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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File No. 811-6670
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CREDIT SUISSE INSTITUTIONAL FUND, INC.
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(Exact Name of Registrant as Specified in Charter)
466 Lexington Avenue, New York, New York 10017-3140
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(Address of Principal Executive Offices) (Zip Code)
Hal Liebes, Esq.
Credit Suisse Institutional Fund, Inc.
466 Lexington Avenue
New York, New York 10017-3147
Registrant's telephone number, including area code:(212) 875-3500
Date of fiscal year end: October 31, 2003
Date of reporting period: April 30, 2003
ITEM 1. REPORTS TO STOCKHOLDERS.
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[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE INTERNATIONAL FUND
SEMIANNUAL REPORT
APRIL 30, 2003
(UNAUDITED)
CREDIT SUISSE INSTITUTIONAL FUND, INC.
- - INTERNATIONAL FOCUS PORTFOLIO
MORE COMPLETE INFORMATION ABOUT THE FUND AND THE PORTFOLIO, INCLUDING CHARGES
AND EXPENSES, IS PROVIDED IN THE PROSPECTUS, WHICH MUST PRECEDE OR ACCOMPANY
THIS DOCUMENT AND WHICH SHOULD BE READ CAREFULLY BEFORE INVESTING. YOU MAY
OBTAIN ADDITIONAL COPIES BY CALLING 800-222-8977 OR BY WRITING TO CREDIT SUISSE
INSTITUTIONAL FUND, P.O. BOX 55030, BOSTON, MA 02205-5030.
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR, IS LOCATED AT 466
LEXINGTON AVE., NEW YORK, NY 10017-3140. CREDIT SUISSE INSTITUTIONAL FUND IS
ADVISED BY CREDIT SUISSE ASSET MANAGEMENT, LLC.
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THE PORTFOLIO'S 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 INCLUDE CHANGES IN SHARE PRICE AND REINVESTMENT OF DIVIDENDS AND CAPITAL
GAINS. PAST PERFORMANCE CANNOT GUARANTEE FUTURE RESULTS. RETURNS AND SHARE PRICE
WILL FLUCTUATE, AND REDEMPTION VALUE MAY BE MORE OR LESS THAN ORIGINAL COST.
THE VIEWS OF THE PORTFOLIO'S MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE
PORTFOLIO HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF APRIL 30, 2003; THESE
VIEWS AND PORTFOLIO HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING
IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
PORTFOLIO SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET
MANAGEMENT, LLC ("CSAM") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE NOT
GUARANTEED BY CSAM OR ANY AFFILIATE.
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CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
SEMIANNUAL INVESTMENT ADVISER'S REPORT
April 30, 2003
May 21, 2003
Dear Shareholder:
For the six months ended April 30, 2003, Credit Suisse Institutional Fund,
Inc. -- International Focus Portfolio(1) (the "Portfolio") had a gain of 1.66%,
versus an increase of 3.09% for the Morgan Stanley Capital International ACWI
(All Country World Index) Free Ex-USA Index.(2)
The world's equity markets were highly volatile in the period, as investors
struggled to assess the threat and reality of the Iraq war, and the likely speed
and success of that conflict. Prices of equities, bonds, oil and gold gyrated in
reaction to the war-related news flow. In the end, most countries saw their
markets rise, reflecting a strong mid-March through April rally, as various
worst-case scenarios (regarding energy costs, the expense of a lengthy war,
etc.) suddenly appeared unlikely.
In terms of noteworthy currency trends, the euro strengthened vs. the U.S.
dollar. Investors sold U.S. dollars and bought euros in the belief that U.S.
military commitments would strain the country's economy and add to its budget
deficit.
Against this backdrop, the Fund had a gain, yet lagged its benchmark. We
attribute this primarily to the Portfolio's Asian holdings, most specifically
its South Korean stocks, which fell on political tensions along with worries
over SARS, the highly infectious respiratory disease associated primarily with
Asian countries (as of this writing). On the positive side, the Portfolio's
European stocks outperformed.
Through the period, the market's volatility supplied numerous opportunities
to purchase what we deemed to be good businesses trading at attractive
valuations. We added to our holdings in the telecom, materials and health care
sectors. The bulk of these new purchases were in Europe, consistent with the
sharp downturns in European markets during the period.
On the sell side, we substantially reduced our exposure to consumer
discretionary companies, primarily in the auto and media areas. We are skeptical
that consumer spending in general can continue at the high growth rates seen
over the past few years. On a similar theme, we also reduced our exposure to
consumer-oriented banks in Australia, Ireland and Singapore.
From a broad regional perspective, we believe that European equities have
compelling valuations, compared with both their historical valuations and
valuations currently found in other developed markets. The combination of high
dividend yields -- dividends, in our view, have become increasingly important to
investors, as growth remains pedestrian -- and low bond yields
1
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has created what we deem to be some unique opportunities, where a seemingly
secure dividend yield can exceed the same company's bond yield by as much as two
percentage points. These anomalies currently exist in the banking, telecom and
basic materials sectors in Europe. Finally, we have lately been finding
interesting restructuring stories in the European insurance and telecom areas.
(In these areas and elsewhere, we attempt to identify "self help" situations,
such as a change in management and/or a recapitalization.)
We significantly reduced our holdings in non-Japan Asia. Non-Japan Asia had
been a major overweight for us over much of the past three years, due to our
view of the attractive valuations and above average-growth rates we saw among
many companies in the region. We have become increasingly concerned with the
financial industry in South Korea, which has been negatively impacted by bad
loans in the consumer sector. The tension with North Korea has also become a
major negative factor that remains difficult to quantify. We also pared exposure
to Singapore and Hong Kong, both of which show languishing growth.
We remain underweighted in Japan, as growth prospects and economic reform
efforts continue to disappoint. The Japanese banking sector was recently forced
by the government's Financial Services Agency to increase its bad loan estimates
and raise large amounts of new capital. Unable to raise the funds domestically,
many banks were forced to raise capital from U.S. investment banks on very
unattractive terms. Not surprisingly, Japanese banks have been among the worst
performing sectors over the past year. We do not currently hold any Japanese
bank shares, as we expect the banks to need to raise additional equity capital
over the next 12 to 18 months.
Going forward, we will continue to attempt to take advantage of market dips,
within an investment universe that we believe is offering generally attractive
valuations. We expect to continue to add to economically sensitive industries,
as we think growth prospects might improve over the next 12 months.
Vincent J.McBride Nancy Nierman Todd Jacobson
Co-Portfolio Manager Co-Portfolio Manager Co-Portfolio Manager
INTERNATIONAL INVESTING ENTAILS SPECIAL RISK CONSIDERATIONS, INCLUDING
CURRENCY FLUCTUATIONS, LOWER LIQUIDITY, ECONOMIC AND POLITICAL RISKS, AND
DIFFERENCES IN ACCOUNTING METHODS. THE PORTFOLIO'S 15 LARGEST HOLDINGS MAY
ACCOUNT FOR 40% OR MORE OF THE PORTFOLIO'S ASSETS. AS A RESULT OF THIS STRATEGY,
THE PORTFOLIO MAY BE SUBJECT TO GREATER VOLATILITY THAN A PORTFOLIO THAT INVESTS
IN A LARGER NUMBER
2
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IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2003(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------ ------- -------- --------- ---------
(27.23%) (7.63%) 2.39% 3.31% 9/1/92
</Table>
AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2003(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------ ------- -------- --------- ---------
(19.41%) (6.20%) 2.82% 4.26% 9/1/92
</Table>
Note: 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
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
(2) The Morgan Stanley Capital International ACWI (All Country World Index)
Free Ex-USA Index is a free float-adjusted market capitalization index that
is designed to measure equity-market performance in the global developed
and emerging markets, excluding the U.S. It is the exclusive property of
Morgan Stanley Capital International Inc. Investors cannot invest directly
in an index.
3
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CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2003
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------ ------------
COMMON STOCKS (93.6%)
AUSTRALIA (3.6%)
AIRLINES (1.9%)
Qantas Airways, Ltd. 440,650 $ 876,562
------------
BANKS (1.7%)
National Australia Bank, Ltd. 37,650 765,439
------------
TOTAL AUSTRALIA 1,642,001
------------
BRAZIL (1.4%)
METALS & MINING (1.4%)
Companhia Vale do Rio Doce ADR 11,630 325,175
Companhia Vale do Rio Doce ADR Class A 12,200 322,080
------------
TOTAL BRAZIL 647,255
------------
CHINA (2.3%)
DIVERSIFIED TELECOMMUNICATION SERVICES (2.3%)
China Telecom Corporation, Ltd. ADR* 53,700 1,020,300
------------
TOTAL CHINA 1,020,300
------------
DENMARK (1.2%)
DIVERSIFIED TELECOMMUNICATION SERVICES (1.2%)
TDC A/S 22,140 550,784
------------
TOTAL DENMARK 550,784
------------
FINLAND (3.1%)
COMMUNICATIONS EQUIPMENT (1.0%)
Nokia Oyj 25,867 437,633
------------
PAPER & FOREST PRODUCTS (2.1%)
Stora Enso Oyj 87,700 953,285
------------
TOTAL FINLAND 1,390,918
------------
FRANCE (12.4%)
AUTOMOBILES (1.7%)
PSA Peugeot Citroen 16,200 758,242
------------
BANKS (3.3%)
BNP Paribas SA 21,500 1,009,188
Societe Generale 7,652 467,972
------------
1,477,160
------------
CONSTRUCTION & ENGINEERING (1.9%)
Vinci SA 12,885 839,054
------------
DIVERSIFIED TELECOMMUNICATION SERVICES (2.5%)
France Telecom SA 48,178 1,111,837
------------
INSURANCE (1.4%)
Axa 42,600 647,041
------------
MEDIA (1.6%)
Lagardere S.C.A. 19,240 735,196
------------
TOTAL FRANCE 5,568,530
------------
</Table>
See Accompanying Notes to Financial Statements.
4
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<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------ ------------
COMMON STOCKS (CONTINUED)
GERMANY (5.5%)
CHEMICALS (2.4%)
BASF AG 24,170 $ 1,078,140
------------
ELECTRIC UTILITIES (1.6%)
E.ON AG 15,200 727,552
------------
MACHINERY (1.5%)
MAN AG 36,700 668,422
------------
TOTAL GERMANY 2,474,114
------------
HONG KONG (1.5%)
ELECTRIC UTILITIES (1.5%)
Hongkong Electric Holdings, Ltd. 164,700 665,216
------------
TOTAL HONG KONG 665,216
------------
HUNGARY (1.5%)
BANKS (1.5%)
OTP Bank Rt. 61,440 659,625
------------
TOTAL HUNGARY 659,625
------------
INDIA (1.2%)
IT CONSULTING & SERVICES (1.2%)
Satyam Computer Services, Ltd. 82,100 264,274
Satyam Computer Services, Ltd. ADR 35,650 274,505
------------
TOTAL INDIA 538,779
------------
IRELAND (4.2%)
BANKS (4.2%)
Allied Irish Banks PLC 60,500 931,749
Bank of Ireland 77,350 953,865
------------
TOTAL IRELAND 1,885,614
------------
JAPAN (13.4%)
AUTOMOBILES (1.8%)
Honda Motor Company, Ltd. 24,900 824,711
------------
LEISURE EQUIPMENT & PRODUCTS (1.7%)
Konica Corp. 82,000 750,143
------------
OFFICE ELECTRONICS (2.0%)
Canon, Inc. 22,000 889,150
------------
PHARMACEUTICALS (1.6%)
Takeda Chemical Industries, Ltd. 19,800 725,524
------------
REAL ESTATE (1.7%)
Mitsui Fudosan Company, Ltd. 143,000 769,797
------------
SPECIALTY RETAIL (1.5%)
Yamada Denki Company, Ltd. 35,900 692,353
------------
</Table>
See Accompanying Notes to Financial Statements.
5
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------ ------------
COMMON STOCKS (CONTINUED)
JAPAN (CONCLUDED)
TRADING COMPANIES & DISTRIBUTORS (1.4%)
Mitsubishi Corp. 104,000 $ 618,279
------------
WIRELESS TELECOMMUNICATION SERVICES (1.7%)
NTT DoCoMo, Inc. 385 794,147
------------
TOTAL JAPAN 6,064,104
------------
MEXICO (0.3%)
WIRELESS TELECOMMUNICATION SERVICES (0.3%)
America Movil SA de CV ADR 8,700 147,706
------------
TOTAL MEXICO 147,706
------------
NETHERLANDS (5.0%)
MACHINERY (1.7%)
IHC Caland NV 14,930 770,612
------------
OIL & GAS (1.7%)
Royal Dutch Petroleum Co. 18,640 762,403
------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (1.6%)
ASML Holding NV* 82,420 711,931
------------
TOTAL NETHERLANDS 2,244,946
------------
NORWAY (2.6%)
BANKS (2.6%)
DnB Holding ASA 248,000 1,183,686
------------
TOTAL NORWAY 1,183,686
------------
RUSSIA (1.5%)
INDUSTRIAL CONGLOMERATES (1.5%)
YUKOS ADR 3,820 668,500
------------
TOTAL RUSSIA 668,500
------------
SINGAPORE (1.8%)
BANKS (1.8%)
United Overseas Bank, Ltd. 140,527 823,091
------------
TOTAL SINGAPORE 823,091
------------
SOUTH KOREA (3.3%)
DIVERSIFIED TELECOMMUNICATION SERVICES (1.6%)
KT Corp. ADR 36,300 734,712
------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (1.7%)
Samsung Electronics Company, Ltd. 3,030 760,617
------------
TOTAL SOUTH KOREA 1,495,329
------------
SPAIN (1.5%)
ELECTRIC UTILITIES (1.5%)
Endesa SA 46,100 653,899
------------
TOTAL SPAIN 653,899
------------
</Table>
See Accompanying Notes to Financial Statements.
6
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------ ------------
COMMON STOCKS (CONCLUDED)
SWEDEN (2.0%)
MACHINERY (2.0%)
SKF AB Series B 31,700 $ 918,481
------------
TOTAL SWEDEN 918,481
------------
SWITZERLAND (6.8%)
FOOD PRODUCTS (2.0%)
Nestle SA 4,350 886,806
------------
INSURANCE (2.2%)
Zurich Financial Services AG 9,500 1,001,622
------------
PHARMACEUTICALS (2.6%)
Novartis AG 30,050 1,185,339
------------
TOTAL SWITZERLAND 3,073,767
------------
UNITED KINGDOM (17.5%)
BANKS (2.8%)
Royal Bank of Scotland Group PLC 48,800 1,279,892
------------
BEVERAGES (1.9%)
Diageo PLC 79,100 877,366
------------
FOOD PRODUCTS (2.8%)
Cadbury Schweppes PLC 226,340 1,260,692
------------
METALS & MINING (1.7%)
Xstrata PLC* 85,690 762,150
------------
OIL & GAS (2.0%)
BG Group PLC 220,900 883,517
------------
PHARMACEUTICALS (4.0%)
AstraZeneca PLC 20,150 790,627
GlaxoSmithKline PLC 50,700 1,016,132
------------
1,806,759
------------
WIRELESS TELECOMMUNICATION SERVICES (2.3%)
Vodafone Group PLC 524,200 1,034,687
------------
TOTAL UNITED KINGDOM 7,905,063
------------
TOTAL COMMON STOCKS (Cost $39,145,095) 42,221,708
------------
</Table>
See Accompanying Notes to Financial Statements.
7
<Page>
<Table>
<Caption>
PAR
(000) VALUE
------- ------------
SHORT-TERM INVESTMENT (5.7%)
State Street Bank and Trust Co. Euro Time
Deposit, 1.188%, 5/01/03
(Cost $2,576,000) $ 2,576 $ 2,576,000
------------
TOTAL INVESTMENTS AT VALUE (99.3%) (Cost $41,721,095) 44,797,708
OTHER ASSETS IN EXCESS OF LIABILITIES (0.7%) 323,583
------------
NET ASSETS (100.0%) $ 45,121,291
============
</Table>
INVESTMENT ABBREVIATIONS
ADR = American Depositary Receipt
- ----------
* Non-income producing security.
See Accompanying Notes to Financial Statements.
8
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CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2003 (Unaudited)
<Table>
ASSETS
Investments at value (Cost $41,721,095) (Note 1) $ 44,797,708
Cash 153
Foreign currency at value (Cost $441,781) 438,281
Receivable for investments sold 810,881
Dividend and interest receivable 285,344
Receivable for fund shares sold 6,599
Prepaid expenses 435
--------------
Total Assets 46,339,401
--------------
LIABILITIES
Advisory fee payable (Note 2) 15,367
Administrative services fee payable (Note 2) 8,165
Payable for investments purchased 1,127,882
Other accrued expenses payable 66,696
--------------
Total Liabilities 1,218,110
--------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 6,216
Paid-in capital (Note 5) 91,189,269
Undistributed net investment income 390,258
Accumulated net realized loss on investments and foreign currency transactions (49,538,867)
Net unrealized appreciation from investments and foreign currency translations 3,074,415
--------------
Net Assets $ 45,121,291
==============
Shares outstanding 6,216,250
--------------
Net asset value, offering price, and redemption price per share $ 7.26
==============
</Table>
See Accompanying Notes to Financial Statements.
9
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CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2003 (Unaudited)
<Table>
INVESTMENT INCOME (Note 1)
Dividends $ 678,883
Interest 13,397
Foreign taxes withheld (97,727)
--------------
Total investment income 594,553
--------------
EXPENSES
Investment advisory fees (Note 2) 172,039
Administrative services fees (Note 2) 36,025
Printing fees (Note 2) 26,629
Registration fees 22,689
Legal fees 16,873
Custodian fees 13,591
Audit fees 10,341
Insurance expense 4,319
Transfer agent fees 2,781
Directors' fees 1,152
Miscellaneous expense 1,877
--------------
Total expenses 308,316
Less: fees waived (Note 2) (104,020)
--------------
Net expenses 204,296
--------------
Net investment income 390,257
--------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND
FOREIGN CURRENCY RELATED ITEMS
Net realized loss from investments (4,965,573)
Net realized loss on foreign currency transactions (1,737)
Net change in unrealized appreciation (depreciation) from investments 5,456,280
Net change in unrealized appreciation (depreciation) from foreign currency translations (9,456)
--------------
Net realized and unrealized gain from investments and foreign currency related items 479,514
--------------
Net increase in net assets resulting from operations $ 869,771
==============
</Table>
See Accompanying Notes to Financial Statements.
10
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE SIX MONTHS
ENDED FOR THE YEAR
APRIL 30, 2003 ENDED
(UNAUDITED) OCTOBER 31, 2002
------------------- --------------------
FROM OPERATIONS
Net investment income $ 390,257 $ 556,353
Net realized loss from investments and foreign currency transactions (4,967,310) (17,923,041)
Net change in unrealized appreciation (depreciation) from
investments and foreign currency translations 5,446,824 12,080,198
------------------- --------------------
Net increase (decrease) in net assets resulting from operations 869,771 (5,286,490)
------------------- --------------------
FROM DIVIDENDS
Dividends from net investment income (296,818) --
------------------- --------------------
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sale of shares 13,927,503 47,787,175
Reinvestment of dividends 294,006 --
Net asset value of shares redeemed (14,237,990) (93,557,377)
------------------- --------------------
Net decrease in net assets from capital share transactions (16,481) (45,770,202)
------------------- --------------------
Net increase (decrease) in net assets 556,472 (51,056,692)
NET ASSETS
Beginning of period 44,564,819 95,621,511
------------------- --------------------
End of period $ 45,121,291 $ 44,564,819
=================== ===================
UNDISTRIBUTED NET INVESTMENT INCOME $ 390,258 $ 296,819
=================== ===================
</Table>
See Accompanying Notes to Financial Statements.
