UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File No. 811-6670
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CREDIT SUISSE INSTITUTIONAL FUND, INC.
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(Exact Name of Registrant as Specified in Charter)
466 Lexington Avenue, New York, New York 10017-3140
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(Address of Principal Executive Offices) (Zip Code)
J. Kevin Gao, Esq.
Credit Suisse Institutional Fund, Inc.
466 Lexington Avenue
New York, New York 10017-3140
Registrant's telephone number, including area code: (212) 875-3500
Date of fiscal year end: October 31st
Date of reporting period: November 1, 2004 to October 31, 2005
ITEM 1. REPORTS TO STOCKHOLDERS.
CREDIT | ASSET
SUISSE | MANAGEMENT
CREDIT SUISSE
INSTITUTIONAL FUND
Annual Report
October 31, 2005
CREDIT SUISSE INSTITUTIONAL FUND, INC.
o LARGE CAP VALUE PORTFOLIO
o INTERNATIONAL FOCUS PORTFOLIO
o SELECT EQUITY PORTFOLIO
o CAPITAL APPRECIATION PORTFOLIO
o HARBINGER PORTFOLIO
o INVESTMENT GRADE FIXED INCOME PORTFOLIO
The Portfolios' investment objectives, risks, charges and expenses (which should
be considered carefully before investing), and more complete information about
the Fund, is provided in the PROSPECTUS, which should be read carefully before
investing. You may obtain additional copies by calling 800-222-8977 or by
writing to Credit Suisse Institutional Fund, P.O. Box 55030, Boston, MA
02205-5030.
Credit Suisse Asset Management Securities, Inc., Distributor, is located at 466
Lexington Ave., New York, NY 10017-3140. Credit Suisse Institutional Fund is
advised by Credit Suisse Asset Management, LLC.
The views of the portfolios' management are as of the date of the letters and
portfolios' holdings described in this document are as of october 31, 2005;
these views and portfolio holdings may have changed subsequent to these dates.
Nothing in this document is a recommendation to purchase or sell securities.
Portfolio shares are not deposits or other obligations of credit suisse asset
management, llc ("csam") or any affiliate, are not fdic-insured and are not
guaranteed by csam or any affiliate. Portfolio investments are subject to
investment risks, including loss of your investment.
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2005 (unaudited)
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November 22, 2005
Dear Shareholder:
For the 12 months ended October 31, 2005, Credit Suisse Institutional
Fund, Inc.--Large Cap Value Portfolio 1 (the "Portfolio") had a gain of 12.98%,
vs. an increase of 11.86% for the Russell 1000(R) Value Index. 2
MARKET OVERVIEW: STRONG START BUT LACKLUSTER FINISH
The period was an overall positive one for the US stock market, though the
upward path was not smooth. Stocks initially surged in the wake of a decisive
Presidential election, but then fell early in 2005 when inflation and
interest-rate worries raised risk thresholds. The market rallied into the
summer, however, aided by benign inflation data and good earnings reports from a
number of visible companies. Hurricane activity and a surge in oil prices caused
the market to weaken again late in the period. The Federal Reserve, meanwhile,
continued to raise short-term interest rates in small but steady increments. In
the face of all this, the economy nonetheless appeared resilient, at least as of
late October 2005: Third-quarter GDP growth was reported at an annualized rate
of 3.9%, the tenth consecutive quarter of 3% or greater growth.
From a sector perspective, energy stocks as a group had the best
performance, buoyed by high oil and natural gas prices, while consumer
discretionary stocks were among the underperformers. Value stocks generally
outperformed growth stocks for the 12-month period, in part reflecting the
outperformance of energy stocks, which comprise a larger share of the value
universe.
STRATEGIC REVIEW: CONSUMER AND ENERGY HOLDINGS DRIVE OUTPERFORMANCE
The Portfolio outperformed its benchmark in the period, aided by good
stock selection in the consumer sector, in particular retailers and providers of
consumer staples products. The Portfolio's performance also reflected favorable
stock selection in the energy and utilities areas. On the negative side, the
Portfolio's materials holdings struggled, while its producer durables and
technology stocks had positive yet lagging returns for the period.
In terms of noteworthy recent activity, our purchases included Bank of New
York (1.1% of the net assets as of October 31, 2005), a diversified financial
services company that is nearing completion of a restructuring. We believe that
the stock is undervalued compared with its peers. We also initiated a position
in Kellogg (0.5% of the net assets as of October 31, 2005). We added the food
company after its stock had traded down to attractive valuation levels,
1
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
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based on our view of the company's compelling fundamentals. Our late-period
eliminations included Smurfit-Stone, a packaging company in the materials
sector. This reflected our concerns regarding the company's pricing power amid
weaker demand for paper products in general.
Going forward, we will continue to adhere to our general strategy of
investing in dividend-paying stocks of companies with large market
capitalizations. Using proprietary bottom-up equity research and detailed
quantitative analyses, we look for stocks that are deeply discounted relative to
our view of their upside potential, in terms of valuation and/or income, with an
emphasis on companies that stand to benefit from the positive impact of a likely
significant event.
The Credit Suisse Large Cap Value Team
Stephen J. Kaszynski
Robert E. Rescoe
Adam Scheiner
In addition to historical information, this report contains
forward-looking statements, which may concern, among other things, domestic and
foreign market, industry and economic trends and developments and government
regulation and their potential impact on the portfolio's investment portfolio.
These statements are subject to risks and uncertainties and actual trends,
developments and regulations in the future and their impact on the portfolio
could be materially different from those projected, anticipated or implied. The
portfolio has no obligation to update or revise forward-looking statements.
2
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
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COMPARISON OF CHANGE IN VALUE OF $1,000,000 INVESTMENT IN THE
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO 1
AND THE RUSSELL 1000(R) VALUE INDEX 2 FROM INCEPTION (06/30/97).
[LINE GRAPH]
Credit Suisse
Institutional Fund,
Inc. -- Large Cap Russell l000(R)
Value Portfolio 1 Value Index 2
------------------- ---------------
06/97 $1,000,000 $1,000,000
$1,079,000 $1,075,230
$1,056,000 $1,036,920
$1,109,000 $1,099,590
10/97 $1,064,000 $1,068,870
$1,091,000 $1,116,120
$1,119,270 $1,148,700
$1,127,370 $1,132,450
$1,203,340 $1,208,680
$1,251,960 $1,282,610
$1,264,120 $1,291,190
$1,260,070 $1,272,040
$1,272,220 $1,288,350
$1,238,800 $1,265,610
$1,058,500 $1,077,290
$1,090,910 $1,139,120
10/98 $1,167,890 $1,227,400
$1,237,780 $1,284,600
$1,273,130 $1,328,280
$1,283,370 $1,338,890
$1,251,620 $1,319,980
$1,262,890 $1,347,300
$1,411,400 $1,473,120
$1,428,820 $1,456,930
$1,474,910 $1,499,240
$1,422,670 $1,455,330
$1,395,020 $1,401,330
$1,356,100 $1,352,360
10/99 $1,364,290 $1,430,200
$1,359,170 $1,419,000
$1,312,320 $1,425,850
$1,250,820 $1,379,370
$1,184,090 $1,276,880
$1,343,720 $1,432,670
$1,347,640 $1,416,050
$1,397,360 $1,430,980
$1,334,560 $1,365,600
$1,330,630 $1,382,680
$1,413,060 $1,459,630
$1,413,060 $1,473,060
10/00 $1,440,540 $1,509,290
$1,376,850 $1,453,300
$1,491,490 $1,526,110
$1,507,700 $1,531,910
$1,523,910 $1,489,320
$1,459,070 $1,436,750
$1,523,910 $1,507,150
$1,572,550 $1,541,060
$1,523,910 $1,506,850
$1,507,700 $1,503,680
$1,475,280 $1,443,390
$1,361,790 $1,341,770
10/01 $1,378,010 $1,330,230
$1,459,070 $1,407,520
$1,506,570 $1,440,670
$1,473,820 $1,429,560
$1,490,190 $1,431,850
$1,539,320 $1,499,570
$1,490,190 $1,448,140
$1,490,190 $1,455,380
$1,408,310 $1,371,840
$1,310,060 $1,244,260
$1,293,680 $1,253,710
$1,162,680 $1,114,300
10/02 $1,244,560 $1,196,870
$1,293,680 $1,272,270
$1,239,020 $1,217,060
$1,205,980 $1,187,600
$1,189,460 $1,155,890
$1,205,980 $1,157,860
$1,272,060 $1,259,750
$1,338,150 $1,341,130
$1,354,670 $1,357,900
$1,354,670 $1,378,130
$1,371,190 $1,399,630
$1,371,190 $1,385,910
10/03 $1,437,270 $1,470,730
$1,470,310 $1,490,730
$1,556,830 $1,582,560
$1,573,570 $1,610,410
$1,607,050 $1,644,880
$1,573,570 $1,630,400
$1,540,080 $1,590,620
$1,556,830 $1,606,840
$1,607,050 $1,644,760
$1,573,570 $1,621,570
$1,573,570 $1,644,600
$1,607,050 $1,670,090
10/04 $1,607,050 $1,697,810
$1,690,750 $1,783,720
$1,747,760 $1,843,480
$1,730,790 $1,810,660
$1,781,700 $1,870,600
$1,764,730 $1,844,970
$1,713,820 $1,811,950
$1,764,730 $1,855,610
$1,798,670 $1,875,840
$1,866,540 $1,930,050
$1,849,570 $1,921,750
$1,866,540 $1,948,660
10/05 $1,815,640 $1,899,160
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2005 1
SINCE
1 YEAR 5 YEARS INCEPTION
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16.15% 5.72% 7.85%
AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2005 1
SINCE
1 YEAR 5 YEARS INCEPTION
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12.98% 4.74% 7.41%
Returns represent past performance and include change in share price and
reinvestment of dividends and capital gains. Past performance cannot guarantee
future results. The current performance of the portfolio may be lower or higher
than the figures shown. Returns and share price will fluctuate, and redemption
value may be less than original cost. The performance results do not reflect the
deduction of taxes that a shareholder would pay on portfolio distributions or
the redemption of portfolio shares. Performance information current to the most
recent month-end is available at www.Csam.Com/us.
___________________
1 Fee waivers and/or expense reimbursements may reduce expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
2 The Russell 1000(R) Value Index measures the performance of those
companies in the Russell 1000(R) Index with lower price-to-book ratios and
lower forecasted growth values. It is an unmanaged index of common stocks
that includes reinvestment of dividends and is compiled by Frank Russell
Company. Investors cannot invest directly in an index.
3
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
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INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES
As an investor of the Portfolio, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Portfolio expenses. Examples of
transaction costs include sales charges (loads), redemption fees and account
maintenance fees, which are not shown in this section and which would result in
higher total expenses. The following table is intended to help you understand
your ongoing expenses of investing in the Portfolio and to help you compare
these expenses with the ongoing expenses of investing in other mutual funds. The
table is based on an investment of $1,000 made at the beginning of the six month
period ended October 31, 2005.
The table illustrates your Portfolio's expenses in two ways:
o ACTUAL PORTFOLIO RETURN. This helps you estimate the actual dollar
amount of ongoing expenses paid on a $1,000 investment in the
Portfolio using the Portfolio's actual return during the period. To
estimate the expenses you paid over the period, simply divide your
account value by $1,000 (for example, an $8,600 account value divided
by $1,000 = 8.6), then multiply the result by the number in the
"Expenses Paid per $1,000" line under the share class you hold.
o HYPOTHETICAL 5% PORTFOLIO RETURN. This helps you to compare your
Portfolio's ongoing expenses with those of other mutual funds using
the Portfolio's actual expense ratio and a hypothetical rate of return
of 5% per year before expenses. Examples using a 5% hypothetical fund
return may be found in the shareholder reports of other mutual funds.
The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for
the period.
Please note that the expenses shown in these tables are meant to highlight
your ongoing expenses only and do not reflect any transaction costs, such as
sales charges (loads) or redemption fees. If these transaction costs had been
included, your costs would have been higher. The "Expenses Paid per $1,000" line
of the tables is useful in comparing ongoing expenses only and will not help you
determine the relative total expenses of owning different funds.
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CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
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EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE
SIX MONTH PERIOD ENDED OCTOBER 31, 2005
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ACTUAL PORTFOLIO RETURN
Beginning Account Value 5/1/05 $ 1,000.00
Ending Account Value 10/31/05 $ 1,059.40
Expenses Paid per $1,000* $ 3.89
HYPOTHETICAL 5% PORTFOLIO RETURN
Beginning Account Value 5/1/05 $ 1,000.00
Ending Account Value 10/31/05 $ 1,021.42
Expenses Paid per $1,000* $ 3.82
ANNUALIZED EXPENSE RATIOS* 0.75%
___________________
* Expenses are equal to the portfolio's annualized expense ratio multiplied
by the average account value over the period, multiplied by the number of
days in the most recent fiscal half year period, then divided by 365.
The "expenses paid per $1,000" and the "annualized expense ratios" in the
tables are based on actual expenses paid by the portfolio during the
period, net of fee waivers and/or expense reimbursements. If those fee
waivers and/or expense reimbursements had not been in effect, the
portfolio's actual expenses would have been higher.
For more information, please refer to the Portfolio's prospectus.
5
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
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SECTOR BREAKDOWN*
[BAR GRAPH]
Financial Services 32.2%
Consumer Discretionary 9.3%
Health Care 9.0%
Integrated Oils 9.0%
Other Energy 7.8%
Utilities 6.7%
Technology 6.4%
Consumer Staples 5.7%
Other 5.1%
Producer Durables 4.9%
Mterials & Processing 2.9%
Short Terms Investments 1.0%
___________________
* Expressed as a percentage of total investments and may vary over time.
6
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2005 (unaudited)
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November 22, 2005
Dear Shareholder:
For the 12 months ended October 31, 2005, Credit Suisse Institutional
Fund, Inc.--International Focus Portfolio 1 (the "Portfolio") had a gain of
19.95%, vs. an increase of 20.57% for the Morgan Stanley Capital International
ACWI (All Country World Index) Free Ex-USA Index. 2
MARKET OVERVIEW: GLOBAL GROWTH SUPPORTS BROAD RALLY
The period was a positive one for stock markets around the world, aided by
optimism over global economic growth and generally favorable earnings reports.
Most foreign markets outpaced the US, at least in local-currency terms, helped
in part by a more supportive interest rate backdrop. A late-period surge in
Japan's equity market contributed to the outperformance, amid signs that the
world's second-largest economy might be coming back to life. Japan's political
news and the prospects for reforms were supportive as well. Emerging markets as
a group had overall strong returns, with many of these countries benefiting from
high and rising commodity prices.
From a sector standpoint, returns were broadly positive, with energy,
industrials and materials companies outperforming. The technology and
telecommunications sectors had positive yet lagging returns, reflecting in part
weakness in certain European stocks in these areas. In terms of currency
influences, a rebound in the US dollar vs. the euro and yen in 2005 eroded some
of the gains achieved locally in Europe and Japan for dollar-based investors in
the period.
STRATEGIC REVIEW: AIDED BY STOCK SELECTION IN JAPAN
The Portfolio modestly underperformed its benchmark for the period. On the
negative side, relatively speaking, the Fund's European holdings as a group
underperformed. Laggards included Royal Bank of Scotland (1.3% of the net assets
as of October 31, 2005), which was hampered in part by acquisition worries, and
Kingfisher (0.3% of the net assets as of October 31, 2005), a UK "do it
yourself" retailer.
Factors that aided the Portfolio's performance included good stock
selection in Japan. Standouts represented a variety of sectors, including
Komatsu (1.8% of the net assets as of October 31, 2005), a manufacturer of
construction equipment with customers in Japan, the US, and China; and Yamada
Denki (3.0% of the net assets as of October 31, 2005), a retailer of
7
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
electronics goods that has improved its competitive position. Other good
performers for the Portfolio included Samsung Heavy (1.1% of the net assets as
of October 31, 2005), a South Korean ship builder with an order book geared to
liquid natural gas (LNG) tankers.
In terms of noteworthy sector allocation, we ended the period with a
modest overweighting in the industrials area. We began the period with a large
overweighting in the sector, but reduced it on profit taking as certain holdings
reached our price target. Within health care, we went from being underweighted
to about neutrally positioned, adding to specific European pharmaceutical
holdings such as GlaxoSmithKline (2.4% of the net assets as of October 31,
2005), based on our view of its valuation and product pipeline. We also
established a position in Novo Nordisk (1.8% of the net assets as of October 31,
2005), a Denmark-based leader in diabetes treatments. Late in the period we
raised our exposure to the telecommunications sector, becoming overweighted for
the first time in over a year based on stock-specific factors.
The Credit Suisse International Equity Team
Emily Alejos
Anne S. Budlong
Nancy Nierman
International investing entails special risk considerations, including
currency fluctuations, lower liquidity, economic and political risks, and
differences in accounting methods. The portfolio's 15 largest holdings may
account for 40% or more of the portfolio's assets. As a result of this strategy,
the portfolio may be subject to greater volatility than a portfolio that invests
in a larger number of issuers.
In addition to historical information, this report contains
forward-looking statements, which may concern, among other things, domestic and
foreign market, industry and economic trends and developments and government
regulation and their potential impact on the portfolio's investments. These
statements are subject to risks and uncertainties and actual trends,
developments and regulations in the future and their impact on the portfolio
could be materially different from those projected, anticipated or implied. The
portfolio has no obligation to update or revise forward-looking statements.
8
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF $3,000,000 INVESTMENT IN THE
CREDIT SUISSE INSTITUTIONAL FUND, INC. - INTERNATIONAL FOCUS PORTFOLIO 1
AND THE MSCI ALL COUNTRY WORLD FREE EX-USA INDEX 2 FROM TEN YEARS.
[LINE GRAPH]
Credit Suisse
Institutional
Fund, Inc. -- MSCI ALL
International Country World
Focus Free Ex-USA
Portfolio 1 Index 2
-------------- -------------
10/95 $3,000,000 $3,000,000
$3,041,720 $3,070,460
$3,133,550 $3,191,860
$3,228,000 $3,235,710
$3,232,110 $3,235,830
$3,258,810 $3,296,070
$3,455,940 $3,396,070
$3,386,120 $3,345,070
$3,433,350 $3,362,030
$3,267,020 $3,250,260
$3,291,660 $3,269,330
$3,347,100 $3,350,510
10/96 $3,314,250 $3,316,970
$3,460,040 $3,444,930
$3,485,520 $3,405,040
$3,474,860 $3,342,490
$3,519,620 $3,403,780
$3,498,310 $3,396,650
$3,566,520 $3,425,290
$3,813,810 $3,636,860
$3,980,100 $3,837,530
$4,108,010 $3,915,220
$3,777,570 $3,607,230
$3,954,510 $3,802,250
10/97 $3,519,620 $3,478,530
$3,427,960 $3,435,060
$3,395,880 $3,474,600
$3,431,010 $3,578,530
$3,672,230 $3,817,310
$3,880,670 $3,949,210
$3,972,000 $3,977,490
$3,969,660 $3,905,360
$3,850,220 $3,890,680
$3,920,480 $3,927,660
$3,356,060 $3,373,780
$3,201,490 $3,302,520
10/98 $3,374,800 $3,648,450
$3,552,790 $3,844,520
$3,604,610 $3,976,970
$3,621,160 $3,972,710
$3,495,880 $3,883,760
$3,637,700 $4,071,270
$3,692,070 $4,274,910
$3,566,790 $4,074,120
$3,855,160 $4,261,320
$4,079,710 $4,361,270
$4,171,900 $4,376,400
$4,254,620 $4,405,990
10/99 $4,455,540 $4,570,050
$4,933,000 $4,752,790
$5,684,200 $5,206,070
$5,389,080 $4,923,570
$5,850,360 $5,056,560
$5,716,440 $5,246,860
$5,210,510 $4,954,010
$5,036,910 $4,827,290
$5,185,710 $5,032,820
$4,885,630 $4,834,130
$5,098,910 $4,893,920
$4,744,270 $4,622,450
10/00 $4,367,310 $4,475,530
$4,149,070 $4,274,740
$4,300,410 $4,420,730
$4,375,380 $4,487,030
$3,921,660 $4,131,790
$3,594,200 $3,839,730
$3,759,900 $4,100,890
$3,700,720 $3,987,640
$3,657,330 $3,834,700
$3,594,200 $3,749,380
$3,491,620 $3,656,260
$3,081,310 $3,268,370
10/01 $3,207,560 $3,359,950
$3,357,480 $3,513,630
$3,444,280 $3,558,890
$3,389,040 $3,406,470
$3,396,930 $3,431,000
$3,586,310 $3,631,640
$3,578,420 $3,655,230
$3,570,530 $3,695,050
$3,428,500 $3,535,500
$3,069,470 $3,190,950
$3,081,310 $3,191,140
$2,718,340 $2,852,980
10/02 $2,836,700 $3,006,030
$2,927,440 $3,150,590
$2,836,130 $3,048,810
$2,712,990 $2,942,050
$2,669,300 $2,882,440
$2,609,710 $2,826,520
$2,883,790 $3,098,890
$3,022,820 $3,296,300
$3,106,230 $3,387,540
$3,185,680 $3,477,120
$3,304,840 $3,580,740
$3,304,840 $3,681,000
10/03 $3,543,170 $3,919,610
$3,563,030 $4,005,080
$3,818,130 $4,310,860
$3,879,580 $4,380,080
$3,912,350 $4,490,680
$3,936,930 $4,518,310
$3,809,940 $4,377,900
$3,818,130 $4,391,740
$3,859,100 $4,486,930
$3,748,490 $4,356,360
$3,773,070 $4,391,210
$3,838,610 $4,532,390
10/04 $3,986,090 $4,690,040
$4,223,700 $5,015,560
$4,371,520 $5,230,920
$4,329,290 $5,140,820
$4,506,680 $5,394,390
$4,388,420 $5,248,060
$4,312,390 $5,118,630
$4,308,170 $5,150,710
$4,375,750 $5,247,640
$4,540,470 $5,441,250
$4,671,410 $5,580,510
$4,895,260 $5,868,370
10/05 $4,781,220 $5,654,730
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2005 1
SINCE
1 YEAR 5 YEARS 10 YEARS INCEPTION 3
------ ------- -------- -----------
27.53% 0.63% 4.78% 7.73%
AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2005 1
SINCE
1 YEAR 5 YEARS 10 YEARS INCEPTION 3
------ ------- -------- -----------
19.95% 1.83% 4.77% 7.49%
Returns represent past performance and include change in share price and
reinvestment of dividends and capital gains. Past performance cannot guarantee
future results. The current performance of the portfolio may be lower or higher
than the figures shown. Returns and share price will fluctuate, and redemption
value may be less than original cost. The performance results do not reflect the
deduction of taxes that a shareholder would pay on portfolio distributions or
the redemption of portfolio shares. Performance information current to the most
recent month-end is available at www.Csam.Com/us.
_________________
1 Fee waivers and/or expense reimbursements may reduce expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
2 The Morgan Stanley Capital International ACWI (All Country World Index)
Free Ex-USA Index is a free float-adjusted market capitalization index
that is designed to measure equity-market performance in the global
developed and emerging markets, excluding the US. It is the exclusive
property of Morgan Stanley Capital International Inc. Investors cannot
invest directly in an index.
3 Inception date 9/1/92
9
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES
As an investor of the Portfolio, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Portfolio expenses. Examples of
transaction costs include sales charges (loads), redemption fees and account
maintenance fees, which are not shown in this section and which would result in
higher total expenses. The following table is intended to help you understand
your ongoing expenses of investing in the Portfolio and to help you compare
these expenses with the ongoing expenses of investing in other mutual funds. The
table is based on an investment of $1,000 made at the beginning of the six month
period ended October 31, 2005.
