-----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, WDHKmFTiSqmAZm2AChvrv7jBXPnNQp04CM9Z5m+7GBl2UIgIVX3IzUhKDB5sGGzQ RotEV26YAcQ+zHVIUgmLCA== 0000891804-06-001028.txt : 20060308 0000891804-06-001028.hdr.sgml : 20060308 20060308133335 ACCESSION NUMBER: 0000891804-06-001028 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20051231 FILED AS OF DATE: 20060308 DATE AS OF CHANGE: 20060308 EFFECTIVENESS DATE: 20060308 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-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-08917 FILM NUMBER: 06672455 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 0001067471 S000011646 Credit Suisse Institutional Fixed Income Fund Inc C000031996 Class 1 RBCFX N-CSR 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 31st Date of reporting period: January 1, 2005 to December 31, 2005 ITEM 1. REPORTS TO STOCKHOLDERS. CREDIT SUISSE [LOGO] CREDIT SUISSE INSTITUTIONAL FUNDS Annual Report December 31, 2005 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 DECEMBER 31, 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 ("CREDIT SUISSE") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE NOT GUARANTEED BY CREDIT SUISSE OR ANY AFFILIATE. FUND INVESTMENTS ARE SUBJECT TO INVESTMENT RISKS, INCLUDING LOSS OF YOUR INVESTMENT. CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND ANNUAL INVESTMENT ADVISER'S REPORT December 31, 2005 (unaudited) - -------------------------------------------------------------------------------- January 26, 2006 Dear Shareholder: PERFORMANCE SUMMARY 1/01/05 - 12/31/05 FUND & BENCHMARKS PERFORMANCE Credit Suisse Institutional Fixed Income Fund 1 1.82% Lehman Brothers U.S. Aggregate Bond Index 2 2.43% MARKET OVERVIEW: RESILIENT ECONOMY RIDES THROUGH THE STORMS In a year of modest gains for most major indices, fixed income markets did relatively well. Although economic growth was robust throughout the year, bond markets seemed ever sensitive to the threat of an impending soft patch which, in fact, never materialized. The inflationary impact of higher energy prices was a near-constant cloud over the economy, sapping discretionary income and posing a threat to continued consumer spending. A series of summer storms in the refinery-heavy Gulf Coast only exacerbated oil price pressures while causing a short-term spike in unemployment claims. Then, in the storms' aftermath, when the specter of higher oil prices faded due to warmer-than-expected winter weather, the likelihood of a housing collapse edged to the center of the national radar screen. But despite the periodic threat of a slowdown, economic growth remained resilient and the Fed resolute in its measured pace of policy tightening, lifting the fed funds rate 200 basis points over the course of the year, to 4.25%. The yield curve flattened and then, at year-end, inverted (the spread between 2 year and 10 year Treasuries narrowed from 115 to -1 basis points) as a global savings glut kept a lid on longer yields while the short end rose. STRATEGIC REVIEW: EXPLOITING A BROAD OPPORTUNITY SET Several factors accounted for the Fund's underperformance of the benchmark during the fiscal year: o As rates climbed throughout the year we brought our positioning on the yield curve more into line with the benchmark. 1 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) December 31, 2005 (unaudited) - -------------------------------------------------------------------------------- o We shifted from an overweight to a neutral weighting in credit due to the spread widening ignited by the GM downgrade. o We gradually added to Treasuries, making a defensive rotation into higher quality credits. o Our position on the dollar detracted over the course of the year, primarily due to increased volatility in the currency markets. o Our allocation to Treasury Inflation Protected Securities (TIPS) weighed on performance as inflation expectations remained tame in spite of the rise in oil prices. OUTLOOK: WAITING ON THE FED AND THE CORPORATE CREDIT CYCLE It is our view that the Fed will continue its gradualist approach to monetary tightening into 2006, with a tentative plateau for the fed funds rate of 4.75%. At that point, we believe, Fed rate decisions will become more flexible and data-dependent. When this occurs, but not before, we will consider lengthening duration relative to the benchmark and adjusting the portfolio to exploit any potential steepening in the yield curve. Regarding the overall portfolio, we continue to reduce our allocation to investment grade corporate credit. For although we feel the economy should grow at a satisfactory rate, the temptation for corporate management to do something to increase the stock price (e.g., share buybacks, dividend increases, leveraged buy outs), could be detrimental to select corporate bonds. In this environment, however, high yield could present tactical opportunities for investment. As we move away from corporate credit generally, we look instead to the securitized arena, where we see opportunities in high quality commercial mortgage backed securities (which offers nearly the same yield as A-rated corporate bonds yet also provides safe haven from leveraged buy-out risk) and select asset backed securities. Credit Suisse Fixed Income Management Team Kevin D. Barry Michael Gray Sheila Huang Richard Avidon Philip Wubbena 2 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) December 31, 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 ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) December 31, 2005 (unaudited) - -------------------------------------------------------------------------------- COMPARISON OF CHANGE IN VALUE OF $3 MILLION INVESTMENT IN THE CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND 1,3 AND THE LEHMAN BROTHERS U.S. AGGREGATE BOND INDEX 2 FOR TEN YEARS. [LINE GRAPH OMITTED] Credit Suisse Lehman Brothers Institutional U.S. Aggregate Fixed Income Fund 1 Bond Index 2 ------------------- --------------- 12/95 3000000 3000000 3031090 3019800 2988340 2967260 2965620 2946480 2955790 2929980 2955790 2924120 2989690 2963310 3003660 2971310 3005650 2966260 3058750 3017870 3123750 3084870 3178580 3137620 12/96 3162730 3108440 3179410 3118070 3202340 3125870 3170410 3091170 3204200 3137540 3240110 3167350 3283560 3205040 3369240 3291570 3352100 3263600 3399290 3311900 3418860 3359920 3436260 3375380 12/97 3468310 3409470 3515460 3453110 3524430 3450350 3547080 3462080 3560700 3480080 3583390 3513140 3605610 3543000 3621690 3550440 3612500 3608310 3665890 3692750 3651920 3673180 3707810 3694110 12/98 3724370 3705200 3753150 3731500 3700390 3666200 3738110 3686370 3776900 3698160 3735690 3665620 3722700 3653890 3707920 3638540 3698060 3636720 3736480 3678910 3754010 3692520 3774040 3692150 12/99 3765770 3674430 3755530 3662300 3804170 3706620 3837040 3755550 3785190 3744650 3774820 3742780 3864710 3820630 3891030 3855400 3935790 3911300 3959800 3935940 3962470 3961920 3994510 4026900 12/00 4091830 4101800 4230390 4168660 4246700 4204920 4258710 4225950 4258710 4208200 4305660 4233620 4310350 4249700 4394870 4344900 4448390 4394860 4431130 4445840 4496750 4538760 4453950 4476130 12/01 4419870 4447480 4437740 4483510 4443690 4527000 4396580 4451850 4441810 4538210 4453870 4576790 4337020 4616610 4236090 4672470 4318670 4751430 4335820 4828400 4332710 4806190 4394880 4804750 12/02 4497900 4904210 4526570 4908620 4596650 4976360 4611500 4972380 4672430 5013650 4755810 5106910 4752070 5096760 4596050 4925410 4638310 4957920 4763910 5089150 4727620 5041720 4750710 5053780 12/03 4802040 5105210 4842140 5146290 4892260 5201970 4929280 5240960 4801430 5104580 4774510 5084150 4817450 5112880 4864980 5163560 4956640 5262070 4980180 5276330 5031590 5320570 5011030 5278130 12/04 5068490 5326710 5099750 5360130 5082380 5328520 5039610 5301130 5099310 5372870 5148480 5430990 5170950 5460610 5138990 5410940 5199360 5480300 5149370 5423800 5106280 5380900 5124230 5404710 12/05 5160550 5456060 4 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) December 31, 2005 (unaudited) - -------------------------------------------------------------------------------- AVERAGE ANNUAL RETURNS AS OF DECEMBER 31, 2005 1,3 -------------------------------------------------- SINCE 1 YEAR 5 YEARS 10 YEARS INCEPTION ------ ------- -------- --------- 1.82% 4.75% 5.57% 6.08% 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.CREDIT-SUISSE.COM/US. ________________ 1 Fee waivers and/or expense reimbursements may reduce 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. 3 Inception date 3/31/94. 5 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) December 31, 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 December 31, 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. 6 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) December 31, 2005 (unaudited) - -------------------------------------------------------------------------------- EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE SIX MONTH PERIOD ENDED DECEMBER 31, 2005 - -------------------------------------------------------------------------------- ACTUAL FUND RETURN Beginning Account Value 7/01/05 $1,000.00 Ending Account Value 12/31/05 $ 998.00 Expenses Paid per $1,000* $ 2.27 HYPOTHETICAL 5% FUND RETURN Beginning Account Value 7/01/05 $1,000.00 Ending Account Value 12/31/05 $1,022.94 Expenses Paid per $1,000* $ 2.29 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. 7 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) December 31, 2005 (unaudited) - -------------------------------------------------------------------------------- CREDIT QUALITY BREAKDOWN* RATINGS S&P - -------------------------------------------------------- AAA 68.1% AA 3.1% A 9.2% BBB 8.7% BB 2.3% B 0.5% CCC 0.4% ----- Subtotal 92.3% Short-Term Investments 7.7% ----- Total 100.0% ===== _______________ * Expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. 8 CREDIT SUISSE GLOBAL HIGH YIELD FUND ANNUAL INVESTMENT ADVISER'S REPORT December 31, 2005 (unaudited) - -------------------------------------------------------------------------------- January 26, 2006 Dear Shareholder: PERFORMANCE SUMMARY 1/01/05 - 12/31/05 FUND & BENCHMARKS PERFORMANCE Credit Suisse Global High Yield Fund* 1 2.58% Citigroup High-Yield Market Index 2 2.07% Merrill Lynch Global High Yield Index 3 1.47% Lipper High Yield Bond Funds Index 4 3.00% * 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 US. AT THE SAME TIME, THE FUND CHANGED ITS NAME TO "CREDIT SUISSE GLOBAL HIGH YIELD FUND." MARKET OVERVIEW: RESILIENT ECONOMY RIDES THROUGH THE STORMS In a year of modest gains for most major markets, the high yield sector performed relatively well. Although economic growth was robust throughout the year, credit markets seemed ever vulnerable to the threat of an impending soft patch, which, in fact, never materialized. The inflationary impact of higher energy prices was a near-constant cloud over the economy, sapping discretionary income and posing a threat to continued consumer spending. A series of summer storms in the refinery-heavy Gulf Coast only exacerbated oil price pressures while causing a short-term spike in unemployment claims. Then, in the storms' aftermath, when the specter of higher oil prices faded due to warmer-than-expected winter weather, the likelihood of a housing collapse edged to the center of the national radar screen. But despite the periodic threat of a slowdown, corporate profit growth remained resilient and the Fed resolute in its measured pace of policy tightening, lifting the fed funds rate 200 basis points over the course of the year, to 4.25%. The yield curve flattened and then, at year-end, inverted (the spread between 2 year and 10 year Treasuries narrowed from 115 to -1 basis points) as a global savings glut kept a lid on longer yields while the short end rose. In the Fund's fiscal year, the high yield market (as measured by the Lipper High Yield Bond Fund Index), outperformed the broad fixed income market 9 CREDIT SUISSE GLOBAL HIGH YIELD FUND ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) December 31, 2005 (unaudited) - -------------------------------------------------------------------------------- (as measured by the Lehman Brothers Aggregate Bond Index, which returned 2.43%), although the magnitude of outperformance narrowed significantly from that of the last several years and might be considered small given the strong fundamental backdrop. In our view, this was due to the natural progress of the credit and business cycles. High Yield defaults (as measured by Moody's Investor Services) remained below 2% through the entire fiscal year period, well below historical averages. However, after intense focus on balance sheet repair prompted by strong earnings growth and low interest rates in the last few years, there is simply less "room for improvement" in credit fundamentals. In addition, corporations are increasingly turning to other means to address their lackluster share prices (through share repurchases, dividend increases and other measures) in an effort to boost shareholder value. From a technical perspective, the environment was mixed. High yield mutual funds reported a record $8.7 billion outflow through year-end, although this indicator does not account for the increasing role of hedge funds and other market participants. And while the fiscal year saw a decline in the number of high yield deals and a drop in new issue volume, this decrease in new supply was easily outweighed by the entrance of Ford, GM and Delphi debt into the high yield arena. In our view, this influx of fallen angel debt caused the greatest turbulence, and provided the greatest drag, on the high yield market in the period. High yield spreads remained below their historical averages for most of the period, but widened dramatically with the downgrade of General Motors and Ford to junk status. These fallen angels brought approximately $82 billion of debt (market value prior to downgrade) and raised concerns about the high yield market's ability to absorb that level of supply. Together they now account for about 12% of the Citigroup High Yield Market Index. In sum, all of these factors, along with the impact of the Gulf Coast hurricanes, persistently high energy costs, and uncertainty with respect to Federal Reserve policy weighed on the market, resulting in greater caution among investors. STRATEGIC REVIEW: SELECTIVE SECTOR POSITIONING Several factors accounted for the Fund's performance during the fiscal year: o Our overweight to the Wireless sector relative to the Index provided the greatest positive contribution to the Fund's performance in the period. 10 CREDIT SUISSE GLOBAL HIGH YIELD FUND ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) December 31, 2005 (unaudited) - -------------------------------------------------------------------------------- o An underweight to the Automotive sector aided as did security selection within the Broadcast and Utilities sectors. o The greatest hindrance to performance was our underweight allocation to the Diversified Telecom and Energy sectors, both of which outperformed for the period under review. OUTLOOK: MONETARY POLICY CHANGES AMID FAVORABLE CREDIT CONDITIONS We maintain a cautiously optimistic view for high yield heading into 2006. Strong fundamentals, still-robust economic growth and low default risk could be offset by the increase in shareholder-friendly actions, such as buybacks and LBO activity. Defaults are expected to remain below their historical average, but the trend of deteriorating new-issue quality may continue, planting the seeds of future failures. Meanwhile, with spreads near their historic lows, we expect them to widen going forward, which should increase the importance of relative valuation and selective issue selection in achieving superior performance. The Credit Suisse High Yield Management Team Martha Metcalf Michael Gray Wing Chan 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. 11 CREDIT SUISSE GLOBAL HIGH YIELD FUND ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) December 31, 2005 (unaudited) - -------------------------------------------------------------------------------- COMPARISON OF CHANGE IN VALUE OF $3 MILLION INVESTMENT IN THE CREDIT SUISSE GLOBAL HIGH YIELD FUND 1,5, THE CITIGROUP HIGH-YIELD MARKET INDEX 2 AND THE MERRILL LYNCH GLOBAL HIGH YIELD INDEX 3,6 FOR TEN YEARS. [LINE GRAPH OMITTED] Credit Suisse Citigroup Merrill Lynch Global High High-Yield Global High Yield Fund 1 Market Index 2 Yield Index 3,6 ------------- -------------- --------------- 12/95 3000000 3000000 3080510 3044100 3141850 3062970 3132870 3047660 3156240 3046740 3216600 3063810 3205270 3087400 3185290 3107470 3215270 3139780 3309550 3213250 3311600 3250210 3350460 3312610 12/96 3382070 3338780 3432270 3363820 3492920 3421010 3429620 3385770 3442400 3409810 3529680 3478690 3601390 3537480 3690280 3618480 3703290 3627530 3798230 3691010 3824810 3720540 3829240 3739520 12/97 3884150 3778780 3000000 3968150 3863800 3046980 4027170 3890080 3060810 4084760 3932090 3090200 4087060 3953320 3103950 4103200 3964000 3121460 4113350 3972720 3136280 4103930 4004500 3161150 3906270 3736200 2999360 3826780 3782150 3005900 3732800 3729960 2941940 3831600 3917200 3097480 12/98 3834590 3914460 3092400 3883850 3973180 3136310 3876460 3939800 3114510 3933140 3973290 3151580 4030960 4056330 3210130 3973270 3992650 3178100 3973320 3983870 3169610 3983590 3992630 3176300 3932250 3945120 3143230 3892270 3915130 3132540 3865970 3888510 3116190 3926460 3949560 3153520 12/99 4006830 3982740 3174210 4042000 3949680 3161040 4182680 3959160 3166030 4126110 3878790 3121800 4048520 3894300 3113780 3990330 3840170 3070750 4030260 3926580 3132220 4024590 3969380 3141060 4004720 3998750 3164840 3950880 3955960 3133090 3834330 3838870 3025750 3633290 3681860 2906480 12/00 3685120 3756970 2990330 3877180 4010070 3179500 3874180 4057950 3222010 3805610 3984230 3143160 3753220 3925670 3099850 3808690 3988590 3146260 3715350 3878890 3052470 3731300 3951990 3099750 3775950 4005910 3125380 3509940 3717480 2901920 3601700 3841000 2998760 3700020 3987010 3105840 12/01 3717910 3961400 3083640 3745090 3978360 3091780 3697510 3935080 3042060 3764190 4039830 3120520 3798790 4105940 3170350 3764190 4055010 3145050 3594320 3697880 2906030 3487770 3530700 2791150 3516180 3665070 2857780 3456700 3592990 2812450 3412760 3580740 2798420 3581200 3853980 2971000 12/02 3610380 3900880 3016360 3667870 4046150 3114520 3736860 4100410 3154190 3814000 4238430 3233330 3969840 4501830 3421610 4016590 4531710 3462160 4124660 4672620 3561040 4116640 4603550 3519230 4120650 4650800 3565400 4206300 4788600 3659140 4289110 4899940 3734080 4363630 4968010 3784340 12/03 4481610 5095550 3866950 4630690 5183620 3931990 4617140 5155250 3932340 4619490 5187630 3960420 4669850 5169940 3939470 4601180 5080400 3878760 4685770 5156090 3937800 4746680 5222410 3988990 4863830 5317830 4061630 4914790 5390040 4119340 5024430 5501770 4196000 5110240 5565190 4244680 12/04 5273640 5645200 4308430 5278590 5637400 4307140 5347920 5722140 4368520 5173440 5561450 4255420 5097580 5484760 4210780 5153210 5597700 4279750 5234950 5691360 4366070 5353690 5773760 4437020 5389830 5797860 4454770 5349930 5739910 4417130 5318370 5697030 4388720 5376240 5711780 4405050 12/05 5409520 5763420 4444210 12 CREDIT SUISSE GLOBAL HIGH YIELD FUND ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) December 31, 2005 (unaudited) - -------------------------------------------------------------------------------- AVERAGE ANNUAL RETURNS AS OF DECEMBER 31, 2005 1,5 -------------------------------------------------- SINCE 1 YEAR 5 YEARS 10 YEARS INCEPTION ------ ------- -------- --------- 2.58% 7.98% 6.07% 6.89% 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.CREDIT-SUISSE.COM/US. _________________ 1 Fee waivers and/or expense reimbursements may reduce 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. 