<Page>
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)
Hal Liebes, 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: August 31, 2004
Date of reporting period: September 1, 2003 to February 29, 2004
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS.
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE INSTITUTIONAL FUNDS
FIXED INCOME FUND
HIGH YIELD FUND
FEBRUARY 29, 2004 SEMIANNUAL REPORT
(UNAUDITED)
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 8500, BOSTON, MA
02266-8500.
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.
<Page>
THE FUNDS' INVESTMENT ADVISER AND CO-ADMINISTRATORS MAY WAIVE SOME FEES AND/OR
REIMBURSE SOME EXPENSES, WITHOUT WHICH PERFORMANCE WOULD BE LOWER. WAIVERS
AND/OR REIMBURSEMENTS ARE SUBJECT TO CHANGE.
RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGE IN SHARE PRICE AND
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE
FUTURE RESULTS. DUE TO MARKET VOLATILITY, THE PERFORMANCE OF THE FUNDS 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. PERFORMANCE
INFORMATION CURRENT TO THE MOST RECENT MONTH-END IS AVAILABLE AT WWW.CSAM.COM.
THE VIEWS OF THE FUNDS' MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE FUND
HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF FEBRUARY 29, 2004; THESE VIEWS AND
FUND HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING IN THIS
DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
FUND SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET
MANAGEMENT, LLC ("CSAM") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE NOT
GUARANTEED BY CSAM OR ANY AFFILIATE. FUND INVESTMENTS ARE SUBJECT TO INVESTMENT
RISKS, INCLUDING LOSS OF YOUR INVESTMENT.
<Page>
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
SEMIANNUAL INVESTMENT ADVISER'S REPORT
(UNAUDITED)
March 23, 2004
Dear Shareholder:
We are writing to report on the results of the Credit Suisse Institutional Fixed
Income Fund (the "Fund") for the fiscal half-year ended February 29, 2004.
At February 29, 2004, the net asset value ("NAV") per share of the Fund's shares
was $14.63, compared to an NAV per share of $14.27 on August 31, 2003. Assuming
the reinvestment of distributions totalling $0.40199 per share, the Fund's total
return was 5.48%(1). By comparison, the Lehman Brothers U.S. Aggregate Bond
Index(2) rose 4.92% during the same period.
Overall market conditions in the half-year were bond-friendly, in our view.
Economic activity continued to gather upward momentum, exemplified by vigorous
gains in GDP growth, capital spending, and key surveys of sentiment among
businesses and consumers. While each of these might normally trigger concerns
that interest rates could rise, however, such concerns appeared to be alleviated
by persistently low inflation, robust increases in productivity and weak
employment data. In addition, the Federal Reserve left interest rates unchanged
and, in a number of public statements, made clear its inclination to leave them
that way for some time.
Volatility fell while risk appetite rose. Occasional market jitters
notwithstanding, the Fed's comments helped to dampen volatility by lending a
degree of certainty to perceptions about the level of interest rates, at least
in the near term. Risk appetite benefited from the improving tone of economic
statistics and encouraging signs that the economic recovery was expanding beyond
consumers and into the corporate sector.
Not surprisingly, spread-based debt outperformed in this environment.
Returns--both absolute and relative--were thus highest among longer-maturity
corporate bonds, which drew buyers attracted by comparatively higher yields.
High yield and lower-rated investment-grade issues (I.E., rated BAA) were thus
the top performers within the corporate universe. The Fund significantly
outperformed its Lehman benchmark as a result of some of the same aspects of our
strategy that had succeeded in the preceding fiscal period. The most successful
of these included:
- - We held exposure to high yield corporates, which greatly outperformed the
investment-grade universe as a whole.
- - We generated good relative performance in investment-grade corporates. Our
approach here consisted of overweighting the allocation in terms of market
value and duration, and emphasizing comparatively lower-quality credits.
- - We enjoyed good security selection in mortgage-backed securities.
Specifically, we focused on identifying pools of mortgage loans that we
felt offered more desirable prepayment characteristics than the MBS market
in aggregate.
- - We chose to hold a small exposure to non-U.S. instruments. These included
German government bonds that outperformed U.S. Treasuries, as well as small
currency positions in the euro, yen and Australian dollar, all of which
appreciated versus the U.S. dollar over the period.
The least beneficial contributions to the Fund's overall return were modest in
scope and came from our allocations to government agency issues, commercial
mortgage-backed securities and asset-backed securities. We underweighted
agencies and CMBS, both of which generated positive excess returns; and
concentrated our ABS holdings in top-quality issues, which underperformed
lower-quality ABS.
Sincerely yours,
Credit Suisse Fixed Income Management Team
Jo Ann Corkran, Managing Director
Suzanne E. Moran, Managing Director
David N. Fisher, Director
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
<Page>
AVERAGE ANNUAL RETURNS AS OF FEBRUARY 29, 2004(1)
<Table>
<Caption>
1 YEAR 5 YEARS SINCE INCEPTION INCEPTION DATE
6.43% 5.74% 6.67% 3/31/94
</Table>
AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2004(1)
<Table>
<Caption>
1 YEAR 5 YEARS SINCE INCEPTION INCEPTION DATE
6.89% 5.69% 6.69% 3/31/94
</Table>
Past performance is not predictive of future performance. Investment return and
principal value of an investment will fluctuate so that an investor's shares
upon redemption may be worth more or less than their 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.
(1) Fee waivers and/or expense reimbursements reduced expenses for the Fund,
without which performance would be lower. Waivers and/or reimbursements may
be discontinued at any time.
(2) The Lehman Brothers U.S. Aggregate Bond Index is composed of the Lehman
Brothers Government/Corporate Bond Index and the Lehman Brothers
Mortgage-Backed Securities Index. The Lehman Brothers U.S. Aggregate Bond
Index includes U.S. Treasury and agency issues, corporate bond issues and
mortgage-backed securities rated investment-grade or higher by Moody's
Investors Service, Standard & Poor's Division of The McGraw-Hill Companies,
Inc., or Fitch Investors' Service. Investors cannot invest directly in an
index.
4
<Page>
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS
FEBRUARY 29, 2004 (UNAUDITED)
<Table>
<Caption>
PAR RATINGS+
(000) (S&P / MOODY'S) MATURITY RATE% VALUE
- --------- --------------- -------- ------- ---------------
CORPORATE BONDS (32.7%)
AEROSPACE & DEFENSE (0.6%)
$ 400 Lockheed Martin Corp., Bonds (BBB , Baa2) 12/01/29 8.500 $ 536,429
121 Sequa Corp., Senior Notes (BB- , B1) 08/01/09 9.000 134,659
125 Sequa Corp., Series B, Senior Notes (BB- , B1) 04/01/08 8.875 138,437
---------------
809,525
---------------
AUTOMOBILE MANUFACTURERS (0.3%)
275 Ford Motor Co., Global Notes (BBB- , Baa1) 07/16/31 7.450 277,052
95 General Motors Corp., Global Debentures (BBB , Baa1) 07/15/33 8.375 107,971
---------------
385,023
---------------
AUTOMOBILE PARTS & EQUIPMENT (0.0%)
30 Collins & Aikman Products Corp., Company
Guaranteed Notes (Callable 04/15/04 @ $100.00)! (B- , B3) 04/15/06 11.500 28,800
---------------
BUILDING MATERIALS (0.1%)
195 American Standard, Inc., Company Guaranteed Notes (BB+ , Ba2) 02/01/08 7.375 218,400
---------------
COMMERCIAL SERVICES (0.3%)
255 Erac USA Finance Co., Rule 144A, Notes++ (BBB+ , Baa1) 05/15/06 6.625 276,902
120 Iron Mountain, Inc., Company Guaranteed Notes
(Callable 04/01/06 @ $104.31) (B , B3) 04/01/13 8.625 131,100
---------------
408,002
---------------
COSMETICS/PERSONAL CARE (0.4%)
100 Armkel LLC, Global Senior Subordinated Notes
(Callable 08/15/05 @ $104.75) (B , B2) 08/15/09 9.500 111,250
440 Procter & Gamble Co., Bonds (AA- , Aa3) 02/01/34 5.500 441,580
---------------
552,830
---------------
DIVERSIFIED FINANCIALS (10.4%)
645 Bear Stearns Companies, Inc., Global Notes (A , A1) 10/28/10 4.500 659,921
495 Capital One Bank, Subordinated Notes (BB+ , Baa3) 06/13/13 6.500 539,776
475 CIT Group, Inc., Global Senior Notes (A , A2) 04/02/12 7.750 571,803
245 Countrywide Home Loans, Inc., Global Company
Guaranteed Notes (A , A3) 06/15/04 6.850 248,852
435 Countrywide Home Loans, Inc., Global Notes (A , A3) 12/19/07 4.250 454,166
390 Countrywide Home Loans, Inc., Series MTN, Global Notes (A , A3) 05/21/08 3.250 389,060
500 FGIC Corp., Rule 144A, Senior Notes++ (AA , Aa2) 01/15/34 6.000 517,499
525 FMR Corp., Rule 144A, Notes++ (AA , Aa3) 03/01/13 4.750 531,226
965 Ford Motor Credit Co., Global Bonds (BBB- , A3) 02/01/11 7.375 1,047,733
390 Ford Motor Credit Co., Global Notes (BBB- , A3) 02/01/06 6.875 415,493
945 General Electric Capital Corp., Series MTNA,
Global Notes! (AAA , Aaa) 06/15/12 6.000 1,045,426
500 General Motors Acceptance Corp., Global Bonds (BBB , A3) 11/01/31 8.000 552,473
560 General Motors Acceptance Corp., Notes (BBB , A3) 12/10/07 4.375 568,800
375 Goldman Sachs Group, Inc., Global Bonds (A+ , Aa3) 01/15/11 6.875 433,253
855 Goldman Sachs Group, Inc., Global Notes (A+ , Aa3) 04/01/13 5.250 881,929
1,170 Household Finance Corp., Global Notes (A , A1) 12/15/08 4.125 1,198,426
345 Household Finance Corp., Global Notes (A , A1) 07/15/10 8.000 418,294
490 Lehman Brothers Holdings, Inc., Series MTNG,
Global Notes (A , A1) 11/30/10 4.375 496,394
380 MBNA America Bank, Rule 144A, Subordinated Notes++ (BBB , Baa2) 03/15/08 6.750 427,825
640 Merrill Lynch & Company, Inc., Series MTNO,
Senior Unsubordinated Notes (A+ , Aa3) 02/03/14 5.000 648,215
825 Morgan Stanley, Global Notes (A+ , Aa3) 03/01/13 5.300 861,854
</Table>
See Accompanying Notes to Financial Statements.
5
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P / MOODY'S) MATURITY RATE% VALUE
- --------- --------------- -------- ------- ---------------
DIVERSIFIED FINANCIALS
$ 200 PCA LLC/PCA Finance Corp., Global Senior Notes (B- , B3) 08/01/09 11.875 $ 223,000
630 SLM Corp., Series MTNA, Notes (A , A2) 01/15/09 4.000 643,711
145 Textron Financial Corp., Global Notes (A- , A3) 06/01/07 5.875 159,062
130 Textron Financial Corp., Series MTNE, Notes# (A- , A3) 10/06/06 1.500 130,610
---------------
14,064,801
---------------
ELECTRIC (5.2%)
510 American Electric Power Company, Inc.,
Series A, Global Notes (BBB , Baa3) 05/15/06 6.125 551,217
820 Cilcorp, Inc., Bonds (BBB+ , Baa2) 10/15/29 9.375 1,141,646
510 Cincinnati Gas & Electric Co., Notes (BBB , Baa1) 09/15/12 5.700 546,705
90 CMS Energy Corp., Senior Notes! (B+ , B3) 01/15/09 7.500 93,262
480 Consolidated Edison Company of New York, Debentures (A , A1) 02/01/13 4.875 494,227
200 Constellation Energy Group, Inc., Notes (BBB+ , Baa1) 04/01/07 6.350 220,140
240 Constellation Energy Group, Inc., Notes (BBB+ , Baa1) 04/01/12 7.000 275,970
260 Dominion Resources, Inc., Series B, Global Senior Notes (BBB+ , Baa1) 07/15/05 7.625 280,240
280 Duke Energy Corp., First Mortgage Notes (BBB+ , A3) 10/01/15 5.300 288,696
185 Energy East Corp., Notes (BBB , Baa2) 06/15/12 6.750 209,523
319 FPL Group Capital, Inc., Company Guaranteed Notes (A- , A2) 09/15/06 7.625 359,348
380 FPL Group Capital, Inc., Notes (A- , A2) 04/11/06 3.250 388,239
490 Oncor Electric Delivery Co., Global Secured Notes (BBB , Baa1) 05/01/32 7.000 559,385
350 Pinnacle West Capital Corp., Notes
(Callable 11/01/04 @ $100.00)# (BBB- , Baa2) 11/01/05 1.931 350,299
380 Progress Energy, Inc., Senior Notes (BBB- , Baa2) 03/01/06 6.750 412,601
320 PSE&G Power LLC, Global Company Guaranteed Notes (BBB , Baa1) 06/01/12 6.950 367,439
345 Public Service Company of Colorado,
Global Collateral Trust (BBB+ , Baa1) 10/01/12 7.875 427,453
---------------
6,966,390
---------------
ELECTRONICS (0.1%)
105 Sanmina-Sci Corp., Global Company Guaranteed Notes
(Callable 01/15/07 @ $105.19) (BB- , Ba2) 01/15/10 10.375 122,850
---------------
ENTERTAINMENT (0.5%)
100 Horseshoe Gaming Holding Corp., Series B, Company
Guaranteed Notes (Callable 05/15/04 @ $104.31) (B+ , B2) 05/15/09 8.625 105,375
50 Intrawest Corp., Global Company Guaranteed Notes
(Callable 02/01/05 @ $105.25) (B+ , B1) 02/01/10 10.500 55,250
100 Isle of Capri Casinos, Inc., Company Guaranteed Notes
(Callable 04/15/04 @ $104.38) (B , B2) 04/15/09 8.750 105,750
145 Kerzner International, Ltd., Global Company
Guaranteed Notes (Callable 08/15/06 @ $104.44) (B+ , B2) 08/15/11 8.875 160,950
85 Mohegan Tribal Gaming, Global Senior Subordinated Notes
(Callable 07/01/06 @ $104.19) (BB- , Ba3) 07/01/11 8.375 94,138
100 Penn National Gaming, Inc., Company Guaranteed Notes
(Callable 03/15/06 @ $104.44) (B , B3) 03/15/10 8.875 108,000
---------------
629,463
---------------
ENVIRONMENTAL CONTROL (0.7%)
6 Allied Waste North America, Series B, Company
Guaranteed Notes (Callable 01/01/05 @ $102.63) (BB- , Ba3) 01/01/09 7.875 6,266
350 Waste Management, Inc., Global Company
Guaranteed Notes (BBB , Baa3) 05/15/32 7.750 426,412
125 Waste Management, Inc., Notes (BBB , Baa3) 04/30/04 8.000 126,139
375 Waste Management, Inc., Senior Notes (BBB , Baa3) 08/01/10 7.375 439,553
---------------
998,370
---------------
</Table>
See Accompanying Notes to Financial Statements.