The table illustrates your Portfolio's expenses in two ways:
o ACTUAL FUND RETURN. This helps you estimate the actual dollar amount
of ongoing expenses paid on a $1,000 investment in the Portfolio using
the Portfolio's actual return during the period. To estimate the
expenses you paid over the period, simply divide your account value by
$1,000 (for example, an $8,600 account value divided by $1,000 = 8.6),
then multiply the result by the number in the "Expenses Paid per
$1,000" line under the share class you hold.
o HYPOTHETICAL 5% FUND RETURN. This helps you to compare your
Portfolio's ongoing expenses with those of other mutual funds using
the Portfolio's actual expense ratio and a hypothetical rate of return
of 5% per year before expenses. Examples using a 5% hypothetical fund
return may be found in the shareholder reports of other mutual funds.
The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for
the period.
Please note that the expenses shown in these tables are meant to highlight
your ongoing expenses only and do not reflect any transaction costs, such as
sales charges (loads) or redemption fees. If these transaction costs had been
included, your costs would have been higher. The "Expenses Paid per $1,000" line
of the tables is useful in comparing ongoing expenses only and will not help you
determine the relative total expenses of owning different funds.
10
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE
SIX MONTH PERIOD ENDED OCTOBER 31, 2005
- --------------------------------------------------------------------------------
ACTUAL PORTFOLIO RETURN
Beginning Account Value 5/1/05 $1,000.00
Ending Account Value 10/31/05 $1,108.70
Expenses Paid per $1,000* $ 5.05
HYPOTHETICAL 5% PORTFOLIO RETURN
Beginning Account Value 5/1/05 $1,000.00
Ending Account Value 10/31/05 $1,020.42
Expenses Paid per $1,000* $ 4.84
ANNUALIZED EXPENSE RATIOS* 0.95%
_________________
* Expenses are equal to the portfolio's annualized expense ratio multiplied
by the average account value over the period, multiplied by the number of
days in the most recent fiscal half year period, then divided by 365.
The "expenses paid per $1,000" and the "annualized expense ratios" in the
tables are based on actual expenses paid by the portfolio during the
period, net of fee waivers and/or expense reimbursements. If those fee
waivers and/or expense reimbursements had not been in effect, the
portfolio's actual expenses would have been higher.
For more information, please refer to the Portfolio's prospectus.
11
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
SECTOR BREAKDOWN*
[BAR GRAPH]
Financials 26.3%
Industrials 11.3%
Consumer Discretionary 11.2%
Telecommunication Services 9.7%
Energy 9.5%
Health Care 8.5%
Consumer Staples 7.9%
Materials 6.9%
Information Technology 3.3%
Short term Investments 3.1%
Utilities 2.3%
___________________
* Expressed as a percentage of total investments (excluding security lending
collateral) and may vary over time.
12
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
November 22, 2005
Dear Shareholder:
For the 12 months ended October 31, 2005, Credit Suisse Institutional
Fund, Inc.--Select Equity Portfolio 1 (the "Portfolio") had a gain of 6.48%, vs.
an increase of 8.72% for the Standard & Poor's 500 Index. 2
MARKET OVERVIEW: STRONG START BUT LACKLUSTER FINISH
The period was an overall positive one for the US stock market, though the
upward path was not smooth. Stocks initially surged in the wake of a decisive
Presidential election, but then fell early in 2005 when inflation and
interest-rate worries raised risk thresholds. The market rallied into the
summer, however, aided by benign inflation data and good earnings reports from a
number of visible companies. Hurricane activity and a surge in oil prices caused
the market to weaken again late in the period. The Federal Reserve, meanwhile,
continued to raise short-term interest rates in small but steady increments. In
the face of all this, the economy nonetheless appeared resilient, at least as of
late October 2005: Third-quarter GDP growth was reported at an annualized rate
of 3.9%, the tenth consecutive quarter of 3% or greater growth.
From a sector perspective, energy stocks as a group had the best
performance, buoyed by high oil and natural gas prices, while consumer
discretionary stocks were among the underperformers.
STRATEGIC REVIEW: FOCUS ON COMPANY FUNDAMENTALS
The Portfolio participated in the market's rally but underperformed its
benchmark. Stocks that hindered the Portfolio's performance included its
consumer discretionary holdings, chiefly certain retail and media companies. The
Portfolio's materials and utilities holdings also underperformed. On the
positive side, the portfolio's technology and energy stocks had good performance
in both absolute and relative terms.
With respect to noteworthy recent portfolio activity, our purchases
included Alltel (0.9% of the net assets as of October 31, 2005), a telecom
services provider that recently announced a spinoff of a wireline business in
addition to merging with a wireless provider. We believe these moves could
provide investors with a strong wireless pure play in a consolidating industry
with attractive growth forecasts. In the health care area we added WellChoice
(1.1% of the net assets as of October 31, 2005), based on its compelling Blue
Cross business in New York and after recent legislation lowered the company's
political risk in our view.
13
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
Our late-period sales included Textron, an industrials company, based on
escalating raw material costs and weakening end-market demand. We believe these
trends could adversely impact earnings. Another sale was retailer TJX, based on
our concerns over recent weak sales data.
Going forward, we think stock selection, as opposed to sector allocation,
should prove most critical to performance over the next few months. In this
context, we will continue to seek companies we believe to have good
return-on-invested-capital trends, in a variety of industries. Our focus will
remain on companies that appear committed to creating shareholder value via debt
reduction, higher dividend payments, and/or share repurchase programs, factors
that are often associated with capital-return improvements.
The Credit Suisse Large Cap Core Team
Hugh M. Neuburger
William D. Butler
The portfolio is permitted to invest a greater proportion of its assets in
the securities of a smaller number of issuers. As a result, the portfolio may be
subject to greater volatility.
In addition to historical information, this report contains
forward-looking statements, which may concern, among other things, domestic and
foreign market, industry and economic trends and developments and government
regulation and their potential impact on the portfolio's investments. These
statements are subject to risks and uncertainties and actual trends,
developments and regulations in the future and their impact on the portfolio
could be materially different from those projected, anticipated or implied. The
portfolio has no obligation to update or revise forward-looking statements.
14
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF $1,000,000 INVESTMENT IN THE
CREDIT SUISSE INSTITUTIONAL FUND, INC. - SELECT EQUITY PORTFOLIO 1
AND THE S&P 500 INDEX 2 FROM INCEPTION (01/31/02).
[LINE GRAPH]
Credit Suisse
Institutional
Fund, Inc. --
Select Equity S & P 500
Portfolio 1 Index 2
------------- ----------
01/02 $1,000,000 $1,000,000
$ 971,000 $ 980,720
$1,004,000 $1,017,600
$ 948,000 $ 955,908
$ 962,000 $ 948,862
$ 885,000 $ 881,266
$ 809,000 $ 812,571
$ 809,000 $ 817,909
$ 720,000 $ 729,019
10/02 $ 787,000 $ 793,187
$ 839,000 $ 839,874
$ 786,445 $ 790,532
$ 765,380 $ 769,820
$ 757,355 $ 758,272
$ 767,386 $ 765,628
$ 813,529 $ 828,715
$ 843,623 $ 872,389
$ 852,651 $ 883,555
$ 873,716 $ 899,106
$ 881,741 $ 916,638
$ 862,682 $ 906,922
10/03 $ 909,829 $ 958,254
$ 920,863 $ 966,686
$ 959,498 $1,017,340
$ 957,480 $1,036,010
$ 964,543 $1,050,410
$ 950,418 $1,034,570
$ 939,319 $1,018,330
$ 949,409 $1,032,300
$ 969,587 $1,052,370
$ 936,293 $1,017,540
$ 932,257 $1,021,660
$ 944,364 $1,032,730
10/04 $ 959,498 $1,048,500
$1,001,870 $1,090,930
$1,033,920 $1,128,050
$1,017,600 $1,100,550
$1,035,960 $1,123,710
$1,021,680 $1,103,810
$ 997,210 $1,082,880
$1,018,620 $1,117,340
$1,022,700 $1,118,920
$1,049,210 $1,160,530
$1,040,040 $1,149,940
$1,051,250 $1,159,260
10/05 $1,021,680 $1,139,900
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2005 1
SINCE
1 YEAR INCEPTION
------ ---------
11.32% 1.37%
AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2005 1
SINCE
1 YEAR INCEPTION
------ ---------
6.48% 0.57%
Returns represent past performance and include change in share price and
reinvestment of dividends and capital gains. Past performance cannot guarantee
future results. The current performance of the portfolio may be lower or higher
than the figures shown. Returns and share price will fluctuate, and redemption
value may be less than original cost. The performance results do not reflect the
deduction of taxes that a shareholder would pay on portfolio distributions or
the redemption of portfolio shares. Performance information current to the most
recent month-end is available at www.Csam.Com/us.
_________________
1 Fee waivers and/or expense reimbursements may reduce expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
2 The Standard & Poor's 500 Index is an unmanaged index (with no defined
investment objective) of common stocks. It Includes reinvestment of
dividends, and is a registered trademark of McGraw-Hill Co., Inc.
investors cannot invest directly in an index.
15
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES
As an investor of the Portfolio, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Portfolio expenses. Examples of
transaction costs include sales charges (loads), redemption fees and account
maintenance fees, which are not shown in this section and which would result in
higher total expenses. The following table is intended to help you understand
your ongoing expenses of investing in the Portfolio and to help you compare
these expenses with the ongoing expenses of investing in other mutual funds. The
table is based on an investment of $1,000 made at the beginning of the six month
period ended October 31, 2005.
The table illustrates your Portfolio's expenses in two ways:
o ACTUAL PORTFOLIO RETURN. This helps you estimate the actual dollar
amount of ongoing expenses paid on a $1,000 investment in the
Portfolio using the Portfolio's actual return during the period. To
estimate the expenses you paid over the period, simply divide your
account value by $1,000 (for example, an $8,600 account value divided
by $1,000 = 8.6), then multiply the result by the number in the
"Expenses Paid per $1,000" line under the share class you hold.
o HYPOTHETICAL 5% PORTFOLIO RETURN. This helps you to compare your
Portfolio's ongoing expenses with those of other mutual funds using
the Portfolio's actual expense ratio and a hypothetical rate of return
of 5% per year before expenses. Examples using a 5% hypothetical fund
return may be found in the shareholder reports of other mutual funds.
The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expense you paid for the
period.
Please note that the expenses shown in these tables are meant to highlight
your ongoing expenses only and do not reflect any transaction costs, such as
sales charges (loads) or redemption fees. If these transaction costs had been
included, your costs would have been higher. The "Expenses Paid per $1,000" line
of the tables is useful in comparing ongoing expenses only and will not help you
determine the relative total expenses of owning different funds.
16
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE
SIX MONTH PERIOD ENDED OCTOBER 31, 2005
- --------------------------------------------------------------------------------
ACTUAL PORTFOLIO RETURN
Beginning Account Value 5/1/05 $1,000.00
Ending Account Value 10/31/05 $1,024.50
Expenses Paid per $1,000* $ 3.83
HYPOTHETICAL 5% PORTFOLIO RETURN
Beginning Account Value 5/1/05 $1,000.00
Ending Account Value 10/31/05 $1,021.42
Expenses Paid per $1,000* $ 3.82
ANNUALIZED EXPENSE RATIOS* 0.75%
___________________
* EXPENSES ARE EQUAL TO THE PORTFOLIO'S ANNUALIZED EXPENSE RATIO MULTIPLIED
BY THE AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF
DAYS IN THE MOST RECENT FISCAL HALF YEAR PERIOD, THEN DIVIDED BY 365.
THE "EXPENSES PAID PER $1,000" AND THE "ANNUALIZED EXPENSE RATIOS" IN THE
TABLES ARE BASED ON ACTUAL EXPENSES PAID BY THE PORTFOLIO DURING THE
PERIOD, NET OF FEE WAIVERS AND/OR EXPENSE REIMBURSEMENTS. IF THOSE FEE
WAIVERS AND/OR EXPENSE REIMBURSEMENTS HAD NOT BEEN IN EFFECT, THE
PORTFOLIO'S ACTUAL EXPENSES WOULD HAVE BEEN HIGHER.
For more information, please refer to the Portfolio's prospectus.
17
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
SECTOR BREAKDOWN*
[BAR GRAPH]
Financials 21.1%
Industrials 14.6%
Information Technology 14.4%
Health Care 13.9%
Consumer Discretionary 10.6%
Energy 9.2%
Consumer Staples 7.7%
Utilities 3.2%
Telecomm Services 2.4%
Materials 1.5%
Short term Investments 1.4%
___________________
* Expressed as a percentage of total investments and may vary over time.
18
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
November 22, 2005
Dear Shareholder:
For the 12 months ended October 31, 2005, Credit Suisse Institutional
Fund, Inc.--Capital Appreciation Portfolio 1 (the "Portfolio") had a gain of
8.42%, vs. an increase of 8.81% for the Russell 1000(R) Growth Index. 2
MARKET OVERVIEW: STRONG START BUT LACKLUSTER FINISH
The period was an overall positive one for the US stock market, though the
upward path was not smooth. Stocks initially surged in the wake of a decisive
Presidential election, but then fell early in 2005 when inflation and
interest-rate worries raised risk thresholds. The market rallied into the
summer, however, aided by benign inflation data and good earnings reports from a
number of visible companies. Hurricane activity and a surge in oil prices caused
the market to weaken again late in the period. The Federal Reserve, meanwhile,
continued to raise short-term interest rates in small but steady increments. In
the face of all this, the economy nonetheless appeared resilient, at least as of
late October 2005: Third-quarter GDP growth was reported at an annualized rate
of 3.9%, the tenth consecutive quarter of 3% or greater growth.
From a sector perspective, energy stocks as a group had the best
performance, buoyed by high oil and natural gas prices, while consumer
discretionary stocks were among the underperformers. Value stocks generally
outperformed growth stocks for the 12-month period, in part reflecting the
outperformance of energy stocks, which comprise a larger share of the value
universe.
STRATEGIC REVIEW: FOCUS ON COMPANY FUNDAMENTALS
The Portfolio had a gain but trailed its benchmark, which we attribute
primarily to underperformance from the Portfolio's consumer discretionary and
financial services stocks. The Portfolio was also underweighted in health-care
services and pharmaceutical stocks, early in the period, when such stocks
outperformed. On the positive side, the Portfolio's materials, consumer staples
and technology holdings had good performance. In addition, the Portfolio had a
small but strong-performing position in the transportation sector during the
period.
Our noteworthy recent portfolio activity included establishing a position
in Northern Trust (1.3% of the net assets as of October 31, 2005), which we
deemed to be attractively priced relative to its growth prospects, most
particularly within its high-net-worth client business. The company's potential
to benefit
19
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
from consolidation activity is also a factor in our view. In the retail area we
added Home Depot (1.8% of the net assets as of October 31, 2005), viewing it as
attractive based on the health of its business and the company's efforts to
control expenses. Our sales included Harrah's Entertainment and Starwood Hotels,
which in our estimation had become fully valued.
Going forward, we will continue to adhere to our general strategy of
seeking sectors and companies with the potential to outperform the overall
market. We look for stocks available at a reasonable price relative to projected
growth, while employing themes or patterns associated with growth companies,
such as significant fundamental changes, generation of large free cash flows or
company share-buyback programs.
Marian U. Pardo
Jeffrey T. Rose
In addition to historical information, this report contains
forward-looking statements, which may concern, among other things, domestic and
foreign market, industry and economic trends and developments and government
regulation and their potential impact on the portfolio's investments. These
statements are subject to risks and uncertainties and actual trends,
developments and regulations in the future and their impact on the portfolio
could be materially different from those projected, anticipated or implied. The
portfolio has no obligation to update or revise forward-looking statements.
20
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF $1,000,000 INVESTMENT IN THE
CREDIT SUISSE INSTITUTIONAL FUND, INC. - CAPITAL APPRECIATION PORTFOLIO 1
AND THE RUSSELL 1000(R) GROWTH INDEX 2 FROM INCEPTION (01/31/02).
[LINE GRAPH]
Credit Suisse
Institutional
Fund, Inc. -- Russell
Capital 1000(R)
Appreciation Growth
Portfolio 1 Index 2
------------- ----------
01/02 $1,000,000 $1,000,000
$ 950,000 $ 958,500
$ 973,000 $ 991,664
$ 897,000 $ 910,744
$ 878,000 $ 888,704
$ 790,000 $ 806,499
$ 740,000 $ 762,142
$ 743,000 $ 764,428
$ 684,000 $ 685,157
10/02 $ 737,000 $ 747,986
$ 765,000 $ 788,601
$ 716,000 $ 734,109
$ 707,000 $ 716,270
$ 702,000 $ 712,975
$ 704,000 $ 726,237
$ 747,000 $ 779,906
$ 783,000 $ 818,823
$ 804,000 $ 830,123
$ 832,000 $ 850,793
$ 840,000 $ 871,977
$ 818,000 $ 862,647
10/03 $ 865,000 $ 911,128
$ 874,000 $ 920,695
$ 897,128 $ 952,551
$ 913,130 $ 971,983
$ 920,131 $ 978,204
$ 905,129 $ 960,009
$ 895,128 $ 948,873
$ 917,131 $ 966,522
$ 934,133 $ 978,604
$ 883,126 $ 923,312
$ 860,123 $ 918,788
$ 887,127 $ 927,517
10/04 $ 894,128 $ 941,986
$ 937,134 $ 974,390
$ 985,445 $1,012,590
$ 937,325 $ 978,867
$ 941,335 $ 989,243
$ 922,288 $ 971,239
$ 905,246 $ 952,786
$ 948,353 $ 998,900
$ 949,355 $ 995,204
$ 986,447 $1,043,870
$ 984,442 $1,030,400
$ 985,445 $1,035,140
10/05 $ 969,405 $1,025,100
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2005 1
SINCE
1 YEAR INCEPTION
------ ---------
11.08% (0.40)%
AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2005 1
SINCE
1 YEAR INCEPTION
------ ---------
8.42% (0.83)%
Returns represent past performance and include change in share price and
reinvestment of dividends and capital gains. Past performance cannot guarantee
future results. The current performance of the portfolio may be lower or higher
than the figures shown. Returns and share price will fluctuate, and redemption
value may be less than original cost. The performance results do not reflect the
deduction of taxes that a shareholder would pay on portfolio distributions or
the redemption of portfolio shares. Performance information current to the most
recent month-end is available at www.Csam.Com/us.
__________________
1 Fee waivers and/or expense reimbursements may reduce expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
2 The Russell 1000(R) Growth Index measures the performance of those
companies in the Russell 1000(R) Index with higher price-to-book ratios
and higher forecasted growth values. It is an unmanaged index of common
stocks that includes reinvestment of dividends and is compiled by Frank
Russell Company. Investors cannot invest directly in an index.
21
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES
As an investor of the Portfolio, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Portfolio expenses. Examples of
transaction costs include sales charges (loads), redemption fees and account
maintenance fees, which are not shown in this section and which would result in
higher total expenses. The following table is intended to help you understand
your ongoing expenses of investing in the Portfolio and to help you compare
these expenses with the ongoing expenses of investing in other mutual funds. The
table is based on an investment of $1,000 made at the beginning of the six month
period ended October 31, 2005.
The table illustrates your Portfolio's expenses in two ways:
o ACTUAL PORTFOLIO RETURN. This helps you estimate the actual dollar
amount of ongoing expenses paid on a $1,000 investment in the
Portfolio using the Portfolio's actual return during the period. To
estimate the expenses you paid over the period, simply divide your
account value by $1,000 (for example, an $8,600 account value divided
by $1,000 = 8.6), then multiply the result by the number in the
"Expenses Paid per $1,000" line under the share class you hold.
o HYPOTHETICAL 5% PORTFOLIO RETURN. This helps you to compare your
Portfolio's ongoing expenses with those of other mutual funds using
the Portfolio's actual expense ratio and a hypothetical rate of return
of 5% per year before expenses. Examples using a 5% hypothetical fund
return may be found in the shareholder reports of other mutual funds.
The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for
the period.
Please note that the expenses shown in these tables are meant to highlight
your ongoing expenses only and do not reflect any transaction costs, such as
sales charges (loads) or redemption fees. If these transaction costs had been
included, your costs would have been higher. The "Expenses Paid per $1,000" line
of the tables is useful in comparing ongoing expenses only and will not help you
determine the relative total expenses of owning different funds.
22
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE
SIX MONTH PERIOD ENDED OCTOBER 31, 2005
- --------------------------------------------------------------------------------
ACTUAL PORTFOLIO RETURN
Beginning Account Value 5/1/05 $1,000.00
Ending Account Value 10/31/05 $1,070.90
Expenses Paid per $1,000* $ 3.91
HYPOTHETICAL 5% PORTFOLIO RETURN
Beginning Account Value 5/1/05 $1,000.00
Ending Account Value 10/31/05 $1,021.42
Expenses Paid per $1,000* $ 3.82
ANNUALIZED EXPENSE RATIOS* 0.75%
___________________
* Expenses are equal to the portfolio's annualized expense ratio multiplied
by the average account value over the period, multiplied by the number of
days in the most recent fiscal half year period, then divided by 365.
The "expenses paid per $1,000" and the "annualized expense ratios" in the
tables are based on actual expenses paid by the portfolio during the
period, net of fee waivers and/or expense reimbursements. If those fee
waivers and/or expense reimbursements had not been in effect, the
portfolio's actual expenses would have been higher.
For more information, please refer to the Portfolio's prospectus.
23
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
SECTOR BREAKDOWN*
[BAR GRAPH]
Health Care 24.7%
Technology 22.8%
Consumer Discretionary 18.0%
Financial Services 8.5%
Consumer Staples 7.7%
Producer Durables 6.3%
Materials & Processing 5.1%
Other Energy 4.1%
Short term Investments 1.8%
Others 1.0%
___________________
* Expressed as a percentage of total investments (excluding securities
lending collateral) and may vary over time.
24
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
November 22, 2005
Dear Shareholder:
For the 12 months ended October 31, 2005, Credit Suisse Institutional
Fund, Inc.--Harbinger Portfolio 1 (the "Portfolio") had a gain of 12.58%, vs. an
increase of 13.83% for the Russell 2500(TM) Growth Index. 2
MARKET OVERVIEW: STRONG START BUT LACKLUSTER FINISH
The period was an overall positive one for the US stock market, though the
upward path was not smooth. Stocks initially surged in the wake of a decisive
Presidential election, but then fell early in 2005 when inflation and
interest-rate worries raised risk thresholds. The market rallied into the
summer, however, aided by benign inflation data and good earnings reports from a
number of visible companies. Hurricane activity and a surge in oil prices caused
the market to weaken again late in the period. The Federal Reserve, meanwhile,
continued to raise short-term interest rates in small but steady increments. In
the face of all this, the economy nonetheless appeared resilient, at least as of
late October 2005: Third-quarter GDP growth was reported at an annualized rate
of 3.9%, the tenth consecutive quarter of 3% or greater growth.
From a sector perspective, energy stocks as a group had the best
performance, buoyed by high oil and natural gas prices, while consumer
discretionary stocks were among the underperformers. Value stocks generally
outperformed growth stocks for the 12-month period, in part reflecting the
outperformance of energy stocks, which comprise a larger share of the value
universe.
STRATEGIC REVIEW: FOCUS ON COMPANY FUNDAMENTALS
The Portfolio participated in the market's rally but trailed its benchmark
for the period. The Portfolio's health care holdings collectively had a gain yet
underperformed, reflecting a sizable decline posted by Medicines Co., a provider
of pharmaceutical products used in acute hospital care. We opted to eliminate
the position in the period based on our diminished view on its growth prospects.
The Portfolio's materials holdings also contributed negatively to its
performance.
