaranteed Notes (Callable 06/15/07 @ $103.88) ss. (B+ , B3) 06/15/12 7.750 $ 85,000 100 Aleris International, Inc., Global Company Guaranteed Notes (Callable 11/15/09 @ $104.50) (B , NR) 11/15/14 9.000 104,000 100 Earle M. Jorgensen Co., Global Secured Notes (Callable 06/01/07 @ $104.88) (B- , B2) 06/01/12 9.750 108,500 100 International Steel Group, Inc., Global Senior Notes (BB , Ba2) 04/15/14 6.500 96,500 100 Metallurg, Inc., Series B, Company Guaranteed Notes (Callable 12/01/05 @ $100.00) (CCC , Ca) 12/01/07 11.000 93,500 100 UCAR Finance, Inc., Global Company Guaranteed Notes (Callable 02/15/07 @ $105.12) (B- , B2) 02/15/12 10.250 105,750 ------------- 593,250 ------------- OIL EQUIPMENT (0.6%) 48 Parker Drilling Co., Series B, Company Guaranteed Notes (Callable 11/15/05 @ $103.38) ss. (B- , B2) 11/15/09 10.125 50,460 100 Pride International, Inc., Global Senior Notes (Callable 07/15/09 @ $103.69) ss. (BB- , Ba2) 07/15/14 7.375 110,250 ------------- 160,710 ------------- PAPER & FOREST PRODUCTS (2.6%) 100 Caraustar Industries, Inc., Global Company Guaranteed Notes (Callable 04/01/06 @ $105.25) ss. (B , Caa1) 04/01/11 9.875 101,250 100 Cellu Tissue Holdings, Global Secured Notes (Callable 03/15/07 @ $107.31) (B , B2) 03/15/10 9.750 102,000 250 Georgia-Pacific Corp., Global Company Guaranteed Notes (Callable 02/01/08 @ $104.69) (BB+ , Ba2) 02/01/13 9.375 284,063 70 Georgia-Pacific Corp., Notes (BB+ , Ba3) 05/15/31 8.875 86,975 100 Newark Group, Inc., Global Senior Subordinated Notes (Callable 03/15/09 @ $104.88) (B- , Caa1) 03/15/14 9.750 92,500 100 Pope & Talbot, Inc., Debentures (BB- , B1) 06/01/13 8.375 99,500 ------------- 766,288 ------------- PHARMACEUTICALS (0.3%) 82 Biovail Corp., Yankee Senior Subordinated Notes (Callable 04/01/06 @ $103.94) (BB- , B2) 04/01/10 7.875 84,255 ------------- PUBLISHING (1.6%) 100 Dex Media, Inc., Global Notes (Callable 11/15/08 @ $104.00) (B , B3) 11/15/13 8.000 106,750 100 Haights Cross Operating Co., Global Company Guaranteed Notes (Callable 08/15/08 @ $105.88) (CCC , Caa1) 08/15/11 11.750 109,750 150 Morris Publishing Group LLC, Global Company Guaranteed Notes (Callable 08/01/08 @ $103.50) (B+ , Ba3) 08/01/13 7.000 147,000
See Accompanying Notes to Financial Statements. 31 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE - ---------- -------------- -------- ------ ------------- CORPORATE BONDS PUBLISHING $ 500 Premier Graphics, Inc., Company Guaranteed Notes (Callable 07/05/05 @ $100.00) 0^ (NR , NR) 12/01/49 11.500 $ 0 100 R. H. Donnelley Corp., Rule 144A, Senior Notes (Callable 01/15/09 @ $103.44) ++ (B+ , B3) 01/15/13 6.875 102,500 ------------- 466,000 ------------- RESTAURANTS(0.9%) 215 AmeriKing, Inc., Senior Notes 0 (NR , NR) 11/15/07 10.750 0 29 AmeriKing, Inc., Senior Notes 0 (NR , NR) 05/15/08 13.000 0 200 AmeriKing, Inc., Units 0 (NR , NR) 05/15/08 13.000 0 150 Friendly Ice Cream Corp., Global Senior Notes (Callable 06/15/08 @ $104.19) ss. (B- , B2) 06/15/12 8.375 146,250 100 Sbarro, Inc., Company Guaranteed Notes (Callable 09/15/05 @ $103.67) ss. (CCC+ , Caa2) 09/15/09 11.000 101,000 ------------- 247,250 ------------- RETAIL-FOOD & DRUG (1.4%) 75 Delhaize America, Inc., Global Company Guaranteed Notes (BB+ , Ba1) 04/15/11 8.125 84,494 100 Great Atlantic & Pacific Tea Company, Inc., Notes (B- , Caa1) 04/15/07 7.750 102,750 100 Rite Aid Corp., Global Secured Notes (Callable 05/01/07 @ $104.06) (B+ , B2) 05/01/10 8.125 103,500 100 Roundy's, Inc., Series B, Global Company Guaranteed Notes (Callable 06/15/07 @ $104.44) (B , B2) 06/15/12 8.875 103,500 ------------- 394,244 ------------- RETAIL STORES (1.8%) 100 AutoNation, Inc., Global Company Guaranteed Notes (BBB- , Ba2) 08/01/08 9.000 109,750 100 Finlay Fine Jewelry Corp., Global Senior Notes (Callable 06/01/08 @ $104.19) ss. (B+ , B1) 06/01/12 8.375 90,625 370 Flooring America, Inc., Series B, Company Guaranteed Notes (Callable 10/15/05 @ $100.00) 0^ (NR , NR) 10/15/07 9.250 0 65 Jafra Cosmetics/Distribution, Global Company Guaranteed Notes (Callable 05/15/07 @ $105.38) (B- , B3) 05/15/11 10.750 73,125 150 JC Penney Company, Inc., Series MTNA, Notes (BB+ , Ba1) 10/15/15 6.875 162,000 100 Michaels Stores, Inc., Senior Notes (Callable 07/01/05 @ $104.62) (BB+ , Ba1) 07/01/09 9.250 104,625 ------------- 540,125 ------------- SATELLITE (0.9%) 150 Echostar DBS Corp., Global Company Guaranteed Notes (BB- , Ba3) 10/01/14 6.625 148,875 97 PanAmSat Corp., Global Company Guaranteed Notes (Callable 08/15/09 @ $104.50) (B+ , B1) 08/15/14 9.000 106,336 ------------- 255,211 -------------
See Accompanying Notes to Financial Statements. 32 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE - ---------- -------------- -------- ------ ------------- CORPORATE BONDS SECONDARY OIL & GAS PRODUCERS (2.8%) $ 100 Chesapeake Energy Corp., Rule 144A, Senior Notes (Callable 07/15/10 @ $103.13) ++ (BB- , Ba3) 01/15/18 6.250 $ 99,000 116 Chesapeake Energy Corp., Senior Notes (Callable 01/15/09 @ $103.44) (BB- , Ba3) 01/15/16 6.875 121,510 150 Kerr-McGee Corp., Company Guaranteed Notes (BB+ , Ba3) 09/15/11 6.875 160,915 65 Magnum Hunter Resources, Inc., Global Company Guaranteed Notes (Callable 03/15/07 @ $104.80) (B+ , B2) 03/15/12 9.600 72,475 100 Plains Exploration & Production Co., Series B, Global Senior Subordinated Notes (Callable 07/01/07 @ $104.38) (B+ , Ba3) 07/01/12 8.750 109,000 50 Range Resources Corp., Global Company Guaranteed Notes (Callable 03/15/10 @ $103.19) (B , B3) 03/15/15 6.375 50,000 100 Swift Energy Co., Senior Notes (Callable 07/15/08 @ $103.81) (BB- , B1) 07/15/11 7.625 104,500 100 Vintage Petroleum, Inc., Global Senior Subordinated Notes (Callable 05/15/06 @ $103.94) ss. (B , B1) 05/15/11 7.875 106,000 ------------- 823,400 ------------- SERVICES (2.4%) 100 Alderwoods Group, Inc., Rule 144A, Senior Notes (Callable 09/15/08 @ $103.88) ++ (B , B2) 09/15/12 7.750 106,625 250 Ameriserve Finance Trust, Rule 144A, Secured Notes (Callable 09/15/05 @ $100.00) ++0 (NR , NR) 09/15/06 12.000 13,125 150 HydroChem Industrial Services, Inc., Rule 144A, Senior Subordinated Notes (Callable 02/15/09 @ $104.63) ++ (B- , Caa1) 02/15/13 9.250 139,500 100 Iron Mountain, Inc., Company Guaranteed Notes (Callable 01/15/08 @ $103.88) ss. (B , B3) 01/15/15 7.750 101,000 100 Morton's Restaurant Group, Inc., Global Secured Notes (Callable 07/01/07 @ $105.30) (B- , B2) 07/01/10 7.500 98,500 175 Muzak LLC/Muzak Finance, Global Senior Notes (Callable 02/15/06 @ $105.00) (CCC- , Caa1) 02/15/09 10.000 146,125 100 United Rentals North America, Inc., Global Senior Subordinated Notes (Callable 11/15/08 @ $103.88) ss. (B+ , B2) 11/15/13 7.750 98,750 ------------- 703,625 ------------- TECHNOLOGY (2.5%) 50 Advanced Micro Devices, Inc., Global Senior Notes (Callable 11/01/08 @ $103.88) (B- , B3) 11/01/12 7.750 49,500 50 Amkor Technology, Inc., Global Senior Notes (Callable 05/15/08 @ $103.88) (B- , B3) 05/15/13 7.750 43,250 125 Amkor Technology, Inc., Senior Subordinated Notes (Callable 07/28/05 @ $103.50) ss. (CCC , Caa1) 05/01/09 10.500 108,437 25 Lucent Technologies, Inc., Notes ss. (B , B2) 07/15/06 7.250 25,688 100 Lucent Technologies, Inc., Notes ss. (B , B2) 11/15/08 5.500 99,750 100 Sanmina-SCI Corp., Rule 144A, Subordinated Notes (Callable 03/01/09 @ $103.38) ++ss. (B , B1) 03/01/13 6.750 96,000
