-----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, MZHE2nw1bR0E9FVebsAul4Yp+KetUwmnp7wPWGHlaRRUBeri0F+15W7VaQ7SIfp8 uJ+XYPhza20W3wRniF1XJA== 0000891804-05-001989.txt : 20050706 0000891804-05-001989.hdr.sgml : 20050706 20050706100954 ACCESSION NUMBER: 0000891804-05-001989 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050430 FILED AS OF DATE: 20050706 DATE AS OF CHANGE: 20050706 EFFECTIVENESS DATE: 20050706 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CREDIT SUISSE INSTITUTIONAL FUND INC CENTRAL INDEX KEY: 0000887589 IRS NUMBER: 510342100 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06670 FILM NUMBER: 05939163 BUSINESS ADDRESS: STREET 1: 400 BELLEVUE PKWY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 3027912919 FORMER COMPANY: FORMER CONFORMED NAME: WARBURG PINCUS INSTITUTIONAL FUND INC DATE OF NAME CHANGE: 19920929 N-CSRS 1 file001.txt CREDIT SUISSE INSTITUTIONAL FUND, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act File No. 811-6670 --------------------------------------------------------------------- Credit Suisse Institutional 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 Fund, Inc. 466 Lexington Avenue New York, New York 10017-3140 Registrant's telephone number, including area code: (212) 875-3500 Date of fiscal year end: October 31 Date of reporting period: November 1, 2004 to April 30, 2005 ITEM 1. REPORTS TO STOCKHOLDERS. CREDIT | ASSET SUISSE | MANAGEMENT CREDIT SUISSE INSTITUTIONAL FUND Semiannual Report April 30, 2005 (unaudited) CREDIT SUISSE INSTITUTIONAL FUND, INC. o LARGE CAP VALUE PORTFOLIO o INTERNATIONAL FOCUS PORTFOLIO o SELECT EQUITY PORTFOLIO o CAPITAL APPRECIATION PORTFOLIO o HARBINGER PORTFOLIO o INVESTMENT GRADE FIXED INCOME PORTFOLIO The Portfolios' investment objectives, risks, charges and expenses (which should be considered carefully before investing), and more complete information about the Fund, is 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 Fund, 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 Fund is advised by Credit Suisse Asset Management, LLC. THE VIEWS OF THE PORTFOLIOS' MANAGEMENT ARE AS OF THE DATE OF THE LETTERS AND THE PORTFOLIOS' HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF APRIL 30, 2005; THESE VIEWS AND THE PORTFOLIO HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES. PORTFOLIO SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET MANAGEMENT, LLC ("CSAM") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE NOT GUARANTEED BY CSAM OR ANY AFFILIATE. PORTFOLIO INVESTMENTS ARE SUBJECT TO INVESTMENT RISKS, INCLUDING LOSS OF YOUR INVESTMENT. CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- June 1, 2005 Dear Shareholder: For the six months ended April 30, 2005, Credit Suisse Institutional Fund, Inc.--Large Cap Value Portfolio 1 (the "Portfolio") had a gain of 6.64%, versus an increase of 6.72% for the Russell 1000(R) Value Index. 2 MARKET OVERVIEW: STRONG START, BUT MOMENTUM FADES Stocks surged in the first two months of the period, aided by a concluded Presidential election that removed a good deal of political uncertainty. Encouraging employment and inflation data at the time also helped. Market sentiment turned negative in early March, however, as investors grew cautious amid signs of economic softening seemingly brought on by high oil prices and rising short term interest rates. On the earnings front, while first-quarter 2005 results generally met or exceeded expectations, this provided little support late in the period as the future profit picture dimmed. Health care, consumer staples and utilities stocks outperformed as investors favored relatively defensive sectors. Energy was another good performer amid high oil prices. Technology stocks and the oil-sensitive transportation sector were among the poor performers for the period. STRATEGIC REVIEW: TECHNOLOGY PERFORMS WELL DESPITE OUT-OF-FAVOR SECTOR The Portfolio performed roughly in line with its benchmark for the period. Factors that aided the Portfolio's performance included stock selection in the financial services, major oil, and transportation sectors. Our exposure within the last area was largely limited to Burlington Northern (1.3% of the Portfolio as of April 30, 2005), a railroad company that performed well as commodity-shipping revenues rose. The Portfolio's technology stocks collectively had a gain, despite a poor environment for technology stocks generally. The Portfolio's energy services stocks had lagging results. The Portfolio's consumer discretionary holdings had negative performance in both absolute and relative terms. In terms of noteworthy recent portfolio activity, our purchases included Pfizer (1.0% of the Portfolio as of April 30, 2005), which had declined over the past year on product-pipeline concerns. We believed that a fair amount of negativity had become priced into the stock, which could be aided going forward by the company's recently announced cost-cutting program. We also 1 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- purchased Office Depot (1.3% of the Portfolio as of April 30, 2005), a retailer that we believe might be a successful turnaround story under a new CEO. The company is generating good free cash flows and we see potential for significant stock repurchases. On the sales side, we eliminated our position in Alcoa based in part on our concerns over the company's input costs. We also sold our position in Tribune, a newspaper publisher, based on a weaker than expected recovery in advertising revenues and the related increased competition from internet companies. Going forward, we will continue to adhere to our general strategy of investing in dividend-paying stocks of companies with large market capitalizations. Using proprietary bottom-up equity research and detailed quantitative analyses, we look for stocks that are deeply discounted to our view of their upside potential, in terms of valuation and/or income, with an emphasis on companies that stand to benefit from the positive impact of a likely significant event. The Credit Suisse Value Team Stephen J. Kaszynski Robert E. Rescoe 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 PORTFOLIO'S INVESTMENT PORTFOLIO. THESE STATEMENTS ARE SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS. 2 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2005 1 SINCE INCEPTION 1 YEAR 5 YEARS INCEPTION DATE ------ ------- --------- --------- 12.15% 5.60% 7.60% 6/30/97 AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2005 1 SINCE INCEPTION 1 YEAR 5 YEARS INCEPTION DATE ------ ------- --------- --------- 11.28% 4.92% 7.12% 6/30/97 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 PORTFOLIO MAY BE LOWER OR HIGHER THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION VALUE MAY BE LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON PORTFOLIO DISTRIBUTIONS OR THE REDEMPTION OF PORTFOLIO SHARES. PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH-END IS AVAILABLE AT WWW.CSAM.COM/US. _______________ 1 FEE WAIVERS AND/OR EXPENSE REIMBURSEMENTS REDUCED EXPENSES FOR THE PORTFOLIO, WITHOUT WHICH PERFORMANCE WOULD BE LOWER. WAIVERS AND/OR REIMBURSEMENTS MAY BE DISCONTINUED AT ANY TIME. 2 THE RUSSELL 1000(R) VALUE INDEX MEASURES THE PERFORMANCE OF THOSE COMPANIES IN THE RUSSELL 1000(R) INDEX WITH LOWER PRICE-TO-BOOK RATIOS AND LOWER FORECASTED GROWTH VALUES. IT IS AN UNMANAGED INDEX OF COMMON STOCKS THAT INCLUDES REINVESTMENT OF DIVIDENDS AND IS COMPILED BY FRANK RUSSELL COMPANY. INVESTORS CANNOT INVEST DIRECTLY IN AN INDEX. 3 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES As an investor of the Portfolio, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Portfolio 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 Portfolio 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 April 30, 2005. The table illustrates your Portfolio's expenses in two ways: o ACTUAL PORTFOLIO RETURN. This helps you estimate the actual dollar amount of ongoing expenses paid on a $1,000 investment in the Portfolio using the Portfolio's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold. o HYPOTHETICAL 5% PORTFOLIO RETURN. This helps you to compare your Portfolio's ongoing expenses with those of other mutual funds using the Portfolio'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 FUND, INC. -- LARGE CAP VALUE PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE SIX MONTH PERIOD ENDED APRIL 30, 2005 - -------------------------------------------------------------------------------- ACTUAL PORTFOLIO RETURN Beginning Account Value 11/1/04 $1,000.00 Ending Account Value 4/30/05 $1,066.40 Expenses Paid per $1,000* $ 3.84 HYPOTHETICAL 5% PORTFOLIO RETURN Beginning Account Value 11/1/04 $1,000.00 Ending Account Value 4/30/05 $1,021.08 Expenses Paid per $1,000* $ 3.76 ANNUALIZED EXPENSE RATIO* 0.75% _______________ * EXPENSES ARE EQUAL TO THE PORTFOLIO'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 RATIO" IN THE TABLES ARE BASED ON ACTUAL EXPENSES PAID BY THE PORTFOLIO 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 PORTFOLIO'S ACTUAL EXPENSES WOULD HAVE BEEN HIGHER. For more information, please refer to the Portfolio's prospectus. 5 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- SECTOR BREAKDOWN* [BAR CHART] Financial Services 28.6% Other 12.3% Consumer Staples 8.5% Integrated Oils 8.2% Consumer Discretionary 7.8% Producer Durables 7.4% Health Care 6.7% Utilities 5.2% Materials & Processing 5.2% Other Energy 5.2% Short-Term Investments 2.1% Technology 1.9% Autos & Transportation 0.9% _______________ * Expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. 6 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- June 1, 2005 Dear Shareholder: For the six months ended April 30, 2005, Credit Suisse Institutional Fund, Inc.--International Focus Portfolio 1 (the "Portfolio") had a gain of 8.19%, versus an increase of 9.14% for the Morgan Stanley Capital International ACWI (All Country World Index) Free Ex-USA Index. 2 MARKET OVERVIEW: STRONG START, BUT MOMENTUM FADES Foreign stock markets began the period on a solid note, aided by a mostly supportive inflation and interest-rate backdrop and generally good earnings reports. The rally stalled in early March, however, amid worries that rising US interest rates and persistently high oil prices would erode global economic growth. Emerging markets, which were particularly hard hit by rate worries, nonetheless ended the period with a gain exceeding that of the developed market group. Within most markets, gains generated locally were even better for dollar-based investors, as the euro, yen, UK pound and various emerging market currencies rose against the dollar for the six months as a whole. From a sector standpoint, health care, consumer staples and utilities stocks outperformed as investors favored relatively defensive sectors. Energy was another good performer amid high oil prices. The technology sector underperformed, but nonetheless posted a modest gain. STRATEGIC REVIEW: OUTPERFORMANCE IN ASIA, LATIN AMERICA COUNTERED BY EUROPE The Portfolio participated in the rally in foreign stock markets, but it trailed its benchmark. Good performances from the Portfolio's Asian and Latin American holdings were countered by underperformance in Europe. This partially reflected underperformance in the UK, which accounts for about 20% of the European weighting in the Portfolio's benchmark. From a sector standpoint, the Portfolio's consumer staples and financial services holdings underperformed. In the latter area, laggards included Mega Financial (a Taiwanese stock that we decided to eliminate from the Portfolio) and Royal Bank of Scotland (1.7% of the Portfolio as of April 30, 2005), whose longer-term prospects we nonetheless continue to view favorably. On the positive side, the Portfolio's telecommunications stocks outperformed, where standouts included Hellenic Telecom (2.0% of the Portfolio as of April 30, 2005), a leading provider of fixed-line and wireless telephony services in Greece. The Portfolio's industrials holdings also were positive contributors, led by Samsung 7 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- Heavy (1.0% of the Portfolio as of April 30, 2005), a South Korean ship builder we purchased late in 2004 in the belief that the stock might benefit from a pullback in steel prices. In terms of noteworthy portfolio adjustments in the period, we scaled back our exposure to emerging markets based on overall valuations, in the wake of continued strong performance by the asset class (though we purchased a Brazilian telecom stock after it sold off sharply in a market downturn). We narrowed our overweighting in the industrials sector, broadly defined, as certain holdings became fully valued in our judgment. We remained underweight in the materials sector, reflecting our belief that there is and will continue to be considerable excess capacity in areas such as chemicals and steel. We were underweighted in the health care sector, where our focus remained on European pharmaceutical stocks. We narrowed this underweighting, however, as we believe a fair degree of negative sentiment, regarding issues such as patent concerns, has been priced into drug stocks. We also see an improving earnings backdrop for certain companies. We were overweighted in energy through the period. While we think that there might be an intermediate-term decline in oil prices based in part on seasonal factors, we believe that spare capacity and political forces could support a higher-than-expected level for oil prices over the longer term, and we will attempt to take advantage of pullbacks to selectively increase our oil exposure. The Credit Suisse International Equity Team Nancy Nierman Anne S. Budlong Emily Alejos Harry M. Jaffe INTERNATIONAL INVESTING ENTAILS SPECIAL RISK CONSIDERATIONS, INCLUDING CURRENCY FLUCTUATIONS, LOWER LIQUIDITY, ECONOMIC AND POLITICAL RISKS, AND DIFFERENCES IN ACCOUNTING METHODS. THE PORTFOLIO'S 15 LARGEST HOLDINGS MAY ACCOUNT FOR 40% OR MORE OF THE PORTFOLIO'S ASSETS. AS A RESULT OF THIS STRATEGY, THE PORTFOLIO MAY BE SUBJECT TO GREATER VOLATILITY THAN A PORTFOLIO THAT INVESTS IN A LARGER NUMBER OF ISSUERS. 8 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- 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 PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS. 9 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2005 1 SINCE INCEPTION 1 YEAR 5 YEARS 10 YEARS INCEPTION DATE ------ ------- -------- --------- --------- 11.47% (5.15)% 4.88% 7.12% 9/1/92 AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2005 1 SINCE INCEPTION 1 YEAR 5 YEARS 10 YEARS INCEPTION DATE ------ ------- -------- --------- --------- 13.19% (3.71)% 4.36% 6.92% 9/1/92 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 PORTFOLIO MAY BE LOWER OR HIGHER THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION VALUE MAY BE LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON PORTFOLIO DISTRIBUTIONS OR THE REDEMPTION OF PORTFOLIO SHARES. PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH-END IS AVAILABLE AT WWW.CSAM.COM/US. ________________ 1 FEE WAIVERS AND/OR EXPENSE REIMBURSEMENTS REDUCED EXPENSES FOR THE PORTFOLIO, WITHOUT WHICH PERFORMANCE WOULD BE LOWER. WAIVERS AND/OR REIMBURSEMENTS MAY BE DISCONTINUED AT ANY TIME. 2 THE MORGAN STANLEY CAPITAL INTERNATIONAL ACWI (ALL COUNTRY WORLD INDEX) FREE EX-USA INDEX IS A FREE FLOAT-ADJUSTED MARKET CAPITALIZATION INDEX THAT IS DESIGNED TO MEASURE EQUITY-MARKET PERFORMANCE IN THE GLOBAL DEVELOPED AND EMERGING MARKETS, EXCLUDING THE U.S. IT IS THE EXCLUSIVE PROPERTY OF MORGAN STANLEY CAPITAL INTERNATIONAL INC. INVESTORS CANNOT INVEST DIRECTLY IN AN INDEX. 10 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES As an investor of the Portfolio, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Portfolio 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 Portfolio 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 April 30, 2005. The table illustrates your Portfolio's expenses in two ways: o ACTUAL FUND RETURN. This helps you estimate the actual dollar amount of ongoing expenses paid on a $1,000 investment in the Portfolio using the Portfolio's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold. o HYPOTHETICAL 5% FUND RETURN. This helps you to compare your Portfolio's ongoing expenses with those of other mutual funds using the Portfolio'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. 11 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE SIX MONTH PERIOD ENDED APRIL 30, 2005 - -------------------------------------------------------------------------------- ACTUAL FUND RETURN Beginning Account Value 11/1/04 $1,000.00 Ending Account Value 4/30/05 $1,081.90 Expenses Paid per $1,000* $ 4.90 HYPOTHETICAL 5% FUND RETURN Beginning Account Value 11/1/04 $1,000.00 Ending Account Value 4/30/05 $1,020.08 Expenses Paid per $1,000* $ 4.76 ANNUALIZED EXPENSE RATIO* 0.95% _______________ * EXPENSES ARE EQUAL TO THE PORTFOLIO'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 RATIO" IN THE TABLES ARE BASED ON ACTUAL EXPENSES PAID BY THE PORTFOLIO 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 PORTFOLIO'S ACTUAL EXPENSES WOULD HAVE BEEN HIGHER. For more information, please refer to the Portfolio's prospectus. 12 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- SECTOR BREAKDOWN* [BAR CHART] Financials 26.4% Industrials 16.0% Consumer Discretionary 11.6% Energy 9.6% Telecommunications Services 8.7% Consumer Staples 7.2% Health Care 5.7% Materials 4.6% Information Technology 4.6% Utilities 3.5% Short-Term Investments 2.1% _______________ * Expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. 13 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- June 1, 2005 Dear Shareholder: For the six months ended April 30, 2005, Credit Suisse Institutional Fund, Inc.--Select Equity Portfolio 1 (the "Portfolio") had a gain of 3.93%, versus an increase of 3.28% for the Standard & Poor's 500 Index. 2 MARKET OVERVIEW: STRONG START, BUT MOMENTUM FADES Stocks surged in the first two months of the period, aided by a concluded Presidential election that removed a good deal of political uncertainty. Encouraging employment and inflation data at the time also helped. Market sentiment turned negative in early March, however, as investors grew cautious amid signs of economic softening seemingly brought on by high oil prices and rising short term interest rates. On the earnings front, while first-quarter 2005 results generally met or exceeded expectations, this provided little support late in the period as the future profit picture dimmed. Health care, consumer staples and utilities stocks outperformed as investors favored relatively defensive sectors. Energy was another good performer amid high oil prices. The technology and consumer discretionary sectors were poor performers for the period. STRATEGIC REVIEW: FOCUS ON COMPANY FUNDAMENTALS The Portfolio outperformed its benchmark in the period, aided by good stock selection in the financial services sector and the technology sector, where our holdings had a gain despite the generally negative environment for technology stocks. Stock selection in the energy sector was also beneficial, as was our decision to increase the Portfolio's energy weighting during the period. On the negative side, relatively speaking, the Portfolio was hindered by stock selection in the health care sector and by its underweightings in the consumer staples and utilities areas. With respect to noteworthy recent portfolio activity, our purchases included Boeing (2.1% of the Portfolio as of April 30, 2005), which we think could benefit from rising commercial aerospace orders, strengthening aircraft lease rates, and general productivity improvements. We also added Dominion Resources (1.7% of the Portfolio as of April 30, 2005), a utilities company whose operating profit could improve going forward, in our view, as unfavorable oil and gas hedges expire. In addition to generating and distributing energy, the company has exploration and production activities that could benefit if high energy prices 14 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- persist. Our sales included Alcoa, based on our view that the aluminum company faces rising input costs along with a potential slowdown in the building construction and auto production areas. The Credit Suisse Large Cap Core Team Hugh M. Neuburger William D. Butler THE PORTFOLIO IS PERMITTED TO INVEST A GREATER PROPORTION OF ITS ASSETS IN THE SECURITIES OF A SMALLER NUMBER OF ISSUERS. AS A RESULT, THE PORTFOLIO MAY BE SUBJECT TO GREATER VOLATILITY. 