UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File No. 811-08917
---------------------------------------------------------------------
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND, INC.
------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
466 Lexington Avenue, New York, New York 10017-3140
-------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
J. Kevin Gao, Esq.
Credit Suisse Institutional Fixed Income Fund, Inc.
466 Lexington Avenue
New York, New York 10017-3140
Registrant's telephone number, including area code: (212) 875-3500
Date of fiscal year end: December 31st
Date of reporting period: January 1, 2005 to December 31, 2005
ITEM 1. REPORTS TO STOCKHOLDERS.
CREDIT SUISSE [LOGO]
CREDIT SUISSE
INSTITUTIONAL FUNDS
Annual Report
December 31, 2005
o CREDIT SUISSE INSTITUTIONAL
FIXED INCOME FUND
o CREDIT SUISSE
GLOBAL HIGH YIELD FUND
The Funds' investment objectives, risks, charges and expenses (which should be
considered carefully before investing), and more complete information about the
Funds, are provided in the PROSPECTUS, which should be read carefully before
investing. You may obtain additional copies by calling 800-222-8977 or by
writing to Credit Suisse Institutional Funds, P.O. Box 55030, Boston, MA
02205-5030.
Credit Suisse Asset Management Securities, Inc., Distributor, is located at 466
Lexington Ave., New York, NY 10017-3140. Credit Suisse Institutional Funds are
advised by Credit Suisse Asset Management, LLC.
THE VIEWS OF THE FUNDS' MANAGEMENT ARE AS OF THE DATE OF THE LETTERS AND THE
FUND HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF DECEMBER 31, 2005; THESE
VIEWS AND FUND HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING IN
THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
FUND SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET
MANAGEMENT, LLC ("CREDIT SUISSE") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE
NOT GUARANTEED BY CREDIT SUISSE OR ANY AFFILIATE. FUND INVESTMENTS ARE SUBJECT
TO INVESTMENT RISKS, INCLUDING LOSS OF YOUR INVESTMENT.
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
ANNUAL INVESTMENT ADVISER'S REPORT
December 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
January 26, 2006
Dear Shareholder:
PERFORMANCE SUMMARY
1/01/05 - 12/31/05
FUND & BENCHMARKS PERFORMANCE
Credit Suisse Institutional Fixed Income Fund 1 1.82%
Lehman Brothers U.S. Aggregate Bond Index 2 2.43%
MARKET OVERVIEW: RESILIENT ECONOMY RIDES THROUGH THE STORMS
In a year of modest gains for most major indices, fixed income markets did
relatively well. Although economic growth was robust throughout the year, bond
markets seemed ever sensitive to the threat of an impending soft patch which, in
fact, never materialized. The inflationary impact of higher energy prices was a
near-constant cloud over the economy, sapping discretionary income and posing a
threat to continued consumer spending. A series of summer storms in the
refinery-heavy Gulf Coast only exacerbated oil price pressures while causing a
short-term spike in unemployment claims. Then, in the storms' aftermath, when
the specter of higher oil prices faded due to warmer-than-expected winter
weather, the likelihood of a housing collapse edged to the center of the
national radar screen.
But despite the periodic threat of a slowdown, economic growth remained
resilient and the Fed resolute in its measured pace of policy tightening,
lifting the fed funds rate 200 basis points over the course of the year, to
4.25%. The yield curve flattened and then, at year-end, inverted (the spread
between 2 year and 10 year Treasuries narrowed from 115 to -1 basis points) as a
global savings glut kept a lid on longer yields while the short end rose.
STRATEGIC REVIEW: EXPLOITING A BROAD OPPORTUNITY SET
Several factors accounted for the Fund's underperformance of the benchmark
during the fiscal year:
o As rates climbed throughout the year we brought our positioning on
the yield curve more into line with the benchmark.
1
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
December 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
o We shifted from an overweight to a neutral weighting in credit due
to the spread widening ignited by the GM downgrade.
o We gradually added to Treasuries, making a defensive rotation into
higher quality credits.
o Our position on the dollar detracted over the course of the year,
primarily due to increased volatility in the currency markets.
o Our allocation to Treasury Inflation Protected Securities (TIPS)
weighed on performance as inflation expectations remained tame in
spite of the rise in oil prices.
OUTLOOK: WAITING ON THE FED AND THE CORPORATE CREDIT CYCLE
It is our view that the Fed will continue its gradualist approach to
monetary tightening into 2006, with a tentative plateau for the fed funds rate
of 4.75%. At that point, we believe, Fed rate decisions will become more
flexible and data-dependent. When this occurs, but not before, we will consider
lengthening duration relative to the benchmark and adjusting the portfolio to
exploit any potential steepening in the yield curve.
Regarding the overall portfolio, we continue to reduce our allocation to
investment grade corporate credit. For although we feel the economy should grow
at a satisfactory rate, the temptation for corporate management to do something
to increase the stock price (e.g., share buybacks, dividend increases, leveraged
buy outs), could be detrimental to select corporate bonds. In this environment,
however, high yield could present tactical opportunities for investment. As we
move away from corporate credit generally, we look instead to the securitized
arena, where we see opportunities in high quality commercial mortgage backed
securities (which offers nearly the same yield as A-rated corporate bonds yet
also provides safe haven from leveraged buy-out risk) and select asset backed
securities.
Credit Suisse Fixed Income Management Team
Kevin D. Barry
Michael Gray
Sheila Huang
Richard Avidon
Philip Wubbena
2
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
December 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
HIGH YIELD BONDS ARE LOWER-QUALITY BONDS THAT ARE ALSO KNOWN AS "JUNK
BONDS." SUCH BONDS ENTAIL GREATER RISKS THAN THOSE FOUND IN HIGHER-RATED
SECURITIES. CORPORATE, MORTGAGE-BACKED AND ASSET-BACKED SECURITIES GENERALLY
ENTAIL GREATER RISKS THAN GOVERNMENT SECURITIES, INCLUDING GREATER CREDIT RISKS.
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS
FORWARD-LOOKING STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND
FOREIGN MARKET, INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT
REGULATION AND THEIR POTENTIAL IMPACT ON THE FUND'S INVESTMENT PORTFOLIO. THESE
STATEMENTS ARE SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS,
DEVELOPMENTS AND REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE FUND COULD BE
MATERIALLY DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE FUND HAS
NO OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
3
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
December 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF $3 MILLION INVESTMENT IN THE CREDIT
SUISSE INSTITUTIONAL FIXED INCOME FUND 1,3 AND THE LEHMAN BROTHERS
U.S. AGGREGATE BOND INDEX 2 FOR TEN YEARS.
[LINE GRAPH OMITTED]
Credit Suisse Lehman Brothers
Institutional U.S. Aggregate
Fixed Income Fund 1 Bond Index 2
------------------- ---------------
12/95 3000000 3000000
3031090 3019800
2988340 2967260
2965620 2946480
2955790 2929980
2955790 2924120
2989690 2963310
3003660 2971310
3005650 2966260
3058750 3017870
3123750 3084870
3178580 3137620
12/96 3162730 3108440
3179410 3118070
3202340 3125870
3170410 3091170
3204200 3137540
3240110 3167350
3283560 3205040
3369240 3291570
3352100 3263600
3399290 3311900
3418860 3359920
3436260 3375380
12/97 3468310 3409470
3515460 3453110
3524430 3450350
3547080 3462080
3560700 3480080
3583390 3513140
3605610 3543000
3621690 3550440
3612500 3608310
3665890 3692750
3651920 3673180
3707810 3694110
12/98 3724370 3705200
3753150 3731500
3700390 3666200
3738110 3686370
3776900 3698160
3735690 3665620
3722700 3653890
3707920 3638540
3698060 3636720
3736480 3678910
3754010 3692520
3774040 3692150
12/99 3765770 3674430
3755530 3662300
3804170 3706620
3837040 3755550
3785190 3744650
3774820 3742780
3864710 3820630
3891030 3855400
3935790 3911300
3959800 3935940
3962470 3961920
3994510 4026900
12/00 4091830 4101800
4230390 4168660
4246700 4204920
4258710 4225950
4258710 4208200
4305660 4233620
4310350 4249700
4394870 4344900
4448390 4394860
4431130 4445840
4496750 4538760
4453950 4476130
12/01 4419870 4447480
4437740 4483510
4443690 4527000
4396580 4451850
4441810 4538210
4453870 4576790
4337020 4616610
4236090 4672470
4318670 4751430
4335820 4828400
4332710 4806190
4394880 4804750
12/02 4497900 4904210
4526570 4908620
4596650 4976360
4611500 4972380
4672430 5013650
4755810 5106910
4752070 5096760
4596050 4925410
4638310 4957920
4763910 5089150
4727620 5041720
4750710 5053780
12/03 4802040 5105210
4842140 5146290
4892260 5201970
4929280 5240960
4801430 5104580
4774510 5084150
4817450 5112880
4864980 5163560
4956640 5262070
4980180 5276330
5031590 5320570
5011030 5278130
12/04 5068490 5326710
5099750 5360130
5082380 5328520
5039610 5301130
5099310 5372870
5148480 5430990
5170950 5460610
5138990 5410940
5199360 5480300
5149370 5423800
5106280 5380900
5124230 5404710
12/05 5160550 5456060
4
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
December 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL RETURNS AS OF DECEMBER 31, 2005 1,3
--------------------------------------------------
SINCE
1 YEAR 5 YEARS 10 YEARS INCEPTION
------ ------- -------- ---------
1.82% 4.75% 5.57% 6.08%
RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGES IN SHARE PRICE AND
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE
FUTURE RESULTS. THE CURRENT PERFORMANCE OF THE FUND MAY BE LOWER OR HIGHER THAN
THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION VALUE
MAY BE MORE OR LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT REFLECT
THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR THE
REDEMPTION OF FUND SHARES. PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT
MONTH-END IS AVAILABLE AT WWW.CREDIT-SUISSE.COM/US.
________________
1 Fee waivers and/or expense reimbursements may reduce expenses for the
Fund, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
2 The Lehman Brothers U.S. Aggregate Bond Index is composed of the Lehman
Brothers Government/Corporate Bond Index and the Lehman Brothers
Mortgage-Backed Securities Index. The Lehman Brothers U.S. Aggregate Bond
Index includes U.S. Treasury and agency issues, corporate bond issues and
mortgage-backed securities rated investment-grade or higher by Moody's
Investors Service, the Standard & Poor's Division of The McGraw-Hill
Companies, Inc., or Fitch Investors' Service. Investors cannot invest
directly in an index.
3 Inception date 3/31/94.
5
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
December 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
INFORMATION ABOUT YOUR FUND'S EXPENSES
As an investor of the Fund, you incur two types of costs: ongoing expenses
and transaction costs. Ongoing expenses include management fees, distribution
and service (12b-1) fees and other Fund expenses. Examples of transaction costs
include sales charges (loads), redemption fees and account maintenance fees,
which are not shown in this section and which would result in higher total
expenses. The following table is intended to help you understand your ongoing
expenses of investing in the Fund and to help you compare these expenses with
the ongoing expenses of investing in other mutual funds. The table is based on
an investment of $1,000 made at the beginning of the six month period ended
December 31, 2005.
The table illustrates your Fund's expenses in two ways:
o ACTUAL FUND RETURN. This helps you estimate the actual dollar amount
of ongoing expenses paid on a $1,000 investment in the Fund using
the Fund's actual return during the period. To estimate the expenses
you paid over the period, simply divide your account value by $1,000
(for example, an $8,600 account value divided by $1,000 = 8.6), then
multiply the result by the number in the "Expenses Paid per $1,000"
line under the share class you hold.
o HYPOTHETICAL 5% FUND RETURN. This helps you to compare your Fund's
ongoing expenses with those of other mutual funds using the Fund's
actual expense ratio and a hypothetical rate of return of 5% per
year before expenses. Examples using a 5% hypothetical fund return
may be found in the shareholder reports of other mutual funds. The
hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the
period.
Please note that the expenses shown in these tables are meant to highlight
your ongoing expenses only and do not reflect any transaction costs, such as
sales charges (loads) or redemption fees. If these transaction costs had been
included, your costs would have been higher. The "Expenses Paid per $1,000" line
of the tables is useful in comparing ongoing expenses only and will not help you
determine the relative total expenses of owning different funds.
6
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
December 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
EXPENSES AND VALUE OF A $1,000 INVESTMENT
FOR THE SIX MONTH PERIOD ENDED DECEMBER 31, 2005
- --------------------------------------------------------------------------------
ACTUAL FUND RETURN
Beginning Account Value 7/01/05 $1,000.00
Ending Account Value 12/31/05 $ 998.00
Expenses Paid per $1,000* $ 2.27
HYPOTHETICAL 5% FUND RETURN
Beginning Account Value 7/01/05 $1,000.00
Ending Account Value 12/31/05 $1,022.94
Expenses Paid per $1,000* $ 2.29
ANNUALIZED EXPENSE RATIOS* 0.45%
__________________
* EXPENSES ARE EQUAL TO THE FUND'S ANNUALIZED EXPENSE RATIO MULTIPLIED BY
THE AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF
DAYS IN THE MOST RECENT FISCAL HALF YEAR PERIOD, THEN DIVIDED BY 365.
THE "EXPENSES PAID PER $1,000" AND THE "ANNUALIZED EXPENSE RATIOS" IN THE
TABLES ARE BASED ON ACTUAL EXPENSES PAID BY THE FUND DURING THE PERIOD,
NET OF FEE WAIVERS AND/OR EXPENSE REIMBURSEMENTS. IF THOSE FEE WAIVERS
AND/OR EXPENSE REIMBURSEMENTS HAD NOT BEEN IN EFFECT, THE FUND'S ACTUAL
EXPENSES WOULD HAVE BEEN HIGHER.
For more information, please refer to the Fund's prospectus.
7
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
December 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
CREDIT QUALITY BREAKDOWN*
RATINGS
S&P
- --------------------------------------------------------
AAA 68.1%
AA 3.1%
A 9.2%
BBB 8.7%
BB 2.3%
B 0.5%
CCC 0.4%
-----
Subtotal 92.3%
Short-Term Investments 7.7%
-----
Total 100.0%
=====
_______________
* Expressed as a percentage of total investments (excluding security lending
collateral) and may vary over time.
8
CREDIT SUISSE GLOBAL HIGH YIELD FUND
ANNUAL INVESTMENT ADVISER'S REPORT
December 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
January 26, 2006
Dear Shareholder:
PERFORMANCE SUMMARY
1/01/05 - 12/31/05
FUND & BENCHMARKS PERFORMANCE
Credit Suisse Global High Yield Fund* 1 2.58%
Citigroup High-Yield Market Index 2 2.07%
Merrill Lynch Global High Yield Index 3 1.47%
Lipper High Yield Bond Funds Index 4 3.00%
* EFFECTIVE FEBRUARY 21, 2005, THIS FUND CHANGED ITS CURRENT 80% INVESTMENT
POLICY TO A POLICY OF INVESTING AT LEAST 80% OF ITS ASSETS, PLUS ANY
BORROWINGS FOR INVESTMENT PURPOSES, IN HIGH YIELD FIXED INCOME SECURITIES
OF ISSUERS LOCATED IN AT LEAST THREE COUNTRIES, WHICH MAY INCLUDE THE US.
AT THE SAME TIME, THE FUND CHANGED ITS NAME TO "CREDIT SUISSE GLOBAL HIGH
YIELD FUND."
MARKET OVERVIEW: RESILIENT ECONOMY RIDES THROUGH THE STORMS
In a year of modest gains for most major markets, the high yield sector
performed relatively well. Although economic growth was robust throughout the
year, credit markets seemed ever vulnerable to the threat of an impending soft
patch, which, in fact, never materialized. The inflationary impact of higher
energy prices was a near-constant cloud over the economy, sapping discretionary
income and posing a threat to continued consumer spending. A series of summer
storms in the refinery-heavy Gulf Coast only exacerbated oil price pressures
while causing a short-term spike in unemployment claims. Then, in the storms'
aftermath, when the specter of higher oil prices faded due to
warmer-than-expected winter weather, the likelihood of a housing collapse edged
to the center of the national radar screen.
But despite the periodic threat of a slowdown, corporate profit growth
remained resilient and the Fed resolute in its measured pace of policy
tightening, lifting the fed funds rate 200 basis points over the course of the
year, to 4.25%. The yield curve flattened and then, at year-end, inverted (the
spread between 2 year and 10 year Treasuries narrowed from 115 to -1 basis
points) as a global savings glut kept a lid on longer yields while the short end
rose.
In the Fund's fiscal year, the high yield market (as measured by the
Lipper High Yield Bond Fund Index), outperformed the broad fixed income market
9
CREDIT SUISSE GLOBAL HIGH YIELD FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
December 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
(as measured by the Lehman Brothers Aggregate Bond Index, which returned 2.43%),
although the magnitude of outperformance narrowed significantly from that of the
last several years and might be considered small given the strong fundamental
backdrop.
In our view, this was due to the natural progress of the credit and
business cycles. High Yield defaults (as measured by Moody's Investor Services)
remained below 2% through the entire fiscal year period, well below historical
averages. However, after intense focus on balance sheet repair prompted by
strong earnings growth and low interest rates in the last few years, there is
simply less "room for improvement" in credit fundamentals. In addition,
corporations are increasingly turning to other means to address their lackluster
share prices (through share repurchases, dividend increases and other measures)
in an effort to boost shareholder value.
From a technical perspective, the environment was mixed. High yield mutual
funds reported a record $8.7 billion outflow through year-end, although this
indicator does not account for the increasing role of hedge funds and other
market participants. And while the fiscal year saw a decline in the number of
high yield deals and a drop in new issue volume, this decrease in new supply was
easily outweighed by the entrance of Ford, GM and Delphi debt into the high
yield arena.
In our view, this influx of fallen angel debt caused the greatest
turbulence, and provided the greatest drag, on the high yield market in the
period. High yield spreads remained below their historical averages for most of
the period, but widened dramatically with the downgrade of General Motors and
Ford to junk status. These fallen angels brought approximately $82 billion of
debt (market value prior to downgrade) and raised concerns about the high yield
market's ability to absorb that level of supply. Together they now account for
about 12% of the Citigroup High Yield Market Index.
In sum, all of these factors, along with the impact of the Gulf Coast
hurricanes, persistently high energy costs, and uncertainty with respect to
Federal Reserve policy weighed on the market, resulting in greater caution among
investors.
STRATEGIC REVIEW: SELECTIVE SECTOR POSITIONING
Several factors accounted for the Fund's performance during the fiscal
year:
o Our overweight to the Wireless sector relative to the Index provided
the greatest positive contribution to the Fund's performance in the
period.
10
CREDIT SUISSE GLOBAL HIGH YIELD FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
December 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
o An underweight to the Automotive sector aided as did security
selection within the Broadcast and Utilities sectors.
o The greatest hindrance to performance was our underweight allocation
to the Diversified Telecom and Energy sectors, both of which
outperformed for the period under review.
OUTLOOK: MONETARY POLICY CHANGES AMID FAVORABLE CREDIT CONDITIONS
We maintain a cautiously optimistic view for high yield heading into 2006.
Strong fundamentals, still-robust economic growth and low default risk could be
offset by the increase in shareholder-friendly actions, such as buybacks and LBO
activity. Defaults are expected to remain below their historical average, but
the trend of deteriorating new-issue quality may continue, planting the seeds of
future failures. Meanwhile, with spreads near their historic lows, we expect
them to widen going forward, which should increase the importance of relative
valuation and selective issue selection in achieving superior performance.
The Credit Suisse High Yield Management Team
Martha Metcalf
Michael Gray
Wing Chan
HIGH YIELD BONDS ARE LOWER-QUALITY BONDS ALSO KNOWN AS "JUNK BONDS." SUCH
BONDS ENTAIL GREATER RISKS THAN THOSE FOUND IN HIGHER-RATED SECURITIES.
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS
FORWARD-LOOKING STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND
FOREIGN MARKET, INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT
REGULATION AND THEIR POTENTIAL IMPACT ON THE FUND'S INVESTMENT PORTFOLIO. THESE
STATEMENTS ARE SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS,
DEVELOPMENTS AND REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE FUND COULD BE
MATERIALLY DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE FUND HAS
NO OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
11
CREDIT SUISSE GLOBAL HIGH YIELD FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
December 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF $3 MILLION INVESTMENT IN THE
CREDIT SUISSE GLOBAL HIGH YIELD FUND 1,5, THE CITIGROUP HIGH-YIELD MARKET
INDEX 2 AND THE MERRILL LYNCH GLOBAL HIGH YIELD INDEX 3,6 FOR TEN YEARS.