See Accompanying Notes to Financial Statements. 33 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE - ---------- -------------- -------- ------ ------------- CORPORATE BONDS TECHNOLOGY $ 100 Seagate Technology HDD Holdings, Global Company Guaranteed Notes (Callable 05/15/06 @ $104.00) ss. (BB+ , Ba2) 05/15/09 8.000 $ 106,875 200 Xerox Corp., Senior Notes (Callable 06/15/08 @ $103.81) ss. (BB- , Ba2) 06/15/13 7.625 216,250 ------------- 745,750 ------------- TEXTILE/APPAREL/SHOE MANUFACTURING (0.9%) 100 BGF Industries, Inc., Series B, Senior Subordinated Notes (Callable 01/15/06 @ $101.75) (CCC- , Ca) 01/15/09 10.250 101,250 100 Levi Strauss & Co., Global Senior Notes (Callable 12/15/07 @ $106.12) ss. (CCC , Ca) 12/15/12 12.250 109,750 50 Phillips-Van Heusen Corp., Global Senior Notes (Callable 02/15/08 @ $103.62) (BB , B2) 02/15/11 7.250 52,750 ------------- 263,750 ------------- TOWER (0.7%) 100 American Tower Corp., Global Senior Notes (Callable 10/15/08 @ $103.56) (CCC+ , B3) 10/15/12 7.125 106,250 117 SBA Telecommunications, Inc., Global Senior Discount Notes (Callable 12/15/07 @ $104.88) ss.+ (CCC- , B3) 12/15/11 9.750 108,225 ------------- 214,475 ------------- TRANSPORTATION/OTHER (0.4%) 100 Overseas Shipholding Group, Inc., Global Senior Notes (Callable 03/15/08 @ $104.12) (BB+ , Ba1) 03/15/13 8.250 105,000 ------------- UTILITIES (4.9%) 50 Allegheny Energy Supply Company LLC, Global Notes (B , Ba3) 03/15/11 7.800 54,750 100 Aquila, Inc., Senior Notes ss. (B- , B2) 11/15/09 7.625 103,750 150 Calpine Corp, Rule 144A, Secured Notes (Callable 07/15/08 @ $104.38) ++ (B- , Ba) 07/15/13 8.750 111,750 200 Calpine Corp., Rule 144A, Secured Notes (Callable 07/15/07 @ $104.25) ++ss. (B- , Ba) 07/15/10 8.500 155,000 100 Calpine Corp., Senior Notes ss. (CCC , Caa3) 04/15/09 7.750 68,500 100 CMS Energy Corp., Senior Notes ss. (B+ , B3) 01/15/09 7.500 105,750 100 Edison Mission Energy, Senior Notes (B+ , B1) 06/15/09 7.730 105,875 100 Mirant Americas Generation LLC, Senior Notes 0 (NR , NR) 05/01/06 7.625 116,250 100 Mirant Corp., Rule 144A, Senior Notes ++0ss. (NR , NR) 07/15/49 7.400 81,500 50 Nevada Power Co., Series E, Global Notes (Callable 10/15/06 @ $105.44) (BB , Ba2) 10/15/09 10.875 56,125 100 Sierra Pacific Resources, Global Senior Notes (Callable 03/15/09 @ $104.31) (B- , B2) 03/15/14 8.625 111,000 50 TECO Energy, Inc., Notes ss. (BB , Ba2) 05/01/11 7.200 54,500 100 Texas Genco LLC, Rule 144A, Senior Notes (Callable 12/15/09 @ $103.44) ++ (B , B1) 12/15/14 6.875 105,750
See Accompanying Notes to Financial Statements. 34 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE - ---------- -------------- -------- ------ ------------- CORPORATE BONDS UTILITIES $ 200 TNP Enterprises, Inc., Senior Subordinated Notes (Callable 04/01/06 @ $103.42) (BB- , B2) 04/01/10 10.250 $ 211,100 ------------- 1,441,600 ------------- WIRELESS (4.8%) 50 Airgate PCS, Inc., Rule 144A, Secured Notes (Callable 01/01/06 @ $104.69) ++ (CCC , Caa1) 09/01/09 9.375 52,750 107 AirGate PCS, Inc., Secured Notes (Callable 01/01/06 @ $104.69) ss. (CCC , Caa1) 09/01/09 9.375 112,463 50 American Cellular Corp., Series B, Global Senior Notes (Callable 08/01/07 @ $105.00) ss. (B- , Caa1) 08/01/11 10.000 51,000 100 Centennial Cellular Corp., Senior Subordinated Notes (Callable 12/15/05 @ $101.79) (CCC , Caa3) 12/15/08 10.750 104,375 100 Centennial Communications Corp., Global Senior Notes (Callable 02/01/09 @ $104.06) ss.# (CCC , Caa1) 02/01/14 8.125 107,000 100 Dobson Cellular Systems, Inc., Rule 144A, Secured Notes (Callable 11/01/08 @ $104.94) ++ss. (CCC , B3) 11/01/12 9.875 106,000 100 Dobson Communications Corp., Global Senior Notes (Callable 10/01/08 @ $104.44) ss. (CCC , Ca) 10/01/13 8.875 92,000 100 iPCS, Inc., Global Senior Notes (Callable 05/01/08 @ $105.75) (CCC , B3) 05/01/12 11.500 112,000 100 Nextel Communications, Inc., Senior Notes (Callable 03/15/09 @ $102.98) (BB , Ba3) 03/15/14 5.950 104,375 150 Nextel Communications, Inc., Senior Notes (Callable 08/01/08 @ $103.69) (BB , Ba3) 08/01/15 7.375 162,750 150 Nextel Partners, Inc., Global Senior Notes (Callable 07/01/07 @ $104.06) (B- , Caa1) 07/01/11 8.125 163,500 100 Rural Cellular Corp., Global Senior Subordinated Notes (Callable 01/15/06 @ $104.88) ss. (CCC , Caa2) 01/15/10 9.750 93,500 150 Triton PCS, Inc., Global Company Guaranteed Notes (Callable 06/01/08 @ $104.25) ss. (CCC- , Caa1) 06/01/13 8.500 139,125 ------------- 1,400,838 ------------- TOTAL CORPORATE BONDS (Cost $25,164,601) 24,547,259 ------------- FOREIGN BONDS (6.4%) BUILDING PRODUCTS (0.4%) 100 Maax Holdings, Inc., Global Senior Subordinated Notes (Callable 06/15/08 @ $104.88) (Canada) (CCC+ , B3) 06/15/12 9.750 88,750 100 Maax Holdings, Inc., Rule 144A, Senior Discount Notes (Callable 12/15/08 @ $105.63) (Canada) +++ (CCC+ , Caa1) 12/15/12 11.250 44,000 ------------- 132,750 ------------- CABLE (0.4%) 100 Kabel Deutschland GmbH, Rule 144A, Senior Notes (Callable 07/01/09 @ $105.31) (Germany) ++ (B- , B2) 07/01/14 10.625 109,000 -------------
See Accompanying Notes to Financial Statements. 35 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE - ---------- -------------- -------- ------ ------------- FOREIGN BONDS CHEMICALS (0.7%) $ 100 Acetex Corp., Global Senior Notes (Callable 08/01/05 @ $105.44) (Canada) (B+ , B2) 08/01/09 10.875 $ 105,500 100 Rhodia SA, Rule 144A, Global Senior Notes (France) ++ss. (CCC+ , B3) 06/01/10 10.250 107,750 ------------- 213,250 ------------- CONTAINERS (0.4%) 100 Crown European Holdings SA, Global Secured Notes (Callable 03/01/08 @ $105.44) (France) (B , B2) 03/01/13 10.875 118,000 ------------- ENERGY - OTHER (0.3%) 100 Harvest Operations Corp., Global Senior Notes (Callable 10/15/08 @ $103.94) (Canada) (B- , B3) 10/15/11 7.875 95,750 ------------- GAMING (0.3%) 100 Kerzner International, Ltd., Global Company Guaranteed Notes (Callable 08/15/06 @ $104.44) (Bahamas) (B , B2) 08/15/11 8.875 107,500 ------------- INDUSTRIAL - OTHER (0.0%) 504 International Utility Structures, Inc., Subordinated Notes (Callable 02/01/06 @ $100.00) (Canada) 0^ (NR , NR) 02/01/08 13.000 0 ------------- LEISURE (0.5%) 150 Intrawest Corp., Global Senior Notes (Callable 10/15/08 @ $103.75) (Canada) (B+ , B1) 10/15/13 7.500 154,687 ------------- METALS & MINING (0.4%) 97 Ispat Inland ULC, Global Secured Notes (Callable 04/01/09 @ $104.88) (Canada) (BBB+ , Ba1) 04/01/14 9.750 113,490 ------------- PAPER & FOREST PRODUCTS (0.9%) 100 Abitibi-Consolidated, Inc., Global Notes (Canada) ss. (BB- , Ba3) 06/15/11 7.750 101,000 100 JSG Funding PLC, Rule 144A, Senior Subordinated Notes (Callable 01/31/10 @ $103.88) (Ireland) ++ss. (B- , Caa1) 04/01/15 7.750 82,500 100 Tembec Industries, Inc., Global Company Guaranteed Notes (Canada) ss. (B , B2) 03/15/12 7.750 74,000 ------------- 257,500 ------------- PHARMACEUTICALS (0.3%) 100 Elan Finance PLC, Rule 144A, Senior Notes (Callable 11/15/08 @ $103.88) (Ireland) ++ss. (B , B3) 11/15/11 7.750 86,000 ------------- RETAIL-FOOD & DRUG (0.5%) 150 Jean Coutu Group PJC, Inc., Global Senior Subordinated Notes (Callable 08/01/09 @ $104.25) (Canada) ss. (B , B3) 08/01/14 8.500 148,875 -------------
See Accompanying Notes to Financial Statements. 36 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE - ---------- -------------- -------- ------ ------------- FOREIGN BONDS SECONDARY OIL & GAS PRODUCERS (0.4%) $ 100 Compton Petroleum Corp., Global Senior Notes (Callable 05/15/06 @ $104.95) (Canada) (B , B2) 05/15/09 9.900 $ 107,500 ------------- TRANSPORTATION/OTHER (0.5%) 150 Ship Finance International, Ltd., Global Senior Notes (Callable 12/15/08 @ $104.25) (Bermuda) (B , B1) 12/15/13 8.500 143,438 ------------- WIRELESS (0.4%) 100 Rogers Wireless Communications, Inc, Global Secured Notes (Canada) ss. (BB , Ba3) 12/15/12 7.250 108,500 ------------- TOTAL FOREIGN BONDS (Cost $2,402,401) 1,896,240 ------------- NUMBER OF SHARES - ---------- COMMON STOCKS (1.4%) AUTOMOBILE MANUFACTURING/VEHICLE PARTS (0.0%) 413,097 Cambridge Industries Liquidating Trust *^ 4,131 ------------- FOOD PROCESSORS/BEVERAGE/BOTTLING (0.3%) 70 Crunch Equity Holding LLC Class A * 91,372 ------------- RETAIL-FOOD & DRUG (0.0%) 682 Archibald Candy Corp. *^ 0 ------------- RETAIL STORES (0.2%) 8,710 Safelite Glass Corp. Class B *^ 43,550 588 Safelite Realty Corp. *^ 5,880 ------------- 49,430 ------------- TEXTILE/APPAREL/SHOE MANUFACTURING (0.0%) 2,800 Worldtex, Inc. *^ 0 ------------- WIRELESS (0.9%) 12,642 Alamosa Holdings, Inc. ss.* 175,724 19,309 Dobson Communications Corp. Class A * 82,256 ------------- 257,980 ------------- TOTAL COMMON STOCKS (Cost $759,198) 402,913 ------------- PREFERRED STOCKS (1.0%) BROADCAST/OUTDOOR (0.7%) 30 Paxson Communications Corp. *ss. 196,795 ------------- CABLE (0.0%) 11,890 DIVA Systems Corp. Series C *^ 0 -------------
See Accompanying Notes to Financial Statements. 37 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