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 PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS. 15 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2005 1 SINCE INCEPTION 1 YEAR INCEPTION DATE ------ --------- --------- 7.50% 0.68% 1/31/02 AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2005 1 SINCE INCEPTION 1 YEAR INCEPTION DATE ------ --------- --------- 6.16% (0.09)% 1/31/02 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 PORTFOLIO MAY BE LOWER OR HIGHER THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION VALUE MAY BE LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON PORTFOLIO DISTRIBUTIONS OR THE REDEMPTION OF PORTFOLIO SHARES. PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH-END IS AVAILABLE AT WWW.CSAM.COM/US. ________________ 1 FEE WAIVERS AND/OR EXPENSE REIMBURSEMENTS REDUCED EXPENSES FOR THE PORTFOLIO, WITHOUT WHICH PERFORMANCE WOULD BE LOWER. WAIVERS AND/OR REIMBURSEMENTS MAY BE DISCONTINUED AT ANY TIME. 2 THE STANDARD & POOR'S 500 INDEX IS AN UNMANAGED INDEX (WITH NO DEFINED INVESTMENT OBJECTIVE) OF COMMON STOCKS. IT INCLUDES REINVESTMENT OF DIVIDENDS, AND IS A REGISTERED TRADEMARK OF MCGRAW-HILL CO., INC. INVESTORS CANNOT INVEST DIRECTLY IN AN INDEX. 16 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES As an investor of the Portfolio, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Portfolio 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 Portfolio 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 April 30, 2005. The table illustrates your Portfolio's expenses in two ways: o ACTUAL PORTFOLIO RETURN. This helps you estimate the actual dollar amount of ongoing expenses paid on a $1,000 investment in the Portfolio using the Portfolio's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold. o HYPOTHETICAL 5% PORTFOLIO RETURN. This helps you to compare your Portfolio's ongoing expenses with those of other mutual funds using the Portfolio'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 expense 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. 17 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE SIX MONTH PERIOD ENDED APRIL 30, 2005 - -------------------------------------------------------------------------------- ACTUAL PORTFOLIO RETURN Beginning Account Value 11/1/04 $1,000.00 Ending Account Value 4/30/05 $1,039.30 Expenses Paid per $1,000* $ 3.79 HYPOTHETICAL 5% PORTFOLIO RETURN Beginning Account Value 11/1/04 $1,000.00 Ending Account Value 4/30/05 $1,021.08 Expenses Paid per $1,000* $ 3.76 ANNUALIZED EXPENSE RATIO* 0.75% ________________ * EXPENSES ARE EQUAL TO THE PORTFOLIO'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 RATIO" IN THE TABLES ARE BASED ON ACTUAL EXPENSES PAID BY THE PORTFOLIO 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 PORTFOLIO'S ACTUAL EXPENSES WOULD HAVE BEEN HIGHER. For more information, please refer to the Portfolio's prospectus. 18 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- SECTOR BREAKDOWN* [BAR CHART] Industrials 20.8% Financials 19.7% Information Technology 13.2% Consumer Discretionary 11.9% Health Care 11.0% Energy 8.6% Consumer Staples 7.8% Materials 3.1% Short Term Investments 2.2% Utilities 1.7% _______________ * Expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. 19 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- June 1, 2005 Dear Shareholder: For the six months ended April 30, 2005, Credit Suisse Institutional Fund, Inc.--Capital Appreciation Portfolio 1 (the "Portfolio") had a gain of 1.24%, versus an increase of 1.15% for the Russell 1000(R) Growth Index. 2 MARKET OVERVIEW: STRONG START, BUT MOMENTUM FADES Stocks surged in the first two months of the period, aided by a concluded Presidential election that removed a good deal of political uncertainty. Encouraging employment and inflation data at the time also helped. Market sentiment turned negative in early March, however, as investors grew cautious amid signs of economic softening seemingly brought on by high oil prices and rising short term interest rates. On the earnings front, while first-quarter 2005 results generally met or exceeded expectations, this provided little support late in the period as the future profit picture dimmed. Health care, consumer staples and utilities stocks outperformed as investors favored relatively defensive sectors. Energy was another good performer amid high oil prices. Technology stocks and the oil-sensitive transportation sector were among the poor performers for the period. STRATEGIC REVIEW: ADDING TO PHARMACEUTICALS The Portfolio had a gain and outperformed its benchmark. The Portfolio's technology holdings collectively had a gain, overcoming a weak period for technology stocks in general. In addition, the Portfolio's transportation holdings rose within a negative period for the sector. On the negative side, stock selection in the consumer discretionary sector hindered the Portfolio's relative performance, with online auction company eBay declining sharply early in 2005 after a strong showing in 2004. We decided to eliminate the position, based on the near-term headwinds from eBay's investment spending. Our noteworthy recent portfolio activity included purchasing two pharmaceutical companies. We added Pfizer (1.0% of the Portfolio as of April 30, 2005), a stock that had steadily declined to reach a valuation that we viewed as attractive relative to the company's growth prospects. We also purchased Wyeth (1.0% of the Portfolio as of April 30, 2005), which we believe has renewed growth potential in the wake of surviving numerous product difficulties. 20 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- Elsewhere of note, we established a position in Boeing (1.6% of the Portfolio as of April 30, 2005), a company we think could benefit from an upturn in the aerospace cycle. Our late-period sales included EMC Corp., a technology company focused on data storage systems. The elimination reflected our concerns over revenue growth within a lackluster technology spending environment. We also reduced our overall exposure to the industrial sector, in part to increase our aerospace exposure. Going forward, we will continue to adhere to our general strategy of seeking sectors and companies that we believe have potential to outperform the overall market. We look for stocks available at a reasonable price relative to projected growth, while employing themes or patterns associated with growth companies, such as significant fundamental changes, generation of large free cash flows or company share-buyback programs. Jeffrey T. Rose Marian U. Pardo 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 PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS. 21 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2005 1 SINCE INCEPTION 1 YEAR INCEPTION DATE ------ --------- --------- 1.90% (2.52)% 1/31/02 AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2005 1 SINCE INCEPTION 1 YEAR INCEPTION DATE ------ --------- --------- 1.13% (3.02)% 1/31/02 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 PORTFOLIO MAY BE LOWER OR HIGHER THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION VALUE MAY BE LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON PORTFOLIO DISTRIBUTIONS OR THE REDEMPTION OF PORTFOLIO SHARES. PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH-END IS AVAILABLE AT WWW.CSAM.COM/US. ________________ 1 FEE WAIVERS AND/OR EXPENSE REIMBURSEMENTS REDUCED EXPENSES FOR THE PORTFOLIO, WITHOUT WHICH PERFORMANCE WOULD BE LOWER. WAIVERS AND/OR REIMBURSEMENTS MAY BE DISCONTINUED AT ANY TIME. 2 THE RUSSELL 1000(R) GROWTH INDEX MEASURES THE PERFORMANCE OF THOSE COMPANIES IN THE RUSSELL 1000(R) INDEX WITH HIGHER PRICE-TO-BOOK RATIOS AND HIGHER FORECASTED GROWTH VALUES. IT IS AN UNMANAGED INDEX OF COMMON STOCKS THAT INCLUDES REINVESTMENT OF DIVIDENDS AND IS COMPILED BY FRANK RUSSELL COMPANY. INVESTORS CANNOT INVEST DIRECTLY IN AN INDEX. 22 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES As an investor of the Portfolio, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Portfolio 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 Portfolio 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 April 30, 2005. The table illustrates your Portfolio's expenses in two ways: o ACTUAL PORTFOLIO RETURN. This helps you estimate the actual dollar amount of ongoing expenses paid on a $1,000 investment in the Portfolio using the Portfolio's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold. o HYPOTHETICAL 5% PORTFOLIO RETURN. This helps you to compare your Portfolio's ongoing expenses with those of other mutual funds using the Portfolio'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. 23 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE SIX MONTH PERIOD ENDED APRIL 30, 2005 - -------------------------------------------------------------------------------- ACTUAL PORTFOLIO RETURN Beginning Account Value 11/1/04 $1,000.00 Ending Account Value 4/30/05 $1,012.40 Expenses Paid per $1,000* $ 3.74 HYPOTHETICAL 5% PORTFOLIO RETURN Beginning Account Value 11/1/04 $1,000.00 Ending Account Value 4/30/05 $1,021.08 Expenses Paid per $1,000* $ 3.76 ANNUALIZED EXPENSE RATIO* 0.75% ________________ * EXPENSES ARE EQUAL TO THE PORTFOLIO'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 RATIO" IN THE TABLES ARE BASED ON ACTUAL EXPENSES PAID BY THE PORTFOLIO 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 PORTFOLIO'S ACTUAL EXPENSES WOULD HAVE BEEN HIGHER. For more information, please refer to the Portfolio's prospectus. 24 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- SECTOR BREAKDOWN* [BAR CHART] Health Care 24.5% Technology 20.0% Consumer Discretionary 18.8% Materials & Processing 8.4% Consumer Staples 7.8% Financial Services 5.1% Producer Durables 4.9% Other 4.0% Other Energy 3.2% Short Term Investments 2.3% Autos & Transportation 1.0% _______________ * Expressed as a percentage of total investments and may vary over time. 25 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- June 1, 2005 Dear Shareholder: For the six months ended April 30, 2005, Credit Suisse Institutional Fund, Inc.--Harbinger Portfolio 1 (the "Portfolio") had a decline of 0.37%, versus an increase of 1.13% for the Russell 2500 TM Growth Index. 2 MARKET OVERVIEW: STRONG START, BUT MOMENTUM FADES Stocks surged in the first two months of the period, aided by a concluded Presidential election that removed a good deal of political uncertainty. Encouraging employment and inflation data at the time also helped. Market sentiment turned negative in early March, however, as investors grew cautious amid signs of economic softening seemingly brought on by high oil prices and rising short term interest rates. On the earnings front, while first-quarter 2005 results generally met or exceeded expectations, this provided little support late in the period as the future profit picture dimmed. The uncertainty especially weighed on aggressive growth stocks. Health care, consumer staples and utilities stocks generally outperformed as investors favored relatively defensive sectors. The energy sector was a strong performer amid high oil prices. Technology stocks and the oil-sensitive transportation sector were among the poor performers for the period. STRATEGIC REVIEW: FOCUS ON COMPANY FUNDAMENTALS The Portfolio's decline and underperformance of its benchmark is attributable to stock selection in the materials sector, specifically its position in GrafTech (2.5% of the Portfolio as of April 30, 2005). The stock declined sharply on revenue and earnings disappointments, despite the company's exposure to steel (its products are used in the manufacture of steel), a commodity whose price has soared over the past two years. We opted to eliminate this position recently, based on our concerns over the company's management of pricing contracts. On the positive side, the Portfolio's technology holdings collectively had a gain, despite the generally negative environment for technology stocks in the period. Standouts included Macromedia (6.2% of the Portfolio as of April 30, 2005), which rallied on news that the company, which provides web-publishing products, would be acquired by Adobe. The Portfolio's consumer discretionary holdings also performed well, paced by Activision (2.6% of the Portfolio as of April 30, 2005) in the entertainment software area. 26 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- Recent market weakness notwithstanding, we remain very stock specific in our focus and believe we can continue to find companies that we feel can benefit over the longer term from themes such as the growth of internet advertising. Another area that we think presents opportunity is specialized semiconductor companies, and we continue to look for names that are compelling. Health care services is another theme in the portfolio, including companies with exposure to Medicaid services. Finally, we continue to believe that the lodging industry could benefit from rising levels of consumer and business travel in 2005. The Credit Suisse Small/Mid-Cap Growth Team Marian U. Pardo Leo M. Bernstein Calvin E. Chung BECAUSE OF THE NATURE OF THE PORTFOLIO'S POST-VENTURE-CAPITAL INVESTMENTS AND CERTAIN AGGRESSIVE STRATEGIES IT MAY USE, AN INVESTMENT IN THE PORTFOLIO MAY NOT BE APPROPRIATE FOR ALL INVESTORS. 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 PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS. 27 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2005 1 SINCE INCEPTION 1 YEAR INCEPTION DATE ------ --------- --------- (0.99)% 18.53% 1/15/03 AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2005 1 SINCE INCEPTION 1 YEAR INCEPTION DATE ------ --------- --------- (5.00)% 14.00% 1/15/03 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 PORTFOLIO MAY BE LOWER OR HIGHER THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION VALUE MAY BE LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON PORTFOLIO DISTRIBUTIONS OR THE REDEMPTION OF PORTFOLIO SHARES. PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH-END IS AVAILABLE AT WWW.CSAM.COM/US. _______________ 1 FEE WAIVERS AND/OR EXPENSE REIMBURSEMENTS REDUCED EXPENSES FOR THE PORTFOLIO, WITHOUT WHICH PERFORMANCE WOULD BE LOWER. WAIVERS AND/OR REIMBURSEMENTS MAY BE DISCONTINUED AT ANY TIME. 2 THE RUSSELL 2500 TM GROWTH INDEX MEASURES THE PERFORMANCE OF THOSE COMPANIES IN THE RUSSELL 2500 TM INDEX WITH HIGHER PRICE-TO-BOOK RATIOS AND HIGHER FORECASTED GROWTH VALUES. IT IS AN UNMANAGED INDEX OF COMMON STOCKS THAT INCLUDES REINVESTMENT OF DIVIDENDS AND IS COMPILED BY FRANK RUSSELL COMPANY. INVESTORS CANNOT INVEST DIRECTLY IN AN INDEX. 28 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES As an investor of the Portfolio, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Portfolio 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 Portfolio 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 April 30, 2005. The table illustrates your Portfolio's expenses in two ways: o ACTUAL PORTFOLIO RETURN. This helps you estimate the actual dollar amount of ongoing expenses paid on a $1,000 investment in the Portfolio using the Portfolio's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold. o HYPOTHETICAL 5% PORTFOLIO RETURN. This helps you to compare your Portfolio's ongoing expenses with those of other mutual funds using the Portfolio'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. 29 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE SIX MONTH PERIOD ENDED APRIL 30, 2005 - -------------------------------------------------------------------------------- ACTUAL PORTFOLIO RETURN Beginning Account Value 11/1/04 $1,000.00 Ending Account Value 4/30/05 $ 996.30 Expenses Paid per $1,000* $ 6.93 HYPOTHETICAL 5% PORTFOLIO RETURN Beginning Account Value 11/1/04 $1,000.00 Ending Account Value 4/30/05 $1,017.85 Expenses Paid per $1,000* $ 7.00 ANNUALIZED EXPENSE RATIO* 1.40% ________________ * EXPENSES ARE EQUAL TO THE PORTFOLIO'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 RATIO" IN THE TABLES ARE BASED ON ACTUAL EXPENSES PAID BY THE PORTFOLIO 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 PORTFOLIO'S ACTUAL EXPENSES WOULD HAVE BEEN HIGHER. For more information, please refer to the Portfolio's prospectus. 30 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- SECTOR BREAKDOWN* [BAR CHART] Technology 35.8% Consumer Discretionary 23.0% Health Care 22.5% Other Energy 11.8% Materials & Processing 6.9% _______________ * Expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. 31 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- June 1, 2005 Dear Shareholder: For the six months ended April 30, 2005, Credit Suisse Institutional Fund, Inc-Investment Grade Fixed Income Portfolio 1 (the "Portfolio") generated a return of 1.35%, versus a same period gain of 0.98% for the Lehman Brothers Aggregate Bond Index. 2 MARKET OVERVIEW: A SHIFT IN THE CYCLE The major factor driving activity in the period was the Federal Open Market Committee's graduated approach to monetary tightening, which brought the fed funds rate up 100 basis points, from 1.75% to 2.75% during the Portfolio's fiscal half-year. In support of these measured rate hikes the central bank cited continued improvement in labor-market conditions and growth in total output, alongside balanced inflation risks. The upward trend in crude oil prices, which reached a new high of $58 per barrel in March, contributed merely to a transitory soft patch in economic growth. While short-term interest rates tended to follow the Fed higher, rates on the long end strangely declined, due in our view to strong foreign demand for US assets of longer duration. This resulted in a significant flattening of the yield curve, as the spread between 2-year and 10-year Treasuries dropped from 150 to 55 basis points. Fed Chairman Greenspan termed the unusual yield curve phenomenon a conundrum, but we believe the real mystery was the lack of risk aversion among bond market participants. The longstanding hunger for yield in bonds remained avid into the new year, particularly for lower rated investment grade and high yield corporate credits whose valuations had reached historic highs. The correction finally came in mid-March in a sell-off triggered by a General Motors (GM) earnings warning, as a new risk-premium got priced into the market. In our view, the GM news helped to accelerate a long-awaited shift in the credit cycle, as we begin to witness increasingly shareholder-friendly action among corporations such as buy-backs and increased dividends. STRATEGIC REVIEW: DURATION TRADES AND SECURITY SELECTION In the Portfolio we took advantage of the Fed's measured rate hikes through a curve flattening trade, underweighting shorter duration securities and 32 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- overweighting intermediate duration securities. With regard to the credit sector, we positioned the Portfolio defensively well in advance of the GM earnings warning, reducing our exposure to lower quality investment grade issuers and any credits we believe likely to be impacted by the implosion in the automotive sector. Our positions in Mortgage Backed Securities (MBS) benefited due to low volatility and an emphasis on selected mortgage pools with lower probability of refinancing. In addition, we maintained exposure to select emerging market bonds, which added to our outperformance for the period. Negative contributions to performance included our underweight allocation to US Agencies, which strengthened in spite of the continuing turbulence at Fannie Mae. MARKET OUTLOOK: FUNDAMENTALLY SOUND In spite of the difficult environment among spread product in the latter part of the fiscal half-year, we believe the credit environment remains fundamentally sound thanks to moderate increases in corporate profitability and the continuing build-up of cash on corporate balance sheets. Given our positive outlook on credit fundamentals, we would view any further widening in corporate spreads as an opportunity to increase our weighting relative to the index. Credit Suisse Fixed Income Management Team Kevin D. Barry Michael Gray Sheila Huang Richard Avidon Philip Wubbena David N. Fisher 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 PORTFOLIO'S INVESTMENT PORTFOLIO. THESE STATEMENTS ARE SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS. 33 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2005 1 SINCE INCEPTION 1 YEAR INCEPTION DATE ------ --------- --------- 1.22% 4.74% 5/01/02 AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2005 1 SINCE INCEPTION 1 YEAR INCEPTION DATE ------ --------- --------- 5.42% 5.05% 5/01/02 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 PORTFOLIO MAY BE LOWER OR HIGHER THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION VALUE MAY BE LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON PORTFOLIO DISTRIBUTIONS OR THE REDEMPTION OF PORTFOLIO SHARES. PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH-END IS AVAILABLE AT WWW.CSAM.COM/US. _______________ 1 FEE WAIVERS AND/OR EXPENSE REIMBURSEMENTS REDUCED EXPENSES FOR THE PORTFOLIO, WITHOUT WHICH PERFORMANCE WOULD BE LOWER. WAIVERS AND/OR REIMBURSEMENTS MAY BE DISCONTINUED AT ANY TIME. 2 THE LEHMAN BROTHERS U.S. AGGREGATE BOND INDEX IS COMPOSED OF THE LEHMAN BROTHERS GOVERNMENT/CORPORATE BOND INDEX AND THE LEHMAN BROTHERS MORTGAGE-BACKED SECURITIES INDEX. IT INCLUDES U.S. TREASURY AND AGENCY ISSUES, CORPORATE BOND ISSUES AND MORTGAGE-BACKED SECURITIES RATED INVESTMENT-GRADE OR HIGHER BY MOODY'S INVESTORS SERVICE; THE STANDARD & POOR'S DIVISION OF THE MCGRAW-HILL COMPANIES, INC.; OR FITCH IBCA INC. INVESTORS CANNOT INVEST DIRECTLY IN AN INDEX. 