-----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, U02wDg8ztpMxoR/F9mNYQrUVRIfpVaQ1zaGcBP6NW4/GdveuMovGud1rMCY4eST5 2Oq4M5xS31WUSDTvozWgHQ== 0001104659-06-059379.txt : 20060905 0001104659-06-059379.hdr.sgml : 20060904 20060905160842 ACCESSION NUMBER: 0001104659-06-059379 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20060630 FILED AS OF DATE: 20060905 DATE AS OF CHANGE: 20060905 EFFECTIVENESS DATE: 20060905 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND INC CENTRAL INDEX KEY: 0001067471 IRS NUMBER: 510349732 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-08917 FILM NUMBER: 061074146 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-CSRS 1 a06-15095_19ncsrs.htm CERTIFIED SEMI-ANNUAL SHAREHOLDER REPORT

 

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 number

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

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(212) 875-3500

 

 

Date of fiscal year end:

December 31

 

 

Date of reporting period:

January 1, 2006 to June 30, 2006

 

 




Item 1. Reports to Stockholders.




CREDIT SUISSE
INSTITUTIONAL FUNDS

Semiannual Report

June 30, 2006

(unaudited)

n  CREDIT SUISSE INSTITUTIONAL
  FIXED INCOME FUND

n  CREDIT SUISSE
  GLOBAL HIGH YIELD FUND

The Funds' investment objectives, risks, charges and expenses (which should be considered carefully before investing), and more complete information about the Funds, are provided in the Prospectus, which should be read carefully before investing. You may obtain additional copies by calling 800-222-8977 or by writing to Credit Suisse Institutional Funds, P.O. Box 55030, Boston, MA 02205-5030.

Credit Suisse Asset Management Securities, Inc., Distributor, is located at 466 Lexington Ave., New York, NY 10017-3140. Credit Suisse Institutional Funds are advised by Credit Suisse Asset Management, LLC.



The views of the Funds' management are as of the date of the letters and the Fund holdings described in this document are as of June 30, 2006; 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

Semiannual Investment Adviser's Report

June 30, 2006 (unaudited)

July 21, 2006

Dear Shareholder:

For the six months ended June 30, 2006, Credit Suisse Institutional Fixed Income Fund1 had a decline of 0.38%, versus a decline of 0.72% for the Lehman Brothers US Aggregate Bond Index.2

Market Overview: Rates continue to rise

The period was a modestly negative one for the bond market in terms of total return, as the Federal Reserve continued its campaign to raise rates in small but steady increments. The federal funds rate rose to 5.25% by the end of June 2006, up from 4.25% at the start of the period and 1.00% in June 2004.

The economy continued its growth trajectory despite the increase in interest rates, along with persistently high energy costs. First quarter 2006 Gross Domestic Product rose at its highest quarterly rate in more than two years. Inflation, though, began to trend beyond the upper range of the Federal Reserve's informal 1% to 2% "comfort zone," as measured by personal consumption expenditures. Bonds (and stocks) nonetheless ended the period on a positive note, after the Federal Reserve hinted that an end to its monetary tightening cycle might be relatively near.

Strategic Review: Focus on issuer fundamentals

The Fund outperformed its benchmark, which we attribute in part to our generally cautious approach to interest-rate risk, staying neutral to short with regard to the Fund's duration. The Fund's allocation to high-yield debt (about 9% of the Fund's assets as of June 30, 2006) was also beneficial, as high yield bonds, which are typically less sensitive to interest rates, outperformed investment-grade bonds.

In terms of portfolio adjustments, we ended the period with a neutral duration stance compared with the benchmark. This reflects our view that the interest-rate outlook has become less threatening to bonds, with the Federal Reserve potentially close to ending its monetary tightening campaign. That said, we will continue to monitor inflation trends carefully and will adjust our strategy as we deem appropriate.

We made no major changes to the Fund's sector allocation, though we did increase the degree of our overweighting in mortgage-backed securities (MBS) in the period. We view MBS as attractive for the added yield these bonds offer over corporate issues, and believe that their total returns could benefit from a relatively stable interest-rate environment in the second half of 2006. We remain

1



Credit Suisse Institutional Fixed Income Fund

Semiannual Investment Adviser's Report (continued)

June 30, 2006 (unaudited)

underweight in investment-grade securities, based in part on our concerns over corporate strategies (e.g., stock buybacks and LBO activity) that could favor equity holders over bond investors. This trend in our view could counter positive factors for corporate bonds, namely possible continued economic and profit growth along with reduced corporate bond issuance.

The Credit Suisse Fixed Income Management Team

Sheila Huang

Martha Metcalf

Kam Poon

Ryan Widener

Fixed income investing entails credit risks and interest rate risks. Typically, when interest rates rise, the market value of fixed income securities generally declines and the share price of the Fund can fall.

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 investments. 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.

2



Credit Suisse Institutional Fixed Income Fund

Semiannual Investment Adviser's Report (continued)

June 30, 2006 (unaudited)

Average Annual Returns as of June 30, 20061

1 Year   5 Years   10 Years   Since
Inception
  Inception
Date
 
  (0.58 )%     3.59 %     5.57 %     5.79 %     3/31/94    

 

Returns represent past performance and include change 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 US Aggregate Bond Index is composed of the Lehman Brothers Government/Corporate Bond Index and the Lehman Brothers Mortgage-Backed Securities Index. The Lehman Brothers US Aggregate Bond Index includes US 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 IBCA Inc. Investors cannot invest directly in an index.

3



Credit Suisse Institutional Fixed Income Fund

Semiannual Investment Adviser's Report (continued)

June 30, 2006 (unaudited)

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads), redemption fees and account maintenance fees, which are not shown in this section and which would result in higher total expenses. The following table is intended to help you understand your ongoing expenses of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. The table is based on an investment of $1,000 made at the beginning of the six month period ended June 30, 2006.

The table illustrates your Fund's expenses in two ways:

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.

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.

4



Credit Suisse Institutional Fixed Income Fund

Semiannual Investment Adviser's Report (continued)

June 30, 2006 (unaudited)

Expenses and Value of a $1,000 Investment
for the six month period ended June 30, 2006

Actual Fund Return  
Beginning Account Value 1/1/06   $ 1,000.00    
Ending Account Value 6/30/06   $ 996.20    
Expenses Paid per $1,000*   $ 2.23    
Hypothetical 5% Fund Return  
Beginning Account Value 1/1/06   $ 1,000.00    
Ending Account Value 6/30/06   $ 1,022.56    
Expenses Paid per $1,000*   $ 2.26    
Annualized Expense Ratios*     0.45 %  

 

*  Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year period, then divided by 365.

The "Expenses Paid per $1,000" and the "Annualized Expense Ratios" in the tables are based on actual expenses paid by the Fund during the period, net of fee waivers and/or expense reimbursements. If those fee waivers and/or expense reimbursements had not been in effect, the Fund's actual expenses would have been higher.

For more information, please refer to the Fund's prospectus.

5



Credit Suisse Institutional Fixed Income Fund

Semiannual Investment Adviser's Report (continued)

June 30, 2006 (unaudited)

Credit Quality Breakdown*  
Ratings
S&P
 
AAA     63.3 %  
AA     1.6 %  
A     8.6 %  
BBB     10.1 %  
BB     4.8 %  
B     4.1 %  
CCC     1.9 %  
NR     0.3 %  
Subtotal     94.7 %  
Short-Term Investments     5.3 %  
Total     100.0 %  

 

*  Expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

6



Credit Suisse Global High Yield Fund

Semiannual Investment Adviser's Report

June 30, 2006 (unaudited)

July 21, 2006

Dear Shareholder:

For the six months ended June 30, 2006, Credit Suisse Global High Yield Fund1 had a gain of 2.45%, versus an increase of 2.64% for the Merrill Lynch Global High Yield Constrained Index.2

Market overview

The High Yield market began the year on a robust tone, posting four consecutive positive monthly returns. This was followed by higher volatility and lackluster returns during the months of May and June as investors grew increasingly concerned about higher interest rates and the pace of economic growth. Low-rated securities outperformed the broader market, returning 7.13%, while the more interest-rate sensitive BB rated securities underperformed, returning about 0.58%. The average yield spread between high yield bonds and Treasury securities narrowed 26 basis points, ending the period at 333 basis points.

The majority of sectors posted positive returns, with Autos, Airlines, Buildings Materials and Theaters leading the way. Sectors producing negative returns were Energy-Exploration & Production, Building & Construction, and Health Services. Credit fundamentals continued to be supportive of the high yield market, although the best of the credit cycle does appear to be behind us. Both default rates and the distressed ratio (a leading indicator for future default rates) continue to be near 10-year lows, coming in at 1.78% and 2.9%, respectively. Corporate balance sheets are strong but we expect growth to be slower in the year ahead.

The technical environment had been positive for most of the year but more recently has been strained as several large new issues priced in the High Yield market. These include $2 billion in new issuance from Nortel Networks (0.2% of the Fund's net assets as of June 30, 2006), $2.5 billion from Windstream Corp. (0.3% of the Fund's net assets as of June 30, 2006) and almost $3 billion from Intelsat (0.6% of the Fund's net assets as of June 30, 2006). We view this to be temporary pressure on the market and expect that once these deals are digested, market technicals will stabilize as cash from coupon and bond redemptions continue to outpace supply.

Strategic Review

The Fund's performance benefited from an underweight in the more interest rate sensitive BB rated securities but the Fund slightly underperformed its benchmark. The Fund's overweight in higher yielding securities provided a positive contribution to return as well. Strong security selection plus good sector allocation in the Consumer-Products, Cable, Packaging, Support-Services and

7



Credit Suisse Global High Yield Fund

Semiannual Investment Adviser's Report (continued)

June 30, 2006 (unaudited)

Theater sectors also contributed to performance. Security selection in Autos, Airlines and Health Services detracted from returns.

Outlook and strategy

We are constructive on the High Yield market near term given a solid fundamental backdrop, improving market technicals and relatively high current yields. Even with an expected increase in default rates to 2.8% in the coming year, forecasted spreads indicate only a modest widening. That being said, dispersion is on the rise and credit selectivity will be an important driver of returns going forward.

At the sector level, we remain cautious toward consumer-oriented sectors but constructive on corporate spending and the commercial cycle broadly. In addition, we continue to take profits in Wireless and have been decreasing exposure in Packaging given the potential for hurricane-related volatility in that industry.

The Credit Suisse High Yield Management Team

Martha Metcalf

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 investments. 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.

8



Credit Suisse Global High Yield Fund

Semiannual Investment Adviser's Report (continued)

June 30, 2006 (unaudited)

Average Annual Returns as of June 30, 20061

1 Year   5 Years   10 Years   Since
Inception
  Inception
Date
 
  5.87 %     8.33 %     5.63 %     6.82 %     2/26/93    

 

Returns represent past performance and include change 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 Merrill Lynch Global High Yield Constrained 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; any individual issuer is capped at 2%. Index performance began on January 1, 1998. Investors cannot invest directly in an index. In order to ensure that the index that the Fund is benchmarked against is best aligned with the Fund's emphasis on diversification, this index replaced the Merrill Lynch Global High Yield Index on February 28, 2006, which tracks the performance of below investment grade bonds of corporate issuers domiciled in countries having an investment grade foreign currency long term debt rating.

9



Credit Suisse Global High Yield Fund

Semiannual Investment Adviser's Report (continued)

June 30, 2006 (unaudited)

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads), redemption fees and account maintenance fees, which are not shown in this section and which would result in higher total expenses. The following table is intended to help you understand your ongoing expenses of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. The table is based on an investment of $1,000 made at the beginning of the six month period ended June 30, 2006.

The table illustrates your Fund's expenses in two ways:

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.

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.

10



Credit Suisse Global High Yield Fund

Semiannual Investment Adviser's Report (continued)

June 30, 2006 (unaudited)

Expenses and Value of a $1,000 Investment
for the six month period ended June 30, 2006

Actual Fund Return  
Beginning Account Value 1/1/06   $ 1,000.00    
Ending Account Value 6/30/06   $ 1,024.50    
Expenses Paid per $1,000*   $ 3.51    
Hypothetical 5% Fund Return  
Beginning Account Value 1/1/06   $ 1,000.00    
Ending Account Value 6/30/06   $ 1,021.32    
Expenses Paid per $1,000*   $ 3.51    
Annualized Expense Ratios*     0.70 %  

 

*  Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year period, then divided by 365.

The "Expenses Paid per $1,000" and the "Annualized Expense Ratios" in the tables are based on actual expenses paid by the Fund during the period, net of fee waivers and/or expense reimbursements. If those fee waivers and/or expense reimbursements had not been in effect, the Fund's actual expenses would have been higher.

For more information, please refer to the Fund's prospectus.

11



Credit Suisse Global High Yield Fund

Semiannual Investment Adviser's Report (continued)

June 30, 2006 (unaudited)

Credit Quality Breakdown*  
Ratings
S&P
 
A     0.2 %  
BBB     1.0 %  
BB     19.8 %  
B     50.8 %  
CCC     17.7 %  
NR     0.8 %  
Subtotal     90.3 %  
Short-Term Investment     9.7 %  
Total     100.0 %  

 

*  Expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

12




Credit Suisse Institutional Fixed Income Fund

Schedule of Investments

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS (24.6%)      
Advertising (0.2%)      
$ 280     R. H. Donnelley Corp., Rule 144A, Senior Discount
Notes (Callable 01/15/09 @ $103.44)‡
  (B , Caa1)   01/15/13     6.875     $ 259,000    
Aerospace & Defense (0.5%)      
  585     Goodrich Corp., Rule 144A, Notes‡   (BBB , Baa3)   07/01/16     6.290       582,609    
Apparel (0.3%)      
  280     Levi Strauss & Co., Global Senior Notes (Callable
12/15/07 @ $106.12)
  (B- , B3)   12/15/12     12.250       310,800    
Automobile Manufacturers (0.9%)      
  1,025     DaimlerChrysler North America Holding Corp.,
Global Company Guaranteed Notes
  (BBB , A3)   03/15/11     5.875       1,009,261    
Banks (0.9%)      
  460     Bank of America Corp., Global Notes§   (AA- , Aa2)   10/01/10     4.250       436,647    
  160     Bank of America Corp., Rule 144A, Company
Guaranteed Notes (Callable 12/31/06 @
$104.04)‡
  (A , Aa3)   12/31/26     8.070       167,813    
  425     USB Capital IX, Company Guaranteed Notes
(Callable 04/15/11 @ $100.00)#
  (A , Aa3)   03/29/49     6.189       416,026    
                      1,020,486    
Chemicals (0.5%)      
  265     Equistar Chemicals LP, Notes   (BB- , B1)   02/15/09     8.750       274,938    
  270     PolyOne Corp., Global Company Guaranteed Notes
(Callable 05/15/07 @ $105.31)§
  (B+ , B3)   05/15/10     10.625       291,600    
                      566,538    
Commercial Services (0.3%)      
  335     Cendant Corp., Units   (BBB+ , Baa1)   08/17/06     4.890       333,991    
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       291,900    
Diversified Financials (5.3%)      
  110     Ameriprise Financial, Inc., Junior Subordinated
Notes (Callable 06/01/16 @ $100.00)#
  (BBB , Baa2)   06/01/66     7.518       110,858    
  505     Ameriprise Financial, Inc., Senior Unsecured Notes   (A- , A3)   11/15/10     5.350       495,624    
  255     BCP Crystal Holdings Corp., Global Senior
Subordinated Notes (Callable 06/15/09 @
$104.81)
  (B , B3)   06/15/14     9.625       277,950    
  280     Ford Motor Credit Co., Notes   (B+ , Ba2)   06/16/08     6.625       266,621    
  1,270     General Electric Capital Corp., Series MTNA,
Global Notes
  (AAA , Aaa)   06/15/12     6.000       1,286,180    
  150     General Motors Acceptance Corp., Global Notes   (BB , Ba1)   05/15/09     5.625       142,766    
  155     General Motors Acceptance Corp., Global Notes§   (BB , Ba1)   12/01/14     6.750       144,191    
  475     Goldman Sachs Group, Inc., Global Notes   (A+ , Aa3)   01/15/15     5.125       444,817    

 

See Accompanying Notes to Financial Statements.