5 Inception date 2/26/93. 6 Performance for the index is not available for the period beginning 12/31/95. For that reason, performance is shown for the period beginning 1/1/98. 13 CREDIT SUISSE GLOBAL HIGH YIELD FUND ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) December 31, 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 December 31, 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. 14 CREDIT SUISSE GLOBAL HIGH YIELD FUND ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) December 31, 2005 (unaudited) - -------------------------------------------------------------------------------- EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE SIX MONTH PERIOD ENDED DECEMBER 31, 2005 - -------------------------------------------------------------------------------- ACTUAL FUND RETURN Beginning Account Value 7/01/05 $1,000.00 Ending Account Value 12/31/05 $1,033.30 Expenses Paid per $1,000* $ 3.59 HYPOTHETICAL 5% FUND RETURN Beginning Account Value 7/01/05 $1,000.00 Ending Account Value 12/31/05 $1,021.68 Expenses Paid per $1,000* $ 3.57 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. 15 CREDIT SUISSE GLOBAL HIGH YIELD FUND ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) December 31, 2005 (unaudited) - -------------------------------------------------------------------------------- CREDIT QUALITY BREAKDOWN* RATINGS S&P - -------------------------------------------------------- A 0.6% BBB 0.8% BB 23.7% B 53.0% CCC 14.7% NR 3.4% ----- Subtotal 96.2% Short-Term Investments 3.8% ----- Total 100.0% ===== _________________ * Expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. 16 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND SCHEDULE OF INVESTMENTS December 31, 2005 - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ----- ------------- --------- ------ ------------- CORPORATE BONDS (20.7%) AEROSPACE & DEFENSE (0.5%) $ 585 Goodrich Corp., Notes (BBB- , Baa3) 04/15/08 7.500 $ 614,521 ------------- BANKS (0.8%) 460 Bank of America Corp., Global Notes ss. (AA- , Aa2) 10/01/10 4.250 447,780 160 Bank of America Corp., Rule 144A, Company Guaranteed Notes (Callable 12/31/06 @ $104.04) ++ (A , Aa3) 12/31/26 8.070 170,343 305 Bank of New York Company, Inc., Senior Subordinated Notes (Callable 03/15/08 @ $100.00) # (A , A1) 03/15/13 3.400 295,132 ------------- 913,255 ------------- COMMERCIAL SERVICES (0.5%) 335 Cendant Corp., Units (BBB+ , Baa1) 08/17/06 4.890 331,482 255 Erac USA Finance Co., Rule 144A, Notes ++ (BBB+ , Baa1) 05/15/06 6.625 256,069 ------------- 587,551 ------------- COMPUTERS (0.3%) 280 SunGard Data Systems, Inc, Rule 144A, Senior Unsecured Notes (Callable 08/15/09 @ $104.56) ++ (B- , B3) 08/15/13 9.125 291,200 ------------- DIVERSIFIED FINANCIALS (6.6%) 505 Ameriprise Financial, Inc., Senior Unsecured Notes (A- , A3) 11/15/10 5.350 508,999 150 Capital One Financial Corp., Senior Notes (BBB- , Baa1) 05/17/07 4.738 149,552 620 Citigroup, Inc., Global Subordinated Notes (A+ , Aa2) 09/15/14 5.000 611,363 390 Ford Motor Credit Co., Global Notes ss. (BB- , Ba2) 01/25/07 6.500 377,406 225 Ford Motor Credit Co., Global Notes (BB- , Ba2) 01/15/10 5.700 191,429 170 Ford Motor Credit Co., Global Notes ss. (BB- , Ba2) 10/01/13 7.000 145,464 1,270 General Electric Capital Corp., Series MTNA, Global Notes (AAA , Aaa) 06/15/12 6.000 1,339,338 165 General Motors Acceptance Corp., Global Bonds ss. (BB , Ba1) 11/01/31 8.000 158,469 155 General Motors Acceptance Corp., Global Notes ss. (BB , Ba1) 12/01/14 6.750 139,666 475 Goldman Sachs Group, Inc., Global Notes ss. ( A+ , Aa3) 01/15/15 5.125 470,468 595 Household Finance Corp., Global Notes (A , A1) 12/15/08 4.125 581,388 145 ILFC E-Capital Trust, Rule 144A, Bonds (Callable 12/21/10 @ $100.00) ++# (A , A3) 12/21/65 5.900 145,725 160 JPMorgan Chase & Co., Global Notes ss. (A+ , Aa3) 03/01/15 4.750 154,948 380 MBNA America Bank, Rule 144A, Subordinated Notes ++ (AA- , Aa2) 03/15/08 6.750 394,336 225 Morgan Stanley, Global Subordinated Notes (A , A1) 04/01/14 4.750 216,152 515 OMX Timber Finance Investment LLC, Rule 144A, Company Guaranteed Notes (Callable 10/31/19 @ $100.00) ++# (A+ , Aa3) 01/29/20 5.420 516,934 345 Residential Capital Corp., Notes (BBB- , Baa3) 11/21/08 6.125 346,064 630 SLM Corp., Series MTNA, Global Notes (A , A2) 01/15/09 4.000 613,505
See Accompanying Notes to Financial Statements. 17 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2005 - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ----- ------------- --------- ------ ------------- CORPORATE BONDS DIVERSIFIED FINANCIALS $ 535 Toll Brothers Finance Corp., Global Company Guaranteed Notes (BBB- , Baa3) 11/15/12 6.875 $ 562,722 ------------- 7,623,928 ------------- ELECTRIC (1.9%) 226 American Electric Power Company, Inc., Series A, Global Notes (BBB , Baa2) 05/15/06 6.125 227,042 200 Constellation Energy Group, Inc., Notes (BBB , Baa1) 04/01/07 6.350 203,221 300 Dominion Resources, Inc., Series A, Notes (BBB+ , Baa1) 11/15/06 3.660 296,541 450 FPL Group Capital, Inc., Notes (A- , A2) 02/16/07 4.086 445,636 205 Pacific Gas & Electric Co., First Mortgage Notes (BBB , Baa1) 03/01/34 6.050 212,895 275 PacifiCorp, First Mortgage Notes (A- , A3) 11/15/11 6.900 301,211 565 TXU Corp., Global Senior Notes ss. (BB+ , Ba1) 11/15/14 5.550 539,482 ------------- 2,226,028 ------------- ENTERTAINMENT (0.1%) 125 AMC Entertainment, Inc., Senior Subordinated Notes (Callable 02/01/06 @ $101.58) ss. (CCC+ , B3) 02/01/11 9.500 123,594 ------------- ENVIRONMENTAL CONTROL (0.3%) 240 Waste Management, Inc., Global Company Guaranteed Notes (BBB , Baa3) 05/15/32 7.750 297,286 ------------- HOME BUILDERS (1.5%) 925 D.R. Horton, Inc., Senior Notes ss. (BB+ , Baa3) 02/15/15 5.250 870,554 880 Lennar Corp., Series B, Global Company Guaranteed Notes ss. (BBB , Baa3) 05/31/15 5.600 851,187 ------------- 1,721,741 ------------- INSURANCE (1.6%) 485 American International Group, Inc., Global Notes (AA , Aa2) 05/15/13 4.250 462,015 580 Berkshire Hathaway Finance Corp., Global Company Guaranteed Notes (AAA , Aaa) 01/15/10 4.125 564,122 175 Florida Windstorm Underwriting Association, Rule 144A, Senior Notes ++ (A- , A3) 08/25/07 6.850 179,255 450 Nationwide Mutual Insurance Co., Rule 144A, Bonds (Callable 04/15/14 @ $100.00) ++ (A- , A2) 04/15/34 6.600 454,272 175 Progressive Corp., Senior Notes (A+ , A1) 12/01/32 6.250 191,611 ------------- 1,851,275 ------------- INVESTMENT COMPANY (0.2%) 275 Frank Russell Co., Rule 144A, Company Guaranteed Notes ++ (AAA , Aa1) 01/15/09 5.625 281,421 ------------- LODGING (0.0%) 144 Windsor Woodmont Black Hawk, Series B, First Mortgage Notes 0^ (NR , NR) 03/15/05 13.000 0 -------------
See Accompanying Notes to Financial Statements. 18 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2005 - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ----- ------------- -------- ------ ------------- CORPORATE BONDS MEDIA (2.3%) $ 240 CCO Holdings LLC, Global Senior Notes (Callable 11/15/08 @ $104.38) (CCC- , B3) 11/15/13 8.750 $ 229,800 520 Comcast Cable Communications Holdings, Inc., Global Company Guaranteed Notes (BBB+ , Baa2) 03/15/13 8.375 602,720 485 Comcast Corp., Company Guaranteed Notes (BBB+ , Baa2) 06/15/16 4.950 458,437 280 Cox Communications, Inc., Global Notes (BBB- , Baa3) 12/15/14 5.450 273,701 550 News America, Inc., Rule 144A, Notes ++ (BBB , Baa2) 12/15/35 6.400 556,216 240 Time Warner Entertainment Company LP, Senior Notes (BBB+ , Baa1) 07/15/33 8.375 284,344 220 Time Warner, Inc., Global Company Guaranteed Notes (BBB+ , Baa1) 04/15/31 7.625 245,729 ------------- 2,650,947 ------------- OIL & GAS (1.3%) 420 Amerada Hess Corp., Notes (BBB- , Ba1) 08/15/31 7.300 487,576 115 Enterprise Products Operating LP, Senior Notes (BB+ , Baa3) 06/01/10 4.950 112,879 340 Enterprise Products Operating LP, Series B, Global Senior Notes (BB+ , Baa3) 10/15/34 6.650 352,213 280 Pemex Project Funding Master Trust, Rule 144A, Company Guaranteed Notes ++# (BBB , Baa1) 06/15/10 5.791 290,500 285 XTO Energy, Inc., Notes (BBB- , Baa3) 06/30/15 5.300 285,524 ------------- 1,528,692 ------------- PIPELINES (0.2%) 245 Kinder Morgan Energy Partners LP, Notes (BBB+ , Baa1) 11/15/14 5.125 240,034 ------------- REAL ESTATE (0.3%) 310 EOP Operating LP, Notes (BBB , Baa2) 10/01/10 4.650 300,677 ------------- SAVINGS & LOANS (0.2%) 275 Washington Mutual Bank, Global Subordinated Notes ss. (A- , A3) 01/15/15 5.125 269,167 ------------- TELECOMMUNICATIONS (2.0%) 150 ALLTEL Corp., Notes (A , A2) 05/17/07 4.656 149,369 295 BellSouth Corp., Global Senior Unsecured Notes ss. (A , A2) 11/15/34 6.000 295,740 275 Motorola, Inc., Notes (BBB+ , Baa2) 11/16/07 4.608 273,403 250 Nextel Communications, Inc., Series E, Senior Notes (Callable 10/31/08 @ $103.44) (A- , Baa2) 10/31/13 6.875 261,021 295 Qwest Capital Funding, Inc., Company Guaranteed Notes (B , B3) 07/15/08 6.375 294,263 250 SBC Communications, Inc., Global Notes (A , A2) 09/15/14 5.100 244,644 245 Sprint Capital Corp., Global Company Guaranteed Notes (A- , Baa2) 03/15/32 8.750 326,119 420 Verizon Wireless Capital LLC, Global Notes (A+ , A3) 12/15/06 5.375 421,479 ------------- 2,266,038 -------------
See Accompanying Notes to Financial Statements. 19 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2005 - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ----- ------------- -------- ------ ------------- CORPORATE BONDS TRANSPORTATION (0.1%) $ 102 Horizon Lines LLC, Global Company Guaranteed Notes (Callable 11/01/08 @ $104.50) (CCC+ , B3) 11/01/12 9.000 $ 107,865 ------------- TOTAL CORPORATE BONDS (Cost $24,126,267) 23,895,220 ------------- ASSET BACKED SECURITIES (8.5%) 825 Asset Backed Funding Certificates, Series 2005-AQ1, Class A4 # (AAA , Aaa) 06/25/35 5.010 809,403 410 Asset Backed Funding Certificates, Series 2005-AQ1, Class M1 # (AA , Aa) 06/25/35 5.240 398,342 1,105 CDC Mortgage Capital Trust, Series 2003-HE4, Class M2 # (A , A2) 03/25/34 6.029 1,127,852 415 CIT Group Home Equity Loan Trust, Series 2003-1, Class M1 # (AA , Aa2) 10/20/32 4.670 406,838 362 Contimortgage Home Equity Loan Trust, Series 1996-4, Class A8 (AAA , Aaa) 01/15/28 7.220 362,210 610 Countrywide Asset-Backed Certificates, Series 2005-4, Class MF2 (AA , Aa2) 10/25/35 5.136 595,090 965 DaimlerChrysler Auto Trust, Series 2004-B, Class A4 (AAA , Aaa) 10/08/09 3.710 946,756 1,235 Finance America Mortgage Loan Trust, Series 2004-2, Class M1 # (AA+ , Aa1) 08/25/34 4.929 1,239,842 610 First Franklin Mortgage Loan Asset-Backed Certificates, Series 2005-FF5, Class A2B # (AAA , Aaa) 03/25/35 4.609 610,381 218 Greenpoint Home Equity Loan Trust, Series 2003-1, Class A # (AAA , Aaa) 04/15/29 4.639 217,950 410 Ixis Real Estate Capital Trust, Series 2005-HE2, Class M1 # (AA , Aa1) 09/25/35 4.809 411,523 655 MBNA Credit Card Master Note Trust, Series 2002-C1, Class C1 (BBB , Baa2) 07/15/14 6.800 709,037 750 Morgan Stanley ABS Capital I, Series 2003-HE3, Class M3 # (A- , A3) 10/25/33 6.379 758,090 391 Morgan Stanley ABS Capital I, Series 2003-NC7, Class A2 # (AAA , Aaa) 06/25/33 4.739 391,184 690 Popular ABS Mortgage Pass-Through Trust, Series 2005-1, Class AF4 # (AAA , Aaa) 05/25/35 4.608 671,887 157 Vanderbilt Mortgage Finance, Series 1998-C, Class 1B1 (BBB , Baa) 02/07/15 6.970 157,912 ------------- TOTAL ASSET BACKED SECURITIES (Cost $9,904,161) 9,814,297 ------------- MORTGAGE-BACKED SECURITIES (58.5%) 90,433 Bank of America Commercial Mortgage, Inc., Series 2005-1, Class XW IO ++# (AAA , Aaa) 11/10/42 0.105 480,487 610 Bank of America Commercial Mortgage, Inc., Series 2005-2, Class A2 (AAA , Aaa) 07/10/43 4.247 601,807 1,245 Bank of America Commercial Mortgage, Inc., Series 2005-5, Class AM (AAA , Aaa) 10/10/45 5.176 1,238,270 885 Bank of America Commercial Mortgage, Inc., Series 2005-6, Class A4 (AAA , Aaa) 09/10/47 5.182 887,813
See Accompanying Notes to Financial Statements. 20 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2005 - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ----- ------------- -------- ------ ------------- MORTGAGE-BACKED SECURITIES $ 41,811 Bear Stearns Commercial Mortgage Securities, Inc., Series 2003-PWR2, Class X1 IO ++# (AAA , Aaa) 05/11/39 0.205 $ 793,120 520 Bear Stearns Commercial Mortgage Securities, Inc., Series 2005-LXR1, Class H # (AAA , Aaa) 09/15/18 5.569 520,000 1,395 Bear Stearns Commercial Mortgage Securities, Inc., Series 2005-PW10, Class AJ (AAA , Aaa) 12/11/40 5.464 1,419,272 941 Countrywide Home Loans, Series 2005-HYB9, Class 2A1 # (AAA , Aaa) 02/20/36 5.330 939,402 62 Fannie Mae Pool #077774 (AAA , Aaa) 01/01/10 10.000 66,184 1,106 Fannie Mae Pool #357739 (AAA , Aaa) 03/01/35 6.000 1,116,194 1,430 Fannie Mae Pool #357790 (AAA , Aaa) 05/01/35 6.000 1,443,632 1,600 Fannie Mae Pool #357822 (AAA , Aaa) 05/01/35 5.500 1,585,226 226 Fannie Mae Pool #656862 (AAA , Aaa) 04/01/33 6.000 228,400 1,293 Fannie Mae Pool #667742 (AAA , Aaa) 04/01/33 6.000 1,306,532 865 Fannie Mae Pool #703337 ^^ (AAA , Aaa) 04/01/33 5.500 859,397 159 Fannie Mae Pool #703598 (AAA , Aaa) 05/01/18 5.500 160,448 143 Fannie Mae Pool #705651 (AAA , Aaa) 06/01/18 5.500 144,131 540 Fannie Mae Pool #713667 (AAA , Aaa) 07/01/33 5.000 525,488 540 Fannie Mae Pool #721796 (AAA , Aaa) 06/01/18 4.500 527,319 1,130 Fannie Mae Pool #725205 ++++ (AAA , Aaa) 03/01/34 5.000 1,099,142 1,209 Fannie Mae Pool #725231 ++++ (AAA , Aaa) 02/01/34 5.000 1,176,169 1,343 Fannie Mae Pool #725248 ++++ (AAA , Aaa) 03/01/34 5.000 1,306,699 1,029 Fannie Mae Pool #725277 ++++ (AAA , Aaa) 03/01/19 4.500 1,003,920 1,057 Fannie Mae Pool #725414 ++++ (AAA , Aaa) 05/01/19 4.500 1,030,396 1,198 Fannie Mae Pool #725866 ++++ (AAA , Aaa) 09/01/34 4.500 1,130,830 1,267 Fannie Mae Pool #733389 ++++ (AAA , Aaa) 08/01/33 5.000 1,232,029 2,257 Fannie Mae Pool #758789 ++++ (AAA , Aaa) 12/01/33 5.500 2,240,195 453 Fannie Mae Pool #772297 (AAA , Aaa) 03/01/34 5.500 449,383 1,482 Fannie Mae Pool #790724 (AAA , Aaa) 09/01/34 5.500 1,469,849 2,009 Fannie Mae Pool #794399 #++++ (AAA , Aaa) 09/01/34 4.337 1,994,804 1,333 Fannie Mae Pool #797894 (AAA , Aaa) 04/01/35 5.000 1,294,376 1,398 Fannie Mae Pool #826514 (AAA , Aaa) 07/01/35 6.000 1,412,328 1,398 Fannie Mae Pool #826821 (AAA , Aaa) 08/01/35 5.000 1,354,645 2,781 Fannie Mae Pool #828715 ++++ (AAA , Aaa) 07/01/35 5.500 2,754,805 1,064 Fannie Mae Pool #849706 (AAA , Aaa) 06/01/35 6.000 1,074,706 1 Federal National Mortgage Association, Series 1991-165, Class M (AAA , Aaa) 12/25/21 8.250 770 2,285 FHLMC TBA (AAA , Aaa) 01/03/36 6.000 2,307,850 820 FMNA TBA (AAA , Aaa) 01/03/21 5.500 824,805 2,290 FNMA TBA (AAA , Aaa) 01/03/36 5.500 2,267,458 3,150 FNMA TBA (AAA , Aaa) 01/03/36 6.000 3,178,301 1,405 FNMA TBA (AAA , Aaa) 01/03/36 6.500 1,440,564 1,205 Freddie Mac Global Bonds (AAA , Aaa) 06/18/14 5.250 1,244,026 1,725 Freddie Mac Global Notes (AAA , Aaa) 11/15/13 4.875 1,735,967 930 Freddie Mac Global Notes ss. (AAA , Aaa) 07/15/32 6.250 1,110,783 1,166 Freddie Mac Pool #A23629 (AAA , Aaa) 06/01/34 5.000 1,131,484 466 Freddie Mac Pool #B11354 (AAA , Aaa) 12/01/18 5.000 462,634 1,144 Freddie Mac Pool #B14729 (AAA , Aaa) 05/01/19 4.500 1,115,444 2,475 GE Capital Commercial Mortgage Corp., Series 2005-C3, Class A3FX (AAA , Aaa) 07/10/45 4.863 2,454,432 1 Ginnie Mae Pool #112986 (AAA , Aaa) 07/15/14 13.500 723
See Accompanying Notes to Financial Statements. 21 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2005 - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ----- ------------- -------- ------ ------------- MORTGAGE-BACKED SECURITIES $ 1,230 GMAC Commercial Mortgage Securities, Inc., Series 1997-C2, Class B, Subordinated Bonds (AAA , Aaa) 04/15/29 6.703 $ 1,264,459 1,740 GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4 (AAA , Aaa) 07/10/39 4.761 1,688,055 1,390 JPMorgan Alternative Loan Trust, Series 2005-S1, Class 1A6 (AAA , Aaa) 12/25/35 6.500 1,417,590 640 JPMorgan Chase Commercial Mortgage Securities Corp., Series 2004-CB9, Class A1 # (AAA , Aaa) 06/12/41 3.475 620,727 1,111 LB-UBS Commercial Mortgage Trust, Series 2004-C1, Class A1 (AAA , Aaa) 01/15/29 2.964 1,066,525 1,735 LB-UBS Commercial Mortgage Trust, Series 2005-C2, Class A5 (AAA , Aaa) 04/15/30 5.150 1,732,561 1,545 LB-UBS Commercial Mortgage Trust, Series 2005-C7, Class AJ # (AAA , Aaa) 11/15/40 5.323 1,549,049 775 Master Specialized Loan Trust, Series 2005-3 Class A2 # (AAA , Aaa) 11/25/35 5.704 774,234 1,085 Morgan Stanley ABS Capital I, Series 2005-HQ5, Class A4 (AAA , Aaa) 01/14/42 5.168 1,083,239 ------------- TOTAL MORTGAGE-BACKED SECURITIES (Cost $67,774,501) 67,339,078 ------------- FOREIGN BONDS (3.7%) ASSET BACKED SECURITIES (1.1%) 1,300 Pure Mortgages, Series 2004-1A, Class A (Ireland) # (AAA , Aaa) 02/28/34 4.700 1,300,000 ------------- BEVERAGES (0.8%) 600 Diageo Capital PLC, Global Notes (United Kingdom) (A- , A3) 05/03/10 4.375 585,791 305 Diageo Finance BV, Global Company Guaranteed Notes (Netherlands) (A- , A3) 04/01/11 3.875 289,034 ------------- 874,825 ------------- ELECTRIC (0.2%) 240 Compania Nacional de Transmision Electrica SA, Global Senior Notes (Chile) (A- , Baa1) 04/15/11 7.875 265,937 ------------- INSURANCE (0.2%) 200 Everest Reinsurance Holdings, Notes (Bermuda) (A- , A3) 10/15/14 5.400 197,584 ------------- MISCELLANEOUS MANUFACTURING (0.5%) 555 Tyco International Group SA, Yankee Company Guaranteed Notes (Luxembourg) (BBB+ , Baa3) 10/15/11 6.375 577,114 ------------- OIL & GAS (0.8%) 115 Canadian Natural Resources, Ltd., Yankee Notes (Canada) (BBB+ , Baa1) 07/15/11 6.700 124,045 375 Nexen, Inc., Yankee Notes (Canada) (BBB- , Baa2) 03/10/35 5.875 370,017 320 Petroliam Nasional Berhad, Rule 144A, Bonds (Malaysia) ++ (A- , A1) 08/15/15 7.750 383,610 ------------- 877,672 -------------