34 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES As an investor of the Portfolio, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Portfolio 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 Portfolio 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 April 30, 2005. The table illustrates your Portfolio's expenses in two ways: o ACTUAL PORTFOLIO RETURN. This helps you estimate the actual dollar amount of ongoing expenses paid on a $1,000 investment in the Portfolio using the Portfolio's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold. o HYPOTHETICAL 5% PORTFOLIO RETURN. This helps you to compare your Portfolio's ongoing expenses with those of other mutual funds using the Portfolio'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. 35 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE SIX MONTH PERIOD ENDED APRIL 30, 2005 - -------------------------------------------------------------------------------- ACTUAL PORTFOLIO RETURN Beginning Account Value 11/1/04 $1,000.00 Ending Account Value 4/30/05 $1,013.50 Expenses Paid per $1,000* $ 2.00 HYPOTHETICAL 5% PORTFOLIO RETURN Beginning Account Value 11/1/04 $1,000.00 Ending Account Value 4/30/05 $1,022.81 Expenses Paid per $1,000* $ 2.01 ANNUALIZED EXPENSE RATIO* 0.40% ________________ * EXPENSES ARE EQUAL TO THE PORTFOLIO'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 RATIO" IN THE TABLES ARE BASED ON ACTUAL EXPENSES PAID BY THE PORTFOLIO 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 PORTFOLIO'S ACTUAL EXPENSES WOULD HAVE BEEN HIGHER. For more information, please refer to the Portfolio's prospectus. 36 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME PORTFOLIO SEMIANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- CREDIT QUALITY BREAKDOWN* RATINGS S&P ------- AAA 66.5% AA 1.4% A 8.7% BBB 13.2% BB 0.7% NR 0.4% ------ Subtotal 90.9% Short-Term Investments 9.1% ====== Total 100.0% ====== * Expressed as a percentage of total investments (excluding security collateral) and may very over time. 37 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO SCHEDULE OF INVESTMENTS April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NUMBER OF SHARES VALUE ---------- ----------- COMMON STOCKS (97.9%) AEROSPACE & DEFENSE (5.0%) Lockheed Martin Corp. 11,400 $ 694,830 United Technologies Corp. 6,200 630,664 ----------- 1,325,494 ----------- AUTO COMPONENTS (1.4%) Johnson Controls, Inc. 6,800 373,116 ----------- BANKS (12.9%) Bank of America Corp. 19,900 896,296 Mellon Financial Corp. 16,400 454,116 North Fork Bancorporation, Inc. 13,350 375,803 U.S. Bancorp 9,200 256,680 Wachovia Corp. 14,100 721,638 Wells Fargo & Co. 12,000 719,280 ----------- 3,423,813 ----------- BEVERAGES (1.0%) Coca-Cola Enterprises, Inc. 12,900 261,870 ----------- BUILDING PRODUCTS (1.1%) American Standard Companies, Inc. 6,400 286,144 ----------- CHEMICALS (3.6%) Du Pont (E. I.) de Nemours & Co. 13,100 617,141 PPG Industries, Inc. 5,000 337,750 ----------- 954,891 ----------- COMPUTERS & PERIPHERALS (0.9%) International Business Machines Corp. 3,000 229,140 ----------- CONTAINERS & PACKAGING (0.5%) Smurfit-Stone Container Corp.* 10,800 141,588 ----------- DIVERSIFIED FINANCIALS (9.2%) Capital One Financial Corp. 6,300 446,607 Citigroup, Inc. 17,400 817,104 Fannie Mae 5,400 291,330 Lehman Brothers Holdings, Inc. 5,200 476,944 Morgan Stanley 7,800 410,436 ----------- 2,442,421 ----------- DIVERSIFIED TELECOMMUNICATION SERVICES (4.3%) ALLTEL Corp. 6,000 341,760 Telus Corp. 15,000 447,450 Verizon Communications, Inc. 9,900 354,420 ----------- 1,143,630 ----------- ELECTRIC UTILITIES (0.9%) Progress Energy, Inc. 5,900 247,741 ----------- See Accompanying Notes to Financial Statements. 38 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO SCHEDULE OF INVESTMENTS (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NUMBER OF SHARES VALUE ---------- ----------- COMMON STOCKS ELECTRICAL EQUIPMENT (1.0%) Emerson Electric Co. 4,400 $ 275,748 ----------- ELECTRONIC EQUIPMENT & INSTRUMENTS (1.3%) Diebold, Inc. 7,400 357,938 ----------- ENERGY EQUIPMENT & SERVICES (1.7%) Weatherford International, Ltd.* 8,700 453,705 ----------- FOOD PRODUCTS (1.9%) General Mills, Inc. 10,200 503,880 ----------- HEALTHCARE PROVIDERS & SERVICES (2.0%) Aetna, Inc. 7,100 520,927 ----------- HOTELS, RESTAURANTS & LEISURE (1.1%) McDonald's Corp. 9,900 290,169 ----------- HOUSEHOLD DURABLES (0.7%) Maytag Corp.@ 20,400 197,676 ----------- HOUSEHOLD PRODUCTS (3.2%) Procter & Gamble Co. 15,900 860,985 ----------- INDUSTRIAL CONGLOMERATES (7.9%) General Electric Co. 22,600 818,120 Textron, Inc. 6,700 504,845 Tyco International, Ltd. 24,500 767,095 ----------- 2,090,060 ----------- INSURANCE (6.5%) Allstate Corp. 8,100 454,896 Hartford Financial Services Group, Inc. 11,000 796,070 St. Paul Companies, Inc. 13,500 483,300 ----------- 1,734,266 ----------- MACHINERY (3.0%) Eaton Corp. 6,800 398,820 ITT Industries, Inc. 4,500 407,070 ----------- 805,890 ----------- MEDIA (1.0%) Viacom, Inc. Class B 7,600 263,112 ----------- MULTILINE RETAIL (2.2%) Federated Department Stores, Inc. 10,100 580,750 ----------- See Accompanying Notes to Financial Statements. 39 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO SCHEDULE OF INVESTMENTS (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NUMBER OF SHARES VALUE ---------- ----------- COMMON STOCKS OIL & GAS (11.7%) Apache Corp. 7,200 $ 405,288 Burlington Resources, Inc. 7,300 354,853 ConocoPhillips 10,700 1,121,895 Exxon Mobil Corp. 13,600 775,608 Murphy Oil Corp. 3,300 293,997 Pioneer Natural Resources Co. 4,100 166,706 ----------- 3,118,347 ----------- PHARMACEUTICALS (4.8%) Johnson & Johnson 10,300 706,889 Pfizer, Inc. 9,700 263,549 Schering-Plough Corp. 14,200 296,354 ----------- 1,266,792 ----------- ROAD & RAIL (0.9%) Burlington Northern Santa Fe Corp. 5,100 246,075 ----------- SEMICONDUCTOR EQUIPMENT & PRODUCTS (1.0%) Intel Corp. 11,700 275,184 ----------- SPECIALTY RETAIL (2.8%) Best Buy Company, Inc. 7,600 382,584 Office Depot, Inc.* 18,200 356,356 ----------- 738,940 ----------- TOBACCO (2.4%) Altria Group, Inc. 9,700 630,403 ----------- TOTAL COMMON STOCKS (Cost $22,290,618) 26,040,695 ----------- SHORT-TERM INVESTMENTS (2.8%) State Street Navigator Prime Fund@@ 204,000 204,000 PAR (000) ---------- State Street Bank and Trust Co. Euro Time Deposit, 1.850%, 5/02/05 $ 549 549,000 ----------- TOTAL SHORT-TERM INVESTMENTS (Cost $753,000) 753,000 ----------- TOTAL INVESTMENTS AT VALUE (100.7%) (Cost $23,043,618) 26,793,695 LIABILITIES IN EXCESS OF OTHER ASSETS (-0.7%) (176,933) ----------- NET ASSETS (100.0%) $26,616,762 =========== - -------------------------------------------------------------------------------- * Non-income producing security. @ Security or portion thereof is out on loan. @@ Represents security purchased with cash collateral received for securities on loan. See Accompanying Notes to Financial Statements. 40 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO SCHEDULE OF INVESTMENTS April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NUMBER OF SHARES VALUE ---------- ----------- COMMON STOCKS (96.5%) BELGIUM (1.4%) BEVERAGES (1.4%) InBev NV@ 15,955 $ 510,852 ----------- TOTAL BELGIUM 510,852 ----------- BRAZIL (1.0%) DIVERSIFIED TELECOMMUNICATION SERVICES (1.0%) Tele Norte Leste Participacoes SA* 19,300 382,765 ----------- TOTAL BRAZIL 382,765 ----------- CHINA (0.9%) AIRLINES (0.9%) Air China, Ltd. Series H* 973,770 346,624 ----------- TOTAL CHINA 346,624 ----------- FRANCE (11.8%) BANKS (2.2%) Societe Generale@ 8,025 802,602 ----------- DIVERSIFIED TELECOMMUNICATION SERVICES (2.4%) France Telecom SA@ 30,345 894,980 ----------- INSURANCE (2.1%) Axa@ 30,850 773,007 ----------- MEDIA (2.2%) Lagardere S.C.A.*@ 11,485 833,245 ----------- OIL & GAS (0.7%) Total SA 1,210 269,935 ----------- TEXTILES & APPAREL (2.2%) LVMH Moet Hennessy Louis Vuitton SA@ 11,536 818,015 ----------- TOTAL FRANCE 4,391,784 ----------- GERMANY (4.4%) AUTO COMPONENTS (1.3%) Continental AG@ 6,345 469,216 ----------- BANKS (0.9%) Bayerische Hypo-und Vereinsbank AG* 13,255 316,376 ----------- See Accompanying Notes to Financial Statements. 41 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO SCHEDULE OF INVESTMENTS (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NUMBER OF SHARES VALUE ---------- ----------- COMMON STOCKS GERMANY ELECTRIC UTILITIES (2.2%) E.ON AG*@ 9,826 $ 835,485 ----------- TOTAL GERMANY 1,621,077 ----------- GREECE (1.9%) DIVERSIFIED TELECOMMUNICATION SERVICES (1.9%) Hellenic Telecommunications Organization SA 38,470 721,107 ----------- TOTAL GREECE 721,107 ----------- HONG KONG (3.1%) DIVERSIFIED TELECOMMUNICATION SERVICES (1.0%) China Netcom Group Corp. ADR@ 14,250 381,187 ----------- REAL ESTATE (2.1%) Sun Hung Kai Properties, Ltd. 79,000 756,502 ----------- TOTAL HONG KONG 1,137,689 ----------- HUNGARY (1.0%) BANKS (1.0%) OTP Bank Rt. 11,810 364,164 ----------- TOTAL HUNGARY 364,164 ----------- ITALY (6.0%) BANKS (2.0%) SanPaolo IMI SpA@ 48,885 726,193 ----------- ELECTRIC UTILITIES (1.2%) Enel SpA@ 46,255 440,184 ----------- OIL & GAS (2.8%) Eni SpA*@ 41,325 1,042,488 ----------- TOTAL ITALY 2,208,865 ----------- JAPAN (19.2%) AUTO COMPONENTS (0.9%) Bridgestone Corp. 18,000 344,990 ----------- BANKS (1.9%) Bank of Yokohama, Ltd. 123,000 702,918 ----------- CHEMICALS (3.7%) Kuraray Company, Ltd. 82,000 756,772 Shin-Etsu Chemical Company, Ltd. 16,600 611,619 ----------- 1,368,391 ----------- See Accompanying Notes to Financial Statements. 42 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO SCHEDULE OF INVESTMENTS (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NUMBER OF SHARES VALUE ---------- ----------- COMMON STOCKS JAPAN DIVERSIFIED FINANCIALS (3.3%) Nikko Cordial Corp. 75,000 $ 349,622 ORIX Corp. 4,600 624,084 RHJ International* 10,565 270,050 ----------- 1,243,756 ----------- ELECTRONIC EQUIPMENT & INSTRUMENTS (1.2%) Omron Corp. 19,800 432,369 ----------- HOUSEHOLD PRODUCTS (1.0%) Uni-Charm Corp. 8,500 379,665 ----------- MACHINERY (2.6%) Komatsu, Ltd. 76,000 534,801 THK Company, Ltd. 22,200 415,488 ----------- 950,289 ----------- SPECIALTY RETAIL (2.1%) Yamada Denki Company, Ltd.@ 15,900 759,371 ----------- TRADING COMPANIES & DISTRIBUTORS (2.5%) Sumitomo Corp. 110,000 931,558 ----------- TOTAL JAPAN 7,113,307 ----------- MEXICO (0.7%) WIRELESS TELECOMMUNICATION SERVICES (0.7%) America Movil SA de CV ADR Series L 5,020 249,243 ----------- TOTAL MEXICO 249,243 ----------- NETHERLANDS (6.1%) AIR FREIGHT & COURIERS (1.7%) TPG NV 22,910 623,970 ----------- BANKS (1.8%) ABN AMRO Holding NV@ 27,795 676,134 ----------- FOOD PRODUCTS (2.6%) Royal Numico NV* 23,570 978,277 ----------- TOTAL NETHERLANDS 2,278,381 ----------- SINGAPORE (1.6%) BANKS (1.6%) United Overseas Bank, Ltd.@ 65,535 573,490 ----------- TOTAL SINGAPORE 573,490 ----------- See Accompanying Notes to Financial Statements. 43 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO SCHEDULE OF INVESTMENTS (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NUMBER OF SHARES VALUE ---------- ----------- COMMON STOCKS SOUTH KOREA (1.0%) MACHINERY (1.0%) Samsung Heavy Industries Company, Ltd. 48,550 $ 367,321 ----------- TOTAL SOUTH KOREA 367,321 ----------- SPAIN (2.8%) OIL & GAS (2.8%) Repsol YPF SA@ 40,440 1,028,826 ----------- TOTAL SPAIN 1,028,826 ----------- SWEDEN (3.2%) COMMUNICATIONS EQUIPMENT (1.0%) Telefonaktiebolaget LM Ericsson@ 120,980 358,896 ----------- MACHINERY (2.2%) Sandvik AB@ 21,275 834,531 ----------- TOTAL SWEDEN 1,193,427 ----------- SWITZERLAND (5.1%) BANKS (2.2%) UBS AG 10,044 806,384 ----------- INSURANCE (1.0%) Swiss Re 5,855 390,367 ----------- PHARMACEUTICALS (1.9%) Novartis AG 14,280 697,852 ----------- TOTAL SWITZERLAND 1,894,603 ----------- TAIWAN (2.4%) SEMICONDUCTOR EQUIPMENT & PRODUCTS (2.4%) Taiwan Semiconductor Manufacturing Company, Ltd. 247,197 411,072 United Microelectronics Corp. ADR*@ 150,200 488,150 ----------- TOTAL TAIWAN 899,222 ----------- UNITED KINGDOM (22.9%) BANKS (4.2%) HSBC Holdings PLC 57,300 918,963 Royal Bank of Scotland Group PLC 20,701 625,785 ----------- 1,544,748 ----------- COMMERCIAL SERVICES & SUPPLIES (2.5%) Capita Group PLC 46,548 336,205 Hays PLC 241,325 603,846 ----------- 940,051 ----------- See Accompanying Notes to Financial Statements. 44 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO SCHEDULE OF INVESTMENTS (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NUMBER OF SHARES VALUE ---------- ----------- COMMON STOCKS UNITED KINGDOM INDUSTRIAL CONGLOMERATES (0.7%) FKI PLC 148,419 $ 265,749 ----------- METALS & MINING (0.9%) BHP Billiton PLC 26,915 329,935 ----------- MULTILINE RETAIL (1.5%) Marks & Spencer Group PLC 87,003 561,638 ----------- OIL & GAS (3.2%) BP PLC 73,475 749,817 Shell Transportation & Trading Company PLC 48,090 432,527 ----------- 1,182,344 ----------- PHARMACEUTICALS (3.8%) AstraZeneca PLC 16,625 728,220 GlaxoSmithKline PLC 26,340 666,166 ----------- 1,394,386 ----------- SPECIALTY RETAIL (1.3%) Kingfisher PLC 101,940 481,690 ----------- TOBACCO (2.1%) Imperial Tobacco Group PLC 27,540 790,108 ----------- TRANSPORTATION INFRASTRUCTURE (1.6%) BAA PLC 54,085 600,707 ----------- WIRELESS TELECOMMUNICATION SERVICES (1.1%) Vodafone Group PLC 157,005 410,930 ----------- TOTAL UNITED KINGDOM 8,502,286 ----------- TOTAL COMMON STOCKS (Cost $29,119,442) 35,785,033 ----------- PREFERRED STOCKS (0.5%) BRAZIL (0.5%) DIVERSIFIED TELECOMMUNICATION SERVICES (0.5%) Telemar Norte Leste SA Class A (Cost $198,562) 7,800 170,315 ----------- RIGHTS (0.0%) BRAZIL (0.0%) DIVERSIFIED TELECOMMUNICATION SERVICES (0.0%) Tele Norte Leste Participacoes SA* (Cost $0) 199 235 ----------- See Accompanying Notes to Financial Statements. 45 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO SCHEDULE OF INVESTMENTS (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NUMBER OF SHARES VALUE ---------- ----------- SHORT-TERM INVESTMENTS (18.1%) State Street Navigator Prime Fund@@ 5,953,954 $ 5,953,954 PAR (000) ---------- State Street Bank and Trust Co. Euro Time Deposit, 1.850%, 5/02/05 $ 765 765,000 ----------- TOTAL SHORT-TERM INVESTMENTS (Cost $6,718,954) 6,718,954 ----------- TOTAL INVESTMENTS AT VALUE (115.1%) (Cost $36,036,958) 42,674,537 LIABILITIES IN EXCESS OF OTHER ASSETS (-15.1%) (5,593,720) ----------- NET ASSETS (100.0%) $37,080,817 =========== INVESTMENT ABBREVIATIONS ADR = American Depositary Receipt - -------------------------------------------------------------------------------- * Non-income producing security. @ Security or portion thereof is out on loan. @@ Represents security purchased with cash collateral received for securities on loan. See Accompanying Notes to Financial Statements. 46 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO SCHEDULE OF INVESTMENTS April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NUMBER OF SHARES VALUE ---------- ----------- COMMON STOCKS (97.8%) AEROSPACE & DEFENSE (6.1%) Boeing Co. 5,500 $ 327,360 L-3 Communications Holdings, Inc. 3,600 255,492 United Technologies Corp. 3,800 386,536 ----------- 969,388 ----------- BANKS (6.4%) Mellon Financial Corp. 5,600 155,064 North Fork Bancorporation, Inc. 10,750 302,613 U.S. Bancorp 8,100 225,990 Wachovia Corp. 6,600 337,788 ----------- 1,021,455 ----------- BEVERAGES (1.4%) Coca-Cola Enterprises, Inc. 10,800 219,240 ----------- BIOTECHNOLOGY (2.1%) Charles River Laboratories International, Inc.* 3,300 156,321 Gilead Sciences, Inc.* 4,800 178,080 ----------- 334,401 ----------- BUILDING PRODUCTS (2.3%) American Standard Companies, Inc. 8,200 366,622 ----------- CHEMICALS (3.1%) Du Pont (E. I.) de Nemours & Co. 4,500 211,995 PPG Industries, Inc. 4,100 276,955 ----------- 488,950 ----------- COMMERCIAL SERVICES & SUPPLIES (1.9%) Avery Dennison Corp. 2,400 125,640 Monster Worldwide, Inc.* 7,400 170,274 ----------- 295,914 ----------- COMMUNICATIONS EQUIPMENT (2.2%) Cisco Systems, Inc.* 12,600 217,728 Qualcomm, Inc. 3,700 129,093 ----------- 346,821 ----------- COMPUTERS & PERIPHERALS (3.3%) Dell, Inc.* 4,900 170,667 EMC Corp.* 14,400 188,928 International Business Machines Corp. 2,200 168,036 ----------- 527,631 ----------- DIVERSIFIED FINANCIALS (8.7%) Citigroup, Inc. 10,549 495,381 Goldman Sachs Group, Inc. 2,300 245,617 JPMorgan Chase & Co. 7,700 273,273 Morgan Stanley 6,900 363,078 ----------- 1,377,349 ----------- See Accompanying Notes to Financial Statements. 47 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO SCHEDULE OF INVESTMENTS (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NUMBER OF SHARES VALUE ---------- ----------- COMMON STOCKS ELECTRIC UTILITIES (1.7%) Dominion Resources, Inc. 3,600 $ 271,440 ----------- ELECTRONIC EQUIPMENT & INSTRUMENTS (1.0%) Broadcom Corp. Class A* 5,200 155,532 ----------- FOOD & DRUG RETAILING (3.0%) CVS Corp. 9,400 484,852 ----------- FOOD PRODUCTS (2.2%) Campbell Soup Co. 5,500 163,570 Kellogg Co. 4,000 179,800 ----------- 343,370 ----------- HEALTHCARE EQUIPMENT & SUPPLIES (1.6%) Beckman Coulter, Inc. 3,900 260,169 ----------- HEALTHCARE PROVIDERS & SERVICES (2.2%) UnitedHealth Group, Inc. 3,800 359,138 ----------- HOTELS, RESTAURANTS & LEISURE (1.1%) McDonald's Corp. 5,900 172,929 ----------- HOUSEHOLD PRODUCTS (1.2%) Kimberly-Clark Corp. 3,000 187,350 ----------- INDUSTRIAL CONGLOMERATES (7.8%) General Electric Co. 15,400 557,480 Honeywell International, Inc. 4,900 175,224 Textron, Inc. 2,200 165,770 Tyco International, Ltd. 10,800 338,148 ----------- 1,236,622 ----------- INSURANCE (4.6%) Allstate Corp. 6,700 376,272 Lincoln National Corp. 7,900 355,263 ----------- 731,535 ----------- MACHINERY (2.8%) Caterpillar, Inc. 3,400 299,370 Eaton Corp. 2,400 140,760 ----------- 440,130 ----------- MEDIA (5.2%) Gannett Company, Inc. 4,200 323,400 Viacom, Inc. Class B 7,700 266,574 Walt Disney Co. 8,800 232,320 ----------- 822,294 ----------- See Accompanying Notes to Financial Statements. 48 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO SCHEDULE OF INVESTMENTS (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NUMBER OF SHARES VALUE ---------- ----------- COMMON STOCKS MULTILINE RETAIL (2.8%) J.C. Penney Company, Inc. 3,300 $ 156,453 May Department Stores Co. 8,300 291,164 ----------- 447,617 ----------- OIL & GAS (8.6%) Apache Corp. 3,900 219,531 Burlington Resources, Inc. 6,500 315,965 Exxon Mobil Corp. 10,500 598,815 Pioneer Natural Resources Co. 5,700 231,762 ----------- 1,366,073 ----------- PHARMACEUTICALS (5.0%) Hospira, Inc.