13



Credit Suisse Institutional Fixed Income Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Diversified Financials      
$ 600     HSBC Finance Capital Trust IX, Notes (Callable
11/30/15 @ $100.00)#
  (A , A1)   11/30/35     5.911     $ 573,601    
  160     JPMorgan Chase & Co., Global Notes§   (A+ , Aa3)   03/01/15     4.750       146,894    
  225     Morgan Stanley, Global Subordinated Notes   (A , A1)   04/01/14     4.750       206,610    
  515     OMX Timber Finance Investment LLC, Rule 144A,
Company Guaranteed Notes (Callable 10/31/19
@ $100.00)#‡
  (A+ , Aa3)   01/29/20     5.420       480,802    
  345     Residential Capital Corp., Company Guaranteed
Notes
  (BBB- , Baa3)   11/21/08     6.125       341,187    
  295     Residential Capital Corp., Company Guaranteed
Notes
  (BBB- , Baa3)   02/22/11     6.000       286,131    
  235     UCAR Finance, Inc., Global Company Guaranteed
Notes (Callable 02/15/07 @ $105.13)
  (B- , B2)   02/15/12     10.250       249,100    
  600     Wachovia Capital Trust III, Bank Guaranteed
Notes (Callable 03/15/11 @ $100.00)#
  (A- , A2)   03/15/42     5.800       582,829    
                      6,036,161    
Electric (1.8%)      
  275     AES Corp., Senior Notes   (B , B1)   06/15/08     8.750       285,312    
  200     Constellation Energy Group, Inc., Notes   (BBB , Baa1)   04/01/07     6.350       200,805    
  300     Dominion Resources, Inc., Series A, Notes   (BBB+ , Baa2)   11/15/06     3.660       297,779    
  450     FPL Group Capital, Inc., Notes   (A- , A2)   02/16/07     4.086       445,639    
  275     PacifiCorp, First Mortgage Notes   (A- , A3)   11/15/11     6.900       289,574    
  565     TXU Corp., Global Senior Notes   (BB+ , Ba1)   11/15/14     5.550       515,289    
                      2,034,398    
Entertainment (0.4%)      
  125     AMC Entertainment, Inc., Senior Subordinated
Notes (Callable 02/01/07 @ $100.00)§
  (CCC+ , B3)   02/01/11     9.500       123,438    
  300     Six Flags, Inc., Global Senior Notes (Callable
04/15/08 @ $104.88)§
  (CCC , Caa1)   04/15/13     9.750       277,125    
                      400,563    
Food (0.2%)      
  250     Smithfield Foods, Inc., Series B, Global Senior
Notes
  (BB , Ba2)   10/15/09     8.000       253,750    
Healthcare Services (0.2%)      
  245     WellPoint, Inc., Global Unsecured Notes   (BBB+ , Baa1)   01/15/11     5.000       236,208    
Household Products (0.2%)      
  220     Playtex Products, Inc., Global Company
Guaranteed Notes (Callable 09/07/06 @
$104.69
  (CCC+ , Caa1)   06/01/11     9.375       230,175    
Insurance (1.9%)      
  485     American International Group, Inc., Global Notes   (AA , Aa2)   05/15/13     4.250       441,515    
  580     Berkshire Hathaway Finance Corp., Global
Company Guaranteed Notes
  (AAA , Aaa)   01/15/10     4.125       552,247    

 

See Accompanying Notes to Financial Statements.

14



Credit Suisse Institutional Fixed Income Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Insurance      
$ 175     Florida Windstorm Underwriting Association,
Rule 144A, Senior Notes‡
  (A- , A3)   08/25/07     6.850     $ 176,020    
  355     Lincoln National Corp., Bonds (Callable 05/17/16
@ $100.00)#
  (A- , Baa2)   05/17/66     7.000       352,866    
  450     Nationwide Mutual Insurance Co., Rule 144A,
Bonds (Callable 04/15/14 @ $100.00)‡
  (A- , A2)   04/15/34     6.600       424,104    
  175     Progressive Corp., Senior Notes§   (A+ , A1)   12/01/32     6.250       173,313    
                      2,120,065    
Investment Company (0.2%)      
  275     Frank Russell Co., Rule 144A,
Company Guaranteed Notes‡
  (AAA , Aa1)   01/15/09     5.625       274,938    
Lodging (0.9%)      
  230     Inn of the Mountain Gods, Global Senior Notes
(Callable 11/15/07 @ $106.00)
  (B , B3)   11/15/10     12.000       245,525    
  250     Majestic Star Casino LLC, Company Guaranteed
Notes (Callable 10/15/07 @ $104.75)
  (BB- , B2)   10/15/10     9.500       263,125    
  250     MGM Mirage, Inc., Rule 144A, Senior Notes‡   (BB , Ba2)   04/01/13     6.750       239,688    
  275     Resorts International Hotel & Casino, Inc., Global
Company Guaranteed Notes (Callable 03/15/07
@ $106.00)
  (B , B2)   03/15/09     11.500       298,375    
                      1,046,713    
Machinery (0.3%)      
  300     Case New Holland, Inc., Global Company
Guaranteed Notes
  (BB- , Ba3)   06/01/09     6.000       293,250    
Media (2.8%)      
  240     CCO Holdings LLC, Global Senior Notes (Callable
11/15/08 @ $104.38)§
  (CCC- , B3)   11/15/13     8.750       235,200    
  520     Comcast Cable Communications Holdings, Inc.,
Global Company Guaranteed Notes
  (BBB+ , Baa2)   03/15/13     8.375       578,282    
  485     Comcast Corp., Company Guaranteed Notes   (BBB+ , Baa2)   06/15/16     4.950       433,048    
  280     Cox Communications, Inc., Global Notes   (BBB- , Baa3)   12/15/14     5.450       259,314    
  250     CSC Holdings, Inc., Senior Notes   (B+ , B2)   07/15/08     7.250       251,562    
  270     EchoStar DBS Corp., Global Senior Notes   (BB- , Ba3)   10/01/08     5.750       264,600    
  270     Gray Television, Inc., Global Company
Guaranteed Notes (Callable 12/15/06 @
$104.63)
  (B- , Ba3)   12/15/11     9.250       282,150    
  230     Houghton Mifflin Co., Global Senior Subordinated
Notes (Callable 02/01/08 @ $104.94)
  (CCC+ , Caa1)   02/01/13     9.875       239,775    
  215     Sinclair Broadcast Group, Inc., Global Company
Guaranteed Notes (Callable 03/15/07 @
$104.00)
  (B , B2)   03/15/12     8.000       219,300    
  225     Time Warner, Inc., Global Company Guaranteed
Notes
  (BBB+ , Baa2)   05/01/32     7.700       245,258    

 

See Accompanying Notes to Financial Statements.

15



Credit Suisse Institutional Fixed Income Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Media      
$ 135     Viacom, Inc., Rule 144A, Senior Notes‡   (BBB , Baa3)   04/30/11     5.750     $ 132,737    
                      3,141,226    
Office Equipment (0.2%)      
  275     Xerox Corp., Senior Unsecured Notes   (BB+ , Ba2)   03/15/16     6.400       260,906    
Oil & Gas (1.3%)      
  420     Amerada Hess Corp., Notes   (BBB- , Ba1)   08/15/31     7.300       446,393    
  115     Enterprise Products Operating LP, Senior Notes   (BB+ , Baa3)   06/01/10     4.950       110,320    
  340     Enterprise Products Operating LP, Series B,
Global Senior Notes
  (BB+ , Baa3)   10/15/34     6.650       323,580    
  280     Pemex Project Funding Master Trust, Rule 144A,
Company Guaranteed Notes#‡
  (BBB , Baa1)   06/15/10     6.629       286,580    
  285     XTO Energy, Inc., Notes§   (BBB- , Baa3)   06/30/15     5.300       265,393    
                      1,432,266    
Packaging & Containers (1.0%)      
  275     Berry Plastics Corp., Global Company Guaranteed
Notes (Callable 07/15/07 @ $105.38)
  (B- , B3)   07/15/12     10.750       299,062    
  265     Graham Packaging Company, Inc., Global
Company Guaranteed Notes (Callable 10/15/08
@ $104.25)
  (CCC+ , Caa1)   10/15/12     8.500       261,025    
  275     Owens-Brockway Glass Container, Inc., Global
Secured Notes (Callable 11/15/07 @ $104.38)
  (BB- , B1)   11/15/12     8.750       287,719    
  275     Smurfit-Stone Container Corp., Global Senior
Notes
  (CCC+ , B2)   02/01/08     9.250       287,375    
                      1,135,181    
Pharmaceuticals (0.2%)      
  280     Bristol-Myers Squibb Co., Notes   (A+ , A1)   08/15/13     5.250       269,734    
Pipelines (0.2%)      
  280     Sonat, Inc., Notes   (B , B2)   07/15/11     7.625       284,200    
Real Estate (0.3%)      
  310     EOP Operating LP, Notes   (BBB , Baa2)   10/01/10     4.650       294,208    
Retail (0.4%)      
  145     Home Depot, Inc., Global Senior Notes   (AA , Aa3)   03/01/16     5.400       139,251    
  280     United Auto Group, Inc., Global Company
Guaranteed Notes (Callable 03/15/07 @
$104.81)
  (B , B3)   03/15/12     9.625       294,000    
                      433,251    
Savings & Loans (0.2%)      
  275     Washington Mutual Bank,
Global Subordinated Notes
  (A- , A3)   01/15/15     5.125       255,732    
Telecommunications (2.6%)      
  410     AT&T, Inc., Global Notes   (A , A2)   09/15/34     6.150       377,475    

 

See Accompanying Notes to Financial Statements.

16



Credit Suisse Institutional Fixed Income Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Telecommunications      
$ 280     Centennial Cellular Communications Corp., Global
Company Guaranteed Notes (Callable 06/15/08
@ $105.06)
  (CCC , B3)   06/15/13     10.125     $ 296,100    
  345     Embarq Corp., Notes   (BBB- , Baa3)   06/01/16     7.082       343,708    
  330     LCI International, Inc., Senior Notes   (NR , NR)   06/15/07     7.250       330,825    
  280     Level 3 Communications, Inc., Senior Notes
(Callable 07/13/06 @ $100.00)
  (CCC- , Caa3)   05/01/08     9.125       280,000    
  275     Motorola, Inc., Notes   (A- , Baa2)   11/16/07     4.608       271,131    
  250     Nextel Communications, Inc., Series E, Senior
Notes (Callable 10/31/08 @ $103.44)
  (A- , Baa2)   10/31/13     6.875       251,742    
  250     SBC Communications, Inc., Global Notes   (A , A2)   09/15/14     5.100       232,307    
  245     Sprint Capital Corp., Global Company Guaranteed
Notes
  (A- , Baa2)   03/15/32     8.750       296,289    
  325     Verizon Communications, Inc., Global Notes   (A , A3)   02/15/16     5.550       305,287    
                      2,984,864    
Transportation (0.1%)      
  102     Horizon Lines LLC, Global Company Guaranteed
Notes (Callable 11/01/08 @ $104.50)
  (CCC+ , B3)   11/01/12     9.000       104,040    
  TOTAL CORPORATE BONDS (Cost $28,772,497)                           27,896,414    
ASSET BACKED SECURITIES (10.7%)      
  825     Asset Backed Funding Certificates,
Series 2005-AQ1, Class A4#
  (AAA , Aa)   06/25/35     5.010       790,711    
  410     Asset Backed Funding Certificates,
Series 2005-AQ1, Class M1#
  (AAA , Aaa)   06/25/35     5.240       388,802    
  1,105     CDC Mortgage Capital Trust, Series 2003-HE4,
Class M2#
  (A , A2)   03/25/34     6.973       1,125,697    
  415     CIT Group Home Equity Loan Trust,
Series 2003-1, Class M1#
  (AA , Aa2)   10/20/32     4.670       399,901    
  321     Contimortgage Home Equity Loan Trust,
Series 1996-4, Class A8
  (AAA , Aaa)   01/15/28     7.220       320,427    
  610     Countrywide Asset-Backed Certificates,
Series 2005-4, Class MF2
  (AA , Aa2)   10/25/35     5.136       586,301    
  1,160     First Franklin Mortgage Loan Asset Backed
Certificates, Series 2003-FFH2, Class B#
  (BB+ , Ba2)   02/25/34     6.900       1,155,729    
  172     Greenpoint Home Equity Loan Trust,
Series 2003-1, Class A#
  (AAA , Aaa)   04/15/29     5.469       172,489    
  1,380     GSAA Home Equity Trust, Series 2005-12,
Class AF4#
  (AAA , Aaa)   09/25/35     5.344       1,322,860    
  775     Master Asset Backed Securities Trust,
Series 2004-OPT1, Class M7#
  (BBB- , Ba1)   02/25/34     9.073       781,891    
  655     MBNA Credit Card Master Note Trust,
Series 2002-C1, Class C1
  (BBB , Baa2)   07/15/14     6.800       685,908    
  750     Morgan Stanley ABS Capital I, Series 2003-HE3,
Class M3#
  (A- , A3)   10/25/33     7.323       761,271    

 

See Accompanying Notes to Financial Statements.

17



Credit Suisse Institutional Fixed Income Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
ASSET BACKED SECURITIES      
$ 585     Morgan Stanley ABS Capital I, Series 2004-NC3,
Class B3#
  (BBB- , Baa3)   03/25/34     8.323     $ 591,475    
  510     Park Place Securities, Inc., Rule 144A,
Series 2004-WCW2, Class M10#‡
  (BB+ , Ba1)   10/25/34     8.073       477,252    
  875     Park Place Securities, Inc., Rule 144A,
Series 2004-WHQ2, Class M10#‡
  (BB+ , Ba1)   02/25/35     7.823       797,617    
  690     Popular ABS Mortgage Pass-Through Trust,
Series 2005-1, Class AF4#
  (AAA , Aaa)   05/25/35     4.608       661,214    
  455     Securitized Asset Backed Receivables LLC,
Series 2005-FR5, Class B4#
  (BBB- , Ba1)   08/25/35     7.573       410,638    
  640     Soundview Home Equity Loan Trust,
Series 2005-B, Class M8#
  (BBB , Baa2)   05/25/35     6.704       637,018    
  17     Vanderbilt Mortgage Finance, Series 1998-C,
Class 1B1
  (BBB , Baa)   02/07/15     6.970       16,884    
    TOTAL ASSET BACKED SECURITIES (Cost $12,189,375)                     12,084,085    
MORTGAGE BACKED SECURITIES (60.8%)      
  90,202     Bank of America Commercial Mortgage, Inc.,
Rule 144A, Series 2005-1, Class XW IO#‡
  (AAA , Aaa)   11/10/42     0.161       431,736    
  885     Bank of America Commercial Mortgage, Inc.,
Series 2005-6, Class A4#
  (AAA , Aaa)   09/10/47     5.354       846,198    
  1,705     Bank of America Commercial Mortgage, Inc.,
Series 2006-2, Class AM#
  (AAA , Aaa)   05/10/45     5.776       1,695,191    
  2,356     Bank of America Funding Corp., Series 2006-E,
Class 2A1#
  (AAA , Aaa)   06/20/36     5.891       2,354,999    
  310     Bank of America Large Loan, Inc., Rule 144A,
Series 2006-LAQ, Class K#‡
  (BBB- , Baa3)   02/09/21     6.150       311,190    
  41,476     Bear Stearns Commercial Mortgage Securities, Inc.,
Rule 144A, Series 2003-PWR2, Class X1 IO#‡
  (AAA , Aaa)   05/11/39     0.207       778,314    
  520     Bear Stearns Commercial Mortgage Securities, Inc.,
Rule 144A, Series 2005-LXR1, Class H#‡
  (AAA , Aaa)   09/15/18     6.399       520,975    
  485     Countrywide Alternative Loan Trust,
Series 2006-OA11, Class M9#
  (BBB- , NR)   09/25/46     7.267       480,713    
  54     Fannie Mae Pool #077774   (AAA , Aaa)   01/01/10     10.000       56,739    
  1,032     Fannie Mae Pool #357739   (AAA , Aaa)   03/01/35     6.000       1,016,622    
  510     Fannie Mae Pool #713667   (AAA , Aaa)   07/01/33     5.000       479,100    
  1,141     Fannie Mae Pool #725231   (AAA , Aaa)   02/01/34     5.000       1,072,315    
  1,161     Fannie Mae Pool #733389   (AAA , Aaa)   08/01/33     5.000       1,090,852    
  1,321     Fannie Mae Pool #790724   (AAA , Aaa)   09/01/34     5.500       1,272,628    
  1,271     Fannie Mae Pool #797894^^   (AAA , Aaa)   04/01/35     5.000       1,191,853    
  2,477     Fannie Mae Pool #799947‡‡   (AAA , Aaa)   11/01/34     5.500       2,386,305    
  2,131     Fannie Mae Pool #801714^^   (AAA , Aaa)   10/01/34     5.000       1,997,756    
  1,531     Fannie Mae Pool #804293^^   (AAA , Aaa)   11/01/34     5.000       1,435,241    
  1,300     Fannie Mae Pool #826514   (AAA , Aaa)   07/01/35     6.000       1,280,729    
  3,350     Fannie Mae Pool #831465‡‡   (AAA , Aaa)   04/01/36     6.500       3,368,023    
  1,021     Fannie Mae Pool #849706   (AAA , Aaa)   06/01/35     6.000       1,008,275    
  2,375     Fannie Mae Pool #851037^^   (AAA , Aaa)   12/01/35     5.000       2,222,037    

 

See Accompanying Notes to Financial Statements.