See Accompanying Notes to Financial Statements. 22 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2005 - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ----- ------------- -------- ------ ------------- FOREIGN BONDS PIPELINES (0.1%) $ 180 Trans-Canada Pipelines, Ltd., Yankee Bonds (Canada) (A- , A2) 01/15/15 4.875 $ 177,723 ------------- TOTAL FOREIGN BONDS (Cost $4,310,819) 4,270,855 ------------- UNITED STATES TREASURY OBLIGATIONS (8.0%) 915 Treasury Inflation-Index Notes ss. (AAA , Aaa) 04/15/32 3.375 1,189,947 2,190 United States Treasury Bonds ss. (AAA , Aaa) 02/15/31 5.375 2,460,671 1,025 United States Treasury Notes ss. (AAA , Aaa) 11/15/08 4.375 1,025,481 1,105 United States Treasury Notes ss. (AAA , Aaa) 07/15/10 3.875 1,083,332 2,240 United States Treasury Notes ss. (AAA , Aaa) 09/15/10 3.875 2,194,064 1,270 United States Treasury Notes ss. (AAA , Aaa) 10/15/10 4.250 1,263,751 ------------- TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $9,268,492) 9,217,246 ------------- MUNICIPAL BOND (1.4%) TEXAS (1.4%) 1,505 University of Texas, University Revenue Bonds, Financing Systems, Series D (Cost $1,548,826) (AAA , Aaa) 08/15/34 5.000 1,564,222 ------------- NUMBER OF SHARES - --------- 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 ------------- TOTAL WARRANTS (Cost $11,300) 2 ------------- SHORT-TERM INVESTMENTS (21.1%) 14,625,144 State Street Navigator Prime Fund ss.ss. 14,625,144 ------------- PAR (000) ---- $ 4,885 Fannie Mae Discount Notes ^^ 01/09/06 4.020 4,880,587 4,660 State Street Bank and Trust Co. Euro Time Deposit ^^ 01/03/06 3.350 4,660,000 170 United States Treasury Bills ^^++++ 01/12/06 4.000 169,806 ------------- TOTAL SHORT-TERM INVESTMENTS (Cost $24,335,537) 24,335,537 ------------- TOTAL INVESTMENTS AT VALUE (121.9%) (Cost $141,279,903) 140,436,457
See Accompanying Notes to Financial Statements. 23 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2005 - -------------------------------------------------------------------------------- VALUE ------------ LIABILITIES IN EXCESS OF OTHER ASSETS (-21.9%) $(25,255,343) ------------ NET ASSETS (100.0%) $115,181,114 ============ INVESTMENT ABBREVIATIONS IO = Interest Only 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 December 31, 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 December 31, 2005, these securities amounted to a value of $5,193,490 or 4.51% 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. ^ 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. ^^ Collateral segregated for TBA securities. See Accompanying Notes to Financial Statements. 24 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS December 31, 2005 - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ----- ------------- -------- ------ ------------- CORPORATE BONDS (86.1%) AEROSPACE (0.8%) $ 100 BE Aerospace, Inc., Series B, Senior Subordinated Notes (Callable 01/06/06 @ $100.00) ss. (B , Caa2) 03/01/08 8.000 $ 100,500 125 L-3 Communications Corp., Global Senior Subordinated Notes (Callable 01/15/10 @ $102.94) (BB+ , Ba3) 01/15/15 5.875 121,875 ------------- 222,375 ------------- AUTOMOBILE MANUFACTURING/VEHICLE PARTS (5.0%) 50 ArvinMeritor, Inc., Notes ss. (BB , Ba2) 03/01/12 8.750 48,125 55 Cooper-Standard Automotive, Inc., Company Guaranteed Notes (Callable 12/15/09 @ $104.19) (B , B3) 12/15/14 8.375 42,075 65 Cummins, Inc., Global Senior Notes (Callable 12/01/06 @ $104.75) # ss. (BB+ , Ba2) 12/01/10 9.500 70,525 25 Delphi Corp., Global Notes 0 ss. (D , NR) 06/15/06 6.550 12,750 50 Dura Operating Corp., Series D, Company Guaranteed Notes (Callable 05/01/06 @ $101.50) (CCC+ , Caa2) 05/01/09 9.000 28,500 110 Ford Motor Credit Co., Global Notes ss. (BB+ , Baa3) 10/01/13 7.000 94,124 110 Ford Motor Credit Co., Notes (BB+ , Baa3) 06/16/08 6.625 99,830 75 General Motors Acceptance Corp., Global Bonds ss. (BB , Ba1) 11/01/31 8.000 72,032 175 General Motors Acceptance Corp., Global Notes (BB , Ba1) 05/15/09 5.625 155,811 475 General Motors Acceptance Corp., Global Notes ss. (BB , Ba1) 12/01/14 6.750 428,008 150 Goodyear Tire & Rubber Co., Rule 144A, Senior Notes (Callable 07/01/10 @ $104.50) ++ (B- , B3) 07/01/15 9.000 148,500 150 Stanadyne Corp., Global Senior Subordinated Notes (Callable 08/15/09 @ $105.00) (B- , Caa1) 08/15/14 10.000 144,750 65 TRW Automotive, Inc., Global Senior Subordinated Notes (Callable 02/15/08 @ $105.50) (BB- , B1) 02/15/13 11.000 73,287 50 Visteon Corp., Global Senior Notes (B- , B3) 08/01/10 8.250 42,750 ------------- 1,461,067 ------------- BROADCAST/OUTDOOR (1.3%) 100 Allbritton Communications Co., Global Senior Subordinated Notes (Callable 12/15/07 @ $103.88) (B- , B3) 12/15/12 7.750 101,000 25 Nexstar Finance, Inc., Global Senior Subordinated Notes (Callable 01/15/09 @ $103.50) (CCC+ , B3) 01/15/14 7.000 23,031 75 Rainbow National Services LLC, Rule 144A, Senior Subordinated Notes (Callable 09/01/09 @ $105.19) ++ (B , B3) 09/01/14 10.375 84,375 100 Sinclair Broadcast Group, Inc., Global Company Guaranteed Notes (B , B2) 12/15/11 8.750 105,750
See Accompanying Notes to Financial Statements. 25 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2005 - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ----- ------------- -------- ------ ------------- CORPORATE BONDS BROADCAST/OUTDOOR $ 75 Young Broadcasting, Inc., Global Company Guaranteed (Callable 03/01/06 @ $105.00) (CCC , Caa2) 03/01/11 10.000 $ 70,594 ------------- 384,750 ------------- BUILDING PRODUCTS(0.9%) 50 Goodman Global Holdings Company, Inc., Rule 144A, Senior Subordinated Notes (Callable 12/15/08 @ $103.94) ++ss. (B- , Caa1) 12/15/12 7.875 46,750 50 Norcraft Companies/Finance, Global Senior Subordinated Notes (Callable 11/01/07 @ $104.50) (B- , B3) 11/01/11 9.000 52,000 75 Nortek, Inc., Global Senior Subordinated Notes (Callable 09/01/09 @ $104.25) (CCC+ , Caa1) 09/01/14 8.500 72,750 100 Ply Gem Industries, Inc., Global Senior Subordinated Notes (Callable 02/15/08 @ $104.50) (B- , B3) 02/15/12 9.000 89,250 ------------- 260,750 ------------- CABLE (4.6%) 120 Cablevision Systems Corp., Series B, Global Senior Notes ss. (B+ , B3) 04/15/12 8.000 112,800 78 CCH I LLC, Rule 144A, Secured Notes (Callable 10/01/10 @105.50) ++ (CCC- , Caa3) 10/01/15 11.000 65,910 35 CCO Holdings LLC, Global Senior Notes (Callable 11/15/08 @ $104.38) (CCC- , B3) 11/15/13 8.750 33,512 15 CCO Holdings LLC, Rule 144A, Senior Notes (Callable 11/15/08 @ $104.38) ++ (CCC- , B3) 11/15/13 8.750 14,363 75 Charter Communications Holdings LLC, Senior Notes (Callable 01/06//06 @ $102.88) (CCC- , Ca) 04/01/09 8.625 55,875 300 Charter Communications Holdings LLC, Senior Notes (Callable 09/15/08 @ $105.12) (CCC- , Caa1) 09/15/10 10.250 300,000 200 CSC Holdings, Inc., Rule 144A, Senior Notes ++# (BB- , B1) 04/15/12 7.000 190,000 95 CSC Holdings, Inc., Series B, Senior Notes (BB- , B1) 04/01/11 7.625 95,000 100 Insight Midwest/Insight Capital Corp., Senior Notes (Callable 10/01/06 @ $101.63) ss. (B , B2) 10/01/09 9.750 103,250 100 LodgeNet Entertainment Corp., Senior Subordinated Debentures (Callable 06/15/08 $104.75) (B- , B3) 06/15/13 9.500 109,250 50 Mediacom Broadband LLC, Rule 144A, Senior Notes (Callable 10/15/10 @ $104.25) ++ (B , B2) 10/15/15 8.500 46,562 100 Mediacom LLC Capital Corp., Senior Notes (Callable 02/15/06 @ $103.94) (B , B3) 02/15/11 7.875 93,750 100 Olympus Communications LP, Series B, Senior Notes 0 (NR , NR) 11/15/06 10.625 135,625 ------------- 1,355,897 ------------- CAPITAL GOODS (0.3%) 90 Motors & Gears, Inc., Series D, Senior Notes (CCC , Caa1) 11/15/06 10.750 86,850 -------------
See Accompanying Notes to Financial Statements. 26 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2005 - -------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ----- ------------- -------- ------ ------------- CORPORATE BONDS CHEMICALS (5.6%) $ 100 Crompton Corp., Global Senior Notes (Callable 08/01/08 @ $104.94) ss. (B+ , B2) 08/01/12 9.875 $ 114,625 130 Crystal US Holdings, Series B, Senior Discount Notes (Callable 10/01/09 @ $105.25) +ss. (B- , Caa2) 10/01/14 0.000 95,225 100 Equistar Chemicals LP/ Equistar Funding Corp., Global Company Guaranteed Notes (BB- , B2) 09/01/08 10.125 109,000 66 Huntsman LLC, Global Company Guaranteed Notes (Callable 07/15/08 @ $105.75) # (B , B2) 07/15/12 11.500 75,075 100 IMC Global, Inc., Series B, Global Company Guaranteed Notes (Callable 06/01/06 @ $105.62) (B+ , B1) 06/01/11 11.250 108,000 100 ISP Chemco, Inc., Series B, Global Company Guaranteed Notes (Callable 07/01/06 @ $105.13) (BB- , B1) 07/01/11 10.250 107,000 150 KI Holdings, Inc., Global Senior Discount Notes (Callable 11/15/09 @ $104.94) + (B- , Caa2) 11/15/14 0.000 99,000 200 Lyondell Chemical Co., Global Company Guaranteed Notes (Callable 06/01/08 @ $105.25) (BB- , B1) 06/01/13 10.500 228,250 100 Lyondell Chemical Co., Series A, Secured Notes (BB- , B1) 05/01/07 9.625 104,875 100 Nalco Co., Global Senior Notes (Callable 11/15/07 @ $103.88) (B+ , B3) 11/15/11 7.750 103,250 200 Polymer Holdings LLC, Global Senior Discount Notes (Callable 01/15/09 @ $106.00) +ss. (B- , Caa2) 07/15/14 0.000 145,500 100 Polyone Corp., Senior Notes ss. (B+ , B3) 05/01/12 8.875 98,500 100 PQ Corp., Rule 144A, Company Guaranteed Notes (Callable 02/15/09 @ $103.75) ++ (B- , B3) 02/15/13 7.500 93,500 65 Terra Capital, Inc., Global Secured Notes (Callable 06/01/07 @ $105.75) (B- , Caa1) 06/01/10 11.500 72,800 75 Tronox Worldwide/Finance, Rule 144A, Senior Notes (Callable 12/01/09 @ $104.75) ++ (B+ , B1) 12/01/12 9.500 76,875 ------------- 1,631,475 ------------- COMPETITIVE LOCAL EXCHANGE CARRIER (0.3%) 75 GCI, Inc., Global Senior Notes (Callable 02/15/09 @ $103.63) ss. (B+ , B2) 02/15/14 7.250 74,625 ------------- CONSUMER PRODUCTS/TOBACCO (4.1%) 75 Amscan Holdings, Inc., Global Senior Subordinated Notes (Callable 05/01/09 @ $104.38) (CCC+ , B3) 05/01/14 8.750 63,563 125 Central Garden & Pet Co., Global Company Guaranteed Notes (Callable 02/01/08 @ $104.56) (B+ , B1) 02/01/13 9.125 132,500 200 Jarden Corp., Global Company Guaranteed Notes (Callable 05/01/07 @ $104.88) (B- , B3) 05/01/12 9.750 207,000 250 Johnsondiversey Holdings, Inc., Global Discount Notes (Callable 05/15/07 @ $105.34) + (B- , Caa1) 05/15/13 0.000 200,000 100 Johnsondiversey, Inc., Series B, Global Company Guaranteed Notes (Callable 05/15/07 @ $104.81) ss. (B , B2) 05/15/12 9.625 101,000
See Accompanying Notes to Financial Statements. 27 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2005 - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ----- ------------- -------- ----- ------------- CORPORATE BONDS CONSUMER PRODUCTS/TOBACCO $ 100 K2, Inc., Global Senior Notes (Callable 07/01/09 @ $103.69) ss. (BB , Ba3) 07/01/14 7.375 $ 100,000 65 Playtex Products, Inc., Global Company Guaranteed Notes (Callable 06/01/06 @ $104.69) ss. (CCC+ , Caa2) 06/01/11 9.375 68,412 90 Prestige Brands, Inc., Global Senior Subordinated Notes (Callable 04/15/08 @ $104.63) ss. (B- , B3) 04/15/12 9.250 89,100 100 RJ Reynolds Tobacco Holdings, Rule 144A, Notes ++ (BB+ , Ba2) 07/15/10 6.500 100,000 50 Samsonite Corp., Global Senior Subordinated Notes (Callable 06/01/08 @ $104.44) (B- , B3) 06/01/11 8.875 52,000 75 Sealy Mattress Co., Global Senior Subordinated Notes (Callable 06/15/09 @ $104.13) ss. (B- , B3) 06/15/14 8.250 77,625 ------------- 1,191,200 ------------- CONTAINERS (2.5%) 100 Berry Plastics Corp., Global Company Guaranteed Notes (Callable 07/15/07 @ $105.38) (B- , B3) 07/15/12 10.750 108,000 100 Constar International, Inc., Senior Subordinated Notes (Callable 12/01/07 @ $105.50) ss. (CCC , Caa1) 12/01/12 11.000 73,500 70 Crown Americas, Rule 144A, Senior Notes (Callable 11/15/10 @ $103.88) ++ (B , B1) 11/15/15 7.750 72,800 150 Graham Packaging Company, Inc., Global Subordinated Notes (Callable 10/15/09 @ $104.94) ss. (CCC+ , Caa2) 10/15/14 9.875 147,000 100 Owens-Illinois, Inc., Senior Notes ss. (B , Caa1) 05/15/08 7.350 101,750 50 Plastipak Holdings, Inc., Rule 144A, Senior Notes (Callable 12/15/10 @ $104.25) ++ (B , B2) 12/15/15 8.500 50,750 0 Pliant Corp., Global Secured Notes (Callable 06/15/07 @ $111.63) (1) (C , Caa1) 06/15/09 11.625 104 100 Solo Cup Company, Senior Subordinated Notes (Callable 02/15/09 @ $104.25) ss. (CCC , Caa1) 02/15/14 8.500 88,000 50 U.S. Can Corp., Global Company Guaranteed Notes (Callable 07/15/07 @ $105.44) (CCC+ , Caa2) 07/15/10 10.875 52,250 25 United States Can Corp., Series B, Global Company Guaranteed Notes (Callable 02/13/06 @ $106.19) (CCC+ , Caa3) 10/01/10 12.375 23,688 ------------- 717,842 ------------- DIVERSIFIED TELECOMMUNICATIONS (2.5%) 75 Hawaiian Telcom Communications, Inc., Rule 144A, Senior Notes (Callable 05/01/09 @ $104.88) ++ss. (B- , B3) 05/01/13 9.750 73,688 45 LCI International, Inc., Senior Notes (NR , NR) 06/15/07 7.250 45,450 195 Qwest Capital Funding, Inc., Global Company Guaranteed Notes ss. (B , B3) 02/15/11 7.250 198,412 50 Qwest Communications International, Inc., Global Company Guaranteed Notes (Callable 02/15/08 @ $103.62) (B , B2) 02/15/11 7.250 51,250
See Accompanying Notes to Financial Statements. 28 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2005 - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ----- ------------- -------- ------ ------------- CORPORATE BONDS DIVERSIFIED TELECOMMUNICATIONS $ 327 Qwest Corp., Rule 144A, Senior Notes ++ (BB , Ba3) 06/15/15 7.625 $ 351,525 ------------- 720,325 ------------- ENERGY - OTHER (4.2%) 100 Dynegy Holdings, Inc., Senior Notes ss. (CCC+ , Caa2) 04/01/11 6.875 99,000 300 El Paso Corp., Senior Notes ss. (B- , Caa1) 05/15/11 7.000 299,250 100 Frontier Oil Corp., Global Senior Notes (Callable 10/01/07 @ $103.31) (B+ , B1) 10/01/11 6.625 102,500 150 Giant Industries, Inc., Company Guaranteed Notes (Callable 05/15/09 @ $104.00) ss. (B- , B3) 05/15/14 8.000 155,625 65 Giant Industries, Inc., Global Company Guaranteed Notes (Callable 05/15/07 @ $105.50) (B- , B3) 05/15/12 11.000 72,637 100 Reliant Resources, Inc., Global Secured Notes (Callable 07/15/08 @ $104.75) (B+ , B1) 07/15/13 9.500 100,750 65 Tesoro Corp., Rule 144A, Secured Notes (Callable 11/01/10 @ $103.31) ++ (BB+ , Ba1) 11/01/15 6.625 65,975 300 Williams Companies, Inc., Global Notes (B+ , B1) 03/15/12 8.125 328,500 ------------- 1,224,237 ------------- ENVIRONMENTAL SERVICES (0.5%) 150 Allied Waste North America, Inc., Series B, Global Senior Notes (Callable 04/15/09 @ $103.69) ss. (B+ , Caa1) 04/15/14 7.375 146,625 ------------- FINANCE - OTHER (1.6%) 75 E*TRADE Financial Corp., Senior Notes (Callable 12/01/10 @ $103.94) (B+ , B1) 12/01/15 7.875 77,813 100 Genesis Healthcare Corp., Senior Subordinated Notes (Callable 10/15/08 @ $104.00) (B , B3) 10/15/13 8.000 105,750 75 Stripes Acquisition LLC, Senior Notes (Callable 12/15/09 @ $105.31) (B , B2) 12/15/13 10.625 76,500 50 Ventas Realty LP, Rule 144A, Senior Notes (Callable 06/01/11 @ $103.25) ++ss. (BB+ , Ba2) 06/01/16 6.500 50,500 150 Ventas Realty LP, Global Company Guaranteed Notes (BB , Ba2) 05/01/12 9.000 171,750 ------------- 482,313 ------------- FOOD PROCESSORS/BEVERAGE/BOTTLING (2.9%) 150 Bear Creek Corp., Rule 144A, Senior Notes (Callable 03/01/09 @ $104.50) ++ (B- , B3) 03/01/13 9.000 151,500 25 Birds Eye Foods, Inc., Company Guaranteed Notes (Callable 11/01/06 @ $100.00) (B- , B3) 11/01/08 11.875 25,625 100 Chiquita Brands International. Inc., Global Senior Notes (Callable 11/01/09 @ $103.75) ss. (B- , B3) 11/01/14 7.500 88,500 100 Eagle Family Foods, Inc., Series B, Company Guaranteed Notes (Callable 01/15/06 @ $100.00) (CCC , Caa2) 01/15/08 8.750 76,000
See Accompanying Notes to Financial Statements. 29 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2005 - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ----- ------------- -------- ------ ------------- CORPORATE BONDS FOOD PROCESSORS/BEVERAGE/BOTTLING $ 100 National Beef Packing Company LLC, Global Senior Notes (Callable 08/01/07 @ $105.25) ss. (B- , B3) 08/01/11 10.500 $ 104,000 200 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 8.250 191,500 ------------- 840,125 ------------- GAMING (5.6%) 100 Ameristar Casinos, Inc., Global Company Guaranteed Notes (Callable 02/15/06 @ $105.38) (B+ , B2) 02/15/09 10.750 106,500 100 Aztar Corp., Global Senior Subordinated Notes (Callable 08/15/06 @ $104.50) (B+ , Ba3) 08/15/11 9.000 106,375 100 CCM Merger, Inc., Rule 144A, Notes (Callable 08/01/09 @ $104.00) ++ (B- , B3) 08/01/13 8.000 96,500 100 Choctaw Resort Development Enterprise, Rule 144A, Senior Notes (Callable 11/15/11@ $103.63) ++ (BB- , B1) 11/15/19 7.250 102,125 75 Circus & Eldorado, Global First Mortgage Notes (Callable 03/01/07 @ $105.06) (B , B1) 03/01/12 10.125 79,688 100 Hard Rock Hotel, Inc., Global Notes (Callable 06/01/08 @ $104.44) (B , B3) 06/01/13 8.875 108,250 100 Herbst Gaming, Inc., Global Senior Subordinated Notes (Callable 06/01/08 @ $104.06) (B- , B3) 06/01/12 8.125 104,500 100 Inn of The Mountain Gods, Rule 144A, Senior Notes (Callable 11/15/07 @ $106.00) ++ss. (B , B3) 11/15/10 12.000 99,500 100 Majestic Star Casino LLC, Company Guaranteed Notes (Callable 10/15/07 @ $104.75) ss. (B , B2) 10/15/10 9.500 105,750 25 MGM Mirage, Company Guaranteed Notes (BB , Ba2) 10/01/09 6.000 24,969 50 MGM Mirage, Company Guaranteed Notes (BB , Ba2) 09/15/10 8.500 54,437 100 MGM Mirage, Company Guaranteed Notes ss. (B+ , Ba3) 02/01/11 8.375 107,500 100 MGM Mirage, Global Senior Notes (BB , Ba2) 09/01/12 6.750 101,875 100 Seneca Gaming Corp., Global Senior Notes (Callable 05/01/08 @ $103.63) ss. (BB- , B1) 05/01/12 7.250 101,125 100 Virgin River Casino Corp., Global Company Guaranteed Notes (Callable 01/15/09 @ $104.50) # (B , B3) 01/15/12 9.000 102,500 125 Waterford Gaming LLC, Rule 144A, Senior Notes (Callable 09/15/08 @ $103.55) ++ (B+ , B1) 09/15/12 8.625 133,750 55 Windsor Woodmont Black Hawk, Series B, First Mortgage Notes 0^ (NR , NR) 03/15/05 13.000 0 100 Wynn Las Vegas LLC, Global First Mortgage Notes (Callable 12/01/09 @ $103.31) ss. (B+ , B2) 12/01/14 6.625 97,750 ------------- 1,633,094 -------------