6
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P / MOODY'S) MATURITY RATE% VALUE
- --------- --------------- -------- ------- ---------------
FOOD (1.8%)
$ 310 ConAgra Foods, Inc., Notes (BBB+ , Baa1) 09/15/11 6.750 $ 354,779
290 ConAgra Foods, Inc., Notes (BBB+ , Baa1) 09/15/30 8.250 377,725
450 General Mills, Inc., Global Notes (BBB+ , Baa2) 02/15/12 6.000 491,605
310 Kellogg Co., Global Senior Notes (BBB , Baa2) 06/01/08 2.875 305,235
555 Kellogg Co., Series B, Global Notes (BBB , Baa2) 04/01/11 6.600 637,181
200 Land O' Lakes, Inc., Global Senior Notes
(Callable 11/15/06 @ $104.38)! (B- , B3) 11/15/11 8.750 174,500
70 Premier International Foods PLC, Yankee Senior Notes
(Callable 09/01/04 @ $106.00) (B- , B3) 09/01/09 12.000 76,300
---------------
2,417,325
---------------
FOREST PRODUCTS, PAPER (0.1%)
105 Appleton Papers, Inc., Series B, Global Company
Guaranteed Notes (Callable 12/15/05 @ $106.25) (B+ , B3) 12/15/08 12.500 119,963
---------------
GAS (0.9%)
515 KeySpan Corp., Senior Notes (A, A3) 11/15/30 8.000 669,871
520 Sempra Energy, Notes (BBB+ , Baa1) 12/01/05 6.950 561,404
---------------
1,231,275
---------------
HEALTHCARE PRODUCTS (0.4%)
550 Baxter International, Inc., Notes (A- , A3) 05/01/07 5.250 590,187
---------------
HEALTHCARE SERVICES (0.1%)
100 Extendicare Health Services, Inc., Company
Guaranteed Notes (Callable 12/15/04 @ $101.56) (B- , B3) 12/15/07 9.350 104,000
---------------
HOME BUILDERS (0.3%)
175 KB Home, Senior Subordinated Notes
(Callable 02/15/06 @ $104.75) (BB- , Ba2) 02/15/11 9.500 197,750
170 Ryland Group, Senior Notes
(Callable 09/01/05 @ $104.88) (BBB- , Ba1) 09/01/10 9.750 193,800
---------------
391,550
---------------
HOUSEHOLD PRODUCTS (0.1%)
100 Jarden Corp., Global Company Guaranteed Notes
(Callable 05/01/07 @ $104.88) (B- , B2) 05/01/12 9.750 111,500
---------------
INSURANCE (1.6%)
1,515 American International Group, Inc., Rule 144A, Notes++,# (AAA , Aaa) 05/15/13 4.375 1,473,153
730 MetLife, Inc., Senior Notes (A , A2) 11/24/13 5.000 744,167
---------------
2,217,320
---------------
IRON & STEEL (0.1%)
110 AK Steel Corp., Company Guaranteed Notes
(Callable 02/15/05 @ $102.65)! (B+ , B3) 02/15/09 7.875 97,900
---------------
LEISURE TIME (0.1%)
100 Hard Rock Hotel, Inc., Global Notes
(Callable 06/01/08 @ $104.44) (B , B3) 06/01/13 8.875 108,000
---------------
LODGING (0.7%)
60 Ameristar Casinos, Inc., Global Company
Guaranteed Notes (Callable 02/15/06 @ $105.38) (B , B2) 02/15/09 10.750 69,300
60 Aztar Corp., Senior Subordinated Notes
(Callable 05/15/04 @ $102.96) (B+ , Ba3) 05/15/07 8.875 62,400
150 MGM Mirage, Inc., Company Guaranteed Notes! (BB- , Ba2) 02/01/11 8.375 173,625
</Table>
See Accompanying Notes to Financial Statements.
7
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P / MOODY'S) MATURITY RATE% VALUE
- --------- --------------- -------- ------- ---------------
LODGING
$ 150 Station Casinos, Inc., Senior Subordinated Notes
(Callable 07/01/05 @ $103.70) (B+ , B1) 07/01/10 9.875 $ 171,375
780 Windsor Woodmont Black Hawk, Series B, First Mortgage
(Callable 03/15/04 @ $104.33)@ (NR , NR) 03/15/05 13.000 512,850
---------------
989,550
---------------
MEDIA (3.1%)
455 AT&T Broadband Corp., Global Company
Guaranteed Notes (BBB , Baa3) 03/15/13 8.375 562,747
710 Comcast Cable Communications, Inc., Senior Notes (BBB , Baa3) 01/30/11 6.750 805,990
240 Cox Communications, Inc., Notes (BBB , Baa2) 06/15/05 6.875 255,022
100 CSC Holdings, Inc., Series B, Senior Notes (BB- , B1) 04/01/11 7.625 108,500
400 Liberty Media Corp., Global Senior Notes# (BBB- , Baa3) 09/17/06 2.610 405,567
100 Mediacom LLC/Capital Corp., Senior Notes
(Callable 01/15/06 @ $104.75) (B+ , B2) 01/15/13 9.500 102,000
280 News America Holdings, Inc., Company Guaranteed Notes (BBB- , Baa3) 02/01/13 9.250 366,154
515 News America Holdings, Inc., Debentures (BBB- , Baa3) 08/10/18 8.250 655,564
50 Rogers Cable, Inc., Global Secured Notes++ (BBB- , Ba2) 06/15/13 6.250 52,125
300 Thomson Corp., Global Notes (A- , A3) 01/05/12 6.200 337,485
470 Time Warner, Inc., Global Company Guaranteed Notes (BBB+ , Baa1) 04/15/31 7.625 548,632
---------------
4,199,786
---------------
MISCELLANEOUS MANUFACTURING (0.5%)
100 Building Materials Corp., Company Guaranteed Notes (B+ , B2) 12/01/08 8.000 100,500
565 Textron, Inc., Senior Notes (A- , A3) 08/01/10 4.500 583,512
---------------
684,012
---------------
OIL & GAS (0.2%)
112 Chesapeake Energy Corp., Senior Notes
(Callable 01/15/09 @ $103.44) (BB- , Ba3) 01/15/16 6.875 116,340
70 Forest Oil Corp., Global Company Guaranteed Notes
(Callable 05/01/07 @ $103.88) (BB , Ba3) 05/01/14 7.750 74,200
100 Parker Drilling Co., Series B, Company Guaranteed Notes
(Callable 11/15/04 @ $105.06)! (B+ , B2) 11/15/09 10.125 109,500
---------------
300,040
---------------
PACKAGING & CONTAINERS (0.6%)
100 Owens-Brockway Glass Containers, Global Company
Guaranteed Notes (Callable 02/15/06 @ $104.44) (BB- , B2) 02/15/09 8.875 109,250
100 Owens-Illinois, Inc., Senior Notes (B , Caa1) 05/15/08 7.350 100,750
155 Sealed Air Corp., Rule 144A, Notes++ (BBB , Baa3) 05/15/09 6.950 177,591
255 Sealed Air Corp., Rule 144A, Senior Notes++ (BBB , Baa3) 04/15/08 5.375 271,913
100 Stone Container Corp., Global Senior Notes
(Callable 07/01/07 @ $104.19) (B , B2) 07/01/12 8.375 109,125
---------------
768,629
---------------
PHARMACEUTICALS (0.0%)
30 NBTY, Inc., Series B, Senior Subordinated Notes
(Callable 09/15/04 @ $101.44) (B+ , B1) 09/15/07 8.625 30,975
---------------
PIPELINES (0.1%)
90 Western Gas Resources, Inc., Company Guaranteed Notes
(Callable 06/15/04 @ $105.00) (BB- , Ba3) 06/15/09 10.000 96,638
---------------
REAL ESTATE (0.4%)
495 EOP Operating LP, Senior Notes (BBB+ , Baa1) 02/15/05 6.625 517,617
---------------
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P / MOODY'S) MATURITY RATE% VALUE
- --------- --------------- -------- ------- ---------------
RETAIL (0.8%)
$ 175 Leslie's Poolmart, Series B, Senior Notes
(Callable 07/15/05 @$102.59) (B- , B2) 07/15/08 10.375 $ 174,344
605 Target Corp., Notes (A+ , A2) 08/15/10 7.500 724,865
120 Yum! Brands, Inc., Senior Notes (BB+ , Baa3) 07/01/12 7.700 141,000
---------------
1,040,209
---------------
SAVINGS & LOANS (0.1%)
100 Sovereign Bancorp, Inc., Senior Notes (BBB- , Ba1) 11/15/06 10.500 119,632
---------------
TELECOMMUNICATIONS (2.1%)
705 AT&T Corp., Global Senior Notes# (BBB , Baa2) 11/15/31 8.750 833,706
115 AT&T Wireless Services, Inc., Global Senior Notes (BBB , Baa2) 03/01/31 8.750 147,797
155 Insight Midwest/Insight Capital Corp., Global Senior
Notes (Callable 11/01/05 @ $105.25) (B+ , B2) 11/01/10 10.500 168,175
100 Insight Midwest/Insight Capital Corp., Senior Notes
(Callable 10/01/04 @ $104.88)! (B+ , B2) 10/01/09 9.750 105,750
80 Rogers Wireless Communications, Inc.,
Global Secured Notes (BB+ , Ba3) 05/01/11 9.625 98,000
180 Sprint Capital Corp., Global Company
Guaranteed Notes (BBB- , Baa3) 03/15/32 8.750 224,064
380 Verizon Global Funding Corp., Global Notes (A+ , A2) 06/15/12 6.875 434,899
300 Verizon Global Funding Corp., Global Notes (A+ , A2) 12/01/30 7.750 360,934
420 Verizon Wireless Capital LLC, Global Notes (A+ , A3) 12/15/06 5.375 451,656
---------------
2,824,981
---------------
TOTAL CORPORATE BONDS (Cost $41,577,435) 44,145,543
---------------
ASSET BACKED SECURITIES (14.5%)
2,500 Aesop Funding II LLC, Series 2003-2A Class A2# (AAA , Aaa) 06/20/07 1.341 2,508,334
1,641 Ameriquest Mortgage Securities, Inc.,
Series 2003-AR2, Class A4# (AAA , Aaa) 05/25/33 1.440 1,644,459
1,610 Citibank Credit Card Issuance Trust,
Series 2002-A9, Class A9# (AAA , Aaa) 12/17/07 1.210 1,611,333
967 Conseco Finance, Series 2000-D, Class A4 (AAA , Aaa) 12/15/25 8.170 1,001,591
634 Contimortgage Home Equity Loan Trust,
Series 1996-4, Class A8 (AAA , Aaa) 01/15/28 7.220 636,935
1,158 Countrywide Home Equity Loan Trust,
Series 2002-C, Class A# (AAA , Aaa) 05/15/28 1.334 1,159,643
1,610 Discover Card Master Trust I,
Series 2003-4, Class A1# (AAA , Aaa) 05/15/11 1.204 1,614,025
1,610 First USA Credit Card Master Trust,
Series 2001-1, Class A# (AAA , Aaa) 09/19/08 1.242 1,614,635
146 Green Tree Recreational, Equipment and Consumer Trust,
Series 1997-C, Class A1 (AAA , NR) 02/15/18 6.490 146,191
853 Greenpoint Home Equity Loan Trust,
Series 2003-1, Class A# (AAA , Aaa) 04/15/29 1.364 853,577
1,610 MBNA Credit Card Master Note Trust,
Series 2002-A4, Class A4# (AAA , Aaa) 08/17/09 1.204 1,614,362
2,000 MBNA Master Credit Card Trust,
Series 1998-G, Class A# (AAA , Aaa) 02/17/09 1.224 2,006,278
1,610 SLM Student Loan Trust,
Series 2003-1, Class A2# (AAA , Aaa) 06/17/13 1.210 1,611,289
820 UCFC Home Equity Loan Trust,
Series 1998-A, Class A7 (AAA , Aaa) 07/15/29 6.870 859,973
690 Vanderbilt Mortgage Finance,
Series 1998-C, Class 1B1 (BBB , NR) 02/07/15 6.970 706,941
---------------
TOTAL ASSET BACKED SECURITIES (Cost $19,497,694) 19,589,566
---------------
</Table>
See Accompanying Notes to Financial Statements.
9
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P / MOODY'S) MATURITY RATE% VALUE
- --------- --------------- -------- ------- ---------------
MORTGAGE-BACKED SECURITIES (49.6%)
$ 855 Fannie Mae Global Bonds^^ (AAA , Aaa) 11/15/30 6.625 $ 1,006,876
3,555 Fannie Mae Global Notes^^ (AAA , Aaa) 02/15/09 3.250 3,549,785
1,335 Fannie Mae Global Notes^^ (AAA , Aaa) 05/15/11 6.000 1,506,534
3,050 Fannie Mae Global Notes^^ (AAA , Aaa) 03/15/12 6.125 3,466,609
146 Fannie Mae Pool #077774 (AAA , Aaa) 01/01/10 10.000 163,106
2 Fannie Mae Pool #124032 (AAA , Aaa) 02/01/05 10.000 2,460
482 Fannie Mae Pool #254702 (AAA , Aaa) 03/01/33 7.000 515,785
10 Fannie Mae Pool #531072 (AAA , Aaa) 01/01/30 6.000 10,056
116 Fannie Mae Pool #588970 (AAA , Aaa) 06/01/31 7.000 123,945
303 Fannie Mae Pool #656862 (AAA , Aaa) 04/01/33 6.000 315,584
211 Fannie Mae Pool #662830 (AAA , Aaa) 10/01/32 7.500 226,434
1,955 Fannie Mae Pool #667742^^ (AAA , Aaa) 04/01/33 6.000 2,037,740
1,142 Fannie Mae Pool #674585^^ (AAA , Aaa) 12/01/32 6.500 1,208,086
307 Fannie Mae Pool #678886 (AAA , Aaa) 01/01/33 7.000 328,248
430 Fannie Mae Pool #685447 (AAA , Aaa) 02/01/33 7.000 459,727
1,696 Fannie Mae Pool #702130^^ (AAA , Aaa) 03/01/33 7.000 1,805,156
1,490 Fannie Mae Pool #703443 (AAA , Aaa) 05/01/18 5.000 1,532,882
1,483 Fannie Mae Pool #703444^^ (AAA , Aaa) 05/01/18 5.000 1,524,808
247 Fannie Mae Pool #703598 (AAA , Aaa) 05/01/18 5.500 257,776
326 Fannie Mae Pool #704142 (AAA , Aaa) 05/01/18 5.500 339,927
240 Fannie Mae Pool #705651 (AAA , Aaa) 06/01/18 5.500 249,970
246 Fannie Mae Pool #709515 (AAA , Aaa) 05/01/18 5.500 256,662
483 Fannie Mae Pool #741351 (AAA , Aaa) 12/01/33 5.500 494,349
629 Fannie Mae Pool #748560 (AAA , Aaa) 01/01/34 5.500 643,762
1,365 Fannie Mae Pool #748643#, ^^ (AAA , Aaa) 09/01/33 4.190 1,392,296
465 Fannie Mae Pool #757490 (AAA , Aaa) 01/01/34 5.500 475,727
829 Fannie Mae Pool #759766 (AAA , Aaa) 02/01/34 5.500 849,377
975 Fannie Mae Pool #763847 (AAA , Aaa) 02/01/34 5.500 998,547
1,044 Fannie Mae Pool #769201^^ (AAA , Aaa) 01/01/34 6.500 1,098,934
29 Federal Home Loan Mortgage Corp. Series Gold (AAA , Aaa) 12/01/09 7.000 31,064
2 Federal National Mortgage Association,
Series 1991-165, Class M (AAA , Aaa) 12/25/21 8.250 1,659
855 FHLMC TBA (AAA , Aaa) 03/01/19 5.000 877,710
1,990 FNMA TBA (AAA , Aaa) 03/01/19 4.500 2,009,279
1,530 FNMA TBA (AAA , Aaa) 03/01/19 5.500 1,594,069
2,540 FNMA TBA (AAA , Aaa) 03/01/19 6.000 2,676,525
3,435 FNMA TBA (AAA , Aaa) 03/01/34 5.000 3,441,441
2,905 FNMA TBA (AAA , Aaa) 03/01/34 5.500 2,972,178
5,230 FNMA TBA (AAA , Aaa) 03/01/34 6.000 5,445,737
3,955 FNMA TBA (AAA , Aaa) 03/01/34 6.500 4,160,166
2,550 Freddie Mac Discount Notes^^ (AAA , Aaa) 11/04/04 0.010 2,531,204
4,105 Freddie Mac Global Notes^^ (AAA , Aaa) 11/15/13 4.875 4,257,394
1,370 Freddie Mac Pool #1B1275#, ^^ (AAA , Aaa) 10/01/33 4.232 1,399,193
654 Freddie Mac Pool #B11354 (AAA , Aaa) 12/01/18 5.000 672,462
0 Ginnie Mae Pool #003322(1) (AAA , Aaa) 11/15/04 9.000 16
0 Ginnie Mae Pool #004923(1) (AAA , Aaa) 12/15/04 9.000 18
0 Ginnie Mae Pool #009827(1) (AAA , Aaa) 04/15/06 8.250 73
1 Ginnie Mae Pool #112986 (AAA , Aaa) 07/15/14 13.500 821
14 Ginnie Mae Pool #210216 (AAA , Aaa) 04/15/17 8.000 15,484
122 Ginnie Mae Pool #312635 (AAA , Aaa) 08/15/21 9.000 137,592
349 Ginnie Mae Pool #598105 (AAA , Aaa) 03/15/33 6.000 364,945
409 Ginnie Mae Pool #598128 (AAA , Aaa) 03/15/33 6.000 427,640
311 Ginnie Mae Pool #598145 (AAA , Aaa) 03/15/33 6.000 324,872
200 Ginnie Mae Pool #600025 (AAA , Aaa) 03/15/33 6.000 208,966
168 Ginnie Mae Pool #604170 (AAA , Aaa) 04/15/33 6.500 177,531
</Table>
See Accompanying Notes to Financial Statements.