[LINE GRAPH OMITTED]
Credit Suisse Citigroup Merrill Lynch
Global High High-Yield Global High
Yield Fund 1 Market Index 2 Yield Index 3,6
------------- -------------- ---------------
12/95 3000000 3000000
3080510 3044100
3141850 3062970
3132870 3047660
3156240 3046740
3216600 3063810
3205270 3087400
3185290 3107470
3215270 3139780
3309550 3213250
3311600 3250210
3350460 3312610
12/96 3382070 3338780
3432270 3363820
3492920 3421010
3429620 3385770
3442400 3409810
3529680 3478690
3601390 3537480
3690280 3618480
3703290 3627530
3798230 3691010
3824810 3720540
3829240 3739520
12/97 3884150 3778780 3000000
3968150 3863800 3046980
4027170 3890080 3060810
4084760 3932090 3090200
4087060 3953320 3103950
4103200 3964000 3121460
4113350 3972720 3136280
4103930 4004500 3161150
3906270 3736200 2999360
3826780 3782150 3005900
3732800 3729960 2941940
3831600 3917200 3097480
12/98 3834590 3914460 3092400
3883850 3973180 3136310
3876460 3939800 3114510
3933140 3973290 3151580
4030960 4056330 3210130
3973270 3992650 3178100
3973320 3983870 3169610
3983590 3992630 3176300
3932250 3945120 3143230
3892270 3915130 3132540
3865970 3888510 3116190
3926460 3949560 3153520
12/99 4006830 3982740 3174210
4042000 3949680 3161040
4182680 3959160 3166030
4126110 3878790 3121800
4048520 3894300 3113780
3990330 3840170 3070750
4030260 3926580 3132220
4024590 3969380 3141060
4004720 3998750 3164840
3950880 3955960 3133090
3834330 3838870 3025750
3633290 3681860 2906480
12/00 3685120 3756970 2990330
3877180 4010070 3179500
3874180 4057950 3222010
3805610 3984230 3143160
3753220 3925670 3099850
3808690 3988590 3146260
3715350 3878890 3052470
3731300 3951990 3099750
3775950 4005910 3125380
3509940 3717480 2901920
3601700 3841000 2998760
3700020 3987010 3105840
12/01 3717910 3961400 3083640
3745090 3978360 3091780
3697510 3935080 3042060
3764190 4039830 3120520
3798790 4105940 3170350
3764190 4055010 3145050
3594320 3697880 2906030
3487770 3530700 2791150
3516180 3665070 2857780
3456700 3592990 2812450
3412760 3580740 2798420
3581200 3853980 2971000
12/02 3610380 3900880 3016360
3667870 4046150 3114520
3736860 4100410 3154190
3814000 4238430 3233330
3969840 4501830 3421610
4016590 4531710 3462160
4124660 4672620 3561040
4116640 4603550 3519230
4120650 4650800 3565400
4206300 4788600 3659140
4289110 4899940 3734080
4363630 4968010 3784340
12/03 4481610 5095550 3866950
4630690 5183620 3931990
4617140 5155250 3932340
4619490 5187630 3960420
4669850 5169940 3939470
4601180 5080400 3878760
4685770 5156090 3937800
4746680 5222410 3988990
4863830 5317830 4061630
4914790 5390040 4119340
5024430 5501770 4196000
5110240 5565190 4244680
12/04 5273640 5645200 4308430
5278590 5637400 4307140
5347920 5722140 4368520
5173440 5561450 4255420
5097580 5484760 4210780
5153210 5597700 4279750
5234950 5691360 4366070
5353690 5773760 4437020
5389830 5797860 4454770
5349930 5739910 4417130
5318370 5697030 4388720
5376240 5711780 4405050
12/05 5409520 5763420 4444210
12
CREDIT SUISSE GLOBAL HIGH YIELD FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
December 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL RETURNS AS OF DECEMBER 31, 2005 1,5
--------------------------------------------------
SINCE
1 YEAR 5 YEARS 10 YEARS INCEPTION
------ ------- -------- ---------
2.58% 7.98% 6.07% 6.89%
RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGES IN SHARE PRICE AND
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE
FUTURE RESULTS. THE CURRENT PERFORMANCE OF THE FUND MAY BE LOWER OR HIGHER THAN
THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION VALUE
MAY BE MORE OR LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT REFLECT
THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR THE
REDEMPTION OF FUND SHARES. PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT
MONTH-END IS AVAILABLE AT WWW.CREDIT-SUISSE.COM/US.
_________________
1 Fee waivers and/or expense reimbursements may reduce expenses for the
Fund, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
2 The Citigroup High-Yield Market Index is a broad-based, unmanaged index of
high yield securities that is compiled by Citigroup Global Markets Inc.
Investors cannot invest directly in an index.
3 The Merrill Lynch Global High Yield Index tracks the performance of below
investment grade bonds of corporate issuers domiciled in countries having
an investment grade foreign currency long term debt rating. In order to
reflect changes to the Fund's investment policy and name, the Merrill
Lynch Global High Yield Index replaced the Citigroup High Yield Market
Index as the Fund's benchmark effective February 21, 2005. Investors
cannot invest directly in an index.
4 The Lipper High Yield Bond Funds Index is an equal-weighted performance
index, adjusted for capital-gain distributions and income dividends, of
the largest qualifying funds classified by Lipper Inc. as investing
primarily in high yield debt securities. It is compiled by Lipper Inc.
Investors cannot invest directly in an index.
5 Inception date 2/26/93.
6 Performance for the index is not available for the period beginning
12/31/95. For that reason, performance is shown for the period beginning
1/1/98.
13
CREDIT SUISSE GLOBAL HIGH YIELD FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
December 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
INFORMATION ABOUT YOUR FUND'S EXPENSES
As an investor of the Fund, you incur two types of costs: ongoing expenses
and transaction costs. Ongoing expenses include management fees, distribution
and service (12b-1) fees and other Fund expenses. Examples of transaction costs
include sales charges (loads), redemption fees and account maintenance fees,
which are not shown in this section and which would result in higher total
expenses. The following table is intended to help you understand your ongoing
expenses of investing in the Fund and to help you compare these expenses with
the ongoing expenses of investing in other mutual funds. The table is based on
an investment of $1,000 made at the beginning of the six month period ended
December 31, 2005.
The table illustrates your Fund's expenses in two ways:
o ACTUAL FUND RETURN. This helps you estimate the actual dollar amount
of ongoing expenses paid on a $1,000 investment in the Fund using
the Fund's actual return during the period. To estimate the expenses
you paid over the period, simply divide your account value by $1,000
(for example, an $8,600 account value divided by $1,000 = 8.6), then
multiply the result by the number in the "Expenses Paid per $1,000"
line under the share class you hold.
o HYPOTHETICAL 5% FUND RETURN. This helps you to compare your Fund's
ongoing expenses with those of other mutual funds using the Fund's
actual expense ratio and a hypothetical rate of return of 5% per
year before expenses. Examples using a 5% hypothetical fund return
may be found in the shareholder reports of other mutual funds. The
hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the
period.
Please note that the expenses shown in these tables are meant to highlight
your ongoing expenses only and do not reflect any transaction costs, such as
sales charges (loads) or redemption fees. If these transaction costs had been
included, your costs would have been higher. The "Expenses Paid per $1,000" line
of the tables is useful in comparing ongoing expenses only and will not help you
determine the relative total expenses of owning different funds.
14
CREDIT SUISSE GLOBAL HIGH YIELD FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
December 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
EXPENSES AND VALUE OF A $1,000 INVESTMENT
FOR THE SIX MONTH PERIOD ENDED DECEMBER 31, 2005
- --------------------------------------------------------------------------------
ACTUAL FUND RETURN
Beginning Account Value 7/01/05 $1,000.00
Ending Account Value 12/31/05 $1,033.30
Expenses Paid per $1,000* $ 3.59
HYPOTHETICAL 5% FUND RETURN
Beginning Account Value 7/01/05 $1,000.00
Ending Account Value 12/31/05 $1,021.68
Expenses Paid per $1,000* $ 3.57
ANNUALIZED EXPENSE RATIOS* 0.70%
__________________
* EXPENSES ARE EQUAL TO THE FUND'S ANNUALIZED EXPENSE RATIO MULTIPLIED BY
THE AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY THE NUMBER OF
DAYS IN THE MOST RECENT FISCAL HALF YEAR PERIOD, THEN DIVIDED BY 365.
THE "EXPENSES PAID PER $1,000" AND THE "ANNUALIZED EXPENSE RATIOS" IN THE
TABLES ARE BASED ON ACTUAL EXPENSES PAID BY THE FUND DURING THE PERIOD,
NET OF FEE WAIVERS AND/OR EXPENSE REIMBURSEMENTS. IF THOSE FEE WAIVERS
AND/OR EXPENSE REIMBURSEMENTS HAD NOT BEEN IN EFFECT, THE FUND'S ACTUAL
EXPENSES WOULD HAVE BEEN HIGHER.
For more information, please refer to the Fund's prospectus.
15
CREDIT SUISSE GLOBAL HIGH YIELD FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
December 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
CREDIT QUALITY BREAKDOWN*
RATINGS
S&P
- --------------------------------------------------------
A 0.6%
BBB 0.8%
BB 23.7%
B 53.0%
CCC 14.7%
NR 3.4%
-----
Subtotal 96.2%
Short-Term Investments 3.8%
-----
Total 100.0%
=====
_________________
* Expressed as a percentage of total investments (excluding security lending
collateral) and may vary over time.
16
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS
December 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- --------- ------ -------------
CORPORATE BONDS (20.7%)
AEROSPACE & DEFENSE (0.5%)
$ 585 Goodrich Corp., Notes (BBB- , Baa3) 04/15/08 7.500 $ 614,521
-------------
BANKS (0.8%)
460 Bank of America Corp., Global Notes ss. (AA- , Aa2) 10/01/10 4.250 447,780
160 Bank of America Corp., Rule 144A,
Company Guaranteed Notes
(Callable 12/31/06 @ $104.04) ++ (A , Aa3) 12/31/26 8.070 170,343
305 Bank of New York Company, Inc.,
Senior Subordinated Notes
(Callable 03/15/08 @ $100.00) # (A , A1) 03/15/13 3.400 295,132
-------------
913,255
-------------
COMMERCIAL SERVICES (0.5%)
335 Cendant Corp., Units (BBB+ , Baa1) 08/17/06 4.890 331,482
255 Erac USA Finance Co., Rule 144A, Notes ++ (BBB+ , Baa1) 05/15/06 6.625 256,069
-------------
587,551
-------------
COMPUTERS (0.3%)
280 SunGard Data Systems, Inc, Rule 144A,
Senior Unsecured Notes
(Callable 08/15/09 @ $104.56) ++ (B- , B3) 08/15/13 9.125 291,200
-------------
DIVERSIFIED FINANCIALS (6.6%)
505 Ameriprise Financial, Inc., Senior
Unsecured Notes (A- , A3) 11/15/10 5.350 508,999
150 Capital One Financial Corp., Senior Notes (BBB- , Baa1) 05/17/07 4.738 149,552
620 Citigroup, Inc., Global Subordinated Notes (A+ , Aa2) 09/15/14 5.000 611,363
390 Ford Motor Credit Co., Global Notes ss. (BB- , Ba2) 01/25/07 6.500 377,406
225 Ford Motor Credit Co., Global Notes (BB- , Ba2) 01/15/10 5.700 191,429
170 Ford Motor Credit Co., Global Notes ss. (BB- , Ba2) 10/01/13 7.000 145,464
1,270 General Electric Capital Corp., Series MTNA,
Global Notes (AAA , Aaa) 06/15/12 6.000 1,339,338
165 General Motors Acceptance Corp.,
Global Bonds ss. (BB , Ba1) 11/01/31 8.000 158,469
155 General Motors Acceptance Corp., Global
Notes ss. (BB , Ba1) 12/01/14 6.750 139,666
475 Goldman Sachs Group, Inc., Global Notes ss. ( A+ , Aa3) 01/15/15 5.125 470,468
595 Household Finance Corp., Global Notes (A , A1) 12/15/08 4.125 581,388
145 ILFC E-Capital Trust, Rule 144A, Bonds
(Callable 12/21/10 @ $100.00) ++# (A , A3) 12/21/65 5.900 145,725
160 JPMorgan Chase & Co., Global Notes ss. (A+ , Aa3) 03/01/15 4.750 154,948
380 MBNA America Bank, Rule 144A, Subordinated
Notes ++ (AA- , Aa2) 03/15/08 6.750 394,336
225 Morgan Stanley, Global Subordinated Notes (A , A1) 04/01/14 4.750 216,152
515 OMX Timber Finance Investment LLC, Rule
144A, Company Guaranteed Notes
(Callable 10/31/19 @ $100.00) ++# (A+ , Aa3) 01/29/20 5.420 516,934
345 Residential Capital Corp., Notes (BBB- , Baa3) 11/21/08 6.125 346,064
630 SLM Corp., Series MTNA, Global Notes (A , A2) 01/15/09 4.000 613,505
See Accompanying Notes to Financial Statements.
17
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- --------- ------ -------------
CORPORATE BONDS
DIVERSIFIED FINANCIALS
$ 535 Toll Brothers Finance Corp., Global Company
Guaranteed Notes (BBB- , Baa3) 11/15/12 6.875 $ 562,722
-------------
7,623,928
-------------
ELECTRIC (1.9%)
226 American Electric Power Company, Inc.,
Series A, Global Notes (BBB , Baa2) 05/15/06 6.125 227,042
200 Constellation Energy Group, Inc., Notes (BBB , Baa1) 04/01/07 6.350 203,221
300 Dominion Resources, Inc., Series A, Notes (BBB+ , Baa1) 11/15/06 3.660 296,541
450 FPL Group Capital, Inc., Notes (A- , A2) 02/16/07 4.086 445,636
205 Pacific Gas & Electric Co., First Mortgage Notes (BBB , Baa1) 03/01/34 6.050 212,895
275 PacifiCorp, First Mortgage Notes (A- , A3) 11/15/11 6.900 301,211
565 TXU Corp., Global Senior Notes ss. (BB+ , Ba1) 11/15/14 5.550 539,482
-------------
2,226,028
-------------
ENTERTAINMENT (0.1%)
125 AMC Entertainment, Inc., Senior Subordinated
Notes (Callable 02/01/06 @ $101.58) ss. (CCC+ , B3) 02/01/11 9.500 123,594
-------------
ENVIRONMENTAL CONTROL (0.3%)
240 Waste Management, Inc., Global Company
Guaranteed Notes (BBB , Baa3) 05/15/32 7.750 297,286
-------------
HOME BUILDERS (1.5%)
925 D.R. Horton, Inc., Senior Notes ss. (BB+ , Baa3) 02/15/15 5.250 870,554
880 Lennar Corp., Series B, Global Company
Guaranteed Notes ss. (BBB , Baa3) 05/31/15 5.600 851,187
-------------
1,721,741
-------------
INSURANCE (1.6%)
485 American International Group, Inc., Global Notes (AA , Aa2) 05/15/13 4.250 462,015
580 Berkshire Hathaway Finance Corp., Global
Company Guaranteed Notes (AAA , Aaa) 01/15/10 4.125 564,122
175 Florida Windstorm Underwriting Association,
Rule 144A, Senior Notes ++ (A- , A3) 08/25/07 6.850 179,255
450 Nationwide Mutual Insurance Co., Rule 144A,
Bonds (Callable 04/15/14 @ $100.00) ++ (A- , A2) 04/15/34 6.600 454,272
175 Progressive Corp., Senior Notes (A+ , A1) 12/01/32 6.250 191,611
-------------
1,851,275
-------------
INVESTMENT COMPANY (0.2%)
275 Frank Russell Co., Rule 144A, Company
Guaranteed Notes ++ (AAA , Aa1) 01/15/09 5.625 281,421
-------------
LODGING (0.0%)
144 Windsor Woodmont Black Hawk, Series B,
First Mortgage Notes 0^ (NR , NR) 03/15/05 13.000 0
-------------
See Accompanying Notes to Financial Statements.
18
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------ -------------
CORPORATE BONDS
MEDIA (2.3%)
$ 240 CCO Holdings LLC, Global Senior Notes
(Callable 11/15/08 @ $104.38) (CCC- , B3) 11/15/13 8.750 $ 229,800
520 Comcast Cable Communications Holdings, Inc.,
Global Company Guaranteed Notes (BBB+ , Baa2) 03/15/13 8.375 602,720
485 Comcast Corp., Company Guaranteed Notes (BBB+ , Baa2) 06/15/16 4.950 458,437
280 Cox Communications, Inc., Global Notes (BBB- , Baa3) 12/15/14 5.450 273,701
550 News America, Inc., Rule 144A, Notes ++ (BBB , Baa2) 12/15/35 6.400 556,216
240 Time Warner Entertainment Company LP,
Senior Notes (BBB+ , Baa1) 07/15/33 8.375 284,344
220 Time Warner, Inc., Global Company Guaranteed
Notes (BBB+ , Baa1) 04/15/31 7.625 245,729
-------------
2,650,947
-------------
OIL & GAS (1.3%)
420 Amerada Hess Corp., Notes (BBB- , Ba1) 08/15/31 7.300 487,576
115 Enterprise Products Operating LP, Senior Notes (BB+ , Baa3) 06/01/10 4.950 112,879
340 Enterprise Products Operating LP, Series B,
Global Senior Notes (BB+ , Baa3) 10/15/34 6.650 352,213
280 Pemex Project Funding Master Trust, Rule 144A,
Company Guaranteed Notes ++# (BBB , Baa1) 06/15/10 5.791 290,500
285 XTO Energy, Inc., Notes (BBB- , Baa3) 06/30/15 5.300 285,524
-------------
1,528,692
-------------
PIPELINES (0.2%)
245 Kinder Morgan Energy Partners LP, Notes (BBB+ , Baa1) 11/15/14 5.125 240,034
-------------
REAL ESTATE (0.3%)
310 EOP Operating LP, Notes (BBB , Baa2) 10/01/10 4.650 300,677
-------------
SAVINGS & LOANS (0.2%)
275 Washington Mutual Bank, Global Subordinated
Notes ss. (A- , A3) 01/15/15 5.125 269,167
-------------
TELECOMMUNICATIONS (2.0%)
150 ALLTEL Corp., Notes (A , A2) 05/17/07 4.656 149,369
295 BellSouth Corp., Global Senior Unsecured
Notes ss. (A , A2) 11/15/34 6.000 295,740
275 Motorola, Inc., Notes (BBB+ , Baa2) 11/16/07 4.608 273,403
250 Nextel Communications, Inc., Series E, Senior
Notes (Callable 10/31/08 @ $103.44) (A- , Baa2) 10/31/13 6.875 261,021
295 Qwest Capital Funding, Inc., Company
Guaranteed Notes (B , B3) 07/15/08 6.375 294,263
250 SBC Communications, Inc., Global Notes (A , A2) 09/15/14 5.100 244,644
245 Sprint Capital Corp., Global Company
Guaranteed Notes (A- , Baa2) 03/15/32 8.750 326,119
420 Verizon Wireless Capital LLC, Global Notes (A+ , A3) 12/15/06 5.375 421,479
-------------
2,266,038
-------------
See Accompanying Notes to Financial Statements.
19
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------ -------------
CORPORATE BONDS
TRANSPORTATION (0.1%)
$ 102 Horizon Lines LLC, Global Company Guaranteed
Notes (Callable 11/01/08 @ $104.50) (CCC+ , B3) 11/01/12 9.000 $ 107,865
-------------
TOTAL CORPORATE BONDS (Cost $24,126,267) 23,895,220
-------------
ASSET BACKED SECURITIES (8.5%)
825 Asset Backed Funding Certificates,
Series 2005-AQ1, Class A4 # (AAA , Aaa) 06/25/35 5.010 809,403
410 Asset Backed Funding Certificates,
Series 2005-AQ1, Class M1 # (AA , Aa) 06/25/35 5.240 398,342
1,105 CDC Mortgage Capital Trust, Series 2003-HE4,
Class M2 # (A , A2) 03/25/34 6.029 1,127,852
415 CIT Group Home Equity Loan Trust,
Series 2003-1, Class M1 # (AA , Aa2) 10/20/32 4.670 406,838
362 Contimortgage Home Equity Loan Trust,
Series 1996-4, Class A8 (AAA , Aaa) 01/15/28 7.220 362,210
610 Countrywide Asset-Backed Certificates,
Series 2005-4, Class MF2 (AA , Aa2) 10/25/35 5.136 595,090
965 DaimlerChrysler Auto Trust, Series 2004-B,
Class A4 (AAA , Aaa) 10/08/09 3.710 946,756
1,235 Finance America Mortgage Loan Trust,
Series 2004-2, Class M1 # (AA+ , Aa1) 08/25/34 4.929 1,239,842
610 First Franklin Mortgage Loan Asset-Backed
Certificates, Series 2005-FF5, Class A2B # (AAA , Aaa) 03/25/35 4.609 610,381
218 Greenpoint Home Equity Loan Trust,
Series 2003-1, Class A # (AAA , Aaa) 04/15/29 4.639 217,950
410 Ixis Real Estate Capital Trust, Series 2005-HE2,
Class M1 # (AA , Aa1) 09/25/35 4.809 411,523
655 MBNA Credit Card Master Note Trust,
Series 2002-C1, Class C1 (BBB , Baa2) 07/15/14 6.800 709,037
750 Morgan Stanley ABS Capital I, Series 2003-HE3,
Class M3 # (A- , A3) 10/25/33 6.379 758,090
391 Morgan Stanley ABS Capital I, Series 2003-NC7,
Class A2 # (AAA , Aaa) 06/25/33 4.739 391,184
690 Popular ABS Mortgage Pass-Through Trust,
Series 2005-1, Class AF4 # (AAA , Aaa) 05/25/35 4.608 671,887
157 Vanderbilt Mortgage Finance, Series 1998-C,
Class 1B1 (BBB , Baa) 02/07/15 6.970 157,912
-------------
TOTAL ASSET BACKED SECURITIES (Cost $9,904,161) 9,814,297
-------------
MORTGAGE-BACKED SECURITIES (58.5%)
90,433 Bank of America Commercial Mortgage, Inc.,
Series 2005-1, Class XW IO ++# (AAA , Aaa) 11/10/42 0.105 480,487
610 Bank of America Commercial Mortgage, Inc.,
Series 2005-2, Class A2 (AAA , Aaa) 07/10/43 4.247 601,807
1,245 Bank of America Commercial Mortgage, Inc.,
Series 2005-5, Class AM (AAA , Aaa) 10/10/45 5.176 1,238,270
885 Bank of America Commercial Mortgage, Inc.,
Series 2005-6, Class A4 (AAA , Aaa) 09/10/47 5.182 887,813
See Accompanying Notes to Financial Statements.