11
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31,
APRIL 30, 2003 --------------------------------------------------------
(UNAUDITED) 2002 2001 2000
--------------- ---------------- ---------------- ----------------
PER SHARE DATA
Net asset value, beginning of period $ 7.19 $ 8.13 $ 17.61 $ 18.85
--------------- ---------------- ---------------- ----------------
INVESTMENT OPERATIONS
Net investment income 0.06 0.07(1) 0.09 0.22(1)
Net gain (loss) on investments
and foreign currency related items
(both realized and unrealized) 0.06 (1.01) (3.18) (0.46)
--------------- ---------------- ---------------- ----------------
Total from investment operations 0.12 (0.94) (3.09) (0.24)
--------------- ---------------- ---------------- ----------------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.05) -- (0.21) (0.78)
Distributions from net realized gains -- -- (6.18) (0.22)
--------------- ---------------- ---------------- ----------------
Total dividends and distributions (0.05) -- (6.39) (1.00)
--------------- ---------------- ---------------- ----------------
NET ASSET VALUE, END OF PERIOD $ 7.26 $ 7.19 $ 8.13 $ 17.61
=============== ================ ================ ================
Total return(2) 1.66% (11.56)% (26.56)% (1.98)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 45,121 $ 44,565 $ 95,622 $ 356,004
Ratio of expenses to average net assets(3) 0.95%(4) 0.95% 0.95% 0.97%
Ratio of net investment income
to average net assets 1.81%(4) 0.87% 0.61% 0.74%
Decrease reflected in above operating
expense ratios due to waivers/
reimbursements 0.48%(4) 0.39% 0.23% 0.19%
Portfolio turnover rate 77% 161% 134% 111%
<Caption>
FOR THE YEAR ENDED OCTOBER 31,
-----------------------------------
1999 1998
--------------- ----------------
PER SHARE DATA
Net asset value, beginning of period 14.41 $ 16.51
--------------- ----------------
INVESTMENT OPERATIONS
Net investment income 0.20(1) 0.21
Net gain (loss) on investments
and foreign currency related items
(both realized and unrealized) 4.38 (0.91)
--------------- ----------------
Total from investment operations 4.58 (0.70)
--------------- ----------------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.14) (0.18)
Distributions from net realized gains -- (1.22)
--------------- ----------------
Total dividends and distributions (0.14) (1.40)
--------------- ----------------
NET ASSET VALUE, END OF PERIOD $ 18.85 14.41
=============== ================
Total return(2) 32.02% (4.11)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 551,830 $ 1,019,242
Ratio of expenses to average net assets(3) 0.96% 0.95
Ratio of net investment income
to average net assets 1.23% 1.21%
Decrease reflected in above operating
expense ratios due to waivers/
reimbursements 0.17% 0.13%
Portfolio turnover rate 120% 114%
</Table>
- ----------
(1) Per share information is calculated using the average share outstanding
method.
(2) Total returns are historical and assume changes in share price and
reinvestments 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 is used to offset portions of
the transfer agent expense. These arrangements resulted in a reduction to
the net expense ratio by .00%, .02%, .01% and .00% for the years ended
October 31, 2001, 2000, 1999, and 1998, respectively. The net operating
expense ratio after these arrangements was .95% for the years ended October
31, 2001, 2000, 1999, and 1998, respectively. For the year ended October
31, 2002, and the six months ended April 30, 2003, there were no transfer
agent credits.
(4) Annualized.
See Accompanying Notes to Financial Statements.
12
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CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
April 30, 2003 (Unaudited)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Credit Suisse Institutional Fund, Inc. (the "Fund"), is registered under the
Investment Company Act of 1940, as amended, as an open-end management investment
company and currently offers seven managed investment funds, one of which, the
International Focus Portfolio (the "Portfolio"), is contained in this report.
The Portfolio is classified as diversified and has long-term capital
appreciation as its investment objective. The Fund was incorporated under the
laws of the State of Maryland on May 14, 1992.
A) SECURITY VALUATION -- The net asset value of the Portfolio is determined
daily as of the close of regular trading on the New York Stock Exchange, Inc. on
each day the Exchange is open for business. The Portfolio's equity investments
are valued at market value, which is generally determined using the closing
price on the exchange or market on which the security is primarily traded. If no
sales are reported, equity investments are generally valued at the most recent
bid price. Debt securities with a remaining maturity greater than 60 days are
valued on the basis of broker quotations or valuations provided by a pricing
service that may use a matrix, formula or other objective method that takes into
consideration market indices, yield curves and other specific adjustments.
Securities and other assets for which market quotations are not readily
available are valued at fair value as determined in good faith by the Board of
Directors under procedures established by the Board of Directors in the absence
of readily ascertainable market values. Debt obligations that will mature in 60
days or less are valued on the basis of amortized cost, which approximates
market value, unless the Board determines that using this method would not
reflect an investment's fair value.
B) FOREIGN CURRENCY TRANSACTIONS -- The books and records of the Portfolio
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 Portfolio does 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 Portfolio isolates that portion of realized gains and losses on investments
in debt securities which is due to changes in the
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foreign exchange rate from that which is due to changes in market prices of debt
securities.
C) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on a trade date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date. The cost of investments
sold is determined by use of the specific identification method for both
financial reporting and income tax purposes.
D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income and distributions of net realized capital gains, if any, are
declared and paid at least annually. However, to the extent that a net realized
capital gain can be reduced by a capital loss carryover, 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
the Fund's intention to have the Portfolio 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 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 Portfolio, 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 a short-term time deposit issued by State Street Bank and Trust Company
("SSB"), the Portfolio's custodian. The short-term time deposit is a variable
rate account classified as a short-term investment.
H) FORWARD FOREIGN CURRENCY CONTRACTS -- The Portfolio may enter into forward
foreign currency contracts for the purchase or sale of a specific foreign
currency at a fixed price on a future date. Risks may arise
14
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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. The Portfolio 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 April 30, 2003, the Portfolio had no open forward
foreign currency contracts.
I) 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 the Portfolio in connection with securities lending
activity may be invested in a variety of investments including certain
CSAM-advised funds or the AIM Institutional Funds -- Liquid Asset Portfolio.
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 Portfolio had no securities out on loan during the six
months ended April 30, 2003.
Credit Suisse First Boston ("CSFB"), an affiliate of CSAM, has been engaged
by the Portfolio to act as the Portfolio's securities lending agent. Prior to
April 1, 2003, CSFB had agreed to charge the Portfolio fees for its securities
lending activities equal to its costs in providing services as securities
lending agent and had voluntarily waived such fees through March 31, 2003.
Effective April 1, 2003, the Portfolio and CSFB entered into an arrangement to
share the income earned from securities lending activities, whereby, generally,
the Portfolio will receive 75% and CSFB will receive 25% of the income, in
accordance with the provisions of the securities lending agency agreement. If
CSFB should enter into a securities lending agency agreement with another
comparable investment company client under which it will receive a smaller
proportion of the fees, its fee agreement with the Portfolio shall be reduced to
such lower fee amount.
J) OTHER -- The Portfolio 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,
15
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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 Portfolio may be subject to taxes imposed by countries in which it
invests, with respect to its 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 Portfolio
accrues such taxes when the related income or gains are earned.
The Portfolio may invest up to 10% of its net assets in non-publicly traded
securities. Non-publicly traded securities may be less liquid than publicly
traded securities. Although these securities may be resold in privately
negotiated transactions, the prices realized from such sales could differ from
the price originally paid by the Portfolio or the current carrying values, and
the difference could be material.
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for the Portfolio. For its investment
advisory services, CSAM is entitled to receive a fee from the Portfolio at an
annual rate of 0.80% of the Portfolio's average daily net assets. For the six
months ended April 30, 2003, investment advisory fees earned and voluntarily
waived were $172,039 and $104,020, respectively.
Credit Suisse Asset Management Limited (CSAM U.K.) ("CSAM Ltd. U.K."), Credit
Suisse Asset Management Limited (CSAM Japan) ("CSAM Ltd. Japan") and Credit
Suisse Asset Management Limited (CSAM Australia) ("CSAM Ltd. Australia") each an
affiliate of CSAM, are sub-investment advisers to the Portfolio. CSAM Ltd. U.K.,
CSAM Ltd. Japan, and CSAM Ltd. Australia's sub-investment advisory fees are paid
by CSAM out of CSAM's net investment advisory fee and are not paid by the
Portfolio.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB, serve as co-administrators to the Portfolio.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of the Portfolio's average daily net
assets. For the six months ended April 30, 2003, co-administrative services fees
earned by CSAMSI were $21,505.
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee structure calculated in
total
16
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for all the Credit Suisse Funds/Portfolios co-administered by SSB and allocated
based upon relative average net assets of each fund/portfolio.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $ 5 billion .050% of average daily net assets
Next $ 5 billion .035% of average daily net assets
Over $ 10 billion .020% of average daily net assets
</Table>
For the six months ended April 30, 2003, co-administrative service fees
earned by SSB (including out-of-pocket expenses) were $14,520.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Portfolio to provide certain financial printing and fulfillment services.
For the six months ended April 30, 2003, Merrill was paid $6,326 for its
services to the Portfolio.
NOTE 3. LINE OF CREDIT
The Portfolio, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participates in a $150 million
committed, unsecured line of credit facility ("Credit Facility") with Deutsche
Bank, A.G. as administrative agent and syndication agent and State Street Bank
and Trust Company as operations agent for temporary or emergency purposes. Under
the terms of the Credit Facility, the Participating Funds pay an aggregate
commitment fee at a rate of 0.10% per annum on the average unused amount of the
Credit Facility, which is allocated among the Participating Funds in such manner
as is determined by the governing Boards of the Participating Funds. In
addition, the Participating Funds pay interest on borrowings at the Federal
Funds rate plus 0.50%. At April 30, 2003 the Portfolio had no loans under the
Credit Facility. During the six months ended April 30, 2003, the Portfolio had
borrowings under the Credit Facility as follows:
<Table>
<Caption>
AVERAGE DAILY WEIGHTED AVERAGE MAXIMUM DAILY
LOAN BALANCE INTEREST RATE % LOAN OUTSTANDING
------------- ---------------- ----------------
$ 4,514,000 1.758% $ 4,744,000
</Table>
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the six months ended April 30, 2003, purchases and sales of investment
securities (excluding short-term investments) were $32,863,841 and $ 31,975,945,
respectively.
17
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At April 30, 2003, 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: $41,721,095,
$4,296,252, $(1,219,639) and $3,076,613, respectively.
NOTE 5. CAPITAL SHARE TRANSACTIONS
The Fund is authorized to issue up to sixteen billion full and fractional
shares of common stock of separate series having a $.001 par value per share.
Shares of seven series have been classified, one of which constitutes the
interest in the Portfolio. Transactions in capital shares of the Portfolio were
as follows:
<Table>
<Caption>
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002
-------------------------- --------------------
Shares sold 2,023,253 5,543,906
Shares issued in reinvestment of dividends 40,891 --
Shares redeemed (2,043,810) (11,109,322)
---------- -----------
Net increase (decrease) 20,334 (5,565,416)
========== ===========
</Table>
On April 30, 2003, the number of shareholders that held 5% or more of the
outstanding shares of the Fund were as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
SHAREHOLDERS OF OUTSTANDING SHARES
------------ ----------------------
5 83%
</Table>
Some of the shareholders are comprised of omnibus accounts, which are held on
behalf of several individual shareholders.
NOTE 6. PROPOSED REORGANIZATION
On May 20, 2003, the Board of Directors of the Fund, approved a proposed
reorganization (the "Reorganization") with Credit Suisse Institutional
International Fund, Inc. ("International Fund"). If the Reorganization is
completed, each shareholder of the International Fund would become a shareholder
of the Portfolio and would receive on a tax-free basis shares of the Portfolio
with the same aggregate net asset value as their shares of the International
Fund. Completion of the Reorganization requires the approval of the shareholders
of the International Fund.
18
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CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
SHAREHOLDER MEETING RESULTS (UNAUDITED)
A special meeting of shareholders of the Credit Suisse Institutional Fund,
Inc. -- International Focus Portfolio (the "Portfolio") was held at 466
Lexington Avenue, 16th Floor, New York, NY 10017 on April 11, 2003 and adjourned
to May 2, 2003 and May 16, 2003. The following matters were voted upon by the
shareholders of the Portfolio and the results are presented below. Shares
delivered not voted are included on the total for the proposals. All proposals
were approved except proposal 4, which required the affirmative vote of a
majority of the shares of the Fund.
1. To Elect the Following Nominees as Directors:
<Table>
<Caption>
FOR WITHHELD
--------- --------
Richard H. Francis 4,434,328 303,804
Jack W. Fritz 4,434,328 303,804
Joseph D. Gallagher 4,434,328 303,804
Jeffrey E. Garten 4,433,806 304,326
Peter F. Krogh 4,434,328 303,804
James S. Pasman, Jr. 4,434,328 303,804
Steven N. Rappaport 4,434,328 303,804
William W. Priest 4,433,806 304,326
Total Eligible Shares 6,125,844
Total Shares Voted 4,738,132
% of Shares Voted 77.35%
</Table>
2-A. To Modify the Fundamental Investment Restriction on Borrowing Money:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
--------- ----------------- ------------
For 4,378,132 71.47% 92.40%
Against 3,666 0.06% 0.08%
Abstain 303,804 4.96% 6.41%
Broker Non-votes 52,530 0.86% 1.11%
</Table>
2-B. To Modify the Fundamental Investment Restriction on Lending:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
--------- ----------------- ------------
For 4,378,133 71.47% 92.40%
Against 3,278 0.05% 0.07%
Abstain 304,191 4.97% 6.42%
Broker Non-votes 52,530 0.86% 1.11%
</Table>
2-C. To Modify the Fundamental Investment Restriction on Real Estate
Investments:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
--------- ----------------- ------------
For 4,378,086 71.47% 92.40%
Against 3,712 0.06% 0.08%
Abstain 303,804 4.96% 6.41%
Broker Non-votes 52,530 0.86% 1.11%
</Table>
19
<Page>
2-D. To Remove the Fundamental Investment Restriction on Short Sales:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
--------- ----------------- ------------
For 4,377,699 71.46% 92.39%
Against 3,712 0.06% 0.08%
Abstain 304,191 4.97% 6.42%
Broker Non-votes 52,530 0.86% 1.11%
</Table>
2-E. To Remove the Fundamental Investment Restriction on Margin Transactions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
--------- ----------------- ------------
For 4,378,444 71.48% 92.41%
Against 3,354 0.06% 0.07%
Abstain 303,804 4.96% 6.41%
Broker Non-votes 52,530 0.86% 1.11%
</Table>
2-F. To Remove the Fundamental Investment Restriction on Investments in Oil,
Gas and Mineral Programs:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
--------- ----------------- ------------
For 4,378,086 71.47% 92.40%
Against 3,712 0.06% 0.08%
Abstain 303,804 4.96% 6.41%
Broker Non-votes 52,530 0.86% 1.11%
</Table>
2-G. To Remove the Fundamental Investment Restriction on Investments in
Securities of Issuers That Have Been in Operation Less than Three Years:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
--------- ----------------- ------------
For 4,380,361 71.51% 92.45%
Against 1,437 0.02% 0.03%
Abstain 303,804 4.96% 6.41%
Broker Non-votes 52,530 0.86% 1.11%
</Table>
2-H. To Remove the Fundamental Investment Restriction on Pledging Assets:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
--------- ----------------- ------------
For 4,378,520 71.48% 92.41%
Against 3,278 0.05% 0.07%
Abstain 303,804 4.96% 6.41%
Broker Non-votes 52,530 0.86% 1.11%
</Table>
20
<Page>
2-I. To Remove the Fundamental Investment Restriction on Investments in
Securities Issued by Other Investment Companies:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
--------- ----------------- ------------
For 4,381,419 71.52% 92.47%
Against 379 0.01% 0.01%
Abstain 303,804 4.96% 6.41%
Broker Non-votes 52,530 0.86% 1.11%
</Table>
2-J. To Remove the Fundamental Investment Restriction on Acquiring More than
10% of Voting Securities of Any One Issuer:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
--------- ----------------- ------------
For 4,374,677 71.41% 92.33%
Against 7,121 0.12% 0.15%
Abstain 303,804 4.96% 6.41%
Broker Non-votes 52,530 0.86% 1.11%
</Table>
3. To Change the Fund's Investment Objective from Fundamental to
Non-Fundamental:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
--------- ----------------- ------------
For 4,376,151 71.44% 92.36%
Agai nst 5,647 0.09% 0.12%
Abstain 303,804 4.96% 6.41%
Broker Non-votes 52,530 0.86% 1.11%
</Table>
4. To Amend the Charter Document to Allow Involuntary Redemptions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
--------- ----------------- ------------
For 4,378,728 71.48% 92.42%
Against 3,069 0.05% 0.06%
Abstain 303,804 4.96% 6.41%
Broker Non-votes 52,531 0.86% 1.11%
</Table>
21
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CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INTERNATIONAL FOCUS PORTFOLIO
PRIVACY POLICY NOTICE
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. 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. 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 MAY 20, 2003.
22
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[CREDIT SUISSE INSTITUTIONAL FUND LOGO]
P.O. BOX 55030, BOSTON, MA 02205-5030
800-222-8977 - www.csam-americas.com
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. CSINI-3-0403
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE
INSTITUTIONAL FUND
SEMIANNUAL REPORT
APRIL 30, 2003
(UNAUDITED)
CREDIT SUISSE INSTITUTIONAL FUND, INC.
- - LARGE CAP VALUE PORTFOLIO
- - SMALLCAP GROWTH PORTFOLIO
- - SELECT EQUITY PORTFOLIO
- - CAPITAL APPRECIATION PORTFOLIO
- - HARBINGER PORTFOLIO
- - INVESTMENT GRADE FIXED INCOME PORTFOLIO
MORE COMPLETE INFORMATION ABOUT THE FUND AND THE PORTFOLIOS, INCLUDING CHARGES
AND EXPENSES, IS PROVIDED IN THE, WHICH MUST PRECEDE OR ACCOMPANY THIS DOCUMENT
AND WHICH SHOULD BE READ CAREFULLY BEFORE INVESTING. YOU MAY OBTAIN ADDITIONAL
COPIES BY CALLING 800-222-8977 OR BY WRITING TO CREDIT SUISSE INSTITUTIONAL
FUND, P.O. BOX 55030, BOSTON, MA 02205-5030.
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR, IS LOCATED AT 466
LEXINGTON AVE., NEW YORK, NY 10017-3147. CREDIT SUISSE INSTITUTIONAL FUND IS
ADVISED BY CREDIT SUISSE ASSET MANAGEMENT, LLC.
<Page>
THE PORTFOLIOS' 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 INCLUDE CHANGE IN SHARE PRICE AND REINVESTMENT OF DIVIDENDS AND CAPITAL
GAINS. PAST PERFORMANCE CANNOT GUARANTEE FUTURE RESULTS. RETURNS AND SHARE PRICE
WILL FLUCTUATE, AND REDEMPTION VALUE MAY BE MORE OR LESS THAN ORIGINAL COST.
THE VIEWS OF THE PORTFOLIOS' MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE
PORTFOLIO HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF APRIL 30, 2003; THESE
VIEWS AND PORTFOLIO 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.
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO
SEMIANNUAL INVESTMENT ADVISER'S REPORT
April 30, 2003
June 2, 2003
Dear Shareholder:
For the six months ended April 30, 2003, Credit Suisse Institutional Fund,
Inc. -- Large Cap Value Portfolio(1) (the "Portfolio") had a gain of 2.21%,
versus an increase of 5.25% for the Russell 1000(R) Value Index.(2)
The period was a volatile but ultimately positive one for the U.S. stock
market. The threat of war, a soft economy and a clouded profit outlook hampered
stocks through much of the period. Equities ended the period on a positive note,
however, rallying in April in the wake of a seemingly swift and successful
U.S.-led mission in Iraq. The quick end to the war supported stocks by lowering
risk thresholds in general. It also calmed investors' worries over worst-case
scenarios regarding energy costs, a key factor in the economy.
Against this backdrop, the Portfolio had a gain but underperformed its
benchmark. Stocks that hindered the Portfolio included certain technology and
industrial-type holdings. Another factor that hampered performance was the
Portfolio's overweighting in the consumer-staples sector, which struggled. On
the positive side, stocks that contributed positively to the Portfolio's return
included its consumer-discretionary, transportation and producer-durables
holdings.
We have a cautious intermediate-term view on corporate earnings. We think
that earning growth will be sluggish for the next quarter at least, although we
are more optimistic looking to the latter part of 2003. Assuming that the Iraq
situation remains under control, we believe that Washington will be more and
more likely to deliver a fiscal stimulus package. The Federal Reserve,
meanwhile, seems to be in no hurry to raise interest rates. At some point, the
benefits of historically low rates might prove more supportive of growth. In
addition, oil prices have fallen back since spiking early this year. If the
trend continues, it could have the equivalent effect of a tax cut, in terms of
its impact on discretionary spending.
For our part, we are operating on the assumption that stock selection, as
opposed to sector re-allocation, will be key to performance this year. Within a
variety of industries, our focus will remain on companies we deem to have good
or improving cash flows, the ability and willingness to improve their balance
sheets, and competitive products and services.
The Credit Suisse Value Team
1
<Page>
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2003(1)
<Table>
<Caption>
ONE YEAR FIVE YEAR SINCE INCEPTION INCEPTION DATE
- -------- --------- --------------- --------------
(21.65%) (0.75%) 3.31% 6/30/97
</Table>
AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2003(1)
<Table>
<Caption>
ONE YEAR FIVE YEAR SINCE INCEPTION INCEPTION DATE
- -------- --------- --------------- --------------
(14.64%) 0.13% 4.21% 6/30/97
</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 Portfolio distributions or the redemption of Portfolio shares.
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
(2) The Russell 1000(R) Value Index measures the performance of those companies
in the Russell 1000(R) Index with lower price-to-book ratios and lower
forecasted growth values. It is an unmanaged index of common stocks that
includes reinvestment of dividends and is compiled by Frank Russell
Company. Investors cannot invest directly in an index.