* 4,700 157,685 Johnson & Johnson 4,300 295,109 Medco Health Solutions, Inc.* 3,500 178,395 Wyeth 3,800 170,772 ----------- 801,961 ----------- SEMICONDUCTOR EQUIPMENT & PRODUCTS (1.6%) Intel Corp. 10,700 251,664 ----------- SOFTWARE (5.1%) Adobe Systems, Inc. 2,600 154,622 Electronic Arts, Inc.* 4,600 245,594 Microsoft Corp. 16,224 410,467 ----------- 810,683 ----------- SPECIALTY RETAIL (2.8%) Ross Stores, Inc. 9,000 240,480 TJX Companies, Inc. 9,200 208,380 ----------- 448,860 ----------- TOTAL COMMON STOCKS (Cost $14,145,862) 15,539,990 ----------- PAR (000) ---------- SHORT-TERM INVESTMENT (2.2%) State Street Bank and Trust Co. Euro Time Deposit, 1.850%, 5/02/05 (Cost $344,000) $ 344 344,000 ----------- TOTAL INVESTMENTS AT VALUE (100.0%) (Cost $14,489,862) 15,883,990 OTHER ASSETS IN EXCESS OF LIABILITIES (0.0%) 2,734 ----------- NET ASSETS (100.0%) $15,886,724 =========== - -------------------------------------------------------------------------------- * Non-income producing security. See Accompanying Notes to Financial Statements. 49 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO SCHEDULE OF INVESTMENTS April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NUMBER OF SHARES VALUE ---------- ----------- COMMON STOCKS (98.1%) AEROSPACE & DEFENSE (7.2%) Boeing Co. 2,100 $ 124,992 L-3 Communications Holdings, Inc. 2,800 198,716 Precision Castparts Corp. 1,000 73,660 United Technologies Corp. 1,700 172,924 ----------- 570,292 ----------- AUTO COMPONENTS (1.0%) Autoliv, Inc. 1,800 79,650 ----------- BIOTECHNOLOGY (6.0%) Genentech, Inc.* 1,800 127,692 Genzyme Corp.* 2,300 134,803 Gilead Sciences, Inc.* 3,300 122,430 Martek Biosciences Corp.* 1,300 49,751 Neurocrine Biosciences, Inc.* 1,100 38,456 ----------- 473,132 ----------- CHEMICALS (6.1%) Crompton Corp. 6,100 85,705 Du Pont (E. I.) de Nemours & Co. 4,200 197,862 Monsanto Co. 3,300 193,446 ----------- 477,013 ----------- COMMUNICATIONS EQUIPMENT (5.0%) Comverse Technology, Inc.* 6,600 150,414 Corning, Inc.* 9,700 133,375 Qualcomm, Inc. 3,100 108,159 ----------- 391,948 ----------- COMPUTERS & PERIPHERALS (4.5%) Avid Technology, Inc.* 1,800 89,118 NCR Corp.* 5,800 191,400 Sun Microsystems, Inc.* 19,800 71,874 ----------- 352,392 ----------- DIVERSIFIED FINANCIALS (2.4%) Capital One Financial Corp. 2,700 191,403 ----------- ELECTRONIC EQUIPMENT & INSTRUMENTS (2.8%) Broadcom Corp. Class A* 3,100 92,721 PerkinElmer, Inc. 2,000 37,000 Roper Industries, Inc. 1,300 87,971 ----------- 217,692 ----------- ENERGY EQUIPMENT & SERVICES (1.1%) Smith International, Inc. 1,000 58,180 Weatherford International, Ltd.* 600 31,290 ----------- 89,470 ----------- See Accompanying Notes to Financial Statements. 50 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO SCHEDULE OF INVESTMENTS (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NUMBER OF SHARES VALUE ---------- ----------- COMMON STOCKS FOOD & DRUG RETAILING (2.9%) CVS Corp. 2,300 $ 118,634 Whole Foods Market, Inc. 1,100 109,692 ----------- 228,326 ----------- FOOD PRODUCTS (2.2%) Campbell Soup Co. 2,800 83,272 Wm. Wrigley Jr. Co. 1,300 89,869 ----------- 173,141 ----------- HEALTHCARE EQUIPMENT & SUPPLIES (3.8%) Dade Behring Holdings, Inc.* 2,500 154,175 Guidant Corp. 1,100 81,488 St. Jude Medical, Inc.* 1,700 66,351 ----------- 302,014 ----------- HEALTHCARE PROVIDERS & SERVICES (4.5%) Aetna, Inc. 800 58,696 LifePoint Hospitals, Inc.* 1,700 75,565 UnitedHealth Group, Inc. 600 56,706 WellPoint, Inc.* 1,300 166,075 ----------- 357,042 ----------- HOTELS, RESTAURANTS & LEISURE (3.4%) Harrah's Entertainment, Inc. 1,200 78,744 Starbucks Corp.* 2,300 113,896 Starwood Hotels & Resorts Worldwide, Inc. 1,400 76,076 ----------- 268,716 ----------- HOUSEHOLD DURABLES (1.4%) Sony Corp. ADR 2,900 106,459 ----------- HOUSEHOLD PRODUCTS (3.6%) Kimberly-Clark Corp. 1,100 68,695 Procter & Gamble Co. 4,000 216,600 ----------- 285,295 ----------- INDUSTRIAL CONGLOMERATES (4.0%) General Electric Co. 3,800 137,560 Tyco International, Ltd. 5,600 175,336 ----------- 312,896 ----------- INSURANCE (2.7%) AMBAC Financial Group, Inc. 1,300 86,905 American International Group, Inc. 2,500 127,125 ----------- 214,030 ----------- INTERNET SOFTWARE & SERVICES (4.3%) VeriSign, Inc.* 5,600 148,176 Yahoo!, Inc.* 5,600 193,256 ----------- 341,432 ----------- See Accompanying Notes to Financial Statements. 51 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO SCHEDULE OF INVESTMENTS (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NUMBER OF SHARES VALUE ---------- ----------- COMMON STOCKS IT CONSULTING & SERVICES (0.4%) NAVTEQ Corp.* 900 $ 32,778 ----------- MEDIA (5.4%) E.W. Scripps Co. Class A 1,700 86,581 Getty Images, Inc.* 1,400 100,170 News Corp. Class A 4,954 75,697 Time Warner, Inc.* 6,800 114,308 XM Satellite Radio Holdings, Inc. Class A* 1,700 47,158 ----------- 423,914 ----------- METALS & MINING (1.4%) Newmont Mining Corp. 3,000 113,910 ----------- MULTILINE RETAIL (1.0%) Dollar General Corp. 3,800 77,330 ----------- OIL & GAS (2.1%) Forest Oil Corp.* 1,000 38,530 XTO Energy, Inc.* 4,200 126,714 ----------- 165,244 ----------- PHARMACEUTICALS (10.3%) Johnson & Johnson 3,700 253,931 Medco Health Solutions, Inc.* 1,700 86,649 Pfizer, Inc. 2,900 78,793 Schering-Plough Corp. 7,700 160,699 Sepracor, Inc.* 2,500 149,800 Wyeth 1,800 80,892 ----------- 810,764 ----------- SOFTWARE (6.7%) Activision, Inc.* 3,600 52,056 Macromedia, Inc.* 4,500 178,245 Microsoft Corp. 9,600 242,880 Oracle Corp.* 4,500 52,020 ----------- 525,201 ----------- SPECIALTY RETAIL (1.9%) Office Depot, Inc.* 3,700 72,446 The Gap, Inc. 3,600 76,860 ----------- 149,306 ----------- TOTAL COMMON STOCKS (Cost $7,286,540) 7,730,790 ----------- See Accompanying Notes to Financial Statements. 52 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO SCHEDULE OF INVESTMENTS (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- PAR (000) VALUE ---------- ----------- SHORT-TERM INVESTMENT (2.3%) State Street Bank and Trust Co. Euro Time Deposit, 1.850%, 5/02/05 (Cost $184,000) $ 184 $ 184,000 ----------- TOTAL INVESTMENTS AT VALUE (100.4%) (Cost $7,470,540) 7,914,790 LIABILITIES IN EXCESS OF OTHER ASSETS (-0.4%) (31,861) ----------- NET ASSETS (100.0%) $ 7,882,929 =========== INVESTMENT ABBREVIATIONS ADR = American Depositary Receipt - -------------------------------------------------------------------------------- * Non-income producing security. See Accompanying Notes to Financial Statements. 53 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO SCHEDULE OF INVESTMENTS April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NUMBER OF SHARES VALUE ---------- ----------- COMMON STOCKS (92.7%) BIOTECHNOLOGY (9.9%) Martek Biosciences Corp.*@ 600 $ 22,962 Neurocrine Biosciences, Inc.* 900 31,464 Rigel Pharmaceuticals, Inc.*@ 2,800 48,020 ----------- 102,446 ----------- COMMERCIAL SERVICES & SUPPLIES (4.4%) Greenfield Online, Inc.*@ 2,500 45,050 ----------- COMPUTERS & PERIPHERALS (5.7%) Avid Technology, Inc.* 700 34,657 Sigma Designs, Inc.* 3,200 24,480 ----------- 59,137 ----------- ENERGY EQUIPMENT & SERVICES (5.4%) National Oilwell Varco, Inc.* 1,400 55,636 ----------- HEALTHCARE PROVIDERS & SERVICES (3.8%) Centene Corp.* 1,400 38,990 ----------- HOTELS, RESTAURANTS & LEISURE (3.9%) Great Wolf Resorts, Inc.* 1,900 40,327 ----------- INTERNET & CATALOG RETAIL (2.7%) Alloy, Inc.* 6,100 28,243 ----------- INTERNET SOFTWARE & SERVICES (9.0%) Digitas, Inc.* 4,900 48,853 Openwave Systems, Inc.*@ 3,300 44,187 ----------- 93,040 ----------- MEDIA (7.9%) aQuantive, Inc.*@ 4,100 45,510 Lions Gate Entertainment Corp.*@ 3,800 36,708 ----------- 82,218 ----------- METALS & MINING (2.3%) GrafTech International, Ltd.* 6,200 23,622 ----------- OIL & GAS (5.5%) Denbury Resources, Inc.* 1,800 57,132 ----------- PHARMACEUTICALS (7.2%) Medicines Co.* 1,900 40,565 Medicis Pharmaceutical Corp. Class A 1,200 33,720 ----------- 74,285 ----------- REAL ESTATE (4.1%) HouseValues, Inc.*@ 3,300 42,933 ----------- See Accompanying Notes to Financial Statements. 54 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO SCHEDULE OF INVESTMENTS (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NUMBER OF SHARES VALUE ---------- ----------- COMMON STOCKS SEMICONDUCTOR EQUIPMENT & PRODUCTS (12.7%) FormFactor, Inc.*@ 500 $ 11,420 Genesis Microchip, Inc.*@ 3,800 54,378 Tessera Technologies, Inc.* 1,400 37,184 Trident Microsystems, Inc.*@ 1,700 28,951 ----------- 131,933 ----------- SOFTWARE (8.2%) Activision, Inc.* 1,733 25,064 Macromedia, Inc.* 1,500 59,415 ----------- 84,479 ----------- TOTAL COMMON STOCKS (Cost $915,430) 959,471 ----------- SHORT-TERM INVESTMENTS (29.9%) State Street Navigator Prime Fund@@ (Cost $309,424) 309,424 309,424 ----------- TOTAL INVESTMENTS AT VALUE (122.6%) (Cost $1,224,854) 1,268,895 LIABILITIES IN EXCESS OF OTHER ASSETS (-22.6%) (234,235) ----------- NET ASSETS (100.0%) $ 1,034,660 =========== - -------------------------------------------------------------------------------- * Non-income producing security. @ Security or portion thereof is out on loan. @@ Represents security purchased with cash collateral received for securities on loan. See Accompanying Notes to Financial Statements. 55 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME PORTFOLIO SCHEDULE OF INVESTMENTS April 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE --------- --------------- --------- --------- ------------- CORPORATE BONDS (23.8%) AEROSPACE & DEFENSE (0.7%) $ 65 Goodrich Corp., Notes (BBB- , Baa3) 04/15/08 7.500 $ 70,629 ------------- BANKS (1.1%) 40 Bank of America Corp., Global Notes (AA- , Aa2) 10/01/10 4.250 39,694 25 Bank of America Corp., Rule 144A, Company Guaranteed Notes (Callable 12/31/06 @ $104.04) ++ (A , Aa3) 12/31/26 8.070 27,382 25 Key Bank NA, Subordinated Notes (A- , A2) 07/01/14 5.800 26,594 20 National City Bank, Series BKNT, Notes (A+ , Aa3) 08/01/09 4.150 19,885 ------------- 113,555 ------------- CHEMICALS (0.2%) 25 Lubrizol Corp., Senior Notes (BB+ , Baa3) 10/01/09 4.625 24,803 ------------- COMMERCIAL SERVICES (1.5%) 45 Cendant Corp., Units (BBB , Baa1) 08/17/06 4.890 45,022 15 Erac USA Finance Co., Rule 144A, Notes ++ (BBB+ , Baa1) 05/15/06 6.625 15,302 90 Steelcase, Inc., Global Senior Notes (BBB- , Ba1) 11/15/06 6.375 91,776 ------------- 152,100 ------------- DIVERSIFIED FINANCIALS (6.4%) 20 Capital One Financial Corp., Senior Notes (BBB- , Baa3) 05/17/07 4.738 20,199 50 Citigroup, Inc., Global Subordinated Notes (A+ , Aa2) 09/15/14 5.000 50,424 40 Ford Motor Credit Co., Global Notes (BB+ , A3) 01/25/07 6.500 40,012 50 Ford Motor Credit Co., Global Notes @ (BB+ , A3) 01/15/10 5.700 45,236 15 Ford Motor Credit Co., Global Notes @ (BB+ , A3) 10/01/13 7.000 13,520 20 General Electric Capital Corp., Global Notes (AAA , Aaa) 03/04/15 4.875 20,083 50 General Electric Capital Corp., Series MTNA, Global Notes (AAA , Aaa) 06/15/12 6.000 53,830 25 General Motors Acceptance Corp., Global Bonds (BB , Baa2) 11/01/31 8.000 21,087 35 Goldman Sachs Group, Inc., Global Notes (A+ , Aa3) 01/15/15 5.125 35,020 55 Household Finance Corp., Global Notes @ (A , A1) 12/15/08 4.125 54,412 15 JPMorgan Chase & Co., Global Notes (A+ , Aa3) 03/01/15 4.750 14,773 35 MBNA America Bank, Rule 144A, Subordinated Notes ++ (BBB , Baa2) 03/15/08 6.750 37,139 14 Merey Sweeny L.P., Rule 144A, Senior Notes ++ (NR , Baa3) 12/18/19 8.850 16,096 30 Merrill Lynch & Company, Inc., Series MTNC, Global Notes @ (A+ , Aa3) 01/15/15 5.000 30,101 125 OMX Timber Finance Investment LLC, Rule 144A, Company Guaranteed Notes (Callable 10/31/19 @ $100.00) ++# (A+ , Aa3) 01/29/20 5.420 126,039 60 SLM Corp., Series MTNA, Notes (A , A2) 01/15/09 4.000 59,319 ------------- 637,290 ------------- ELECTRIC (2.8%) 17 American Electric Power Company, Inc., Series A, Global Notes (BBB , Baa3) 05/15/06 6.125 17,378 40 Cincinnati Gas & Electric Co., Notes (BBB , Baa1) 09/15/12 5.700 42,137 15 Dominion Resources, Inc., Series A, Notes (BBB+ , Baa1) 11/15/06 3.660 14,916
See Accompanying Notes to Financial Statements. 56 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME PORTFOLIO SCHEDULE OF INVESTMENTS (CONTINUED) April 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE --------- --------------- --------- --------- ------------- CORPORATE BONDS ELECTRIC $ 25 FPL Group Capital, Inc., Notes (A- , A2) 02/16/07 4.086 $ 24,971 25 Oklahoma Gas & Electric Co., Bonds (Callable 08/01/14 @ $103.25) (BBB+ , A2) 08/01/34 6.500 26,983 20 Old Dominion Electric Cooperative., Series A, Secured Notes (AAA , Aaa) 06/01/11 6.250 21,852 20 Pacific Gas & Electric Co., First Mortgage Notes (BBB , Baa1) 03/01/34 6.050 21,446 25 PacifiCorp, First Mortgage Notes @ (A- , A3) 11/15/11 6.900 28,169 30 Pinnacle West Capital Corp., Senior Notes (Callable 05/01/05 @ $100.00) # (BBB- , Baa2) 11/01/05 3.543 30,000 50 TXU Corp., Rule 144A, Notes ++ (BBB- , Ba1) 11/15/24 6.500 49,487 ------------- 277,339 ------------- ENVIRONMENTAL CONTROL (0.1%) 10 Waste Management, Inc., Global Company Guaranteed Notes (BBB , Baa3) 05/15/32 7.750 12,524 ------------- FOOD (0.7%) 30 ConAgra Foods, Inc., Notes @ (BBB+ , Baa1) 09/15/11 6.750 33,438 30 ConAgra Foods, Inc., Notes @ (BBB+ , Baa1) 09/15/30 8.250 41,183 ------------- 74,621 ------------- GAS (0.4%) 35 Sempra Energy, Notes (BBB+ , Baa1) 12/01/05 6.950 35,617 ------------- HOME BUILDERS (0.2%) 25 Pulte Homes, Inc., Notes @ (BBB- , Baa3) 02/15/35 6.000 23,375 ------------- INSURANCE (1.8%) 75 American International Group, Inc., Global Notes #@ (AA+ , Aaa) 05/15/13 4.250 71,331 50 Berkshire Hathaway Finance Corp., Rule 144A, Senior Notes ++ (AAA , Aaa) 01/15/10 4.125 49,332 40 Nationwide Mutual Insurance Co., Rule 144A, Bonds (Callable 04/15/14 @ $100.00) ++ (A- , A2) 04/15/34 6.600 41,180 20 Progressive Corp., Senior Notes (A+ , A1) 12/01/32 6.250 22,327 ------------- 184,170 ------------- INVESTMENT COMPANY (0.3%) 25 Frank Russell Co., Rule 144A, Company Guaranteed Notes ++ (AAA , Aa1) 01/15/09 5.625 26,310 ------------- MEDIA (1.9%) 16 Comcast Cable Communications Holdings, Inc., Global Company Guaranteed Notes (BBB , Baa2) 03/15/13 8.375 19,453 55 Comcast Cable Communications, Inc., Senior Notes (BBB , Baa2) 01/30/11 6.750 60,441 15 Cox Communications, Inc., Notes (BBB- , Baa3) 06/15/05 6.875 15,050 30 News America Holdings, Inc., Company Guaranteed Notes (BBB- , Baa3) 02/01/13 9.250 37,925 20 News America, Inc., Company Guaranteed Notes (BBB- , Baa3) 11/30/28 7.625 23,647
See Accompanying Notes to Financial Statements. 57 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME PORTFOLIO SCHEDULE OF INVESTMENTS (CONTINUED) April 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE --------- --------------- --------- --------- ------------- CORPORATE BONDS MEDIA $ 20 Time Warner, Inc., Global Company Guaranteed Notes (BBB+ , Baa1) 04/15/31 7.625 $ 24,449 5 Time Warner, Inc., Global Notes (BBB+ , Baa1) 05/01/12 6.875 5,576 ------------- 186,541 ------------- MINING (0.4%) 40 Phelps Dodge Corp., Senior Notes (BBB , Baa2) 03/15/34 6.125 41,721 ------------- MISCELLANEOUS MANUFACTURING (0.5%) 50 Textron, Inc., Senior Notes (A- , A3) 08/01/10 4.500 49,888 ------------- OIL & GAS (1.4%) 35 Amerada Hess Corp., Notes (BBB- , Ba1) 08/15/31 7.300 40,132 50 Enterprise Products Operating LP, Series B, Global Senior Notes (BB+ , Baa3) 10/15/34 6.650 52,571 25 Pemex Project Funding Master Trust, Rule 144A, Company Guaranteed Notes ++# (BBB , Baa1) 06/15/10 4.310 25,788 25 XTO Energy, Inc., Notes (BBB- , Baa3) 06/30/15 5.300 25,298 ------------- 143,789 ------------- PIPELINES (0.3%) 25 Kinder Morgan Energy Partners LP, Notes (BBB+ , Baa1) 11/15/14 5.125 24,888 ------------- REAL ESTATE (0.3%) 30 EOP Operating LP, Notes (BBB+ , Baa2) 10/01/10 4.650 29,586 ------------- RETAIL (0.6%) 50 Target Corp., Notes (A+ , A2) 08/15/10 7.500 57,341 ------------- TELECOMMUNICATIONS (2.2%) 25 ALLTEL Corp., Notes (A , A2) 05/17/07 4.656 25,225 20 Motorola, Inc., Notes @ (BBB , Baa3) 11/16/07 4.608 20,153 10 New Cingular Wireless Services, Inc., Global Senior Notes (A , Baa2) 03/01/31 8.750 13,679 20 SBC Communications, Inc., Global Notes (A , A2) 09/15/14 5.100 20,046 20 Sprint Capital Corp., Global Company Guaranteed Notes (BBB- , Baa3) 01/30/11 7.625 22,602 55 Sprint Capital Corp., Global Company Guaranteed Notes (BBB- , Baa3) 03/15/32 8.750 74,185 40 Verizon Wireless Capital LLC, Global Notes (A+ , A3) 12/15/06 5.375 40,822 ------------- 216,712 ------------- TOTAL CORPORATE BONDS (Cost $2,363,624) 2,382,799 ------------- ASSET BACKED SECURITIES (8.8%) 27 Ameriquest Mortgage Securities, Inc., Series 2003-AR2, Class A4 # (AAA , Aaa) 05/25/33 3.370 27,100 0 Capital Auto Receivables Asset Trust, Series 2002-5, Class A3B #(1) (AAA , Aaa) 04/17/06 2.300 266
See Accompanying Notes to Financial Statements. 58 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME PORTFOLIO SCHEDULE OF INVESTMENTS (CONTINUED) April 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE --------- --------------- --------- --------- ------------- ASSET BACKED SECURITIES $ 43 Carmax Auto Owner Trust, Series 2001-2, Class A4 # (AAA , Aaa) 12/15/06 3.940 $ 42,770 22 Countrywide Asset-Backed Certificates, Series 2003-BC1, Class A1 # (AAA , Aaa) 03/25/33 3.420 21,800 33 Countrywide Home Equity Loan Trust, Series 2002-C, Class A # (AAA , Aaa) 05/15/28 3.194 33,324 75 DaimlerChrysler Auto Trust, Series 2004-B, Class A4 (AAA , Aaa) 10/08/09 3.710 74,332 50 First Franklin Mortgage Loan Asset-Backed Certificates, Series 2005-FF5, Class A2B # (AAA , Aaa) 03/25/35 3.290 50,000 100 Ford Credit Auto Owner Trust, Series 2003-A, Class A4B # (AAA , Aaa) 06/15/07 3.044 100,062 105 GE Capital Credit Card Master Note Trust, Series 2004-2, Class A # (AAA , Aaa) 09/15/10 2.994 105,088 19 Greenpoint Home Equity Loan Trust, Series 2003-1, Class A # (AAA , Aaa) 04/15/29 3.224 18,795 50 Honda Auto Receivables Owner Trust, Series 2003-1, Class A4 # (AAA , Aaa) 07/18/08 2.480 49,328 35 Ixis Real Estate Capital Trust, Series 2005-HE2, Class M1 # (AA , Aa1) 09/25/35 3.494 35,000 125 MBNA Credit Card Master Note Trust, Series 2002-A4, Class A4 # (AAA , Aaa) 08/17/09 3.064 125,307 40 Residential Asset Mortgage Products, Inc., Series 2003-RS3, Class AI2 (AAA , Aaa) 03/25/29 3.380 39,589 56 SLM Student Loan Trust, Series 2000-1, Class A2L # (AAA , Aaa) 01/25/13 2.880 55,817 84 SLM Student Loan Trust, Series 2003-1, Class A2 # (AAA , Aaa) 06/17/13 3.050 84,017 18 Vanderbilt Mortgage Finance, Series 1998-C, Class 1B1 (BBB , Baa1) 02/07/15 6.970 18,240 ------------- TOTAL ASSET BACKED SECURITIES (Cost $882,089) 880,835 ------------- MORTGAGE-BACKED SECURITIES (48.3%) 90 Bank of America Commercial Mortgage, Inc., Series 2005-1, Class A5 (AAA , Aaa) 11/10/42 4.976 92,286 70 Bear Stearns Commercial Mortgage Securities, Inc., Series 2005-T18, Class A4 (AAA , Aaa) 02/13/42 4.933 70,315 85 Fannie Mae Global Bonds (AAA , Aaa) 11/15/30 6.625 105,151 50 Fannie Mae Global Notes (AAA , Aaa) 11/15/10 6.625 55,685 75 Fannie Mae Pool #254372 (AAA , Aaa) 07/01/17 6.000 77,799 77 Fannie Mae Pool #636884 ++++++ (AAA , Aaa) 04/01/32 6.500 80,381 82 Fannie Mae Pool #703337 (AAA , Aaa) 04/01/33 5.500 83,253 48 Fannie Mae Pool #713667 (AAA , Aaa) 07/01/33 5.000 47,588 50 Fannie Mae Pool #721796 (AAA , Aaa) 06/01/18 4.500 49,454 192 Fannie Mae Pool #725231 (AAA , Aaa) 02/01/34 5.000 190,612 118 Fannie Mae Pool #725248 (AAA , Aaa) 03/01/34 5.000 117,394 84 Fannie Mae Pool #725277 (AAA , Aaa) 03/01/19 4.500 83,319 185 Fannie Mae Pool #735196 # (AAA , Aaa) 11/01/34 4.071 184,443 48 Fannie Mae Pool #741384 (AAA , Aaa) 09/01/18 4.000 47,038 81 Fannie Mae Pool #743364 (AAA , Aaa) 10/01/33 5.500 81,782 165 Fannie Mae Pool #758789 (AAA , Aaa) 12/01/33 5.500 166,396 114 Fannie Mae Pool #761831 (AAA , Aaa) 08/01/33 5.500 115,103 76 Fannie Mae Pool #767184 (AAA , Aaa) 02/01/19 5.500 78,236
