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