10
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P / MOODY'S) MATURITY RATE% VALUE
- --------- --------------- -------- ------- ---------------
MORTGAGE BACKED SECURITIES
$ 325 Ginnie Mae Pool #604205 (AAA , Aaa) 04/15/33 6.500 $ 343,220
1,460 GNMA TBA (AAA , Aaa) 03/01/34 5.500 1,499,237
130 GNMA TBA (AAA , Aaa) 03/01/34 6.000 135,769
1,970 GNMA TBA (AAA , Aaa) 03/01/34 6.500 2,079,581
539 Master Adjustable Rate Mortgages Trust,
Series 2003-6, Class 7A2# (AAA , Aaa) 12/25/33 3.862 544,699
549 Master Adjustable Rate Mortgages Trust,
Series 2003-6, Class 8A1# (AAA , Aaa) 12/25/33 4.587 557,123
1,050 Salomon Brothers Mortgage Securities VII,
Series 1997-TZH, Class B++ (NR , Aa1) 03/25/25 7.491 1,111,092
---------------
TOTAL MORTGAGE-BACKED SECURITIES (Cost $66,377,726) 66,839,908
---------------
FOREIGN BONDS (4.5%)
BANKS (0.8%)
940 Royal Bank of Scotland Group PLC, Series 3,
Perpetual Global Bonds (Callable 12/31/05 @ $100.00)
(United Kingdom) (A , A1) 11/29/49 7.816 1,036,171
---------------
ELECTRIC (0.2%)
250 Compania Nacional de Transmision Electrica SA,
Global Senior Notes (Chile) (A- , Baa1) 04/15/11 7.875 294,807
---------------
HOLDING COMPANIES-DIVERSIFIED (0.5%)
645 Pacificorp Australia, Rule 144A, Bonds (Australia)++ (AAA , Aaa) 01/15/08 6.150 705,816
---------------
MINING (0.3%)
335 Corporacion Nacional del Cobre - Codelco,
Rule 144A, Notes (Chile)++ (A , A2) 10/15/13 5.500 349,830
---------------
OIL & GAS (0.7%)
535 Norsk Hydro ASA, Yankee Debentures (Norway) (A , A2) 06/15/23 7.750 667,621
190 Petroleos Mexicanos, Series REGS, Euro Company
Guaranteed Notes (Mexico) (BB , Ba1) 06/01/07 9.000 221,986
---------------
889,607
---------------
SOVEREIGN (1.7%)
470 Export-Import Bank of Korea, Rule 144A, Notes (Korea)++ (A- , A3) 02/10/14 5.250 471,716
705 Government of Russia, Series V, Debentures (Russia) (BB+ , Ba2) 05/14/08 3.000 641,550
85 Republic of Philippines, Series B, Restructured Debt,
Foreign Government Guaranteed (Philippines)# (BB , Ba2) 12/01/17 6.500 84,348
330 Republic of Poland, Global Unsubordinated Notes (Poland) (BBB+ , A2) 01/15/14 5.250 339,075
175 United Mexican States, Global Bonds (Mexico) (BBB- , Baa2) 09/15/16 11.375 259,875
495 United Mexican States, Global Notes (Mexico)# (BBB- , Baa2) 01/13/09 1.840 499,207
---------------
2,295,771
---------------
TELECOMMUNICATIONS (0.3%)
385 Deutsche Telekom International Finance, Global Company
Guaranteed Notes (Netherlands) # (BBB+ , Baa3) 06/15/05 8.250 415,971
---------------
TOTAL FOREIGN BONDS (Cost $5,768,002) 5,987,973
---------------
UNITED STATES TREASURY OBLIGATIONS (0.3%)
280 United States Treasury Bonds (AAA , Aaa) 02/15/31 5.375 301,810
35 United States Treasury Notes (AAA , Aaa) 08/15/11 5.000 38,214
---------------
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $335,202) 340,024
---------------
</Table>
See Accompanying Notes to Financial Statements.
11
<Page>
<Table>
<Caption>
PAR
(000) VALUE
- --------- ---------------
COMMON STOCKS (0.2%)
FOOD (0.0%)
836 Archibald Candy Corp.*,^ $ 20,900
---------------
OIL & GAS SERVICES (0.2%)
5,252 Southwest Royalties, Inc.*, ^ 183,820
---------------
TOTAL COMMON STOCKS (Cost $244,293) 204,720
---------------
PREFERRED STOCK (0.3%)
TELECOMMUNICATIONS (0.3%)
350 Centaur Funding Corp., Series B, Rule 144A++(Cost $371,652) 445,813
---------------
WARRANTS (0.0%)
BUILDING MATERIALS (0.0%)
240 Dayton Superior Corp., Rule 144A, strike $0.01,
expires June 2009*,++ 2
---------------
TELECOMMUNICATIONS (0.0%)
130 GT Group Telecom, Inc., Rule 144A, strike $0.00
expires February 2010*,++ 97
50 IWO Holdings, Inc., Rule 144A, strike $7.00,
expires January 2011*,++ 1
---------------
98
---------------
TOTAL WARRANTS (Cost $21,326) 100
---------------
<Caption>
PAR RATINGS+
(000) (S&P / MOODY'S) MATURITY RATE% VALUE
- --------- --------------- -------- ------- ---------------
SHORT-TERM U.S. TREASURY OBLIGATION (2.3%)
UNITED STATES TREASURY BILLS (2.3%)
$ 3,150 United States Treasury Bills(2) (Cost $3,145,343) (AAA , Aaa) 04/29/04 0.890 3,145,360
---------------
SHORT-TERM INVESTMENTS (14.7%)
1,692 Deutsche Bank Tri-Party Repurchase Agreement (Agreement
dated 2/27/04, to be repurchased at $1,727,231,
collateralized by $1,365,000 Federal Home Loan
Mortgage Corporation 3.05% due 1/19/07 and $342,706
Federal National Mortgage Association 2.50% due 5/20/08.
Market Value of collateral is $1,733,909)~ 03/01/04 1.050 1,691,553
18,172 State Street Bank and Trust Co. Euro Time Deposit(3) 03/01/04 0.750 18,172,000
---------------
TOTAL SHORT-TERM INVESTMENTS (Cost $19,863,553) 19,863,553
---------------
<Caption>
CONTRACTS
--------------
OPTIONS PURCHASED (0.1%)
PUT OPTIONS (0.0%)
S&P 500 Index expiring March 20, 2004 36 29,016
---------------
CALL OPTIONS (0.1%)
S&P 500 Index expiring June 19, 2004 146 110,376
---------------
TOTAL OUTSTANDING OPTIONS PURCHASED (Cost $226,666) 139,392
---------------
TOTAL INVESTMENTS AT VALUE (119.2%) (Cost $157,428,892) 160,701,952
LIABILITIES IN EXCESS OF OTHER ASSETS (-19.2%) (25,858,313)
---------------
NET ASSETS (100.0%) $ 134,843,639
===============
</Table>
See Accompanying Notes to Financial Statements.
12
<Page>
OPEN OPTION CONTRACTS WRITTEN
<Table>
<Caption>
NUMBER OF EXERCISE EXPIRATION
NAME OF ISSUER CONTRACTS PRICE DATE VALUE
- -------------- --------- -------- ----------- ----------
S&P 500 Index Call Option 62 $ 2.80 3/19/04 $ 6,820
S&P 500 Index Call Option 36 25.50 3/19/04 78,840
S&P 500 Index Put Option 62 4.00 3/19/04 9,918
S&P 500 Index Put Option 73 11.50 6/19/04 49,640
----------
$ 145,218
==========
</Table>
+ 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
February 29, 2004.
++ 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 February 29,
2004, these securities amounted to a value of $6,812,601 or 5.1% of net
assets.
@ Security in default.
* Non-income producing security.
! Security or portion thereof is out on loan.
~ Represents security purchased with cash collateral received for securities
on loan.
^^ Collateral segregated for TBA securities.
^ Not readily marketable security; security is valued at fair value as
determined in good faith by the Board of Directors.
(1) Par value of security held is less than $1,000.
(2) A portion of the security is pledged as collateral for options written.
(3) Collateral segregated for futures contracts.
INVESTMENT ABBREVIATIONS
<Table>
NR Not Rated
TBA To Be Announced
</Table>
See Accompanying Notes to Financial Statements.
13
<Page>
CREDIT SUISSE INSTITUTIONAL HIGH YIELD FUND
SEMIANNUAL INVESTMENT ADVISER'S REPORT
(UNAUDITED)
March 23, 2004
Dear Shareholder:
We are writing to report on the results of the Credit Suisse Institutional High
Yield Fund (the "Fund") for the fiscal half-year ended February 29, 2004.
At February 29, 2004, the net asset value ("NAV") per share of the Fund was
$10.22, compared to an NAV per share of $10.26 on August 31, 2003. Assuming the
reinvestment of distributions totaling $1.23865 per share, the Fund's total
return was 12.05%(1). By comparison, the Citigroup High-Yield Market Index
(CHYMI)(2) gained 10.85% during the same period.
The Fund's performance also exceeded that of many of its peers. As represented
by the Lipper High Yield Bond Funds Index(3), the broad universe of high yield
funds returned 10.09%.
The high yield market enjoyed a solidly upward trend during almost the entire
fiscal half-year, rising virtually without interruption through mid-January,
only to falter a bit and then stabilize in February. In the process, it also
decisively outperformed most subcategories of investment-grade fixed income.
The underlying economic environment continued to strengthen, with a variety of
statistical indicators reinforcing the widespread sense that the economy's
recovery was building up a full head of steam. This worked in high yield's
favor, as perceptions about high yield issuers' ability to generate the revenues
and cash flow needed to service their debt--and, therefore, perceptions about
their creditworthiness and debt valuations--improved accordingly.
Monetary policy remained supportive, furthermore. The Federal Reserve chose to
leave the fed funds rate unchanged at the historically low level of 1.00%, which
served to keep yield-hungry investors away from money market funds and draw them
to the high yield market. An additional plus was that enthusiasm for relatively
risky financial assets was high. Given the upbeat prospects for corporate
profitability and the accommodative interest-rate climate, investors were active
buyers of comparatively risky assets such as high yield and equities.
All of the above added up to healthy demand for high yield. Demand was so
healthy, in fact, that it not only helped to encourage many high yield issuers
to sell new debt [note: annual new issuance nearly reached an all-time high in
2003], but also was more than enough to absorb the resulting flood of new
supply.
The Fund outperformed its CHYMI benchmark primarily due to our positioning of
the portfolio in certain industry sectors. Relative returns were especially good
in four sectors in which we enjoyed the twin benefits of an overweight
allocation and effective security selection.
- - Cable television: we owned the bonds of two lower-tier companies whose
operations showed notable improvement.
- - Health care facilities/supplies: we did not own the bonds of the sector's
biggest company, which suffered from deteriorating operating results and an
ongoing federal investigation.
- - Wireless telecommunications: we held the securities of a number of regional
service providers affiliated with one of the top national providers. These
holdings fared well not only as the regional providers' operating results
picked up, but also as part of a rally throughout the wireless sector in
response to the news that one of the biggest wireless companies had put
itself up for sale.
- - Competitive local-exchange telecom service providers: we held some of the
best-performing names in a sector buoyed by its first meaningful issuance
of new debt in some time.
14
<Page>
The least favorable contributions to the Fund's overall return came from our
exposure to energy traders, utilities and diversified telecom, each of which
performed either better than, or in line with, the benchmark. We maintained an
underweight stance in all of them because we felt that their sector-specific
fundamentals were generally unencouraging.
Sincerely yours,
Credit Suisse High Yield Management Team
Richard J. Lindquist, CFA, Managing Director
Misia K. Dudley, Director
Philip L. Schantz, Director
Mary Ann Thomas, CFA, Director
John M. Tobin, CFA, Director
John F. Dessauer, CFA, Vice President
Michael J. Dugan, Vice President
NOTE: 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.
15
<Page>
AVERAGE ANNUAL RETURNS AS OF FEBRUARY 29, 2004(1)
<Table>
<Caption>
1 YEAR 5 YEARS SINCE INCEPTION INCEPTION DATE
23.56% 3.56% 5.17% 2/26/93
</Table>
AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2004(1)
<Table>
<Caption>
1 YEAR 5 YEARS SINCE INCEPTION INCEPTION DATE
21.12% 3.27% 6.49% 2/26/93
</Table>
Past performance is not predictive of future performance. Investment return and
principal value of an investment will fluctuate so that an investor's shares
upon redemption may be worth more or less than their 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.
(1) Fee waivers and/or expense reimbursements reduced expenses for the Fund,
without which performance would be lower. Waivers and/or reimbursements may
be discontinued at any time.
(2) The Citigroup High-Yield Market Index is a broad-based, unmanaged index of
high yield securities that is compiled by Citigroup Global Markets Inc. Its
name was changed from the Salomon Smith Barney High-Yield Market Index
effective April 7, 2003. Investors cannot invest directly in an index.
(3) 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.