NUMBER OF SHARES VALUE - ---------- ------------- PREFERRED STOCKS GAMING (0.0%) 1,077 Peninsula Gaming LLC * $ 6,462 ------------- RESTAURANTS (0.0%) 10,084 AmeriKing, Inc. *^ 0 ------------- SERVICES (0.0%) 14,036 Source Media, Inc. * 0 ------------- TEXTILE/APPAREL/SHOE MANUFACTURING (0.0%) 857 Worldtex, Inc. *^ 0 ------------- WIRELESS (0.3%) 88 Rural Cellular Corp. Series B * 81,180 ------------- TOTAL PREFERRED STOCKS (Cost $997,512) 284,437 ------------- WARRANTS (0.0%) CABLE (0.0%) 7,581 DIVA Systems Corp., Rule 144A, strike price $0.01 expires 3/01/08 *++^ 7 ------------- COMPETITIVE LOCAL EXCHANGE CARRIER (CLEC) (0.0%) 2,960 Loral Space & Communications, Ltd., strike price $2.37 expires 12/27/06 * 58 ------------- RESTAURANTS (0.0%) 176 New World Restaurant Group, Inc., strike price $13.00 expires 6/20/06 * 2 ------------- RETAIL STORES (0.0%) 21,345 Safelite Glass Corp., Class A, strike price $6.50 expires 9/29/06 *^ 214 14,230 Safelite Glass Corp., Class B, strike price $6.50 expires 9/29/07 *^ 142 ------------- 356 ------------- TEXTILE/APPAREL/SHOE MANUFACTURING (0.0%) 544 AGY Holding Corp., strike price $0.01 expires 1/01/10 *^ 5 ------------- WIRELESS (0.0%) 500 AirGate PCS, Inc., strike price $0.01 expires 10/01/09 * 8,560 500 iPCS, Inc., Rule 144A, strike price $5.50 expires 7/15/10 ++* 5 ------------- 8,565 ------------- TOTAL WARRANTS (Cost $3,447) 8,993 ------------- SHORT-TERM INVESTMENTS (33.4%) 7,864,615 State Street, Navigator Prime Fund ss.ss. 7,864,615
See Accompanying Notes to Financial Statements. 38 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR (000) MATURITY RATE% VALUE - ---------- -------- ------ ------------- SHORT-TERM INVESTMENTS $ 1,931 State Street Bank and Trust Co. Euro Time Deposit 07/01/05 2.100 $ 1,931,000 ------------- TOTAL SHORT-TERM INVESTMENTS (Cost $9,795,615) 9,795,615 ------------- TOTAL INVESTMENTS AT VALUE (125.9%) (Cost $39,122,774) 36,935,457 LIABILITIES IN EXCESS OF OTHER ASSETS (-25.9%) (7,607,421) ------------- NET ASSETS (100.0%) $ 29,328,036 =============
INVESTMENT ABBREVIATIONS MTNA = Medium Term Note Series A NR=Not Rated - -------------------------------------------------------------------------------- + Credit ratings given by The Standard & Poor's Division of The McGraw-Hill Companies, Inc. ("S&P") and Moody's Investors Service, Inc. ("Moody's") are unaudited. ++ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2005, these securities amounted to a value of $5,034,514 or 17.17% of net assets. + Step Bond - The interest rate is as of June 30, 2005 and will reset at a future date. * Non-income producing security. ^ Not readily marketable security; security is valued at fair value as determined in good faith by, or under the direction of, the Board of Trustees. # Variable rate obligations - The interest rate shown is the rate as of June 30, 2005. ss. Security or portion thereof is out on loan. ss.ss. Represents security purchased with cash collateral received for securities on loan. 0 Bond is currently in default. See Accompanying Notes to Financial Statements. 39 CREDIT SUISSE INSTITUTIONAL FUNDS STATEMENTS OF ASSETS AND LIABILITIES June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
FIXED GLOBAL HIGH INCOME FUND YIELD FUND ------------- ------------- ASSETS Investments at value, including collateral for securities on loan of $11,889,430 and $7,864,615, respectively (cost $140,876,808 and $39,122,774, respectively) (Note 2) $ 142,267,340 1 $ 36,935,457 2 Cash 858 421 Receivable for investments sold 8,002,006 23,249 Dividend and interest receivable 876,097 542,615 Unrealized appreciation on forward currency contracts (Note 2) 434,791 -- Receivable for fund shares sold 4,421 16,098 Prepaid expenses and other assets 11,752 16,335 ------------- ------------- Total Assets 151,597,265 37,534,175 ------------- ------------- LIABILITIES Advisory fee payable (Note 3) 23,165 2,629 Payable for investments purchased 17,992,486 291,332 Payable upon return of securities loaned (Note 2) 11,889,430 7,864,615 Unrealized depreciation on forward currency contracts (Note 2) 480,053 -- Payable for fund shares redeemed 193,058 1,296 Dividends payable 52,390 16,017 Variation margin payable (Note 2) 19,222 -- Other accrued expenses payable 53,002 30,250 ------------- ------------- Total Liabilities 30,702,806 8,206,139 ------------- ------------- NET ASSETS Capital stock, $0.001 par value (Note 6) 8,302 2,893 Paid-in capital (Note 6) 151,802,378 77,610,025 Accumulated net investment loss (113,666) (884,221) Accumulated net realized loss from investments, futures transactions, options written and foreign currency transactions (32,094,222) (45,213,344) Net unrealized appreciation (depreciation) from investments, futures transactions and foreign currency translations 1,291,667 (2,187,317) ------------- ------------- Net Assets $ 120,894,459 $ 29,328,036 ============= ============= Shares outstanding 8,302,300 2,892,992 ------------- ------------- Net asset value, offering price, and redemption price per share $ 14.56 $ 10.14 ============= =============
- -------------------------------------------------------------------------------- 1 Including $11,652,451 of securities on loan. 2 Including $7,704,373 of securities on loan. See Accompanying Notes to Financial Statements. 40 CREDIT SUISSE INSTITUTIONAL FUNDS STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2005 (unaudited) - --------------------------------------------------------------------------------
FIXED GLOBAL HIGH INCOME FUND YIELD FUND ------------- ------------- INVESTMENT INCOME (Note 2) Interest $ 2,878,857 $ 1,355,465 Dividends 15,890 15,379 Securities lending 4,380 16,144 Foreign taxes withheld (324) -- ------------- ------------- Total investment income 2,898,803 1,386,988 ------------- ------------- EXPENSES Investment advisory fees (Note 3) 232,051 109,048 Administrative services fees (Note 3) 50,876 25,502 Legal fees 24,493 26,570 Custodian fees 23,397 4,096 Audit fees 13,811 10,423 Registration fees 9,676 10,347 Directors' fees 8,147 8,147 Printing fees (Note 3) 7,950 7,322 Insurance expense 4,107 2,330 Transfer agent fees 1,707 2,110 Commitment fees (Note 4) 1,299 313 Interest expense (Note 4) 124 4,973 Miscellaneous expense 6,225 5,608 ------------- ------------- Total expenses 383,863 216,789 Less: fees waived (Note 3) (105,401) (107,740) ------------- ------------- Net expenses 278,462 109,049 ------------- ------------- Net investment income 2,620,341 1,277,939 ------------- ------------- NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS, FUTURES CONTRACTS, OPTIONS WRITTEN AND FOREIGN CURRENCY RELATED ITEMS Net realized gain (loss) from investments 404,024 (304,425) Net realized loss from futures contracts (144,612) -- Net realized gain from options written 185,867 -- Net realized loss from foreign currency transactions (182,451) -- Net change in unrealized appreciation (depreciation) from investments (442,216) (1,181,304) Net change in unrealized appreciation (depreciation) from (83,427) -- futures contracts Net change in unrealized appreciation (depreciation) from options written (29,051) -- Net change in unrealized appreciation (depreciation) from foreign currency translations (50,094) -- ------------- ------------- Net realized and unrealized loss from investments, futures contracts, options written and foreign currency related items (341,960) (1,485,729) ------------- ------------- Net increase (decrease) in net assets resulting from operations $ 2,278,381 $ (207,790) ============= =============
See Accompanying Notes to Financial Statements. 41 CREDIT SUISSE INSTITUTIONAL FUNDS STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