On the positive side, factors that aided the Portfolio included good stock
selection in the technology sector, where Trident Microsystems Microchip (4.9%
of the net assets as of October 31, 2005) and Genesis Microchip (4.9% of the net
assets as of October 31, 2005) were among the standouts. Both companies provide
graphics manipulation tools used in markets such as video games and
25
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
high-definition television. The Portfolio's underweighting in the financial
services sector was also supportive to its relative performance, as the sector
overall had a positive yet lagging return.
Going forward, we will continue to seek long-term growth of capital by
investing in US companies considered to be in their post-venture-capital stage
of development. We define a post-venture-capital company as one that has
received venture capital financing (within 10 years prior to the Portfolio's
purchase of the company's securities) either during the early stages of the
company's existence, during an early stage of a new product or service, or as
part of a restructuring or recapitalization of the company. Our view is that a
carefully chosen portfolio of such companies has the potential to reward
investors willing to accept heightened short-term volatility over time.
The Credit Suisse Small/Mid-Cap Growth Team
Marian U. Pardo
Leo M. Bernstein
Calvin E. Chung
Because of the nature of the portfolio's post-venture-capital investments
and certain aggressive strategies it may use, an investment in the portfolio may
not be appropriate for all investors.
In addition to historical information, this report contains
forward-looking statements, which may concern, among other things, domestic and
foreign market, industry and economic trends and developments and government
regulation and their potential impact on the portfolio's investments. These
statements are subject to risks and uncertainties and actual trends,
developments and regulations in the future and their impact on the portfolio
could be materially different from those projected, anticipated or implied. The
portfolio has no obligation to update or revise forward-looking statements.
26
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF $1,000,000 INVESTMENT IN THE
CREDIT SUISSE INSTITUTIONAL FUND, INC. - HARBINGER PORTFOLIO 1 AND
THE RUSSELL 2500(TM) GROWTH INDEX 2,3 FROM INCEPTION (01/15/03).
[LINE GRAPH]
Credit Suisse Russell
Institutional Fund, 2500(TM)
Inc. -- Harbinger Growth
Portfolio 1 Index 2,3
------------------- ----------
01/03 $1,000,000 $1,000,000
$ 929,000 $1,000,000
$ 899,000 $1,075,880
$1,074,000 $1,189,930
$1,143,000 $1,214,440
$1,194,000 $1,295,320
$1,268,000 $1,364,750
$1,240,000 $1,335,410
10/03 $1,368,000 $1,445,180
$1,396,000 $1,494,030
$1,421,000 $1,495,670
$1,552,000 $1,558,040
$1,520,000 $1,572,530
$1,470,000 $1,578,030
$1,421,000 $1,511,130
$1,446,000 $1,542,560
$1,498,000 $1,580,200
$1,341,000 $1,456,470
$1,292,000 $1,427,190
$1,341,000 $1,491,560
10/04 $1,355,000 $1,533,920
$1,410,000 $1,635,620
$1,486,720 $1,713,960
$1,456,580 $1,653,460
$1,508,250 $1,686,360
$1,455,500 $1,639,820
$1,350,000 $1,551,270
$1,460,880 $1,654,580
$1,547,010 $1,698,270
$1,640,670 $1,808,480
$1,613,750 $1,787,690
$1,587,920 $1,805,030
10/05 $1,525,480 $1,746,000
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2005 1
SINCE
1 YEAR INCEPTION
------ ---------
18.41% 18.61%
AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2005 1
SINCE
1 YEAR INCEPTION
------ ---------
12.58% 16.31%
RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGE IN SHARE PRICE AND
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE
FUTURE RESULTS. THE CURRENT PERFORMANCE OF THE PORTFOLIO MAY BE LOWER OR HIGHER
THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION
VALUE MAY BE LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT REFLECT THE
DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON PORTFOLIO DISTRIBUTIONS OR
THE REDEMPTION OF PORTFOLIO SHARES. PERFORMANCE INFORMATION CURRENT TO THE MOST
RECENT MONTH-END IS AVAILABLE AT WWW.CSAM.COM/US.
___________________
1 Fee waivers and/or expense reimbursements may reduce expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
2 The Russell 2500(TM) Growth Index measures the performance of those
companies in the Russell 2500(TM) Index with higher price-to-book ratios
and higher forecasted growth values. It is an unmanaged index of common
stocks that includes reinvestment of dividends and is compiled by Frank
Russell Company. Investors cannot invest directly in an index.
3 Performance for the benchmark is not available for the period beginning
January 15, 2003 (commencement of operations). For that reason,
performance is shown for the period beginning February 1, 2003.
27
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES
As an investor of the Portfolio, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Portfolio expenses. Examples of
transaction costs include sales charges (loads), redemption fees and account
maintenance fees, which are not shown in this section and which would result in
higher total expenses. The following table is intended to help you understand
your ongoing expenses of investing in the Portfolio and to help you compare
these expenses with the ongoing expenses of investing in other mutual funds. The
table is based on an investment of $1,000 made at the beginning of the six month
period ended October 31, 2005.
The table illustrates your Portfolio's expenses in two ways:
o ACTUAL PORTFOLIO RETURN. This helps you estimate the actual dollar
amount of ongoing expenses paid on a $1,000 investment in the
Portfolio using the Portfolio's actual return during the period. To
estimate the expenses you paid over the period, simply divide your
account value by $1,000 (for example, an $8,600 account value divided
by $1,000 = 8.6), then multiply the result by the number in the
"Expenses Paid per $1,000" line under the share class you hold.
o HYPOTHETICAL 5% PORTFOLIO RETURN. This helps you to compare your
Portfolio's ongoing expenses with those of other mutual funds using
the Portfolio's actual expense ratio and a hypothetical rate of return
of 5% per year before expenses. Examples using a 5% hypothetical fund
return may be found in the shareholder reports of other mutual funds.
The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for
the period.
Please note that the expenses shown in these tables are meant to highlight
your ongoing expenses only and do not reflect any transaction costs, such as
sales charges (loads) or redemption fees. If these transaction costs had been
included, your costs would have been higher. The "Expenses Paid per $1,000" line
of the tables is useful in comparing ongoing expenses only and will not help you
determine the relative total expenses of owning different funds.
28
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE
SIX MONTH PERIOD ENDED OCTOBER 31, 2005
- --------------------------------------------------------------------------------
ACTUAL PORTFOLIO RETURN
Beginning Account Value 5/1/05 $1,000.00
Ending Account Value 10/31/05 $1,130.00
Expenses Paid per $1,000* $ 7.52
HYPOTHETICAL 5% PORTFOLIO RETURN
Beginning Account Value 5/1/05 $1,000.00
Ending Account Value 10/31/05 $1,018.15
Expenses Paid per $1,000* $ 7.12
ANNUALIZED EXPENSE RATIOS* 1.40%
___________________
* Expenses are equal to the portfolio's annualized expense ratio multiplied
by the average account value over the period, multiplied by the number of
days in the most recent fiscal half year period, then divided by 365.
The "expenses paid per $1,000" and the "annualized expense ratios" in the
tables are based on actual expenses paid by the portfolio during the
period, net of fee waivers and/or expense reimbursements. If those fee
waivers and/or expense reimbursements had not been in effect, the
portfolio's actual expenses would have been higher.
For more information, please refer to the Portfolio's prospectus.
29
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
SECTOR BREAKDOWN*
[BAR GRAPH]
Technology 36.5%
Consumer Discretionary 21.7%
Health Care 21.0%
Other Energy 15.6%
Materials & Processing 5.2%
___________________
* Expressed as a percentage of total investments (excluding security lending
collateral) and may vary over time.
30
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME
PORTFOLIO ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
November 22, 2005
Dear Shareholder:
For the twelve months ended October 31, 2005, the Credit Suisse
Institutional Fund, Inc. - Investment Grade Fixed Income Portfolio 1 (the
"Portfolio") generated a return of 1.38%, versus a same-period gain of 1.13% for
the Lehman Brothers Aggregate Bond Index 2.
MARKET OVERVIEW: ECONOMY GROWS, RATES RISE, CURVE FLATTENS
The US economy grew at a robust rate of 3.6% throughout the Portfolio's
fiscal year and seemed resilient enough to shrug off the negative effects of
repeated Gulf storms. But sharp increases in prices for commodities such as
gasoline and heating oil, combined with higher interest rates, have gradually
worn down consumer enthusiasm to spend, the force behind much of our economic
recovery. Yet, as signs emerge of a potential economic slowdown, the Federal
Open Market Committee confirmed in its November 1 statement that inflation, not
slower growth, is the greater threat, and that combating the "cumulative rise in
energy and other costs" remains job one.
In fact, the main driver of the fixed income markets during the
Portfolio's fiscal year was the Fed's measured pace of monetary tightening,
which brought the fed funds rate up 200 basis points, from 1.75% to 3.75%, in
that period. But even as the Fed tightened, the conundrum of lower long-term
rates remains. While yields on the two year Treasury were up 183 basis points
(to 4.38% from 2.55%), the ten year Treasury was up only 52 basis points (to
4.55% from 4.03%), as the spread between them tightened from 147 to a
pencil-thin 18 basis points. This prompted passing fears among market
participants of an inverted curve and that which it has usually tended to
precede: recession.
In this environment, emerging market debt, boosted by ratings upgrades and
soaring export revenues, outperformed all other fixed income categories,
followed distantly by high yield. Corporate earnings are at record levels,
although stock prices remain range-bound at best. In light of this, company
managements have turned increasingly to share repurchases, dividend increases
and other measures in an effort to boost shareholder value. This shift in
management attention toward shareholders and away from bondholders suggests to
us that the pendular swing in the corporate credit cycle is well underway.
31
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME
PORTFOLIO ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
STRATEGIC REVIEW: CAUTIOUS POSITIONING IN A RISING RATE ENVIRONMENT
In the Portfolio we benefited from the rising rate environment through a
curve-flattening trade, underweighting shorter duration securities and
overweighting intermediate duration securities. Otherwise, given our cautious
outlook, we pursued an increasingly conservative investment philosophy as the
year proceeded, building an overweight to cash and increasing our position in
Treasuries over the course of the year relative to the Index.
After taking gains from our overweight to investment grade credit as well
as several non-benchmark categories (including high yield and emerging market
debt), we moved to an underweight in these sectors. We also reduced our exposure
to Asset Backed Securities and increased our exposure to Commercial Mortgage
Backed Securities, as we saw potential opportunities in commercial real estate.
We remain overweight relative to the Index in both sectors. With regard to
credit, we positioned the Portfolio defensively well in advance of the
threatened downgrade of both General Motors and Ford to junk status, reducing
our exposure to lower quality investment grade issuers and any credits we
believe likely to be impacted by the implosion in the automotive sector. (As of
October 31, 2005, below-investment-grade securities issued by General Motors and
Ford accounted for 0.3% and 1.0% of the net assets, respectively.)
MARKET OUTLOOK: ONWARD AND UPWARD WITH RATES
Looking ahead, we believe that high energy prices and broad inflation
fears could eventually prove a tax on earnings and a disruption to economic
growth. In addition, fed funds futures are currently pricing in a target rate of
4.25% by year-end, another potential catalyst for market weakness ahead. With
each step in the Federal Reserve's measured pace of monetary tightening, the
market has registered slightly greater risk aversion; low yields and tight
spreads in most spread product only increase the vulnerability to interest rate
risk. Therefore, we will remain cautious on the most interest rate sensitive
securities.
Credit Suisse Fixed Income Management Team
Kevin D. Barry
Michael E. Gray
Sheila Huang
Richard Avidon
Philip Wubbena
32
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME
PORTFOLIO ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
In addition to historical information, this report contains
forward-looking statements, which may concern, among other things, domestic and
foreign market, industry and economic trends and developments and government
regulation and their potential impact on the portfolio's investment portfolio.
These statements are subject to risks and uncertainties and actual trends,
developments and regulations in the future and their impact on the portfolio
could be materially different from those projected, anticipated or implied. The
portfolio has no obligation to update or revise forward-looking statements.
33
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME
PORTFOLIO ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF $1,000,000 INVESTMENT IN THE CREDIT SUISSE
INSTITUTIONAL FUND, INC. - INVESTMENT GRADE FIXED INCOME PORTFOLIO 1 AND THE
LEHMAN BROTHERS U.S. AGGREGATE BOND INDEX 2 FROM INCEPTION (05/01/02).
[LINE GRAPH]
Credit Suisse Russell
Institutional Fund, 2500(TM)
Inc. -- Harbinger Growth
Portfolio 1 Index 2,3
------------------- ----------
05/02 1000000 1000000
1002140 1008500
1006230 1017270
1012170 1029580
1028980 1046980
1043760 1063940
10/02 1041520 1059050
1047330 1058730
1069990 1080650
1054940 1081620
1058870 1096550
1073530 1095670
1082370 1104760
1103010 1125310
1099620 1123080
1060380 1085320
1068660 1092480
1097000 1121400
10/03 1087010 1110950
1092110 1113610
1102490 1124940
1110910 1133990
1121540 1146260
1130930 1154850
1099720 1124800
1094410 1120300
1099760 1126630
1109900 1137800
1130450 1159500
1133770 1162650
10/04 1143860 1172390
1138160 1163040
1150330 1173750
1157710 1181110
1153450 1174140
1144750 1168110
1159360 1183920
1169500 1196720
1174910 1203250
1167080 1192310
1180780 1207590
1168430 1195140
10/05 1159620 1185690
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2005 1
SINCE
1 YEAR INCEPTION
------ ---------
3.06% 4.66%
AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2005 1
SINCE
1 YEAR INCEPTION
------ ---------
1.38% 4.32%
Returns represent past performance and include change in share price and
reinvestment of dividends and capital gains. Past performance cannot guarantee
future results. The current performance of the portfolio may be lower or higher
than the figures shown. Returns and share price will fluctuate, and redemption
value may be less than original cost. The performance results do not reflect the
deduction of taxes that a shareholder would pay on portfolio distributions or
the redemption of portfolio shares. Performance information current to the most
recent month-end is available at www.Csam.Com/us.
___________________
1 Fee waivers and/or expense reimbursements may reduce expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
2 The Lehman Brothers US Aggregate Bond Index is composed of the Lehman
Brothers Government/Corporate Bond Index and the Lehman Brothers Mortgage-
Backed Securities Index. It includes US Treasury and agency issues,
corporate bond issues and mortgage-backed securities rated
investment-grade or higher by Moody's Investors Service; the Standard &
Poor's division of The McGraw-Hill Companies, Inc.; or Fitch IBCA Inc.
Investors cannot invest directly in an index.
34
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME
PORTFOLIO ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
INFORMATION ABOUT YOUR PORTFOLIO'S EXPENSES
As an investor of the Portfolio, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Portfolio expenses. Examples of
transaction costs include sales charges (loads), redemption fees and account
maintenance fees, which are not shown in this section and which would result in
higher total expenses. The following table is intended to help you understand
your ongoing expenses of investing in the Portfolio and to help you compare
these expenses with the ongoing expenses of investing in other mutual funds. The
table is based on an investment of $1,000 made at the beginning of the six month
period ended October 31, 2005.
The table illustrates your Portfolio's expenses in two ways:
o ACTUAL PORTFOLIO RETURN. This helps you estimate the actual dollar
amount of ongoing expenses paid on a $1,000 investment in the
Portfolio using the Portfolio's actual return during the period. To
estimate the expenses you paid over the period, simply divide your
account value by $1,000 (for example, an $8,600 account value divided
by $1,000 = 8.6), then multiply the result by the number in the
"Expenses Paid per $1,000" line under the share class you hold.
o HYPOTHETICAL 5% PORTFOLIO RETURN. This helps you to compare your
Portfolio's ongoing expenses with those of other mutual funds using
the Portfolio's actual expense ratio and a hypothetical rate of return
of 5% per year before expenses. Examples using a 5% hypothetical fund
return may be found in the shareholder reports of other mutual funds.
The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for
the period.
Please note that the expenses shown in these tables are meant to highlight
your ongoing expenses only and do not reflect any transaction costs, such as
sales charges (loads) or redemption fees. If these transaction costs had been
included, your costs would have been higher. The "Expenses Paid per $1,000" line
of the tables is useful in comparing ongoing expenses only and will not help you
determine the relative total expenses of owning different funds.
35
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME
PORTFOLIO ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE
SIX MONTH PERIOD ENDED OCTOBER 31, 2005
- --------------------------------------------------------------------------------
ACTUAL PORTFOLIO RETURN
Beginning Account Value 5/1/05 $1,000.00
Ending Account Value 10/31/05 $1,000.20
Expenses Paid per $1,000* $ 2.02
HYPOTHETICAL 5% PORTFOLIO RETURN
Beginning Account Value 5/1/05 $1,000.00
Ending Account Value 10/31/05 $1,023.19
Expenses Paid per $1,000* $ 2.04
ANNUALIZED EXPENSE RATIOS* 0.40%
___________________
* Expenses are equal to the portfolio's annualized expense ratio multiplied
by the average account value over the period, multiplied by the number of
days in the most recent fiscal half year period, then divided by 365.
The "expenses paid per $1,000" and the "annualized expense ratios" in the
tables are based on actual expenses paid by the portfolio during the
period, net of fee waivers and/or expense reimbursements. If those fee
waivers and/or expense reimbursements had not been in effect, the
portfolio's actual expenses would have been higher.
For more information, please refer to the Portfolio's prospectus.
36
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME
PORTFOLIO ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
CREDIT QUALITY BREAKDOWN*
RATINGS
S&P
- -----------------------------------------
AAA 68.5%
AA 3.3%
A 8.5%
BBB 10.7%
BB 2.2%
------
Subtotal 93.2%
Short-Term Investments 6.8%
------
Total 100.0%
======
______________
* Expressed as a percentage of total investments (excluding security lending
collateral) and may vary over time.
37
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES VALUE
----------- -----------
COMMON STOCKS (99.0%)
AEROSPACE & DEFENSE (3.5%)
L-3 Communications Holdings, Inc. 4,000 $ 311,280
United Technologies Corp. 12,400 635,872
-----------
947,152
-----------
BANKS (15.2%)
Bank of America Corp. 19,900 870,426
Bank of New York Company, Inc. 9,200 287,868
Hudson City Bancorp, Inc. 36,503 432,196
Mellon Financial Corp. 8,500 269,365
Mercantile Bankshares Corp. 5,200 293,072
North Fork Bancorporation, Inc. 20,150 510,601
South Financial Group, Inc. 9,700 267,429
U.S. Bancorp 9,200 272,136
Wells Fargo & Co. 14,200 854,840
-----------
4,057,933
-----------
BUILDING PRODUCTS (1.5%)
American Standard Companies, Inc. 10,800 410,832
-----------
CHEMICALS (1.4%)
Du Pont (E. I.) de Nemours & Co. 8,700 362,703
-----------
COMMERCIAL SERVICES & SUPPLIES (0.5%)
Cendant Corp. 7,000 121,940
-----------
COMPUTERS & PERIPHERALS (2.1%)
International Business Machines Corp. 6,900 564,972
-----------
DIVERSIFIED FINANCIALS (9.4%)
American Express Co. 6,100 303,597
Capital One Financial Corp. 4,300 328,305
Citigroup, Inc. 17,400 796,572
Freddie Mac 7,200 441,720
Lehman Brothers Holdings, Inc. 3,000 359,010
MBNA Corp. 11,200 286,384
-----------
2,515,588
-----------
DIVERSIFIED TELECOMMUNICATION SERVICES (3.3%)
ALLTEL Corp. 4,300 265,998
Sprint Nextel Corp. 15,600 363,636
Telus Corp. 7,000 263,900
-----------
893,534
-----------
ELECTRIC UTILITIES (3.3%)
Dominion Resources, Inc. 3,400 258,672
Exelon Corp. 4,900 254,947
TXU Corp. 3,800 382,850
-----------
896,469
-----------
See Accompanying Notes to Financial Statements.
38
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES VALUE
----------- -----------
COMMON STOCKS
ELECTRICAL EQUIPMENT (1.1%)
Emerson Electric Co. 4,400 $ 306,020
-----------
ENERGY EQUIPMENT & SERVICES (2.0%)
Weatherford International, Ltd.* 8,700 544,620
-----------
FOOD PRODUCTS (0.5%)
Kellogg Co. 3,300 145,761
-----------
HEALTHCARE PROVIDERS & SERVICES (2.4%)
Aetna, Inc. 7,100 628,776
-----------
HOTELS, RESTAURANTS & LEISURE (1.2%)
McDonald's Corp. 9,900 312,840
-----------
HOUSEHOLD PRODUCTS (2.4%)
Procter & Gamble Co. 11,700 655,083
-----------
INDUSTRIAL CONGLOMERATES (3.9%)
General Electric Co. 18,400 623,944
Tyco International, Ltd. 16,200 427,518
-----------
1,051,462
-----------
INSURANCE (7.7%)
Allstate Corp. 5,500 290,345
AMBAC Financial Group, Inc. 4,000 283,560
Hartford Financial Services Group, Inc. 11,000 877,250
St. Paul Travelers Companies, Inc. 13,500 607,905
-----------
2,059,060
-----------
MACHINERY (2.6%)
Deere & Co. 3,900 236,652
Dover Corp. 3,500 136,430
ITT Industries, Inc. 3,100 314,960
-----------
688,042
-----------
MEDIA (2.1%)
Time Warner, Inc. 30,800 549,164
-----------
MULTILINE RETAIL (1.1%)
J.C. Penney Company, Inc. 5,700 291,840
-----------
OFFICE ELECTRONICS (0.5%)
Zebra Technologies Corp. Class A* 3,200 137,952
-----------
OIL & GAS (14.8%)
Apache Corp. 7,200 459,576
Burlington Resources, Inc. 7,300 527,206
ConocoPhillips 20,300 1,327,214
Exxon Mobil Corp. 13,600 763,504
See Accompanying Notes to Financial Statements.
39
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES VALUE
----------- -----------
COMMON STOCKS
OIL & GAS
Murphy Oil Corp. 6,600 $ 309,210
Newfield Exploration Co.* 6,000 271,980
Noble Energy, Inc. 7,300 292,365
-----------
3,951,055
-----------
PERSONAL PRODUCTS (0.7%)
Avon Products, Inc. 7,200 194,328
-----------
PHARMACEUTICALS (6.7%)
Johnson & Johnson 10,300 644,986
Mylan Laboratories, Inc. 14,600 280,466
Pfizer, Inc. 20,300 441,322
Wyeth 9,300 414,408
-----------
1,781,182
-----------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (1.0%)
Intel Corp. 11,700 274,950
-----------
SOFTWARE (1.6%)
Microsoft Corp. 16,200 416,340
-----------
SPECIALTY RETAIL (3.8%)
Best Buy Company, Inc. 5,550 245,643
Home Depot, Inc. 6,600 270,864
Office Depot, Inc.* 18,200 501,046
-----------
1,017,553
-----------
TOBACCO (2.7%)
Altria Group, Inc. 9,700 727,985
-----------
TOTAL COMMON STOCKS (Cost $22,369,031) 26,505,136
-----------
PAR
(000)
-----------
SHORT-TERM INVESTMENT (1.0%)
State Street Bank and Trust Co. Euro Time Deposit,
2.850%, 11/01/05 (Cost $270,000) $ 270 270,000
-----------
TOTAL INVESTMENTS AT VALUE (100.0%) (Cost $22,639,031) 26,775,136
OTHER ASSETS IN EXCESS OF LIABILITIES (0.0%) 9,321
-----------
NET ASSETS (100.0%) $26,784,457
===========
- --------------------------------------------------------------------------------
* Non-income producing security.
See Accompanying Notes to Financial Statements.