20
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------ -------------
MORTGAGE-BACKED SECURITIES
$ 41,811 Bear Stearns Commercial Mortgage Securities,
Inc., Series 2003-PWR2, Class X1 IO ++# (AAA , Aaa) 05/11/39 0.205 $ 793,120
520 Bear Stearns Commercial Mortgage Securities,
Inc., Series 2005-LXR1, Class H # (AAA , Aaa) 09/15/18 5.569 520,000
1,395 Bear Stearns Commercial Mortgage Securities,
Inc., Series 2005-PW10, Class AJ (AAA , Aaa) 12/11/40 5.464 1,419,272
941 Countrywide Home Loans, Series 2005-HYB9,
Class 2A1 # (AAA , Aaa) 02/20/36 5.330 939,402
62 Fannie Mae Pool #077774 (AAA , Aaa) 01/01/10 10.000 66,184
1,106 Fannie Mae Pool #357739 (AAA , Aaa) 03/01/35 6.000 1,116,194
1,430 Fannie Mae Pool #357790 (AAA , Aaa) 05/01/35 6.000 1,443,632
1,600 Fannie Mae Pool #357822 (AAA , Aaa) 05/01/35 5.500 1,585,226
226 Fannie Mae Pool #656862 (AAA , Aaa) 04/01/33 6.000 228,400
1,293 Fannie Mae Pool #667742 (AAA , Aaa) 04/01/33 6.000 1,306,532
865 Fannie Mae Pool #703337 ^^ (AAA , Aaa) 04/01/33 5.500 859,397
159 Fannie Mae Pool #703598 (AAA , Aaa) 05/01/18 5.500 160,448
143 Fannie Mae Pool #705651 (AAA , Aaa) 06/01/18 5.500 144,131
540 Fannie Mae Pool #713667 (AAA , Aaa) 07/01/33 5.000 525,488
540 Fannie Mae Pool #721796 (AAA , Aaa) 06/01/18 4.500 527,319
1,130 Fannie Mae Pool #725205 ++++ (AAA , Aaa) 03/01/34 5.000 1,099,142
1,209 Fannie Mae Pool #725231 ++++ (AAA , Aaa) 02/01/34 5.000 1,176,169
1,343 Fannie Mae Pool #725248 ++++ (AAA , Aaa) 03/01/34 5.000 1,306,699
1,029 Fannie Mae Pool #725277 ++++ (AAA , Aaa) 03/01/19 4.500 1,003,920
1,057 Fannie Mae Pool #725414 ++++ (AAA , Aaa) 05/01/19 4.500 1,030,396
1,198 Fannie Mae Pool #725866 ++++ (AAA , Aaa) 09/01/34 4.500 1,130,830
1,267 Fannie Mae Pool #733389 ++++ (AAA , Aaa) 08/01/33 5.000 1,232,029
2,257 Fannie Mae Pool #758789 ++++ (AAA , Aaa) 12/01/33 5.500 2,240,195
453 Fannie Mae Pool #772297 (AAA , Aaa) 03/01/34 5.500 449,383
1,482 Fannie Mae Pool #790724 (AAA , Aaa) 09/01/34 5.500 1,469,849
2,009 Fannie Mae Pool #794399 #++++ (AAA , Aaa) 09/01/34 4.337 1,994,804
1,333 Fannie Mae Pool #797894 (AAA , Aaa) 04/01/35 5.000 1,294,376
1,398 Fannie Mae Pool #826514 (AAA , Aaa) 07/01/35 6.000 1,412,328
1,398 Fannie Mae Pool #826821 (AAA , Aaa) 08/01/35 5.000 1,354,645
2,781 Fannie Mae Pool #828715 ++++ (AAA , Aaa) 07/01/35 5.500 2,754,805
1,064 Fannie Mae Pool #849706 (AAA , Aaa) 06/01/35 6.000 1,074,706
1 Federal National Mortgage Association,
Series 1991-165, Class M (AAA , Aaa) 12/25/21 8.250 770
2,285 FHLMC TBA (AAA , Aaa) 01/03/36 6.000 2,307,850
820 FMNA TBA (AAA , Aaa) 01/03/21 5.500 824,805
2,290 FNMA TBA (AAA , Aaa) 01/03/36 5.500 2,267,458
3,150 FNMA TBA (AAA , Aaa) 01/03/36 6.000 3,178,301
1,405 FNMA TBA (AAA , Aaa) 01/03/36 6.500 1,440,564
1,205 Freddie Mac Global Bonds (AAA , Aaa) 06/18/14 5.250 1,244,026
1,725 Freddie Mac Global Notes (AAA , Aaa) 11/15/13 4.875 1,735,967
930 Freddie Mac Global Notes ss. (AAA , Aaa) 07/15/32 6.250 1,110,783
1,166 Freddie Mac Pool #A23629 (AAA , Aaa) 06/01/34 5.000 1,131,484
466 Freddie Mac Pool #B11354 (AAA , Aaa) 12/01/18 5.000 462,634
1,144 Freddie Mac Pool #B14729 (AAA , Aaa) 05/01/19 4.500 1,115,444
2,475 GE Capital Commercial Mortgage Corp.,
Series 2005-C3, Class A3FX (AAA , Aaa) 07/10/45 4.863 2,454,432
1 Ginnie Mae Pool #112986 (AAA , Aaa) 07/15/14 13.500 723
See Accompanying Notes to Financial Statements.
21
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------ -------------
MORTGAGE-BACKED SECURITIES
$ 1,230 GMAC Commercial Mortgage Securities,
Inc., Series 1997-C2, Class B,
Subordinated Bonds (AAA , Aaa) 04/15/29 6.703 $ 1,264,459
1,740 GS Mortgage Securities Corp. II,
Series 2005-GG4, Class A4 (AAA , Aaa) 07/10/39 4.761 1,688,055
1,390 JPMorgan Alternative Loan Trust,
Series 2005-S1, Class 1A6 (AAA , Aaa) 12/25/35 6.500 1,417,590
640 JPMorgan Chase Commercial Mortgage
Securities Corp., Series 2004-CB9, Class A1 # (AAA , Aaa) 06/12/41 3.475 620,727
1,111 LB-UBS Commercial Mortgage Trust,
Series 2004-C1, Class A1 (AAA , Aaa) 01/15/29 2.964 1,066,525
1,735 LB-UBS Commercial Mortgage Trust,
Series 2005-C2, Class A5 (AAA , Aaa) 04/15/30 5.150 1,732,561
1,545 LB-UBS Commercial Mortgage Trust,
Series 2005-C7, Class AJ # (AAA , Aaa) 11/15/40 5.323 1,549,049
775 Master Specialized Loan Trust, Series 2005-3
Class A2 # (AAA , Aaa) 11/25/35 5.704 774,234
1,085 Morgan Stanley ABS Capital I, Series 2005-HQ5,
Class A4 (AAA , Aaa) 01/14/42 5.168 1,083,239
-------------
TOTAL MORTGAGE-BACKED SECURITIES (Cost $67,774,501) 67,339,078
-------------
FOREIGN BONDS (3.7%)
ASSET BACKED SECURITIES (1.1%)
1,300 Pure Mortgages, Series 2004-1A, Class A
(Ireland) # (AAA , Aaa) 02/28/34 4.700 1,300,000
-------------
BEVERAGES (0.8%)
600 Diageo Capital PLC, Global Notes
(United Kingdom) (A- , A3) 05/03/10 4.375 585,791
305 Diageo Finance BV, Global Company Guaranteed
Notes (Netherlands) (A- , A3) 04/01/11 3.875 289,034
-------------
874,825
-------------
ELECTRIC (0.2%)
240 Compania Nacional de Transmision Electrica SA,
Global Senior Notes (Chile) (A- , Baa1) 04/15/11 7.875 265,937
-------------
INSURANCE (0.2%)
200 Everest Reinsurance Holdings, Notes (Bermuda) (A- , A3) 10/15/14 5.400 197,584
-------------
MISCELLANEOUS MANUFACTURING (0.5%)
555 Tyco International Group SA, Yankee Company
Guaranteed Notes (Luxembourg) (BBB+ , Baa3) 10/15/11 6.375 577,114
-------------
OIL & GAS (0.8%)
115 Canadian Natural Resources, Ltd., Yankee
Notes (Canada) (BBB+ , Baa1) 07/15/11 6.700 124,045
375 Nexen, Inc., Yankee Notes (Canada) (BBB- , Baa2) 03/10/35 5.875 370,017
320 Petroliam Nasional Berhad, Rule 144A, Bonds
(Malaysia) ++ (A- , A1) 08/15/15 7.750 383,610
-------------
877,672
-------------
See Accompanying Notes to Financial Statements.
22
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------ -------------
FOREIGN BONDS
PIPELINES (0.1%)
$ 180 Trans-Canada Pipelines, Ltd., Yankee Bonds
(Canada) (A- , A2) 01/15/15 4.875 $ 177,723
-------------
TOTAL FOREIGN BONDS (Cost $4,310,819) 4,270,855
-------------
UNITED STATES TREASURY OBLIGATIONS (8.0%)
915 Treasury Inflation-Index Notes ss. (AAA , Aaa) 04/15/32 3.375 1,189,947
2,190 United States Treasury Bonds ss. (AAA , Aaa) 02/15/31 5.375 2,460,671
1,025 United States Treasury Notes ss. (AAA , Aaa) 11/15/08 4.375 1,025,481
1,105 United States Treasury Notes ss. (AAA , Aaa) 07/15/10 3.875 1,083,332
2,240 United States Treasury Notes ss. (AAA , Aaa) 09/15/10 3.875 2,194,064
1,270 United States Treasury Notes ss. (AAA , Aaa) 10/15/10 4.250 1,263,751
-------------
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $9,268,492) 9,217,246
-------------
MUNICIPAL BOND (1.4%)
TEXAS (1.4%)
1,505 University of Texas, University Revenue Bonds,
Financing Systems, Series D
(Cost $1,548,826) (AAA , Aaa) 08/15/34 5.000 1,564,222
-------------
NUMBER OF
SHARES
- ---------
WARRANTS (0.0%)
BUILDING MATERIALS (0.0%)
240 Dayton Superior Corp., Rule 144A, strike price
$0.01, expires 6/15/09 *++ 2
-------------
TELECOMMUNICATIONS (0.0%)
130 GT Group Telecom, Inc., Rule 144A, strike price
$0.00, expires 2/01/10 *++^ 0
-------------
TOTAL WARRANTS (Cost $11,300) 2
-------------
SHORT-TERM INVESTMENTS (21.1%)
14,625,144 State Street Navigator Prime Fund ss.ss. 14,625,144
-------------
PAR
(000)
----
$ 4,885 Fannie Mae Discount Notes ^^ 01/09/06 4.020 4,880,587
4,660 State Street Bank and Trust Co. Euro Time Deposit ^^ 01/03/06 3.350 4,660,000
170 United States Treasury Bills ^^++++ 01/12/06 4.000 169,806
-------------
TOTAL SHORT-TERM INVESTMENTS (Cost $24,335,537) 24,335,537
-------------
TOTAL INVESTMENTS AT VALUE (121.9%) (Cost $141,279,903) 140,436,457
See Accompanying Notes to Financial Statements.
23
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
VALUE
------------
LIABILITIES IN EXCESS OF OTHER ASSETS (-21.9%) $(25,255,343)
------------
NET ASSETS (100.0%) $115,181,114
============
INVESTMENT ABBREVIATIONS
IO = Interest Only
MTNA = Medium Term Note Series A
NR = Not Rated
TBA = To Be Announced
- --------------------------------------------------------------------------------
+ Credit ratings given by the Standard & Poor's Division of The
McGraw-Hill Companies, Inc. ("S&P") and Moody's Investors Service, Inc.
("Moody's") are unaudited.
# Variable rate obligations - The interest rate shown is the rate as of
December 31, 2005.
++ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At December
31, 2005, these securities amounted to a value of $5,193,490 or 4.51% of
net assets.
++++ Collateral segregated for futures contracts.
0 Bond is currently in default.
* Non-income producing security.
ss. Security or portion thereof is out on loan.
ss.ss. Represents security purchased with cash collateral received for
securities on loan.
^ Not readily marketable security; security is valued at fair value as
determined in good faith by, or under the direction of, the Board of
Directors.
^^ Collateral segregated for TBA securities.
See Accompanying Notes to Financial Statements.
24
CREDIT SUISSE GLOBAL HIGH YIELD FUND
SCHEDULE OF INVESTMENTS
December 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------ -------------
CORPORATE BONDS (86.1%)
AEROSPACE (0.8%)
$ 100 BE Aerospace, Inc., Series B,
Senior Subordinated Notes
(Callable 01/06/06 @ $100.00) ss. (B , Caa2) 03/01/08 8.000 $ 100,500
125 L-3 Communications Corp., Global
Senior Subordinated Notes
(Callable 01/15/10 @ $102.94) (BB+ , Ba3) 01/15/15 5.875 121,875
-------------
222,375
-------------
AUTOMOBILE MANUFACTURING/VEHICLE PARTS (5.0%)
50 ArvinMeritor, Inc., Notes ss. (BB , Ba2) 03/01/12 8.750 48,125
55 Cooper-Standard Automotive, Inc., Company
Guaranteed Notes (Callable 12/15/09
@ $104.19) (B , B3) 12/15/14 8.375 42,075
65 Cummins, Inc., Global Senior Notes
(Callable 12/01/06 @ $104.75) # ss. (BB+ , Ba2) 12/01/10 9.500 70,525
25 Delphi Corp., Global Notes 0 ss. (D , NR) 06/15/06 6.550 12,750
50 Dura Operating Corp., Series D, Company
Guaranteed Notes (Callable 05/01/06
@ $101.50) (CCC+ , Caa2) 05/01/09 9.000 28,500
110 Ford Motor Credit Co., Global Notes ss. (BB+ , Baa3) 10/01/13 7.000 94,124
110 Ford Motor Credit Co., Notes (BB+ , Baa3) 06/16/08 6.625 99,830
75 General Motors Acceptance Corp., Global
Bonds ss. (BB , Ba1) 11/01/31 8.000 72,032
175 General Motors Acceptance Corp., Global
Notes (BB , Ba1) 05/15/09 5.625 155,811
475 General Motors Acceptance Corp., Global
Notes ss. (BB , Ba1) 12/01/14 6.750 428,008
150 Goodyear Tire & Rubber Co., Rule 144A, Senior
Notes (Callable 07/01/10 @ $104.50) ++ (B- , B3) 07/01/15 9.000 148,500
150 Stanadyne Corp., Global Senior Subordinated
Notes (Callable 08/15/09 @ $105.00) (B- , Caa1) 08/15/14 10.000 144,750
65 TRW Automotive, Inc., Global
Senior Subordinated Notes
(Callable 02/15/08 @ $105.50) (BB- , B1) 02/15/13 11.000 73,287
50 Visteon Corp., Global Senior Notes (B- , B3) 08/01/10 8.250 42,750
-------------
1,461,067
-------------
BROADCAST/OUTDOOR (1.3%)
100 Allbritton Communications Co., Global
Senior Subordinated Notes
(Callable 12/15/07 @ $103.88) (B- , B3) 12/15/12 7.750 101,000
25 Nexstar Finance, Inc., Global Senior
Subordinated Notes
(Callable 01/15/09 @ $103.50) (CCC+ , B3) 01/15/14 7.000 23,031
75 Rainbow National Services LLC, Rule 144A,
Senior Subordinated Notes
(Callable 09/01/09 @ $105.19) ++ (B , B3) 09/01/14 10.375 84,375
100 Sinclair Broadcast Group, Inc., Global Company
Guaranteed Notes (B , B2) 12/15/11 8.750 105,750
See Accompanying Notes to Financial Statements.
25
CREDIT SUISSE GLOBAL HIGH YIELD FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------ -------------
CORPORATE BONDS
BROADCAST/OUTDOOR
$ 75 Young Broadcasting, Inc., Global Company
Guaranteed (Callable 03/01/06 @ $105.00) (CCC , Caa2) 03/01/11 10.000 $ 70,594
-------------
384,750
-------------
BUILDING PRODUCTS(0.9%)
50 Goodman Global Holdings Company, Inc.,
Rule 144A, Senior Subordinated Notes
(Callable 12/15/08 @ $103.94) ++ss. (B- , Caa1) 12/15/12 7.875 46,750
50 Norcraft Companies/Finance, Global
Senior Subordinated Notes
(Callable 11/01/07 @ $104.50) (B- , B3) 11/01/11 9.000 52,000
75 Nortek, Inc., Global Senior Subordinated Notes
(Callable 09/01/09 @ $104.25) (CCC+ , Caa1) 09/01/14 8.500 72,750
100 Ply Gem Industries, Inc., Global
Senior Subordinated Notes
(Callable 02/15/08 @ $104.50) (B- , B3) 02/15/12 9.000 89,250
-------------
260,750
-------------
CABLE (4.6%)
120 Cablevision Systems Corp., Series B, Global
Senior Notes ss. (B+ , B3) 04/15/12 8.000 112,800
78 CCH I LLC, Rule 144A, Secured Notes
(Callable 10/01/10 @105.50) ++ (CCC- , Caa3) 10/01/15 11.000 65,910
35 CCO Holdings LLC, Global Senior Notes
(Callable 11/15/08 @ $104.38) (CCC- , B3) 11/15/13 8.750 33,512
15 CCO Holdings LLC, Rule 144A, Senior Notes
(Callable 11/15/08 @ $104.38) ++ (CCC- , B3) 11/15/13 8.750 14,363
75 Charter Communications Holdings LLC, Senior
Notes (Callable 01/06//06 @ $102.88) (CCC- , Ca) 04/01/09 8.625 55,875
300 Charter Communications Holdings LLC, Senior
Notes (Callable 09/15/08 @ $105.12) (CCC- , Caa1) 09/15/10 10.250 300,000
200 CSC Holdings, Inc., Rule 144A, Senior Notes ++# (BB- , B1) 04/15/12 7.000 190,000
95 CSC Holdings, Inc., Series B, Senior Notes (BB- , B1) 04/01/11 7.625 95,000
100 Insight Midwest/Insight Capital Corp., Senior
Notes (Callable 10/01/06 @ $101.63) ss. (B , B2) 10/01/09 9.750 103,250
100 LodgeNet Entertainment Corp.,
Senior Subordinated Debentures
(Callable 06/15/08 $104.75) (B- , B3) 06/15/13 9.500 109,250
50 Mediacom Broadband LLC, Rule 144A, Senior
Notes (Callable 10/15/10 @ $104.25) ++ (B , B2) 10/15/15 8.500 46,562
100 Mediacom LLC Capital Corp., Senior Notes
(Callable 02/15/06 @ $103.94) (B , B3) 02/15/11 7.875 93,750
100 Olympus Communications LP, Series B, Senior
Notes 0 (NR , NR) 11/15/06 10.625 135,625
-------------
1,355,897
-------------
CAPITAL GOODS (0.3%)
90 Motors & Gears, Inc., Series D, Senior Notes (CCC , Caa1) 11/15/06 10.750 86,850
-------------
See Accompanying Notes to Financial Statements.
26
CREDIT SUISSE GLOBAL HIGH YIELD FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
December 31, 2005
- -------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------ -------------
CORPORATE BONDS
CHEMICALS (5.6%)
$ 100 Crompton Corp., Global Senior Notes
(Callable 08/01/08 @ $104.94) ss. (B+ , B2) 08/01/12 9.875 $ 114,625
130 Crystal US Holdings, Series B, Senior Discount
Notes (Callable 10/01/09 @ $105.25) +ss. (B- , Caa2) 10/01/14 0.000 95,225
100 Equistar Chemicals LP/ Equistar Funding Corp.,
Global Company Guaranteed Notes (BB- , B2) 09/01/08 10.125 109,000
66 Huntsman LLC, Global Company Guaranteed
Notes (Callable 07/15/08 @ $105.75) # (B , B2) 07/15/12 11.500 75,075
100 IMC Global, Inc., Series B, Global Company
Guaranteed Notes
(Callable 06/01/06 @ $105.62) (B+ , B1) 06/01/11 11.250 108,000
100 ISP Chemco, Inc., Series B, Global Company
Guaranteed Notes
(Callable 07/01/06 @ $105.13) (BB- , B1) 07/01/11 10.250 107,000
150 KI Holdings, Inc., Global Senior Discount Notes
(Callable 11/15/09 @ $104.94) + (B- , Caa2) 11/15/14 0.000 99,000
200 Lyondell Chemical Co., Global Company
Guaranteed Notes
(Callable 06/01/08 @ $105.25) (BB- , B1) 06/01/13 10.500 228,250
100 Lyondell Chemical Co., Series A, Secured Notes (BB- , B1) 05/01/07 9.625 104,875
100 Nalco Co., Global Senior Notes
(Callable 11/15/07 @ $103.88) (B+ , B3) 11/15/11 7.750 103,250
200 Polymer Holdings LLC, Global Senior Discount
Notes (Callable 01/15/09 @ $106.00) +ss. (B- , Caa2) 07/15/14 0.000 145,500
100 Polyone Corp., Senior Notes ss. (B+ , B3) 05/01/12 8.875 98,500
100 PQ Corp., Rule 144A, Company Guaranteed
Notes (Callable 02/15/09 @ $103.75) ++ (B- , B3) 02/15/13 7.500 93,500
65 Terra Capital, Inc., Global Secured Notes
(Callable 06/01/07 @ $105.75) (B- , Caa1) 06/01/10 11.500 72,800
75 Tronox Worldwide/Finance, Rule 144A, Senior
Notes (Callable 12/01/09 @ $104.75) ++ (B+ , B1) 12/01/12 9.500 76,875
-------------
1,631,475
-------------
COMPETITIVE LOCAL EXCHANGE CARRIER (0.3%)
75 GCI, Inc., Global Senior Notes
(Callable 02/15/09 @ $103.63) ss. (B+ , B2) 02/15/14 7.250 74,625
-------------
CONSUMER PRODUCTS/TOBACCO (4.1%)
75 Amscan Holdings, Inc., Global Senior
Subordinated Notes
(Callable 05/01/09 @ $104.38) (CCC+ , B3) 05/01/14 8.750 63,563
125 Central Garden & Pet Co., Global Company
Guaranteed Notes
(Callable 02/01/08 @ $104.56) (B+ , B1) 02/01/13 9.125 132,500
200 Jarden Corp., Global Company Guaranteed
Notes (Callable 05/01/07 @ $104.88) (B- , B3) 05/01/12 9.750 207,000
250 Johnsondiversey Holdings, Inc., Global Discount
Notes (Callable 05/15/07 @ $105.34) + (B- , Caa1) 05/15/13 0.000 200,000
100 Johnsondiversey, Inc., Series B, Global
Company Guaranteed Notes
(Callable 05/15/07 @ $104.81) ss. (B , B2) 05/15/12 9.625 101,000
See Accompanying Notes to Financial Statements.