18



Credit Suisse Institutional Fixed Income Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
MORTGAGE BACKED SECURITIES      
$ 2,760     Fannie Mae Pool #878492‡‡   (AAA , Aaa)   02/01/36     5.500     $ 2,650,164    
  1,805     Fannie Mae Pool #891477^^   (AAA , Aaa)   04/01/36     6.500       1,822,455    
  1     Federal National Mortgage Association,
Series 1991-165, Class M
  (AAA , Aaa)   12/25/21     8.250       600    
  1,130     Federal National Mortgage Association,
Series 2006-46, Class PG#
  (AAA , Aaa)   02/25/35     5.500       1,076,182    
  2,240     First Horizon Mortgage Pass-Through Trust,
Series 2006-AR1, Class 2A1#
  (AAA , Aaa)   05/25/36     5.906       2,226,441    
  775     FNMA TBA   (AAA , Aaa)   07/01/36     5.000       724,625    
  2,365     FNMA TBA   (AAA , Aaa)   07/01/36     5.500       2,271,878    
  7,145     FNMA TBA   (AAA , Aaa)   07/01/36     6.000       7,030,568    
  1,105     FNMA TBA   (AAA , Aaa)   07/01/36     7.000       1,130,380    
  1,205     Freddie Mac Global Bonds   (AAA , Aaa)   06/18/14     5.250       1,187,640    
  2,300     Freddie Mac Global Notes§   (AAA , Aaa)   02/17/09     4.875       2,271,121    
  1,455     Freddie Mac Global Notes‡‡   (AAA , Aaa)   11/15/13     4.875       1,402,149    
  1,104     Freddie Mac Pool #A23629‡‡   (AAA , Aaa)   06/01/34     5.000       1,035,947    
  433     Freddie Mac Pool #B11354   (AAA , Aaa)   12/01/18     5.000       417,658    
  3,631     Ginnie Mae Pool #521331^^   (AAA , Aaa)   05/15/35     5.500       3,519,751    
  1,230     GMAC Commercial Mortgage Securities, Inc.,
Series 1997-C2, Class B, Subordinated Bonds
  (AAA , Aaa)   04/15/29     6.703       1,244,537    
  0     GNMA TBA1   (AAA , Aaa)   07/01/36     6.000       1,260    
  940     Greenwich Capital Commercial Funding Corp.,
Series 2006-GG7, Class AM#
  (AAA , Aaa)   06/10/16     6.110       937,670    
  2,249     JP Morgan Mortgage Trust, Series 2006-A4,
Class 1A1
  (AAA , Aaa)   06/25/36     5.862       2,242,125    
  1,735     LB-UBS Commercial Mortgage Trust,
Series 2005-C2, Class A5
  (AAA , Aaa)   04/15/30     5.150       1,645,464    
  686     Master Specialized Loan Trust, Series 2005-3,
Class A2#
  (AAA , Aaa)   11/25/35     5.704       665,328    
  36,589     Merrill Lynch Mortgage Trust, Rule 144A,
Series 2003-KEY1, Class XC IO#‡
  (AAA , Aaa)   11/12/35     0.157       373,282    
  1,150     Merrill Lynch Mortgage Trust, Series 2006-C1,
Class AM#
  (AAA , Aaa)   05/12/39     5.844       1,132,914    
  1,019     Residential Accredit Loans, Inc., Series 2004-QA4,
Class NB21#
  (AAA , Aaa)   09/25/34     5.378       1,008,473    
  1,112     Residential Accredit Loans, Inc., Series 2006-QA1,
Class A21#
  (AAA , Aaa)   01/25/36     6.008       1,109,624    
  650     Residential Accredit Loans, Inc., Series 2006-QO6,
Class M9#
  (BBB , Baa3)   06/25/46     7.100       641,283    
  385     Residential Asset Mortgage Products, Inc.,
Series 2004-RS3, Class M4
  (BBB , Baa2)   03/25/34     5.631       371,926    
  1,525     Residential Funding Mortgage Securities I,
Series 2006-SA1, Class 1A1#
  (AAA , Aaa)   02/25/36     5.685       1,512,999    
  TOTAL MORTGAGE BACKED SECURITIES (Cost $69,940,849)                           68,952,235    

 

See Accompanying Notes to Financial Statements.

19



Credit Suisse Institutional Fixed Income Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
FOREIGN BONDS (1.9%)      
Commercial Services (0.3%)      
$ 295     Ashtead Holdings PLC, Rule 144A, Secured Notes
(Callable 08/01/10 @ $104.31) (United Kingdom)‡
  (B , B2)   08/01/15     8.625     $ 299,425    
Electric (0.2%)      
  240     Compania Nacional de Transmision Electrica SA,
Global Senior Notes (Chile)
  (A- , Baa1)   04/15/11     7.875       253,024    
Insurance (0.2%)      
  200     Everest Reinsurance Holdings, Notes (Bermuda)   (A- , A3)   10/15/14     5.400       187,410    
Miscellaneous Manufacturing (0.5%)      
  555     Tyco International Group SA, Yankee
Company Guaranteed Notes (Luxembourg)
  (BBB+ , Baa3)   10/15/11     6.375       566,939    
Oil & Gas (0.4%)      
  115     Canadian Natural Resources, Ltd., Yankee Notes
(Canada)
  (BBB+ , Baa1)   07/15/11     6.700       119,125    
  320     Petroliam Nasional Berhad, Rule 144A, Bonds
(Malaysia)‡
  (A- , A1)   08/15/15     7.750       358,137    
                      477,262    
Pipelines (0.1%)      
  180     Trans-Canada Pipelines, Ltd., Yankee Bonds
(Canada)
  (A- , A2)   01/15/15     4.875       167,957    
Telecommunications (0.2%)      
  250     Intelsat, Ltd., Global Senior Notes (Bermuda)   (B , Caa2)   11/01/08     5.250       236,250    
  TOTAL FOREIGN BONDS (Cost $2,278,348)                           2,188,267    
UNITED STATES TREASURY OBLIGATIONS (3.2%)      
  905     United States Treasury Bonds   (AAA , Aaa)   05/31/11     4.875       896,092    
  285     United States Treasury Bonds   (AAA , Aaa)   05/15/16     5.125       284,756    
  1,605     United States Treasury Bonds§   (AAA , Aaa)   02/15/36     4.500       1,439,611    
  1,025     United States Treasury Notes§   (AAA , Aaa)   11/15/08     4.375       1,007,784    
  TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $3,808,562)                           3,628,243    
Number of
Shares
           
COMMON STOCK (0.0%)      
Telecommunications (0.0%)      
  1,585     XO Holdings, Inc.*§ (Cost $0)               6,974    
WARRANTS (0.0%)      
Building Materials (0.0%)      
  240     Dayton Superior Corp., Rule 144A, strike price
$0.01, expires 06/15/09*‡
              3    

 

See Accompanying Notes to Financial Statements.

20



Credit Suisse Institutional Fixed Income Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Number of
Shares
 
 
 
Maturity
 
Rate%
  Value  
WARRANTS      
Telecommunications (0.0%)      
$ 130     GT Group Telecom, Inc., Rule 144A, strike price $0.00, expires 02/01/10*‡^             $ 0    
  3,171     XO Holdings, Inc., Series A, strike price $6.25, expires 01/16/10*               2,727    
  2,378     XO Holdings, Inc., Series B, strike price $7.50, expires 01/16/10*               1,070    
  2,378     XO Holdings, Inc., Series C, strike price $10.00, expires 01/16/10*               856    
                      4,653    
  TOTAL WARRANTS (Cost $11,300)                           4,656    
SHORT-TERM INVESTMENTS (13.9%)      
  9,528,724     State Street Navigator Prime Portfolio§§               9,528,724    
Par
(000)
 
 
 
 
 
 
$ 2,270     Freddie Mac Discount Notes§       07/12/06     5.117       2,266,490    
  3,730     State Street Bank and Trust Co. Euro Time Deposit‡‡     07/03/06     4.100       3,730,000    
  170     United States Treasury Bills     08/10/06     4.710       169,134    
  TOTAL SHORT-TERM INVESTMENTS (Cost $15,694,348)                           15,694,348    
  TOTAL INVESTMENTS AT VALUE (115.1%) (Cost $132,695,279)                           130,455,222    
LIABILITIES IN EXCESS OF OTHER ASSETS (-15.1%)               (17,121,328)  
  NET ASSETS (100.0%)                         $ 113,333,894    

 

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.

‡  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2006, these securities amounted to a value of $7,664,122 or 6.8% of net assets.

‡‡  Collateral segregated for futures contracts.

*  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 June 30, 2006.

§  Security or portion thereof is out on loan.

§§  Represents security purchased with cash collateral received for securities on loan.

^^  Collateral segregated for TBA securities.

(1)  Par value of security held is less than 1,000.

See Accompanying Notes to Financial Statements.

21



Credit Suisse Global High Yield Fund

Schedule of Investments

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS (82.2%)      
Aerospace & Defense (1.7%)      
$ 75     DRS Technologies, Inc., Company Guaranteed
Notes (Callable 02/01/11 @ $103.81)
  (B , B3)   02/01/18     7.625     $ 75,000    
  75     DRS Technologies, Inc., Global Senior
Subordinated Notes (Callable 11/01/08 @
$103.44)
  (B , B3)   11/01/13     6.875       72,563    
  125     K&F Acquisition, Inc., Global Company
Guaranteed Notes (Callable 11/15/09 @
$103.88
  (B- , Caa1)   11/15/14     7.750       123,750    
  50     L-3 Communications Corp., Global Company
Guaranteed Notes (Callable 07/15/08 @
$103.06)
  (BB+ , Ba3)   07/15/13     6.125       47,875    
  125     L-3 Communications Corp., Global Senior
Subordinated Notes (Callable 01/15/10 @
$102.94)
  (BB+ , Ba3)   01/15/15     5.875       117,187    
  125     TransDigm, Inc., Rule 144A, Senior Subordinated
Notes (Callable 07/15/09 @ $105.81)‡
  (B- , B3)   07/15/14     7.750       125,000    
                      561,375    
Agriculture (0.6%)      
  200     Southern States Cooperative, Inc., Rule 144A,
Senior Notes (Callable 11/01/07 @ $108.00)‡
  (B , B3)   11/01/10     10.500       210,000    
Auto Loans (3.7%)      
  85     Ford Motor Credit Co., Global Notes   (B+ , Ba3)   10/01/13     7.000       73,253    
  600     Ford Motor Credit Co., Notes   (B+ , Ba3)   06/16/08     6.625       571,330    
  425     General Motors Acceptance Corp., Global Notes§   (BB , Ba1)   05/15/09     5.625       404,503    
  175     General Motors Acceptance Corp., Global Notes§   (BB , Ba1)   12/01/14     6.750       162,797    
                      1,211,883    
Automobile Parts & Equipment (2.0%)      
  75     Altra Industrial Motion, Inc., Global Secured Notes
(Callable 12/01/08 @ $104.50)#
  (CCC+ , B3)   12/01/11     9.000       75,750    
  50     ArvinMeritor, Inc., Notes§   (BB- , Ba3)   03/01/12     8.750       49,000    
  55     Cooper-Standard Automotive, Inc., Global
Company Guaranteed Notes (Callable 12/15/09
@ $104.19)§
  (B- , Caa1)   12/15/14     8.375       43,656    
  65     Cummins, Inc., Global Senior Notes (Callable
12/01/06 @ $104.75)#
  (BBB- , Baa3)   12/01/10     9.500       68,798    
  150     Goodyear Tire & Rubber Co., Global Senior Notes
(Callable 07/01/10 @ $104.50)§
  (B- , B3)   07/01/15     9.000       144,000    
  50     Insurance Auto Auctions, Inc., Global Company
Guaranteed Notes (Callable 04/01/09 @
$105.50)
  (CCC+ , Caa1)   04/01/13     11.000       49,500    
  4     Meritor Automotive, Inc., Notes   (BB- , Ba3)   02/15/09     6.800       3,880    
  100     Stanadyne Corp., Global Senior Subordinated
Notes (Callable 08/15/09 @ $105.00)
  (CCC+ , Caa1)   08/15/14     10.000       94,000    

 

See Accompanying Notes to Financial Statements.

22



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Automobile Parts & Equipment      
$ 65     TRW Automotive, Inc., Global Senior Subordinated
Notes (Callable 02/15/08 @ $105.50)
  (BB- , B1)   02/15/13     11.000     $ 71,337    
  50     Visteon Corp., Global Senior Notes§   (B- , B3)   08/01/10     8.250       47,000    
                      646,921    
Automotive (0.4%)      
  45     General Motors Corp., Global Debentures§   (B- , Caa1)   07/15/33     8.375       36,450    
  100     General Motors Corp., Global Senior Notes§   (B- , Caa1)   07/15/13     7.125       82,750    
                      119,200    
Brokerage (0.2%)      
  75     E*TRADE Financial Corp., Senior Unsecured Notes
(Callable 12/01/10 @ $103.94)
  (B+ , Ba2)   12/01/15     7.875       77,250    
Building & Construction (1.6%)      
  50     Ashton Woods USA/Finance, Global Senior
Subordinated Notes (Callable 10/01/10 @
$104.75)
  (B- , B3)   10/01/15     9.500       44,500    
  75     Beazer Homes USA, Inc., Global Company
Guaranteed Notes (Callable 04/15/07 @
$104.19)
  (BB , Ba1)   04/15/12     8.375       75,375    
  100     K Hovnanian Enterprises, Inc., Global Company
Guaranteed Notes
  (BB , Ba1)   01/15/16     6.250       87,250    
  25     KB Home, Senior Notes   (BB+ , Ba1)   06/15/15     6.250       22,353    
  50     KB Home, Senior Subordinated Notes   (BB- , Ba2)   12/15/08     8.625       52,063    
  75     Standard Pacific Corp., Global Senior Notes§   (BB , Ba2)   08/15/15     7.000       66,938    
  50     Technical Olympic USA, Inc., Rule 144A, Senior
Notes‡
  (B+ , Ba3)   04/01/11     8.250       46,875    
  50     WCI Communities, Inc., Global Company
Guaranteed Notes (Callable 05/01/07 @
$104.56
  (B+ , Ba3)   05/01/12     9.125       47,125    
  75     William Lyon Homes, Inc., Global Senior Notes
(Callable 12/15/08 @ $103.81)
  (B , B2)   12/15/12     7.625       62,625    
                      505,104    
Building Materials (1.4%)      
  200     Coleman Cable, Inc., Global Company Guaranteed
Notes (Callable 10/01/08 @ $104.94)
  (B- , B3)   10/01/12     9.875       186,000    
  50     Goodman Global Holding Company, Inc., Global
Senior Subordinated Notes (Callable 12/15/08
@ 103.94)§
  (B- , B3)   12/15/12     7.875       48,000    
  75     Norcraft Companies LP, Global Senior
Subordinated Notes (Callable 11/01/07 @
$104.50)
  (B- , B3)   11/01/11     9.000       76,687    
  75     Nortek, Inc., Global Senior Subordinated Notes
(Callable 09/01/09 @ $104.25)
  (CCC+ , Caa1)   09/01/14     8.500       72,938    

 

See Accompanying Notes to Financial Statements.