40
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES VALUE
----------- -----------
COMMON STOCKS (95.3%)
ARGENTINA (2.6%)
OIL & GAS (2.6%)
Repsol YPF SA 25,122 $ 747,879
-----------
TOTAL ARGENTINA 747,879
-----------
BELGIUM (1.6%)
BEVERAGES (1.6%)
InBev NV 11,555 461,333
-----------
TOTAL BELGIUM 461,333
-----------
BRAZIL (1.2%)
METALS & MINING (1.2%)
Companhia Vale do Rio Doce (CVRD) ADR* 8,512 351,801
-----------
TOTAL BRAZIL 351,801
-----------
CANADA (1.4%)
DIVERSIFIED TELECOMMUNICATION SERVICES (1.4%)
Rogers Communications, Inc. Class B 9,700 383,214
-----------
TOTAL CANADA 383,214
-----------
DENMARK (1.8%)
PHARMACEUTICALS (1.8%)
Novo Nordisk AS Series B 10,250 525,841
-----------
TOTAL DENMARK 525,841
-----------
FRANCE (14.8%)
BANKS (2.3%)
Societe Generale ss. 5,815 663,800
-----------
DIVERSIFIED TELECOMMUNICATION SERVICES (2.4%)
France Telecom SA* ss. 26,257 682,236
-----------
INSURANCE (2.2%)
Axa 22,217 643,159
-----------
MEDIA (2.0%)
Lagardere S.C.A. ss. 8,315 571,250
-----------
OIL & GAS (2.7%)
Total SA ss. 3,087 776,424
-----------
PHARMACEUTICALS (1.1%)
Sanofi-Aventis ss. 3,763 301,305
-----------
See Accompanying Notes to Financial Statements.
41
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES VALUE
----------- -----------
COMMON STOCKS
FRANCE
TEXTILES & APPAREL (2.1%)
LVMH Moet Hennessy Louis Vuitton SA ss. 7,495 $ 606,698
-----------
TOTAL FRANCE 4,244,872
-----------
GERMANY (4.9%)
AEROSPACE & DEFENSE (0.7%)
MTU Aero Engines Holding AG* 6,711 194,941
-----------
AUTO COMPONENTS (1.2%)
Continental AG 4,595 351,273
-----------
BANKS (0.7%)
Bayerische Hypo-und Vereinsbank AG* 7,533 210,445
-----------
ELECTRIC UTILITIES (2.3%)
E.ON AG* 7,136 646,328
-----------
TOTAL GERMANY 1,402,987
-----------
GREECE (1.5%)
DIVERSIFIED TELECOMMUNICATION SERVICES (1.5%)
Hellenic Telecommunications Organization SA (OTE)* 21,080 434,288
-----------
TOTAL GREECE 434,288
-----------
HONG KONG (2.1%)
DIVERSIFIED TELECOMMUNICATION SERVICES (1.1%)
China Netcom Group Corp. ADR 10,310 327,240
-----------
INDUSTRIAL CONGLOMERATES (1.0%)
Hutchison Whampoa, Ltd. 29,000 275,937
-----------
TOTAL HONG KONG 603,177
-----------
HUNGARY (1.4%)
BANKS (1.4%)
OTP Bank Rt. 10,625 384,337
-----------
TOTAL HUNGARY 384,337
-----------
ITALY (3.8%)
BANKS (1.8%)
SanPaolo IMI SpA ss. 35,385 510,642
-----------
OIL & GAS (2.0%)
Eni SpA ss. 21,421 573,068
-----------
TOTAL ITALY 1,083,710
-----------
See Accompanying Notes to Financial Statements.
42
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES VALUE
----------- -----------
COMMON STOCKS
JAPAN (21.1%)
AUTO COMPONENTS (1.1%)
Bridgestone Corp. 16,000 $ 326,824
-----------
BANKS (2.7%)
Bank of Yokohama, Ltd. 93,000 757,236
-----------
CHEMICALS (3.3%)
Kuraray Company, Ltd. ss. 31,500 299,041
Shin-Etsu Chemical Company, Ltd. ss. 13,700 656,865
-----------
955,906
-----------
DIVERSIFIED FINANCIALS (3.5%)
Nikko Cordial Corp. 38,500 467,396
ORIX Corp. 2,900 543,796
-----------
1,011,192
-----------
ELECTRONIC EQUIPMENT & INSTRUMENTS (1.2%)
Omron Corp. 14,300 337,408
-----------
HOUSEHOLD PRODUCTS (1.1%)
Uni-Charm Corp. 6,900 311,671
-----------
MACHINERY (1.8%)
Komatsu, Ltd. 39,000 519,685
-----------
SPECIALTY RETAIL (3.0%)
Yamada Denki Company, Ltd. 9,600 847,974
-----------
TRADING COMPANIES & DISTRIBUTORS (3.4%)
Sumitomo Corp. 87,000 972,593
-----------
TOTAL JAPAN 6,040,489
-----------
MEXICO (1.1%)
WIRELESS TELECOMMUNICATION SERVICES (1.1%)
America Movil SA de CV ADR Series L 12,200 320,250
-----------
TOTAL MEXICO 320,250
-----------
NETHERLANDS (3.7%)
BANKS (2.2%)
ABN AMRO Holding NV 26,853 634,807
-----------
FOOD PRODUCTS (1.5%)
Royal Numico NV* 10,261 415,360
-----------
TOTAL NETHERLANDS 1,050,167
-----------
See Accompanying Notes to Financial Statements.
43
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES VALUE
----------- -----------
COMMON STOCKS
NORWAY (1.0%)
BANKS (1.0%)
DNB NOR ASA 29,000 $ 296,571
-----------
TOTAL NORWAY 296,571
-----------
SINGAPORE (1.4%)
BANKS (1.4%)
United Overseas Bank, Ltd. 47,685 388,889
-----------
TOTAL SINGAPORE 388,889
-----------
SOUTH KOREA (1.1%)
MACHINERY (1.1%)
Samsung Heavy Industries Company, Ltd. 25,000 320,908
-----------
TOTAL SOUTH KOREA 320,908
-----------
SWEDEN (2.9%)
COMMUNICATIONS EQUIPMENT (1.4%)
Telefonaktiebolaget LM Ericsson ss. 121,780 398,995
-----------
MACHINERY (1.5%)
Sandvik AB 8,805 423,659
-----------
TOTAL SWEDEN 822,654
-----------
SWITZERLAND (4.1%)
BANKS (2.2%)
UBS AG 7,274 619,301
-----------
PHARMACEUTICALS (1.9%)
Novartis AG 10,340 555,373
-----------
TOTAL SWITZERLAND 1,174,674
-----------
TAIWAN (1.3%)
METALS & MINING (0.7%)
China Steel Corp. 241,500 191,033
-----------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (0.6%)
MediaTek, Inc. 22,000 190,337
-----------
TOTAL TAIWAN 381,370
-----------
UNITED KINGDOM (20.5%)
BANKS (4.7%)
Barclays PLC 30,362 300,936
HSBC Holdings PLC 41,700 654,980
Royal Bank of Scotland Group PLC 13,864 383,977
-----------
1,339,893
-----------
See Accompanying Notes to Financial Statements.
44
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES VALUE
----------- -----------
COMMON STOCKS
UNITED KINGDOM
BEVERAGES (1.6%)
SABMiller PLC 23,615 $ 445,609
-----------
COMMERCIAL SERVICES & SUPPLIES (1.7%)
Capita Group PLC 20,300 140,173
Hays PLC 174,705 354,342
-----------
494,515
-----------
DIVERSIFIED TELECOMMUNICATION SERVICES (1.2%)
Cable & Wireless PLC 174,053 355,005
-----------
METALS & MINING (1.0%)
BHP Billiton PLC 19,485 286,775
-----------
OIL & GAS (2.1%)
BP PLC 53,642 594,322
-----------
PHARMACEUTICALS (3.6%)
AstraZeneca PLC 8,032 359,365
GlaxoSmithKline PLC 25,896 673,642
-----------
1,033,007
-----------
SPECIALTY RETAIL (0.3%)
Kingfisher PLC 23,915 89,781
-----------
TOBACCO (2.1%)
Imperial Tobacco Group PLC 20,954 600,579
-----------
WIRELESS TELECOMMUNICATION SERVICES (2.2%)
Vodafone Group PLC 244,387 641,732
-----------
TOTAL UNITED KINGDOM 5,881,218
-----------
TOTAL COMMON STOCKS (Cost $21,056,724) 27,300,629
-----------
PREFERRED STOCKS (0.6%)
BRAZIL (0.6%)
METALS & MINING (0.6%)
Companhia Vale do Rio Doce (CVRD) ADR
(Cost $144,050) 4,500 166,050
-----------
SHORT-TERM INVESTMENTS (18.4%)
State Street Navigator Prime Fund ss.ss. 4,395,857 4,395,857
PAR
(000)
-----------
State Street Bank and Trust Co. Euro Time Deposit,
2.850%, 11/01/05 $ 887 887,000
-----------
TOTAL SHORT-TERM INVESTMENTS (Cost $5,282,857) 5,282,857
-----------
See Accompanying Notes to Financial Statements.
45
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
VALUE
-----------
TOTAL INVESTMENTS AT VALUE (114.3%) (Cost $26,483,631) $32,749,536
LIABILITIES IN EXCESS OF OTHER ASSETS (-14.3%) (4,088,931)
-----------
NET ASSETS (100.0%) $28,660,605
===========
INVESTMENT ABBREVIATION
ADR = American Depositary Receipt
- --------------------------------------------------------------------------------
* 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.
See Accompanying Notes to Financial Statements.
46
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES VALUE
----------- -----------
COMMON STOCKS (98.7%)
AEROSPACE & DEFENSE (5.6%)
Boeing Co. 2,800 $ 180,992
L-3 Communications Holdings, Inc. 2,600 202,332
United Technologies Corp. 5,600 287,168
-----------
670,492
-----------
BANKS (6.7%)
Mellon Financial Corp. 4,100 129,929
North Fork Bancorporation, Inc. 7,850 198,919
South Financial Group, Inc. 4,900 135,093
U.S. Bancorp 6,000 177,480
Wells Fargo & Co. 2,600 156,520
-----------
797,941
-----------
BIOTECHNOLOGY (1.0%)
Amgen, Inc.* 1,600 121,216
-----------
BUILDING PRODUCTS (0.9%)
American Standard Companies, Inc. 2,800 106,512
-----------
CHEMICALS (1.5%)
PPG Industries, Inc. 3,000 179,910
-----------
COMMERCIAL SERVICES & SUPPLIES (0.9%)
Avery Dennison Corp. 1,800 101,970
-----------
COMMUNICATIONS EQUIPMENT (1.3%)
Cisco Systems, Inc.* 9,200 160,540
-----------
COMPUTERS & PERIPHERALS (3.6%)
Dell, Inc.* 3,600 114,768
EMC Corp.* 10,600 147,976
International Business Machines Corp. 2,000 163,760
-----------
426,504
-----------
DIVERSIFIED FINANCIALS (6.5%)
American Express Co. 2,700 134,379
Goldman Sachs Group, Inc. 1,700 214,829
JPMorgan Chase & Co. 5,700 208,734
MBNA Corp. 8,400 214,788
-----------
772,730
-----------
DIVERSIFIED TELECOMMUNICATION SERVICES (2.4%)
ALLTEL Corp. 1,800 111,348
Sprint Nextel Corp. 7,600 177,156
-----------
288,504
-----------
ELECTRIC UTILITIES (3.2%)
Dominion Resources, Inc. 2,600 197,808
Exelon Corp. 3,600 187,308
-----------
385,116
-----------
See Accompanying Notes to Financial Statements.
47
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES VALUE
----------- -----------
COMMON STOCKS
ELECTRONIC EQUIPMENT & INSTRUMENTS (1.4%)
Broadcom Corp. Class A 3,800 $ 161,348
-----------
FOOD & DRUG RETAILING (1.6%)
CVS Corp. 7,900 192,839
-----------
FOOD PRODUCTS (3.0%)
Campbell Soup Co. 6,100 177,510
Kellogg Co. 4,200 185,514
-----------
363,024
-----------
HEALTHCARE EQUIPMENT & SUPPLIES (1.0%)
Baxter International, Inc. 3,200 122,336
-----------
HEALTHCARE PROVIDERS & SERVICES (3.4%)
UnitedHealth Group, Inc. 4,800 277,872
WellChoice, Inc.* 1,700 128,605
-----------
406,477
-----------
HOTELS, RESTAURANTS & LEISURE (1.1%)
McDonald's Corp. 4,300 135,880
-----------
HOUSEHOLD PRODUCTS (3.0%)
Kimberly-Clark Corp. 2,200 125,048
Procter & Gamble Co. 4,200 235,158
-----------
360,206
-----------
INDUSTRIAL CONGLOMERATES (5.0%)
General Electric Co. 11,400 386,574
Tyco International, Ltd. 7,900 208,481
-----------
595,055
-----------
INSURANCE (7.9%)
American International Group, Inc. 2,800 181,440
Genworth Financial, Inc. Class A 5,800 183,802
Hartford Financial Services Group, Inc. 1,800 143,550
Lincoln National Corp. 5,900 298,599
St. Paul Travelers Companies, Inc. 3,000 135,090
-----------
942,481
-----------
IT CONSULTING & SERVICES (0.9%)
CACI International, Inc. Class A* 1,000 54,540
NAVTEQ Corp.* 1,200 46,944
-----------
101,484
-----------
MACHINERY (2.3%)
Caterpillar, Inc. 2,400 126,216
Deere & Co. 2,500 151,700
-----------
277,916
-----------
See Accompanying Notes to Financial Statements.
48
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES VALUE
----------- -----------
COMMON STOCKS
MEDIA (3.8%)
E.W. Scripps Co. Class A 2,700 $ 123,660
Viacom, Inc. Class B 5,700 176,529
Walt Disney Co. 6,500 158,405
-----------
458,594
-----------
MULTILINE RETAIL (1.1%)
J.C. Penney Company, Inc. 2,500 128,000
-----------
OIL & GAS (9.2%)
Apache Corp. 2,800 178,724
Burlington Resources, Inc. 2,800 202,216
Chevron Corp. 2,400 136,968
Devon Energy Corp. 2,500 150,950
Exxon Mobil Corp. 7,700 432,278
-----------
1,101,136
-----------
PHARMACEUTICALS (8.5%)
Barr Pharmaceuticals, Inc.* 2,900 166,605
Johnson & Johnson 3,100 194,122
Medco Health Solutions, Inc.* 2,500 141,250
Pfizer, Inc. 5,900 128,266
Sepracor, Inc.* 2,500 140,625
Wyeth 5,400 240,624
-----------
1,011,492
-----------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (2.2%)
Intel Corp. 9,000 211,500
Maxim Integrated Products, Inc. 1,500 52,020
-----------
263,520
-----------
SOFTWARE (5.1%)
Activision, Inc.* 4,667 73,593
Electronic Arts, Inc.* 3,300 187,704
Microsoft Corp. 13,524 347,567
-----------
608,864
-----------
SPECIALTY RETAIL (4.6%)
Best Buy Company, Inc. 2,500 110,650
Home Depot, Inc. 2,900 119,016
Ross Stores, Inc. 6,700 181,168
The Gap, Inc. 7,800 134,784
-----------
545,618
-----------
TOTAL COMMON STOCKS (Cost $10,932,780) 11,787,705
-----------
See Accompanying Notes to Financial Statements.
49
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
PAR
(000) VALUE
----------- -----------
SHORT-TERM INVESTMENT (1.4%)
State Street Bank and Trust Co. Euro Time Deposit,
2.850%, 11/01/05 (Cost $171,000) $ 171 $ 171,000
-----------
TOTAL INVESTMENTS AT VALUE (100.1%) (Cost $11,103,780) 11,958,705
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.1%) (14,471)
-----------
NET ASSETS (100.0%) $11,944,234
===========
- --------------------------------------------------------------------------------
* Non-income producing security.
See Accompanying Notes to Financial Statements.
50
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES VALUE
----------- -----------
COMMON STOCKS (99.3%)
AEROSPACE & DEFENSE (9.3%)
Boeing Co. 2,500 $ 161,600
L-3 Communications Holdings, Inc. 2,600 202,332
Precision Castparts Corp. 4,100 194,176
United Technologies Corp. 3,300 169,224
-----------
727,332
-----------
BANKS (2.3%)
Hudson City Bancorp, Inc. 6,800 80,512
Northern Trust Corp. 1,900 101,840
-----------
182,352
-----------
BEVERAGES (1.3%)
Coca-Cola Co. 2,300 98,394
-----------
BIOTECHNOLOGY (6.5%)
Amgen, Inc. 2,300 174,248
Genentech, Inc.* 2,100 190,260
Genzyme Corp.* 1,500 108,450
Martek Biosciences Corp.* ss. 1,300 40,131
-----------
513,089
-----------
CHEMICALS (2.7%)
Chemtura Corp. 5,900 63,130
Monsanto Co. 2,400 151,224
-----------
214,354
-----------
COMMUNICATIONS EQUIPMENT (5.3%)
Comverse Technology, Inc.* 4,900 122,990
Corning, Inc.* 12,100 243,089
Motorola, Inc. 2,200 48,752
-----------
414,831
-----------
COMPUTERS & PERIPHERALS (1.8%)
Apple Computer, Inc.* 2,500 143,975
-----------
DIVERSIFIED FINANCIALS (3.3%)
American Express Co. 2,500 124,425
Capital One Financial Corp. 1,800 137,430
-----------
261,855
-----------
ELECTRONIC EQUIPMENT & INSTRUMENTS (3.2%)
Broadcom Corp. Class A 2,900 123,134
Roper Industries, Inc. 2,500 94,250
Solectron Corp.* 9,900 34,947
-----------
252,331
-----------
ENERGY EQUIPMENT & SERVICES (1.4%)
Smith International, Inc. 2,300 74,520
Weatherford International, Ltd.* 600 37,560
-----------
112,080
-----------
See Accompanying Notes to Financial Statements.
51
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES VALUE
----------- -----------
COMMON STOCKS
FOOD & DRUG RETAILING (1.5%)
CVS Corp. 4,700 $ 114,727
-----------
FOOD PRODUCTS (2.4%)
Campbell Soup Co. 3,400 98,940
Wm. Wrigley Jr. Co.* 1,300 90,350
-----------
189,290
-----------
HEALTHCARE EQUIPMENT & SUPPLIES (4.3%)
Dade Behring Holdings, Inc. 4,700 169,247
St. Jude Medical, Inc.* 3,500 168,245
-----------
337,492
-----------
HEALTHCARE PROVIDERS & SERVICES (4.7%)
Aetna, Inc. 1,000 88,560
UnitedHealth Group, Inc. 1,600 92,624
WellPoint, Inc.* 2,500 186,700
-----------
367,884
-----------
HOTELS, RESTAURANTS & LEISURE (2.5%)
Penn National Gaming, Inc.* 2,500 73,875
Starbucks Corp.* 4,400 124,432
-----------
198,307
-----------
HOUSEHOLD PRODUCTS (2.7%)
Procter & Gamble Co. 3,800 212,762
-----------
INDUSTRIAL CONGLOMERATES (1.0%)
General Electric Co. 2,400 81,384
-----------
INSURANCE (2.9%)
American International Group, Inc. 1,600 103,680
Genworth Financial, Inc. Class A 4,000 126,760
-----------
230,440
-----------
INTERNET & CATALOG RETAIL (1.6%)
eBay, Inc.* 3,100 122,760
-----------
INTERNET SOFTWARE & SERVICES (5.1%)
Google, Inc. Class A* 300 111,642
VeriSign, Inc.* 8,800 207,944
Yahoo!, Inc.* 2,200 81,334
-----------
400,920
-----------
IT CONSULTING & SERVICES (1.7%)
CACI International, Inc. Class A* 700 38,178
NAVTEQ Corp.* 2,500 97,800
-----------
135,978
-----------
See Accompanying Notes to Financial Statements.
52
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES VALUE
----------- -----------
COMMON STOCKS
MACHINERY (0.9%)
Deere & Co. 1,200 $ 72,816
-----------
MEDIA (2.2%)
E.W. Scripps Co. Class A 1,300 59,540
Getty Images, Inc.* ss. 1,400 116,214
-----------
175,754
-----------
MULTILINE RETAIL (1.4%)
Kohl's Corp.* 2,200 105,886
-----------
OIL & GAS (2.8%)
Forest Oil Corp.* 1,000 43,680
XTO Energy, Inc. 4,000 173,840
-----------
217,520
-----------
PHARMACEUTICALS (9.4%)
Barr Pharmaceuticals, Inc.* 700 40,215
Forest Laboratories, Inc.* 2,000 75,820
Johnson & Johnson 2,600 162,812
Medco Health Solutions, Inc.* 1,700 96,050
Schering-Plough Corp. 7,300 148,482
Sepracor, Inc.* 1,600 90,000
Wyeth 2,700 120,312
-----------
733,691
-----------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (1.8%)
Intel Corp. 3,000 70,500
Maxim Integrated Products, Inc. 2,000 69,360
-----------
139,860
-----------
SOFTWARE (9.6%)
Activision, Inc.* 2,667 42,053
Electronic Arts, Inc.* 1,700 96,696
Macromedia, Inc.* 3,400 149,328
Microsoft Corp. 13,000 334,100
Salesforce.com, Inc.* ss. 5,300 132,447
-----------
754,624
-----------
SPECIALTY RETAIL (3.7%)
Best Buy Company, Inc. 1,050 46,473
Home Depot, Inc. 3,500 143,640
Office Depot, Inc.* 3,500 96,355
-----------
286,468
-----------
TOTAL COMMON STOCKS (Cost $6,802,340) 7,799,156
-----------
SHORT-TERM INVESTMENTS (5.5%)
State Street Navigator Prime Fund ss.ss. 292,200 292,200
See Accompanying Notes to Financial Statements.
53
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
PAR
(000) VALUE
----------- -----------
SHORT-TERM INVESTMENTS
State Street Bank and Trust Co. Euro Time Deposit,
2.850%, 11/01/05 $ 145 $ 145,000
-----------
TOTAL SHORT-TERM INVESTMENTS (Cost $437,200) 437,200
-----------
TOTAL INVESTMENTS AT VALUE (104.8%) (Cost $7,239,540) 8,236,356
LIABILITIES IN EXCESS OF OTHER ASSETS (-4.8%) (379,755)
-----------
NET ASSETS (100.0%) $ 7,856,601
===========
- --------------------------------------------------------------------------------
* 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.
See Accompanying Notes to Financial Statements.
54
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES VALUE
----------- -----------
COMMON STOCKS (94.7%)
BIOTECHNOLOGY (7.4%)
Neurocrine Biosciences, Inc.* ss. 1,000 $ 52,820
Rigel Pharmaceuticals, Inc.* 1,500 33,675
-----------
86,495
-----------
COMPUTERS & PERIPHERALS (3.3%)
Sigma Designs, Inc.* 3,700 38,221
-----------
ENERGY EQUIPMENT & SERVICES (8.0%)
National-Oilwell Varco, Inc.* 1,500 93,705
-----------
HEALTHCARE EQUIPMENT & SUPPLIES (6.0%)
Dade Behring Holdings, Inc. 1,000 36,010
Immucor, Inc.* 1,300 33,696
-----------
69,706
-----------
HEALTHCARE PROVIDERS & SERVICES (3.3%)
Centene Corp.* 1,900 38,285
-----------
HOTELS, RESTAURANTS & LEISURE (3.5%)
Starwood Hotels & Resorts Worldwide, Inc. 700 40,901
-----------
INTERNET SOFTWARE & SERVICES (15.0%)
Digitas, Inc.* 3,300 35,640
Openwave Systems, Inc.* 2,400 42,888
Opsware, Inc.* 11,700 60,138
ValueClick, Inc.* 2,100 36,750
-----------
175,416
-----------
MEDIA (10.4%)
aQuantive, Inc.* ss. 2,300 49,795
Lions Gate Entertainment Corp.* ss. 7,500 72,000
-----------
121,795
-----------
OIL & GAS (6.7%)
Denbury Resources, Inc.* 1,800 78,534
-----------
PHARMACEUTICALS (3.3%)
Medicis Pharmaceutical Corp. Class A ss. 1,300 38,350
-----------
REAL ESTATE (4.9%)
HouseValues, Inc.* 3,900 57,408
-----------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (13.4%)
Genesis Microchip, Inc.* 3,000 57,720
Tessera Technologies, Inc.* 1,500 41,850
Trident Microsystems, Inc.* 1,900 57,494
-----------
157,064
-----------
See Accompanying Notes to Financial Statements.