See Accompanying Notes to Financial Statements. 30 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2005 - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ----- ------------- -------- ------ ------------- CORPORATE BONDS HEALTHCARE FACILITIES/SUPPLIES (5.7%) $ 100 Alpharma, Inc., Global Company Guaranteed Notes (Callable 05/01/07 @ $104.31) (B- , B3) 05/01/11 8.625 $ 109,125 75 DaVita, Inc., Global Company Guaranteed Notes (Callable 03/15/10 @ $103.63) (B , B3) 03/15/15 7.250 76,312 75 Extendicare Health Services, Inc., Global Senior Subordinated Notes (Callable 05/01/09 @ $103.44) ss. (B , B2) 05/01/14 6.875 73,688 100 Fisher Communications, Inc., Global Senior Notes (Callable 09/15/09 @ $104.31) (B- , B2) 09/15/14 8.625 106,000 70 Fisher Scientific International, Inc., Global Senior Subordinated Notes (Callable 08/15/09 @ $103.38) (BB+ , Ba3) 08/15/14 6.750 73,325 300 HCA, Inc., Notes (BB+ , Ba2) 10/01/12 6.300 302,998 75 Iasis Healthcare LLC, Global Senior Subordinated Notes (Callable 06/15/09 @ $104.38) (B- , B3) 06/15/14 8.750 79,125 150 MQ Associates, Inc., Global Senior Discount Notes (Callable 08/15/08 @ $109.00) +ss. (CCC+ , Caa3 ) 08/15/12 0.000 86,250 75 Omega Healthcare Investors, Inc., Rule 144A, Senior Notes (Callable 01/15/11 @ $103.50) ++ (BB- , B1) 01/15/16 7.000 74,719 50 Omnicare, Inc., Senior Subordinated Notes (Callable 12/15/10 @ $103.44) ss. (BB+ , Ba3) 12/15/15 6.875 51,000 50 Rotech Healthcare, Inc., Global Company Guaranteed Notes (Callable 04/01/07 @ $104.75) (B+ , B2) 04/01/12 9.500 52,750 100 Rural / Metro Corp., Rule 144A, Senior Subordinated Notes (Callable 03/15/10 @ $104.94) ++ (CCC+ , Caa1) 03/15/15 9.875 102,500 115 Tenet Healthcare Corp., Global Senior Notes (B , B3) 07/01/14 9.875 117,012 75 Triad Hospitals, Inc., Senior Notes (Callable 05/15/08 @ $103.50) (BB- , B2) 05/15/12 7.000 76,969 75 Triad Hospitals, Inc., Senior Subordinated Notes (Callable 11/15/08 @ $103.50) (B , B3) 11/15/13 7.000 75,562 100 Universal Hospital Services, Inc., Global Senior Notes (Callable 11/01/07 @ $105.06) (B- , B3) 11/01/11 10.125 104,000 100 Vanguard Health Holdings Co., Global Senior Subordinated Notes (Callable 10/01/09 @ $104.50) (CCC+ , Caa1) 10/01/14 9.000 106,750 ------------- 1,668,085 ------------- HOME BUILDERS (2.2%) 100 Beazer Homes USA, Inc., Global Company Guaranteed Notes (Callable 04/15/07 @ $104.19) (BB , Ba1) 04/15/12 8.375 104,500 100 K Hovnanian Enterprises, Inc., Global Company Guaranteed Notes (BB , Ba1) 01/15/16 6.250 93,283 50 KB Home, Senior Notes ss. (BB+ , Ba1) 06/15/15 6.250 48,637 50 KB Home, Senior Subordinated Notes ss. (BB- , Ba2) 12/15/08 8.625 53,359 75 Standard Pacific Corp., Global Senior Notes (BB , Ba2) 08/15/15 7.000 69,562 100 Technical Olympic USA, Inc., Global Senior Subordinated Notes (B- , B2) 01/15/15 7.500 84,500
See Accompanying Notes to Financial Statements. 31 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2005 - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ----- ------------- -------- ------ ------------- CORPORATE BONDS HOME BUILDERS $ 100 WCI Communities, Inc., Global Company Guaranteed Notes (Callable 05/01/07 @ $104.56) ss. (B+ , Ba3) 05/01/12 9.125 $ 100,000 100 William Lyon Homes, Inc., Global Senior Notes (Callable 12/15/08 @ $103.81) (B , B2) 12/15/12 7.625 88,750 ------------- 642,591 ------------- INDUSTRIAL - OTHER (1.0%) 200 Coleman Cable, Inc., Global Company Guaranteed Notes (Callable 10/01/08 @ $104.94) (B- , B3) 10/01/12 9.875 163,000 150 True Temper Sports, Inc., Global Company Guaranteed Notes (Callable 03/15/08 @ $104.19) (CCC+ , Caa1) 09/15/11 8.375 135,750 ------------- 298,750 ------------- LEISURE (1.7%) 100 Affinity Group, Inc., Global Senior Subordinated Notes (Callable 02/15/08 @ $104.50) (B- , B3) 02/15/12 9.000 100,375 72 AMC Entertainment, Inc., Senior Subordinated Notes (Callable 02/01/06 @ $101.58) ss. (CCC+ , B3) 02/01/11 9.500 71,190 75 Bally Total Fitness Holding Corp., Global Senior Notes (Callable 07/15/07 @ $105.25) (CCC , Caa1) 07/15/11 10.500 77,625 100 Cinemark USA, Inc., Global Senior Subordinated Notes (Callable 02/01/08 @ $104.50) (B- , B3) 02/01/13 9.000 106,250 150 Six Flags, Inc., Rule 144A, Global Senior Notes (Callable 06/01/09 @ $104.81) ++ (CCC , Caa1) 06/01/14 9.625 146,625 ------------- 502,065 ------------- LODGING (0.6%) 150 Host Marriott LP, Series O, Global Company Guaranteed Notes (Callable 03/15/10 @ $103.19) (B+ , Ba2) 03/15/15 6.375 150,375 25 San Pasqual Casino, Rule 144A, Notes (Callable 09/15/09 @ $104.00) ++ (B+ , B2) 09/15/13 8.000 25,500 ------------- 175,875 ------------- METALS & MINING (2.0%) 100 AK Steel Corp., Global Company Guaranteed Notes (Callable 06/15/07 @ $103.88) ss. (B+ , B1) 06/15/12 7.750 90,750 100 Aleris International, Inc., Global Company Guaranteed Notes (Callable 11/15/09 @ $104.50) (B , NR) 11/15/14 9.000 103,500 150 International Steel Group, Inc., Global Senior Notes (BB , Ba2) 04/15/14 6.500 150,750 125 Southern Peru Copper Corp., Rule 144A, Notes ++ (BBB- , Ba1) 07/27/15 6.375 125,085 100 UCAR Finance, Inc., Global Company Guaranteed Notes (Callable 02/15/07 @ $105.12) ss. (B- , B2) 02/15/12 10.250 106,125 ------------- 576,210 -------------
See Accompanying Notes to Financial Statements. 32 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2005 - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ----- ------------- -------- ------ ------------- CORPORATE BONDS OIL EQUIPMENT (0.4%) $ 100 Pride International, Inc., Global Senior Notes (Callable 07/15/09 @ $103.69) ss. (BB- , Ba2) 07/15/14 7.375 $ 107,750 ------------- PAPER & FOREST PRODUCTS (1.8%) 100 Caraustar Industries, Inc., Global Company Guaranteed Notes (Callable 04/01/06 @ $105.25) ss. (B- , Caa1) 04/01/11 9.875 102,500 100 Cellu Tissue Holdings, Global Secured Notes (Callable 03/15/07 @ $107.31) (B , B2) 03/15/10 9.750 99,500 70 Georgia-Pacific Corp., Notes (BB+ , Ba2) 05/15/31 8.875 70,525 200 Newark Group, Inc., Global Senior Subordinated Notes (Callable 03/15/09 @ $104.88) (B- , Caa1) 03/15/14 9.750 177,000 100 Pope & Talbot, Inc., Debentures (B- , B3) 06/01/13 8.375 74,500 ------------- 524,025 ------------- PHARMACEUTICALS (0.8%) 75 Athena Neurosciences Finance LLC, Company Guaranteed Notes (B , B3) 02/21/08 7.250 73,594 82 Biovail Corp., Yankee Senior Subordinated Notes (Callable 04/01/06 @ $103.94) ss. (BB- , B2) 04/01/10 7.875 85,382 75 Mylan Laboratories, Inc., Rule 144A, Senior Notes ++ss. (BB+ , Ba1) 08/15/10 5.750 75,469 ------------- 234,445 ------------- PUBLISHING (2.6%) 150 Cenveo Corp., Global Senior Subordinated Notes (Callable 12/01/08 @ $103.94) ss. (B- , B3) 12/01/13 7.875 145,500 200 Dex Media, Inc., Global Notes (Callable 11/15/08 @ $104.00) (B , B3) 11/15/13 8.000 205,000 125 Houghton Mifflin Co., Global Senior Subordinated Notes (Callable 02/01/08 @ $104.94) ss. (B- , Caa1) 02/01/13 9.875 134,219 150 Morris Publishing Group LLC, Global Company Guaranteed Notes (Callable 08/01/08 @ $103.50) (B+ , Ba3) 08/01/13 7.000 142,312 500 Premier Graphics, Inc., Company Guaranteed Notes 0^ (NR , NR) 12/01/05 11.500 0 35 Vertis, Inc., Global Secured Notes (Callable 04/01/06 @ $105.19) (CCC , B3) 04/01/09 9.750 36,444 35 Vertis, Inc., Series B, Global Company Guaranteed Notes (Callable 06/15/06 @ $105.44) ss. (CCC , Caa1) 06/15/09 10.875 34,650 75 WDAC Subsidiary Corp., Rule 144A, Senior Notes (Callable 12/01/09 @ $104.19) ++ss. (CCC+ , Caa1) 12/01/14 8.375 73,031 ------------- 771,156 ------------- RESTAURANTS (0.8%) 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
See Accompanying Notes to Financial Statements. 33 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2005 - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ----- ------------- -------- ------ ------------- CORPORATE BONDS RESTAURANTS $ 150 Friendly Ice Cream Corp., Global Senior Notes (Callable 06/15/08 @ $104.19) ss. (B- , B2) 06/15/12 8.375 $ 134,250 100 Sbarro, Inc., Company Guaranteed Notes (Callable 09/15/06 @ $101.83) ss. (CCC+ , Caa2) 09/15/09 11.000 100,000 ------------- 234,250 ------------- RETAIL-FOOD & DRUG (0.8%) 75 Delhaize America, Inc., Global Company Guaranteed Notes (BB+ , Ba1) 04/15/11 8.125 82,130 100 Rite Aid Corp., Global Secured Notes (Callable 05/01/07 @ $104.06) (B+ , B2) 05/01/10 8.125 102,250 50 Stater Brothers Holdings, Inc., Global Senior Notes (Callable 06/15/08 @ $104.06) (BB- , B1) 06/15/12 8.125 49,750 ------------- 234,130 ------------- RETAIL STORES (2.8%) 75 Asbury Automotive Group, Inc., Global Company Guaranteed Notes (Callable 06/15/07 @ $104.50) (B , B3) 06/15/12 9.000 75,375 70 Brookstone Company, Inc., Rule 144A, Secured Notes (Callable 10/15/09 @ $106.00) ++ss. (B , B3) 10/15/12 12.000 65,800 50 CSK Auto, Inc., Global Company Guaranteed Notes (Callable 01/15/09 @ $103.50) (B- , B2) 01/15/14 7.000 45,500 100 Finlay Fine Jewelry Corp., Global Senior Notes (Callable 06/01/08 @ $104.19) ss. (B+ , B2) 06/01/12 8.375 90,500 370 Flooring America, Inc., Series B, Company Guaranteed Notes (Callable 03/16/06 @ $100.00) 0^ (NR , NR) 10/15/07 9.250 0 100 GSC Holdings Corp., Rule 144A, Company Guaranteed Notes (Callable 10/01/09 @ $104.00) ++ss. (B+ , Ba3) 10/01/12 8.000 94,500 125 JC Penney Company, Inc., Series MTNA, Notes ss. (BB+ , Ba1) 10/15/15 6.875 135,958 50 Movie Gallery, Inc., Global Senior Unsecured Notes (Callable 05/01/08 @ $105.50) ss. (CCC+ , B3) 05/01/12 11.000 39,250 75 Neiman Marcus Group, Inc., Rule 144A, Senior Subordinated Notes (Callable 10/15/10 @ $105.19) ++ (B- , B3) 10/15/15 10.375 76,594 200 Southern States Cooperative, Inc., Rule 144A, Senior Notes (Callable 11/01/07 @ $108.00) ++ (B , B3) 11/01/10 10.500 211,000 ------------- 834,477 ------------- SATELLITE (1.2%) 80 Directv Holdings LLC, Global Senior Notes (Callable 03/15/08 @ $104.19) (BB- , Ba2) 03/15/13 8.375 86,400 150 Echostar DBS Corp., Global Company Guaranteed Notes (BB- , Ba3) 10/01/14 6.625 144,563 116 PanAmSat Corp., Global Company Guaranteed Notes (Callable 08/15/09 @ $104.50) (B+ , B1) 08/15/14 9.000 122,090 ------------- 353,053 -------------
See Accompanying Notes to Financial Statements. 34 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2005 - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ----- ------------- -------- ------ ------------- CORPORATE BONDS SECONDARY OIL & GAS PRODUCERS (2.8%) $ 226 Chesapeake Energy Corp., Senior Notes (Callable 01/15/09 @ $103.44) (BB- , Ba2) 01/15/16 6.875 $ 232,780 150 El Paso Production Holding Co., Global Company Guaranteed Notes (Callable 06/01/08 @ $103.88) (CCC+ , B3) 06/01/13 7.750 156,375 65 Magnum Hunter Resources, Inc., Global Company Guaranteed Notes (Callable 03/15/07 @ $104.80) (B+ , Ba3) 03/15/12 9.600 70,850 100 Plains Exploration & Production Co., Series B, Global Senior Subordinated Notes (Callable 07/01/07 @ $104.38) (B+ , Ba3) 07/01/12 8.750 108,250 50 Range Resources Corp., Global Company Guaranteed Notes (Callable 03/15/10 @ $103.19) (B , B2) 03/15/15 6.375 49,250 100 Swift Energy Co., Senior Notes (Callable 07/15/08 @ $103.81) (BB- , B1) 07/15/11 7.625 102,500 100 Vintage Petroleum, Inc., Global Senior Subordinated Notes (Callable 05/15/06 @ $103.94) (B , B1) 05/15/11 7.875 105,000 ------------- 825,005 ------------- SERVICES (3.8%) 100 Alderwoods Group, Inc., Global Company Guaranteed Notes (Callable 09/15/08 @ $103.88) (B , B2) 09/15/12 7.750 104,000 100 Brickman Group, Ltd., Series B, Global Company Guaranteed Notes (12/15/06 @ $105.88) (B , B2) 12/15/09 11.750 111,250 100 Hertz Corp., Rule 144A, Senior Notes (Callable 01/01/10 @ $104.44) ++ (B , B1) 01/01/14 8.875 102,375 150 HydroChem Industrial Services, Inc., Rule 144A, Senior Subordinated Notes (Callable 02/15/09 @ $104.63) ++ (B- , Caa1) 02/15/13 9.250 144,750 100 Iron Mountain, Inc., Company Guaranteed Notes (Callable 07/01/08 @ $103.31) ss. (B , Caa1) 01/01/16 6.625 93,500 100 Morton's Restaurant Group, Inc., Global Secured Notes (Callable 07/01/07 @ $105.30) (B- , B2) 07/01/10 7.500 99,500 175 Muzak LLC/Muzak Finance, Global Senior Notes (Callable 02/15/06 @ $105.00) (CCC- , Caa2) 02/15/09 10.000 153,562 50 Rent-Way, Inc., Global Secured Notes (B- , B3) 06/15/10 11.875 53,438 75 Stewart Enterprises, Inc., Rule 144A, Senior Notes (Callable 02/15/09 @ $103.13) ++# (BB- , B1) 02/15/13 7.750 72,375 105 United Rentals North America, Inc., Global Company Guaranteed Notes (Callable 02/15/08 @ $103.25) (BB- , B2) 02/15/12 6.500 102,769 75 Williams Scotsman, Inc., Global Company Guaranteed Notes (Callable 10/01/10 @ $104.25) (B , B3) 10/01/15 8.500 78,000 ------------- 1,115,519 -------------
See Accompanying Notes to Financial Statements. 35 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2005 - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ----- ------------- -------- ------ ------------- CORPORATE BONDS TECHNOLOGY (2.9%) $ 50 Amkor Technology, Inc., Global Senior Notes (Callable 05/15/08 @ $103.88) (B- , Ba3) 05/15/13 7.750 $ 43,750 32 Ampex Corp., Secured Notes ^ (NR , NR) 08/15/08 12.000 31,597 75 Magnachip Semiconductor, Global Senior Subordinated Notes (Callable 12/15/09 @ $104.00) ss. (B- , B2) 12/15/14 8.000 72,000 75 Sanmina-SCI Corp., Global Company Guaranteed Notes (Callable 03/01/09 @ $103.38) ss. (B , B1) 03/01/13 6.750 71,719 100 Seagate Technology HDD Holdings, Global Company Guaranteed Notes (Callable 05/15/06 @ $104.00) (BB+ , Ba2) 05/15/09 8.000 105,500 90 Stats Chippac, Ltd., Global Company Guaranteed Notes (Callable 11/15/08 @ $103.38) (BB , Ba2) 11/15/11 6.750 87,300 145 SunGard Data Systems, Inc, Rule 144A, Senior Unsecured Notes (Callable 08/15/09 @ $104.56) ++ (B- , B3) 08/15/13 9.125 150,800 75 Sungard Data Systems, Inc., Rule 144A, Senior Subordinated Notes (Callable 08/15/10 @ $105.13) ++ (B- , Caa1) 08/15/15 10.250 75,375 200 Xerox Corp., Senior Notes (Callable 06/15/08 @ $103.81) ss. (BB- , Ba2) 06/15/13 7.625 212,000 ------------- 850,041 ------------- 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 10.250 102,250 100 Levi Strauss & Co., Global Senior Notes (Callable 12/15/07 @ $106.12) (CCC , Ca) 12/15/12 12.250 112,000 50 Phillips-Van Heusen Corp., Global Senior Notes (Callable 02/15/08 @ $103.62) ss. (BB , B2) 02/15/11 7.250 51,000 ------------- 265,250 ------------- TOWER (0.3%) 100 American Tower Corp., Global Senior Notes (Callable 10/15/08 @ $103.56) (BB- , B1) 10/15/12 7.125 103,500 ------------- TRANSPORTATION/OTHER (0.7%) 97 American Commercial Lines, Global Company Guaranteed Notes (Callable 02/15/10 @ $104.75) (B- , B3) 02/15/15 9.500 105,245 100 Overseas Shipholding Group, Inc., Global Senior Notes (Callable 03/15/08 @ $104.12) (BB+ , Ba1) 03/15/13 8.250 106,250 ------------- 211,495 ------------- UTILITIES (3.8%) 50 Allegheny Energy Supply Company LLC, Global Notes ss. (B , Ba3) 03/15/11 7.800 54,750
See Accompanying Notes to Financial Statements. 36 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2005 - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ----- ------------- -------- ----- ------------- CORPORATE BONDS UTILITIES $ 100 Aquila, Inc., Senior Notes ss. (B- , B2) 11/15/09 7.625 $ 102,500 100 CMS Energy Corp., Senior Notes ss. (B+ , B1) 01/15/09 7.500 103,500 100 Edison Mission Energy, Senior Notes (B+ , B1) 06/15/09 7.730 103,750 100 Mirant Americas Generation LLC, Senior Notes 0 (NR , NR) 05/01/06 7.625 122,500 100 Mirant Corp., Rule 144A, Senior Notes ++0ss. (D , NR) 01/15/06 7.400 124,500 100 Mirant North America LLC, Rule 144A, Senior Notes (Callable 12/31/09 @ $103.69) ++ (B- , B1) 12/31/13 7.375 101,625 33 Nevada Power Co., Series E, Global Notes (Callable 10/15/06 @ $105.44) (BB , Ba1) 10/15/09 10.875 36,217 83 NRG Energy, Inc., Global Company Guaranteed Notes (Callable 12/15/08 @ $104.00) (B , B1) 12/15/13 8.000 92,960 100 Sierra Pacific Resources, Global Senior Notes (Callable 03/15/09 @ $104.31) (B- , Ba2) 03/15/14 8.625 108,699 50 TECO Energy, Inc., Notes ss. (BB , Ba2) 05/01/11 7.200 53,000 100 Texas Genco LLC, Rule 144A, Senior Notes (Callable 12/15/09 @ $103.44) ++ (B , B1) 12/15/14 6.875 108,750 ------------- 1,112,751 ------------- WIRELESS (3.8%) 50 AirGate PCS, Inc., Rule 144A, Secured Notes (Callable 01/01/06 @ $104.69) ++ (CCC , Caa1) 09/01/09 9.375 52,500 107 AirGate PCS, Inc., Secured Notes (Callable 01/01/06 @ $104.69) ss. (CCC , Caa1) 09/01/09 9.375 111,930 50 American Cellular Corp., Series B, Global Senior Notes (Callable 08/01/07 @ $105.00) (B- , Caa1) 08/01/11 10.000 54,500 75 Centennial Communications Corp., Global Company Guaranteed Notes (Callable 06/15/08 @ $105.06) (CCC , B3) 06/15/13 10.125 81,938 75 Dobson Cellular Systems, Inc., Global Secured Notes (Callable 11/01/08 @ $104.94) (CCC , Caa1) 11/01/12 9.875 83,063 50 Dobson Communications Corp., Global Senior Notes (Callable 10/01/08 @ $104.44) (CCC , Caa2) 10/01/13 8.875 50,125 100 iPCS, Inc., Global Senior Notes (Callable 05/01/08 @ $105.75) (CCC , B3) 05/01/12 11.500 115,250 150 Nextel Communications, Inc., Series D, Senior Notes (Callable 08/01/08 @ $103.69) (A- , Baa2) 08/01/15 7.375 158,421 75 Nextel Partners, Inc., Global Senior Notes (Callable 07/01/07 @ $104.06) (BB- , Caa1) 07/01/11 8.125 80,531 50 Rural Cellular Corp., Global Senior Notes (Callable 08/01/07 @ $104.94) (CCC , Caa1) 02/01/10 9.875 53,000 50 Rural Cellular Corp., Global Senior Subordinated Notes (Callable 01/15/06 @ $104.88) ss. (CCC , Caa2) 01/15/10 9.750 50,750 70 Rural Cellular Corp., Rule 144A, Senior Subordinated Notes (Callable 11/01/07 @ $102.00) ++# (CCC , Caa2) 11/01/12 10.041 70,875 150 Triton PCS, Inc., Global Company Guaranteed Notes (Callable 06/01/08 @ $104.25) (CCC- , Caa1) 06/01/13 8.500 140,250 ------------- 1,103,133 ------------- TOTAL CORPORATE BONDS (Cost $25,805,030) 25,177,106 -------------
See Accompanying Notes to Financial Statements. 37 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2005 - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ----- ------------- -------- ------ ------------- FOREIGN BONDS (6.9%) BUILDING PRODUCTS (0.4%) $ 100 Maax Holdings, Inc., Global Senior Discount Notes (Callable 12/15/08 @ $105.63) (Canada) + (CCC+ , Caa1) 12/15/12 0.000 $ 31,625 100 Maax Holdings, Inc., Global Senior Subordinated Notes (Callable 06/15/08 @ $104.88) (Canada) ss. (CCC+ , B3) 06/15/12 9.750 79,500 ------------- 111,125 ------------- CABLE (0.9%) 100 Kabel Deutschland GmbH, Rule 144A, Senior Notes (Callable 07/01/09 @ $105.31) (Germany) ++ (B- , B2) 07/01/14 10.625 105,750 150 Videotron Ltee, Rule 144A, Notes (Callable 12/15/10 @ $103.19) (Canada) ++ (B+ , Ba3) 12/15/15 6.375 149,812 ------------- 255,562 ------------- CHEMICALS (0.4%) 100 Rhodia SA, Rule 144A, Global Senior Notes (France) ++ss. (CCC+ , B3) 06/01/10 10.250 110,000 ------------- ENERGY - OTHER (0.3%) 100 Harvest Operations Corp., Global Senior Notes (Callable 10/15/08 @ $103.94) (Canada) (B- , B3) 10/15/11 7.875 100,000 ------------- GAMING (0.4%) 125 Kerzner International, Ltd., Rule 144A, Senior Subordinated Notes (Callable 10/01/10 @ $103.38) (Bahamas) ++ (B , B2) 10/01/15 6.750 122,188 ------------- INDUSTRIAL - OTHER (0.1%) 35 Ashtead Holdings PLC, Rule 144A, Secured Notes (Callable 08/01/10 @ $104.31) (United Kingdom) ++ (B , B2) 08/01/15 8.625 37,013 504 International Utility Structures, Inc., Subordinated Notes (Callable 02/01/06 @ $100.00) (Canada) 0^ (NR , NR) 02/01/08 13.000 0 ------------- 37,013 ------------- LEISURE (0.6%) 100 Intrawest Corp., Global Senior Notes (Callable 10/15/08 @ $103.75) (Canada) (B+ , B1) 10/15/13 7.500 101,750 75 NCL Corp., Senior Notes (Callable 07/15/09 @ $105.31) (Bermuda) # (B+ , B2) 07/15/14 10.625 77,812 ------------- 179,562 ------------- METALS & MINING (0.4%) 97 Ispat Inland ULC, Global Secured Notes (Callable 04/01/09 @ $104.88) (Canada) (BBB+ , Ba1) 04/01/14 9.750 110,338 -------------