2
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL CAP GROWTH PORTFOLIO
SEMIANNUAL INVESTMENT ADVISER'S REPORT
April 30, 2003
June 2, 2003
Dear Shareholder:
For the six months ended April 30, 2003, Credit Suisse Institutional Fund,
Inc. -- Small Cap Growth Portfolio(1) (the "Portfolio") had a gain of 4.97%,
versus an increase of 7.65% for the Russell 2000(R) Growth Index.(2)
The period was a volatile but ultimately positive one for the U.S. stock
market. The threat of war, a soft economy and a clouded profit outlook hampered
stocks through much of the period. Equities ended the period on a positive note,
however, rallying in April in the wake of a seemingly swift and successful
U.S.-led mission in Iraq. The quick end to the war supported stocks by lowering
risk thresholds in general. It also calmed investors' worries over worst-case
scenarios regarding energy costs, a key factor in the economy.
The Portfolio had a gain, yet underperformed its benchmark. We attribute this
primarily to the Portfolio's financial-services and health-care stocks. While
the Portfolio's holdings in both sectors collectively had positive returns in
the period, they lagged the Portfolio's benchmark's return in these sectors. On
the positive side, good performers for the Portfolio included its transportation
and producer durables holdings.
With respect to sector allocation, we increased our exposure to the
technology area late in 2002. We added a number of software and electronic names
based on their valuations and a better inventory backdrop; we have since trimmed
or eliminated some of these positions, as they quickly tested our upside price
disciplines. We remained overweighted in health care, based on the sector's
relatively stable earnings growth within an uncertain economic environment. That
said, we selectively sold some health-care stocks in early 2003. Elsewhere of
note, we remained about neutrally weighted in energy.
We believe that the economy may stay on a positive yet tepid growth path for
the rest of the year, with a possible economic acceleration heading into 2004.
Thus, while an easing of geopolitical risk could continue to support stocks for
a while, a broad-based improvement in revenue growth could be forestalled. With
much of the recent corporate profits coming from productivity gains, revenue
growth in our view is necessary for sustainable earnings growth. For our part,
we believe that individual stock selection is critical in this environment, and
our focus will remain on companies we deem to have solid finances and compelling
business plans.
Elizabeth B. Dater Sammy Oh
Co-Portfolio Manager Co-Portfolio Manager
3
<Page>
INVESTMENTS IN SMALL COMPANIES MAY BE MORE VOLATILE AND LESS LIQUID THAN
INVESTMENTS IN LARGER COMPANIES.
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2003(1)
<Table>
<Caption>
ONE YEAR FIVE YEAR SINCE INCEPTION INCEPTION DATE
- -------- --------- --------------- --------------
(31.82%) (7.70%) 2.13% 12/29/95
</Table>
AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2003(1)
<Table>
<Caption>
ONE YEAR FIVE YEAR SINCE INCEPTION INCEPTION DATE
- -------- --------- --------------- --------------
(25.22%) (6.23%) 3.05% 12/29/95
</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 Portfolio distributions or the redemption of Portfolio shares.
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
(2) The Russell 2000(R) Growth Index measures the performance of those
companies in the Russell 2000(R) Index with higher price-to-book ratios and
higher forecasted growth values. It is an unmanaged index of common stocks
that includes reinvestment of dividends and is compiled by Frank Russell
Company. Investors cannot invest directly in an index.
4
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO
SEMIANNUAL INVESTMENT ADVISER'S REPORT
April 30, 2003
June 2, 2003
Dear Shareholder:
For the six months ended April 30, 2003, Credit Suisse Institutional Fund,
Inc. -- Select Equity Portfolio(1) (the "Portfolio") had a gain of 3.37%, versus
an increase of 4.48% for the Standard & Poor's 500 Index.(2)
The U.S. equity market had volatile, yet ultimately positive performance in
the period. Stocks struggled through much of the period, beset by war fears and
by a weakening economic outlook. However, the market rallied in April, in the
wake of a seemingly swift and successful U.S.-led mission in Iraq. The quick end
to the war calmed investors' worries over worst-case scenarios regarding energy
costs, a key factor in the economy. A plus for market sentiment were earnings
reports from U.S. companies, which mostly met or exceeded consensus estimates.
We note, however, that earnings were achieved through asset sales, lower
corporate tax rates, favorable foreign exchange rates and other non-recurring
means, rather than from improved sales or better pricing.
The Portfolio had a gain, although it slightly lagged its benchmark. Most of
the underperformance occurred in April, when certain of the Portfolio's
financial-services and industrial holdings lagged the market. On the positive
side, stocks that aided the Portfolio for the period included certain
consumer-staples and energy stocks.
We continue to believe that 2003 will likely be a year of benign economic
growth. The easing of geopolitical risk may continue to support stocks for a
while, though until there is a broad-based improvement in revenue growth,
enabling companies to improve their balance sheets and increase their capital
spending, we do not expect to see a sustainable rally. Within such an
environment, we believe that individual stock selection will prove critical.
In terms of sector allocation, we ended the period with an underweighting in
financial services, due to our credit concerns and flattening margins, though we
maintained investments in insurance companies that we believe have pricing power
and limited credit exposure. We continued to underweight technology, given the
remote likelihood of a near-term surge in capital spending, and we mostly
avoided telecom and utility companies. Our meaningful overweights, as of April
30, were the energy and industrial sectors.
D. Susan Everly Sheryl M. Hempel
Co-Portfolio Manager Co-Portfolio Manager
5
<Page>
Margaret D. Miller Sarah J. Dyer
Co-Portfolio Manager Co-Portfolio Manager
THE PORTFOLIO IS PERMITTED TO INVEST A GREATER PROPORTION OF ITS ASSETS IN
THE SECURITIES OF A SMALLER NUMBER OF ISSUERS. AS A RESULT, THE PORTFOLIO MAY BE
SUBJECT TO GREATER VOLATILITY WITH RESPECT TO ITS RESPECTIVE PORTFOLIO
SECURITIES THAN A PORTFOLIO THAT IS MORE BROADLY DIVERSIFIED.
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2003(1)
<Table>
<Caption>
ONE YEAR SINCE INCEPTION INCEPTION DATE
-------- --------------- --------------
(23.57%) (20.34%) 1/31/02
</Table>
AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2003(1)
<Table>
<Caption>
ONE YEAR SINCE INCEPTION INCEPTION DATE
-------- --------------- --------------
(14.18%) (15.26%) 1/31/02
</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 Portfolio distributions or the redemption of Portfolio shares.
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
(2) The Standard & Poor's 500 Index is an unmanaged index (with no defined
investment objective) of common stocks, includes reinvestment of dividends,
and is a registered trademark of McGraw-Hill Co., Inc. Investors cannot
invest directly in an index.
6
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO
SEMIANNUAL INVESTMENT ADVISER'S REPORT
April 30, 2003
June 2, 2003
Dear Shareholder:
For the six months ended April 30, 2003, Credit Suisse Institutional Fund,
Inc. -- Capital Appreciation Portfolio(1) (the "Portfolio") had a gain of 1.36%,
versus an increase of 4.27% for the Russell 1000(R) Growth Index.(2)
The period was a volatile but ultimately positive one for the U.S. stock
market. The threat of war, a soft economy and a clouded profit outlook hampered
stocks through much of the period. Equities ended the period on a positive note,
however, rallying in April in the wake of a seemingly swift and successful
U.S.-led mission in Iraq. The quick end to the war supported stocks by lowering
risk thresholds in general. It also calmed investors' worries over worst-case
scenarios regarding energy costs, a key factor in the economy.
Against this backdrop, the Portfolio had a gain but underperformed its
benchmark. Stocks that hindered the Portfolio included its pharmaceutical
holdings and consumer-discretionary holdings. On the positive side, stocks that
aided the Portfolio included specific producer durables holdings and an
air-freight stock.
In terms of sector strategy, we remained fairly well diversified in the
period, with an overweighting in the consumer-discretionary area (including
media stocks). We added to the health-care sector, where we were also
overweighted as of the end of the period. We believe that the health-care sector
is one of the better areas with respect to secular revenue generation, in an
economy where revenue growth has been lackluster. One sector weighting we
reduced was financial services, mostly on stock-specific factors. We pared or
eliminated positions in certain companies that, while we believe them to be
strong franchises, have a clouded intermediate-term earnings outlook. Elsewhere
of note, we maintained a roughly neutral weighting in technology.
Barring other military flare-ups anytime soon, we believe Washington may now
be more inclined to deliver on tax cuts and other stimulus packages this year.
That said, the economy might remain sluggish for a spell, with a material
recovery in corporate earnings pushed out perhaps to the fourth quarter of 2003
or later. Amid the uncertainty, our focus will remain on identifying
high-quality companies we feel have good or improving revenue growth and the
potential for significant profit-margin gains as revenues rise.
Jeffrey T. Rose Marian U. Pardo
Co-Portfolio Manager Co-Portfolio Manager
7
<Page>
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2003(1)
<Table>
<Caption>
ONE YEAR SINCE INCEPTION INCEPTION DATE
-------- --------------- --------------
(27.65%) (26.02%) 1/31/02
</Table>
AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2003(1)
<Table>
<Caption>
ONE YEAR SINCE INCEPTION INCEPTION DATE
-------- --------------- --------------
(16.72%) (20.86%) 1/31/02
</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 Portfolio distributions or the redemption of Portfolio shares.
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
(2) The Russell 1000(R) Growth Index measures the performance of those
companies in the Russell 1000(R) Index with higher price-to-book ratios and
higher forecasted growth values. It is an unmanaged index of common stocks
that includes reinvestment of dividends and is compiled by Frank Russell
Company. Investors cannot invest directly in an index.
8
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO
SEMIANNUAL INVESTMENT ADVISER'S REPORT
April 30, 2003
June 2, 2003
Dear Shareholder:
Credit Suisse Institutional Fund, Inc. -- Harbinger Portfolio(1) (the
"Portfolio") had a loss of 3.00% for the period beginning January 15, 2003 (the
Portfolio's inception date) and ending April 30, 2003. By comparison, the
Russell 2000(R) Growth Index and the Russell 2500(TM) Growth Index(2) had
same-period increases of 0.44% and 1.37%, respectively.
The reporting period was a volatile one for stocks, with the threat and
reality of war a major driver of market sentiment. Early in the year stocks fell
sharply, hurt by worries that the war with Iraq might be a lengthy, expensive,
one, which raised investors' risk thresholds. A spike in energy costs added to
the market's woes. In April, however, stocks for the most part recovered, buoyed
in the wake of a swift and successful U.S.-led mission.
In this environment, the Portfolio had a loss, hindered by declines in
certain of its holdings. These included a medical-services company whose stock
fell when its CEO announced his resignation in March. In a period where
uncertainty in general was a major market driver, the stock came under selling
pressure (the stock had a positive April, but still had a loss for the period).
Other stocks that underperformed included specific technology and media
holdings. On the positive side, good performers for the Portfolio included
certain consumer holdings, such as a company that operates a chain of natural
food grocery stores.
Barring a turn for the worse on the geopolitical front, we think that risk
thresholds could continue to fall. That said, we believe that economic growth
over the next year might be modest at best, causing markets to periodically pull
back on soft economic and earnings data. For our part, we will continue to
attempt to add value via individual stock selection, looking for companies we
believe have capable managements and compelling products or services.
Elizabeth B. Dater Robert S. Janis Calvin E. Chung
Portfolio Manager Portfolio Manager Associate Portfolio Manager
BECAUSE OF THE NATURE OF THE PORTFOLIO'S POST-VENTURE-CAPITAL INVESTMENTS AND
CERTAIN AGGRESSIVE STRATEGIES IT MAY USE, AN INVESTMENT IN THE PORTFOLIO MAY NOT
BE APPROPRIATE FOR ALL INVESTORS.
9
<Page>
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE PORTFOLIO'S INVESTMENTS. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
CUMULATIVE RETURNS AS OF MARCH 31, 2003(1)
<Table>
<Caption>
SINCE INCEPTION INCEPTION DATE
--------------- --------------
(12.20%) 1/15/03
</Table>
CUMULATIVE RETURNS AS OF APRIL 30, 2003(1)
<Table>
<Caption>
SINCE INCEPTION INCEPTION DATE
--------------- --------------
(3.00%) 1/15/03
</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 Portfolio distributions or the redemption of Portfolio shares.
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
(2) Effective February 28, 2003, the Portfolio changed its performance
benchmark from the Russell 2000(R) Growth Index to the Russell
2500(TM) Growth Index. The Russell 2000(R) Growth Index measures the
performance of those companies in the Russell 2000(R) Index with higher
price-to-book ratios and higher forecasted growth values. It is an
unmanaged index of common stocks that includes reinvestment of dividends
and is compiled by Frank Russell Company. The Russell 2500(TM) Growth Index
measures the performance of those companies in the Russell 2500(TM) Index
with higher price-to-book ratios and higher forecasted growth values. It is
an unmanaged index of common stocks that includes reinvestment of dividends
and is compiled by Frank Russell Company. Investors cannot invest directly
in an index.
10
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. --
INVESTMENT GRADE FIXED INCOME PORTFOLIO
SEMIANNUAL INVESTMENT ADVISER'S REPORT
April 30, 2003
June 2, 2003
Dear Shareholder:
For the six months ended April 30, 2003, the Credit Suisse Institutional
Fund, Inc. -- Investment Grade Fixed Income Portfolio(1) (the "Portfolio")
returned 3.92%, versus a same-period gain of 4.32% for the Lehman Brothers U.S.
Aggregate Bond Index.(2)
The Portfolio underperformed its benchmark due to security selection within
corporate asset-backed securities ("ABS"). More specifically, we owned an ABS
secured by commercial aircraft whose own value declined as airline-industry
operating conditions deteriorated. The price of this ABS was marked down during
the six-month period and had a negative impact on the Portfolio's relative
return.
Several other aspects of our investment approach were much more successful.
For example:
- We structured the Portfolio's spread-based exposure as a "credit barbell"
consisting of high-beta investment-grade corporate bonds on one end, and
AAA-rated low-beta securitized debt issues on the other end. Corporates
were especially additive to performance. Our wide diversification within
the universe of issuers worked to our advantage, as did our industry
allocations and individual security selection.
- We generated above-benchmark results in securitized debt. Two aspects of
our positioning were especially helpful in this regard. First, we favored
mortgage-backed securities ("MBS") and commercial MBS ("CMBS"), both of
which generated solidly positive excess returns versus comparable-duration
Treasuries. Second, our MBS security selection concentrated on recently
originated issues with good prepayment protection and attractive
financing.
- We held a small allocation of inflation-linked Treasury bonds (known as
"TIPS", or Treasury Inflation-Protected Securities), which we felt offered
desirable valuations as well as the potential for capital appreciation if
perceived or actual inflation should rise. Our analysis proved on target,
as nominal inflation moved higher in early 2003 and TIPS prices gained
accordingly.
We are optimistic about the prospects for spread-based fixed income sectors,
albeit less so than previously. Although highest-quality securities appear fully
valued to us at present, we think spread product remains generally appealing for
its yields and positive sensitivity to economic
11
<Page>
growth. We expect U.S. economic growth to eventually revive from both the ample
monetary and fiscal stimulus currently in place. Corporate bonds are
particularly well-positioned to perform well in such an environment, in our
opinion.
Our asset allocation continues to utilize the barbell approach we described
earlier, which highlights corporates and securitized debt.
Although our view on valuations has prompted us to reduce aggregate corporate
exposure to benchmark-neutral from an overweight, we still see areas of
opportunity among lower-quality corporates. Our securitized holdings emphasize
ABS and CMBS, and we continue to use AAA-rated ABS as a less-risky surrogate for
highest-quality corporates.
CREDIT SUISSE FIXED INCOME MANAGEMENT TEAM
Jo Ann Corkran
Leland E. Crabbe
Suzanne E. Moran
David N. Fisher
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE PORTFOLIO'S INVESTMENT PORTFOLIO. THESE STATEMENTS
ARE SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE, AND THEIR IMPACT ON THE PORTFOLIO COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE PORTFOLIO HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
12
<Page>
CUMULATIVE RETURNS AS OF MARCH 31, 2003(1)
<Table>
<Caption>
SINCE INCEPTION INCEPTION DATE
--------------- --------------
7.35% 5/1/02
</Table>
CUMULATIVE RETURNS AS OF APRIL 30, 2003(1)
<Table>
<Caption>
SINCE INCEPTION INCEPTION DATE
--------------- --------------
8.24% 5/1/02
</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 Portfolio distributions or the redemption of Portfolio shares.
- ----------
(1) Fee waivers and/or expense reimbursements reduced expenses for the
Portfolio, without which performance would be lower. Waivers and/or
reimbursements may be discontinued at any time.
(2) The Lehman Brothers U.S. Aggregate Bond Index is composed of the Lehman
Brothers Government/Corporate Bond Index and the Lehman Brothers
Mortgage-Backed Securities Index. The U.S. Aggregate Bond Index includes
U.S. Treasury and agency issues, corporate bond issues and mortgage-backed
securities rated investment-grade or higher by Moody's Investors' Service,
the Standard & Poor's Division of The McGraw-Hill Companies, Inc., or Fitch
IBCA, Inc. Investors cannot invest directly in an index.
13
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2003 (Unaudited)
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS (95.4%)
AEROSPACE & DEFENSE (6.2%)
General Dynamics Corp. 12,000 $ 744,840
United Technologies Corp. 19,900 1,230,019
-------------
1,974,859
-------------
BANKS (10.8%)
Bank of America Corp. 13,000 962,650
Banknorth Group, Inc. 21,300 508,644
Charter One Financial, Inc. 20,055 582,598
Washington Mutual, Inc. 17,100 675,450
Wells Fargo & Co. 15,200 733,552
-------------
3,462,894
-------------
BEVERAGES (1.8%)
Anheuser-Busch Companies, Inc. 11,500 573,620
-------------
BUILDING PRODUCTS (2.0%)
American Standard Companies, Inc.* 9,100 647,829
-------------
CHEMICALS (2.1%)
Engelhard Corp. 26,100 640,755
Monsanto Co. 1,569 27,300
-------------
668,055
-------------
COMMERCIAL SERVICES & SUPPLIES (4.1%)
Avery Dennison Corp. 16,300 864,063
Cendant Corp.* 30,700 438,396
-------------
1,302,459
-------------
COMPUTERS & PERIPHERALS (1.9%)
Hewlett-Packard Co. 36,944 602,187
-------------
DIVERSIFIED FINANCIALS (9.2%)
American Express Co. 21,700 821,562
Citigroup, Inc. 22,000 863,500
Freddie Mac 13,100 758,490
Lehman Brothers Holdings, Inc. 7,900 497,463
-------------
2,941,015
-------------
DIVERSIFIED TELECOMMUNICATION SERVICES (4.3%)
ALLTEL Corp. 18,400 862,224
Verizon Communications, Inc. 13,400 500,892
-------------
1,363,116
-------------
ELECTRIC UTILITIES (2.8%)
Progress Energy, Inc. 21,300 889,914
-------------
ELECTRICAL EQUIPMENT (1.9%)
Emerson Electric Co. 12,200 618,540
-------------
ENERGY EQUIPMENT & SERVICES (3.5%)
Cooper Cameron Corp.* 4,800 229,728
Pride International, Inc.* 40,500 628,560
</Table>
See Accompanying Notes to Financial Statements.
14
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS (CONTINUED)
ENERGY EQUIPMENT & SERVICES (CONCLUDED)
Weatherford International, Ltd.* 6,200 $ 249,426
-------------
1,107,714
-------------
FOOD PRODUCTS (1.8%)
General Mills, Inc. 12,500 563,875
-------------
GAS UTILITIES (2.0%)
WGL Holdings, Inc. 24,200 652,916
-------------
HEALTHCARE PROVIDERS & SERVICES (1.1%)
Cardinal Health, Inc. 6,200 342,736
-------------
HOUSEHOLD PRODUCTS (2.1%)
Kimberly-Clark Corp. 13,300 661,941
-------------
INDUSTRIAL CONGLOMERATES (3.2%)
3M Co. 4,000 504,160
Tyco International, Ltd. 32,800 511,680
-------------
1,015,840
-------------
INSURANCE (6.5%)
American International Group, Inc. 13,363 774,386
Hartford Financial Services Group, Inc. 8,400 342,384
Marsh & McLennan Companies, Inc. 9,200 438,656
St. Paul Companies, Inc. 15,000 515,100
-------------
2,070,526
-------------
IT CONSULTING & SERVICES (1.0%)
Unisys Corp.* 31,900 331,760
-------------
MACHINERY (0.1%)
Harsco Corp. 1,200 41,364
-------------
MEDIA (6.3%)
Gannett Company, Inc. 8,700 658,764
Tribune Co. 17,400 852,252
Viacom, Inc. Class B* 11,400 494,874
-------------
2,005,890
-------------
OIL & GAS (6.3%)
Burlington Resources, Inc. 13,900 643,709
ConocoPhillips 15,300 769,590
Exxon Mobil Corp. 17,300 608,960
-------------
2,022,259
-------------
PERSONAL PRODUCTS (1.7%)
Avon Products, Inc. 9,600 558,432
-------------
PHARMACEUTICALS (7.1%)
Abbott Laboratories 10,300 418,489
Johnson & Johnson 20,200 1,138,472
Pfizer, Inc. 23,380 718,935
-------------
2,275,896
-------------
</Table>
See Accompanying Notes to Financial Statements.