55
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES VALUE
----------- -----------
COMMON STOCKS
SOFTWARE (9.5%)
Activision, Inc.* 2,577 $ 40,644
Macromedia, Inc.* 1,600 70,272
-----------
110,916
-----------
TOTAL COMMON STOCKS (Cost $832,874) 1,106,796
-----------
SHORT-TERM INVESTMENT (13.7%)
State Street Navigator Prime Fund ss.ss.
(Cost $159,945) 159,945 159,945
-----------
TOTAL INVESTMENTS AT VALUE (108.4%) (Cost $992,819) 1,266,741
LIABILITIES IN EXCESS OF OTHER ASSETS (-8.4%) (97,934)
-----------
NET ASSETS (100.0%) $ 1,168,807
===========
- --------------------------------------------------------------------------------
* 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.
See Accompanying Notes to Financial Statements.
56
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME
PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- ------------
CORPORATE BONDS (20.8%)
AEROSPACE & DEFENSE (0.7%)
$ 65 Goodrich Corp., Notes (BBB- , Baa3) 04/15/08 7.500 $ 68,285
------------
BANKS (0.9%)
40 Bank of America Corp., Global Notes ss. (AA- , Aa2) 10/01/10 4.250 38,716
25 Bank of America Corp., Rule 144A,
Company Guaranteed Notes
(Callable 12/31/06 @ $104.04) ++ (A , Aa3) 12/31/26 8.070 26,736
25 Bank of New York Company, Inc., Senior
Subordinated Notes
(Callable 03/15/08 @ $100.00) # (A , A1) 03/15/13 3.400 24,083
------------
89,535
------------
COMMERCIAL SERVICES (1.6%)
45 Cendant Corp., Units (BBB+ , Baa1) 08/17/06 4.890 44,520
15 Erac USA Finance Co., Rule 144A, Notes ++ (BBB+ , Baa1) 05/15/06 6.625 15,099
90 Steelcase, Inc., Global Senior Notes (BBB- , Ba1) 11/15/06 6.375 90,169
------------
149,788
------------
DIVERSIFIED FINANCIALS (6.6%)
20 Capital One Financial Corp., Senior Notes (BBB- , Baa3) 05/17/07 4.738 19,969
50 Citigroup, Inc., Global Subordinated Notes (A+ , Aa2) 09/15/14 5.000 49,051
40 Ford Motor Credit Co., Global Notes (BB+ , Baa2) 01/25/07 6.500 39,537
50 Ford Motor Credit Co., Global Notes (BB+ , Baa2) 01/15/10 5.700 45,035
15 Ford Motor Credit Co., Global Notes ss. (BB+ , Baa2) 10/01/13 7.000 13,749
70 General Electric Capital Corp., Series MTNA,
Global Notes (AAA , Aaa) 06/15/12 6.000 73,727
25 General Motors Acceptance Corp., Global Bonds (BB , Baa2) 11/01/31 8.000 25,880
35 Goldman Sachs Group, Inc., Global Notes (A+ , Aa3) 01/15/15 5.125 34,198
30 Household Finance Corp., Global Notes (A , A1) 12/15/08 4.125 29,279
15 JPMorgan Chase & Co., Global Notes ss. (A+ , Aa3) 03/01/15 4.750 14,411
35 MBNA America Bank, Rule 144A, Subordinated
Notes ++ (BBB , Baa2) 03/15/08 6.750 36,422
60 Morgan Stanley, Global Subordinated Notes (A , A1) 04/01/14 4.750 56,697
65 OMX Timber Finance Investment LLC, Rule 144A,
Company Guaranteed Notes
(Callable 10/31/19 @ $100.00) ++# (A+ , Aa3) 01/29/20 5.420 64,415
60 SLM Corp., Series MTNA, Global Notes ss. (A , A2) 01/15/09 4.000 58,272
70 Toll Brothers Finance Corp., Global Company
Guaranteed Notes ss. (BBB- , Baa3) 11/15/12 6.875 74,183
------------
634,825
------------
ELECTRIC (1.6%)
17 American Electric Power Company, Inc.,
Series A, Global Notes (BBB , Baa2) 05/15/06 6.125 17,111
15 Dominion Resources, Inc., Series A, Notes (BBB+ , Baa1) 11/15/06 3.660 14,820
25 FPL Group Capital, Inc., Notes (A- , A2) 02/16/07 4.086 24,781
20 Pacific Gas & Electric Co., First Mortgage
Notes (BBB , Baa1) 03/01/34 6.050 20,161
25 PacifiCorp, First Mortgage Notes ss. (A- , A3) 11/15/11 6.900 27,333
50 TXU Corp., Global Senior Notes ss. (BB+ , Ba1) 11/15/14 5.550 46,211
------------
150,417
------------
See Accompanying Notes to Financial Statements.
57
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME
PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- ------------
CORPORATE BONDS
GAS (0.4%)
$ 35 Sempra Energy, Notes (BBB+ , Baa1) 12/01/05 6.950 $ 35,066
------------
HOME BUILDERS (1.0%)
75 Lennar Corp., Rule 144A, Senior Unsecured
Notes ++ (BBB , Baa3) 05/31/15 5.600 71,971
25 Pulte Homes, Inc., Notes (BBB- , Baa3) 02/15/15 5.200 23,197
------------
95,168
------------
INSURANCE (1.5%)
40 American International Group, Inc., Global
Notes # (AA , Aa) 05/15/13 4.250 37,721
50 Berkshire Hathaway Finance Corp., Global
Company Guaranteed Notes (AAA , Aaa) 01/15/10 4.125 48,586
40 Nationwide Mutual Insurance Co., Rule 144A,
Bonds (Callable 04/15/14 @ $100.00) ++ ss. (A- , A2) 04/15/34 6.600 39,567
20 Progressive Corp., Senior Notes (A+ , A1) 12/01/32 6.250 21,091
------------
146,965
------------
INVESTMENT COMPANY (0.3%)
25 Frank Russell Co., Rule 144A, Company
Guaranteed Notes ++ (AAA , Aa1) 01/15/09 5.625 25,618
---------
MEDIA (1.3%)
16 Comcast Cable Communications Holdings, Inc.,
Global Company Guaranteed Notes (BBB+ , Baa2) 03/15/13 8.375 18,456
30 Comcast Corp., Company Guaranteed Notes (BBB+ , Baa2) 06/15/16 4.950 27,921
30 Cox Communications, Inc., Global Notes (BBB- , Baa3) 12/15/14 5.450 29,190
20 News America, Inc., Company Guaranteed
Notes (BBB , Baa2) 11/30/28 7.625 22,297
20 Time Warner, Inc., Global Company Guaranteed
Notes (BBB+ , Baa1) 04/15/31 7.625 22,618
5 Time Warner, Inc., Global Notes (BBB+ , Baa1) 05/01/12 6.875 5,359
------------
125,841
------------
MINING (0.4%)
40 Phelps Dodge Corp., Senior Notes ss. (BBB , Baa2) 03/15/34 6.125 38,641
------------
MISCELLANEOUS MANUFACTURING (0.5%)
50 Textron, Inc., Senior Notes (A- , A3) 08/01/10 4.500 48,957
------------
OIL & GAS (1.5%)
35 Amerada Hess Corp., Notes (BBB- , Ba1) 08/15/31 7.300 39,648
50 Enterprise Products Operating LP, Series B,
Global Senior Notes (BB+ , Baa3) 10/15/34 6.650 50,222
25 Pemex Project Funding Master Trust, Rule 144A,
Company Guaranteed Notes ++# (BBB , Baa1) 06/15/10 5.170 25,962
25 XTO Energy, Inc., Notes (BBB- , Baa3) 06/30/15 5.300 24,745
------------
140,577
------------
See Accompanying Notes to Financial Statements.
58
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME
PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- ------------
CORPORATE BONDS
PIPELINES (0.2%)
$ 25 Kinder Morgan Energy Partners LP, Notes ss. (BBB+ , Baa1) 11/15/14 5.125 $ 24,296
------------
REAL ESTATE (0.3%)
30 EOP Operating LP, Notes (BBB+ , Baa2) 10/01/10 4.650 29,222
------------
TELECOMMUNICATIONS (2.0%)
25 ALLTEL Corp., Notes (A , A2) 05/17/07 4.656 24,887
20 Motorola, Inc., Notes (BBB+ , Baa2) 11/16/07 4.608 19,910
20 Nextel Communications, Inc., Series E,
Senior Notes (A- , Baa2) 10/31/13 6.875 20,940
20 SBC Communications, Inc., Global Notes (A , A2) 09/15/14 5.100 19,342
55 Sprint Capital Corp., Global Company
Guaranteed Notes (BBB- , Baa3) 03/15/32 8.750 71,352
40 Verizon Wireless Capital LLC, Global Notes (A+ , A3) 12/15/06 5.375 40,232
------------
196,663
------------
TOTAL CORPORATE BONDS (Cost $2,034,922) 1,999,864
------------
ASSET BACKED SECURITIES (11.9%)
8 Ameriquest Mortgage Securities, Inc.,
Series 2003-AR2, Class A4 # (AAA , Aaa) 05/25/33 4.388 7,841
70 Asset Backed Funding Certificates,
Series 2005-AQ1, Class A4 # (AAA , Aaa) 06/25/35 5.010 68,337
35 Asset Backed Funding Certificates,
Series 2005-AQ1, Class M1 # (AA , Aa) 06/25/35 5.240 33,991
80 CDC Mortgage Capital Trust, Series 2003-HE4,
Class M2 # (A , A2) 03/25/34 5.688 81,756
35 CIT Group Home Equity Loan Trust,
Series 2003-1, Class M1 (AA , Aa2) 10/20/32 4.670 34,271
13 Countrywide Asset-Backed Certificates,
Series 2003-BC1, Class A1 # (AAA , Aaa) 03/25/33 4.438 12,672
50 Countrywide Asset-Backed Certificates,
Series 2005-4, Class MF2 (AA , Aa2) 10/25/35 5.136 48,793
24 Countrywide Home Equity Loan Trust,
Series 2002-C, Class A # (AAA , Aaa) 05/15/28 4.210 24,420
75 DaimlerChrysler Auto Trust, Series 2004-B,
Class A4 (AAA , Aaa) 10/08/09 3.710 73,641
105 Finance America Mortgage Loan Trust,
Series 2004-2, Class M1 # (AA+ , Aa1) 08/25/34 4.588 105,440
50 First Franklin Mortgage Loan Asset-Backed
Certificates, Series 2005-FF5, Class A2B # (AAA , Aaa) 03/25/35 4.268 49,992
85 Ford Credit Auto Owner Trust, Series 2003-A,
Class A4B # (AAA , Aaa) 06/15/07 4.060 84,994
105 GE Capital Credit Card Master Note Trust,
Series 2004-2, Class A # (AAA , Aaa) 09/15/10 4.010 105,149
13 Greenpoint Home Equity Loan Trust,
Series 2003-1, Class A # (AAA , Aaa) 04/15/29 4.240 12,834
50 Honda Auto Receivables Owner Trust,
Series 2003-1, Class A4 # (AAA , Aaa) 07/18/08 2.480 49,258
See Accompanying Notes to Financial Statements.
59
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME
PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- ------------
ASSET BACKED SECURITIES
$ 35 Ixis Real Estate Capital Trust, Series
2005-HE2, Class M1 # (AA , Aa1) 09/25/35 4.468 $ 35,100
125 MBNA Credit Card Master Note Trust,
Series 2002-A4, Class A4 # (AAA , Aaa) 08/17/09 4.080 125,255
55 MBNA Credit Card Master Note Trust,
Series 2002-C1, Class C1 (BBB , Baa2) 07/15/14 6.800 58,936
49 Morgan Stanley ABS Capital I, Series 2003-NC7,
Class A2 # (AAA , Aaa) 06/25/33 4.398 48,787
38 SLM Student Loan Trust, Series 2000-1,
Class A2L # (AAA , Aaa) 01/25/13 4.380 37,950
34 SLM Student Loan Trust, Series 2003-1,
Class A2 # (AAA , Aaa) 06/17/13 3.910 33,573
11 Vanderbilt Mortgage Finance, Series 1998-C,
Class 1B1 (BBB , Baa) 02/07/15 6.970 11,035
------------
TOTAL ASSET BACKED SECURITIES (Cost $1,151,242) 1,144,025
------------
MORTGAGE-BACKED SECURITIES (51.7%)
50 Bank of America Commercial Mortgage, Inc.,
Series 2005-2, Class A2 (AAA , Aaa) 07/10/43 4.247 49,319
105 Bank of America Commercial Mortgage, Inc.,
Series 2005-5, Class AM (AAA , Aaa) 10/10/45 5.176 103,722
101 Bank of America Mortgage Securities,
Series 2005-F, Class 2A2 # (AAA , Aaa) 07/25/35 5.031 99,860
222 Fannie Mae Pool #357739 (AAA , Aaa) 03/01/35 6.000 223,833
126 Fannie Mae Pool #357790 ++++ (AAA , Aaa) 05/01/35 6.000 126,657
145 Fannie Mae Pool #357822 ++++ (AAA , Aaa) 05/01/35 5.500 142,669
71 Fannie Mae Pool #703337 (AAA , Aaa) 04/01/33 5.500 70,454
43 Fannie Mae Pool #713667 (AAA , Aaa) 07/01/33 5.000 41,207
45 Fannie Mae Pool #721796 (AAA , Aaa) 06/01/18 4.500 43,481
95 Fannie Mae Pool #725205 (AAA , Aaa) 03/01/34 5.000 91,474
81 Fannie Mae Pool #725231 (AAA , Aaa) 02/01/34 5.000 78,350
107 Fannie Mae Pool #725248 (AAA , Aaa) 03/01/34 5.000 103,039
77 Fannie Mae Pool #725277 (AAA , Aaa) 03/01/19 4.500 74,918
109 Fannie Mae Pool #725414 (AAA , Aaa) 05/01/19 4.500 105,799
101 Fannie Mae Pool #725866 (AAA , Aaa) 09/01/34 4.500 94,588
110 Fannie Mae Pool #733389 ^^ (AAA , Aaa) 08/01/33 5.000 106,121
156 Fannie Mae Pool #735196 # (AAA , Aaa) 11/01/34 4.029 155,978
144 Fannie Mae Pool #758789 ^^ (AAA , Aaa) 12/01/33 5.500 142,503
109 Fannie Mae Pool #772297 (AAA , Aaa) 03/01/34 5.500 107,840
120 Fannie Mae Pool #790724 ^^ (AAA , Aaa) 09/01/34 5.500 118,550
122 Fannie Mae Pool #826514 ^^ (AAA , Aaa) 07/01/35 6.000 123,726
95 FNMA TBA (AAA , Aaa) 11/01/20 5.500 95,653
350 FNMA TBA (AAA , Aaa) 11/01/35 5.000 336,875
90 FNMA TBA (AAA , Aaa) 11/01/35 5.500 88,770
310 FNMA TBA (AAA , Aaa) 11/01/35 6.000 312,713
95 FNMA TBA (AAA , Aaa) 11/01/35 6.500 97,523
100 Freddie Mac Global Bonds ^^ (AAA , Aaa) 06/18/14 5.250 102,521
145 Freddie Mac Global Notes ^^ (AAA , Aaa) 11/15/13 4.875 144,978
85 Freddie Mac Global Notes (AAA , Aaa) 07/15/32 6.250 98,917
102 Freddie Mac Pool #A23629 (AAA , Aaa) 06/01/34 5.000 98,642
See Accompanying Notes to Financial Statements.
60
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME
PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- ------------
MORTGAGE-BACKED SECURITIES
$ 40 Freddie Mac Pool #B11354 ^^ (AAA , Aaa) 12/01/18 5.000 $ 39,708
99 Freddie Mac Pool #B14729 (AAA , Aaa) 05/01/19 4.500 95,810
205 GE Capital Commercial Mortgage Corp.,
Series 2005-C3, Class A3FX (AAA , Aaa) 07/10/45 4.863 202,862
81 Ginnie Mae Pool #003666 (AAA , Aaa) 01/20/35 6.000 81,977
105 GMAC Commercial Mortgage Securities, Inc.,
Series 1997-C2, Class B, Subordinated Bond (AAA , Aaa) 04/15/29 6.703 108,303
100 GS Mortgage Securities Corp. II,
Series 2005-GG4, Class A4 (AAA , Aaa) 07/10/39 4.761 96,080
120 JPALT, Series 2005, Class S1 (AAA , Aaa) 10/19/35 6.500 122,756
53 JPMorgan Chase Commercial Mortgage
Securities Corp., Series 2004-CB9,
Class A1 # (AAA , Aaa) 06/12/41 3.475 51,169
89 LB-UBS Commercial Mortgage Trust,
Series 2004-C1, Class A1 (AAA , Aaa) 01/15/29 2.964 85,648
105 LB-UBS Commercial Mortgage Trust,
Series 2005-C3, Class AM (AAA , Aaa) 07/15/40 4.794 100,789
75 Master Specialized Loan Trust, Series 2005-3,
Class A2, Mortgage Pass Thru Certificate (AAA , Aaa) 07/25/35 5.704 75,000
125 Residential Funding Mortgage Securities I,
Series 2005-SA5, Class 2A # (AAA , Aaa) 11/25/35 5.356 125,430
110 Washington Mutual, Series 2005-AR14,
Class 1A4 (AAA , Aaa) 12/25/35 5.086 109,622
98 Wells Fargo Mortgage Backed Securities Trust,
Series 2005-AR16, Class 6A3 # (AAA , Aaa) 10/25/35 5.002 97,199
------------
TOTAL MORTGAGE-BACKED SECURITIES (Cost $5,042,899) 4,973,033
------------
FOREIGN BONDS (3.2%)
ASSET BACKED SECURITIES (1.0%)
100 Pure Mortgages, Series 2004-1A, Class A
(Ireland) # (AAA , Aaa) 02/28/34 4.160 99,312
------------
BEVERAGES (0.6%)
25 Diageo Capital PLC, Global Notes
(United Kingdom) (A , A2) 05/03/10 4.375 24,412
35 Diageo Finance BV, Global Company Guaranteed
Notes (Netherlands) (A , A2) 04/01/11 3.875 33,107
------------
57,519
------------
ELECTRIC (0.2%)
20 Compania Nacional de Transmision Electrica SA,
Global Senior Notes (Chile) (A- , Baa1) 04/15/11 7.875 22,231
------------
INSURANCE (0.2%)
20 Everest Reinsurance Holdings, Notes (Bermuda) (A- , A3) 10/15/14 5.400 19,511
------------
MISCELLANEOUS MANUFACTURING (0.3%)
30 Tyco International Group SA, Yankee Company
Guaranteed Notes (Luxembourg) (BBB+ , Baa3) 10/15/11 6.375 31,559
------------
See Accompanying Notes to Financial Statements.
61
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME
PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- ------------
FOREIGN BONDS
OIL & GAS (0.4%)
$ 10 Canadian Natural Resources, Ltd., Yankee
Notes (Canada) (BBB+ , Baa1) 07/15/11 6.700 $ 10,713
25 Nexen, Inc., Yankee Notes (Canada) (BBB- , Baa2) 03/10/35 5.875 23,873
------------
34,586
------------
PIPELINES (0.2%)
15 Trans-Canada Pipelines, Ltd., Yankee Bonds
(Canada) (A- , A2) 01/15/15 4.875 14,610
------------
TELECOMMUNICATIONS (0.3%)
25 Deutsche Telekom International Finance BV,
Global Company Guaranteed Notes
(Netherlands) # (A- , A3) 06/15/30 8.750 31,091
------------
TOTAL FOREIGN BONDS (Cost $315,900) 310,419
------------
UNITED STATES TREASURY OBLIGATIONS (8.1%)
77 Treasury Inflation-Index Bonds ss. (AAA , Aaa) 04/15/32 3.375 98,976
60 United States Treasury Bonds ss. (AAA , Aaa) 02/15/23 7.125 76,034
45 United States Treasury Bonds ss. (AAA , Aaa) 02/15/31 5.375 49,092
14 United States Treasury Notes ss. (AAA , Aaa) 09/30/06 2.500 13,773
100 United States Treasury Notes ss. (AAA , Aaa) 06/30/07 3.625 98,793
20 United States Treasury Notes ss. (AAA , Aaa) 08/15/08 4.125 19,858
320 United States Treasury Notes ss. (AAA , Aaa) 09/15/10 3.875 311,725
110 United States Treasury Notes ss. (AAA , Aaa) 10/15/10 4.250 109,076
------------
TOTAL UNITED STATES TREASURY OBLIGATIONS
(Cost $784,952) 777,327
------------
MUNICIPAL BONDS (1.3%)
TEXAS (1.3%)
120 University of Texas, University Revenue Bonds,
Financing Systems, Series D (Cost $123,507) (AAA , Aaa) 08/15/34 5.000 123,125
------------
NUMBER OF
SHARES
- ----------
SHORT-TERM INVESTMENTS (24.0%)
1,622,331 State Street Navigator Prime Fund ss. 1,622,331
------------
PAR
(000)
- ----------
$ 450 Freddie Mac Discount Notes ss. 11/15/05 3.740 449,346
220 Freddie Mac Discount Notes ^^ 11/18/05 3.816 219,602
15 United States Treasury Bills ++++ 11/03/05 3.264 14,997
------------
TOTAL SHORT-TERM INVESTMENTS (Cost $2,306,276) 2,306,276
------------
See Accompanying Notes to Financial Statements.
62
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME
PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
VALUE
------------
TOTAL INVESTMENTS AT VALUE (121.0%) (Cost $11,759,698) $ 11,634,069
LIABILITIES IN EXCESS OF OTHER ASSETS (-21.0%) (2,022,348)
------------
NET ASSETS (100.0%) $ 9,611,721
============
INVESTMENT ABBREVIATIONS
MTNA = Medium Term Notes, Series A
TBA = To Be Announced
- --------------------------------------------------------------------------------
+ Credit ratings given by the Standard & Poor's Division of the
McGraw-Hill Companies, Inc. ("S&P") and Moody's Investors Service, Inc.
("Moody's") are unaudited.
++ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At October 31,
2005, these securities amounted to a value of $305,791, or 3.18% of net
assets.
++++ Collateral segregated for futures contracts.
^^ Collateral segregated for TBA securities.
# Variable rate obligations - The interest rate shown is the rate as of
October 31, 2005.
ss. Security or portion thereof is out on loan.
ss.ss. Represents security purchased with cash collateral received for
securities on loan.
See Accompanying Notes to Financial Statements.