See Accompanying Notes to Financial Statements. 38 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2005 - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ----- ------------- -------- ------ ------------- FOREIGN BONDS PAPER & FOREST PRODUCTS (1.1%) $ 100 Abitibi-Consolidated, Inc., Global Notes (Canada) (BB- , Ba3) 06/15/11 7.750 $ 95,750 100 JSG Funding PLC, Global Senior Subordinated Notes (Callable 01/31/10 @ $103.88) (Ireland) (B- , Caa1) 04/01/15 7.750 83,500 100 Quebecor World Capital Corp., Global Company Guaranteed Notes (Canada) (BB , Ba2) 11/15/13 6.125 89,722 100 Tembec Industries, Inc., Global Company Guaranteed Notes (Canada) ss. (B , B3) 03/15/12 7.750 54,000 ------------- 322,972 ------------- PHARMACEUTICALS (0.3%) 100 Elan Finance PLC, Global Company Guaranteed Notes (Callable 11/15/08 @ $103.88) (Ireland) (B , B3) 11/15/11 7.750 94,000 ------------- 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 8.500 138,000 ------------- SATELLITE (0.2%) 50 Intelsat, Ltd., Rule 144A, Senior Notes (Callable 01/15/09 @ $104.13) (Bermuda) ++ (B+ , B2) 01/15/13 8.250 50,750 ------------- TECHNOLOGY (0.3%) 100 Celestica, Inc., Senior Subordinated Notes (Callable 07/01/08 @ $103.94) (Canada) (B , B2) 07/01/11 7.875 101,250 ------------- TELECOMMUNICATIONS (0.1%) 50 Intelsat, Ltd., Global Senior Notes (Bermuda) (B , Caa1) 11/01/08 5.250 45,813 ------------- TRANSPORTATION/OTHER (0.5%) 150 Ship Finance International, Ltd., Global Senior Notes (Callable 12/15/08 @ $104.25) (Bermuda) (B , B1) 12/15/13 8.500 141,000 ------------- WIRELESS (0.4%) 100 Rogers Wireless Communications, Inc., Global Secured Notes (Canada) (BB , Ba3) 12/15/12 7.250 105,625 ------------- TOTAL FOREIGN BONDS (Cost $2,630,506) 2,025,198 ------------- NUMBER OF SHARES ---------- COMMON STOCKS (0.8%) AUTOMOBILE MANUFACTURING/VEHICLE PARTS (0.0%) 413,097 Cambridge Industries Liquidating Trust *^ 0 -------------
See Accompanying Notes to Financial Statements. 39 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2005 - -------------------------------------------------------------------------------- NUMBER OF SHARES VALUE ---------- ------------- COMMON STOCKS FOOD PROCESSORS/BEVERAGE/BOTTLING (0.3%) 70 Crunch Equity Holding LLC Class A * $ 75,557 ------------- HEALTHCARE FACILITIES/SUPPLIES (0.0%) 1 Magellan Health Services, Inc. * 31 ------------- RETAIL STORES (0.0%) 8,710 Safelite Glass Corp., Class B *^ 7,404 588 Safelite Realty Corp. *^ 4,704 ------------- 12,108 ------------- WIRELESS (0.5%) 19,309 Dobson Communications Corp. Class A * 144,818 ------------- TOTAL COMMON STOCKS (Cost $573,755) 232,514 ------------- PREFERRED STOCKS (1.0%) BROADCAST/OUTDOOR (1.0%) 32 Paxson Communications Corp. * 279,672 ------------- GAMING (0.0%) 1,077 Peninsula Gaming LLC * 6,866 ------------- TOTAL PREFERRED STOCKS (Cost $282,415) 286,538 ------------- WARRANTS (0.0%) COMPETITIVE LOCAL EXCHANGE CARRIER (0.0%) 2,960 Loral Space & Communications, Ltd., strike price $2.37 expires 12/27/06 *^ 0 ------------- RESTAURANTS (0.0%) 176 New World Restaurant Group, Inc., strike price $13.00 expires 6/20/06 * 0 ------------- RETAIL STORES (0.0%) 21,345 Safelite Glass Corp., Class A, strike price $6.50 expires 9/29/06 *^ 0 14,230 Safelite Glass Corp., Class B, strike price $6.50 expires 9/29/07 *^ 0 ------------- 0 ------------- 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 * 11,464 See Accompanying Notes to Financial Statements. 40 CREDIT SUISSE GLOBAL HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2005 - --------------------------------------------------------------------------------
NUMBER OF SHARES MATURITY RATE% VALUE ---------- -------- ----- ------------- WARRANTS WIRELESS 500 iPCS, Inc., Rule 144A, strike price $5.50 expires 7/15/10 *++ $ 0 ------------- 11,464 ------------- TOTAL WARRANTS (Cost $3,447) 11,469 ------------- SHORT-TERM INVESTMENTS (30.0%) 7,659,125 State Street Navigator Prime Fund ss.ss. 7,659,125 PAR (000) ----- $ 1,122 State Street Bank and Trust Co. Euro Time Deposit 01/03/06 3.350 1,122,000 ------------- TOTAL SHORT-TERM INVESTMENTS (Cost $8,781,125) 8,781,125 ------------- TOTAL INVESTMENTS AT VALUE (124.8%) (Cost $38,076,278) 36,513,950 LIABILITIES IN EXCESS OF OTHER ASSETS (-24.8%) (7,265,901) ------------- NET ASSETS (100.0%) $ 29,248,049 =============
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 December 31, 2005, these securities amounted to a value of $4,765,707 or 16.29% of net assets. + Step Bond - The interest rate is as of December 31, 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 Directors. # Variable rate obligations - The interest rate shown is the rate as of December 31, 2005. ss. Security or portion thereof is out on loan. ss.ss. Represents security purchased with cash collateral received for securities on loan. o Bond is currently in default. (1) Par value of security held is less than 1,000. See Accompanying Notes to Financial Statements. 41 CREDIT SUISSE INSTITUTIONAL FUNDS STATEMENTS OF ASSETS AND LIABILITIES December 31, 2005 - --------------------------------------------------------------------------------
FIXED GLOBAL HIGH INCOME FUND YIELD FUND -------------- --------------- ASSETS Investments at value, including collateral for securities on loan of $14,625,144 and $7,659,125, respectively (cost $141,279,903 and $38,076,278, respectively) (Note 2) $ 140,436,457 1 $ 36,513,950 2 Cash 22,000 83,973 Cash segregated at broker 1,000,000 -- Receivable for investments sold 6,259,142 906 Dividend and interest receivable 815,444 534,347 Unrealized appreciation on forward currency contracts (Note 2) 288,597 -- Variation margin receivable (Note 2) 96,976 -- Prepaid expenses and other assets 15,909 19,534 -------------- --------------- Total Assets 148,934,525 37,152,710 -------------- --------------- LIABILITIES Advisory fee payable (Note 3) 33,625 14,053 Administrative services fee payable (Note 3) 14,896 7,144 Payable for investments purchased 18,466,700 76,967 Payable upon return of securities loaned (Note 2) 14,625,144 7,659,125 Unrealized depreciation on forward currency contracts (Note 2) 391,257 -- Variation margin payable (Note 2) 135,931 -- Payable for fund shares redeemed 42,286 112,724 Commitment fees payable (Note 3) 450 113 Other accrued expenses payable 43,122 34,535 -------------- --------------- Total Liabilities 33,753,411 7,904,661 -------------- --------------- NET ASSETS Capital stock, $0.001 par value (Note 6) 8,127 2,936 Paid-in capital (Note 6) 149,230,161 77,992,188 Accumulated net investment income (loss) 28,756 (434,323) Accumulated net realized loss from investments, futures transactions, options written and foreign currency transactions (32,978,625) (46,750,424) Net unrealized depreciation from investments, futures transactions and foreign currency translations (1,107,305) (1,562,328) -------------- --------------- Net Assets $ 115,181,114 $ 29,248,049 ============== =============== Shares outstanding 8,126,668 2,935,941 -------------- --------------- Net asset value, offering price, and redemption price per share $ 14.17 $ 9.96 ============== ===============
- -------------------------------------------------------------------------------- 1 Including $14,334,059 of securities on loan. 2 Including $7,503,429 of securities on loan. See Accompanying Notes to Financial Statements. 42 CREDIT SUISSE INSTITUTIONAL FUNDS STATEMENTS OF OPERATIONS For the Year Ended December 31, 2005 - --------------------------------------------------------------------------------
FIXED GLOBAL HIGH INCOME FUND YIELD FUND -------------- --------------- INVESTMENT INCOME (Note 2) Interest $ 5,655,394 $ 2,560,627 Dividends 23,835 44,308 Securities lending 21,134 37,190 -------------- --------------- Total investment income 5,700,363 2,642,125 -------------- --------------- EXPENSES Investment advisory fees (Note 3) 453,097 213,483 Administrative services fees (Note 3) 115,668 67,676 Custodian fees 40,168 8,370 Audit and tax fees 24,862 18,431 Registration fees 21,493 22,966 Legal fees 20,334 24,595 Printing fees (Note 3) 19,971 21,106 Directors' fees 16,904 16,904 Insurance expense 7,130 4,916 Commitment fees (Note 4) 3,031 745 Transfer agent fees 2,414 2,950 Interest expense (Note 4) 124 4,973 Miscellaneous expense 14,266 13,270 -------------- --------------- Total expenses 739,462 420,385 Less: fees waived (Note 3) (195,747) (206,902) -------------- --------------- Net expenses 543,715 213,483 -------------- --------------- Net investment income 5,156,648 2,428,642 -------------- --------------- NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS, FUTURES CONTRACTS, OPTIONS WRITTEN AND FOREIGN CURRENCY RELATED ITEMS Net realized loss from investments (190,057) (1,114,030) Net realized gain from futures contracts 145,125 -- Net realized gain from options written 180,620 -- Net realized loss from foreign currency transactions (254,943) -- Net change in unrealized appreciation (depreciation) from investments (2,676,196) (556,315) Net change in unrealized appreciation (depreciation) from futures contracts (190,062) -- Net change in unrealized appreciation (depreciation) from options written (29,051) -- Net change in unrealized appreciation (depreciation) from foreign currency translations (108,451) -- -------------- --------------- Net realized and unrealized loss from investments, futures contracts, options written and foreign currency related items (3,123,015) (1,670,345) -------------- --------------- Net increase in net assets resulting from operations $ 2,033,633 $ 758,297 ============== ===============
See Accompanying Notes to Financial Statements. 43 CREDIT SUISSE INSTITUTIONAL FUNDS STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
FIXED INCOME FUND ------------------------------------------------ FOR THE PERIOD FOR THE YEAR SEPTEMBER 1, FOR THE YEAR ENDED 2004 TO ENDED DECEMBER 31, DECEMBER 31, AUGUST 31, 2005 2004 1 2004 ------------- -------------- ------------- FROM OPERATIONS Net investment income $ 5,156,648 $ 1,831,676 $ 4,615,797 Net realized gain (loss) from investments, futures contracts, options written, swap contracts and foreign currency transactions (119,255) 1,527,094 2,489,835 Net change in unrealized appreciation (depreciation) from investments, futures contracts, options written, swap contracts and foreign currency translations (3,003,760) (479,346) 1,802,248 ------------- -------------- ------------- Net increase in net assets resulting from operations 2,033,633 2,879,424 8,907,880 ------------- -------------- ------------- FROM DIVIDENDS Dividends from net investment income (5,579,893) (2,922,597) (5,966,305) ------------- -------------- ------------- Net decrease in net assets resulting from dividends (5,579,893) (2,922,597) (5,966,305) ------------- -------------- ------------- FROM CAPITAL SHARE TRANSACTIONS (Note 6) Proceeds from sale of shares 23,982,395 3,591,546 12,854,275 Reinvestment of dividends 5,362,211 2,814,946 5,764,916 Net asset value of shares redeemed (37,906,984) (8,765,549) (33,109,039) ------------- -------------- ------------- Net increase (decrease) in net assets from capital share transactions (8,562,378) (2,359,057) (14,489,848) ------------- -------------- ------------- Net increase (decrease) in net assets (12,108,638) (2,402,230) (11,548,273) NET ASSETS Beginning of period 127,289,752 129,691,982 141,240,255 ------------- -------------- ------------- End of period $ 115,181,114 $ 127,289,752 $ 129,691,982 ============= ============== ============= ACCUMULATED NET INVESTMENT INCOME (LOSS) $ 28,756 $ (50,319) $ 973,127 ============= ============== =============
- -------------------------------------------------------------------------------- 1 The Funds changed their fiscal year end from August 31 to December 31. See Accompanying Notes to Financial Statements. 44 CREDIT SUISSE INSTITUTIONAL FUNDS STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
GLOBAL HIGH YIELD FUND ------------------------------------------------ FOR THE PERIOD FOR THE YEAR SEPTEMBER 1, FOR THE YEAR ENDED 2004 TO ENDED DECEMBER 31, DECEMBER 31, AUGUST 31, 2005 2004 1 2004 ------------- -------------- ------------- FROM OPERATIONS Net investment income $ 2,428,642 $ 932,081 $ 2,241,345 Net realized gain (loss) from investments, futures contracts, options written, swap contracts and foreign currency transactions (1,114,030) 127,180 (2,794,058) Net change in unrealized appreciation (depreciation) from investments, futures contracts, options written, swap contracts and foreign currency translations (556,315) 1,689,817 4,939,708 ------------- -------------- ------------- Net increase in net assets resulting from operations 758,297 2,749,078 4,386,995 ------------- -------------- ------------- FROM DIVIDENDS Dividends from net investment income (2,741,727) (1,864,690) (3,876,496) ------------- -------------- ------------- Net decrease in net assets resulting from dividends (2,741,727) (1,864,690) (3,876,496) ------------- -------------- ------------- FROM CAPITAL SHARE TRANSACTIONS (Note 6) Proceeds from sale of shares 10,714,230 1,268,790 15,885,261 Reinvestment of dividends 2,671,029 1,848,741 3,813,343 Net asset value of shares redeemed (16,995,445) (1,835,223) (14,263,345) ------------- -------------- ------------- Net increase (decrease) in net assets from capital share transactions (3,610,186) 1,282,308 5,435,259 ------------- -------------- ------------- Net increase (decrease) in net assets (5,593,616) 2,166,696 5,945,758 NET ASSETS Beginning of period 34,841,665 32,674,969 26,729,211 ------------- -------------- ------------- End of period $ 29,248,049 $ 34,841,665 $ 32,674,969 ============= ============== ============= ACCUMULATED NET INVESTMENT INCOME (LOSS) $ (434,323) $ (895,357) $ (9,048) ============= ============== =============
See Accompanying Notes to Financial Statements. 45 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 YEAR SEPTEMBER 1, ENDED 2004 TO FOR THE YEAR ENDED AUGUST 31, DECEMBER 31, DECEMBER 31, -------------------------------------------------------- 2005 2004 1 2004 2003 2002 2 2001 ------------ ----------- ----------- ----------- ----------- ----------- PER SHARE DATA Net asset value, beginning of period $ 14.59 $ 14.60 $ 14.27 $ 14.12 $ 15.79 $ 14.95 ------------ ----------- ----------- ----------- ----------- ----------- INVESTMENT OPERATIONS Net investment income 0.63 0.22 0.50 0.67 0.83 1.02 Net gain (loss) on investments, future contracts, options written, swap contracts and foreign currency related items (both realized and unrealized) (0.37) 0.11 0.46 0.35 (1.27) 0.85 ------------ ----------- ----------- ----------- ----------- ----------- Total from investment operations 0.26 0.33 0.96 1.02 (0.44) 1.87 ------------ ----------- ----------- ----------- ----------- ----------- LESS DIVIDENDS AND DISTRIBUTIONS Dividends from net investment income (0.68) (0.34) (0.63) (0.87) (0.83) (1.03) Distributions from net realized gains -- -- -- -- (0.40) -- ------------ ----------- ----------- ----------- ----------- ----------- Total dividends and distributions (0.68) (0.34) (0.63) (0.87) (1.23) (1.03) ------------ ----------- ----------- ----------- ----------- ----------- NET ASSET VALUE, END OF PERIOD $ 14.17 $ 14.59 $ 14.60 $ 14.27 $ 14.12 $ 15.79 ============ =========== =========== =========== =========== =========== Total return 3 1.82% 2.26% 6.86% 7.40% (2.92)% 13.02% RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000s omitted) $ 115,181 $ 127,290 $ 129,692 $ 141,240 $ 275,863 $ 532,627 Ratio of expenses to average net assets 0.45% 0.45% 4 0.45% 0.45% 0.45% 0.45% Ratio of net investment income to average net assets 4.27% 4.29% 4 3.43% 4.18% 5.41% 6.71% Decrease reflected in above operating expense ratios due to waivers 0.16% 0.22% 4 0.17% 0.14% 0.05% 0.06% Portfolio turnover rate 358% 132% 375% 519% 526% 449%
- -------------------------------------------------------------------------------- 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. 46 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 YEAR SEPTEMBER 1, ENDED 2004 TO FOR THE YEAR ENDED AUGUST 31, DECEMBER 31, DECEMBER 31, -------------------------------------------------------- 2005 2004 1 2004 2003 2002 2 2001 ------------ ----------- ----------- ----------- ----------- ----------- PER SHARE DATA Net asset value, beginning of period $ 10.65 $ 10.38 $ 10.26 $ 9.90 $ 11.84 $ 14.11 ------------ ----------- ----------- ----------- ----------- ----------- INVESTMENT OPERATIONS Net investment income 0.81 0.31 1.01 1.14 1.17 1.40 Net gain (loss) on investments (both realized and unrealized) (0.55) 0.55 0.72 0.41 (1.94) (2.21) ------------ ----------- ----------- ----------- ----------- ----------- Total from investment operations 0.26 0.86 1.73 1.55 (0.77) (0.81) ------------ ----------- ----------- ----------- ----------- ----------- LESS DIVIDENDS Dividends from net investment income (0.95) (0.59) (1.61) (1.19) (1.17) (1.46) ------------ ----------- ----------- ----------- ----------- ----------- NET ASSET VALUE, END OF PERIOD $ 9.96 $ 10.65 $ 10.38 $ 10.26 $ 9.90 $ 11.84 ============ =========== =========== =========== =========== =========== Total return 2 2.58% 8.43% 18.27% 16.96% (6.88)% (5.71)% RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000s omitted) $ 29,248 $ 34,842 $ 32,675 $ 26,729 $ 86,846 $ 98,008 Ratio of expenses to average net assets 0.70% 0.70% 4 0.70% 0.70% 0.70% 0.70% Ratio of net investment income to average net assets 7.96% 8.30% 4 8.74% 10.15% 10.15% 3 11.06% Decrease reflected in above operating expense ratios due to waivers/reimbursements 0.68% 0.91% 4 0.95% 0.40% 0.27% 0.30% Portfolio turnover rate 71% 5% 30% 56% 52% 20%
- -------------------------------------------------------------------------------- 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. 47 CREDIT SUISSE INSTITUTIONAL FUNDS NOTES TO FINANCIAL STATEMENTS December 31, 2005 - -------------------------------------------------------------------------------- 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 company 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. Investments in mutual funds are valued at the mutual fund's closing net asset value per share on the day of valuation. 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 48 CREDIT SUISSE INSTITUTIONAL FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 2005 - -------------------------------------------------------------------------------- NOTE 2. SIGNIFICANT ACCOUNTING POLICIES 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. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. 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"). 49 CREDIT SUISSE INSTITUTIONAL FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 2005 - -------------------------------------------------------------------------------- NOTE 2. SIGNIFICANT ACCOUNTING POLICIES 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 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 ("Credit Suisse"), 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 Credit Suisse. 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. 50 CREDIT SUISSE INSTITUTIONAL FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 2005 - -------------------------------------------------------------------------------- NOTE 2. SIGNIFICANT ACCOUNTING POLICIES At December 31, 2005, Fixed Income had the following open forward foreign currency contracts:
FORWARD FOREIGN EXPIRATION FOREIGN CURRENCY TO BE CONTRACT CONTRACT UNREALIZED CURRENCY CONTRACT DATE PURCHASED/(SOLD) AMOUNT VALUE GAIN (LOSS) - ---------------------- ---------- ---------------------- ------------- ------------ ----------- Brazilian Real 01/13/06 BRL 1,250,000 $ 558,285 $ 525,873 $ (32,412) British Pound 01/13/06 (pound) 1,313,000 2,293,155 2,253,963 (39,192) British Pound 01/13/06 (pound) (1,313,000) (2,291,973) (2,253,963) 38,010 European Economic Unit 01/13/06 (euro) 4,900,000 5,862,850 5,783,930 (78,920) European Economic Unit 01/13/06 (euro) (9,517,375) (11,456,823) (11,234,253) 222,570 Hungarian Forint 01/13/06 HUF 121,100,000 566,311 565,508 (803) Japanese Yen 01/13/06 (Y) 387,610,000 3,424,117 3,289,308 (134,809) Japanese Yen 01/13/06 (Y) (191,000,000) (1,644,722) (1,620,850) 23,872 Norwegian Krone 01/13/06 NKr 14,900,000 2,293,719 2,202,034 (91,685) Norwegian Krone 01/13/06 NKr (14,900,000) (2,273,247) (2,202,034) 71,213 Polish Zloty 01/13/06 PLN 1,915,761 560,180 588,095 27,915 Swedish Krona 01/13/06 SKr 17,800,000 2,302,210 2,238,739 (63,471) Swedish Krona 01/13/06 SKr (17,800,000) (2,184,371) (2,238,739) (54,368) Turkish Lira 01/18/06 TRL 1,919,000 1,391,120 1,413,239 22,119 Turkish Lira 01/17/06 TRL (764,000) (550,036) (562,735) (12,699) ------------- ------------ ----------- $ (1,149,225) $ (1,251,885) $ (102,660) ============= ============ ===========
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. 51 CREDIT SUISSE INSTITUTIONAL FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 2005 - -------------------------------------------------------------------------------- NOTE 2. SIGNIFICANT ACCOUNTING POLICIES 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 December 31, 2005, Fixed Income had the following open futures contracts:
UNREALIZED NUMBER OF EXPIRATION CONTRACT CONTRACT APPRECIATION/ FUTURES CONTRACTS CONTRACTS DATE AMOUNT VALUE (DEPRECIATION) - ------------------------ --------- ---------- ------------- ------------- -------------- Government of Canada 10 Year Bonds Futures 54 03/22/06 $ 5,289,749 $ 5,287,437 $ (2,312) Federal Republic of Germany 10 Year Bonds Futures 79 03/08/06 11,266,185 11,353,592 87,407 Government of Japan 10 Year Bonds Futures 1 03/09/06 1,161,330 1,163,687 2,357 ------------- ------------- -------------- 17,717,264 17,804,716 87,452 ------------- ------------- -------------- Australia Treasury 10 Year Bond Futures (39) 03/15/06 (2,974,073) (3,035,272) (61,199) UK Treasury Bonds Futures (63) 03/29/06 (12,261,387) (12,378,368) (116,981) U.S. Treasury 2 Year Notes Futures (24) 03/31/06 (4,919,519) (4,924,500) (4,981) U.S. Treasury 5 Year Notes Futures (32) 03/22/06 (3,393,859) (3,403,000) (9,141) U.S. Treasury 10 Year Notes Futures (51) 03/22/06 (5,551,551) (5,579,719) (28,168) U.S. Treasury 20 Year Bonds Futures (22) 03/22/06 (2,484,903) (2,512,125) (27,222) ------------- ------------- -------------- (31,585,292) (31,832,984) (247,692) ------------- ------------- -------------- $ (13,868,028) $ (14,028,268) $ (160,240) ============= ============= ==============
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 52 CREDIT SUISSE INSTITUTIONAL FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 2005 - -------------------------------------------------------------------------------- NOTE 2. SIGNIFICANT ACCOUNTING POLICIES 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 model, modified for dividends. 53 CREDIT SUISSE INSTITUTIONAL FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 2005 - -------------------------------------------------------------------------------- NOTE 2. SIGNIFICANT ACCOUNTING POLICIES Transactions in written puts and calls options for the year ended December 31, 2005 for Fixed Income were as follows: NUMBER OF PREMIUMS CONTRACTS RECEIVED --------- -------- Options outstanding at beginning of year 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 year -- -- ========= ======== L) SWAPS -- Each Fund may enter into index swaps for hedging purposes or to seek to increase total return. A swap 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 Funds receiving 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 December 31, 2005 the Funds had no outstanding swap contracts. 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% 54 CREDIT SUISSE INSTITUTIONAL FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 2005 - -------------------------------------------------------------------------------- NOTE 2. SIGNIFICANT ACCOUNTING POLICIES 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 Credit Suisse and may be invested in a variety of investments, including certain Credit Suisse-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 year ended December 31, 2005, total earnings from Fixed Income and Global High Yield's investment in cash collateral received in connection with securities lending arrangements was $318,900 and $249,552, respectively, of which $288,756 and $196,626, respectively, was rebated to borrowers (brokers). Fixed Income and Global High Yield retained $21,134 and $37,190 in income, respectively, from the cash collateral investment, and SSB, as lending agent, was paid $9,010 and $15,736, 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. 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 55 CREDIT SUISSE INSTITUTIONAL FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 2005 - -------------------------------------------------------------------------------- NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (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 Credit Suisse serves as investment adviser for each Fund. For its investment advisory services, Credit Suisse 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 year ended December 31, 2005, investment advisory fees earned and voluntarily waived for each Fund were as follows: GROSS NET FUND ADVISORY FEE WAIVER ADVISORY FEE ----------------- -------------- ------------- --------------- Fixed Income $ 453,097 $ (195,747) $ 257,350 Global High Yield 213,483 (206,902) 6,581 Credit Suisse will not recapture from the Funds any fees it waived during the fiscal year ended December 31, 2005. Fee waivers and reimbursements are voluntary and may be discontinued by Credit Suisse at any time. Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of Credit Suisse, 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 56 CREDIT SUISSE INSTITUTIONAL FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 2005 - -------------------------------------------------------------------------------- NOTE 3. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES co-administered by SSB and allocated based upon relative average net assets of each fund/portfolio, subject to an annual minimum fee. For the year ended December 31, 2005, co-administrative services fees earned by SSB (including out-of-pocket expenses) were as follows: FUND CO-ADMINISTRATION FEE ----------------- ---------------------- Fixed Income $115,668 Global High Yield 67,676 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 Credit Suisse, has been engaged by the Funds to provide certain financial printing and fulfillment services. For the year ended December 31, 2005, Merrill was paid for its services to the Funds as follows: FUND AMOUNT ----------------- ------- Fixed Income $12,594 Global High Yield 12,845 NOTE 4. LINE OF CREDIT The Funds, together with other funds/portfolios advised by Credit Suisse (collectively, the "Participating Funds"), participate 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 December 31, 2005, the Funds had no loans outstanding under the Credit Facility. During the year ended December 31, 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 57 CREDIT SUISSE INSTITUTIONAL FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 2005 - -------------------------------------------------------------------------------- NOTE 5. PURCHASES AND SALES OF SECURITIES For the year ended December 31, 2005, purchases and sales of investment securities (excluding short-term investments) and U.S. Government and Agency Obligations were as follows: U.S. GOVERNMENT INVESTMENTS AND AGENCY OBLIGATIONS ------------------------ -------------------------- FUND PURCHASES SALES PURCHASES SALES ----------------- ----------- ----------- ------------ ------------ Fixed Income $79,476,518 $82,475,212 $348,752,259 $343,030,299 Global High Yield 20,602,804 22,247,104 -- -- 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 SEPTEMBER 1, 2004 FOR THE YEAR ENDED THROUGH FOR THE YEAR ENDED DECEMBER 31, 2005 DECEMBER 31, 2004 1 AUGUST 31, 2004 -------------------------------------------------------------- Shares sold 1,642,152 244,637 887,034 Shares issued in reinvestment of dividends 373,726 193,270 400,254 Shares redeemed (2,610,905) (598,311) (2,300,558) ------------- ------------- ------------- Net decrease (595,027) (160,404) (1,013,270) ============= ============= =============
GLOBAL HIGH YIELD FUND -------------------------------------------------------------- INSTITUTIONAL CLASS -------------------------------------------------------------- FOR THE PERIOD SEPTEMBER 1, 2004 FOR THE YEAR ENDED THROUGH FOR THE YEAR ENDED DECEMBER 31, 2005 DECEMBER 31, 2004 1 AUGUST 31, 2004 -------------------------------------------------------------- Shares sold 1,013,992 121,306 1,547,730 Shares issued in reinvestment of dividends 264,279 175,211 381,556 Shares redeemed (1,615,317) (170,937) (1,385,899) ------------- ------------- ------------- Net increase (decrease) (337,046) 125,580 543,387 ============= ============= =============
- -------------------------------------------------------------------------------- 1 The Funds changed their fiscal year end from August 31 to December 31. 58 CREDIT SUISSE INSTITUTIONAL FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 2005 - -------------------------------------------------------------------------------- NOTE 6. CAPITAL SHARE TRANSACTIONS On December 31, 2005, the number of shareholders that held 5% or more of the outstanding shares of each Fund was as follows: NUMBER OF APPROXIMATE PERCENTAGE SHAREHOLDERS OF OUTSTANDING SHARES ------------ ---------------------- Fixed Income 2 93% Global High Yield 1 83% Some of the shareholders are omnibus accounts, which hold shares on behalf of several individual shareholders. NOTE 7. FEDERAL INCOME TAXES Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. The tax characteristics of dividends paid during the year ended December 31, 2005, the period ended December 31, 2004, and the year ended August 31, 2004 by the Funds were as follows: ORDINARY INCOME ------------------------------------------------------ FUND DECEMBER 31, 2005 DECEMBER 31, 2004 AUGUST 31, 2004 ----------------- ----------------- ----------------- --------------- Fixed Income $5,579,893 $2,922,597 $5,966,305 Global High Yield 2,741,727 1,864,690 3,876,496 The tax basis of components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences. These differences are primarily due to losses deferred on wash sales, income from defaulted bonds, deferral of post-October losses and mark to market on forwards and futures contracts. At December 31, 2005, the components of distributable earnings on a tax basis were as follows: FIXED INCOME GLOBAL HIGH YIELD ------------- ----------------- Undistributed net investment income $ 41,518 $ -- Accumulated net realized loss (32,826,063) (45,669,334) Unrealized depreciation (975,809) (2,010,880) Deferral of post-October losses (296,820) (1,066,861) ------------- ----------------- $ (34,057,174) $ (48,747,075) ============= ================= 59 CREDIT SUISSE INSTITUTIONAL FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 2005 - -------------------------------------------------------------------------------- NOTE 7. FEDERAL INCOME TAXES At December 31, 2005, the Funds had capital loss carryforwards available to offset possible future capital gains as follows:
EXPIRES DECEMBER 31, --------------------------------------------------------------------------- FUND 2006 2007 2009 2010 2011 2012 2013 - ----------------- -------- --------- --------- ----------- --------- --------- -------- Fixed Income $ -- $ -- $ -- $32,280,569 $ -- $ -- $545,494 Global High Yield 341,638 1,857,162 9,989,083 24,516,347 5,397,886 2,626,651 940,567
It is uncertain whether the Funds will be able to realize the full benefit of these losses prior to expiration. Under current tax law, certain capital losses realized after October 31 within a taxable year may be deferred and treated as occurring on the first day of the following tax year. The Funds will be unable to realize the benefit from these losses if it cannot realize gains on investments prior to the expiration of the loss carryforwards. For the tax period ended December 31, 2005, the Funds elected to defer net losses arising between November 1, 2005 and December 31, 2005 as follows: FUND CAPITAL ----------------- --------- Fixed Income $ 296,820 Global High Yield 1,066,861 As of December 31, 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 depreciation from investments were as follows:
GROSS IDENTIFIED UNREALIZED GROSS UNREALIZED NET UNREALIZED FUND COST APPRECIATION (DEPRECIATION) DEPRECIATION ----------------- ------------- ------------ ---------------- -------------- Fixed Income $ 141,329,999 $ 409,237 $ (1,302,779) $ (893,542) Global High Yield 38,524,830 862,801 (2,873,681) (2,010,880)
At December 31, 2005, accumulated undistributed net investment income, accumulated net realized gain (loss) from investments and paid-in capital 60 CREDIT SUISSE INSTITUTIONAL FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) December 31, 2005 - -------------------------------------------------------------------------------- NOTE 7. FEDERAL INCOME TAXES have been adjusted for current period permanent book/tax differences, which arose principally from differing book/tax treatments of paydown gains and losses, income from defaulted bonds, security litigation, distribution in excess and foreign currency transactions. Net assets were not affected by these reclassifications: INCREASE (DECREASE) ------------------------------------------------------ ACCUMULATED NET REALIZED GAIN PAID-IN UNDISTRIBUTED NET (LOSS) ON FUND CAPITAL INVESTMENT INCOME (LOSS) INVESTMENTS ------------------ ------- ------------------------ --------------- Fixed Income $ -- $502,320 $(502,320) Global High Yield (46,644) 774,119 (727,475) NOTE 8. 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. 61 CREDIT SUISSE INSTITUTIONAL FUNDS REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - -------------------------------------------------------------------------------- To the Board of Directors and Shareholders of Credit Suisse Institutional Fixed Income Fund, Inc. and Credit Suisse Global High Yield Fund, Inc.: In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Credit Suisse Institutional Fixed Income Fund, Inc. and Credit Suisse Global High Yield Fund, Inc., (hereafter referred to as the "Funds") at December 31, 2005, the results of each of their operations for the year then ended, and the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Funds' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. PricewaterhouseCoopers LLP Baltimore, Maryland February 6, 2006 62 CREDIT SUISSE INSTITUTIONAL FUNDS INFORMATION CONCERNING DIRECTORS AND OFFICERS (UNAUDITED) - --------------------------------------------------------------------------------
NUMBER OF TERM PORTFOLIOS OF OFFICE 1 IN AND FUND POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS DATE OF BIRTH FUND SERVED PAST FIVE YEARS DIRECTOR HELD BY DIRECTOR - ------------------------- ----------- ------------ -------------------------- ----------- ------------------- INDEPENDENT DIRECTORS Enrique Arzac Director, Since Professor of Finance 47 Director of The c/o Credit Suisse Asset Nominating 2005 and Economics, Graduate Adams Express Management, LLC Committee School of Business, (a closed-end Attn: General Counsel Member Columbia University investment 466 Lexington Avenue and Audit since 1971 company); Director New York, New York Committee of Petroleum 10017-3140 Chairman and Resources Corporation Date of Birth: 10/02/41 (a closed-end investment company) Richard H. Francis Director, Since Currently retired 41 None c/o Credit Suisse Asset Nominating 1999 Management, LLC and Audit Attn: General Counsel Committee 466 Lexington Avenue Member New York, New York 10017-3140 Date of Birth: 04/23/32 Jeffrey E. Garten Director, Since The Juan Trippe 40 Director of Aetna, Box 208200 Nominating 1998 2 Professor in the Practice Inc. (insurance New Haven, Connecticut and Audit of International Trade, company); Director 06520-8200 Committee Finance and Business of CarMax Group Member from July 2005 to present; (used car dealers) Date of Birth: 10/29/46 Partner and Chairman of Garten Rothkopf (consulting firm) from October 2005 to present; Dean of Yale School of Management from November 1995 to June 2005 Peter F. Krogh Director, Since Dean Emeritus and 40 Director of 301 ICC Nominating 2001 Distinguished Professor Carlisle Companies Georgetown University and Audit of International Affairs Incorporated Washington, DC 20057 Committee at the Edmund A. Walsh (diversified Member School of Foreign Service, manufacturing Date of Birth: 02/11/37 Georgetown University company) from June 1995 to present
_______________ 1 Each Director and Officer serves until his or her respective successor has been duly elected and qualified. 2 Mr. Garten was initially appointed as a Director of the Funds on February 6, 1998. He resigned as Director on February 3, 2000, and was subsequently re-appointed on December 21, 2000. 63 CREDIT SUISSE INSTITUTIONAL FUNDS INFORMATION CONCERNING DIRECTORS AND OFFICERS (UNAUDITED) (CONTINUED) - --------------------------------------------------------------------------------
NUMBER OF TERM PORTFOLIOS OF OFFICE 1 IN AND FUND POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS DATE OF BIRTH FUND SERVED PAST FIVE YEARS DIRECTOR HELD BY DIRECTOR - ------------------------- ----------- ------------ -------------------------- ----------- ------------------- INDEPENDENT DIRECTORS James S. Pasman, Jr. Director, Since Currently retired 42 Director of c/o Credit Suisse Asset Nominating 1999 Education Management, LLC and Audit Management Corp. Attn: General Counsel Committee 466 Lexington Avenue Member New York, New York 10017-3140 Date of Birth: 12/20/30 Steven N. Rappaport Chairman of Director Partner of Lehigh Court, 46 Director of Presstek, Lehigh Court, LLC the Board Since LLC and RZ Capital Inc. (digital imaging 40 East 52nd Street of Directors, 1999 (private investment firms) technologies New York, New York Nominating and from July 2002 to present; company); Director 10022 Committee Chairman Transition Adviser to of Wood Resources, Chairman since SunGard Securities Finance, LLC. (plywood Date of Birth: 07/10/48 and Audit 2005 Inc. from February 2002 manufacturing Committee to July 2002; President of company) Member SunGard Securities Finance, Inc. from 2001 to February 2002; President of Loanet, Inc. (on-line accounting service) from 1997 to 2001 INTERESTED DIRECTOR Michael E. Kenneally 3,4 Director Since Chairman and Global 40 None c/o Credit Suisse Asset 2004 Chief Executive Officer Management, LLC of Credit Suisse from Attn: General Counsel March 2003 to July 2005; 466 Lexington Avenue Chairman and Chief New York, New York Investment Officer of 10017-3140 Banc of America Capital Management from 1998 Date of Birth: 03/30/54 to March 2003