27
CREDIT SUISSE GLOBAL HIGH YIELD FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -------------
CORPORATE BONDS
CONSUMER PRODUCTS/TOBACCO
$ 100 K2, Inc., Global Senior Notes
(Callable 07/01/09 @ $103.69) ss. (BB , Ba3) 07/01/14 7.375 $ 100,000
65 Playtex Products, Inc., Global Company
Guaranteed Notes
(Callable 06/01/06 @ $104.69) ss. (CCC+ , Caa2) 06/01/11 9.375 68,412
90 Prestige Brands, Inc., Global Senior
Subordinated Notes
(Callable 04/15/08 @ $104.63) ss. (B- , B3) 04/15/12 9.250 89,100
100 RJ Reynolds Tobacco Holdings, Rule 144A,
Notes ++ (BB+ , Ba2) 07/15/10 6.500 100,000
50 Samsonite Corp., Global Senior Subordinated
Notes (Callable 06/01/08 @ $104.44) (B- , B3) 06/01/11 8.875 52,000
75 Sealy Mattress Co., Global Senior Subordinated
Notes (Callable 06/15/09 @ $104.13) ss. (B- , B3) 06/15/14 8.250 77,625
-------------
1,191,200
-------------
CONTAINERS (2.5%)
100 Berry Plastics Corp., Global Company
Guaranteed Notes
(Callable 07/15/07 @ $105.38) (B- , B3) 07/15/12 10.750 108,000
100 Constar International, Inc., Senior Subordinated
Notes (Callable 12/01/07 @ $105.50) ss. (CCC , Caa1) 12/01/12 11.000 73,500
70 Crown Americas, Rule 144A, Senior Notes
(Callable 11/15/10 @ $103.88) ++ (B , B1) 11/15/15 7.750 72,800
150 Graham Packaging Company, Inc., Global
Subordinated Notes
(Callable 10/15/09 @ $104.94) ss. (CCC+ , Caa2) 10/15/14 9.875 147,000
100 Owens-Illinois, Inc., Senior Notes ss. (B , Caa1) 05/15/08 7.350 101,750
50 Plastipak Holdings, Inc., Rule 144A, Senior
Notes (Callable 12/15/10 @ $104.25) ++ (B , B2) 12/15/15 8.500 50,750
0 Pliant Corp., Global Secured Notes
(Callable 06/15/07 @ $111.63) (1) (C , Caa1) 06/15/09 11.625 104
100 Solo Cup Company, Senior Subordinated Notes
(Callable 02/15/09 @ $104.25) ss. (CCC , Caa1) 02/15/14 8.500 88,000
50 U.S. Can Corp., Global Company Guaranteed
Notes (Callable 07/15/07 @ $105.44) (CCC+ , Caa2) 07/15/10 10.875 52,250
25 United States Can Corp., Series B, Global
Company Guaranteed Notes
(Callable 02/13/06 @ $106.19) (CCC+ , Caa3) 10/01/10 12.375 23,688
-------------
717,842
-------------
DIVERSIFIED TELECOMMUNICATIONS (2.5%)
75 Hawaiian Telcom Communications, Inc.,
Rule 144A, Senior Notes
(Callable 05/01/09 @ $104.88) ++ss. (B- , B3) 05/01/13 9.750 73,688
45 LCI International, Inc., Senior Notes (NR , NR) 06/15/07 7.250 45,450
195 Qwest Capital Funding, Inc., Global Company
Guaranteed Notes ss. (B , B3) 02/15/11 7.250 198,412
50 Qwest Communications International, Inc.,
Global Company Guaranteed Notes
(Callable 02/15/08 @ $103.62) (B , B2) 02/15/11 7.250 51,250
See Accompanying Notes to Financial Statements.
28
CREDIT SUISSE GLOBAL HIGH YIELD FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------ -------------
CORPORATE BONDS
DIVERSIFIED TELECOMMUNICATIONS
$ 327 Qwest Corp., Rule 144A, Senior Notes ++ (BB , Ba3) 06/15/15 7.625 $ 351,525
-------------
720,325
-------------
ENERGY - OTHER (4.2%)
100 Dynegy Holdings, Inc., Senior Notes ss. (CCC+ , Caa2) 04/01/11 6.875 99,000
300 El Paso Corp., Senior Notes ss. (B- , Caa1) 05/15/11 7.000 299,250
100 Frontier Oil Corp., Global Senior Notes
(Callable 10/01/07 @ $103.31) (B+ , B1) 10/01/11 6.625 102,500
150 Giant Industries, Inc., Company Guaranteed
Notes (Callable 05/15/09 @ $104.00) ss. (B- , B3) 05/15/14 8.000 155,625
65 Giant Industries, Inc., Global Company
Guaranteed Notes
(Callable 05/15/07 @ $105.50) (B- , B3) 05/15/12 11.000 72,637
100 Reliant Resources, Inc., Global Secured Notes
(Callable 07/15/08 @ $104.75) (B+ , B1) 07/15/13 9.500 100,750
65 Tesoro Corp., Rule 144A, Secured Notes
(Callable 11/01/10 @ $103.31) ++ (BB+ , Ba1) 11/01/15 6.625 65,975
300 Williams Companies, Inc., Global Notes (B+ , B1) 03/15/12 8.125 328,500
-------------
1,224,237
-------------
ENVIRONMENTAL SERVICES (0.5%)
150 Allied Waste North America, Inc., Series B,
Global Senior Notes
(Callable 04/15/09 @ $103.69) ss. (B+ , Caa1) 04/15/14 7.375 146,625
-------------
FINANCE - OTHER (1.6%)
75 E*TRADE Financial Corp., Senior Notes
(Callable 12/01/10 @ $103.94) (B+ , B1) 12/01/15 7.875 77,813
100 Genesis Healthcare Corp., Senior Subordinated
Notes (Callable 10/15/08 @ $104.00) (B , B3) 10/15/13 8.000 105,750
75 Stripes Acquisition LLC, Senior Notes
(Callable 12/15/09 @ $105.31) (B , B2) 12/15/13 10.625 76,500
50 Ventas Realty LP, Rule 144A, Senior Notes
(Callable 06/01/11 @ $103.25) ++ss. (BB+ , Ba2) 06/01/16 6.500 50,500
150 Ventas Realty LP, Global Company Guaranteed
Notes (BB , Ba2) 05/01/12 9.000 171,750
-------------
482,313
-------------
FOOD PROCESSORS/BEVERAGE/BOTTLING (2.9%)
150 Bear Creek Corp., Rule 144A, Senior Notes
(Callable 03/01/09 @ $104.50) ++ (B- , B3) 03/01/13 9.000 151,500
25 Birds Eye Foods, Inc., Company Guaranteed
Notes (Callable 11/01/06 @ $100.00) (B- , B3) 11/01/08 11.875 25,625
100 Chiquita Brands International. Inc., Global Senior
Notes (Callable 11/01/09 @ $103.75) ss. (B- , B3) 11/01/14 7.500 88,500
100 Eagle Family Foods, Inc., Series B, Company
Guaranteed Notes
(Callable 01/15/06 @ $100.00) (CCC , Caa2) 01/15/08 8.750 76,000
See Accompanying Notes to Financial Statements.
29
CREDIT SUISSE GLOBAL HIGH YIELD FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------ -------------
CORPORATE BONDS
FOOD PROCESSORS/BEVERAGE/BOTTLING
$ 100 National Beef Packing Company LLC, Global
Senior Notes
(Callable 08/01/07 @ $105.25) ss. (B- , B3) 08/01/11 10.500 $ 104,000
200 National Wine & Spirits, Inc., Company
Guaranteed Notes
(Callable 01/15/06 @ $101.69) (CCC+ , B3) 01/15/09 10.125 203,000
200 Pinnacle Foods Holding Corp., Global Senior
Subordinated Notes
(Callable 12/01/08 @ $104.13) ss. (B- , B3) 12/01/13 8.250 191,500
-------------
840,125
-------------
GAMING (5.6%)
100 Ameristar Casinos, Inc., Global Company
Guaranteed Notes
(Callable 02/15/06 @ $105.38) (B+ , B2) 02/15/09 10.750 106,500
100 Aztar Corp., Global Senior Subordinated Notes
(Callable 08/15/06 @ $104.50) (B+ , Ba3) 08/15/11 9.000 106,375
100 CCM Merger, Inc., Rule 144A, Notes
(Callable 08/01/09 @ $104.00) ++ (B- , B3) 08/01/13 8.000 96,500
100 Choctaw Resort Development Enterprise,
Rule 144A, Senior Notes
(Callable 11/15/11@ $103.63) ++ (BB- , B1) 11/15/19 7.250 102,125
75 Circus & Eldorado, Global First Mortgage Notes
(Callable 03/01/07 @ $105.06) (B , B1) 03/01/12 10.125 79,688
100 Hard Rock Hotel, Inc., Global Notes
(Callable 06/01/08 @ $104.44) (B , B3) 06/01/13 8.875 108,250
100 Herbst Gaming, Inc., Global Senior
Subordinated Notes
(Callable 06/01/08 @ $104.06) (B- , B3) 06/01/12 8.125 104,500
100 Inn of The Mountain Gods, Rule 144A, Senior
Notes (Callable 11/15/07 @ $106.00) ++ss. (B , B3) 11/15/10 12.000 99,500
100 Majestic Star Casino LLC, Company Guaranteed
Notes (Callable 10/15/07 @ $104.75) ss. (B , B2) 10/15/10 9.500 105,750
25 MGM Mirage, Company Guaranteed Notes (BB , Ba2) 10/01/09 6.000 24,969
50 MGM Mirage, Company Guaranteed Notes (BB , Ba2) 09/15/10 8.500 54,437
100 MGM Mirage, Company Guaranteed Notes ss. (B+ , Ba3) 02/01/11 8.375 107,500
100 MGM Mirage, Global Senior Notes (BB , Ba2) 09/01/12 6.750 101,875
100 Seneca Gaming Corp., Global Senior Notes
(Callable 05/01/08 @ $103.63) ss. (BB- , B1) 05/01/12 7.250 101,125
100 Virgin River Casino Corp., Global Company
Guaranteed Notes
(Callable 01/15/09 @ $104.50) # (B , B3) 01/15/12 9.000 102,500
125 Waterford Gaming LLC, Rule 144A, Senior
Notes (Callable 09/15/08 @ $103.55) ++ (B+ , B1) 09/15/12 8.625 133,750
55 Windsor Woodmont Black Hawk, Series B,
First Mortgage Notes 0^ (NR , NR) 03/15/05 13.000 0
100 Wynn Las Vegas LLC, Global First Mortgage
Notes (Callable 12/01/09 @ $103.31) ss. (B+ , B2) 12/01/14 6.625 97,750
-------------
1,633,094
-------------
See Accompanying Notes to Financial Statements.
30
CREDIT SUISSE GLOBAL HIGH YIELD FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------ -------------
CORPORATE BONDS
HEALTHCARE FACILITIES/SUPPLIES (5.7%)
$ 100 Alpharma, Inc., Global Company Guaranteed
Notes (Callable 05/01/07 @ $104.31) (B- , B3) 05/01/11 8.625 $ 109,125
75 DaVita, Inc., Global Company Guaranteed Notes
(Callable 03/15/10 @ $103.63) (B , B3) 03/15/15 7.250 76,312
75 Extendicare Health Services, Inc., Global
Senior Subordinated Notes
(Callable 05/01/09 @ $103.44) ss. (B , B2) 05/01/14 6.875 73,688
100 Fisher Communications, Inc., Global Senior
Notes (Callable 09/15/09 @ $104.31) (B- , B2) 09/15/14 8.625 106,000
70 Fisher Scientific International, Inc., Global
Senior Subordinated Notes
(Callable 08/15/09 @ $103.38) (BB+ , Ba3) 08/15/14 6.750 73,325
300 HCA, Inc., Notes (BB+ , Ba2) 10/01/12 6.300 302,998
75 Iasis Healthcare LLC, Global Senior
Subordinated Notes
(Callable 06/15/09 @ $104.38) (B- , B3) 06/15/14 8.750 79,125
150 MQ Associates, Inc., Global Senior Discount
Notes (Callable 08/15/08 @ $109.00) +ss. (CCC+ , Caa3 ) 08/15/12 0.000 86,250
75 Omega Healthcare Investors, Inc., Rule 144A,
Senior Notes (Callable 01/15/11 @ $103.50) ++ (BB- , B1) 01/15/16 7.000 74,719
50 Omnicare, Inc., Senior Subordinated Notes
(Callable 12/15/10 @ $103.44) ss. (BB+ , Ba3) 12/15/15 6.875 51,000
50 Rotech Healthcare, Inc., Global Company
Guaranteed Notes
(Callable 04/01/07 @ $104.75) (B+ , B2) 04/01/12 9.500 52,750
100 Rural / Metro Corp., Rule 144A, Senior
Subordinated Notes
(Callable 03/15/10 @ $104.94) ++ (CCC+ , Caa1) 03/15/15 9.875 102,500
115 Tenet Healthcare Corp., Global Senior Notes (B , B3) 07/01/14 9.875 117,012
75 Triad Hospitals, Inc., Senior Notes
(Callable 05/15/08 @ $103.50) (BB- , B2) 05/15/12 7.000 76,969
75 Triad Hospitals, Inc., Senior Subordinated
Notes (Callable 11/15/08 @ $103.50) (B , B3) 11/15/13 7.000 75,562
100 Universal Hospital Services, Inc., Global Senior
Notes (Callable 11/01/07 @ $105.06) (B- , B3) 11/01/11 10.125 104,000
100 Vanguard Health Holdings Co., Global Senior
Subordinated Notes
(Callable 10/01/09 @ $104.50) (CCC+ , Caa1) 10/01/14 9.000 106,750
-------------
1,668,085
-------------
HOME BUILDERS (2.2%)
100 Beazer Homes USA, Inc., Global Company
Guaranteed Notes
(Callable 04/15/07 @ $104.19) (BB , Ba1) 04/15/12 8.375 104,500
100 K Hovnanian Enterprises, Inc., Global Company
Guaranteed Notes (BB , Ba1) 01/15/16 6.250 93,283
50 KB Home, Senior Notes ss. (BB+ , Ba1) 06/15/15 6.250 48,637
50 KB Home, Senior Subordinated Notes ss. (BB- , Ba2) 12/15/08 8.625 53,359
75 Standard Pacific Corp., Global Senior Notes (BB , Ba2) 08/15/15 7.000 69,562
100 Technical Olympic USA, Inc., Global Senior
Subordinated Notes (B- , B2) 01/15/15 7.500 84,500
See Accompanying Notes to Financial Statements.
31
CREDIT SUISSE GLOBAL HIGH YIELD FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------ -------------
CORPORATE BONDS
HOME BUILDERS
$ 100 WCI Communities, Inc., Global Company
Guaranteed Notes
(Callable 05/01/07 @ $104.56) ss. (B+ , Ba3) 05/01/12 9.125 $ 100,000
100 William Lyon Homes, Inc., Global Senior Notes
(Callable 12/15/08 @ $103.81) (B , B2) 12/15/12 7.625 88,750
-------------
642,591
-------------
INDUSTRIAL - OTHER (1.0%)
200 Coleman Cable, Inc., Global Company
Guaranteed Notes
(Callable 10/01/08 @ $104.94) (B- , B3) 10/01/12 9.875 163,000
150 True Temper Sports, Inc., Global Company
Guaranteed Notes
(Callable 03/15/08 @ $104.19) (CCC+ , Caa1) 09/15/11 8.375 135,750
-------------
298,750
-------------
LEISURE (1.7%)
100 Affinity Group, Inc., Global Senior Subordinated
Notes (Callable 02/15/08 @ $104.50) (B- , B3) 02/15/12 9.000 100,375
72 AMC Entertainment, Inc., Senior Subordinated
Notes (Callable 02/01/06 @ $101.58) ss. (CCC+ , B3) 02/01/11 9.500 71,190
75 Bally Total Fitness Holding Corp., Global Senior
Notes (Callable 07/15/07 @ $105.25) (CCC , Caa1) 07/15/11 10.500 77,625
100 Cinemark USA, Inc., Global Senior Subordinated
Notes (Callable 02/01/08 @ $104.50) (B- , B3) 02/01/13 9.000 106,250
150 Six Flags, Inc., Rule 144A, Global Senior Notes
(Callable 06/01/09 @ $104.81) ++ (CCC , Caa1) 06/01/14 9.625 146,625
-------------
502,065
-------------
LODGING (0.6%)
150 Host Marriott LP, Series O, Global Company
Guaranteed Notes
(Callable 03/15/10 @ $103.19) (B+ , Ba2) 03/15/15 6.375 150,375
25 San Pasqual Casino, Rule 144A, Notes
(Callable 09/15/09 @ $104.00) ++ (B+ , B2) 09/15/13 8.000 25,500
-------------
175,875
-------------
METALS & MINING (2.0%)
100 AK Steel Corp., Global Company Guaranteed
Notes (Callable 06/15/07 @ $103.88) ss. (B+ , B1) 06/15/12 7.750 90,750
100 Aleris International, Inc., Global Company
Guaranteed Notes
(Callable 11/15/09 @ $104.50) (B , NR) 11/15/14 9.000 103,500
150 International Steel Group, Inc., Global
Senior Notes (BB , Ba2) 04/15/14 6.500 150,750
125 Southern Peru Copper Corp., Rule 144A,
Notes ++ (BBB- , Ba1) 07/27/15 6.375 125,085
100 UCAR Finance, Inc., Global Company
Guaranteed Notes
(Callable 02/15/07 @ $105.12) ss. (B- , B2) 02/15/12 10.250 106,125
-------------
576,210
-------------
See Accompanying Notes to Financial Statements.
32
CREDIT SUISSE GLOBAL HIGH YIELD FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------ -------------
CORPORATE BONDS
OIL EQUIPMENT (0.4%)
$ 100 Pride International, Inc., Global Senior Notes
(Callable 07/15/09 @ $103.69) ss. (BB- , Ba2) 07/15/14 7.375 $ 107,750
-------------
PAPER & FOREST PRODUCTS (1.8%)
100 Caraustar Industries, Inc., Global Company
Guaranteed Notes
(Callable 04/01/06 @ $105.25) ss. (B- , Caa1) 04/01/11 9.875 102,500
100 Cellu Tissue Holdings, Global Secured Notes
(Callable 03/15/07 @ $107.31) (B , B2) 03/15/10 9.750 99,500
70 Georgia-Pacific Corp., Notes (BB+ , Ba2) 05/15/31 8.875 70,525
200 Newark Group, Inc., Global Senior Subordinated
Notes (Callable 03/15/09 @ $104.88) (B- , Caa1) 03/15/14 9.750 177,000
100 Pope & Talbot, Inc., Debentures (B- , B3) 06/01/13 8.375 74,500
-------------
524,025
-------------
PHARMACEUTICALS (0.8%)
75 Athena Neurosciences Finance LLC, Company
Guaranteed Notes (B , B3) 02/21/08 7.250 73,594
82 Biovail Corp., Yankee Senior Subordinated
Notes (Callable 04/01/06 @ $103.94) ss. (BB- , B2) 04/01/10 7.875 85,382
75 Mylan Laboratories, Inc., Rule 144A, Senior
Notes ++ss. (BB+ , Ba1) 08/15/10 5.750 75,469
-------------
234,445
-------------
PUBLISHING (2.6%)
150 Cenveo Corp., Global Senior Subordinated
Notes (Callable 12/01/08 @ $103.94) ss. (B- , B3) 12/01/13 7.875 145,500
200 Dex Media, Inc., Global Notes
(Callable 11/15/08 @ $104.00) (B , B3) 11/15/13 8.000 205,000
125 Houghton Mifflin Co., Global Senior Subordinated
Notes (Callable 02/01/08 @ $104.94) ss. (B- , Caa1) 02/01/13 9.875 134,219
150 Morris Publishing Group LLC, Global Company
Guaranteed Notes
(Callable 08/01/08 @ $103.50) (B+ , Ba3) 08/01/13 7.000 142,312
500 Premier Graphics, Inc., Company Guaranteed
Notes 0^ (NR , NR) 12/01/05 11.500 0
35 Vertis, Inc., Global Secured Notes
(Callable 04/01/06 @ $105.19) (CCC , B3) 04/01/09 9.750 36,444
35 Vertis, Inc., Series B, Global Company
Guaranteed Notes
(Callable 06/15/06 @ $105.44) ss. (CCC , Caa1) 06/15/09 10.875 34,650
75 WDAC Subsidiary Corp., Rule 144A, Senior
Notes (Callable 12/01/09 @ $104.19) ++ss. (CCC+ , Caa1) 12/01/14 8.375 73,031
-------------
771,156
-------------
RESTAURANTS (0.8%)
215 AmeriKing, Inc., Senior Notes 0 (NR , NR) 11/15/07 10.750 0
29 AmeriKing, Inc., Senior Notes 0 (NR , NR) 05/15/08 13.000 0
200 AmeriKing, Inc., Units 0 (NR , NR) 05/15/08 13.000 0
See Accompanying Notes to Financial Statements.