63
CREDIT SUISSE INSTITUTIONAL FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
October 31, 2005
- --------------------------------------------------------------------------------
LARGE CAP VALUE INTERNATIONAL FOCUS SELECT EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- ------------------- ----------------
ASSETS
Investments at value, including collateral for securities on loan
of $0, $4,395,857, $0, $292,200, $159,945, and $1,622,331,
respectively (Cost $22,639,031, $26,483,631,
$11,103,780 $7,239,540, $992,819, and $11,759,698,
respectively) (Note 2) $ 26,775,136 $ 32,749,536 1 $ 11,958,705
Cash 136 258 159
Foreign currency at value (cost $0, $578,593, $0, $0, $0,
and $0 respectively) (Note 2) -- 574,240 --
Receivable for investments sold 348,762 339,928 --
Receivable for fund shares sold 15,676 -- --
Dividend and interest receivable 25,031 71,341 10,587
Receivable from investment adviser (Note 3) -- -- --
Unrealized appreciation on forward currency contracts (Note 2) -- -- --
Variation margin receivable (Note 2) -- -- --
Prepaid expenses and other assets 12,596 11,293 7,032
--------------- ----------------- ----------------
Total Assets 27,177,337 33,746,596 11,976,483
--------------- ----------------- ----------------
LIABILITIES
Advisory fee payable (Note 3) 12,373 16,731 1,884
Administrative services fee payable (Note 3) 4,267 4,509 2,276
Payable upon return of securities loaned (Note 2) -- 4,395,857 --
Payable for investments purchased 356,575 639,338 --
Payable for fund shares redeemed -- 3,807 8,451
Directors' fee payable 1,065 1,065 1,065
Unrealized depreciation on forward currency contracts (Note 2) -- -- --
Other accrued expenses payable 18,600 24,684 18,573
--------------- ----------------- ----------------
Total Liabilities 392,880 5,085,991 32,249
--------------- ----------------- ----------------
NET ASSETS
Capital stock, $0.001 par value (Note 6) 24,958 2,531 1,192
Paid-in capital (Note 6) 24,869,409 169,997,662 9,632,945
Undistributed net investment income 273,454 648,382 111,981
Undistributed net realized gain (loss) on investments,
futures contracts, and foreign currency transactions (2,519,469) (148,252,199) 1,343,191
Net unrealized appreciation (depreciation) from investments,
futures contracts and foreign currency translations 4,136,105 6,264,229 854,925
--------------- ----------------- ----------------
Net Assets $ 26,784,457 $ 28,660,605 $ 11,944,234
=============== ================= ================
Shares outstanding 24,957,811 2,531,489 1,191,825
--------------- ----------------- ----------------
Net asset value, offering price, and redemption price per share $ 1.07 $ 11.32 $ 10.02
=============== ================= ================
CAPITAL INVESTMENT
APPRECIATION HARBINGER GRADE FIXED
PORTFOLIO PORTFOLIO INCOME PORTFOLIO
--------------- ------------------- ----------------
ASSETS
Investments at value, including collateral for securities on loan
of $0, $4,395,857, $0, $292,200, $159,945, and $1,622,331,
respectively (Cost $22,639,031, $26,483,631,
$11,103,780 $7,239,540, $992,819, and $11,759,698,
respectively) (Note 2) $ 8,236,356 2 $ 1,266,741 3 $ 11,634,069 4
Cash 265 90,751 275,243
Foreign currency at value (cost $0, $578,593, $0, $0, $0,
and $0 respectively) (Note 2) -- -- --
Receivable for investments sold -- -- 878,786
Receivable for fund shares sold -- -- --
Dividend and interest receivable 2,549 -- 64,990
Receivable from investment adviser (Note 3) -- 101 5,111
Unrealized appreciation on forward currency contracts (Note 2) -- -- 3,167
Variation margin receivable (Note 2) -- -- 67
Prepaid expenses and other assets 8,970 14,065 15,150
------------- ----------------- --------------
Total Assets 8,248,140 1,371,658 12,876,583
------------- ----------------- --------------
LIABILITIES
Advisory fee payable (Note 3) 2,114 -- --
Administrative services fee payable (Note 3) 1,724 792 2,001
Payable upon return of securities loaned (Note 2) 292,200 159,945 1,622,331
Payable for investments purchased 36,922 26,112 1,610,599
Payable for fund shares redeemed 40,344 -- --
Directors' fee payable 1,065 1,065 1,065
Unrealized depreciation on forward currency contracts (Note 2) -- -- 7,303
Other accrued expenses payable 17,170 14,937 21,563
------------- ----------------- --------------
Total Liabilities 391,539 202,851 3,264,862
------------- ----------------- --------------
NET ASSETS
Capital stock, $0.001 par value (Note 6) 813 82 992
Paid-in capital (Note 6) 8,791,951 474,286 9,765,276
Undistributed net investment income 8,104 -- 17,443
Undistributed net realized gain (loss) on investments,
futures contracts, and foreign currency transactions (1,941,083) 420,517 (39,943)
Net unrealized appreciation (depreciation) from investments,
futures contracts and foreign currency translations 996,816 273,922 (132,047)
------------- ----------------- --------------
Net Assets $ 7,856,601 $ 1,168,807 $ 9,611,721
============= ================= ==============
Shares outstanding 812,507 82,492 992,334
------------- ----------------- --------------
Net asset value, offering price, and redemption price per share $ 9.67 $ 14.17 $ 9.69
============= ================= ==============
- --------------------------------------------------------------------------------
1 Including $4,182,653 of securities on loan.
2 Including $286,293 of securities on loan.
3 Including $154,981 of securities on loan.
4 Including $1,589,713 of securities on loan.
See Accompanying Notes to Financial Statements.
64-65 Spread
CREDIT SUISSE INSTITUTIONAL FUND, INC.
STATEMENT OF OPERATIONS
For the Year Ended October 31, 2005
- --------------------------------------------------------------------------------
LARGE CAP VALUE INTERNATIONAL FOCUS SELECT EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- ------------------- ----------------
INVESTMENT INCOME (Note 2)
Dividends $ 570,221 $ 1,023,882 $ 334,277
Interest 8,441 25,435 5,300
Securities lending 978 29,044 128
Foreign taxes withheld (1,351) (123,689) --
--------------- ------------------- ----------------
Total investment income 578,289 954,672 339,705
--------------- ------------------- ----------------
EXPENSES
Investment advisory fees (Note 3) 210,689 305,603 82,305
Administrative services fees (Note 3) 58,016 74,556 38,968
Registration fees 21,282 21,247 19,577
Audit fees 20,691 23,709 20,659
Printing fees (Note 3) 13,108 12,557 8,737
Legal fees 11,905 12,565 13,712
Miscellaneous expense 7,381 17,856 6,914
Custodian fees 6,705 24,563 7,805
Insurance expense 3,858 4,591 3,747
Directors' fees 3,329 4,329 3,329
Transfer agent fees (Note 3) 1,650 2,336 1,265
Commitment fees (Note 4) 681 387 407
Interest expense (Note 4) 214 2,001 --
--------------- ------------------- ----------------
Total expenses 359,509 506,300 207,425
Less: fees waived and expenses reimbursed (Note 3) (148,819) (143,396) (83,968)
--------------- ------------------- ----------------
Net expenses 210,690 362,904 123,457
--------------- ------------------- ----------------
Net investment income (loss) 367,599 591,768 216,248
--------------- ------------------- ----------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM
INVESTMENTS, FUTURES CONTRACTS, OPTIONS WRITTEN
AND FOREIGN CURRENCY RELATED ITEMS
Net realized gain from investments 2,424,705 8,671,815 1,693,131
Net realized loss from futures contracts -- -- --
Net realized gain from options written -- -- --
Net realized gain (loss) from foreign currency transactions 38 65,631 --
Net change in unrealized appreciation (depreciation)
from investments 822,220 (1,978,064) (795,062)
Net change in unrealized appreciation (depreciation)
from futures contracts -- -- --
Net change in unrealized appreciation (depreciation)
from foreign currency translations -- (20,897) --
--------------- ------------------- ----------------
Net realized and unrealized gain (loss) from investments,
futures contracts, options written and
foreign currency related items 3,246,963 6,738,485 898,069
--------------- ------------------- ----------------
Net increase in net assets resulting from operations $ 3,614,562 $ 7,330,253 $ 1,114,317
=============== =================== ================
CAPITAL INVESTMENT
APPRECIATION HARBINGER GRADE FIXED
PORTFOLIO PORTFOLIO INCOME PORTFOLIO
--------------- ------------------- ----------------
INVESTMENT INCOME (Note 2)
Dividends $ 68,216 $ 470 $ 1,816
Interest 4,450 1,356 443,848
Securities lending 40 1,126 1,722
Foreign taxes withheld -- -- --
--------------- ------------------- ----------------
Total investment income 72,706 2,952 447,386
--------------- ------------------- ----------------
EXPENSES
Investment advisory fees (Note 3) 35,068 17,628 29,972
Administrative services fees (Note 3) 23,831 12,372 49,060
Registration fees 19,072 21,613 21,476
Audit fees 19,749 18,794 20,076
Printing fees (Note 3) 9,644 10,051 10,545
Legal fees 10,652 14,604 12,482
Miscellaneous expense 6,917 6,768 6,879
Custodian fees 7,353 3,113 23,918
Insurance expense 3,263 2,990 3,543
Directors' fees 3,329 3,329 3,329
Transfer agent fees (Note 3) 1,046 745 601
Commitment fees (Note 4) 167 35 234
Interest expense (Note 4) -- 45 --
--------------- ------------------- ----------------
Total expenses 140,091 112,087 182,115
Less: fees waived and expenses reimbursed (Note 3) (87,490) (87,408) (142,152)
--------------- ------------------- ----------------
Net expenses 52,601 24,679 39,963
--------------- ------------------- ----------------
Net investment income (loss) 20,105 (21,727) 407,423
--------------- ------------------- ----------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM
INVESTMENTS, FUTURES CONTRACTS, OPTIONS WRITTEN
AND FOREIGN CURRENCY RELATED ITEMS
Net realized gain from investments 155,027 445,079 24,503
Net realized loss from futures contracts -- -- (921)
Net realized gain from options written -- -- 13,136
Net realized gain (loss) from foreign currency transactions -- -- (20,486)
Net change in unrealized appreciation (depreciation)
from investments 305,696 (103,206) (277,701)
Net change in unrealized appreciation (depreciation)
from futures contracts -- -- (4,998)
Net change in unrealized appreciation (depreciation)
from foreign currency translations -- -- (9,237)
--------------- ------------------- ----------------
Net realized and unrealized gain (loss) from investments,
futures contracts, options written and
foreign currency related items 460,723 341,873 (275,704)
--------------- ------------------- ----------------
Net increase in net assets resulting from operations $ 480,828 $ 320,146 $ 131,719
=============== =================== ================
See Accompanying Notes to Financial Statements.
66-67 Spread
CREDIT SUISSE INSTITUTIONAL FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
LARGE CAP INTERNATIONAL
VALUE PORTFOLIO FOCUS PORTFOLIO
------------------------------- --------------------------------
FOR THE FOR THE FOR THE FOR THE
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2005 2004 2005 2004
-------------- -------------- -------------- ---------------
FROM OPERATIONS
Net investment income (loss) $ 367,599 $ 384,594 $ 591,768 $ 1,682,029
Net realized gain from investments,
futures contracts, options written and
foreign currency transactions 2,424,743 506,546 8,737,446 30,839,041
Net change in unrealized appreciation (depreciation)
from investments, futures contracts, options written
and foreign currency translations 822,220 2,360,337 (1,998,961) (18,777,168)
-------------- -------------- -------------- ---------------
Net increase in net assets resulting
from operations 3,614,562 3,251,477 7,330,253 13,743,902
-------------- -------------- -------------- ---------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (407,178) (393,715) (1,655,323) (821,490)
Distributions from net realized gains -- -- -- (4,255,028)
-------------- -------------- -------------- ---------------
Net decrease in net assets from dividends
and distributions (407,178) (393,715) (1,655,323) (5,076,518)
-------------- -------------- -------------- ---------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 1,317,491 1,238,468 302,905 1,986,412
Reinvestment of dividends and distributions 407,178 393,715 1,527,634 4,833,577
Net asset value of shares redeemed (6,512,995) (5,569,187) (34,034,442) (122,268,774)
-------------- -------------- -------------- ---------------
Net increase (decrease) in net assets from
capital share transactions (4,788,326) (3,937,004) (32,203,903) (115,448,785)
-------------- -------------- -------------- ---------------
Net increase (decrease) in net assets (1,580,942) (1,079,242) (26,528,973) (106,781,401)
NET ASSETS
Beginning of year 28,365,399 29,444,641 55,189,578 161,970,979
-------------- -------------- -------------- ---------------
End of year $ 26,784,457 $ 28,365,399 $ 28,660,605 $ 55,189,578
============== ============== ============== ===============
UNDISTRIBUTED NET INVESTMENT INCOME $ 273,454 $ 312,995 $ 648,382 $ 1,655,294
============== ============== ============== ===============
SELECT EQUITY CAPITAL APPRECIATION
PORTFOLIO PORTFOLIO
------------------------------- --------------------------------
FOR THE FOR THE FOR THE FOR THE
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2005 2004 2005 2004
-------------- -------------- -------------- ---------------
FROM OPERATIONS
Net investment income (loss) $ 216,248 $ 121,067 $ 20,105 $ (11,006)
Net realized gain from investments,
futures contracts, options written and
foreign currency transactions 1,693,131 221,115 155,027 648,224
Net change in unrealized appreciation (depreciation)
from investments, futures contracts, options written
and foreign currency translations (795,062) 494,930 305,696 (213,606)
-------------- -------------- -------------- ---------------
Net increase in net assets resulting
from operations 1,114,317 837,112 480,828 423,612
-------------- -------------- -------------- ---------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (195,427) (84,980) (12,001) (1,299)
Distributions from net realized gains -- -- -- --
-------------- -------------- -------------- ---------------
Net decrease in net assets from dividends
and distributions (195,427) (84,980) (12,001) (1,299)
-------------- -------------- -------------- ---------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 540,161 9,570,784 3,726,884 921,834
Reinvestment of dividends and distributions 195,427 84,980 12,000 1,299
Net asset value of shares redeemed (6,794,868) (4,126,870) (1,154,171) (6,044,266)
-------------- -------------- -------------- ---------------
Net increase (decrease) in net assets from
capital share transactions (6,059,280) 5,528,894 2,584,713 (5,121,133)
-------------- -------------- -------------- ---------------
Net increase (decrease) in net assets (5,140,390) 6,281,026 3,053,540 (4,698,820)
NET ASSETS
Beginning of year 17,084,624 10,803,598 4,803,061 9,501,881
-------------- -------------- -------------- ---------------
End of year $ 11,944,234 $ 17,084,624 $ 7,856,601 $ 4,803,061
============== ============== ============== ===============
UNDISTRIBUTED NET INVESTMENT INCOME $ 111,981 $ 91,160 $ 8,104 $ --
============== ============== ============== ===============
HARBINGER INVESTMENT GRADE FIXED
PORTFOLIO INCOME PORTFOLIO
------------------------------- --------------------------------
FOR THE FOR THE FOR THE FOR THE
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2005 2004 2005 2004
-------------- -------------- -------------- ---------------
FROM OPERATIONS
Net investment income (loss) $ (21,727) $ (32,901) $ 407,423 $ 344,844
Net realized gain from investments,
futures contracts, options written and
foreign currency transactions 445,079 363,242 16,232 24,919
Net change in unrealized appreciation (depreciation)
from investments, futures contracts, options written
and foreign currency translations (103,206) (289,349) (291,936) 106,763
-------------- -------------- -------------- ---------------
Net increase in net assets resulting
from operations 320,146 40,992 131,719 476,526
-------------- -------------- -------------- ---------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income -- -- (431,696) (365,276)
Distributions from net realized gains (229,322) -- -- (442,512)
-------------- -------------- -------------- ---------------
Net decrease in net assets from dividends
and distributions (229,322) -- (431,696) (807,788)
-------------- -------------- -------------- ---------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares -- 1,000,000 -- 1,500,000
Reinvestment of dividends and distributions 152,132 -- 431,696 803,609
Net asset value of shares redeemed (2,109,051) (450,600) (400,000) (3,641,951)
-------------- -------------- -------------- ---------------
Net increase (decrease) in net assets from
capital share transactions (1,956,919) 549,400 31,696 (1,338,342)
-------------- -------------- -------------- ---------------
Net increase (decrease) in net assets (1,866,095) 590,392 (268,281) (1,669,604)
NET ASSETS
Beginning of year 3,034,902 2,444,510 9,880,002 11,549,606
-------------- -------------- -------------- ---------------
End of year $ 1,168,807 $ 3,034,902 $ 9,611,721 $ 9,880,002
============== ============== ============== ===============
UNDISTRIBUTED NET INVESTMENT INCOME $ -- $ -- $ 17,443 $ 11,984
============== ============== ============== ===============
See Accompanying Notes to Financial Statements.
68-69 Spread
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Year)
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31,
-----------------------------------------------------------------
2005 2004 2003 2002 2001
--------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of year $ 0.96 $ 0.87 $ 0.76 $ 0.85 $ 11.01
--------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income 0.01 1 0.01 0.01 0.01 0.01 1
Net gain (loss) on investments
and foreign currency related items
(both realized and unrealized) 0.11 0.09 0.11 (0.09) (0.28)
--------- ---------- ---------- ---------- ----------
Total from investment operations 0.12 0.10 0.12 (0.08) (0.27)
--------- ---------- ---------- ---------- ----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.01) (0.01) (0.01) (0.01) (0.03)
Distributions from net realized gains -- -- -- -- (9.86)
--------- ---------- ---------- ---------- ----------
Total dividends and distributions (0.01) (0.01) (0.01) (0.01) (9.89)
--------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF YEAR $ 1.07 $ 0.96 $ 0.87 $ 0.76 $ 0.85
========= ========== ========== ========== ==========
Total return 2 12.98% 11.81% 15.48% (9.68)% (4.34)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 26,784 $ 28,365 $ 29,445 $ 32,099 $ 3,005
Ratio of expenses to average net assets 0.75% 0.75% 0.75% 0.75% 0.75%
Ratio of net investment income to average net assets 1.31% 1.32% 1.26% 0.85% 1.16%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.53% 0.57% 0.55% 0.63% 2.17%
Portfolio turnover rate 60% 49% 56% 72% 45%
- --------------------------------------------------------------------------------
1 Per share information is calculated using the average shares outstanding
method.
2 Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the years shown, total returns would have been lower.
See Accompanying Notes to Financial Statements.
70
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Year)
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31,
-----------------------------------------------------------------
2005 2004 2003 2002 2001
--------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of year $ 9.73 $ 8.92 $ 7.19 $ 8.13 $ 17.61
--------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income 0.16 1 0.13 1 0.09 1 0.07 1 0.09
Net gain (loss) on investments
and foreign currency related items
(both realized and unrealized) 1.75 0.97 1.69 (1.01) (3.18)
--------- ---------- ---------- ---------- ----------
Total from investment operations 1.91 1.10 1.78 (0.94) (3.09)
--------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS AND DISTRIBUTIONS
Dividends from net investment income (0.32) (0.05) (0.05) -- (0.21)
Distributions from net realized gains -- (0.24) -- -- (6.18)
--------- ---------- ---------- ---------- ----------
Total dividends and distributions (0.32) (0.29) (0.05) -- (6.39)
--------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF YEAR $ 11.32 $ 9.73 $ 8.92 $ 7.19 $ 8.13
========= ========== ========== ========== ==========
Total return 2 19.95% 12.50% 24.90% (11.56)% (26.56)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 28,661 $ 55,190 $ 161,971 $ 44,565 $ 95,622
Ratio of expenses to average net assets 0.95% 0.95% 0.95% 0.95% 0.95%
Ratio of net investment income to average
net assets 1.55% 1.38% 1.17% 0.87% 0.61%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.38% 0.22% 0.22% 0.39% 0.23%
Portfolio turnover rate 55% 98% 151% 161% 134%
- --------------------------------------------------------------------------------
1 Per share information is calculated using the average shares outstanding
method.
2 Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the years shown, total returns would have been lower.
See Accompanying Notes to Financial Statements.
71
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31,
---------------------------------------------------
2005 2004 2003 2002 1
--------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of period $ 9.51 $ 9.07 $ 7.87 $ 10.00
--------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income 0.13 0.06 0.06 0.01
Net gain (loss) on investments
and foreign currency related items
(both realized and unrealized) 0.49 0.44 1.17 (2.14)
--------- ---------- ---------- ----------
Total from investment operations 0.62 0.50 1.23 (2.13)
--------- ---------- ---------- ----------
LESS DIVIDENDS
Dividends from net investment income (0.11) (0.06) (0.03) --
--------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 10.02 $ 9.51 $ 9.07 $ 7.87
========= ========== ========== ==========
Total return 2 6.48% 5.46% 15.61% (21.30)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 11,944 $ 17,085 $ 10,804 $ 11,727
Ratio of expenses to average net assets 0.75% 0.75% 0.75% 0.75% 3
Ratio of net investment income to average
net assets 1.31% 0.77% 0.70% 0.56% 3
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.51% 0.64% 0.96% 1.74% 3
Portfolio turnover rate 85% 90% 107% 79%
- --------------------------------------------------------------------------------
1 For the period January 31, 2002 (inception date) through October 31, 2002.
2 Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been
lower. Total returns for periods less than one year are not annualized.
3 Annualized.
See Accompanying Notes to Financial Statements.
72
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31,
---------------------------------------------------
2005 2004 2003 2002 1
--------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of period $ 8.94 $ 8.65 $ 7.37 $ 10.00
--------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income (loss) 0.02 (0.02) 0.00 2 0.00 2
Net gain (loss) on investments
(both realized and unrealized) 0.73 0.31 1.28 (2.63)
--------- ---------- ---------- ----------
Total from investment operations 0.75 0.29 1.28 (2.63)
--------- ---------- ---------- ----------
LESS DIVIDENDS
Dividends from net investment income (0.02) 0.00 2 -- --
--------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 9.67 $ 8.94 $ 8.65 $ 7.37
========= ========== ========== ==========
Total return 3 8.42% 3.37% 17.37% (26.30)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 7,857 $ 4,803 $ 9,502 $ 9,311
Ratio of expenses to average net assets 0.75% 0.75% 0.75% 0.75% 4
Ratio of net investment income (loss) to average
net assets 0.29% (0.14)% 0.01% (0.07)% 4
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 1.25% 1.40% 1.03% 0.76% 4
Portfolio turnover rate 104% 80% 108% 56%
- --------------------------------------------------------------------------------
1 For the period January 31, 2002 (inception date) through October 31, 2002.
2 Total is less than $0.01 per share.
3 Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been
lower. Total returns for periods less than one year are not annualized.
4 Annualized.
See Accompanying Notes to Financial Statements.
73
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31,
-------------------------------------
2005 2004 2003 1
--------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of period $ 13.55 $ 13.68 $ 10.00
--------- ---------- ----------
INVESTMENT OPERATIONS
Net investment loss (0.17) (0.15) (0.11)
Net gain on investments
(both realized and unrealized) 1.81 0.02 3.79
--------- ---------- ----------
Total from investment operations 1.64 (0.13) 3.68
--------- ---------- ----------
LESS DISTRIBUTIONS
Distributions from net realized gains (1.02) -- --
--------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 14.17 $ 13.55 $ 13.68
========= ========== ==========
Total return 2 12.58% (0.95)% 36.80%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 1,169 $ 3,035 $ 2,445
Ratio of expenses to average net assets 1.40% 1.40% 1.40% 3
Ratio of net investment loss to average
net assets (1.23)% (1.28)% (1.31)% 3
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 4.96% 4.02% 5.31% 3
Portfolio turnover rate 141% 125% 42%
- --------------------------------------------------------------------------------
1 For the period January 15, 2003 (inception date) through October 31, 2003.
2 Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been
lower. Total returns for periods less than one year are not annualized.
3 Annualized.
See Accompanying Notes to Financial Statements.