FIXED INCOME FUND ----------------------------------------------- FOR THE PERIOD FOR THE SIX SEPTEMBER 1, MONTHS ENDED 2004 TO FOR THE YEAR JUNE 30, 2005 DECEMBER 31, ENDED (UNAUDITED) 2004 1 AUGUST31, 2004 ------------- ------------- -------------- FROM OPERATIONS Net investment income $ 2,620,341 $ 1,831,676 $ 4,615,797 Net realized gain (loss) from investments, futures contracts, options written, swap contracts and foreign currency transactions 262,828 1,527,094 2,489,835 Net change in unrealized appreciation (depreciation) from investments, futures contracts, options written, swap contracts and foreign currency translations (604,788) (479,346) 1,802,248 ------------- ------------- ------------- Net increase (decrease) in net assets resulting from operations 2,278,381 2,879,424 8,907,880 ------------- ------------- ------------- FROM DIVIDENDS Dividends from net investment income (2,683,688) (2,922,597) (5,966,305) ------------- ------------- ------------- Net decrease in net assets resulting from dividends (2,683,688) (2,922,597) (5,966,305) ------------- ------------- ------------- FROM CAPITAL SHARE TRANSACTIONS (Note 6) Proceeds from sale of shares 18,550,472 3,591,546 12,854,275 Reinvestment of dividends 2,581,181 2,814,946 5,764,916 Net asset value of shares redeemed (27,121,639) (8,765,549) (33,109,039) ------------- ------------- ------------- Net increase (decrease) in net assets from capital share transactions (5,989,986) (2,359,057) (14,489,848) ------------- ------------- ------------- Net increase (decrease) in net assets (6,395,293) (2,402,230) (11,548,273) NET ASSETS Beginning of period 127,289,752 129,691,982 141,240,255 ------------- ------------- ------------- End of period $ 120,894,459 $ 127,289,752 $ 129,691,982 ============= ============= ============= ACCUMULATED NET INVESTMENT INCOME (LOSS) $ (113,666) $ (50,319) $ 973,127 ============= ============= =============
GLOBAL HIGH YIELD FUND ----------------------------------------------- FOR THE PERIOD FOR THE SIX SEPTEMBER 1, MONTHS ENDED 2004 TO FOR THE YEAR JUNE 30, 2005 DECEMBER 31, ENDED (UNAUDITED) 2004 1 AUGUST 31, 2004 ------------- ------------- ------------- FROM OPERATIONS Net investment income $ 1,277,939 $ 932,081 $ 2,241,345 Net realized gain (loss) from investments, futures contracts, options written, swap contracts and foreign currency transactions (304,425) 127,180 (2,794,058) Net change in unrealized appreciation (depreciation) from investments, futures contracts, options written, swap contracts and foreign currency translations (1,181,304) 1,689,817 4,939,708 ------------- ------------- ------------- Net increase (decrease) in net assets resulting from operations (207,790) 2,749,078 4,386,995 ------------- ------------- ------------- FROM DIVIDENDS Dividends from net investment income (1,266,803) (1,864,690) (3,876,496) ------------- ------------- ------------- Net decrease in net assets resulting from dividends (1,266,803) (1,864,690) (3,876,496) ------------- ------------- ------------- FROM CAPITAL SHARE TRANSACTIONS (Note 6) Proceeds from sale of shares 9,748,723 1,268,790 15,885,261 Reinvestment of dividends 1,244,620 1,848,741 3,813,343 Net asset value of shares redeemed (15,032,379) (1,835,223) (14,263,345) ------------- ------------- ------------- Net increase (decrease) in net assets from capital share transactions (4,039,036) 1,282,308 5,435,259 ------------- ------------- ------------- Net increase (decrease) in net assets (5,513,629) 2,166,696 5,945,758 NET ASSETS Beginning of period 34,841,665 32,674,969 26,729,211 ------------- ------------- ------------- End of period $ 29,328,036 $ 34,841,665 $ 32,674,969 ============= ============= ============= ACCUMULATED NET INVESTMENT INCOME (LOSS) $ (884,221) $ (895,357) $ (9,048) ============= ============= =============
- -------------------------------------------------------------------------------- 1 The Funds changed their fiscal year end from August 31 to December 31. See Accompanying Notes to Financial Statements. Spread 42-43 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND FINANCIAL HIGHLIGHTS (For an Institutional Class Share of the Fund Outstanding Throughout Each Period) - --------------------------------------------------------------------------------
FOR THE PERIOD FOR THE SIX SEPTEMBER 1, MONTHS ENDED 2004 TO FOR THE YEAR ENDED AUGUST 31, JUNE 30, 2005 DECEMBER 31, --------------------------------------------------------------------- (UNAUDITED) 2004 1 2004 2003 2002 2 2001 2000 ------------- ----------- ----------- ----------- ----------- ----------- --------- PER SHARE DATA Net asset value, beginning of period $ 14.59 $ 14.60 $ 14.27 $ 14.12 $ 15.79 $ 14.95 $ 15.01 ----------- ----------- ----------- ----------- ----------- ----------- --------- INVESTMENT OPERATIONS Net investment income 0.31 0.22 0.50 0.67 0.83 1.02 0.94 Net gain (loss) on investments, future contracts, options written, swap contracts and foreign currency related items (both realized and unrealized) (0.02) 0.11 0.46 0.35 (1.27) 0.85 (0.01) ----------- ----------- ----------- ----------- ----------- ----------- --------- Total from investment operations 0.29 0.33 0.96 1.02 (0.44) 1.87 0.93 ----------- ----------- ----------- ----------- ----------- ----------- --------- LESS DIVIDENDS AND DISTRIBUTIONS Dividends from net investment income (0.32) (0.34) (0.63) (0.87) (0.83) (1.03) (0.97) Distributions from net realized gains -- -- -- -- (0.40) -- (0.02) ----------- ----------- ----------- ----------- ----------- ----------- --------- Total dividends and distributions (0.32) (0.34) (0.63) (0.87) (1.23) (1.03) (0.99) ----------- ----------- ----------- ----------- ----------- ----------- --------- NET ASSET VALUE, END OF PERIOD $ 14.56 $ 14.59 $ 14.60 $ 14.27 $ 14.12 $ 15.79 $ 14.95 =========== =========== =========== =========== =========== =========== ========= Total return 3 2.02% 2.26% 6.86% 7.40% (2.92)% 13.02% 6.43% RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000s omitted) $ 120,894 $ 127,290 $ 129,692 $ 141,240 $ 275,863 $ 532,627 $ 440,345 Ratio of expenses to average net assets 0.45% 4 0.45% 4 0.45% 0.45% 0.45% 0.45% 0.45% Ratio of net investment income to average net assets 4.23% 4 4.29% 4 3.43% 4.18% 5.41% 6.71% 6.51% Decrease reflected in above operating expense ratios due to waivers 0.17% 4 0.22% 4 0.17% 0.14% 0.05% 0.06% 0.11% Portfolio turnover rate 179% 132% 375% 519% 526% 449% 520%
- -------------------------------------------------------------------------------- 1 The Fund changed its fiscal year end from August 31 to December 31. 2 As required, effective September 1, 2001, the Fund adopted the provisions of AICPA Audit and Accounting Guide for Investment Companies and began including paydown gains and losses in interest income. The effect of this change for the year ended August 31, 2002 was to increase net investment income per share by $0.01, decrease net realized and unrealized gains and losses per share by $0.01 and increase the ratio of net investment income to average net assets from 5.37% to 5.41%. Per share ratios and supplemental data for prior periods have not been restated to reflect this change. 3 Total returns are historical and assume changes in share price and reinvestment of all dividends and distributions. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized. 4 Annualized. See Accompanying Notes to Financial Statements. 44 CREDIT SUISSE GLOBAL HIGH YIELD FUND FINANCIAL HIGHLIGHTS (For an Institutional Class Share of the Fund Outstanding Throughout Each Period) - --------------------------------------------------------------------------------
FOR THE PERIOD FOR THE SIX SEPTEMBER 1, MONTHS ENDED 2004 TO FOR THE YEAR ENDED AUGUST 31, JUNE 30, 2005 DECEMBER 31, --------------------------------------------------------------------- (UNAUDITED) 2004 1 2004 2003 2002 2001 2000 ------------- ----------- ----------- ----------- ----------- ----------- --------- PER SHARE DATA Net asset value, beginning of period $ 10.65 $ 10.38 $ 10.26 $ 9.90 $ 11.84 $ 14.11 $ 15.32 ---------- ----------- ----------- ----------- ----------- ----------- --------- INVESTMENT OPERATIONS Net investment income 0.40 0.31 1.01 1.14 1.17 1.40 1.41 Net gain (loss) on investments (both realized and unrealized) (0.48) 0.55 0.72 0.41 (1.94) (2.21) (1.13) ---------- ----------- ----------- ----------- ----------- ----------- --------- Total from investment operations (0.08) 0.86 1.73 1.55 (0.77) (0.81) 0.28 ---------- ----------- ----------- ----------- ----------- ----------- --------- LESS DIVIDENDS Dividends from net investment income (0.43) (0.59) (1.61) (1.19) (1.17) (1.46) (1.49) ---------- ----------- ----------- ----------- ----------- ----------- --------- NET ASSET VALUE, END OF PERIOD $ 10.14 $ 10.65 $ 10.38 $ 10.26 $ 9.90 $ 11.84 $ 14.11 ========== =========== =========== =========== =========== =========== ========= Total return 2 (0.73)% 8.43% 18.27% 16.96% (6.88)% (5.71)% 1.84% RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000s omitted) $ 29,328 $ 34,842 $ 32,675 $ 26,729 $ 86,846 $ 98,008 $ 94,333 Ratio of expenses to average net assets 0.70% 4 0.70% 4 0.70% 0.70% 0.70% 0.70% 0.70% Ratio of net investment income to average net assets 8.20% 4 8.30% 4 8.74% 10.15% 10.15% 3 11.06% 9.59% Decrease reflected in above operating expense ratios due to waivers/ reimbursements 0.69% 4 0.91% 4 0.95% 0.40% 0.27% 0.30% 0.45% Portfolio turnover rate 35% 5% 30% 56% 52% 20% 31%