See Accompanying Notes to Financial Statements. 59 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME PORTFOLIO SCHEDULE OF INVESTMENTS (CONTINUED) April 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE --------- --------------- --------- --------- ------------- MORTGAGE-BACKED SECURITIES $ 104 Fannie Mae Pool #770154 (AAA , Aaa) 04/01/34 5.000 $ 103,070 120 Fannie Mae Pool #772297 (AAA , Aaa) 03/01/34 5.500 121,149 89 Fannie Mae Pool #775174 (AAA , Aaa) 05/01/19 4.500 88,306 81 Fannie Mae Pool #776327 (AAA , Aaa) 04/01/34 5.000 80,807 144 Fannie Mae Pool #790724 (AAA , Aaa) 09/01/34 5.500 145,353 91 Fannie Mae Pool #794268 (AAA , Aaa) 09/01/34 6.500 94,979 64 Fannie Mae Pool #794821 (AAA , Aaa) 10/01/34 7.000 67,380 88 Fannie Mae Pool #796906 (AAA , Aaa) 11/01/34 7.000 92,909 100 Federal Home Loan Bank Global Bonds (AAA , Aaa) 06/18/14 5.250 105,249 55 FNMA TBA (AAA , Aaa) 05/02/20 5.000 55,383 170 FNMA TBA (AAA , Aaa) 05/02/35 5.000 167,941 245 FNMA TBA (AAA , Aaa) 05/02/35 5.500 247,373 400 FNMA TBA (AAA , Aaa) 05/02/35 6.000 410,563 145 Freddie Mac Global Notes (AAA , Aaa) 11/15/13 4.875 148,725 95 Freddie Mac Global Subordinated Notes (AAA , Aaa) 03/21/11 5.875 101,471 90 Freddie Mac Pool #A24892 (AAA , Aaa) 07/01/34 6.000 92,124 89 Freddie Mac Pool #A26682 (AAA , Aaa) 09/01/34 6.000 91,343 44 Freddie Mac Pool #B11354 (AAA , Aaa) 12/01/18 5.000 44,298 87 Freddie Mac Pool #B13889 (AAA , Aaa) 04/01/19 4.000 84,391 104 Freddie Mac Pool #N31151 ++++ (AAA , Aaa) 10/01/34 5.000 104,221 60 Freddie Mac Remic, Series R001, Class AE (AAA , Aaa) 04/15/15 4.375 59,858 93 Ginnie Mae Pool #3666 (AAA , Aaa) 01/20/35 6.000 95,661 100 GNMA TBA (AAA , Aaa) 05/02/35 5.000 99,812 100 GS Mortgage Securities Corp. II, Series 2004-GG2, Class A4 (AAA , Aaa) 08/10/38 4.964 101,649 57 JPMorgan Chase Commercial Mortgage Securities Corp., Series 2004-CB9, Class A1 # (AAA , Aaa) 06/12/41 3.475 56,439 96 LB-UBS Commercial Mortgage Trust, Series 2004-C1, Class A1 (AAA , Aaa) 01/15/29 2.964 92,551 150 Merrill Lynch Mortgage Trust, Series 2005-MKB2, Class A4 # (AAA , Aaa) 09/12/42 5.204 153,410 ------------- TOTAL MORTGAGE-BACKED SECURITIES (Cost $4,814,490) 4,832,650 ------------- FOREIGN BONDS (8.4%) ASSET BACKED SECURITIES (1.0%) 100 Pure Mortgages, Series 2004-1A, Class A (Ireland) # (AAA , Aaa) 02/28/34 2.932 100,000 ------------- BEVERAGES (0.6%) 25 Diageo Capital PLC, Global Notes (United Kingdom) (A , A2) 05/03/10 4.375 24,878 35 Diageo Finance BV, Global Company Guaranteed Notes (Netherlands) (A , A2) 04/01/11 3.875 34,112 ------------- 58,990 ------------- CHEMICALS (0.2%) 15 Methanex Corp., Yankee Notes (Canada) (BBB- , Ba1) 08/15/05 7.750 15,225 ------------- ELECTRIC (0.2%) 20 Compania Nacional de Transmision Electrica SA, Global Senior Notes (Chile) (A- , Baa1) 04/15/11 7.875 22,801 -------------
See Accompanying Notes to Financial Statements. 60 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME PORTFOLIO SCHEDULE OF INVESTMENTS (CONTINUED) April 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE --------- --------------- --------- --------- ------------- FOREIGN BONDS HOLDING COMPANIES-DIVERSIFIED (0.6%) $ 55 Pacificorp Australia, Rule 144A, Bonds (Australia) ++ (AAA , Aaa) 01/15/08 6.150 $ 57,726 ------------- INSURANCE (0.2%) 20 Everest Reinsurance Holdings, Notes (Bermuda) @ (A- , A3) 10/15/14 5.400 20,231 ------------- MEDIA (0.3%) 25 Thomson Corp., Global Notes (Canada) (A- , A3) 01/05/12 6.200 27,142 ------------- MISCELLANEOUS MANUFACTURING (0.2%) 20 Tyco International Group SA, Yankee Company Guaranteed Notes (Luxembourg) (BBB , Baa3) 10/15/11 6.375 21,702 ------------- OIL & GAS (0.4%) 10 Canadian Natural Resources, Ltd., Yankee Notes (Canada) (BBB+ , Baa1) 07/15/11 6.700 11,003 25 Nexen, Inc., Yankee Notes (Canada) (BBB- , Baa2) 03/10/35 5.875 24,182 ------------- 35,185 ------------- PIPELINES (0.1%) 15 Trans-Canada Pipelines, Ltd., Yankee Bonds (Canada) (A- , A2) 01/15/15 4.875 15,053 ------------- SOVEREIGN (4.3%) 470 Government of New Zealand, Bonds (New Zealand) (AAA , Aaa) 04/15/15 6.000 348,579 25 United Mexican States, Global Notes (Mexico) (BBB , Baa1) 12/30/19 8.125 29,337 20 United Mexican States, Global Notes (Mexico) (BBB , Baa1) 04/08/33 7.500 21,700 30 United Mexican States, Series MTN, Global Notes (Mexico) (BBB , Baa1) 01/16/13 6.375 31,365 ------------- 430,981 ------------- TELECOMMUNICATIONS (0.3%) 25 Deutsche Telekom International Finance BV, Global Company Guaranteed Notes (Netherlands) # (A- , Baa1) 06/15/30 8.750 33,601 ------------- TOTAL FOREIGN BONDS (Cost $812,635) 838,637 ------------- UNITED STATES TREASURY OBLIGATIONS (6.9%) 95 United States Treasury Bonds ^^ (AAA , Aaa) 02/15/23 7.125 124,057 97 United States Treasury Bonds ++++ (AAA , Aaa) 01/15/25 2.375 105,570 14 United States Treasury Notes ++++ (AAA , Aaa) 09/30/06 2.500 13,806 10 United States Treasury Notes ++++ (AAA , Aaa) 02/15/08 3.375 9,915 190 United States Treasury Notes ++++ (AAA , Aaa) 04/15/10 4.000 190,935 97 United States Treasury Notes ++++ (AAA , Aaa) 07/15/14 2.000 100,309 150 United States Treasury Notes ++++ (AAA , Aaa) 02/15/15 4.000 147,615 ------------- TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $676,231) 692,207 -------------
See Accompanying Notes to Financial Statements. 61 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME PORTFOLIO SCHEDULE OF INVESTMENTS (CONTINUED) April 30, 2005 (unaudited) - --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE --------- --------------- --------- --------- ------------- MUNICIPAL BOND (1.2%) TEXAS (1.2%) $ 120 University of Texas, University Revenue Bonds, Financing Systems, Series D (Cost $123,536) (AAA , Aaa) 08/15/34 5.000 $ 125,297 ------------- NUMBER OF SHARES --------- PREFERRED STOCK (0.3%) TELECOMMUNICATIONS (0.3%) 20 Centaur Funding Corp., Series B, Rule 144A ++ (Cost $23,257) 27,037 ------------- CONTRACTS --------- OPTIONS PURCHASED (0.0%) CALL OPTIONS (0.0%) 106 European Economic Unit, strike $1.286, expires 05/05/05 954 ------------- PUT OPTIONS (0.0%) 106 European Economic Unit, strike $1.286, expires 05/05/05 405 ------------- TOTAL OPTIONS PURCHASED (Cost $2,597) 1,359 ------------- NUMBER OF SHARES --------- SHORT-TERM INVESTMENTS (13.9%) 409,537 State Street, Navigator Prime Fund @@ 409,537 PAR (000) --------- 340 Federal Home Loan Bank Discount Notes ^^ 05/18/05 2.818 339,549 392 State Street Bank and Trust Co. Euro Time Deposit ^^ 05/02/05 1.850 392,000 250 United States Treasury Bills ^^ 06/09/05 2.730 249,270 ------------- TOTAL SHORT-TERM INVESTMENTS (Cost $1,390,356) 1,390,356 ------------- TOTAL INVESTMENTS AT VALUE (111.6%) (Cost $11,088,815) 11,171,177 LIABILITIES IN EXCESS OF OTHER ASSETS (-11.6%) (1,160,466) ------------- NET ASSETS (100.0%) $ 10,010,711 =============
See Accompanying Notes to Financial Statements. 62 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME PORTFOLIO SCHEDULE OF INVESTMENTS (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- OPEN OPTION CONTRACTS WRITTEN NUMBER OF EXERCISE EXPIRATION NAME OF ISSUER CONTRACTS PRICE DATE VALUE - -------------------------------------------------------------------------------- S&P 500 Put Option 5 $ 3.50 05/05/05 $ 1,750 ======= - -------------------------------------------------------------------------------- INVESTMENT ABBREVIATIONS BKNT = Bank Notes MTN = Medium Term Notes MTNA = Medium Term Notes, Series A MTNC = Medium Term Notes, Series C 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 April 30, 2005, these securities amounted to a value of $498,818, or 4.98% of net assets. ++++ Collateral segregated for futures contracts. ++++++ A portion of the security is pledged as collateral for options written. ^^ Collateral segregated for TBA securities. # Variable rate obligations - The interest rate shown is the rate as of April 30, 2005. @ Security or portion thereof is out on loan. @@ Represents security purchased with cash collateral received for securities on loan. (1) Par value of security held is less than $1,000. See Accompanying Notes to Financial Statements. 63 CREDIT SUISSE INSTITUTIONAL FUND, INC. STATEMENTS OF ASSETS AND LIABILITIES April 30, 2005 (unaudited) - --------------------------------------------------------------------------------
INTERNATIONAL LARGE CAP VALUE FOCUS PORTFOLIO PORTFOLIO --------------- --------------- ASSETS Investments at value, including collateral for securities on loan of $204,000, $5,953,954, $0, $0, $309,424, and $409,537, respectively (Cost $23,043,618, $36,036,958, $14,489,862, $7,470,540, $1,224,854, and $11,088,815, respectively) (Note 2) $ 26,793,695 1 $ 42,674,537 2 Cash 53 830 Foreign currency at value (cost $0, $447,916, $0, $0, $0, and $0 respectively) (Note 2) -- 452,044 Receivable for investments sold -- -- Receivable for fund shares sold 11,777 13,203 Dividend and interest receivable 35,066 131,494 Receivable from investment adviser (Note 3) -- -- Unrealized appreciation on forward currency contracts (Note 2) -- -- Prepaid expenses and other assets 19,666 15,461 --------------- --------------- Total Assets 26,860,257 43,287,569 --------------- --------------- LIABILITIES Advisory fee payable (Note 3) 4,075 11,594 Administrative services fee payable (Note 3) 11,169 14,761 Payable upon return of securities loaned (Note 2) 204,000 5,953,954 Outstanding options written, at value (premiums received $0, $0, $0, $0, $0, and $1,985, respectively) (Note 2) -- -- Payable for investments purchased -- 187,572 Payable for fund shares redeemed -- -- Directors' fee payable 771 755 Unrealized depreciation on forward currency contracts (Note 2) -- -- Variation margin payable (Note 2) -- -- Other accrued expenses payable 23,480 38,116 --------------- --------------- Total Liabilities 243,495 6,206,752 --------------- --------------- NET ASSETS Capital stock, $0.001 par value (Note 6) 26,270 3,632 Paid-in capital (Note 6) 26,258,969 180,230,315 Undistributed net investment income (loss) 116,902 230,831 Undistributed net realized gain (loss) on investments, futures contracts, options written and foreign currency transactions (3,535,456) (150,029,860) Net unrealized appreciation from investments, futures contracts, options written and foreign currency translations 3,750,077 6,645,899 --------------- --------------- Net Assets $ 26,616,762 $ 37,080,817 =============== =============== Shares outstanding 26,269,501 3,632,119 --------------- --------------- Net asset value, offering price, and redemption price per share $ 1.01 $ 10.21 =============== =============== CAPITAL SELECT EQUITY APPRECIATION PORTFOLIO PORTFOLIO --------------- --------------- ASSETS Investments at value, including collateral for securities on loan of $204,000, $5,953,954, $0, $0, $309,424, and $409,537, respectively (Cost $23,043,618, $36,036,958, $14,489,862, $7,470,540, $1,224,854, and $11,088,815, respectively) (Note 2) $ 15,883,990 $ 7,914,790 Cash 579 106 Foreign currency at value (cost $0, $447,916, $0, $0, $0, and $0 respectively) (Note 2) -- -- Receivable for investments sold -- -- Receivable for fund shares sold 1,231 -- Dividend and interest receivable 15,639 3,234 Receivable from investment adviser (Note 3) 741 4,450 Unrealized appreciation on forward currency contracts (Note 2) -- -- Prepaid expenses and other assets 15,172 13,349 --------------- --------------- Total Assets 15,917,352 7,935,929 --------------- --------------- LIABILITIES Advisory fee payable (Note 3) -- -- Administrative services fee payable (Note 3) 8,298 5,110 Payable upon return of securities loaned (Note 2) -- -- Outstanding options written, at value (premiums received $0, $0, $0, $0, $0, and $1,985, respectively) (Note 2) -- -- Payable for investments purchased -- 21,002 Payable for fund shares redeemed -- 4,585 Directors' fee payable 755 755 Unrealized depreciation on forward currency contracts (Note 2) -- -- Variation margin payable (Note 2) -- -- Other accrued expenses payable 21,575 21,548 --------------- --------------- Total Liabilities 30,628 53,000 --------------- --------------- NET ASSETS Capital stock, $0.001 par value (Note 6) 1,625 872 Paid-in capital (Note 6) 14,067,708 9,360,553 Undistributed net investment income (loss) 45,299 8,488 Undistributed net realized gain (loss) on investments, futures contracts, options written and foreign currency transactions 377,964 (1,931,234) Net unrealized appreciation from investments, futures contracts, options written and foreign currency translations 1,394,128 444,250 --------------- --------------- Net Assets $ 15,886,724 $ 7,882,929 =============== =============== Shares outstanding 1,624,916 872,459 --------------- --------------- Net asset value, offering price, and redemption price per share $ 9.78 $ 9.04 =============== =============== INVESTMENT HARBINGER GRADE FIXED PORTFOLIO PORTFOLIO --------------- --------------- ASSETS Investments at value, including collateral for securities on loan of $204,000, $5,953,954, $0, $0, $309,424, and $409,537, respectively (Cost $23,043,618, $36,036,958, $14,489,862, $7,470,540, $1,224,854, and $11,088,815, respectively) (Note 2) $ 1,268,895 3 $ 11,171,177 4 Cash 69,592 624 Foreign currency at value (cost $0, $447,916, $0, $0, $0, and $0 respectively) (Note 2) -- -- Receivable for investments sold 2,283 1,055,300 Receivable for fund shares sold -- -- Dividend and interest receivable -- 79,611 Receivable from investment adviser (Note 3) 8,029 10,057 Unrealized appreciation on forward currency contracts (Note 2) -- 2,964 Prepaid expenses and other assets 16,911 13,279 --------------- --------------- Total Assets 1,365,710 12,333,012 --------------- --------------- LIABILITIES Advisory fee payable (Note 3) -- -- Administrative services fee payable (Note 3) 3,378 9,507 Payable upon return of securities loaned (Note 2) 309,424 409,537 Outstanding options written, at value (premiums received $0, $0, $0, $0, $0, and $1,985, respectively) (Note 2) -- 1,750 Payable for investments purchased -- 1,866,978 Payable for fund shares redeemed -- -- Directors' fee payable 755 755 Unrealized depreciation on forward currency contracts (Note 2) -- 7,390 Variation margin payable (Note 2) -- 347 Other accrued expenses payable 17,493 26,037 --------------- --------------- Total Liabilities 331,050 2,322,301 --------------- --------------- NET ASSETS Capital stock, $0.001 par value (Note 6) 82 1,011 Paid-in capital (Note 6) 474,287 9,946,894 Undistributed net investment income (loss) (14,384) (6,309) Undistributed net realized gain (loss) on investments, futures contracts, options written and foreign currency transactions 530,634 10,279 Net unrealized appreciation from investments, futures contracts, options written and foreign currency translations 44,041 58,836 --------------- --------------- Net Assets $ 1,034,660 $ 10,010,711 =============== =============== Shares outstanding 82,492 1,011,479 --------------- --------------- Net asset value, offering price, and redemption price per share $ 12.54 $ 9.90 =============== ===============
- -------------------------------------------------------------------------------- 1 Including $197,676 of securities on loan. 2 Including $5,660,923 of securities on loan. 3 Including $300,460 of securities on loan. 4 Including $401,016 of securities on loan. See Accompanying Notes to Financial Statements. Spread 64-65 CREDIT SUISSE INSTITUTIONAL FUND, INC. STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED April 30, 2005 (unaudited) - --------------------------------------------------------------------------------
INTERNATIONAL LARGE CAP VALUE FOCUS PORTFOLIO PORTFOLIO --------------- --------------- INVESTMENT INCOME (Note 2) Dividends $ 314,022 $ 485,203 Interest 4,504 8,941 Securities lending 372 8,702 Foreign taxes withheld (610) (53,471) --------------- --------------- Total investment income 318,288 449,375 --------------- --------------- EXPENSES Investment advisory fees (Note 3) 107,203 184,012 Administrative services fees (Note 3) 28,512 42,567 Legal fees 12,683 14,050 Audit fees 9,651 11,257 Registration fees 6,475 8,149 Custodian fees 3,088 19,062 Printing fees (Note 3) 6,573 6,961 Directors' fees 1,532 1,516 Insurance expense 1,196 1,553 Transfer agent fees 1,061 2,472 Commitment fees (Note 4) 374 1,216 Interest expense (Note 4) 214 1,346 Miscellaneous expense 3,496 6,441 --------------- --------------- Total expenses 182,058 300,602 Less: fees waived and expenses reimbursed (Note 3) (74,855) (82,087) --------------- --------------- Net expenses 107,203 218,515 --------------- --------------- Net investment income (loss) 211,085 230,860 --------------- --------------- NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS, FUTURES CONTRACTS, OPTIONS WRITTEN AND FOREIGN CURRENCY RELATED ITEMS Net realized gain from investments 1,408,710 5,585,437 Net realized gain from futures contracts -- -- Net realized gain from options written -- -- Net realized gain (loss) from foreign currency transactions 8 93,362 Net change in unrealized appreciation (depreciation) from investments 436,192 (1,606,389) Net change in unrealized appreciation (depreciation) from futures contracts -- -- Net change in unrealized appreciation (depreciation) from options written -- -- Net change in unrealized appreciation (depreciation) from foreign currency translations -- (10,902) --------------- --------------- Net realized and unrealized gain (loss) from investments, futures contracts, options written and foreign currency related items 1,844,910 4,061,508 --------------- --------------- Net increase (decrease) in net assets resulting from operations $ 2,055,995 $ 4,292,368 =============== =============== CAPITAL SELECT EQUITY APPRECIATION PORTFOLIO PORTFOLIO --------------- --------------- INVESTMENT INCOME (NOTE 2) Dividends $ 214,225 $ 40,383 Interest 2,515 1,787 Securities lending 113 -- Foreign taxes withheld -- -- --------------- --------------- Total investment income 216,853 42,170 --------------- --------------- EXPENSES Investment advisory fees (Note 3) 44,858 14,454 Administrative services fees (Note 3) 19,892 10,157 Legal fees 12,009 11,758 Audit fees 9,281 9,002 Registration fees 5,795 5,470 Custodian fees 4,255 3,166 Printing fees (Note 3) 3,650 3,658 Directors' fees 1,515 1,515 Insurance expense 1,047 1,006 Transfer agent fees 716 663 Commitment fees (Note 4) 211 120 Interest expense (Note 4) -- -- Miscellaneous expense 3,199 3,310 --------------- --------------- Total expenses 106,428 64,279 Less: fees waived and expenses reimbursed (Note 3) (39,141) (42,598) --------------- --------------- Net expenses 67,287 21,681 --------------- --------------- Net investment income (loss) 149,566 20,489 --------------- --------------- NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS, FUTURES CONTRACTS, OPTIONS WRITTEN AND FOREIGN CURRENCY RELATED ITEMS Net realized gain from investments 727,904 164,876 Net realized gain from futures contracts -- -- Net realized gain from options written -- -- Net realized gain (loss) from foreign currency transactions -- -- Net change in unrealized appreciation (depreciation) from investments (255,859) (246,870) Net change in unrealized appreciation (depreciation) from futures contracts -- -- Net change in unrealized appreciation (depreciation) from options written -- -- Net change in unrealized appreciation (depreciation) from foreign currency translations -- -- --------------- --------------- Net realized and unrealized gain (loss) from investments, futures contracts, options written and foreign currency related items 472,045 (81,994) --------------- --------------- Net increase (decrease) in net assets resulting from operations $ 621,611 $ (61,505) =============== =============== INVESTMENT HARBINGER GRADE FIXED PORTFOLIO INCOME PORTFOLIO --------------- ---------------- INVESTMENT INCOME (Note 2) Dividends $ 398 $ 908 Interest 942 213,576 Securities lending 634 222 Foreign taxes withheld -- -- --------------- --------------- Total investment income 1,974 214,706 --------------- --------------- EXPENSES Investment advisory fees (Note 3) 11,685 14,749 Administrative services fees (Note 3) 6,567 21,970 Legal fees 12,337 12,554 Audit fees 9,610 9,102 Registration fees 6,000 7,412 Custodian fees 3,037 11,215 Printing fees (Note 3) 4,005 4,663 Directors' fees 1,515 1,515 Insurance expense 574 1,017 Transfer agent fees 239 242 Commitment fees (Note 4) 30 168 Interest expense (Note 4) 45 -- Miscellaneous expense 3,069 3,249 --------------- --------------- Total expenses 58,713 87,856 Less: fees waived and expenses reimbursed (Note 3) (42,355) (68,191) --------------- --------------- Net expenses 16,358 19,665 --------------- --------------- Net investment income (loss) (14,384) 195,041 --------------- --------------- NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS, FUTURES CONTRACTS, OPTIONS WRITTEN AND FOREIGN CURRENCY RELATED ITEMS Net realized gain from investments 533,469 26,405 Net realized gain from futures contracts -- 13,641 Net realized gain from options written -- 10,946 Net realized gain (loss) from foreign currency transactions -- (14,271) Net change in unrealized appreciation (depreciation) from investments (333,087) (69,710) Net change in unrealized appreciation (depreciation) from futures contracts -- (22,059) Net change in unrealized appreciation (depreciation) from options written -- 235 Net change in unrealized appreciation (depreciation) from foreign currency translations -- (9,519) --------------- --------------- Net realized and unrealized gain (loss) from investments, futures contracts, options written and foreign currency related items 200,382 (64,332) --------------- --------------- Net increase (decrease) in net assets resulting from operations $ 185,998 $ 130,709 =============== ===============