16
<Page>
CREDIT SUISSE INSTITUTIONAL HIGH YIELD FUND
SCHEDULE OF INVESTMENTS
FEBRUARY 29, 2004 (UNAUDITED)
<Table>
<Caption>
PAR RATINGS+
(000) (S&P / MOODY'S) MATURITY RATE% VALUE
- --------- --------------- -------- ------- ---------------
CORPORATE BONDS (90.8%)
AEROSPACE (1.2%)
$ 100 BE Aerospace, Inc., Series B, Senior Subordinated Notes
(Callable 03/01/04 @ $102.00) (B- , Caa3) 03/01/08 8.000 $ 95,500
100 DRS Technologies, Inc., Rule 144A, Senior Subordinated
Notes (Callable 11/01/08 @ $103.44)++ (B , B2) 11/01/13 6.875 104,000
100 L-3 Communications Corp., Global Company Guaranteed
Notes (Callable 07/15/08 @ $103.06) (BB- , Ba3) 07/15/13 6.125 103,250
---------------
302,750
---------------
AUTOMOBILE MANUFACTURING/VEHICLE PARTS (4.2%)
100 Collins & Aikman Products Corp., Company Guaranteed
Notes (Callable 04/15/04 @ $100.00)! (B- , B3) 04/15/06 11.500 96,000
100 Cummins, Inc., Rule 144A, Senior Notes
(Callable 12/01/06 @ $104.75)++,+ (BB+ , Ba2) 12/01/10 9.500 118,000
200 Delco Remy International, Inc., Company Guaranteed
Notes (Callable 08/01/04 @ $100.00)! (CCC+ , B3) 08/01/06 10.625 202,000
100 Holley Performance Products, Series B, Company
Guaranteed Notes (Callable 09/15/04 @ $104.08) (CCC- , Caa3) 09/15/07 12.250 63,500
450 Motor Coach Industries International, Inc., Company
Guaranteed Notes (Callable 05/01/04 @ $105.62) (CC , Ca) 05/01/09 11.250 146,250
200 Stanadyne Automotive Corp., Series B, Company
Guaranteed Notes (Callable 12/15/04 @ $101.71) (B , B3) 12/15/07 10.250 205,000
100 Tenneco Automotive, Inc., Series B, Global Secured
Notes (Callable 07/15/08 @ $105.12) (CCC+ , B2) 07/15/13 10.250 117,000
100 TRW Automotive, Inc., Global Senior Subordinated
Notes (Callable 02/15/08 @ $105.50) (BB- , B2) 02/15/13 11.000 118,000
---------------
1,065,750
---------------
BROADCAST/OUTDOOR (2.5%)
100 Entravision Communications Corp., Global Company
Guaranteed Notes (Callable 03/15/06 @ $104.06) (B- , B3) 03/15/09 8.125 107,250
125 Gray Television, Inc., Global Company Guaranteed
Notes (Callable (12/15/06 @ $104.62) (B- , B2) 12/15/11 9.250 139,688
100 Interep National Radio Sales, Inc., Series B, Company
Guaranteed Notes (Callable 07/01/04 @ $103.33) (CCC- , Caa2) 07/01/08 10.000 89,500
100 Paxson Communications Corp., Global Company
Guaranteed Notes (Callable 01/15/06 @ $106.12)+ (CCC+ , Caa1) 01/15/09 12.250 85,500
100 Radio One, Inc., Series B, Global Company Guaranteed
Notes (Callable 07/01/06 @ $104.44) (B- , B2) 07/01/11 8.875 111,000
100 Sinclair Broadcast Group, Inc., Global Company
Guaranteed Notes (B , B2) 12/15/11 8.750 110,250
---------------
643,188
---------------
BUILDING PRODUCTS (1.6%)
100 Associated Materials, Inc., Global Company Guaranteed
Notes (Callable 04/15/07 @ $104.88) (B- , B3) 04/15/12 9.750 110,500
100 Building Materials Corp., Company
Guaranteed Notes (B+ , B2) 12/01/08 8.000 100,500
100 Dayton Superior Corp., Company Guaranteed Notes
(Callable 06/15/07 @ $102.17) (CCC+ , Caa2) 06/15/09 13.000 83,000
100 Ply Gem Industries, Inc., Rule 144, Senior Subordinated
Notes (Callable 02/15/08 @ $104.50)++ (B- , B3) 02/15/12 9.000 103,250
---------------
397,250
---------------
</Table>
See Accompanying Notes to Financial Statements.
17
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P / MOODY'S) MATURITY RATE% VALUE
- --------- --------------- -------- ------- ---------------
CABLE (7.7%)
$ 250 Adelphia Communications Corp., Series B,
Senior Notes0 (NR , NR) 07/15/04 10.500 $ 246,250
250 Century Communications Corp., Senior
Discount Notes0 (NR , NR) 12/31/49 0.00 250,000
200 Charter Communications Holdings LLC, Senior
Discount Notes (Callable 04/01/04 @ $104.96)+ (CCC- , Ca) 04/01/11 9.920 166,500
100 Charter Communications Holdings LLC, Senior Notes
(Callable 01/15/05 @ $105.12) (CCC- , Ca) 01/15/10 10.250 87,250
100 CSC Holdings, Inc., Senior Subordinated Debentures
(Callable 02/15/05 @ $102.40)! (B+ , B2) 02/15/13 9.875 104,375
150 Frontiervision Holdings LP, Senior Discount Notes
(Callable 09/15/04 @ $101.98)@ (NR , NR) 09/15/07 11.875 183,750
250 Insight Communications Company, Inc., Senior
Discount Notes (Callable 02/15/06 @ $106.12)+ (B- , Caa2) 02/15/11 12.250 216,250
100 Insight Midwest/Insight Capital Corp., Senior Notes
(Callable 10/01/04 @ $104.88)! (B+ , B2) 10/01/09 9.750 105,750
100 LodgeNet Entertainment Corp., Senior Subordinated
Debentures (Callable 06/15/08 $104.75) (B- , B3) 06/15/13 9.500 112,250
100 Mediacom LLC Capital Corp., Senior Notes
(Callable 01/15/06 @ $104.75) (B+ , B2) 01/15/13 9.500 102,000
150 Mediacom LLC Capital Corp., Senior Notes
(Callable 02/15/06 @ $103.94)! (B+ , B2) 02/15/11 7.875 147,750
100 Northland Cable Television, Inc., Company Guaranteed
Notes (Callable 11/15/04 @ $101.71) (CC , Caa3) 11/15/07 10.250 101,125
125 Olympus Communications LP, Series B, Senior Notes
(Callable 11/15/04 @ $100.00)@ (NR , NR) 11/15/06 10.625 152,500
---------------
1,975,750
---------------
CAPITAL GOODS (1.7%)
100 Intermet Corp., Global Company Guaranteed Notes
(Callable 06/15/06 @ $104.88) (B+ , B2) 06/15/09 9.750 94,500
105 JII Holdings LLC, Rule 144A, Secured Notes
(Callable 01/01/05 @ $106.50)++ (NR , NR) 04/01/07 13.000 89,250
160 Motors & Gears, Inc., Series D, Senior Notes
(Callable 11/15/04 @ $100.00) (CCC+ , Caa1) 11/15/06 10.750 140,000
100 SPX Corp., Senior Notes
(Callable 01/01/08 @ $103.75) (BB+ , Ba3) 01/01/13 7.500 107,250
---------------
431,000
---------------
CHEMICALS (2.9%)
100 Applied Extrusion Technologies, Inc., Series B, Company
Guaranteed Notes (Callable 07/01/06 @ $105.38)! (CCC , Caa1) 07/01/11 10.750 85,500
100 Equistar Chemicals LP/ Equistar Funding Corp., Global
Company Guaranteed Notes (B+ , B2) 09/01/08 10.125 108,500
100 IMC Global, Inc., Series B, Global Company Guaranteed
Notes (Callable 06/01/06 @ $105.62) (B+ , B1) 06/01/11 11.250 119,000
110 Lyondell Chemical Co., Series B, Secured Notes
(Callable 05/01/04 @ $104.94) (B+ , B1) 05/01/07 9.875 114,675
100 Nalco Co., Rule 144A, Senior Subordinated Notes
(Callable 11/15/08 @ $104.44)++, ! (B- , Caa1) 11/15/13 8.875 105,500
100 Radnor Holdings Corp., Global Senior Notes
(Callable 03/15/07 @ $105.50)! (B , B2) 03/15/10 11.000 91,000
100 Terra Capital, Inc., Global Secured Notes
(Callable 06/01/07 @ $105.75) (B- , Caa1) 06/01/10 11.500 110,000
---------------
734,175
---------------
</Table>
See Accompanying Notes to Financial Statements.
18
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P / MOODY'S) MATURITY RATE% VALUE
- --------- --------------- -------- ------- ---------------
COMPETITIVE LOCAL EXCHANGE CARRIER (CLEC) (2.4%)
$ 100 Block Communications, Inc., Global Company
Guaranteed Notes (Callable 04/15/06 @ $104.62) (B- , B2) 04/15/09 9.250 $ 107,750
400 RCN Corp., Senior Notes
(Callable 10/15/04 @ $101.67)! (NR , Ca) 10/15/07 10.000 222,000
232 RCN Corp., Series B, Senior Discount Notes
(Callable 02/15/05 @ $101.63)+ (NR , Ca) 02/15/08 9.800 132,240
150 Time Warner Telecom LLC, Senior Notes
(Callable 07/15/04 @ $103.25) (CCC+ , B3) 07/15/08 9.750 142,500
---------------
604,490
---------------
CONSUMER PRODUCTS/TOBACCO (7.7%)
125 Central Garden & Pet Co., Global Company Guaranteed
Notes (Callable 02/01/08 @ $104.56) (B+ , B2) 02/01/13 9.125 139,375
715 Diamond Brands Operating, Company Guaranteed Notes
(Callable 04/15/04 @ $103.38)0 (D , NR) 04/15/08 10.125 8,938
100 DIMON, Inc., Series B, Global Company Guaranteed
Notes (Callable 10/15/06 @ $104.81) (BB , Ba3) 10/15/11 9.625 106,000
250 General Binding Corp., Company Guaranteed Notes
(Callable 06/01/04 @ $103.13) (B- , Caa1) 06/01/08 9.375 253,437
100 Hockey Co./Sports Maska, Inc., Global Units
(Callable 04/15/06 @ $105.62) (B , B2) 04/15/09 11.250 113,500
250 Holmes Products Corp., Series D, Senior Subordinated
Notes (Callable 11/15/04 @ $101.65) (B- , Caa1) 11/15/07 9.875 257,500
100 Jarden Corp., Global Company Guaranteed Notes
(Callable 05/01/07 @ $104.88) (B- , B2) 05/01/12 9.750 111,500
100 Johnsondiversey, Inc., Series B, Global Company
Guaranteed Notes (Callable 05/15/07 @ $104.81) (B , B2) 05/15/12 9.625 109,500
250 Jostens, Inc., Senior Subordinated Notes
(Callable 05/01/05 @ $106.38) (B- , B3) 05/01/10 12.750 286,250
150 Playtex Products, Inc., Global Company Guaranteed
Notes (Callable 06/01/06 @ $104.69)! (CCC+ , Caa2) 06/01/11 9.375 139,875
150 Revlon Consumer Products Corp., Global Company
Guaranteed Notes (CCC+ , Caa1) 12/01/05 12.000 161,250
150 TriMas Corp., Global Company Guaranteed Notes
(Callable 06/15/07 @ $104.94) (B , B3) 06/15/12 9.875 162,750
151 Werner Holding Company, Inc., Series A, Company
Guaranteed Notes (Callable 11/15/04 @ $101.67)! (CCC+ , B3) 11/15/07 10.000 112,875
---------------
1,962,750
---------------
CONTAINERS (2.1%)
150 Berry Plastics Corp., Global Company Guaranteed Notes
(Callable 07/15/07 @ $105.38) (B- , B3) 07/15/12 10.750 174,750
100 Constar International, Inc., Senior Subordinated Notes
(Callable 12/01/07 @ $105.50)! (B , Caa1) 12/01/12 11.000 83,500
100 Owens-Illinois, Inc., Senior Notes (B , Caa1) 05/15/08 7.350 100,750
100 Pliant Corp., Rule 144A, Secured Notes
(Callable 06/15/07 @ $105.56)++, + (B , B3) 06/15/09 11.125 80,500
100 Tekni-Plex, Inc., Series B, Company Guaranteed Notes
(Callable 06/15/05 @ $106.38) (B- , B3) 06/15/10 12.750 108,500
---------------
548,000
---------------
ELECTRONICS/INFORMATION/DATA TECHNOLOGY (0.2%)
352 Ampex Corp., Secured Notes (NR , NR) 08/15/08 12.000 52,740
---------------
</Table>
See Accompanying Notes to Financial Statements.
19
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P / MOODY'S) MATURITY RATE% VALUE
- --------- --------------- -------- ------- ---------------
ENERGY - OTHER (3.2%)
$ 100 Amerigas Partners LP Eagle Finance Corp., Series B,
Global Senior Notes (Callable 05/20/06 @ $104.44) (BB- , B2) 05/20/11 8.875 $ 111,000
500 Eagle Geophysical, Inc., Liquidating Trust^ (NR , NR) 07/15/08 10.750 18
100 El Paso CGP Co., Notes (CCC+ , Caa1) 02/01/09 6.375 84,500
100 El Paso Corp., Senior Notes! (CCC+ , Caa1) 05/15/11 7.000 87,500
100 El Paso Production Holding Co., Global Company
Guaranteed Notes (Callable 06/01/08 @ $103.88) (B- , B3) 06/01/13 7.750 94,500
100 Giant Industries, Inc., Global Company Guaranteed
Notes (Callable 05/15/07 @ $105.50) (B- , B3) 05/15/12 11.000 112,000
150 Reliant Resouces, Inc., Global Secured Notes
(Callable 07/15/08 @ $104.75) (B , B1) 07/15/13 9.500 163,500
100 Trico Marine Services, Inc., Global Company
Guaranteed Notes (Callable 05/15/07 @ $104.44) (CCC- , Caa3) 05/15/12 8.875 66,000
100 Williams Companies, Inc., Notes (B+ , B3) 12/01/08 6.500 103,000
---------------
822,018
---------------
FINANCE - OTHER (1.1%)
100 Genesis HealthCare Corp., Rule 144A, Senior
Subordinated Notes (Callable 10/15/08 @ $104.00)++ (B- , B3) 10/15/13 8.000 107,000
150 Ventas Realty LP, Global Company
Guaranteed Notes (BB- , Ba3) 05/01/12 9.000 171,375
---------------
278,375
---------------
FOOD PROCESSORS/BEVERAGE/BOTTLING (4.6%)
125 Aurora Foods, Inc., Series B, Senior Subordinated Notes
(Callable 02/15/05 @ $102.00)@ (D , NR) 02/15/07 9.875 109,062
100 B&G Foods, Inc., Series D, Global Company Guaranteed
Notes (Callable 08/01/04 @ $101.60) (B- , B3) 08/01/07 9.625 103,500
25 Birds Eye Foods, Inc., Company Guaranteed Notes
(Callable 11/01/04 @ $103.96) (B- , B3) 11/01/08 11.875 26,625
100 Eagle Family Foods, Inc., Series B, Company Guaranteed
Notes (Callable 01/15/05 @ $101.46) (CCC+ , Caa2) 01/15/08 8.750 80,500
150 Land O' Lakes, Inc., Global Senior Notes
(Callable 11/15/06 @ $104.38) (B- , B3) 11/15/11 8.750 130,875
100 Luigino's, Inc., Senior Subordinated Notes
(Callable 02/01/05 @ $100.00) (B- , B3) 02/01/06 10.000 102,750
200 National Wine & Spirits, Inc., Company Guaranteed
Notes (Callable 01/15/05 @ $103.38) (CCC+ , B3) 01/15/09 10.125 192,000
250 New World Pasta Co., Company Guaranteed Notes
(Callable 02/15/05 @ $103.08) (NR , NR) 02/15/09 9.250 43,750
100 Pilgrim's Pride Corp., Company Guaranteed Notes
(Callable 09/15/06 @ $104.81) (BB- , B1) 09/15/11 9.625 109,000
100 Pinnacle Foods Holdings Corp., Rule 144A, Senior
Subordinated Notes (Callable 12/01/08 @ $104.12)++ (B , B3) 12/01/13 8.250 105,250
150 Premier International Foods PLC, Yankee Senior Notes
(Callable 09/01/04 @ $106.00) (B- , B3) 09/01/09 12.000 163,500
---------------
1,166,812
---------------
GAMING (8.3%)
100 Ameristar Casinos, Inc., Global Company Guaranteed
Notes (Callable 02/15/06 @ $105.38) (B , B2) 02/15/09 10.750 115,500
100 Argosy Gaming Co., Senior Subordinated Notes
(Callable 09/01/06 @ $104.50) (B+ , B2) 09/01/11 9.000 112,000
100 Aztar Corp., Global Senior Subordinated Notes
(Callable 08/15/06 @ $104.50) (B+ , Ba3) 08/15/11 9.000 111,250
</Table>
See Accompanying Notes to Financial Statements.