15
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS (CONCLUDED)
ROAD & RAIL (2.8%)
Burlington Northern Santa Fe Corp. 31,500 $ 887,040
-------------
SOFTWARE (1.9%)
Microsoft Corp. 24,000 613,680
-------------
TOBACCO (0.9%)
Altria Group, Inc. 9,700 298,372
-------------
TOTAL COMMON STOCKS (Cost $33,881,940) 30,494,729
-------------
<Caption>
PAR
(000)
-------------
SHORT-TERM INVESTMENT (4.5%)
State Street Bank and Trust Co. Euro Time Deposit,
1.188%, 5/01/03
(Cost $1,432,000) $ 1,432 1,432,000
-------------
TOTAL INVESTMENTS AT VALUE (99.9%) (Cost $35,313,940) 31,926,729
OTHER ASSETS IN EXCESS OF LIABILITIES (0.1%) 29,837
-------------
NET ASSETS (100.0%) $ 31,956,566
=============
</Table>
- ----------
* Non-income producing security.
See Accompanying Notes to Financial Statements.
16
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL CAP GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2003 (Unaudited)
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS (95.3%)
AIR FREIGHT & COURIERS (1.3%)
J.B. Hunt Transport Services, Inc.* 17,100 $ 590,805
-------------
AUTO COMPONENTS (1.0%)
BorgWarner, Inc. 7,600 445,892
-------------
BANKS (2.0%)
IndyMac Bancorp, Inc. 21,100 470,108
Westamerica Bancorp. 9,800 422,380
-------------
892,488
-------------
BIOTECHNOLOGY (3.5%)
Affymetrix, Inc.* 30,300 562,065
BioMarin Pharmaceutical, Inc.* 41,200 452,376
Cubist Pharmaceuticals, Inc.* 32,600 300,898
OSI Pharmaceuticals, Inc.* 12,400 260,400
-------------
1,575,739
-------------
CHEMICALS (0.9%)
Airgas, Inc.* 20,700 418,761
-------------
COMMERCIAL SERVICES & SUPPLIES (3.3%)
Education Management Corp.* 10,000 488,200
Kroll, Inc.* 32,200 718,060
Moore Corporation Ltd.* 26,400 301,488
-------------
1,507,748
-------------
COMMUNICATIONS EQUIPMENT (3.2%)
Adaptec, Inc.* 55,100 376,884
InterDigital Communications Corp.* 27,600 621,828
Polycom, Inc.* 44,300 435,026
-------------
1,433,738
-------------
COMPUTERS & PERIPHERALS (2.3%)
Avid Technology, Inc.* 37,400 1,027,378
-------------
CONTAINERS & PACKAGING (1.3%)
Constar International, Inc.* 32,900 238,525
Crown Holdings, Inc.* 65,700 348,210
-------------
586,735
-------------
DIVERSIFIED FINANCIALS (2.8%)
Affiliated Managers Group, Inc.* 9,800 453,838
Jefferies Group, Inc. 8,700 337,734
Raymond James Financial, Inc. 16,800 481,824
-------------
1,273,396
-------------
ENERGY EQUIPMENT & SERVICES (1.8%)
FMC Technologies, Inc.* 20,300 382,046
Newpark Resources, Inc.* 89,300 418,817
-------------
800,863
-------------
</Table>
See Accompanying Notes to Financial Statements.
17
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS (CONTINUED)
FOOD & DRUG RETAILING (1.0%)
Performance Food Group Co.* 13,000 $ 456,040
-------------
FOOD PRODUCTS (2.0%)
Delta and Pine Land Co. 23,100 537,306
Hain Celestial Group, Inc.* 20,500 353,830
-------------
891,136
-------------
HEALTHCARE EQUIPMENT & SUPPLIES (3.1%)
Fisher Scientific International, Inc.* 11,900 342,839
SonoSite, Inc.* 22,900 370,980
Therasense, Inc.* 35,300 279,223
Wilson Greatbatch Technologies, Inc.* 12,400 406,596
-------------
1,399,638
-------------
HEALTHCARE PROVIDERS & SERVICES (10.6%)
Accredo Health, Inc.* 28,700 423,899
AdvancePCS* 21,300 640,278
Apria Healthcare Group, Inc.* 18,800 440,860
Community Health Systems, Inc.* 32,300 613,700
Coventry Health Care, Inc.* 26,000 1,061,320
LifePoint Hospitals, Inc.* 43,200 843,264
Mid Atlantic Medical Services, Inc.* 18,100 788,255
-------------
4,811,576
-------------
HOTELS, RESTAURANTS & LEISURE (1.0%)
Penn National Gaming, Inc.* 24,000 468,720
-------------
INSURANCE (2.1%)
HCC Insurance Holdings, Inc. 22,200 610,500
U.S.I. Holdings Corp.* 31,900 334,950
-------------
945,450
-------------
INTERNET & CATALOG RETAIL (1.2%)
ValueVision Media, Inc. Class A* 41,700 529,173
-------------
INTERNET SOFTWARE & SERVICES (4.2%)
Chordiant Software, Inc.* 130,400 138,224
DoubleClick, Inc.* 56,300 484,180
MatrixOne, Inc.* 122,900 430,150
Openwave Systems, Inc.* 182,000 314,860
webMethods, Inc.* 53,700 540,222
-------------
1,907,636
-------------
IT CONSULTING & SERVICES (2.2%)
CACI International, Inc. Class A* 15,900 555,387
Titan Corp.* 57,800 464,134
-------------
1,019,521
-------------
MACHINERY (0.8%)
Oshkosh Truck Corp. 6,600 369,600
-------------
</Table>
See Accompanying Notes to Financial Statements.
18
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS (CONTINUED)
MEDIA (7.0%)
Cumulus Media, Inc. Class A* 39,400 $ 679,256
Emmis Communications Corp. Class A* 43,800 830,886
Entercom Communications Corp.* 12,300 597,657
Getty Images, Inc.* 20,400 690,540
Scholastic Corp.* 13,500 383,535
-------------
3,181,874
-------------
MULTILINE RETAIL (0.1%)
BJ's Wholesale Club, Inc.* 2,400 34,000
-------------
OIL & GAS (3.6%)
Remington Oil & Gas Corp.* 30,000 470,100
Spinnaker Exploration Co.* 19,400 415,160
Stone Energy Corp.* 22,000 772,860
-------------
1,658,120
-------------
PHARMACEUTICALS (6.2%)
Inspire Phamaceuticals, Inc.* 24,900 363,540
K-V Pharmaceutical Co. Class A* 22,200 499,278
Medicis Pharmaceutical Corp. Class A* 17,200 991,408
Sepracor, Inc.* 50,800 972,820
-------------
2,827,046
-------------
ROAD & RAIL (1.2%)
Swift Transportation Company, Inc.* 29,900 541,788
-------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (7.2%)
Brooks Automation, Inc.* 29,080 246,308
Cymer, Inc.* 21,500 613,825
Integrated Circuit Systems, Inc.* 18,500 401,820
Lam Research Corp.* 31,000 450,430
Semtech Corp.* 29,500 469,050
Silicon Image, Inc.* 54,600 326,508
Skyworks Solutions, Inc.* 53,800 287,830
Varian Semiconductor Equipment Associates, Inc.* 19,800 456,390
-------------
3,252,161
-------------
SOFTWARE (10.4%)
Agile Software Corp.* 46,500 322,710
Documentum, Inc.* 41,700 766,863
Hyperion Solutions Corp.* 5,600 158,368
Informatica Corp.* 77,100 503,463
J. D. Edwards & Co.* 33,100 396,538
Legato Systems, Inc.* 98,200 581,344
Manugistics Group, Inc.* 83,600 270,028
Micromuse, Inc.* 38,900 254,445
QRS Corp.* 21,899 113,875
Radiant Systems, Inc.* 52,150 330,109
</Table>
See Accompanying Notes to Financial Statements.
19
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS (CONCLUDED)
SOFTWARE (CONTINUED)
Take-Two Interactive Software, Inc.* 34,000 $ 765,000
Verisity, Ltd.* 22,500 263,925
-------------
4,726,668
-------------
SPECIALTY RETAIL (6.4%)
AnnTaylor Stores Corp.* 22,100 522,886
Cost Plus, Inc.* 17,500 537,775
Gymboree Corp.* 26,900 449,499
Hot Topic, Inc.* 16,700 408,315
Linens `n Things, Inc.* 26,700 565,773
Movie Gallery, Inc.* 22,900 423,444
-------------
2,907,692
-------------
TEXTILES & APPAREL (0.7%)
Tommy Hilfiger Corp.* 36,600 300,852
-------------
TRADING COMPANIES & DISTRIBUTORS (0.9%)
MSC Industrial Direct Company, Inc. Class A* 23,400 432,900
-------------
TOTAL COMMON STOCKS (Cost $43,855,850) 43,215,134
-------------
PREFERRED STOCKS (0.1%)
INTERNET SOFTWARE & SERVICES (0.1%)
Planetweb, Inc.*++ 165,400 11,578
Prescient Systems, Inc.*++ 28,379 11,039
-------------
TOTAL PREFERRED STOCKS (Cost $2,905,776) 22,617
-------------
WARRANT (0.0%)
ELECTRONIC EQUIPMENT & INSTRUMENTS (0.0%)
APW, Ltd.*^-
(Cost $0) 45 0
-------------
<Caption>
PAR
(000)
-------------
SHORT-TERM INVESTMENT (5.8%)
State Street Bank and Trust Co. Euro Time Deposit,
1.188%, 5/01/03
(Cost $2,643,000) $ 2,643 2,643,000
-------------
TOTAL INVESTMENTS AT VALUE (101.2%) (Cost $49,404,626) 45,880,751
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.2%) (527,994)
-------------
NET ASSETS (100.0%) $ 45,352,757
=============
</Table>
- ----------
* Non-income producing security.
++ Restricted security, not readily marketable; security is valued at fair
value as determined in good faith by the Board of Directors.
^ 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 9/12/02.
See Accompanying Notes to Financial Statements.
20
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2003 (Unaudited)
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS (95.3%)
AEROSPACE & DEFENSE (5.0%)
Boeing Co. 1,500 $ 40,920
Lockheed Martin Corp. 5,500 275,275
United Technologies Corp. 3,100 191,611
-------------
507,806
-------------
BANKS (3.9%)
Bank of America Corp. 2,000 148,100
Wells Fargo & Co. 5,000 241,300
-------------
389,400
-------------
BEVERAGES (5.9%)
Anheuser-Busch Companies, Inc. 2,900 144,652
Coca-Cola Co. 5,383 217,473
PepsiCo, Inc. 5,411 234,188
-------------
596,313
-------------
CHEMICALS (3.9%)
Du Pont (E.I.) de Nemours & Co. 9,300 395,529
-------------
COMMERCIAL SERVICES & SUPPLIES (5.2%)
Avery Dennison Corp. 3,100 164,331
Cendant Corp.* 24,800 354,144
-------------
518,475
-------------
COMMUNICATIONS EQUIPMENT (2.4%)
Cisco Systems, Inc.* 5,900 88,736
Motorola, Inc. 19,125 151,279
-------------
240,015
-------------
COMPUTERS & PERIPHERALS (2.7%)
Dell Computer Corp.* 6,100 176,351
Hewlett-Packard Co. 6,000 97,800
-------------
274,151
-------------
DIVERSIFIED FINANCIALS (7.0%)
Citigroup, Inc. 3,849 151,073
Freddie Mac 3,249 188,117
Lehman Brothers Holdings, Inc. 1,648 103,775
SPDR Trust Series 1 1,600 147,056
The Goldman Sachs Group, Inc. 1,458 110,662
-------------
700,683
-------------
ELECTRICAL EQUIPMENT (3.0%)
Emerson Electric Co. 5,948 301,564
-------------
ENERGY EQUIPMENT & SERVICES (1.5%)
Transocean, Inc. 8,000 152,400
-------------
</Table>
See Accompanying Notes to Financial Statements.
21
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS (CONTINUED)
HEALTHCARE EQUIPMENT & SUPPLIES (6.7%)
Biomet, Inc. 8,700 $ 265,002
Medtronic, Inc. 8,500 405,790
-------------
670,792
-------------
INSURANCE (6.1%)
AFLAC, Inc. 8,400 274,764
American International Group, Inc. 5,806 336,458
-------------
611,222
-------------
MACHINERY (3.0%)
Illinois Tool Works, Inc. 4,800 307,104
-------------
MEDIA (4.4%)
Clear Channel Communications, Inc.* 5,400 211,194
Viacom, Inc. Class B* 5,400 234,414
-------------
445,608
-------------
METALS & MINING (0.4%)
Alcoa, Inc. 1,927 44,186
-------------
MULTILINE RETAIL (2.2%)
Wal-Mart Stores, Inc. 3,861 217,451
-------------
OIL & GAS (5.9%)
Burlington Resources, Inc. 3,100 143,561
ConocoPhillips 3,604 181,281
Exxon Mobil Corp. 7,500 264,000
-------------
588,842
-------------
PAPER & FOREST PRODUCTS (1.1%)
International Paper Co. 3,000 107,250
-------------
PERSONAL PRODUCTS (6.1%)
Estee Lauder Companies, Inc. Class A 5,900 191,750
Gillette Co. 13,750 418,687
-------------
610,437
-------------
PHARMACEUTICALS (9.0%)
Abbott Laboratories 5,500 223,465
Eli Lilly and Co. 3,700 236,134
Pfizer, Inc. 14,600 448,950
-------------
908,549
-------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (1.8%)
Intel Corp. 9,600 176,640
-------------
SOFTWARE (5.8%)
Electronic Arts, Inc.* 1,000 59,270
Microsoft Corp. 17,124 437,861
VERITAS Software Corp.* 3,700 81,437
-------------
578,568
-------------
</Table>
See Accompanying Notes to Financial Statements.
22
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS (CONCLUDED)
SPECIALTY RETAIL (2.3%)
Gap, Inc. 5,400 $ 89,802
Staples, Inc.* 7,700 146,608
-------------
236,410
-------------
TOTAL COMMON STOCKS (Cost $8,989,817) 9,579,395
-------------
<Caption>
PAR
(000)
-------------
SHORT-TERM INVESTMENT (4.6%)
State Street Bank and Trust Co. Euro Time Deposit,
1.188%, 5/01/03
(Cost $465,000) $ 465 465,000
-------------
TOTAL INVESTMENTS AT VALUE (99.9%) (Cost $9,454,817) 10,044,395
OTHER ASSETS IN EXCESS OF LIABILITIES (0.1%) 6,597
-------------
NET ASSETS (100.0%) $ 10,050,992
=============
</Table>
- ----------
* Non-income producing security.
See Accompanying Notes to Financial Statements.
23
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2003 (Unaudited)
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS (92.1%)
AEROSPACE & DEFENSE (1.5%)
United Technologies Corp. 2,200 $ 135,982
-------------
AIR FREIGHT & COURIERS (2.5%)
United Parcel Service, Inc. Class B 3,700 229,844
-------------
BANKS (3.9%)
Bank of America Corp. 1,600 118,480
Wells Fargo & Co. 5,000 241,300
-------------
359,780
-------------
BEVERAGES (5.2%)
Anheuser-Busch Companies, Inc. 4,500 224,460
Pepsi Bottling Group, Inc. 3,400 69,836
PepsiCo, Inc. 4,400 190,432
-------------
484,728
-------------
BIOTECHNOLOGY (4.3%)
Amgen, Inc.* 1,400 85,834
Genentech, Inc.* 2,400 91,176
Gilead Sciences, Inc.* 2,400 110,736
MedImmune, Inc.* 3,100 109,337
-------------
397,083
-------------
COMMERCIAL SERVICES & SUPPLIES (2.1%)
Stericycle, Inc.* 2,200 86,438
Weight Watchers International, Inc.* 2,400 112,752
-------------
199,190
-------------
COMMUNICATIONS EQUIPMENT (1.8%)
Cisco Systems, Inc.* 11,200 168,448
-------------
COMPUTERS & PERIPHERALS (2.3%)
Dell Computer Corp.* 5,600 161,896
EMC Corp.* 5,300 48,177
-------------
210,073
-------------
DIVERSIFIED FINANCIALS (2.4%)
Doral Financial Corp. 1,200 48,012
SLM Corp. 1,600 179,200
-------------
227,212
-------------
ELECTRICAL EQUIPMENT (1.7%)
Harris Corp. 5,700 162,792
-------------
ENERGY EQUIPMENT & SERVICES (1.0%)
Transocean, Inc. 1,800 34,290
Weatherford International, Ltd.* 1,400 56,322
-------------
90,612
-------------
</Table>
See Accompanying Notes to Financial Statements.
24
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS (CONTINUED)
HEALTHCARE EQUIPMENT & SUPPLIES (5.5%)
Biomet, Inc. 6,700 $ 204,082
Medtronic, Inc. 6,400 305,536
-------------
509,618
-------------
HEALTHCARE PROVIDERS & SERVICES (3.7%)
Anthem, Inc.* 2,200 151,008
Caremark Rx, Inc.* 4,700 93,577
WebMD Corp.* 10,600 102,184
-------------
346,769
-------------
HOTELS, RESTAURANTS & LEISURE (0.6%)
Wendy's International, Inc. 1,800 52,272
-------------
INDUSTRIAL CONGLOMERATES (3.2%)
General Electric Co. 7,600 223,820
Tyco International, Ltd. 5,000 78,000
-------------
301,820
-------------
INSURANCE (1.2%)
American International Group, Inc. 1,900 110,105
-------------
INTERNET & CATALOG RETAIL (3.1%)
USA Interactive* 9,800 293,510
-------------
MACHINERY (1.3%)
Danaher Corp. 1,800 124,164
-------------
MEDIA (12.7%)
AOL Time Warner, Inc.* 11,400 155,952
Clear Channel Communications, Inc.* 3,600 140,796
Comcast Corp. Special Class A* 5,600 168,336
E.W. Scripps Co. Class A 1,100 87,175
Fox Entertainment Group, Inc. Class A* 4,500 114,300
Gannett Company, Inc. 1,200 90,864
Pixar, Inc.* 1,300 75,907
Univision Communications, Inc. Class A* 2,200 66,616
Viacom, Inc. Class B* 6,500 282,165
-------------
1,182,111
-------------
MULTILINE RETAIL (2.8%)
Wal-Mart Stores, Inc. 4,600 259,072
-------------
OIL & GAS (0.4%)
XTO Energy, Inc. 1,800 35,100
-------------
PERSONAL PRODUCTS (1.9%)
Estee Lauder Companies, Inc. Class A 3,600 117,000
Gillette Co. 2,000 60,900
-------------
177,900
-------------
</Table>
See Accompanying Notes to Financial Statements.
25
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS (CONCLUDED)
PHARMACEUTICALS (13.5%)
Barr Laboratories, Inc.* 2,400 $ 133,440
Forest Laboratories, Inc.* 3,400 175,848
Johnson & Johnson 4,200 236,712
Pfizer, Inc. 13,000 399,750
Watson Pharmaceuticals, Inc.* 5,900 171,513
Wyeth 3,300 143,649
-------------
1,260,912
-------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (5.6%)
Analog Devices, Inc.* 5,900 195,408
Intel Corp. 12,400 228,160
Texas Instruments, Inc. 5,200 96,148
-------------
519,716
-------------
SOFTWARE (6.8%)
Microsoft Corp. 17,000 434,690
Symantec Corp.* 1,700 74,715
VERITAS Software Corp.* 5,600 123,256
-------------
632,661
-------------
SPECIALTY RETAIL (1.1%)
Home Depot, Inc. 3,500 98,455
-------------
TOTAL COMMON STOCKS (Cost $9,121,877) 8,569,929
-------------
<Caption>
PAR
(000)
-------------
SHORT-TERM INVESTMENT (7.2%)
State Street Bank and Trust Co. Euro Time Deposit,
1.188%, 5/01/03
(Cost $673,000) $ 673 673,000
-------------
TOTAL INVESTMENTS AT VALUE (99.3%) (Cost $9,794,877) 9,242,929
OTHER ASSETS IN EXCESS OF LIABILITIES (0.7%) 61,254
-------------
NET ASSETS (100.0%) $ 9,304,183
=============
</Table>
- ----------
* Non-income producing security.
See Accompanying Notes to Financial Statements.