33
CREDIT SUISSE GLOBAL HIGH YIELD FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------ -------------
CORPORATE BONDS
RESTAURANTS
$ 150 Friendly Ice Cream Corp., Global Senior Notes
(Callable 06/15/08 @ $104.19) ss. (B- , B2) 06/15/12 8.375 $ 134,250
100 Sbarro, Inc., Company Guaranteed Notes
(Callable 09/15/06 @ $101.83) ss. (CCC+ , Caa2) 09/15/09 11.000 100,000
-------------
234,250
-------------
RETAIL-FOOD & DRUG (0.8%)
75 Delhaize America, Inc., Global Company
Guaranteed Notes (BB+ , Ba1) 04/15/11 8.125 82,130
100 Rite Aid Corp., Global Secured Notes
(Callable 05/01/07 @ $104.06) (B+ , B2) 05/01/10 8.125 102,250
50 Stater Brothers Holdings, Inc., Global Senior
Notes (Callable 06/15/08 @ $104.06) (BB- , B1) 06/15/12 8.125 49,750
-------------
234,130
-------------
RETAIL STORES (2.8%)
75 Asbury Automotive Group, Inc., Global
Company Guaranteed Notes
(Callable 06/15/07 @ $104.50) (B , B3) 06/15/12 9.000 75,375
70 Brookstone Company, Inc., Rule 144A, Secured
Notes (Callable 10/15/09 @ $106.00) ++ss. (B , B3) 10/15/12 12.000 65,800
50 CSK Auto, Inc., Global Company Guaranteed
Notes (Callable 01/15/09 @ $103.50) (B- , B2) 01/15/14 7.000 45,500
100 Finlay Fine Jewelry Corp., Global Senior Notes
(Callable 06/01/08 @ $104.19) ss. (B+ , B2) 06/01/12 8.375 90,500
370 Flooring America, Inc., Series B, Company
Guaranteed Notes
(Callable 03/16/06 @ $100.00) 0^ (NR , NR) 10/15/07 9.250 0
100 GSC Holdings Corp., Rule 144A, Company
Guaranteed Notes
(Callable 10/01/09 @ $104.00) ++ss. (B+ , Ba3) 10/01/12 8.000 94,500
125 JC Penney Company, Inc., Series MTNA,
Notes ss. (BB+ , Ba1) 10/15/15 6.875 135,958
50 Movie Gallery, Inc., Global Senior Unsecured
Notes (Callable 05/01/08 @ $105.50) ss. (CCC+ , B3) 05/01/12 11.000 39,250
75 Neiman Marcus Group, Inc., Rule 144A,
Senior Subordinated Notes
(Callable 10/15/10 @ $105.19) ++ (B- , B3) 10/15/15 10.375 76,594
200 Southern States Cooperative, Inc., Rule 144A,
Senior Notes (Callable 11/01/07 @ $108.00) ++ (B , B3) 11/01/10 10.500 211,000
-------------
834,477
-------------
SATELLITE (1.2%)
80 Directv Holdings LLC, Global Senior Notes
(Callable 03/15/08 @ $104.19) (BB- , Ba2) 03/15/13 8.375 86,400
150 Echostar DBS Corp., Global Company
Guaranteed Notes (BB- , Ba3) 10/01/14 6.625 144,563
116 PanAmSat Corp., Global Company Guaranteed
Notes (Callable 08/15/09 @ $104.50) (B+ , B1) 08/15/14 9.000 122,090
-------------
353,053
-------------
See Accompanying Notes to Financial Statements.
34
CREDIT SUISSE GLOBAL HIGH YIELD FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------ -------------
CORPORATE BONDS
SECONDARY OIL & GAS PRODUCERS (2.8%)
$ 226 Chesapeake Energy Corp., Senior Notes
(Callable 01/15/09 @ $103.44) (BB- , Ba2) 01/15/16 6.875 $ 232,780
150 El Paso Production Holding Co., Global
Company Guaranteed Notes
(Callable 06/01/08 @ $103.88) (CCC+ , B3) 06/01/13 7.750 156,375
65 Magnum Hunter Resources, Inc., Global
Company Guaranteed Notes
(Callable 03/15/07 @ $104.80) (B+ , Ba3) 03/15/12 9.600 70,850
100 Plains Exploration & Production Co., Series B,
Global Senior Subordinated Notes
(Callable 07/01/07 @ $104.38) (B+ , Ba3) 07/01/12 8.750 108,250
50 Range Resources Corp., Global Company
Guaranteed Notes
(Callable 03/15/10 @ $103.19) (B , B2) 03/15/15 6.375 49,250
100 Swift Energy Co., Senior Notes
(Callable 07/15/08 @ $103.81) (BB- , B1) 07/15/11 7.625 102,500
100 Vintage Petroleum, Inc., Global Senior
Subordinated Notes
(Callable 05/15/06 @ $103.94) (B , B1) 05/15/11 7.875 105,000
-------------
825,005
-------------
SERVICES (3.8%)
100 Alderwoods Group, Inc., Global Company
Guaranteed Notes
(Callable 09/15/08 @ $103.88) (B , B2) 09/15/12 7.750 104,000
100 Brickman Group, Ltd., Series B, Global
Company Guaranteed Notes
(12/15/06 @ $105.88) (B , B2) 12/15/09 11.750 111,250
100 Hertz Corp., Rule 144A, Senior Notes
(Callable 01/01/10 @ $104.44) ++ (B , B1) 01/01/14 8.875 102,375
150 HydroChem Industrial Services, Inc., Rule 144A,
Senior Subordinated Notes
(Callable 02/15/09 @ $104.63) ++ (B- , Caa1) 02/15/13 9.250 144,750
100 Iron Mountain, Inc., Company Guaranteed
Notes (Callable 07/01/08 @ $103.31) ss. (B , Caa1) 01/01/16 6.625 93,500
100 Morton's Restaurant Group, Inc., Global
Secured Notes (Callable 07/01/07 @ $105.30) (B- , B2) 07/01/10 7.500 99,500
175 Muzak LLC/Muzak Finance, Global Senior Notes
(Callable 02/15/06 @ $105.00) (CCC- , Caa2) 02/15/09 10.000 153,562
50 Rent-Way, Inc., Global Secured Notes (B- , B3) 06/15/10 11.875 53,438
75 Stewart Enterprises, Inc., Rule 144A, Senior
Notes (Callable 02/15/09 @ $103.13) ++# (BB- , B1) 02/15/13 7.750 72,375
105 United Rentals North America, Inc., Global
Company Guaranteed Notes
(Callable 02/15/08 @ $103.25) (BB- , B2) 02/15/12 6.500 102,769
75 Williams Scotsman, Inc., Global Company
Guaranteed Notes
(Callable 10/01/10 @ $104.25) (B , B3) 10/01/15 8.500 78,000
-------------
1,115,519
-------------
See Accompanying Notes to Financial Statements.
35
CREDIT SUISSE GLOBAL HIGH YIELD FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------ -------------
CORPORATE BONDS
TECHNOLOGY (2.9%)
$ 50 Amkor Technology, Inc., Global Senior Notes
(Callable 05/15/08 @ $103.88) (B- , Ba3) 05/15/13 7.750 $ 43,750
32 Ampex Corp., Secured Notes ^ (NR , NR) 08/15/08 12.000 31,597
75 Magnachip Semiconductor, Global Senior
Subordinated Notes
(Callable 12/15/09 @ $104.00) ss. (B- , B2) 12/15/14 8.000 72,000
75 Sanmina-SCI Corp., Global Company
Guaranteed Notes
(Callable 03/01/09 @ $103.38) ss. (B , B1) 03/01/13 6.750 71,719
100 Seagate Technology HDD Holdings,
Global Company Guaranteed Notes
(Callable 05/15/06 @ $104.00) (BB+ , Ba2) 05/15/09 8.000 105,500
90 Stats Chippac, Ltd., Global Company
Guaranteed Notes
(Callable 11/15/08 @ $103.38) (BB , Ba2) 11/15/11 6.750 87,300
145 SunGard Data Systems, Inc, Rule 144A,
Senior Unsecured Notes
(Callable 08/15/09 @ $104.56) ++ (B- , B3) 08/15/13 9.125 150,800
75 Sungard Data Systems, Inc., Rule 144A,
Senior Subordinated Notes
(Callable 08/15/10 @ $105.13) ++ (B- , Caa1) 08/15/15 10.250 75,375
200 Xerox Corp., Senior Notes
(Callable 06/15/08 @ $103.81) ss. (BB- , Ba2) 06/15/13 7.625 212,000
-------------
850,041
-------------
TEXTILE/APPAREL/SHOE MANUFACTURING (0.9%)
100 BGF Industries, Inc., Series B,
Senior Subordinated Notes
(Callable 01/15/06 @ $101.75) (CCC- , Ca) 01/15/09 10.250 102,250
100 Levi Strauss & Co., Global Senior Notes
(Callable 12/15/07 @ $106.12) (CCC , Ca) 12/15/12 12.250 112,000
50 Phillips-Van Heusen Corp., Global Senior Notes
(Callable 02/15/08 @ $103.62) ss. (BB , B2) 02/15/11 7.250 51,000
-------------
265,250
-------------
TOWER (0.3%)
100 American Tower Corp., Global Senior Notes
(Callable 10/15/08 @ $103.56) (BB- , B1) 10/15/12 7.125 103,500
-------------
TRANSPORTATION/OTHER (0.7%)
97 American Commercial Lines, Global Company
Guaranteed Notes
(Callable 02/15/10 @ $104.75) (B- , B3) 02/15/15 9.500 105,245
100 Overseas Shipholding Group, Inc., Global Senior
Notes (Callable 03/15/08 @ $104.12) (BB+ , Ba1) 03/15/13 8.250 106,250
-------------
211,495
-------------
UTILITIES (3.8%)
50 Allegheny Energy Supply Company LLC,
Global Notes ss. (B , Ba3) 03/15/11 7.800 54,750
See Accompanying Notes to Financial Statements.
36
CREDIT SUISSE GLOBAL HIGH YIELD FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -------------
CORPORATE BONDS
UTILITIES
$ 100 Aquila, Inc., Senior Notes ss. (B- , B2) 11/15/09 7.625 $ 102,500
100 CMS Energy Corp., Senior Notes ss. (B+ , B1) 01/15/09 7.500 103,500
100 Edison Mission Energy, Senior Notes (B+ , B1) 06/15/09 7.730 103,750
100 Mirant Americas Generation LLC, Senior
Notes 0 (NR , NR) 05/01/06 7.625 122,500
100 Mirant Corp., Rule 144A, Senior Notes ++0ss. (D , NR) 01/15/06 7.400 124,500
100 Mirant North America LLC, Rule 144A, Senior
Notes (Callable 12/31/09 @ $103.69) ++ (B- , B1) 12/31/13 7.375 101,625
33 Nevada Power Co., Series E, Global Notes
(Callable 10/15/06 @ $105.44) (BB , Ba1) 10/15/09 10.875 36,217
83 NRG Energy, Inc., Global Company Guaranteed
Notes (Callable 12/15/08 @ $104.00) (B , B1) 12/15/13 8.000 92,960
100 Sierra Pacific Resources, Global Senior Notes
(Callable 03/15/09 @ $104.31) (B- , Ba2) 03/15/14 8.625 108,699
50 TECO Energy, Inc., Notes ss. (BB , Ba2) 05/01/11 7.200 53,000
100 Texas Genco LLC, Rule 144A, Senior Notes
(Callable 12/15/09 @ $103.44) ++ (B , B1) 12/15/14 6.875 108,750
-------------
1,112,751
-------------
WIRELESS (3.8%)
50 AirGate PCS, Inc., Rule 144A, Secured Notes
(Callable 01/01/06 @ $104.69) ++ (CCC , Caa1) 09/01/09 9.375 52,500
107 AirGate PCS, Inc., Secured Notes
(Callable 01/01/06 @ $104.69) ss. (CCC , Caa1) 09/01/09 9.375 111,930
50 American Cellular Corp., Series B, Global Senior
Notes (Callable 08/01/07 @ $105.00) (B- , Caa1) 08/01/11 10.000 54,500
75 Centennial Communications Corp., Global
Company Guaranteed Notes
(Callable 06/15/08 @ $105.06) (CCC , B3) 06/15/13 10.125 81,938
75 Dobson Cellular Systems, Inc., Global Secured
Notes (Callable 11/01/08 @ $104.94) (CCC , Caa1) 11/01/12 9.875 83,063
50 Dobson Communications Corp., Global Senior
Notes (Callable 10/01/08 @ $104.44) (CCC , Caa2) 10/01/13 8.875 50,125
100 iPCS, Inc., Global Senior Notes
(Callable 05/01/08 @ $105.75) (CCC , B3) 05/01/12 11.500 115,250
150 Nextel Communications, Inc., Series D, Senior
Notes (Callable 08/01/08 @ $103.69) (A- , Baa2) 08/01/15 7.375 158,421
75 Nextel Partners, Inc., Global Senior Notes
(Callable 07/01/07 @ $104.06) (BB- , Caa1) 07/01/11 8.125 80,531
50 Rural Cellular Corp., Global Senior Notes
(Callable 08/01/07 @ $104.94) (CCC , Caa1) 02/01/10 9.875 53,000
50 Rural Cellular Corp., Global Senior Subordinated
Notes (Callable 01/15/06 @ $104.88) ss. (CCC , Caa2) 01/15/10 9.750 50,750
70 Rural Cellular Corp., Rule 144A, Senior
Subordinated Notes
(Callable 11/01/07 @ $102.00) ++# (CCC , Caa2) 11/01/12 10.041 70,875
150 Triton PCS, Inc., Global Company Guaranteed
Notes (Callable 06/01/08 @ $104.25) (CCC- , Caa1) 06/01/13 8.500 140,250
-------------
1,103,133
-------------
TOTAL CORPORATE BONDS (Cost $25,805,030) 25,177,106
-------------
See Accompanying Notes to Financial Statements.
37
CREDIT SUISSE GLOBAL HIGH YIELD FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------ -------------
FOREIGN BONDS (6.9%)
BUILDING PRODUCTS (0.4%)
$ 100 Maax Holdings, Inc., Global Senior Discount
Notes (Callable 12/15/08 @ $105.63)
(Canada) + (CCC+ , Caa1) 12/15/12 0.000 $ 31,625
100 Maax Holdings, Inc., Global Senior
Subordinated Notes
(Callable 06/15/08 @ $104.88) (Canada) ss. (CCC+ , B3) 06/15/12 9.750 79,500
-------------
111,125
-------------
CABLE (0.9%)
100 Kabel Deutschland GmbH, Rule 144A, Senior
Notes (Callable 07/01/09 @ $105.31)
(Germany) ++ (B- , B2) 07/01/14 10.625 105,750
150 Videotron Ltee, Rule 144A, Notes
(Callable 12/15/10 @ $103.19) (Canada) ++ (B+ , Ba3) 12/15/15 6.375 149,812
-------------
255,562
-------------
CHEMICALS (0.4%)
100 Rhodia SA, Rule 144A, Global Senior Notes
(France) ++ss. (CCC+ , B3) 06/01/10 10.250 110,000
-------------
ENERGY - OTHER (0.3%)
100 Harvest Operations Corp., Global Senior Notes
(Callable 10/15/08 @ $103.94) (Canada) (B- , B3) 10/15/11 7.875 100,000
-------------
GAMING (0.4%)
125 Kerzner International, Ltd., Rule 144A, Senior
Subordinated Notes
(Callable 10/01/10 @ $103.38) (Bahamas) ++ (B , B2) 10/01/15 6.750 122,188
-------------
INDUSTRIAL - OTHER (0.1%)
35 Ashtead Holdings PLC, Rule 144A, Secured
Notes (Callable 08/01/10 @ $104.31)
(United Kingdom) ++ (B , B2) 08/01/15 8.625 37,013
504 International Utility Structures, Inc.,
Subordinated Notes
(Callable 02/01/06 @ $100.00) (Canada) 0^ (NR , NR) 02/01/08 13.000 0
-------------
37,013
-------------
LEISURE (0.6%)
100 Intrawest Corp., Global Senior Notes
(Callable 10/15/08 @ $103.75) (Canada) (B+ , B1) 10/15/13 7.500 101,750
75 NCL Corp., Senior Notes
(Callable 07/15/09 @ $105.31) (Bermuda) # (B+ , B2) 07/15/14 10.625 77,812
-------------
179,562
-------------
METALS & MINING (0.4%)
97 Ispat Inland ULC, Global Secured Notes
(Callable 04/01/09 @ $104.88) (Canada) (BBB+ , Ba1) 04/01/14 9.750 110,338
-------------
See Accompanying Notes to Financial Statements.
38
CREDIT SUISSE GLOBAL HIGH YIELD FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ------ -------------
FOREIGN BONDS
PAPER & FOREST PRODUCTS (1.1%)
$ 100 Abitibi-Consolidated, Inc., Global Notes
(Canada) (BB- , Ba3) 06/15/11 7.750 $ 95,750
100 JSG Funding PLC, Global Senior Subordinated
Notes (Callable 01/31/10 @ $103.88)
(Ireland) (B- , Caa1) 04/01/15 7.750 83,500
100 Quebecor World Capital Corp., Global
Company Guaranteed Notes (Canada) (BB , Ba2) 11/15/13 6.125 89,722
100 Tembec Industries, Inc., Global Company
Guaranteed Notes (Canada) ss. (B , B3) 03/15/12 7.750 54,000
-------------
322,972
-------------
PHARMACEUTICALS (0.3%)
100 Elan Finance PLC, Global Company Guaranteed
Notes (Callable 11/15/08 @ $103.88)
(Ireland) (B , B3) 11/15/11 7.750 94,000
-------------
RETAIL-FOOD & DRUG (0.5%)
150 Jean Coutu Group PJC, Inc., Global Senior
Subordinated Notes
(Callable 08/01/09 @ $104.25) (Canada) ss. (B , B3) 08/01/14 8.500 138,000
-------------
SATELLITE (0.2%)
50 Intelsat, Ltd., Rule 144A, Senior Notes
(Callable 01/15/09 @ $104.13) (Bermuda) ++ (B+ , B2) 01/15/13 8.250 50,750
-------------
TECHNOLOGY (0.3%)
100 Celestica, Inc., Senior Subordinated Notes
(Callable 07/01/08 @ $103.94) (Canada) (B , B2) 07/01/11 7.875 101,250
-------------
TELECOMMUNICATIONS (0.1%)
50 Intelsat, Ltd., Global Senior Notes (Bermuda) (B , Caa1) 11/01/08 5.250 45,813
-------------
TRANSPORTATION/OTHER (0.5%)
150 Ship Finance International, Ltd., Global Senior
Notes (Callable 12/15/08 @ $104.25)
(Bermuda) (B , B1) 12/15/13 8.500 141,000
-------------
WIRELESS (0.4%)
100 Rogers Wireless Communications, Inc., Global
Secured Notes (Canada) (BB , Ba3) 12/15/12 7.250 105,625
-------------
TOTAL FOREIGN BONDS (Cost $2,630,506) 2,025,198
-------------
NUMBER OF
SHARES
----------
COMMON STOCKS (0.8%)
AUTOMOBILE MANUFACTURING/VEHICLE PARTS (0.0%)
413,097 Cambridge Industries Liquidating Trust *^ 0
-------------
See Accompanying Notes to Financial Statements.
39
CREDIT SUISSE GLOBAL HIGH YIELD FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES VALUE
---------- -------------
COMMON STOCKS
FOOD PROCESSORS/BEVERAGE/BOTTLING (0.3%)
70 Crunch Equity Holding LLC Class A * $ 75,557
-------------
HEALTHCARE FACILITIES/SUPPLIES (0.0%)
1 Magellan Health Services, Inc. * 31
-------------
RETAIL STORES (0.0%)
8,710 Safelite Glass Corp., Class B *^ 7,404
588 Safelite Realty Corp. *^ 4,704
-------------
12,108
-------------
WIRELESS (0.5%)
19,309 Dobson Communications Corp. Class A * 144,818
-------------
TOTAL COMMON STOCKS (Cost $573,755) 232,514
-------------
PREFERRED STOCKS (1.0%)
BROADCAST/OUTDOOR (1.0%)
32 Paxson Communications Corp. * 279,672
-------------
GAMING (0.0%)
1,077 Peninsula Gaming LLC * 6,866
-------------
TOTAL PREFERRED STOCKS (Cost $282,415) 286,538
-------------
WARRANTS (0.0%)
COMPETITIVE LOCAL EXCHANGE CARRIER (0.0%)
2,960 Loral Space & Communications, Ltd., strike
price $2.37 expires 12/27/06 *^ 0
-------------
RESTAURANTS (0.0%)
176 New World Restaurant Group, Inc., strike price
$13.00 expires 6/20/06 * 0
-------------
RETAIL STORES (0.0%)
21,345 Safelite Glass Corp., Class A, strike price $6.50
expires 9/29/06 *^ 0
14,230 Safelite Glass Corp., Class B, strike price $6.50
expires 9/29/07 *^ 0
-------------
0
-------------
TEXTILE/APPAREL/SHOE MANUFACTURING (0.0%)
544 AGY Holding Corp., strike price $0.01 expires
1/01/10 *^ 5
-------------
WIRELESS (0.0%)
500 AirGate PCS, Inc., strike price $0.01 expires
10/01/09 * 11,464
See Accompanying Notes to Financial Statements.