20
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P / MOODY'S) MATURITY RATE% VALUE
- --------- --------------- -------- ------- ---------------
GAMING
$ 100 Coast Hotels & Casinos, Inc., Company Guaranteed
Notes (Callable 04/01/04 @ 104.75) (B , B2) 04/01/09 9.500 $ 105,750
150 Hard Rock Hotel, Inc., Global Notes
(Callable 06/01/08 @ $104.44) (B , B3) 06/01/13 8.875 162,000
150 Herbst Gaming, Inc., Series B, Global Secured Notes
(Callable 09/01/05 @ $105.38) (B , B2) 09/01/08 10.750 168,750
100 Isle of Capri Casinos, Inc., Company Guaranteed Notes
(Callable 04/15/04 @ $104.38) (B , B2) 04/15/09 8.750 105,750
100 Kerzner International, Ltd., Global Company Guaranteed
Notes (Callable 08/15/06 @ $104.44) (B+ , B2) 08/15/11 8.875 111,000
100 Majestic Star Casino LLC, Company Guaranteed Notes
(Callable 10/15/07 @ $104.75) (B , B2) 10/15/10 9.500 105,250
100 Old Evangeline Downs, Company Guaranteed Notes
(Callable 03/01/07 @ $106.50) (B- , NR) 03/01/10 13.000 112,500
250 Peninsula Gaming LLC, Series B, Company Guaranteed
Notes (Callable 07/01/04 @ $105.33) (B , B2) 07/01/06 12.250 271,250
100 Penn National Gaming, Inc., Series B, Global Company
Guaranteed Notes (Callable 03/01/05 @ $105.56) (B , B3) 03/01/08 11.125 112,750
198 Waterford Gaming LLC, Rule 144A, Senior Notes
(Callable 09/15/08 @ $103.55)++ (B+ , B1) 09/15/12 8.625 212,850
300 Windsor Woodmont Black Hawk, Series B, First
Mortgage (Callable 03/15/04 @ $104.33)@ (NR , NR) 03/15/05 13.000 197,250
100 Wynn Las Vegas LLC, Second Mortgage Note
(Callable 11/01/06 @ $112.00) (CCC+ , B3) 11/01/10 12.000 120,500
---------------
2,124,350
---------------
HEALTHCARE FACILITIES/SUPPLIES (3.5%)
100 Alpharma, Inc., Rule 144A, Senior Notes
(Callable 05/01/07 @ $104.31)++ (B , B3) 05/01/11 8.625 104,500
100 Extendicare Health Services, Inc., Company
Guaranteed Notes (Callable 12/15/04 @ $101.56) (B- , B3) 12/15/07 9.350 104,000
280 Magellan Health Services, Inc., Series A, Senior Notes
(Callable 11/15/05 @ $104.69) (B+ , B3) 11/15/08 9.375 299,756
50 Rotech Healthcare, Inc., Global Company Guaranteed
Notes (Callable 04/01/07 @ $104.75) (B+ , B2) 04/01/12 9.500 54,000
100 Universal Hospital Services, Inc., Rule 144A, Senior
Notes (Callable 11/01/07 @ $105.06)++ (B- , B3) 11/01/11 10.125 107,250
100 Vanguard Health Systems, Inc., Global Company
Guaranteed Notes (Callable 08/01/06 @ $104.88) (CCC+ , B3) 08/01/11 9.750 109,750
100 Vicar Operating, Inc., Company Guaranteed Notes
(Callable 12/01/05 @ $104.94) (B- , B3) 12/01/09 9.875 111,500
---------------
890,756
---------------
HOME BUILDERS (0.4%)
100 Beazer Homes USA, Inc., Global Company Guaranteed
Notes (Callable 04/15/07 @ $104.19) (BB , Ba2) 04/15/12 8.375 111,500
---------------
INDUSTRIAL - OTHER (0.4%)
100 Wolverine Tube, Inc., Global Company Guaranteed Notes
(Callable 04/01/06 @ $105.25) (B+ , B3) 04/01/09 10.500 106,500
---------------
LEISURE (2.7%)
100 AMC Entertainment, Inc., Senior Subordinated Notes
(Callable 02/01/05 @ $103.17) (CCC+ , Caa1) 02/01/11 9.500 105,250
200 Booth Creek Ski Holdings, Inc., Series B, Company
Guaranteed Notes (Callable 03/15/04 @ $102.08) (CCC+ , Caa1) 03/15/07 12.500 203,000
</Table>
See Accompanying Notes to Financial Statements.
21
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P / MOODY'S) MATURITY RATE% VALUE
- --------- --------------- -------- ------- ---------------
LEISURE
$ 100 Cinemark USA, Inc., Global Senior Subordinated Notes
(Callable 02/01/08 @ $104.50) (B- , B3) 02/01/13 9.000 $ 112,250
150 Six Flags, Inc., Rule 144A, Senior Notes
(Callable 06/01/09 @ $104.81)++ (B- , B2) 06/01/14 9.625 159,000
100 Speedway Motorsports, Inc., Global Senior
Subordinated Notes (Callable 06/01/08 @ $103.38) (B+ , Ba2) 06/01/13 6.750 104,750
---------------
684,250
---------------
LODGING (0.4%)
100 Inn of The Mountain Gods Resort, Rule 144A, Senior
Notes (Callable 11/15/07 @ $106.00)++ (B , Caa1) 11/15/10 12.000 109,250
---------------
METALS & MINING (1.1%)
100 Earle M. Jorgensen Co., Global Secured Notes
(Callable 06/01/07 @ $104.88) (B- , B2) 06/01/12 9.750 112,000
100 Metallurg, Inc., Series B, Company Guaranteed Notes
(Callable 12/01/04 @ $101.83) (CC , Ca) 12/01/07 11.000 55,500
100 UCAR Finance, Inc., Global Company Guaranteed Notes
(Callable 02/15/07 @ $105.12) (B , B2) 02/15/12 10.250 114,500
---------------
282,000
---------------
OIL EQUIPMENT (1.0%)
115 Parker Drilling Co., Series B, Company Guaranteed Notes
(Callable 11/15/04 @ $105.06)! (B- , B2) 11/15/09 10.125 125,925
135 Pride International, Inc., Senior Notes
(Callable 05/01/04 @ $101.56) (BB , Ba2) 05/01/07 9.375 138,881
---------------
264,806
---------------
PAPER & FOREST PRODUCTS (1.6%)
100 Box USA Holdings, Series B, Senior Notes
(Callable 06/01/04 @ $100.00) (CCC+ , B3) 06/01/06 12.000 100,500
100 Caraustar Industries, Inc., Global Company Guaranteed
Notes (Callable 04/01/06 @ $105.25) (B+ , B2) 04/01/11 9.875 103,500
100 Fonda Group, Inc., Series B, Senior Subordinated Notes
(Callable 03/01/04 @ $101.58) (CCC , Caa2) 03/01/07 9.500 102,500
100 Georgia-Pacific Corp., Notes (BB+ , Ba3) 05/15/06 7.500 107,000
---------------
413,500
---------------
PHARMACEUTICALS (0.8%)
100 aaiPharma, Inc., Global Company Guaranteed Notes
(Callable 04/01/06 @ 105.50) (B- , Caa1) 04/01/10 11.000 109,000
82 Biovail Corp., Yankee Senior Subordinated Notes
(Callable 04/01/06 @ 103.94) (BB- , B2) 04/01/10 7.875 83,230
---------------
192,230
---------------
PUBLISHING (2.0%)
100 Dex Media, Inc., Rule 144A, Notes
(Callable 11/15/08 @ $104.00)++ (B , Caa2) 11/15/13 8.000 100,500
300 Liberty Group Publishing, Inc., Debentures
(Callable 02/01/05 @ $101.94)+ (CCC+ , Caa2) 02/01/09 11.625 306,000
100 Phoenix Color Corp., Company Guaranteed Notes
(Callable 02/01/05 @ $103.46) (CCC+ , Caa2) 02/01/09 10.375 92,625
500 Premier Graphics, Inc., Company Guaranteed Notes
(Callable 12/01/04 @ $100.00)##, ^ (NR , NR) 12/01/05 11.500 0
---------------
499,125
---------------
</Table>
See Accompanying Notes to Financial Statements.
22
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P / MOODY'S) MATURITY RATE% VALUE
- --------- --------------- -------- ------- ---------------
RESTAURANTS (0.9%)
$ 100 American Restaurant Group, Inc., Series D, Company
Guaranteed Notes (Callable 11/01/04 @ $105.75) (CCC- , Caa2) 11/01/06 11.500 $ 55,500
215 AmeriKing, Inc., Senior Notes@ (NR , NR) 11/15/07 10.750 0
29 AmeriKing, Inc., Senior Notes@ (NR , NR) 05/15/08 13.000 0
200 AmeriKing, Inc., Units@ (NR , NR) 05/15/08 13.000 0
100 Carrols Corp., Company Guaranteed Notes
(Callable 12/01/04 @ $103.17) (B- , B3) 12/01/08 9.500 101,000
100 Sbarro, Inc., Company Guaranteed Notes
(Callable 09/15/04 @ $105.50)! (CCC , Caa2) 09/15/09 11.000 83,000
---------------
239,500
---------------
RETAIL-FOOD & DRUG (1.4%)
100 Great Atlantic & Pacific Tea Company, Inc., Notes (B , B3) 04/15/07 7.750 90,875
95 Nutritional Sourcing Corp., Notes
(Callable 06/05/04 @ $102.00) (NR , NR) 08/01/09 10.125 60,142
100 Rite Aid Corp., Global Secured Notes
(Callable 05/01/07 @ $104.06) (B+ , B2) 05/01/10 8.125 108,000
100 Roundy's, Inc., Series B, Global Company
Guaranteed Notes (Callable 06/15/07 @ $104.44) (B , B2) 06/15/12 8.875 109,500
---------------
368,517
---------------
RETAIL STORES (3.4%)
100 AutoNation, Inc., Global Company Guaranteed Notes (BB+ , Ba2) 08/01/08 9.000 116,000
370 Flooring America, Inc., Series B, Company Guaranteed
Notes (Callable 10/15/04 @ $101.16)@ (NR , NR) 10/15/07 9.250 37
100 Jafra Cosmetics/Distribution, Global Company
Guaranteed Notes (Callable 05/15/07 @ $105.38) (B- , B3) 05/15/11 10.750 111,500
150 Leslie's Poolmart, Series B, Senior Notes
(Callable 07/15/05 @ $102.59) (B- , B2) 07/15/08 10.375 149,437
100 Michaels Stores, Inc., Senior Notes
(Callable 07/01/05 @ $104.62) (BB+ , Ba1) 07/01/09 9.250 111,125
100 Pep Boys - Manny, Moe & Jack, Notes (BB- , B2) 06/01/05 7.000 103,000
125 Pep Boys - Manny, Moe & Jack, Series MTNB, Notes (BB- , B2) 07/07/06 6.920 130,625
22 Petco Animal Supplies, Inc., Global Senior Subordinated
Notes (Callable 11/01/06 @ $105.38) (B , B2) 11/01/11 10.750 25,850
100 United Auto Group, Inc., Global Company Guaranteed
Notes (Callable 03/15/07 @ $104.81) (B , B3) 03/15/12 9.625 111,000
---------------
858,574
---------------
SATELLITE (1.2%)
100 Pegasus Communications Corp., Series B, Senior Notes
(Callable 12/01/04 @ $101.63)! (CCC- , Ca) 12/01/06 9.750 91,500
250 Pegasus Satellite Communication, Global Senior
Discount Notes (Callable 03/01/04 @ $106.75)+ (CCC- , C) 03/01/07 13.500 207,500
---------------
299,000
---------------
SECONDARY OIL & GAS PRODUCERS (3.4%)
100 Belden & Blake Corp., Series B, Company Guaranteed
Notes (Callable 06/15/04 @ $101.65) (CCC- , Caa3) 06/15/07 9.875 99,500
116 Chesapeake Energy Corp., Senior Notes
(Callable 01/15/09 @ $103.44) (BB- , Ba3) 01/15/16 6.875 120,495
100 Continental Resources, Inc., Company Guaranteed
Notes (Callable 08/01/04 @ $103.42) (CCC+ , Caa1) 08/01/08 10.250 103,500
100 Magnum Hunter Resources, Inc., Global Company
Guaranteed Notes (Callable 03/15/07 @ $104.80) (B+ , B2) 03/15/12 9.600 112,000
</Table>
See Accompanying Notes to Financial Statements.