26
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2003 (Unaudited)
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS (97.9%)
BIOTECHNOLOGY (4.6%)
MedImmune, Inc.* 2,200 $ 77,594
-------------
DIVERSIFIED FINANCIALS (9.2%)
E*TRADE Group, Inc.* 16,400 90,200
Franklin Resources, Inc. 1,800 62,784
-------------
152,984
-------------
ELECTRONIC EQUIPMENT & INSTRUMENTS (6.7%)
Sanmina-SCI Corp.* 13,100 62,880
Solectron Corp.* 15,300 48,807
-------------
111,687
-------------
FOOD & DRUG RETAILING (10.0%)
Whole Foods Market, Inc.* 1,300 77,168
Wild Oats Markets, Inc.* 8,300 89,806
-------------
166,974
-------------
HEALTHCARE PROVIDERS & SERVICES (15.9%)
Accredo Health, Inc.* 2,700 39,879
Centene Corp.* 2,500 80,088
Pediatrix Medical Group, Inc.* 3,100 98,797
United Surgical Partners International, Inc.* 2,500 46,325
-------------
265,089
-------------
INSURANCE (2.1%)
Radian Group, Inc. 900 35,730
-------------
MEDIA (6.7%)
Clear Channel Communications, Inc.* 1,600 62,576
Journal Register Co.* 2,800 49,588
-------------
112,164
-------------
MULTILINE RETAIL (4.3%)
Dollar Tree Stores, Inc.* 2,800 71,260
-------------
OIL & GAS (3.9%)
Newfield Exploration Co.* 1,900 65,341
-------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (6.0%)
Applied Micro Circuits Corp.* 11,900 53,312
GlobespanVirata, Inc.* 7,800 47,346
-------------
100,658
-------------
SOFTWARE (24.5%)
Activision, Inc.* 4,300 65,790
Amdocs, Ltd* 4,800 84,768
JDA Software Group, Inc.* 6,800 76,568
Lawson Software, Inc. * 9,300 47,151
Siebel Systems, Inc.* 6,700 58,089
THQ, Inc.* 5,400 76,302
-------------
408,668
-------------
</Table>
See Accompanying Notes to Financial Statements.
27
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------- -------------
COMMON STOCKS (CONCLUDED)
SPECIALTY RETAIL (4.0%)
Hot Topic, Inc.* 2,700 $ 66,015
-------------
TOTAL COMMON STOCKS (Cost $1,618,408) 1,634,164
-------------
TOTAL INVESTMENTS AT VALUE (97.9%) (Cost $1,618,408) 1,634,164
OTHER ASSETS IN EXCESS OF LIABILITIES (2.1%) 34,574
-------------
NET ASSETS (100.0%) $ 1,668,738
=============
</Table>
- ----------
* Non-income producing security.
See Accompanying Notes to Financial Statements.
28
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. --
INVESTMENT GRADE FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS
April 30, 2003 (Unaudited)
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------------ ---------- ----- ------------
CORPORATE BONDS (20.5%)
AEROSPACE & DEFENSE (0.3%)
$ 20 Lockheed Martin Corp., Bonds (BBB , Baa2) 12/01/29 8.500 $ 26,916
10 Raytheon Co., Notes (BBB- , Baa3) 08/15/07 6.750 11,134
------------
38,050
------------
AGRICULTURE (0.2%)
25 Cargill, Inc., Rule 144A, Private Placement,
Notes++ (A+ , A1) 05/01/06 6.250 27,700
------------
BANKS (0.4%)
10 Bank of America Corp., Series MTN,
Senior Notes (A+ , Aa2) 03/01/04 5.750 10,358
30 Washington Mutual, Inc., Global Senior Notes (BBB+ , A3) 01/15/07 5.625 32,777
------------
43,135
------------
DIVERSIFIED FINANCIALS (4.1%)
30 Bear Stearns Companies, Inc., Global Notes (A , A2) 03/30/06 3.000 30,553
75 Countrywide Home Loans, Inc., Global Notes (A , A3) 12/19/07 4.250 77,755
15 ERAC USA Finance Co., Rule 144A, Private
Placement, Notes++ (BBB+ , Baa1) 05/15/06 6.625 16,226
10 FMR Corp., Rule 144A, Private Placement,
Notes++ (AA , Aa3) 03/01/13 4.750 10,095
30 Ford Motor Credit Co., Global Bonds (BBB , A3) 02/01/11 7.375 30,457
75 Ford Motor Credit Co., Global Notes (BBB , A3) 02/01/06 6.875 77,636
5 Ford Motor Credit Co., Global Notes (BBB , A3) 10/28/09 7.375 5,115
10 FPL Group Capital, Inc., Company Guaranteed (A- , A2) 09/15/06 7.625 11,394
70 General Electric Capital Corp., Series MTN, Global
Notes (AAA , Aaa) 06/15/12 6.000 77,380
20 General Motors Acceptance Corp., Global (BBB , A2) 11/01/31 8.000 20,891
30 Goldman Sachs Group, Inc., Global Notes (A+ , Aa3) 01/15/08 4.125 30,995
40 Household Finance Corp., Global Notes (A , A2) 01/30/07 5.750 43,502
20 Verizon Global Funding Corp., Global Notes (A+ , A2) 06/15/12 6.875 22,988
25 Verizon Global Funding Corp., Global Notes (A+ , A2) 12/01/30 7.750 30,988
10 Verizon Global Funding Corp., Global Notes (A+ , A2) 06/15/32 7.750 12,413
------------
498,388
------------
ELECTRIC (4.8%)
40 American Electric Power Company, Inc., Global
Notes (BBB , Baa3) 05/15/06 6.125 43,236
45 Cilcorp, Inc., Bonds (BBB+ , Baa2) 10/15/29 9.375 60,675
90 Consolidated Edison Company of New York, Inc.,
Debentures (A+ , A1) 02/01/13 4.875 92,278
30 Constellation Energy Group, Inc., Notes (BBB+ , Baa1) 04/01/07 6.350 33,219
45 Constellation Energy Group, Inc., Notes (BBB+ , Baa1) 04/01/12 7.000 51,804
10 Dominion Resources, Inc., Notes (BBB+ , Baa1) 06/30/12 6.250 11,041
75 Dominion Resources, Inc., Series B, Global Senior
Notes (BBB+ , Baa1) 07/15/05 7.625 83,359
55 Energy East Corp., Notes (BBB , Baa2) 06/15/12 6.750 61,184
</Table>
See Accompanying Notes to Financial Statements.
29
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------------ ---------- ----- ------------
CORPORATE BONDS (CONTINUED)
ELECTRIC (CONCLUDED)
$ 50 FPL Group Capital, Inc., Notes (A- , A2) 04/11/06 3.250 $ 50,607
15 Oncor Electric Delivery, Global Secured Notes (BBB , Baa1) 05/01/32 7.000 17,061
5 Progress Energy, Inc., Senior Notes (BBB , Baa2) 03/01/06 6.750 5,520
10 Progress Energy, Inc., Senior Notes (BBB , Baa2) 03/01/31 7.750 12,245
55 Public Service Company of Colorado,
Global Collateral Trust (BBB+ , Baa1) 10/01/12 7.875 67,517
------------
589,746
------------
ELECTRIC/GAS (0.5%)
40 Cincinnati Gas & Electric Co., Notes (BBB , Baa1) 09/15/12 5.700 42,741
15 KeySpan Corp., Senior Notes (A , A3) 11/15/30 8.000 20,080
------------
62,821
------------
ENVIRONMENTAL CONTROL (0.3%)
10 Waste Management, Inc., Global Company
Guaranteed (BBB , Baa3) 05/15/32 7.750 12,224
25 Waste Management, Inc., Senior Notes (BBB , Baa3) 08/01/10 7.375 29,190
------------
41,414
------------
FOOD (1.7%)
30 ConAgra Foods, Inc., Notes (BBB+ , Baa1) 09/15/11 6.750 34,132
30 ConAgra Foods, Inc., Notes (BBB+ , Baa1) 09/15/30 8.250 38,990
45 General Mills, Inc., Global Notes (BBB+ , Baa2) 02/15/12 6.000 49,453
45 Kellogg Co., Global Notes (BBB , Baa2) 04/01/11 6.600 51,536
25 Kraft Foods, Inc., Global Notes (BBB+ , A3) 06/01/12 6.250 27,284
------------
201,395
------------
HEALTHCARE PRODUCTS (0.4%)
45 Baxter International, Inc., Notes (A , A3) 05/01/07 5.250 48,176
------------
HEALTHCARE SERVICES (0.1%)
10 HCA, Inc., Notes (BBB- , Ba1) 07/01/07 7.000 10,801
------------
INSURANCE (0.4%)
45 MetLife, Inc., Debentures (A , A2) 05/15/05 3.911 46,660
------------
MEDIA (1.2%)
5 AOL Time Warner, Inc., Global Notes (BBB+ , Baa1) 05/01/12 6.875 5,465
55 Comcast Cable Communications, Inc.,
Senior Notes (BBB , Baa3) 01/30/11 6.750 60,817
30 News America Holdings, Inc., Company
Guaranteed (BBB- , Baa3) 02/01/13 9.250 38,382
20 News America, Inc., Company Guaranteed (BBB- , Baa3) 11/30/28 7.625 22,909
10 Viacom, Inc., Global Company Guaranteed (A- , A3) 08/15/12 5.625 10,783
5 Walt Disney Co., Global Notes (BBB+ , Baa1) 03/01/12 6.375 5,474
------------
143,830
------------
OIL & GAS (1.6%)
30 Burlington Resources Finance Co.,
Yankee Company Guaranteed (BBB+ , Baa1) 12/01/31 7.400 36,634
</Table>
See Accompanying Notes to Financial Statements.
30
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------------ ---------- ----- ------------
CORPORATE BONDS (CONCLUDED)
OIL & GAS (CONCLUDED)
$ 15 Conoco, Inc., Global Senior Notes (A- , A3) 04/15/09 6.350 $ 17,211
5 Conoco, Inc., Global Senior Notes (A- , A3) 04/15/04 5.900 5,198
5 Devon Energy Corp., Debentures (BBB , Baa2) 04/15/32 7.950 6,278
25 Devon Financing Corp. ULC,
Global Company Guaranteed (BBB , Baa2) 09/30/11 6.875 28,801
30 Enterprise Products Partners LP,
Company Guaranteed (BBB , Baa2) 02/01/11 7.500 34,699
25 Pemex Project Funding Master Trust,
Global Company Guaranteed (BBB- , Baa1) 02/15/08 8.500 29,063
30 Phillips Petroleum Co., Global Notes (A- , A3) 05/25/05 8.500 33,895
------------
191,779
------------
PHARMACEUTICALS (1.2%)
140 Wyeth, Notes (A , A3) 03/15/13 5.250 146,734
------------
PIPELINES (0.0%)
5 Equitable Resources, Inc., Global Bonds (A , A2) 11/15/12 5.150 5,243
------------
REAL ESTATE (0.4%)
5 EOP Operating LP, Notes (BBB+ , Baa1) 01/15/04 6.500 5,149
25 EOP Operating LP, Notes (BBB+ , Baa1) 06/15/04 6.500 26,217
20 EOP Operating LP, Senior Notes (BBB+ , Baa1) 02/15/05 6.625 21,375
------------
52,741
------------
RETAIL (1.1%)
30 Sears Roebuck Acceptance Corp.,
Global Notes (BBB+ , Baa1) 02/01/11 7.000 32,321
40 Sears Roebuck Acceptance Corp.,
Global Notes (BBB+ , Baa1) 08/15/11 6.750 42,394
50 Target Corp., Notes (A+ , A2) 08/15/10 7.500 59,976
------------
134,691
------------
TELECOMMUNICATIONS (1.8%)
6 AT&T Broadband Corp., Global Notes,
Company Guaranteed (BBB , Baa3) 03/15/13 8.375 7,336
25 AT&T Corp., Global Senior Notes (BBB+ , Baa2) 11/15/31 8.500 27,931
45 AT&T Wireless Services, Inc.,
Global Senior Notes (BBB , Baa2) 03/01/11 7.875 51,938
15 AT&T Wireless Services, Inc.,
Global Senior Notes (BBB , Baa2) 03/01/31 8.750 18,745
5 Citizens Communications Co.,
Global Senior Notes (BBB , Baa2) 08/15/31 9.000 6,690
15 Citizens Communications Co., Notes (BBB , Baa2) 05/15/06 8.500 17,392
15 Deutsche Telekom International Finance,
Global Company Guaranteed (BBB+ , Baa3) 06/15/05 8.250 16,673
65 Verizon Wireless, Inc., Global Notes (A+ , A3) 12/15/06 5.375 70,114
------------
216,819
------------
TOTAL CORPORATE BONDS (Cost $2,393,096) 2,500,123
------------
</Table>
See Accompanying Notes to Financial Statements.
31
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------------ ---------- ----- ------------
ASSET BACKED SECURITIES (6.0%)
$ 30 Aesop Funding II LLC, Series 2003-2A,
Class A2++ (AAA , Aaa) 06/20/07 1.579 $ 30,000
110 Ameriquest Mortgage Securities, Series 2003,
Class AF1 (AAA , Aaa) 05/01/10 5.250 110,000
65 Citibank Credit Card Issuance Trust, Series
2002-A1, Class A1 (AAA , Aaa) 02/09/09 4.950 70,027
102 Countrywide Home Equity Loan Trust,
Series 2002-C, Class A # (AAA , Aaa) 05/15/28 1.550 101,821
100 Ford Credit Auto Owner Trust, Series 2003-A,
Class A4B # (AAA , Aaa) 06/15/07 1.400 100,094
100 Honda Auto Receivables Owner Trust,
Series 2001-2, Class A4 (AAA , Aaa) 10/18/06 5.090 103,572
120 MBNA Master Credit Card Trust, Series 1996-G,
Class A # (AAA , Aaa) 12/15/08 1.490 120,495
100 MBNA Master Credit Card Trust, Series 1997-J,
Class A # (AAA , Aaa) 02/15/07 1.430 100,145
------------
736,154
------------
TOTAL ASSET BACKED SECURITIES (Cost $736,165)
MORTGAGE-BACKED SECURITIES (42.2%)
180 Fannie Mae Pool #704674 (AAA , Aaa) 04/01/18 5.500 187,579
232 Fannie Mae Pool #650077 (AAA , Aaa) 07/01/32 7.500 248,190
88 Fannie Mae Pool #662830 (AAA , Aaa) 10/01/32 7.500 95,006
64 Fannie Mae Pool #665382 (AAA , Aaa) 10/01/32 8.000 68,954
157 Fannie Mae Pool #674585 (AAA , Aaa) 12/01/32 6.500 164,582
29 Fannie Mae Pool #678886 (AAA , Aaa) 01/01/33 7.000 31,058
79 Fannie Mae Pool #254658 (AAA , Aaa) 02/01/33 7.000 84,713
40 Fannie Mae Pool #685447 (AAA , Aaa) 02/01/33 7.000 42,313
99 Fannie Mae Pool #702129 (AAA , Aaa) 03/01/33 6.500 103,303
39 Fannie Mae Pool #254702 (AAA , Aaa) 03/01/33 7.000 40,847
148 Fannie Mae Pool #702130 (AAA , Aaa) 03/01/33 7.000 156,410
385 Fannie Mae TBA (AAA , Aaa) 05/01/33 5.000 396,791
50 Fannie Mae TBA (AAA , Aaa) 05/01/33 5.500 52,000
380 Fannie Mae TBA (AAA , Aaa) 05/01/33 5.500 390,450
225 Fannie Mae TBA (AAA , Aaa) 05/01/33 6.000 235,828
720 Fannie Mae TBA (AAA , Aaa) 05/01/33 6.000 749,475
110 Fannie Mae TBA (AAA , Aaa) 05/01/33 6.500 116,566
325 Fannie Mae TBA (AAA , Aaa) 05/01/33 6.500 339,625
35 Fannie Mae, Global Bonds ^^ (AAA , Aaa) 01/15/08 3.250 35,437
125 Fannie Mae, Global Bonds (AAA , Aaa) 11/15/30 6.625 149,917
310 Fannie Mae, Global Notes (AAA , Aaa) 06/15/06 5.250 338,363
185 Freddie Mac ^^ (AAA , Aaa) 09/15/07 3.500 190,376
24 Freddie Mac Pool #E90951 (AAA , Aaa) 08/01/17 6.500 25,750
75 Freddie Mac TBA (AAA , Aaa) 05/01/33 5.000 77,320
55 Freddie Mac, Global Notes ^^ (AAA , Aaa) 01/15/05 1.875 55,321
305 Freddie Mac, Global Notes (AAA , Aaa) 01/15/13 4.500 312,165
</Table>
See Accompanying Notes to Financial Statements.
32
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------------ ---------- ----- ------------
MORTGAGE-BACKED SECURITIES (CONCLUDED)
$ 115 Ginnie Mae TBA (AAA , Aaa) 05/01/33 6.000 $ 120,220
205 Ginnie Mae TBA (AAA , Aaa) 05/01/33 6.500 215,442
105 Ginnie Mae TBA (AAA , Aaa) 05/01/33 7.000 111,366
------------
TOTAL MORTGAGE-BACKED SECURITIES (Cost $5,101,362) 5,135,367
------------
FOREIGN BONDS (1.1%)
SOVEREIGN (1.1%)
25 Malaysia, Global Bonds (BBB+ , Baa1) 07/15/11 7.500 29,388
95 United Mexican States, Global Notes (BBB- , Baa2) 01/16/13 6.375 99,750
------------
TOTAL FOREIGN BONDS (Cost $126,787) 129,138
------------
UNITED STATES TREASURY OBLIGATIONS (28.3%)
UNITED STATES TREASURY OBLIGATIONS (28.3%)
525 United States Treasury Bonds (AAA , Aaa) 02/15/31 5.375 573,029
35 United States Treasury Notes (AAA , Aaa) 03/31/05 1.625 35,115
1,125 United States Treasury Notes++++ (AAA , Aaa) 02/15/08 3.000 1,136,954
1,700 United States Treasury Notes (AAA , Aaa) 02/15/13 3.875 1,702,790
------------
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $3,402,395) 3,447,888
------------
<Caption>
NUMBER
OF
SHARES
-------
PREFERRED STOCK (0.2%)
TELECOMMUNICATIONS (0.2%)
20 Centaur Funding Corp., Rule 144A++ (Cost $23,257) 23,381
------------
<Caption>
PAR
(000)
-----
SHORT-TERM UNITED STATES TREASURY OBLIGATION (0.5%)
UNITED STATES TREASURY BILLS (0.5%)
$ 55 United States Treasury Bills (Cost $54,976) (AAA , Aaa) 05/15/03 1.150 54,977
------------
SHORT-TERM UNITED STATES AGENCY OBLIGATION (16.4%)
UNITED STATES GOVERNMENT AGENCY SECURITY (16.4%)
2,000 Federal Home Loan Bank Discount Note ^^
(Cost $2,000,000) (AAA , Aaa) 05/01/03 1.250 2,000,000
------------
</Table>
See Accompanying Notes to Financial Statements.
33
<Page>
<Table>
<Caption>
PAR
(000) MATURITY RATE% VALUE
----- ---------- ----- ------------
SHORT-TERM INVESTMENT (5.7%)
$ 693 State Street Bank and Trust Co. Euro Time Deposit ^^
(Cost $693,000) 05/01/03 1.188 $ 693,000
------------
TOTAL INVESTMENTS AT VALUE (120.9%) (Cost $14,531,038) 14,720,028
LIABILITIES IN EXCESS OF OTHER ASSETS (-20.9%) (2,740,907)
------------
NET ASSETS (100.0%) $ 11,979,121
============
</Table>
INVESTMENT ABBREVIATIONS
TBA = To Be Announced
- ----------
+ Credit ratings given by the Standard & Poor's Division of The McGraw-Hill
Companies, Inc. and Moody's Investors Service, Inc.
++ Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At April 30,
2003, these securities amounted to a value of $107,403.13 or 0.90% of net
assets.
++++ Collateral segregated for futures contracts.
^^ Collateral segregated for TBA securities.
# Variable rate obligations -- The interest rate shown is the rate as of
April 30, 2003.
See Accompanying Notes to Financial Statements.
34
<Page>
This page intentionally left blank
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2003 (Unaudited)
<Table>
<Caption>
LARGE CAP VALUE SMALL CAP GROWTH
PORTFOLIO PORTFOLIO
---------------- ----------------
ASSETS
Investments at value (Cost $35,313,940, $49,404,626,
$9,454,817, $9,794,877, $1,618,408, $14,531,038,
respectively) (Note 1) $ 31,926,729 $ 45,880,751
Cash 320 602
Receivable from investment adviser (Note 2) -- --
Receivable for investments sold -- 64,418
Dividend and interest receivable 49,216 3,807
Receivable for fund shares sold 14,954 --
Unrealized appreciation on forward currency contracts -- --
Prepaid expenses and other assets 7,465 3,755
---------------- ----------------
Total Assets 31,998,684 45,953,333
---------------- ----------------
LIABILITIES
Advisory fee payable (Note 2) 1,368 19,082
Administrative services fee payable (Note 2) 5,634 8,149
Payable for investments purchased -- 379,095
Variation margin payable -- --
Payable for fund shares redeemed -- 150,597
Other accrued expenses payable 35,116 43,653
---------------- ----------------
Total Liabilities 42,118 600,576
---------------- ----------------
NET ASSETS
Capital stock, $0.001 par value (Note 6) 41,494 6,708
Paid-in capital (Note 6) 40,055,260 105,644,690
Accumulated undistributed net investment income (loss) 115,666 (186,526)
Accumulated net realized gain (loss) on investments
and futures transactions (4,868,643) (56,588,240)
Net unrealized appreciation (depreciation) from investments,
futures transactions and foreign currency translations (3,387,211) (3,523,875)
---------------- ----------------
Net Assets $ 31,956,566 $ 45,352,757
================ ================
Shares outstanding 41,493,669 6,708,369
---------------- ----------------
Net asset value, offering price, and redemption price per share $ 0.77 $ 6.76
================ ================
</Table>
See Accompanying Notes to Financial Statements.