- -------------------------------------------------------------------------------- 1 The Fund changed its fiscal year end from August 31 to December 31. 2 Total returns are historical and assume changes in share price and reinvestment of all dividends and distributions. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized. 3 During the year ended August 31, 2002, the Fund experienced an increase in its interest income of 0.67% as a result of additional accretion income not accrued in prior periods. The Fund's net investment income ratio disclosed above excludes the effect of the increase. 4 Annualized. See Accompanying Notes to Financial Statements. 45 CREDIT SUISSE INSTITUTIONAL FUNDS NOTES TO FINANCIAL STATEMENTS June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NOTE 1. ORGANIZATION The Credit Suisse Institutional Funds contained in this report are Credit Suisse Institutional Fixed Income Fund ("Fixed Income"), and Credit Suisse Global High Yield Fund("Global High Yield") (each, a "Fund" and collectively, the "Funds"). Each Fund was incorporated under the laws of the State of Maryland on July 31, 1998 and is a diversified, open-end management investment companies registered under the Investment Company Act of 1940, as amended. Fixed Income and Global High Yield seek high total return as their investment objective. Fixed Income and Global High Yield are each authorized to offer three classes of shares, Common Class, Advisor Class and Institutional Class shares, although each Fund currently offers only Institutional Class shares. NOTE 2. SIGNIFICANT ACCOUNTING POLICIES A) SECURITY VALUATION -- The net asset value of each Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the "Exchange") on each day the Exchange is open for business. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that using this method would not represent fair value. Each Fund's equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation (the "Valuation Time"). If no sales are reported, equity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest asked quotation in the case of a short sale of securities. Securities and other assets for which market quotations are not readily available, or whose values have been materially affected by events occurring before each Fund's Valuation Time but after the close of the securities' primary markets, are valued at fair value as determined in good faith by, or under the direction of, the Board of Directors under procedures established by the Board of Directors. The Funds may utilize a service provided by an independent third party which has been approved by the Board of Directors to fair value certain securities. 46 CREDIT SUISSE INSTITUTIONAL FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NOTE 2. SIGNIFICANT ACCOUNTING POLICIES B) FOREIGN CURRENCY TRANSACTIONS -- The books and records of the Funds are maintained in U.S. dollars. Transactions denominated in foreign currencies are recorded at the current 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 Funds do not isolate that portion of realized 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 Funds isolate that portion of realized 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. C) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are accounted for on a trade date basis. Interest income is recorded on the accrual basis. The Funds amortize premium and accrete discount using the effective interest method. 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. D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net investment income are declared and paid quarterly. 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 carryforward, such gain will not be distributed. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). E) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is each Fund's intention to have the Fund continue to qualify for and elect the tax treatment applicable to regulated investment companies under the Internal Revenue Code of 1986, as amended, and to make the requisite distributions to its shareholders, which will be sufficient to relieve it from federal income and excise taxes. F) USE OF ESTIMATES -- The preparation of financial statements in conformity with GAAP requires management to make estimates and 47 CREDIT SUISSE INSTITUTIONAL FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NOTE 2. SIGNIFICANT ACCOUNTING POLICIES assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. G) SHORT-TERM INVESTMENTS -- The Funds, together with other funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM"), an indirect, wholly-owned subsidiary of Credit Suisse Group, pools available cash into either a short-term variable rate time deposit issued by State Street Bank and Trust Company ("SSB"), the Funds' custodian, or a money market fund advised by CSAM. The short-term time deposit issued by SSB is a variable rate account classified as a short-term investment. H) FORWARD FOREIGN CURRENCY CONTRACTS -- Each Fund may enter into forward foreign 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 counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency. Each Fund will enter into forward foreign currency contracts primarily for hedging purposes. Forward foreign currency contracts are adjusted by the daily forward 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, 2005, the Fixed Income Fund had the following open forward foreign currency contracts:
FOREIGN CURRENCY FORWARD FOREIGN EXPIRATION TO BE CONTRACT CONTRACT UNREALIZED CURRENCY CONTRACT DATE PURCHASED/(SOLD) AMOUNT VALUE GAIN (LOSS) - ---------------------- ---------- --------------------- ------------- ------------- ------------- Australian Dollar 7/13/05 A$ 2,303,000 $ 1,771,887 $ 1,754,060 $ (17,827) British Pound 7/13/05 (pound) 317,000 574,984 567,927 (7,057) British Pound 7/13/05 (pound) (317,000) (596,911) (567,927) 28,984 European Economic Unit 7/13/05 (euro) 1,900,000 2,470,000 2,301,231 (168,769) European Economic Unit 7/13/05 (euro) (5,342,000) (6,704,336) (6,470,092) 234,244 Japanese Yen 7/13/05 (Yen) 321,278,000 2,969,092 2,902,793 (66,299) Japanese Yen 7/13/05 (Yen) (129,278,000) (1,202,899) (1,168,045) 34,854 New Zealand Dollar 7/13/05 NZ$ 7,200,000 5,075,594 5,003,352 (72,242) New Zealand Dollar 7/13/05 NZ$ (7,200,000) (5,140,061) (5,003,352) 136,709 Norwegian Krone 7/13/05 NKr 7,641,988 1,206,055 1,169,418 (36,637) Swedish Krona 7/13/05 SKr 8,541,897 1,205,784 1,094,562 (111,222) ------------- ------------- ------------- $ 1,629,189 $ 1,583,927 $ (45,262) ============= ============= =============