23
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P / MOODY'S) MATURITY RATE% VALUE
- --------- --------------- -------- ------- ---------------
SECONDARY OIL & GAS PRODUCERS
$ 100 Plains Exploration & Production Co., Series B, Global
Company Guaranteed Notes
(Callable 07/01/07 @ $104.38) (B , B2) 07/01/12 8.750 $ 112,250
100 Swift Energy Co., Senior Subordinated Notes
(Callable 05/01/07 @ $104.69) (B , B3) 05/01/12 9.375 112,000
100 Vintage Petroleum, Inc., Global Senior Subordinated
Notes (Callable 05/15/06 @ $103.94) (B , B1) 05/15/11 7.875 107,000
100 Wiser Oil Co., Company Guaranteed Notes
(Callable 05/15/04 @ $101.58) (CCC+ , Caa3) 05/15/07 9.500 100,500
---------------
867,245
---------------
SERVICES (3.9%)
100 Affinity Group, Inc., Rule 144A, Senior Subordinated
Notes (Callable 02/15/08 @ $104.50)++ (B- , B3) 02/15/12 9.000 103,500
250 Ameriserve Finance Trust, Rule 144A, Secured Notes
(Callable 09/15/04 @ $103.00)@,++ (NR , NR) 09/15/06 12.000 13,125
100 IESI Corp., Global Company Guaranteed Notes
(Callable 06/15/07 @ $105.12) (B- , B3) 06/15/12 10.250 109,500
100 Iron Mountain, Inc., Company Guaranteed Notes
(Callable 01/15/08 @ $103.88) (B , B3) 01/15/15 7.750 106,000
100 La Petite Academy, Inc., Series B, Company Guaranteed
Notes (Callable 05/15/04 @ $103.33) (CC , Ca) 05/15/08 10.000 77,500
100 LNR Property Corp., Rule 144A, Senior Subordinated
Notes (Callable 10/15/08 @ $103.62)++ (B+ , Ba3) 10/15/13 7.250 105,000
100 Morton's Restaurant Group, Inc., Global Secured Notes
(Callable 07/01/07 @ $105.30) (B , B2) 07/01/10 7.500 96,500
175 Muzak LLC/Muzak Finance, Global Senior Notes
(Callable 02/15/06 @ $105.00) (B- , B3) 02/15/09 10.000 185,063
100 NationsRent, Inc., Rule 144A, Secured Notes
(Callable 10/15/07 @ $104.75)++ (BB- , B2) 10/15/10 9.500 108,500
100 United Rentals North America, Inc., Rule 144A,
Senior Subordinated Notes
(Callable 11/15/08 @ $103.88)++ (B+ , B2) 11/15/13 7.750 99,750
---------------
1,004,438
---------------
TECHNOLOGY (1.6%)
100 Lucent Technologies, Inc., Notes! (B- , Caa1) 07/15/06 7.250 103,750
100 Lucent Technologies, Inc., Notes! (B- , Caa1) 11/15/08 5.500 96,750
100 Seagate Technology HDD Holdings, Global Company
Guaranteed Notes (Callable 05/15/06 @ $104.00) (BB+ , Ba2) 05/15/09 8.000 108,750
100 Solectron Corp., Senior Notes
(Callable 02/15/06 @ $104.81)! (B+ , B1) 02/15/09 9.625 111,500
---------------
420,750
---------------
TEXTILE/APPAREL/SHOE MANUFACTURING (0.8%)
700 Advanced Glassfiber Yarns LLC, Senior Subordinated
Notes (Callable 01/15/05 @ $103.38)@ (NR , NR) 01/15/09 9.875 45,500
100 BGF Industries, Inc., Series B, Senior Subordinated
Notes (Callable 01/15/05 @ $103.50) (CC , Ca) 01/15/09 10.250 78,500
100 Levi Strauss & Co., Global Senior Notes
(Callable 12/15/07 @ $106.12) (CCC , Ca) 12/15/12 12.250 69,500
---------------
193,500
---------------
</Table>
See Accompanying Notes to Financial Statements.
24
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P / MOODY'S) MATURITY RATE% VALUE
- --------- --------------- -------- ------- ---------------
TOWER (0.8%)
$ 100 Crown Castle International Corp., Rule 144A, Senior
Notes (Callable 12/01/08 @ $103.75)++ (CCC , B3) 12/01/13 7.500 $ 100,750
150 SBA Telecommunications/SBA Communications Corp.,
Rule 144A, Senior Discount Notes
(Callable 12/15/07 @ $104.88)++, + (CCC- , Caa1) 12/15/11 9.750 104,250
---------------
205,000
---------------
TRANSPORTATION/OTHER (0.4%)
100 Overseas Shipholding Group, Inc., Global Senior Notes
(Callable 03/15/08 @ $104.12) (BB+ , Ba1) 03/15/13 8.250 109,500
---------------
UTILITIES (3.5%)
48 AES Corp., Senior Unsecured Notes (B- , B3) 06/01/09 9.500 52,560
100 Aquila, Inc., Senior Notes (B , Caa1) 11/15/09 7.625 96,500
100 Calpine Corp., Senior Notes! (CCC+ , Caa1) 04/15/09 7.750 74,750
100 CMS Energy Corp., Senior Notes! (B+ , B3) 01/15/09 7.500 103,625
150 Cogentrix Energy, Inc., Series B, Company
Guaranteed Notes (B+ , Ba3) 10/15/08 8.750 164,625
100 Edison Mission Energy, Senior Notes (B , B2) 06/15/09 7.730 96,500
100 Mirant Americas Generation LLC, Senior Notes0 (D , NR) 05/01/06 7.625 81,000
100 Mirant Corp., Rule 144A, Senior Notes++, @, ! (NR , NR) 07/15/04 7.400 62,500
50 Nevada Power Co., Series E, Global Notes
(Callable 10/15/06 @ $105.44) (NR , Ba2) 10/15/09 10.875 58,750
100 Sierra Pacific Resources, Notes (B- , B2) 05/15/05 8.750 104,000
---------------
894,810
---------------
WIRELESS (4.2%)
107 AirGate PCS, Inc., Secured Notes
(Callable 01/01/06 @ $104.69) (NR , NR) 09/01/09 9.375 103,935
100 Alamosa Delaware, Inc., Rule 144A, Senior Notes
(Callable 01/31/08 @ $104.25)++ (CCC , Caa1) 01/31/12 8.500 96,000
100 Centennial Cellular Corp., Senior Subordinated Notes
(Callable 12/15/04 @ $103.58)! (CCC , Caa3) 12/15/08 10.750 105,500
100 Centennial Communications Corp., Rule 144A, Senior
Notes (Callable 02/01/09 @ $104.06)++ (CCC , Caa1) 02/01/14 8.125 94,500
600 iPCS, Inc., Senior Discount Notes
(Callable 07/15/05 @ $107.00)@, + (NR , NR) 07/15/10 14.000 165,000
150 Nextel Partners, Inc., Global Senior Notes
(Callable 07/01/07 @ $104.06) (CCC+ , Caa1) 07/01/11 8.125 159,000
200 Triton PCS, Inc., Global Company Guaranteed Notes
(Callable 11/15/06 @ $104.38)! (B- , B3) 11/15/11 8.750 201,000
150 U.S. Unwired, Inc., Series B, Company Guaranteed Notes
(Callable 11/01/04 @ $106.69)+ (C , Caa2) 11/01/09 13.375 139,500
---------------
1,064,435
---------------
TOTAL CORPORATE BONDS (Cost $24,842,750) 23,188,584
---------------
FOREIGN BONDS (2.7%)
CABLE (0.4%)
100 Comcast UK Cable Partners, Ltd., Yankee
Debentures (Bermuda)+ (C , Caa2) 11/15/07 11.200 101,125
---------------
CHEMICALS (0.4%)
100 Acetex Corp., Global Senior Notes
(Callable 08/01/05 @ $105.44) (Canada) (B+ , B2) 08/01/09 10.875 110,750
---------------
</Table>
See Accompanying Notes to Financial Statements.
25
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P / MOODY'S) MATURITY RATE% VALUE
- --------- --------------- -------- ------- ---------------
CONTAINERS (0.5%)
$ 100 Crown European Holdings SA, Global Secured Notes
(Callable 03/01/08 @ $105.44) (France) (B , B2) 03/01/13 10.875 $ 117,000
---------------
INDUSTRIAL - OTHER (0.0%)
504 International Utility Structures, Inc., Subordinated
Notes (Callable 02/01/05 @ $102.17) (Canada)## (NR , NR) 02/01/08 13.000 5,040
---------------
PAPER & FOREST PRODUCTS (1.0%)
100 Ainsworth Lumber Company, Ltd., Yankee Senior
Notes (Canada) (B+ , B3) 07/15/07 12.500 129,500
118 Doman Industries, Ltd., Yankee Company
Guaranteed Notes (Canada)@ (D , NR) 07/01/04 12.000 126,312
---------------
255,812
---------------
SECONDARY OIL & GAS PRODUCERS (0.4%)
100 Compton Petroleum Corp., Global Senior Notes
(Callable 05/15/06 @ $104.95) (Canada) (B , B2) 05/15/09 9.900 111,500
---------------
TOTAL FOREIGN BONDS (Cost $1,063,872) 701,227
---------------
<Caption>
NUMBER
OF SHARES
- ---------
COMMON STOCKS (1.9%)
AUTOMOBILE MANUFACTURING/VEHICLE PARTS (0.0%)
413,097 Cambridge Industries Liquidating Trust* 4,131
---------------
ENERGY - OTHER (0.0%)
3,914 Eagle Geophysical, Inc.*, ^ 9,785
---------------
INDUSTRIAL - OTHER (0.0%)
287 First Wave Marine, Inc.*, ^ 1,794
---------------
RETAIL-FOOD & DRUG (0.1%)
682 Archibald Candy Corp.*, ^ 17,050
---------------
RETAIL STORES (0.2%)
8,710 Safelite Glass Corp., Class B*, ^ 43,550
588 Safelite Realty Corp.*, ^ 5,880
---------------
49,430
---------------
SECONDARY OIL & GAS PRODUCERS (0.4%)
3,135 Southwest Royalties, Inc.*, ^ 109,725
---------------
TEXTILE/APPAREL/SHOE MANUFACTURING (0.5%)
24,285 HCI Direct, Inc.*, ^ 121,425
2,800 Worldtex, Inc*, ^ 5,600
---------------
127,025
---------------
WIRELESS (0.7%)
4,405 AirGate PCS, Inc.* 88,056
19,309 Dobson Communications Corp., Class A* 78,008
---------------
166,064
---------------
TOTAL COMMON STOCKS (Cost $1,762,107) 485,004
---------------
PREFERRED STOCKS (1.8%)
BROADCAST/OUTDOOR (1.1%)
2,772 Paxson Communications Corp.* 262,671
---------------
</Table>
See Accompanying Notes to Financial Statements.
26
<Page>
<Table>
<Caption>
PAR
(000) VALUE
- --------- ---------------
CABLE (0.0%)
8 Adelphia Business Solutions, Inc., Series B*, @ $ 0
11,890 DIVA Systems Corp., Series C*, ^ 0
---------------
0
---------------
ENERGY - OTHER (0.1%)
150 Metretek Technologies, Inc., Series B*, ^ 30,000
---------------
GAMING (0.0%)
1,145 Peninsula Gaming LLC* 6,871
---------------
RESTAURANTS (0.0%)
10,084 AmeriKing, Inc.*, ^ 0
---------------
SERVICES (0.0%)
14,036 Source Media, Inc.* 14
---------------
TEXTILE/APPAREL/SHOE MANUFACTURING (0.1%)
857 Worldtex, Inc*, ^ 25,710
---------------
WIRELESS (0.5%)
300 Dobson Communications Corp., Rule 144A++, * 41,473
880 Rural Cellular Corp., Series B* 81,180
---------------
122,653
---------------
TOTAL PREFERRED STOCKS (Cost $1,147,718) 447,919
---------------
WARRANTS (0.0%)
CABLE (0.0%)
7,581 DIVA Systems Corp., Rule 144A, strike $0.01 expires March 2008*,++, ^ 0
---------------
COMPETITIVE LOCAL EXCHANGE CARRIER (CLEC) (0.0%)
500 Carrier1 International, Rule 144A, strike $6.71 expires February 2009++, * 5
2,960 Loral Space & Communications, Ltd., strike $2.37 expires December 2006* 29
---------------
34
---------------
ENERGY - OTHER (0.0%)
15,000 Metretek Technologies, Inc., strike $3.58 expires December 2004*, ^ 150
---------------
RESTAURANTS (0.0%)
176 New World Restaurant Group, Inc., strike $13.00 expires June 2006* 2
---------------
RETAIL STORES (0.0%)
21,345 Safelite Glass Corp., Class A, strike $6.50 expires January 2010*, ^ 214
14,230 Safelite Glass Corp., Class B, strike $6.50 expires January 2010*, ^ 142
---------------
356
---------------
TECHNOLOGY (0.0%)
500 Orbital Imaging Corp., Rule 144A, strike $1.00 expires March 2005++, * 0
---------------
WIRELESS (0.0%)
500 AirGate PCS, Inc., strike $0.01 expires October 2009* 4,125
500 iPCS, Inc., Rule 144A, strike $5.50 expires July 2010++, * 5
---------------
4,130
---------------
TOTAL WARRANTS (Cost $53,765) 4,672
---------------
</Table>
See Accompanying Notes to Financial Statements.
27
<Page>
<Table>
<Caption>
PAR
(000) MATURITY RATE% VALUE
- --------- -------- ------- ---------------
SHORT-TERM INVESTMENTS (11.3%)
$ 2,708 Deutsche Bank Tri-Party Repurchase Agreement (Agreement
dated 2/27/04, to be repurchased at $2,752,180,
collateralized by $2,175,000 Federal Home Loan
Mortgage Corporation 3.05% due 1/19/07 and $546,070
Federal National Mortgage Association 2.50% due
5/20/08. Market Value of collateral is $2,762,822)~ 03/01/04 1.050 $ 2,708,155
179 State Street Bank and Trust Co. Euro Time Deposit 03/01/04 0.750 179,000
---------------
TOTAL SHORT-TERM INVESTMENTS (Cost $2,887,155) 2,887,155
---------------
TOTAL INVESTMENTS AT VALUE (108.5%) (Cost $31,757,367) 27,714,561
LIABILITIES IN EXCESS OF OTHER ASSETS (-8.5%) (2,177,992)
---------------
NET ASSETS (100.0%) $ 25,536,569
===============
</Table>
+ 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.
+ Step Bond -- The interest rate is as of February 29, 2004 and will reset at
a future date.
++ 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 February 29,
2004 these securities amounted to a value of $2,535,458 or 9.9% of net
assets.
@ Security in default.
* Non-income producing security.
! Security or portion thereof is out on loan.
~ 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 the Board of Directors.
## Company filed for bankruptcy on 12/3/02.
See Accompanying Notes to Financial Statements.
28
<Page>
CREDIT SUISSE INSTITUTIONAL FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
FEBRUARY 29, 2004 (UNAUDITED)
<Table>
<Caption>
FIXED HIGH
INCOME FUND YIELD FUND
----------------- -----------------
ASSETS
Investments at value, including collateral for securities on loan of
$1,691,553 and $2,708,155, respectively (cost $157,428,892 and
$31,757,367, respectively) (Note 1) $ 160,701,952(1) $ 27,714,561(2)
Cash -- 554
Unrealized appreciation on forward currency contracts (Note 1) 5,932,514 --
Receivable for investments sold 4,760,970 64
Dividend and interest receivable 1,145,168 553,964
Receivable for fund shares sold 231,543 --
Variation margin receivable 331,052 --
Receivable from investment adviser -- 5,862
Prepaid expenses and other assets 29,436 29,516
----------------- -----------------
Total Assets 173,132,635 28,304,521
----------------- -----------------
LIABILITIES
Due to Custodian 8,762 --
Advisory fee payable (Note 2) 19,766 --
Administrative services fee payable (Note 2) 13,051 2,613
Payable for investments purchased 30,364,278 --
Unrealized depreciation on forward currency contracts (Note 1) 5,946,618 --
Payable upon return of securities loaned (Note 1) 1,691,553 2,708,155
Outstanding options written, at value (premiums
received $217,209 and $0, respectively) (Note 1) 145,218 --
Payable for fund shares redeemed 12,610 9,913
Commitment fees payable (Note 3) 2,423 1,011
Other accrued expenses payable 84,717 46,260
----------------- -----------------
Total Liabilities 38,288,996 2,767,952
----------------- -----------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 9,215 2,499
Paid-in capital (Note 5) 164,821,144 77,023,023
Undistributed net investment income (loss) 552,945 (571,847)
Accumulated net realized loss from investments, futures transactions,
options written and foreign currency transactions (33,997,459) (46,874,300)
Net unrealized appreciation (depreciation) from investments, futures
transactions, options written and foreign currency translations 3,457,794 (4,042,806)
----------------- -----------------
Net Assets $ 134,843,639 $ 25,536,569
================= =================
Shares outstanding 9,214,570 2,498,664
----------------- -----------------
Net asset value, offering price, and redemption price per share $ 14.63 $ 10.22
================= =================
</Table>
(1) Including $1,642,602 of securities on loan.