See Accompanying Notes to Financial Statements. Spread 66-67 CREDIT SUISSE INSTITUTIONAL FUND, INC. STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
LARGE CAP INTERNATIONAL VALUE PORTFOLIO FOCUS PORTFOLIO --------------------------- --------------------------- FOR THE SIX FOR THE SIX MONTHS FOR THE MONTHS FOR THE ENDED YEAR ENDED YEAR APRIL 30, ENDED APRIL 30, ENDED 2005 OCTOBER 31, 2005 OCTOBER 31, (UNAUDITED) 2004 (UNAUDITED) 2004 ------------ ------------ ------------ ------------ FROM OPERATIONS Net investment income (loss) $ 211,085 $ 384,594 $ 230,860 $ 1,682,029 Net realized gain from investments, futures contracts, options written and foreign currency transactions 1,408,718 506,546 5,678,799 30,839,041 Net change in unrealized appreciation (depreciation) from investments, futures contracts, options written and foreign currency translations 436,192 2,360,337 (1,617,291) (18,777,168) ------------ ------------ ------------ ------------ Net increase (decrease) in net assets resulting from operations 2,055,995 3,251,477 4,292,368 13,743,902 ------------ ------------ ------------ ------------ FROM DIVIDENDS AND DISTRIBUTIONS Dividends from net investment income (407,178) (393,715) (1,655,323) (821,490) Distributions from net realized gains -- -- -- (4,255,028) ------------ ------------ ------------ ------------ Net decrease in net assets from dividends and distributions (407,178) (393,715) (1,655,323) (5,076,518) ------------ ------------ ------------- ------------ FROM CAPITAL SHARE TRANSACTIONS (Note 6) Proceeds from sale of shares 1,167,581 1,238,468 246,895 1,986,412 Reinvestment of dividends and distributions 407,178 393,715 1,527,634 4,833,577 Net asset value of shares redeemed (4,972,213) (5,569,187) (22,520,335) (122,268,774) ------------ ------------ ------------ ------------ Net increase (decrease) in net assets from capital share transactions (3,397,454) (3,937,004) (20,745,806) (115,448,785) ------------ ------------ ------------ ------------ Net increase (decrease) in net assets (1,748,637) (1,079,242) (18,108,761) (106,781,401) NET ASSETS Beginning of period 28,365,399 29,444,641 55,189,578 161,970,979 ------------ ------------ ------------ ------------ End of period $ 26,616,762 $ 28,365,399 $ 37,080,817 $ 55,189,578 ------------ ------------ ------------ ------------ Undistributed net investment income (loss) $ 116,902 $ 312,995 $ 230,831 $ 1,655,294 ============ ============ ============ ============ SELECT EQUITY CAPITAL APPRECIATION EQUITY PORTFOLIO PORTFOLIO --------------------------- --------------------------- FOR THE SIX FOR THE SIX MONTHS FOR THE MONTHS FOR THE ENDED YEAR ENDED YEAR APRIL 30, ENDED APRIL 30, ENDED 2005 OCTOBER 31, 2005 OCTOBER 31, (UNAUDITED) 2004 (UNAUDITED) 2004 ------------ ------------ ------------ ------------ FROM OPERATIONS Net investment income (loss) $ 149,566 $ 121,067 $ 20,489 $ (11,006) Net realized gain from investments, futures contracts, options written and foreign currency transactions 727,904 221,115 164,876 648,224 Net change in unrealized appreciation (depreciation) from investments, futures contracts, options written and foreign currency translations (255,859) 494,930 (246,870) (213,606) ------------ ------------ ------------ ------------ Net increase (decrease) in net assets resulting from operations 621,611 837,112 (61,505) 423,612 ------------ ------------ ------------ ------------ FROM DIVIDENDS AND DISTRIBUTIONS Dividends from net investment income (195,427) (84,980) (12,001) (1,299) Distributions from net realized gains -- -- -- -- ------------ ------------ ------------ ------------ Net decrease in net assets from dividends and distributions (195,427) (84,980) (12,001) (1,299) ------------ ------------ ------------- ------------ FROM CAPITAL SHARE TRANSACTIONS (Note 6) Proceeds from sale of shares 438,786 9,570,784 3,628,097 921,834 Reinvestment of dividends and distributions 195,427 84,980 12,001 1,299 Net asset value of shares redeemed (2,258,297) (4,126,870) (486,724) (6,044,266) ------------ ------------ ------------ ------------ Net increase (decrease) in net assets from capital share transactions (1,624,084) 5,528,894 3,153,374 (5,121,133) ------------ ------------ ------------ ------------ Net increase (decrease) in net assets (1,197,900) 6,281,026 3,079,868 (4,698,820) NET ASSETS Beginning of period 17,084,624 10,803,598 4,803,061 9,501,881 ------------ ------------ ------------ ------------ End of period $ 15,886,724 $ 17,084,624 $ 7,882,929 $ 4,803,061 ------------ ------------ ------------ ------------ Undistributed net investment income (loss) $ 45,299 $ 91,160 $ 8,488 $ -- ============ ============ ============ ============ HARBINGER INVESTMENT GRADE FIXED PORTFOLIO INCOME PORTFOLIO --------------------------- --------------------------- FOR THE SIX FOR THE SIX MONTHS FOR THE MONTHS FOR THE ENDED YEAR ENDED YEAR APRIL 30, ENDED APRIL 30, ENDED 2005 OCTOBER 31, 2005 OCTOBER 31, (UNAUDITED) 2004 (UNAUDITED) 2004 ------------ ------------ ------------ ------------ FROM OPERATIONS Net investment income (loss) $ (14,384) $ (32,901) $ 195,041 $ 344,844 Net realized gain from investments, futures contracts, options written and foreign currency transactions 533,469 363,242 36,721 24,919 Net change in unrealized appreciation (depreciation) from investments, futures contracts, options written and foreign currency translations (333,087) (289,349) (101,053) 106,763 ------------ ------------ ------------ ------------ Net increase (decrease) in net assets resulting from operations 185,998 40,992 130,709 476,526 ------------ ------------ ------------ ------------ FROM DIVIDENDS AND DISTRIBUTIONS Dividends from net investment income -- -- (213,334) (365,276) Distributions from net realized gains (229,322) -- -- (442,512) ------------ ------------ ------------ ------------ Net decrease in net assets from dividends and distributions (229,322) -- (213,334) (807,788) ------------ ------------ ------------- ------------ FROM CAPITAL SHARE TRANSACTIONS (Note 6) Proceeds from sale of shares -- 1,000,000 -- 1,500,000 Reinvestment of dividends and distributions 152,133 -- 213,334 803,609 Net asset value of shares redeemed (2,109,051) (450,600) -- (3,641,951) ------------ ------------ ------------ ------------ Net increase (decrease) in net assets from capital share transactions (1,956,918) 549,400 213,334 (1,338,342) ------------ ------------ ------------ ------------ Net increase (decrease) in net assets (2,000,242) 590,392 130,709 (1,669,604) NET ASSETS Beginning of period 3,034,902 2,444,510 9,880,002 11,549,606 ------------ ------------ ------------ ------------ End of period $ 1,034,660 $ 3,034,902 $ 10,010,711 $ 9,880,002 ------------ ------------ ------------ ------------ Undistributed net investment income (loss) $ (14,384) $ -- $ (6,309) $ 11,984 ============ ============ ============ ============
See Accompanying Notes to Financial Statements. Spread 68-69 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO FINANCIAL HIGHLIGHTS (For a Share of the Portfolio Outstanding Throughout Each Period) - --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31, APRIL 30, 2005 --------------------------------------------------------------- (UNAUDITED) 2004 2003 2002 2001 2000 --------- -------- --------- -------- -------- --------- PER SHARE DATA Net asset value, beginning of period $ 0.96 $ 0.87 $ 0.76 $ 0.85 $ 11.01 $ 13.32 --------- -------- --------- -------- -------- --------- INVESTMENT OPERATIONS Net investment income 0.01 0.01 0.01 0.01 0.01 1 0.24 Net gain (loss) on investments (both realized and unrealized) 0.05 0.09 0.11 (0.09) (0.28) 0.31 --------- -------- --------- -------- -------- --------- Total from investment operations 0.06 0.10 0.12 (0.08) (0.27) 0.55 --------- -------- --------- -------- -------- --------- LESS DIVIDENDS AND DISTRIBUTIONS Dividends from net investment income (0.01) (0.01) (0.01) (0.01) (0.03) (0.22) Distributions from net realized gains -- -- -- -- (9.86) (2.64) --------- -------- --------- -------- -------- --------- Total dividends and distributions (0.01) (0.01) (0.01) (0.01) (9.89) (2.86) --------- -------- --------- -------- -------- --------- NET ASSET VALUE, END OF PERIOD $ 1.01 $ 0.96 $ 0.87 $ 0.76 $ 0.85 $ 11.01 ========= ======== ========= ======== ======== ========= Total return 2 6.64% 11.81% 15.48% (9.68)% (4.34)% 5.59% RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000s omitted) $ 26,617 $ 28,365 $ 29,445 $ 32,099 $ 3,005 $ 3,112 Ratio of expenses to average net assets 0.75% 3 0.75% 0.75% 0.75% 0.75% 0.77% Ratio of net investment income to average net assets 1.48% 3 1.32% 1.26% 0.85% 1.16% 1.28% Decrease reflected in above operating expense ratios due to waivers/reimbursements 0.52% 3 0.57% 0.55% 0.63% 2.17% 1.36% Portfolio turnover rate 21% 49% 56% 72% 45% 218%
- -------------------------------------------------------------------------------- 1 Per share information is calculated using the average shares outstanding method. 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 Annualized See Accompanying Notes to Financial Statements. 70 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO FINANCIAL HIGHLIGHTS (For a Share of the Portfolio Outstanding Throughout Each Period) - --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31, APRIL 30, 2005 --------------------------------------------------------------- (UNAUDITED) 2004 2003 2002 2001 2000 --------- -------- --------- -------- -------- --------- PER SHARE DATA Net asset value, beginning of period $ 9.73 $ 8.92 $ 7.19 $ 8.13 $ 17.61 $ 18.85 --------- -------- --------- -------- -------- --------- INVESTMENT OPERATIONS Net investment income 0.09 0.13 1 0.09 1 0.07 1 0.09 0.22 1 Net gain (loss) on investments (both realized and unrealized) 0.71 0.97 1.69 (1.01) (3.18) (0.46) --------- -------- --------- -------- -------- --------- Total from investment operations 0.80 1.10 1.78 (0.94) (3.09) (0.24) --------- -------- --------- -------- -------- --------- LESS DISTRIBUTIONS AND DISTRIBUTIONS Dividends from net investment income (0.32) (0.05) (0.05) -- (0.21) (0.78) Distributions from net realized gains -- (0.24) -- -- (6.18) (0.22) --------- -------- --------- -------- -------- --------- Total dividends and distributions (0.32) (0.29) (0.05) -- (6.39) (1.00) --------- -------- --------- -------- -------- --------- NET ASSET VALUE, END OF PERIOD $ 10.21 $ 9.73 $ 8.92 $ 7.19 $ 8.13 $ 17.61 ========= ======== ========= ======== ======== ========= Total return 2 8.19% 12.50% 24.90% (11.56)% (26.56)% (1.98)% RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000s omitted) $ 37,081 $ 55,190 $ 161,971 $ 44,565 $ 95,622 $ 356,004 Ratio of expenses to average net assets 0.95% 3 0.95% 0.95% 0.95% 0.95% 0.97% Ratio of net investment income to average net assets 1.00% 3 1.38% 1.17% 0.87% 0.61% 0.74% Decrease reflected in above operating expense ratios due to waivers 0.36% 3 0.22% 0.22% 0.39% 0.23% 0.19% Portfolio turnover rate 28% 98% 151% 161% 134% 111%
- -------------------------------------------------------------------------------- 1 Per share information is calculated using the average shares outstanding method. 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 Annualized. See Accompanying Notes to Financial Statements. 71 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO FINANCIAL HIGHLIGHTS (For a Share of the Portfolio Outstanding Throughout Each Period) - --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31, APRIL 30, 2005 ------------------------------------ (UNAUDITED) 2004 2003 2002 1 --------- -------- --------- -------- PER SHARE DATA Net asset value, beginning of period $ 9.51 $ 9.07 $ 7.87 $ 10.00 --------- -------- --------- -------- INVESTMENT OPERATIONS Net investment income 0.08 0.06 0.06 0.01 Net gain (loss) on investments (both realized and unrealized) 0.30 0.44 1.17 (2.14) --------- -------- --------- -------- Total from investment operations 0.38 0.50 1.23 (2.13) --------- -------- --------- -------- LESS DIVIDENDS Dividends from net investment income (0.11) (0.06) (0.03) -- --------- -------- --------- -------- NET ASSET VALUE, END OF PERIOD $ 9.78 $ 9.51 $ 9.07 $ 7.87 ========= ======== ========= ======== Total return 2 3.93% 5.46% 15.61% (21.30)% RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000s omitted) $ 15,887 $ 17,085 $ 10,804 $ 11,727 Ratio of expenses to average net assets 0.75% 3 0.75% 0.75% 0.75% 3 Ratio of net investment income to average net assets 1.67% 3 0.77% 0.70% 0.56% 3 Decrease reflected in above operating expense ratios due to waivers/reimbursements 0.44% 3 0.64% 0.96% 1.74% 3 Portfolio turnover rate 47% 90% 107% 79%
- -------------------------------------------------------------------------------- 1 For the period January 31, 2002 (inception date) through October 31, 2002. 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 Annualized. See Accompanying Notes to Financial Statements. 72 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO FINANCIAL HIGHLIGHTS (For a Share of the Portfolio Outstanding Throughout Each Period) - --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31, APRIL 30, 2005 ------------------------------------ (UNAUDITED) 2004 2003 2002 1 --------- -------- --------- -------- PER SHARE DATA Net asset value, beginning of period $ 8.94 $ 8.65 $ 7.37 $ 10.00 --------- -------- --------- -------- INVESTMENT OPERATIONS Net investment income (loss) 0.03 (0.02) 0.00 2 0.00 2 Net gain (loss) on investments (both realized and unrealized) 0.09 0.31 1.28 (2.63) --------- -------- --------- -------- Total from investment operations 0.12 0.29 1.28 (2.63) --------- -------- --------- -------- LESS DIVIDENDS Dividends from net investment income (0.02) 0.00 2 -- -- --------- -------- --------- -------- NET ASSET VALUE, END OF PERIOD $ 9.04 $ 8.94 $ 8.65 $ 7.37 ========= ======== ========= ======== Total return 3 1.24% 3.37% 17.37% (26.30)% RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000s omitted) $ 7,883 $ 4,803 $ 9,502 $ 9,311 Ratio of expenses to average net assets 0.75% 4 0.75% 0.75% 0.75% 4 Ratio of net investment income (loss) to average net assets 0.71% 4 (0.14)% 0.01% (0.07)% 4 Decrease reflected in above operating expense ratios due to waivers/reimbursements 1.47% 4 1.40% 1.03% 0.76% 4 Portfolio turnover rate 58% 80% 108% 56%
- -------------------------------------------------------------------------------- 1 For the period January 31, 2002 (inception date) through October 31, 2002. 2 Total is less than $0.01 per share. 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. 73 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO FINANCIAL HIGHLIGHTS (For a Share of the Portfolio Outstanding Throughout Each Period) - --------------------------------------------------------------------------------
FOR THE SIX MONTHS FOR THE YEAR ENDED ENDED OCTOBER 31, APRIL 30, 2005 ---------------------- (UNAUDITED) 2004 2003 1 --------- -------- --------- PER SHARE DATA Net asset value, beginning of period $ 13.55 $ 13.68 $ 10.00 --------- -------- --------- INVESTMENT OPERATIONS Net investment loss (0.17) (0.15) (0.11) Net gain on investments (both realized and unrealized) 0.18 0.02 3.79 --------- -------- --------- Total from investment operations 0.01 (0.13) 3.68 --------- -------- --------- LESS DISTRIBUTIONS Distributions from net realized gains (1.02) -- -- --------- -------- --------- NET ASSET VALUE, END OF PERIOD $ 12.54 $ 13.55 $ 13.68 ========= ======== ========= Total return 2 (0.37)% (0.95)% 36.80% RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000s omitted) $ 1,035 $ 3,035 $ 2,445 Ratio of expenses to average net assets 1.40% 3 1.40% 1.40% 3 Ratio of net investment loss to average net assets (1.23)% 3 (1.28)% (1.31)% 3 Decrease reflected in above operating expense ratios due to waivers/reimbursements 3.62% 3 4.02% 5.31% 3 Portfolio turnover rate 91% 125% 42%
- -------------------------------------------------------------------------------- 1 For the period January 15, 2003 (inception date) through October 31, 2003. 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 Annualized. See Accompanying Notes to Financial Statements. 74 CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME PORTFOLIO FINANCIAL HIGHLIGHTS (For a Share of the Portfolio Outstanding Throughout Each Period) - --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31, APRIL 30, 2005 ------------------------------------ (UNAUDITED) 2004 2003 2002 1,2 --------- --------- -------- -------- PER SHARE DATA Net asset value, beginning of period $ 9.98 $ 10.18 $ 10.24 $ 10.00 --------- --------- -------- -------- INVESTMENT OPERATIONS Net investment income 0.20 0.30 0.34 0.17 Net gain (loss) on investments futures contracts and foreign currency related items (both realized and unrealized) (0.07) 0.21 0.09 0.24 --------- --------- -------- -------- Total from investment operations 0.13 0.51 0.43 0.41 --------- --------- -------- -------- LESS DIVIDENDS AND DISTRIBUTIONS Dividends from net investment income (0.21) (0.32) (0.36) (0.17) Distributions from net realized gains -- (0.39) (0.13) -- --------- --------- -------- -------- Total dividends and distributions (0.21) (0.71) (0.49) (0.17) --------- --------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 9.90 $ 9.98 $ 10.18 $ 10.24 ========= ========= ======== ======== Total return 3 1.35% 5.23% 4.37% 4.15% RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000s omitted) $ 10,011 $ 9,880 $ 11,550 $ 16,562 Ratio of expenses to average net assets 0.40% 4 0.40% 0.40% 0.40% 4 Ratio of net investment income to average net assets 3.97% 4 3.01% 2.94% 3.27% 4 Decrease reflected in above operating expense ratios due to waivers/reimbursements 1.39% 4 1.36% 1.28% 1.05% 4 Portfolio turnover rate 188% 459% 629% 172%