74
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME
PORTFOLIO FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31,
---------------------------------------------------
2005 2004 2003 2002 1,2
--------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of period $ 9.98 $ 10.18 $ 10.24 $ 10.00
--------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income 0.41 0.30 0.34 0.17
Net gain (loss) on investments,
futures contracts and foreign currency related items
(both realized and unrealized) (0.27) 0.21 0.09 0.24
--------- ---------- ---------- ----------
Total from investment operations 0.14 0.51 0.43 0.41
--------- ---------- ---------- ----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.43) (0.32) (0.36) (0.17)
Distributions from net realized gains -- (0.39) (0.13) --
--------- ---------- ---------- ----------
Total dividends and distributions (0.43) (0.71) (0.49) (0.17)
--------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 9.69 $ 9.98 $ 10.18 $ 10.24
========= ========== ========== ==========
Total return 3 1.38% 5.23% 4.37% 4.15%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 9,612 $ 9,880 $ 11,550 $ 16,562
Ratio of expenses to average net assets 0.40% 0.40% 0.40% 0.40% 4
Ratio of net investment income to average
net assets 4.08% 3.01% 2.94% 3.27% 4
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 1.42% 1.36% 1.28% 1.05% 4
Portfolio turnover rate 414% 459% 629% 172%
- --------------------------------------------------------------------------------
1 For the period May 1, 2002 (inception date) through October 31, 2002.
2 As required, effective November 1, 2001, the Portfolio adopted the
provisions of AICPA Audit and Accounting Guide for Investment Companies
and began including paydown gains and losses in interest income. The
effect of this change is less than $0.01 per share for the year ended
October 31, 2002 on net investment income, net realized and unrealized
gains and losses and the ratio of net investment income to average net
assets.
3 Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been
lower. Total returns for periods less than one year are not annualized.
4 Annualized.
See Accompanying Notes to Financial Statements.
75
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 1. ORGANIZATION
The Credit Suisse Institutional Fund, Inc. (the "Fund") is registered
under the Investment Company Act of 1940, as amended, as an open-end management
investment company and currently offers six managed investment funds. The Large
Cap Value Portfolio ("Large Cap Value"), the International Focus Portfolio
("International Focus") the Capital Appreciation Portfolio ("Capital
Appreciation"), the Select Equity Portfolio ("Select Equity"), and the
Investment Grade Fixed Income Portfolio ("Investment Grade Fixed Income"), are
each classified as diversified, the Harbinger Portfolio ("Harbinger") is
classified as non-diversified (each a "Portfolio" and collectively, the
"Portfolios"). The Fund was incorporated under the laws of the State of Maryland
on May 14, 1992.
Investment objectives for each Portfolio are as follows: Large Cap Value
and Investment Grade Fixed Income seek total return; Capital Appreciation,
International Focus, and Select Equity seek long-term capital appreciation;
Harbinger seeks long-term growth of capital.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
A) SECURITY VALUATION -- The net asset value of each Portfolio is
determined daily as of the close of regular trading on the New York Stock
Exchange, Inc. (the "Exchange") on each day the Exchange is open for business.
Each Portfolio's equity investments are valued at market value, which is
generally determined using the closing price on the exchange or market on which
the security is primarily traded at the time of valuation (the "Valuation
Time"). If no sales are reported, equity investments are generally valued at the
most recent bid quotation as of the Valuation Time or at the lowest asked
quotation in the case of a short sale of securities. Debt securities with a
remaining maturity greater than 60 days are valued in accordance with the price
supplied by a pricing service, which may use a matrix, formula or other
objective method that takes into consideration market indices, yield curves and
other specific adjustments. Debt obligations that will mature in 60 days or less
are valued on the basis of amortized cost, which approximates market value,
unless it is determined that using this method would not represent fair value.
Investments in mutual funds are valued at the mutual fund's closing net asset
value per share on the day of valuation. Securities and other assets for which
market quotations are not readily available, or whose values have been
materially affected by events occurring before the Portfolio's Valuation Time
but after the close of the securities' primary markets, are valued at fair value
as
76
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
determined in good faith by, or under the direction of, the Board of Directors
under procedures established by the Board of Directors. The Portfolios may
utilize a service provided by an independent third party which has been approved
by the Board of Directors to fair value certain securities. When fair-value
pricing is employed, the prices of securities used by a portfolio to calculate
its net asset value may differ from quoted or published prices for the same
securities.
B) FOREIGN CURRENCY TRANSACTIONS -- The books and records of the
Portfolios are maintained in U.S. dollars. Transactions denominated in foreign
currencies are recorded at the current prevailing exchange rates. All assets and
liabilities denominated in foreign currencies are translated into U.S. dollar
amounts at the current exchange rate at the end of the period. Translation gains
or losses resulting from changes in the exchange rate during the reporting
period and realized gains and losses on the settlement of foreign currency
transactions are reported in the results of operations for the current period.
The Portfolios do not isolate that portion of realized gains and losses on
investments in EQUITY securities which is due to changes in the foreign exchange
rate from that which is due to changes in market prices of equity securities.
The Portfolios isolate that portion of realized gains and losses on investments
in DEBT securities which is due to changes in the foreign exchange rate from
that which is due to changes in market prices of debt securities.
C) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions
are accounted for on a trade date basis. Interest income is recorded on the
accrual basis. Dividends are recorded on the ex-dividend date. The cost of
investments sold is determined by use of the specific identification method for
both financial reporting and income tax purposes.
D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income and distributions of net realized capital gains, if any, are
declared and paid at least annually for Large Cap Value, Capital Appreciation,
International Focus, Select Equity and Harbinger. Dividends from net investment
income are declared daily and paid monthly for Investment Grade Fixed Income.
Distributions of net realized capital gains, if any, are declared and paid at
least annually. However, to the extent that a net realized capital gain can be
reduced by a capital loss carryforward, such gain will not be distributed.
Income and capital gain distributions are determined in accordance with federal
income tax regulations, which may differ from accounting principles generally
accepted in the United States of America ("GAAP").
77
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
E) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
each Portfolio's intention to continue to qualify for and elect the tax
treatment applicable to regulated investment companies under the Internal
Revenue Code of 1986, as amended, and to make the requisite distributions to its
shareholders which will be sufficient to relieve it from federal income and
excise taxes.
F) USE OF ESTIMATES -- The preparation of financial statements in
conformity with GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from these estimates.
G) SHORT-TERM INVESTMENTS -- The Portfolios, together with other
funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM"), an
indirect, wholly-owned subsidiary of Credit Suisse Group, pool available cash
into either a short-term variable rate time deposit issued by State Street Bank
and Trust Company ("SSB"), the Portfolios' custodian, or a money market fund
advised by CSAM. The short-term time deposit issued by SSB is a variable rate
account classified as a short-term investment.
H) FORWARD FOREIGN CURRENCY CONTRACTS -- Each Portfolio may enter into
forward foreign currency contracts for the purchase or sale of a specific
foreign currency at a fixed price on a future date. Risks may arise upon
entering into these contracts from the potential inability of counterparties to
meet the terms of their contracts and from unanticipated movements in the value
of a foreign currency. Each Portfolio will enter into forward foreign currency
contracts primarily for hedging purposes. Forward foreign currency contracts are
adjusted by the daily forward exchange rate of the underlying currency and any
gains or losses are recorded for financial statement purposes as unrealized
until the contract settlement date or an offsetting position is entered into.
At October 31, 2005, Investment Grade Fixed Income had the following open
forward foreign currency contracts:
78
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
FOREIGN CURRENCY
FORWARD FOREIGN EXPIRATION TO BE CONTRACT CONTRACT UNREALIZED
CURRENCY CONTRACT DATE PURCHASED/(SOLD) AMOUNT VALUE GAIN (LOSS)
----------------- ---------- ------------------ ---------- ---------- -----------
British Pound 1/13/06 (pound) 114,000 $ 199,101 $ 201,692 $ 2,591
European Economic Unit 1/13/06 (euro) (752,000) (907,551) (904,384) 3,167
Japanese Yen 1/13/06 (yen) 34,500,000 304,770 298,982 (5,788)
Norwegian Krone 1/13/06 NKr 1,294,000 199,200 199,813 613
Swedish Krona 1/13/06 SKr 1,547,000 200,085 195,299 (4,786)
Turkish Lira 1/17/06 TRL 68,000 49,186 49,253 67
---------- ---------- --------
$ 44,791 $ 40,655 $ (4,136)
========== ========== ========
I) TBA PURCHASE COMMITMENTS -- Each Portfolio may enter into "TBA" (to be
announced) purchase commitments to purchase securities for a fixed price at a
future date, typically not exceeding 45 days. TBA purchase commitments may be
considered securities in themselves, and involve a risk of loss if the value of
the security to be purchased declines prior to settlement date. This risk is in
addition to the risk of decline in each Portfolio's other assets. Unsettled TBA
purchase commitments are valued at the current market value of the underlying
securities, according to the procedures described under "Security Valuation"
above.
J) FUTURES -- Each Portfolio may enter into futures contracts to the
extent permitted by its investment policies and objectives. Upon entering into a
futures contract, each Portfolio is required to deposit cash or pledge U.S.
Government securities as initial margin. Subsequent payments, which are
dependent on the daily fluctuations in the value of the underlying instrument,
are made or received by the Portfolio each day (daily variation margin) and are
recorded as unrealized gains or losses until the contracts are closed.
When the contracts are closed, the Portfolio records a realized gain or
loss equal to the difference between the proceeds from (or cost of) the closing
transactions and the Portfolio's basis in the contract. Risks of entering into
futures contracts for hedging purposes include the possibility that a change in
the value of the contract may not correlate with the changes in the value of the
underlying instruments. In addition, the purchase of a futures contract involves
the risk that the Portfolio could lose more than the original margin deposit and
subsequent payments required for a futures transaction. At October 31, 2005,
Investment Grade Fixed Income had the following open futures contracts:
79
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
UNREALIZED
NUMBER OF EXPIRATION CONTRACT CONTRACT APPRECIATION
FUTURES CONTRACTS CONTRACTS DATE AMOUNT VALUE (DEPRECIATION)
----------------- --------- ---------- --------- --------- -------------
U.S.Treasury
10 Year Notes Futures 4 12/20/05 $ 435,146 $ 433,812 $ (1,334)
U.S.Treasury
5 Year Notes Futures 3 12/20/05 319,388 317,672 (1,716)
--------- --------- ---------
754,534 751,484 (3,050)
--------- --------- ---------
U.S.Treasury
Bonds Futures (1) 12/20/05 (112,683) (111,969) 714
U.S.Treasury
10 Year Notes Futures (2) 12/30/05 (410,460) (410,406) 54
--------- --------- ---------
(523,143) (522,375) 768
--------- --------- ---------
$ 231,391 $ 229,109 $ (2,282)
========= ========= =========
K) OPTIONS -- Investment Grade Fixed Income may purchase and write (sell)
call and put options on securities, currencies and swap agreements (options on
swap agreements are commonly known as "swaptions"). The Portfolio may write
covered and uncovered put and call options and purchase put and call options for
hedging purposes or to increase total return. The risk associated with
purchasing an option is that the Portfolio pays a premium whether or not the
option is exercised. Additionally, the Portfolio bears the risk of loss of
premium and change in market value should the counterparty not perform under the
contract. Put and call options purchased are accounted for in the same manner as
portfolio securities. The cost of securities acquired through the exercise of
call options is increased by the premium paid. The proceeds from securities sold
through the exercise of put options are decreased by the premium paid.
When the Portfolio writes an option, the premium received by the Portfolio
is recorded as a liability and is subsequently adjusted to the current market
value of the option written. Premiums received from writing options that expire
unexercised are recorded by the Portfolio on the expiration date as realized
gains from options transactions. The difference between the premium received and
the amount paid on effecting a closing purchase transaction, including brokerage
commissions, is also treated as a realized gain, or if the premium received is
less than the amount paid for the closing purchase transaction, as a realized
loss. If a call option is exercised, the premium received is added to the
proceeds from the sale of the underlying security in determining whether the
Portfolio has realized a gain or loss. If a put option is exercised, the premium
received reduces the cost basis of the security purchased by the Portfolio. The
risk involved in writing an option is that, if the option is exercised, the
80
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
underlying security could then be purchased or sold by the Portfolio at a
disadvantageous price. Uncovered options are riskier than covered options
because there is no underlying security held by the Portfolio that can act as a
partial hedge. Uncovered calls have speculative characteristics and the
potential for loss is unlimited. There is also a risk that the securities on
which the option is written may not be available for purchase if the call option
is exercised. Uncovered put options have speculative characteristics and the
potential loss is substantial.
Exchange-traded options are valued at the last sale price in the market
where such contracts are principally traded. OTC equity/index options are priced
according to the contract specifications (days to expiration, current spot index
level, interest rates, dividends, strike price) using the Black-Scholes pricing
model, modified for dividends. The volatility input assumption is interpolated
from the previous day's price. On a weekly basis and at month end, CSAM receives
a price indication sheet from the various broker dealers and inputs these prices
to update the volatility.
Transactions in written options for puts and calls for the year ended
October 31, 2005 were as follows:
NUMBER OF PREMIUMS
CONTRACTS RECEIVED
--------- --------
Options outstanding at beginning of period -- $ --
Options written 115 20,789
Options expired -- --
Options bought to close (115) (20,789)
------ --------
Options outstanding at end of period -- $ --
------ --------
L) SECURITIES LENDING -- Loans of securities are required at all times to
be secured by collateral at least equal to 102% of the market value of domestic
securities on loan (including any accrued interest thereon) and 105% of the
market value of foreign securities on loan (including any accrued interest
thereon). Cash collateral received by each Portfolio in connection with
securities lending activity may be pooled together with cash collateral for
other funds/portfolios advised by CSAM and may be invested in a variety of
investments, including certain CSAM-advised funds, funds advised by SSB, the
Portfolios' securities lending agent or money market instruments. However, in
the event of default or bankruptcy by the other party to the agreement,
realization and/or retention of the collateral may be subject to legal
proceedings.
81
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
SSB has been engaged by the Portfolios to act as the Portfolios'
securities lending agent. The Portfolios' securities lending arrangement
provides that the Portfolios and SSB will share the net income earned from
securities lending activities. During the year ended October 31, 2005, total
earnings from Large Cap Value, International Focus, Select Equity, Capital
Appreciation, Harbinger and Investment Grade Fixed Income's investment in cash
collateral received in connection with security lending arrangements was
$16,825, $188,430, $5,799, $990, $11,457 and $22,650, respectively, of which
$15,432, $147,084, $5,617, $934, $9,857 and $20,190, respectively, was rebated
to borrowers (brokers). Large Cap Value, International Focus, Select Equity,
Capital Appreciation, Harbinger and Investment Grade Fixed Income retained $978,
$29,044, $128, $40, $1,126, and $1,722 in income, respectively, from the cash
collateral investment and SSB, as lending agent, was paid $415, $12,302, $54,
$16, $474 and $738, respectively. The Portfolios may also be entitled to certain
minimum amounts of income from their securities lending activities. Securities
lending income is accrued as earned.
M) OTHER -- The Portfolios may invest in securities of foreign countries
and governments which involve certain risks in addition to those inherent in
domestic investments. Such risks generally include, among others, currency risks
(fluctuations in currency exchange rates), information risk (key information may
be inaccurate or unavailable) and political risk (expropriation, nationalization
or the imposition of capital or currency controls or punitive taxes). Other
risks of investing in foreign securities include liquidity and valuation risks.
The Portfolios may be subject to taxes imposed by countries in which they
invest, with respect to their investments in issuers existing or operating in
such countries. Such taxes are generally based on income earned or repatriated
and capital gains realized on the sale of such investments. The Portfolios
accrue such taxes when the related income or gains are earned.
Each Portfolio may invest up to 15% (except International Focus, which may
invest up to 10%) of its net assets in non-publicly traded securities.
Non-publicly traded securities may be less liquid than publicly traded
securities. Although these securities may be resold in privately negotiated
transactions, the prices realized from such sales could differ from the price
originally paid by the Portfolio or the current carrying values, and the
difference could be material.
82
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 3. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for each Portfolio. For its investment
advisory services, CSAM is entitled to receive a fee from each Portfolio based
on the fee schedules below:
PORTFOLIO ANNUAL RATE
--------- -------------
Large Cap Value 0.75% of average daily net assets
International Focus 0.80% of average daily net assets
Select Equity 0.50% of average daily net assets
Capital Appreciation 0.50% of average daily net assets
Harbinger 1.00% of average daily net assets
Investment Grade Fixed Income 0.30% of average daily net assets
For the year ended October 31, 2005, investment advisory fees earned,
voluntarily waived and expenses reimbursed for each Portfolio were as follows:
GROSS NET EXPENSE
PORTFOLIO ADVISORY FEE WAIVER ADVISORY FEE REIMBURSEMENT
----------- ------------ ---------- ------------ -------------
Large Cap Value $ 210,689 $ (148,819) $ 61,870 $ --
International Focus 305,603 (143,396) 162,207 --
Select Equity 82,305 (82,305) -- (1,663)
Capital Appreciation 35,068 (35,068) -- (52,422)
Harbinger 17,628 (17,628) -- (69,780)
Investment Grade Fixed Income 29,972 (29,972) -- (112,180)
CSAM will not recapture from the Portfolios any fees they waived during
the fiscal year ended October 31, 2005. Fee waivers and reimbursements are
voluntary and may be discontinued by CSAM at any time.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate
of CSAM, and SSB serve as co-administrators to the Portfolios.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of each Portfolio's average daily net
assets.
For the year ended October 31, 2005, co-administration services fees
earned by CSAMSI were as follows:
PORTFOLIO CO-ADMINISTRATION FEE
---------- ---------------------
Large Cap Value $ 28,092
International Focus 38,200
Select Equity 16,461
Capital Appreciation 7,013
Harbinger 1,763
Investment Grade Fixed Income 9,991
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee schedule calculated in
total for all the Credit Suisse funds/portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio, subject
to an annual minimum fee. For the year ended October 31, 2005, co-administration
services fees earned by SSB (including out-of-pocket fees) were as follows:
83
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 3. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
PORTFOLIO CO-ADMINISTRATION FEE
---------- ---------------------
Large Cap Value $ 29,924
International Focus 36,356
Select Equity 22,507
Capital Appreciation 16,818
Harbinger 10,609
Investment Grade Fixed Income 39,069
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Portfolios to provide certain financial printing and fulfillment services.
For the year ended October 31, 2005, Merrill was paid for its services to the
Portfolios as follows:
PORTFOLIO AMOUNT
---------- -------
Large Cap Value $ 2,902
International Focus 5,645
Select Equity 2,856
Capital Appreciation 3,453
Harbinger 2,874
Investment Grade Fixed Income 3,222
NOTE 4. LINE OF CREDIT
The Portfolios, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participates in a $75 million
committed, unsecured line of credit facility ("Credit Facility") for temporary
or emergency purposes with Deutsche Bank, A.G. as administrative agent and
syndication agent and SSB as operations agent. Under the terms of the Credit
Facility, the Participating Funds pay an aggregate commitment fee at a rate of
0.10% per annum on the average unused amount of the Credit Facility, which is
allocated among the Participating Funds in such manner as is determined by the
governing Boards of the Participating Funds. In addition, the Participating
Funds pay interest on borrowings at the Federal funds rate plus 0.50%. At
October 31, 2005, the Portfolios had no loans outstanding under the Credit
Facility. During the year ended October 31, 2005, the Portfolios had borrowings
under the Credit Facility as follows:
AVERAGE DAILY WEIGHTED AVERAGE MAXIMUM DAILY
PORTFOLIO LOAN BALANCE INTEREST RATE % LOAN OUTSTANDING
---------- ------------- ---------------- ----------------
Large Cap Value $ 2,519,000 3.500% $ 2,519,000
International Focus $ 3,664,286 2.919% $ 6,500,000
Harbinger $ 500,000 3.500% $ 500,000
84
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 5. PURCHASES AND SALES OF SECURITIES
For the year ended October 31, 2005, purchases and sales of investment
securities (excluding short-term investments) and U.S. Government and Agency
Obligations were as follows:
U.S. GOVERNMENT
INVESTMENTS AND AGENCY OBLIGATIONS
--------------------------- ------------------------
PORTFOLIO PURCHASES SALES PURCHASES SALES
---------- ------------ ------------ ----------- ----------
Large Cap Value $ 16,547,633 $ 20,628,893 $ -- $ --
International Focus 20,317,069 51,940,374 -- --
Select Equity 13,573,700 19,313,423 -- --
Capital Appreciation 9,698,613 7,053,926 -- --
Harbinger 2,283,217 4,226,672 -- --
Investment Grade Fixed Income 43,754,213 42,537,864 37,299,328 36,854,739
NOTE 6. CAPITAL SHARE TRANSACTIONS
The Fund is authorized to issue up to sixteen billion full and fractional
shares of common stock of separate series having a par value of $.001 per share.
Shares of six series have been classified, which constitute the interest in the
Portfolios. Transactions in shares of each Portfolio were as follows:
LARGE CAP VALUE PORTFOLIO
---------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2005 OCTOBER 31, 2004
---------------------------------------------
Shares sold 1,267,062 1,313,162
Shares issued in reinvestment of dividends 395,318 423,350
Shares redeemed (6,204,055) (5,982,652)
------------------ ------------------
Net decrease (4,541,675) (4,246,140)
================== ==================
INTERNATIONAL FOCUS PORTFOLIO
---------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2005 OCTOBER 31, 2004
---------------------------------------------
Shares sold 29,012 212,531
Shares issued in reinvestment of
dividends and distributions 147,597 536,000
Shares redeemed (3,315,963) (13,235,300)
------------------ ------------------
Net decrease (3,139,354) (12,486,769)
================== ==================
85
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 6. CAPITAL SHARE TRANSACTIONS
SELECT EQUITY PORTFOLIO
---------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2005 OCTOBER 31, 2004
---------------------------------------------
Shares sold 53,513 1,040,319
Shares issued in reinvestment of dividends 19,273 8,936
Shares redeemed (677,481) (444,034)
------------------ ------------------
Net increase (decrease) (604,695) 605,221
================== ==================
CAPITAL APPRECIATION PORTFOLIO
---------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2005 OCTOBER 31, 2004
---------------------------------------------
Shares sold 395,389 102,439
Shares issued in reinvestment of dividends 1,221 145
Shares redeemed (121,511) (664,049)
------------------ ------------------
Net increase (decrease) 275,099 (561,465)
================== ==================
HARBINGER PORTFOLIO
---------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2005 OCTOBER 31, 2004
---------------------------------------------
Shares sold -- 75,415
Shares issued in reinvestment of distributions 11,379 --
Shares redeemed (152,937) (30,000)
------------------ ------------------
Net increase (decrease) (141,558) 45,415
================== ==================
INVESTMENT GRADE FIXED INCOME PORTFOLIO
---------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2005 OCTOBER 31, 2004
---------------------------------------------
Shares sold -- 148,515
Shares issued in reinvestment of
dividends and distributions 43,651 81,304
Shares redeemed (41,280) (374,670)
------------------ ------------------
Net increase (decrease) 2,371 (144,851)
================== ==================
On October 31, 2005, the number of shareholders that held 5% or more of
the outstanding shares of each Portfolio was as follows:
86
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 6. CAPITAL SHARE TRANSACTIONS
NUMBER OF APPROXIMATE PERCENTAGE
PORTFOLIO SHAREHOLDERS OF OUTSTANDING SHARES
----------------------- ------------ ----------------------
Large Cap Value 1 98%
International Focus 4 86%
Capital Appreciation 2 99%
Select Equity 3 98%
Harbinger 2 99%
Some of the shareholders are omnibus accounts, which hold shares on behalf
of individual shareholders.
NOTE 7. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP.
