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
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Credit Suisse Institutional Fund, Inc.
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(Exact Name of Registrant as Specified in Charter)
466 Lexington Avenue, New York, New York 10017-3140
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(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%
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* 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
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CREDIT SUISSE INSTITUTIONAL FUND, INC.
BOARD APPROVAL OF ADVISORY AGREEMENTS (UNAUDITED) (CONTINUED)
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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
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BOARD APPROVAL OF ADVISORY AGREEMENTS (UNAUDITED) (CONTINUED)
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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
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CREDIT SUISSE INSTITUTIONAL FUND, INC.
BOARD APPROVAL OF ADVISORY AGREEMENTS (UNAUDITED) (CONTINUED)
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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.
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CREDIT SUISSE INSTITUTIONAL FUND, INC.
PRIVACY POLICY NOTICE (UNAUDITED)
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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.
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CREDIT SUISSE INSTITUTIONAL FUND, INC.
PROXY VOTING AND PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)
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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.
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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