- -------------------------------------------------------------------------------- 1 For the period May 1, 2002 (inception date) through October 31, 2002. 2 As required, effective November 1, 2001, the Portfolio 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 is less than $0.01 per share for the year ended October 31, 2002 on net investment income, net realized and unrealized gains and losses and the ratio of net investment income to average net assets. 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. 75 CREDIT SUISSE INSTITUTIONAL FUND, INC. NOTES TO FINANCIAL STATEMENTS April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NOTE 1. ORGANIZATION The Credit Suisse Institutional Fund, Inc. (the "Fund") is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company and currently offers six managed investment funds. The Large Cap Value Portfolio ("Large Cap Value"), the International Focus Portfolio ("International Focus"), the Capital Appreciation Portfolio ("Capital Appreciation"), the Select Equity Portfolio ("Select Equity"), and the Investment Grade Fixed Income Portfolio ("Investment Grade Fixed Income") are each classified as diversified and the Harbinger Portfolio ("Harbinger") is classified as non-diversified (each a "Portfolio" and collectively, the "Portfolios"). The Fund was incorporated under the laws of the State of Maryland on May 14, 1992. Investment objectives for each Portfolio are as follows: Large Cap Value and Investment Grade Fixed Income seek total return; Capital Appreciation, International Focus and Select Equity seek long-term capital appreciation; Harbinger seeks long-term growth of capital. NOTE 2. SIGNIFICANT ACCOUNTING POLICIES A) SECURITY VALUATION -- The net asset value of each Portfolio 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. Each Portfolio's equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation (the "Valuation Time"). If no sales are reported, equity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest asked quotation in the case of a short sale of securities. 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. Securities and other assets for which market quotations are not readily available, or whose values have been materially affected by events occurring before the Portfolio'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 Portfolios may utilize a service provided by an 76 CREDIT SUISSE INSTITUTIONAL FUND, INC. NOTES TO FINANCIAL STATEMENTS (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NOTE 2. SIGNIFICANT ACCOUNTING POLICIES independent third party which has been approved by the Board of Directors to fair value certain securities. B) FOREIGN CURRENCY TRANSACTIONS -- The books and records of the Portfolios 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 Portfolios 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 Portfolios 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. 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 and distributions of net realized capital gains, if any, are declared and paid at least annually for Large Cap Value, Capital Appreciation, International Focus, Select Equity and Harbinger. Dividends from net investment income are declared daily and paid monthly for Investment Grade Fixed Income. 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 Portfolio's intention to 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 77 CREDIT SUISSE INSTITUTIONAL FUND, INC. NOTES TO FINANCIAL STATEMENTS (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NOTE 2. SIGNIFICANT ACCOUNTING POLICIES its shareholders which will be sufficient to relieve it from federal income and excise taxes. F) USE OF ESTIMATES -- The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. G) SHORT-TERM INVESTMENTS -- The Portfolios, together with other funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM"), 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 Portfolios' custodian, or a money market fund advised by CSAM. The short-term time deposit issued by SSB is a variable rate account classified as a short-term investment. H) FORWARD FOREIGN CURRENCY CONTRACTS -- Each Portfolio 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 Portfolio 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 April 30, 2005, Investment Grade Fixed Income had the following open forward foreign currency contracts:
FOREIGN CURRENCY FORWARD FOREIGN EXPIRATION TO BE CONTRACT CONTRACT UNREALIZED CURRENCY CONTRACT DATE PURCHASED/(SOLD) AMOUNT VALUE GAIN (LOSS) - ----------------- ---------- ------------------- ---------- ---------- ----------- Australian Dollar 7/13/05 A$ 127,000 $ 97,917 $ 98,659 $ 742 British Pound 7/13/05 (pound) (26,000) (48,958) (49,488) (530) European Economic Unit 7/13/05 (euro) 152,000 197,600 196,644 (956) European Economic Unit 7/13/05 (euro) (228,000) (294,987) (294,966) 21 Japanese Yen 7/13/05 (Y) 10,435,500 97,528 100,116 2,588 Norwegian Krone 7/13/05 NKr 621,832 98,137 99,054 917 New Zealand Dollar 7/13/05 NZ$ (76,000) (54,188) (55,211) (1,023) New Zealand Dollar 7/13/05 NZ$ (472,000) (337,029) (342,887) (5,858) Swiss Franc 7/13/05 SwF 695,058 98,115 97,788 (327) ---------- ---------- ----------- $ (145,865) $ (150,291) $ (4,426) ========== ========== ===========
78 CREDIT SUISSE INSTITUTIONAL FUND, INC. NOTES TO FINANCIAL STATEMENTS (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NOTE 2. SIGNIFICANT ACCOUNTING POLICIES I) TBA PURCHASE COMMITMENTS -- Each Portfolio 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 each Portfolio'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 Portfolio may enter into futures contracts to the extent permitted by its investment policies and objectives. Upon entering into a futures contract, each Portfolio is required to deposit cash 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 Portfolio each day (daily variation margin) and are recorded as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Portfolio'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 Portfolio could lose more than the original margin deposit and subsequent payments required for a futures transaction. At April 30, 2005, Investment Grade Fixed Income had the following open futures contracts:
UNREALIZED NUMBER OF EXPIRATION CONTRACT CONTRACT APPRECIATION FUTURES CONTRACTS CONTRACTS DATE AMOUNT VALUE (DEPRECIATION) - -------------------------- --------- ---------- ----------- ----------- -------------- U.S. Treasury 2 Year Notes Futures 6 06/30/05 $ 1,246,530 $ 1,246,219 $ (311) U.S. Treasury 5 Year Notes Futures 2 06/21/05 216,758 216,906 148 ----------- ----------- --------- 1,463,288 1,463,125 (163) ----------- ----------- --------- U.S. Treasury Bonds Futures (3) 06/21/05 (334,828) (344,531) (9,703) U.S. Treasury 10 Year Notes Futures (5) 06/21/05 (547,631) (557,108) (9,477) ----------- ----------- --------- (882,459) (901,639) (19,180) ----------- ----------- --------- $ 580,829 $ 561,486 $ (19,343) =========== =========== =========
79 CREDIT SUISSE INSTITUTIONAL FUND, INC. NOTES TO FINANCIAL STATEMENTS (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NOTE 2. SIGNIFICANT ACCOUNTING POLICIES K) OPTIONS -- Investment Grade Fixed Income may purchase and write (sell) call and put options on securities, currencies and swap agreements (options on swap agreements are commonly known as "swaptions"). The Portfolio 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 Portfolio pays a premium whether or not the option is exercised. Additionally, the Portfolio 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 the Portfolio writes an option, the premium received by the Portfolio 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 Portfolio on the expiration date as realized gains from options transactions. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security in determining whether the Portfolio 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 Portfolio. 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 Portfolio at a disadvantageous price. Uncovered options are riskier than covered options because there is no underlying security held by the Portfolio that can act as a partial hedge. Uncovered calls have speculative characteristics and the potential for loss is unlimited. There is also a risk that the securities on which the option is written may not be available for purchase if the call option is exercised. Uncovered put options have speculative characteristics and the potential loss is substantial. Exchange-traded options are valued at the last sale price in the market where such contracts are principally traded. OTC equity/index options are priced 80 CREDIT SUISSE INSTITUTIONAL FUND, INC. NOTES TO FINANCIAL STATEMENTS (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NOTE 2. SIGNIFICANT ACCOUNTING POLICIES 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. The volatility input assumption is interpolated from the previous day's price. On a weekly basis and at month end, CSAM receives a price indication sheet from the various broker dealers and inputs these prices to update the volatility. Transactions in written options for puts and calls for the six months ended April 30, 2005 were as follows: NUMBER OF PREMIUMS CONTRACTS RECEIVED --------- -------- Options oustanding at beginning of period -- $ -- Options written 105 17,524 Options expired -- -- Options bought to close (100) (15,539) --------- -------- Options outstanding at end of period 5 $ 1,985 --------- -------- L) 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 Portfolio in connection with securities lending activity may be pooled together with cash collateral for other funds/portfolios advised by CSAM and may be invested in a variety of investments, including certain CSAM-advised funds, funds advised by SSB, the Portfolios' 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 Portfolios to act as the Portfolios' securities lending agent. The Portfolios' securities lending arrangement provides that the Portfolios and SSB will share the net income earned from securities lending activities. During the six months ended April 30, 2005, total earnings from Large Cap Value, International Focus, Select Equity, Harbinger and Investment Grade Fixed Income's investment in cash collateral received in connection with securities lending arrangements was $4,330, $55,130, $4,313, $6,644, and $4,480, respectively, of which $3,800, $42,483, $4,152, $5,745, and $4,165, respectively, was rebated to borrowers (brokers). Large Cap Value, International Focus, Select Equity, Harbinger and Investment Grade Fixed Income retained $372, $8,702, $113, $634, and $222, respectively, from the cash collateral investment 81 CREDIT SUISSE INSTITUTIONAL FUND, INC. NOTES TO FINANCIAL STATEMENTS (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NOTE 2. SIGNIFICANT ACCOUNTING POLICIES and SSB, as lending agent, was paid $158, $3,945, $48, $265, and $93, respectively. The Portfolios may also be entitled to certain minimum amounts of income from their securities lending activities. Securities lending income is accrued as earned. M) OTHER -- The Portfolios 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 risks (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 Portfolios may be subject to taxes imposed by countries in which they invest, with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Portfolios accrue such taxes when the related income or gains are earned. Each Portfolio may invest up to 15% (except International Focus, which may invest up to 10%) of its net assets in non-publicly traded securities. Non-publicly traded securities may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from such sales could differ from the price originally paid by the Portfolio or the current carrying values, and the difference could be material. NOTE 3. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES CSAM serves as investment adviser for each Portfolio. For its investment advisory services, CSAM is entitled to receive a fee from each Portfolio based on the following fee schedules: PORTFOLIO ANNUAL RATE --------- ----------- Large Cap Value 0.75% of average daily net assets International Focus 0.80% of average daily net assets Select Equity 0.50% of average daily net assets Capital Appreciation 0.50% of average daily net assets Harbinger 1.00% of average daily net assets Investment Grade Fixed Income 0.30% of average daily net assets For the six months ended April 30, 2005, investment advisory fees earned, voluntarily waived and expenses reimbursed for each Portfolio were as follows: 82 CREDIT SUISSE INSTITUTIONAL FUND, INC. NOTES TO FINANCIAL STATEMENTS (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NOTE 3. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
GROSS NET EXPENSE PORTFOLIO ADVISORY FEE WAIVER ADIVSORY FEE REIMBURSEMENT - --------- ------------ --------- ------------ ------------- Large Cap Value $ 107,203 $ (74,855) $ 32,348 $ -- International Focus 184,012 (82,087) 101,925 -- Select Equity 44,858 (39,141) 5,717 -- Capital Appreciation 14,454 (14,454) -- (28,144) Harbinger 11,685 (11,685) -- (30,670) Investment Grade Fixed Income 14,749 (14,749) -- (53,442)
Credit Suisse Asset Management Limited (CSAM U.K.) ("CSAM U.K.") and Credit Suisse Asset Management Limited (CSAM Australia) ("CSAM Australia"), each an affiliate of CSAM, are sub-investment advisers to the International Focus Portfolio (the "Sub-Advisers"). CSAM U.K.'s and CSAM Australia's sub-investment advisory fees are paid by CSAM out of CSAM's net advisory fee and are not paid by the International Focus Portfolio. Prior to December 3, 2004, Credit Suisse Asset Management Limited (CSAM Japan) ("CSAM Japan") also served as sub-investment adviser to the International Focus Portfolio under a similar arrangement. Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of CSAM, and SSB serve as co-administrators to the Portfolios. For its co-administrative services, CSAMSI currently receives a fee calculated at an annual rate of 0.10% of each Portfolio's average daily net assets. For the six months ended April 30, 2005, co-administration services fees earned by CSAMSI were as follows: PORTFOLIO CO-ADMINISTRATION FEE --------- --------------------- Large Cap Value $ 14,294 International Focus 23,002 Select Equity 8,971 Capital Appreciation 2,891 Harbinger 1,168 Investment Grade Fixed Income 4,916 For its co-administrative services, SSB receives a fee, exclusive of out-of-pocket expenses, based upon the following fee schedule 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 April 30, 2005, co-administration services fees earned by SSB (including out-of-pocket fees) were as follows: PORTFOLIO CO-ADMINISTRATION FEE --------- --------------------- Large Cap Value $ 14,218 International Focus 19,565 Select Equity 10,921 Capital Appreciation 7,266 Harbinger 5,399 Investment Grade Fixed Income 17,054 83 CREDIT SUISSE INSTITUTIONAL FUND, INC. NOTES TO FINANCIAL STATEMENTS (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NOTE 3. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by the Portfolios to provide certain financial printing and fulfillment services. For the six months ended April 30, 2005, Merrill was paid for its services to the Portfolios as follows: PORTFOLIO AMOUNT --------- ------- Large Cap Value $ 2,636 International Focus 5,355 Select Equity 2,636 Capital Appreciation 2,636 Harbinger 2,636 Investment Grade Fixed Income 2,636 NOTE 4. LINE OF CREDIT The Portfolios, together with other funds/portfolios advised by CSAM (collectively, the "Participating Funds"), participates in a $75 million committed, unsecured line of credit facility ("Credit Facility") for temporary or emergency purposes with Deutsche Bank, A.G. as administrative agent and syndication agent and SSB as operations agent. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee at a rate of 0.10% per annum on the average unused amount of the Credit Facility, which is allocated among the Participating Funds in such manner as is determined by the governing Boards of the Participating Funds. In addition, the Participating Funds pay interest on borrowings at the Federal funds rate plus 0.50%. At April 30, 2005, the Portfolios had no loans outstanding under the Credit Facility. During the six months ended April 30, 2005, the following Portfolios had borrowings under the Credit Facility: AVERAGE DAILY WEIGHTED AVERAGE MAXIMUM DAILY PORTFOLIO LOAN BALANCE INTEREST RATE % LOAN OUTSTANDING - --------- ------------- ---------------- ---------------- Large Cap Value $ 2,519,000 3.063% $ 2,519,000 International Focus $ 3,191,667 2.531% $ 3,250,000 Harbinger $ 500,000 3.250% $ 500,000 NOTE 5. PURCHASES AND SALES OF SECURITIES For the six months ended April 30, 2005, purchases and sales of investment securities (excluding short-term investments) and U.S. Government and Agency Obligations were as follows: 84 CREDIT SUISSE INSTITUTIONAL FUND, INC. NOTES TO FINANCIAL STATEMENTS (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NOTE 5. PURCHASES AND SALES OF SECURITIES
U.S. GOVERNMENT INVESTMENTS AND AGENCY OBLIGATIONS ------------------------- ------------------------- PORTFOLIO PURCHASES SALES PURCHASES SALES - --------- ----------- ----------- ----------- ---------- Large Cap Value $ 6,000,998 $ 9,144,679 $ -- $ -- International Focus 12,439,300 32,810,479 -- -- Select Equity 8,234,920 9,854,974 -- -- Capital Appreciation 6,430,171 3,311,146 -- -- Harbinger 1,876,817 3,826,111 -- -- Investment Grade Fixed Income 19,820,749 19,096,572 16,443,198 16,499,246
At April 30, 2005, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized appreciation from investments were as follows:
GROSS UNREALIZED GROSS UNREALIZED NET UNREALIZED PORTFOLIO IDENTIFIED COST APPRECIATION (DEPRECIATION) APPRECIATION - --------- --------------- ---------------- ---------------- -------------- Large Cap Value $23,043,618 $ 4,568,291 $ (818,214) $ 3,750,077 International Focus 36,036,958 7,147,518 (509,939) 6,637,579 Select Equity 14,489,862 1,735,557 (341,429) 1,394,128 Capital Appreciation 7,470,540 723,090 (278,840) 444,250 Harbinger 1,224,854 124,840 (80,799) 44,041 Investment Grade Fixed Income 11,088,815 129,726 (47,364) 82,362
NOTE 6. CAPITAL SHARE TRANSACTIONS The Fund is authorized to issue up to sixteen billion full and fractional shares of common stock of separate series having a par value of $.001 per share. Shares of seven series have been classified, six of which constitute the interest in the Portfolios. Transactions in shares of each Portfolio were as follows:
LARGE CAP VALUE PORTFOLIO ----------------------------------------------- FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED APRIL 30, 2005 (UNAUDITED) OCTOBER 31, 2004 ----------------------------------------------- Shares sold 1,127,880 1,313,162 Shares issued in reinvestment of dividends 395,318 423,350 Shares redeemed (4,753,183) (5,982,652) ------------ ----------- Net decrease (3,229,985) (4,246,140) ============ ===========
85 CREDIT SUISSE INSTITUTIONAL FUND, INC. NOTES TO FINANCIAL STATEMENTS (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NOTE 6. CAPITAL SHARE TRANSACTIONS
INTERNATIONAL FOCUS PORTFOLIO ----------------------------------------------- FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED APRIL 30, 2005 (UNAUDITED) OCTOBER 31, 2004 ----------------------------------------------- Shares sold 23,813 212,531 Shares issued in reinvestment of dividends and distributions 147,598 536,000 Shares redeemed (2,210,135) (13,235,300) ----------- ----------- Net decrease (2,038,724) (12,486,769) =========== ===========
SELECT EQUITY PORTFOLIO ----------------------------------------------- FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED APRIL 30, 2005 (UNAUDITED) OCTOBER 31, 2004 ----------------------------------------------- Shares sold 43,271 1,040,319 Shares issued in reinvestment of dividends 19,273 8,936 Shares redeemed (234,148) (444,034) ----------- ----------- Net increase (decrease) (171,604) 605,221 =========== ===========
CAPITAL APPRECIATION PORTFOLIO ----------------------------------------------- FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED APRIL 30, 2005 (UNAUDITED) OCTOBER 31, 2004 ----------------------------------------------- Shares sold 385,191 102,439 Shares issued in reinvestment of dividends 1,221 145 Shares redeemed (51,361) (664,049) ----------- ----------- Net increase (decrease) 335,051 (561,465) =========== ===========
HARBINGER PORTFOLIO ----------------------------------------------- FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED APRIL 30, 2005 (UNAUDITED) OCTOBER 31, 2004 ----------------------------------------------- Shares sold -- 75,415 Shares issued in reinvestment of dividends 11,378 -- Shares redeemed (152,936) (30,000) ----------- ----------- Net increase (decrease) (141,558) 45,415 =========== ===========
86 CREDIT SUISSE INSTITUTIONAL FUND, INC. NOTES TO FINANCIAL STATEMENTS (CONTINUED) April 30, 2005 (unaudited) - -------------------------------------------------------------------------------- NOTE 6. CAPITAL SHARE TRANSACTIONS
INVESTMENT GRADE FIXED INCOME PORTFOLIO ----------------------------------------------- FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED APRIL 30, 2005 (UNAUDITED) OCTOBER 31, 2004 ----------------------------------------------- Shares sold -- 148,515 Shares issued in reinvestment of dividends and distributions 21,516 81,304 Shares redeemed -- (374,670) ----------- ----------- Net increase (decrease) 21,516 (144,851) =========== ===========