40
CREDIT SUISSE GLOBAL HIGH YIELD FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES MATURITY RATE% VALUE
---------- -------- ----- -------------
WARRANTS
WIRELESS
500 iPCS, Inc., Rule 144A, strike price $5.50
expires 7/15/10 *++ $ 0
-------------
11,464
-------------
TOTAL WARRANTS (Cost $3,447) 11,469
-------------
SHORT-TERM INVESTMENTS (30.0%)
7,659,125 State Street Navigator Prime Fund ss.ss. 7,659,125
PAR
(000)
-----
$ 1,122 State Street Bank and Trust Co. Euro Time Deposit 01/03/06 3.350 1,122,000
-------------
TOTAL SHORT-TERM INVESTMENTS (Cost $8,781,125) 8,781,125
-------------
TOTAL INVESTMENTS AT VALUE (124.8%) (Cost $38,076,278) 36,513,950
LIABILITIES IN EXCESS OF OTHER ASSETS (-24.8%) (7,265,901)
-------------
NET ASSETS (100.0%) $ 29,248,049
=============
INVESTMENT ABBREVIATIONS
MTNA = Medium Term Note Series A
NR=Not Rated
- --------------------------------------------------------------------------------
+ Credit ratings given by The Standard & Poor's Division of The
McGraw-Hill Companies, Inc. ("S&P") and Moody's Investors Service, Inc.
("Moody's") are unaudited.
++ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At December
31, 2005, these securities amounted to a value of $4,765,707 or 16.29%
of net assets.
+ Step Bond - The interest rate is as of December 31, 2005 and will reset
at a future date.
* Non-income producing security.
^ Not readily marketable security; security is valued at fair value as
determined in good faith by, or under the direction of, the Board of
Directors.
# Variable rate obligations - The interest rate shown is the rate as of
December 31, 2005.
ss. Security or portion thereof is out on loan.
ss.ss. Represents security purchased with cash collateral received for
securities on loan.
o Bond is currently in default.
(1) Par value of security held is less than 1,000.
See Accompanying Notes to Financial Statements.
41
CREDIT SUISSE INSTITUTIONAL FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2005
- --------------------------------------------------------------------------------
FIXED GLOBAL HIGH
INCOME FUND YIELD FUND
-------------- ---------------
ASSETS
Investments at value, including collateral for securities on loan
of $14,625,144 and $7,659,125, respectively
(cost $141,279,903 and $38,076,278, respectively) (Note 2) $ 140,436,457 1 $ 36,513,950 2
Cash 22,000 83,973
Cash segregated at broker 1,000,000 --
Receivable for investments sold 6,259,142 906
Dividend and interest receivable 815,444 534,347
Unrealized appreciation on forward currency contracts (Note 2) 288,597 --
Variation margin receivable (Note 2) 96,976 --
Prepaid expenses and other assets 15,909 19,534
-------------- ---------------
Total Assets 148,934,525 37,152,710
-------------- ---------------
LIABILITIES
Advisory fee payable (Note 3) 33,625 14,053
Administrative services fee payable (Note 3) 14,896 7,144
Payable for investments purchased 18,466,700 76,967
Payable upon return of securities loaned (Note 2) 14,625,144 7,659,125
Unrealized depreciation on forward currency contracts (Note 2) 391,257 --
Variation margin payable (Note 2) 135,931 --
Payable for fund shares redeemed 42,286 112,724
Commitment fees payable (Note 3) 450 113
Other accrued expenses payable 43,122 34,535
-------------- ---------------
Total Liabilities 33,753,411 7,904,661
-------------- ---------------
NET ASSETS
Capital stock, $0.001 par value (Note 6) 8,127 2,936
Paid-in capital (Note 6) 149,230,161 77,992,188
Accumulated net investment income (loss) 28,756 (434,323)
Accumulated net realized loss from investments, futures
transactions, options written and foreign currency transactions (32,978,625) (46,750,424)
Net unrealized depreciation from investments, futures
transactions and foreign currency translations (1,107,305) (1,562,328)
-------------- ---------------
Net Assets $ 115,181,114 $ 29,248,049
============== ===============
Shares outstanding 8,126,668 2,935,941
-------------- ---------------
Net asset value, offering price, and redemption price per share $ 14.17 $ 9.96
============== ===============
- --------------------------------------------------------------------------------
1 Including $14,334,059 of securities on loan.
2 Including $7,503,429 of securities on loan.
See Accompanying Notes to Financial Statements.
42
CREDIT SUISSE INSTITUTIONAL FUNDS
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 2005
- --------------------------------------------------------------------------------
FIXED GLOBAL HIGH
INCOME FUND YIELD FUND
-------------- ---------------
INVESTMENT INCOME (Note 2)
Interest $ 5,655,394 $ 2,560,627
Dividends 23,835 44,308
Securities lending 21,134 37,190
-------------- ---------------
Total investment income 5,700,363 2,642,125
-------------- ---------------
EXPENSES
Investment advisory fees (Note 3) 453,097 213,483
Administrative services fees (Note 3) 115,668 67,676
Custodian fees 40,168 8,370
Audit and tax fees 24,862 18,431
Registration fees 21,493 22,966
Legal fees 20,334 24,595
Printing fees (Note 3) 19,971 21,106
Directors' fees 16,904 16,904
Insurance expense 7,130 4,916
Commitment fees (Note 4) 3,031 745
Transfer agent fees 2,414 2,950
Interest expense (Note 4) 124 4,973
Miscellaneous expense 14,266 13,270
-------------- ---------------
Total expenses 739,462 420,385
Less: fees waived (Note 3) (195,747) (206,902)
-------------- ---------------
Net expenses 543,715 213,483
-------------- ---------------
Net investment income 5,156,648 2,428,642
-------------- ---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS,
FUTURES CONTRACTS, OPTIONS WRITTEN AND
FOREIGN CURRENCY RELATED ITEMS
Net realized loss from investments (190,057) (1,114,030)
Net realized gain from futures contracts 145,125 --
Net realized gain from options written 180,620 --
Net realized loss from foreign currency transactions (254,943) --
Net change in unrealized appreciation (depreciation) from investments (2,676,196) (556,315)
Net change in unrealized appreciation (depreciation) from futures contracts (190,062) --
Net change in unrealized appreciation (depreciation) from options written (29,051) --
Net change in unrealized appreciation (depreciation) from foreign
currency translations (108,451) --
-------------- ---------------
Net realized and unrealized loss from investments, futures contracts,
options written and foreign currency related items (3,123,015) (1,670,345)
-------------- ---------------
Net increase in net assets resulting from operations $ 2,033,633 $ 758,297
============== ===============
See Accompanying Notes to Financial Statements.
43
CREDIT SUISSE INSTITUTIONAL FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
FIXED INCOME FUND
------------------------------------------------
FOR THE PERIOD
FOR THE YEAR SEPTEMBER 1, FOR THE YEAR
ENDED 2004 TO ENDED
DECEMBER 31, DECEMBER 31, AUGUST 31,
2005 2004 1 2004
------------- -------------- -------------
FROM OPERATIONS
Net investment income $ 5,156,648 $ 1,831,676 $ 4,615,797
Net realized gain (loss) from investments, futures
contracts, options written, swap contracts and
foreign currency transactions (119,255) 1,527,094 2,489,835
Net change in unrealized appreciation (depreciation)
from investments, futures contracts, options written,
swap contracts and foreign currency translations (3,003,760) (479,346) 1,802,248
------------- -------------- -------------
Net increase in net assets
resulting from operations 2,033,633 2,879,424 8,907,880
------------- -------------- -------------
FROM DIVIDENDS
Dividends from net investment income (5,579,893) (2,922,597) (5,966,305)
------------- -------------- -------------
Net decrease in net assets resulting from dividends (5,579,893) (2,922,597) (5,966,305)
------------- -------------- -------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 23,982,395 3,591,546 12,854,275
Reinvestment of dividends 5,362,211 2,814,946 5,764,916
Net asset value of shares redeemed (37,906,984) (8,765,549) (33,109,039)
------------- -------------- -------------
Net increase (decrease) in net assets from
capital share transactions (8,562,378) (2,359,057) (14,489,848)
------------- -------------- -------------
Net increase (decrease) in net assets (12,108,638) (2,402,230) (11,548,273)
NET ASSETS
Beginning of period 127,289,752 129,691,982 141,240,255
------------- -------------- -------------
End of period $ 115,181,114 $ 127,289,752 $ 129,691,982
============= ============== =============
ACCUMULATED NET INVESTMENT INCOME (LOSS) $ 28,756 $ (50,319) $ 973,127
============= ============== =============
- --------------------------------------------------------------------------------
1 The Funds changed their fiscal year end from August 31 to December 31.
See Accompanying Notes to Financial Statements.
44
CREDIT SUISSE INSTITUTIONAL FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
GLOBAL HIGH YIELD FUND
------------------------------------------------
FOR THE PERIOD
FOR THE YEAR SEPTEMBER 1, FOR THE YEAR
ENDED 2004 TO ENDED
DECEMBER 31, DECEMBER 31, AUGUST 31,
2005 2004 1 2004
------------- -------------- -------------
FROM OPERATIONS
Net investment income $ 2,428,642 $ 932,081 $ 2,241,345
Net realized gain (loss) from investments, futures
contracts, options written, swap contracts and
foreign currency transactions (1,114,030) 127,180 (2,794,058)
Net change in unrealized appreciation (depreciation)
from investments, futures contracts, options written,
swap contracts and foreign currency translations (556,315) 1,689,817 4,939,708
------------- -------------- -------------
Net increase in net assets
resulting from operations 758,297 2,749,078 4,386,995
------------- -------------- -------------
FROM DIVIDENDS
Dividends from net investment income (2,741,727) (1,864,690) (3,876,496)
------------- -------------- -------------
Net decrease in net assets resulting from dividends (2,741,727) (1,864,690) (3,876,496)
------------- -------------- -------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 10,714,230 1,268,790 15,885,261
Reinvestment of dividends 2,671,029 1,848,741 3,813,343
Net asset value of shares redeemed (16,995,445) (1,835,223) (14,263,345)
------------- -------------- -------------
Net increase (decrease) in net assets from
capital share transactions (3,610,186) 1,282,308 5,435,259
------------- -------------- -------------
Net increase (decrease) in net assets (5,593,616) 2,166,696 5,945,758
NET ASSETS
Beginning of period 34,841,665 32,674,969 26,729,211
------------- -------------- -------------
End of period $ 29,248,049 $ 34,841,665 $ 32,674,969
============= ============== =============
ACCUMULATED NET INVESTMENT INCOME (LOSS) $ (434,323) $ (895,357) $ (9,048)
============= ============== =============
See Accompanying Notes to Financial Statements.
45
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
FINANCIAL HIGHLIGHTS
(For an Institutional Class Share of the Fund Outstanding Throughout Each
Period)
- --------------------------------------------------------------------------------
FOR THE
PERIOD
FOR THE YEAR SEPTEMBER 1,
ENDED 2004 TO FOR THE YEAR ENDED AUGUST 31,
DECEMBER 31, DECEMBER 31, --------------------------------------------------------
2005 2004 1 2004 2003 2002 2 2001
------------ ----------- ----------- ----------- ----------- -----------
PER SHARE DATA
Net asset value,
beginning of period $ 14.59 $ 14.60 $ 14.27 $ 14.12 $ 15.79 $ 14.95
------------ ----------- ----------- ----------- ----------- -----------
INVESTMENT OPERATIONS
Net investment income 0.63 0.22 0.50 0.67 0.83 1.02
Net gain (loss) on investments,
future contracts, options
written, swap contracts and
foreign currency related items
(both realized and unrealized) (0.37) 0.11 0.46 0.35 (1.27) 0.85
------------ ----------- ----------- ----------- ----------- -----------
Total from investment
operations 0.26 0.33 0.96 1.02 (0.44) 1.87
------------ ----------- ----------- ----------- ----------- -----------
LESS DIVIDENDS
AND DISTRIBUTIONS
Dividends from net
investment income (0.68) (0.34) (0.63) (0.87) (0.83) (1.03)
Distributions from net
realized gains -- -- -- -- (0.40) --
------------ ----------- ----------- ----------- ----------- -----------
Total dividends
and distributions (0.68) (0.34) (0.63) (0.87) (1.23) (1.03)
------------ ----------- ----------- ----------- ----------- -----------
NET ASSET VALUE, END OF PERIOD $ 14.17 $ 14.59 $ 14.60 $ 14.27 $ 14.12 $ 15.79
============ =========== =========== =========== =========== ===========
Total return 3 1.82% 2.26% 6.86% 7.40% (2.92)% 13.02%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(000s omitted) $ 115,181 $ 127,290 $ 129,692 $ 141,240 $ 275,863 $ 532,627
Ratio of expenses to average
net assets 0.45% 0.45% 4 0.45% 0.45% 0.45% 0.45%
Ratio of net investment income
to average net assets 4.27% 4.29% 4 3.43% 4.18% 5.41% 6.71%
Decrease reflected in above
operating expense
ratios due to waivers 0.16% 0.22% 4 0.17% 0.14% 0.05% 0.06%
Portfolio turnover rate 358% 132% 375% 519% 526% 449%
- --------------------------------------------------------------------------------
1 The Fund changed its fiscal year end from August 31 to December 31.
2 As required, effective September 1, 2001, the Fund adopted the provisions
of AICPA Audit and Accounting Guide for Investment Companies and began
including paydown gains and losses in interest income. The effect of this
change for the year ended August 31, 2002 was to increase net investment
income per share by $0.01, decrease net realized and unrealized gains and
losses per share by $0.01 and increase the ratio of net investment income
to average net assets from 5.37% to 5.41%. Per share ratios and
supplemental data for prior periods have not been restated to reflect this
change.
3 Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been
lower. Total returns for periods less than one year are not annualized.
4 Annualized.
See Accompanying Notes to Financial Statements.
46
CREDIT SUISSE GLOBAL HIGH YIELD FUND
FINANCIAL HIGHLIGHTS
(For an Institutional Class Share of the Fund Outstanding Throughout Each
Period)
- --------------------------------------------------------------------------------
FOR THE
PERIOD
FOR THE YEAR SEPTEMBER 1,
ENDED 2004 TO FOR THE YEAR ENDED AUGUST 31,
DECEMBER 31, DECEMBER 31, --------------------------------------------------------
2005 2004 1 2004 2003 2002 2 2001
------------ ----------- ----------- ----------- ----------- -----------
PER SHARE DATA
Net asset value,
beginning of period $ 10.65 $ 10.38 $ 10.26 $ 9.90 $ 11.84 $ 14.11
------------ ----------- ----------- ----------- ----------- -----------
INVESTMENT OPERATIONS
Net investment income 0.81 0.31 1.01 1.14 1.17 1.40
Net gain (loss) on investments
(both realized and unrealized) (0.55) 0.55 0.72 0.41 (1.94) (2.21)
------------ ----------- ----------- ----------- ----------- -----------
Total from investment
operations 0.26 0.86 1.73 1.55 (0.77) (0.81)
------------ ----------- ----------- ----------- ----------- -----------
LESS DIVIDENDS
Dividends from net
investment income (0.95) (0.59) (1.61) (1.19) (1.17) (1.46)
------------ ----------- ----------- ----------- ----------- -----------
NET ASSET VALUE, END OF PERIOD $ 9.96 $ 10.65 $ 10.38 $ 10.26 $ 9.90 $ 11.84
============ =========== =========== =========== =========== ===========
Total return 2 2.58% 8.43% 18.27% 16.96% (6.88)% (5.71)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(000s omitted) $ 29,248 $ 34,842 $ 32,675 $ 26,729 $ 86,846 $ 98,008
Ratio of expenses to average
net assets 0.70% 0.70% 4 0.70% 0.70% 0.70% 0.70%
Ratio of net investment income
to average net assets 7.96% 8.30% 4 8.74% 10.15% 10.15% 3 11.06%
Decrease reflected in above
operating expense ratios due
to waivers/reimbursements 0.68% 0.91% 4 0.95% 0.40% 0.27% 0.30%
Portfolio turnover rate 71% 5% 30% 56% 52% 20%
- --------------------------------------------------------------------------------
1 The Fund changed its fiscal year end from August 31 to December 31.
2 Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been
lower. Total returns for periods less than one year are not annualized.
3 During the year ended August 31, 2002, the Fund experienced an increase in
its interest income of 0.67% as a result of additional accretion income
not accrued in prior periods. The Fund's net investment income ratio
disclosed above excludes the effect of the increase.
4 Annualized.
See Accompanying Notes to Financial Statements.
47
CREDIT SUISSE INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS
December 31, 2005
- --------------------------------------------------------------------------------
NOTE 1. ORGANIZATION
The Credit Suisse Institutional Funds contained in this report are Credit
Suisse Institutional Fixed Income Fund ("Fixed Income") and Credit Suisse Global
High Yield Fund ("Global High Yield") (each, a "Fund" and collectively, the
"Funds"). Each Fund was incorporated under the laws of the State of Maryland on
July 31, 1998 and is a diversified, open-end management investment company
registered under the Investment Company Act of 1940, as amended.
Fixed Income and Global High Yield seek high total return as their
investment objective.
Fixed Income and Global High Yield are each authorized to offer three
classes of shares, Common Class, Advisor Class and Institutional Class shares,
although each Fund currently offers only Institutional Class shares.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
A) SECURITY VALUATION -- The net asset value of each Fund is determined
daily as of the close of regular trading on the New York Stock Exchange, Inc.
(the "Exchange") on each day the Exchange is open for business. Debt securities
with a remaining maturity greater than 60 days are valued in accordance with the
price supplied by a pricing service, which may use a matrix, formula or other
objective method that takes into consideration market indices, yield curves and
other specific adjustments. Debt obligations that will mature in 60 days or less
are valued on the basis of amortized cost, which approximates market value,
unless it is determined that using this method would not represent fair value.
Each Fund's equity investments are valued at market value, which is generally
determined using the closing price on the exchange or market on which the
security is primarily traded at the time of valuation (the "Valuation Time"). If
no sales are reported, equity investments are generally valued at the most
recent bid quotation as of the Valuation Time or at the lowest asked quotation
in the case of a short sale of securities. Investments in mutual funds are
valued at the mutual fund's closing net asset value per share on the day of
valuation. Securities and other assets for which market quotations are not
readily available, or whose values have been materially affected by events
occurring before each Fund's Valuation Time but after the close of the
securities' primary markets, are valued at fair value as determined in good
faith by, or under the direction of, the Board of Directors
48
CREDIT SUISSE INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
under procedures established by the Board of Directors. The Funds may utilize a
service provided by an independent third party which has been approved by the
Board of Directors to fair value certain securities. When fair-value pricing is
employed, the prices of securities used by a fund to calculate its net asset
value may differ from quoted or published prices for the same securities.
B) FOREIGN CURRENCY TRANSACTIONS -- The books and records of the Funds are
maintained in U.S. dollars. Transactions denominated in foreign currencies are
recorded at the current prevailing exchange rates. All assets and liabilities
denominated in foreign currencies are translated into U.S. dollar amounts at the
current exchange rate at the end of the period. Translation gains or losses
resulting from changes in the exchange rate during the reporting period and
realized gains and losses on the settlement of foreign currency transactions are
reported in the results of operations for the current period. The Funds do not
isolate that portion of realized gains and losses on investments in EQUITY
securities which is due to changes in the foreign exchange rate from that which
is due to changes in market prices of equity securities. The Funds isolate that
portion of realized gains and losses on investments in debt securities which is
due to changes in the foreign exchange rate from that which is due to changes in
market prices of debt securities.
C) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions
are accounted for on a trade date basis. Interest income is recorded on the
accrual basis. The Funds amortize premium and accrete discount using the
effective interest method. Dividends are recorded on the ex-dividend date. The
cost of investments sold is determined by use of the specific identification
method for both financial reporting and income tax purposes.
D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income are declared and paid quarterly. Distributions of net realized
capital gains, if any, are declared and paid at least annually. However, to the
extent that a net realized capital gain can be reduced by a capital loss
carryforward, such gain will not be distributed. Income and capital gain
distributions are determined in accordance with federal income tax regulations,
which may differ from accounting principles generally accepted in the United
States of America ("GAAP").
49
CREDIT SUISSE INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
E) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
each Fund's intention to have the Fund continue to qualify for and elect the tax
treatment applicable to regulated investment companies under the Internal
Revenue Code of 1986, as amended, and to make the requisite distributions to its
shareholders, which will be sufficient to relieve it from federal income and
excise taxes.
F) USE OF ESTIMATES -- The preparation of financial statements in
conformity with GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from these estimates.
G) SHORT-TERM INVESTMENTS -- The Funds, together with other
funds/portfolios advised by Credit Suisse Asset Management, LLC ("Credit
Suisse"), an indirect, wholly-owned subsidiary of Credit Suisse Group, pools
available cash into either a short-term variable rate time deposit issued by
State Street Bank and Trust Company ("SSB"), the Funds' custodian, or a money
market fund advised by Credit Suisse. The short-term time deposit issued by SSB
is a variable rate account classified as a short-term investment.