36
<Page>
<Table>
<Caption>
CAPITAL
SELECT EQUITY APPRECIATION
PORTFOLIO PORTFOLIO
---------------- ----------------
ASSETS
Investments at value (Cost $35,313,940, $49,404,626,
$9,454,817, $9,794,877, $1,618,408, $14,531,038,
respectively) (Note 1) $ 10,044,395 $ 9,242,929
Cash 743 278
Receivable from investment adviser (Note 2) 9,103 7,558
Receivable for investments sold 106,897 162,852
Dividend and interest receivable 5,503 520
Receivable for fund shares sold 45,567 1,283
Unrealized appreciation on forward currency contracts -- --
Prepaid expenses and other assets 10,261 9,488
---------------- ----------------
Total Assets 10,222,469 9,424,908
---------------- ----------------
LIABILITIES
Advisory fee payable (Note 2) -- --
Administrative services fee payable (Note 2) 1,772 1,626
Payable for investments purchased 134,717 82,981
Variation margin payable -- --
Payable for fund shares redeemed -- --
Other accrued expenses payable 34,988 36,118
---------------- ----------------
Total Liabilities 171,477 120,725
---------------- ----------------
NET ASSETS
Capital stock, $0.001 par value (Note 6) 1,240 1,246
Paid-in capital (Note 6) 10,582,580 12,520,977
Accumulated undistributed net investment income (loss) 13,696 3,879
Accumulated net realized gain (loss) on investments
and futures transactions (1,136,102) (2,669,971)
Net unrealized appreciation (depreciation) from investments,
futures transactions and foreign currency translations 589,578 (551,948)
---------------- ----------------
Net Assets $ 10,050,992 $ 9,304,183
================ ================
Shares outstanding 1,239,755 1,245,618
---------------- ----------------
Net asset value, offering price, and redemption price per share $ 8.11 $ 7.47
================ ================
<Caption>
INVESTMENT
HARBINGER GRADE FIXED
PORTFOLIO INCOME PORTFOLIO
---------------- ----------------
ASSETS
Investments at value (Cost $35,313,940, $49,404,626,
$9,454,817, $9,794,877, $1,618,408, $14,531,038,
respectively) (Note 1) $ 1,634,164 $ 14,720,028
Cash 50,833 763
Receivable from investment adviser (Note 2) 13,313 16,201
Receivable for investments sold 68,451 527,224
Dividend and interest receivable -- 91,186
Receivable for fund shares sold -- --
Unrealized appreciation on forward currency contracts -- 9,417
Prepaid expenses and other assets 12,471 7,156
---------------- ----------------
Total Assets 1,779,232 15,371,975
---------------- ----------------
LIABILITIES
Advisory fee payable (Note 2) -- --
Administrative services fee payable (Note 2) 310 1,871
Payable for investments purchased 71,260 3,341,045
Variation margin payable -- 8,422
Payable for fund shares redeemed -- --
Other accrued expenses payable 38,924 41,516
---------------- ----------------
Total Liabilities 110,494 3,392,854
---------------- ----------------
NET ASSETS
Capital stock, $0.001 par value (Note 6) 172 1,163
Paid-in capital (Note 6) 1,699,828 11,350,338
Accumulated undistributed net investment income (loss) (5,230) (6,113)
Accumulated net realized gain (loss) on investments
and futures transactions (41,788) 453,622
Net unrealized appreciation (depreciation) from investments,
futures transactions and foreign currency translations 15,756 180,111
---------------- ----------------
Net Assets $ 1,668,738 $ 11,979,121
================ ================
Shares outstanding 172,061 1,162,938
---------------- ----------------
Net asset value, offering price, and redemption price per share $ 9.70 $ 10.30
================ ================
</Table>
See Accompanying Notes to Financial Statements.
37
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
STATEMENTS OF OPERATIONS
For the Six Months Ended April 30, 2003 (Unaudited)
<Table>
<Caption>
LARGE CAP VALUE SMALL CAP GROWTH
PORTFOLIO PORTFOLIO
---------------- ----------------
INVESTMENT INCOME (NOTE 1)
Dividends $ 291,648 $ 24,150
Interest 6,529 19,482
Foreign taxes withheld -- --
---------------- ----------------
Total investment income 298,177 43,632
---------------- ----------------
EXPENSES
Investment advisory fees (Note 2) 115,628 209,235
Administrative services fees (Note 2) 26,355 40,091
Legal fees 18,673 18,290
Printing fees (Note 2) 17,125 14,178
Registration fees 12,579 18,165
Audit fees 11,180 12,426
Insurance expense 3,735 4,287
Transfer agent fees 1,979 2,418
Custodian fees 1,975 10,290
Directors' fees 1,171 1,171
Miscellaneous expense 1,896 2,196
---------------- ----------------
Total expenses 212,296 332,747
Less: fees waived and expenses reimbursed (Note 2) (96,668) (102,589)
---------------- ----------------
Net expenses 115,628 230,158
---------------- ----------------
Net investment income (loss) 182,549 (186,526)
---------------- ----------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investments (2,536,143) (5,385,114)
Net realized loss from futures contracts -- --
Net change in unrealized appreciation (depreciation)
from investments 3,110,919 7,813,463
Net change in unrealized appreciation (depreciation)
from futures transactions -- --
Net change in unrealized appreciation (depreciation)
from foreign currency translations -- --
---------------- ----------------
Net realized and unrealized gain (loss) from investments,
futures transactions, and foreign currency related items 574,776 2,428,349
---------------- ----------------
Net increase (decrease) in net assets resulting from
operations $ 757,325 $ 2,241,823
================ ================
</Table>
See Accompanying Notes to Financial Statements.
38
<Page>
<Table>
<Caption>
CAPITAL
SELECT EQUITY APPRECIATION
PORTFOLIO PORTFOLIO
---------------- ----------------
INVESTMENT INCOME (NOTE 1)
Dividends $ 69,946 $ 34,488
Interest 1,944 2,331
Foreign taxes withheld -- --
---------------- ----------------
Total investment income 71,890 36,819
---------------- ----------------
EXPENSES
Investment advisory fees (Note 2) 26,218 21,960
Administrative services fees (Note 2) 9,416 8,697
Legal fees 16,187 16,503
Printing fees (Note 2) 15,735 15,743
Registration fees 7,976 6,876
Audit fees 11,072 11,072
Insurance expense 3,102 3,227
Transfer agent fees 810 1,853
Custodian fees 6,297 2,878
Directors' fees 1,235 1,171
Miscellaneous expense 92 125
---------------- ----------------
Total expenses 98,140 90,105
Less: fees waived and expenses reimbursed (Note 2) (58,814) (57,165)
---------------- ----------------
Net expenses 39,326 32,940
---------------- ----------------
Net investment income (loss) 32,564 3,879
---------------- ----------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investments (505,613) (1,089,044)
Net realized loss from futures contracts -- --
Net change in unrealized appreciation (depreciation)
from investments 889,161 1,242,151
Net change in unrealized appreciation (depreciation)
from futures transactions -- --
Net change in unrealized appreciation (depreciation)
from foreign currency translations -- --
---------------- ----------------
Net realized and unrealized gain (loss) from investments,
futures transactions, and foreign currency related items 383,548 153,107
---------------- ----------------
Net increase (decrease) in net assets resulting from
operations $ 416,112 $ 156,986
================ ================
<Caption>
INVESTMENT
HARBINGER GRADE FIXED
PORTFOLIO INCOME PORTFOLIO
---------------- ----------------
INVESTMENT INCOME (NOTE 1)
Dividends $ 479 $ --
Interest 357 187,296
Foreign taxes withheld -- 522
---------------- ----------------
Total investment income 836 187,818
---------------- ----------------
EXPENSES
Investment advisory fees (Note 2) 4,333 16,174
Administrative services fees (Note 2) 989 16,076
Legal fees 9,703 23,904
Printing fees (Note 2) 9,475 15,340
Registration fees 6,669 9,354
Audit fees 7,814 11,846
Insurance expense -- 3,195
Transfer agent fees 4,137 708
Custodian fees 1,876 9,358
Directors' fees 687 1,133
Miscellaneous expense 2,386 331
---------------- ----------------
Total expenses 48,069 107,419
Less: fees waived and expenses reimbursed (Note 2) (42,003) (85,853)
---------------- ----------------
Net expenses 6,066 21,566
---------------- ----------------
Net investment income (loss) (5,230) 166,252
---------------- ----------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investments (41,788) 471,483
Net realized loss from futures contracts -- (778)
Net change in unrealized appreciation (depreciation)
from investments 15,756 (29,465)
Net change in unrealized appreciation (depreciation)
from futures transactions -- (34,053)
Net change in unrealized appreciation (depreciation)
from foreign currency translations -- 9,417
---------------- ----------------
Net realized and unrealized gain (loss) from investments,
futures transactions, and foreign currency related items (26,032) 416,604
---------------- ----------------
Net increase (decrease) in net assets resulting from
operations $ (31,262) $ 582,856
================ ================
</Table>
See Accompanying Notes to Financial Statements.
39
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
LARGE CAP
VALUE PORTFOLIO
--------------------------------------------
FOR THE SIX MONTHS
ENDED FOR THE YEAR
APRIL 30, 2003 ENDED
(UNAUDITED) OCTOBER 31, 2002
-------------------- --------------------
FROM OPERATIONS
Net investment income (loss) $ 182,549 $ 218,798
Net realized gain (loss) from investments and
futures transactions (2,536,143) (2,320,985)
Net change in unrealized appreciation (depreciation)
from investments, futures transactions, and
foreign currency translations 3,110,919 (6,690,935)
-------------------- --------------------
Net increase (decrease) in net assets
resulting from operations 757,325 (8,793,122)
-------------------- --------------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (280,013) (32,547)
Distributions from net realized gains -- --
-------------------- --------------------
Net decrease in net assets from dividends
and distributions (280,013) (32,547)
-------------------- --------------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 1,703,886 46,426,583
Reinvestment of dividends and distributions 280,013 32,547
Net asset value of shares redeemed (2,603,459) (8,539,237)
-------------------- --------------------
Net increase (decrease) in net assets from
capital share transactions (619,560) 37,919,893
-------------------- --------------------
Net increase (decrease) in net assets (142,248) 29,094,224
NET ASSETS
Beginning of period 32,098,814 3,004,590
-------------------- --------------------
End of period $ 31,956,566 $ 32,098,814
==================== ====================
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) $ 115,666 $ 213,130
==================== ====================
<Caption>
SMALL CAP
GROWTH PORTFOLIO
--------------------------------------------
FOR THE SIX MONTHS
ENDED FOR THE YEAR
APRIL 30, 2003 ENDED
(UNAUDITED) OCTOBER 31, 2002
-------------------- --------------------
FROM OPERATIONS
Net investment income (loss) $ (186,526) $ (687,862)
Net realized gain (loss) from investments and
futures transactions (5,385,114) (12,823,636)
Net change in unrealized appreciation (depreciation)
from investments, futures transactions, and
foreign currency translations 7,813,463 7,910,400
-------------------- --------------------
Net increase (decrease) in net assets
resulting from operations 2,241,823 (5,601,098)
-------------------- --------------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income -- --
Distributions from net realized gains -- --
-------------------- --------------------
Net decrease in net assets from dividends
and distributions -- --
-------------------- --------------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 6,453,258 13,121,626
Reinvestment of dividends and distributions -- --
Net asset value of shares redeemed (11,120,360) (79,580,255)
-------------------- --------------------
Net increase (decrease) in net assets from
capital share transactions (4,667,102) (66,458,629)
-------------------- --------------------
Net increase (decrease) in net assets (2,425,279) (72,059,727)
NET ASSETS
Beginning of period 47,778,036 119,837,763
-------------------- --------------------
End of period $ 45,352,757 $ 47,778,036
==================== ====================
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) $ (186,526) $ --
==================== ====================
</Table>
See Accompanying Notes to Financial Statements.
- ----------
(1) For the period January 31, 2002 (inception date) through October 31, 2002.
(2) For the period January 15, 2003 (inception date) through April 30, 2003.
(3) For the period May 1, 2002 (inception date) through October 31, 2002.
40
<Page>
<Table>
<Caption>
SELECT EQUITY
PORTFOLIO
--------------------------------------------
FOR THE SIX MONTHS
ENDED FOR THE PERIOD
APRIL 30, 2003 ENDED
(UNAUDITED) OCTOBER 31, 2002(1)
-------------------- --------------------
FROM OPERATIONS
Net investment income (loss) $ 32,564 $ 19,138
Net realized gain (loss) from investments and
futures transactions (505,613) (630,489)
Net change in unrealized appreciation (depreciation)
from investments, futures transactions, and
foreign currency translations 889,161 (299,583)
-------------------- --------------------
Net increase (decrease) in net assets
resulting from operations 416,112 (910,934)
-------------------- --------------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (38,005) --
Distributions from net realized gains -- --
-------------------- --------------------
Net decrease in net assets from dividends
and distributions (38,005) --
-------------------- --------------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 676,154 13,778,575
Reinvestment of dividends and distributions 38,005 --
Net asset value of shares redeemed (2,767,823) (1,141,092)
-------------------- --------------------
Net increase (decrease) in net assets from
capital share transactions (2,053,664) 12,637,483
-------------------- --------------------
Net increase (decrease) in net assets (1,675,557) 11,726,549
NET ASSETS
Beginning of period 11,726,549 --
-------------------- --------------------
End of period $ 10,050,992 $ 11,726,549
==================== ====================
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) $ 13,696 $ 19,137
==================== ====================
<Caption>
CAPITAL APPRECIATION
PORTFOLIO
--------------------------------------------
FOR THE SIX MONTHS
ENDED FOR THE PERIOD
APRIL 30, 2003 ENDED
(UNAUDITED) OCTOBER 31, 2002(1)
-------------------- --------------------
FROM OPERATIONS
Net investment income (loss) $ 3,879 $ (5,054)
Net realized gain (loss) from investments and
futures transactions (1,089,044) (1,580,927)
Net change in unrealized appreciation (depreciation)
from investments, futures transactions, and
foreign currency translations 1,242,151 (1,794,099)
-------------------- --------------------
Net increase (decrease) in net assets
resulting from operations 156,986 (3,380,080)
-------------------- --------------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income -- --
Distributions from net realized gains -- --
-------------------- --------------------
Net decrease in net assets from dividends
and distributions -- --
-------------------- --------------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 800,741 17,428,603
Reinvestment of dividends and distributions -- --
Net asset value of shares redeemed (964,465) (4,737,602)
-------------------- --------------------
Net increase (decrease) in net assets from
capital share transactions (163,724) 12,691,001
-------------------- --------------------
Net increase (decrease) in net assets (6,738) 9,310,921
NET ASSETS
Beginning of period 9,310,921 --
-------------------- --------------------
End of period $ 9,304,183 $ 9,310,921
==================== ====================
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) $ 3,879 $ --
==================== ====================
<Caption>
HARBINGER INVESTMENT GRADE FIXED
PORTFOLIO INCOME PORTFOLIO
-------------------- --------------------------------------------
FOR THE PERIOD FOR THE SIX MONTHS
ENDED ENDED FOR THE PERIOD
APRIL 30, 2003 APRIL 30, 2003 ENDED
(UNAUDITED)(2) (UNAUDITED) OCTOBER 31, 2002(3)
-------------------- -------------------- --------------------
FROM OPERATIONS
Net investment income (loss) $ (5,230) $ 166,252 $ 217,165
Net realized gain (loss) from investments and
futures transactions (41,788) 470,705 199,517
Net change in unrealized appreciation (depreciation)
from investments, futures transactions, and
foreign currency translations 15,756 (54,101) 234,212
-------------------- -------------------- --------------------
Net increase (decrease) in net assets
resulting from operations (31,262) 582,856 650,894
-------------------- -------------------- --------------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income -- (172,365) (217,685)
Distributions from net realized gains -- (216,079) --
-------------------- -------------------- --------------------
Net decrease in net assets from dividends
and distributions -- (388,444) (217,685)
-------------------- -------------------- --------------------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 1,700,000 9,157,866 16,255,673
Reinvestment of dividends and distributions -- 370,263 217,685
Net asset value of shares redeemed -- (14,305,080) (344,907)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets from
capital share transactions 1,700,000 (4,776,951) 16,128,451
-------------------- -------------------- --------------------
Net increase (decrease) in net assets 1,668,738 (4,582,539) 16,561,660
NET ASSETS
Beginning of period -- 16,561,660 --
-------------------- -------------------- --------------------
End of period $ 1,668,738 $ 11,979,121 $ 16,561,660
==================== ==================== ====================
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) $ (5,230) $ (6,113) $ --
==================== ==================== ====================
</Table>
See Accompanying Notes to Financial Statements.
41
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31,
APRIL 30, 2003 -------------------------------------------------------------
(UNAUDITED) 2002 2001 2000 1999 1998
-------------- --------- --------- --------- --------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 0.76 $ 0.85 $ 11.01 $ 13.32 $ 11.53 $ 10.64
-------------- --------- --------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment income 0.01 0.01 0.011 0.24 0.16 0.16
Net gain (loss) on investments
(both realized and unrealized) 0.01 (0.09) (0.28) 0.31 1.76 0.86
-------------- --------- --------- --------- --------- ---------
Total from investment operations 0.02 (0.08) (0.27) 0.55 1.92 1.02
-------------- --------- --------- --------- --------- ---------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.01) (0.01) (0.03) (0.22) (0.13) (0.08)
Distributions from net realized gains -- -- (9.86) (2.64) -- (0.05)
-------------- --------- --------- --------- --------- ---------
Total dividends and distributions (0.01) (0.01) (9.89) (2.86) (0.13) (0.13)
-------------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 0.77 $ 0.76 $ 0.85 $ 11.01 $ 13.32 $ 11.53
============== ========= ========= ========= ========= =========
Total Return(2) 2.21% (9.68)% (4.34)% 5.59% 16.82% 9.76%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 31,957 $ 32,099 $ 3,005 $ 3,112 $ 36,332 $ 58,910
Ratio of expenses to average net assets(3) 0.75%(4) 0.75% 0.75% 0.77% 0.76% 0.75%
Ratio of net investment income to average
net assets 1.18%(4) 0.85% 1.16% 1.28% 1.01% 1.27%
Decrease reflected in above operating
expense ratios due to waivers/
reimbursements 0.63%(4) 0.63% 2.17% 1.36% 0.39% 0.44%
Portfolio turnover rate 20% 72% 45% 218% 79% 71%
</Table>
- ----------
(1) Per share information is calculated using the average share outstanding
method.
(2) Total returns are historical and assume changes in share price and
reinvestments 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 is used to offset portions of
the transfer agent expense. These arrangements resulted in a reduction to
the Portfolio's net expense ratio by .00%, .02%, .01% and .00% for the
years ended October 31, 2001, 2000, 1999, and 1998, respectively. The
Portfolio's operating expense ratio after reflecting these arrangements was
.75% for each of the years ending October 31, 2001, 2000, 1999, and 1998,
respectively. For the six months ended April 30, 2003 and the year ended
October 31, 2002, there were no transfer agent credits.
(4) Annualized.
See Accompanying Notes to Financial Statements.
42
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31,
APRIL 30, 2003 -------------------------------------------------------------
(UNAUDITED) 2002 2001 2000 1999 1998
-------------- --------- --------- --------- --------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 6.44 $ 8.13 $ 22.50 $ 17.89 $ 12.89 $ 15.89
-------------- --------- --------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment loss (0.03) (0.09) (0.08) (0.15) (0.12) (0.08)
Net gain (loss) on investments
(both realized and unrealized) 0.35 (1.60) (5.27) 5.98 5.12 (2.92)
-------------- --------- --------- --------- --------- ---------
Total from investment operations 0.32 (1.69) (5.35) 5.83 5.00 (3.00)
-------------- --------- --------- --------- --------- ---------
LESS DISTRIBUTIONS
Distributions from net realized gains -- -- (9.02) (1.22) -- --
-------------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 6.76 $ 6.44 $ 8.13 $ 22.50 $ 17.89 $ 12.89
============== ========= ========= ========= ========= =========
Total Return(1) 4.97% (20.79)% (37.01)% 33.05% 38.79% (18.88)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 45,353 $ 47,778 $ 119,838 $ 274,009 $ 236,679 $ 194,164
Ratio of expenses to average net assets(2) 0.99%(3) 0.99% 0.99% 1.01% 1.00% 0.99%
Ratio of net investment loss to average
net assets (0.80)%(3) (0.84)% (0.68)% (0.57)% (0.68)% (0.54)%
Decrease reflected in above operating
expense ratios due to waivers/
reimbursements 0.44%(3) 0.29% 0.20% 0.16% 0.19% 0.18%
Portfolio turnover rate 32% 70% 80% 88% 108% 73%
</Table>
- ----------
(1) Total returns are historical and assume changes in share price and
reinvestments 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 is used to offset portions of
the transfer agent expense. These arrangements resulted in a reduction to
the Portfolio's net expense ratio by .00%, .02%, .01% and .00% for the
years ended October 31, 2001, 2000, 1999, and 1998, respectively. The
Portfolio's operating expense ratio after reflecting these arrangements was
.99% for each of the years ending October 31, 2001, 2000, 1999, and 1998,
respectively. For the six months ended April 30, 2003 and the year ended
October 31, 2002, there were no transfer agent credits.