______________ 3 Mr. Kenneally is a Director who is an "interested person" of the Funds as defined in the 1940 Act, because he was an officer of Credit Suisse within the last two fiscal years. 4 Effective July 31, 2005, Steven B. Plump was appointed as Chief Executive Officer and President of the Funds. Mr. Kenneally, who previously held these positions, resigned effective July 31, 2005. 64 CREDIT SUISSE INSTITUTIONAL FUNDS INFORMATION CONCERNING DIRECTORS AND OFFICERS (UNAUDITED) (CONTINUED) - --------------------------------------------------------------------------------
TERM OF OFFICE 1 AND POSITION(S) LENGTH NAME, ADDRESS AND HELD WITH OF TIME DATE OF BIRTH FUND SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS - ------------------------- ----------- ------------ --------------------------------------------- OFFICERS Steven B. Plump 4 Chief Since Managing Director; Associated with Credit Suisse or its Credit Suisse Asset Executive 2005 predecessor since 1995; Officer of other Credit Suisse Funds Management, LLC Officer and 466 Lexington Avenue President New York, New York 10017-3140 Date of Birth: 02/08/59 Michael A. Pignataro Chief Since Director and Director of Fund Administration of Credit Suisse; Credit Suisse Asset Financial 1999 Associated with Credit Suisse or its predecessors since 1984; Management, LLC Officer and Officer of other Credit Suisse Funds 466 Lexington Avenue Treasurer New York, New York 10017-3140 Date of Birth: 11/15/59 Emidio Morizio Chief Since Director and Global Head of Compliance of Credit Suisse; Credit Suisse Asset Compliance 2004 Associated with Credit Suisse since July 2000; Vice President Management, LLC Officer and Director of Compliance of Forstmann-Leff 466 Lexington Avenue Associates from 1998 to June 2000; Officer of New York, New York other Credit Suisse Funds 10017-3140 Date of Birth: 09/21/66 Ajay Mehra Chief Since Director and Head of Legal Americas Traditional Asset Credit Suisse Asset Legal 2004 Management and Hedge Funds; Associated with Credit Suisse Management, LLC Officer since September 2004; Senior Associate of Shearman 466 Lexington Avenue & Sterling LLP from September 2000 to September New York, New York 2004; Senior Counsel of the SEC Division of Investment 10017-3140 Management from June 1997 to September 2000; Officer of other Credit Suisse Funds Date of Birth: 08/14/70 J. Kevin Gao Vice Since Director and Legal Counsel of Credit Suisse; Associated Credit Suisse Asset President 2004 with Credit Suisse since July 2003; Associated with the Management, LLC and law firm of Willkie Farr & Gallagher LLP from 466 Lexington Avenue Secretary 1998 to 2003; Officer of other Credit Suisse Funds New York, New York 10017-3140 Date of Birth: 10/13/67 Robert Rizza Assistant Since Vice President of Credit Suisse; Associated with Credit Suisse Asset Treasurer 2002 Credit Suisse since 1998; Officer of other Credit Management, LLC Suisse Funds 466 Lexington Avenue New York, New York 10017-3140 Date of Birth: 12/09/65
______________ 4 Effective July 31, 2005, Steven B. Plump was appointed as Chief Executive Officer and President of the Funds. Mr. Kenneally, who previously held these positions, resigned effective July 31, 2005. The Statement of Additional Information includes additional information about the Directors and is available, without charge, upon request, by calling 800-222-8974. 65 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND BOARD APPROVAL OF ADVISORY AGREEMENT (UNAUDITED) - -------------------------------------------------------------------------------- In approving the Advisory Agreement, the Board of Directors of the Institutional Fixed Income Fund, including the Independent Directors, considered the following factors with respect to the Fund: INVESTMENT ADVISORY FEE RATE The Board reviewed and considered the contractual advisory fee rate of 0.375% for the Institutional Fixed Income Fund (a "Contractual Advisory Fee") in light of the extent and quality of the advisory services provided by Credit Suisse Asset Management, LLC ("Credit Suisse"). The Board also reviewed and considered the fee waiver and/or expense reimbursement arrangements currently in place for the Fund and considered the actual fee rate (after taking waivers and reimbursements into account) of 0.16% for the Fund (the "Net Advisory Fee"). The Board acknowledged that the fee waivers and reimbursements could be discontinued at any time. Additionally, the Board received and considered information comparing the Fund's Contractual Advisory Fee and Net Advisory Fee and the Fund's overall expenses with those of funds in both the relevant expense group ("Expense Group") and universe of funds (the "Expense Universe") provided by Lipper Inc., an independent provider of investment company data. NATURE, EXTENT AND QUALITY OF THE SERVICES UNDER THE ADVISORY AGREEMENT The Board received and considered information regarding the nature, extent and quality of services provided to the Fund by Credit Suisse under the Advisory Agreement. The Board also noted information received at regular meetings throughout the year related to the services rendered by Credit Suisse. The Board reviewed background information about Credit Suisse, including its Form ADV and its record of compliance with the federal securities laws. The Board considered the background and experience of Credit Suisse's senior management and the expertise of, and the amount of attention given to the Fund by, both junior and senior personnel of Credit Suisse. In addition, the Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management teams primarily responsible for the day-to-day portfolio management of the Fund and the extent of the resources devoted to research and analysis of actual and potential investments. The Board also received and considered information about the nature, extent and quality of services and fee rates offered to other Credit Suisse clients for comparable services. 66 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND BOARD APPROVAL OF ADVISORY AGREEMENT (UNAUDITED) (CONTINUED) - -------------------------------------------------------------------------------- FUND PERFORMANCE The Board received and considered the one-, two-, three-, four-, five- and ten-year performance of the Fund, along with comparisons, for all presented periods, both to the Expense Group and the Expense Universe. The Board was provided with a description of the methodology used to arrive at the funds included in the Expense Group and the Expense Universe. The Board reviewed information comparing the performance of the various Credit Suisse Funds to performance benchmarks that the Board had previously established and progress that had been made in certain instances toward achieving those benchmarks. The Board also reviewed comparisons between the Fund and its identified benchmark over various time periods. CREDIT SUISSE PROFITABILITY The Board received, analyzed and considered a profitability analysis of Credit Suisse based on the fees payable under the Advisory Agreement for the Fund, including any fee waivers or fee caps, as well as other relationships between the Fund on the one hand and Credit Suisse affiliates on the other. The Board received profitability information for the other funds in the Credit Suisse family of funds. ECONOMIES OF SCALE The Board considered whether economies of scale in the provision of services to the Fund were being passed along to the shareholders. Accordingly, the Board considered whether alternative fee structures (such as breakpoint fee structures) would be more appropriate or reasonable taking into consideration economies of scale or other efficiencies that might accrue from increases in the Fund's asset levels. OTHER BENEFITS TO CREDIT SUISSE The Board considered other benefits received by Credit Suisse and its affiliates as a result of its relationship with the Fund. Such benefits include, among others, benefits potentially derived from an increase in Credit Suisse's business as a result of its relationship with the Fund (such as the ability to market to shareholders other financial products offered by Credit Suisse and its affiliates). The Board reviewed Credit Suisse's method for allocating portfolio investment opportunities among the Fund and other advisory clients. 67 CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND BOARD APPROVAL OF ADVISORY AGREEMENT (UNAUDITED) (CONTINUED) - -------------------------------------------------------------------------------- CONCLUSIONS In selecting Credit Suisse, and approving the Advisory Agreement and the investment advisory fee under such agreement, the Board concluded that: o The Contractual Advisory Fee and Net Advisory Fee, which were below the median of the Fund's Expense Group, were considered reasonable. o the Fund's one-, two- and three-year performance was above the median of the Fund's Performance Group and Performance Universe, and superior to the index of comparable funds compiled by Lipper, while the Fund's four- and five-year performance record was below the Performance Group and Performance Universe. The Fund's ten-year performance was above the median for the Performance Universe and slightly below the index of comparable funds. The Board noted that Credit Suisse is in the process of addressing performance issues. o The Board was satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by Credit Suisse and that, based on dialogue with management and counsel, the services provided by Credit Suisse under the Advisory Agreement are typical of, and consistent with, those provided to mutual funds by other investment advisers. o In light of the costs of providing investment management and other services to the Fund and Credit Suisse's ongoing commitment to the Fund and willingness to cap fees and expenses, the profits and other ancillary benefits that Credit Suisse and its affiliates received were considered reasonable. o Credit Suisse's profitability based on fees payable under the Advisory Agreement was reasonable in light of the nature, extent and quality of the services provided to the Fund thereunder. o In light of the amount of the Net Advisory Fees, the Fund's current fee structure (without breakpoints) was considered reasonable. No single factor reviewed by the Board was identified by the Board as the principal factor in determining whether to approve the Advisory Agreement. The Independent Directors were advised by separate independent legal counsel throughout the process. 68 CREDIT SUISSE GLOBAL HIGH YIELD FUND BOARD APPROVAL OF ADVISORY AGREEMENT (UNAUDITED) - -------------------------------------------------------------------------------- In approving the Advisory Agreement, the Board of Directors of the Global High Yield Fund, including the Independent Directors, considered the following factors with respect to the Fund: INVESTMENT ADVISORY FEE RATE The Board reviewed and considered the contractual advisory fee rate of 0.70% for the Global High Yield Fund (the "Contractual Advisory Fee") in light of the extent and quality of the advisory services provided by Credit Suisse Asset Management, LLC ("Credit Suisse"). The Board also reviewed and considered the fee waiver and/or expense reimbursement arrangements currently in place for the Fund and considered that Credit Suisse had waived the entire advisory fee for the Fund's most recent fiscal year (the "Net Advisory Fee"). The Board acknowledged that the fee waivers and reimbursements could be discontinued at any time. Additionally, the Board received and considered information comparing the Fund's Contractual Advisory Fee and Net Advisory Fee and the Fund's overall expenses with those of funds in both the relevant expense group ("Expense Group") and universe of funds (the "Expense Universe") provided by Lipper Inc., an independent provider of investment company data. NATURE, EXTENT AND QUALITY OF THE SERVICES UNDER THE ADVISORY AGREEMENT The Board received and considered information regarding the nature, extent and quality of services provided to the Fund by Credit Suisse under the Advisory Agreement. The Board also noted information received at regular meetings throughout the year related to the services rendered by Credit Suisse. The Board reviewed background information about Credit Suisse, including its Form ADV and its record of compliance with the federal securities laws. The Board considered the background and experience of Credit Suisse's senior management and the expertise of, and the amount of attention given to the Fund by, both junior and senior personnel of Credit Suisse. In addition, the Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management teams primarily responsible for the day-to-day portfolio management of the Fund and the extent of the resources devoted to research and analysis of actual and potential investments. The Board also received and considered information about the nature, extent and quality of services and fee rates offered to other Credit Suisse clients for comparable services. 69 CREDIT SUISSE GLOBAL HIGH YIELD FUND BOARD APPROVAL OF ADVISORY AGREEMENT (UNAUDITED) (CONTINUED) - -------------------------------------------------------------------------------- FUND PERFORMANCE The Board received and considered the one-, two-, three-, four-, five- and ten-year performance of the Fund, along with comparisons, for all presented periods, both to the Performance Group and the Performance Universe. The Board was provided with a description of the methodology used to arrive at the funds included in the Performance Group and the Performance Universe. The Board reviewed information comparing the performance of the various Credit Suisse Funds to performance benchmarks that the Board had previously established and progress that had been made in certain instances toward achieving those benchmarks. The Board also reviewed comparisons between the Fund and its identified benchmark over various time periods. CREDIT SUISSE PROFITABILITY The Board received, analyzed and considered a profitability analysis of Credit Suisse based on the fees payable under the Advisory Agreement for the Fund, including any fee waivers or fee caps, as well as other relationships between the Fund on the one hand and Credit Suisse affiliates on the other. The Board received profitability information for the other funds in the Credit Suisse family of funds. ECONOMIES OF SCALE The Board considered whether economies of scale in the provision of services to the Fund were being passed along to the shareholders. Accordingly, the Board considered whether alternative fee structures (such as breakpoint fee structures) would be more appropriate or reasonable taking into consideration economies of scale or other efficiencies that might accrue from increases in the Fund's asset levels. OTHER BENEFITS TO CREDIT SUISSE The Board considered other benefits received by Credit Suisse and its affiliates as a result of its relationship with the Fund. Such benefits include, among others, benefits potentially derived from an increase in Credit Suisse's business as a result of its relationship with the Fund (such as the ability to market to shareholders other financial products offered by Credit Suisse and its affiliates). The Board reviewed Credit Suisse's method for allocating portfolio investment opportunities among the Fund and other advisory clients. 70 CREDIT SUISSE GLOBAL HIGH YIELD FUND BOARD APPROVAL OF ADVISORY AGREEMENT (UNAUDITED) (CONTINUED) - -------------------------------------------------------------------------------- CONCLUSIONS In selecting Credit Suisse, and approving the Advisory Agreement and the investment advisory fee under such agreement, the Board concluded that: o Although the Contractual Advisory Fee was higher than the median of its Peer Group, the fee was considered reasonable recognizing that Credit Suisse waived its entire fee for the one-year period ended December 31, 2005 and that the actual expense ratio of the Fund was lower than the median of its Peer Group. o the Fund's one-, two- and three-year performance was stronger than the median of its Performance Group and Performance Universe and superior to the index of comparable funds compiled by Lipper. The Fund's four-year performance was at the median of its Performance Group and superior to the median of its Performance Universe and the index of comparable funds. While the Fund's five-year performance record was below that of the median of its Performance Group, it was superior to the index and slightly higher than the median of its Performance Universe, and the Fund's ten-year performance was higher than the median of its Performance Universe and the index. The Board noted the improvements in performance. o The Board was satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by Credit Suisse and that, based on dialogue with management and counsel, the services provided by Credit Suisse under the Advisory Agreement are typical of, and consistent with, those provided to mutual funds by other investment advisers. o In light of the costs of providing investment management and other services to the Fund and Credit Suisse's ongoing commitment to the Fund and willingness to cap fees and expenses, the profits and other ancillary benefits that Credit Suisse and its affiliates received were considered reasonable. o Credit Suisse's profitability based on fees payable under the Advisory Agreement was reasonable in light of the nature, extent and quality of the services provided to the Fund thereunder. o In light of the relatively small size of the Fund and the amount of the Net Advisory Fees, the Fund's current fee structure (without breakpoints) was considered reasonable. 71 CREDIT SUISSE GLOBAL HIGH YIELD FUND BOARD APPROVAL OF ADVISORY AGREEMENT (UNAUDITED) (CONTINUED) - -------------------------------------------------------------------------------- No single factor reviewed by the Board was identified by the Board as the principal factor in determining whether to approve the Advisory Agreement. The Independent Directors were advised by separate independent legal counsel throughout the process. 