H) FORWARD FOREIGN CURRENCY CONTRACTS -- Each Fund may enter into forward
foreign currency contracts for the purchase or sale of a specific foreign
currency at a fixed price on a future date. Risks may arise upon entering into
these contracts from the potential inability of counterparties to meet the terms
of their contracts and from unanticipated movements in the value of a foreign
currency. Each Fund will enter into forward foreign currency contracts primarily
for hedging purposes. Forward foreign currency contracts are adjusted by the
daily forward exchange rate of the underlying currency and any gains or losses
are recorded for financial statement purposes as unrealized until the contract
settlement date or an offsetting position is entered into.
50
CREDIT SUISSE INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
At December 31, 2005, Fixed Income had the following open forward foreign
currency contracts:
FORWARD FOREIGN EXPIRATION FOREIGN CURRENCY TO BE CONTRACT CONTRACT UNREALIZED
CURRENCY CONTRACT DATE PURCHASED/(SOLD) AMOUNT VALUE GAIN (LOSS)
- ---------------------- ---------- ---------------------- ------------- ------------ -----------
Brazilian Real 01/13/06 BRL 1,250,000 $ 558,285 $ 525,873 $ (32,412)
British Pound 01/13/06 (pound) 1,313,000 2,293,155 2,253,963 (39,192)
British Pound 01/13/06 (pound) (1,313,000) (2,291,973) (2,253,963) 38,010
European Economic Unit 01/13/06 (euro) 4,900,000 5,862,850 5,783,930 (78,920)
European Economic Unit 01/13/06 (euro) (9,517,375) (11,456,823) (11,234,253) 222,570
Hungarian Forint 01/13/06 HUF 121,100,000 566,311 565,508 (803)
Japanese Yen 01/13/06 (Y) 387,610,000 3,424,117 3,289,308 (134,809)
Japanese Yen 01/13/06 (Y) (191,000,000) (1,644,722) (1,620,850) 23,872
Norwegian Krone 01/13/06 NKr 14,900,000 2,293,719 2,202,034 (91,685)
Norwegian Krone 01/13/06 NKr (14,900,000) (2,273,247) (2,202,034) 71,213
Polish Zloty 01/13/06 PLN 1,915,761 560,180 588,095 27,915
Swedish Krona 01/13/06 SKr 17,800,000 2,302,210 2,238,739 (63,471)
Swedish Krona 01/13/06 SKr (17,800,000) (2,184,371) (2,238,739) (54,368)
Turkish Lira 01/18/06 TRL 1,919,000 1,391,120 1,413,239 22,119
Turkish Lira 01/17/06 TRL (764,000) (550,036) (562,735) (12,699)
------------- ------------ -----------
$ (1,149,225) $ (1,251,885) $ (102,660)
============= ============ ===========
I) TBA PURCHASE COMMITMENTS -- Each Fund may enter into "TBA" (to be
announced) purchase commitments to purchase securities for a fixed price at a
future date, typically not exceeding 45 days. TBA purchase commitments may be
considered securities in themselves, and involve a risk of loss if the value of
the security to be purchased declines prior to settlement date. This risk is in
addition to the risk of decline in the Fund's other assets. Unsettled TBA
purchase commitments are valued at the current market value of the underlying
securities, according to the procedures described under "Security Valuation"
above.
J) FUTURES -- Each Fund may enter into futures contracts to the extent
permitted by its investment policies and objectives. Upon entering into a
futures contract, each Fund is required to deposit cash and /or pledge U.S.
Government securities as initial margin. Subsequent payments, which are
dependent on the daily fluctuations in the value of the underlying instrument,
are made or received by the Fund each day (daily variation margin) and are
recorded as unrealized gains or losses until the contracts are closed.
51
CREDIT SUISSE INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
When the contracts are closed, the Fund records a realized gain or loss
equal to the difference between the proceeds from (or cost of) the closing
transactions and the Fund's basis in the contract. Risks of entering into
futures contracts for hedging purposes include the possibility that a change in
the value of the contract may not correlate with the changes in the value of the
underlying instruments. In addition, the purchase of a futures contract involves
the risk that the Fund could lose more than the original margin deposit and
subsequent payments required for a futures transaction. At December 31, 2005,
Fixed Income had the following open futures contracts:
UNREALIZED
NUMBER OF EXPIRATION CONTRACT CONTRACT APPRECIATION/
FUTURES CONTRACTS CONTRACTS DATE AMOUNT VALUE (DEPRECIATION)
- ------------------------ --------- ---------- ------------- ------------- --------------
Government of Canada
10 Year Bonds Futures 54 03/22/06 $ 5,289,749 $ 5,287,437 $ (2,312)
Federal Republic of
Germany 10 Year
Bonds Futures 79 03/08/06 11,266,185 11,353,592 87,407
Government of Japan
10 Year Bonds Futures 1 03/09/06 1,161,330 1,163,687 2,357
------------- ------------- --------------
17,717,264 17,804,716 87,452
------------- ------------- --------------
Australia Treasury 10
Year Bond Futures (39) 03/15/06 (2,974,073) (3,035,272) (61,199)
UK Treasury
Bonds Futures (63) 03/29/06 (12,261,387) (12,378,368) (116,981)
U.S. Treasury 2
Year Notes Futures (24) 03/31/06 (4,919,519) (4,924,500) (4,981)
U.S. Treasury 5
Year Notes Futures (32) 03/22/06 (3,393,859) (3,403,000) (9,141)
U.S. Treasury 10
Year Notes Futures (51) 03/22/06 (5,551,551) (5,579,719) (28,168)
U.S. Treasury 20
Year Bonds Futures (22) 03/22/06 (2,484,903) (2,512,125) (27,222)
------------- ------------- --------------
(31,585,292) (31,832,984) (247,692)
------------- ------------- --------------
$ (13,868,028) $ (14,028,268) $ (160,240)
============= ============= ==============
K) OPTIONS -- Each Fund may purchase and write (sell) call and put options
on securities, currencies and swap agreements (options on swap agreements are
commonly known as "swaptions"). Each Fund may write covered and uncovered put
and call options and purchase put and call options for hedging purposes or to
increase total return. The risk associated with
52
CREDIT SUISSE INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
purchasing an option is that the Fund pays a premium whether or not the option
is exercised. Additionally, each Fund bears the risk of loss of premium and
change in market value should the counterparty not perform under the contract.
Put and call options purchased are accounted for in the same manner as portfolio
securities. The cost of securities acquired through the exercise of call options
is increased by the premium paid. The proceeds from securities sold through the
exercise of put options are decreased by the premium paid.
When a Fund writes an option, the premium received by the Fund is recorded
as a liability and is subsequently adjusted to the current market value of the
option written. Premiums received from writing options that expire unexercised
are recorded by the Fund on the expiration date as realized gains from options
transactions. The difference between the premium received and the amount paid on
effecting a closing purchase transaction, including brokerage commissions, is
also treated as a realized gain, or if the premium received is less than the
amount paid for the closing purchase transaction, as a realized loss. If a call
option is exercised, the premium received is added to the proceeds from the sale
of the underlying security in determining whether the Fund has realized a gain
or loss. If a put option is exercised, the premium received reduces the cost
basis of the security purchased by the Fund. The risk involved in writing an
option is that, if the option is exercised, the underlying security could then
be purchased or sold by the Fund at a disadvantageous price. Uncovered options
are riskier than covered options because there is no underlying security held by
a Fund that can act as a partial hedge. Uncovered calls have speculative
characteristics and the potential for loss is unlimited. There is also a risk
that the securities on which the option is written may not be available for
purchase if the call option is exercised. Uncovered put options have speculative
characteristics and the potential loss is substantial.
Exchange-traded options are valued at the last sale price in the market
where such contracts are principally traded. OTC equity index options are priced
according to the contract specifications (days to expiration, current spot index
level, interest rates, dividends, strike price) using the Black-Scholes pricing
model, modified for dividends.
53
CREDIT SUISSE INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
Transactions in written puts and calls options for the year ended December
31, 2005 for Fixed Income were as follows:
NUMBER OF PREMIUMS
CONTRACTS RECEIVED
--------- --------
Options outstanding at beginning of year 136 $ 47,211
Options written 1,449 238,318
Options expired -- --
Options terminated in closing purchase transactions (1,585) (285,529)
Options exercised -- --
--------- --------
Options outstanding at end of year -- --
========= ========
L) SWAPS -- Each Fund may enter into index swaps for hedging purposes or
to seek to increase total return. A swap is an agreement that obligates two
parties to exchange a series of cash flows at specified intervals based upon or
calculated by reference to changes in specified prices or rates for a specified
amount of an underlying asset or notional principal amount. The Funds will enter
into index swaps only on a net basis, which means that the two payment streams
are netted out, with the Funds receiving or paying, as the case may be, only the
net amount of the two payments. Risks may arise as a result of the failure of
the counterparty to the swap contract to comply with the terms of the swap
contract. The loss incurred by the failure of a counterparty is generally
limited to the net interest payment to be received by the Funds, and/or the
termination value at the end of the contract. Therefore, the Funds consider the
creditworthiness of each counterparty to a swap contract in evaluating potential
credit risk. Additionally, risks may arise from unanticipated movements in
interest rates or in the value of the underlying reference asset or index.
Each Fund records unrealized gains or losses on a daily basis representing
the value and the current net receivable or payable relating to open swap
contracts. Net amounts received or paid on the swap contract are recorded as
realized gains or losses. Fluctuations in the value of swap contracts are
recorded for financial statement purposes as unrealized appreciation or
depreciation of swap contracts. Realized gains and losses from terminated swaps
are included in net realized gains/losses on swap contracts transactions. At
December 31, 2005 the Funds had no outstanding swap contracts.
M) SECURITIES LENDING -- Loans of securities are required at all times to
be secured by collateral at least equal to 102% of the market value of domestic
securities on loan (including any accrued interest thereon) and 105%
54
CREDIT SUISSE INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
of the market value of foreign securities on loan (including any accrued
interest thereon). Cash collateral received by each Fund in connection with
securities lending activity may be pooled together with cash collateral for
other funds/portfolios advised by Credit Suisse and may be invested in a variety
of investments, including certain Credit Suisse-advised funds, funds advised by
SSB, the Funds' securities lending agent, or money market instruments. However,
in the event of default or bankruptcy by the other party to the agreement,
realization and/or retention of the collateral may be subject to legal
proceedings.
SSB has been engaged by the Funds to act as the Funds' securities lending
agent. The Funds' securities lending arrangement provides that the Funds and SSB
will share the net income earned from securities lending activities. During the
year ended December 31, 2005, total earnings from Fixed Income and Global High
Yield's investment in cash collateral received in connection with securities
lending arrangements was $318,900 and $249,552, respectively, of which $288,756
and $196,626, respectively, was rebated to borrowers (brokers). Fixed Income and
Global High Yield retained $21,134 and $37,190 in income, respectively, from the
cash collateral investment, and SSB, as lending agent, was paid $9,010 and
$15,736, respectively. The Funds may also be entitled to certain minimum amounts
of income from their securities lending activities. Securities lending income is
accrued as earned.
N) OTHER -- Lower-rated debt securities (commonly known as "junk bonds")
possess speculative characteristics and are subject to greater market
fluctuations and risk of lost income and principal than higher-rated debt
securities for a variety of reasons. Also, during an economic downturn or
substantial period of rising interest rates, highly leveraged issuers may
experience financial stress which would adversely affect their ability to
service their principal and interest payment obligations, to meet projected
business goals and to obtain additional financing.
In addition, periods of economic uncertainty and changes can be expected
to result in increased volatility of market prices of lower-rated debt
securities and (to the extent a Fund invests in junk bonds) each Fund's net
asset value.
The Funds may invest in securities of foreign countries and governments
which involve certain risks in addition to those inherent in domestic
investments. Such risks generally include, among others, currency risk
55
CREDIT SUISSE INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
(fluctuations in currency exchange rates), information risk (key information may
be inaccurate or unavailable) and political risk (expropriation, nationalization
or the imposition of capital or currency controls or punitive taxes). Other
risks of investing in foreign securities include liquidity and valuation risks.
The Funds may be subject to taxes imposed by countries in which they
invest, with respect to their investments in issuers existing or operating in
such countries. Such taxes are generally based on income earned or repatriated
and capital gains realized on the sale of such investments. The Funds accrue
such taxes when the related income or gains are earned.
NOTE 3. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
Credit Suisse serves as investment adviser for each Fund. For its
investment advisory services, Credit Suisse is entitled to receive a fee from
each Fund based on the following fee schedule:
FUND ANNUAL RATE
----------------- ----------------------------------
Fixed Income 0.375% of average daily net assets
Global High Yield 0.70% of average daily net assets
For the year ended December 31, 2005, investment advisory fees earned and
voluntarily waived for each Fund were as follows:
GROSS NET
FUND ADVISORY FEE WAIVER ADVISORY FEE
----------------- -------------- ------------- ---------------
Fixed Income $ 453,097 $ (195,747) $ 257,350
Global High Yield 213,483 (206,902) 6,581
Credit Suisse will not recapture from the Funds any fees it waived during
the fiscal year ended December 31, 2005. Fee waivers and reimbursements are
voluntary and may be discontinued by Credit Suisse at any time.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate
of Credit Suisse, and SSB serve as co-administrators to the Funds.
No compensation is payable by the Funds to CSAMSI for co-administrative
services.
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, calculated in total for all the Credit Suisse
funds/portfolios
56
CREDIT SUISSE INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
NOTE 3. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
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
December 31, 2005, co-administrative services fees earned by SSB (including
out-of-pocket expenses) were as follows:
FUND CO-ADMINISTRATION FEE
----------------- ----------------------
Fixed Income $115,668
Global High Yield 67,676
In addition to serving as each Fund's co-administrator, CSAMSI currently
serves as distributor of each Fund's shares without compensation.
Merrill Corporation ("Merrill"), an affiliate of Credit Suisse, has been
engaged by the Funds to provide certain financial printing and fulfillment
services. For the year ended December 31, 2005, Merrill was paid for its
services to the Funds as follows:
FUND AMOUNT
----------------- -------
Fixed Income $12,594
Global High Yield 12,845
NOTE 4. LINE OF CREDIT
The Funds, together with other funds/portfolios advised by Credit Suisse
(collectively, the "Participating Funds"), participate in a $75 million
committed, unsecured line of credit facility ("Credit Facility") for temporary
or emergency purposes with Deutsche Bank, A.G. as administrative agent and
syndication agent and SSB as operations agent. Under the terms of the Credit
Facility, the Participating Funds pay an aggregate commitment fee at a rate of
0.10% per annum on the average unused amount of the Credit Facility, which is
allocated among the Participating Funds in such manner as is determined by the
governing Boards of the Participating Funds. In addition, the Participating
Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. At
December 31, 2005, the Funds had no loans outstanding under the Credit Facility.
During the year ended December 31, 2005, the Funds had borrowings under the
Credit Facility as follows:
AVERAGE DAILY WEIGHTED AVERAGE MAXIMUM DAILY
FUND LOAN BALANCE INTEREST RATE % LOAN OUTSTANDING
----------------- ------------- ---------------- ----------------
Fixed Income $ 1,400,000 3.188% $ 1,400,000
Global High Yield $ 1,287,807 3.089% $ 2,700,000
57
CREDIT SUISSE INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
NOTE 5. PURCHASES AND SALES OF SECURITIES
For the year ended December 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
------------------------ --------------------------
FUND PURCHASES SALES PURCHASES SALES
----------------- ----------- ----------- ------------ ------------
Fixed Income $79,476,518 $82,475,212 $348,752,259 $343,030,299
Global High Yield 20,602,804 22,247,104 -- --
NOTE 6. CAPITAL SHARE TRANSACTIONS
Fixed Income and Global High Yield are each authorized to issue three
billion full and fractional shares of capital stock, $.001 par value per share.
Transactions in capital shares for each Fund were as follows:
FIXED INCOME FUND
--------------------------------------------------------------
INSTITUTIONAL CLASS
--------------------------------------------------------------
FOR THE PERIOD
SEPTEMBER 1, 2004
FOR THE YEAR ENDED THROUGH FOR THE YEAR ENDED
DECEMBER 31, 2005 DECEMBER 31, 2004 1 AUGUST 31, 2004
--------------------------------------------------------------
Shares sold 1,642,152 244,637 887,034
Shares issued in reinvestment
of dividends 373,726 193,270 400,254
Shares redeemed (2,610,905) (598,311) (2,300,558)
------------- ------------- -------------
Net decrease (595,027) (160,404) (1,013,270)
============= ============= =============
GLOBAL HIGH YIELD FUND
--------------------------------------------------------------
INSTITUTIONAL CLASS
--------------------------------------------------------------
FOR THE PERIOD
SEPTEMBER 1, 2004
FOR THE YEAR ENDED THROUGH FOR THE YEAR ENDED
DECEMBER 31, 2005 DECEMBER 31, 2004 1 AUGUST 31, 2004
--------------------------------------------------------------
Shares sold 1,013,992 121,306 1,547,730
Shares issued in reinvestment
of dividends 264,279 175,211 381,556
Shares redeemed (1,615,317) (170,937) (1,385,899)
------------- ------------- -------------
Net increase (decrease) (337,046) 125,580 543,387
============= ============= =============
- --------------------------------------------------------------------------------
1 The Funds changed their fiscal year end from August 31 to December 31.
58
CREDIT SUISSE INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
NOTE 6. CAPITAL SHARE TRANSACTIONS
On December 31, 2005, the number of shareholders that held 5% or more of
the outstanding shares of each Fund was as follows:
NUMBER OF APPROXIMATE PERCENTAGE
SHAREHOLDERS OF OUTSTANDING SHARES
------------ ----------------------
Fixed Income 2 93%
Global High Yield 1 83%
Some of the shareholders are omnibus accounts, which hold shares on behalf
of several 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 paid during the year ended December
31, 2005, the period ended December 31, 2004, and the year ended August 31, 2004
by the Funds were as follows:
ORDINARY INCOME
------------------------------------------------------
FUND DECEMBER 31, 2005 DECEMBER 31, 2004 AUGUST 31, 2004
----------------- ----------------- ----------------- ---------------
Fixed Income $5,579,893 $2,922,597 $5,966,305
Global High Yield 2,741,727 1,864,690 3,876,496
The tax basis of 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, income from defaulted bonds, deferral of post-October losses and
mark to market on forwards and futures contracts.
At December 31, 2005, the components of distributable earnings on a tax
basis were as follows:
FIXED INCOME GLOBAL HIGH YIELD
------------- -----------------
Undistributed net investment income $ 41,518 $ --
Accumulated net realized loss (32,826,063) (45,669,334)
Unrealized depreciation (975,809) (2,010,880)
Deferral of post-October losses (296,820) (1,066,861)
------------- -----------------
$ (34,057,174) $ (48,747,075)
============= =================
59
CREDIT SUISSE INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
NOTE 7. FEDERAL INCOME TAXES
At December 31, 2005, the Funds had capital loss carryforwards available
to offset possible future capital gains as follows:
EXPIRES DECEMBER 31,
---------------------------------------------------------------------------
FUND 2006 2007 2009 2010 2011 2012 2013
- ----------------- -------- --------- --------- ----------- --------- --------- --------
Fixed Income $ -- $ -- $ -- $32,280,569 $ -- $ -- $545,494
Global High Yield 341,638 1,857,162 9,989,083 24,516,347 5,397,886 2,626,651 940,567
It is uncertain whether the Funds will be able to realize the full benefit
of these losses prior to expiration.
Under current tax law, certain capital losses realized after October 31
within a taxable year may be deferred and treated as occurring on the first day
of the following tax year. The Funds will be unable to realize the benefit from
these losses if it cannot realize gains on investments prior to the expiration
of the loss carryforwards. For the tax period ended December 31, 2005, the Funds
elected to defer net losses arising between November 1, 2005 and December 31,
2005 as follows:
FUND CAPITAL
----------------- ---------
Fixed Income $ 296,820
Global High Yield 1,066,861
As of December 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 depreciation from investments were as follows:
GROSS
IDENTIFIED UNREALIZED GROSS UNREALIZED NET UNREALIZED
FUND COST APPRECIATION (DEPRECIATION) DEPRECIATION
----------------- ------------- ------------ ---------------- --------------
Fixed Income $ 141,329,999 $ 409,237 $ (1,302,779) $ (893,542)
Global High Yield 38,524,830 862,801 (2,873,681) (2,010,880)
At December 31, 2005, accumulated undistributed net investment income,
accumulated net realized gain (loss) from investments and paid-in capital
60
CREDIT SUISSE INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
December 31, 2005
- --------------------------------------------------------------------------------
NOTE 7. FEDERAL INCOME TAXES
have been adjusted for current period permanent book/tax differences, which
arose principally from differing book/tax treatments of paydown gains and
losses, income from defaulted bonds, security litigation, distribution in excess
and foreign currency transactions. Net assets were not affected by these
reclassifications:
INCREASE (DECREASE)
------------------------------------------------------
ACCUMULATED NET
REALIZED GAIN
PAID-IN UNDISTRIBUTED NET (LOSS) ON
FUND CAPITAL INVESTMENT INCOME (LOSS) INVESTMENTS
------------------ ------- ------------------------ ---------------
Fixed Income $ -- $502,320 $(502,320)
Global High Yield (46,644) 774,119 (727,475)
NOTE 8. CONTINGENCIES
In the normal course of business, the Funds may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Funds' maximum exposure under these arrangements is dependent on future claims
that may be made against the Funds and, therefore, cannot be estimated; however,
based on experience, the risk of loss from such claims is considered remote.
61
CREDIT SUISSE INSTITUTIONAL FUNDS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------
To the Board of Directors and Shareholders of
Credit Suisse Institutional Fixed Income Fund, Inc. and
Credit Suisse Global High Yield 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 Credit Suisse Institutional Fixed
Income Fund, Inc. and Credit Suisse Global High Yield Fund, Inc., (hereafter
referred to as the "Funds") at December 31, 2005, the results of each of their
operations for the year then ended, and the changes in each of their net assets
and the financial highlights for each of the 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 Funds' 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
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 December 31, 2005 by
correspondence with the custodian and brokers, provide a reasonable basis for
our opinion.