The tax characteristics of dividends and distributions paid during the
years ended October 31, 2005 and 2004 were as follows:
ORDINARY INCOME LONG-TERM CAPITAL GAIN
--------------------------- --------------------------------
PORTFOLIO 2005 2004 2005 2004
--------- ------------ ------------ -------------- ---------------
Large Cap Value $ 407,178 $ 393,715 $ -- $ --
International Focus 1,655,323 4,848,610 -- 227,908
Select Equity 195,427 84,980 -- --
Capital Appreciation 12,001 1,299 -- --
Harbinger 44,407 -- 184,915 --
Investment Grade Fixed Income 431,696 807,788 -- --
The tax basis components of distributable earnings differ from the amounts
reflected in the Statement of Assets and Liabilities by temporary book/tax
differences. These differences are primarily due to losses deferred on wash
sales, mark to market of forward foreign currency contracts and futures
contracts, and capital losses from fund mergers. At October 31, 2005, the
components of distributable earnings on a tax basis were as follows:
INVESTMENT
LARGE CAP INTERNATIONAL SELECT CAPITAL GRADE FIXED
VALUE FOCUS EQUITY APPRECIATION HARBINGER INCOME
---------- ------------- ---------- ------------ --------- -----------
Undistributed net
investment income $ 273,454 $ 648,382 $ 601,913 $ 8,104 $ 106,371 $ 17,443
Undistributed net
realized gain (loss) (2,519,469) (148,190,997) 876,263 (1,911,424) 318,387 (40,931)
Net unrealized
appreciation
(depreciation) 4,136,105 6,203,027 831,921 967,157 269,681 (131,059)
---------- ------------- ---------- ------------ --------- -----------
$1,890,090 $(141,339,588) $2,310,097 $ (936,163) $ 694,439 $ (154,547)
========== ============= ========== ============ ========= ===========
87
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 7. FEDERAL INCOME TAXES
At October 31, 2005, the Portfolios had capital loss carryforwards
available to offset possible future capital gains as follows:
EXPIRES OCTOBER 31,
--------------------------------------------------------
PORTFOLIO 2009 2010 2011 2012 2013
----------------------------- ----------- ----------- ---------- -------- -------
Large Cap Value $ -- $ -- $2,519,469 $ -- $ --
International Focus 73,669,509 74,521,488 -- -- --
Select Equity -- -- -- -- --
Capital Appreciation -- 735,348 1,176,076 -- --
Harbinger -- -- -- -- --
Investment Grade Fixed Income -- -- -- 17,005 23,926
It is uncertain whether the Portfolios will be able to realize the
benefits before they expire.
During the tax year ended October 31, 2005, the Portfolios utilized
capital loss carryforwards in the following amounts:
PORTFOLIO AMOUNT UTILIZED
-------------------- ---------------
Large Cap Value $ 2,424,705
International Focus 8,295,623
Select Equity 249,267
Capital Appreciation 151,359
As of October 31, 2005, the identified cost for federal income tax
purposes, as well as the gross unrealized appreciation from investments for
those securities having an excess of value over cost, gross unrealized
depreciation from investments for those securities having an excess of cost over
value and the net unrealized appreciation (depreciation) from investments were
as follows:
GROSS GROSS NET UNREALIZED
IDENTIFIED UNREALIZED UNREALIZED APPRECIATION/
PORTFOLIO COST APPRECIATION (DEPRECIATION) (DEPRECIATION)
----------------------------- ------------ ------------ -------------- ---------------
Large Cap Value $ 22,639,031 $ 4,597,376 $ (461,271) $ 4,136,105
International Focus 26,544,371 6,453,160 (247,995) 6,205,165
Select Equity 11,126,784 1,213,049 (381,128) 831,921
Capital Appreciation 7,269,198 1,144,814 (177,657) 967,157
Harbinger 997,060 271,792 (2,111) 269,681
Investment Grade Fixed Income 11,765,194 19,130 (150,255) (131,125)
88
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 7. FEDERAL INCOME TAXES
At October 31, 2005, accumulated undistributed net investment income,
accumulated net realized gain (loss) from investments and paid-in capital have
been adjusted for current period permanent book/tax differences, which arose
principally from differing book/tax treatments of paydowns, gains and losses,
interest accrual on defaulted bonds and forward foreign currency contracts. Net
assets were not affected by these reclassifications:
INCREASE (DECREASE)
-------------------------------------------------
ACCUMULATED NET
UNDISTRIBUTED REALIZED GAIN
PAID-IN NET (LOSS) ON
PORTFOLIO CAPITAL INVESTMENT INCOME INVESTMENTS
----------------------------- ----------- ----------------- ---------------
Large Cap Value $ -- $ 38 $ (38)
International Focus 1,224,343 56,643 (1,280,986)
Select Equity -- -- --
Capital Appreciation -- -- --
Harbinger -- 21,727 (21,727)
Investment Grade Fixed Income 1 29,732 (29,733)
NOTE 8. CONTINGENCIES
In the normal course of business, each Portfolio may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Portfolios' maximum exposure under these arrangements is dependent on future
claims that may be made against the Portfolios and, therefore, cannot be
estimated; however, based on experience, the risk of loss from such claims is
considered remote.
89
CREDIT SUISSE INSTITUTIONAL FUND, INC.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------
To the Board of Directors of Credit Suisse Institutional Fund, Inc. and
Shareholders of Credit Suisse Institutional Fund, Inc.:
In our opinion, the accompanying statements of assets and liabilities,
including the schedules of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Large Cap Value Portfolio,
International Focus Portfolio, Select Equity Portfolio, Capital Appreciation
Portfolio, Harbinger Portfolio, and Investment Grade Fixed Income Portfolio
(constituting Credit Suisse Institutional Fund, Inc., hereafter referred to as
the "Fund") at October 31, 2005, the results of each of their operations for the
year then ended, the changes in each of their net assets for each of the two
years in the period then ended and the financial highlights for each of the
years (or periods) presented, in conformity with accounting principles generally
accepted in the United States of America. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at October 31, 2005 by correspondence with the
custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Baltimore, Maryland
December 19, 2005
90
CREDIT SUISSE INSTITUTIONAL FUND, INC.
INFORMATION CONCERNING DIRECTORS AND OFFICERS (UNAUDITED)
- --------------------------------------------------------------------------------
TERM NUMBER OF
OF OFFICE 1 PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS DIRECTOR HELD BY DIRECTOR
- ----------------------- ------------- ----------- ------------------------- -------------- -----------------------
INDEPENDENT DIRECTORS
Enrique Arzac Director, Since Professor of Finance 47 Director of The
c/o Credit Suisse Asset Nominating 2005 and Economics, Adams Express
Management, LLC Committee Graduate School of Company
Attn: General Counsel Member Business, Columbia (a closed-end
466 Lexington Avenue and Audit University since 1971. investment company);
New York, New York Committee Director of Petroleum
10017-3140 Chairman and Resources
Corporation (a closed-
Date of Birth: 02/10/41 end investment company)
Richard H. Francis Director, Since Currently retired 41 None
c/o Credit Suisse Asset Nominating 1999
Management, LLC and Audit
Attn: General Counsel Committee
466 Lexington Avenue Member
New York, New York
10017-3140
Date of Birth: 04/23/32
Jeffrey E. Garten Director, Since The Juan Trippe 40 Director of
Box 208200 Nominating 1998 Professor in the Aetna, Inc.
New Haven, Connecticut and Audit or Fund Practice of International (insurance company);
06520-8200 Committee Inception Trade Finance and Director of
Member Business from July CarMax Group
Date of Birth: 10/29/46 2005 to present; Partner (used car
and Chairman of Garten dealers)
Rothkopf (consulting
firm) from October 2005
to present; Dean of Yale
School of Management
from November 1995
to June 2005.
Peter F. Krogh Director, Since Dean Emeritus and 40 Director
301 ICC Nominating 2001 Distinguished Professor of Carlisle
Georgetown University and Audit of International Affairs Companies
Washington, DC 20057 Committee at the Edmund A. Incorporated
Member Walsh School of (diversified
Date of Birth: 02/11/37 Foreign Service, manufacturing
Georgetown University company)
from June 1995
to present.
__________________
1 Each Director and Officer serves until his or her respective successor has
been duly elected and qualified.
91
CREDIT SUISSE INSTITUTIONAL FUND, INC.
INFORMATION CONCERNING DIRECTORS AND OFFICERS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
TERM NUMBER OF
OF OFFICE 1 PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS DIRECTOR HELD BY DIRECTOR
- ----------------------- ------------- ----------- ------------------------- -------------- ----------------
INDEPENDENT DIRECTORS
James S. Pasman, Jr. Director, Since Currently retired 42 Director of
c/o Credit Suisse Asset Nominating 1999 Education
Management, LLC and Audit Management
Attn: General Counsel Committee Corp.
466 Lexington Avenue Member
New York, New York
10017-3140
Date of Birth: 12/20/30
Steven N. Rappaport Chairman of Director Partner of Lehigh 46 Director of
Lehigh Court, LLC the Board of since Court, LLC and RZ Presstek, Inc.
40 East 52nd Street Directors, 1999 Capital (private (digital imaging
New York, New York Nominating and investment firms) technologies
10022 Committee Chairman from July 2002 to company); Director
Chairman since present; Transition of Wood Resources,
Date of Birth: 07/10/48 and Audit 2005 Adviser to Sungard LLC. (plywood
Committee Securities Finance, manufacturing
Member Inc. from February company)
2002 to July 2002;
President of SunGard
Securities Finance, Inc.
from 2001 to February
2002; President of
Loanet, Inc. (on-line
accounting service)
from 1997 to 2001.
INTERESTED DIRECTOR
Michael E. Kenneally 2,3 Director Since Chairman and Global 40 None
c/o Credit Suisse Asset 2004 Chief Executive Officer
Management, LLC of CSAM from March
Attn: General Counsel 2003 to July 2005;
466 Lexington Avenue Chairman and Chief
New York, New York Investment Officer of
10017-3140 Banc of America Capital
Management from
Date of Birth: 03/30/54 1998 to March 2003.
_________________
2 Mr.Kenneally is a Director who is an "interested person" of the Fund as
defined in the 1940 Act, because he was an officer of CSAM within the last
two fiscal years.
3 Effective July 31, 2005, Steven B. Plump was appointed as Chief Executive
Officer and President of the Portfolios. Mr. Kenneally, who previously
held these positions, resigned effective July 31, 2005.
92
CREDIT SUISSE INSTITUTIONAL FUND, INC.
INFORMATION CONCERNING DIRECTORS AND OFFICERS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
TERM OF
OFFICE 1 AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH FUND SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ----------------------- -------------- ------------ ------------------------------------------------------------
OFFICERS
Steven B. Plump 3 Chief Since Managing Director; Associated with CSAM or its predecessor
Credit Suisse Asset Executive 2005 since 1995; Officer of other Credit Suisse Funds
Management, LLC Officer and
466 Lexington Avenue President
New York, New York
10017-3140
Date: 02/08/59
Michael A. Pignataro Chief Since Director and Director of Fund Administration of CSAM;
Credit Suisse Asset Financial 1999 Associated with CSAM or its predecessor since 1984;
Management, LLC Officer and Officer of other Credit Suisse Funds
466 Lexington Avenue Treasurer
New York, New York
10017-3140
Date of Birth: 11/15/59
Emidio Morizio Chief Since Director and Global Head of Compliance of CSAM;
Credit Suisse Asset Compliance 2004 Associated with CSAM since July 2000; Vice President
Management, LLC Officer and Director of Compliance of Forstmann-Leff Associates
466 Lexington Avenue from 1998 to June 2000; Officer of other Credit Suisse Funds
New York, New York
10017-3140
Date of Birth: 09/21/66
Ajay Mehra Chief Legal Since Director and General Counsel (Americas) of CSAM since
Credit Suisse Asset Officer 2004 September 2004; Senior Associate of Shearman & Sterling
Management, LLC LLP from September 2000 to September 2004; Senior
466 Lexington Avenue Counsel of the SEC Division of Investment Management
New York, New York from June 1997 to September 2000; Officer of other
10017-3140 Credit Suisse Funds
Date of Birth: 08/14/70
J.Kevin Gao Vice Since Vice President and Associate General Counsel of CSAM;
Credit Suisse Asset President 2004 Associated with CSAM since July 2003;Associated with
Management, LLC and the law firm of Willkie Farr & Gallagher LLP from 1998
466 Lexington Avenue Secretary to 2003; Officer of other Credit Suisse Funds
New York, New York
10017-3140
Date of Birth: 10/13/67
_________________
3 Effective July 31, 2005, Steven B. Plump was appointed as Chief Executive
Officer and President of the Portfolios. Mr. Kenneally, who previously
held these positions, resigned effective July 31, 2005.
93
CREDIT SUISSE INSTITUTIONAL FUND, INC.
INFORMATION CONCERNING DIRECTORS AND OFFICERS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
TERM OF
OFFICE 1 AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH FUND SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ----------------------- -------------- ------------ ------------------------------------------------------------
OFFICERS
Robert Rizza Assistant Since Assistant Vice President of CSAM; Associated with
Credit Suisse Asset Treasurer 2002 CSAM since 1998; Officer of other Credit Suisse Funds
Management, LLC
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/09/65
The Statement of Additional Information includes additional information
about the Directors and is available, without charge, upon request, by calling
800-222-8977.
94
CREDIT SUISSE INSTITUTIONAL FUND, INC.
PROXY VOTING AND PORTFOLIO HOLDINGS INFORMATION
- --------------------------------------------------------------------------------
Information regarding how each Portfolio voted proxies related to its
portfolio securities during the 12-month period ended June 30 of each year as
well as the policies and procedures that each Portfolio uses to determine how to
vote proxies relating to its portfolio securities are available:
o By calling 1-800-222-8977
o On the Fund's website, www.csam.com/us
o On the website of the Securities and Exchange Commission,
http://www.sec.gov.
Each Portfolio files a complete schedule of its portfolio holdings for the
first and third quarters of its fiscal year with the SEC on Form N-Q. The
Portfolios' Forms N-Q are available on the SEC's website at http://www.sec.gov
and may be reviewed and copied at the SEC's Public Reference Room in Washington,
DC. Information on the operation of the SEC's Public Reference Room may be
obtained by calling 1-800-SEC-0330.
95
CREDIT SUISSE INSTITUTIONAL FUND, INC.
TAX INFORMATION LETTER
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
IMPORTANT TAX INFORMATION FOR CORPORATE SHAREHOLDERS
Corporate shareholders should note for the year ended October 31, 2005,
the percentage of the Portfolios' investment income (i.e., net investment income
plus short-term capital gains) that qualified for the intercorporate dividends
received deduction is as follows:
PORTFOLIO PERCENTAGE
----------------------------- ----------
Large Cap Value 100.00%
Select Equity 71.50%
Capital Appreciation 100.00%
Harbinger 2.90%
Investment Grade Fixed Income 0.42%
For the fiscal year ended October 31, 2005, the Portfolios designate
approximate amounts listed below, or up to the maximum amount of such dividends
allowable pursuant to the Internal Revenue Code, as qualified dividend income
eligible for reduced tax rates. These lower rates range from 5% to 15% depending
on an individual's tax bracket. If the Fund pays a distribution during calendar
year 2005, completed information will be reported in conjunction with Form
1099-DIV.
PORTFOLIO AMOUNT
----------------------------- ----------
Large Cap Value $ 407,178
International Focus 1,655,323
Select Equity 195,427
Capital Appreciation 12,001
Harbinger 470
Investment Grade Fixed Income 1,816
IMPORTANT TAX INFORMATION FOR SHAREHOLDERS
During the year ended October 31, 2005, Harbinger declared $184,915 that
was designated as a 20% long-term capital gains dividend.
96
P.O. Box 55030, BOSTON, MA 02205-5030 CREDIT | ASSET
800-222-8977 WWW.CSAM.COM/US SUISSE | MANAGEMENT
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. INSTFUND-AR-1005
ITEM 2. CODE OF ETHICS.
The registrant has adopted a code of ethics applicable to its Chief Executive
Officer, President, Chief Financial Officer and Chief Accounting Officer, or
persons performing similar functions. A copy of the code is filed as Exhibit
12(a)(1) to this Form. There were no amendments to the code during the fiscal
year ended October 31, 2005. There were no waivers or implicit waivers from the
code granted by the registrant during the fiscal year ended October 31, 2005.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's governing board has determined that it has four audit committee
financial experts serving on its audit committee: Enrique R. Arzac, Richard H.
Francis, James S. Pasman, Jr., and Steven N. Rappaport. Each audit committee
financial expert is "independent" for purposes of this item.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) through (d). The information in the table below is provided for services
rendered to the registrant by its independent registered public accounting firm,
PricewaterhouseCoopers LLP ("PwC"), for its fiscal years ended October 31, 2004
and October 31, 2005.
- ---------------------------------------- -------------------------------------- --------------------------------------
2004 2005
- ---------------------------------------- -------------------------------------- --------------------------------------
Audit Fees $88,373 $68,175
- ---------------------------------------- -------------------------------------- --------------------------------------
Audit-Related Fees1 $31,500 $18,900
- ---------------------------------------- -------------------------------------- --------------------------------------
Tax Fees2 $16,255 $14,634
- ---------------------------------------- -------------------------------------- --------------------------------------
All Other Fees -- --
- ---------------------------------------- -------------------------------------- --------------------------------------
Total $136,128 $101,709
- ---------------------------------------- -------------------------------------- -------------------------------------
1 Services include agreed-upon procedures in connection with the registrant's
semi-annual financial statements ($21,000 for 2004 and $18,900 for 2005),
the registrant's third quarter 2004 Form N-Q filing ($10,500) in 2004.
2 Tax services in connection with the registrant's excise tax calculations
and review of the registrant's applicable tax returns.
The information in the table below is provided with respect to non-audit
services that directly relate to the registrant's operations and financial
reporting and that were rendered by PwC to the registrant's investment adviser,
Credit Suisse Asset Management, LLC ("CSAM"), and any service provider to the
registrant controlling, controlled by or under common control with CSAM that
provided ongoing services to the registrant ("Covered Services Provider"), for
the registrant's fiscal years ended October 31, 2004 and October 31, 2005.
- ---------------------------------------- -------------------------------------- --------------------------------------
2004 2005
- ---------------------------------------- -------------------------------------- --------------------------------------
2
- ---------------------------------------- -------------------------------------- --------------------------------------
Audit-Related Fees N/A N/A
- ---------------------------------------- -------------------------------------- --------------------------------------
Tax Fees N/A N/A
- ---------------------------------------- -------------------------------------- --------------------------------------
All Other Fees N/A $2,444,000
- ---------------------------------------- -------------------------------------- --------------------------------------
Total N/A $2,444,000
- ---------------------------------------- -------------------------------------- --------------------------------------
(e)(1) Pre-Approval Policies and Procedures. The Audit Committee ("Committee")
of the registrant is responsible for pre-approving (i) all audit and permissible
non-audit services to be provided by the independent registered public
accounting firm to the registrant and (ii) all permissible non-audit services to
be provided by the independent registered public accounting firm to CSAM and any
Covered Services Provider if the engagement relates directly to the operations
and financial reporting of the registrant. The Committee may delegate its
responsibility to pre-approve any such audit and permissible non-audit services
to the Chairperson of the Committee, and the Chairperson shall report to the
Committee, at its next regularly scheduled meeting after the Chairperson's
pre-approval of such services, his or her decision(s). The Committee may also
establish detailed pre-approval policies and procedures for pre-approval of such
services in accordance with applicable laws, including the delegation of some or
all of the Committee's pre-approval responsibilities to other persons (other
than CSAM or the registrant's officers). Pre-approval by the Committee of any
permissible non-audit services shall not be required so long as: (i) the
aggregate amount of all such permissible non-audit services provided to the
registrant, CSAM and any Covered Services Provider constitutes not more than 5%
of the total amount of revenues paid by the registrant to its independent
registered public accounting firm during the fiscal year in which the
permissible non-audit services are provided; (ii) the permissible non-audit
services were not recognized by the registrant at the time of the engagement to
be non-audit services; and (iii) such services are promptly brought to the
attention of the Committee and approved by the Committee (or its delegate(s))
prior to the completion of the audit.
(e)(2) The information in the table below sets forth the percentages of fees for
services (other than audit, review or attest services) rendered by PwC to the
registrant for which the pre-approval requirement was waived pursuant to Rule
2-01(c)(7)(i)(C) of Regulation S-X:
- ---------------------------------------- -------------------------------------- --------------------------------------
2004 2005
- ---------------------------------------- -------------------------------------- --------------------------------------
Audit-Related Fees N/A N/A
- ---------------------------------------- -------------------------------------- --------------------------------------
Tax Fees N/A N/A
- ---------------------------------------- -------------------------------------- --------------------------------------
All Other Fees N/A N/A
- ---------------------------------------- -------------------------------------- --------------------------------------
Total N/A N/A
- ---------------------------------------- -------------------------------------- --------------------------------------
3
The information in the table below sets forth the percentages of fees for
services (other than audit, review or attest services) rendered by PwC to CSAM
and any Covered Services Provider required to be approved pursuant to Rule
2-01(c)(7)(ii)of Regulation S-X, for the registrant's fiscal years ended October
31, 2004 and October 31, 2005:
- ---------------------------------------- -------------------------------------- --------------------------------------
2004 2005
- ---------------------------------------- -------------------------------------- --------------------------------------
Audit-Related Fees N/A N/A
- ---------------------------------------- -------------------------------------- --------------------------------------
Tax Fees N/A N/A
- ---------------------------------------- -------------------------------------- --------------------------------------
All Other Fees N/A N/A
- ---------------------------------------- -------------------------------------- --------------------------------------
Total N/A N/A
- ---------------------------------------- -------------------------------------- --------------------------------------
(f) Not Applicable.
(g) The aggregate fees billed by PwC for non-audit services rendered to the
registrant, CSAM and Covered Service Providers for the fiscal years ended
October 31, 2004 and October 31, 2005 were $47,755 and $33,534, respectively.
(h) Not Applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Form N-CSR disclosure requirement is not applicable to the registrant
ITEM 6. SCHEDULE OF INVESTMENTS.
Included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
4
Form N-CSR disclosure requirement is not applicable to the registrant.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Form N-CSR disclosure requirement is not applicable to the registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Form N-CSR disclosure requirement is not applicable to the registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
ITEM 11. CONTROLS AND PROCEDURES.
(a) As of a date within 90 days from the filing date of this report, the
principal executive officer and principal financial officer concluded that the
registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940 (the "Act")) were effective based on
their evaluation of the disclosure controls and procedures required by Rule
30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934.
(b) There were no changes in registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the
second fiscal quarter of the period covered by this
5
report that have materially affected, or are reasonably likely to materially
affect, the registrant's internal control over financial reporting.
ITEM 12. EXHIBITS.
(a)(1) Registrant's Code of Ethics is an exhibit to this report.
(a)(2) The certifications of the registrant as required by Rule 30a-2(a) under
the Act are exhibits to this report.
(a)(3) Not applicable.
(b) The certifications of the registrant as required by Rule 30a-2(b)
under the Act are an exhibit to this report.
6
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934 and the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
CREDIT SUISSE INSTITUTIONAL FUND, INC.
/s/ Steven B. Plump
-------------------
Name: Steven B. Plump
Title: Chief Executive Officer
Date: January 9, 2006
Pursuant to the requirements of the Securities Exchange Act of
1934 and the Investment Company Act of 1940, this report has been signed below
by the following persons on behalf of the registrant and in the capacities and
on the dates indicated.
/s/ Steven B. Plump
-------------------
Name: Steven B. Plump
Title: Chief Executive Officer
Date: January 9, 2006
/s/ Michael A. Pignataro
------------------------
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: January 9, 2006
7