(3) Annualized.
See Accompanying Notes to Financial Statements.
43
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED
APRIL 30, 2003 OCTOBER 31,
(UNAUDITED) 2002(1)
-------------- --------------
PER SHARE DATA
Net asset value, beginning of period $ 7.87 $ 10.00
-------------- --------------
INVESTMENT OPERATIONS
Net investment income 0.03 0.01
Net gain (loss) on investments
(both realized and unrealized) 0.24 (2.14)
-------------- --------------
Total from investment operations 0.27 (2.13)
-------------- --------------
LESS DIVIDENDS
Dividends from net investment income (0.03) --
-------------- --------------
Total dividends (0.03) --
-------------- --------------
NET ASSET VALUE, END OF PERIOD $ 8.11 $ 7.87
============== ==============
Total Return(2) 3.37% (21.30)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 10,051 $ 11,727
Ratio of expenses to average net assets(3) 0.75% 0.75%
Ratio of net investment income to average
net assets(3) 0.62% 0.56%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements3 1.12% 1.74%
Portfolio turnover rate 32% 79%
</Table>
- ----------
(1) For the period January 31, 2002 (inception date) through October 31, 2002.
(2) Total returns are historical and assume changes in share price and
reinvestments of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(3) Annualized.
See Accompanying Notes to Financial Statements.
44
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX FOR THE PERIOD
MONTHS ENDED ENDED
APRIL 30, 2003 OCTOBER 31,
(UNAUDITED) 2002(1)
-------------- --------------
PER SHARE DATA
Net asset value, beginning of period $ 7.37 $ 10.00
-------------- --------------
INVESTMENT OPERATIONS
Net investment income(2) 0.00 0.00
Net gain (loss) on investments
(both realized and unrealized) 0.10 (2.63)
-------------- --------------
Total from investment operations 0.10 (2.63)
-------------- --------------
NET ASSET VALUE, END OF PERIOD $ 7.47 $ 7.37
============== ==============
Total Return(3) 1.36% (26.30)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 9,304 $ 9,311
Ratio of expenses to average net assets4 0.75% 0.75%
Ratio of net investment income (loss) to
average net assets(4) 0.09% (0.07)%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements4 1.30% 0.76%
Portfolio turnover rate 31% 56%
</Table>
- ----------
(1) For the period January 31, 2002 (inception date) through October 31, 2002.
(2) Total is less than $0.01 per share.
(3) Total returns are historical and assume changes in share price and
reinvestments of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(4) Annualized.
See Accompanying Notes to Financial Statements.
45
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO
FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout The Period)
<Table>
<Caption>
FOR THE PERIOD
MONTHS ENDED
APRIL 30, 2003
(UNAUDITED)(1)
--------------
PER SHARE DATA
Net asset value, beginning of period $ 10.00
--------------
INVESTMENT OPERATIONS
Net investment loss (0.03)
Net loss on investments
(both realized and unrealized) (0.27)
--------------
Total from investment operations (0.30)
--------------
NET ASSET VALUE, END OF PERIOD $ 9.70
==============
Total Return(2) (3.00)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 1,669
Ratio of expenses to average net assets(3) 1.40%
Ratio of net investment loss to average
net assets(3) (1.21)%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements(3) 9.69%
Portfolio turnover rate 16%
</Table>
- ----------
(1) For the period January 15, 2003 (inception date) through April 30, 2003.
(2) Total returns are historical and assume changes in share price and
reinvestments of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(3) Annualized.
See Accompanying Notes to Financial Statements.
46
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- INVESTMENT GRADE FIXED INCOME
PORTFOLIO FINANCIAL HIGHLIGHTS
(For a Share of the Portfolio Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX FOR THE PERIOD
MONTHS ENDED ENDED
APRIL 30, 2003 OCTOBER 31,
(UNAUDITED) 2002(1),(2)
-------------- --------------
PER SHARE DATA
Net asset value, beginning of period $ 10.24 $ 10.00
-------------- --------------
INVESTMENT OPERATIONS
Net investment income 0.20 0.17
Net gain on investments, futures, and foreign
currency related items
(both realized and unrealized) 0.19 0.24
-------------- --------------
Total from investment operations 0.39 0.41
-------------- --------------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.20) (0.17)
Distributions from net realized gains (0.13) --
-------------- --------------
Total dividends and distributions (0.33) (0.17)
-------------- --------------
NET ASSET VALUE, END OF PERIOD $ 10.30 $ 10.24
============== ==============
Total Return(3) 3.92% 4.15%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 11,979 $ 16,562
Ratio of expenses to average net assets(4) 0.40% 0.40%
Ratio of net investment income to average
net assets(4) 3.08% 3.27%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements(4) 1.59% 1.05%
Portfolio turnover rate 426% 172%
</Table>
- ----------
(1) For the period May 1, 2002 (inception date) through October 31, 2002.
(2) As required, effective November 1, 2001, the Portfolio adopted the
provisions of AICPA Audit and Accounting Guide for Investment Companies and
began including paydown gains and losses in interest income. The effect of
this change is less than $0.01 per share for the year ended October 31,
2002 on net investment income, net realized and unrealized gains and losses
and the ratio of net investment income to average net assets.
(3) Total returns are historical and assume changes in share price and
reinvestments of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(4) Annualized.
See Accompanying Notes to Financial Statements.
47
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS
April 30, 2003 (Unaudited)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Credit Suisse Institutional Fund, Inc. (the "Fund") is registered under
the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end
management investment company and currently offers seven managed investment
funds, of which six are contained in this report. The Large Cap Value Portfolio
("Large Cap Value") and the Capital Appreciation Portfolio ("Capital
Appreciation") are classified as diversified; The Small Cap Growth Portfolio
("Small Cap Growth"), the Select Equity Portfolio ("Select Equity"), the
Harbinger Portfolio ("Harbinger"), and the Investment Grade Fixed Income
Portfolio ("Investment Grade Fixed Income") are each classified as
non-diversified (each a "Portfolio" and collectively, the "Portfolios"). The
Fund was incorporated under the laws of the State of Maryland on May 14, 1992.
Investment objectives for each Portfolio are as follows: Large Cap Value and
Investment Grade Fixed Income seek total return; Small Cap Growth seeks capital
growth; Capital Appreciation and Select Equity seek long-term capital
appreciation; and Harbinger seeks long-term growth of capital.
A) SECURITY VALUATION -- The net asset value of each Portfolio is determined
daily as of the close of regular trading on the New York Stock Exchange, Inc. on
each day the Exchange is open for business. Each Portfolio's equity investments
are valued at market value, which is generally determined using the closing
price on the exchange or market on which the security is primarily traded. If no
sales are reported, equity investments are generally valued at the most recent
bid price. Debt securities with a remaining maturity greater than 60 days are
valued on the basis of broker quotations or valuations provided by a pricing
service that may use a matrix, formula or other objective method that takes into
consideration market indices, yield curves and other specific adjustments.
Securities and other assets for which market quotations are not readily
available are valued at fair value as determined in good faith by the Board of
Directors under procedures established by the Board of Directors in the absence
of readily ascertainable market values. Debt obligations that will mature in 60
days or less are valued on the basis of amortized cost, which approximates
market value, unless the Board determines that using this method would not
reflect an investment's fair value.
B) FOREIGN CURRENCY TRANSACTIONS -- The books and records of the Portfolios
are maintained in U.S. dollars. Transactions denominated in
48
<Page>
foreign currencies are recorded at the current prevailing exchange rates. All
assets and liabilities denominated in foreign currencies are translated into
U.S. dollar amounts at the current exchange rate at the end of the period.
Translation gains or losses resulting from changes in the exchange rate during
the reporting period and realized gains and losses on the settlement of foreign
currency transactions are reported in the results of operations for the current
period. The Portfolios do not isolate that portion of realized gains and losses
on investments in equity securities which is due to changes in the foreign
exchange rate from that which is due to changes in market prices of equity
securities. The Portfolios isolate that portion of realized gains and losses on
investments in debt securities which is due to changes in the foreign exchange
rate from that which is due to changes in market prices of debt securities.
C) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on a trade date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date. The cost of investments
sold is determined by use of the specific identification method for both
financial reporting and income tax purposes.
D) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income and distributions of net realized capital gains, if any, are
declared and paid at least annually for Large Cap Value, Capital Appreciation,
Small Cap Growth, Select Equity and Harbinger. Dividends from net investment
income are declared daily and paid monthly for Investment Grade Fixed Income.
However, to the extent that a net realized capital gain can be reduced by a
capital loss carryover, such gain will not be distributed. Income and capital
gain distributions are determined in accordance with federal income tax
regulations which may differ from accounting principles generally accepted in
the United States of America ("GAAP").
E) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
each Portfolio's intention to continue to qualify for and elect the tax
treatment applicable to regulated investment companies under the Internal
Revenue Code of 1986, as amended, and make the requisite distributions to its
shareholders which will be sufficient to relieve it from federal income and
excise taxes.
49
<Page>
F) USE OF ESTIMATES -- The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from these estimates.
G) SHORT-TERM INVESTMENTS -- The Portfolios, together with other
funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM"), an
indirect, wholly-owned subsidiary of Credit Suisse Group, pool available cash
into a short-term time deposit issued by State Street Bank and Trust Company
("SSB"), the Portfolios' custodian. The short-term time deposit is a variable
rate account classified as a short-term investment.
H) FORWARD FOREIGN CURRENCY CONTRACTS -- Investment Grade Fixed Income
Portfolio may enter into forward foreign currency contracts for the purchase or
sale of a specific foreign currency at a fixed price on a future date. Risks may
arise upon entering into these contracts from the potential inability of
counter-parties to meet the terms of their contracts and from unanticipated
movements in the value of a foreign currency. The Portfolio 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 April 30, 2003, the Portfolio had the following open forward foreign
currency contracts:
<Table>
<Caption>
FOREIGN
FORWARD FOREIGN EXPIRATION CURRENCY TO BE CONTRACT CONTRACT UNREALIZED
CURRENCY CONTRACT DATE PURCHASED/(SOLD) AMOUNT VALUE GAIN (LOSS)
- ----------------- ---------- ---------------- ---------- ---------- -----------
Australian Dollar 6/5/03 $ 43,000 $ 26,205 $ 26,837 $ 632
Australian Dollar 6/5/03 $ (43,000) (25,520) (26,837) (1,317)
Canadian Dollar 6/5/03 $ 39,000 26,166 27,140 974
Canadian Dollar 6/5/03 $ 136,000 91,146 94,642 3,496
Canadian Dollar 6/5/03 $ 174,000 118,169 121,086 2,917
European Economic Unit 6/5/03 EURO 24,000 26,064 26,800 736
European Economic Unit 6/5/03 EURO 109,000 118,764 121,718 2,954
European Economic Unit 6/5/03 EURO (24,000) (25,825) (26,800) (975)
---------- ---------- -----------
$ 355,169 $ 364,586 $ 9,417
========== ========== ===========
</Table>
50
<Page>
I) TBA PURCHASE COMMITMENTS -- The Portfolios may enter into "TBA" (to be
announced) purchase commitments to purchase securities for a fixed price at a
future date, typically not exceeding 45 days. TBA purchase commitments may be
considered securities in themselves, and involve a risk of loss if the value of
the security to be purchased declines prior to settlement date. This risk is in
addition to the risk of decline in each Portfolio's other assets. Unsettled TBA
purchase commitments are valued at the current market value of the underlying
securities, according to the procedures described under "Security Valuation"
above.
J) FUTURES -- Each Portfolio may enter into futures contracts to the extent
permitted by its investment policies and objectives. Upon entering into a
futures contract, each Portfolio is required to deposit cash or pledge U.S.
Government securities as initial margin. Subsequent payments, which are
dependent on the daily fluctuations in the value of the underlying instrument,
are made or received by the Portfolio each day (daily variation margin) and are
recorded as unrealized gains or losses until the contracts are closed. When the
contracts are closed, the Portfolio records a realized gain or loss equal to the
difference between the proceeds from (or cost of) the closing transactions and
the Portfolio's basis in the contract. Risks of entering into futures contracts
for hedging purposes include the possibility that a change in the value of the
contract may not correlate with the changes in the value of the underlying
instruments. In addition, the purchase of a futures contract involves the risk
that the Portfolio could lose more than the original margin deposit and
subsequent payments required for a futures transaction. At April 30, 2003,
Investment Grade Fixed Income had the following open futures contracts:
<Table>
<Caption>
UNREALIZED
NUMBER OF EXPIRATION CONTRACT CONTRACT APPRECIATION/
FUTURES CONTRACTS CONTRACTS DATE AMOUNT VALUE (DEPRECIATION)
- ----------------- --------- ---------- ------------- ------------ --------------
U.S. Treasury
2 Year Notes Futures 7 06/27/03 $ 1,502,964 $ 1,511,344 $ 8,380
U.S. Treasury
Bonds Futures 1 06/19/03 112,756 114,031 1,275
--------- ------------- ------------ --------------
8 $ 1,615,720 $ 1,625,375 $ 9,655
========= ============= ============ ==============
U.S. Treasury
5 Year Notes Futures (9) 06/19/03 $ (1,013,446) $ (1,023,750) $ (10,304)
U.S. Treasury
10 Year Notes Futures (14) 06/19/03 (1,594,104) (1,611,750) (17,646)
--------- ------------- ------------ --------------
(23) $ (2,607,550) $ (2,635,500) $ (27,950)
========= ============= ============ ==============
</Table>
51
<Page>
K) 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 the Portfolios in connection with securities lending
activity may be invested in a variety of investments including certain
CSAM-advised funds or the AIM Institutional Funds -- Liquid Asset Portfolio.
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 Portfolios had no securities out on loan during the
period ended April 30, 2003.
Credit Suisse First Boston ("CSFB"), an affiliate of CSAM, has been engaged
by the Portfolios to act as each Portfolios' securities lending agent. Prior to
April 1, 2003, CSFB had agreed to charge the Portfolios fees for its securities
lending activities equal to its costs in providing services as securities
lending agent and had voluntarily waived such fees through March 31, 2003.
Effective April 1, 2003, the Portfolios and CSFB entered into an arrangement to
share the income earned from securities lending activities, whereby, generally,
the Portfolios will receive 75% and CSFB will receive 25% of the income, in
accordance with the provisions of the securities lending agency agreement. If
CSFB should enter into a securities lending agency agreement with another
comparable investment company client under which it will receive a smaller
proportion of the fees, its fee agreement with the Portfolios shall be reduced
to such lower fee amount.
L) OTHER -- The Portfolios may invest in securities of foreign countries and
governments which involve certain risks in addition to those inherent in
domestic investments. Such risks generally include, among others, currency risks
(fluctuations in currency exchange rates), information risk (key information may
be inaccurate or unavailable) and political risk (expropriation, nationalization
or the imposition of capital or currency controls or punitive taxes). Other
risks of investing in foreign securities include liquidity and valuation risks.
The Portfolios may be subject to taxes imposed by countries in which they
invest, with respect to their investments in issuers existing or operating in
such countries. Such taxes are generally based on income earned or repatriated
and capital gains realized on the sale of such investments. The Portfolios
accrue such taxes when the related income or gains are earned.
52
<Page>
Each Portfolio may invest up to 15% of its net assets, except Small Cap
Growth which may invest up to 10% of its net assets, in non-publicly traded
securities. Non-publicly traded securities may be less liquid than publicly
traded securities. Although these securities may be resold in privately
negotiated transactions, the prices realized from such sales could differ from
the price originally paid by the Portfolio or the current carrying values, and
the difference could be material.
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for each Portfolio. For its investment
advisory services, CSAM is entitled to receive a fee from the portfolios based
on the following fee structure:
<Table>
<Caption>
PORTFOLIO ANNUAL RATE
--------- -----------
Large Cap Value 0.75% of average daily net assets
Small Cap Growth 0.90% of average daily net assets
Select Equity 0.50% of average daily net assets
Capital Appreciation 0.50% of average daily net assets
Harbinger 1.00% of average daily net assets
Investment Grade Fixed Income 0.30% of average daily net assets
</Table>
For the six months ended April 30, 2003 investment advisory fees earned and
voluntarily waived, and expenses reimbursed for each Portfolio were as follows:
<Table>
<Caption>
GROSS NET
ADVISORY ADVISORY EXPENSE
PORTFOLIO FEE WAIVER FEE REIMBURSEMENT
--------- ---------- ---------- ---------- -------------
Large Cap Value $ 115,628 $ (96,668) $ 18,960 $ --
Small Cap Growth 209,235 (102,589) 106,646 --
Select Equity 26,218 (26,218) -- (22,010)
Capital Appreciation 21,960 (21,960) -- (35,205)
Harbinger 4,333 (4,333) -- (37,670)
Investment Grade Fixed Income 16,174 (16,174) -- (69,679)
</Table>
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Portfolios.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of each Portfolio's average daily net
assets.
53
<Page>
For the six months ended April 30, 2003, co-administrative service fees
earned by CSAMSI were as follows:
<Table>
<Caption>
PORTFOLIO CO-ADMINISTRATION FEE
--------- ---------------------
Large Cap Value $ 15,417
Small Cap Growth 23,248
Select Equity 5,244
Capital Appreciation 4,392
Harbinger 433
Investment Grade Fixed Income 5,392
</Table>
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee structure 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.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $5 billion .050% of average daily net assets
Next $5 billion .035% of average daily net assets
Over $10 billion .020% of average daily net assets
</Table>
For the six months ended April 30, 2003, co-administrative service fees
earned by SSB (including out-of-pocket fees) were as follows:
<Table>
<Caption>
PORTFOLIO CO-ADMINISTRATION FEE
--------- ---------------------
Large Cap Value $ 10,938
Small Cap Growth 16,843
Select Equity 4,172
Capital Appreciation 4,305
Harbinger 556
Investment Grade Fixed Income 10,684
</Table>
For the six months ended April 30, 2003, Large Cap Value paid $440 in
brokerage commissions from portfolio transactions with CSFB.
54
<Page>
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Portfolios to provide certain financial printing and fulfillment services.
For the six months ended April 30, 2003, Merrill was paid for its services by
the Portfolios as follows:
<Table>
<Caption>
PORTFOLIO AMOUNT
--------- --------
Large Cap Value $ 3,635
Small Cap Growth 3,635
Select Equity 3,635
Capital Appreciation 3,635
Harbinger 85
Investment Grade Fixed Income 3,572
</Table>
NOTE 3. LINE OF CREDIT
The Portfolios, together with other funds/portfolios advised by CSAM
(collectively, the "Participating Funds"), participate in a $150 million
committed, unsecured line of credit facility ("Credit Facility") with Deutsche
Bank, A.G. as administrative agent and syndication agent and SSB as operations
agent for temporary or emergency purposes. Under the terms of the Credit
Facility, the Participating Portfolios 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 Portfolios in such manner as is determined by
the governing Boards of the Participating Portfolios. In addition, the
Participating Portfolios pay interest on borrowings at the Federal Funds rate
plus 0.50%. At April 30, 2003, the Portfolios had no loans outstanding under the
Credit Facility. During the six months ended April 30, 2003, the Portfolios had
borrowings under the Credit Facility as follows:
<Table>
<Caption>
WEIGHTED
AVERAGE MAXIMUM
AVERAGE DAILY INTEREST DAILY LOAN
PORTFOLIO LOAN BALANCE RATE% OUTSTANDING
- --------- ------------- --------- -----------
Select Equity $ 876,455 1.767% $ 1,067,000
</Table>
55
<Page>
NOTE 4 PURCHASES AND SALES OF SECURITIES
For the six months ended April 30, 2003, 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
INVESTMENTS AND AGENCY OBLIGATIONS
-------------------------- --------------------------
PORTFOLIO PURCHASES SALES PURCHASES SALES
--------- ------------ ------------ ------------ ------------
Large Cap Value $ 6,000,202 $ 7,785,099 -- --
Small Cap Growth 13,746,181 16,806,951 -- --
Select Equity 3,274,283 5,539,364 -- --
Capital Appreciation 2,654,321 3,122,962 -- --
Harbinger 1,898,424 238,228 -- --
Investment Grade Fixed Income 4,832,754 7,579,962 $ 42,316,175 $ 46,148,958
</Table>
At April 30, 2003, 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 was as follows:
<Table>
<Caption>
IDENTIFIED UNREALIZED UNREALIZED NET UNREALIZED
PORTFOLIO COST APPRECIATION DEPRECIATION APPRECIATION (DEPRECIATION)
--------- ------------ ------------ ------------ ---------------------------
Large Cap Value $ 35,313,940 $ 504,338 $ (3,891,549) $ (3,387,211)
Small Cap Growth 49,404,626 7,097,378 (10,621,253) (3,523,875)
Select Equity 9,454,817 710,163 (120,585) 589,578
Capital Appreciation 9,794,877 313,100 (865,048) (551,948)
Harbinger 1,618,408 97,106 (81,350) 15,756
Investment Grade Fixed Income 14,531,038 191,059 (2,168) 188,891
</Table>
NOTE 5. RESTRICTED SECURITIES
Certain investments of Small Cap Growth are restricted as to resale and are
valued at fair value as determined in good faith by the Board of Directors under
procedures established by the Board of Directors in the absence of readily
ascertainable market values. The table below shows the number of shares held,
the acquisition dates, aggregate costs, fair value as of April 30, 2003, the
value per share of such securities and percentage of net assets which the
securities represent.