PricewaterhouseCoopers LLP
Baltimore, Maryland
February 6, 2006
62
CREDIT SUISSE INSTITUTIONAL FUNDS
INFORMATION CONCERNING DIRECTORS AND OFFICERS (UNAUDITED)
- --------------------------------------------------------------------------------
NUMBER OF
TERM PORTFOLIOS
OF OFFICE 1 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, Graduate Adams Express
Management, LLC Committee School of Business, (a closed-end
Attn: General Counsel Member Columbia University investment
466 Lexington Avenue and Audit since 1971 company); Director
New York, New York Committee of Petroleum
10017-3140 Chairman and Resources
Corporation
Date of Birth: 10/02/41 (a closed-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 Aetna,
Box 208200 Nominating 1998 2 Professor in the Practice Inc. (insurance
New Haven, Connecticut and Audit of International Trade, company); Director
06520-8200 Committee Finance and Business of CarMax Group
Member from July 2005 to present; (used car dealers)
Date of Birth: 10/29/46 Partner and Chairman of
Garten 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 of
301 ICC Nominating 2001 Distinguished Professor Carlisle Companies
Georgetown University and Audit of International Affairs Incorporated
Washington, DC 20057 Committee at the Edmund A. Walsh (diversified
Member School of Foreign Service, manufacturing
Date of Birth: 02/11/37 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.
2 Mr. Garten was initially appointed as a Director of the Funds on February
6, 1998. He resigned as Director on February 3, 2000, and was subsequently
re-appointed on December 21, 2000.
63
CREDIT SUISSE INSTITUTIONAL FUNDS
INFORMATION CONCERNING DIRECTORS AND OFFICERS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
NUMBER OF
TERM PORTFOLIOS
OF OFFICE 1 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 Corp.
Attn: General Counsel Committee
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 Court, 46 Director of Presstek,
Lehigh Court, LLC the Board Since LLC and RZ Capital Inc. (digital imaging
40 East 52nd Street of Directors, 1999 (private investment firms) technologies
New York, New York Nominating and from July 2002 to present; company); Director
10022 Committee Chairman Transition Adviser to of Wood Resources,
Chairman since SunGard Securities Finance, LLC. (plywood
Date of Birth: 07/10/48 and Audit 2005 Inc. from February 2002 manufacturing
Committee to July 2002; President of company)
Member 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 3,4 Director Since Chairman and Global 40 None
c/o Credit Suisse Asset 2004 Chief Executive Officer
Management, LLC of Credit Suisse from
Attn: General Counsel March 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 1998
Date of Birth: 03/30/54 to March 2003
______________
3 Mr. Kenneally is a Director who is an "interested person" of the Funds as
defined in the 1940 Act, because he was an officer of Credit Suisse within
the last two fiscal years.
4 Effective July 31, 2005, Steven B. Plump was appointed as Chief Executive
Officer and President of the Funds. Mr. Kenneally, who previously held
these positions, resigned effective July 31, 2005.
64
CREDIT SUISSE INSTITUTIONAL FUNDS
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 4 Chief Since Managing Director; Associated with Credit Suisse or its
Credit Suisse Asset Executive 2005 predecessor since 1995; Officer of other Credit Suisse Funds
Management, LLC Officer and
466 Lexington Avenue President
New York, New York
10017-3140
Date of Birth: 02/08/59
Michael A. Pignataro Chief Since Director and Director of Fund Administration of Credit Suisse;
Credit Suisse Asset Financial 1999 Associated with Credit Suisse or its predecessors 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 Credit Suisse;
Credit Suisse Asset Compliance 2004 Associated with Credit Suisse since July 2000; Vice President
Management, LLC Officer and Director of Compliance of Forstmann-Leff
466 Lexington Avenue Associates from 1998 to June 2000; Officer of
New York, New York other Credit Suisse Funds
10017-3140
Date of Birth: 09/21/66
Ajay Mehra Chief Since Director and Head of Legal Americas Traditional Asset
Credit Suisse Asset Legal 2004 Management and Hedge Funds; Associated with Credit Suisse
Management, LLC Officer since September 2004; Senior Associate of Shearman
466 Lexington Avenue & Sterling LLP from September 2000 to September
New York, New York 2004; Senior Counsel of the SEC Division of Investment
10017-3140 Management from June 1997 to September 2000;
Officer of other Credit Suisse Funds
Date of Birth: 08/14/70
J. Kevin Gao Vice Since Director and Legal Counsel of Credit Suisse; Associated
Credit Suisse Asset President 2004 with Credit Suisse since July 2003; Associated with the
Management, LLC and law firm of Willkie Farr & Gallagher LLP from
466 Lexington Avenue Secretary 1998 to 2003; Officer of other Credit Suisse Funds
New York, New York
10017-3140
Date of Birth: 10/13/67
Robert Rizza Assistant Since Vice President of Credit Suisse; Associated with
Credit Suisse Asset Treasurer 2002 Credit Suisse since 1998; Officer of other Credit
Management, LLC Suisse Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/09/65
______________
4 Effective July 31, 2005, Steven B. Plump was appointed as Chief Executive
Officer and President of the Funds. Mr. Kenneally, who previously held
these positions, resigned effective July 31, 2005.
The Statement of Additional Information includes additional information
about the Directors and is available, without charge, upon request, by calling
800-222-8974.
65
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
BOARD APPROVAL OF ADVISORY AGREEMENT (UNAUDITED)
- --------------------------------------------------------------------------------
In approving the Advisory Agreement, the Board of Directors of the
Institutional Fixed Income Fund, including the Independent Directors, considered
the following factors with respect to the Fund:
INVESTMENT ADVISORY FEE RATE
The Board reviewed and considered the contractual advisory fee rate of
0.375% for the Institutional Fixed Income Fund (a "Contractual Advisory Fee") in
light of the extent and quality of the advisory services provided by Credit
Suisse Asset Management, LLC ("Credit Suisse"). The Board also reviewed and
considered the fee waiver and/or expense reimbursement arrangements currently in
place for the Fund and considered the actual fee rate (after taking waivers and
reimbursements into account) of 0.16% for the Fund (the "Net Advisory Fee"). The
Board acknowledged that the fee waivers and reimbursements could be discontinued
at any time.
Additionally, the Board received and considered information comparing the
Fund's Contractual Advisory Fee and Net Advisory Fee and the Fund's overall
expenses with those of funds in both the relevant expense group ("Expense
Group") and universe of funds (the "Expense Universe") provided by Lipper Inc.,
an independent provider of investment company data.
NATURE, EXTENT AND QUALITY OF THE SERVICES UNDER THE ADVISORY AGREEMENT
The Board received and considered information regarding the nature, extent
and quality of services provided to the Fund by Credit Suisse under the Advisory
Agreement. The Board also noted information received at regular meetings
throughout the year related to the services rendered by Credit Suisse. The Board
reviewed background information about Credit Suisse, including its Form ADV and
its record of compliance with the federal securities laws. The Board considered
the background and experience of Credit Suisse's senior management and the
expertise of, and the amount of attention given to the Fund by, both junior and
senior personnel of Credit Suisse. In addition, the Board reviewed the
qualifications, backgrounds and responsibilities of the portfolio management
teams primarily responsible for the day-to-day portfolio management of the Fund
and the extent of the resources devoted to research and analysis of actual and
potential investments. The Board also received and considered information about
the nature, extent and quality of services and fee rates offered to other Credit
Suisse clients for comparable services.
66
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
BOARD APPROVAL OF ADVISORY AGREEMENT (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
FUND PERFORMANCE
The Board received and considered the one-, two-, three-, four-, five- and
ten-year performance of the Fund, along with comparisons, for all presented
periods, both to the Expense Group and the Expense Universe. The Board was
provided with a description of the methodology used to arrive at the funds
included in the Expense Group and the Expense Universe.
The Board reviewed information comparing the performance of the various
Credit Suisse Funds to performance benchmarks that the Board had previously
established and progress that had been made in certain instances toward
achieving those benchmarks. The Board also reviewed comparisons between the Fund
and its identified benchmark over various time periods.
CREDIT SUISSE PROFITABILITY
The Board received, analyzed and considered a profitability analysis of
Credit Suisse based on the fees payable under the Advisory Agreement for the
Fund, including any fee waivers or fee caps, as well as other relationships
between the Fund on the one hand and Credit Suisse affiliates on the other. The
Board received profitability information for the other funds in the Credit
Suisse family of funds.
ECONOMIES OF SCALE
The Board considered whether economies of scale in the provision of
services to the Fund were being passed along to the shareholders. Accordingly,
the Board considered whether alternative fee structures (such as breakpoint fee
structures) would be more appropriate or reasonable taking into consideration
economies of scale or other efficiencies that might accrue from increases in the
Fund's asset levels.
OTHER BENEFITS TO CREDIT SUISSE
The Board considered other benefits received by Credit Suisse and its
affiliates as a result of its relationship with the Fund. Such benefits include,
among others, benefits potentially derived from an increase in Credit Suisse's
business as a result of its relationship with the Fund (such as the ability to
market to shareholders other financial products offered by Credit Suisse and its
affiliates).
The Board reviewed Credit Suisse's method for allocating portfolio
investment opportunities among the Fund and other advisory clients.
67
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
BOARD APPROVAL OF ADVISORY AGREEMENT (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
CONCLUSIONS
In selecting Credit Suisse, and approving the Advisory Agreement and the
investment advisory fee under such agreement, the Board concluded that:
o The Contractual Advisory Fee and Net Advisory Fee, which were below
the median of the Fund's Expense Group, were considered reasonable.
o the Fund's one-, two- and three-year performance was above the
median of the Fund's Performance Group and Performance Universe, and
superior to the index of comparable funds compiled by Lipper, while
the Fund's four- and five-year performance record was below the
Performance Group and Performance Universe. The Fund's ten-year
performance was above the median for the Performance Universe and
slightly below the index of comparable funds. The Board noted that
Credit Suisse is in the process of addressing performance issues.
o The Board was satisfied with the nature, extent and quality of the
investment advisory services provided to the Fund by Credit Suisse
and that, based on dialogue with management and counsel, the
services provided by Credit Suisse under the Advisory Agreement are
typical of, and consistent with, those provided to mutual funds by
other investment advisers.
o In light of the costs of providing investment management and other
services to the Fund and Credit Suisse's ongoing commitment to the
Fund and willingness to cap fees and expenses, the profits and other
ancillary benefits that Credit Suisse and its affiliates received
were considered reasonable.
o Credit Suisse's profitability based on fees payable under the
Advisory Agreement was reasonable in light of the nature, extent and
quality of the services provided to the Fund thereunder.
o In light of the amount of the Net Advisory Fees, the Fund's current
fee structure (without breakpoints) was considered reasonable.
No single factor reviewed by the Board was identified by the Board as the
principal factor in determining whether to approve the Advisory Agreement. The
Independent Directors were advised by separate independent legal counsel
throughout the process.
68
CREDIT SUISSE GLOBAL HIGH YIELD FUND
BOARD APPROVAL OF ADVISORY AGREEMENT (UNAUDITED)
- --------------------------------------------------------------------------------
In approving the Advisory Agreement, the Board of Directors of the Global
High Yield Fund, including the Independent Directors, considered the following
factors with respect to the Fund:
INVESTMENT ADVISORY FEE RATE
The Board reviewed and considered the contractual advisory fee rate of
0.70% for the Global High Yield Fund (the "Contractual Advisory Fee") in light
of the extent and quality of the advisory services provided by Credit Suisse
Asset Management, LLC ("Credit Suisse"). The Board also reviewed and considered
the fee waiver and/or expense reimbursement arrangements currently in place for
the Fund and considered that Credit Suisse had waived the entire advisory fee
for the Fund's most recent fiscal year (the "Net Advisory Fee"). The Board
acknowledged that the fee waivers and reimbursements could be discontinued at
any time.
Additionally, the Board received and considered information comparing the
Fund's Contractual Advisory Fee and Net Advisory Fee and the Fund's overall
expenses with those of funds in both the relevant expense group ("Expense
Group") and universe of funds (the "Expense Universe") provided by Lipper Inc.,
an independent provider of investment company data.
NATURE, EXTENT AND QUALITY OF THE SERVICES UNDER THE ADVISORY AGREEMENT
The Board received and considered information regarding the nature, extent
and quality of services provided to the Fund by Credit Suisse under the Advisory
Agreement. The Board also noted information received at regular meetings
throughout the year related to the services rendered by Credit Suisse. The Board
reviewed background information about Credit Suisse, including its Form ADV and
its record of compliance with the federal securities laws. The Board considered
the background and experience of Credit Suisse's senior management and the
expertise of, and the amount of attention given to the Fund by, both junior and
senior personnel of Credit Suisse. In addition, the Board reviewed the
qualifications, backgrounds and responsibilities of the portfolio management
teams primarily responsible for the day-to-day portfolio management of the Fund
and the extent of the resources devoted to research and analysis of actual and
potential investments. The Board also received and considered information about
the nature, extent and quality of services and fee rates offered to other Credit
Suisse clients for comparable services.
69
CREDIT SUISSE GLOBAL HIGH YIELD FUND
BOARD APPROVAL OF ADVISORY AGREEMENT (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
FUND PERFORMANCE
The Board received and considered the one-, two-, three-, four-, five- and
ten-year performance of the Fund, along with comparisons, for all presented
periods, both to the Performance Group and the Performance Universe. The Board
was provided with a description of the methodology used to arrive at the funds
included in the Performance Group and the Performance Universe.
The Board reviewed information comparing the performance of the various
Credit Suisse Funds to performance benchmarks that the Board had previously
established and progress that had been made in certain instances toward
achieving those benchmarks. The Board also reviewed comparisons between the Fund
and its identified benchmark over various time periods.
CREDIT SUISSE PROFITABILITY
The Board received, analyzed and considered a profitability analysis of
Credit Suisse based on the fees payable under the Advisory Agreement for the
Fund, including any fee waivers or fee caps, as well as other relationships
between the Fund on the one hand and Credit Suisse affiliates on the other. The
Board received profitability information for the other funds in the Credit
Suisse family of funds.
ECONOMIES OF SCALE
The Board considered whether economies of scale in the provision of
services to the Fund were being passed along to the shareholders. Accordingly,
the Board considered whether alternative fee structures (such as breakpoint fee
structures) would be more appropriate or reasonable taking into consideration
economies of scale or other efficiencies that might accrue from increases in the
Fund's asset levels.
OTHER BENEFITS TO CREDIT SUISSE
The Board considered other benefits received by Credit Suisse and its
affiliates as a result of its relationship with the Fund. Such benefits include,
among others, benefits potentially derived from an increase in Credit Suisse's
business as a result of its relationship with the Fund (such as the ability to
market to shareholders other financial products offered by Credit Suisse and its
affiliates).
The Board reviewed Credit Suisse's method for allocating portfolio
investment opportunities among the Fund and other advisory clients.
70
CREDIT SUISSE GLOBAL HIGH YIELD FUND
BOARD APPROVAL OF ADVISORY AGREEMENT (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
CONCLUSIONS
In selecting Credit Suisse, and approving the Advisory Agreement and the
investment advisory fee under such agreement, the Board concluded that:
o Although the Contractual Advisory Fee was higher than the median of
its Peer Group, the fee was considered reasonable recognizing that
Credit Suisse waived its entire fee for the one-year period ended
December 31, 2005 and that the actual expense ratio of the Fund was
lower than the median of its Peer Group.
o the Fund's one-, two- and three-year performance was stronger than
the median of its Performance Group and Performance Universe and
superior to the index of comparable funds compiled by Lipper. The
Fund's four-year performance was at the median of its Performance
Group and superior to the median of its Performance Universe and the
index of comparable funds. While the Fund's five-year performance
record was below that of the median of its Performance Group, it was
superior to the index and slightly higher than the median of its
Performance Universe, and the Fund's ten-year performance was higher
than the median of its Performance Universe and the index. The Board
noted the improvements in performance.
o The Board was satisfied with the nature, extent and quality of the
investment advisory services provided to the Fund by Credit Suisse
and that, based on dialogue with management and counsel, the
services provided by Credit Suisse under the Advisory Agreement are
typical of, and consistent with, those provided to mutual funds by
other investment advisers.
o In light of the costs of providing investment management and other
services to the Fund and Credit Suisse's ongoing commitment to the
Fund and willingness to cap fees and expenses, the profits and other
ancillary benefits that Credit Suisse and its affiliates received
were considered reasonable.
o Credit Suisse's profitability based on fees payable under the
Advisory Agreement was reasonable in light of the nature, extent and
quality of the services provided to the Fund thereunder.
o In light of the relatively small size of the Fund and the amount of
the Net Advisory Fees, the Fund's current fee structure (without
breakpoints) was considered reasonable.
71
CREDIT SUISSE GLOBAL HIGH YIELD FUND
BOARD APPROVAL OF ADVISORY AGREEMENT (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
No single factor reviewed by the Board was identified by the Board as the
principal factor in determining whether to approve the Advisory Agreement. The
Independent Directors were advised by separate independent legal counsel
throughout the process.
72
CREDIT SUISSE INSTITUTIONAL FUNDS
TAX INFORMATION LETTER
December 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
IMPORTANT TAX INFORMATION FOR CORPORATE SHAREHOLDERS
Corporate Shareholders should note for the year ended December 31, 2005,
the percentage of the Funds' investment income (i.e., net investment income plus
short-term capital gains) that qualified for the intercorporate dividends
received deduction is as follows:
FUND AMOUNT
----- ------
Fixed Income 0.44%
Global High Yield 1.64%
For the fiscal year ended December 31, 2005, the Funds designated
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. Complete information will be reported in
conjunction with Form 1099-DIV.
FUND AMOUNT
----- -------
Fixed Income $23,835
Global High Yield 44,308
73
CREDIT SUISSE INSTITUTIONAL FUNDS
PROXY VOTING AND PORTFOLIO HOLDINGS INFORMATION
- --------------------------------------------------------------------------------
Information regarding how the Funds voted proxies related to their
portfolio securities during the 12-month period ended June 30 of each year, as
well as the policies and procedures that the Funds use to determine how to vote
proxies relating to their portfolio securities are available:
o By calling 1-800-222-8977
o On the Funds' website, www.credit-suisse.com/us
o On the website of the Securities and Exchange Commission,
http://www.sec.gov.
The Funds file a complete schedule of their portfolio holdings for the
first and third quarters of their fiscal year with the SEC on Form N-Q. The
Funds' Forms N-Q are available on the SEC's website at http://www.sec.gov and
may be reviewed and copied at the SEC's Public Reference Room in Washington, DC.
Information on the operation of the SEC's Public Reference Room may be obtained
by calling 1-800-SEC-0330.
74
This page intentionally left blank
75
This page intentionally left blank
76
CREDIT SUISSE [LOGO]
P.O. BOX 55030, BOSTON, MA 02205-5030
800-222-8977 o www.credit-suisse.com/us
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. INSTFIX-AR-1205
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 December 31, 2005. There were no waivers or implicit waivers from the
code granted by the registrant during the fiscal year ended December 31, 2005.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's governing board has determined that it has three audit
committee financial experts serving on its audit committee: Enrique R. Arzac,
Richard H. Francis 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 December 31, 2004
and December 31, 2005.
- ---------------------------------------- -------------------------------------- --------------------------------------
2004 2005
- ---------------------------------------- -------------------------------------- --------------------------------------
Audit Fees $15,301 $18,599
- ---------------------------------------- -------------------------------------- --------------------------------------
Audit-Related Fees(1) $1,500 $3,150
- ---------------------------------------- -------------------------------------- --------------------------------------
Tax Fees(2) $1,327 $2,443
- ---------------------------------------- -------------------------------------- --------------------------------------
All Other Fees -- --
- ---------------------------------------- -------------------------------------- --------------------------------------
Total $18,128 $24,192
- ---------------------------------------- -------------------------------------- --------------------------------------
(1) Services include agreed-upon procedures in connection with the
registrant's third quarter 2004 Form N-Q filing ($1,500) and the
registrant's semi-annual financial statements ($3,150) for 2005.
(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 ("Credit Suisse"), and any service provider
to the registrant controlling, controlled by or under common control with Credit
Suisse that provided ongoing services to the registrant ("Covered Services
Provider"), for the registrant's fiscal years ended December 31, 2004 and
December 31, 2005.
- ---------------------------------------- -------------------------------------- --------------------------------------
2004 2005
- ---------------------------------------- -------------------------------------- --------------------------------------
Audit-Related Fees N/A N/A
- ---------------------------------------- -------------------------------------- --------------------------------------
Tax Fees N/A N/A
- ---------------------------------------- -------------------------------------- --------------------------------------
All Other Fees N/A $394,000
- ---------------------------------------- -------------------------------------- --------------------------------------
Total N/A $394,000
- ---------------------------------------- -------------------------------------- --------------------------------------
(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 Credit
Suisse 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 Credit Suisse 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, Credit Suisse 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
- ---------------------------------------- -------------------------------------- --------------------------------------
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 Credit
Suisse 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
December 31, 2004 and December 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, Credit Suisse and Covered Service Providers for the fiscal years
ended December 31, 2004 and December 31, 2005 were $2,827 and $5,593,
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.
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 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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934 and the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND, INC.
/s/ Steven B. Plump
----------------------
Name: Steven B. Plump
Title: Chief Executive Officer
Date: March 8, 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: March 8, 2006
/s/ Michael A. Pignataro
------------------------
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: March 8, 2006