On April 30, 2005, the number of shareholders that held 5% or more of the outstanding shares of each Portfolio was as follows: NUMBER OF APPROXIMATE PERCENTAGE PORTFOLIO SHAREHOLDERS OF OUTSTANDING SHARES --------- ------------ ---------------------- Large Cap Value 1 98% International Focus 4 85% Capital Appreciation 2 99% Select Equity 5 98% Harbinger 2 99% Some of the shareholders are omnibus accounts, which hold shares on behalf of individual shareholders. NOTE 7. CONTINGENCIES In the normal course of business, each Portfolio may provide general indemnifications pursuant to certain contracts and organizational documents. The Portfolios' maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote. 87 CREDIT SUISSE INSTITUTIONAL FUND, INC. BOARD APPROVAL OF ADVISORY AGREEMENTS (UNAUDITED) - -------------------------------------------------------------------------------- In approving the Advisory Agreements and Sub-Advisory Agreements, the Board of Directors of the Fund, including the Independent Directors, considered the following factors with respect to the Fund: INVESTMENT ADVISORY FEE RATE The Board reviewed and considered the contractual advisory fee rates of 0.75%, 0.50%, 0.50% 0.30%, 1.00% and 0.80% paid by the Large Cap Value Portfolio, Select Equity Portfolio, Capital Appreciation Portfolio, Investment Grade Fixed Income Portfolio, Harbinger Portfolio and the International Focus Portfolio, respectively (the "Contractual Advisory Fee") to CSAM in light of the extent and quality of the advisory services provided. The Board also reviewed and considered the fee waivers and/or expense reimbursement arrangements currently in place and considered the actual fee rates after taking waivers and reimbursements into account of 0.18%, 0.00%, 0.00%, 0.00%, 0.00% and 0.58%, for the Large Cap Value Portfolio, Select Equity Portfolio, Capital Appreciation Portfolio, Investment Grade Fixed Income Portfolio, Harbinger Portfolio and the International Focus Portfolio, respectively, (the "Net Advisory Fee"). The Board acknowledged that the fee waivers and reimbursements could be discontinued at any time. Additionally, the Board received and considered information comparing each Portfolio's Contractual Advisory Fees and Net Advisory Fees and their overall expenses with those of funds in both the relevant expense group ("Peer Group") and universe of funds (the "Universe") provided by an independent provider of investment company data. NATURE, EXTENT AND QUALITY OF THE SERVICES UNDER THE ADVISORY AGREEMENT The Board received and considered information regarding the nature, extent and quality of services provided to each Portfolio by CSAM under the Advisory Agreements with respect to that portfolio. The Board also noted information received at regular meetings throughout the year related to the services rendered by CSAM. The Board reviewed background information about CSAM, including its Form ADV and its record of compliance with the federal securities law. The Board considered the background and experience of CSAM's senior management and the expertise of, and the amount of attention given to the Portfolios by, both junior and senior personnel of CSAM. In addition, the Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management teams primarily responsible for the day-to-day portfolio management of the Portfolios and the extent of the resources devoted to research and analysis of actual and potential investments. 88 CREDIT SUISSE INSTITUTIONAL FUND, INC. BOARD APPROVAL OF ADVISORY AGREEMENTS (UNAUDITED) (CONTINUED) - -------------------------------------------------------------------------------- The Board also received and considered information about the nature, extent and quality of services and fee rates offered to other CSAM clients for comparable services. PORTFOLIO PERFORMANCE --------------------- The Board received and considered the one and two-year performance of each Portfolio, along with comparisons, for all presented periods, both to the Peer Group and the Universe. The Board was provided with a description of the methodology used to arrive at the funds included in the Peer Group and the Universe. The Board reviewed information comparing the performance of the various Credit Suisse Funds to performance benchmarks that the Board had previously established and progress that had been made in certain instances toward achieving those benchmarks. The Board also reviewed comparisons between each Portfolio and its identified benchmark over various time periods. CSAM PROFITABILITY ------------------ The Board received and considered a profitability analysis of CSAM based on the fees payable under the Advisory Agreement, including any fee waivers or fee caps, as well as other relationships between the Portfolios on the one hand and CSAM affiliates on the other. The Board received profitability information for the other funds in the CSAM family of funds. ECONOMIES OF SCALE ------------------ The Board considered whether economies of scale in the provision of services to each Portfolio was being passed along to the shareholders. Accordingly, the Board considered whether alternative fee structures (such as breakpoint fee structures) would be more appropriate or reasonable taking into consideration economies of scale or other efficiencies that might accrue from increases in the Portfolios' asset levels. OTHER BENEFITS TO CSAM ---------------------- The Board considered other benefits received by CSAM and its affiliates as a result of their relationship with each Portfolio. Such benefits include, among others, research arrangements with brokers who execute transactions on behalf of the Portfolios, administrative and brokerage relationships with affiliates of CSAM and benefits potentially derived from an increase in CSAM's business as 89 CREDIT SUISSE INSTITUTIONAL FUND, INC. BOARD APPROVAL OF ADVISORY AGREEMENTS (UNAUDITED) (CONTINUED) - -------------------------------------------------------------------------------- a result of their relationship with the Portfolios (such as the ability to market to shareholders other financial products offered by CSAM and its affiliates). The Board considered the standards applied in seeking best execution, whether and to what extent soft dollar credits are sought and how any such credits are utilized, any benefits that may be achieved by using an affiliated broker and the existence of quality controls applicable to brokerage allocation procedures. The Board also reviewed CSAM's method for allocating portfolio investment opportunities among the Portfolios and other advisory clients. CONCLUSIONS ----------- In selecting CSAM and approving the Advisory Agreement and the investment advisory fee under such agreement, the Board concluded that: LARGE CAP VALUE o although the Contractual Advisory Fee was higher than the median of its Peer Group, the fee was considered reasonable recognizing that the amount that shareholders were actually charged, the Net Advisory Fee, was lower than median of its Peer Group. o although the Portfolio's three and five-year performance lagged that of its Peer Group, which the Board discussed with CSAM, the Board noted that the Portfolio's performance had shown improvement and its one-year performance was better than the median of its Peer Group. SELECT EQUITY o the Contractual Advisory Fee was the lowest of its Peer Group and the fee was considered reasonable. o the Portfolio's one and two-year performance lagged that of its Peer Group. The Board discussed the underperformance with CSAM and CSAM subsequently advised the Board that changes in the methodology for managing the Portfolio are under review in order to address underperformance. CAPITAL APPRECIATION o the Contractual Advisory Fee was lower than the median of its Peer Group and the fee was considered reasonable. o the Portfolio's one and two-year performance lagged that of its Peer Group. The Board discussed the underperformance with CSAM, but 90 CREDIT SUISSE INSTITUTIONAL FUND, INC. BOARD APPROVAL OF ADVISORY AGREEMENTS (UNAUDITED) (CONTINUED) - -------------------------------------------------------------------------------- considered the enhanced research and investment changes that have been instituted by CSAM to address underperformance. INVESTMENT GRADE FIXED INCOME o the fee was considerable reasonable since the Contractual Advisory Fee was lower than the median of its Peer Group and the Net Advisory Fee was the lowest of its Peer Group. o recognizing that the Portfolio's one and two-year performance lagged that of its Peer Group, the Board discussed the matter with CSAM. CSAM advised the Board that it had implemented enhanced research and investment changes in order to address underperformance. HARBINGER o although the Contractual Advisory Fee was higher than the median of its Peer Group, the fee was considered reasonable recognizing that the amount that shareholders were actually charged, the Net Advisory Fee, was lower than median of its Peer Group. o although the Portfolio's one-year performance lagged that of its Peer Group, which the Board discussed with CSAM, CSAM advised the Board that changes in the methodology for managing the Portfolio are under review in order to address underperformance. INTERNATIONAL FOCUS o the Contractual Advisory Fee and Net Advisory Fee were each lower than the median of its Peer Group and the fee was considered reasonable. o the Portfolio's three and five-year performance were within a reasonable range around the median of its Peer Group. Nevertheless, the Board directed CSAM to suggest a means to improve performance. CSAM subsequently advised the Board that changes in the Portfolio are under review to address underperformance. ALL PORTFOLIOS o aside from performance (as described above), the Board was satisfied with the nature and extent of the investment advisory services provided to each Portfolio by CSAM and that, based on dialogue with management and counsel, the services provided by CSAM under the Advisory Agreements are typical of, and consistent with, those provided to mutual funds by 91 CREDIT SUISSE INSTITUTIONAL FUND, INC. BOARD APPROVAL OF ADVISORY AGREEMENTS (UNAUDITED) (CONTINUED) - -------------------------------------------------------------------------------- other investment advisers. The Board understood that CSAM had or was in the process of addressing any performance issues. o in light of the costs of providing investment management and other services to each Portfolio and CSAM's ongoing commitment to each Portfolio and willingness to cap fees and expenses, the profits and other ancillary benefits that CSAM and its affiliates received were considered reasonable. o CSAM's profitability based on fees payable under the Advisory Agreement was reasonable in light of the nature, extent and quality of the services provided to each Portfolio thereunder. o in light of (the relatively small size of the Portfolios and) the amount of the Net Advisory Fees, each Portfolio's current fee structure (without breakpoints) was considered reasonable. No single factor reviewed by the Board was identified by the Board as the principal factor in determining whether to approve the Advisory Agreement with respect to each Portfolio. The Independent Directors were advised by separate independent legal counsel throughout the process. 92 CREDIT SUISSE INSTITUTIONAL FUND, INC. PRIVACY POLICY NOTICE (UNAUDITED) - -------------------------------------------------------------------------------- IMPORTANT PRIVACY CHOICES FOR CONSUMERS --------------------------------------- We are committed to maintaining the privacy of every current and prospective customer. We recognize that you entrust important personal information to us, and we wish to assure you that we take seriously our responsibilities in protecting and safeguarding this information. In connection with making available investment products and services to current and potential customers, we may obtain nonpublic personal information about you. This information may include your name, address, e-mail address, social security number, account number, assets, income, financial situation, transaction history and other personal information. We may collect nonpublic information about you from the following sources: o Information we receive on applications, forms, questionnaires, web sites, agreements or in the course of establishing or maintaining a customer relationship; and o Information about your transactions with us, our affiliates, or others. We do not disclose any nonpublic personal information about our customers or former customers to anyone, except with your consent or as otherwise permitted by law. RESTRICT INFORMATION SHARING WITH AFFILIATES: In cases where we believe that additional products and services may be of interest to you, we may share the information described above with our affiliates unless you say "No." [ ] No, please do not share personal and financial information with your affiliated companies. [If you check this box, you must send this notice back to us with your name, address and account number to Credit Suisse Funds, 466 Lexington Avenue, New York, New York 10017.] We may also disclose this information to firms that perform services on our behalf. These agents and service providers are required to treat the information confidentially and use it only for the purpose for which it is provided. We restrict access to nonpublic personal information about you to those employees, agents or other parties who need to know that information to provide products or services to you or in connection with your investments with or through us. We maintain physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information. NOTE: THIS NOTICE IS PROVIDED TO CLIENTS AND PROSPECTIVE CLIENTS OF CREDIT SUISSE ASSET MANAGEMENT, LLC ("CSAM"), AND CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., AND SHAREHOLDERS AND PROSPECTIVE SHAREHOLDERS IN CSAM-SPONSORED AND ADVISED INVESTMENT COMPANIES, INCLUDING CREDIT SUISSE FUNDS, AND OTHER CONSUMERS AND CUSTOMERS, AS APPLICABLE. THIS NOTICE IS NOT INTENDED TO BE INCORPORATED IN ANY OFFERING MATERIALS BUT IS MERELY A STATEMENT OF OUR CURRENT PRIVACY POLICY, AND MAY BE AMENDED FROM TIME TO TIME UPON NOTICE TO YOU. THIS NOTICE IS DATED AS OF MAY 17, 2005. 93 CREDIT SUISSE INSTITUTIONAL FUND, INC. PROXY VOTING AND PORTFOLIO HOLDINGS INFORMATION (UNAUDITED) - -------------------------------------------------------------------------------- Information regarding how each Portfolio voted proxies related to its portfolio securities during the 12-month period ended June 30, 2004 as well as the policies and procedures that each Portfolio uses to determine how to vote proxies relating to its portfolio securities are available: o By calling 1-800-222-8977 o On the Fund's website, www.csam.com/us o On the website of the Securities and Exchange Commission, http://www.sec.gov. Each Portfolio 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 Portfolios' Forms N-Q are available on the SEC's website at http://www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. 94 This page intentionally left blank This page intentionally left blank P.O. BOX 55030, BOSTON, MA 02205-5030 CREDIT | ASSET 800-222-8977 o www.csam.com/us SUISSE | MANAGEMENT CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. INST FUND-SAR-0405 ITEM 2. CODE OF ETHICS. This item is inapplicable to a semi-annual report on Form N-CSR. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. This item is inapplicable to a semi-annual report on Form N-CSR. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. This item is inapplicable to a semi-annual report on Form N-CSR. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. This item is not applicable to the registrant. ITEM 6. SCHEDULE OF INVESTMENTS Included as part of the report to shareholders filed under Item 1 of this Form. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. This item is not applicable to the registrant. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. This item is not applicable to the registrant. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. This item is not applicable to the registrant. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS The Nominating Committee recommends Board member candidates. Shareholders of the registrant may also submit nominees that will be considered by the Committee. Recommendations should be mailed to the registrant's Secretary, c/o Credit Suisse Asset Management, LLC, 466 Lexington Avenue, New York, NY 10017. Any submission should include at a minimum the following information: the name, age, business address, residence address and principal occupation or employment of such individual; the class, series and number of shares of the registrant that are beneficially owned by such individual; the date such shares were acquired and the investment intent of such acquisition; whether such shareholder believes such individual is, or is not, an "interested person" of the registrant (as defined in the Investment Company Act of 1940) and information regarding such individual that is sufficient, in the Committee's discretion, to make such determination; and all other information relating to such individual that is required to be disclosed in solicitation of proxies for election of directors in an election contest (even if an election contest is not involved) or is otherwise required pursuant to the rules for proxy materials under the Securities Exchange Act of 1934. ITEM 11. CONTROLS AND PROCEDURES. (a) As of a date within 90 days from the filing date of this report, the principal executive officer and principal financial officer concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) were effective based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. (b) There were no changes in registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant's last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. (a)(1) Not applicable. (a)(2) The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this report. (a)(3) Not applicable. (b) The certifications of the registrant as required by Rule 30a-2(b) under the Act are an exhibit to this report. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Credit Suisse Institutional Fund, Inc. /s/ Michael E. Kenneally -------------------------------- Name: Michael E. Kenneally Title: Chief Executive Officer Date: July 5, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. /s/ Michael E. Kenneally -------------------------------- Name: Michael E. Kenneally Title: Chief Executive Officer Date: July 5, 2005 /s/ Michael A. Pignataro -------------------------------- Name: Michael A. Pignataro Title: Chief Financial Officer Date: July 5, 2005 EX-99.CERT 2 file002.txt CERTIFICATIONS 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 Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted account principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual 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: July 5, 2005 /s/ Michael A. Pignataro - ------------------------ Michael A. Pignataro Chief Financial Officer I, Michael E. Kenneally, certify that: 1. I have reviewed this report on Form N-CSR of Credit Suisse Institutional Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted account principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected. or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial data information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 5, 2005 /s/ Michael E. Kenneally - ------------------------ Michael E. Kenneally Chief Executive Officer EX-99.906CERT 3 file003.txt CERTIFICATIONS EXHIBIT 12(b) SECTION 906 CERTIFICATIONS SECTION 906 CERTIFICATION Michael E. Kenneally, Chief Executive Officer, and Michael A. Pignataro, Chief Financial Officer, of Credit Suisse Institutional Fund, Inc. (the "Fund"), each certify to his knowledge that: (1) The Fund's periodic report on Form N-CSR for the period ended April 30, 2005 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. /s/ Michael E. Kenneally /s/ Michael A. Pignataro ------------------------ ------------------------ Michael E. Kenneally Michael A. Pignataro Chief Executive Officer Chief Financial Officer July 5, 2005 July 5, 2005 A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request. -----END PRIVACY-ENHANCED MESSAGE-----