48 CREDIT SUISSE INSTITUTIONAL FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NOTE 2. SIGNIFICANT ACCOUNTING POLICIES I) TBA PURCHASE COMMITMENTS -- Each Fund may enter into "TBA" (to be announced) purchase commitments to purchase securities for a fixed price at a future date, typically not exceeding 45 days. TBA purchase commitments may be considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines prior to settlement date. This risk is in addition to the risk of decline in the Fund's other assets. Unsettled TBA purchase commitments are valued at the current market value of the underlying securities, according to the procedures described under "Security Valuation" above. J) FUTURES -- Each Fund may enter into futures contracts to the extent permitted by its investment policies and objectives. Upon entering into a futures contract, each Fund is required to deposit cash and /or pledge U.S. Government securities as initial margin. Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying instrument, are made or received by the Fund each day (daily variation margin) and are recorded as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund's basis in the contract. Risks of entering into futures contracts for hedging purposes include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, the purchase of a futures contract involves the risk that the Fund could lose more than the original margin deposit and subsequent payments required for a futures transaction. At June 30, 2005, theFixed Income Fund had the following open futures contracts:
UNREALIZED NUMBER OF EXPIRATION CONTRACT CONTRACT APPRECIATION FUTURES CONTRACTS CONTRACTS DATE AMOUNT VALUE (DEPRECIATION) - ------------------ --------- ---------- ------------ ------------ ------------ Federal Republic of Germany 10 Year Bonds Futures 12 09/08/05 $ 1,770,259 $ 1,794,182 $ 23,923 US Treasury 2 Year Notes Futures 96 09/30/05 19,933,611 19,938,000 4,389 ------------ ------------ ------------ 21,703,870 21,732,182 28,312 ------------ ------------ ------------ US Treasury Bonds Futures (14) 09/21/05 (1,658,597) (1,662,500) (3,903) US Treasury 5 Year Notes Futures (4) 09/21/05 (435,921) (435,563) 358 US Treasury 10 Year Notes Futures (150) 09/21/05 (16,941,941) (17,020,313) (78,372) ------------ ------------ ------------ (19,036,459) (19,118,376) (81,917) ------------ ------------ ------------ $ 2,667,411 $ 2,613,806 $ (53,605) ============ ============ ============
49 CREDIT SUISSE INSTITUTIONAL FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NOTE 2. SIGNIFICANT ACCOUNTING POLICIES K) OPTIONS -- Each Fund may purchase and write (sell) call and put options on securities, currencies and swap agreements (options on swap agreements are commonly known as "swaptions"). Each Fund may write covered and uncovered put and call options and purchase put and call options for hedging purposes or to increase total return. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, each Fund bears the risk of loss of premium and change in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by the premium paid. The proceeds from securities sold through the exercise of put options are decreased by the premium paid. When a Fund writes an option, the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from writing options that expire unexercised are recorded by the Fund on the expiration date as realized gains from options transactions. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security purchased by the Fund. The risk involved in writing an option is that, if the option is exercised, the underlying security could then be purchased or sold by the Fund at a disadvantageous price. Uncovered options are riskier than covered options because there is no underlying security held by a Fund that can act as a partial hedge. Uncovered calls have speculative characteristics and the potential for loss is unlimited. There is also a risk that the securities on which the option is written may not be available for purchase if the call option is exercised. Uncovered put options have speculative characteristics and the potential loss is substantial. Exchange-traded options are valued at the last sale price in the market where such contracts are principally traded. OTC equity index options are priced according to the contract specifications (days to expiration, current spot index level, interest rates, dividends, strike price) using the Black-Scholes pricing 50 CREDIT SUISSE INSTITUTIONAL FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NOTE 2. SIGNIFICANT ACCOUNTING POLICIES model, modified for dividends. The volatility input assumption is interpolated from the previous day's price. On a weekly basis and at month end, CSAM receives a price indication sheet from various broker-dealers and inputs these prices to update the volatility. Transactions in written puts and calls options for the six months ended June 30, 2005 for the Fixed Income Fund were as follows: NUMBER OF PREMIUMS CONTRACTS RECEIVED --------- -------- Options outstanding at beginning of period 136 $ 47,211 Options written 1,449 238,318 Options expired -- -- Options terminated in closing purchase transactions (1,585) (285,529) Options exercised -- -- --------- --------- Options outstanding at end of period -- -- ========= ========= L) SWAPS -- Each Fund may enter into index swaps for hedging purposes or to seek to increase total return. Aswap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset or notional principal amount. The Funds will enter into index swaps only on a net basis, which means that the two payment streams are netted out, with the Fundsreceiving or paying, as the case may be, only the net amount of the two payments. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net interest payment to be received by the Funds, and/or the termination value at the end of the contract. Therefore, the Funds consider the creditworthiness of each counterparty to a swap contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying reference asset or index. Each Fund records unrealized gains or losses on a daily basis representing the value and the current net receivable or payable relating to open swap contracts. Net amounts received or paid on the swap contract are recorded as realized gains or losses. Fluctuations in the value of swap contracts are recorded for financial statement purposes as unrealized appreciation or depreciation of swap contracts. Realized gains and losses from terminated swaps are included in net realized gains/losses on swap contracts transactions. At June 30, 2005 the Funds had no outstanding swap contracts. 51 CREDIT SUISSE INSTITUTIONAL FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NOTE 2. SIGNIFICANT ACCOUNTING POLICIES M) SECURITIES LENDING -- Loans of securities are required at all times to be secured by collateral at least equal to 102% of the market value of domestic securities on loan (including any accrued interest thereon) and 105% of the market value of foreign securities on loan (including any accrued interest thereon). Cash collateral received by each Fund in connection with securities lending activity may be pooled together with cash collateral for other funds/portfolios advised by CSAM and may be invested in a variety of investments, including certain CSAM-advised funds, funds advised by SSB, the Funds' securities lending agent, or money market instruments. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. SSB has been engaged by the Funds to act as the Funds' securities lending agent. The Funds' securities lending arrangement provides that the Funds and SSB will share the net income earned from securities lending activities. During the six months ended June 30, 2005, total earnings from Fixed Income and Global High Yield's investment in cash collateral received in connection with securities lending arrangements was $93,407, and $111,838, respectively, of which $87,127 and $88,828, respectively, was rebated to borrowers (brokers). Fixed Income and Global High Yield retained $4,380, and $16,144, respectively, from the cash collateral investment,and SSB, as lending agent, was paid $1,900, and $6,866, respectively. The Funds may also be entitled to certain minimum amounts of income from their securities lending activities. Securities lending income is accrued as earned. N) OTHER -- Lower-rated debt securities (commonly known as "junk bonds") possess speculative characteristics and are subject to greater market fluctuations and risk of lost income and principal than higher-rated debt securities for a variety of reasons. Also, during an economic downturn or substantial period of rising interest rates, highly leveraged issuers may experience financial stress which would adversely affect their ability to service their principal and interest payment obligations, to meet projected business goals and to obtain additional financing. In addition, periods of economic uncertainty and changes can be expected to result in increased volatility of market prices of lower-rated debt securities and (to the extent a Fund invests in junk bonds) each Fund's net asset value. 