23



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Building Materials      
$ 75     Ply Gem Industries, Inc., Global Senior
Subordinated Notes (Callable 02/15/08 @
$104.50
  (B- , B3)   02/15/12     9.000     $ 68,625    
                      452,250    
Chemicals (3.3%)      
  50     Chemtura Corp., Company Guaranteed Notes   (BB+ , Ba1)   06/01/16     6.875       48,563    
  105     Crystal US Holdings, Global Senior Discount Notes
(Callable 10/01/09 @ $105.25)+
  (B , Caa2)   10/01/14     0.000       82,687    
  100     Equistar Chemicals LP/ Equistar Funding Corp.,
Global Company Guaranteed Notes
  (BB- , B1)   09/01/08     10.125       105,750    
  66     Huntsman LLC, Global Company Guaranteed Notes
(Callable 07/15/08 @ $105.75)#
  (B , B2)   07/15/12     11.500       74,085    
  100     IMC Global, Inc., Series B, Global Company
Guaranteed Notes (Callable 06/01/07 @ $103.75)
  (BB , Ba3)   06/01/11     11.250       106,000    
  150     KI Holdings, Inc., Global Senior Discount Notes
(Callable 11/15/09 @ $104.94)+
  (B- , Caa1)   11/15/14     9.875       108,000    
  200     Lyondell Chemical Co., Global Company
Guaranteed Notes (Callable 06/01/08 @
$105.25)
  (BB- , Ba3)   06/01/13     10.500       221,000    
  75     Nalco Co., Global Senior Notes (Callable
11/15/07 @ $103.88)
  (B- , B2)   11/15/11     7.750       75,187    
  50     Nalco Finance Holdings, Inc., Global Senior Notes
(Callable 02/01/09 @ $104.50)+
  (B- , Caa2)   02/01/14     0.000       37,750    
  50     PolyOne Corp., Global Company Guaranteed Notes
(Callable 05/15/07 @ $105.31)§
  (B+ , B3)   05/15/10     10.625       54,000    
  100     PolyOne Corp., Senior Notes   (B+ , B3)   05/01/12     8.875       100,875    
  65     Terra Capital, Inc., Global Secured Notes
(Callable 06/01/07 @ $105.75)
  (B- , B2)   06/01/10     11.500       71,175    
                      1,085,072    
Computer Hardware (0.1%)      
  35     Activant Solutions, Inc. Rule 144A, Senior
Subordinated Notes (Callable 05/01/11 @
$104.75)‡
  (CCC+ , Caa1)   05/01/16     9.500       34,038    
Consumer Products (2.0%)      
  125     AAC Group Holding Corp., Global Senior Discount
Notes (Callable 10/01/08 @ $105.13)+
  (CCC+ , Caa1)   10/01/12     0.000       98,125    
  25     American Greetings Corp., Senior Unsecured
Notes (Callable 06/01/11 @ $103.69)
  (BB+ , Ba2)   06/01/16     7.375       25,250    
  75     Amscan Holdings, Inc., Global Senior
Subordinated Notes (Callable 05/01/09 @
$104.38)
  (CCC+ , Caa1)   05/01/14     8.750       66,000    
  100     Jarden Corp., Global Company Guaranteed Notes
(Callable 05/01/07 @ $104.88)§
  (B- , B3)   05/01/12     9.750       102,500    

 

See Accompanying Notes to Financial Statements.

24



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Consumer Products      
$ 65     Playtex Products, Inc., Global Company
Guaranteed Notes (Callable 09/07/06 @
$104.69
  (CCC+ , Caa1)   06/01/11     9.375     $ 68,006    
  100     Prestige Brands, Inc., Global Senior Subordinated
Notes (Callable 04/15/08 @ $104.63)§
  (B- , B3)   04/15/12     9.250       98,500    
  50     Samsonite Corp., Global Senior Subordinated Notes
(Callable 06/01/08 @ $104.44)
  (B , B3)   06/01/11     8.875       52,125    
  150     True Temper Sports, Inc., Global Company
Guaranteed Notes (Callable 03/15/08 @
$104.19)
  (CCC+ , Caa1)   09/15/11     8.375       137,250    
                      647,756    
Diversified Capital Goods (0.7%)      
  50     Blount, Inc., Senior Subordinated Notes (Callable
08/01/08 @ $104.44)
  (B , B2)   08/01/12     8.875       50,000    
  75     Sensus Metering Systems, Global Senior
Subordinated Notes (Callable 12/15/08 @
$104.31)
  (B- , Caa1)   12/15/13     8.625       73,500    
  100     TriMas Corp., Global Company Guaranteed Notes
(Callable 06/15/07 @ $104.94)
  (CCC+ , Caa1)   06/15/12     9.875       92,000    
                      215,500    
Electric — Generation (2.1%)      
  150     AES Corp., Senior Notes   (B , B1)   03/01/14     7.750       151,500    
  100     Dynegy Holdings, Inc., Senior Notes   (B- , B2)   04/01/11     6.875       95,000    
  100     Edison Mission Energy, Senior Notes   (B+ , B1)   06/15/09     7.730       101,500    
  75     NRG Energy, Inc., Senior Notes (Callable
02/01/09 @ $107.25)
  (B- , B1)   02/01/14     7.250       73,312    
  100     NRG Energy, Inc., Senior Notes (Callable
02/01/11 @ $103.69)
  (B- , B1)   02/01/16     7.375       97,750    
  150     Reliant Resources, Inc., Global Secured Notes
(Callable 07/15/08 @ $104.75)
  (B , B2)   07/15/13     9.500       151,500    
                      670,562    
Electric — Integrated (0.9%)      
  50     Allegheny Energy Supply Company LLC, Global
Notes
  (BB- , Ba3)   03/15/11     7.800       52,125    
  100     CMS Energy Corp., Senior Notes§   (B+ , B1)   01/15/09     7.500       101,750    
  100     Mirant North America LLC, Rule 144A, Senior Notes
(Callable 12/31/09 @ $103.69)‡
  (B- , B1)   12/31/13     7.375       97,000    
  25     Sierra Pacific Resources, Global Senior Notes
(Callable 03/15/09 @ $104.31)§
  (B- , B1)   03/15/14     8.625       26,609    
                      277,484    

 

See Accompanying Notes to Financial Statements.

25



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Electronics (1.7%)      
$ 125     Amkor Technology, Inc., Global Senior Notes
(Callable 05/15/08 @ $103.88)§
  (CCC+ , Caa1)   05/15/13     7.750     $ 113,594    
  50     Amkor Technology, Inc., Senior Unsecured Notes
(Callable 06/01/11 @ $104.63)
  (CCC+ , Caa1)   06/01/16     9.250       47,625    
  33     Ampex Corp., Secured Notes^   (NR , NR)   08/15/08     12.000       33,493    
  75     Magnachip Semiconductor, Global Senior
Subordinated Notes (Callable 12/15/09 @
$104.00
  (B- , B2)   12/15/14     8.000       62,625    
  100     Sanmina-SCI Corp., Senior Subordinated Notes
(Callable 03/01/11 @ $104.06)
  (B , B1)   03/01/16     8.125       98,000    
  100     Spansion, Inc., Rule 144A, Senior Notes (Callable
01/15/11 @ $105.63)‡
  (B , Caa1)   01/15/16     11.250       101,250    
  100     UCAR Finance, Inc., Global Company Guaranteed
Notes (Callable 02/15/07 @ $105.13)§
  (B- , B2)   02/15/12     10.250       106,000    
                      562,587    
Energy — Exploration & Production (2.4%)      
  226     Chesapeake Energy Corp., Senior Notes (Callable
01/15/09 @ $103.44)
  (BB , Ba2)   01/15/16     6.875       214,700    
  250     El Paso Production Holding Co., Global Company
Guaranteed Notes (Callable 06/01/08 @ $103.88)
  (B+ , B1)   06/01/13     7.750       253,125    
  65     Magnum Hunter Resources, Inc., Global
Company Guaranteed Notes (Callable 03/15/07
@ $104.80)
  (BB- , Ba3)   03/15/12     9.600       68,900    
  100     Plains Exploration & Production Company LP,
Global Senior Subordinated Notes (Callable
07/01/07 @ $104.38)
  (B+ , Ba3)   07/01/12     8.750       105,250    
  50     Range Resources Corp., Global Company
Guaranteed Notes (Callable 03/15/10 @
$103.19)
  (B , B2)   03/15/15     6.375       46,375    
  100     Swift Energy Co., Senior Notes (Callable 07/15/08
@ $103.81)
  (BB- , B1)   07/15/11     7.625       100,000    
                      788,350    
Environmental (1.6%)      
  100     Aleris International, Inc., Global Company
Guaranteed Notes (Callable 11/15/09 @
$104.50
  (B , B3)   11/15/14     9.000       102,250    
  350     Allied Waste North America, Inc., Series B, Global
Senior Notes (Callable 04/15/09 @ $103.69)§
  (B+ , Caa1)   04/15/14     7.375       334,250    
  75     Waste Services, Inc., Global Senior Subordinated
Notes (Callable 04/15/09 @ $104.75)§
  (CCC , Caa2)   04/15/14     9.500       76,125    
                      512,625    
Food & Drug Retailers (0.8%)      
  75     Delhaize America, Inc., Global Company
Guaranteed Notes
  (BB+ , Ba1)   04/15/11     8.125       79,251    

 

See Accompanying Notes to Financial Statements.

26



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Food & Drug Retailers      
$ 75     Rite Aid Corp., Global Secured Notes (Callable
05/01/07 @ $104.06)
  (B+ , B2)   05/01/10     8.125     $ 75,750    
  100     Stater Brothers Holdings, Inc., Global Senior Notes
(Callable 06/15/08 @ $104.06)§
  (B+ , B1)   06/15/12     8.125       99,250    
                      254,251    
Food — Wholesale (0.7%)      
  25     Birds Eye Foods, Inc., Company Guaranteed Notes
(Callable 11/01/06 @ $100.00)
  (B- , B3)   11/01/08     11.875       25,594    
  75     Eagle Family Foods, Inc., Series B, Company
Guaranteed Notes (Callable 09/07/06 @
$100.00)
  (CCC , Caa2)   01/15/08     8.750       60,937    
  50     National Beef Packing Company LLC, Global
Senior Notes (Callable 08/01/07 @ $105.25)
  (B- , B3)   08/01/11     10.500       50,750    
  100     Pinnacle Foods Holding Corp., Global Senior
Subordinated Notes (Callable 12/01/08 @
$104.13
  (B- , B3)   12/01/13     8.250       98,750    
                      236,031    
Forestry/Paper (1.6%)      
  75     Boise Cascade LLC, Global Company Guaranteed
Notes (Callable 10/15/09 @ $103.56)
  (B+ , B2)   10/15/14     7.125       66,750    
  100     Cellu Tissue Holdings, Global Secured Notes
(Callable 03/15/07 @ $107.31)
  (B , B2)   03/15/10     9.750       98,000    
  70     Georgia-Pacific Corp., Notes   (B , B2)   05/15/31     8.875       70,000    
  100     Graphic Packaging International Corp., Global
Senior Subordinated Notes (Callable 08/15/08
@ 104.75)§
  (B- , B3)   08/15/13     9.500       99,500    
  50     NewPage Corp., Global Secured Notes (Callable
05/01/09 @ $106.00)§
  (CCC+ , B3)   05/01/12     10.000       52,000    
  125     Smurfit-Stone Container, Global Senior Notes
(Callable 07/01/07 @ $104.19)
  (CCC+ , B2)   07/01/12     8.375       118,750    
                      505,000    
Gaming (4.2%)      
  100     CCM Merger, Inc., Rule 144A, Notes (Callable
08/01/09 @ $104.00)‡§
  (CCC+ , B3)   08/01/13     8.000       95,000    
  100     Choctaw Resort Development Enterprise,
Rule 144A, Senior Notes (Callable 11/15/11
@ $103.63)‡
  (BB- , B1)   11/15/19     7.250       98,500    
  25     Circus & Eldorado, Global First Mortgage Notes
(Callable 03/01/07 @ $105.06)
  (B , B2)   03/01/12     10.125       26,531    
  50     Hard Rock Hotel, Inc., Global Notes (Callable
06/01/08 @ $104.44)
  (B , B3)   06/01/13     8.875       53,938    
  100     Herbst Gaming, Inc., Global Senior Subordinated
Notes (Callable 06/01/08 @ $104.06)
  (B- , B3)   06/01/12     8.125       101,250    

 

See Accompanying Notes to Financial Statements.

27



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Gaming      
$ 100     Inn of the Mountain Gods, Global Senior Notes
(Callable 11/15/07 @ $106.00)‡
  (B , B3)   11/15/10     12.000     $ 106,750    
  75     Jacobs Entertainment, Inc., Rule 144A, Senior
Notes (Callable 06/15/10 @ $104.88)‡
  (B- , B3)   06/15/14     9.750       75,750    
  75     Majestic Star Casino LLC, Company Guaranteed
Notes (Callable 10/15/07 @ $104.75)
  (BB- , B2)   10/15/10     9.500       78,937    
  50     Majestic Star Casino LLC, Rule 144A, Secured Notes
(Callable 10/15/08 @ $104.88)‡
  (B- , B3)   01/15/11     9.750       50,375    
  50     MGM Mirage, Company Guaranteed Notes   (BB , Ba2)   09/15/10     8.500       52,188    
  100     MGM Mirage, Company Guaranteed Notes§   (B+ , Ba3)   02/01/11     8.375       103,000    
  225     MGM Mirage, Global Senior Notes   (BB , Ba2)   09/01/12     6.750       217,687    
  100     Seneca Gaming Corp., Global Senior Notes
(Callable 05/01/08 @ $103.63)
  (BB , B1)   05/01/12     7.250       97,375    
  25     Trump Entertainment Resorts, Inc., Secured Notes
(Callable 06/01/10 @ $104.25)§
  (B- , Caa1)   06/01/15     8.500       24,156    
  94     Waterford Gaming LLC, Rule 144A, Senior Notes
(Callable 09/15/08 @ $103.55)‡
  (BB- , B1)   09/15/12     8.625       99,640    
  100     Wynn Las Vegas LLC, Global Notes (Callable
12/01/09 @ $103.31)
  (B+ , B2)   12/01/14     6.625       94,750    
                      1,375,827    
Gas Distribution (6.7%)      
  100     Amerigas Partners/Eagle Finance Corp., Senior
Notes (Callable 05/20/11 @ $103.56)
  (BB- , B1)   05/20/16     7.125       94,250    
  300     El Paso Corp., Senior Notes   (B , B2)   05/15/11     7.000       297,375    
  75     Inergy LP/Inergy Finance Corp., Global Company
Guaranteed Notes (Callable 03/01/11 @
$104.13)
  (B , B1)   03/01/16     8.250       76,125    
  1,070     MarkWest Energy Partners LP, Rule 144A, Senior
Notes (Callable 07/15/11 @ $104.25)‡
  (B , B2)   07/15/16     8.500       1,052,345    
  250     Sonat, Inc., Notes   (B , B2)   07/15/11     7.625       253,750    
  275     Williams Companies, Inc., Global Senior
Unsecured Notes
  (BB- , Ba2)   03/15/12     8.125       286,687    
  100     Williams Companies, Inc., Rule 144A, Notes#‡   (BB- , Ba2)   10/01/10     6.990       101,750    
                      2,162,282    
Health Services (7.3%)      
  100     Alderwoods Group, Inc., Global Company
Guaranteed Notes (Callable 09/15/08 @ $103.88)
  (B+ , B2)   09/15/12     7.750       106,000    
  75     DaVita, Inc., Global Company Guaranteed Notes
(Callable 03/15/10 @ $103.63)
  (B , B3)   03/15/15     7.250       72,375    
  75     Extendicare Health Services, Inc., Global Senior
Subordinated Notes (Callable 05/01/09 @
$103.44)
  (B , B2)   05/01/14     6.875       78,750    
  70     Fisher Scientific International, Inc., Global Senior
Subordinated Notes (Callable 08/15/09 @
$103.38)
  (BB+ , Ba2)   08/15/14     6.750       70,087    

 

See Accompanying Notes to Financial Statements.