(2) Including $2,588,334 of securities on loan.
See Accompanying Notes to Financial Statements.
29
<Page>
CREDIT SUISSE INSTITUTIONAL FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED FEBRUARY 29, 2004 (UNAUDITED)
<Table>
<Caption>
FIXED HIGH
INCOME FUND YIELD FUND
----------------- -----------------
INVESTMENT INCOME (NOTE 1)
Interest $ 2,973,740 $ 1,279,855
Dividends 7,945 17,303
Securities lending 5,118 6,607
----------------- -----------------
Total investment income 2,986,803 1,303,765
----------------- -----------------
EXPENSES
Investment advisory fees (Note 2) 258,431 92,782
Administrative services fees (Note 2) 53,938 21,998
Custodian fees 30,888 15,500
Legal fees 24,474 23,007
Printing fees (Note 2) 17,448 9,205
Audit fees 14,335 11,135
Directors' fees 9,672 9,672
Registration fees 9,421 10,948
Insurance expense 7,888 5,954
Transfer agent fees 3,044 3,617
Commitment fees (Note 3) 2,797 840
Interest expense (Note 3) -- 3,471
Miscellaneous expense 7,579 5,020
----------------- -----------------
Total expenses 439,915 213,149
Less: fees waived and expenses reimbursed (Note 2) (129,797) (120,367)
----------------- -----------------
Net expenses 310,118 92,782
----------------- -----------------
Net investment income 2,676,685 1,210,983
----------------- -----------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS,
FUTURES CONTRACTS, OPTIONS WRITTEN AND FOREIGN CURRENCY RELATED ITEMS
Net realized gain (loss) from investments 1,693,293 (1,702,338)
Net realized gain from futures contracts 57,204 --
Net realized gain from options written 32,037 --
Net realized loss from foreign currency transactions (43,975) --
Net change in unrealized appreciation (depreciation) from investments 2,575,447 3,592,732
Net change in unrealized appreciation (depreciation) from futures
contracts 98,193 --
Net change in unrealized appreciation (depreciation) from options
written 71,991 --
Net change in unrealized appreciation (depreciation) from foreign
currency translations 138,610 --
----------------- -----------------
Net realized and unrealized gain from investment, futures contracts,
options written and foreign currency related items 4,622,800 1,890,394
----------------- -----------------
Net increase in net assets resulting from operations $ 7,299,485 $ 3,101,377
================= =================
</Table>
See Accompanying Notes to Financial Statements.
30
<Page>
CREDIT SUISSE INSTITUTIONAL FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FIXED INCOME FUND HIGH YIELD FUND
------------------------------------ -------------------------------------
FOR THE SIX MONTHS FOR THE SIX MONTHS
ENDED FOR THE YEAR ENDED FOR THE YEAR
FEBRUARY 29, 2004 ENDED FEBRUARY 29, 2004 ENDED
(UNAUDITED) AUGUST 31, 2003 (UNAUDITED) AUGUST 31, 2003
------------------- --------------- ------------------- ---------------
FROM OPERATIONS
Net investment income $ 2,676,685 $ 9,088,823 $ 1,210,983 $ 7,580,121
Net realized gain (loss) from investments,
futures contracts, options written and
foreign currency transactions 1,738,559 (4,119,630) (1,702,338) (6,051,826)
Net change in unrealized appreciation
(depreciation) from investments, futures
contracts, options written and foreign
currency translations 2,884,241 13,994,978 3,592,732 11,745,307
------------------- --------------- ------------------- ---------------
Net increase in net assets
resulting from operations 7,299,485 18,964,171 3,101,377 13,273,602
------------------- --------------- ------------------- ---------------
FROM DIVIDENDS
Dividends from net investment income (3,876,889) (13,658,022) (3,014,428) (9,351,559)
------------------- --------------- ------------------- ---------------
Net decrease in net assets from dividends (3,876,889) (13,658,022) (3,014,428) (9,351,559)
------------------- --------------- ------------------- ---------------
FROM CAPITAL SHARE TRANSACTIONS (NOTE 5)
Proceeds from sale of shares 4,841,771 18,386,288 5,806,537 23,594,172
Reinvestment of dividends 3,748,466 13,267,833 2,985,879 3,822,498
Net asset value of shares redeemed (18,409,449) (171,583,121) (10,072,007) (91,455,967)
------------------- --------------- ------------------- ---------------
Net decrease in net assets from capital
share transactions (9,819,212) (139,929,000) (1,279,591) (64,039,297)
------------------- --------------- ------------------- ---------------
Net decrease in net assets (6,396,616) (134,622,851) (1,192,642) (60,117,254)
NET ASSETS
Beginning of period 141,240,255 275,863,106 26,729,211 86,846,465
------------------- --------------- ------------------- ---------------
End of period $ 134,843,639 $ 141,240,255 $ 25,536,569 $ 26,729,211
=================== =============== =================== ===============
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) $ 552,945 $ 1,753,149 $ (571,847) $ 1,231,598
=================== =============== =================== ===============
</Table>
See Accompanying Notes to Financial Statements.
31
<Page>
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND
FINANCIAL HIGHLIGHTS
(FOR AN INSTITUTIONAL CLASS SHARE OF THE FUND OUTSTANDING THROUGHOUT
EACH PERIOD)
<Table>
<Caption>
FOR THE SIX MONTHS
ENDED
FEBRUARY 29, 2004
(UNAUDITED)
-------------------
PER SHARE DATA
Net asset value, beginning of period $ 14.27
-------------------
INVESTMENT OPERATIONS
Net investment income 0.28
Net gain (loss) on investments, future contracts,
options written and foreign currency related
items (both realized and unrealized) 0.48
-------------------
Total from investment operations 0.76
-------------------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.40)
Distributions from net realized gains --
-------------------
Total dividends and distributions (0.40)
-------------------
NET ASSET VALUE, END OF PERIOD $ 14.63
===================
Total return(2) 5.48%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(000s omitted) $ 134,844
Ratio of expenses to average net assets(3) 0.45%(4)
Ratio of net investment income to average
net assets 3.87%(4)
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.19%(4)
Portfolio turnover rate 144%
<Caption>
FOR THE YEAR ENDED AUGUST 31,
------------------------------------------------------------------
2003 2002(1) 2001 2000 1999
---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of period $ 14.12 $ 15.79 $ 14.95 $ 15.01 $ 15.72
---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income 0.67 0.83 1.02 0.94 0.93
Net gain (loss) on investments, future contracts,
options written and foreign currency related
items (both realized and unrealized) 0.35 (1.27) 0.85 (0.01) (0.56)
---------- ---------- ---------- ---------- ----------
Total from investment operations 1.02 (0.44) 1.87 0.93 0.37
---------- ---------- ---------- ---------- ----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.87) (0.83) (1.03) (0.97) (0.91)
Distributions from net realized gains -- (0.40) -- (0.02) (0.17)
---------- ---------- ---------- ---------- ----------
Total dividends and distributions (0.87) (1.23) (1.03) (0.99) (1.08)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 14.27 $ 14.12 $ 15.79 $ 14.95 $ 15.01
========== ========== ========== ========== ==========
Total return(2) 7.40% (2.92)% 13.02% 6.43% 2.37%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(000s omitted) $ 141,240 $ 275,863 $ 532,627 $ 440,345 $ 350,844
Ratio of expenses to average net assets(3) 0.45% 0.45% 0.45% 0.45% 0.44%
Ratio of net investment income to average
net assets 4.18% 5.41% 6.71% 6.51% 5.90%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.14% 0.05% 0.06% 0.11% 0.18%
Portfolio turnover rate 519% 526% 449% 520% 569%
</Table>
(1) 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.
(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) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. For the six months ended February 29, 2004,
and for the years ended August 2003, 2002, 2001, 2000 and 1999, there was
no effect on the net operating expense ratio because of transfer agent
credits.
(4) Annualized.
See Accompanying Notes to Financial Statements.
32
<Page>
CREDIT SUISSE
INSTITUTIONAL HIGH YIELD FUND
FINANCIAL HIGHLIGHTS
(FOR AN INSTITUTIONAL CLASS SHARE OF THE FUND OUTSTANDING THROUGHOUT
EACH PERIOD)
<Table>
<Caption>
FOR THE SIX MONTHS
ENDED
FEBRUARY 29, 2004
(UNAUDITED)
-------------------
PER SHARE DATA
Net asset value, beginning of period $ 10.26
-------------------
INVESTMENT OPERATIONS
Net investment income 0.54
Net gain (loss) on investments
(both realized and unrealized) 0.66
-------------------
Total from investment operations 1.20
-------------------
LESS DIVIDENDS
Dividends from net investment income (1.24)
-------------------
NET ASSET VALUE, END OF PERIOD $ 10.22
===================
Total return(1) 12.05%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(000s omitted) $ 25,537
Ratio of expenses to average net assets(2) 0.70%(4)
Ratio of net investment income to average
net assets 9.11%(4)
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.91%(4)
Portfolio turnover rate 13%
<Caption>
FOR THE YEAR ENDED AUGUST 31,
--------------------------------------------------------------------
2003 2002(1) 2001 2000 1999
---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of period $ 9.90 $ 11.84 $ 14.11 $ 15.32 $ 16.60
---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income 1.14 1.17 1.40 1.41 1.42
Net gain (loss) on investments
(both realized and unrealized) 0.41 (1.94) (2.21) (1.13) (1.33)
---------- ---------- ---------- ---------- ----------
Total from investment operations 1.55 (0.77) (0.81) 0.28 0.09
---------- ---------- ---------- ---------- ----------
LESS DIVIDENDS
Dividends from net investment income (1.19) (1.17) (1.46) (1.49) (1.37)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 10.26 $ 9.90 $ 11.84 $ 14.11 $ 15.32
========== ========== ========== ========== ==========
Total return(1) 16.96% (6.88)% (5.71)% 1.84% 0.67%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(000s omitted) $ 26,729 $ 86,846 $ 98,008 $ 94,333 $ 95,129
Ratio of expenses to average net assets(2) 0.70% 0.70% 0.70% 0.70% 0.69%
Ratio of net investment income to average
net assets 10.15% 10.15%(3) 11.06% 9.59% 9.10%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.40% 0.27% 0.30% 0.45% 0.35%
Portfolio turnover rate 56% 52% 20% 31% 40%
</Table>
(1) 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.
(2) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. For the six months ended February 29, 2004,
and for the years ended August 2003, 2002, 2001, 2000 and 1999, there was
no effect on the net operating expense ratio because of transfer agent
credits.
(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.
33
<Page>
CREDIT SUISSE INSTITUTIONAL FUNDS
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 29, 2004 (UNAUDITED)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Credit Suisse Institutional Funds are diversified, open-end management
investment companies registered under the Investment Company Act of 1940, as
amended, and are currently comprised of Credit Suisse Institutional Fixed Income
Fund ("Fixed Income"), and Credit Suisse Institutional High Yield Fund ("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.
Fixed Income and High Yield seek high total return as their investment
objective.
Fixed Income and 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.
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 this method would not represent fair value. Each Fund's
equity investments are valued at market value, which is generally
determined using the closing price on the exchange or market on which the
security is primarily traded at the time of valuation (the "Valuation
Time"). If no sales are reported, equity investments are generally valued
at the most recent bid quotation as of the Valuation Time or at the lowest
asked quotation in the case of a short sale of securities. Securities and
other assets for which market quotations are not readily available, or
whose values have been materially affected by events occurring before each
Fund's Valuation Time but after the close of the securities' primary
markets, are valued at fair value as determined in good faith by the Board
of Directors under procedures established by the Board of Directors.
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. Dividends are recorded on the ex-dividend
date. The cost of investments sold is determined by use of the specific
identification method for both financial reporting and income tax purposes.
D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income are declared and paid quarterly. Distributions of net
realized capital gains, if any, are declared and paid at least annually.
However, to the extent that a net realized capital gain can be reduced by a
capital loss carryforward, such gain will not be distributed. Income and
capital gain distributions are determined in accordance with federal income
tax regulations, which may differ from accounting principles generally
accepted in the United States of America ("GAAP").
E) FEDERAL INCOME TAXES -- No provision is made for federal taxes as
it is each Fund's intention to have the Fund continue to qualify for and
elect the tax treatment applicable to regulated investment companies under
the Internal Revenue Code of 1986, as amended, and 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
34
<Page>
of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from these estimates.
G) SHORT-TERM INVESTMENTS -- The Funds, together with other
funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM"),
an indirect, wholly-owned subsidiary of Credit Suisse Group, pool available
cash into either a short-term variable rate time deposit issued by State
Street Bank and Trust Company ("SSB"), the Funds' custodian, or a money
market fund advised by CSAM. The short-term time deposit issued by SSB is a
variable rate account classified as a short-term investment.
H) FORWARD FOREIGN CURRENCY CONTRACTS -- Each Fund may enter into
forward foreign currency contracts for the purchase or sale of a specific
foreign currency at a fixed price on a future date. Risks may arise upon
entering into these contracts from the potential inability of
counterparties to meet the terms of their contracts and from unanticipated
movements in the value of a foreign currency. Each Fund will enter into
forward foreign currency contracts primarily for hedging purposes. Forward
foreign currency contracts are adjusted by the daily exchange rate of the
underlying currency and any gains or losses are recorded for financial
statement purposes as unrealized until the contract settlement date or an
offsetting position is entered into. At February 29, 2004, Fixed Income had
the following open forward foreign currency contracts:
<Table>
<Caption>
FOREIGN CURRENCY
EXPIRATION TO BE CONTRACT CONTRACT UNREALIZED
FORWARD FOREIGN CURRENCY CONTRACT DATE PURCHASED/(SOLD) AMOUNT VALUE GAIN (LOSS)
-------------------------------- ---------- ---------------- -------- -------- -----------
Australian Dollar 4/2/04 A$ 954,000 $ 705,578 $ 732,782 $ 27,204
European Economic Unit 4/2/04 EURO 547,000 690,210 679,862 (10,348)
European Economic Unit 4/2/04 EURO 269,000 342,684 334,337 (8,347)
European Economic Unit 4/2/04 EURO 103,000 131,214 128,018 (3,196)
European Economic Unit 4/2/04 EURO (547,000) (686,906) (679,862) 7,044
European Economic Unit 4/2/04 EURO (103,000) (129,344) (128,018) 1,326
European Economic Unit 4/2/04 EURO (269,000) (341,417) (334,338) 7,079
European Economic Unit 4/2/04 EURO (250,000) (317,303) (310,723) 6,580
Japanese Yen 4/2/04 Y 107,800,000 1,011,248 988,004 (23,244)
Japanese Yen 4/2/04 Y 74,000,000 699,578 678,222 (21,356)
Japanese Yen 4/2/04 Y (92,600,000) (851,847) (848,693) 3,154
------------ ------------ -----------
$ 1,253,695 $ 1,239,591 $ (14,104)
============ ============ ===========
</Table>
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 or pledge U.S.