72 CREDIT SUISSE INSTITUTIONAL FUNDS TAX INFORMATION LETTER December 31, 2005 (unaudited) - -------------------------------------------------------------------------------- IMPORTANT TAX INFORMATION FOR CORPORATE SHAREHOLDERS Corporate Shareholders should note for the year ended December 31, 2005, the percentage of the Funds' investment income (i.e., net investment income plus short-term capital gains) that qualified for the intercorporate dividends received deduction is as follows: FUND AMOUNT ----- ------ Fixed Income 0.44% Global High Yield 1.64% For the fiscal year ended December 31, 2005, the Funds designated approximate amounts listed below, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for reduced tax rates. These lower rates range from 5% to 15% depending on an individual's tax bracket. Complete information will be reported in conjunction with Form 1099-DIV. FUND AMOUNT ----- ------- Fixed Income $23,835 Global High Yield 44,308 73 CREDIT SUISSE INSTITUTIONAL FUNDS PROXY VOTING AND PORTFOLIO HOLDINGS INFORMATION - -------------------------------------------------------------------------------- Information regarding how the Funds voted proxies related to their portfolio 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 their portfolio securities are available: o By calling 1-800-222-8977 o On the Funds' website, www.credit-suisse.com/us o On the website of the Securities and Exchange Commission, http://www.sec.gov. The Funds file a complete schedule of their portfolio holdings for the first and third quarters of their 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. 74 This page intentionally left blank 75 This page intentionally left blank 76 CREDIT SUISSE [LOGO] P.O. BOX 55030, BOSTON, MA 02205-5030 800-222-8977 o www.credit-suisse.com/us CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. INSTFIX-AR-1205 ITEM 2. CODE OF ETHICS. The registrant has adopted a code of ethics applicable to its Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions. A copy of the code is filed as Exhibit 12(a)(1) to this Form. There were no amendments to the code during the fiscal year ended December 31, 2005. There were no waivers or implicit waivers from the code granted by the registrant during the fiscal year ended December 31, 2005. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. The registrant's governing board has determined that it has three audit committee financial experts serving on its audit committee: Enrique R. Arzac, Richard H. Francis and Steven N. Rappaport. Each audit committee financial expert is "independent" for purposes of this item. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. (a) through (d). The information in the table below is provided for services rendered to the registrant by its independent registered public accounting firm, PricewaterhouseCoopers LLP ("PwC"), for its fiscal years ended December 31, 2004 and December 31, 2005.
- ---------------------------------------- -------------------------------------- -------------------------------------- 2004 2005 - ---------------------------------------- -------------------------------------- -------------------------------------- Audit Fees $15,301 $18,599 - ---------------------------------------- -------------------------------------- -------------------------------------- Audit-Related Fees(1) $1,500 $3,150 - ---------------------------------------- -------------------------------------- -------------------------------------- Tax Fees(2) $1,327 $2,443 - ---------------------------------------- -------------------------------------- -------------------------------------- All Other Fees -- -- - ---------------------------------------- -------------------------------------- -------------------------------------- Total $18,128 $24,192 - ---------------------------------------- -------------------------------------- --------------------------------------
(1) Services include agreed-upon procedures in connection with the registrant's third quarter 2004 Form N-Q filing ($1,500) and the registrant's semi-annual financial statements ($3,150) for 2005. (2) Tax services in connection with the registrant's excise tax calculations and review of the registrant's applicable tax returns. The information in the table below is provided with respect to non-audit services that directly relate to the registrant's operations and financial reporting and that were rendered by PwC to the registrant's investment adviser, Credit Suisse Asset Management, LLC ("Credit Suisse"), and any service provider to the registrant controlling, controlled by or under common control with Credit Suisse that provided ongoing services to the registrant ("Covered Services Provider"), for the registrant's fiscal years ended December 31, 2004 and December 31, 2005.
- ---------------------------------------- -------------------------------------- -------------------------------------- 2004 2005 - ---------------------------------------- -------------------------------------- -------------------------------------- Audit-Related Fees N/A N/A - ---------------------------------------- -------------------------------------- -------------------------------------- Tax Fees N/A N/A - ---------------------------------------- -------------------------------------- -------------------------------------- All Other Fees N/A $394,000 - ---------------------------------------- -------------------------------------- -------------------------------------- Total N/A $394,000 - ---------------------------------------- -------------------------------------- --------------------------------------
(e)(1) Pre-Approval Policies and Procedures. The Audit Committee ("Committee") of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to Credit Suisse and any Covered Services Provider if the engagement relates directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson shall report to the Committee, at its next regularly scheduled meeting after the Chairperson's pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee's pre-approval responsibilities to other persons (other than Credit Suisse or the registrant's officers). Pre-approval by the Committee of any permissible non-audit services shall not be required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the registrant, Credit Suisse and any Covered Services Provider constitutes not more than 5% of the total amount of revenues paid by the registrant to its independent registered public accounting firm during the fiscal year in which the permissible non-audit services are provided; (ii) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit. (e)(2) The information in the table below sets forth the percentages of fees for services (other than audit, review or attest services) rendered by PwC to the registrant for which the pre-approval requirement was waived pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X:
- ---------------------------------------- -------------------------------------- -------------------------------------- 2004 2005 - ---------------------------------------- -------------------------------------- -------------------------------------- Audit-Related Fees N/A N/A - ---------------------------------------- -------------------------------------- -------------------------------------- Tax Fees N/A N/A - ---------------------------------------- -------------------------------------- -------------------------------------- All Other Fees N/A N/A - ---------------------------------------- -------------------------------------- -------------------------------------- Total N/A N/A - ---------------------------------------- -------------------------------------- --------------------------------------
The information in the table below sets forth the percentages of fees for services (other than audit, review or attest services) rendered by PwC to Credit Suisse and any Covered Services Provider required to be approved pursuant to Rule 2-01(c)(7)(ii)of Regulation S-X, for the registrant's fiscal years ended December 31, 2004 and December 31, 2005:
- ---------------------------------------- -------------------------------------- -------------------------------------- 2004 2005 - ---------------------------------------- -------------------------------------- -------------------------------------- Audit-Related Fees N/A N/A - ---------------------------------------- -------------------------------------- -------------------------------------- Tax Fees N/A N/A - ---------------------------------------- -------------------------------------- -------------------------------------- All Other Fees N/A N/A - ---------------------------------------- -------------------------------------- -------------------------------------- Total N/A N/A - ---------------------------------------- -------------------------------------- --------------------------------------
(f) Not Applicable. (g) The aggregate fees billed by PwC for non-audit services rendered to the registrant, Credit Suisse and Covered Service Providers for the fiscal years ended December 31, 2004 and December 31, 2005 were $2,827 and $5,593, respectively. (h) Not Applicable. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Form N-CSR disclosure requirement 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. Form N-CSR disclosure requirement is not applicable to the registrant. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Form N-CSR disclosure requirement is not applicable to the registrant. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Form N-CSR disclosure requirement is not applicable to the registrant. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. None 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 second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. (a)(1) Registrant's Code of Ethics is an exhibit to this report. (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 B. Plump ---------------------- Name: Steven B. Plump Title: Chief Executive Officer Date: March 8, 2006 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 B. Plump ------------------- Name: Steven B. Plump Title: Chief Executive Officer Date: March 8, 2006 /s/ Michael A. Pignataro ------------------------ Name: Michael A. Pignataro Title: Chief Financial Officer Date: March 8, 2006 EX-99.CODE ETH 2 file002.txt CODE OF ETHICS EX-99.CODE ETHICS EXHIBIT 12(a)(1) CODE OF ETHICS CREDIT SUISSE FUNDS CREDIT SUISSE INSTITUTIONAL FUNDS CREDIT SUISSE CLOSED-END FUNDS CODE OF ETHICS FOR SENIOR OFFICERS Preamble Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The Securities and Exchange Commission (the "SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to the company's principal executive as well as principal financial officers, if such a code has been adopted. In response, the above Funds (each a "Fund", and together the "Funds") have adopted this Code of Ethics. Statement of Policy It is the obligation of the senior officers of the Funds to provide full, fair, timely and comprehensible disclosure--financial and otherwise--to Fund shareholders, regulatory authorities and the general public. In fulfilling that obligation, senior officers must act ethically, honestly and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve the Funds in senior officerships. No Code can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules and regulations, and to provide the type of clear and complete disclosure and information Fund shareholders have a right to expect. The purpose of this Code of Ethics is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Funds, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Funds and their adviser have adopted or may adopt in the future with which Fund officers are also required to comply (e.g., code of ethics relating to personal trading and conduct). Covered Persons This Code of Ethics applies to those persons appointed by the Fund's Board of Directors as Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions. It is recognized that each of such persons currently is a full-time employee of Credit Suisse Asset Management LLC ("CSAM"), each Fund's investment adviser. Promotion of Honest and Ethical Conduct In serving as an officer of the Funds, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Funds, whether directly or indirectly, to do the same. Each Covered Person understands that as an officer of a Fund, he has a duty to act in the best interests of the Fund and its shareholders. The interests of other CSAM clients or CSAM itself or the Covered Person's personal interests should not be allowed to compromise the Covered Person's fulfilling his duties as an officer of the Fund. The governing Boards of the Funds recognize that the Covered Persons are also officers or employees of CSAM. Furthermore, the governing Boards of the Funds recognize that, subject to the Covered Person's fiduciary duties to the Funds, the Covered Persons will in the normal course of their duties (whether formally for the Funds or for CSAM, or for both) be involved in establishing policies and implementing decisions that will have different effects on CSAM and the Funds. The governing Boards of the Funds recognize that the participation of the Covered Persons in such activities is inherent in the contractual relationship between the Funds and CSAM and/or its affiliates, and is consistent with the expectation of the governing Boards of the performance by the Covered Persons of their duties as officers of the Funds. If a Covered Person believes that his responsibilities as an officer or employee of CSAM are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of the Funds, he should consult with CSAM's general counsel, the Funds' chief legal officer or outside counsel, or counsel to the independent Directors/Trustees of the relevant Fund or Funds. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Directors/Trustees of the relevant Fund or Funds or a committee thereof. No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to a Fund give a gift or an economic benefit of any kind to him in connection with the person's retention or the provision of services. Promotion of Full, Fair, Accurate, Timely and Understandable Disclosure No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Fund shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person's possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to CSAM's general counsel or Fund counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate. Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist, relevant Fund service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Fund reports reveal, rather than conceal, the relevant Fund's financial condition. Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Funds to provide full, fair and accurate financial information and other disclosure to regulators and Fund shareholders. Each Covered Person shall inquire of other Fund officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language. Each Covered Person shall diligently perform his services to the Funds, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications. Promotion of Compliance with Applicable Government Laws, Rules and Regulations Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Funds and their operations and shall act with competence and due care in serving as an officer of the Funds. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments. Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Funds, recognizing that he will devote substantial time to providing services to other CSAM clients and will perform other activities as an employee of CSAM. Each Covered Person shall cooperate with a Fund's independent auditors, regulatory agencies and internal auditors in their review or inspection of the Fund and its operations. No Covered Person shall knowingly violate any law or regulation relating to the Funds or their operations or seek to illegally circumvent any such law or regulation. No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit or misrepresentation involving the Funds or their operations. Promoting Prompt Internal Reporting of Violations Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the relevant Fund's Audit Committee. 2 Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the relevant Fund's Audit Committee. All waivers and amendments shall be disclosed as required by law. Sanctions Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension or termination of position as an officer of the Fund. Sanctions shall be imposed by the relevant Fund's Audit Committee, subject to review by the entire Board of Directors/Trustees of the Fund. Each Covered Person shall be required to certify annually whether he has complied with this Code. No Rights Created This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern the Funds' senior officers in the conduct of the Funds' business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity. Recordkeeping The Funds will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board (1) that provided the basis for any amendment or waiver to this Code and (2) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the relevant Board. Amendments The Directors/Trustees will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code. Dated: May 17, 2005 CODE OF ETHICS FOR SENIOR OFFICERS: I HEREBY CERTIFY THAT: (1) I have read and I understand the Code of Ethics for Senior Officers adopted by the Credit Suisse Funds, the Credit Suisse Institutional Funds and the Credit Suisse Closed-End Funds (the "Code of Ethics"); (2) I recognize that I am subject to the Code of Ethics; (3) I have complied with the requirements of the Code of Ethics during the calendar year ending December 31, _______; and (4) I have reported all violations of the Code of Ethics required to be reported pursuant to the requirements of the Code during the calendar year ending December 31, _______. Set forth below exceptions to items (3) and (4), if any: ---------------------------------------- ---------------------------------------- ---------------------------------------- Name: ------------------------------ Date: ------------------------------ EX-99.CERT 3 file003.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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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 accounting 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: March 8, 2006 /s/ Michael A. Pignataro - ------------------------ Michael A. Pignataro Chief Financial Officer I, Steven B. 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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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 accounting 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: March 8, 2006 /s/ Steven B. Plump - ------------------- Steven B. Plump Chief Executive Officer EX-99.906CERT 4 file004.txt CERTIFICATIONS EX-99.906CERT EXHIBIT 12(b) SECTION 906 CERTIFICATIONS SECTION 906 CERTIFICATION Steven B. 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 December 31, 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 B. Plump /s/ Michael A. Pignataro ------------------- ------------------------ Steven B. Plump Michael A. Pignataro Chief Executive Officer Chief Financial Officer March 8, 2006 March 8, 2006 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-----