28



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Health Services      
$ 100     Genesis Healthcare Corp., Senior Subordinated Notes
(Callable 10/15/08 @ $104.00)
  (B , B2)   10/15/13     8.000     $ 105,125    
  100     HCA, Inc., Global Bonds   (BB+ , Ba2)   02/15/16     6.500       92,963    
  400     HCA, Inc., Notes   (BB+ , Ba2)   10/01/12     6.300       378,208    
  100     Healthsouth Corp., Rule 144A, Senior Notes
(Callable 06/15/2011 @ $105.38)‡
  (CCC+ , B3)   06/15/16     10.750       98,500    
  75     Iasis Healthcare/Capital Corp., Global Senior
Subordinated Notes (Callable 06/15/09 @
$104.38)
  (B- , B3)   06/15/14     8.750       73,875    
  75     OMEGA Healthcare Investors, Inc., Global
Company Guaranteed Notes (Callable 01/15/11
@ $103.50)
  (BB , Ba3)   01/15/16     7.000       71,812    
  100     Senior Housing Properties Trust, Senior Notes   (BB+ , Ba2)   01/15/12     8.625       106,250    
  75     Stewart Enterprises, Inc. Global Senior Notes
(Callable 02/15/09 @ $103.13)
  (B+ , B1)   02/15/13     6.250       68,719    
  325     Tenet Healthcare Corp., Global Senior Notes   (B , B3)   07/01/14     9.875       326,625    
  100     Triad Hospitals, Inc., Senior Subordinated Notes
(Callable 11/15/08 @ $103.50)
  (B+ , B3)   11/15/13     7.000       97,750    
  75     Triad Hospitals, Inc., Senior Notes (Callable
05/15/08 @ $103.50)
  (BB- , B2)   05/15/12     7.000       75,000    
  100     Universal Hospital Services, Inc., Global Senior Notes
(Callable 11/01/07 @ $105.06)
  (B- , B3)   11/01/11     10.125       104,500    
  175     Vanguard Health Holding Co., Global Senior
Subordinated Notes (Callable 10/01/09 @
$104.50)
  (CCC+ , Caa1)   10/01/14     9.000       175,437    
  150     Ventas Realty LP, Global Company Guaranteed
Notes
  (BB , Ba2)   05/01/12     9.000       165,000    
  50     Ventas Realty LP, Global Senior Notes (Callable
06/01/11 @ $103.25)
  (BB+ , Ba2)   06/01/16     6.500       48,188    
  75     VWR International, Inc., Global Senior
Subordinated Notes (Callable 04/15/09 @
$104.00
  (B- , Caa1)   04/15/14     8.000       73,219    
                      2,388,383    
Hotels (0.9%)      
  50     Felcor Lodging LP, Global Company Guaranteed
Notes#
  (B , Ba3)   06/01/11     9.000       53,250    
  250     Host Marriott LP, Rule 144A, Senior Notes
(Callable 06/01/11 @ $103.38)‡
  (BB , Ba2)   06/01/16     6.750       239,687    
                      292,937    
Household & Leisure Products (0.4%)      
  75     Sealy Mattress Co., Global Senior Subordinated
Notes (Callable 06/15/09 @ $104.13)§
  (B , B2)   06/15/14     8.250       75,375    

 

See Accompanying Notes to Financial Statements.

29



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Household & Leisure Products      
$ 75     Simmons Bedding Co., Global Senior
Subordinated Notes (Callable 01/15/09 @
$103.94
  (B- , Caa1)   01/15/14     7.875     $ 70,500    
                      145,875    
Leisure (0.7%)      
  75     Bally Total Fitness Holding Corp., Global Senior
Notes (Callable 07/15/07 @ $105.25)§
  (CCC- , Caa1)   07/15/11     10.500       78,656    
  150     Six Flags, Inc., Global Senior Notes (Callable
06/01/09 @ $104.81)§
  (CCC , Caa1)   06/01/14     9.625       137,250    
                      215,906    
Machinery (0.4%)      
  125     Case New Holland, Inc., Global Company
Guaranteed Notes (Callable 08/01/07 @
$104.62)
  (BB- , Ba3)   08/01/11     9.250       132,188    
Media — Broadcast (1.7%)      
  100     Allbritton Communications Co., Global Senior
Subordinated Notes (Callable 12/15/07 @
$103.88)
  (B- , B3)   12/15/12     7.750       99,500    
  100     Fisher Communications, Inc., Global Senior Notes
(Callable 09/15/09 @ $104.31)
  (B- , B2)   09/15/14     8.625       104,000    
  100     ION Media Networks, Inc., Rule 144A, Secured Notes
(Callable 01/15/08 @ $102.00)‡#
  (CCC- , B3)   01/15/13     11.318       100,750    
  75     Nexstar Finance, Inc., Global Senior Subordinated
Notes (Callable 01/15/09 @ $103.50)§
  (CCC+ , B3)   01/15/14     7.000       68,625    
  50     Salem Communications Holding Corp., Series B,
Global Company Guaranteed Notes (Callable
07/01/06 @ $104.50)
  (B- , B2)   07/01/11     9.000       52,375    
  75     Sinclair Broadcast Group, Inc., Global Company
Guaranteed Notes (Callable 03/15/07 @
$104.00)
  (B , B2)   03/15/12     8.000       76,500    
  75     Young Broadcasting, Inc., Global Company
Guaranteed Notes (Callable 03/01/07 @
$103.33
  (CCC- , Caa2)   03/01/11     10.000       67,125    
                      568,875    
Media — Cable (5.0%)      
  78     CCH I LLC, Global Secured Notes (Callable
10/01/10 @ $105.50)
  (CCC- , Caa3)   10/01/15     11.000       68,640    
  200     CCO Holdings LLC, Global Senior Notes (Callable
11/15/08 @ $104.38)§
  (CCC- , B3)   11/15/13     8.750       196,000    
  175     Charter Communications Holdings LLC, Senior
Notes (Callable 04/01/07 @ $100.00)§
  (CCC- , Ca)   04/01/09     8.625       135,625    
  250     Charter Communications Holdings LLC, Senior
Notes (Callable 09/15/08 @ $105.12)
  (CCC- , Caa1)   09/15/10     10.250       251,875    
  175     CSC Holdings, Inc., Rule 144A, Senior Notes‡#   (B+ , B2)   04/15/12     7.250       169,750    

 

See Accompanying Notes to Financial Statements.

30



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Media — Cable      
$ 210     CSC Holdings, Inc., Series B, Senior Notes   (B+ , B2)   04/01/11     7.625     $ 211,050    
  250     EchoStar DBS Corp., Global Company
Guaranteed Notes
  (BB- , Ba3)   10/01/14     6.625       235,625    
  75     GCI, Inc., Global Senior Notes (Callable 02/15/09
@ $103.63)
  (B+ , B2)   02/15/14     7.250       72,750    
  100     Insight Midwest/Insight Capital Corp., Senior
Notes (Callable 10/01/06 @ $101.63)
  (B , B2)   10/01/09     9.750       102,250    
  100     Mediacom Broadband LLC/CRP, Global Senior
Notes (Callable 10/15/10 @ $104.25)
  (B , B2)   10/15/15     8.500       96,500    
  75     Mediacom LLC Capital Corp., Senior Notes
(Callable 02/15/07 @ $101.97)
  (B , B3)   02/15/11     7.875       71,625    
                      1,611,690    
Media — Services (0.2%)      
  100     WMG Holdings Corp., Global Senior Discount Notes
(Callable 12/15/09 @ $104.75)+
  (B- , B3)   12/15/14     0.000       72,500    
Metal & Mining — Excluding Steel (0.4%)      
  125     Southern Copper Corp., Global Senior Notes   (BBB- , Baa2)   07/27/15     6.375       120,128    
Non-Food & Drug Retailers (3.1%)      
  100     Affinity Group, Inc., Global Senior Subordinated
Notes (Callable 02/15/08 @ $104.50)
  (CCC+ , B3)   02/15/12     9.000       100,000    
  75     Asbury Automotive Group, Inc., Global Company
Guaranteed Notes (Callable 06/15/07 @
$104.50)
  (B , B3)   06/15/12     9.000       74,625    
  70     Brookstone Company, Inc., Rule 144A, Secured
Notes (Callable 10/15/09 @ $106.00)‡§
  (B , B3)   10/15/12     12.000       61,950    
  75     CSK Auto, Inc., Global Company Guaranteed Notes
(Callable 01/15/09 @ $103.50)
  (B- , B3)   01/15/14     7.000       75,094    
  100     Finlay Fine Jewelry Corp., Global Senior Notes
(Callable 06/01/08 @ $104.19)§
  (B- , B3)   06/01/12     8.375       87,500    
  370     Flooring America, Inc., Series B, Company
Guaranteed Notes (Callable 09/07/06 @
$100.00)ø^
  (NR , NR)   10/15/07     9.250       0    
  50     General Nutrition Center, Global Senior
Subordinated Notes (Callable 12/01/07 @
$104.25)
  (CCC+ , Caa1)   12/01/10     8.500       48,625    
  100     GSC Holdings Corp., Global Company Guaranteed
Notes (Callable 10/01/09 @ $104.00)§
  (B+ , Ba3)   10/01/12     8.000       100,500    
  200     National Wine & Spirits, Inc., Company
Guaranteed Notes (Callable 01/15/07 @
$100.00)
  (CCC+ , B3)   01/15/09     10.125       201,000    
  100     Neiman Marcus Group, Inc., Rule 144A, Senior
Subordinated Notes (Callable 10/15/10 @
$105.19)‡§
  (B- , B3)   10/15/15     10.375       106,750    
  75     Rent-Way, Inc., Global Secured Notes   (B- , B3)   06/15/10     11.875       77,531    

 

See Accompanying Notes to Financial Statements.

31



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Non-Food & Drug Retailers      
$ 75     Stripes Acquisition LLC, Rule 144A, Senior Notes
(Callable 12/15/09 @ $105.31)‡
  (B , B2)   12/15/13     10.625     $ 79,500    
                      1,013,075    
Office Equipment (0.6%)      
  200     Xerox Corp., Senior Notes (Callable 06/15/08 @
$103.81
  (BB+ , Ba2)   06/15/13     7.625       202,500    
Oil Field Equipment & Services (0.3%)      
  100     Pride International, Inc., Global Senior Notes
(Callable 07/15/09 @ $103.69)
  (BB- , Ba2)   07/15/14     7.375       101,000    
Oil Refining & Marketing (1.0%)      
  100     Frontier Oil Corp., Global Senior Notes (Callable
10/01/07 @ $103.31)
  (B+ , B1)   10/01/11     6.625       96,250    
  150     Giant Industries, Inc., Company Guaranteed Notes
(Callable 05/15/09 @ $104.00)§
  (B- , B3)   05/15/14     8.000       148,875    
  65     Giant Industries, Inc., Global Company
Guaranteed Notes (Callable 05/15/07 @ $105.50)
  (B- , B3)   05/15/12     11.000       70,850    
                      315,975    
Packaging (2.4%)      
  75     Ball Corp., Company Guaranteed Notes (Callable
03/15/11 @ $103.31)
  (BB , Ba2)   03/15/18     6.625       70,125    
  75     Berry Plastics Corp., Global Company Guaranteed
Notes (Callable 07/15/07 @ $105.38)
  (B- , B3)   07/15/12     10.750       81,563    
  100     Constar International, Inc., Senior Subordinated
Notes (Callable 12/01/07 @ $105.50)§
  (CCC , Caa3)   12/01/12     11.000       75,500    
  75     Covalence Specialty Materials Corp., Rule 144A,
Senior Subordinated Notes (Callable 03/01/11
@ $105.13)‡
  (CCC+ , B3)   03/01/16     10.250       72,375    
  70     Crown Americas, Rule 144A, Senior Notes
(Callable 11/15/10 @ $103.88)‡
  (B , B1)   11/15/15     7.750       69,300    
  150     Graham Packaging Company, Inc., Global
Subordinated Notes (Callable 10/15/09 @
$104.94
  (CCC+ , Caa2)   10/15/14     9.875       149,250    
  25     Intertape Polymer US, Inc., Global Senior
Subordinated Notes (Callable 08/01/09 @
$104.25)
  (B- , B3)   08/01/14     8.500       23,125    
  100     Owens-Brockway Glass Containers, Inc., Rule 144A,
Senior Notes (Callable 05/15/08 @ $104.13)‡
  (B , B2)   05/15/13     8.250       100,750    
  50     Plastipak Holdings, Inc., Rule 144A, Senior Notes
(Callable 12/15/10 @ $104.25)‡
  (B , B2)   12/15/15     8.500       50,250    
  0     Pliant Corp., Global Secured Notes (Callable
06/15/07 @ $111.62)ø1
  (NR , NR)   06/15/09     11.625       112    
  100     Solo Cup Co., Global Senior Subordinated Notes
(Callable 02/15/09 @ $104.25)§
  (B- , Caa1)   02/15/14     8.500       87,000    
                      779,350    

 

See Accompanying Notes to Financial Statements.

32



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Pharmaceuticals (0.2%)      
$ 75     Athena Neurosciences Finance LLC, Company
Guaranteed Notes§
  (B , B3)   02/21/08     7.250     $ 74,813    
Printing & Publishing (3.0%)      
  75     American Media Operations, Inc., Series B,
Global Company Guaranteed Notes (Callable
05/01/07 @ $100.00)
  (CCC , Caa1)   05/01/09     10.250       70,312    
  75     CBD Media Holdings/Finance, Global Senior Notes
(Callable 07/15/08 @ $104.63)
  (CCC+ , Caa2)   07/15/12     9.250       75,000    
  75     Cenveo Corp., Global Senior Subordinated Notes
(Callable 12/01/08 @ $103.94)
  (B- , B3)   12/01/13     7.875       73,500    
  200     Dex Media, Inc., Global Notes (Callable 11/15/08
@ $104.00)
  (B , B3)   11/15/13     8.000       202,000    
  75     Houghton Mifflin Co., Global Senior Discount Notes
(Callable 10/15/08 @ $105.75)+
  (CCC+ , Caa2)   10/15/13     0.000       62,250    
  100     Houghton Mifflin Co., Global Senior Subordinated
Notes (Callable 02/01/08 @ $104.94)§
  (CCC+ , Caa1)   02/01/13     9.875       104,250    
  500     Premier Graphics, Inc., Company Guaranteed
Notes^ø
  (NR , NR)   12/01/05     11.500       0    
  275     R.H. Donnelley Corp., Rule 144A, Senior
Discount Notes (Callable 01/15/09 @ $103.44)‡
  (B , Caa1)   01/15/13     6.875       254,375    
  50     R.H. Donnelley Corp., Rule 144A, Senior Notes
(Callable 01/15/11 @ $104.44)‡
  (B , Caa1)   01/15/16     8.875       50,688    
  75     Vertis, Inc., Series B, Global Company
Guaranteed Notes (Callable 06/15/07 @
$102.72
  (CCC , Caa2)   06/15/09     10.875       74,250    
                      966,625    
Restaurants (0.6%)      
  215     AmeriKing, Inc., Senior Notesø   (NR , NR)   11/15/07     10.750       0    
  29     AmeriKing, Inc., Senior Notesø   (NR , NR)   05/15/08     13.000       0    
  200     AmeriKing, Inc., Unitsø   (NR , NR)   05/15/08     13.000       0    
  50     Buffets, Inc., Global Senior Subordinated Notes
(Callable 07/15/06 @ $105.62)
  (CCC , B3)   07/15/10     11.250       51,937    
  50     Denny's Corp., Global Company Guaranteed Notes
(Callable 10/01/08 @ $105.00)§
  (CCC+ , Caa1)   10/01/12     10.000       50,000    
  100     Sbarro, Inc., Company Guaranteed Notes
(Callable 09/15/06 @ $101.83)§
  (CCC+ , Caa2)   09/15/09     11.000       102,375    
                      204,312    
Software/Services (1.1%)      
  75     SunGard Data Systems, Inc., Rule 144A, Senior
Subordinated Notes (Callable 08/15/10 @
$105.13)‡
  (B- , Caa1)   08/15/15     10.250       77,906    
  145     SunGard Data Systems, Inc., Rule 144A, Senior
Unsecured Notes (Callable 08/15/09 @
$104.56)‡
  (B- , B3)   08/15/13     9.125       151,163    

 

See Accompanying Notes to Financial Statements.