52 CREDIT SUISSE INSTITUTIONAL FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NOTE 2. SIGNIFICANT ACCOUNTING POLICIES The Funds 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. The Funds 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 Funds accrue such taxes when the related income or gains are earned. NOTE 3. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES CSAM serves as investment adviser for each Fund. For its investment advisory services, CSAM is entitled to receive a fee from each Fund based on the following fee schedule: FUND ANNUAL RATE ---- ------------ Fixed Income 0.375% of average daily net assets Global High Yield 0.70% of average daily net assets For the six months ended June 30, 2005, investment advisory fees earned and voluntarily waived for each Fund were as follows: GROSS NET FUND ADVISORY FEE WAIVER ADVISORY FEE ------ ------------ --------- ------------ Fixed Income $ 232,051 $ (105,401) $ 126,650 Global High Yield 109,048 (107,740) 1,308 Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of CSAM, and SSB serve as co-administrators to the Funds. No compensation is payable by the Funds to CSAMSI for co-administrative services. For its co-administrative services, SSB receives a fee, exclusive of out-of-pocket expenses, calculated in total for all the Credit Suisse funds/portfolios co-administered by SSB and allocated based upon relative average net assets of each fund/portfolio, subject to an annual minimum fee. For the six months ended June 30, 2005, co-administrative services fees earned by SSB (including out-of-pocket expenses) were as follows: 53 CREDIT SUISSE INSTITUTIONAL FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NOTE 3. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES FUND CO-ADMINISTRATION FEE ----- --------------------- Fixed Income $ 50,876 Global High Yield 25,502 In addition to serving as each Fund's co-administrator, CSAMSI currently serves as distributor of each Fund's shares without compensation. Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by the Funds to provide certain financial printing and fulfillment services. For the six months ended June 30, 2005, Merrill was paid for its services to the Funds as follows: FUND AMOUNT ----- -------- Fixed Income $ 11,461 Global High Yield 11,461 NOTE 4. LINE OF CREDIT The Funds, together with other funds/portfolios advised by CSAM (collectively, the "Participating Funds"), participates in a $75 million committed, unsecured line of credit facility ("Credit Facility") for temporary or emergency purposes with Deutsche Bank, A.G. as administrative agent and syndication agent and SSB as operations agent. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee at a rate of 0.10% per annum on the average unused amount of the Credit Facility, which is allocated among the Participating Funds in such manner as is determined by the governing Boards of the Participating Funds. In addition, the Participating Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. At June 30, 2005, the Funds had no loans outstanding under the Credit Facility. During the six months ended June 30, 2005, the Funds had borrowings under the Credit Facility as follows: AVERAGE DAILY WEIGHTED AVERAGE MAXIMUM DAILY FUND LOAN BALANCE INTEREST RATE % LOAN OUTSTANDING ----- ------------- ---------------- ---------------- Fixed Income $ 1,400,000 3.188% $ 1,400,000 Global High Yield $ 1,287,807 3.089% $ 2,700,000 NOTE 5. PURCHASES AND SALES OF SECURITIES For the six months ended June 30, 2005, purchases and sales of investment securities (excluding short-term investments) and U.S. Government and Agency Obligations were as follows: 54 CREDIT SUISSE INSTITUTIONAL FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NOTE 5. PURCHASES AND SALES OF SECURITIES
U.S. GOVERNMENT INVESTMENTS AND AGENCY OBLIGATIONS ---------------------------- ---------------------------- FUND PURCHASES SALES PURCHASES SALES - ------- ------------ ------------ ------------ ------------ Fixed Income $220,207,434 $230,051,475 $176,485,480 $174,803,811 Global High Yield 10,562,919 12,510,652 -- --
As of June 30, 2005, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized appreciation (depreciation) from investments were:
GROSS GROSS NET UNREALIZED UNREALIZED UNREALIZED APPRECIATION FUND IDENTIFIED COST APPRECIATION (DEPRECIATION) (DEPRECIATION) - ------ --------------- ------------ -------------- -------------- Fixed Income $140,876,808 $1,878,059 $ (487,527) $ 1,390,532 Global High Yield 39,122,774 1,336,630 (3,523,937) (2,187,309)
NOTE 6. CAPITAL SHARE TRANSACTIONS Fixed Income and Global High Yield are each authorized to issue three billion full and fractional shares of capital stock, $.001 par value per share. Transactions in capital shares for each Fund were as follows: FIXED INCOME FUND ------------------------------------------ INSTITUTIONAL CLASS ------------------------------------------ FOR THE PERIOD FOR THE SIX SEPTEMBER 1, FOR THE MONTHS ENDED 2004 THROUGH YEAR ENDED JUNE 30, 2005 DECEMBER 31, AUGUST 31, (UNAUDITED) 2004 1 2004 ------------------------------------------ Shares sold 1,264,607 244,637 887,034 Shares issued in reinvestment of dividends 178,570 193,270 400,254 Shares redeemed (1,862,572) (598,311) (2,300,558) ----------- ---------- ----------- Net decrease (419,395) (160,404) (1,013,270) =========== ========== =========== 55 CREDIT SUISSE INSTITUTIONAL FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) June 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NOTE 6. CAPITAL SHARE TRANSACTIONS GLOBAL HIGH YIELD FUND ------------------------------------------------ INSTITUTIONAL CLASS ------------------------------------------------ FOR THE PERIOD SEPTEMBER 1, FOR THE SIX 2004 FOR THE YEAR MONTHS ENDED THROUGH ENDED JUNE 30, 2005 DECEMBER 31, AUGUST 31, (UNAUDITED) 2004 1 2004 ------------- -------------- ------------ Shares sold 920,197 121,306 1,547,730 Shares issued in reinvestment of dividends 122,170 175,211 381,556 Shares redeemed (1,422,362) (170,937) (1,385,899) ---------- ----------- ----------- Net increase (decrease) (379,995) 125,580 543,387 ========== =========== =========== - -------------------------------------------------------------------------------- 1 The Funds' changed their fiscal year end from August 31 to December 31. On June 30, 2005, the number of shareholders that held 5% or more of the outstanding shares of each Fund was as follows: NUMBER OF APPROXIMATE PERCENTAGE FUND SHAREHOLDERS OF OUTSTANDING SHARES ---- ------------ ---------------------- Fixed Income 2 94% Global High Yield 1 84% Some of the shareholders are omnibus accounts, which hold shares on behalf of several individual shareholders. NOTE 7. CONTINGENCIES In the normal course of business, the Funds may provide general indemnifications pursuant to certain contracts and organizational documents. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote. 56 CREDIT SUISSE INSTITUTIONAL FUNDS PRIVACY POLICY NOTICE (UNAUDITED) - -------------------------------------------------------------------------------- IMPORTANT PRIVACY CHOICES FOR CONSUMERS --------------------------------------- We are committed to maintaining the privacy of every current and prospective customer. We recognize that you entrust important personal information to us, and we wish to assure you that we take seriously our responsibilities in protecting and safeguarding this information. In connection with making available investment products and services to current and potential customers, we may obtain nonpublic personal information about you. This information may include your name, address, e-mail address, social security number, account number, assets, income, financial situation, transaction history and other personal information. We may collect nonpublic information about you from the following sources: o Information we receive on applications, forms, questionnaires, web sites, agreements or in the course of establishing or maintaining a customer relationship; and o Information about your transactions with us, our affiliates, or others. We do not disclose any nonpublic personal information about our customers or former customers to anyone, except with your consent or as otherwise permitted by law. RESTRICT INFORMATION SHARING WITH AFFILIATES: In cases where we believe that additional products and services may be of interest to you, we may share the information described above with our affiliates unless you say "No." |_| No, please do not share personal and financial information with your affiliated companies. [If you check this box, you must send this notice back to us with your name, address and account number to Credit Suisse Funds, 466 Lexington Avenue, New York, New York 10017.] We may also disclose this information to firms that perform services on our behalf. These agents and service providers are required to treat the information confidentially and use it only for the purpose for which it is provided. We restrict access to nonpublic personal information about you to those employees, agents or other parties who need to know that information to provide products or services to you or in connection with your investments with or through us. We maintain physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information. NOTE: THIS NOTICE IS PROVIDED TO CLIENTS AND PROSPECTIVE CLIENTS OF CREDIT SUISSE ASSET MANAGEMENT, LLC ("CSAM"), AND CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., AND SHAREHOLDERS AND PROSPECTIVE SHAREHOLDERS IN CSAM-SPONSORED AND ADVISED INVESTMENT COMPANIES, INCLUDING CREDIT SUISSE FUNDS, AND OTHER CONSUMERS AND CUSTOMERS, AS APPLICABLE. THIS NOTICE IS NOT INTENDED TO BE INCORPORATED IN ANY OFFERING MATERIALS BUT IS MERELY A STATEMENT OF OUR CURRENT PRIVACY POLICY, AND MAY BE AMENDED FROM TIME TO TIME UPON NOTICE TO YOU. THIS NOTICE IS DATED AS OF MAY 17, 2005. 57 CREDIT SUISSE INSTITUTIONAL FUNDS PROXY VOTING AND PORTFOLIO HOLDINGS INFORMATION (UNAUDITED) - -------------------------------------------------------------------------------- Information regarding how the Funds voted proxies related to its fund securities during the 12-month period ended June 30 of each year as well as the policies and procedures that the Funds use to determine how to vote proxies relating to its portfolio securities are available: o By calling 1-800-222-8977 o On the Funds' website, www.csam.com/us o On the website of the Securities and Exchange Commission, http://www.sec.gov. The Funds file a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds' Forms N-Q are available on the SEC's website at http://www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. 58 This page intentionally left blank 59 This page intentionally left blank 60 This page intentionally left blank 61 P.O. BOX 55030, BOSTON, MA 02205-5030 CREDIT | ASSET 800-222-8977 o www.csam.com/us SUISSE | MANAGEMENT [logo] CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. INSTFIX-SAR-0605 ITEM 2. CODE OF ETHICS. This item is inapplicable to a semi-annual report on Form N-CSR. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. This item is inapplicable to a semi-annual report on Form N-CSR. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. This item is inapplicable to a semi-annual report on Form N-CSR. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. This item is not applicable to the registrant. ITEM 6. SCHEDULE OF INVESTMENTS Included as part of the report to shareholders filed under Item 1 of this Form. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END Management Investment Companies. This item is not applicable to the registrant. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. This item is not applicable to the registrant. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. This item is not applicable to the registrant. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS The Nominating Committee recommends Board member candidates. Shareholders of the registrant may also submit nominees that will be considered by the Committee. Recommendations should be mailed to the registrant's Secretary, c/o Credit Suisse Asset Management, LLC, 466 Lexington Avenue, New York, NY 10017. Any submission should include at a minimum the following information: the name, age, business address, residence address and principal occupation or employment of such individual; the class, series and number of shares of the registrant that are beneficially owned by such individual; the date such shares were acquired and the investment intent of such acquisition; whether such shareholder believes such individual is, or is not, an "interested person" of the registrant (as defined in the Investment Company Act of 1940) and information regarding such individual that is sufficient, in the Committee's discretion, to make such determination; and all other information relating to such individual that is required to be disclosed in solicitation of proxies for election of directors in an election contest (even if an election contest is not involved) or is otherwise required pursuant to the rules for proxy materials under the Securities Exchange Act of 1934. ITEM 11. CONTROLS AND PROCEDURES. (a) As of a date within 90 days from the filing date of this report, the principal executive officer and principal financial officer concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) were effective based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. (b) There were no changes in registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant's last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. (a)(1) Not applicable. (a)(2) The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this report. (a)(3) Not applicable. (b) The certifications of the registrant as required by Rule 30a-2(b) under the Act are an exhibit to this report. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND, INC. /s/ Steven Plump ---------------- Name: Steven Plump Title: Chief Executive Officer Date: September 1, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. /s/ Steven Plump ---------------- Name: Steven Plump Title: Chief Executive Officer Date: September 1, 2005 /s/ Michael A. Pignataro ------------------------ Name: Michael A. Pignataro Title: Chief Financial Officer Date: September 1, 2005 EX-99.CERT 2 file002.txt CERTIFICATIONS EX-99.CERT EXHIBIT 12(a)(2) CERTIFICATIONS I, Michael A. Pignataro, certify that: 1. I have reviewed this report on Form N-CSR of Credit Suisse Institutional Fixed Income Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordancewith generally accepted account principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: September 1, 2005 /s/ Michael A. Pignataro - ------------------------ Michael A. Pignataro Chief Financial Officer I, Steven Plump, certify that: 1. I have reviewed this report on Form N-CSR of Credit Suisse Institutional Fixed Income Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted account principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial data information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: September 1, 2005 /s/ Steven Plump - ---------------- Steven Plump Chief Executive Officer EX-99.906CERT 3 file003.txt CERTIFICATIONS EX-99.906CERT EXHIBIT 12(b) SECTION 906 CERTIFICATIONS SECTION 906 CERTIFICATION Steven Plump, Chief Executive Officer, and Michael A. Pignataro, Chief Financial Officer, of Credit Suisse Institutional Fixed Income Fund, Inc. (the "Fund"), each certify to his knowledge that: (1) The Fund's periodic report on Form N-CSR for the period ended June 30, 2005 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. /s/ Steven Plump /s/ Michael A. Pignataro ---------------- ------------------------ Steven Plump Michael A. Pignataro Chief Executive Officer Chief Financial Officer September 1, 2005 September 1, 2005 A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request. -----END PRIVACY-ENHANCED MESSAGE-----