<Table>
<Caption>
PERCENTAGE
SECURITY NUMBER ACQUISITION FAIR VALUE PER OF NET
SECURITY TYPE OF SHARES DATES COST VALUE SHARE ASSETS
-------- --------- --------- ----------- ----------- ----------- ---------- ----------
Planetweb, Inc. Pfd Stock 165,400 9/8/00 $ 898,389 $ 11,578 $ 0.07 0.03%
Prescient Systems Pfd Stock 28,379 2/23/98 2,007,386 11,039 0.39 0.02%
--------- ----------- ----------- -------
193,779 $ 2,905,775 $ 22,617 0.05%
========= =========== =========== =======
</Table>
56
<Page>
NOTE 6. CAPITAL SHARE TRANSACTIONS
The Fund is authorized to issue up to sixteen billion full and fractional
shares of common stock of separate series having a par value of $.001 per share.
Shares of eight series have been classified, six of which constitute the
interest in the Portfolios. Transactions in shares of each Portfolio were as
follows:
<Table>
<Caption>
LARGE CAP VALUE PORTFOLIO
---------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002
---------------------------------------------------
Shares sold 2,334,663 49,010,573
Shares issued in reinvestment
of dividends 368,438 35,766
Shares redeemed (3,513,868) (10,286,028)
---------- -----------
Net increase (decrease) (810,767) 38,760,311
========== ===========
<Caption>
SMALL CAP GROWTH PORTFOLIO
---------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002
---------------------------------------------------
Shares sold 1,022,762 1,843,056
Shares redeemed (1,731,183) (9,175,441)
---------- -----------
Net decrease (708,421) (7,332,385)
========== ===========
<Caption>
SELECT EQUITY PORTFOLIO
---------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002(1)
---------------------------------------------------
Shares sold 88,007 1,616,060
Shares issued in reinvestment
of dividends 4,652 --
Shares redeemed (342,352) (126,613)
---------- -----------
Net increase (decrease) (249,693) 1,489,447
========== ===========
<Caption>
CAPITAL APPRECIATION PORTFOLIO
---------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002(1)
---------------------------------------------------
Shares sold 115,728 1,813,764
Shares redeemed (132,740) (551,134)
---------- -----------
Net increase (decrease) (17,012) 1,262,630
========== ===========
</Table>
57
<Page>
<Table>
<Caption>
HARBINGER PORTFOLIO
---------------------------
FOR THE PERIOD ENDED
APRIL 30, 2003(2) (UNAUDITED)
---------------------------
Shares sold 172,061
-------
Net increase 172,061
=======
</Table>
<Table>
<Caption>
INVESTMENT GRADE FIXED INCOME PORTFOLIO
---------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002(3)
---------------------------------------------------
Shares sold 899,738 1,630,312
Shares issued in reinvestment
of dividends and distributions 36,222 21,463
Shares redeemed (1,390,455) (34,342)
---------- ---------
Net increase (decrease) (454,495) 1,617,433
========== =========
</Table>
- ----------
(1) For the period January 31, 2002 (inception date) through October 31, 2002.
(2) For the period ended January 15, 2003 (inception date) through April 30,
2003
(3) For the period May 1, 2002 (inception date) through October 31, 2002.
On April 30, 2003, the number of shareholders that held 5% or more of the
outstanding shares of each Portfolio was as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
PORTFOLIO SHAREHOLDERS OF OUTSTANDING SHARES
--------- ------------ ----------------------
Large Cap Value 2 98%
Small Cap Growth 7 79%
Select Equity 6 96%
Capital Appreciation 3 98%
Harbinger 3 99%
Investment Grade Fixed Income 2 99%
</Table>
Some of the shareholders are comprised of omnibus accounts, which are held on
behalf of several individual shareholders.
58
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- LARGE CAP VALUE PORTFOLIO
SHAREHOLDER MEETING RESULTS (UNAUDITED)
A special meeting of shareholders of the Credit Suisse Institutional Fund,
Inc. -- Large Cap Value Portfolio (the "Portfolio") was held at 466 Lexington
Avenue, 16th Floor, New York, NY 10017 on April 11, 2003 and adjourned to May 2,
2003 and May 16, 2003. The following matters were voted upon by the shareholders
of the Portfolio and the results are presented below. Shares delivered not voted
are included on the total for the proposals. All proposals were approved except
Proposal 4, which required the affirmative vote of a majority of the shares of
the Institutional Fund.
1. To Elect the Following Nominees as Directors:
<Table>
<Caption>
FOR WITHHELD
---------- ---------
Richard H. Francis 18,046,753 1,278,397
Jack W. Fritz 18,046,753 1,278,397
Joseph D. Gallagher 18,043,476 1,281,674
Jeffrey E. Garten 18,169,231 1,155,919
Peter F. Krogh 18,149,463 1,175,687
James S. Pasman, Jr. 18,146,187 1,178,963
Steven N. Rappaport 18,046,753 1,278,397
William W. Priest 18,046,753 1,278,397
Total Eligible Shares 40,889,082
Total Shares Voted 19,325,150
% of Shares Voted 47.26%
</Table>
2-A. To Modify the Fundamental Investment Restriction on Borrowing Money:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 17,090,164 41.80% 88.44%
Against 1,213,632 2.97% 6.28%
Abstain 1,019,249 2.49% 5.27%
Broker Non-votes 2,105 0.01% 0.01%
</Table>
2-B. To Modify the Fundamental Investment Restriction on Lending:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 16,955,926 41.47% 87.74%
Against 1,241,998 3.04% 6.43%
Abstain 1,125,121 2.75% 5.82%
Broker Non-votes 2,105 0.01% 0.01%
</Table>
2-C. To Modify the Fundamental Investment Restriction on Real Estate
Investments:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 17,103,078 41.83% 88.50%
Against 1,287,283 3.15% 6.66%
Abstain 932,684 2.28% 4.83%
Broker Non-votes 2,105 0.01% 0.01%
</Table>
59
<Page>
2-D. To Remove the Fundamental Investment Restriction on Short Sales:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 16,898,338 41.33% 87.44%
Against 1,402,181 3.43% 7.26%
Abstain 1,022,526 2.50% 5.29%
Broker Non-votes 2,105 0.01% 0.01%
</Table>
2-E. To Remove the Fundamental Investment Restriction on Margin Transactions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 17,019,800 41.62% 88.07%
Against 1,390,329 3.40% 7.19%
Abstain 912,916 2.23% 4.73%
Broker Non-votes 2,105 0.01% 0.01%
</Table>
2-F. To Remove the Fundamental Investment Restriction on Investments in Oil,
Gas and Mineral Programs:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 17,050,395 41.70% 88.23%
Against 1,159,388 2.84% 6.00%
Abstain 1,113,262 2.72% 5.76%
Broker Non-votes 2,105 0.01% 0.01%
</Table>
3. To Change the Portfolio's Investment Objective from Fundamental to
Non-Fundamental:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 16,901,721 41.34% 87.46%
Against 1,375,268 3.36% 7.12%
Abstain 1,046,056 2.56% 5.41%
Broker Non-votes 2,105 0.01% 0.01%
</Table>
4. To Amend the Charter Document to Allow Involuntary Redemptions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 16,909,739 41.36% 87.50%
Against 1,161,943 2.84% 6.01%
Abstain 1,251,363 3.06% 6.48%
Broker Non-votes 2,105 0.01% 0.01%
</Table>
60
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SMALL CAP GROWTH PORTFOLIO
SHAREHOLDER MEETING RESULTS (UNAUDITED)
A special meeting of shareholders of the Credit Suisse Institutional Fund,
Inc. -- Small Cap Growth Portfolio (the "Portfolio") was held at 466 Lexington
Avenue, 16th Floor, New York, NY 10017 on April 11, 2003 and adjourned to May 2,
2003 and May 16, 2003. The following matters were voted upon by the shareholders
of the Portfolio and the results are presented below. Shares delivered not voted
are included on the total for the proposals. All proposals were approved except
Proposals 3 and 4. Proposal 4 required the affirmative vote of a majority of the
shares of the Institutional Fund.
1. To Elect the Following Nominees as Directors:
<Table>
<Caption>
FOR WITHHELD
---------- --------
Richard H. Francis 6,726,328 --
Jack W. Fritz 6,726,328 --
Joseph D. Gallagher 6,726,328 --
Jeffrey E. Garten 6,726,328 --
Peter F. Krogh 6,726,328 --
James S. Pasman, Jr. 6,726,328 --
Steven N. Rappaport 6,726,328 --
William W. Priest 6,726,328 --
Total Eligible Shares 7,173,876
Total Shares Voted 6,726,328
% of Shares Voted 93.76%
</Table>
2-A. To Modify the Fundamental Investment Restriction on Borrowing Money:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 4,344,668 60.56% 64.59%
Against 408,974 5.70% 6.08%
Abstain 1,696,482 23.65% 25.22%
Broker Non-votes 276,205 3.85% 4.11%
</Table>
2-B. To Modify the Fundamental Investment Restriction on Lending:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 4,753,641 66.26% 70.67%
Against -- -- --
Abstain 1,696,482 23.65% 25.22%
Broker Non-votes 276,205 3.85% 4.11%
</Table>
2-C. To Modify the Fundamental Investment Restriction on Real Estate
Investments:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 4,753,641 66.26% 70.67%
Against -- -- --
Abstain 1,696,482 23.65% 25.22%
Broker Non-votes 276,205 3.85% 4.11%
</Table>
61
<Page>
2-D. To Remove the Fundamental Investment Restriction on Short Sales:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 4,344,668 60.56% 64.59%
Against 408,974 5.70% 6.08%
Abstain 1,696,482 23.65% 25.22%
Broker Non-votes 276,205 3.85% 4.11%
</Table>
2-E. To Remove the Fundamental Investment Restriction on Margin Transactions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 4,344,668 60.56% 64.59%
Against 408,974 5.70% 6.08%
Abstain 1,696,482 23.65% 25.22%
Broker Non-votes 276,205 3.85% 4.11%
</Table>
2-F. To Remove the Fundamental Investment Restriction on Investments in Oil,
Gas and Mineral Programs:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 4,753,641 66.26% 70.67%
Against -- -- --
Abstain 1,696,482 23.65% 25.22%
Broker Non-votes 276,205 3.85% 4.11%
</Table>
3. To Change the Portfolio's Investment Objective from Fundamental to
Non-Fundamental:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 2,135,652 29.77% 31.75%
Against 2,617,990 36.49% 38.92%
Abstain 1,696,482 23.65% 25.22%
Broker Non-votes 276,205 3.85% 4.11%
</Table>
4. To Amend the Charter Document to Allow Involuntary Redemptions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 4,241,107 59.12% 63.05%
Against 2,209,016 30.79% 32.84%
Abstain -- -- --
Broker Non-votes 276,205 3.85% 4.11%
</Table>
62
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- SELECT EQUITY PORTFOLIO
SHAREHOLDER MEETING RESULTS (UNAUDITED)
A special meeting of shareholders of the Credit Suisse Institutional Fund,
Inc. -- Select Equity Portfolio (the "Portfolio") was held at 466 Lexington
Avenue, 16th Floor, New York, NY 10017 on April 11, 2003 and adjourned to May 2,
2003 and May 16, 2003. The following matters were voted upon by the shareholders
of the Portfolio and the results are presented below. The results shown below
are for those matters on which all the Portfolios of the Fund, including the
Select Equity Portfolio, voted together. Shares delivered not voted are included
on the total for the proposals. Proposal 2 was not approved. The special meeting
of shareholders at which Select Equity Portfolio was to consider those proposals
specific to the Portfolio was adjourned because a quorum was not present to
conduct business for the Portfolio.
1. To Elect the Following Nominees as Directors:
<Table>
<Caption>
FOR WITHHELD
---------- ---------
Richard H. Francis 29,883,655 1,541,947
Jack W. Fritz 29,883,655 1,541,947
Joseph D. Gallagher 29,879,018 1,546,584
Jeffrey E. Garten 30,005,366 1,420,236
Peter F. Krogh 29,986,365 1,439,237
James S. Pasman, Jr. 29,983,089 1,442,513
Steven N. Rappaport 29,882,594 1,543,008
William W. Priest 29,881,775 1,543,827
Total Eligible Shares 57,009,689
Total Shares Voted 31,425,602
% of Shares Voted 55.12%
</Table>
2. To Amend the Charter Document to Allow Involuntary Redemptions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 26,189,709 45.94% 83.34%
Against 3,354,780 5.89% 10.68%
Abstain 1,550,272 2.72% 4.93%
Broker Non-Votes 330,841 0.58% 1.05%
</Table>
63
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- CAPITAL APPRECIATION PORTFOLIO
SHAREHOLDER MEETING RESULTS (UNAUDITED)
A special meeting of shareholders of the Credit Suisse Institutional Fund --
Capital Appreciation Portfolio (the "Portfolio") was held at 466 Lexington
Avenue, 16th Floor, New York, NY 10017 on April 11, 2003 and adjourned to May 2,
2003 and May 16, 2003. The following matters were voted upon by the shareholders
of the Portfolio and the results are presented below. Shares delivered not voted
are included on the total for the proposals. All proposals were approved except
Proposal 4, which required the affirmative vote of a majority of the shares of
the Institutional Fund.
1. To Elect the Following Nominees as Directors:
<Table>
<Caption>
FOR WITHHELD
---------- ---------
Richard H. Francis 649,466 9,441
Jack W. Fritz 649,466 9,441
Joseph D. Gallagher 648,250 10,657
Jeffrey E. Garten 649,221 9,686
Peter F. Krogh 649,466 9,441
James S. Pasman, Jr. 649,466 9,441
Steven N. Rappaport 648,405 10,502
William W. Priest 648,252 10,655
Total Eligible Shares 1,182,537
Total Shares Voted 658,907
% of Shares Voted 55.72%
</Table>
2-A. To Modify the Fundamental Investment Restriction on Borrowing Money:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 640,446 54.16% 97.20%
Against 18,461 1.56% 2.80%
Abstain -- -- --
</Table>
2-B. To Modify the Fundamental Investment Restriction on Lending:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 638,079 53.96% 96.84%
Against 20,828 1.76% 3.16%
Abstain -- -- --
</Table>
2-C. To Modify the Fundamental Investment Restriction on Real Estate
Investments:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 641,048 54.21% 97.29%
Against 17,859 1.51% 2.71%
Abstain -- -- --
</Table>
64
<Page>
3. To Change the Portfolio's Investment Objective from Fundamental to
Non-Fundamental:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 637,000 53.87% 96.68%
Against 21,907 1.85% 3.32%
Abstain -- -- --
</Table>
4. To Amend the Charter Document to Allow Involuntary Redemptions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 636,590 53.83% 96.61%
Against 22,317 1.89% 3.39%
Abstain -- -- --
</Table>
65
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. -- HARBINGER PORTFOLIO
SHAREHOLDER MEETING RESULTS (UNAUDITED)
A special meeting of shareholders of the Credit Suisse Institutional Fund,
Inc. -- Harbinger Portfolio (the "Portfolio") was held at 466 Lexington Avenue,
16th Floor, New York, NY 10017 on April 11, 2003 and adjourned to May 2, 2003
and May 16, 2003. The following matters were voted upon by the shareholders of
the Portfolio and the results are presented below. Shares delivered not voted
are included on the total for the proposals. All proposals were approved except
Proposal 4, which required the affirmative vote of a majority of the shares of
the Institutional Fund.
1. To Elect the Following Nominees as Directors:
<Table>
<Caption>
FOR WITHHELD
---------- ---------
Richard H. Francis 130,000 --
Jack W. Fritz 130,000 --
Joseph D. Gallagher 130,000 --
Jeffrey E. Garten 130,000 --
Peter F. Krogh 130,000 --
James S. Pasman, Jr. 130,000 --
Steven N. Rappaport 130,000 --
William W. Priest 130,000 --
Total Eligible Shares 172,061
Total Shares Voted 130,000
% of Shares Voted 75.56%
</Table>
2-A. To Modify the Fundamental Investment Restriction on Borrowing Money:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 130,000 75.56% 100.00%
Against -- -- --
Abstain -- -- --
</Table>
2-B. To Modify the Fundamental Investment Restriction on Lending:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 130,000 75.56% 100.00%
Against -- -- --
Abstain -- -- --
</Table>
2-C. To Modify the Fundamental Investment Restriction on Real Estate
Investments:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 130,000 75.56% 100.00%
Against -- -- --
Abstain -- -- --
</Table>
66
<Page>
3. To Change the Portfolio's Investment Objective from Fundamental to
Non-Fundamental:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 130,000 75.56% 100.00%
Against -- -- --
Abstain -- -- --
</Table>
4. To Amend the Charter Document to Allow Involuntary Redemptions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 130,000 75.56% 100.00%
Against -- -- --
Abstain -- -- --
</Table>
67
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC. --
INVESTMENT GRADE FIXED INCOME PORTFOLIO
SHAREHOLDER MEETING RESULTS (UNAUDITED)
A special meeting of shareholders of the Credit Suisse Institutional Fund,
Inc. -- Investment Grade Fixed Income Portfolio (the "Portfolio") was held at
466 Lexington Avenue, 16th Floor, New York, NY 10017 on April 11, 2003 and
adjourned to May 2, 2003 and May 16, 2003. The following matters were voted upon
by the shareholders of the Portfolio and the results are presented below. Shares
delivered not voted are included on the total for the proposals. All proposals
were approved except Proposal 4, which required the affirmative vote of a
majority of the shares of the Institutional Fund.
1. To Elect the Following Nominees as Directors:
<Table>
<Caption>
FOR WITHHELD
---------- ---------
Richard H. Francis 258,110 --
Jack W. Fritz 258,110 --
Joseph D. Gallagher 258,110 --
Jeffrey E. Garten 258,110 --
Peter F. Krogh 258,110 --
James S. Pasman, Jr. 258,110 --
Steven N. Rappaport 258,110 --
William W. Priest 258,110 --
Total Eligible Shares 258,110
Total Shares Voted 258,110
% of Shares Voted 100.00%
</Table>
2-A. To Modify the Fundamental Investment Restriction on Borrowing Money:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 258,110 100.00% 100.00%
Against -- -- --
Abstain -- -- --
</Table>
2-B. To Modify the Fundamental Investment Restriction on Lending:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 258,110 100.00% 100.00%
Against -- -- --
Abstain -- -- --
</Table>
2-C. To Modify the Fundamental Investment Restriction on Real Estate
Investments:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 258,110 100.00% 100.00%
Against -- -- --
Abstain -- -- --
</Table>
68
<Page>
3. To Change the Portfolio's Investment Objective from Fundamental to
Non-Fundamental:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 258,110 100.00% 100.00%
Against -- -- --
Abstain -- -- --
</Table>
4. To Amend the Charter Document to Allow Involuntary Redemptions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 258,110 100.00% 100.00%
Against -- -- --
Abstain -- -- --
</Table>
69
<Page>
CREDIT SUISSE INSTITUTIONAL FUND, INC.
PRIVACY POLICY NOTICE
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. 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. 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 MAY 20, 2003.
70
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
P.O. BOX 55030, BOSTON, MA 02205-5030
800-222-8977 - www.csam-americas.com
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. CSILC-3-0403
<Page>
ITEM 2. CODE OF ETHICS.
Form N-CSR disclosure requirement not yet effective with respect to the
Registrant.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Form N-CSR disclosure requirement not yet effective with respect to the
Registrant.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Form N-CSR disclosure requirement not yet effective with respect to the
Registrant.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the Registrant.
<Page>
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) The Principal Executive Officer and Principal Financial Officer concluded
that the Registrant's Disclosure Controls and Procedures are effective based on
their evaluation of the Disclosure Controls and Procedures as of a date within
90 days of the filing date of this report.
(b) There were no significant changes in Registrant's internal controls or in
other factors that could significantly affect these controls subsequent to the
date of their evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.
ITEM 10. EXHIBITS.
(a) Form N-CSR disclosure requirement not yet effective with respect to the
Registrant.
(b) The certifications of the Registrant as required by Rule 30a-2 under the
Act are exhibits to this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934 and the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
Credit Suisse Institutional Fund, Inc.
/s/ Joseph D. Gallagher
-----------------------
Name: Joseph D. Gallagher
Title: Chief Executive Officer
Date: July 2, 2003
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: July 2, 2003
<Page>
/s/ Michael A. Pignataro
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: July 2, 2003