33



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Software/Services      
$ 140     UGS Capital Corp. II, Rule 144A, Senior Notes
(Callable 12/01/06 @ $100.00)‡#
  (B- , Caa1)   06/01/11     10.380     $ 139,300    
                      368,369    
Steel Producers/Products (1.0%)      
  100     AK Steel Corp., Global Company Guaranteed Notes
(Callable 06/15/07 @ $103.88)§
  (B+ , B1)   06/15/12     7.750       98,500    
  75     Edgen Acquisition Corp., Global Secured Notes
(Callable 02/01/08 @ $104.94)§
  (B- , B3)   02/01/11     9.875       73,500    
  75     International Steel Group, Inc., Global Senior
Notes
  (BBB- , Ba1)   04/15/14     6.500       71,250    
  75     Rathgibson, Inc., Rule 144A, Senior Notes
(Callable 02/15/10 @ $105.62)‡
  (B- , B2)   02/15/14     11.250       77,625    
                      320,875    
Support-Services (3.4%)      
  50     Avis Budget Car Rental, Rule 144A, Senior Notes
(Callable 05/15/08 @ $103.00)‡#
  (BB- , Ba3)   05/15/14     7.576       50,125    
  50     Avis Budget Car Rental, Rule 144A, Senior Notes
(Callable 05/15/10 @ $103.81)‡
  (BB- , Ba3)   05/15/14     7.625       48,750    
  75     Corrections Corp. of America, Company
Guaranteed Notes (Callable 01/31/10 @ 103.38)
  (BB- , Ba3)   01/31/14     6.750       72,375    
  50     Education Management LLC, Rule 144A, Senior
Notes (Callable 06/01/10 @ $104.38)‡
  (CCC+ , B3)   06/01/14     8.750       49,750    
  50     Education Management LLC, Rule 144A, Senior
Subordinated Notes (Callable 06/01/11 @
$105.13)‡
  (CCC+ , Caa1)   06/01/16     10.250       50,000    
  100     Hertz Corp., Rule 144A, Senior Notes (Callable
01/01/10 @ $104.44)‡
  (B , B1)   01/01/14     8.875       103,000    
  150     HydroChem Industrial Services, Inc., Rule 144A,
Senior Subordinated Notes (Callable 02/15/09
@ $104.63)‡
  (CCC+ , Caa1)   02/15/13     9.250       145,500    
  75     Iron Mountain, Inc., Company Guaranteed Notes
(Callable 07/01/08 @ $103.31)
  (B , Caa1)   01/01/16     6.625       67,875    
  100     Johnsondiversey Holdings, Inc., Global Discount
Notes (Callable 05/15/07 @ $105.34)+
  (CCC+ , Caa1)   05/15/13     0.000       85,500    
  100     Johnsondiversey, Inc., Series B, Global Company
Guaranteed Notes (Callable 05/15/07 @
$104.81
  (CCC+ , Caa1)   05/15/12     9.625       100,000    
  100     Rural/Metro Corp., Global Company Guaranteed
Notes (Callable 03/15/10 @ $104.94)
  (CCC+ , B3)   03/15/15     9.875       103,875    
  105     United Rentals North America, Inc., Global
Company Guaranteed Notes (Callable 02/15/08
@ $103.25)
  (B+ , B3)   02/15/12     6.500       99,750    

 

See Accompanying Notes to Financial Statements.

34



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Support-Services      
$ 50     United Rentals North America, Inc., Global Senior
Subordinated Notes (Callable 02/15/09 @
$103.50
  (B , Caa1)   02/15/14     7.000     $ 45,938    
  75     Williams Scotsman, Inc., Global Company
Guaranteed Notes (Callable 10/01/10 @
$104.25)
  (B+ , B3)   10/01/15     8.500       74,437    
                      1,096,875    
Telecom — Fixed Line (0.4%)      
  50     Level 3 Financing, Inc., Global Company
Guaranteed Notes (Callable 10/15/07 @
$105.38)
  (CCC- , B3)   10/15/11     10.750       51,625    
  75     Time Warner Telecom Holdings, Inc., Global
Company Guaranteed Notes (Callable 02/15/09
@ $104.62)
  (CCC+ , B3)   02/15/14     9.250       77,250    
                      128,875    
Telecom — Integrated/Services (4.1%)      
  125     Cincinnati Bell, Inc., Global Senior Subordinated
Notes (Callable 01/15/09 @ $104.19)§
  (B- , B3)   01/15/14     8.375       123,750    
  200     Citizens Communications Co., Senior Notes   (BB+ , Ba3)   01/15/13     6.250       190,000    
  75     Embarq Corp., Notes   (BBB- , Baa3)   06/01/16     7.082       74,719    
  25     Hawaiian Telcom Communications, Inc., Global
Company Guaranteed Notes (Callable 05/01/09
@ $104.88)§
  (CCC+ , B3)   05/01/13     9.750       25,563    
  50     Hawaiian Telcom Communications, Inc., Series B,
Global Company Guaranteed Notes (Callable
05/01/10 @ $106.25)§
  (CCC+ , Caa1)   05/01/15     12.500       52,625    
  75     Hughes Network Systems LLC, Rule 144A, Senior
Notes (Callable 04/15/10 @ $104.75)‡
  (B- , B1)   04/15/14     9.500       73,875    
  50     LCI International, Inc., Senior Notes   (NR , NR)   06/15/07     7.250       50,125    
  166     PanAmSat Corp., Global Company Guaranteed Notes
(Callable 08/15/09 @ $104.50)
  (B , B2)   08/15/14     9.000       169,320    
  150     Qwest Communications International, Inc., Global
Company Guaranteed Notes (Callable 02/15/08
@ $103.63)#
  (B , B2)   02/15/11     7.250       146,250    
  75     Qwest Communications International, Inc.,
Series B, Global Company Guaranteed Notes
(Callable 02/15/09 @ $103.75)
  (B , B2)   02/15/14     7.500       73,500    
  240     Qwest Corp., Global Senior Notes   (BB , Ba3)   06/15/15     7.625       238,200    
  50     Windstream Corp., Rule 144A, Senior Notes‡   (BB- , Ba3)   08/01/13     8.125       51,250    
  50     Windstream Corp., Rule 144A, Senior Notes
(Callable 08/01/11 @ $104.31)‡
  (BB- , Ba3)   08/01/16     8.625       51,375    
                      1,320,552    

 

See Accompanying Notes to Financial Statements.

35



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
CORPORATE BONDS      
Telecom — Wireless (1.8%)      
$ 75     Centennial Cellular Communications Corp., Global
Company Guaranteed Notes (Callable 06/15/08
@ $105.06)
  (CCC , B3)   06/15/13     10.125     $ 79,312    
  25     Centennial Communications Corp., Global Senior
Notes (Callable 01/01/09 @ $107.50)§
  (CCC , Caa2)   01/01/13     10.000       24,875    
  75     Dobson Cellular Systems, Inc., Global Secured Notes
(Callable 11/01/08 @ $104.94)
  (CCC , B2)   11/01/12     9.875       79,500    
  50     Dobson Communications Corp., Global Senior Notes
(Callable 10/01/08 @ $104.44)§
  (CCC , Caa2)   10/01/13     8.875       49,375    
  100     iPCS, Inc., Global Senior Notes (Callable 05/01/08
@ $105.75)
  (B- , B3)   05/01/12     11.500       112,000    
  50     Nextel Communications, Inc., Series D, Senior Notes
(Callable 08/01/08 @ $103.69)
  (A- , Baa2)   08/01/15     7.375       50,928    
  50     Rural Cellular Corp., Global Senior Notes
(Callable 08/01/07 @ $104.94)
  (CCC , Caa1)   02/01/10     9.875       51,688    
  75     Rural Cellular Corp., Rule 144A, Senior
Subordinated Notes (Callable 11/01/07 @
$102.00)‡#§
  (CCC , Caa2)   11/01/12     10.899       77,344    
  50     Triton PCS, Inc., Global Company Guaranteed Notes
(Callable 06/01/08 @ $104.25)
  (CCC- , Caa2)   06/01/13     8.500       46,125    
                      571,147    
Textiles & Apparel (0.5%)      
  100     Levi Strauss & Co., Global Senior Notes (Callable
12/15/07 @ $106.12)
  (B- , B3)   12/15/12     12.250       111,000    
  50     Phillips-Van Heusen Corp., Global Senior Notes
(Callable 02/15/08 @ $103.62)
  (BB , B1)   02/15/11     7.250       49,750    
                      160,750    
Theaters & Entertainment (0.5%)      
  72     AMC Entertainment, Inc., Senior Subordinated Notes
(Callable 02/01/07 @ $100.00)§
  (CCC+ , B3)   02/01/11     9.500       71,100    
  75     Cinemark USA, Inc., Global Senior Subordinated
Notes (Callable 02/01/08 @ $104.50)
  (B- , B3)   02/01/13     9.000       79,125    
                      150,225    
Tobacco (0.2%)      
  75     Reynolds American, Inc., Rule 144A, Secured
Notes‡
  (BB , Ba2)   06/01/13     7.250       73,688    
Transportation — Excluding Air/Rail (0.6%)      
  97     American Commercial Lines, Global Company
Guaranteed Notes (Callable 02/15/10 @ $104.75)
  (B+ , B3)   02/15/15     9.500       106,700    
  100     Overseas Shipholding Group, Inc., Global Senior
Notes (Callable 03/15/08 @ $104.12)
  (BB+ , Ba1)   03/15/13     8.250       104,250    
                      210,950    
  TOTAL CORPORATE BONDS (Cost $27,808,288)                           26,719,786    

 

See Accompanying Notes to Financial Statements.

36



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
ASSET BACKED SECURITY (0.2%)      
$ 75     Park Place Securities, Inc., Rule 144A,
Series 2004-WCW2, Class M10‡#
(Cost $68,079)
  (BB+ , Ba1)   10/25/34     8.073     $ 70,184    
MORTGAGE BACKED SECURITY (0.2%)      
  75     Bank of America Large Loan, Inc., Rule 144A,
Series 2006, Class M#‡ (Cost $75,000)
  (BB , Ba2)   02/09/21     6.800       75,236    
FOREIGN BONDS (9.2%)      
Building Products (0.4%)      
  100     Maax Holdings, Inc., Global Senior Discount Notes
(Callable 12/15/08 @ $105.63) (Canada)+§#
  (CCC- , Caa3)   12/15/12     0.000       39,500    
  100     Maax Holdings, Inc., Global Senior Subordinated
Notes (Callable 06/15/08 @ $104.88) (Canada)§
  (CCC- , Caa1)   06/15/12     9.750       82,125    
                      121,625    
Chemicals (0.7%)      
  75     Basell AF SCA, Rule 144A, Company Guaranteed
Notes (Callable 08/15/10 @104.19)
(Luxembourg)‡§
  (B- , B2)   08/15/15     8.375       72,469    
  100     Ineos Group Holdings PLC, Rule 144A, Notes
(Callable 02/15/11 @ $104.25) (United Kingdom)‡
  (B- , B2)   02/15/16     8.500       94,125    
  58     Rhodia SA, Global Senior Notes (France)‡§   (B- , B3)   06/01/10     10.250       62,205    
                      228,799    
Diversified Capital Goods (0.2%)      
  50     Sensata Technologies BV, Rule 144A, Senior
Subordinated Notes (Callable 05/01/11 @
$104.50) (Netherlands)‡
  (B- , Caa1)   05/01/16     9.000       64,757    
Electronics (0.4%)      
  25     Avago Technologies Finance, Rule 144A, Senior
Subordinated Notes (Callable 12/01/10 @
$105.94) (Singapore)‡§
  (CCC+ , Caa2)   12/01/15     11.875       27,313    
  100     Celestica, Inc., Senior Subordinated Notes
(Callable 07/01/08 @ $103.94) (Canada)§
  (B , B2)   07/01/11     7.875       98,750    
                      126,063    
Electronics (0.3%)      
  90     STATS ChipPAC, Ltd., Global Company
Guaranteed Notes (Callable 11/15/08 @
$103.38) (Singapore)
  (BB , Ba2)   11/15/11     6.750       84,375    
Energy — Exploration & Production (0.3%)      
  100     Harvest Operations Corp., Global Senior Notes
(Callable 10/15/08 @ $103.94) (Canada)
  (B- , B3)   10/15/11     7.875       95,500    
Food & Drug Retailers (0.4%)      
  125     Jean Coutu Group PJC, Inc., Global Senior
Subordinated Notes (Callable 08/01/09 @
$104.25) (Canada)§
  (B- , Caa2)   08/01/14     8.500       115,625    
Forestry/Paper (1.0%)      
  150     Abitibi-Consolidated, Inc., Global Notes (Canada)   (B+ , B1)   06/15/11     7.750       138,375    

 

See Accompanying Notes to Financial Statements.

37



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
FOREIGN BONDS      
Forestry/Paper      
$ 50     Bowater Canada Finance Corp., Global Company
Guaranteed Notes (Canada)§
  (B+ , B1)   11/15/11     7.950     $ 47,750    
  100     JSG Funding PLC, Global Senior Subordinated Notes
(Callable 01/31/10 @ $103.88) (Ireland)
  (B- , Caa1)   04/01/15     7.750       91,000    
  75     Tembec Industries, Inc., Global Company
Guaranteed Notes (Canada)§
  (CCC- , Ca)   03/15/12     7.750       38,625    
                      315,750    
Gaming (0.3%)      
  100     Kerzner International, Ltd., Global Senior
Subordinated Notes (Callable 10/01/10 @
$103.38) (Bahamas)
  (B , B2)   10/01/15     6.750       104,875    
Leisure (0.5%)      
  100     Intrawest Corp., Global Senior Notes (Callable
10/15/08 @ $103.75) (Canada)
  (B+ , B1)   10/15/13     7.500       100,000    
  75     NCL Corp., Global Senior Notes (Callable
07/15/09 @ $105.31) (Bermuda)#
  (B+ , B2)   07/15/14     10.625       74,062    
                      174,062    
Media — Cable (1.0%)      
  75     Kabel Deutschland GmbH, Rule 144A, Senior Notes
(Callable 07/01/09 @ $105.31) (Germany)‡
  (B- , B2)   07/01/14     10.625       79,500    
  100     Ono Finance PLC, Rule 144A, Company
Guaranteed Notes (Callable 05/15/09 @ $105.25)
(United Kingdom)‡
  (CCC+ , B3)   05/15/14     10.500       135,856    
  100     Unity Media GmbH, Rule 144A, Senior Notes
(Callable 02/15/10 @ $105.06) (Germany)‡
  (CCC+ , Caa2)   02/15/15     10.125       123,390    
                      338,746    
Media — Diversified (0.3%)      
  100     Quebecor Media, Inc., Rule 144A, Senior Notes
(Callable 3/15/11 @ $103.88) (Canada)‡
  (B , B2)   03/15/16     7.750       98,500    
Metal & Mining — Excluding Steel (0.0%)      
  504     International Utility Structures, Inc., Subordinated
Notes (Callable 08/11/06 @ $100.00) (Canada)^ø
  (NR , NR)   02/01/08     13.000       0    
Packaging (0.4%)      
  100     Gerresheimer Holdings GmbH, Rule 144A,
Company Guaranteed Notes (Callable 02/15/10
@ $103.94) (Germany)‡
  (B- , Caa1)   03/01/15     7.875       126,586    
Pharmaceuticals (0.3%)      
  82     Biovail Corp., Yankee Senior Subordinated Notes
(Callable 04/01/07 @ $101.97) (Canada)§
  (BB- , B2)   04/01/10     7.875       83,435    
  25     Elan Finance PLC, Global Company Guaranteed Notes
(Callable 11/15/08 @ $103.88) (Ireland)
  (B , B3)   11/15/11     7.750       24,000    
                      107,435    
Support-Services (0.2%)      
  75     Ashtead Holdings PLC, Rule 144A, Secured Notes
(Callable 08/01/10 @ $104.31) (United Kingdom)‡
  (B , B2)   08/01/15     8.625       76,125    

 

See Accompanying Notes to Financial Statements.