Government securities as initial margin. Subsequent payments, which are
dependent on the daily fluctuations in the value of the underlying
instrument, are made or received by the Fund each day (daily variation
margin) and are recorded as unrealized gains or losses until the contracts
are closed. When the contracts are closed, the Fund records a realized gain
or loss equal to the difference between the proceeds from (or cost of) the
closing transactions and the Fund's basis in the contract. Risks of
entering into futures contracts for hedging purposes include the
possibility that a change in the value of the contract may not correlate
with the changes in the value of the underlying instruments. In addition,
the purchase of a futures contract involves the risk that the Fund could
lose more than the original margin deposit and subsequent payments required
for a futures transaction. At February 29, 2004, Fixed Income had the
following open futures contracts:
35
<Page>
<Table>
<Caption>
UNREALIZED
FUTURES NUMBER OF EXPIRATION CONTRACT CONTRACT APPRECIATION/
CONTRACTS CONTRACTS DATE AMOUNT VALUE (DEPRECIATION)
--------------------------------- --------- ---------- ------------- -------------- --------------
S&P 500 Index Futures 1 03/18/04 $ 285,508 $ 286,150 $ 642
US Treasury Bonds Futures 35 06/21/04 3,922,091 3,935,313 13,222
US Treasury 2 Year Notes Futures 76 06/29/04 16,284,572 16,304,375 19,803
Euro Futures 48 03/19/04 6,535,765 6,710,706 174,941
------------- -------------- -----------
27,027,936 27,236,544 208,608
------------- -------------- -----------
US Treasury 10 Year Notes Futures (51) 06/30/04 (5,761,571) (5,807,625) (46,054)
US Treasury 5 Year Notes Futures (51) 06/21/04 (5,696,952) (5,732,719) (35,767)
------------- -------------- -----------
(11,458,523) (11,540,344) (81,821)
------------- -------------- -----------
$ 15,569,413 $ 15,696,200 $ (126,787)
============= ============== ===========
</Table>
K) OPTIONS -- Fixed Income may purchase and write (sell) call and put
options on securities, currencies and swap agreements (options on swap
agreements are commonly known as "swaptions"). The Fund may write covered
and uncovered put and call options and purchase put and call options for
hedging purposes or to increase total return. The risk associated with
purchasing an option is that the Fund pays a premium whether or not the
option is exercised. Additionally, the 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 the 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 the 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. The
volatility input assumption is interpolated from the previous day's price.
On a weekly basis and at month end, CSAM receives a price indication sheet
from various broker dealers and inputs these prices to update the
volatility.
Transactions in written options for puts and calls for the six months
ended February 29, 2004 were as follows:
<Table>
<Caption>
NUMBER OF CONTRACTS PREMIUMS RECEIVED
------------------- -----------------
Options outstanding at beginning of period -- $ --
Options written 351 249,246
Options expired (59) (20,414)
Options exercised (59) (11,623)
---- ----------
Options outstanding at end of period 233 $ 217,209
==== ==========
</Table>
36
<Page>
L) SECURITIES LENDING -- Loans of securities are required at all times
to be secured by collateral at least equal to 102% of the market value of
domestic securities on loan (including any accrued interest thereon) and
105% of the market value of foreign securities on loan (including any
accrued interest thereon). Cash collateral received by each Fund in
connection with securities lending activity may be pooled together with
cash collateral for other funds/portfolios advised by CSAM and may be
invested in a variety of investments, including certain CSAM-advised funds,
funds advised by SSB, the Funds' securities lending agent or money market
instruments. However, in the event of default or bankruptcy by the other
party to the agreement, realization and/or retention of the collateral may
be subject to legal proceedings.
The market value of securities on loan to brokers and the value of
collateral held by each Fund with respect to such loans at February 29,
2004 are as follows:
<Table>
<Caption>
MARKET VALUE OF VALUE OF
FUND SECURITIES LOANED COLLATERAL RECEIVED
----------------- ------------------------ -------------------
Fixed Income $ 1,642,602 $ 1,691,553
High Yield 2,588,334 2,708,155
</Table>
Prior to March 17, 2004, Credit Suisse First Boston ("CSFB"), an
affiliate of CSAM, had been engaged by the Funds to act as each Fund's
securities lending agent. Securities lending income is accrued as earned.
Effective March 17, 2004, 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 with the Funds receiving 70% and
SSB receiving 30% of the earnings from the investment of cash collateral or
any other securities lending income in accordance with the provisions of
the securities lending agency agreement.
M) 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
Funds' 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 (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 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for each Fund. For its investment
advisory services, CSAM is entitled to receive a fee from each Fund based on the
following fee schedule:
<Table>
<Caption>
FUND ANNUAL RATE
------------------------ ----------------------------------
Fixed Income 0.375% of average daily net assets
High Yield 0.70% of average daily net assets
</Table>
37
<Page>
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
For the six months ended February 29, 2004, investment advisory fees
earned, voluntarily waived, and expenses reimbursed for each Fund were as
follows:
<Table>
<Caption>
GROSS NET
ADVISORY ADVISORY EXPENSE
FUND FEE WAIVER FEE REIMBURSEMENT
------------------------ ----------- ------------ ----------- -------------
Fixed Income $ 258,431 $ (129,797) $ 128,634 $ --
High Yield 92,782 (92,782) -- (27,585)
</Table>
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Funds.
No compensation is payable by the Funds to CSAMSI for co-administrative
services.
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee schedule calculated in
total for all the Credit Suisse funds/portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio subject
to an annual minimum fee.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
-------------------------------- ----------------------------------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the six months ended February 29, 2004, co-administrative service fees
earned by SSB (including out-of-pocket expenses) were as follows:
<Table>
<Caption>
FUND CO-ADMINISTRATION FEE
------------------------ ---------------------
Fixed Income $ 53,938
High Yield 21,998
</Table>
In addition to serving as each Fund's co-administrator, CSAMSI currently
serves as distributor of each Fund's shares without compensation.
For the six months ended February 29, 2004, CSFB received fees for its
securities lending activities as follows:
<Table>
<Caption>
FUND AMOUNT
------------------------ ---------
Fixed Income $ 1,214
High Yield 2,202
</Table>
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Funds to provide certain financial printing and fulfillment services. For
the six months ended February 29, 2004, Merrill was paid for its services to the
Funds as follows:
<Table>
<Caption>
FUND AMOUNT
------------------------ ---------
Fixed Income $7,166
High Yield 7,166
</Table>
NOTE 3. LINE OF CREDIT
The Funds, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participate in a $100 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
38
<Page>
Federal Funds rate plus 0.50%. At February 29, 2004, the Funds had no loans
outstanding under the Credit Facility. During the six months ended February 29,
2004, the Funds had borrowings under the Credit Facility as follows:
<Table>
<Caption>
MAXIMUM
AVERAGE DAILY WEIGHTED AVERAGE DAILY LOAN
FUND LOAN BALANCE INTEREST RATE OUTSTANDING
------------------------ ------------- ---------------- -----------
Fixed Income -- -- --
High Yield $ 1,185,953 1.53% $ 2,066,000
</Table>
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the six months ended February 29, 2004, purchases and sales of
investment securities (excluding short-term investments) and U.S. Government and
Agency Obligations were as follows:
<Table>
<Caption>
U.S. GOVERNMENT AND
INVESTMENTS AGENCY OBLIGATIONS
------------------------------- -------------------------------
FUND PURCHASES SALES PURCHASES SALES
------------------------ -------------- -------------- -------------- --------------
Fixed Income $ 205,448,055 $ 211,113,603 $ 186,320,856 $ 182,655,133
High Yield 3,373,163 8,517,795 -- --
</Table>
In connection with a review of the Funds, CSAM became aware of certain
portfolio transactions undertaken on behalf of the Funds with respect to which
the Funds paid commissions. Upon further analysis, CSAM believes that such
transactions could have been effected in a more efficient manner for the Funds
and, as a result, CSAM paid the amount of the commissions, with interest, to the
Funds. The payment amount did not have a material effect on the Funds' net asset
value per share.
At February 29, 2004, the identified cost for federal income tax purposes,
as well as the gross unrealized appreciation from investments for those
securities having an excess of value over cost, gross unrealized depreciation
from investments for those securities having an excess of cost over value and
the net unrealized appreciation (depreciation) from investments were as follows:
<Table>
<Caption>
GROSS GROSS NET UNREALIZED
IDENTIFIED UNREALIZED UNREALIZED APPRECIATION
FUND COST APPRECIATION DEPRECIATION (DEPRECIATION)
------------------------ -------------- ------------ ------------- --------------
Fixed Income $ 157,202,226 $ 3,779,826 $ (419,492) $ 3,360,334
High Yield 31,757,367 1,784,467 (5,827,273) (4,042,806)
</Table>
NOTE 5. CAPITAL SHARE TRANSACTIONS
Fixed Income and 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:
<Table>
<Caption>
FIXED INCOME FUND
------------------------------------------------------
INSTITUTIONAL CLASS
------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
FEBRUARY 29, 2004 (UNAUDITED) AUGUST 31, 2003
----------------------------- ------------------
Shares sold 334,095 1,281,297
Shares issued in reinvestment of dividends 260,165 936,435
Shares redeemed (1,275,059) (11,864,210)
---------- -----------
Net decrease (680,799) (9,646,478)
========== ===========
</Table>
39
<Page>
<Table>
<Caption>
HIGH YIELD FUND
------------------------------------------------------
INSTITUTIONAL CLASS
------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
FEBRUARY 29, 2004 (UNAUDITED) AUGUST 31, 2003
----------------------------- ------------------
Shares sold 568,618 2,400,294
Shares issued in reinvestment of dividends 299,074 396,530
Shares redeemed (973,048) (8,965,487)
---------- -----------
Net decrease (105,356) (6,168,663)
========== ===========
</Table>
On February 29, 2004, the number of shareholders that held 5% or more of
the outstanding shares of each Fund was as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
FUND SHAREHOLDERS OF OUTSTANDING SHARES
------------------------ ------------ ----------------------
Fixed Income 3 86%
High Yield 3 74%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf
of several individual shareholders.
NOTE 6. CONTINGENCIES
In the normal course of business, each Fund 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.
40
<Page>
CREDIT SUISSE INSTITUTIONAL FUNDS
PRIVACY POLICY NOTICE
(unaudited)
IMPORTANT PRIVACY CHOICES FOR CONSUMERS
We are committed to maintaining the privacy of every current and prospective
customer. We recognize that you entrust important personal information to us,
and we wish to assure you that we take seriously our responsibilities in
protecting and safeguarding this information.
In connection with making available investment products and services to
current and potential customers, we may obtain nonpublic personal information
about you. This information may include your name, address, e-mail address,
social security number, account number, assets, income, financial situation,
transaction history and other personal information.
We may collect nonpublic information about you from the following sources:
- Information we receive on applications, forms, questionnaires, web sites,
agreements or in the course of establishing or maintaining a customer
relationship; and
- Information about your transactions with us, our affiliates, or others.
We do not disclose any nonpublic personal information about our customers or
former customers to anyone, except with your consent or as otherwise permitted
by law.
RESTRICT INFORMATION SHARING WITH AFFILIATES: In cases where we believe that
additional products and services may be of interest to you, we may share the
information described above with our affiliates unless you say "No."
/ / No, please do not share personal and financial information with your
affiliated companies. [If you check this box, you must send this
notice back to us with your name, address and account number to Credit
Suisse Funds, 466 Lexington Avenue, New York, New York 10017.]
We may also disclose this information to firms that perform services on our
behalf. These agents and service providers are required to treat the information
confidentially and use it only for the purpose for which it is provided.
We restrict access to nonpublic personal information about you to those
employees, agents or other parties who need to know that information to provide
products or services to you or in connection with your investments with or
through us. We maintain physical, electronic and procedural safeguards that
comply with federal standards to guard your nonpublic personal information.
NOTE: THIS NOTICE IS PROVIDED TO CLIENTS AND PROSPECTIVE CLIENTS OF CREDIT
SUISSE ASSET MANAGEMENT, LLC ("CSAM"), CSAM CAPITAL INC., AND CREDIT SUISSE
ASSET MANAGEMENT SECURITIES, INC., AND SHAREHOLDERS AND PROSPECTIVE SHAREHOLDERS
IN CSAM SPONSORED AND ADVISED INVESTMENT COMPANIES, INCLUDING CREDIT SUISSE
FUNDS, AND OTHER CONSUMERS AND CUSTOMERS, AS APPLICABLE. THIS NOTICE IS NOT
INTENDED TO BE INCORPORATED IN ANY OFFERING MATERIALS BUT IS MERELY A STATEMENT
OF OUR CURRENT PRIVACY POLICY, AND MAY BE AMENDED FROM TIME TO TIME UPON NOTICE
TO YOU. THIS NOTICE IS DATED AS OF FEBRUARY 11, 2004.
41
<Page>
CREDIT SUISSE INSTITUTIONAL FUNDS
PROXY VOTING
(unaudited)
The policies and procedures that the Funds use to determine how to vote
proxies relating to their portfolio securities are available:
- By calling 1-800-222-8977
- On the Funds' website, www.csam.com
- On the website of the Securities and Exchange Commission,
http://www.sec.gov.
42
<Page>
P.O. Box 8500, Boston, MA 02266-8500
800-222-8977
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. CSIUS-3-0204
<Page>
ITEM 2. CODE OF ETHICS.
Item 2 is inapplicable to a semi-annual report on Form N-CSR.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Item 3 is inapplicable to a semi-annual report on Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Item 4 is inapplicable to a semi-annual report on Form N-CSR.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Item 5 of Form N-CSR is inapplicable to the registrant.
ITEM 6. SCHEDULE OF INVESTMENTS.
Item 6 of Form N-CSR is not yet applicable to the registrant.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Form 7 of Form N-CSR is inapplicable to the registrant.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Item 8 of Form N-CSR is inapplicable to the registrant.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The Nominating Committee recommends Board member candidates. Shareholders of the
registrant may also submit nominees that will be considered by the Committee.
Recommendations should be mailed to the registrant's Secretary, c/o Credit
Suisse Asset Management, LLC, 466 Lexington Avenue, New York, NY 10017. Any
submission should include at a minimum the following information: the name, age,
business address, residence address and principal occupation or employment of
such individual; the class, series and number of shares of the registrant that
are beneficially owned by such individual; the date such shares were acquired
and the investment intent of such acquisition; whether such shareholder believes
such individual is, or is not, an "interested person" of the registrant (as
defined in the Investment Company Act of 1940) and information regarding such
individual that is sufficient, in the Committee's discretion, to make such
determination; and all other information relating to such individual that is
required to be disclosed in solicitation of proxies for election of directors in
an election contest (even if an election contest is not involved) or is
otherwise required pursuant to the rules for proxy materials under the
Securities Exchange Act of 1934.
ITEM 10. CONTROLS AND PROCEDURES.
(a) As of a date within 90 days from the filing date of this report, the
principal executive officer and principal financial officer concluded that the
registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940 (the "Act")) were effective based on
their evaluation of the disclosure controls and procedures required by Rule
30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934.
(b) There were no changes in registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the
registrant's last fiscal half-year that have materially
<Page>
affected, or are reasonably likely to materially affect, the registrant's
internal control over financial reporting.
ITEM 11. EXHIBITS.
(a)(1) Not applicable.
(a)(2) The certifications of the registrant as required by Rule 30a-2(a) under
the Act are exhibits to this report.
(a)(3) Not applicable.
(b) The certifications of the registrant as required by Rule 30a-2(b) under
the Act are an exhibit to this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934 and the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
CREDIT SUISSE INSTITUTIONAL FIXED INCOME FUND, INC.
/s/ Joseph D. Gallagher
-----------------------
Name: Joseph D. Gallagher
Title: Chief Executive Officer
Date: April 29, 2004
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/ Joseph D. Gallagher
-----------------------
Name: Joseph D. Gallagher
Title: Chief Executive Officer
Date: April 29, 2004
/s/ Michael A. Pignataro
------------------------
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: April 29, 2004