38



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Par
(000)
 
  Ratings
(S&P/Moody's)
  Maturity   Rate%   Value  
FOREIGN BONDS      
Telecom — Integrated/Services (1.3%)      
$ 100     Hellas Telecom V, Rule 144A Secured Notes
(Callable 10/15/06 @ $102.00) (Luxembourg)‡#
  (B , B1)   10/15/12     6.264     $ 131,541    
  50     Intelsat, Ltd., Global Senior Notes (Callable
01/15/09 @ $104.13) (Bermuda)#
  (B+ , B2)   01/15/13     8.250       49,875    
  125     Intelsat, Ltd., Rule 144A, Senior Notes (Callable
06/15/11 @ $105.62) (Bermuda)‡
  (B , Caa1)   06/15/16     11.250       128,750    
  75     Nordic Telephone Co. Holdings, Rule 144A, Notes
(Callable 05/01/07 @ $102.00) (Denmark)#‡
  (B , B2)   05/01/16     8.352       99,975    
                      410,141    
Telecom — Wireless (0.3%)      
  100     Rogers Wireless Communications, Inc., Global
Secured Notes (Canada)
  (BB , Ba2)   12/15/12     7.250       101,250    
Telecommunication Equipment (0.2%)      
  50     Nortel Networks, Ltd., Rule 144A, Company
Guaranteed Notes (Canada)#‡
  (B- , B3)   07/15/11     9.758       51,125    
Textiles & Apparel (0.3%)      
  75     IT Holding Finance SA, Rule 144A, Senior Notes
(Luxembourg)‡
  (CCC+ , Caa1)   11/15/12     9.875       86,788    
Transportation — Excluding Air/Rail (0.4%)      
  150     Ship Finance International, Ltd., Global Senior Notes
(Callable 12/15/08 @ $104.25) (Bermuda)
  (B , B1)   12/15/13     8.500       143,250    
  TOTAL FOREIGN BONDS (Cost $3,559,963)                           2,971,377    
CONVERTIBLE BOND (0.7%)      
Telecom — Fixed Line (0.7%)      
  250     Level 3 Communications, Inc.§ (Cost $206,820)   (CCC- , Ca)   03/15/10     6.000       208,438    
Number of
Shares
 
 
 
 
   
COMMON STOCKS (0.7%)      
Automobile Parts & Equipment (0.0%)      
  413,097     Cambridge Industries Liquidating Trust*^               0    
  8,710     Safelite Glass Corp., Class B*^               7,403    
  588     Safelite Realty Corp.*^               4,704    
                      12,107    
Electric — Integrated (0.5%)      
  5,886     Mirant Corp.*               157,745    
Food — Wholesale (0.2%)      
  70     Crunch Equity Holding LLC, Class A*               66,772    
Healthcare Services (0.0%)      
  1     Magellan Health Services, Inc.*               45    
  TOTAL COMMON STOCKS (Cost $593,238)                           236,669    
PREFERRED STOCK (0.0%)      
Media — Broadcast (0.0%)      
  0     ION Media Networks, Inc.* (Cost $1,073)               1,178    

 

See Accompanying Notes to Financial Statements.

39



Credit Suisse Global High Yield Fund

Schedule of Investments (continued)

June 30, 2006 (unaudited)

Number of
Shares
      Maturity   Rate%   Value  
WARRANTS (0.0%)      
Aerospace & Defense (0.0%)      
  2,960     Loral Space & Communications, Ltd., strike price $2.37 expires 12/27/06*^         $ 0    
Automobile Parts & Equipment (0.0%)      
  21,345     Safelite Glass Corp., Class A, strike price $6.50 expires 09/29/06*^           0    
  14,230     Safelite Glass Corp., Class B, strike price $6.50 expires 09/29/07*^           0    
                  0    
Chemicals (0.0%)      
  544     AGY Holding Corp., strike price $0.01 expires 01/02/10*^           6    
Telecom — Wireless (0.0%)      
  500     iPCS, Inc., Rule 144A, strike price $5.50 expires 07/15/10*‡           0    
  TOTAL WARRANTS (Cost $3,447)                       6    
SHORT-TERM INVESTMENTS (28.3%)      
  5,939,660     State Street Navigator Prime Portfolio§§           5,939,660    
Par
(000)
 
 
 
 
 
 
$ 3,258     State Street Bank and Trust Co. Euro Time Deposit     07/03/06     4.100       3,258,000    
  TOTAL SHORT-TERM INVESTMENTS (Cost $9,197,660)                       9,197,660    
  TOTAL INVESTMENTS AT VALUE (121.5%) (Cost $41,513,568)                       39,480,534    
LIABILITIES IN EXCESS OF OTHER ASSETS (-21.5%)               (6,974,996)  
  NET ASSETS (100.0%)                     $ 32,505,538    

 

  INVESTMENT ABBREVIATION

  NR = Not Rated

†  Credit ratings given by the Standard & Poor's Division of The McGraw-Hill Companies, Inc. ("S&P") and Moody's Investors Service, Inc. ("Moody's") are unaudited.

‡  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2006, these securities amounted to a value of $6,405,019 or 19.7% of net assets.

+  Step Bond — The interest stated is as of June 30, 2006 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 June 30, 2006.

§  Security or portion thereof is out on loan.

§§  Represents security purchased with cash collateral received for securities on loan.

ø  Bond is currently in default.

(1)  Par value of security held is less than 1,000.

See Accompanying Notes to Financial Statements.

40




Credit Suisse Institutional Funds

Statements of Assets and Liabilities

June 30, 2006 (unaudited)

    Fixed
Income Fund
  Global High
Yield Fund
 
Assets  
Investments at value, including collateral for securities on loan of $9,528,724
and $5,939,660, respectively (cost $132,695,279 and $41,513,568,
respectively) (Note 2)
  $ 130,455,2221     $ 39,480,5342    
Cash     721       211    
Cash segregated at broker for futures contracts (Note 2)     1,000,000          
Receivable for investments sold     9,300,417          
Dividend and interest receivable     848,360       594,357    
Variation margin receivable (Note 2)     47,759          
Unrealized appreciation on forward currency contracts (Note 2)     148,006          
Receivable for fund shares sold     79,877       17,840    
Prepaid expenses and other assets     20,985       19,173    
Total Assets     141,901,347       40,112,115    
Liabilities  
Advisory fee payable (Note 3)     20,403       1,880    
Administrative services fee payable (Note 3)     12,875       7,012    
Payable for investments purchased     18,800,807       1,330,934    
Payable upon return of securities loaned (Note 2)     9,528,724       5,939,660    
Unrealized depreciation on forward currency contracts (Note 2)     150,579       12,871    
Payable for fund shares redeemed     6,817       282,513    
Other accrued expenses payable     47,248       31,707    
Total Liabilities     28,567,453       7,606,577    
Net Assets  
Capital stock, $0.001 par value (Note 6)     8,235       3,307    
Paid-in capital (Note 6)     150,708,501       81,684,919    
Accumulated net investment income (loss)     51,948       (423,242 )  
Accumulated net realized loss from investments, futures transactions,
options written and foreign currency transactions
    (35,282,308 )     (46,713,941 )  
Net unrealized depreciation from investments, futures transactions
and foreign currency translations
    (2,152,482 )     (2,045,505 )  
Net Assets   $ 113,333,894     $ 32,505,538    
Shares outstanding     8,234,859       3,307,011    
Net asset value, offering price, and redemption price per share   $ 13.76     $ 9.83    

 

1  Including $9,336,957 of securities on loan.

2  Including $5,818,191 of securities on loan.

See Accompanying Notes to Financial Statements.

41



Credit Suisse Institutional Funds

Statements of Operations

For the Six Months Ended June 30, 2006 (unaudited)

    Fixed
Income Fund
  Global High
Yield Fund
 
Investment Income (Note 2)  
Interest   $ 3,061,624     $ 1,218,469    
Securities lending     13,532       16,866    
Total investment income     3,075,156       1,235,335    
Expenses  
Investment advisory fees (Note 3)     212,206       102,664    
Administrative services fees (Note 3)     48,718       33,725    
Custodian fees     16,079       4,899    
Registration fees     13,023       13,920    
Audit and tax fees     11,481       9,518    
Directors' fees     11,327       11,327    
Printing fees (Note 3)     11,216       10,584    
Legal fees     7,040       6,419    
Insurance expense     3,695       1,489    
Commitment fees (Note 4)     1,515       369    
Transfer agent fees     956       1,590    
Interest expense (Note 4)           159    
Miscellaneous expense     4,820       3,934    
Total expenses     342,076       200,597    
Less: fees waived (Note 3)     (87,427 )     (97,932 )  
Net expenses     254,649       102,665    
Net investment income     2,820,507       1,132,670    
Net Realized and Unrealized Gain (Loss) from Investments,
Futures Contracts and Foreign Currency Related Items
 
Net realized gain (loss) from investments     (1,844,882 )     58,173    
Net realized loss from futures contracts     (361,063 )        
Net realized loss from foreign currency transactions     (97,738 )     (21,690 )  
Net change in unrealized appreciation (depreciation) from investments     (1,396,611 )     (470,706 )  
Net change in unrealized appreciation (depreciation) from futures contracts     250,388          
Net change in unrealized appreciation (depreciation) from foreign currency translations     101,046       (12,471 )  
Net realized and unrealized loss from investments, futures contracts
and foreign currency related items
    (3,348,860 )     (446,694 )  
Net increase (decrease) in net assets resulting from operations   $ (528,353 )   $ 685,976    

 

See Accompanying Notes to Financial Statements.

42




Credit Suisse Institutional Funds

Statements of Changes in Net Assets

    Fixed Income Fund   Global High Yield Fund  
    For the Six Months
Ended
June 30, 2006
(unaudited)
  For the Year
Ended
December 31, 2005
  For the Six Months
Ended
June 30, 2006
(unaudited)
  For the Year
Ended
December 31, 2005
 
From Operations  
Net investment income   $ 2,820,507     $ 5,156,648     $ 1,132,670     $ 2,428,642    
Net realized gain (loss) from
investments, futures contracts,
options written and foreign
currency transactions
    (2,303,683 )     (119,255 )     36,483       (1,114,030 )  
Net change in unrealized appreciation
(depreciation) from investments,
futures contracts, options written
and foreign currency translations
    (1,045,177 )     (3,003,760 )     (483,177 )     (556,315 )  
Net increase (decrease) in net assets
resulting from operations
    (528,353 )     2,033,633       685,976       758,297    
From Dividends  
Dividends from net investment income     (2,797,315 )     (5,579,893 )     (1,121,589 )     (2,741,727 )  
Net decrease in net assets resulting
from dividends
    (2,797,315 )     (5,579,893 )     (1,121,589 )     (2,741,727 )  
From Capital Share Transactions (Note 6)  
Proceeds from sale of shares     8,628,255       23,982,395       7,823,286       10,714,230    
Reinvestment of dividends     2,687,285       5,362,211       1,073,533       2,671,029    
Net asset value of shares redeemed     (9,837,092 )     (37,906,984 )     (5,203,717 )     (16,995,445 )  
Net increase (decrease) in
net assets from capital
share transactions
    1,478,448       (8,562,378 )     3,693,102       (3,610,186 )  
Net increase (decrease) in net assets     (1,847,220 )     (12,108,638 )     3,257,489       (5,593,616 )  
Net Assets  
Beginning of period     115,181,114       127,289,752       29,248,049       34,841,665    
End of period   $ 113,333,894     $ 115,181,114     $ 32,505,538     $ 29,248,049    
Accumulated net investment
income (loss)
  $ 51,948     $ 28,756     $ (423,242 )   $ (434,323 )  

 

See Accompanying Notes to Financial Statements.

43




Credit Suisse Institutional Fixed Income Fund

Financial Highlights

(For an Institutional Class Share of the Fund Outstanding Throughout Each Period)

    For the Six
Months
Ended
June 30,
2006
  For the
Year Ended
December 31,
  For the
Period
September 1,
2004 to
December 31,
  For the Year Ended August 31,  
    (unaudited)   2005   20041   2004   2003   20022   2001  
Per share data  
Net asset value,
beginning of period
  $ 14.17     $ 14.59     $ 14.60     $ 14.27     $ 14.12     $ 15.79     $ 14.95    
INVESTMENT OPERATIONS  
Net investment income     0.35       0.63       0.22       0.50       0.67       0.83       1.02    
Net gain (loss) on
investments, futures
contracts, options written,
swap contracts and foreign
currency related items (both
realized and unrealized)
    (0.42 )     (0.37 )     0.11       0.46       0.35       (1.27 )     0.85    
Total from investment
operations
    (0.07 )     0.26       0.33       0.96       1.02       (0.44 )     1.87    
LESS DIVIDENDS AND DISTRIBUTIONS  
Dividends from net
investment income
    (0.34 )     (0.68 )     (0.34 )     (0.63 )     (0.87 )     (0.83 )     (1.03 )  
Distributions from net
realized gains
                                  (0.40 )        
Total dividends and
distributions
    (0.34 )     (0.68 )     (0.34 )     (0.63 )     (0.87 )     (1.23 )     (1.03 )  
Net asset value, end of period   $ 13.76     $ 14.17     $ 14.59     $ 14.60     $ 14.27     $ 14.12     $ 15.79    
Total return3     (0.38 )%     1.82 %     2.26 %     6.86 %     7.40 %     (2.92 )%     13.02 %  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of period
(000s omitted)
  $ 113,334     $ 115,181     $ 127,290     $ 129,692     $ 141,240     $ 275,863     $ 532,627    
Ratio of expenses to
average net assets
    0.45 %4     0.45 %     0.45 %4     0.45 %     0.45 %     0.45 %     0.45 %  
Ratio of net investment
income to average
net assets
    4.98 %4     4.27 %     4.29 %4     3.43 %     4.18 %     5.41 %     6.71 %  
Decrease reflected in
above operating
expense ratios due to
waivers/reimbursements
    0.15 %4     0.16 %     0.22 %4     0.17 %     0.14 %     0.05 %     0.06 %  
Portfolio turnover rate     231 %     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.

44



Credit Suisse Global High Yield Fund

Financial Highlights

(For an Institutional Class Share of the Fund Outstanding Throughout Each Period)

    For the Six
Months
Ended
June 30,
2006
  For the
Year Ended
December 31,
  For the
Period
September 1,
2004 to
December 31,
  For the Year Ended August 31,  
    (unaudited)   2005   20041   2004   2003   2002   2001  
Per share data  
Net asset value,
beginning of period
  $ 9.96     $ 10.65     $ 10.38     $ 10.26     $ 9.90     $ 11.84     $ 14.11    
INVESTMENT OPERATIONS  
Net investment income     0.39       0.81       0.31       1.01       1.14       1.17       1.40    
Net gain (loss) on
investments (both
realized and unrealized)
    (0.15 )     (0.55 )     0.55       0.72       0.41       (1.94 )     (2.21 )  
Total from investment
operations
    0.24       0.26       0.86       1.73       1.55       (0.77 )     (0.81 )  
LESS DIVIDENDS  
Dividends from net
investment income
    (0.37 )     (0.95 )     (0.59 )     (1.61 )     (1.19 )     (1.17 )     (1.46 )  
Net asset value, end of period   $ 9.83     $ 9.96     $ 10.65     $ 10.38     $ 10.26     $ 9.90     $ 11.84    
Total return2     2.45 %     2.58 %     8.43 %     18.27 %     16.96 %     (6.88 )%     (5.71 )%  
RATIOS AND SUPPLEMENTAL DATA  
Net assets, end of period
(000s omitted)
  $ 32,506     $ 29,248     $ 34,842     $ 32,675     $ 26,729     $ 86,846     $ 98,008    
Ratio of expenses to
average net assets
    0.70 %4     0.70 %     0.70 %4     0.70 %     0.70 %     0.70 %     0.70 %  
Ratio of net investment
income to average
net assets
    7.72 %4     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
    0.67 %4     0.68 %     0.91 %4     0.95 %     0.40 %     0.27 %     0.30 %  
Portfolio turnover rate     42 %     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.

45




Credit Suisse Institutional Funds

Notes to Financial Statements

June 30, 2006 (unaudited)

Note 1. Organization

The Credit Suisse Institutional Funds contained in this report are Credit Suisse Institutional Fixed Income Fund ("Fixed Income") and Credit Suisse Global High Yield Fund ("Global High Yield") (each, a "Fund" and collectively, the "Funds"). Each Fund was incorporated under the laws of the State of Maryland on July 31, 1998 and is a diversified, open-end management investment 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. 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, eq uity 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 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

46



Credit Suisse Institutional Funds

Notes to Financial Statements (continued)

June 30, 2006 (unaudited)

Note 2. Significant Accounting Policies

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").

E) FEDERAL INCOME TAXES — No provision is made for federal taxes as it is each Fund's intention to have the Fund continue to qualify for and elect the tax treatment applicable to regulated investment companies under the Internal Revenue Code of 1986, as amended, and to make the requisite distributions to its shareholders, which will be sufficient to relieve it from federal income and excise taxes.

F) USE OF ESTIMATES — The preparation of financial statements in conformity with GAAP requires management to make estimates and

47



Credit Suisse Institutional Funds

Notes to Financial Statements (continued)

June 30, 2006 (unaudited)

Note 2. Significant Accounting Policies

assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

G) SHORT-TERM INVESTMENTS — The Funds, together with other funds/portfolios advised by Credit Suisse Asset Management, LLC ("Credit Suisse"), an indirect, wholly-owned subsidiary of Credit Suisse Group, pool 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. At June 30, 2006, the Funds had the following open forward foreign currency contracts:

Fixed Income

Forward Foreign Currency Contract   Expiration
Date
  Foreign Currency
To Be Purchased/(Sold)
  Contract
Amount
  Contract
Value
  Unrealized
Gain (Loss)
 
British Pound   08/09/06   £     1,207,000       2,241,062       2,234,390       (6,672 )  
British Pound   08/09/06   £     (1,810,000 )     (3,370,433 )     (3,350,659 )     19,774    
Canadian Dollar   08/09/06   C$     1,260,000     $ 1,141,418     $ 1,134,381     $ (7,037 )  
European Economic Unit   08/09/06       824,191       1,040,170       1,056,797       16,627    
European Economic Unit   08/09/06       (2,667,997 )     (3,402,391 )     (3,420,967 )     (18,576 )  
Japanese Yen   08/09/06   ¥     252,700,000       2,283,611       2,223,563       (60,048 )  
Japanese Yen   08/09/06   ¥     (252,700,000 )     (2,264,112 )     (2,223,563 )     40,549    
Norwegian Krone   08/09/06   NKr     6,900,000       1,124,117       1,112,068       (12,049 )  
Norwegian Krone   08/09/06   NKr     (6,900,000 )     (1,101,761 )     (1,112,068 )     (10,307 )  
New Zealand Dollar   08/09/06   NZ$     1,760,000       1,097,606       1,071,456       (26,150 )  
New Zealand Dollar   08/09/06   NZ$     (1,760,000 )     (1,104,417 )     (1,071,456 )     32,961    
Russian Ruble   08/09/06   RUB     29,500,000       1,105,283       1,100,490       (4,793 )  
Swedish Krona   08/09/06   SKr     8,100,000       1,117,796       1,128,387       10,591    
Swiss Franc   08/09/06   CHF     1,400,000       1,152,975       1,148,028       (4,947 )  
Swiss Franc   08/09/06   CHF     (1,400,000 )     (1,175,532 )     (1,148,028 )     27,504    
                    $ (114,608 )   $ (117,181 )   $ (2,573 )  

 

48



Credit Suisse Institutional Funds

Notes to Financial Statements (continued)

June 30, 2006 (unaudited)

Note 2. Significant Accounting Policies

Global High Yield

Forward Foreign Currency Contract   Expiration
Date
  Foreign Currency
To Be Purchased/(Sold)
  Contract
Amount
  Contract
Value
  Unrealized
Gain (Loss)
 
European Economic Unit     09/26/06     (619,000 )   $ (783,252 )   $ (796,123 )   $ (12,871 )  

 

I) TBA PURCHASE COMMITMENTS — Each Fund may enter into "TBA" (to be announced) purchase commitments to purchase securities for a fixed price at a future date, typically not exceeding 45 days. TBA purchase commitments may be considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines prior to settlement date. This risk is in addition to the risk of decline in the Fund's other assets. Unsettled TBA purchase commitments are valued at the current market value of the underlying securities, according to the procedures described under "Security Valuation" above.

J) FUTURES — Each Fund may enter into futures contracts to the extent permitted by its investment policies and objectives. Upon entering into a futures contract, each Fund is required to deposit cash and /or pledge U.S. Government securities as initial margin. Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying instrument, are made or received by the Fund each day (daily variation margin) and are recorded as unrealized gains or losses until the contracts are closed.

When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund's basis in the contract. Risks of entering into futures contracts for hedging purposes include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, the purchase of a futures contract involves the risk that the Fund could lose more than the original margin deposit and subsequent payments required for a futures transaction. At June 30, 2006, the Fixed Income Fund had the following open futures contracts:

49



Credit Suisse Institutional Funds

Notes to Financial Statements (continued)

June 30, 2006 (unaudited)

Note 2. Significant Accounting Policies

Futures Contracts   Number of
Contracts
  Expiration
Date
  Contract
Amount
  Contract
Value
  Unrealized
Appreciation/
(Depreciation)
 
Federal Republic of Germany
10 Year Bonds Futures
    51     9/7/06   $ 7,569,187     $ 7,520,148     $ (49,039 )  
Government of Japan
10 Year Bonds Futures
    4     9/8/06     4,618,117       4,606,570       (11,547 )  
U.S. Treasury
2 Year Notes Futures
    59     9/29/06     11,957,119       11,964,094       6,975    
U.S. Treasury
5 Year Notes Futures
    27     9/29/06     2,791,666       2,791,969       303    
U.S. Treasury
10 Year Notes Futures
    15     9/20/06     1,569,355       1,572,891       3,536    
U.S. Treasury
20 Year Bonds Futures
    45     9/20/06     4,843,010       4,799,531       (43,479 )  
        $ 33,348,454     $ 33,255,203     $ (93,251 )  
Australia Treasury
10 Year Bonds Futures
    (46 )   9/15/06     (3,513,093 )     (3,472,774 )     40,319    
Government of Canada
10 Year Bonds Futures
    (32 )   9/20/06     (3,197,460 )     (3,174,679 )     22,781    
Federal Republic of Germany
10 Year Bonds Futures
    (32 )   9/7/06     (4,769,190 )     (4,718,524 )     50,666    
UK Treasury Bonds Futures     (27 )   9/27/06     (5,491,087 )     (5,438,233 )     52,854    
Government of Japan
10 Year Bonds Futures
    (2 )   9/8/06     (2,320,064 )     (2,303,285 )     16,779    
        $ (19,290,894 )   $ (19,107,495 )   $ 183,399    
        $ 14,057,560     $ 14,147,708     $ 90,148    

 

K) OPTIONS — Each Fund may purchase and write (sell) call and put options on securities, currencies and swap agreements (options on swap agreements are commonly known as "swaptions"). Each Fund may write covered and uncovered put and call options and purchase put and call options for hedging purposes or to increase total return. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, each Fund bears the risk of loss of premium and change in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by the premium paid. The proceeds from securities sold through the exercise of put options are decreased by the premium paid.

When a Fund writes an option, the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from writing options that expire unexercised are recorded by the Fund on the expiration date as realized gains from options transactions. The difference between the premium received and

50



Credit Suisse Institutional Funds

Notes to Financial Statements (continued)

June 30, 2006 (unaudited)

Note 2. Significant Accounting Policies

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 ri sk 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. At June 30, 2006 the Funds had no outstanding options contracts.

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 o f 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

51



Credit Suisse Institutional Funds

Notes to Financial Statements (continued)

June 30, 2006 (unaudited)

Note 2. Significant Accounting Policies

contracts. Net amounts received or paid on the swap contract are recorded as realized gains or losses. Fluctuations in the value of swap contracts are recorded for financial statement purposes as unrealized appreciation or depreciation of swap contracts. Realized gains and losses from terminated swaps are included in net realized gains/losses on swap contracts transactions. At June 30, 2006 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% 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 six months ended June 30, 2006, total earnings from Fixed Income and Global High Yield's investment in cash collateral received in connection with securities lending arrangements was $330,479 and $143,632, respectively, of which $311,660 and $120,348, respectively, was rebated to borrowers (brokers). Fixed Income and Global High Yield retained $13,532 and $16,866 in income, respectively, from the cash collateral investment, and SSB, as lending agent, was paid $5,287 and $6,418, 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.

52



Credit Suisse Institutional Funds

Notes to Financial Statements (continued)

June 30, 2006 (unaudited)

Note 2. Significant Accounting Policies

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 (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 is earned or gains are realized.

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 six months ended June 30, 2006, investment advisory fees earned and voluntarily waived for each Fund were as follows:

Fund   Gross
Advisory Fee
  Waiver   Net
Advisory Fee
 
Fixed Income   $ 212,206     $ (87,427 )   $ 124,779    
Global High Yield     102,664       (97,932 )     4,732    

 

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.

53



Credit Suisse Institutional Funds

Notes to Financial Statements (continued)

June 30, 2006 (unaudited)

Note 3. Transactions with Affiliates and Related Parties

For its co-administrative services, SSB receives a fee, exclusive of out-of-pocket expenses, calculated in total for all the Credit Suisse funds/portfolios co-administered by SSB and allocated based upon relative average net assets of each fund/portfolio, subject to an annual minimum fee. For the six months ended June 30, 2006, co-administrative services fees earned by SSB (including out-of-pocket expenses) were as follows:

Fund   Co-Administration Fee  
Fixed Income   $ 48,718    
Global High Yield     33,725    

 

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 six months ended June 30, 2006, Merrill was paid for its services to the Funds as follows:

Fund   Amount  
Fixed Income   $ 174    
Global High Yield     174    

 

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 June 30, 2006, the Funds had no loans outstanding under the Credit Facility. During the six months ended June 30, 2006, Global High Yield had borrowings under the Credit Facility as follows:

Fund   Average
Daily
Loan
Balance
  Weighted
Average
Interest
Rate%
  Maximum
Daily Loan
Outstanding
 
Global High Yield   $ 260,600       5.50 %   $ 346,100    

 

54



Credit Suisse Institutional Funds

Notes to Financial Statements (continued)

June 30, 2006 (unaudited)

Note 5. Purchases and Sales of Securities

For the six months ended June 30, 2006, purchases and sales of investment securities (excluding short-term investments) and U.S. Government and Agency Obligations were as follows:

    Investments   U.S. Government and Agency Obligations  
Fund   Purchases   Sales   Purchases   Sales  
Fixed Income   $ 271,353,882     $ 262,810,068     $ 221,505,284     $ 222,165,864    
Global High Yield     14,926,741       11,895,950                

 

As of June 30, 2006, 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:

Fund   Identified
Cost
  Gross Unrealized
Appreciation
  Gross Unrealized
(Depreciation)
  Net Unrealized
Appreciation/
(Depreciation)
 
Fixed Income   $ 132,695,279     $ 191,407     $ (2,431,464 )   $ (2,240,057 )  
Global High Yield     41,513,568       447,025       (2,480,059 )     (2,033,034 )  

 

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 Six Months Ended
June 30, 2006 (unaudited)
  For the Year Ended
December 31, 2005
 
Shares sold     613,683       1,642,152    
Shares issued in reinvestment
of dividends
    194,658       373,726    
Shares redeemed     (700,150 )     (2,610,905 )  
Net increase (decrease)     108,191       (595,027 )  
    Global High Yield Fund  
    Institutional Class  
    For the Six Months Ended
June 30, 2006 (unaudited)
  For the Year Ended
December 31, 2005
 
Shares sold     778,234       1,013,992    
Shares issued in reinvestment
of dividends
    108,583       264,279    
Shares redeemed     (515,747 )     (1,615,317 )  
Net increase (decrease)     371,070       (337,046 )  

 

55



Credit Suisse Institutional Funds

Notes to Financial Statements (continued)

June 30, 2006 (unaudited)

Note 6. Capital Share Transactions

On June 30, 2006, the number of shareholders that held 5% or more of the outstanding shares of each Fund was as follows:

Fund   Number of
Shareholders
  Approximate Percentage
of Outstanding Shares
 
Fixed Income     2       93 %  
Global High Yield     2       86 %  

 

Some of the shareholders are omnibus accounts, which hold shares on behalf of several individual shareholders.

Note 7. Contingencies

In the normal course of business, the Funds may provide general indemnifications pursuant to certain contracts and organizational documents. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.

56





Credit Suisse Institutional Funds

Privacy Policy Notice (unaudited)

Important Privacy Choices for Consumers

We are committed to maintaining the privacy of every current and prospective customer. We recognize that you entrust important personal information to us, and we wish to assure you that we take seriously our responsibilities in protecting and safeguarding this information.

In connection with making available investment products and services to current and potential customers, we may obtain nonpublic personal information about you. This information may include your name, address, e-mail address, social security number, account number, assets, income, financial situation, transaction history and other personal information.

We may collect nonpublic information about you from the following sources:

•  Information we receive on applications, forms, questionnaires, web sites, agreements or in the course of establishing or maintaining a customer relationship; and

•  Information about your transactions with us, our affiliates, or others.

We do not disclose any nonpublic personal information about our customers or former customers to anyone, except with your consent or as otherwise permitted by law.

In cases where we believe that additional products and services may be of interest to you, we may share the information described above with our affiliates.

We may also disclose this information to firms that perform services on our behalf. These agents and service providers are required to treat the information confidentially and use it only for the purpose for which it is provided.

We restrict access to nonpublic personal information about you to those employees, agents or other parties who need to know that information to provide products or services to you or in connection with your investments with or through us. We maintain physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

Note: This Notice is provided to clients and prospective clients of Credit Suisse Asset Management, LLC ("Credit Suisse"), and Credit Suisse Asset Management Securities, Inc., and shareholders and prospective shareholders in Credit Suisse-sponsored and advised investment companies, including Credit Suisse Funds, and other consumers and customers, as applicable. This Notice is not intended to be incorporated in any offering materials but is merely a statement of our current Privacy Policy, and may be amended from time to time upon notice to you. This Notice is dated as of May 17, 2006.

57




Credit Suisse Institutional Funds

Proxy Voting and Portfolio Holdings Information (unaudited)

Information regarding how each Fund voted proxies related to its fund securities during the 12-month period ended June 30 of each year, as well as the policies and procedures that each Fund uses to determine how to vote proxies relating to its portfolio securities are available:

•  By calling 1-800-222-8977

•  On the Funds' website, www.credit-suisse.com/us

•  On the website of the Securities and Exchange Commission, http://www.sec.gov.

Each Fund files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds' Forms N-Q are available on the SEC's website at http://www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling 1-202-551-8090.

58



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P.O. BOX 55030, BOSTON, MA 02205-5030

800-222-8977 n www.credit-suisse.com/us

CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR.  INSTFIX-SAR-0606




Item 2. Code of Ethics.

This item is inapplicable to a semi-annual report on Form N-CSR.

Item 3. Audit Committee Financial Expert.

This item is inapplicable to a semi-annual report on Form N-CSR.

Item 4. Principal Accountant Fees and Services.

This item is inapplicable to a semi-annual report on Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

This item is not applicable to the registrant.

Item 6. Schedule of Investments.

Included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

This item is not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

This item is not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

This item is not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

The Nominating Committee recommends Board member candidates.  Shareholders of the registrant may also submit nominees that will be considered by the Committee.  Recommendations should be mailed to the registrant’s Secretary, c/o Credit Suisse Asset Management, LLC, 466 Lexington Avenue, New York, NY 10017.  Any submission should include at a minimum the following information: the name, age, business address, residence address and principal occupation or employment of such individual; the class, series and number of shares of the registrant that are beneficially owned by such individual; the date such shares were acquired and the investment intent of such acquisition; whether such shareholder believes such individual is, or is not, an “interested person” of the registrant (as defined in the Investment Company Act of 1940 (the “Act”)) and information regarding such individual that is sufficient, in the Committee’s discretion, to make such determination; and all other information relating to such individual that is required to be disclosed in solicitation of proxies for election of directors in an election contest (even if an election contest is not involved) or is otherwise required pursuant to the rules for proxy materials under the Securities Exchange Act of 1934.

Item 11. Controls and Procedures.

(a) As of a date within 90 days from the filing date of this report, the principal executive officer and principal financial officer concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) were effective based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.




(b) There were no changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)

Not applicable.

 

 

(a)(2)

The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this report.

 

 

(a)(3)

Not applicable.

 

 

(b)

The certifications of the registrant as required by Rule 30a-2(b) under the Act are an exhibit to this report.

 




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND, INC.

 

/s/ Steven B. Plump

 

Name:  Steven B. Plump

Title:   Chief Executive Officer

Date:   September 5, 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:   September 5, 2006

 

 

/s/ Michael A. Pignataro

 

Name:  Michael A. Pignataro

Title:   Chief Financial Officer

Date:   September 5, 2006

 



EX-99.CERT 2 a06-15095_19ex99dcert.htm EX-99.CERT

Exhibit 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: September 5, 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: September 5, 2006

 

/s/ Steven B. Plump

 

 

Steven B. Plump

Chief Executive Officer

 



EX-99.906CERT 3 a06-15095_19ex99d906cert.htm EX-99.906CERT

Exhibit 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 June 30, 2006 (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

September 5, 2006

 

September 5, 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.



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-----END PRIVACY-ENHANCED MESSAGE-----